DEC23//GOLD UP $7.40 TO $1873.70//SILVER UP 33 CENTS TO $25.75//STRONG QUEUE JUMP OF .55 TONNES: NEW GOLD TONNAGE STANDING: 93.3 TONNES/ALSO STRONG ADVANCE IN SILVER STANDING UP TO 47 MILLION OZ//CORONAVIRUS UPDATE: UK USA AND THE GLOBE//IN THE USA BIG DROP IN GOVERNMENT WAGES//INITIAL JOBLESS GAINS A BIT BUT PANDEMIC BENEFITS SKYROCKET//TRUMP KICKS BACK COVID BILL DUE TO NOT ENOUGH MONEY FOR CITIZENS AND TOO MUCH “PORK”//ELECTION CHAOS COMMENTARIES (6)//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1873.70 UP   $7.40   The quote is London spot price

Silver:$25.75 UP $0.33   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1872.50  LONDON SPOT  4:30 pm

ii)SILVER:  $25.56//LONDON SPOT  4:30 pm

This is your typical raid orchestrated by the crooked BIS. It is easy to manipulate prices when you have no counterparty.

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EXECUTIVE ORDER 13848

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

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COMEX DATA

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

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

receiving today:100/138

EXCHANGE: COMEX
CONTRACT: DECEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,866.600000000 USD
INTENT DATE: 12/22/2020 DELIVERY DATE: 12/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 35
661 C JP MORGAN 100
690 C ABN AMRO 3
732 C RBC CAP MARKETS 7
737 C ADVANTAGE 124
800 C MAREX SPEC 7
____________________________________________________________________________________________

TOTAL: 138 138
MONTH TO DATE: 29,799

ISSUED 0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   138 NOTICES FOR 13,800 OZ  (0.4293 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  29,799 NOTICES FOR 2,979,900 OZ  (92.688 tonnes) 

SILVER//DEC CONTRACT

8 NOTICE(S) FILED TODAY FOR 40,000  OZ/

total number of notices filed so far this month: 9191 for 45,955,000  oz

BITCOIN MORNING QUOTE  $23,625   DOWN 93

BITCOIN AFTERNOON QUOTE.  :$23,631  DOWN 333 DOLLARS .

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

GLD AND SLV INVENTORIES:

WITH GOLD UP $7.40 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD.: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD

INVENTORY RESTS AT:

GLD: 1,167.33 TONNES OF GOLD//

WITH SILVER UP 33 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

INVENTORY RESTS AT :

SLV: 557.461  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A STRONG SIZED 2472 CONTRACTS FROM 171,398 DOWN TO 168,926, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  LOSS  OF $0.74 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A FAIR EXCHANGE FOR PHYSICAL. WE  HAD SOME LONG LIQUIDATION, AND A STRONG INCREASE IN SILVER OUNCES  STANDING AT THE COMEX FOR DEC. WE HAD A FAIR SIZED LOSS IN OUR TWO EXCHANGES OF 1230 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  1242, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  0, MARCH 1242 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1242 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE AS MANY AS THEY CAN!

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

11.400 MILLION OZ FINAL STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

47.090 MILLION OZ INITIAL STANDING FOR DEC.

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.74) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE SOMEWHAT  SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS AS WE HAD A FAIR LOSS IN OUR TWO EXCHANGES 1230 CONTRACTS). NO DOUBT THE LOSS IN OI ON THE TWO EXCHANGES WAS DUE TO i) HUGE BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A GOOD INCREASE IN SILVER OZ STANDING FOR DEC, iii) STRONG COMEX OI LOSS 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:

15,906 CONTRACTS (FOR 17 TRADING DAY(S) TOTAL 15,906 CONTRACTS) OR 79.530 MILLION OZ: (AVERAGE PER DAY 936 CONTRACTS OR 4.67 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC: 73.320 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.36% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,653.84 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:                    79.53 MILLION OZ (ESCALATING IN NUMBERS AGAIN  )

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2472, DESPITE OUR $0.74 LOSS IN SILVER PRICING AT THE COMEX //TUESDAY.…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 1242 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A FAIR  SIZED 1230 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR   $0.74 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1242 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 2472 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.74 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.42 // TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8450 BILLION OZ TO BE EXACT or 120% of annual global silver production (ex Russia & ex China).

FOR THE NEW DEC  DELIVERY MONTH/ THEY FILED AT THE COMEX: 8 NOTICE(S) FOR 40,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 2702 CONTRACTS TO 558,067 AND FURTHER FROM   OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS IN COMEX OI OCCURRED WITH OUR FALL IN PRICE  OF $12.00 /// COMEX GOLD TRADING//TUESDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD SMALL LONG LIQUIDATION AS WE HAD A SMALL LOSS ON OUR TWO EXCHANGES  (1348 CONTRACTS). WE FINALLY  HAVE A GOOD SIZED INCREASE IN AMOUNT OF GOLD STANDING FOR DELIVERY IN DECEMBER(GOLD STANDING UP TO 93.345 TONNES) .THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $12.00. 

.

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

WE HAD A SMALL SIZED LOSS OF 1348 CONTRACTS   ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 1354 CONTRACTS:

CONTRACT .  DEC: 0; FEB: 1354  AND DEC ’21: 0 ALL OTHER MONTHS ZERO//TOTAL: 1354.  The NEW COMEX OI for the gold complex rests at 558,067. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1348 CONTRACTS: 2702 CONTRACTS DECREASED AT THE COMEX AND 3274 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS//TWO EXCHANGES OF 1348 CONTRACTS OR 4.3192 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1354) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (2702 OI): TOTAL LOSS IN THE TWO EXCHANGES: 1348 CONTRACTS. WE NO DOUBT HAD  1)  STRONG BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2 GOOD GAIN IN GOLD OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT DEC. MONTH TO 93.387 TONNES3)  TINY LONG LIQUIDATION ;4) TINY COMEX OI LOSS,  5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR LOSS IN GOLD PRICE TRADING/TUESDAY//$12.00.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

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 : 39,563 CONTRACTS OR 3,956,300 oz OR 123.05 TONNES (17 TRADING DAY(S) AND THUS AVERAGING: 2327 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES: 123.05  TONNES

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

THUS EFP TRANSFERS REPRESENTS 123.05/3550 x 100% TONNES =3.46% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,945.14 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:                         123.05 TONNES (DECREASING AGAIN)

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG SIZED 2472 CONTRACTS FROM 171,398 DOWN TO 168,926 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 1242 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:  1242  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1242 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 2472 CONTRACTS TO THE 1242 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  LOSS OF 1230 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 6.155 MILLION  OZ, OCCURRED WITH OUR $0.74 FALL 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

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 25.54 PTS OR .76%   //Hang Sang CLOSED UP 223.87 PTS OR .86%    /The Nikkei closed UP 88.40 POINTS OR 0.33%//Australia’s all ordinaires CLOSED UP 0.69%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 47.12 dollars per barrel for WTI and 50.09 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5383. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5287 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 FELL BY BY A SMALL SIZED 2702 CONTRACTS TO 558,067 AND FURTHER FROM OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL  COMEX DECREASE OCCURRED WITH OUR CONSIDERABLE  LOSS OF $12.00 IN GOLD PRICING TUESDAY’S COMEX TRADING/).

 WE HAD A SMALL EFP ISSUANCE (1354 CONTRACTS).  WE THUS HAD  1)  SOME BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  TINY LONG LIQUIDATION  AND 3)  SMALL GAIN IN GOLD OUNCES  STANDING AT THE  COMEX FOR DECEMBER AS A SOME LONGS STANDING FOR DELIVERY  REFUSE TO MORPH INTO LONDON BASED FORWARDS (AND QUEUE JUMPING COMMENCES AGAIN).  COMEX GOLD NOW STANDING AT 93.387 TONNES)//DEC. DELIVERY MONTH (SEE BELOW) 4)   AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 1348 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 LOWERS TO  7

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1354 EFP CONTRACTS WERE ISSUED:     DEC 0; FEB// ’21 1354 AND DEC 21: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1354  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1348 TOTAL CONTRACTS IN THAT 1354 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 2702 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF DEC 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((93.387 TONNE).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, OUR COMEX IS OFFICIALLY UNDER ASSAULT. BUT THIS TIME THE GOLD WILL LEAVE FOR EUROPE!!

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $12.00). BUT, THEY WERE SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   0.3608 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR DECEMBER (93.387 TONNES)

NET LOSS ON THE TWO EXCHANGES :: 1348 CONTRACTS OR 134,800 OZ OR 4.192  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:  558,067 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.80 MILLION OZ/32,150 OZ PER TONNE =  1736 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1736/2200 OR 78,89% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY:155,966 contracts// volume extremely poor and falling in numbers

CONFIRMED COMEX VOL. FOR YESTERDAY:  184,649 contracts//  volume: poor//

/most of our traders have left for London

DEC 23 /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
26,621.028 oz
JPMorgan
Malca
48 kilobars
and 780 kilobars
Deposits to the Dealer Inventory in oz nil  oz
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
138 notice(s)
 13,800 OZ
(0.4292 TONNES)
No of oz to be served (notices)
225 contracts
(22,500 oz)
0.6998 TONNES
Total monthly oz gold served (contracts) so far this month
29,799 notices
2,979,900 OZ
92.688 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

Withdrawals from Dealers Inventory NIL oz

We had 0 deposit into the dealer

total deposit: nil  oz

total dealer withdrawals: nil oz

we had  0 deposit into the customer account

total customer deposit: 0   oz

we had  2 gold withdrawals from the customer account:

i) Out of JPMorgan:  1543.248 oz  (48 kilobars)
ii) Out of Malca:         25,077.78 oz (780 kilobars)
total customer withdrawals:  26,621.028  oz

We had 2  kilobar transactions

ADJUSTMENTS: 1//  BRINKS: dealer to customer:  59,704.056 oz

and

The front month of DEC registered a total of 363 contracts for a LOSS of 246. We had 424 notices filed upon yesterday so we FINALLY GAINED A STRONG SIZED 178 contacts or 17,800 additional oz will stand in this very active delivery month of December as FINALLY we still witness SOME queue jumping by our bankers searching for gold metal on this side of the pond trying to put out fires on the other side of the Atlantic. 

Still, throughout the month we witnessed a lack of any sizeable queue jumping which generally means gold is scarce over on this side.

January LOST 88 contracts to stand at 1991 contracts. FEBRUARY LOST  3084 contracts DOWN TO 412,014.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR DECEMBER (93.387 tonnes).

We had  138 notice(s) filed today for  13,800 oz OR 0.4292 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 138  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  100 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the DEC /2020. contract month, we take the total number of notices filed so far for the month (29,799) x 100 oz , to which we add the difference between the open interest for the front month of  (DEC 363 CONTRACTS ) minus the number of notices served upon today (138 x 100 oz per contract) equals 3,002,400 OZ OR 93.387 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 (29,799 x 100 oz +363 OI) for the front month minus the number of notices served upon today (138) x 100 oz which equals 3,002,400 oz standing OR 93.387 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 gained 178 contracts or an additional 17,800 oz (.5536 tonnes) will stand in this active delivery month of December. For the entire month queue jumping was non existent.  Finally, in the last two days we have small queue jumping and that has caused our gold tonnage standing for delivery to increase.

NEW PLEDGED GOLD:  BRINKS

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

69,076.803 PLEDGED  APRIL 3/2020: SCOTIA:2.148 TONNES

282,450.845 oz  JPM  8.78 TONNES

970,839.799 oz pledged June 12/2020 Brinks/30.198 TONNES

69,423.136 oz Pledged August 21/regular account 1.96 tonnes JPMORGAN

180,150,379 oz Pledged Nov 27.2021 MANFRA  5.56 TONNES

6308.08 oz International Delaware:  .196 tonnes

total pledged gold:  2,052,582.012. oz                                     63.84 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 528.59 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 93.387 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,046,795.939 oz or 592.43 tonnes
total weight of pledged:  2,052,582.012 oz or 63.84 tonnes
thus:
registered gold that can be used to settle upon: 16,994,213.0  (528,59 tonnes)
true registered gold  (total registered – pledged tonnes  16,994.213.0 (528.59 tonnes)
total eligible gold:  18,831,705.129 oz (585.74 tonnes)

total registered, pledged  and eligible (customer) gold  37,878,501.068 oz 1,178.18 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1051.84 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 23/2020

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
1006.200 oz
Delaware
Deposits to the Dealer Inventory
 oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
8
CONTRACT(S)
(40,000 OZ)
No of oz to be served (notices)
227 contracts
 2,865,000 oz)
Total monthly oz silver served (contracts)  9191 contracts

45,955,000 oz)

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

total dealer deposits: nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i(Into JPMorgan: 0)
ii) into everybody else: 0

JPMorgan now has 192.187 million oz of  total silver inventory or 48.61% of all official comex silver. (192.18 million/395.349 million

total customer deposits today:  nil    oz

we had 1 withdrawals:

i) Out of Delaware:  1006.200oz

total withdrawals 1006.200      oz

We had 0 adjustments

Total dealer(registered) silver: 152,688million oz

total registered and eligible silver:  395.349 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

December saw a LOSS of  307contracts DOWN to 235 contracts. We had 345 notices served upon yesterday so we GAINED 38 contracts or AN ADDITIONAL 190,000 oz will  stand in this very active delivery month of December as longs SEARCH FOR silver over here

January saw a LOSS of  51 contracts UP to 1303. FEBRUARY saw another gain of 8 contracts to stand at 328.  MARCH  LOST 2170 contracts up to 143,363.

