JAN 11/2021//GOLD UP $14.30 TO $1850.80//SILVER UP 68 CENTS TO $25.18//GOLD TONNAGE STANDING: 4.9 TONNES//CORONAVIRUS UPDATE: GLOBE//BITCOIN DOWN 7400 DOLLARS TO 33,392//CHINA SCRUBS ALL CRITICAL WUHAN DATA INCLUDING 300 STUDIES AND ALL ACCOUNTS ON BATWOMAN: SHI//MASSIVE POWER OUTAGES IN PAKISTAN, QUEBEC, ROME, AND GERMANY//TRUMP APPROVAL RATING 51%//ELECTION CHAOS STORIES//SWAMP STORIES//

GOLD:$1850.80 UP   $14.30   The quote is London spot price

Silver:$25.18 UP $0.68   London spot price GOLD( cash market)

Closing access prices:  London spot

i)Gold : $1843.00  LONDON SPOT  4:30 pm

ii)SILVER:  $24.98//LONDON SPOT  4:30 pm

 

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EXECUTIVE ORDER 13848

THIS EMERGENCY DECLARATION IS STILL IN EFFECT!!!!
 
 
 
 
Sept 12.2018
 
“I, DONALD J. TRUMP, President of the United States of America, find that the ability of persons located, in whole or in substantial part, outside the United States to interfere in or undermine public confidence in United States elections, including through the unauthorized accessing of election and campaign infrastructure or the covert distribution of propaganda and disinformation, constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States. Although there has been no evidence of a foreign power altering the outcome or vote tabulation in any United States election, foreign powers have historically sought to exploit America’s free and open political system. In recent years, the proliferation of digital devices and internet-based communications has created significant vulnerabilities and magnified the scope and intensity of the threat of foreign interference, as illustrated in the 2017 Intelligence Community 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:  116/351

EXCHANGE: COMEX
CONTRACT: JANUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,834.100000000 USD
INTENT DATE: 01/08/2021 DELIVERY DATE: 01/12/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 13
132 C SG AMERICAS 11
332 H STANDARD CHARTE 56
355 C CREDIT SUISSE 1
435 H SCOTIA CAPITAL 19
624 H BOFA SECURITIES 43
657 C MORGAN STANLEY 53
657 H MORGAN STANLEY 322
661 C JP MORGAN 33
661 H JP MORGAN 83
690 C ABN AMRO 25
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 4 36
880 C CITIGROUP 1
____________________________________________________________________________________________

TOTAL: 351 351
MONTH TO DATE: 1,452

ISSUED 0

 

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

TOTAL NUMBER OF NOTICES FILED TODAY:   351 NOTICES FOR 35100 OZ  (1.0917 TONNES)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  1452 NOTICES FOR 145,200 OZ  (4.5163 tonnes) 

SILVER//JAN CONTRACT

 

0 NOTICE(S) FILED TODAY FOR NIL  OZ/

total number of notices filed so far this month: 611 for 3,055,000  oz

BITCOIN MORNING QUOTE  $34,365   DOWN  $6782

BITCOIN AFTERNOON QUOTE.  :$33,352,  down $7793 .

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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 $14.30 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GLD//

INVENTORY RESTS AT:

 

GLD: 1,182.11 TONNES OF GOLD//

 

WITH SILVER UP 68 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

INVENTORY RESTS AT :

SLV: 562.499  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A HUGE SIZED 6375 CONTRACTS FROM 175,191 DOWN TO 168,816, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED LOSS IN COMEX OI  OCCURRED DWITH OUR MONSTER LOSS OF $2.57 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A HUGE EXCHANGE FOR PHYSICAL. WE  HAD SOME LONG LIQUIDATION, AND A TINY GAIN IN  SILVER OUNCES  STANDING AT THE COMEX FOR JAN. WE ALSO HAD A SMALLER THAN EXPECTED SIZED LOSS IN OUR TWO EXCHANGES OF 2611 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:  3688, AS WE HAD THE FOLLOWING ISSUANCE:    MARCH 3688 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  3688 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.

4.905 MILLION INITIAL STANDING FOR JAN 2021

FRIDAY, AGAIN OUR CROOKED BANKS//BIS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $2.57) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS AS WE HAD A SMALLER THAN EXPECTED LOSS  IN OUR TWO EXCHANGES (2687 CONTRACTS). NO DOUBT THE GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i) HUGE  BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL GAIN STANDING FOR IN SILVER OZ STANDING FOR JAN, iii) HUGE COMEX OI LOSS AND iv) SOME 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:

8068 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 8068 CONTRACTS) OR 40.34 MILLION OZ: (AVERAGE PER DAY 1344 CONTRACTS OR 6.723 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 40.34 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:          40.34 MILLION OZ.

JAN EFP ACCUMULATION SO FAR:  40.34 MILLION OZ   (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 6,299, WITH OUR  $2.57 LOSS IN SILVER PRICING AT THE COMEX //FRIDAY.…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 3688 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A SMALLER THAN EXPECTED  SIZED 2687 OI CONTRACTS ON THE TWO EXCHANGES  (WITH OUR  $2.57 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  3688 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A HUGE SIZED DECREASE OF 6375 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $2.57 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.64 // FRIDAY’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. 0.8440- BILLION OZ TO BE EXACT or 120% of annual global silver production (ex Russia & ex China).

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

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

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 14,260 CONTRACTS TO 552,907AND FURTHER FROM  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS IN COMEX OI OCCURRED WITH OUR MONSTER FALL IN PRICE  OF $76.70 /// COMEX GOLD TRADING//FRIDAY. WE  HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG/ SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD SOME LONG LIQUIDATION AS WE HAD A SMALLER THAN EXPECTED LOSSS  ON OUR TWO EXCHANGES  (6340 CONTRACTS). WE  HAD A STRONG GAIN IN THE  AMOUNT OF GOLD STANDING FOR DELIVERY IN JANUARY/:(GOLD NOW STANDING JAN. AT 4.8989 TONNES) .THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $76.70

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

.

WE HAD A VOLUME OF 15    4 -GC CONTRACTS//OPEN INTEREST  27//

WE HAD A SMALLER THAN EXPECTED SIZED LOSS OF 4419 CONTRACTS   ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A STRONG SIZED 7920 CONTRACTS:

CONTRACT .;JAN  FEB: 7920  AND APRIL 21: 0 ALL OTHER MONTHS ZERO//TOTAL: 7920.  The NEW COMEX OI for the gold complex rests at 552,907. 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 DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6230 CONTRACTS: 14,260 CONTRACTS DECREASED AT THE COMEX AND 7920 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS//TWO EXCHANGES OF 6340 CONTRACTS OR 19.72 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7920) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI  (14,260 OI): TOTAL LOSS IN THE TWO EXCHANGES: 6340 CONTRACTS. WE NO DOUBT HAD  1)  CONSIDERABLE BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2 STRONG GAIN IN GOLD   STANDING AT THE GOLD COMEX FOR THE FRONT JAN. MONTH AT 4.89898 TONNES3)  SOME LONG LIQUIDATION ;4) HUGE COMEX OI LOSS,  5) STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR MONSTER LOSS IN GOLD PRICE TRADING/FRIDAY//$76.70.

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 : 35,442 CONTRACTS OR 3,544,200 oz OR 110.23 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 5907 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 110.23  TONNES

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

THUS EFP TRANSFERS REPRESENTS 110.23/3550 x 100% TONNES =3.10% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE: JANUARY: 110.23 TONNES (RAPIDLY INCREASING AGAIN)

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A HUGE SIZED 6375 CONTRACTS FROM 175,191 DOWN TO 168,816 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 3688 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:  3688  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3688 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 6375 CONTRACTS TO THE 3688 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALLER THAN EXPECTED  LOSS OF 2687 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 13.435 MILLION  OZ, OCCURRED WITH OUR $2.57 FALL IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 38.61 PTS OR 1.08%   //Hang Sang CLOSED UP 30.00 PTS OR .11%    /The Nikkei closed UP 648.80 POINTS OR 2/36%//Australia’s all ordinaires CLOSED DOWN 0.82%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4792 /Oil UP TO 51.81 dollars per barrel for WTI and 55.15 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4792. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4821 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 ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

i

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY BY A HUGE SIZED 14,260 CONTRACTS TO 552,907 AND FURTHER FROM OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED WITH OUR MONSTER  LOSS OF $76.70 IN GOLD PRICING FRIDAY’S COMEX TRADING/).

 WE HAD A CONSIDERABLE EFP ISSUANCE (7920 CONTRACTS).  WE THUS HAD  1)  HUGE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  SMALLER THAN EXPECTED LONG LIQUIDATION  AND 3)  STRONG GAIN  IN GOLD OUNCES  STANDING AT THE  COMEX FOR JANUARY.  (COMEX GOLD NOW STANDING AT 4.824 TONNES)/ 4)   AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 4419 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL. HOWEVER IN THE PAST FEW DAYS, EFP  ISSUANCE HAS BEEN RISING AS I GUESS THERE IS NOWHERE ELSE TO GO.  THE BANKERS ARE FORCED TO PAY THEIR HIGHER FEES FOR THEIR ISSUANCE. 

(SEE BELOW)

WE  HAD 15    4 -GC VOLUME//open interest RAISES TO   27

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 7920 EFP CONTRACTS WERE ISSUED: JAN FEB// ’21 7920 AND APRIL ’21: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 7920  CONTRACTS.

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

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

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL 6340 TOTAL CONTRACTS DESPITE THE MONSTER WHACK IN THAT 7920 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED 14,260 COMEX CONTRACTS.. WE HAVE A STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((4.824 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $76.70). AND, THEY WERE  SUCCESSFUL IN FLEECING A SMALLER AMOUNT LONGS THAN EXPECTED AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  19.72 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR JAN (4.824 TONNES)

NET LOSS ON THE TWO EXCHANGES :: 6340 CONTRACTS OR 634000 OZ OR  19.72  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:  552,907 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.29 MILLION OZ/32,150 OZ PER TONNE =  1719 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1719/2200 OR 78.17% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY 174,651 contracts// volume//poor

 

CONFIRMED COMEX VOL. FOR YESTERDAY:

539,335 contracts//  volume: huge//raid//bis///

 

/most of our traders have left for London

 

JAN11 /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
 
1615.775 oz
HSBC
 
 
 
Deposits to the Dealer Inventory in oz 32,203.22 oz

 

BRINKS

Deposits to the Customer Inventory, in oz

64,270.150
OZ

Brinks

1999 kilobars

No of oz served (contracts) today
 
351 notice(s)
 
 35,100 OZ
(1.0917 TONNES)
 
 
 
 
No of oz to be served (notices)
123 contracts
(12300 oz)
0.3826 TONNES
 
Total monthly oz gold served (contracts) so far this month
1452 notices
 
145,200 OZ
4.5163 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

Withdrawals from Dealers Inventory NIL oz

We had 1 deposit into the dealer

i) into Brinks;  32,203.22 oz
 
 
total deposit: 32,203.22   oz
 
 

total dealer withdrawals: nil oz

 

we had  1 deposit into the customer account

i) Into Brinks:  64,270.150 (1999 kilobars)
 

total customer deposit: 64,270.150.150    oz

 

we had  1 gold withdrawals from the customer account:

i) Out of HSBC:  1615.775 oz
 
 
 
total customer withdrawals: 1615.775  oz

We had 1  kilobar transactions

ADJUSTMENTS: 0//

 
 

The front month of JAN registered a total of 474 contracts for a LOSS of  17. We had 41 notices filed on Thursday so we GAINED 24 contracts or AN ADDITIONAL 2400 oz will stand for delivery in the non active delivery month of January.  LONGS refused to  morph into a London based forward as they will try their luck searching for metal on this side of the pond. This is a strong queue jump

FEBRUARY LOST 32,178 contracts DOWN TO 354,709 CONTRACTS.

MARCH GAINED 302 contracts to stand at 697

APRIL added 17,220 contracts to stand at 124,314

THUS IN SUMMARY, WE LOST 32,178 FEB. CONTRACTS AND GAINED 7920, EFP AND 12,220 APRIL CONTRACTS.  TOTAL ACTUAL LOSS 6340 CONTACTS. THE BIS/BANKERS GAINED NOTHING WITH THEIR RAID.

We had  351 notice(s) filed today for  35100 oz

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  351  contract(s) of which 33  notices were stopped (received) by j.P. Morgan dealer and 83 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 /2021. contract month, we take the total number of notices filed so far for the month (1452) x 100 oz , to which we add the difference between the open interest for the front month of  (JAN 474 CONTRACTS ) minus the number of notices served upon today (351 x 100 oz per contract) equals 157,500 OZ OR 4.8989 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 (1452 x 100 oz  PLUS {474 OI) for the front month minus the number of notices served upon today (351} x 100 oz which equals 157,500oz standing OR 4.8989 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). 

We gained 24 contracts or a queue jump of 2400 oz of gold. These longs refused to morph into London based forwards.

 
 
 

NEW PLEDGED GOLD:  BRINKS

461,317.475 oz NOW PLEDGED  SEPT 15.2020/HSBC  14.34 TONNES

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

270,456.695 oz  JPM  8.41 TONNES

1,000,836.682 oz pledged June 12/2020 Brinks/30.198 TONNES

58,417.994 oz Pledged August 21/regular account 1.96 tonnes JPMORGAN

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

6,308.08 oz International Delaware:  .196 tonnes

968,144.854 Malca

total pledged gold:  2,046,576.058 oz                                     63.65 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 525.18 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 4.8989 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 
total registered or dealer  18,931,385.036 oz or 588.84 tonnes
 
 
total weight of pledged:  2,046,576.059 oz or 63.65 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 16,884809.0  (525,18 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,884809.0 (525.18 tonnes)
 
 
 
total eligible gold: 19,358,990.936 , oz (602.14 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  38,290,375.973 oz 1,190.99 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1064.65 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  11/2021

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
609,362.270 oz
 
CNT
Delaware
Scotia
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
Deposits to the Customer Inventory
6993.840 oz
 
 
 
CNT
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(NIL OZ)
 
No of oz to be served (notices)
370 contracts
 1,850,000 oz)
Total monthly oz silver served (contracts)  611 contracts

 

3,055,000 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 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i)  Into JPMorgan:  0
ii) Into CNT: 6993.840 oz
 
 
 

JPMorgan now has 192.769 million oz of  total silver inventory or 48.61% of all official comex silver. (192.769 million/395.869 million

total customer deposits today: 6993.840    oz

we had 3 withdrawals:

i) Out ofDelaware:  2001.80 oz
ii) Out of CNT:  6001.170 oz
iii) Out of Scotia:  601,359.3005 oz
 
 
 

total withdrawals  609,362.270 oz       oz

We had 0 adjustments:

 
 

Total dealer(registered) silver: 150.446million oz

total registered and eligible silver:  395.869 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Jan saw a GAIN of 1 contract  UP to 370 contracts. We had 0 notices filed on FRIDAY so we GAINED 1 contract or 5,000 oz will stand in this non active delivery month of January.  They refused to morph into London based forwards

 

FEBRUARY saw another gain of 52 contracts to stand at 649.  MARCH lost 6834 contracts down to 138,567.

IN SUMMARY, WE LOST 6765 MARCH CONTRACTS AND GAINED 3688 EFP ISSUANCE: TOTAL LOSS 2611 CONTRACTS.

The total number of notices filed today for JAN 2021. contract month is represented by 0 contract(s) FOR NIL 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 611 x 5,000 oz = 3,055,000 oz to which we add the difference between the open interest for the front month of JAN (370) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the JAN standings for silver for the JAN/2021 contract month: 611 (notices served so far) x 5000 oz + OI for front month of JAN(370)- number of notices served upon today (0) x 5000 oz of silver standing for the NOV contract month .equals 4,905,000 oz. ..VERY STRONG FOR A NON ACTIVE  JAN MONTH.

WE GAINED 1 CONTRACT OR 5,000 ADDITIONAL OZ WILL STAND FOR DELIVERY.

 

TODAY’S ESTIMATED SILVER VOLUME 59,212 CONTRACTS // volume  poor

 

FOR YESTERDAY  196,797  ,CONFIRMED VOLUME// huge//raid//bis///

 

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- 2.52% ((JAN 11/2021)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  FALLS TO 1.73% to NAV:   (JAN11/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.52% (JAN 11)

(courtesy Sprott/GATA

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

NAV 19.18 TRADING 18.70///NEGATIVE 2.48

END

And now the Gold inventory at the GLD

JAN 11/WITH GOLD UP $14.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 8//WITH GOLD DOWN $75.70 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.57 TONNES FROM THE GLD//INVENTORY RESTS AT 1182.11 TONNES

JAN 7/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1186.78 TONNES

JAN 6/WITH GOLD DOWN $44.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES//INVENTORY RESTS AT 1186.78 TONNES

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  11 / GLD INVENTORY 1182.11 tonnes

LAST;  978 TRADING DAYS:   +238.34 TONNES HAVE BEEN ADDED THE GLD

LAST 878 TRADING DAYS// +415.97  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

JAN 11/WITH SILVER UP 68 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 562.499 MILLION OZ//

JAN 8/WITH SILVER DOWN $2.57 TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 562.499 MILLION OZ//

JAN 7/WITH SILVER UP 26 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 392,000 OZ FROM SLV INVENTORY///INVENTORY RESTS AT 562.499 MILLION OZ/

JAN 6/WITH SILVER DOWN 54 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.156 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 562.871 MILLION OZ//

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/

JAN11.2021:

SLV INVENTORY RESTS TONIGHT AT  562.499 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Biden, (if he gets in) pans on many trillions in new relief and that causes gold to fall?

Washington post/GATA)

Biden plans many trillions in new relief package

 
 Section: 

 

Biden Assembling Multi-Trillion-Dollar Stimulus Plan with Checks, Unemployment Aid

By Jeff Stein, Erica Werner, and Mike DeBonis
Washington Post
Friday, January 8, 2021

President-elect Joe Biden said today he is assembling a multi-trillion-dollar relief package that would boost stimulus payments for Americans to $2,000, extend unemployment insurance, and send billions of dollars in aid to city and state governments, moving swiftly to address the nation’s deteriorating economic condition and the rampaging pandemic.

The package will also include billions of dollars to improve vaccine distribution and tens of millions of dollars for schools, as well as rent forbearance and assistance to small businesses, especially those in low-income communities, Biden said at a news conference in Wilmington, Del.

“We need to provide more immediate relief for families and businesses now,” Biden said.

“The price tag will be high,” he said, adding, “The overwhelming consensus among leading economists left, right, and center is that in order to keep the economy from collapsing this year, getting much, much worse, we should be investing significant amounts of money right now.” …

… For the remainder of the report:

https://www.washingtonpost.com/us-policy/2021/01/08/biden-stimulus-plan/

END

Dave Kranzler comments on how gold and silver are victimized by paper games.

