JAN 5/2021//GOLD AND SILVER RISE FOR 2ND STRAIGHT DAY: GOLD UP $10.05 TO $1951.75//SILVER UP 33 CENTS TO $27.49//CORONAVIRUS UPDATE: THE GLOBE//NYSE IGNORES TRUMPS EXEC. ORDER AS THEY REFUSE TO DELIST 3 CHINESE TELCOS//IRAN STARTS TO ENICH URANIUM TO 20%//IRAN PASSES LAW CALLING FOR THE DESTRUCTION OF ISRAEL//ELECTION CHAOS//

GOLD:$1951.75 UP   $10.05   The quote is London spot price

Silver:$27.49 UP $0.33   London spot price GOLD( cash market)

Closing access prices:  London spot

i)Gold : $1950.00  LONDON SPOT  4:30 pm

ii)SILVER:  $27.54//LONDON SPOT  4:30 pm

GOOD START TO THE WEEK: HUGE JUMP IN GOLD AND SILVER AND EVEN BITCOIN BREAKS INTO THE 34,000 DOLLAR COLUMN.

THIS IS THE FIRST TIME IN QUITE A WHILE THAT WE HAD TWO CONSECUTIVE DAY ADVANCES IN BOTH GOLD AND SILVER.  .  THE CROOKS GENERALLY HIT OUR PRECIOUS METALS AS A FOLOW THROUGH IS NOT PERMITTED.

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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

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

receiving today: 7/26

EXCHANGE: COMEX
CONTRACT: JANUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,944.700000000 USD
INTENT DATE: 01/04/2021 DELIVERY DATE: 01/06/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 2
624 H BOFA SECURITIES 7
657 C MORGAN STANLEY 1 2
661 C JP MORGAN 7
690 C ABN AMRO 3
737 C ADVANTAGE 25 5
____________________________________________________________________________________________

TOTAL: 26 26
MONTH TO DATE: 805

ISSUED 0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   26 NOTICES FOR 2600 OZ  (0.1772 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  779 NOTICES FOR 77,900 OZ  (2.4230 tonnes) 

SILVER//JAN CONTRACT

80 NOTICE(S) FILED TODAY FOR 400,000  OZ/

total number of notices filed so far this month: 541 for 2,705,000  oz

BITCOIN MORNING QUOTE  $31,616   DOWN  391

BITCOIN AFTERNOON QUOTE.  :$33,827  UP 1836 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 $10.05 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// AN UNHEARD DEPOSIT OF 17.21 TONNES

INVENTORY RESTS AT:

GLD: 1,187.95 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: 558.715  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A HUGE SIZED 3338 CONTRACTS FROM 171,369 UP TO 174,707, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG GAIN IN COMEX OI  OCCURRED WITH OUR HUGE GAIN OF $0.89 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION,AND A HUGE GAIN IN  SILVER OUNCES  STANDING AT THE COMEX FOR JAN. WE ALSO HAD A HUGE SIZED  GAIN IN OUR TWO EXCHANGES OF 5703 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  1981, AS WE HAD THE FOLLOWING ISSUANCE:    MARCH 1981 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1981 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE AS MANY AS THEY CAN!

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

11.400 MILLION OZ FINAL STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC.

4.915 MILLION INITIAL STANDING FOR JAN 2021

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.86) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS AS WE HAD A STRONG GAIN IN OUR TWO EXCHANGES (5319 CONTRACTS). NO DOUBT THE GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i) CONSIDERABLE BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG GAIN STANDING FOR IN SILVER OZ STANDING FOR JAN, iii) STRONG COMEX OI GAIN AND iv) ZERO  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

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 JAN:

2261 CONTRACTS (FOR 2 TRADING DAY(S) TOTAL 2261 CONTRACTS) OR 11.305 MILLION OZ: (AVERAGE PER DAY 1130 CONTRACTS OR 5.65 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 11.305 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 0.20% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2021 TO DATE SILVER EFP’S:          11.305 MILLION OZ.

JAN EFP ACCUMULATION SO FAR:  11.305 MILLION OZ

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5703, WITH OUR  $0.89 GAIN IN SILVER PRICING AT THE COMEX //MONDAY.…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1981 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG  SIZED 5703 OI CONTRACTS ON THE TWO EXCHANGES  (WITH OUR  $0.89 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1981 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 3338 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.89 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.16 // MONDAY’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. 0.8750 BILLION OZ TO BE EXACT or 125% of annual global silver production (ex Russia & ex China).

FOR THE NEW JAN  DELIVERY MONTH/ THEY FILED AT THE COMEX: 80 NOTICE(S) FOR 400,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 7664 CONTRACTS TO 567,400 AND CLOSER TO  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN IN COMEX OI OCCURRED WITH OUR STRONG RISE IN PRICE  OF $49.70 /// COMEX GOLD TRADING/MONDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG/ SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS WE HAD A STRONG GAIN ON OUR TWO EXCHANGES  (14,734 CONTRACTS). WE  HAD A STRONG REMOVAL IN THE  AMOUNT OF GOLD STANDING FOR DELIVERY IN JANUARY//AS GOLD IS NOT AVAILABLE OVER HERE:(GOLD NOW STANDING JAN. AT 3.558 TONNES) .THIS ALL HAPPENED WITH OUR RISE IN PRICE OF $49.70. 

THESE LONGS MORPHED INTO LONDON BASED FORWARDS AND RECEIVED A FIAT BONUS FOR THEIR EFFORTS.

.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  2//

WE HAD A STRONG SIZED GAIN OF 14,734 CONTRACTS   ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 7070 CONTRACTS:

CONTRACT .  FEB: 7070  AND DEC ’21: 0 ALL OTHER MONTHS ZERO//TOTAL: 7070.  The NEW COMEX OI for the gold complex rests at 567,400. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 14,734 CONTRACTS: 7664 CONTRACTS INCREASED AT THE COMEX AND 7070 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN//TWO EXCHANGES OF 14,734 CONTRACTS OR 45.83 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7070) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (7664 OI): TOTAL GAIN IN THE TWO EXCHANGES: 14,734 CONTRACTS. WE NO DOUBT HAD  1)  SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2 STRONG FALL IN GOLD   STANDING AT THE GOLD COMEX FOR THE FRONT JAN. MONTH AT 3.5580 TONNES3)  ZERO LONG LIQUIDATION ;4) STRONG COMEX OI GAIN,  5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR GAIN IN GOLD PRICE TRADING/MONDAY//$49.70.

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

We have now switched to GOLD for our spreaders!!

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

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD AS WE HEAD TOWARDS THE NEW  ACTIVE FRONT MONTH OF FEB.

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 GOLDAS 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 NON  ACTIVE MONTH OF  JAN. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING   ACTIVE DELIVERY MONTH (FEB), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

JAN

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN : 9121 CONTRACTS OR 912,100 oz OR 28.37 TONNES (2 TRADING DAY(S) AND THUS AVERAGING: 4561 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES: 28.37  TONNES

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

THUS EFP TRANSFERS REPRESENTS 28.37/3550 x 100% TONNES =0.779% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:  28.37 TONNES

JANUARY 2021 TOTAL EFP ISSUANCE ACCUMULATION FROM FIRST DAY// 2021; :IN TONNAGE:  28.37 TONNES

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A HUGE SIZED 3338 CONTRACTS FROM 171,369 UP TO 174,707 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE HUGE SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) SOME BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR JAN DELIVERY MONTH., AND 4) ZER0 LONG LIQUIDATION 

EFP ISSUANCE 1981 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:  1981  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1981 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 3338 CONTRACTS TO THE 1981 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE  GAIN OF 5319 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 26.59 MILLION  OZ, OCCURRED WITH OUR $0.89 RISE 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 25.72 PTS OR .73%   //Hang Sang CLOSED UP 177.05 PTS OR .64%    /The Nikkei closed DOWN 99.75 POINTS OR 0.37%//Australia’s all ordinaires CLOSED UP 0.03%

/Chinese yuan (ONSHORE) closed UP AT 6.4667 /Oil UP TO 48.32 dollars per barrel for WTI and 51.89 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4667. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4445 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY BY A STRONG SIZED 7664 CONTRACTS TO 567,400 AND CLOSE TO OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX INCREASE OCCURRED WITH OUR  GAIN OF $49.70 IN GOLD PRICING MONDAY’S COMEX TRADING/).

 WE HAD A STRONG EFP ISSUANCE (7070 CONTRACTS).  WE THUS HAD  1)  SOME BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO LONG LIQUIDATION  AND 3)  STRONG LOSS  IN GOLD OUNCES  STANDING AT THE  COMEX FOR JANUARY AS NO GOLD CAN BE HAD ON THIS SIDE OF THE POND.  (COMEX GOLD NOW STANDING AT 3.558 TONNES)/ 4)   AS WE ENGINEERED A HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 14,734 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. WE CAN NOW VISUALLY SEE THAT SHORTS ARE TRYING TO EXTRICATE THEMSELVES FROM THEIR MESS (“TRYING TO GET OUT OF DODGE”) AS LONGS DEPART THE COMEX FOR THE SAFER CONFINES OF LONDON.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   2

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7070 EFP CONTRACTS WERE ISSUED:   FEB// ’21 7070 AND DEC ’21: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7070  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 14,734 TOTAL CONTRACTS IN THAT 7070 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 7664 COMEX CONTRACTS.. WE HAVE A STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((3.558 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $49.70). AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  4.314 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR JAN (3.651 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 16,645 CONTRACTS OR 1,664,500 OZ OR 51.77  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:  569,311 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.93 MILLION OZ/32,150 OZ PER TONNE =  1770 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1770/2200 OR 80.48% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY 196,822 contracts// volume  poor and falling in numbers

CONFIRMED COMEX VOL. FOR YESTERDAY: 301,524 contracts//  volume: fair//

/most of our traders have left for London

JAN 5 /2020

JAN. GOLD CONTRACT MONTH

INITIAL STANDING FOR JAN GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
1643.05 oz
HSBC
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
26  NOTICES
2600 OZ
OR
.0808
(TONNES)
No of oz to be served (notices)
339 contracts
(33,900 oz)
1.0544 TONNES
Total monthly oz gold served (contracts) so far this month
805 notices
80,500 OZ
2.5088 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: NIL    oz

we had  1 gold withdrawals from the customer account:

i) Out of HSBC:  1643.05 oz
total customer withdrawals:  1643.05  oz

We had 0  kilobar transactions

ADJUSTMENTS: 1//

i) JPMorgan enhanced:  dealer to customer, 11,994.15 oz

The front month of JAN registered a total of 365 contracts for a LOSS of  165. We had 57 notices filed on Thursday so we LOST 108 contracts or 10,800 oz will NOT  stand for delivery in the non active delivery month of January.  LONGS  morphed into a London based forward and as such they received a fiat bonus for their efforts. 

FEBRUARY GAINED 2328 contracts UP TO 408,205 CONTRACTS.

MARCH received 182 contracts to stand at 184

APRIL added 4602 contracts to stand at 92,536

We had  26 notice(s) filed today for  2600 oz OR 0.08080 TONNES.

FOR THE JAN 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 26  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  7 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 JAN /2020. contract month, we take the total number of notices filed so far for the month (805) x 100 oz , to which we add the difference between the open interest for the front month of  (JAN 365 CONTRACTS ) minus the number of notices served upon today (26 x 100 oz per contract) equals 114,400 OZ OR 3.5580 TONNES) the number of ounces standing in this NON active month of JAN

thus the INITIAL standings for gold for the JAN/2021 contract month:

No of notices filed so far (805 x 100 oz  PLUS {365 OI) for the front month minus the number of notices served upon today (26} x 100 oz which equals 114,400oz standing OR 3.5580 TONNES in this non  active delivery month of January. This is a GOOD amount  standing for GOLD IN  JAN  (generally one of the weakest of all delivery months of the year). 