The total number of notices filed today for DEC 2020. contract month is represented by 8 contract(s) FOR 40,000 oz

To calculate the number of silver ounces that will stand for delivery in DEC we take the total number of notices filed for the month so far at 9191 x 5,000 oz = 45,955,000 oz to which we add the difference between the open interest for the front month of DEC ( 235) and the number of notices served upon today 8x (5000 oz) equals the number of ounces standing.

Thus the DEC standings for silver for the DEC/2019 contract month: 9191 (notices served so far) x 5000 oz + OI for front month of DEC(235)- number of notices served upon today (8) x 5000 oz of silver standing for the NOV contract month .equals 47,090,000 oz. ..VERY STRONG FOR AN ACTIVE  DEC MONTH.

We GAINED 38 contracts or 190,000 additional oz will  stand as our banker friends search out for metal on this side of the pond.

TODAY’S ESTIMATED SILVER VOLUME 168,926 CONTRACTS // volume huge /raid//

FOR YESTERDAY  171,398  ,CONFIRMED VOLUME// huge 

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.78% ((DEC 23/2020)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  FALLS TO 1.82% to NAV:   (DEC 23/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.78% (DEC 23)

(courtesy Sprott/GATA

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

NAV 19.55 TRADING 18.89///NEGATIVE 3.37

END

And now the Gold inventory at the GLD

DEC.23/WITH GOLD UP $7.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 22/WITH GOLD DOWN $12.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPSOIT OF 2.04 TONNES INTO THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC 21/WITH GOLD DOWN $5.60 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1167.82 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

DEC 23/ GLD INVENTORY 1169.86 tonnes

LAST;  971 TRADING DAYS:   +223.46 TONNES HAVE BEEN ADDED THE GLD

LAST 871 TRADING DAYS// +400.62  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

DEC 23/WITH SILVER UP 33 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 557.461 MILLION OZ//

DEC 22/WITH SILVER DOWN 74 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV.INVENTORY RESTS AT 557.461 MILLION OZ/

DEC 21/WITH SILVER UP 30 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ADEPOSIT OF 3.253 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 557.461 MILLION OZ/

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 554.208MILLION 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

DEC 23.2020:

SLV INVENTORY RESTS TONIGHT AT  557.461 MILLION OZ

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

[Chartwatch] Long Term Gold/US Dollar Cycles Show Big Trends for Metals – Part 1

This months Chartwatch features an article that has been reproduced with the kind permission of Chris Vermeulen of TheTechnicalTraders.com.

Chris will be a guest on GoldCore TV in the New Year and this article will serve as a great introduction to Chris’s work in technical analysis…

Over the past few months, my research team and I have published a number of articles suggesting a broader market depreciation cycle has set up in the US/global markets that may propel precious metals much higher over the next 5+ years.  If you have missed these, then check out Gold And Silver Follow Up & Future Predictions For 2020 & 2021 – Part I and Part II.

Today, we are going to explore the possibility of a continued US Dollar decline, targeting levels just above 80. Gold has continued to contract just above a key Fibonacci Price Amplitude Arc, which may further prompt a big rally in precious metals in the coming months.  Let’s take a look at some charts…

US DOLLAR INDEX VS. GOLD COMPARISON CHART

The Monthly US Dollar Index vs. Gold Weekly chart, below, presents the US Dollar Index (in LIGHT BLUE) and Gold (in GOLD) and shows a key Fibonacci Price Amplitude Arc anchored at the 2011 bottom in the US Dollar Index.  This is a key date because it was also near the peak in the Gold price rally after the 2008-09 Credit Crisis event.

This first chart highlights two key factors relating to Gold and the US Dollar

1. The US Dollar Index has weakened dramatically since the March 2020 peak and has continued to decline along the heavy dark purple Fibonacci Price Amplitude Arc.  As long as this trend continues, we believe the US Dollar Index will decline to historical support levels just above 80 over quite some time (6 to 12+ months).  Conversely, Gold has rallied substantially over the past 24+ months and has recently contracted over -15% from recent highs.  You will see, near the end of this article, our Custom Metals Index chart that highlights why this recent low price level in Gold is so important.

2. The recent decline in Gold prices took place while the US Dollar Index was also declining.  Historically, this is somewhat unusual and only takes place when a new RISK ON event in equities sets up.  For example, From 1990 to 1992, the US Dollar Index declined from 104 to 81 while Gold declined from $423 to $325.  Additionally, nearly all of 2017 represented another period where the US Dollar Index declined, from levels near 103 to 89 while Gold declined and traded sideways, from $1300 to $1130.  Both periods we’ve highlighted, 1990 to 1992, and 2017 were fairly recent and represented a strong upside price rally in the US stock market (RISK ON).  Our researchers found this fact rather interesting overall.

With two moderately clear examples of downward sloping US Dollar and Gold price levels to compare from, what happened to both price levels after these correlative price trends ended?  Well, after 1992, the SPX500 rallied 277% to reach a peak in March 2000 while Gold continued to decline to eventually bottom near $256.  Once that March 2000 peak was reached in the SPX500, Gold also bottomed at that time and started a historic rally targeting the September 2011 $1923 highs.

After the 2017 correlative price decline in the US Dollar and Gold, Gold established a new momentum base in 2018, near $1167 and has rallied to levels near $2089.  We believe the RISK ON event taking place in the US Stock market right now is acting to diminish the luster of this setup in the US Dollar and a Gold.  In other words, the contraction in precious metals is likely because of increased focus on the US stock market right now while ignoring the broader market trends.  This “shifted focus” will end at some point in the future and we believe precious metals will begin to rally higher as the US Dollar continued to slip lower – targeting the 80 level.

LONGER-TERM US DOLLAR INDEX TRENDS – WHAT THEY SUGGEST

Researching the previous major peaks in the US stock market over the past 20+ years, the 2000 peak setup when the US Dollar was also trading near all-time highs.  The US Dollar was trading above 117 at that time and the US Stock market peaked and began to decline in late December 2010 while the US Dollar continued to stay above 116 until it finally broke down in July 2002.  This event suggests the US stock market can lead a US Dollar decline under the right circumstances (remember, 9/11 happened over that span of time as well).

The 2008-09 US stock market peak happened while the US Dollar was nearing a major bottom – the exact opposite of the 2000 peak.  At this time, Gold had already been climbing from the 1999 lows (near $257) and peaked in 2011 – spanning an 11+ year rally. We published a research article about these longer-term 9 to 10 year phases of market cycles in November 2020 entitled How To Spot The End Of An Excess Phase – Part II if you want to learn more.

From the 2010~2011 peak in gold prices to 2018~2019, we believe the US stock market entered an appreciation phase which likely ended about 12 to 16 months ago.  The new depreciation phase would  likely align with the 2000 to 2010 market cycles where the US Dollar declined and precious metals rallied.  My research team and I believe we are experiencing the end “Excess Phase” rally in the US stock market which will likely prompt a declining US Dollar trend to continue for many months or years.

The Fibonacci Price Amplitude Arc on the US Dollar Index chart below is anchored to the 2011 lows.  The reason we’ve drawn it at this location is because this period of time represents the most recent Excess Phase peak in Gold and aligns almost perfectly with the lows in the US Dollar Index.  The secondary peak in the US Dollar Index (near the “B” vertical line) aligns very well with the heavy purple Fibonacci Price Amplitude Arc and we believe the downside trending in the US Dollar Index may just be starting.

In Part II of this article, we’ll go into more detail highlighting the major market cycles and how the US Dollar may continue to collapse for years to come as we have just entered a new “major market phase” that could push Gold above $5000 per ounce.  The next 5+ years are certainly going to be a skilled technical traders dream – with big trends in various sectors and assets.  Take the time to learn how to profit from these huge trends now – before they end.

You can read the full article here: www.TheTechnicalTraders.com.

NEWS and COMMENTARY

Gold inches higher on U.S. stimulus deal, COVID-19 jitters 

Gold prices end lower to start Christmas week as dollar pops higher (MarketWatch) 

Bitcoin won’t steal gold’s status as safe haven 

Does Bitcoin Boom Mean ‘Better Gold’ or Bigger Bubble? QuickTake 

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

21-Dec-20 1869.25 1880.00 1415.77 1413.57 1540.82 1539.53
18-Dec-20 1878.95 1879.75 1390.80 1393.46 1533.41 1536.13
17-Dec-20 1871.95 1890.75 1378.32 1390.65 1530.88 1542.85
16-Dec-20 1861.35 1851.95 1377.59 1371.92 1525.38 1519.15
15-Dec-20 1844.30 1850.65 1383.78 1384.84 1516.57 1523.64
14-Dec-20 1820.25 1831.15 1356.09 1368.60 1497.52 1505.57
11-Dec-20 1833.65 1842.00 1386.97 1394.21 1510.93 1519.65
10-Dec-20 1834.20 1844.35 1377.48 1385.29 1515.23 1517.53
09-Dec-20 1859.80 1841.75 1382.39 1372.29 1533.22 1521.65
08-Dec-20 1864.50 1868.15 1396.14 1401.49 1538.77 1540.48

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Chief Executive Officer

ii) Important gold commentaries courtesy of GATA/Chris Powell

And rightfully they should: Canada rejects state owned Shandong Gold’s bid to buy Artic gold mine

(Reuters/GATA)

Canada rejects Shandong Gold’s bid to buy Arctic gold mine

 Section: 

By Tom Daly and Jeff Lewis
Reuters
Tuesday, December 22, 2020

The Canadian government has rejected Shandong Gold Mining’s bid to acquire Canada’s debt-saddled TMAC Resources, the companies said, with the Chinese miner adding that the sale was blocked on national security grounds.

As the COVID-19 pandemic caused economic dislocation, countries from Australia to Canada have increased scrutiny on deals by state-run Chinese miners this year.

In a filing to the Shanghai Stock Exchange today, Shandong Gold, one of China’s biggest gold miners, said it had received notice of a decision made by Canadian authorities on Dec. 18 that it should not proceed with the deal. …

… For the remainder of the report:

https://www.reuters.com/article/us-tmac-resources-shandong-gold/canada-r…

end

Craig Hemke at Sprott comments that despite the constant raids, gold did quite well in 2020 and will do better in 2021

(Craig Hemke/Sprott/GATA)

Craig Hemke at Sprott Money: Gold did well this year and will start 2021 strong

 Section: 

9p ET Tuesday, December 22, 2020

Dear Friend of GATA and Gold:

Despite the price action of the last few weeks, the TF Metals Report’s Craig Hemke writes today at Sprott Money, gold has done very well this year and is set to begin the new year strong. His analysis is headlined “2020 Finally Draws to a Close” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/2020-Finally-Draws-to-a-Close-Craig-Hem…

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

end

iii) Other physical stories:

Important Swiss flows:

USA exported its entire 14.5 tonnes of production to Switzerland

USA imported 20.3 tonnes from Switzerland

UK imports: .1 ton of gold  (basically nothing)

UK exports: 7tonnes

UK has no gold and the USA only received 20 tonnes.

(courtesy Lawrie Williams)

LAWRIE WILLIAMS : Swiss gold flows confirm recent global patterns

The latest release of Switzerland’s gold imports and exports for November confirm the pattern set in recent months, although there seems to be evidence that the figures may just be beginning to change – at least a little.  As well as what might be expected from gold producing nations, the Swiss refineries are yet again importing a substantial amount of gold from countries which might normally be seen as gold consumers, but perhaps a little less than in previous months. This minor patter change so far,  either means that any excess inventories held by gold traders and fabricators is being run down and scrap supplies for refining from these countries may be building up.