(Kranzler/IRD/GATA)

Dave Kranzler: Gold and silver victimized by paper games

 
 Section: 

 

By Dave Kranzler
Investment Research Dynamics, Denver
Friday, January 8, 2021

Gold and silver gave precious metals bulls a harrowing ride on the “down” price elevator today, as gold had as much as $82 removed from its price and silver was hammered as much as 10%.

However, make no mistake, the bulk of the selloff occurred in the paper derivative markets of London and New York. A graphic posted with this report shows Comex February paper gold over the last 24 hours.

… 

Very little if any physical gold transacted in institutional size during this price ambush. The selloff did not start until after the Asian physical markets had closed for the weekend and London was open.

The first big push below $1,900 didn’t start until 3 .m. The next leg down — from $1,890 to $1,827 — occurred after the Comex floor opened. This was a pure paper market endeavor. …

… For the remainder of the analysis:

https://investmentresearchdynamics.com/gold-and-silver-victimized-by-pap..

END.

Chris Powell wonders when the day of spectacular interventions ends and nudges the conscience of folks

(Chris Powell/GATA)_

Will this day of spectacular intervention nudge any consciences?

 
 Section: 

 

6:06p ET Friday, January 8, 2021

Dear Friend of GATA and Gold:

This week rioters incited by the president breached the U.S. Capitol, the president’s mental health was thrown into urgent question again, the dollar was sinking fast on international exchanges, the U.S. economy was crashing, unemployment was rising, and the president-elect announced that the new national administration would be distributing trillions more dollars in pursuit of economic recovery.

So why were monetary metals prices hammered with unprecedented violence and why did stock prices rise again?

Of course all that is exactly why.

This things prompt massive if surreptitious government intervention in the markets.

This is a very old story that still cannot be told by mainstream financial news organizations.

Back in August 2005 at the opening of GATA’s Gold Rush 21 conference in Dawson City, Yukon Territory, our friend, South Africa’s “Mister Gold,” the late Peter George, was already tired of the brazenness of gold price suppression.

“In the last 10 years,” George said, “the central banks have effectively shown that when there is a real crisis, gold actually goes down — and it’s so blatant, it’s a joke”:

http://www.gata.org/node/20

Eight years ago your secretary/treasurer wrote to you:

“If the Northern Hemisphere was destroyed in a nuclear war, the Federal Reserve, JPMorganChase, and HSBC would get some brokers to Sydney, Rio de Janeiro, and Johannesburg to sell gold futures massively and drive the price down by at least 5 percent.

“Kitco market analyst Jon Nadler would crawl out from the rubble and opine to the cockroaches that the gold price had fallen because so many gold buyers had been killed, as he always had predicted would happen.

“CPM Group’s Jeff Christian would telephone New Zealand not to worry because he was flying down with reams of gold-colored paper that would work just as well in Wellington as it had worked in New York as long as nobody asked what was behind it.

“And the World Gold Council would console itself with whatever high-fashion models could be found wearing gold nose rings in French Polynesia.

“But with London and New York razed, at least we’d be spared more contrived rationalizations from the Financial Times and Wall Street Journal about the counterintuitive market action”:

http://www.gata.org/node/11426

Two weeks ago the incomparable and essential financial journalists Pam and Russ Martens of Wall Street on Parade disclosed that the recent federal “stimulus” legislation had been used to top up the Treasury Department’s market-rigging agency, the Exchange Stabilization Fund, raising its balance by more than $600 billion:

http://gata.org/node/20759

This would not have happened unless the Treasury Department was planning more massive but surreptitious interventions in various markets.

Almost 13 years ago your secretary/treasurer remarked at the “GATA Goes to Washington” conference:

The price of gold has been manipulated through the strategic dishoarding of gold by central banks and their sale of gold futures and options at strategic moments. So the biggest question of all may be why central banks manipulate the gold price and what this means for investors.

Gold has been manipulated by central banks because it is a currency that competes with their own currencies, a currency whose price helps set the price of government currencies and helps determine interest rates. More than that, gold is the ticket out of the central bank system, the escape from coercive central bank and government power. As an independent currency, a currency to which investors can resort when they are dissatisfied with government currencies, gold carries the enormous power to discipline governments, to call them to account for their inflation of the money supply and to warn the world against it.

“Because gold is the vehicle of escape from the central bank system, the manipulation of the gold market is the manipulation that makes possible all other market manipulation by government.

“In recent months central bankers often have complained about what they call ‘imbalances’ in the international financial system. That is, certain countries, particularly in Asia, run big trade surpluses, while other countries, especially the United States, run big trade deficits and consume far more than they produce, living off the rest of the world. These complaints by the central bankers about ‘imbalances’ are brazenly hypocritical, since these imbalances have been caused by the central banks themselves, their constant interventions in the currency, bond, commodity, and derivatives markets to prevent those markets from coming into balance through ordinary market action lest certain political interests be disturbed.

“Yes, when markets balance themselves they often do it brutally, causing great damage to many of their participants. The United States enacted a central banking system in 1913 because for the almost 150 years before then the country went through a catastrophic deflation every decade or so. Central banking was created in the name of preventing those catastrophic deflations.

“The problem with central banking has been mainly the old problem of power — it corrupts.

“Central bankers are supposed to be more capable of restraint than ordinary politicians, and maybe some are, but they are not always or even often capable of the necessary restraint. One market intervention encourages another and another and increases the political pressure to keep intervening to benefit special interests rather than the general interest — to benefit especially the financial interests, the banking and investment banking industries. These interventions, subsidies to special interests, increasingly are needed to prevent the previous imbalances from imploding.

“And so we have come to an era of daily market interventions by central banks — so much so that the main purpose of central banking now is to prevent ordinary markets from happening at all.”

Those remarks were part of a presentation titled “There Are No Markets Anymore, Just Interventions”:

http://www.gata.org/node/6242

These interventions long have been obvious, and today’s was spectacular. But they still cannot be examined by mainstream financial news organizations or discussed candidly in respectable company.

So while GATA has succeeded in documenting and explaining them —

http://www.gata.org/taxonomy/term/21

http://www.gata.org/node/14839

— we have not yet succeeded in finding any financial news organization with enough integrity to report them, nor very many monetary metals mining companies willing to acnkowledge and challenge them. They are all too scared of their governments.

Maybe today’s intervention was grotesque enough to nudge some consciences. But we can’t count on that. We will have to continue to do what we can.

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

END

Another fine for basket case Deutsche bank:  This time 125 million dollars to resolve USA bribery and metal manipulation

Deutsche Bank to pay nearly $125 million to resolve U.S. bribery, metals charges

 
 Section: 

 

By Jonathan Stempel and Noor Zainab Hussain
Reuters
Friday, January 8, 2020

NEW YORK — Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for the bank as it tries to rebound from a series of scandals.

“Germany’s largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.

… 

The settlements were made public on Friday at a hearing in the federal court in Brooklyn, New York. …

In the metals case, prosecutors accused Deutsche Bank traders of placing fraudulent trades, known as spoofing, to induce other traders to buy and sell futures contracts at prices they otherwise would not have. …

… For the remainder of the report:

https://www.reuters.com/article/us-deutsche-bank-corruption-united-state…

END

Bitcoin holders who made profited from Bitcoin are barred from depositing their gains in some UK banks.

(Denham/London Times)

Bitcoin holders barred from depositing profits in some UK banks

 
 Section: 

 

As long as government controls the banking system, how difficult will it be to cripple cryptocurrencies?

* * *

By Katherine Denham
The Times, London
Saturday, January 9, 2021

Bitcoin has surged to record highs this week but anyone who wants to take profits might struggle to cash in their gains.

Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets. While other leading banks will accept transfers from digital wallets to current accounts, many will not allow customers to use their credit cards to buy or sell bitcoin.

… 

When buying bitcoin or another cryptocurrency, you need to use an exchange such as Coin Corner or Coinbase to open an account. Once you have put funds into your account by making a bank transfer or using a debit or credit card, you can then buy and sell units of bitcoin.

These exchanges also give you the option to store your bitcoin in a digital wallet. If you want to cash in profits and move the money into your bank account, the banks that accept transfers from digital wallets expect you to convert bitcoin into a fiat currency, such as sterling, euros or dollars first.

With the price of bitcoin surging above $40,000 this week after increasing by about 300 per cent last year, this could be the first time that many people have decided to take their profits.

If their bank will not accept transfers, their money risks being stuck on the platform and useless until they can find a company that will. Experts advise people to ask their banks about their policies before investing in bitcoin or other cryptocurrencies.

Concerns about money laundering are at the heart of scepticism about bitcoin. The nature of cryptocurrency makes it difficult to trace its origins, so many think it is the perfect way for criminals to conceal their activities.

On Wednesday the City regulator, the Financial Conduct Authority, banned the sale of complex cryptocurrency products, such as derivatives, to consumers, although you can still buy the currency itself. …

… For the remainder of the report:

https://www.thetimes.co.uk/article/bitcoin-holders-barred-from-depositin…

END

Ed Steer’s commentary for Saturday posted as Silverseek.

(courtesy Ed Steer/GATA/Ted Butler)

Ed Steer’s Gold and Silver Digest for Saturday posted at SilverSeek

 
 Section: 

 

1:15p ET Sunday, January 10, 2021

Dear Friend of GATA and Gold:

GATA board member Ed Steer’s Gold and Silver Digest letter for Saturday, headlined “Another Egregious Bear Raid By the Big 8 Shorts,” is posted in the clear at GoldSeek’s companion site, SilverSeek, here:

https://silverseek.com/article/another-egregious-bear-raid-big-8-shorts

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

END

iii) Other physical stories:

Bitcoin collapses by 7000 dollars per coin

(zerohedge)

Crypto Carnage Erases Over $200 Billion In Market Cap

 
MONDAY, JAN 11, 2021 – 8:26

After topping $1 trillion for the first time last week ($1.1 trillion at its peak), the total market cap of the cryptocurrency space has plunged by over 20% this week (back below $900 billion) after a bloodbath in bitcoin and ethereum evisceration this weekend.

Source

Bitcoin plunged from $40,000 on Friday to $32,300 today…

Source: Bloomberg

Ethereum plunged from over $1350 yesterday morning to $1006 this morning…

Source: Bloomberg

“It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break so it might just be,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.

Various catalysts for the drop have been suggested including dollar strength (despite Biden promises of trillion dollar deficit-spending plans), UK regulatory crackdowns (FCA fraud warnings and bank deposit blocks), and finally, one major institutional buyer throwing in the towel.

First things first, the dollar has been accelerating recently…

Source: Bloomberg

Some crypto traders have suggested comments from the U.K.’s financial watchdog could have raised concerns among recent market entrants.

The FCA issued a stark warning for consumers looking to profit from crypto: be ready to lose everything.

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the Financial Conduct Authority said in a statement.

The FCA’s concerns include price volatility, the complexity of products offered and the lack of consumer protection regulation around many of the products.

Additionally, The Times reports that some banks are refusing to transfers from bitcoin exchanges.

Some have pointed to Bitcoin’s recent rise above its Stock-to-Flow fair value as being a catalyst for a pullback…

Source

Finally, Guggenheim’s Scott Minerd sparked some concerns when he tweeted that it was “Time to take some money off the table.”

“Bitcoin’s parabolic rise is unsustainable in the near term.”

As a reminder, in late December, Minerd predicted Bitcoin could eventually reach $400,000.

Target: Bitcoin… but when?

Steve Brown

Whatever happened to M3? “Monetary authorities” won’t calculate M3 money supply ‘coz that includes crypto offerings like ETH and bitcoin, skewing Fed velocity and money supply calculations. Likewise, bitcoin/crypto is useful to the Fed for sterilizing capital as we’ve covered. Bitcoin is not a currency, is not used like a currency, and blockchain has zero regulatory requirement as a payment processor. So, as far as the Fed is concerned, BTC is a convenient dark pool for inflationary capital to accrue in such a way that it can hardly be used as inflationary capital.

By combining $USDT @Bitcoin and @ethereum market caps we are looking at nearly $1T US in blockchain tech. No counter-party risk. No accountability. No recourse. No regulation. That won’t change considering Mr ‘IndyMAC’ Mnuchin’s lame duck status, and his inability to act now. And Washington’s transition period is paramount to understanding present anomalous market circumstances.

Then in the beginning of her new term, Yellen will view Bitcoin the same way Mnuchin does now. At least for a while. Because Bitcoin is a convenient dark pool for potentially troublesome inflationary dollars to be cached, before they can become troublesome spent dollars at monetary levels 6,7, and 8.*

Recall, DXY is the standard to whit all else holds true. The Fed is alright with DXY 90, and will allow the dollar to slip to 80 before unease manifests. As I predicted on January 2nd, the Fed will allow BTC to advance to perhaps $60k USD and then consider BTC’s intersection with a declining DXY and act versus crypto components at the suitable cusp. Since BTC is already at $40K USd that timeline may not work, but the point stands. $60K BTC means a market cap in excess of $2Tn US, an amount that cannot be ignored by the Fed/Treasury.

So how will Yellen’s Treasury act versus Bitcoin? Blockchain is inviolate, so the Treasury can only act versus stable coin components, which allow Bitcoin to trade as it does. Since USDT and other stable coins are effectively securitized dollars, classifying them as such will be one first step to tame the Bitcoin Wild West.

The pace by which the Federal Reserve may target USDT is unclear, but there is no recourse or accountability where Bitcoin is concerned, and extinguishing BTC assets will prove effective in supporting the USd when the time comes, to reassert monetary authority and dominance. When BTC market capitalization and dollar weakness intersects at such a point, the importance (to the Fed) in extinguishing such capital cannot be estimated, calculated, or even imagined. But to name that precise date is of course the challenge!

Next step? … Will be Yellen’s enforced introduction of the Federal Reserve Digital Dollar to be used by all Americans, especially the two-thirds of all Americans who presently receive some form of federal payment. At that time, all blockchain crypto operating via US exchanges must adapt the Federal Reserve Digital Dollar, to comply with the new law.

Establishing the date by which the foregoing will occur is of course the rub, but there is no doubt that this will occur… key learning being that the US Treasury will not somehow roll over and allow Bitcoin to usurp the US dollar system. The United States fights wars and kills people to ensure global US dollar hegemony. When Bitcoin’s market cap sequesters enough dollars to make extinguishing them convenient in this brutally debased dollar environment, and when Bitcoin’s market share infringes on US dollar hegemony, Yellen’s Fed will act… somehow! Just as the Fed acted in 2017.

*Order of (domestic) $ US usage:

  1. US Treasury (ESF)
  2. Federal Reserve banks
  3. Federal Reserve “Desk”
  4. Primary Dealer Banks
  5. Commercial investment banks (including certain hedge funds)
  6. Non-dealer retail banks/credit unions
  7. Other financial entities
  8. Public
 


* * *

end

Bitcoin’s a Digitized Tally Stick… Not Gold

Steve Brown

The tally stick was a medieval medium of exchange and conjured form of currency that worked like this:

Split tally

‘The split tally was a technique which became common in medieval Europe, which was constantly short of money (coins) and predominantly illiterate, in order to record bilateral exchange and debts. A stick (squared hazelwood sticks were most common) was marked with a system of notches and then split lengthwise. This way the two halves both record the same notches and each party to the transaction received one half of the marked stick as proof. Later this technique was refined in various ways and became virtually tamper proof. One of the refinements was to make the two halves of the stick of different lengths. The longer part was called stock and was given to the party which had advanced money (or other items) to the receiver. The shorter portion of the stick was called foil and was given to the party which had received the funds or goods. Using this technique each of the parties had an identifiable record of the transaction. The natural irregularities in the surfaces of the tallies where they were split would mean that only the original two halves would fit back together perfectly, and so would verify that they were matching halves of the same transaction. If one party tried to unilaterally change the value of his half of the tally stick by adding more notches, the absence of those notches would be apparent on the other party’s tally stick. The split tally was accepted as legal proof in medieval courts and the Napoleonic Code (1804) still makes reference to the tally stick in Article 1333. Along the Danube and in Switzerland the tally was still used in the 20th century in rural economies.’ (wikipedia)

The Bitcoin analogy to the tally stick is uncanny, and logical. “Money” has not been money since August 15th, 1971, and Nixon’s proclamation that the US by-decree fiat dollar will be a temporary condition is now known to be a lie. So the digital-age parallel universe evolution of a digitized tally stick to the fiat USd is not unexpected. What is unexpected is comparing the digitized tally stick to gold. Bitcoin bears no relation to gold. Let’s consider why, based on a previous example of the Persian gold daric to prove that case.

The gold daric dates from the ancient Achaemenid empire of Cyrus the Great, circa 2,400 years ago; it consists of 8 grams of gold and sells for about $3000 US depending upon condition. The daric has an artistic rendition and composition, can be physically held and stored, and has maintained its value — and much more! — for a score and four centuries. The daric (or any gold coin) does not requite an internet connection or electronic wallet to exist. The daric has nothing in common with blockchain, the only intersecting feature being a value assigned by rarity… except blockchain is not “rare” or scarce.

To say that blockchain has value because blockchain is limited in scope based on the overall number of blocks that may mathematically be calculated does not mean that blockchain is scarce or rare; the emperor’s clothes consist of 21 million possible renditions. That’s not scarcity. That’s not rarity. In the 2,400 year daric example, we are willing to part with by-decree dollars for a unique physical rendering of art and history in a rare metal form, of limited quantity that we can hold, physically store, and will maintain its long-term value, which our progeny can inherit. None of the foregoing applies to Bitcoin.

Not even the bit about limited quantity. That’s because the elusive and mysterious character(s) whose name roughly equates to “central intelligence” might mysteriously reappear to modify the protocol. Cryptoheads disagree, but that’s not the point. At present, the difficulty rating can be changed when solving the hash takes less than ten minutes. But from twenty zero’s to two, or to one hundred … do we really know the system is inviolate? Or that whatever exploit the National Security Agency built into SHA256 (which forms the basis for blockchain) will never be exploited? Or that the Fed will never mandate the Federal Reserve Digital Dollar to be used as the basis for trading crypto…? or that the SEC will never securitize tether …? Or whatever… the list is virtually endless. None of that applies to gold. Even though all the foregoing can be argued to infinity – or at least 139 years — there is zero equivalence between Bitcoin and gold.

And note well that The US Treasury will not rollover and allow Bitcoin to supplant the dollar in market share… Regardless of what Mex Keiser and Stacey say..