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

270,456.695 oz  JPM  8.41 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

180,158,329 oz Pledged Nov 27.2021 MANFRA  5.60 TONNES

6308.08 oz International Delaware:  .196 tonnes

968,144.854 Malca

total pledged gold:  2,040,587.862. oz                                     63.47 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 524.37 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 3.558 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,899,161.816 oz or 587.55 tonnes
total weight of pledged:  2,040,587.862 oz or 63.47 tonnes
thus:
registered gold that can be used to settle upon: 16,858,574.0  (524,37 tonnes)
true registered gold  (total registered – pledged tonnes  16,858.574.0 (524.37 tonnes)
total eligible gold:  19,255,987.056 oz (598.94 tonnes)

total registered, pledged  and eligible (customer) gold  38,155,168.872 oz 1,186.78 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1060.44 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
JAN 5/2021

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDINGS

JAN. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
599,706.603 oz
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
590,729.300 oz
JPMorgan
No of oz served today (contracts)
80
CONTRACT(S)
(400,000 OZ)
No of oz to be served (notices)
442 contracts
 2,210,000 oz)
Total monthly oz silver served (contracts)  541 contracts2,705,000 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:  590,729.300
ii) Into everybody else: 0

JPMorgan now has 192.769 million oz of  total silver inventory or 48.61% of all official comex silver. (192.769 million/396.532 million

total customer deposits today: 590,729.300    oz

we had 1 withdrawals:

i) out of CNT:  599,706.603  oz

total withdrawals 599,706.603      oz

We had 0 adjustments:

Total dealer(registered) silver: 150.150million oz

total registered and eligible silver:  396.532 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Jan saw a GAIN of  39 contracts  UP to 522 contracts. We had 0 notices filed on Thursday so we GAINED 39 contracts or 195,000 oz will  stand in this non active delivery month of January.  They refused to morphed into London based forwards

FEBRUARY saw another gain of 37 contracts to stand at 527.  MARCH GAINED 2265 contracts UP to 144,380.

The total number of notices filed today for JAN 2021. contract month is represented by 80 contract(s) FOR 400,000 oz

To calculate the number of silver ounces that will stand for delivery in JAN we take the total number of notices filed for the month so far at 541 x 5,000 oz = 2,705,000 oz to which we add the difference between the open interest for the front month of JAN ( 522) and the number of notices served upon today 80 x (5000 oz) equals the number of ounces standing.

Thus the JAN standings for silver for the JAN/2021 contract month: 541 (notices served so far) x 5000 oz + OI for front month of JAN(522)- number of notices served upon today (80) x 5000 oz of silver standing for the NOV contract month .equals 4,915,000 oz. ..VERY STRONG FOR A NON ACTIVE  JAN MONTH.

WE GAINED 39 CONTRACTS OR 195,000 OZ WILL STAND FOR DELIVERY.

TODAY’S ESTIMATED SILVER VOLUME 63,807 CONTRACTS // volume poor//

FOR YESTERDAY  122,554  ,CONFIRMED VOLUME// very strong

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.82% ((JAN 5/2021)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  RISES TO 1.50% to NAV:   (JAN 5/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.82% (JAN 5)

(courtesy Sprott/GATA

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

NAV 20.61 TRADING 20.07///NEGATIVE 2.62

END

And now the Gold inventory at the GLD

JAN 5/WITH GOLD UP $10.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 17.21 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1187.95 TONNES

JAN 4/WITH GOLD UP $49.70 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD; A DEPOSIT OF 0.88 TONNES INTO THE GLD/////INVENTORY RESTS AT 1170.74 TONNES

DEC 31/WITH GOLD UP $1.45 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1169.86 TONNES

DEC//30//WITH GOLD UP $13.30 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES

DEC.29//WITH GOLD UP $1.65 TODAY: A DEPOSIT OF  2.53 TONNES  CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1169.86 TONNES.

DEC 28WITH GOLD DOWN $3.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

DEC 24/WITH GOLD UP $6.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1167.53 TONNES

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 TON87S 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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

JAN 5 / GLD INVENTORY 1187.95 tonnes

LAST;  978 TRADING DAYS:   +244.08 TONNES HAVE BEEN ADDED THE GLD

LAST 878 TRADING DAYS// +421.71  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

JAN 5/WITH SILVER 33 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.715 MILLION OZ///

JAN 4/WITH SILVER UP 89 CENTS TODAY: A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.672 MILLION OZ INTO THE SLV../INVENTORY RESTS AT 558.715 MILLION OZ//

DEC 31//WITH SILVER DOWN 16 CENTS TODAY:NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 557.043 MILLION OZ

DEC 30/WITH SILVER UP 29 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 557.043 MILLION OZ//./

DEC 29/WITH SILVER DOWN 22 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.138 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 557.089 MILLION OZ

DEC 28/WITH SILVER UP 57 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/:

////INVENTORY RESTS AT 554.951 MILLION OZ//

DEC 24/WITH SILVER UP 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.51 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 554.951 MILLION OZ//

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/

JAN 6.2021:

SLV INVENTORY RESTS TONIGHT AT  558.715 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Treasuries inflation gauge exceeds 2% for first time since 2018

 Section: 

By Elizabeth Stanton and Benjamin Purvis
Bloomberg News
Monday, January 4, 2020

Traders see U.S. inflation averaging at least 2% per year over the coming decade, the first time expectations have climbed that high since 2018.

The 10-year breakeven rate — a measure that draws on pricing for inflation-linked Treasuries — rose as high as 2.01% today, a level last seen more than two years ago, data compiled by Bloomberg show

The gauge has gained momentum as traders prepare for an uptick in the world economy in the wake of a deal on Brexit and the approval of additional virus-relief aid in the U.S. The roll-out of vaccinations against the coronavirus is also fueling the move higher, as is speculation that Tuesday’s U.S. Senate runoff elections in Georgia could give Democrats control of Congress. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-01-04/treasuries-inflation-…

END

USAGold’s January letter: Own the metal unencumbered, hold it nearby, and sit back and watch the show

 Section: 

1:15p ET Monday, January 4, 2021

Dear Friend of GATA and Gold:

USAGold’s January letter reports that billionaires seem most concerned about money printing and stock market overvaluations, that many big banks are bullish on gold, that gold’s qualities may remain superior to bitcoin’s, that strong factors support higher prices for silver, and that the best investment advice for the new year may be:

“Own the physical metal — fully paid for and stored nearby — then sit back and watch the show.”

The USAGold January letter is posted in the clear here:

https://www.usagold.com/nv1024january2021/

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

END

Dollar continues to fall and that will cause gold to continue to rise

(Turk/Kingworldnews)

Dollar’s fall increases chance of record high gold soon, Turk tells KWN

 Section: 

7:12p ET Monday, January 4, 2021

Dear Friend of GATA and Gold:

Gold isn’t just rising, GoldMoney founder and GATA consultant James Turk tells King World News today, adding that the U.S. dollar is falling sharply as those holding it are exchanging it not only for gold but for all other assets rising in price.

As a result, Turk says, gold’s long-term upward trend is resuming and record highs are possible soon.

Turk’s analysis is posted at KWN here:

https://kingworldnews.com/gold-bull-alert-gold-price-sees-massive-upside…

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

end

iii) Other physical stories:

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 TUESDAY 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 6.4667 /

//OFFSHORE YUAN:  6.4445   /shanghai bourse CLOSED UP  25.72 PTS OR .73%

HANG SANG CLOSED UP 177.05 PTS OR .64%

2. Nikkei closed DOWN 99.75 POINTS OR 0.37%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 89.73/Euro RISES TO 1.2269

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 48.32 and Brent: 51.89

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.59%/Italian 10 yr bond yield UP to 0.56% /SPAIN 10 YR BOND YIELD DOWN TO 0.03%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.15: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.61

3k Gold at $1949.00 silver at: 27.41   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 32/100 in roubles/dollar) 74.80

3m oil into the 48 dollar handle for WTI and 51 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 102.90 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 .8842 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0800 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 0.934% early this morning. Thirty year rate at 1.681%

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

6.  TURKISH LIRA:  UP  TO 7.394..

US Equity Futures Fail To Rebound Ahead Of Crucial Georgia Vote

TUESDAY, JAN 05, 2021 – 8:11

US equity futures and global stocks tried and failed to rebound from Monday’s rout which was the worst first day to a new year since 2016.

Emini futures failed to turn green and were last trading down 7 points or 0.2%, at 3,685, as investors looked to twin Senate runoff elections in Georgia that would determine the balance of power in Washington. Europe’s Stoxx 600 Index reversed earlier gains and dropped to session lows -0.5% even though Asian stocks climbed as China’s equity benchmark rose to a 13-year high; the dollar dropped, yields rose and bitcoin was flat.

In the most bizarre overnight move, the Hong Kong-traded stocks of China Mobile, China Unicom, and China Telecom rallied by more than 6% after the New York Stock Exchange suddenly and inexplicably abandoned plans to de-list the companies’ shares following a U.S. executive order. Late on Monday, the NYSE announced that it is no longer planning to delist Chinese telecom firms as it said it would do just last Thursday. The decision followed further consultation with relevant regulatory authorities in connection with a recent update of guidance from the US Treasury Department regarding Executive Order on companies with military ties to China, while the update had also stated that the E.O. does not require US persons to divest holdings in such companies. Elsewhere, Chipmaker Micron rose 4% after Citigroup raised its rating on the stock to “buy” from “neutral”. The VIX Index eased after closing at its highest level in two months in the prior session.

Despite occasional sparks of bullishness, overall mood remained soggy. The reason for the bearish sentiment is that a Blue Sweep in Georgia, whose odds dipped modestly from 48 yesterday to 44 today…

… is viewed as bearish for risk as a Democratic victory in both races could tip control of the Senate away from Republicans, potentially boosting the profligate spending agenda of President-elect Joe Biden, sparking greater corporate regulation, higher taxes, and a more reflationary agenda hurting some areas of the market.

“The result could be quite crucial on how much leeway Biden has to push his own agenda,” said Wells Fargo Asset Management’s global head of multi-asset solutions, Matthias Scheiber. Markets are likely to “move on” if the vote sees Republicans maintain control of the Senate, Scheiber said. A Democrat win would see additional fiscal stimulus priced in as well as potential additional regulation for the energy and tech sectors. “We could see quite a mixed market,” he said. Investors having been increasingly looking to hedge their equity positions following the recent strong rally, he said.

As Bloomberg adds, if a “blue wave” materializes in Tuesday’s Senate race, traders are weighing scenarios such as the possibility of greater U.S. fiscal stimulus, higher taxes and more regulation. If on the other hand Republicans manage to win one of the seats, they’ll have enough to block any initiative from President-Elect Joe Biden, from approving his cabinet onward.

That said, both Georgia elections are tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts after the U.S. presidential election in November. Outgoing Republican President Donald Trump’s call to pressure Georgia’s top election official to “find” votes to overturn his loss to President-elect Biden in the state has also unnerved some investors.

Then there is also the virus: while the start of vaccine rollouts and massive monetary support powered the major U.S. stock indexes to record levels, the discovery of a more contagious strain of the coronavirus and the latest virus-related curbs have muddied the economic outlook.

In Europe, stocks dropped after the U.K. imposed its third national lockdown to prevent hospitals being overwhelmed. Clothing chain Next Plc surged as much as 9.5% after holiday sales beat the company’s October guidance.

Asian stocks climbed in afternoon trading as China’s equity benchmark rallied to the highest level since 2008. Equities in Hong Kong reversed earlier losses following the New York Stock Exchange’s unexpected scrapping of plans to delist China’s three biggest telecommunication companies, a decision described by a Jefferies analyst as “bizarre.” China’s CSI 300 Index jumped 1.9% to a 13-year high, surpassing its 2015 bubble high, and marking a recovery from one of the country’s worst equity crashes.

The MSCI Asia Pacific Index hit a record high, overcoming early weakness on concerns over the continuing surge in coronavirus cases and the U.S. Senate runoffs in Georgia. Outside of Greater China, shares also mounted late rallies in South Korea and Thailand. New Zealand’s benchmark gauge was the region’s biggest gainer, climbing more than 2%, boosted by utilities in its first trading session of 2021. Stocks were also strong in Vietnam and Taiwan. Philippine shares underperformed as inflation accelerated to the fastest pace in almost two years, exceeding economists’ forecasts

In FX, the Dollar Spot Index fell 0.3% after the New York Stock Exchange dropped a plan to de-list China’s three biggest state-owned telecommunications companies; the dollar’s slide also continued as China raised its official yuan exchange rate by the biggest margin since abandoning its peg in 2005, which helped support demand for other currencies and kept MSCI’s emerging-market currency index near the record high it had set on Monday. The offshore yuan also strengthened as far as 6.4419 for the first time since June 2018, after the New York Stock Exchange scrapped a plan to delist China’s three biggest state-owned telecommunications firms. Other emerging Asian currencies were mixed ahead of Georgia’s Senate runoff elections.