During November the Swiss figures show that gold imports totalled 98.8 tonnes with the largest amount coming from the U.S. (14.5 tonnes) which we assume would likely be mostly from that nation’s gold mines – the U.S. is the world’s fourth largest gold producer (after China, Russia and Australia) – see  Top 20 Gold mining countries – Russia now No.2 – and 14.5 tonnes represents about 7% of the country’s current annual gold production so there could be a relatively small scrap gold element  in this total.  However the other major exporters of gold to Switzerland in November mostly have little or no domestic gold production so the gold has to have come from excess inventory levels or scrap – see bar chart below courtesy of goldchartsrus.com as is the chart on November’s Swiss gold exports further down the page..

As can be seen, after the U.S. the biggest sources of Switzerland’s gold imports included Hong Kong, Italy, France, Germany and the UAE, which all have little or no gold production of their own so had to be supplying gold obtained from scrap, or from the running down of existing gold inventories.

Swiss gold exports in November also provide some interesting analytical points – notably as to where the Swiss gold was going that month.  Top recipient was India, indicating there may have been a pickup in demand from the world’s No.2 gold consumer, but shipments to China, the world’s No1 consumer, either directly, or via Hong Kong were close to zero, although in some ways that is less relevant given China is still the No1. world gold producer in its own right.

Other principal destinations for the Swiss refined gold include the U.S. – a major consumer in its own right, Turkey – where the central and private banks have been purchasing gold, Thailand, Singapore and Taiwan demonstrating strong buyer interest – perhaps ahead of the Chinese New Year given the large Chinese populations in these nations.  France, Germany and Italy also figure quite strongly indicating decent investor and fabricator demand in those countries.

As usual Swiss gold imports and exports provide an interesting window on global gold flows.  It is perhaps less important nowadays in the gold refining universe in terms of total tonnage of gold processed, given the rise in refining capability worldwide, but this small European country still handles for refining and re-refining an amount of gold equivalent to over one-third of global new mined gold output.  As Switzerland is also a consistently reliable source of gold data, and given the Swiss refineries still handle such a high proportion of global gold trade, we tend to follow the monthly Swiss figures closely as readers of our coverage will be well aware.

-END-

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5383 /

//OFFSHORE YUAN:  6.5287   /shanghai bourse CLOSED UP 25.54 PTS OR .76%

HANG SANG CLOSED UP 223.85 PTS OR .86%

2. Nikkei closed UP 88.40 POINTS OR 0.33%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 90.43/Euro FALLS TO 1.2164

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 103.55/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 47.12 and Brent: 50.09

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.59%/Italian 10 yr bond yield UP to 0.58% /SPAIN 10 YR BOND YIELD DOWN TO 0.06%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.17: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.64

3k Gold at $1865.71 silver at: 25.41   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 64/100 in roubles/dollar) 75.30

3m oil into the 47 dollar handle for WTI and 50 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 103.55 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 .8908 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0836 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.59%

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 0.922% early this morning. Thirty year rate at 1.659%

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

6.  TURKISH LIRA:  UP  TO 7.64..

Small “Santa Rally” As Futures Rebound After Traders Shrug Off Trump Veto Threat

WEDNESDAY, DEC 23, 2020 – 7:56

After initially tumbling after President Trump shocked the establishment and traders with a surprise tirade against the $900 billion relief package, calling it a “disgrace” and demanded stimulus checks be raised to $2,000 from $600 while demanding that “wasteful and unnecessary items” be eliminated, futures staged a full rebound as analysts said investors shouldn’t worry about Donald Trump’s Tuesday attack on Congress’s coronavirus relief package as the president can only delay passage by about a month, while his prodding might boost checks to individuals.

Trump’s criticism, and implicit veto threat, “won’t alter the macro narrative,” Vital Knowledge founder Adam Crisafulli wrote in a note adding that “even if Trump actually vetoes (unlikely) and Congress fails to override it (also unlikely, given the stimulus/budget passed with veto-proof majorities), this will only delay the inevitable by 27 days (which would be unfortunate, but not material)… The big debate isn’t whether the $900b stimulus gets passed into law but instead if it represents a ‘down payment’ or the last major fiscal response to the pandemic,” with the outcome of Georgia Senate races in early January playing a “big role in answering that question

At 7:30 a.m. ET, Dow e-minis were up 42 points, or 0.17%, S&P 500 e-minis were up 6.5 points, or 0.18%, and Nasdaq 100 e-minis were flat.

Big banks, which are sensitive to the broader economy, inched higher in premarket trading, with JPMorgan and Citigroup both adding 0.4%. PayPal, which said on Tuesday that it was waiving check-cashing fees for a second round of government-issued stimulus checks, rose 0.8%; Square gained 1.3%. Pfizer rose 0.5% in pre-market trade after a report said it was close to striking a deal with the U.S. government to supply at least tens of millions of additional doses of its COVID-19 vaccine candidate next year. Supernus Pharmaceuticals jumped 24.3% after its experimental drug for attention deficit hyperactivity disorder met the main goal of a late-stage study in adults. Walmart Inc fell 0.5% after the U.S. Justice Department accused the retailer of fuelling the opioid crisis in the United States. American Airlines and United Airlines fell about 0.8% each despite outlining plans to bring back furloughed employees this month after receiving payroll support from a recent bill.

In a video posted on Twitter, Trump said a stimulus bill, agreed after months of wrangling in Congress, was “a disgrace” and that he wanted to increase “ridiculously low” $600 checks for individuals to $2,000. In kneejerk response futures dropped as much as 1% in Asian trade, before recovering the entire drop and even turning green later in the session.

“The market is betting on a fiscal deal coming through even if Trump is making noise about it,” said Peter Garnry, head of Equity Strategy Saxo Bank in Copenhagen. The stimulus bill could be amended if the congressional leadership wants to do so, and if they don’t, Trump’s choices are to sign the bill into law, veto it, or do nothing and let it become law. Despite successful attempts to “bullify” the narrative, Trump’s remarks kept a lid on gains with Mizuho analysts saying “hopes for an unambiguous ‘Santa rally’ have been tragically hijacked”.

The MSCI world stock index rose 0.24%, but was trading more than 1% below record highs struck last week. The index is eyeing gains of over 12% for 2020, as trillions of dollars in stimulus have outweighed pandemic pain this year.

European stocks rose 0.23%, with travel, autos and real estate the best performing sectors, with health care stocks slightly in the red. Britain’s internationally focused FTSE 100 index was down 0.2% as the pound rebounded after trade and transport links between the U.K. and its neighbors reopened and Brexit negotiators worked to forge an 11th-hour deal. Travel firms and automakers led gains, with Daimler rising as much as 3.1% on a report the German carmaker is considering an initial public offering of its truck unit.

Britain and the European Union are nearing a Dec. 31 deadline for a Brexit transition period and have yet to agree on a trade deal. ITV’s political editor said in a late-night tweet that separate sources had raised the possibility that the two sides would strike a deal on Wednesday. Sterling is off its lows – there’s a little twinkle of optimism around that deal,” said Jane Foley, head of FX strategy at Rabobank.

European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson are expected to hold another call on a trade deal on Wednesday or Thursday, sources with the bloc said. Ireland’s prime minister said enough progress has been made that a deal was likely, though a British minister said serious issues remained unresolved. In a further boost for the pound, Paris lifted its ban on freight coming from Britain because of the coronavirus variant.

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares ex-Japan snapped three days of declines with a 0.6% rise, led by a jump in electric vehicle stocks in South Korea and China after LG Electronics announced a production deal. Japan’s Nikkei rose 0.3%. South Korea’s LG Electronics surged a record 30% on plans to form a venture with Canada’s Magna International to make components for electric cars. Along with Samsung, it was among the biggest boosts to the MSCI Asia Pacific Index, which was set for its first advance in four sessions. As the chart below shows, ASian shares are close to besting the US as the world’s top equity market in 2020.

Asian stocks overcame an early dip on U.S. President Donald Trump’s demand for changes to pandemic aid legislation. Trading was light as holidays approached, with volumes at least 20% below 30-day averages in most markets. New Zealand’s main stock index was the strongest performer in the region for a second day, while benchmark gauges also climbed in Malaysia, South Korea, Greater China and Australia

In FX, sterling was the biggest mover, rising 0.49% against the dollar to $1.3427 and strengthened against the euro to 90.82 pence.  The Bloomberg dollar index dropped 0.3%, with the dollar weakening against most majors. NZD outperforms, CHF lags in G-10 although trading ranges are well below recent averages

In rates, Treasury futures continued to fade after gains in Asian and early London sessions, leaving yields cheaper by 1bp across long-end of the curve. Treasury 10-year yields were around 0.925%, outperforming gilts by 1bp with a Brexit deal still in the balance. Early risk-off saw yields grind lower after President Trump asked Congress to amend the latest spending bill to remove some items and increase stimulus checks. Gilts bear steepened with 30y yields ~2bps higher. Bunds and treasuries are sidelined. Peripheral spreads widen slightly

In commodities, oil reversed earlier losses sparked by an unexpected rise in U.S. crude oil inventories. Brent crude futures rose 0.1% to $50.14 a barrel and U.S. crude futures steadied at $47.04. Gold rose 0.2% to $1,864 an ounce. Base metals are in the green with LME zinc outperforming peers

Investors are now looking out for the latest weekly unemployment report due at 8:30 am ET (1330 GMT), which is expected to show a still dismal labor market as widespread business restrictions to curb the spread of new COVID-19 infections kept employers on edge. Consumer spending data for November, which is also due at 8:30 am ET, is expected to show weakness in spending trends because of the softer job market.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,686.25
  • STOXX Europe 600 up 0.4% to 392.69
  • MXAP up 0.8% to 194.69
  • MXAPJ up 0.9% to 644.31
  • Nikkei up 0.3% to 26,524.79
  • Topix up 0.2% to 1,765.21
  • Hang Seng Index up 0.9% to 26,343.10
  • Shanghai Composite up 0.8% to 3,382.32
  • Sensex up 0.9% to 46,418.20
  • Australia S&P/ASX 200 up 0.7% to 6,643.14
  • Kospi up 1% to 2,759.82
  • Brent futures down 0.2% to $50.00/bbl
  • Gold spot up 0.6% to $1,871.48
  • U.S. Dollar Index down 0.3% to 90.36
  • German 10Y yield fell 0.5 bps to -0.6%
  • Euro up 0.3% to $1.2196
  • Italian 10Y yield fell 1.4 bps to 0.444%
  • Spanish 10Y yield fell 0.7 bps to 0.043%

Top Overnight News from Bloomberg

  • President Donald Trump’s surprise attack Tuesday on Congress’s historic coronavirus relief package left aid for millions of Americans hanging in the balance as the pandemic continues to batter the nation
  • Nine months of talks between the U.K. and European Union over a post-Brexit trade accord are hanging in the balance, with officials trying to bring them to a conclusion as soon as Wednesday
  • Vital trade and travel links between the U.K. and continental Europe slowly reopened after France lifted a blockade at Britain’s busiest port that heightened a sense of economic isolation as the pandemic worsened and a high-stakes political drama unfolded over Brexit
  • The Bank of England must have a “laser focus” on keeping inflation expectations in check after the pandemic, Chief Economist Andy Haldane said, highlighting the tricky balance the nation faces in managing its massive debt burden

A look at global markets courtesy of Newsquawk

Asia-Pac equities traded firmer across the board after a mixed Wall Street lead, where the Dow and S&P slipped but closed trade well off lows, whilst the Nasdaq ended the session in positive territory with the aid of Apple, Microsoft and Amazon. However, overnight US equity futures where dented after US President Trump warned he will not sign the COVID relief bill until Congress amends it, whilst also asking for stimulus payments to be increased to USD 2,000 from the USD 600 in the bill. Subsequently, White House Speaker Pelosi responded by stating Democrats are ready to bring USD 2,000 in direct checks to the Floor this week by unanimous consent. Furthermore, Fox’s Pergram highlighted that Trump did not outright say he will veto the bill, but could prevent it from being law via a “pocket veto” to avoid Senate overriding an official veto – effectively running down the clock until Congressional adjournment before midnight on January 3rd. The President has ten days (excluding Sundays) to either sign or veto a bill, meaning Congress will have to present Trump with the bill by December 23rd to prevent a pocket veto. If Trump fails to respond in the ten-days window, then the bill would automatically become law. That being said, the size and nature of the bill would mean that it could take days to get the bill to Trump – i.e. if Trump sticks to his guns, the US government could shut down on December 29th (assuming no more stopgap bills) and COVID stimulus will be frozen. US equity futures later trimmed losses whilst European equity futures remained subdued with the region tackling the more transmittable COVID-19 variant. Back to APAC, the ASX (+0.7%) was propped up by some of the more defensive sectors, whilst gains were capped by losses in mining names. Nikkei 225 (+0.3%) waned off best levels as a firmer JPY reeled in the index. KOSPI (+1.0%) extended gains whilst South Korea halted flights to and from the UK to avoid importing the COVID variant. Elsewhere, Hang Seng (+0.9%) and Shanghai Comp. (+0.8%) conformed to the broad gains across the region, with the latter seeing upside following another PBoC liquidity injection. Finally, 10yr JGB futures trade little changed but the overall curve modestly flatter