Now, do central banks consider Bitcoin to be gold? Of course not. Central Banks hold gold for reasons stated above, that gold is the historic standard for money even after the Nixon Shock, is a real scarce substance, and can be physically held and stored for centuries. Gold can be swapped and leased. None of that applies to Bitcoin. Central Banks don’t hold Bitcoin (in any significant amount) because Central Banks expect to be here for more than 139 years when “central intelligence’s” blockchain is (theoretically) exhausted. And real gold can still be traded in an emergency when all computers and networks are down.

Which provides a real analogy. A limited number of gold darics exist. Is that a comparison to blockchain? No. A BTC hash will not be collectible 139 years from now. Or one year from now.. or ever. When BTC blockchain is exhausted no one will pay some amount for one example of the PK code over another, or anything at all. But 139 years from now a Persian gold daric will be worth far more than $3000 US is worth now, while an example of BTC hash will be worth nothing.*

Point being, the BTC hash code is not “scarce”. The code is not “rare” in any physical sense. A BTC hash code has no physical intrinsic value at any time. Not now. Not 139 years from now. Bitcoin’s SHA256 hash code is only worth what it can be digitally converted into, for now. And that’s why Bitcoin can never be equivalent to gold…

*True, you may not care about 139 years from now when Bitcoiners say a Ferrari is beckoning if you only invest in Bitcoin.

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4792 /

//OFFSHORE YUAN:  6.4821   /shanghai bourse CLOSED DOWN AT 38.61 PTS OR 1.08%

HANG SANG CLOSED UP 30.00 PTS OR .11%

2. Nikkei closed UP 648.00 POINTS OR 2.36%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 90.55/Euro FALLS TO 1.2157

3b Japan 10 year bond yield: RISES TO. +.04/ !!!!(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:: 51.81 and Brent: 55.15

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.51%/Italian 10 yr bond yield UP to 0.56% /SPAIN 10 YR BOND YIELD UP TO 0.06%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.17: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.60

3k Gold at $1837.70 silver at: 24.85   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 87/100 in roubles/dollar) 74.75

3m oil into the 37 dollar handle for WTI and 39 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.25 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 .8911 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.07844 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.51%

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 1.116% early this morning. Thirty year rate at 1.874%

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

6.  TURKISH LIRA:  UP  TO 7.48..

Futures, Bitcoin Slide As Buying Frenzy Fizzles; Dollar Jumps

 
MONDAY, JAN 11, 2021 – 8:05

US equity futures and world stocks dropped from Friday’s record highs on Monday as a mood of caution swept across trading desks as faltering economic indicators tripped a solid run on hopes of more fiscal stimulus. Anxiety ahead of Trump’s second impeachment process was also palpable coupled with concerns over rising coronavirus cases, while elevated Treasury yields helped the dollar hit its highest levels in over two and a half weeks, in a reversal of the most consensus trade of 2021 which as we predicted would happen last week.

S&P 500 E-minis were down 22.5 points, or 0.60% after rising 1.8% last week; Dow E-minis were down 223 points, or 0.7% and Nasdaq 100 E-minis were down 81.25 points, or 0.7%.

Twitter’s shares plunged 6% premarket after it permanently suspended U.S. President Donald Trump’s account late on Friday. Tesla stock was also down despite the latest Wall Street upgrade, this time from BofA which raised its price target from $500 to $900. Boeing was down 3% after a Boeing 737 plane crashed shortly after take off in Indonesia, killing everyone on board.

As Bloomberg notes, weighing on the minds of investors are worries that equities are running too hot and valuations are stretched at a time when major parts of the world are grappling with the worst of the pandemic. In Germany, the health minister called on citizens to drastically curtail social contact after the death toll from the virus climbed above 40,000.  “Risky assets have come a long way and they are now in a pause or profit taking territory,” said Mohit Kumar, a strategist at Jefferies International. “Investors are getting worried about a rise in yields.”

“There was an awful lot of optimism about prospects for stimulus with the Biden administration winning those two Georgia Senate seats,” said Michael Hewson, chief markets analyst at CMC Markets in London, noting Friday’s record highs that followed the Democrats winning control of the U.S. Senate. “Friday’s (U.S.) payrolls report was disappointing, underscoring the need for more significant fiscal response. But as we head into week two (of the new year), I think some of that optimism has been tempered a little bit with profit-taking.”

Bets on a rebound in business activity in 2021 fueled by vaccine rollouts, larger checks and infrastructure spending under U.S. President-elect Joe Biden have underpinned Wall Street’s rise to recent peaks. However, last week Wall Street bankers warned of toppy stock markets and a looming retreat after exuberance from unprecedented economic stimulus had led to “frothy” asset prices and surging bond yields.

I think there’s a perception perhaps markets are getting slightly ahead of themselves,” Hewson said.

He may have been on to something: European shares dipped in early trading but were off worst levels, with the pan-European STOXX 600 index down 0.3% (after dropping 0.6% earlier) as rising coronavirus cases across the continent and China dragged down commodity stocks.  Germany’s DAX lost 0.55%, Britain’s FTSE 100, Italy’s FTSE MIB, and France’s CAC 40 fell about half a percent each, and Spain’s IBEX fell 0.2%.  Autos, utilities down the most, sliding 1.2% or more, while banks are only industry group to rise.  Stoxx 600 on Friday had rallied to highest since February 2020 on bets of more stimulus under Democrat-controlled Congress, vaccine rollouts.

Earlier in the session, Asia’s MSCI index of Asia-Pacific shares ex-Japan dipped 0.2%, having surged 5% last week to record highs, its best weekly gains in two months last week. Japan’s Nikkei was closed for a holiday after ending at a 30-year high on Friday. China’s stock benchmark fell 1% as investors questioned whether the highest valuations in 13 years for the CSI 300 Index make sense. Malaysia’s stock gauge dropped 1% as investors awaited new coronavirus measures. Australia and New Zealand were also among laggards. South Korea stocks closed 0.1% lower after rising as much as 3.6% earlier led by Samsung Electronics. The nation’s retail investors bought a record amount of Kospi shares on Monday. Shares of EV-related companies enjoyed a strong start to the new week. Hyundai Motor rallied another 8.7% to highest since 2012 after a positive sector research note from Credit Suisse. Hong Kong-listed BYD jumped 6.7%, extending gains to a new peak, as the company said it won orders from Colombia. India IT outsourcing companies jumped, boosted by strong results from Tata Consultancy Services. Japan is shut for a holiday

In the latest covid news, global infections surpassed 90 million and several health experts said the rollout of vaccines in many countries will not provide herd immunity from the pandemic this year, citing limited access for poor countries, community trust problems and potential virus mutations.

In FX, as we warned last week, the dollar surged against all its major peers, with demand supported by elevated Treasury yields as   Traders unwound record short positions and weighed the implications of higher Treasury yields amid President-elect Joe Biden’s push for huge fiscal aid; the dollar’s haven appeal got a boost after Speaker Nancy Pelosi said the House planned to impeach President Donald Trump unless Vice President Mike Pence and the cabinet act to remove him.

The euro fell to its lowest since Dec. 23 at $1.2155, from a recent higher of $1.2349, breaking support around $1.2190. The dollar also gained to 104.18 yen from a trough of 102.57 hit last week. The pound declined as much as 0.6% after the Telegraph reported that the U.K. may tighten lockdown restrictions. Norway’s krone led G-10 losses followed by New Zealand and Australian dollars. The Japanese yen held up best versus the dollar, but still slipped to its lowest in a month.  Baidu shares rose 6% after the Chinese search engine giant said it will set up a company to partner with carmaker Zhejiang Geely Holding Group to make smart electric vehicles

“Risky assets have come a long way and they are now in a pause or profit taking territory,” said Mohit Kumar, a strategist at Jefferies International. “Investors are getting worried about a rise in yields.”

And speaking of yields, Treasury yields were at their highest since March after Friday’s weak jobs report fanned speculation of more U.S. fiscal stimulus now that the Democrats have control of the government. President-elect Joe Biden is due to announce plans for “trillions” in new relief bills this week, much of which will be paid for by increased borrowing. At the same time, the Federal Reserve is sounding content to put the onus on fiscal policy. Vice Chair Richard Clarida said there would be no change soon to the $120 billion of debt the Fed is buying each month.

With the Fed reluctant to purchase more longer-dated bonds, 10-year Treasury yields jumped almost 20 basis points last week to 1.12%, the biggest weekly rise since June. On Monday, yields dipped after outperforming bunds and gilts during European morning, leaving yields richer by ~2bp at long end. Treasury 10-year was richer by ~1.5bp on the day at ~1.10%, outperforming bunds, gilts by ~1bp. The auction cycle begins with 3-year note sale at 1pm ET; 10- and 30-year follow Tuesday and Wednesday.

BofA rates strategist Mark Cabana warned stimulus could further pressure the dollar and cause Fed tapering to begin later this year. “An early Fed taper creates upside risks to our year-end 1.5% 10-year Treasury target and supports our longer-term expectations for neutral rates moving towards 3%,” he said in a note to clients.

In commodities, gold was flat at $1,843 an ounce after skidding as low as $1,816. Brent crude oil prices fell, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as the stronger dollar. Brent crude futures fell 1.3% to $55.25. U.S. crude futures lost 0.7% to $51.84 a barrel. In crypto, Bitcoin plunged as much as 21% over Sunday and Monday to as low as $32,389.

Looking at the week ahead, Q4 results from JP Morgan, Citi and Wells Fargo on Friday will kick-off the earnings season, which could offer more clues on if company executives reflect the enthusiasm of a rebound in 2021 earnings and the economy. After official data pointed to a significant slowdown in labor market recovery on Friday, investors will focus on inflation, retail sales and consumer sentiment indicators this week to gauge the extent of economic damage.

On today’s calendar, no major economic data is expected. Carnival is reporting earnings; later in the day the House of Representatives Democrats plan a vote to urge Vice President Mike Pence to take steps to remove President Donald Trump from office after his supporters’ deadly storming of the Capitol, before attempting to impeach him again.

Market Snapshot

  • S&P 500 futures down 0.6% to 3,795.00
  • MXAP down 0.2% to 207.91
  • MXAPJ down 0.1% to 694.83
  • Nikkei up 2.4% to 28,139.03
  • Topix up 1.6% to 1,854.94
  • Hang Seng Index up 0.1% to 27,908.22
  • Shanghai Composite down 1.1% to 3,531.50
  • Sensex up 1% to 49,262.71
  • Australia S&P/ASX 200 down 0.9% to 6,697.16
  • Kospi down 0.1% to 3,148.45
  • STOXX Europe 600 down 0.4% to 409.36
  • German 10Y yield fell 0.6 bps to -0.525%
  • Euro down 0.3% to $1.2186
  • Italian 10Y yield fell 2.8 bps to 0.42%
  • Spanish 10Y yield unchanged at 0.04%
  • Brent futures down 1.3% to $55.29/bbl
  • Gold spot up 0.1% to $1,851.55
  • U.S. Dollar Index up 0.3% to 90.34

Top Overnight News from Bloomberg

  • Trump is confident Pence and members of his cabinet won’t attempt to remove him under the 25th Amendment
  • Biden is set to release his proposals for an economic stimulus package on Thursday
  • Traders are reporting strong demand from leveraged funds for the dollar
  • The fallout from U.S. sanctions on Chinese military-linked companies widened as banks and money managers raced to comply with an executive order that bans new investments from Monday
  • China’s state-run media called for retaliation after the Trump administration removed decades-old restrictions on interactions with Taiwan officials

A quick look at global markets courtesy of Newsquawk

Asian equity markets began the week indecisive amid tentativeness following the US NFP jobs data and with Japanese participants away for Coming of Age Day, while ongoing COVID-19 concerns and US-China tensions also contributed to the cautious overnight mood. ASX 200 (-0.9%) traded negative with better-than-expected Retail Sales and the lifting of the 3-day lockdown in Brisbane failing to lift the index which was pressured as tech and miners led the broad declines across sectors, while NZX 50 (-1.8%) was the worst hit after the RBNZ announced an illegal breach of one of its data systems. KOSPI (-0.1%) initially extended on record levels boosted by continued gains in Samsung Electronics which also notched fresh all-time highs after last week’s preliminary results and Hyundai Motor briefly surged by another 10% on the Apple EV tie-up reports, although the index then fluctuated between gains and losses with the latest trade figures providing headwinds after South Korean exports declined 15.4% Y/Y during the first 10-days of the 2021. Hang Seng (+0.1%) and Shanghai Comp. (-1.0%) were choppy as optimism from firmer than expected inflation data was offset by increased tensions after US Secretary of State Pompeo announced the US is to remove all self-imposed restrictions on executive branch agencies’ interactions with their counterparts from Taiwan ahead of the US Ambassador visit which China have already warned against. Furthermore, the White House is said to be examining additional options to respond to China regarding the virus and Hong Kong, while it was also reported that MOFCOM issued new rules which prevent companies from complying with foreign laws that prohibit transactions with Chinese companies

Top Asian News

  • China Is Said to Let Banks Sell Bad Personal Loans to Ease Risks
  • WHO Gets Access to China After Virus Origins Experts Delayed
  • China Telcos Rally as Mainland Funds Buy Record Hong Kong Stocks
  • China Traders Net Buy Record Stocks Through China-H.K. Connect

European bourses trade with modest losses across the board (Euro Stoxx 50 -0.3%), albeit off worst levels following on from a similarly downbeat APAC handover where Japan was away and the Hang Seng remained the only gainer, albeit modest, with some reports citing Chinese traders purchasing a record amount of HK stocks via links. News-flow for the session thus far has been light in what feels like cautious trade, with the ramp-up in US-Sino rhetoric and COVID-19 variants weighing on investors’ minds after Japan found a new strain distinct from the UK and South African types. Further, some have also suggested the vaccine rollout to provide headwinds for stocks in the form of an earlier-than-expected unwind in loose policy. US equity futures meanwhile succumb to the losses across the stock markets whilst Twitter (-7.5%) sees substantial pre-market losses after permanently suspending the outgoing US president on the platform. Back to Europe, bourses see broad-based losses with the AEX (-0.1%) narrowly faring better amid gains across some of its larger constituents. Sectors are mostly lower with Banks, Financials and Telecoms eking mild gains with the former two aiding by a similar outperformance in Hong Kong and against the backdrop of the recent rise in yields. Meanwhile, the other end of the spectrum sees Travel & Leisure pressured amid ongoing COVID-woes, whilst Auto names reside as the laggard amid a string of production halts amid semiconductor scarcity. Furthermore, Chinese EV-maker NIO (+4.8% pre-mkt) has partnered with NVIDIA (+0.8%) to develop a new generation of automated driving electric vehicles whilst Geely and Baidu (+5% pre-mkt) confirmed EV ambitions. In terms of some individual movers, Airbus (+0.7%) trades with gains as the Co’s CEO said he is cautiously optimistic for 2021. Additionally, EU’s VP/Trade Commissioner Dombrovskis said he is ready to end the Boeing/Airbus dispute and he hopes the incoming US government will be more cooperative. Roche (+0.5%) meanwhile is firmer after announcing that Xofluza approved by the European Commission for the treatment of influenza, the first new influenza antiviral for patients in almost 20 years.

Top European News

  • Sanofi to Buy Antibody Maker Kymab in $1.45 Billion Deal
  • Total Buys French Biogas Producer Fonroche Biogaz in Green Push
  • Brexit Drags U.K. Below U.S. in Business Location Ranking
  • CD Projekt Jumps as Morgan Stanley Reports Stake

In FX, the Buck is regrouping after backing off broadly with the DXY edging just over 90.500 after holding above overnight lows. Hence, the Greenback remains firm and in recovery mode against the backdrop of waning risk sentiment following a bullish start to the new year that has boosted global stocks and US benchmarks to fresh record highs. Perhaps, Friday’s sobering drop in non-farm payrolls has prompted some retrenchment, while the ongoing spread of COVID-19 and lag before vaccines can make some in-roads along with restrictive measures is also reining in some exuberance, as the index extends its parameters to 90.520-238 parameters ahead of employment trends and a couple of Fed speakers.

  • AUD/NZD/CAD – No retail therapy for the Aussie even though final consumption figures for November were revised a tad higher, or relief that Brisbane has come out of its 3-day lockdown, as Aud/Usd hovers just over 0.7700 and also feels the weight of weaker iron ore prices and a softer Yuan. Similarly, the Kiwi is struggling to keep sight of 0.7200 and Loonie contain losses through 1.2750 as the crude complex also falls victim to the US Dollar revival in the run up to Canada’s Q4 business outlook for future sales. Back down under, the Aussie may also be capped by decent option expiry interest at the 0.7725 strike (1.3 bn) into the NY cut.
  • CHF/GBP/EUR/JPY – All giving way to the Buck, with the Franc near the base of a 0.8850-0.9000 range after another decline in weekly Swiss sight deposits, Cable hovering just below 1.3500 awaiting comments from BoE’s Tenreyro and a statement on the economy from UK Chancellor Sunak amidst speculation about even tighter pandemic restrictions. Elsewhere, the Euro is sub-1.2200 and eyeing 1.2150, while the Yen is back under 104.00 in thinner volumes due to Japan’s Coming of Age market holiday, with ECB President Lagarde looming before the latest Japanese Economic Watchers survey on Tuesday.

In commodities, WTI and Brent front month futures experience a soft start to the week in lockstep with overall sentiment and alongside a firmer Dollar. Complex-specific newsflow has remained light. Over the weekend, Japan found a new COVID-19 variant which differs from the one found in the UK and South Africa, although specifics around the variant remain scarce. Elsewhere, Iraq said it has raised their OSP for all its crude grades into Asia in a similar move seen by Saudi Aramco. WTI Feb trades sub-52/bbl after declining from an overnight peak at USD 52.70/bbl, whilst Brent Mar eyes USD 55/bbl to the downside vs. high ~56.40/bbl. Turning to metals, spot gold and spot silver see gains despite the firmer Buck with some citing outflows from bitcoin into the traditional safe-haven metals whilst others also cite the inflationary playbook. In terms of base metals, Dalian iron ore future fell almost 2% overnight as the Dollar firmed and Australia’s Port Hedland iron ore shipments to China jumped 16% in December. LME copper also trades on the backfoot today amid similar dynamics. Finally, something to be aware of – the outgoing US president’s admin is reportedly moving to loosen some mining regulations and give the go-ahead for some mineral projects before leaving office, with some stated that the incoming administration may be unable to reverse some of the moves.

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

After being back from holiday less than a week this year, many interesting themes are developing and I’m increasingly thinking that this is not going to be a low vol dull year. Let me stress that I think economic growth could increasingly get revised up once we hit Q2 onwards and that we could see some pretty major pent up demand once we get into the summer months. So it’s difficult to get too concerned about the economy. However a combination of the melt-up in risk, bubbles blowing everywhere, more likely stimulus from the Democrats and what are already elevated inflation breakevens in the US means that we have a number of high octane moving parts that are going to be very difficult to calibrate in 2021.