“If the Chinese currency is going up, it’s providing a degree of support for Asian currencies in general, and I suspect that’s why the U.S. dollar is partially reversing the gains that we saw from Wall Street time,” said Ray Attrill, head of FX strategy at National Australia Bank in Sydney. “It’s a very big move by any historical yardstick, and I don’t think you can ignore that.”

In rates, treasury yields rose across the curve led by long end, off session lows reached amid gains for stock futures after NYSE scrapped plans to delist China telecom names. Yields beyond the 5-year are higher by 1bp-2bp, steepening 2s10s by 1.5bp; 10-year around 0.93% underperforms bunds, gilts, where U.K. Prime Minister Boris Johnson’s imposition of an anti-virus lockdown in England has spurred gains for bonds. Another heavy slate of IG credit offerings is expected to follow Monday’s $23.5b haul. Results of Georgia Senate runoffs under way may not be clear for a few days.

The dollar index weakened 0.2% to 89.731. It dropped as low as 89.415 on Monday for the first time since April 2018, but ended the day with a 0.1% gain after U.S. stocks slid. The euro rose 0.2% to $1.22765 after reaching $1.231 on Monday. The British pound regained 0.2% to $1.3573 having tumbled the previous day after the UK’s COVID surge had forced another nationwide lockdown.

In commodity markets, oil futures were steady as traders awaited a meeting later on Tuesday where major crude producers are set to decide output levels for February. WTI was higher at $47.96 a barrel; Brent futures edged up 0.7% to $51.47 per barrel. Gold also gained, inching up 0.2% to $1,946 per ounce . Bitcoin steadied at 31,500 after a sharp drop on Monday.

Looking to the day ahead now, and the main highlight will be the aforementioned Georgia senate races. Elsewhere, data releases include the US December ISM manufacturing reading. Central bank speakers include the Fed’s Evans and Williams.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,699.25
  • MXAP up 0.6% to 202.36
  • MXAPJ up 0.8% to 675.02
  • Nikkei down 0.4% to 27,158.63
  • Topix down 0.2% to 1,791.22
  • Hang Seng Index up 0.6% to 27,649.86
  • STOXX Europe 600 down 0.1% to 401.26
  • German 10Y yield rose 1.1 bps to -0.593%
  • Euro up 0.2% to $1.2277
  • Italian 10Y yield rose 0.4 bps to 0.437%
  • Spanish 10Y yield rose 1.0 bps to 0.033%
  • Shanghai Composite up 0.7% to 3,528.68
  • Sensex up 0.5% to 48,408.02
  • Australia S&P/ASX 200 down 0.04% to 6,681.86
  • Kospi up 1.6% to 2,990.57
  • Brent futures up 0.4% to $51.31/bbl
  • Gold spot up 0.1% to $1,945.68
  • U.S. Dollar Index down 0.2% to 89.68

Top Overnight News from Bloomberg

  • The New York Stock Exchange said it will no longer delist China’s three biggest state-owned telecommunications companies, backtracking on a plan that had threatened to escalate tensions between the world’s largest economies
  • Central banks are set to spend 2021 maintaining their ultra-easy monetary policies even with the global economy expected to accelerate away from last year’s coronavirus-inflicted recession
  • Gold climbed to a eight- week high, topping $1,900 an ounce, as lower U.S. real yields and a weaker dollar helped the metal build on the biggest annual advance in a decade. Silver jumped, while platinum was little changed after touching the highest since 2016
  • The variant strain of the coronavirus first identified in the U.K. has been found in New York State. Global coronavirus infections climbed above 85 million, after daily cases in the U.S. soared to a record of nearly 300,000 following the New Year holiday
  • Italy and Ireland are tapping buoyant investor appetite for government debt in the euro-area with the bloc’s first major bond sales of the year
  • U.K. businesses are calling for more support and relief measures after U.K. Prime Minister Boris Johnson plunged England back into full lockdown in a bid to stem the surge of rising Covid-19 infections
  • The variant strain of the coronavirus first identified in the U.K. has been found in New York State. Global coronavirus infections climbed above 85 million, after daily cases in the U.S. soared to a record of nearly 300,000 following the New Year holiday
  • Federal Reserve Bank of Cleveland President Loretta Mester said the U.S. economy will require steady, continued support from monetary and fiscal policy throughout 2021 as it faces a bleak winter before reaching a vaccine-driven, mid-year rebound
  • Oil edged higher in Asia after dropping the most in almost two weeks as OPEC+ talks were unexpectedly suspended due to a disagreement over whether to raise output in February

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded cautiously following on from the uninspiring performance on Wall St where the major indices declined from record levels and the DJIA briefly slipped beneath 30k as sentiment was hampered by surging COVID-19 infections and upcoming risk events. ASX 200 (Unch.) and Nikkei 225 (-0.4%) were pressured in which cyclicals underperformed in Australia but with losses in the index stemmed by continued strength in the mining sectors, while Tokyo sentiment remained hampered by the prospects of a state of emergency declaration which PM Suga will make a decision on this Thursday. Hang Seng (+0.6%) and Shanghai Comp. (+0.7%) were indecisive after another liquidity drain by the PBoC and with FTSE Russell announcing to delete China United Network Communications, SMIC and Nanjing Panda Electronics from the Global Equity Series due to President Trump’s executive order. Furthermore, the China State Council passed the draft stamp tax law to bring stamp duty on securities trading into its legal framework and Hong Kong extended the work from home policy for civil servants through to January 20th with social distancing restrictions likely to remain in place until the Lunar New Year. However, losses were eventually pared after NYSE backtracked on plans to delist the Chinese telecom giants which boosted China Mobile, China Telecom and China Unicom shares. Finally, 10yr JGBs were higher with prices lifted amid the cautious mood in stocks but with further upside capped by resistance at the psychological 152.00 level and after the BoJ’s Rinban announcement to purchase a total of nearly JPY 1.3tln of 1yr-10yr JGBs but lowered the purchase amounts in 1yr-3yr maturities from prior.

Top Asian News

  • China Stock Index Tops 2015 Bubble Peak, Closes at 13-Year High
  • China Sentences Former Huarong Chairman to Death Over Bribery
  • Vietnam Convicts 3 Bloggers for Anti-State Propaganda: VnExpress
  • China Sentences Ex-Huarong Chairman Lai Xiaomin to Death

European cash bourses see more of a mixed picture in choppy morning trade after a broadly lower open (Euro Stoxx 50 Unch) and following a similarly varied APAC performance, as investors remain cautious over the implications of the more transmittable COVID-19 variant ahead of key risk events including the Georgia Senate run-offs, FOMC minutes and the US labour market report – with US equity futures treading water in early European hours. In terms of the more immediate Senate run-off races, if Democrats manage to clench both seats (not expected), some desks believe that stocks might see a knee-jerk move lower as markets begin pricing in the prospects of higher corporation tax, and a potentially more activist regulatory approach – particularly against some of the concentrated large-cap names in tech (full primer available in the Research Suite and on the headline feed). Back to Europe, UK’s FTSE 100 (+0.4%) outperforms despite UK PM Johnson yesterday announcing a full lockdown for England, as heavyweights Shell (+3%) and BP (+2%) keep the index propped up amid firmer oil prices heading into the extended OPEC+ meeting, whilst the former is also to sell its Queensland Curtis LNG stake for USD 2.5bln to Global Infrastructure Partner. Sectors are also mixed with no risk profile to be derived. Oil & gas are among the top performers alongside Retail outpacing as Next (+9%) shares jump on a positive trading update. The IT sector also mildly benefits from a revenue guidance upgrade by Dialog Semiconductor (+3.5%) amid firmer-than-expected 5G phone and tablet demand, with this positive momentum is expected to continue into Q1 2021 – in turn, providing some impetus to the likes of Infineon (+0.8%) and STMicroelectronics (+1.7%). In terms of individual movers, Tui (+2%) is supported after Co. said Germany’s BaFin has exempted a consortium backed by Russian billionaire Alexey Mordashov from making a compulsory takeover offer for the Co. Meanwhile, easyJet (-1.1%) and Ryanair (-0.9%) bear the brunt of more stringent lockdown measures and higher fuel prices.

Top European News

  • U.K. Bets 2 Million Vaccine Shots a Week Will End Lockdown
  • Sunak Boosts Grants to Tide U.K. Businesses Through New Lockdown
  • Global Switch’s Chinese Owners Said to Explore $11 Billion Sale
  • Italy Boosts Covid Lockdown Measures to Avoid Deadly Resurgence

In FX, although the Greenback has regained some poise and safe-haven premium, its Antipodean rivals are outperforming and both are back on, or near round number levels that proved too tough to maintain on Monday. Aud/Usd has been boosted by a combination of factors including ongoing appreciation in the YUAN, a rise in iron ore prices, another jump in ANZ job vacancies and PM Morrison expressing hope that border restrictions between Victoria and NSW may be relaxed in the not too distant future. However, gains above 0.7700 are still relatively light and 1.0700 is capping the Aud/Nzd cross to keep Nzd/Usd afloat above 0.7200. Back to China, the PBoC gave the Cny and Cnh a further lift via a sub-6.5000 midpoint fix for the strongest onshore setting since June 2018, but additional strength towards 6.4300 and 6.4100 for the offshore unit stalled amidst reports of major state banks buying Usd/Cnh in pm trade.

  • USD – Off recovery highs, but back in a degree of demand as risk sentiment stalls and the DXY holds above 89.500 within a 89.917-637 range ahead of the US manufacturing ISM, more from Fed’s Evans and the eagerly-awaited Georgia state run-off results. However, Dollar/major and a few EM pairings remain skewed to the downside (or upside if quoted inversely of course), with ongoing pressure from commodities, like precious metals and crude to a lesser pre-OPEC+ extent.
  • EUR/CAD/JPY/CHF/GBP – The Euro is hovering below 1.2300 with external support from the aforementioned Yuan rally and strength in German data to compensate for the pandemic resurgence, while the Loonie has recovered some losses alongside oil in advance of Canadian PPI to trade back above 1.2750 compared to almost 1.2800 and Yen has rebounded through 103.00 in the run up to Japan’s services PMI and consumer confidence tomorrow. Elsewhere, the Franc is retesting 0.8800 in wake of slightly softer than expected Swiss CPI and the Pound is trying to keep sight of 1.3600 after confirmation that the UK will enter its 3rd lockdown and more business support measures from Chancellor Sunak.
  • SCANDI/EM – A change of fortunes for the Sek and Nok as the former derives technical/psychological support following a bounce from under 10.1000 vs the Eur, but the latter loses oil-induced impetus after failing to breach 10.4000 yesterday. Meanwhile, the Zar is underperforming amidst the fight to contain SA’s COVID-19 variant, but the Rub is also lagging on diplomatic strains in contrast to the Try that has sustained frothy Turkish inflation momentum with extra assistance from an increase in exports according to the Trade Ministry.

In commodities, WTI and Brent front-month futures trade with mild gains as participants prepare to monitor the extended OPEC+ meeting after producers failed to reach an accord during yesterday’s session. The meeting is slated to commence around 14:30-15:00GMT with some speculation doing the rounds that the alliance will attempt a compromise of around 250k BPD output hike given the varying positions on February output. Headlines early in the session highlighted one scenario proposed by the JMMC which includes an output reduction of 500k BPD, although it is hard to see this gaining traction as both Russia and Kazakhstan are advocating for a 500k bpd increase to quotas – with unanimous consent needed on the decision. Reminder: the exclusive Newsquawk OPEC Twitter dashboard is available on the website. On that note, the backdrop of the spreading COVID-variants remain, with England announcing a full lockdown yesterday and other European countries tightening measures – while scientists have also warned the South African COVID-19 variant may evade vaccines and testing, according to the Telegraph. WTI trades on either side of USD 48/bbl (vs low 47.27/bbl) while its Brent counterpart trades just north of USD 51/bbl (vs. low 50.60/bbl). Elsewhere, precious metals eke mild gains amid the modestly softer Buck, with spot gold eyeing 1950/oz to the upside (vs. low ~1935/oz) and spot silver just shy of 27.50/oz (vs. low 27/oz). Over to base metals, LME copper prices creeps towards the USD 8,000/t psychological mark amid a recovery in stocks coupled with a softer Dollar. Dalian iron ore futures meanwhile advanced for a third consecutive session amid tight supply concerns after iron ore volumes dispatched from 19 ports and 16 mining companies in Australia and Brazil fell by 4.3% WW over Dec 28th to Jan 3rd, Mysteel consultancy reported.