Top Asian News

  • Thai Central Bank Holds Key Rate, Cuts 2021 Growth Forecast
  • China Pipeline Giant to Buy Kunlun Assets for $6.3 Billion
  • India Asked to Pay $1.2 Billion to Cairn After Arbitration
  • Asian Stocks Snap Three-Day Losing Streak on Electric-Car Boost

European equities (Eurostoxx 50 +0.8%) have eked gains since the cash open as markets await any further updates on Brexit and ponder US President Trump’s intervention on the US COVID relief package. On the latter, overnight, US equity futures were weighed on after US President Trump warned he will not sign the COVID relief bill until Congress amends it, whilst also asking for stimulus payments to be increased to USD 2,000 from the USD 600 in the bill. Fox’s Pergram highlighted that Trump did not outright say he will veto the bill but could prevent it from being law via a “pocket veto” to avoid Senate overriding an official veto – to prevent a pocket veto derailing the legislation, Congress would need to present Trump with the bill by today. This is clearly a potential risk for sentiment heading into year-end, however, equity markets have taken the news in its stride thus far with the e-mini S&P firmer by 0.3% with some investors potentially acknowledging that regardless of any acts of sabotage by Trump, incoming President Biden will be able to sign the bill next month. Sectoral performance in Europe sees more pronounced gains in travel & leisure names with Air France (+2.8%), easyJet (+1.7%) and IAG (+1.5%) with airliners attempting to claw back losses seen at the start of the week after the more transmissive COVID-19 strain in the UK forced countries to restrict travel to and from the nation. Closely following travel & leisure is auto names with Daimler (+2.8%) top of the DAX after reports in Handelsblatt suggested the Co. could separate its Truck unit via an IPO as early as 2021, or, more likely in 2022. To the downside, health care names lag with the likes of AstraZeneca once again lower, extending losses for the week to 3%.

Top European News

  • BOE’s Haldane Urges Laser Focus to Avoid ‘Nasty’ Inflation Shock
  • Italy Is the Darling of a Bond World Blighted by Negative Yields
  • HeidelbergCement Is Said to Explore $1.5 Billion U.S. Sale
  • HelloFresh Falls Following Handelsblatt Report on Bottlenecks

In FX, the Dollar has unwound relatively big recovery gains vs so called high beta, risk or pro-cyclical rivals, but the DXY retains an underlying bid having evaded several skirmishes with the 90.000 level and is currently pivoting 90.500 in rather indecisive and low-key market conditions heading into the Xmas break. However, potential impactors and sentiment drivers are still very much in play, like Brexit and the battle to contain COVID-19 that has been made all the more arduous due to new mutations with higher transmission rates. Meanwhile, ‘outgoing’ US President Trump has thrown a spanner in the fiscal relief works via a last minute request for payments to be upped more than 3-fold from Usd 600, and an amended bill is now expected before he puts pen to paper. More immediately, a raft of data has been compressed into Wednesday’s final full session ahead of the long holiday weekend.

  • AUD/NZD/GBP – Not quite a case of all change, but as noted above the Aussie, Kiwi and Pound have all clawed back more lost ground against their US counterpart than other G10 currencies, with Aud/Usd rebounding through 0.7550, Nzd/Usd close behind in the high 0.7000 zone and Cable reclaiming 1.3400+ status on lingering expectations rather than any real sense of confidence that outstanding Brexit deal divergences between the UK and EU will be resolved. Indeed, the Eur/Gbp cross has reversed further from well above 0.9100 and as high as 0.9200+ on Monday in the same vein or faint hope of a trade pact as PM Johnson and European Commission President von der Leyen are said to be hot-lining each other in an attempt to reach a compromise on fishing and the level playing field.
  • EUR/CAD/JPY/CHF – All firmer vs the Greenback, though still well below recent peaks as the Euro hovers just shy of 1.2200, Loonie above 1.2900, Yen revisits 103.50+ and Franc clings on to the 0.8800 handle. Ahead, Usd/Cad will be keeping tabs on oil prices alongside general risk sentiment, but also Canadian GDP for some additional impetus outside of the aforementioned multiple US releases, while Usd/Jpy has plenty to digest in terms of prime Japanese data on Xmas Eve and few morsels on December 25th.
  • SCANDI/EM – No real inclination or rationale to deviate far from familiar ranges for the Nok or Sek given the lack of Norwegian and Swedish specifics, not to mention comparatively contained crude prices. Elsewhere, most EMs are benefiting from the Usd pull-back and steady risk tone, while the Zar may be gleaning extra support/comfort from the fact that
  • GOLD – Found a base before Usd 1850/oz. In China, another net PBoC liquidity injection is helping to keep the Cnh and Cny afloat, and both firmer than the overnight midpoint fix, while in Turkey the Try is eyeing a back-to-back hike from the CBRT tomorrow.

In commodities, the crude complex began the session firmly on the back foot as the demand-side woes that have been weighing on performance over the past few days remain broadly unresolved; with the only marginally positive fundamental development the resumption of freight between the UK and France. However, WTI and Brent are now broadly unchanged but with a positive bias as, directionally at least, they have been following the broader equity performance although evidently to lesser effect; most recently, Brent has reclaimed the USD 50.00/bbl handle while WTI pivots the USD 47.00/bbl figure. As mentioned, focus remains on US fiscal developments but any such delay to the proceedings should, in the worst case, see a resolution in the New Year. Explicitly for crude, last nights private inventory report printed a build of 2.7mln in contrast to expectations for today’s EIA report of a 3.18mln draw; note, the weekly Baker Hughes rig count has been brought forward to today’s session on account of the Holiday period. Moving to metals, spot gold is modestly firmer but has been very much rangebound throughout the morning echoing the performance of, and benefiting from, a contained but softer dollar.

US Event Calendar

  • 8:30am: Durable Goods Orders, est. 0.6%, prior 1.3%; Durables Ex Transportation, est. 0.5%, prior 1.3%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.6%, prior 0.8%; Cap Goods Ship Nondef Ex Air, est. 0.7%, prior 2.4%
  • 8:30am: Initial Jobless Claims, est. 880,000, prior 885,000; Continuing Claims, est. 5.56m, prior 5.51m
  • 8:30am: Personal Income, est. -0.3%, prior -0.7%; Personal Spending, est. -0.2%, prior 0.5%
  • 8:30am: PCE Deflator MoM, est. 0.1%, prior 0.0%; YoY, est. 1.2%, prior 1.2%
  • 8:30am: PCE Core Deflator MoM, est. 0.1%, prior 0.0%; YoY, est. 1.4%, prior 1.4%
  • 9am: FHFA House Price Index MoM, est. 0.55%, prior 1.7%
  • 10am: U. of Mich. Sentiment, est. 81, prior 81.4; Current Conditions, prior 91.8; Expectations, prior 74.7
  • 10am: New Home Sales, est. 995,000, prior 999,000;  New Home Sales MoM, est. -0.4%, prior -0.3%

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 25.54 PTS OR .76%   //Hang Sang CLOSED UP 223.87 PTS OR .86%    /The Nikkei closed UP 88.40 POINTS OR 0.33%//Australia’s all ordinaires CLOSED UP 0.69%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 47.12 dollars per barrel for WTI and 50.09 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5383. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5287 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

4/EUROPEAN AFFAIRS

GERMANY/RUSSIA

Germany outraged that Russia sanctioned it over the false Navalny poisoning

(zerohedge)

Germany Outraged Over “Unjustified” Russian Tit-For-Tat Sanctions On Berlin Officials

WEDNESDAY, DEC 23, 2020 – 1:00

Germany has expressed outrage over what it says are “unjustified” sanctions leveled by Russia on Tuesday in response to prior German punitive sanctions against Kremlin intelligence officials over the alleged state-sponsored poisoning of opposition activist and political figure Alexei Navalny.

The AFP reports on the tit-for-tat measures:

The charge d’affaires at the German embassy in Moscow, Beate Grzeski, was summoned to the Russian foreign ministry and informed that “countermeasures in the form of travel bans against German state institutions have been ordered”, the source said.

Alexei Navalny, via AP

The German government source added: “While this past pattern of Russian countermeasures is known, they remain in the view of the German government unjustified,” according to AFP.

“We continue to call on Russia to clarify the use of a chemical weapon on Russian territory against a Russian citizen,” the official said. “Russia has shown no willingness to do so.”

Russia’s foreign ministry earlier said it considers the initial German action to have been the unnecessary start of the “confrontational” tit-for-tat, which had been imposed in October. Here’s the latest Russian statement announcing the new travel ban aimed at German officials:

The countries that initiated this measure presented no evidence either to the Russian authorities, in defiance of repeated requests dispatched to them, or to their own partners in the EU.

Under the veil of secrecy the EU Council adopted a hasty confrontational political decision running counter to the international legal prerogatives of the UN Security Council and the Helsinki principles of non-intervention in the internal affairs, cooperation among states and diligent compliance with obligations assumed under international law. The concrete names were selected arbitrarily to match the EU Council’s decision in question,” the Foreign Ministry said.

The EU officials targeted by Russia have yet to be named by the Kremlin, but the Swedish and French embassies were notified that the expanded list includes members of their government as well.

Meanwhile there are now bizarre claims that Novichok, a Soviet-designed nerve agent, was actually stealthily placed in Navalny’s underwear before he fell ill on a Russian flight on August 20.

This is said to be based on an inadvertent phone “confession” made by one of the Russian intelligence agents said to have been involved in the plot.

Navalny has been recovering in Germany after he was flown out of Russia by an emergency medical transport following his dramatic collapse and going unconscious on the Russian commercial flight.

END
CORONAVIRUS UPDATE//UK/MUTANT VIRUS
ENGLAND expands its nutty Tier 4 lockdown due to another “Mutant” Covid strain. Israel has reported many
mutants. These mutants are probably more transmissible but less virulent.
(zerohedge)

England Expands “Tier 4” Lockdowns As Another “Mutant” COVID Strain Emerges

WEDNESDAY, DEC 23, 2020 – 10:57

Some people joked last week when UK Health Secretary Matt Hancock first introduced a shockingly infectious strain of the virus that God (or maybe Beijing?) had released “COVID-19 Pro”. Well, now it looks like the virus has moved on to the “COVID-19 Pro Max”.

According to the latest comments from the health secretary, a variant of the virus recently discovered in South Africa has made its way to England, which policy makers are now using as justification to expand HMG’s heavy handed restrictions by placing more of East and South England under “Level 4” – which is the most restrictive lockdown since the spring.

“Tier 3 is not enough to control the new variant. This is not a hypothesis, this is a fact,” Hancock said. “It is therefore necessary to put more of the East and South East of England into Tier 4”.

Some media outlets initially mistook the two variants, which share a mutation in the same area of their RNA, as the same strain, but scientists who have sequenced its RNA have found that the South Africa strain constitutes a designation all its own. The original strain found in the UK is separate. According to officials, at least 2 younger Britons have been found carrying the strain from SA, which is reportedly even more transmissible than the UK mutation. Anecdotally, there have been reports about the strain infecting more young people.

In response to the news of the latest mutation, the following areas will enter Tier 4: Sussex Oxfordshire Suffolk Norfolk Cambridge Essex Waverley in Surrey Hampshire, including Portsmouth and Southampton.

These new measures will place 40% of the population of England under the new “Tier 4” lockdown designation. The new “Tier Map” has just been released.

These new measures will place 40% of the population of England under the new “Tier 4” lockdown designation. The new “Tier Map” has just been released.