So for me I think the probability of a smooth year for markets is rescinding. For now it feels that risk on is very hard to argue against but the biggest risks that I outlined in my 2021 outlook have probably intensified in the first week of the year. They were there being a yield shock/taper tantrum at some point and there being a tech bubble that bursts. So far this year US 10yr USTs are up +20bps and US 10 year breakevens are already up +8.5bps to 2.07% from 0.55% in March and only just over 10bps off 6 year highs. It would be difficult to go too much higher without serious talk of tapering and the more immediate pricing in of the first hike of the cycle. With regards to a bubble, so far this year Bitcoin is up +22.8%, Tesla +24.7% (already added $165.3 bn market cap), with my favourite story being small-cap Texas healthcare company Signal Advance (with no full time employees other than the CEO as of a March 2019 filing) surging nearly 1500% at one point on Thursday after Elon Musk tweeted “use Signal”. He was referring to a rival messaging app to WhatsApp but instead fuelled a frenzy in a company that surged from low millions to nearly a $100m company on that one misinterpreted tweet. It was still up c.1100% over Thursday and Friday even including Friday trading when the error should have been known. These are not normal markets!! Ride the liquidity for now but this does not feel like the ingredients for a low vol market year.

This week isn’t the busiest in terms of planned events with the data highlights including the US CPI (Wednesday) and retail sales (Friday) data for December, while there’ll also be the release of the ECB’s account of its December meeting (Thursday) and the Federal Reserve’s Beige Book (Friday). Perhaps the highlight will be Biden outlining more details on his new administrations priorities on Thursday. This may give us some clues on the direction of travel for stimulus that he aims to get through Congress. Outside of that they’ll be lots of attention on whether the Democrats try to impeach President Trump with less than 10 days left in office but it will be more of a curiosity than a market moving event. Overnight, the House speaker Pelosi has said that Democratic leaders will move to impeach this week unless VP Mike Pence and the cabinet invoke the 25th Amendment. So a busy few days ahead in the Capitol.

Finally, there are a limited number of earnings releases, ahead of a much busier earnings calendar over the coming weeks. Blackrock (Thursday), JPM, Citigroup and Wells Fargo (Friday) are the highest profile companies kicking things off. The full day by day week ahead is at the end of the piece today.

Asian markets are trading mixed this morning with the Hang Seng (+0.81%) up while the Kospi (-0.20%) and Shanghai Comp (-0.10%) are down. Japanese markets are closed for a holiday. Meanwhile, futures on the S&P are down -0.55% and the US dollar index is up +0.36% overnight. Elsewhere, gold prices are down -0.78% while bitcoin is trading down -6.36% this morning after declining by -6.88% on Sunday. To highlight the continued volatility we nearly touched $41,500 earlier Sunday morning yet sunk just above $33,500 at the lows this morning. A wild ride. In terms of data releases, China’s December PPI came in at -0.4% yoy (vs. -0.7% yoy expected) while CPI stood at +0.2% yoy (vs. 0.0% expected).

Last week was a bullish start to the year across the world. In the US, the anticipation of further fiscal stimulus gave the cyclical and reflation trade another push forward. The S&P 500 gained +1.83% on the week (+0.55% Friday), while the NASDAQ composite rose +2.43% (+1.03% Friday). Bank stocks on both sides of the Atlantic gained as core rates rose, with US banks rallying +7.65% while European Banks were up a slightly less +6.01%. European equities outperformed overall as the STOXX 600 ended the week +3.04% higher (+0.66% Friday) while the FTSE (+6.39%) and IBEX (+4.14%) notably outperformed. Energy stocks also outperformed as Brent crude rose +8.09%, with OPEC+ coming to an agreement on oil output with an eye toward more economic restrictions through the next quarter.

The Senate runoff results midweek mean that the ‘Blue Wave’ scenario has finally come about resulting in a slim Democratic majority in both chambers of Congress. The main implication being the prospect of a substantially larger US stimulus package in the near future. In anticipation there was a substantial selloff in US Treasuries, with 10yr yields up +20.2bps to 1.12%. 10yr yields are now above the 1% barrier for the first time since mid-March, when yields sunk to all-time intra-day lows in the early days of the coronavirus pandemic. There was a sizeable steepening in the yield curve, with the 2s10s curve up +18.6bps to 97.6bps, which is the steepest level in 3 years, while the 5s30s hit its steepest in 4 years. Yields in Europe rose as well, but not to the same degree. 10Yr Bund yields were +5.0bps (+0.3bps Friday) higher to -0.52% and 10yr Gilt yields rose +9.1bps (+0.4bps Friday) to 0.29%.

On the data front the highlight from Friday was the US payrolls data, which showed the US labour market losing jobs month-over-month for the first time since April. Nonfarm payrolls (+50k expected) fell -140k from the November print, with the unemployment rate staying steady at 6.7%, breaking a 7-month streak of improvement. The majority of the weakness was in service industries like restaurants, bars and other businesses hindered by pandemic restrictions. On the other hand, Euro area unemployment showed continued improvement, falling to 8.3% (8.5% expected) but it is more backward looking (referencing November data) and does not take into account the renewed lockdowns.

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 38.61 PTS OR 1.08%   //Hang Sang CLOSED UP 30.00 PTS OR .11%    /The Nikkei closed UP 648.80 POINTS OR 2/36%//Australia’s all ordinaires CLOSED DOWN 0.82%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4792 /Oil UP TO 51.81 dollars per barrel for WTI and 55.15 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4792. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4821 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 ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Why should this surprise us?  China scrubs critical Wuhan lab data, deletes 300 studies which includes research on Batwoman Shi and Biden embraces China?

(zerohedge)

China Scrubs Critical Wuhan Lab Data; Deletes 300 Studies – Including Research By ‘Batwoman’

 
SUNDAY, JAN 10, 2021 – 14:45

The Chinese government has come under fresh scrutiny over accusations that officials scrubbed crucial online data about the Wuhan Institute of Virology – the controversial laboratory suspected of being the origin of the COVID-19 pandemic.

According to the Daily Mail“hundreds of pages of information” spanning over 300 studies conducted by WIV have been wiped from a database, including some which discuss passing diseases from animals to humans – which were published online by the state-run National Natural Science Foundation of China (NSFC), and are no longer available.

Shi Zhengli, dubbed “Batwoman”

The deletion of key evidence has reignited fears that China is trying to whitewash the investigation into the origins of the virus.

It comes after President Xi Jinping last week blocked investigators from the World Health Organisation entering the country in a move that drew international condemnation. Meanwhile, state media outlets have published hundreds of stories claiming that the virus did not even originate in the city of Wuhan.

As part of the NSFC’s purge of online studies, it has deleted all reference to those carried out by Shi Zhengli, the Wuhan-based virologist who has earned the nickname Batwoman for her trips to gather samples in bat caves.

Studies key to any investigation into the source of the virus, including one into the risk of cross-species infection from bats with Sars-like coronaviruses, and another looking at human pathogens carried by bats, have also disappeared. –Daily Mail

Zhengli came under fire in 2015 over her controversial ‘gain-of-function’ research creating chimeric bat viruses designed to infect humans (but suggesting that an emergent coronavirus that’s over 96% similar to a bat coronavirus could have escaped from Zhengli’s lab is a conspiracy theory).

According to former UK Conservative leader Iain Duncan Smith – a member of the Inter-Parliamentary Alliance on China, the revelations are yet another example of a Chinese coverup.

“China is clearly trying to hide the evidence,” he said, adding “It is vital that there is a thorough investigation into what happened but China seems to be doing all it can to stop that happening. We don’t know what was going on in that laboratory. It may well be the case that they played around with bat coronaviruses and made some kind of mistake. Unless China opens itself up to scrutiny, the world will assume they have something to hide.

The Mail notes that this isn’t the first time the WIV has been accused of suppressing critical evidence regarding the origins of the virus.

Days before the WHO was alerted to the outbreak of Sars-like pneumonia cases in Wuhan in December 2019, the Wuhan Institute of Virology began altering its database of viral pathogens.

The Wildlife-borne Viral Pathogen Database was unique because it included information on virus variants in other wild animals.

Among the changes, which experts believe were made to throw investigators off the scent, keywords such as ‘wildlife’ or ‘wild animals’ were deleted.

The title was changed from Wildlife-borne Viral Pathogen Database to Bat And Rodent-borne Viral Pathogen Database. The term ‘wild animal’ was replaced with ‘bat and rodent’ or ‘bat and rat’. –Daily Mail

Notably, the alteration occurred two days before a gene sequencing lab was reportedly ordered by the Health and Medical Commission of Hubei Province to destroy samplesof the new disease and withhold information.

According to the report, the alterations – conducted on the evening of Dec. 30 – were substantial, and occurred the day before the CCP notified the World Health Organization about the outbreak of a cluster of pneumonia cases in Wuhan.

The primary database contact is none other than Zhengli – who was in Shanghai for a conference in late 2019 when she was summoned back to Wuhan to deal with the outbreak which had been detected in two pneumonia patients. While on the overnight train back to Wuhan, the database was altered.

It looks like a rushed, inconsistent effort to disassociate the project from the outbreak by ­rebranding it,” according to the UK intelligence analyst who discovered the alterations. “It’s a strange thing to do within hours of being informed of a novel-coronavirus outbreak.”

“If the WIV had found the missing link between bat virus RaTG13 and SARS-CoV-2 [the coronavirus that causes COVID-19] from an animal vector, it would have been in Shi’s database,” he added.

Purged records and destroyed samples don’t exactly instill confidence.

end

4/EUROPEAN AFFAIRS

“Only for me and not for thee”  UK lockdown police caught on camera violating their own lockdown rules.

(Watson/Summit News)

UK Lockdown Police Caught On Camera Violating Their Own Lockdown Rules

 
MONDAY, JAN 11, 2021 – 5:00

Authored by Paul Joseph Watson via Summit News,

A member of the public caught UK police violating their own lockdown rules during an encounter that was captured on camera.

The clip shows a man approaching four officers who are sat at a table drinking coffee.

Under Tier 4 restrictions, and now under the national lockdown as a whole, it is against the rules to sit at a table and consume beverages or food given that all pubs, cafes and restaurants are closed except for takeaway services.

“Officers, can you just let me know what tier we’re in please?” asks the member of the public.

When one of the officers responds, the man explains, You’re not supposed to be sitting down in a restaurant – takeaway service only, I’m sure that’s what they said.”

After the officers say they are on a break, the man responds, “If the rules say I can’t sit in a restaurant, why are you?”

The man filming the encounter then makes sure to get the officers’ badge numbers.

After the officers tell the man to “grow up,” they then approach him and try to get in his personal space. None of the officers are wearing a face mask.

The officer finishes by claiming, “We work really hard,” which doesn’t explain why he’s allowed to violate laws others are mandated to follow.

The violation is particularly ironic given that police have become infinitely more draconian over the last 48 hours in enforcing England’s new national lockdown.

People are being interrogated on the street and others are being fined for going for walks in rural locations.

A family in Scotland were also arrested after police entered their home following a tip off from a neighbor that there were “too many people inside.”

*  *  *

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

CORONAVIRUS UPDATE //THE GLOBE

US Reports Another Daily Case Record; COVID Deaths In UK, Germany Top 1K: Live Updates

 
SATURDAY, JAN 09, 2021 – 12:45

Summary:

  • US sees record 310K new cases
  • NJ reported nearly 20K new cases
  • CA reports 50K cases
  • UK, Germany daily deaths top 1K
  • UK tops 3MM cases
  • UK deaths top 80K
  • Portugal reports 9K+ cases
  • Japan may extend emergency order
  • China moves to expedite vaccinations

* * *

Yesterday, we reported on speculation about a new hyper-infectious COVID-19 strain that could be circulating around the US. Well, mere hours after CNN shared the evidence gleaned from a Jan. 3 report from the White House coronavirus task force, members of the committee are insisting it was inaccurate. Another example of ‘Fake News’ reported by CNN, we suppose. But we digress…

As of Saturday morning, the the coronavirus outbreak in the US and Europe showed no signs of abating over the last 24 hours, as the US reported another record jump in new cases, according to the COVID Tracking Project.

NJ reported nearly 20K probable COVID-19 cases and CA reported over 50K cases, with both states greatly influencing the large uptick in today’s total cases. In NY, 18.8K new cases were reported, with hospitalizations at a near-record 8.6K. To try and hasten the pace of vaccinations as NY falls further behind, Cuomo has again expanded the list of who is eligible, with all people 75 and older now able to receive the vaccine.

16 states in total reported their highest hospitalization numbers this week.

Germany’s death toll has topped 1K for a 4th-straight day, prompting Chancellor Angela Merkel to try to hasten the pace of vaccinations. Meanwhile, in France, Emmanuel Macron is promising to have 100K of the country’s most vulnerable people vaccinated by the end of the weekend. That’s up from 80K as of Friday afternoon. Across the US more than 7MM people have been vaccinated.

In terms of infections, the US continues to outpace Europe, and the UK is outpacing all of its Continental peers.

Even China is intensifying is vaccine rollout plan as new lockdowns rattle Shijiazhuang, the capital of Hebei Province (situated in the northeast near Beijing). Data from trials in Brazil and Indonesia shows vaccines from SinoPharm are 78% effective, according to the Brazil trial data.

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

Osaka and its surrounding prefectures asked Japan to expand a state of emergency to the western cities in an effort to contain the latest Covid-19 outbreak, while Tokyo’s new daily infections keep above 2,000 cases on Saturday (Source: Reuters).

Israel Police will adjust the deployment of lockdown barricades throughout the country in an attempt to reduce traffic congestion, the police announced Saturday afternoon. According to the changes, the police will deploy blockades starting at 0900 and will remove them between 1530 and 18000. However, Police Traffic Division patrol vehicles will continue to patrol the country’s highways, regardless of the deployment of the barricades (Source: Jerusalem Post).

Portugal on Saturday reported 9,478 new confirmed coronavirus cases in a day, less than the record 10,176 announced on Friday, taking the total to 476,187. The total number of deaths rose by 111 to 7,701, following a record daily increase of 118 on Friday. The government has said it may tighten restrictions on movement next week (Source: Bloomberg).

Iran reported a dip in both the number of daily Covid-19 deaths and new cases with 82 fatalities and 5,924 new infections in the last 24 hours (Source: Bloomberg).

Poland posted a 20% day-to-day leap in reported Covid cases to 10,548 on Saturday. Overall toll breached 31,000 mark with 438 new deaths reported, as country has vaccinated almost 189,000 people (Source: Bloomberg).

* * *

In the UK, meanwhile, the number of total cases has topped 3MM as hospitalizations and new daily cases remain at record levels. Deaths, meanwhile, topped 1K again, driving the total death toll north of 80K.

END
Dr John Hunt comments on the huge number of false positive COVID tess.
(Hunt/InternationMan.com)

COVID Gone Crazy – An Epidemic Of ‘Positive’ Tests

 
MONDAY, JAN 11, 2021 – 6:10

Authored by John Hunt, M.D. via InternationalMan.com,

In the setting of COVID-19, almost every country in the world closed its borders, locked down its citizens, and forced businesses to close. Today, most governments still restrict travel, economic activity, and social gatherings.

The justification for these unprecedented measures has been a growing number of COVID-19 cases. This has unleashed an epidemic of COVID testing – with PCR and rapid antigen tests as the means of identifying positive COVID cases. Our very own Dr. John Hunt examines the science behind COVID testing, whether the testing paradigms are effective, and the rationality behind government response to the virus.

What COVID tests mean and don’t mean

RT-PCR tests can be designed to be highly sensitive to the presence of the original viral RNA in a clinical sample. But a highly sensitive test risks poor specificity for actual infectious disease.

Rapid antigen tests are different. They measure viral protein. They do so by reacting a clinical sample with one or two lab-created antibodies that are labeled with a measurable marker. These antigen tests are often poorly specific, meaning they can show as positive in the absence of any actual viral protein or any COVID disease.

For a lab test, what does it mean to be sensitive? What does it mean to be specific?

I’ll use COVID to help explain these terms. In order to do this correctly, we need to avoid using the language of the media and government because those institutions tend to mislead us via language manipulation. For example, they’ve wrongly taught us that a COVID-positive test is synonymous with COVID- disease. It isn’t, as you will soon see.

So for this article, I will use the term “Relevant Infectious COVID Disease” to mean a condition, caused by COVID-19, in which a patient is sickened by the virus or has (in their airways) living replicating virus capable of being transmitted to others. This seems a fair definition of what we should be caring about in this disease. If the patient isn’t sick and isn’t capable of transmitting the disease, then any COVID RNA or protein that may appear in a test is not relevant, nor infectious, and therefore of little to no consequence.

You can think of a test’ssensitivity like this: In a group of 100 people who absolutely have Relevant Infectious COVID Disease, how many people does the test actually report as “positive?” For a test that is 95% sensitive, 95 of these 100 patients with the true disease will be reported by the test as COVID positive and 5 will be missed.

Specificity: In a group of 100 people who absolutely do not have Relevant Infectious COVID Disease, how many will be reported by the test as “negative?” For a test that is 95% specific, 95 of these healthy people will be reported as COVID-negative and 5 will be incorrectly reported as COVID-positive

Sensitivity and Specificity are inherent characteristics of a test, not of a patient, not of a disease, and not of a population. These terms are very different than Positive Predictive Value (PPV) and Negative Predictive Value (NPV). PPV and NPV are affected not only by the test’s sensitivity and specificity but also by the characteristics of the people chosen to be tested and, particularly, the patients’ underlying likelihood of actually having true Relevant Infectious COVID Disease. The Positive Predictive Value—the chance a positive test actually indicates a true disease—is greatly improved if you test people who are likely to have COVID, and, importantly, avoid testing people unlikely to have COVID.

If you do a COVID test with 95% sensitivity and 95% specificity in 1,000 patients who are feverish, have snot pouring out of their noses, are coughing profusely, and are short of breath, then you are using that test as a diagnostic test in people who currently have a reasonable up-front chance of having Relevant Infectious COVID Disease. Let’s say 500 of them do actually have Relevant Infectious COVID Disease, and the others have a common cold. This 95% sensitive test will correctly identify 475 of these people who are truly ill with COVID as being COVID-positive, and it will miss 25 of them. This same test is also 95% specific, which means it will falsely label 25 of the 500 non-COVID patients as COVID-positive. Although the test isn’t perfect it has a Positive Predictive Value of 95% in this group of people, and is a pretty good test overall.