US Event Calendar

  • 10am: ISM Manufacturing, est. 56.7, prior 57.5;
    • 10am: ISM New Orders, prior 65.1;
    • 10am: ISM Prices Paid, est. 65, prior 65.4
    • 10am: ISM Employment, prior 48.4
  • Wards Total Vehicle Sales, est. 15.8m, prior 15.6m

DB’s Jim Reid concludes the overnight wrap

Happy New Year to you all. Before I had kids, coming back to work after two plus weeks off would have been a miserable experience. So it’s a measure of how life and expectations change that shutting my door on my study this morning, locking the door from inside and throwing the key out the window, and knowing I was leaving the chaos behind me was a wonderful thing. However the strangest thing that happened to me over Xmas was not to do with the kids, instead it was that I had a severe allergic reaction to washing up. It’s fair to say that I did a lot more of it during the holidays than I do when I’m working and after a mammoth clear up of dishes post Xmas day both hand swelled up and were red, burning and raw. So having to stop this chore for a few days eliminated the good will from the surprise present I gave the family on Xmas Day. I wrote and recorded a song about the twins. For those who want to see the world premiere outside my household see the link to the video clip on my Bloomberg header or email me. If Pixar ever write a film about identical twins who fight all the time but deep down love each other I hope I get the call for the soundtrack.

Anyway if you turned the story of our global life at the moment into a movie hopefully we’d be at the bit where the darkest hours are just before the dawn. Indeed life in the U.K. got ever darker last night with an evening address to the nation from the Prime Minister placing us back in the fullest lockdown since the Spring. PM Johnson said the lockdown would remain in effect until at least February 15, with the government aiming to vaccinate the majority of vulnerable residents by then and thereby ease the strain on the NHS. This will require around 2 million vaccinations a week to get to this point. The U.K. is currently at just shy of 1 million in total and is one of the world leaders so a big ramp up needed to hit this aspiration. We’ll show where we are with vaccines numbers around the world below.

Meanwhile in Germany, the Bild newspaper reported that the country’s lockdown would be extended until January 31, which comes ahead of today’s meeting between Chancellor Merkel and the state premiers to discuss whether to extend the lockdown beyond January 10. In the US, four states – New York, Colorado, California and Florida – have now announced cases in the last week of the mutated coronavirus strain that has been seen as more virulent and has been transmitting aggressively through the UK of late. This comes as the US saw a record number of new cases, nearly 300,000, but which will likely include some catchup from the holiday period.

Even before we get to today’s pivotal Georgia Senate run-off, the aforementioned covid headlines and nervousness ahead of the election seemed to be enough to create one of the worst first days for the year for the S&P 500 since daily data started 90 years ago. The index fell as much as -2.5% at the day’s lows, even after opening slightly higher, before closing down -1.48%, in a broad-based decline that saw 424 companies in the index move lower, while the VIX index of volatility surged +4.2pts to its highest level in two months. That makes yesterday the worst first day of the year for the S&P 500 since 2016 (-1.53%) and the seventh worst first day overall since 1928. At its lows for the session, the index was on course to be the 3rd worst start to the year in the 90 year period.

Elsewhere, the NASDAQ (-1.47%) and the Dow Jones (-1.25%) lost significant ground too, and European equities also pared back gains following a strong start, with the STOXX 600 closing up just +0.67% as it fell back from its intraday high of +1.69%. It was a similar story for other risk-sensitive assets, with both Brent crude (-1.37%) and WTI (-1.85%) oil prices falling back from their post-pandemic highs in the morning to close lower. This move was also driven by a failure of OPEC+ to agree on a new production schedule, which is more uncertain in the light of renewed lockdowns. The classic safe haven of gold rose +2.33% to near a two-month high. Markets also got a reminder that bitcoin can actually fall as well, with the cryptocurrency down -7.6% as it headed for its first daily loss of the year. However it’s still trading at $30,998 versus the $19,378 at the start of December and the $22,901 before I left for holiday. 10yr USTs were unchanged yesterday even as 10yr breakevens climbed +2.3bps.

Though Covid will continue to dominate attention, today’s main story is the two Georgia Senate races that will have a major bearing on President-elect Biden’s ability to enact his agenda and get his cabinet nominees appointed. In terms of the state of play, the latest polling averages continue to give the Democrats the lead, albeit ever so slightly narrower than they were 24 hours ago, with an advantage of +1.8pts and +2.0pts in the 2 races according to FiveThirtyEight. For reference, Joe Biden had a +1.2pt lead over Donald Trump in the FiveThirtyEight average of Georgia state polls just prior to the general election – Biden eventually won by around 12,000 votes or 0.2%. These races will be watched closely by markets since if the Democrats win both seats, and hence take control of the Senate, that will mean another large fiscal stimulus package becomes likely, along with a number of other Biden priorities such as tax increases, since this would mean that we finally get the so-called ‘Blue Wave’ scenario where the Democrats have control of the presidency and both houses of congress. However, if the Republicans can hang on to the Senate by winning just one of the races, then any fiscal stimulus or tax increases will look a lot less likely, and Biden will also have to get any cabinet appointments past a Republican Senate, along with any ambassadors, judges and Federal Reserve Board nominees.

In terms of market reaction it makes sense for yields to rise if the Dems win both seats but how much is already priced in? 10 year breakevens rose above 2% intra-day to their highest level since November 2018 yesterday (closed at 2.0%). However for equities it’s unclear what the result should mean. More fiscal stimulus will mean higher growth but possibly less monetary stimulus. Higher yields would also be a headwind. A Democrat victory could also mean higher regulation and possibly higher taxes for the biggest US companies (especially tech) so it’s complicated.

It’s still an open question as to whether we’ll have a clear picture of the results this time tomorrow, since the state can’t start counting the mail-in ballots until Election Day and the results are expected to be very close. Ballots will only start being counted at 7pm EST, although election officials can process absentee ballots (verifying signatures, opening and scanning ballots, etc.) ahead of time. However absentee ballots that are dropped off at elections sites today may mean the process takes longer. Additionally, military/oversea ballots can still arrive by Friday to be counted, and given how close the election is expected to be, the final call may take some time. There is also the distinct possibility of a recount in the races as under Georgia law, if the margin between candidates’ vote totals is within 0.5%, the losing candidate has the right to ask for a recount. Indeed, Georgia was one of the last states to be called after November’s presidential election, and the one with the closest margin between the two candidates, with President-elect Biden having won with just a +0.2% lead over President Trump after a full hand recount. So a big day/big few days to come.

Ahead of this, Asian markets are trading mixed this morning with the Nikkei (-0.38%) and Hang Seng (-0.11%) down while the Shanghai Comp (+0.12%) and Kospi (+0.15%) are up. Meanwhile, S&P 500 futures are trading flat and the US dollar index is down -0.15% this morning after yesterday -0.08% move lower.

In other overnight news, the NYSE has said that it no longer plans to delist China’s three biggest state-owned telecommunications companies – China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. – thereby backtracking from plan announced just 4 days ago. We also heard from Atlanta Fed President Raphael Bostic (a voter in 2021) overnight and he said that the Fed might taper its bond purchases later this year if the distribution of vaccines boosts the US economic outlook while adding that “I am hopeful that in fairly short order we can start to recalibrate”.

In today’s EMR we are adding a third daily covid table looking at global vaccination rates per 1000 people in the 37 countries we currently have data for. We’ve copied the table below in the body of the text. The most worrying larger country at the moment seems to be France where only 516 jabs were administered up to Jan 1st relative to 266k in Germany (up to Jan 3rd) and 945k in UK (up to Dec 27th) which also started on the Oxford/AZN roll out yesterday. France has a history of vaccine scepticism so this will be a country to watch in the coming weeks. This table won’t update as regularly as the cases/fatality tables in the pdf as data isn’t available daily but we’ll see how much it changes before we decide on the frequency of inserting it.

Back to markets yesterday and sovereign bonds rallied for the most part yesterday, particularly in Europe as the risk-off accelerated after the US opened. Yields on 10yr bunds (-3.5bps), OATs (-2.7bps) and gilts (-2.4bps) all fell, and there was a notable flattening of the curves, with both the French and German 2s10s curve reaching their flattest level since 2008 yesterday, at just 29.2bps and 11.4bps respectively. There was a widening in sovereign bond spreads though, with those on both Italian (+4.0bps) and Greek (+3.4bps) debt over bunds moving higher.

On yesterday’s data, there wasn’t a great deal to discern from the final December manufacturing PMIs, with the major countries having already released their flash readings in December. In Italy, where we hadn’t had a flash reading, the PMI rose to 52.8 in December (vs. 53.5 expected), but both the Euro Area and German numbers were revised down three-tenths from the flash reading to 55.2 and 58.3 respectively. Otherwise, the number of UK mortgage approvals rose to a much stronger-than-expected 105.0k in November (vs. 83.5k expected) as pent-up demand from the lockdown and a cut in the home-purchase tax boosted approvals to their highest since 2007.

Looking to the day ahead now, and the main highlight will be the aforementioned Georgia senate races. Elsewhere, data releases include the US December ISM manufacturing reading, while from Europe there’s France’s preliminary CPI reading for December, along with German retail sales for November and the unemployment change for December. Finally, central bank speakers include the Fed’s Evans and Williams.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 25.72 PTS OR .73%   //Hang Sang CLOSED UP 177.05 PTS OR .64%    /The Nikkei closed DOWN 99.75 POINTS OR 0.37%//Australia’s all ordinaires CLOSED UP 0.03%

/Chinese yuan (ONSHORE) closed UP AT 6.4667 /Oil UP TO 48.32 dollars per barrel for WTI and 51.89 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4667. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4445 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

Very bizarre: NYSE ignores Trump executive order as they refuse to delist 3 Chinese giant Telcos

(zerohedge)

In Bizarre Flipflop, NYSE Ignores Trump Executive Order, Refuses To Delist China Telcos

MONDAY, JAN 04, 2021 – 22:14

In a bizarre turn of events, NYSE has decided to reverse its previous decision(from last Thursday) to follow President Trump’s Executive Order to delist three Chinese Telecom giants (China Mobile, China Telecom, and China Unicom Hong Kong) identified as “affiliated with the Chinese military”.

The investment ban will take effect on Jan. 11, just days before President-elect Joe Biden is due to be inaugurated, and according to NYSE on Thursday, trading in the three companies was to be suspended possibly as soon as Jan. 7 or as late as Jan. 11.

Maybe not so “strong” after all…

But now, in a statement on parent ICE’s website, NYSE reversed its previous stance:

In light of further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control FAQ 857, available here, the New York Stock Exchange LLC (“NYSE”) announced today that NYSE Regulation no longer intends to move forward with the delisting action in relation to the three issuers enumerated below (the “Issuers”) which was announced on December 31, 2020.

At this time, the Issuers will continue to be listed and traded on the NYSE.

NYSE Regulation will continue to evaluate the applicability of Executive Order 13959 to these Issuers and their continued listing status.

Hong Kong-listed China Telecom shares are soaring 8% on the news…

The NYSE’s decision follows threats from Beijing:

The ministry of commerce said in a statement that China will “take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” according to the state-run Global Times.

The commerce ministry said that the U.S. was “abusing national security and using state power to crack down on Chinese enterprises” and said the move was “not in line with market rules and logic, which harms not only the legitimate rights of Chinese enterprises, but also the interests of investors in other countries, including the US.”

The Chinese Foreign Ministry also accused the U.S. of “viciously slandering” its military-civilian integration policies and vowed to protect the country’s companies. Chinese officials have also threatened to respond to previous Trump administration actions with their own blacklist of U.S. companies, but have so far failed to do so.