Meanwhile, many scientists and MPs have a lot of questions about this new “variant” and some have pointed out that there is no “hard evidence” to link higher case numbers with this particular strain.

In other news, Israel has reported discovered four cases of the “mutated” strain of the virus from the UK, along with other “mutations” of its own.

Is it possible that health authorities are hyping this up to convince Europeans to abide by their draconian lockdown orders during the holidays?

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/IRAN/
As a show of force, Israeli submarine openly crosses the Suez canal on its way to the Persian Gulf. Tensions
soar with Iran.
(zerohedge)

Israeli Submarine ‘Openly’ Crosses Suez Canal Toward Persian Gulf As Iran Tensions Soar

TUESDAY, DEC 22, 2020 – 19:45

Israeli media is widely reporting early this week than an Israeli submarine in an unprecedented move has openly traversed the Suez Canal en route to the Persian Gulf as a show of force “message” to Iran.

On Tuesday The Jerusalem Post detailed that “An IDF Navy submarine crossed the Suez Canal last week as a direct message to Iran, Kan News reported Monday evening.” The report said further, “Arab intelligence officials reportedly confirmed to Kan News that the Israeli submarine crossed the canal toward Iran visibly above water, in an act meant as a message to Iran’s supreme leader Ali Khamenei.

Egyptian authorities gave approval for the provocative Suez crossing, and the submarine also later passed through the Red Sea without incident.

While the Israeli Defense Forces (IDF) said it never comments on such military operational maneuvers, despite the traversing being done essentially out in the open, the submarine appears headed toward the Persian Gulf, which would constitute a huge threat and significant escalation from Tehran’s perspective.

“According to Arab intelligence that confirmed the reports, the submarine passed the Red Sea and was making its way toward the Persian Gulf, in what they believe was meant as a direct threat to Iran,” The Jerusalem Post report continued.

Both Israel and the United States seem to be coordinating a message of deterrence to the Islamic Republic, given also on Monday the US Navy announced publicly that its nuclear submarine USS Georgia is currently transiting the Strait of Hormuz, the vital Gulf narrow waterway where Iran’s IRGC frequently patrols

Israeli submarine route as presented in the initial Kan News report:

Iran’s leaders have of late issued repeat threats saying they are poised to take revenge against those responsible for the assassination of top nuclear scientist Mohsen Fakhrizadehoutside Tehran on November 27.

It was later revealed that a satellite-controlled machine-gun with “artificial intelligence” was used in the attack, which Iran has blamed on Israel, likely with US intelligence assistance.

The region is also on edge as it’s less than two weeks until the first anniversary of the US assassination by drone of IRGC Quds Force chief Gen. Qassem Soleimani at Baghdad airport on Jan. 3, 2020. For this reason US forces in the region, especially stationed on Iran, remain on high alert.

The US Navy also late last week engaged in joint war drills with Gulf allies in the area (the Arabian Gulf is a reference to the Persian Gulf):

It remains unclear whether the Israeli submarine will actually enter (or perhaps has already) entered the Persian Gulf alongside the US allied submarine.

If so, Israel certainly won’t advertise it at that point, or disclose the underwater vessel’s whereabouts. The IRGC would consider it a hostile enough act to respond, potentially setting off a chain of escalation leading to all out war.

Crucially all of this build-up in tension also comes as President-Elect Joe Biden has vowed to restore US participation in the 2015 nuclear deal (JCPOA).

Iran has said if the US comes back with no additional conditions or any attempt to renegotiate, Tehran will return to the deal “within an hour”. President Trump has meanwhile strongly signaled he intends to derail any such future Biden efforts to restore the deal. Currently this is being done through ratcheted up sanctions on the Islamic Republic.

END

SYRIA/UK/USA

Now the USA announces sanctions on Assad’s wife and even her British family members.

(zerohedge)

US Announces Sanctions On Assad’s Wife & Even Her British Family Members

TUESDAY, DEC 22, 2020 – 21:45

With apparently little else left to sanction in Syria, the United States is now going after Bashar al-Assad’s wife and even extended family members which have long resided in London.

A Tuesday statement from Secretary of State Mike Pompeo indicated the US is imposing sanctions on Syrian first lady Asma al-Assad, blaming her in part for prolonging the war and blocking a peaceful political settlement through her charities and civil society organizations.

Of course, in Washington-speak “stalling efforts to reach a political resolution” means simply that Bashar Assad has refused to step down and flee the country, which would ultimately put the secular Baath state in the hands of the jihadi fanatics.

Pompeo’s statement specifies that “The Department of State today is imposing sanctions on Asma al-Assad, the wife of Bashar al-Assad, for impeding efforts to promote a political resolution of the Syrian conflict pursuant to Section 2(a)(i)(D) of Executive Order 13894.” It adds that “Asma al-Assad has spearheaded efforts on behalf of the regime to consolidate economic and political power, including by using her so-called charities and civil society organizations.”

Recall that just before the war in Syria got started Asma was widely praised in the West for her beauty and philanthropy, even being profiled in a glowing Vogue magazine piece headlined “A Rose in the Desert” (March 2011). More recently the Syrian first lady has survived breast cancer, and is said to have fully recovered.

But the US is now going so far as to sanction members of her family, some of which have lived in England for decades, foremost among them Bashar’s father-in-law, the respected Syrian-English cardiologist Fawaz Akhras:

“In addition, we are sanctioning several members of Asma al-Assad’s immediate family, including Fawaz Akhras, Sahar Otri Akhras, Firas al Akhras, and Eyad Akhras as per Section 2(a)(ii) of EO 13894. The Assad and Akhras families have accumulated their ill-gotten riches at the expense of the Syrian people through their control over an extensive, illicit network with links in Europe, the Gulf, and elsewhere,” the US statement reads.

Asma’s father has long been a cardiologist at Cromwell Hospital in South Kensington, London along with running a private practice.

The family has been in Britain so long that Asma was born and raised there by her Syrian parents before marrying Bashar.

But now Washington is going after them, apparently blaming even relatives outside of Syria for fueling the war. The irony is tragic and thick, considering just who it is that Washington has been supporting throughout the conflict.

* * *

Meanwhile, in a recent address to Syrian lawmakers in Damascus, President Assad launched into a surprisingly blunt and cogent diatribe against Neoliberalism:

6.Global Issues

All three vaccine companies scramble to test their vaccines against the new “mutant” strain

(zerohedge)

Moderna, Pfizer & BioNTech Scramble To Test COVID Vaccines Against New “Mutant” Strain

WEDNESDAY, DEC 23, 2020 – 4:15

Over the past few days, health officials across Europe (but especially in the UK) along with the top executives of Pfizer, BioNTech, Moderna etc. have repeatedly assured the public that the first wave of COVID vaccines will work against the COVID-19 mutation – the press has taken to referring to a “new variation” presumably to avoid stoking a panic – first discovered in southern England.

Of course, what these companies meant to say is that there’s presently no evidence that this mutant strain of COVID can infect patients who have already been inoculated with the new vaccines. Now, Moderna and Pfizer are reportedly “testing” their new jabs to determine their efficacy against the main vaccine.

BioNTech’s Chief Ugur Sahin

Pfizer says it’s “generating data” by taking blood from people who have already been inoculated, throwing it in a test tube, and testing to see if the blood “may be able to neutralize the new strain from the UK,” according to the network. Moderna, on the other hand, said only that it will be “performing additional tests in the coming weeks to confirm this.”

Both companies insist their vaccines have proven effective against other variants of the virus. However, some researchers who have been studying the mutant strain’s genome have told CNN they have concerns that his particular mutation might reduce the effectiveness of the vaccines. That’s not to see it will render the vaccine completely useless, but it is some food for thought.

In an interview with the FT, BioNTech CEO Ugur Sahin proclaimed that should the vaccine prove ineffective, his company’s mRNA platform could simply whip up a modified vaccine, easy peasy.

…”the beauty of the messenger mRNA technology is we can directly start to engineer a vaccine that completely mimics this new mutation and we could manufacture a new vaccine within six weeks,” he said

He added that it will take roughly two weeks to determine whether the vaccine is effective against the new variant, or not.

Dr Sahin said it would take two weeks to complete the laboratory work needed to definitively prove whether or not the BioNTech/Pfizer vaccine, already approved for use in the UK, US and EU, would still work as effectively.

How it works is relatively straightforward: “In principle, what we would do is change the insert [of the vaccine] and replace a virus variant with another variant without touching the platform,” Dr Tureci said.

If anything, the biggest delays would be linked to regulators and the re-approval process. The Pfizer vaccine has already begun to be administered in the UK, the US, Canada and Israel, but the EU’s drug regulator only just approved it on Monday, vaccinations aren’t due to start until Dec. 27 (distribution begins the day before).

That’s why officials like Matt Hancock have been so adamant with the whole “nothing to see here” line. Because approving another round of vaccines would be like having the same terrifying nightmare every night for two years straight.

END

7. OIL ISSUES

Russia very upset at the USA sanctions on anybody building the NordStream 2 pipeline. They deem it a hybrid warfare.

(Paraskova/OilPrice.com

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 1.2164 DOWN .0024 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 103.55 UP 0.032 (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 1.3416   UP   0.0017  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPEDBREXIT JAN 1/2021/

USA/CAN 1.2885 DOWN .0007 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro FELL BY 24 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE UP 25.54 PTS OR .76% 

//Hang Sang CLOSED UP 223.85 PTS OR .86% 

/AUSTRALIA CLOSED UP 0.69%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 223.85 PTS OR .86% 

/SHANGHAI CLOSED UP 25.54 PTS OR 76% 

Australia BOURSE CLOSED UP  0.69% 

Nikkei (Japan) CLOSED UP 88.40  POINTS OR 0.33%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1864.30

silver:$25.48-

Early WEDNESDAY morning USA 10 year bond yield: 0.922% !!! DOWN 0 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.659 DOWN 0  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 90.43 DOWN 17 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.06% UP 3 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.09%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.60 UP 3 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.54% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.14% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.2194  UP     .0007 or 7 basis points

USA/Japan: 103.55 UP .038 OR YEN DOWN 4  basis points/

Great Britain/USA 1.35001 UP .0099 POUND UP 99  BASIS POINTS)

Canadian dollar UP 55 basis points to 1.2837

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed UP AT 6.5407    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.5307  (YUAN up)..

TURKISH LIRA:  7.64  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.01%

Your closing 10 yr US bond yield UP 4 IN basis points from TUESDAY at 0.958 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.707 UP 4 in basis points on the day

Your closing USA dollar index, 90.31 down 35  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 UP 42.59  0.66%

German Dax :  CLOSED UP 169.12 POINTS OR 1.26%

Paris Cac CLOSED UP 60.73 POINTS 1.11%

Spain IBEX CLOSED UP 139.40 POINTS or 1.76%

Italian MIB: CLOSED UP 2.81 POINTS OR 0.01%

WTI Oil price; 37.40 12:00  PM  EST

Brent Oil: 39.75 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.86  THE CROSS LOWER BY 1.07 RUBLES/DOLLAR (RUBLE HIGHER BY 107 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.54 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 :  48.11//

BRENT :  51.12

USA 10 YR BOND YIELD: … 0.957..up 4 basis points…

USA 30 YR BOND YIELD: 1.4691 up 4 basis points..

EURO/USA 1.21860 ( DOWN 1   BASIS POINT)

USA/JAPANESE YEN:103.54 UP .028 (YEN DOWN 3 BASIS POINTS/..