But what if you run this very same COVID test on everyone in the population? Let’s guesstimate that the up-front chance of having Relevant Infectious COVID in the US at this moment is about 0.5% (suggesting that 5 out of 1000 people currently have the actual transmittable disease right now, which is a high estimate). How does this same 95% sensitive/95% specific test work in this screening setting? The good news is that this test will likely identify the 5 people out of every 1000 with Relevant Infectious COVID! Yay! The bad news is that, out of every 1000 people, it will also falsely label 50 people as COVID-positive who don’t have Relevant Infectious COVID. Out of 55 people with positive tests in each group of 1000 people, 5 actually have the disease. 50 of the tests are false positives. With a Positive Predictive Value of only 9%, one could say that’s a pretty lousy test. It’s far lousier if you test only people with no symptoms (such as screening a school, jobsite, or college), in whom the up-front likelihood of having Relevant Infectious COVID Disease is substantially lower.

The very same test that is pretty good when testing people who are actually ill or at risk is lousy when screening people who aren’t.

In the first scenario (with symptoms), the test is being used correctly for diagnosis. In the second scenario (no symptoms), the test is being used wrongly for screening.

diagnostic test is used to diagnose a patient the doctor thinks has a reasonable chance of having the disease (having symptoms like fever, cough, a snotty nose, and shortness of breath during a viral season).

screening test is used to check for the presence of a disease in a person without symptoms and no heightened risk of having the disease.

A screening test may be appropriate to use when it has very high specificity (99% or more), when the prevalence of the disease in the population is pretty high, and when there is something we can do about the disease if we identify it. However, if the prevalence of a disease is low (as is the case for Relevant Infectious COVID) and the test isn’t adequately specific (as is the case with PCR and rapid antigen tests for the COVID virus), then using such a test as a screening measure in healthy people is forcing the test to be lousy. The more it is used wrongly, the more misinformation ensues.

Our health authorities are recommending more testing of asymptomatic people. In other words, they are encouraging the wrong and lousy application of these tests. Our health officials are doing what a first-year medical student should know better than to do. It’s enough of a concerning error that it leaves two likely conclusions:

1) that our leading government health officials are truly incompetent and/or

2) that we, as a nation, are being intentionally gaslighted/manipulated. Or it could be both.

(Another conclusion you should consider is that my analysis of these tests is incorrect. I’m open to a challenge.)

So what if you, as an individual, get a positive PCR test result (one that has 95% specificity) without having symptoms of COVID-19 or recent exposure to a true Relevant Infectious COVID Disease patient? What do you do? Well, with that positive test, your risk of having COVID has just increased from less than 5 in 1,000 (the general population risk) to about somewhere perhaps 5 in 55 (the risk of actual Relevant Infectious COVID Disease in asymptomatic people with a COVID-19-positive test). That’s an 18-fold increase in risk, amounting to a 9% risk of you having Relevant Infectious COVID Disease (or a 91% chance of you being totally healthy). That may be a relevant increase in risk in your mind, enough that you choose to avoid exposing your friends and family to your higher risk compared to the general population. But if the government spends resources to contact-trace you, then they are contact-tracing 91% of people uselessly. And they are deciding whether to lock us down based on the wrong notion that COVID-positive tests in healthy people are epidemiologically accurate when indeed they are mostly wrong.

For the 50 asymptomatic low-risk people falsely popping positive out of each group of 1,000, what makes them pop positive? For a rapid antigen test, it is because the test is never meant for use as a screening test in healthy asymptomatic people because it’s not specific enough. For a PCR test, positivity confidently means that there was COVID RNA in that sample, sure, but your nose or mouth very likely just filtered some dead bits of viral debris from the dust particles in the air as you walked through CVS to get the test before you learned you were supposed to use the drive-through. PCR can be way too sensitive.

A few strands of RNA are irrelevant. Even a few hundred fully intact viral particles are not likely to infect or cause disease. Humans aren’t that wimpy. But keep in mind that there is a very small chance that the test popped positive because you are about to get sick with COVID-19, and the test caught you, by pure luck, just before you are to become sick.

On top of this wrong use of diagnostic tests as screening tests, the government has been subsidizing hospitals for taking care of COVID-19-positive patients. Let’s say a hospital performs a COVID test 4 times during a hospital stay as a screening test in a patient who has no symptoms of COVID. If that test pops positive once and negative three times, the hospital will report that patient as having COVID-19, even though the one positive result is highly likely to have been a false positive. Why do hospitals do this testing so much? In part, because they’ll get $14,000 more from the government for each patient they declare has COVID-19.

When we see statistics of COVID-19 deaths, we should recognize that some substantial percentage of them should be called “Deaths with a COVID-19-positive test.” When we see reports of case numbers rising, we should know that they are defining “case” as anyone with a COVID-19-positive test, which, as you might now realize, is really a garbage number.

Summary:

  1. We have an epidemic of COVID-positive tests that is substantially larger than the epidemic of identified Relevant Infectious COVID Disease. In contrast, people with actual, mild cases of COVID-disease aren’t all getting tested. So the data, on which lockdowns are supposedly justified, are lousy.
  2. The data on COVID hospitalizations and deaths in the US are exaggerated by a government subsidization scheme that incentivizes the improper use of tests in people without particular risk of the disease.
  3. Avoid getting tested for COVID unless you are symptomatic yourself, have had exposure to someone who was both symptomatic and tested positive for COVID, or have some other personal reason that makes sense.
  4. Know that getting tested before traveling abroad puts you at a modest risk of getting a false-positive test result, which will assuredly screw up your trip. It’s a new political risk of travel.
  5. There is a lot more to this viral testing game, and there are a lot of weird incentives. There are gray areas and room for debate.
  6. Yes, the COVID disease can kill people. But a positive test won’t kill anybody. Sadly, every COVID-positive test empowers those politicians and bureaucrats who have a natural bent to control people—the sociopaths and their ilk.

*  *  *

John Hunt, MD is a pediatric pulmonologist/allergist/immunologist, a former tenured Associate Professor and academic medical researcher, who has extensive experience and publications involving PCR, antigen testing, and analysis of respiratory fluid. He is internationally recognized as an expert in aerosol/respiratory droplet collection and analysis. He’s also Doug Casey’s coauthor for the High Ground novels Speculator, Drug Lord, and the just-released Assassin, and he is a founding member of the LLC that owns International Man.

*  *  *

Unfortunately, most people have no idea what really happens when a government goes out of control, let alone how to prepare… How will you protect yourself in the event of an economic crisis? New York Times best-selling author Doug Casey and his team just released a guide that will show you exactly how. Click here to download the PDF now.

end
Coronavirus update/Israel
Israel has been working on this technology for a while: an air conditioner can kill 99.99% of germs and viruses in enclosed spaces by generating  hydrogen peroxide into the air.
(Jerusalem Post)
and special thanks to Chris Powell for sending this to us

Israeli air conditioner kills 99.99% of germs, viruses in enclosed spaces

The technology works by generating hydrogen peroxide by using the moisture in the air and converting it to hydrogen peroxide.

Tadiran's Air Care 02 air treatment technology (photo credit: Courtesy)
Tadiran’s Air Care 02 air treatment technology
(photo credit: Courtesy)
 
A new air purification technology invented by the Israeli Tadiran air conditioner company kills 99.999% of viruses, germs and bacteria, the company announced on Sunday.

 

 
The company began expanding into new fields, including air treatment and purification, as part of a five-year plan presented by Tadiran in May. The company plans to introduce a number of air purification solutions for enclosed spaces.
 
 
In 2020, Tadiran presented its AIR CARE technology in the SUPREME air conditioner series and UV technology in premium mini-central air conditioners.
 
The company is now introducing new technologies called Air Care 02 for disinfecting the air with two patents, with one of the patents approved as an international patent and the second in the final stages of registration.
 
The technology works by generating hydrogen peroxide by using the moisture in the air and converting it to hydrogen peroxide. This then purifies the air and kills 99.999% of viruses and bacteria. The effectiveness of the technology was tested in an FDA-recognized laboratory in the US for testing for viruses, bacteria and mold.

 

 
 
“Research by the World Health Organization has found that our home living environment is five times more polluted than the outdoor environment – something that causes infections among millions around the world. Several years ago, we already decided to lead in the field of treating the air and producing a healthy home,” Tadiran CEO and controlling shareholder Moshe Mamrod. “After a big investment and three years of development, we have achieved a technological breakthrough in protecting enclosed spaces and providing solutions for a healthy home and for clean air. The new technology has been tested and approved by an FDA registered laboratory as well as by academics. The patents that we have developed are currently being presented to leading air conditioner companies around the world, and they are arousing major interest.”
 
 
 
The hydrogen peroxide technology is installed in an air conditioner converts some of the H2O (water) in the air into hydrogen peroxide H2O2, by releasing the ions into the atmosphere.
 
The device is located at the air entry of the evaporator with a pin at its center. The electric tension between the pin and the metal wheel of the device causes a process of breaking down the H20 and producing H2O2.
 
A very small amount of hydrogen peroxide molecules is produced in the reaction, far less than the permitted standard by law. The molecules are dispersed into the air and attach themselves to germs and pollutants and destroy them. The amount of hydrogen peroxide produced is low enough to avoid harm to those in the enclosed space, but is high enough to still effectively destroy pollutants.
 
 
END
 
Michael Every….on today’s most important topics
(Michael Every Rabobank)

Rabobank: The Purge Could Contribute To A Widening Of The Cultural And Political Divide

 
MONDAY, JAN 11, 2021 – 9:25

By Michael Every of Rabobank

On Friday Twitter took the decision to permanently suspend President Trump from its platform due to the “risk of further incitement of violence”.  The day before Facebook had already blocked him.  Tech giants have also moved against right-wing social media platform Parler, with Apple and Google removing it from their app stores over the weekend and Amazon withdrawing the cloud service in which it stores its data.  In view of the events on Capitol Hill last week, the actions have brought relief for many.  However, this news has also sparked warnings that the actions of the tech giants cannot make dissenting opinion vanish and that the purge could contribute to a widening of the cultural and political divide in the US. 

For certain there are concerns that the Democrats’ efforts to impeach the President could underscore amongst his supports Trump’s unfounded allegations that the November election was ‘stolen’ from him.  Democrats are expected to introduce a motion to the House of Representatives today calling on Vice-President Pence to invoke the 25th Amendment in order to strip Trump of his office.  If Pence fails to do so, they plan to impeach Trump later in the week.  For Senate Republicans, however, this looks to be a step too far.  While several have publically criticised the President for his role in the last week’s violence in Washington which led to the death of five people, many have indicated that impeachment may not be the best way to hold Trump accountable.  Senator Toomey instead has called for the President to resign and “go away as soon as possible.”

Despite the momentous issues concerning Democracy in the US, the focus of markets is the likelihood of a surge in deficit spending under the Biden Administration.  On Friday the President-elect called for “trillions of dollars” in immediate further fiscal support, which included higher direct payments to individuals.  The statement coincided with an unexpected 140K slump in December non-farm payrolls.  This likely reflected the delay of fresh fiscal stimulus towards the end of last year and the impact on the labour market of the worsening in coronavirus crisis.  Expectations of further stimulus have been supportive of risk appetite of late, though higher bond yields weighed on Asian equities overnight and on US stock futures.  Having closed at a 3 decade high on Friday, the Nikkei 225 was shut today for a Japanese holiday.

Last week various Fed officials appeared mostly relaxed about the move higher in yields.  Several Fed speakers are scheduled to speak during the course of the coming week which could help develop the market’s collective opinion on whether changes to the fiscal outlook could alter the Fed’s guidance during the course of the year.  Even though a rise in inflation expectations leaves real yields in the US extremely low, higher nominal yields has triggered a wave of profit-taking on short USD positions.  The stronger USD and higher bond yields has also sparked a plunge in Bitcoin and in gold prices this morning.  Oil is also trading lower, though this may in part be the result of further worries about the impact of Covid related restrictions on demand particularly given the news that more than 11 million people in the northern Chinese city of Shijiazhuang have been placed into a stringent lockdown after an outbreak of Covid-19.

Last week PM Suga placed Tokyo and some surrounding regions in a state of emergency due to the rise in Covid cases.  Today Japan has announced that another mutant strain has been detected in four people who arrived from Brazil.  Millions have already been placed in lockdowns or in various restrictions across Europe and the US, with governments under pressure to accelerate the roll-out of vaccine programmes.  The EU has reportedly secured a deal to double its supply of the Pfizer-BioNtech vaccine after its slow start to its programme.  In the UK, 7 mass vaccination centres are due to open this week as the government attempts to increase its target from 200K jabs a day to 2 mln a week.

The sharp rise in US Treasury yields has also dented the bullish momentum of EM currencies with losses led by the South African rand followed by another popular EM yielder the Brazilian real. In our view we are witnessing a short-term correction across EM following impressive gains in Q4 rather than a major shift in the underlying bullish trend which remains underpinned by capital inflows into EM assets driven by accommodative monetary and fiscal policies and expectations that major economies will return to normality thanks to coronavirus vaccines. If the rise in US Treasury yields mainly reflected growing market expectations that the Fed may start normalizing its monetary policy much sooner than envisaged only a few months ago, we would be far more concerned about the outlook for EM. It is not, however, the case as the squeeze in US yields can be mainly attributed to the market expecting expansionary fiscal policy under Biden’s presidency. It is also important to stress that the Fed cannot allow financial conditions to tighten too much through rising yields at the time when the US economy is still in the doldrums. At this very early stage of the economic recovery the Fed is likely to prevent Treasury yields from rising to levels that would make EM assets unattractive and resulting in capital inflows to slow down or even being partially reversed. Such a moment is likely to come when the Fed starts withdrawing its unprecedented stimulus, but not yet as this major headwind to EM may not start blowing hard until well into 2022 or even 2023.

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

Pakistan loses power in a massive blackout on Sunday. No reason given..

(zerohedge)

“Don’t Panic”: Entire Nation Of Pakistan Loses Power In Massive Blackout

 
SUNDAY, JAN 10, 2021 – 18:20

Top government officials in Pakistan are urging calm after the entire country was plunged into darkness on Saturday night due to a breakdown in the national power grid.

“A countrywide blackout has been caused by a sudden plunge in the frequency in the power transmission system,” Pakistan’s Power Minister Omar Ayub Khan announced, according to Reuters.

 

Karachi, via AFP

The blackout is nearly unprecedented as it has impacted over 200 million people across every city, town and village. The last power grid shutdown approaching this size hasn’t been seen since 2015.

According to CNN reporting:

In a statement, the Ministry of Energy said that, according to an initial report, there had been a fault at the Guddu Thermal Power Plant in Pakistan’s southern Sindh province, which had caused power plants across the country to shut down.

…Efforts are now underway to restore power to various parts of the country. Large swathes of Karachi, the largest city in Pakistan, still do not have power, according to information shared by K-Electric, the company supplying power to the city.

The report further quoted residents who were witnessing hours-long lines outside gas stations where people were hoping to fuel generators.

“There are long lines outside petrol pumps in the city, cars are queuing as people buy fuel for their back up generators. I was in the line, people have been waiting for hours with petrol cans in hand,” one Karachi resident said.

A Pakistan airline industry official had said, “All major airports in the country have back up generators,” while noting airports and flights remained operational.

As of early Sunday evening (local time) Pakistan’s energy minister said that power had been restored to much of the country, and faulted a significant technical issue.

end

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

Euro/USA 1.2157 DOWN .0050 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 104.25 DOWN 0.406 (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 1.3468   DOWN   0.0082  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2799 DOWN .01145 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  MONDAY morning in Europe, the Euro FELL BY 50 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2157 Last night Shanghai COMPOSITE DOWN 38.61 PTS 1.08% 

//Hang Sang CLOSED  UP 30.00 PTS OR .11% 

/AUSTRALIA CLOSED DOWN 0.82%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 30.00 PTS OR .11% 

/SHANGHAI CLOSED DOWN 38.61 PTS OR 1.08% 

Australia BOURSE CLOSED DOWN 0.82% 

Nikkei (Japan) CLOSED DOWN 155.22  POINTS OR 0.63%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1839.20

silver:$24.81-

Early MONDAY morning USA 10 year bond yield: 1.116% !!! DOWN 0 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.874 DOWN 0  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 90.55 UP 44 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: -0.01% UP 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.04.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.06%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.57 UP 4 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: RISES TO –.49% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.2169  DOWN     .0036 or 36 basis points

USA/Japan: 104.18 UP .407 OR YEN DOWN 41  basis points/

Great Britain/USA 1.3513 DOWN .0040 POUND DOWN 40  BASIS POINTS)

Canadian dollar DOWN 102 basis points to 1.2776

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed DOWN AT 6.4804    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.4804  (YUAN DOWN)..

TURKISH LIRA:  7.47  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 1.133 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.887 UP 1 in basis points on the day

Your closing USA dollar index, 91.50 UP 44  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 MONDAY: 12:00 PM

London: CLOSED DOWN 74.78  1.09%

German Dax :  CLOSED DOWN 44/45 POINTS OR .78%

Paris Cac CLOSED DOWN 44.45 POINTS 0.78%

Spain IBEX CLOSED DOWN 49.20 POINTS or 0.59%

Italian MIB: CLOSED DOWN 71.93 POINTS OR 0.32%

WTI Oil price;  52.11 12:00  PM  EST

Brent Oil: 55.57 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.64  THE CROSS HIGHER BY 0.52 RUBLES/DOLLAR (RUBLE LOWER BY 52 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.49 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 :  52.08//

BRENT :  55.53

USA 10 YR BOND YIELD: … 1.137..up 2 basis points…

USA 30 YR BOND YIELD: 1.8830 up 1 basis points..

EURO/USA 1.2153 ( DOWN 53   BASIS POINTS)

USA/JAPANESE YEN:104.17 UP .399 (YEN DOWN 40 BASIS POINTS/..

USA DOLLAR INDEX: 90.52 UP 42 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3518 down 32  POINTS

the Turkish lira close: 7.48

the Russian rouble 74.65   DOWN 0.56 Roubles against the uSA dollar. (DOWN 56 BASIS POINTS)

Canadian dollar:  1.2778 DOWN 104 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.50%

The Dow closed DOWN 89.28 POINTS OR 0.29%

NASDAQ closed DOWN 251.89 POINTS OR 2.06%


VOLATILITY INDEX:  24.01 CLOSED UP 2.45

LIBOR 3 MONTH DURATION: 0.224%//libor dropping like a stone

USA trading today in Graph Form

Bitcoin Bloodbaths, Big-Tech Battered As Buck Bounce-Back Builds

Tyler Durden's Photo

 

BY TYLER DURDEN
MONDAY, JAN 11, 2021 – 16:00

Well that all escalated really quickly…

Bitcoin, Bonds, and Big-Tech stole all the headlines today.