So, the question is simple – did Xi yank Biden’s leash over incriminating Hunter malarkey… and Biden promised NYSE he’ll undo Trump’s EO in three weeks anyway?

Conspiracy theory? Or is the NYSE now in the habit of simply refusing to acknowledge a presidential executive order that warns of funding firms associated with the Chinese military? Seems like a strong stance for a stock exchange to take in the middle of such a tense geopolitical situation.

end

Mnuchin Told NYSE Boss He “Disapproves” Reversal On Chinese Stock Delisting

TUESDAY, JAN 05, 2021 – 15:55

One day after a most bizarre flipflop by the NYSE which last Thursday – just hours before the new year – said it would suspend trading in Chinese telecom giants only to reverse itself late on Monday as if in concession to Beijing, Treasury Secretary Steven Mnuchin called NYSE President Stacey Cunningham on Tuesday to “express his disapproval” with the exchange’s surprise decision Bloomberg reported, citing two people familiar with the matter.

The exchange’s completely unexpected reversal caught most officials at the White House, Treasury and State departments off guard, and also sowed confusion among the regulators who had helped craft the order signed by President Donald Trump in November that requires American investors to unload Chinese businesses deemed as posing a threat to U.S. national security, according to the report.

One reason for the confusion is that the Treasury’s Office of Foreign Assets Control issued opaque statements on the order that confounded investors and the Big Board on how soon action was required and which securities would be affected. Still, the unprecedented flipflop “far from insulates the companies from eventually being delisted before November”, when U.S. investors are required to divest their stakes, according to more Bloomberg sources.

Another potential catalyst: the Treasury published a document Monday that offered “clarifications” on the order hours before the exchange announced its decision to not delist the companies. It is possible that the language was diluted enough to where the NYSE lawyers decided they would rather piss off Trump than China, and ignore the presidential E.O.

Despite the temporary reprieve, the ongoing risk of being delisted means financial markets are likely to face further uncertainty about which companies might be affected by Trump’s crackdown on China and when. China Mobile, China Telecom and China Unicom all soared on Tuesday in Hong Kong trading, as investors concluded that the U.S. might be backing away from its aggressive approach. In reality, they may have just won some time to test the waters of the Biden administration.

The NYSE gave no reason for its decision in a statement released during Asian trading hours, saying only that it had consulted “relevant regulatory authorities” about the U.S. restrictions on investing in Chinese companies. It was not immediately clear if said authorities have compromising photos of Hunter Biden.

The order signed by Trump is still scheduled to take effect on Jan. 11 — nine days before he leaves office. An official working on Joe Biden’s transition declined to comment on whether the president-elect would reverse it. If Biden leaves the order in place, US investment firms and pension funds would be required to sell their holdings in companies linked to the Chinese military by Nov. 11. And if the U.S. determines additional companies have military ties in the future, American investors will be given 60 days from that determination to divest.

end

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE/GERMANY/GLOBE

Germany Latest To Extend Lockdown, FDA Warns Against Stretching COVID Vaccine Doses: Live Updates

TUESDAY, JAN 05, 2021 – 8:45

Summary:

  • Germany likely to impose new COVID lockdown
  • Switzerland could be next
  • Biden COVID advisor on SoCal hospitals: “what it looks like right now is nothing short of…war”
  • Suga says Japan state of emergency coming
  • Indonesian president set to be vaccinated
  • More than 1MM Russians vaccinated

* * *

Yesterday, Governors Andrew Cuomo and Gavin Newsom confirmed that cases of the “mutated” COVID-19 strain B.1.1.7, which was first discovered in the UK, had been isolated in their states, prompting members of Joe Biden’s COVID-19 advisory team to call for more genomic surveillance to better understand how these “mutated” strains might be spreading. And last night, Boris Johnson unveiled plans for England would join Scotland in a new nationwide lockdown, starting Tuesday.

It’s widely expected that Germany will be the next major European country to order up a new lockdown, as Chancellor Angela Merkel insists that the current restrictions simply don’t go far enough. Media reports published over the weekend and yesterday claimed that Germany plans to close schools and all non-essential businesses for at least a month. Italy has extended its restrictions for a couple more weeks through mid-January.

Over in the US, a new wave of lockdowns apparently still hasn’t been enough to slow the outbreak in the Golden State, where COVID-linked hospitalizations have doubled over the last month thanks largely to surging numbers in Southern California. In LA County, hospitals are seeing ICU capacity surge as high as 120%, straining hospital staff. Ambulances sometimes are left waiting for hours before patients can be admitted to a bed.

Nationwide, hospitalizations are at record highs in the US, although COVID data from the holiday period is still being reported with a massive lag.

A member of Biden’s COVID advisory team appeared on CNBC’s “Squawk Box” Tuesday morning to compare the situation in LA County to something one would see during wartime.

In other news, Japanese PM Yoshihide Suga said Tuesday that calls for a state of emergency measure to combat surging COVID case numbers would soon be answered, flip-flopping from his earlier position, where he insisted a state of emergency wouldn’t be necessary. Suga is still facing criticism at home and abroad for trying to promote a domestic travel program late last year that seemed at odds with the ongoing COVID-19 pandemic. Cases in Tokyo, meanwhile, have climbed to near-record levels: Tokyo confirmed 1.3K new virus cases Tuesday, the second-highest daily tally on record.

Circling back to Europe, the UK and several EU members have proposed splitting up doses of the Moderna and Pfizer vaccines to help stretch supplies even further. However, on Tuesday, the FDA hit back at this, proclaiming that there’s no evidence partial doses offer any level of protection.

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

  • Singapore is in negotiations to establish potential travel lanes with Vietnam, Thailand and France, Minister for Trade and Industry Chan Chun Sing wrote in reply to a parliamentary question (Source: Bloomberg).
  • President Joko Widodo is set to be vaccinated against the coronavirus on Jan. 13, kicking off Indonesia’s inoculation program (Source: Bloomberg).
  • South Korean President Moon Jae-in says the spread of coronavirus is being slowly contained after reaching a peak, considering the reproduction rate is falling (Source: Bloomberg).
  • More than a million Russians have been vaccinated with the homegrown Sputnik V Covid-19 shot, RIA Novosti newswire reported, citing Alexander Gintsburg, head of Russia’s Gamaleya research center for epidemiology and microbiology (Source: Bloomberg).

* * *

As more countries scramble to tighten restrictions as the vaccine rollout continues to lag, Switzerland is reportedly poised to be the next to extend the closure of bars and restaurants until the end of February (they’re currently slated to reopen after Jan. 22), according to the Swiss newspaper Tages Anzeiger. The nation’s Federal Council is due to decide on the measures at a meeting tomorrow, while existing restrictions such as the closure of gyms and museums may also be extended, the paper said.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN
Iran starts its 20% uranium enrichment program.  Once they go higher than 4.5%, the goal is to make a nuclear bomb and it is not for peaceful purposes.  Israel will not let Iran get past 20%.
(zerohedge)

Iran Starts 20% Uranium Enrichment Just As US Carrier Ordered Back To Gulf Region

MONDAY, JAN 04, 2021 – 21:00

Iran on Monday confirmed that it has resumed 20% uranium enrichment at an underground nuclear facility at a moment of soaring tensions with the US and Israel in accord with prior threats to do so if international US-led sanctions weren’t rolled back.

“A few minutes ago, the process of producing 20% enriched uranium has started in Fordow enrichment complex,” government spokesman Ali Rabeie announced on state media.

While the continued breaching of the terms of the 2015 nuclear deal is likely aimed at gaining more leverage ahead of Biden entering the White House on January 20, it comes at a moment of a heightened state of US military alertness in the region.

Fordo nuclear facility overhead, via Maxar/AP

Tehran has long maintained its nuclear program is solely for peaceful domestic energy purposes, yet there are fears this puts the Islamic Republic on a more direct and easy path to developing a bomb, as The Guardianreviews

The latest Iranian step takes Tehran further away from the terms of the deal, and underlines its willingness to play for high stakes with Washington. Up until now, Iran was enriching uranium up to 4.5%, in violation of the accord’s limit of 3.67%. Under the agreement, Iran is also only allowed to produce up to 300kg of enriched uranium in a particular compound form (UF6), which is the equivalent of 202.8kg of uranium.

Low-enriched uranium – which has a concentration of between 3% and 5% of U-235 isotopes – can be used to produce fuel for power plants. Weapons-grade uranium is 90% enriched or more.

The question now remains whether this could trigger either US or Israeli aggression, which happened the last time Iran declared it would enrich to 20% (a decade ago). Many analysts further believe it was Israel behind a recent “sabotage” campaign targeting Iranian nuclear energy and military sites over the past year, particularly the July 2nd Natanz fire and blast which destroyed part of the complex.

In reaction to Tehran’s declaration, Israeli Prime Minister Benjamin Netanyahu said this proves the Islamic Republic is seeking the bomb. In a statement he said it’s part of Iran’s efforts to “continue to carry out its intention to develop a military nuclear program.” He vowed: “Israel will not allow Iran to produce nuclear weapons.”

Aircraft carrier USS Nimitz, via US Navy

Meanwhile, just ahead of Iran’s provocative announcement, the Pentagon has changed its mind over previously ordering home the lone aircraft carrier which within past weeks was patrolling the Gulf:

Just two days after the Acting Secretary of Defense Christopher Miller had ordered the supercarrier, USS Nimitz, to head home as a “de-esclatory” gesture toward Iran, the order has been rescinded and the Nimitz Carrier Strike Group is now set to remain in the Middle East until further notice.

Acting Secretary of Defense Chris Miller said in his statement“Due to the recent threats issued by Iranian leaders against President Trump and other U.S. government officials, I have ordered the USS Nimitz to halt its routine redeployment.”

“The USS Nimitz will now remain on station in the U.S. Central Command area of operations.  No one should doubt the resolve of the United States of America,” he added.

Given that also on Monday Iran announced it will be conducting “major drone exercises” starting on Tuesday, according to Fars, all of this is a recipe for a potential new conflagration in the Persian Gulf.

END

IRAN

Iran demands that South Korea unfreezes $7Billion in assets while it keeps the tanker and crew in Iran

(zerohedge)

Iran Demands South Korea Unfreeze $7BN In Assets While It Detains Tanker Crew

TUESDAY, JAN 05, 2021 – 11:10

South Korea has summoned the Iranian ambassador to condemn the Monday seizure of a South Korean-flagged chemical tanker and its crew in the Persian Gulf. Seoul is demanding its immediate release and has dispatched a delegation to Iran to negotiate, following the military already sending an anti-piracy unit to the region.

Iran ostensibly offered the reason for the MT Hankuk Chemi’s detention and “inspection” as environmental violations – a concocted reason it has used in past tanker detentions. The 20-member crew is now said to be in Iranian custody.

However, Iran is now denying that it’s holding the mostly South Korean crew as hostages after the IRGC Navy diverted the vessel near the Strait of Hormuz. This despite Iranian state media publishing footage of IRGC commandos preparing to board the vessel.

As we noted earlier, at the same moment the tanker seizure made international headlines Monday, Iran pressed Seoul over  $7 billion in assets frozen in South Korean banks due to US-led sanctions.

Iranian government spokesman Ali Rabiei appeared to confirm the drastic action was linked to the asset seizure, telling a press conference on Tuesday that, “We’ve become used to such allegations,” while crucially adding:

“But if there is any hostage-taking, it is Korea’s government that is holding $7 billion, which belongs to us, hostage on baseless grounds.”

Also looming large in the background is that Joe Biden enters the White House in two weeks.

Much of this aggressive maneuvering, especially the Monday declaration by the Islamic Republic to start enriching uranium up to 20% – which puts the country a huge step closer to nuclear grade levels – appears toward gaining leverage going into renewed talks with the US about restoring the terms of the JCPOA nuclear deal, which Biden has vowed to put back into place.

END

Iranian Parliament Passes Law Requiring ‘Destruction Of Israel’

TUESDAY, JAN 05, 2021 – 14:00

Iran already raised alarm bells in Tel Aviv with it’s recent declaration that it will enrich uranium to 20%, causing Israeli Prime Minister Benjamin Netanyahu to again vow that “Israel will not allow Iran to produce nuclear weapons” – as he said on Monday. There are now fears Israel could mount a preemptive strike on the Fordow enrichment complex. 