USA DOLLAR INDEX: 90.37 DOWN 28 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3494 UP 94  POINTS

the Turkish lira close: 7.64

the Russian rouble 75.06   UP 0.87 Roubles against the uSA dollar. (UP 87 BASIS POINTS)

Canadian dollar:  1.2854 UP 38 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.55%

The Dow closed UP 114.32 POINTS OR 0.38%

NASDAQ closed DOWN 36.81 POINTS OR 0.29%


VOLATILITY INDEX:  22.58 CLOSED  1.65

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

USA trading today in Graph Form

Trumpnado Sparks Late-Day Lurch Lower In Stocks, Dollar Drops On Dismal Data

WEDNESDAY, DEC 23, 2020 – 16:00

Core Durable Goods miss, Personal Income and Spending miss and drop, UMich Sentiment miss and drop, total jobless claims remains above 20 million, and new home sales miss and drop… all sending hard and soft macro data plunging…

Source: Bloomberg

But stocks were up because, hey, it’s just a fleshwound…

and stimulus…

And so, as all that hope evaporates, “investors” (used in the loosest way) bought Small Cap stocks with both hands and feet, while dumping big-tech at the cash open. Overnight saw stocks tank as Trump spoke on improvements to the COVID Lockdown Relief Bill, but dip-buyers just could not help themselves. Then with around 10 mins to go, the bottom fell out of the market as headlines on Trump’s veto of the defense bill and various Republicans’ response hit…

Semis were clubbed like a baby seal into the close…

Semis were clubbed like a baby seal into the close…

Sending Russell 2000 to its highest relative to Nasdaq 100 since March…

Source: Bloomberg

For 7 days straight, a short squeeze has been ignited at some point intraday…

Source: Bloomberg

Bank stocks were bid…

Source: Bloomberg

But energy stocks outperformed…

Source: Bloomberg

VIX was monkeyhammered back below Quad-Witch levels…

Treasuries were dumped today with the long-end yield up around 5bps (and notably steepening). Afternoon gains sent yields back to unch on the week…

Source: Bloomberg

Notably though, 10Y and 30Y were held within their recent range and below election/vaccine spike highs…30Y reversed back below 1.70% for the 9th time…

Source: Bloomberg

The dollar drifted lower today but remains higher on the week…

Source: Bloomberg

Cable jumped on the day amid hope that Brexit talks are nearing completion…

Source: Bloomberg

Bitcoin saw some vol intraday  (dropping below 23k before ripping back above 24k)…

Source: Bloomberg

WTI ripped higher despite weak gasoline demand and mixed crude inventory data…

Gold managed to hold on to its gains today… barely…

Silver similarly managed only modest gains…

Gold/Silver found support at early September lows…

Source: Bloomberg

Meanwhile, there’s no inflation…

Source: Bloomberg

Finally, as real yields plummet back towards record lows, spot gold has some catching up to do…

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

Big drop in government wages and that accounts for the slump in November spending slump

(zerohedge)

Biggest Drop In Govt Wages On Record Spark Spending Slump In November

WEDNESDAY, DEC 23, 2020 – 8:38

Americans’ personal income and spending was expected to drop in November as benefits dried up and lockdowns were reinstated across the nation, and it did, by considerably more than expected.

Incomes fell 1.1% MoM (considerably worse than the 0.3% drop expected) and Spending dropped 0.4% (worse than the -0.3% exp) for the first monthly drop since April…

Source: Bloomberg

On a YoY basis, both income and spending growth slowed with spending down 1.3% YoY and incomes only up 3.8%…

Source: Bloomberg

Adjusted for inflation, real spending dropped 0.4% MoM – the first monthly drop since April. However, while Private wages rose 2.8% Y/Y, (a slight decline from 3.0% month ago), Govt wages continued to drop, down -2.3% Y/Y, vs -2.1% last month – that is the  biggest drop on record for govt wages…

Source: Bloomberg

Personal Savings rate slumped by 0.7% to 12.9% from 13.6% as Americans continue to burn through savings…

Will the new stimulus checks “fix” this?

end
Not good: although initial jobless claims improve a bit, the pandemic claims are surging
(zerohedge)

Initial Jobless Claims Improved Last Week, Pandemic Claims Surge

WEDNESDAY, DEC 23, 2020 – 8:42

Following last week’s surge in total jobless claims back above 20 million, analysts expected initial claims to remain at this new elevated levels as lockdowns struck more and more of the nation. Instead, initial claims dropped to 803k (still dramatically higher than pre-COVID-Lockdown) from an upwardly revised 892k…

Source: Bloomberg

Illinois and Virginia saw the biggest rise in first time jobless claims last week while California saw claims plunge (in a very outlier-y way)…

As continuing claims roll off, last week saw another surge in Americans forced to the Pandemic Emergency Claims…

Source: Bloomberg

And the total number of Americans on some form of unemployment benefits remains back above 20 million…

Source: Bloomberg

Let’s just hope whatever junk is in this latest COVID (Lockdown) Relief Bill, it helps small businesses get back to work.

end
Durable goods orders surge into the green for the year.
(zerohedge)

Durable Goods Orders Surge Back Into The Green For The Year

WEDNESDAY, DEC 23, 2020 – 8:51

Durable Goods Orders were expected to decelerate from the v-shaped recovery for the second month in a row, and they did but less than expected. Headline orders rose 0.9% MoM (slower than the upwardly revised 1.8% rise in October but higher than the expected 0.6% rise). This is the seventh straight month of improvement for durable goods orders…

Source: Bloomberg

This preliminary December data has pushed Durable Goods Orders into the green for the year (up 3.5% YoY).

Core durable goods orders growth slowed from +1.9% MoM to +0.4% MoM.

end
New home sales plummet
(zerohedge)

New Home Sales Puke In November

New home sales collapsed in November, plunging by 11% MoM, its second biggest monthly drop since 2015 (..

Source: Bloomberg

Sending the new home sales SAAR reeling back to 841k (drastically below the 995k expected)…

The median selling price rose 2.2% from a year earlier to $335,300, with 17% of new homes sold in Nov. cost more than $500,000, up from 14% prior month.

All of which helps explain the plunge in homebuilder sentiment.

end
This is trouble!!
(SchiffGold.com)

Taxpayers On The Hook For Nearly Half Of Apartment Building Mortgages

WEDNESDAY, DEC 23, 2020 – 10:45

Via SchiffGold.com,

This is not the ideal time to own an apartment building. Millions are struggling to pay rent and despite the extension of the federal eviction moratorium through Jan. 31 in the latest stimulus bill, a lot of people will likely face eviction in the coming months. According to data released in November17 million households are behind on rent or mortgage payments.

Of course, this has a trickle-down effect. If renters can’t pay their rent, that makes it difficult for apartment building owners to keep up with their mortgage payments.If they default, who’s on the hook?

Increasingly, the US taxpayer.

Total outstanding mortgages on multifamily housing property stood at $1.65 trillion in Q3. That was up by about $31 billion from Q2, according to data compiled by the Mortgage Bankers Association. Of that amount, the federal government backs $798 billion. That’s 48.4% of all mortgages on multifamily properties.

Uncle Sam backs these loans through Government Sponsored Enterprises (GSEs), such as Fannie Mae and Freddie Mac, along with government agencies such as Ginnie Mae. GSEs often securitize these loans into commercial mortgage-backed securities (CMBS) that are sold to investors. This practice with single-family home mortgages led to the housing crisis in 2008.

In simple terms, government-backed means that the US taxpayer is ultimately on the hook for any losses.

The US government got into multifamily real estate debt during the 2008 financial crisis. According to WolfStreet, up to that point, government-backed multifamily debt was about on par with the holdings of banks and thrifts. Since then, the government’s share (blue line in the chart below) has shot up to nearly 50%.

At this point, apartment building owners are holding on by the skin of their teeth, hoping the pandemic relents and the economy improves. If not, we could see a lot of mortgage defaults on the horizon. The situation is particularly dire in big cities where there is an exodus of people and plunging rents. As WolfStreet put it, “Landlords anywhere afflicted by renters not making rent payments, protected by eviction bans, are still trying to make mortgage payments on their rental properties, hoping that the surge in vacancies and non-payment of rents are short-term phenomena and that people will come back and fill those apartments and that tenants will catch up with the rent.”

If not, taxpayers will once again be left holding the bag.

end

iii) Important USA Economic Stories

Trump angry:  Kicks the COVID spending bill back to Congress.  This will amount to a pocket veto as the lawmakers must redo the bill.  Trump wants $2,000 stimulus and shred all of the “pork”

(zerohedge)

Trump Kicks COVID Bill Back To Congress; Demands $2,000 Stimulus, Shreds Lawmakers Over Mountain Of Pork

TUESDAY, DEC 22, 2020 – 19:46

President Trump appeared to threaten to veto the COVID-19 stimulus package that Congress passed almost 24 hours earlier, telling lawmakers to boost checks for Americans to $2,000 as well as “get rid of wasteful and unnecessary items” in the spending bill

Trump said “throughout the summer, Democrats cruelly blocked COVID relief legislation in an effort to advance their extreme left wing agenda and influence the election…”

“it’s taken forever” to get a package and the bill passed “is much different than anticipated.”

“It really is a disgrace,” he added.

Then reeled off a list of disgusting ‘pork’ (read the details here) that has been piled into this record-breaking 5,593 page bill.

As Axios notes, many of the items Trump listed, such as foreign aid, which were not related to COVID-19 are not part of the coronavirus relief package. These form part of the government funding bill, which was passed alongside the coronavirus relief package.

Then he took a shot at Biden and the election

“Send me a suitable bill or else the next administration will have to deliver a COVID relief package and maybe that administration will be me and we will get it done.”

Watch the full statement here:

..and the market is not happy…

Get Back to Mrs.Pelosi!

END
Pelosi and Schumer agree on Trump’s demand for the 2,000 stimulus checks but say nothing on the “pork”
(Pentchoukov/EpochTimes)

Pelosi And Schumer Agree To Trump’s Demand For $2,000 Stimulus Checks

WEDNESDAY, DEC 23, 2020 – 7:14

Authored by Ivan Pentchoukov via The Epoch Times,

House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) signaled that they are open to increasing the amount for the stimulus checks after President Donald Trump threatened to veto the COVID relief bill unless the direct payment was increased to $2,000 per individual.

“Republicans repeatedly refused to say what amount the President wanted for direct checks. At last, the President has agreed to $2,000—Democrats are ready to bring this to the Floor this week by unanimous consent. Let’s do it!” Pelosi wrote on Twitter on Tuesday.

“We spent months trying to secure $2,000 checks but Republicans blocked it. Trump needs to sign the bill to help people and keep the government open and we’re glad to pass more aid Americans need. Maybe Trump can finally make himself useful and get Republicans not to block it again,” Schumer wrote on Twitter shortly after Pelosi issued her message.

In a video message issued earlier on Tuesday, the president threatened to veto the $2.3 trillion omnibus spending and pandemic relief bill.

“Congress found plenty of money for foreign countries, lobbyists, and special interests,” the president said, “while sending the bare minimum to the American people who need it.”

“It wasn’t their fault. It was China’s fault.”

Trump said that lawmakers need to send him a suitable piece of legislation by his standards—or else the next administration will have to sign off on the measure.

“And maybe that administration will be me,” he added.

The president pointed to hundreds of millions of dollars tagged for the Egyptian military, Cambodia, Burma, “gender programs” in Pakistan, and numerous other countries. These provisions were also singled out by progressives and conservatives alike as an example of pork-barrel spending.

On Monday night, a number of lawmakers griped that they didn’t have enough time to look through the approximately 5,500-page bill (pdf).

Trump also noted that tens of millions of dollars are going to the Kennedy Center in Washington D.C. “which is not even open for business,” as well as the National Gallery of Arts and the Smithsonian.

Other non-pandemic measures were included, such as combatting the spread of Asian carp in the Great Lakes area, construction projects at the FBI, and others.

The president said he would also veto the bill because stimulus payments are being doled out to “illegal aliens” and their families.

“Despite all of this wasteful spending, the $900 billion package provides hardworking taxpayers only $600 [to Americans] in relief payments,” he said, arguing that not enough cash is being provided to small business owners who have suffered during the pandemic induced lockdowns.

end

The COVID pkg also allows the Feds to increase foreign  worker hiring despite millions of Americans are jobless

(PlanetFreeWill)

COVID Package Allows Feds To Increase Foreign Worker Hiring As Millions Of Americans Are Jobless

TUESDAY, DEC 22, 2020 – 21:25

Submitted by PlanetFreeWill ,

The COVID spending bill passed Monday allows federal bureaucrats to increase the amount of foreign labor they hired as millions of Americans are jobless due to the economic contractions caused by COVID-19 and government lockdowns.

On top of all the handouts to foreign governments and other waste of taxpayer money, a provision in the 5,593 page bill allows the Department of Homeland Security and Labor Department to “increase the total number of aliens” hired under H-2B foreign visas.

According to the bill, the foreign hiring can take place if the “needs of American businesses cannot be satisfied in fiscal year 2021 with United States workers who are willing, qualified, and able to perform temporary non-agricultural labor.”

As Breitbart’s John Binder highlights, this is could exacerbate the trend of DHS allowing employers to over-hire foreign labor under the H-2B visa program that has been shown to drive down American wages:

DHS Secretaries over the last four years have repeatedly allowed businesses to import more H-2B foreign visa workers above the annual cap of 66,000. Continuation of the policy would come as 24.5 million Americans are unemployed or underemployed. About 17.8 million of those are jobless.