Bitcoin collapsed almost 30% from its $40,000 highs…

Source: Bloomberg

Ethereum crashed back below $1000…

Source: Bloomberg

Overall, cryptos gave back a huge chunk of their 2021 gains but as is clear ETH is still up over 30% and BTC up over 10% YTD…

Source: Bloomberg

Bond yields were up for the 6th straight day (no positive bond price return days yet in 2021)…

Source: Bloomberg

10Y yields were up again today (only around 1-2bps) but testing back up to March spike highs…

Source: Bloomberg

The yield curve continues to steepen, with 2s30s at its steepest since April 2017…

Source: Bloomberg

Interestingly, real yields continued to climb (to -92bps – the highest since early December), but gold refused to follow today…

Source: Bloomberg

And then there was Big-Tech. Nasdaq was the day’s biggest loser (taking out Manchin lows) with all the majors ending red…

This sent Nasdaq back to unch YTD…

As FANG stocks were hit hard to their lowest close since Thanksgiving…

Source: Bloomberg

TSLA tumbled…

But TWTR was the hardest hit of the tech giants after it banned Trump and 1000s of others…

Value and Growth stocks were down today but growth was the hardest hit…

Source: Bloomberg

And momentum was hit hard…

Source: Bloomberg

The dollar ended the day higher (biggest 3-day gain since September) but did find resistance today…

Source: Bloomberg

WTI slipped back below $52 today…

Despite dollar gains (and real yields rising), gold managed modest gains…

And Dr.Copper was clubbed like a baby seal…

Commodities overall dipped today after ramping all the way up to historic resistance…

Source: Bloomberg

And finally, if this doesn’t tell you to de-gross, nothing will… All Noise, No Signal!

Source: Bloomberg

And then there’s this from Morgan Stanley…

“Fourth quarter earnings growth for the S&P 500 is tracking at -9%, more negative than the results we saw in the third quarter”

Trade Accordingly!

a)Market trading/THIS MORNING/USA

What is the yield on the 10 yr that will burst the stock bubble: Long before it readches 1.5%

(zerohedge)

What Is The Yield On The 10Y That Will Burst The Stock Bubble? Here Is The Answer

 
MONDAY, JAN 11, 2021 – 8:09

Now that the deflation narrative which marked most of 2020 is dead and buried, and instead traders are focusing not only on breaking out 10Y nominal yields…

… as well as the highest 5Y5Y fwd swaps and breakevens in years…

… prompting Morgan Stanley to list five reasons why even higher inflation is coming in the next few months, attention has turned to the only key variable that matters: what yield on the 10Y Treasury will be the catalyst that send stocks plunging?

We touched briefly on this point last Wednesday when we said that just a 1% increase in 10Y yields would slash P/E multiples by 18%.

Of course, if this multiple contraction is accompanied by an offsetting increase in corporate profits (which one would expect in a reflating world), all shall be well and stocks would be flat, all else equal. Of course, all else is never equal, and a question that is perhaps even more important than “what rate” will break stocks is how fast we get there. Recall what Morgan Stanley said last week:

While there is still very good potential upside for many of the stocks we like in this new bull market, one should be prepared for an adjustment in valuations lower as interest rates catch up to what other asset markets have been saying for months. If this adjustment is gradual, then stocks and other assets will likely go sideways for a while until earnings eventually take them higher.

However, should that adjustment in rates occur more rapidly, all stock prices will adjust lower, perhaps sharply, rather than just go sideways.

We suspect such an adjustment is more likely than most if we are right about growth and inflation surprising further on the upside.

Picking up on the critical topic of rising yields as a catalyst for a stock crash, is – who else – SocGen’s resident permabear Albert Edwards, who last week echoed the latest Jeremy Grantham note (see “Investing Legend Turns Apocalyptic: Bursting Of This “Great, Epic Bubble” Will Be “Most Important Investing Event Of Your Lives“), underscoring the key line namely that “This bubble will burst in due time no matter how hard the Fed tries to support it.

While that may be right ultimately, the more immediate question is the one under consideration, namely “At much higher valuations what level of bond yields will it take to break the equity market?”, which Edwards has represented in the following chart, which he prefaces as follows:

We all understood in 2018 (and we still know now) just how dependent this equity bull market is on low bond yields, especially in recent years with the ‘Growth’ and FAANG stocks leading the market higher. But back then, with the S&P just shy of 3000 and much more moderate multiples than today (see chart below) it took a rise in 10y bond yields above 3% to ‘break’ the bull run. Now with the US tech sector on a forward PE close to 30x (vs 20x back in Q4 2018, see chart below), it will clearly take a lot less to break the equity market and trigger the bursting of this bubble.

While there is little argument there, Edwards proceeds to the heart of the matter: “what is that ‘danger level’ of bond yields?”

To be sure, while yields may be still in their long-term downtrend (as Edwards shows in the next chart below), “they have broken out of their recent trading range” as we showed in the first chart up top, “and the US 10y has now risen above 1%.” The SocGen strategist then reminds his readers that due to an optimistic view of the recovery and given the supply issues (discussed below) SocGen’s own US rates strategist, Subadra Rajappa, “expects US 10y yields to continue rising to 1.5% this year.”

Our US rates strategist writes “The Federal deficit and Treasury issuance are breaking records. With deficits set to exceed $2.4tn in FY21 and $1.3tn in FY22, Federal debt as a percentage of GDP is expected to surpass WWII levels. Since mid-March, the Fed has purchased $2.0tn of Treasuries, reducing the pressure on markets to absorb the additional supply. Nonetheless, the pressure on markets to absorb long-end supply is palpable as auction metrics continue to deteriorate.”

While perfectly reasonable and logical, to Edwards all of this is a non-starter because, as he puts it, it’s simply impossible: “the equity market will collapse long before we reach 1.5%.

As Edwards frames it, a key part of the market’s reflexivity will again be driven by the coming Fed error of tapering which just like in 2013, just like in 2018, was the catalyst the broke the bond market and sent equities spiraling (it’s also why the second most important question in the market today after “what rates will burst the stock bubble”, is when will the Fed start tapering as we discussed last week):

The bond market’s increasing jitters about a tsunami of issuance were not just exacerbated this week by the Democrat success in the Georgia Senate race, but also from comments made by the Atlanta Fed. I must admit when I saw the title “Fed’s Bostic says bond-buying ‘recalibration’ could happen in 2021”, I assumed Bostic was talking about stepping up purchases because of the supply issues above. Instead the Reuters article quoted Bostic saying “the Fed could begin to trim its monthly asset purchases this year if the distribution of coronavirus vaccines boosts the economy as expected”. Wow! No wonder the long end is selling off. (Article here).

Personally, I have never been so hung up on supply as a deciding factor for bond yields. My experience of following Japan closely in the 1990s and 2000s was that the constant refrain about JGB supply driving yields higher was always wrong. If the fundaments in the way  of weak growth and deflation justify low bond yields, then massive supply only affects yields at the margin. In any case I don’t believe there is a cat in hell’s chance that the Fed can tighten and/or that US 10y yields can rise to 1½%. The equity market bubble will burst long before we get there!

Why? Here Edwards quotes Dhaval Joshi at the Bank Credit Analyst (BCA), who has identified an important tipping point for the ever –  inflating tech (FAANG) bubble that has led this equity bull market “to infinity and beyond”. Dhaval writes:

“Since early 2018, a rise in the long bond yield has sent shudders through the stock market on four occasions: February 2018, October 2018, April 2019, and January 2020. On all four occasions, the tipping point was the earnings yield premium on tech stocks versus the 10y T-bond yield falling towards its lower limit of 2.5 percent.” (see chart below).

Well, with last week’s spike in 10y TSY yields above 1%, the danger level 2.5% yield gap Dhaval highlights has now been breached:

As Edwards concludes, already at these much lower bond yields – the 10Y closed Friday at 1.12% – tech valuations are now stretched beyond breaking point, and as a result “the US equity market might crack any time now.”

But it won’t crack for long because as even the world’s most popular permabear echoes what we said last week…

… namely that “if/when it does, the Fed will increase QE to implement effective yield curve control to pin the 10y below 1%.” 

And yet, “by then it might be too late if an equity market retreat is in full swing and taking on a momentum all of its own. For as Jeremy Grantham points out, this equity bubble will ultimately burst “no matter how hard the Fed tries to support it”. And that is something many simply cannot comprehend.”

Or… they comprehend it, but realize that with financial assets to GDP now at a record 650%, the Fed has no choice but to never allow stocks to drop, and if the Fed has to buy not only ETFs but single-name equities in the next crash, well… so be it.

 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

 
 

iii) Important USA Economic Stories

The Capitol riot was not a coup. Mises explains

(McMakenMises)

The Capitol Riot Wasn’t A Coup. It Wasn’t Even Close

 
FRIDAY, JAN 08, 2021 – 21:45

Authored by Ryan McMaken via The Mises Institute,

On Wednesday, a mob apparently composed of Trump supporters forced its way past US Capitol security guards and briefly moved unrestrained through much of the capitol building. They displayed virtually no organization and no clear goals.

Five people reportedly died during the events – one apparently unarmed female protester died of a gunshot wound, three other protesters “suffered medical emergencies” that resulted in their deaths (one crushed, one heart attack, and one stroke); and a police officer died from a blood clot on his brain reportedly triggered while physically engaging with protesters.

[ZH: Here is one ‘terrifying scene’ from the clashes as ‘rioters’ began their ‘coup’]…

Yet, the media response has been to act as if the event constituted a coup d’etat. This was “A Very American Coup” according to a headline at The New Republic. “This is a Coup” insists a writer at Foreign Policy. The Atlantic presented photos purported to be “Scenes From an American Coup.”

But this wasn’t a coup, and what happened on Wednesday is conceptually very different from a coup. Coups nearly always are acts committed by elites against the sitting executive power using the tools of the elites. This isn’t at all what happened on Wednesday.

What Is a Coup?

A gang of disorganized, powerless mechanics, janitors, and insurance agents running through the capitol isn’t a coup. And if it was a coup attempt, it was so far from anything that might hope to succeed as a coup that it should not be taken seriously as such.

So how do we know a coup when we see one?

In their article “Global instances of coups from 1950 to 2010: A new dataset,” authors Jonathan M. Powell and Clayton L. Thyne provide a definition:

A coup attempt includes illegal and overt attempts by the military or other elites within the state apparatus to unseat the sitting executive.

There are two key components of this definition. The first is that it is illegal. Powell and Thyne note this “illegal” qualifier is important to include “because it differentiates coups from political pressure, which is common whenever people have freedom to organize.”

In other words, protests, or threats of protest don’t count as coups. Neither do legal efforts such as a vote of no confidence or an impeachment. 

But an even more critical aspect of Powell’s and Thyne’s definition is that it requires the involvement of elites.

This can be seen in any stereotypical example of a coup d’etat. This generally involves a renegade military detachment, military officers, and others from within the state apparatus who can employ knowledge, skills, influence, coercive tools gained through membership in the regime’s elite circles.

The attempted coup in Japan in 1937, for example, was carried out by more than 1,500 officers and men of the Japanese imperial army. They nonetheless failed, likely because they miscalculated the amount of support they enjoyed among other officers. More recently, in the 2009 Honduran coup, the bulk of the Honduran Army turned on the president Manuel Zelaya and sent him into exile. That was a successful coup. More famously, Chile’s 1973 coup was successfully led by Agusto Pinochet, the commander-in-chief of the Army, and this enabled him to shell the Chilean executive palace with military hardware.

Contrast this with nameless MAGA-hat-wearing flag wavers, and the inappropriateness of the term “coup” in this case should be blatantly obvious. With real coups, power is seized by a faction of the elite which has the ability to take control of the machinery of state indefinitely. Although some of Trump’s critics claim he was somehow responsible for Wednesday’s mob, it is clear that Trump was not coordinating or directing any sort of military operation through Twitter posts. There was no plan for holding power. Had those who invaded the capitol building managed to take control of the building for a time, there’s no reason to think this would somehow translate into control of the state. How would it? The real coercive power remained well ensconced within an apparently undivided military apparatus.

Moreover, it has been clear for years that the permanent technocracy which controls the day-to-day execution of federal administrative power (i.e., “the deep state”) has long been committed to undermining the Trump administration—from high ranking FBI agents, to military diplomats, to Pentagon officials. From where would Trump draw the necessary cooperation from elites to overturn more than 200 years of established norms in transfers of presidential power? In any case, the Biden administration is likely to be better for the state’s elites than the Trump administration. There is no reason for any group of them to contemplate a coup against Biden.

Thus, if any of Wednesday’s capital rioters thought they were about to bring about a coup by smashing some windows in the capitol, they were engaging in thoroughly amateurish thinking. It’s unlikely, however, that more than a few of the rioters thought there was a coup d’etat afoot. It’s more likely most of them simply wanted to dramatically display their displeasure with the federal regime and to signal they weren’t going to placidly submit to whatever the American bureaucracy decided to dish out.

Nonetheless, we should not be surprised that the media has rushed to apply the term to the riot. This phenomenon was examined in a November 2019 article titled “Coup with Adjectives: Conceptual Stretching or Innovation in Comparative Research?,” by Leiv Marsteintredet and Andres Malamud. The authors note that as the incidence of real coups has declined, the word has become more common, but with modifiers attached.

Examples of these modifiers include “soft,” “constitutional,” “parliamentary,” and “slow-motion.” Numerous critics of the impeachment of Dilma Rousseff in Brazil, for example, repeatedly called it a “soft coup.” The authors note this is no mere issue of splitting hairs, explaining that “The choice of how to conceptualize a coup is not to be taken lightly since it carries normative, analytical, and political implications.”

Increasingly, the term really means “this is a thing I don’t like.” But the term’s use paints the non-coup participants as criminals poised to seize power illegally. By applying this term to the acts of a disorganized group of Trump supporters with no base of support among state elites, the pundits know exactly what they’re doing.

END

 

Amazing: with the left blaming Trump for the DC riots, his approval rating rises about 50% to 51%
(Rasmussen/zerohedge)

Rasmussen: Trump’s Approval Rating Rises After DC Protests

Rasmussen: Trump's Approval Rating Rises After DC Protests
(Getty)

Friday, 08 January 2021 10:42 PM

 
 

The Rasmussen poll, one of the most accurate polls of the 2020 election, finds President Trump’s approval is actually rising after Wednesday‘s protests.

As Democrats move to impeachment and some establishment  Republicans call for the 25th Amendment to remove Trump, the poll finds 48% approve of the President’s job performance.

 

A source close to the polling firm tells Newsmax that the rolling survey saw Trump’s approval soar to 51% on Thursday night.

Trump’s approval has been up overall, jumping from 45% just before Christmas.

“Americans are disgusted that cities burned for months and Washington and the media did nothing,” our source says, “But they still like Trump.”

 
 

© 2021 Newsmax. All rights reserved.

END

Election Chaos

Story no 1

Italy-gate:

In this commentary Obama and Renzi are accused of being the masterminds of the USA election fraud

(Saccetti/from Italian Newspapers)

Italy-gate, part II: Obama and Renzi accused of being the masterminds of the US electoral fraud

This post is also available in English

by Cesare Sacchetti

The latest article published on this blog has explained the hacking scheme which involves Italy’s government.

Bradley Johnson, a former CIA agent and chief of  the intelligence agency stations, revealed how Italy had a crucial role in what could be described as an international coup d’état against Donald Trump.

Basically, the main actor of this attack was Leonardo, who is an Italian government company leader in the defense and aerospace sectors.

There’s another person who has completely confirmed the role of Italy in this fraud and it is Maria Zack.

Mrs. Zack is the chairman of the association “Nations in Action ” and in an audio file leaked two days ago she explains how the fraud would have occurred.

 

According to Mrs. Zack, the operation center which coordinated the attack was effectively the US embassy in Rome.

This version completely matches Mr. Johnson’s story, but Mrs. Zack gives more important details about it.

The operation has been coordinated by the Italian General Claudio Graziano on the second floor of the embassy, assisted by an Italian secret service agent, Stefano Serafini.

General Graziano is a very important character in this story an The Italian military leader and the president of the military committee of the European Union.

The General is an ardent supporter of a European army solution and in one of his recent conferences clearly said that there’s nothing beyond the EU and NATO.

Therefore, Graziano could be considered a deep state operative and a member of the military lobbies that are fiercely opposing President Trump’s foreign policy, which is not based upon military interventionism but on the respect of other countries’ sovereignty.

However, the Italian military would have been the director of this operation which used Leonardo’s technology.

 

As Mr. Johnson said, the Italian governmental company provided its technology to run the hacking attack.

Maria Zack confirms that a “Leonardo’s satellite was used to load the software and change the votes from Trump to Biden”.

Originally, the plot to switch votes from Trump to Biden didn’t start in Rome, but in Frankfurt, where a CIA station hosts Dominion’s servers.

Apparently, everything was working fine until the hackers in Frankfurt realized that what they were doing wasn’t enough to finally deliver the “victory” to Biden.

At that moment, the hackers called Rome for help. Then in the US Embassy, the operation was recalibrated by creating new algorithms.

Trump was taking too many votes and it was necessary to reinforce the attack.

The votes were then sent from a military satellite operated by Leonardo to the US into Dominion’s servers.

Apparently, all this plan was confirmed by Arturo D’Elia, a former Leonardo’s consultant, who in a sworn testimony admitted his role in the hacking scheme.

Mr. D’Elia claims that he acted under the instructions of US embassy personnel in Rome.

However, it seems very unlikely that this plan could have taken place without the US ambassador in Rome, Lewis Eisenberg, knowing what was taking place in his own embassy.

Lewis Eisenberg was appointed by Trump in 2017 and he was a contributor to his campaign. However, at the same time, he’s very close to the Zionist neocon lobbies which oppose Trump’s military disengagement.

The political masterminds of the plan: Renzi and Obama

What was described so far is the military and secret service level of the operation orchestrated by disloyal and subversive members of the US and Italian deep state, but Mrs. Zack’s revelations that follow are even more shocking.

The political level of the plan was basically conceived by Barack Obama who was allegedly helped by his Italian counterpart, Matteo Renzi, the former Italian Prime Minister.

The Chairman of Nations in Actions claims that what happened was “a really brilliant plan orchestrated by Obama with the help of Renzi.”

The relation between Renzi and Obama is simply fundamental to figuring out both the first coup attempt against Trump, namely the Spygate, and the second ongoing coup against the US President, which is the electoral fraud.

The latest declassification of the NSA documents confirmed that in September 2016, Barack Obama was perfectly informed of what was going on against the Republican candidate.

The former CIA director, John Brennan, had informed President Obama that Hillary Clinton was fabricating a false scandal to depict Trump as a “Russian stooge”.

The US institutions, such as the FBI and the US intelligence community, had a major role in this plot because they gave a green light to the illegal espionage against Trump.

Therefore, it is not far-fetched to say that President Obama was the mastermind behind the plan to sabotage Donald Trump.