At the same time, Iran’s parliament voted to mandate that among the Islamic Republic’s official foreign policy goals is the destruction of the state of Israel. The mandate was passed on the anniversary of Qassem Soleimani’s assassination, which was Sunday.

The new mandate aims “to destroy the usurping Zionist regime” as well as “[break] the siege of Gaza by sending basic goods from official naval bases to Gaza in exchange for money or free of charge,” according to Foreign Policy.

Israel has long condemned Iranian covert support to Hamas and other Islamist factions in Gaza. Hezbollah in Lebanon is also a major thorn in Israel’s side which receives even more Iranian funding, weapons, and support.

The new law further means Iran must fight for the “Right of return of Palestinian refugees” and the “Liberation of the Golan Heights” through establishing “welfare-economic-security and infrastructures.”

These measures are in response to the “terrorist act” of the January 3, 2020 assassination of IRGC Quds Force commander Qassem Soleimani.

In past statements calling for Israel’s destruction, Iran has sought to distinguish between targeting Israel and targeting Jews.

The following morning after the anti-Israel legislation, government spokesman Ali Rabeie announced via state media: “A few minutes ago, the process of producing 20% enriched uranium has started in Fordow enrichment complex.”

The question now remains whether this could trigger either US or Israeli aggression, which happened the last time Iran declared it would enrich to 20% (a decade ago). Many analysts further believe it was Israel behind a recent “sabotage” campaign targeting Iranian nuclear energy and military sites over the past year, particularly the July 2nd Natanz fire and blast which destroyed part of the complex.

END

6.Global Issues

PFIZER’S VACCINE/DEATH OF HEALTH CARE WORKER
Portuguese nurse dies suddenly after receiving Pfizer’s vaccine
(zerohedge)

Portuguese Nurse Dies Suddenly After Receiving COVID Vaccine

TUESDAY, JAN 05, 2021 – 6:49

The latest suspicious death to occur days (or, in some cases, even hours) after a patient received their first dose of a COVID-19 vaccine has surfaced in Portugal, where a pediatric surgery assistant in Porto (who was reportedly in “perfect health” when she received her first dose of the Pfizer vaccine) has died suddenly.

Health authorities are investigating the death. Meanwhile, scientists from around the world continue to criticize the European Union for its comparatively sluggish vaccine rollout, which only began on an emergency basis little more than one week ago.

The patient was identified on Monday as Sonia Azevedo, 41, a mother of two who worked as a surgical assistant at the Instituto Portugues de Oncologia, a cancer hospital in Porto. She was among the 538 healthcare workers at IPO who received their first dose of the Pfizer-BioNTech vaccine last Wednesday. Azevedo had dinner with her family on New Year’s Eve, but was found dead in her bed the following morning.

Now her family members are demanding answers about the circumstances of her death, RT reports.

“I want to know what caused my daughter’s death” her father Abilio told the Portuguese tabloid Orreio da Manha. He described her as a “well and happy” person who “never drank alcohol, didn’t eat anything special or out of the ordinary.”

Azevedo was so proud to be among the first to receive the vaccine, she changed her Facebook profile picture to reflect that. “Covid-19 vaccinated,” she wrote under a selfie with her face mask on. “We don’t know what happened.

It all happened quickly and with no explanation,” Azevedo’s daughter Vania Figueiredo told the paper. “I didn’t notice anything different in my mother. She was fine. She just said that the area where she had been vaccinated hurt, but that’s normal…”

Portugal, which has a population of around 10 million, has so far reported more than 427K cases and over 7.1K deaths due to COVID. While Germany is leading the EU in vaccinations, Portugal is lagging behind even Argentina, according to data provided by Bloomberg.

What they don’t tell you is that many among the first wave of individuals designated to receive the vaccine have been turning it down, including many health care workers like Azevedo.

END

Michael Every…..on the day’s most important topis

(Michael Every)

Rabobank: Here’s How We Could Be Stuck With COVID Forever

TUESDAY, JAN 05, 2021 – 9:15

By Michael Every of Rabobank

You don’t have to be Einstein

One of the most frequently used ‘clever’ quotes for journalists and analysts alike is that the definition of insanity is to keep doing the same thing over and over again and yet expecting different results. This is considered clever both because it is true and because it was said by Einstein, and some of his genius apparently rubs off by association. Well, you don’t have to be Einstein to see what madness we face around us at the moment on multiple fronts.

Lockdowns are being extended again in Europe, and in the UK most so. Once again, one must ‘stay at home’. Unless one needs to go shopping; or exercise; or has an essential job – which is a very long list.  The police won’t be enforcing these rules in all probability, and parts of the public won’t comply. So it is the worst of all lockdowns, destroying the economy, but not virus transmission – which is the ONLY way to handle this matter once and for all.

Since Covid-19 first appeared, the objective logic was always clear: shut *everything* down for a short time to stop ALL transmission, and then only open up selectively with others who have been as careful. Instead, we see draconian yet loopholed regulations (“because markets”) that don’t get the virus R rate and total cases to 0; and then we rush to open up again and repeat the infection cycle all over again. I repeat, you really don’t have to be Einstein to see this.

Of course, now we have the vaccine – except if a vaccine-resistant strain were to emerge, as happens with other corona viruses. As noted yesterday, South Africa is worried enough about this already being true. OK Einstein – what should one do in the interim, and what are we doing instead? That’s right: maintaining international travel with South Africa, and more broadly, and just hoping this is *not* the case. “Because markets”.

“What’s that huge fin in the water, guys?”

“Could be a dolphin, or it might be a shark. Let’s keep swimming until we find out which.”

Yes, it’s a tail risk (or a fin risk), but if the virus mutates before we vaccinate everyone, then we start this loop all over again. OK, we can tweak the vaccine. Yet doing so, re-producing it, and then re-distributing it again would take at least another six months, time in which these more transmissible Covid variants would have to mutate again among an even larger host-base of infected individuals. In short, we would be stuck in this pattern foreverThis is no way to win a war against a virus; I refer readers to the story yesterday about leadership failing upwards.

Meanwhile, politics is still very much the driver of markets at the moment, which is something that markets also don’t seem to ever learn. Let’s start with US-China relations, where the NYSE has just decided it will not be delisting Chinese telcos after all, despite an executive order saying they have to do so for  firms which are linked to the Chinese military. Markets obviously love this. Not so much national security types across the spectrum who argue telcos are a key component of hybrid national power; or those that see access to the USD and US markets as a ‘weapon’ that is unilaterally being holstered here. You don’t have to be Einstein to see that this is no way to win a Cold War, if we are going to be having one. – but it is a move very much in the pre-Trump US “because markets” foreign policy tradition. (See here for a view of that.) Long USD it isn’t.

Elsewhere, Saudi Arabia and Qatar are building bridges, or rather not having to, because at one point the Saudis were allegedly considering digging a moat around their estranged neighbor. Now the borders will reopen as the Middle East starts to come together – against Iran. On which, Tehran has started to enrich uranium to 20%, a move that has even prompted the EU to say this would be a “considerable departure” from the Iran nuclear deal’s terms; and to which the rest of the world thinks: “And what is the EU going to do about it- sign a bilateral investment deal?” Don’t rule that out for the EU foreign policy geniuses. Just to top things off, yesterday Iran seized a South Korean vessel in the Straits of Hormuz. Is anybody seems in the mood for real risk off?

Meanwhile, everyone is focused on Georgia today instead, where two Senate run-off votes will either give see a 50-50 tie or the Republicans retain a slim majority. Hilariously, markets are moving on the recent surge in the Predictit election odds from ‘Dem zero’ to a 50-50 toss-up for both seats. Slow hand clap, Mr Market: with Trump allegations of electoral shenanigans in Georgia, how would Democrats *not* be in a strong position? And if the allegations are false, it just shows Democrats are extremely competitive there – a near zero chance of victory was mad. The market concern is a ‘blue wave’ means more fiscal spending, and so faster Fed rate hikes or less easing, and a stronger USD. Yet with Democrats like Manchin seated, one would again have to be mad to assume a 50-50 Senate would just turn on the taps. (At which point the whole ‘Great Reflation!’ story is also shot down after its umpteenth insane iteration.) Long USD it might be as a knee-jerk today, however.

Another Einstein anecdote. The physicist became an American citizen late in his life after fleeing the Nazis, then acted as the sponsor for the logician Kurt Gödel to do the same. Gödel, being the logician of incompleteness theorems that he was, anecdotally nearly blew up his 1947 US citizenship interview by pointing out a loophole in the constitution that could allow it become a dictatorship, requiring Einstein to shut him up. This was related to Article V and the power to amend the constitution. In 2021, a day ahead of Congress convening to elect the US president, we see a similar discussion in some quarters over the power of the 12th amendment and the badly-worded Electoral Count Act of 1887 that –constitutionally or unconstitutionally?– supersedes it. In short, theoretically the Vice President has the sole undisputed power to count or discount electoral college votes – which can de facto mean voting for a winning (vice) president once means you get them twice because the VP can count the electoral college the way that suits them to get a second term.      

These are truly shark-infested waters. However, if you are looking for a fin/tail-risk trade in an area of politics that markets don’t grasp at all, this would be it. But that’s a story for tomorrow. Today it’s Georgia….and not the virus, “because markets”.

To conclude, here are some Einstein quotes better than one we all use all the time. In today’s world it seems the second beats the first:

“The important thing is not to stop questioning. Curiosity has its own reason for existing.”

 “If A is a success in life, then A equals X plus Y plus Z. Work is X; Y is play, and Z is keeping your mouth shut.”

END
CORN PRICES
Dry conditions in Argentina is causing corn prices to skyrocket to 7 yr high

Corn Prices Rocket To 6-1/2-Year High As Traders Focus On Argentina

TUESDAY, JAN 05, 2021 – 13:45

Chicago-traded corn futures are up more than 2% Tuesday morning, hitting 6-1/2 year highs on Monday, as commodity traders are concerned about export disruptions in South America and new weather models that suggest dryness, according to Reuters.

Argentina announced last week that sales of corn for export would be suspended until late February. The move by the government was to ensure domestic food supplies were stable.

“This decision is based on the need to ensure the supply of grain for the sectors that use it as a raw material for the production of animal protein such as pork, chicken, eggs, milk, and cattle, where corn represents a significant component of production costs,” the government said.

Besides export disruptions, traders are concerned about emerging weather trends that suggest dryness across the South American country that would impact potential yields.

“Corn is seeing support from concern about dryness in Argentina and the ban on Argentine corn exports,” said Matt Ammermann, StoneX commodity risk manager.

 “Argentina has had some rain, but the debate is whether this is enough as some areas are looking dry,” Ammermann said. 

Weather models provided by BAMWX show intense dryness for the region.

“Looks very typical La Nina, keeping Argentine crop areas and far southern Brazil dry,” said Arian Suderman, Chief Commodities Economist for StoneX Group.

Reuters’ Karen Braun points out bullish bets on Chicago-traded corn futures have risen to levels not seen since August 2021.

Besides surging corn futures, soybean prices have flirted with a 6-1/2-year as well.

While soaring agriculture prices is great news for US farmers, Albert Edwards, global strategist at Societe Generale, warns that the recent spike in food inflation could result in socio-economic destabilization in emerging market economies.

END

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2269 UP .0017 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 102.90 DOWN 0.230 (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 1.3579   UP   0.0008  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2753 DOWN .0028 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  TUESDAY 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 25.72 PTS OR .73% 

//Hang Sang CLOSED UP 177.05 PTS  OR .64% 

/AUSTRALIA CLOSED UP 0,03%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 177.05 PTS OR .64% 

/SHANGHAI CLOSED UP 25.72 PTS OR .73% 

Australia BOURSE CLOSED UP 0.03%

Nikkei (Japan) CLOSED DOWN 99.75  POINTS OR 0.37%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1947.90

silver:$27.42-

Early MONDAY morning USA 10 year bond yield: 0.934% !!! UP 2 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.681 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 89.73 DOWN 14 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.01% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.02.%  UP 1/2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.02%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.57 UP 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 55 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.58% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.15% 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 TUESDAY

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

Euro/USA 1.2289  UP     .0036 or 36 basis points

USA/Japan: 102.68 DOWN .457 OR YEN UP 46  basis points/

Great Britain/USA 1.3617 UP .0046 POUND UP 46  BASIS POINTS)

Canadian dollar UP 72 basis points to 1.2709

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The USA/Yuan,  CNY: closed UP AT 6.4563    ON SHORE  (UP).