The H-2B visa program has been widely used by businesses to drag down the wages of American workers in landscaping, conservation work, the meatpacking industry, the construction industry, and fishing jobs, a 2019 study from the Center for Immigration Studies finds.

When comparing the wages of H-2B foreign workers to the national wage average for each blue-collar industry, about 21 out of 25 of the industries offered lower wages to foreign workers than Americans.

As shown in the table below, the H-2B foreign labor disproportionately effects the construction, fishing, meatpacking, and plumbing industries:

CIS report on the impact of H-2B Guestworkers

According to the Bureau of Labor Statistics, there were 10.7 million Americas unemployed in the month of November.

Perhaps some of the hundreds of millions of dollars being sent to foreign governments to secure their borders could have been allocated to training Americans for the types of jobs that will undoubtedly be replaced by the cheap labor.

But no, that actually would have made this bill a “stimulus package” and not the special interest smorgasbord the American people were handed from the blind signatures of their “representatives.”

END

CORONAVIRUS UPDATE/USA/THE GLOBE

US Buys Another 100MM Doses Of Pfizer Vaccine; Germany Suffers Record COVID Deaths: Live Updates

WEDNESDAY, DEC 23, 2020 – 8:46

Summary:

  • More Asian countries block travel with UK
  • France, Bulgaria drop restrictions
  • US hospitalizations hit new record
  • Germany reports record deaths
  • Mexico to start vaccination
  • Tokyo reports nearly 750 new infections
  • Taiwan president urges calm after country snaps longest streak with no cases
  • India cases bounce back after 6 month low
  • Houston area ICU see 11%  spike
  • COVID hospitalizations climbing across the country
  • California’s new cases are compensating for decline in Midwest

* * *

Three days have passed since anxieties about the new “variant” of COVID-19 (known to scientists as “B.1.1.7.”) have elicited a slight disturbance in markets, the biggest since late October, just before Halloween.

But as of Wednesday morning, US futures have shifted back into the green, as France and Bulgaria heeded the EU’s pleas to restore passenger and/or freight. However, a handful of Asian nations (including the Philippines and South Korea) have tightened restrictions on British travelers, While Japan adopted a suite of new restrictions. Japan will strengthen its entry regulations for travelers from Britain starting Thursday. New entry by foreigners traveling from the country won’t be allowed. Foreign nationals returning from the U.K. who are residents of Japan will be required to isolate for two weeks. Returning Japanese citizens will need to provide proof of a negative virus test conducted 72 hours before departure. Those who fail to do so will be asked to quarantine for two weeks at a facility indicated by the government.

Back in the US, COVID hospitalizations climbed to a new record high, as reporters trumpeted the fact that the White House had secured a commitment from Pfizer to deliver an additional 100MM doses of its coronavirus vaccine. Notably, this comes after Pfizer cut its 2021 delivery target in half, prompting the military to step in and volunteer to help the company secure the “raw materials” it had claimed were in short supply. The additional 100MM doses will reportedly be delivered no later than July 31. Under terms of the agreement, 70MM doses will be delivered by June 30. Washington has now secured 200MM doses of the vaccine, enough to vaccinate 100MM Americans with the Pfizer jab, while also securing another 200MM doses (expected to be used mostly on senior citizens and health-care workers) of the Moderna vaccine, the only other company whose vaccine has received emergency authorization from the FDA, has agreed to supply the U.S. government with 200 million doses by June 2021.

As the world wonders whether the UK’s conclusions about the effects of this viral “variation” (which health officials purport to be 70% more infections than other strains) are even real (as Moncef Slaoui recently said, there’s no “hard evidence”, the conclusion is the result of extrapolating data), Moderna, Germany’s CureVac and British drugmaker AstraZeneca.

South of the border, Mexico will receive an initial batch of Pfizer’s vaccine on Wednesday as Mexico races with Chile to become the first Latin American nation to use the vaccine. Pfizer will send more than 1.4MM vaccines to Mexico by the end of January, Foreign Minister Marcelo Ebrard said at a press briefing in Mexico City. The first vaccinations will start on Thursday, Deputy Health Minister Hugo Lopez-Gatell said.

Hospitalizations in the US have reached their highest levels yet, even as the number of new cases reported daily continued to drop off.

California is now reported so many new cases, that the state is making up for the decline in the midwest.

Hospitalizations are climbing across the South, with Florida and Texas leading the way.

Despite the decline in cases in the MIdwest, the rising number of cases in California is more than offsetting it.

* * *

Offering another glimpse at “vaccine diplomacy” being exercised by the be biggest producers (the US, the UK, China, Russia etc), Malaysia is reportedly in talks with Russia to secure 6.4MM doses of “Sputnik 5”. Malaysia, which has been hit hard relative to nearby countries like Thailand and Vietnam, has already secured 12.8MM doses from Pfizer under a deal signed last month, and earlier this week agreed to buy 6.4MM doses from AstraZeneca.

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

The cluster of Covid-19 infections in Sydney’s Northern Beaches has grown to 97, and a lockdown will be extended over Christmas to prevent the virus from spreading across the city, authorities announced Wednesday (Source: Bloomberg).

The Houston area’s intensive-care wards saw an 11% spike in virus patients during the past 24 hours that swelled the tally of the most acutely ill Covid-19 cases to a four-month high of 505. The number of ICU beds occupied by virus patients in the fourth-largest U.S. city and surrounding counties has more than doubled since the start of November, according to the SouthEast Texas Regional Advisory Council (Source: Bloomberg).

Singapore may provide more details on its vaccination program as early as January, the Straits Times reported, citing Education Minister Lawrence Wong (Source: Nikkei).

Tokyo reports 748 new infections, up from 563 a day earlier and the second-highest total, after 821 last week. The number of patients in serious condition rises by five to 69 (Source: Nikkei).

Taiwanese President Tsai Ing-wen called on people to keep calm, one day after the island confirmed its first locally transmitted case of COVID-19 since April 12. The government announced negative tests so far for the person’s contacts (Source: Nikkei).

India confirms 23,950 new cases in the last 24 hours, a day after recording the nearly six-month low of 19,556, pushing the country’s total to about 10.1 million. The death toll rose by 333 to 146,444 (Source: Nikkei).

* * *

Finally, down in Sydney, the cluster of collections along the Northern Beaches has grown to 97 as officials extend a lockdown over Christmas to prevent the virus from spreading across the city, authorities announced Wednesday. Meanwhile, in Germany, a record number of daily deaths (986) were reported.

ELECTION CHAOS/COMMENTARIES

no 1

Giuliani drops a “bomb” stating that Arizona lawmakers will likely vote today to certify that President Trump was the winner in Arizona.  That would be 11 electoral college votes.

(Gateway Pundit/Hoft)

BREAKING: Rudy Giuliani Drops a Bomb on The War Room – Says Arizona Lawmakers will Likely Vote Wednesday to Certify President Trump as Winner

The Election Wiz reported, via Palmieri Report:

President Trump’s attorney, Rudy Giuliani, joined Steve Bannon’s “War Room: Pandemic” podcast this morning. During the interview, Giuliani said the Arizona legislature will attempt to pass a resolution tomorrow (Wednesday) to certify President Trump as the winner.

News spread like wildfire yesterday that Arizona lawmakers would make the attempt to declare Trump the winner today, but Giuliani said Arizona lawmakers did not have the votes today to make that happen. Giuliani said he’s hopeful Arizona lawmakers will be able to close the deal before Christmas.

Rudy Giuliani: Arizona was going to similarly pass a joint session to certify Trump. But then they didn’t have the votes but they are going to come back tomorrow.

TRENDING: BREAKING: Rudy Giuliani Drops a Bomb on The War Room – Says Arizona Lawmakers will Likely

Vote Wednesday to Certify President Trump as Winner

Here is the video from this morning’s program.

end
No 2
Friday night oval office meeting was more explosive than initially thought.
(Gateway pundit)

UPDATE: The Friday Night Oval Office Meeting Was EVEN MORE EXPLOSIVE Than We Thought – GENERAL FLYNN Saved the Day!

Overstock founder Patrick Byrne went on UncoverDC on Monday to further discuss the explosive meeting at the White House on Friday night.

During the interview Patrick Byrne described how General Michael Flynn took control and confronted the naysayers on President Trump’s advisory team.

According to Patrick Byrne, “General Flynn stood on his feet [in a calm, measured and professional manner] and gentlemanly asked “Do you think the President won? Can you say that you think the President won?”the question … not a single one would answer the question”.

Byrne further states that he told President Trump that “within 30 minutes” he could produce 3 people who could confirm that his own leadership has been trying to convince others to get him to concede.

TRENDING: BREAKING: Rudy Giuliani Drops a Bomb on The War Room – Says Arizona Lawmakers will Likely Vote Wednesday to Certify President Trump as Winner

General Flynn was the man of the hour.
This was a pivotal moment in American history.

Democrats must not get away with stealing the largest landslide of a sitting president in US history.
This cannot stand!

Here is the Patrick Byrne interview with UncoverDC.

Click Arrow to Listen

Patrick Byrne joins us today for a passionate conversation about his meeting with the President of the United States. There isn’t a need for many show notes.

If there was ever an episode of the show you need to share with your friends and family, this is it.

end
No 3
The million dollar question:  Will Pence step in and throw out the state electoral college picks that are based
on fraudulent results.  He will then ask the state legislatures to step in and provide what best represents the
results on that election. If the entire 6 states reports are thrown out,  (in conclusive results) then Trump wins
232 to 227.  An appeal to the Supreme Court of the uSA will put them in a dilemma as now the Democrats will
have to prove that fraud did not occur.  Very tough.(This is known as the Raiklin Pence manoever)
(Gateway pundit)

Will Vice President Pence Tomorrow Step In and Throw Out State Electoral College Picks That Are Based on Fraudulent Results and Ask the State Legislatures to Step In?

Some experts believe that Vice President Mike Pence has the duty tomorrow to throw out electoral college recommendations in the 2020 election that are based on fraud. 

This will then force these states to have their legislatures choose the set of delegates they believe will best represent the state’s election results.

Ivan Raiklin has studied the Constitution and found some absolutely fascinating information.  He is reporting that a peaceful and Constitutionally lawful resolution to the situation we are in is at hand and may begin tomorrow.

Raiklin reports that the VP has the power tomorrow to throw out electoral slates from states that are based on fraudulent results.

Ivan E. Raiklin (Former Green Beret Commander)
@Raiklin

America,

MUST do this, tomorrow! To defend our Constitution from our enemies: Foreign: China, Russia, Iran & Domestic: BigTech Censorship, MSM Censorship, Corrupt Officials at the Federal, State, and Local levels! Let him know!

Image

Image

Image

and

Ivan E. Raiklin (Former Green Beret Commander)
@Raiklin

pull out the #PenceCard tomorrow and pull off the biggest political upset in the history of humanity to save the Republic and the world?! #WeThePeople #DigitalSoldiers

EXCLUSIVE: White House Memo Details How ‘Pence Card’ Can Save Trump’s Presidency On Dec 23 -…
A White House memo that details how Vice President Mike Pence is legally required to reject Electoral College votes from contested states.
nationalfile.com

If Pence were to act tomorrow then the election would no longer be confirmed by the Governors and Secretary’s of States in select swing states, it would be in the hands of the legislatures.  From this point forward it would be in the hands of the legislatures.

The Georgia Judiciary Committee has already voted and agrees there is enough information to decertify the vote for Joe Biden.

We also know that the Arizona legislature may certify the vote for President Trump tomorrow.

Now the question is whether the other states will be forced to do the same.

end
No 4
Trump delivers a message to the American people on the low amount of money approved for them and the
disgraceful pork
Attachments area
Preview YouTube video Special Message from President Trump

Trump Finally Did It! BOMBSHELL Executive Order Dropped! Intel Agencies OVERRIDDEN-Release Imminent! – YouTube

Attachments area
Preview YouTube video Trump Finally Did It! BOMBSHELL Executive Order Dropped! Intel Agencies endOVERRIDDEN-Release Imminent!

end
No 6
Arizona senators sue to enforce subpoenas for election machines and records
Pentchoukov/EpochTimes

Arizona Senators Sue to Enforce Subpoenas for Election Equipment and Records

December 23, 2020 Updated: December 23, 2020
biggersmaller

The president of the Arizona Senate and the chairman of the Arizona Senate Judiciary Committee filed a lawsuit on Dec. 21 asking the state’s superior court to enforce a pair of subpoenas that sought ballot tabulation equipment and voting records from Maricopa County.