At the same, the Spygate couldn’t take place without the decisive assistance of Italy. When Obama had chosen to authorize the illegal espionage operation, he  asked for the help of the former Italian Prime Minister, Renzi.

The timing is very important in this matter. A month after Obama-Brennan’s meeting, the then former Italian PM paid a visit to the White House.

If Mrs. Zack’s version is right, it was on that occasion that Obama ordered Renzi to take part in the plan.

Renzi  agreed by involving the Italian secret services in the espionage.

The Italian secret services  conceived a plan to set up Giulio Occhionero, an Italian nuclear engineer, who had been used as a way to falsely associate Trump to the Kremlin.

Basically, the Italian intelligence would have tried to plant Hillary Clinton’s emails on Occhionero’s US company, Westlands Inc.

Occhionero was chosen as a patsy because he’s quite close to the American conservative circles that endorsed the Trump campaign.

However, the most surprising thing that ties this scandal to the electoral fraud is the relationship between Obama and Renzi.

Even after both of them left their offices, they kept working to orchestrate a sort of permanent coup d’état against Donald Trump.

Italy is the red thread that connect Spygate and the US electoral fraud

There’s a red thread that connects Spygate and this red thread is the axis between the Italian and the US deep state, represented in this case by Obama and Renzi.

This subversive plan would have never stopped and would have continued until November 2020 when both sides, the US and the Italian operatives, conspired to overthrow Trump.

In other words, globalism has certainly used members of the Democratic party, like Obama, to coordinate the coup, but even more crucial would have been the subversive power of the Italian deep state deeply eradicated in Italy’s public institutions.

Italy’s incumbent PM, Giuseppe Conte, has been perfectly informed of this operation as “he is very engaged and involved” claims Zack.

And frankly, if this version is proven right, it is hard to think the contrary.

Leonardo is a government company that has 30.2% of its shares in the hands of the Italian Ministry of Economy, the minister there is Mr. Roberto Gualtieri, an EU loyalist.

The present CEO of Leonardo, Mr. Profumo, was appointed to his role in April 2020 by Conte who basically confirmed the choice of his predecessor, Paolo Gentiloni, former Italian PM in 2017 and also apparently involved in the Spygate.

The black funds to finance this plot would have been provided by Iran, which  financed Obama with 400 million dollars to direct the operation.

This version partially confirms the role played by Obama from 2017 onwards. The former US president ran an organization outside Washington DC, which could be considered a sort of shadow government to thwart Trump’s presidency.

According to other sources, Obama’s financers would have been Soros ONGs.

However, the former Democratic President had been simply essential to coordinate the whole scheme and Italy has provided its technology and its government operatives to carry out this plot.

The story of the US election fraud has basically been an international coup d’état conceived by the Washington deep state and acted through the participation of several countries and globalist governments, such as Canada, Germany, China, Spain, and Italy.

In other words, the globalist power has been used by the governments that are serving the New World Order agenda to overthrow Trump.

The Italian opposition is not exposing the scandal: the axis between Renzi and Salvini

Meanwhile, in Italy, the media are silent both on Spygate and Conte’s involvement in this scandal.

The leader of the Italian opposition, Salvini, is not denouncing them either.

Apparently, after the fall of his government, Salvini formed a sort of axis with Renzi to pave the way for another technocratic government, most probably led by Mario Draghi.

The system in Italy has been silencing those scandals because they see the participation in them of both the majority and the opposition.

However, as was explained in the previous article, Italy is essential for solving the crime of the US election fraud.

If someone wants to really understand what happened in this elaborate international coup, it must look at Rome.

end

Really good: the author explains the phrase “high crimes and misdemeanors.”

Trump cannot be impeached for his speech.

(Natelson)

Natelson: There Is No Constitutional Ground For Impeachment Of President Trump

 
BY TYLER DURDEN
SUNDAY, JAN 10, 2021 – 11:00

Authored by Rob Natelson, op-ed via The Epoch Times,

Any effort to impeach the president for comments made to Washington demonstrators would be flatly unconstitutional…

The Constitution permits impeachment and removal of the president for “Treason, Bribery, or other high Crimes and Misdemeanors.”

There’s no reasonable claim that President Donald Trump’s speech, which largely focused on disputed, but credible, claims of election irregularities, was treasonous or involved a bribe. And in the absence of proof of deliberate incitement to riot, it wasn’t a “high Crime.”

So, as in the former Trump impeachment, the only potential basis for removal from office would be commission of a “high … Misdemeanor.” (We know from founding-era evidence that in the Constitution the adjective “high” modifies “Misdemeanor” as well as “Crime.”)

The previous impeachment proceedings were marked by a debate over the meaning of the phrase “high misdemeanor.” Each of the four academic experts who testified at the House of Representatives Judiciary Committee offered their own definitions. The prosecutors and the president’s defense team offered their own definitions, too.

This disagreement reflected an academic dispute that had been going on for many years. Based on incomplete surveys of the founding-era record and on British impeachment trials, researchers had reached very different conclusions about the meaning of “high misdemeanor.”

Unfortunately, however, almost no researcher (including me) had thought to examine the sources that might define the phrase authoritatively. Those sources were 18th century English and American law books.

The Constitution is first and foremost a legal document—the “supreme Law of the Land.” Most of its framers were lawyers, as were most of those who explained it to the general public. Moreover, at the time the American general public was unusually knowledgeable about law.

Thus, if the phrase “high misdemeanors” had a clear legal meaning and no other clear meaning, then we would expect the legal meaning to control. In this respect, the phrase “high misdemeanors” would be like other recognized legal terms in the Constitution: “Habeas Corpus,” “Equity,” “bail,” “Privileges and Immunities,” and so forth.

The Trump impeachment proceedings inspired me to undertake a comprehensive survey of founding-era legal sources to see if  “high misdemeanors” had a defined legal meaning. If it did, that would resolve the long-standing debate.

In constitutional research, the sources frequently don’t yield overwhelming, one-sided evidence for an indisputable result. But it happened here. I was very surprised by this outcome, which contradicted what I had written previously. Nevertheless, I quickly admitted my mistake and duly published (pdf) the new findings.

It turns out that “high misdemeanor” was in fact a precisely defined legal term: It meant “serious crimes not meriting the death penalty.”

Here’s the background:

In 18th century England and America, the legal word “misdemeanor” technically included all crimes of any level of gravity. The most serious misdemeanors were denominated felonies (or high crimes). Felonies traditionally were punishable by death. The most serious felony was treason, and a person convicted of treason usually suffered a particularly horrible death: a man was drawn and quartered; a woman was drawn and burnt.

Lesser felonies—at common law there were nine of them—traditionally were punished by hanging. Examples are murder, rape, burglary, and robbery. (Happily, I can report that by the time of the founding, first offenders often received more lenient sentences.)

Serious offenses other than treason and felony were punished by prison time and by heavy fines rather than by death. These offenses included, among others, bribery, attempted murder, assisting a duel, certain kinds of blackmail, and so forth. Offenses in this category were called great misdemeanors, great misprisions, or high misdemeanors.

Lesser offenses were simply called “misdemeanors.”

This criminal-law usage arose in England, but it was followed in America as well. For example, in my research I uncovered several congressional statutes passed in the 1790s that designated serious crimes as “high misdemeanors” and imposed penalties accordingly. As in England, Congress labeled lesser crimes merely as “misdemeanors.”

So a “high misdemeanor” was a serious crime not meriting the death penalty. The icing on the cake from this conclusion was that it resolved some other questions that had puzzled scholars as well. And it explained the structure of the Constitution’s Impeachment Clause: the words “Treason, Bribery, or other high Crimes and Misdemeanors” provide one example of a high crime (treason), one example of a high misdemeanor (bribery), and include generic clauses covering other crimes in the same two categories.

Observe what is excluded from the grounds for impeachment. Congress may not impeach and remove for a minor crime. Nor may it do so because an officer is reckless, negligent, or has obnoxious political opinions. The constitutional penalty for those breaches is, for lesser officers, removal by the president and, for the president and vice-president, re-election defeat.

It’s significant that in the biennium since these findings were published, no scholar has even attempted to rebut them. Nor can they be convincingly rebutted, given the volume and consistency of the evidence.

While debate over the meaning of the term continued, the House of Representatives could reasonably assume that non-criminal behavior could constitute a “high misdemeanor.” But that’s no longer true. Now we can say unequivocally that whatever you may think of the president’s speech, it’s not a basis for impeachment.

*  *  *

Robert G. Natelson is a leading originalist scholar who served as a law professor for 25 years. He is a senior fellow in constitutional jurisprudence at the Independence Institute in Denver. His research articles on the Constitution’s meaning have been cited repeatedly by justices and parties in the Supreme Court.

end
Taxi cab drivers in New York in serious trouble: New York is a ghost time and then the taxi cab bos are competing with uber
(zerohedge)

“It’s A Ghost Town”: Debt-Laden NYC Taxi Drivers In Dire Straits

 
SUNDAY, JAN 10, 2021 – 10:35

New York City taxi drivers – who were committing suicide left and right before the pandemic – are in bad shape.

After years competing with Uber and Lyft drivers for razor-thin margins, while maintaining an average debt of $450,000 on taxi medallions now worth $75,000 – $100,000, ridership is down 80-90% since March due to the pandemic, according to CNN.

 

Photo: Bryan Thomas via NYT

“It’s a ghost town,” said Augustine Tang, a second-generation NY cab driver.

With ridership down 80 – 90% since March 2020, drivers count themselves lucky if they are able to snag three passengers a shift. The vast majority of Manhattan office workers haven’t returned to the workplace, public school students have been in and out of classrooms, and tourism has slumped. On top of that, ride-sharing platforms such as Uber and Lyft have saturated the streets, capturing the lion’s share of riders even before Covid-19 reached the city. –CNN

“I can’t hold on, not like this,” said 27-year veteran cab driver Vinod Malhotra in November comments to the NYT. “I can make it maybe one more month, maybe two.”

Drivers have also been reluctant to return to work, as fleet owners found themselves begging cabbies to take shifts – in some cases letting drivers rent out cabs for half the normal rate or less.

“My job isn’t safe. I don’t know who has had the Covid, and there are no customers anyway,” said 53-year-old Burmese immigrant, Andrew Chen. “So I just stay home.”

Medallion lenders, meanwhile,  have started to demand payments after suspending collections for several months during the worst of the pandemic. Recalling that the collapse in medallion prices began before the outbreak – in January, NYC launched a city task force which proposed a $500 million bailout for drivers’ loans. This was followed by a February threat by NY State Attorney General Letitia A. James, to sue the city for $810 million to compensate drivers.

After the pandemic hit, efforts to help NYC cab drivers – over 90% of whom are immigrants, evaporated.

In 2013, yellow cabs made nearly half a million trips a day. In 2020, that number dropped to 50 – 60 thousand. But the yellow cab industry was already hemorrhaging trips pre-pandemic.
 
As unregulated vehicles for hire flooded the streets, investment-backed platforms such as Uber and Lyft undercut fares, able to absorb the loss. As riders flocked to these cheaper and more accessible taxis, yellow cabdrivers were left in the dust. –CNN

In response to the situation, the New York Taxi Workers Alliance (NYTWA) is asking New York City taxpayers to backstop their medallion loans to the tune of up to $125,000 over the course of 20 years with a $75 million proposal. Drivers would otherwise remain responsible for their loan payments, and the medallion could be repossessed and auctioned off.

Of course, even with vaccinations on the way and inevitably mandated ‘vaccine passports,’ NY cabbies are still going to be competing with the likes of Uber and Lyft drivers – who aren’t drowning in medallion debt.

end
Steve Brown.
Why is Congress so desperate to dump Trump now?. with one week to go? Steve Brown has an answer to this A good read….
(Steve Brown)..

Why is Congress So Desperate to Dump Trump Now?

Steve Brown

Sure, the assault on the capitol was bad enough, and perhaps there is cause to worry about trouble at the inauguration… But the sh*t-stirrers will be Proud Boy deplorables and not Donald Trump. Indeed, he’s pretty much done for now. Beside any trouble he can stir in the Middle East, or by pushing State’s insane recognition of Taiwan, such tangential affairs should be the end game.

So, what’s behind the current congressional panic? Spooked members of Congress have engaged in massive political paranoia in an impeachment tantrum frenzy resonating throughout the major media, alleging that Trump ‘might do something’ in his last official days, and must be removed ten days prior to his expected departure.

Whatever the reason may be for such Beltway paranoia, it must be more pressing than the prospect of protestors at the inauguration, or Pompeo’s cluelessness on Taiwan. Novus Confidential proposes that the big issue may relate to the financial system, where presidential action is needed. But some background first.

Novus Confidential and others have relentlessly covered the unprecedented rise and rise in the price of Bitcoin, a massive red flag for the monetary status quo. Another warning being the massive gold/silver raid engineered by the Bank of International Settlements and London Bullion Market Association (LBMA), which took place on Friday January 8th. Yet another cautionary tale is Treasury Secretary Mnuchin’s warning about Continuity of Government, and the premature end to his Axis of Evil visit to Israel, Sudan, Egypt, and Saudi Arabia.

Mnuchin keeps a low profile in the regime, likely due to his controversial past and involvement in the IndyMAC and OneWest financial swindles. Under cover of the CARES Act, Mnuchin personally appropriated $436 billion to himself – er, sorry… to his US Treasury. That $436Bn has gone to a super secret authority called the Exchange Stabilization Fund (ESF) to whit few Americans know anything about. And no one besides Mnuchin and perhaps Jerome Powell knows what the ESF CARES Act money was used for, but more on that later.*

The ESF is a US Treasury slush fund which hides in plain sight to allegedly support the dollar, but in fact the ESF bails-out corrupt US corporations and banks, and keeps Wall Street afloat. ESF CARES act abuse and related US Treasury malfeasance has been well-documented by Pam and Russ Martens via their stellar journal, Wall Street on Parade. A most important point is made here:

“…the Fed ran very similar emergency bailout programs from 2007 to 2010 and did not require any funds from the Treasury to backstop losses. The Fed simply relied on collateral from the Wall Street firms borrowing from the Fed. If those firms don’t have the collateral today, then they’re likely insolvent and not legally allowed to borrow from the Fed.”

Put simply, there are many major Wall Street firms with high valuations – including primary dealer banks – that may be technically insolvent. Based upon the secrecy by which the ESF operates, in conjunction with the Fed’s own opacity, that insolvency may be suppressed, but cannot be suppressed now. Why believe this? Because it’s likely someone from the “other side” is now examining Mnuchin’s private books since the new regime begs to dole out an additional $400Bn in stimulus to inflationary wallets (ie you and me). A far-fetched theory you say? Until considering the dollar amounts being contemplated to further backstop “the economy”, and not just ours, but those dependent on King Dollar, too.

Now, the new regime is asking for more trillions on top of more federal trillions just spent, pushing Modern Monetary Theory to its absolute extreme. More than likely, presidential authority is needed now to overcome the precarious financial circumstance and economic straits the former United States finds itself in. If Mr Trump and Mr IndyMAC fail to cooperate now, at this point in time, well there’s the rub. And the urgency to get Trump out.

It’s interesting too that this crisis has appeared at this point in time, a time of regime change, just as regime change occurred one dozen years ago. Can we hope that this time the outcome will be different? If different, the likelihood is that the outcome will be far worse… just one theory!

*This is all we know and will ever know about how the ESF used CAREs act funds:

END

This is good: San Franciso Police prepare for Pro Trump rally at Twitter headquarters

(zerohedge)

San Francisco Police Prepare For Pro-Trump Rally At Twitter Headquarters

 
MONDAY, JAN 11, 2021 – 11:40

From Twitter to Facebook, the de-platforming of President Trump, which has led to numerous high-profile tech companies placing restrictions or bans on the president following the violent assault of the U.S. Capitol complex last Wednesday.

On Friday, Trump’s Twitter account was “permanently” suspended, triggering outraged among the conservative community.

In response to the Twitter ban, the San Francisco Police Department is preparing for what could become a volatile situation outside Twitter’s headquarters in San Francisco this week.

While there has been no official statement from any pro-Trump group urging their members to protest Twitter’s headquarters, SFist reports that increasing social media traffic suggests a gathering could occur on Monday.

“Calls for the demonstration began on TheDonald.win, one of the more far-right internet forums that was created after Reddit banned the r/The_Donald subreddit on Friday; Discord has also now banned the like-named pro-Trump server on its platform,” wrote SFist. 

Businesses around Twitter’s headquarters told SFist that they would continue to operate on Monday despite threats of protests.

SFist said the police department has been “in contact with representatives from the tech company.”

Police are planning to beef up security around the area and have additional resources available to mediate should a demonstration materialize.

iv) Swamp commentaries

Former homeless Cori Bush Rep. Missouri pushes a bill to expel Republicans who backed the election challenge

(zerohedge)

“Homeless” Congresswoman Pushes Bill To Expel Republicans Who Backed Election Challenge

 
MONDAY, JAN 11, 2021 – 6:34

Cori Bush, who made history last year when she became the first black woman, and also perhaps the first formerly homeless individual, to win a Congressional race in MIssouri, is leading the charge against GOP lawmakers who supported President Trump’s election challenge. The “homeless Congresswoman”, has prepared a resolution to expel them from Congress. According to Bush, lawmakers who backed Trump’s push to question vote tallies in certain swing states are equally responsible for helping to incite the Capitol Hill riot.

Bush announced her plans to introduce the bill in a tweet, where she added “we can’t have unity without accountability.”

Bush accused GOP lawmakers of violating the 14th Amendment, and insisted that “we can’t have unity without accountability.”

Bush’s proposal quickly garnered support from other progressive members of the House, who pushed for an ethics investigation into President Trump’s Congressional supporters.

Bush shared the text of the bill on Twitter a few days ago.

Of course, Bush’s proposal is a mere sideshow compared with Nancy Pelosi’s impeachment vote, which she has promised to hold on Monday. The speaker has said she hopes Trump will instead choose to resign. But with VP Mike Pence insisting that removing Trump via the 25th Amendment is off the table, and with the Senate still short of the votes needed to remove Trump, all she can do right now is talk.

Though, to be fair, that’s more than Trump can do, now that he has been barred from every major social media platform, and those that resisted – ie Parler – have been effectively forced off the web in an unprecedented example of political censorship.

end

(courtesy Gateway pundit_

PURE EVIL: Democrats to Censure Mo Brooks and Louie Gohmert in Coming Days for Challenging Election Fraud and Blaming Riots on Them

You knew this was coming.
Democrats are planning to censure Rep. Louie Gohmert (R-TX) and Rep. Mo Brooks (R-AL) in the coming days for challenging the stolen 2020 election.