THE USA/YUAN OFFSHORE:  6.4375  (YUAN up)..

TURKISH LIRA:  7.39  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield UP 4 IN basis points from MONDAY at 0.959 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.7222 UP 6 in basis points on the day

Your closing USA dollar index, 93.87 down 6  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 27.72  0.42%

German Dax :  CLOSED DOWN 91.11 POINTS OR .66%

Paris Cac CLOSED DOWN 37.19 POINTS 0.67%

Spain IBEX CLOSED DOWN 13.90 POINTS or 0.17%

Italian MIB: CLOSED DOWN 136.02 POINTS OR 0.61%

WTI Oil price; 49.72 12:00  PM  EST

Brent Oil: 52.80 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.06  THE CROSS LOWER BY 0.36 RUBLES/DOLLAR (RUBLE HIGHER BY 36 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.58 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 :  49.98//

BRENT :  53.61

USA 10 YR BOND YIELD: … 0.951..up 3 basis points…

USA DOLLAR VS EURO: 1.2297 ( UP 44   BASIS POINTS)

USA/JAPANESE YEN:102.66 DOWN .472 (YEN UP 47 BASIS POINTS/..

USA DOLLAR INDEX: 89.49 DOWN 38 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3629 UP 59  POINTS

the Turkish lira close: 7.39

the Russian rouble 74.03   UP 0.39 Roubles against the uSA dollar. (UP 39 BASIS POINTS)

Canadian dollar:  1.2671 UP 110 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.59%

The Dow closed UP 167.71 POINTS OR 0.55%

NASDAQ closed UP 120.51 POINTS OR 0.95%


VOLATILITY INDEX:  25.17 CLOSED DOWN 1.80

LIBOR 3 MONTH DURATION: 0.237%//libor dropping like a stone

USA trading today in Graph Form

Black Gold, Bitcoin, & Bond Yields Bounce As Dollar Dives Ahead Of ‘Blue Wave’ Bête Noire

Tyler Durden's Photo

BY TYLER DURDEN
TUESDAY, JAN 05, 2021 – 16:01

Oil prices made all the headlines today as the Saudis agreed (in a somewhat desperate move) to allow Russia (and Kazakhstan) to increase output modestly while they slashed production by a stunning 1mm b/d (to its lowest since 2009). That surprise sent WTI above $50 for the first time since February…

Did Russia just drink Saudi’s milkshake?

We are sure Shale drillers are pleased too…

h/t @MOAR_Drilling

ISM surged to highest since Aug 2018 but, as we detailed earlier, this was highly misleading as Supplier Delivery Times are surging due to supply chain disruptions and not demand… as export orders sink…

Source: Bloomberg

The odds of a “blue wave” ebbed a little today…

Source: Bloomberg

Crypto also surged on the day, extending ETH’s YTD gains to almost 50% and BTC up 16%…Ripple is unch

Source: Bloomberg

With Bitcoin back above $34k…

Source: Bloomberg

Ethereum also spiked back above $1100…

Source: Bloomberg

Overnight futures just could not hold a bid but as soon as the cash market opened, a sudden jolt of buying ensued. That extended modestly and then at 1400ET stocks took another leg higher (no obvious catalyst) which ramped the S&P (along with Small Caps and The Dow) in the green for 2021… The rest of the day was a battle to maintain that green close in 2021 – which they lost as all majors ended the day in the red still for 2021…

There appears to be no differential in the markets for now (value and growth both rising and falling together). Still feels like year-start inflow rebalancing…

Source: Bloomberg

Energy stocks surged (as oil gained) with Staples and Utes the laggards…

Source: Bloomberg

Taper chatter from Fed’s Bostick helped spark the move higher in bond yields (long-end up around 4-5bps)…

Source: Bloomberg

But, as we noted previously, 10Y remains in a very tight range…

Source: Bloomberg

The curve steepened with 5s30s at four year highs…

Source: Bloomberg

The dollar continued its inexorable slide…

Source: Bloomberg

Closing at its lowest since Feb 2018 (within a tick or two of breaking that critical support)…

Source: Bloomberg

Yuan made the big headlines as it entered the Danger Zone of Devaluation…

Source: Bloomberg

And overnight saw a sudden spike bashed lower as Bloomberg reported that a few big Chinese state banks actively offloaded the currency against the greenback after the yuan hit 6.43, according to five traders who asked not to be identified as they were not authorized to comment on the market. While the lenders could be taking profits on long-yuan positions, they could also be acting on behalf of the authorities to rein in the appreciation.

Source: Bloomberg

Gold futures pushed up above $1950, almost erasing all of the post-vaccine losses…

Meanwhile Silver futs are well above pre-vaccine highs…

And so the Gold/Silver ratio limped lower…

Source: Bloomberg

Copper surged to 7 year highs…

Source: Bloomberg

Also of note amid the China devaluation chatter is that the Yuan (relative to gold) has weakened to pre-June plunge levels…

Source: Bloomberg

Finally, is the “flu” season almost over?

Source: Bloomberg

What are Gold and Bitcoin saying about the future of the dollar against fiat…

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

This Is The False Signal That Sent ISM Manufacturing Unexpectedly Soaring In December

TUESDAY, JAN 05, 2021 – 10:07

After yesterday’s debacle in Markit’s US Manufacturing PMI (which rose against expectations of a drop thanks to supplier delivery times rising being judged as a ‘positive’ instead of a clear negative due to trade flow disruption on lockdowns), analysts expected ISM’s Manufacturing survey to signal further deterioration occurred in December (unless slow supplier delivery times are also attributed as a positive).

As hard data has declined aggressively, Manufacturing PMI is at its highest since 2014 while ISM’s Manufacturing survey prints at 60.7 – smashing expectations of 56.8 and well above the 57.5 in November…

Source: Bloomberg

ISM’s Tim Fiore writes that “The manufacturing economy continued its recovery in December. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that are limiting manufacturing growth potential. However, panel sentiment remains optimistic (three positive comments for every cautious comment), an improvement compared to November.

Labor market difficulties at panelists’ companies and their suppliers will continue to restrict the manufacturing economy expansion until the coronavirus (COVID-19) crisis ends.

And this is why ISM soared – Supplier Delivery Times are rising fast…


...and as far as the models are concerned that must be an indication of huge demand… rather than disruption in the global supply chain

Source: Bloomberg

As Export Orders drop… again!

Source: Bloomberg

We await the correction from ISM to “fix” this issue and downwardly revise ISM once again.

iii) Important USA Economic Stories

ELECTION CHAOS
STORY NO 1
Epoch Times reports that in the 2020 election Pennsylvania removed from Trump 432,000 votes.  This is according to data scientists
(Epoch Times/Zhong)

Over 432,000 Votes Removed From Trump In Pennsylvania, Data Scientists Say

MONDAY, JAN 04, 2021 – 17:40

Authored by Allen Zhong via The Epoch Times (emphasis ours),

Pennsylvania election data shows that over 432,000 votes were removed from President Donald Trump during the November election, data scientists say.

According to an analysis by the Data Integrity Group, obtained exclusively by The Epoch Times, votes for Trump – from both Election Day and mail-in ballots – were removed from the totals in at least 15 counties.

Time-series election data shows Trump’s votes decrementing in various counties at numerous time points instead of increasing as would be expected under normal circumstances.

The group said that Election Day vote removals happened during the vote tabulation process in at least 15 counties, including Lehigh County, Chester County, Allegheny County, Armstrong County, Westmoreland County, Northampton County, Delaware County, Montgomery County, Lackawanna County, Dauphin County, Pike County, Carbon County, Washington County, Erie County, and Luzerne County.

Meanwhile, absentee vote removals happened in Allegheny County, Chester County, and Lehigh County.

At least 432,116 votes—213,707 election day votes and 218,409 absentee votes—were removed in total.

There were vote movements across all candidates. However, we did not see the same type of negative decrements to any of the [other] candidates that we saw with President Trump’s tallies, and they happened repeatedly with no explanation,” Lynda McLaughlin, a member of the group, told The Epoch Times.

The Pennsylvania Secretary of State’s office didn’t respond to a request for comment from The Epoch Times.

Pennsylvania data shows Trump’s votes decrementing at various time points in Allegheny County (L) and Chester County (R), the Data Integrity Group says. (Screenshot)

The Data Integrity Group is a group of scientists, engineers, and machine learning experts who have been working together to check whether or not there was manipulation of data in the 2020 general election.

The group’s lineup of data scientists includes Justin Mealey and Dave Lobue.

Mealey is a nine-year veteran of the U.S. Navy, where he worked as an electronic warfare technician, cryptologic technician, and Arabic linguist. He worked at the NSA as a mission manager for Levant/North Africa and later worked as a CIA contractor at the National Counter-Terrorism Center.

Lobue has 12 years of experience in data science and machine learning across financial services, telecommunications, and research consulting industries. He currently specializes in artificial intelligence applications.

Data scientists from the group have analyzed the election data for several states including Arizona and Georgia.

In their analysis of Georgia’s election data, the group said it found that more than 30,000 votes had been removed from Trump’s tally, and another 12,173 votes were switched to Biden.

The group didn’t name any state official, county official, or related voting machine manufacturers for wrongdoing.

However, the group urged the state to authorize forensic audits to uphold election integrity and said it’s irresponsible to certify the results before the alleged errors and anomalies are explained.

The bottom line is the errors were made. Data confirms these errors and it shouldn’t matter if they were machine or human, they’re still errors and deserve a second review and thorough analysis with forensic audits to find the answers,” the group said.

Pennsylvania’s electors cast their votes for Biden and Kamala Harris as president-elect and vice president-elect on Dec. 14, 2020.

State-certified results show Biden won the Keystone State by 80,555 votes.

Edison Admits One Error in Vote Switching

During the vote tabulation process, the results, which are commonly known as tabulated results, are sent to the secretary of state’s office. The data is then also shared with the media via Edison Research.

Errors could be made in several steps in the election result reporting process.

Though it’s unclear what caused the errors that were flagged by the Data Integrity Group, Edison Research did admit a reporting error that happened separately.

In a widely-circulated video clip of CNN’s live election night broadcast, 19,958 votes were seen being switched from Trump to Biden in 30 seconds.

Rob Farman, executive vice president at Edison, admitted that the “switching” stemmed from a brief reporting error from Edison Research.

He told The Associated Press that a state feed from Armstrong, Pennsylvania, first showed the correct values of 24,233 votes for Trump and 4,275 for Biden, but a team member had mistakenly entered them backward—4,275 for Trump and 24,233 for Biden. Farman said the company’s quality control team discovered the error and corrected it that night.

Follow Allen on Twitter: @AllenZM
END
No 2
More criminality by the Democrats:  A Central OAC executive admits the organization registers thousands of homeless to vote in the Fulton County election.  They use the address of the OAC.  This is criminal and punishable of jail time for up to 10 years for harvesting.
(Gateway Pundit/Project Veritas)

BREAKING: Project Veritas: Central OAC Exec Admits Org Registers Thousands of Homeless to Vote at Same Address in Fulton County (VIDEO)

James O’Keefe strikes again!

Project Veritas on Monday night released undercover video of a Central OAC Exec admitting her organization registers thousands of homeless people to vote at the same address in Fulton County.

Georgia law requires a person to vote where they live and permitting someone to use a false statement on voter registration is illegal and punishable by up to 10 years in prison.

Veritas released the video the night before the twin senate runoff where the stakes couldn’t be higher.

TRENDING: Proud Boys Leader Enrique Tarrio Arrested Leaving D.C. Area Airport on Way to Stop the Steal Rallies …Update: Charged With Burning Black Lives Matter Banner and then Possessing Two Gun Magazines

The Democrats are trying to steal both Georgia Senate seats so they can take control of the Senate.

And as we saw in the November election, the Democrats use countless ways to stuff the ballot box and cheat.