Arizona Senate President Karen Fann and Arizona Senate Judiciary Committee Chairman Eddie Farnsworth, both Republicans, issued the subpoenas to the Maricopa County Board of Supervisors on Dec. 15. In response, the board voted against complying and filed a lawsuit to determine whether it is obligated to produce the materials sought.

The Arizona Senate lawsuit (pdf) states that after the Nov. 3 election, state lawmakers were inundated with questions and complaints from citizens who were concerned with the integrity of the election and whether their votes were correctly counted.

“In consultation with President Fann, Chairman Farnsworth determined that these widespread concerns warranted a comprehensive independent investigation by the Judiciary Committee, to include a full forensic audit of tabulation devices and other voting equipment in Maricopa County,” the lawsuit states.

The senators plan to use the results of the audit to determine whether to certify or reject the presidential electors for Joe Biden, which have been transmitted to U.S. Congress and are due to be counted on Jan. 6.

The first subpoena requested access to ballot tabulations used in Maricopa County for the Nov. 3 election, in addition to related software, hardware, and removable media. The senators also requested voter rolls, voter records, paper ballots, and other records. The second subpoena demanded a number of electronic files, including images of all the ballots cast in the county on Nov. 3.

The county could have fulfilled a substantial part of the request by Dec. 18, but didn’t do so as of Dec. 21, according to court documents. The senators asked for an order from the court enforcing the subpoenas.

The Arizona secretary of state on Nov. 30 certified the presidential electors for former Vice President Joe Biden as the winning slate. The electors met on Dec. 14 and cast their votes for Biden. On the same day, the Republican presidential electors cast a procedural vote for President Donald Trump and sent a competing slate to Congress.

Biden ostensibly received 10,457 more votes than Trump in Arizona, a margin the lawsuit described as “exceedingly close.”

Arizona’s Republican Party filed a motion to intervene in the lawsuit filed by Maricopa County against the senators as part of its fight against complying with the subpoenas.

Zachary Stieber contributed to this report.

Follow Ivan on Twitter: @ivanpentchoukov
end

iv) Swamp commentaries

This ought to be fun:  Dominion Security director who bragged that Trump’s election is rigged is filing suit against Trump and some conservative media.  I would love to be a fly on the wall when they discover him

Watson/Summitnews)

Dominion Security Director Files Lawsuits Against Trump, Conservative Media

WEDNESDAY, DEC 23, 2020 – 10:15

Authored by Steve Watson via Summit News,

A security director at Dominion Voting Systems, the company charged by many of playing a role in ‘rigging’ the US election via voting machines, is suing the Trump campaign and several conservative news outlets.

Eric Coomer has filed suit, claiming he has received death threats stemming from the accusations that Dominion helped sway the election in Joe Biden’s favour.

The defamation suit identifies the Trump campaign, as well as Rudy Giuliani, Sidney Powell, and the conservative news organisations Gateway Pundit, Newsmax, and One America News Network (OANN).

The suit also personally targets conservative talking heads Michelle Malkin and Joseph Oltmann.

Mr Coomer has been identified as the individual referred to by Oltmann as “Eric from Dominion” in statements made to OAN and other conservative outlets regarding alleged bragging to Antifa activists about making sure Trump wasn’t going to get re-elected:

The lawsuit states that Mr Coomer has been made “the face of false claims” in relation to Dominion’s alleged influence over the election.

The suit further states that photos of Coomer, as well as his home address and personal family details have been made public by some pro-Trump websites.

Mr Coomer has stated that “I’ve worked in international elections in all sorts of post-conflict countries where election violence is real and people are getting killed over it. And I feel that we’re on the verge of that.”

In an op-ed posted by the Denver Post, Coomer declared that he has “no connection to the Antifa movement” and “did not ‘rig,’ or influence the election.”

The lawsuit comes on the heels of a similar threat of legal action by voting machine company Smartmatic, which has issued legal notices to Fox News, OAN and Newsmax, accusing the networks of a “campaign [that] was designed to defame Smartmatic and undermine a legitimately conducted elections.”

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

Both Fox News, via Lu Dobbs, and Newsmax have since aired segments that critics say constitute ‘walk backs’ on previous allegations:

Dominion itself has not yet issued any legal notices to media outlets. It has, however, sent a letter to Sidney Powell, demanding she retract some “wild and reckless” allegations she has made about them.

end
If true this is deadly!!!
3,789 views
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1) BREAKING: Belarus President Aleksandr Lukashenko said via Belarusian Telegraph Agency, BEITA, that the World Bank and IMF offered him a bribe of $940 million United States Dollars in the form of “Covid Relief Aid” on condition that he do the following:
2) Impose an “extreme lockdown on his people”
Force them to wear face masks.
Impose very strict curfews.
Impose a police state.
Crash the economy.

Every country in EU et al took the payment. Dirty US governors and Congressmen took the payment. 10s of thousands of us scientists

3) and physicians have exposed the garbage assay, horrifically inaccurate data and completely backwards measures taken by politicians and bureaucrats in public health and scratch our heads as to WHY? You don’t use masks for viruses, you done quarantine healthy. WHY?
4) well this admission by President Lukashenko tells me everything I need to know. Now we know why! When did Fauci get paid? And Redfield? And many of our governors? I know @POTUS didn’t. He fought all of this, but was guilted into it. This is it folks. If you think it’s about
5) a virus, it’s not.
As stated by a Russian commentator: “Belarus, a country led by an authoritarian figure, is a freer country than all of the so-called free world combined.”

#HandsoffthetheUS!!!

#WEF #CCP #IMF #WordBank #NWO #Fascism #RiggedElection

6) I know it occurred in September, but his statement was translated for me then I found sources backing it up. Since I’m SURE very few people heard this, I categorize it as breaking- it’s urgent people know these things! armstrongeconomics.com/world-news/cor…
#OpentheCountry #BurntheMasks
7)

Trump Green Lights Durham In Russia Case

For years, U.S. Attorney John Durham has been chasing down leads over the Obama’s administration’s Russian probe. Trump’s DOJ revealed that the investigation was “irregular” and that possible crimes were committed, when Obama’s FBI used shady “evidence” to spy on Trump’s campaign and transition team. But although Durham’s probe became a full-blown criminal investigation, we’ve heard little.

Recently, Durham was made a special counsel, meaning he will operate independently of the DOJ. Should Joe Biden enter the White House, he will find it hard to shut down this investigation. Still, Americans have been demanding answers for years, convinced Obama and his cronies (including then-Vice President Biden) broke the law to undermine Trump’s presidency.

Now, after all this time, it looks like things are moving. And in a stunning turn of events, Trump just allowed Durham access to some serious information.

Classified information may be utilized in the probe scrutinizing the origins of the FBI investigation related to the 2016 presidential campaign, according to a presidential order from President Trump…

“The Attorney General is currently conducting a review of intelligence activities relating to the campaigns in the 2016 Presidential election and certain related matters,” the memo states. “On May 13, 2019, the Attorney General directed John Durham to conduct that review, which subsequently developed into a criminal investigation. On October 19, 2020, the Attorney General appointed Mr. Durham to conduct that investigation pursuant to the powers and independence afforded by the Special Counsel regulations of the Department of Justice.”

“…In addition, the Attorney General is authorized to use classified information as he deems necessary in connection with his review, including in a grand jury or other proceeding,” the memo says. [Source: Just the News]

This news is significant, because it removes a major hurdle in pursuing this case. Durham was already made a special counsel, ensuring his work will continue into the new year. Now, he will be able to present evidence once considered off-limits to a grand jury, making sure he can issue indictments and prosecutions if necessary.

This also means he might be getting close to appearing before a grand jury—something that only happens when names are about to be revealed. Many Americans believe close advisors to former President Obama, including DOJ and FBI officials, broke the law as they attacked Trump’s teams. Many think these people got away scot-free, because of their connections.

But if talk is growing about a grand jury, that might no longer be the case. Durham might be getting ready to unseal indictments. So, who might be facing prosecution? We can’t say for sure, but I know plenty of people who might be getting nervous right about now.

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

Biden space advisers urge cooperation with China – Lawmakers are skeptical of any cooperation, and have made it difficult to join forces with China in space.

https://www.politico.com/news/2020/12/20/biden-china-space-448529

GOP Sen. @tedcruz: This is nuts. China is actively developing & testing weapons to destroy US satellites. The CCP has based its military & space build-up on technology stolen from us.  And the Biden team wants to get in bed with them???

Dr. Deborah Birx to retire, citing Thanksgiving backlash: ‘It’s been very difficult on my family’

Since it was revealed she traveled out of state during Thanksgiving weekend…

https://www.washingtontimes.com/news/2020/dec/22/deborah-birx-to-retire-citing-thanksgiving-backlas/

@NikolovScience: According to a recent CDC Report, within 4 days of the vaccination campaign that inoculated 112,807 people, 3,150 individuals were “unable to perform normal daily activities, unable to work, required care from doctor or health care professional“. See p. 6   https://cdc.gov/vaccines/acip/

In a video the WH released last night, Trump called the pork-laced stimulus bill “a disgrace”, listed the egregious aspects, stated wasteful payments should be expunged and requested that the $600 payment to Americans be hiked to $2k.  https://twitter.com/realDonaldTrump/status/1341537886315950080

Foreign aid in year-end spending package attached to coronavirus aid causes uproar

https://www.foxnews.com/politics/foreign-aid-government-funding-package-coronavirus-relief-uproar

Democrats’ Stimulus Bill Also Sends (33) Millions to the Communist Maduro Regime in Venezuela Where Dominion Voting Machines Originated  https://www.thegatewaypundit.com/2020/12/democrats-stimulus-bill-also-sends-millions-communist-maduro-regime-venezuela-dominion-voting-machines-originated/

@InezFeltscher: Guess what this garbage bill ALSO does: restricts governors from using relief funds to give parents have options when the public schools remain closed. Very nice for teachers’ unions, terrible for families.

@Barnes_Law: Congress clearly thinks its selective, politically-preferential bail-outs for the politically protected, after the banking crisis of 2008, is a good model for Covid-19 relief packages. Will it produce a comparable left-right bipartisan populist backlash?

The GOPe is putting the band back together.  The odds are prohibitively high that it will not have the audience or support that it expects.  GOPe politicians will be ‘primaried’ in 2022 by DJT candidates.  If the GOPe doesn’t realize this, they should check what has happened to Fox News – even the gold calves ratings (Carlson and Hannity) have plunged.  Fox’s ratings have collapsed and continue to hit new lows.

One pundit recently commented that Capitol Hill sources told him that Mitch McConnell is absolutely giddy that Trump is gone and the Swamp can get back to business as normal.  This notion is evinced by the pork-laced stimulus bill that is an affront to average Americans.

Donald Trump attacks Mitch McConnell and takes credit for his re-election in bizarre graph emailed to lawmakers saying ‘Sadly Mitch forgot. He was the first one off the ship!’

    An aide to the president sent House Republicans a graph showing a series of polls conducted on McConnell’s race against Democrat Amy McGrath – and presented just two events on the timeline, both involving Trump. The graph suggests Trump’s June 19 tweet touting McConnell was determinative, and also shows an Oct. 31 Trump robocall that directly preceded an uptick in McConnell’s support…’Look at how much President Trump’s endorsement tweet helped him,’ she wrote…

https://www.dailymail.co.uk/news/article-9079317/Donald-Trump-attacks-Mitch-McConnell-takes-credit-election-tweeting-bizarre-graph.html

@realDonaldTrump: Republicans in the Senate so quickly forget. Right now they would be down 8 seats without my backing them in the last Election. RINO John Thune, “Mitch’s boy”, should just let it play out. South Dakota doesn’t like weakness. He will be primaried in 2022, political career over!!!

McConnell and others in the GOPe (Establishment) will soon understand how unpleasant it is for them to see DJT outside the tent pissing in instead of inside the tent pissing out.

@jsolomonReports: The media deified Chris Krebs after Trump fired him. But it turns out the cybersecurity agency that Krebs ran was flagged repeatedly by the Homeland inspector general for poor performance.  https://justthenews.com/politics-policy/elections/tue-cybersecurity-agency-where-trump-fired-boss-was-flagged-repeatedly

Illinois sees worst population decline since World War II – 79,487 residents from July 2019 to July 2020…  https://www.illinoispolicy.org/illinois-sees-worst-population-decline-since-world-war-ii/

Well that is all for today

I will see you THURSDAY night.

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