“So the majority of the people we serve don’t have an address so we allow them to use our address if they register to vote and to get GA state ID,” Kimberly Parker, the Executive Director for Central Outreach and Advocacy Center said. “We do allow them to use 201 Washington Street (Atlanta, GA).”

“Can’t even begin to tell you how many people have that address on their ID” “Board members got wind…thought we’re doing things not on the up and up…”

WATCH:

James O’Keefe
@JamesOKeefeIII

BREAKING:

Exec Admits Org Registers Thousands Of Homeless To Vote At Same Address In Fulton Co. “Can’t even begin to tell you how many people have that address on their ID” “Board members got wind…thought we’re doing things not on the up and up…” #GAVoterFraud

Embedded video

2:19
1.1M views

Central OAC panicked and deleted their Twitter account after the Project Veritas video was released.

James O’Keefe
@JamesOKeefeIII

BREAKING:

has now DELETED their Twitter account following

#GAVoterFraud release tonight exposing their illegal registering of thousands of Atlanta homeless to vote at the same address! What are they trying to hide? We already got it all on tape!

Image

What are they trying to hide?

end

No 3

This is big news:  Wisconsin legislature announces a resolution to be introduced Thursday

which will likely decertify state and award it to Trump

(Gateway Pundit/Hoft)

BREAKING: Wisconsin Legislature Announces Resolution To Be Introduced on Thursday Which Will Likely Decertify State and Award to President Trump

Breaking news this evening:

The state of Wisconsin has reportedly announced that it will introduce a resolution on Thursday morning to decertify the state’s electoral college votes and award them to President Trump.

TRENDING: Proud Boys Leader Enrique Tarrio Arrested Leaving D.C. Area Airport on Way to Stop the Steal Rallies …Update: Charged With Burning Black Lives Matter Banner and then Possessing Two Gun Magazines

Here is a link to the resolution and below is what is resolved:

Whereas, without legitimacy, the government of the people, by the people, and for the people shall not stand. Instead, our government will devolve into a system of coercion and bribery that seeks to use the guise of elections to hold a degree of credibility; and

Whereas, the people of Wisconsin are demanding that the legislature address questions of legitimacy; now, therefore, be it

Resolved by the assembly, That: the Wisconsin State Assembly recognizes that the most important function for a government is to conduct fair and honest elections that follow the duly enacted law; and, be it further

Resolved, That when there are significant portions of the population that question the integrity of the elections due to the failure of election officials to follow the letter of the law, it is incumbent upon the legislature to address the issues that are in question; and, be it further

Resolved, That the members of the Wisconsin State Assembly place the redress to these and other election law violations and failed administrative procedures as its highest priority and shall take up legislation crafted to ensure civil officers follow the laws as written

end
No 4
Patrick Byrne asserts that a Michigan ballot manufacturer prints excess ballots and ships them to NEW YORK.  If true, this will be a game change
(Andrea Widburg/American Thinker)

Patrick Byrne is back with more astonishing election assertions

Patrick Byrne published a Twitter thread on Monday making two really shocking claims: First, he says that a legitimate ballot-printing shop in Michigan was printing excess ballots for fraudulent purposes – and there’s documented evidence proving it. Second, he says that there’s now evidence that Georgia had faked ballots from China and was busy shredding them. I have no idea if any of these latest assertions are true, but I do have footage of Georgia’s Voting System Implementation Manager rebuffing the second claim. Since the truth is still unknowable for all of us, we can call this post “I report and you decide.”

I’ll start with Byrne’s claim about the fake ballots from a Michigan print shop, because Byrne claims that there’s documentary evidence, including affidavits, that prove this assertion. Here’s his story:

Patrick Byrne
@PatrickByrne

READ AND RETWEET AS THOUGH THE LIFE OF YOUR NATION DEPENDS ON IT. WHICH IT DOES. Citizens, I am going to add to the picture with more information. I am not going to let this pass while keeping information to myself. I am going to walk you through 2 narratives.

Patrick Byrne
@PatrickByrne

A printing shop in Michigan prints ballots for Delaware County, Pennsylvania and as Lancashire County, Pennsylvania (this is normal). But along with the ballots it prints on contract and delivers to those counties, it prints some ballots that get diverted to Bethpage, New York.

Patrick Byrne
@PatrickByrne

There, a boiler room of folks fill in “Biden” (often without even voting downballot). The ballots (which are forensically legitimate, given that they come from the same print shop as the good ballots, ) then get trucked into Pennsylvania and mailed. Hundreds of thousands.

Patrick Byrne
@PatrickByrne

We have all of that documented. Texts, statements, affidavits, everything.

Patrick Byrne
@PatrickByrne

We also know that this same ballot printing company (and other firms in the same family) also print for Michigan, Wisconsin, Arizona, and Georgia.

Patrick Byrne
@PatrickByrne

Narrative #2: China sent counterfeit ballots to Fulton County, Georgia. During the counting on election night, all but four people were shoved out of the counting operation on the grounds of a dangerous “water main break” (that turned out to be “a toilet overflowed”).

Patrick Byrne
@PatrickByrne

Narrative #2: China sent counterfeit ballots to Fulton County, Georgia. During the counting on election night, all but four people were shoved out of the counting operation on the grounds of a dangerous “water main break” (that turned out to be “a toilet overflowed”).

If Byrne’s information is accurate, this is “rock your world” evidence of fraudulent votes in all sorts of elections. A national re-do is required. Alternately, a simple admission that Trump won would probably do too.

Of course, the operative word is “if.” We’ve had lots of promises so far, but while there’ve been strong intimations of fraud, we’re still looking for that smoking gun. (Although, as noted here, the vanishing votes may be the smoking gun.) I anxiously await solid proof about this Michigan print shop.

Byrne’s next assertion (which is part of the same Twitter thread), focuses specifically on what those arguing election fraud claim happened in Georgia – namely, that fraudulent ballots were lying around and got shredded. I’ll give you Byrne’s assertion, and then the counterclaim from the Georgia election official:

Again, I’d like to see the evidence before I get excited. While this narrative matches witness reports about ballot shredding, Gabriel Sterling, Georgia’s Voting System Implementation Manager, says Byrne’s contention is hogwash. Note, though, as you listen to Sterling speak, that he does not address the claims from Susan Knox and Sally Grubbs that completed ballots were getting shredded. He also doesn’t explain why, in the midst of this election uproar, Georgia decided that now was the right time to shred documents:

If you can keep up with Sterling’s incredibly rapid speech, you heard him say that the ballots everyone is getting excited about were paper ballots that the state requires precincts to have on hand in case of emergencies. Moreover, while the requirements if for ballots equal to 10% of the number of registered voters, out of an excess of caution, they had ballots equal to 100%.

Again, I’ve given you the data. I have no idea where the truth lies.

I’ll round out this post with some bonus tweets from Byrne. One shows the country in which some Dominion products are made (it’s not the USA). The other purports to show that the calibration markers from Republican ballots were printed incorrectly, which forced those ballots into adjudication.

Make of this what you will!

END

No 5

Dominion Machines are breaking down all in GOP precincts. Voters have been told that workers will scan ballots..  Sure!!

Reports: Dominion Machines Breaking Down in Several Georgia GOP Precincts; Voters Told Workers Will Scan Ballots Later

Georgia radio host John Fredricks said several voters in Republican precincts called his show Tuesday morning and told him that they were unable to cast their votes in the state’s runoff election due to malfunctions by Dominion machines. The callers said workers at the polls told them to put their ballots in a box, telling them their ballots would be scanned later.

Fredericks spoke about the problems reported by voters during an appearance on Steve Bannon’s War Room Pandemic.

Gabriel Sterling announced a problem in Columbia County, “Some issues in Columbia Co. There was a programming error on security keys for some locations scanners & pollworker cards. Voting continues on backup emergency ballots. Newly programmed keys&cards are being taken to locations via law enforcement.”

TRENDING: Proud Boys Leader Enrique Tarrio Arrested Leaving D.C. Area Airport on Way to Stop the Steal Rallies …Update: Charged With Burning Black Lives Matter Banner and then Possessing Two Gun Magazines

Tweet:

First hand claim posted to Twitter by a voter in the city of Covington in Newton County, “Just voted in Newton County Georgia. Heavy republican district.. When I went to place my printed ballot into the dominion machine, the poll worked said the scanner was broken and someone was coming to fix it, I placed it in the machine slot but not in the scanner.

The voter says a man staffing a GOP voter hotline told him they are receiving calls about the problem, “UPDATE. I called @GaRepublicans hotline and the guy said they are already hearing about these types of problems!”

Another Newton County voter, “The Dominion scanner at my polling place in Newton County is not working. I’d be happy to meet anyone there and help out any way I can.”

A voter in Sandy Springs in Fulton County, “Just voted in #Georgia runoff & of course in heavily @GOP precinct at HeardsFerry—Sandy Springs #Dominion scanners “are down.” This means @TheDemocrats activist now will be in charge of scanning my vote for @sendavidperdue & @KLoeffler @BrianKempGA @KLoeffler @GabrielSterling”

A second hand account posted to Twitter, “A friend just texted in Georgia that the Dominion voting machine in Troup County is jammed. They put his ballot in a box and said they’d scan it later. The steak (sic) is back on!”

Also a claim the same happened in Paulding County.

Columbia County:

My family in GA trying to vote this morning. Was told that machines are “down” and he has to vote provisional. Here’s the catch: Machines are NOT down in Democrat county. Just the Repub Co. Columbia county…It’s a Republican-majority county. People forced to vote with provisional ballots and told to check online later to see if the vote was counted. Next county over is Richmond Co, a Democrat-majority county, with machines that are working just fine.”

END

Judicial Watch: over 4700 of Georgia’s absentee votes in November are tied to non residential addresses

Judicial Watch/Gateway Pundit

JUDICIAL WATCH: Over 4,700 of Georgia’s Absentee Votes in November Election Tied to Non-Residential Addresses

Conservative watchdog group Judicial Watch on Tuesday announced that Georgia voter data shows over 4,700 absentee voters in the November 2020 election are tied to non-residential addresses.

Judicial Watch’s announcement comes just one day after Project Veritas released undercover video of a Central OAC Exec admitting her organization registers thousands of homeless people to vote at the same address in Fulton County.

In total nearly 10,000 Georgia voters are registered at non-residential addresses.

Judicial Watch says it has repeatedly shared its data with Georgia Secretary of State Brad Raffensperger and requested an investigation.

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Via Judicial Watch:

Judicial Watch announced today that Georgia voter data shows over 4,700 absentee voters in the presidential election listed non-residential addresses as their places of residence. Georgia law requires citizens registering to vote to reside “in that place in which such person’s habitation is fixed …” Judicial Watch yesterday shared its data with the Georgia Secretary of State and requested an investigation.

In total, 9,989 Georgia voters seem to be registered at non-residential addresses: 1,882 at commercial addresses, 1,336 registered at county and state governmental buildings, and 6,735 at either hotels or motels.

Additionally, 215 new registrations (between November 4-December 14) for today’s special election are linked to non-residential addresses.

In September 2020, Judicial Watch released a study revealing that 353 U.S. counties had 1.8 million more registered voters than eligible voting-age citizens. In other words, the registration rates of those counties exceeded 100% of eligible voters.

In Georgia: Bryan County (118%); Forsyth County (114%); Dawson County (113%); Oconee County (111%); Fayette County (111%); Fulton County (109%); Cherokee County (109%); Jackson County (107%); Henry County (106%); Lee County (106%); Morgan County (105%); Clayton County (105%); DeKalb County (105%); Gwinnett County (104%); Greene County (104%); Cobb County (104%); Effingham County (103%); Walton County (102%); Rockdale County (102%); Barrow County (101%); Douglas County (101%); Newton County (100%); Hall County (100%)

“Judicial Watch found thousands of voters in Georgia who seemed to have used non-residential addresses to register to vote. This must be immediately investigated. We are concerned about the impact on Georgia’s elections in November and today,” stated Judicial Watch President Tom Fitton.

Judicial Watch is on the front lines fighting to clean up dirty voter rolls across the country.

You can support Tom Fitton and JW by clicking here.

END

iv) Swamp commentaries)

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

Well that is all for today

I will see you WEDNESDAY night.

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