Democrats want to pin the rioting in the US Capitol by Trump supporters and Antifa on the Republican lawmakers who HAD NOTHING TO DO WITH IT!

This is how a tyrannical government behaves.
Democrats have all the power and they are going to use it to punish anyone who stands in their way.

TRENDING: PURE EVIL: Democrats to Censure Mo Brooks and Louie Gohmert in Coming Days for Challenging Election Fraud and Blaming Riots on Them

end

This should be interesting:  Parler sues Amazon for anti trust violations and break of contracts. They will ask the judge to reinstate its platform.  The fun begins!

(Laila/Gateway Pundit)

UST IN: Parler Sues Amazon For Anti-Trust Violations, Breach of Contract, Asks Judge to Reinstate Platform

Parler on Monday filed a lawsuit against Amazon for anti-trust violations, breach of contract and unlawful business interferences and asked a federal judge to immediately reinstate their platform.

“AWS’s decision to effectively terminate Parler’s account is apparently motivated by political animus,” the lawsuit reads. “It is also apparently designed to reduce competition in the microblogging services market to the benefit of Twitter.”

TRENDING: PURE EVIL: Democrats to Censure Mo Brooks and Louie Gohmert in Coming Days for Challenging Election Fraud and Blaming Riots on Them

The Hill reported:

Social media company Parler sued Amazon on Monday, alleging that its suspension from Amazon’s hosting service violated antitrust law and breached the companies’ contractual arrangement.

In its lawsuit, Parler, which is especially popular among conservatives, asked a federal judge to order that the platform be reinstated online.

The 18-page complaint, filed in U.S. District Court in Seattle, where Amazon is headquartered, accuses Amazon Web Services (AWS) of applying a politically motivated double standard to Parler in contrast to its treatment of the more mainstream social media giant Twitter.

Because of Big Tech censorship, Parler became the fastest growing social media company.

On Friday Google and Apple worked in unison to remove Parler from app stores.

Parler is currently offline after Amazon deplatformed them from the web server.

Congressman Devin Nunes said the CEOs of the Big Tech companies that worked together to deplatform Parler should be brought up on RICO charges.

end

ON WHAT EVIDENCE?

House Dems Introduce Article Of Impeachment Against Trump, Have The Necessary Votes

 
MONDAY, JAN 11, 2021 – 11:11

It appears President Trump is about to be the first to be impeached for the second time as The Washington Post reports that House Democrats, which just formally introduced an article of impeachment against President Trump, have lined up the votes to impeach him for his role in “inciting an insurrectionist mob” to storm the Capitol.

“We actually have the votes,” Rep. David Cicilline, the Rhode Island Democrat who has taken the lead in rounding up support for a resolution of impeachment, told The Washington Post.

“There’s no doubt about that.”

The article, co-authored by Reps. David Cicilline (R-I.), Ted Lieu (Calif.) and Jamie Raskin (Md.), states that Trump engaged in high crimes and misdemeanors by “willfully inciting violence against the Government of the United States.” The full text of the article is as follows:

With the key section here…

As Jonathan Turley just warned this impeachment will not only create precedent for an expedited pathway of “snap impeachments” but allow future Congresses to impeach presidents for actions of their supporters.

There was no call for lawless action by Trump. Instead, there was a call for a protest at the Capitol. Moreover, violence was not imminent; the vast majority of the tens of thousands of protesters present were not violent before the march, and most did not riot inside the Capitol. Like many violent protests we have witnessed over the last four years, including Trump’s 2017 inauguration, the criminal conduct was carried out by a smaller group of instigators. Capitol police knew of the planned march but declined an offer of National Guard personnel because they did not view violence as likely.

Thus, Congress is about to seek the impeachment of a president for a speech that is protected under the First Amendment. It would create precedent for the impeachment of any president who can be blamed for the violent acts of others after the use of reckless or inflammatory language.

It remains unclear how this will unfold. House Speaker Nancy Pelosi’s latest plan is for the House to vote on a separate resolution calling on Vice President Pence to initiate a 25th Amendment process to remove Trump.

END
 
 
Cuomo reverses course and demands that New York state “reopens the economy”
 
 
(zerohedge)

Cuomo Reverses: Demands “Reopen The Economy” Amid Dismal NYC Vaccine Rollout

 
MONDAY, JAN 11, 2021 – 13:21

Despite NY Gov. Andrew Cuomo’s efforts late last week to expedite COVID vaccinations by finally expanding eligibility requirements (after initially threatening to fine hospitals for supplying doses out of order), the sign-up process for people living in NYC remains “bewildering”, according to Comptroller Scott Stringer, a Democrat who is running to succeed Bill de Blasio as mayor when his second term ends later this year.

Stringer’s complaints follow reports of hospitals in the city being forced to throw away doses of the vaccine.

Dr. Neil Calman, president of the Institute for Family Health, complained to the NYT that the Family Health Center of Harlem had to throw away doses when patients didn’t show up to their appointments, since they couldn’t turn around and instead administer the doses to others.

And despite the fact that legal repercussions could further slow the process, state authorities have investigated healthcare providers that may have violated vaccination plans, including the city’s ParCare Community Health Network, which authorities say may have ignored the state’s vaccine prioritization guidelines.

In other news, Gov. Andrew Cuomo delivered his “State of the State” address on Monday, and during it, he appeared to finally hit upon something small business owners and restauranters around the city have been saying for months: if we don’t do something about this lockdown soon, there won’t be an “economy” left to reopen once COVID vaccinations have hit critical mass.

Some wondered what exactly had changed to make Cuomo see the light.

Cuomo’s words were markedly different from his commentary from last spring, when he insisted that no American in their right mind would push to reopen the economy at the expense of human lives.

“I understand what the president is saying that this is unsustainable that we close down the economy and we continue to spend money. There is no doubt about that,” Cuomo said at a news conference in New York City. “But if you ask the American people to choose between public health and the economy then it’s no contest. No American is going to say ‘accelerate the economy at the cost of human life,'” Cuomo argued.

On Sunday, the city opened mass vaccination sites in Brooklyn and the Bronx, where shots can be doled out on Monday to people 75 and over.

Circling back to Stringer’s comments, the Comptroller complained about the complexity of the sign-up websites, which required a multi-step process to set up an account, and another to make an appointment. To sign up, numerous questions must be answered and fields filled in. All of these steps might be preventing elderly eligible residents from signing up, since – as Stringer pointed out – there were more than 200 slots still available for Monday last night.

Stringer wasn’t the only one who complained.

New York City finally reached its initial goal of vaccinating 100K people last week. But now Mayor Bill de Blasio is setting his sights even higher, telling reporters during a press briefing on Monday that he hopes to vaccinate 1MM New Yorkers – roughly 1 in 10 of the 9MM people who live in NYC – by the end of January.

For older residents who are having trouble navigating the site, de Blasio said a new hotline to allow for sign-ups over the phone would be launched immediately. New York currently has 160 sites and will be expanding sites and availability as soon as possible, de Blasio warned.

end

This is alarming:  A nursing home in Auburn NY had zero COVID deaths.  Now that 80% of those residents have in vaccinated and during these 3 weeks, 24 died.

Adam Dick/Ron Paul Institute

A Nursing Home Had Zero COVID Deaths. Then, It Vaccinates Residents And The Deaths Begin

 
MONDAY, JAN 11, 2021 – 15:36

Authored by Adam Dick via The Ron Paul Institute for Peace & Prosperity,

Things seem to be working backwards at The Commons on St. Anthony nursing home in Auburn, New York.

Vaccinating people is supposed to reduce or end coronavirus deaths. Right?

But, at The Commons, such deaths are reported to have occurred only after residents began receiving coronavirus vaccinations.

James T. Mulder wrote Saturday at syracuse.com that until December 29 there had been no coronavirus deaths at The Commons.

December 29, when deaths of residents with coronavirus began occurring at The Commons, is also, Mulder’s article discloses, seven days days after the nursing home began giving coronavirus vaccinations to residents, with 80 percent of residents so far having been vaccinated.

Over a period of less than two weeks since December 29, Mulder relates that 24 coronavirus-infected residents at the 300-bed nursing home have died.

The nursing home began vaccinating residents Dec. 22.

So far 193 residents, or 80%, and 113 employees, or less than half the staff, have been vaccinated.

The nursing home plans to do more vaccinations Jan. 12.

Is the timing just a strange coincidence?

Read Mulder’s article here

END

LA Converts Dodgers Stadium To Vaccination Center As 3 California Gorillas Test Positive For COVID

 
MONDAY, JAN 11, 2021 – 16:40

As global COVID-19 cases top 90MM, California is seeing its hospital capacity squeezed even further – Gov Gavin Newsom just declared that COVID-linked hospital occupancy was up 6% over the past week – LA has just announced that Dodgers Stadium, which has heretofore served as one of the biggest COVID testing sites in the country, will soon be converted to a vaccine distribution center.

Nearly 2K federal staff are deploying to help the state deal with the surge in COVID cases, hospitalizations and deaths. Some will help wind down testing operations at Dodgers Stadium, which are set to end Monday, according to the LA Times.

The site will then be converted to focus on vaccinating patients. Once the vaccination center is up and running, officials hope to vaccinate up to 12K people each day.

City and county officials are else ceasing testing at the Veterans Affairs Lot 15 site near Jackie Robinson Stadium before they shift personnel, equipment and other resources to vaccine distribution.

“Vaccines are the surest route to defeating this virus and charting a course to recovery, so the city, county, and our entire team are putting our best resources on the field to get Angelenos vaccinated as quickly, safely, and efficiently as possible,” Garcetti said in the release.

While SoCal’s testing capacity will temporarily take a hit, ultimately, the stadium will allow California to triple its vaccination capacity.

Of course, this increased capacity will do little if people don’t submit to receiving the vaccine. The rollout also has been hampered by reluctance from some front-line healthcare workers to take it. Roughly 20% to 40% of LA County’s front-line workers who were offered the vaccine have declined to take it according to the LAT.

In other news involving both the coronavirus and the state of California, three gorillas at the San Diego Zoo have tested positive, according to the Department of Agriculture. Samples from several gorillas at the zoo were taken after two started coughing and displaying other suspicious symptoms.

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

BLS: “The number of unemployed persons, at 10.7 million, was unchanged… The labor force participation rate and the employment-population ratio were both unchanged over the month, at 61.5 percent and 57.4 percent, respectively… 23.7 percent of employed persons teleworked because of the coronavirus pandemic, up from 21.8 percent in November…

    Employment in leisure and hospitality declined by 498,000, with three- quarters of the decrease in food services and drinking places (-372,000)… amusements, gambling, and recreation industry (-92,000) and in the accommodation industry (-24,000).  Since February, employment in leisure and hospitality is down by 3.9 million, or 23.2 percent… private education decreased by 63,000… Employment in the industry is down by 450,000 since February.  Government employment declined by 45,000… Retail trade added 121,000 jobs… Construction added 51,000 jobs… Employment in transportation and warehousing rose by 47,000… health care added 39,000 jobs… average hourly earnings for all employees on private nonfarm payrolls increased by 23 cents to $29.81 (+$0.60 exp.) The change in total nonfarm payroll employment for October was revised up by  44,000, from +610,000 to +654,000, and the change for November was revised up by  91,000, from +245,000 to +336,000… https://www.bls.gov/news.release/empsit.nr0.htm

Biden Says His Stimulus Package Price Tag Will Be ‘High’ – BBG

 

Biden Demands Trillions of Dollars in Aid after Drop in Payrolls  https://www.washingtonpost.com/business/on-small-business/biden-demands-trillions-of-dollars-in-aid-after-drop-in-payrolls/2021/01/08/735348dc-51e9-11eb-a1f5-fdaf28cfca90_story.html

 

Biden: Will Introduce Immigration Bill Immediately

 

Sheila Jackson Lee Reintroduces Bill for Exploratory Committee on Reparations for Slavery

The numbers being thrown around is $350,000 per person up to $500,000 per person. That would come out to approximately $15 trillion dollars total

https://davidharrisjr.com/steven/and-so-it-begins-sheila-jackson-lee-reintroduces-bill-for-exploratory-committee-on-reparations-for-slavery/

 

Germany’s key car market plunged in 2020 to its lowest levels since reunification, with output and sales down dramatically due to the coronavirus pandemic https://t.co/VlAwhl3tFR

 

Gold got slammed, falling as much as 3.73% on what the fin media called ‘technical selling’.  Someone slammed gold when Europe opened and again when the NYSE opened.  This smells like a manipulation.

 

Some pundits espoused the notion that gold tumbled because the US 10-year yield hit 1.18%.  However, the 10-year was rallying when gold plunged in Europe.  Bonds commenced their plunge at 9 ET.

WSJ: House Prepares for Trump Impeachment Vote This Week

https://www.wsj.com/articles/house-prepares-for-trump-impeachment-could-add-charges-on-georgia-allegations-11610295488

 

With nine days in Trump’s term remaining, and no chance for the Senate to hear an impeachment case until after Biden’s inauguration, why the rush to remove DJT?  Is there a good reason or is it hate & spite?

 

Rush Limbaugh: Swamp, Pelosi Scared to Death of Trump’s Final Days

“The four-year coup, the four-year effort to get the election results of 2016 overturned, there are all kinds of people who broke the law, all kinds of people who are quaking in their boots,” he added. “They’re worried silly that Trump is gonna unleash some of these classified documents.”  Limbaugh also said the establishment is “terrified” that Trump will pardon people (Assange & Snowden) dangerous to them…

https://www.newsmax.com/politics/rush-limbaugh-trump-swamp/2021/01/09/id/1004889/

 

Sen. @LindseyGrahamSC: Any attempt to impeach President Trump would not only be unsuccessful in the Senate but would be a dangerous precedent for the future of the presidency.

 

GOP Rep. @Jim_Jordan: “Unity and healing” doesn’t happen with cancel culture and impeachment.

 

GOP Rep. @laurenboebert: Hatred for Trump and his supporters is what unites the Democrat Party.

That’s why they are moving forward with impeachment. They need him.

 

Liberal Law Prof @JonathanTurley: While I was highly critical of the President’s remarks, he never actually called for violence or a riot. Indeed, he expressly told his followers “to peacefully and patriotically make your voices heard.” Such marches are common in both federal and state capitols…

 

Turley: Swift new impeachment would damage the Constitution

I condemned those remarks as he gave them, calling them reckless and wrong… But his words do not meet the definition of incitement under the criminal code

     Democrats are pushing this dangerously vague standard while objecting to their own statements given incriminating meaning by critics. Conservatives have pointed to Maxine Waters calling for people to confront Republicans in restaurants, while Ayanna Pressley insisted during the violent marches last year that “there needs to be unrest in the streets,” and Kamala Harris said “protesters should not let up even as some of the marches were turning violent. They can all legitimately argue that their rhetoric was not meant to be a call for violence, but this is a standard fraught with subjectivity…

https://thehill.com/opinion/judiciary/533469-swift-second-impeachment-would-damage-the-constitution

 

Giuliani says time for ‘harmony’ is over and urges Trump declassification spree

https://www.washingtonexaminer.com/news/giuliani-time-for-harmony-over-trump-declassification-spree

 

Conservatives flee to Parler following Twitter’s permanent suspension of Trump  https://t.co/pcKGizWbm8

 

Analyst who nailed bitcoin’s $40,000 level says 50% collapse could come next https://yhoo.it/38pVk0S

 

Cryptos Are Crashing, Coinbase Offline      https://www.zerohedge.com/crypto/cryptos-are-crashing?s=09

 

Kim Jong Un vows to expand his nuclear arsenal by building nuclear submarines, underwater missiles and warheads that can hit American cities

https://www.dailymail.co.uk/news/article-9128817/Kim-Jong-says-North-Koreas-biggest-enemy-regardless-charge.html

Citi, JPMorgan and Marriott Pausing (ALL) Political Donations (That’s how poisonous it is now!)

Marriott is closely tied to Utah Senator Mitt Romney … Blue Cross Blue Shield Association, a network of insurers, and Commerce Bank owner Commerce Bancshares Inc. also told Popular Information that they are suspending all support to lawmakers who challenged the Electoral College results…(I’ll take what is fascism for $500, Alex!)  https://www.msn.com/en-us/news/politics/citi-and-jpmorgan-join-marriott-in-pausing-political-donations/ar-BB1cCSHj

Fox’s @ChadPergram: Fox is increasingly hearing from lawmakers and staff who are apoplectic about the paucity of information about the insurrection at the Capitol Wednesday… The anger over the lack of information days later is palpable. This is a statement posted by Rep. Jared Huffman (D-CA): Huffman: “One thing that disturbs me a lot in the wake of the deadly terrorist coup attempt: four days later, we STILL have not had a single public briefing by federal security officials.

 

There are many reports circulating about what occurred before, during and after the DC riot; many are contradictory: The DC mob dragged and beat the DC cop that died; the DC cop died from a medical precondition.  The family asked reporters to not speculate.  A few reports say some rioters intended to harm politicians from both parties.  There are reports that many people that entered the Capitol did so because the cops let them enter.  There are reports that Trump refused to speak with staff, including VP Pence, immediately after the riot.  There are reports of other troubling Trump behavior.

 

Factions are trying to make political hay now.  Be very careful in drawing conclusion until the facts are ascertained, especially in this tumultuous atmosphere.

 

@YahooFinance: Ex-CIA covert op @MBCompanyMan on Trump after mob stormed Capitol: “It’s pathetic… It’s embarrassing on an international level. He hasn’t learned a thing from four years of self-inflicted wounds.”… Nobody gets out of this clean; NYT, WaPo, Vox etc spending the past four years banging on about a stolen election in 2016, the resistance with its #notmypresident and the collusion bulls#&t… both sides are culpable in creating this chaos and division. Don’t act righteous

 

“Whoever would overthrow the liberty of a nation must begin by subduing the freeness of speech.” Benjamin Franklin

 

An Iron Curtain of CCP-like censorship and purges by Big Tech has descended on the USA.  These nefarious actions plus Biden, Pelosi et al diatribes against DJT and his supporters on Friday, while they claimed, in 1984-speak, they are trying to heel and unify the US further inflamed deplorables’ ire.  The contentious political condition of America worsened significantly on Friday night.

 

@Cernovich on Friday night: Today will be seen as when the country officially split. The left is going to use their power in unimaginable ways. The blow black will be extreme. Foreign powers will be funding all sides of the exchange. Hyperinflation. The U.S. no longer a global power.

 

Twitter bans President Trump permanently

https://justthenews.com/politics-policy/all-things-trump/twitter-bans-president-trump-permanently

 

Trump Campaign No Longer Able to Send out Emails after Mail Service Suspends Access

https://www.nationalistreview.net/2021/01/09/wire-alert-trump-campaign-no-longer-able-to-send-out-emails-after-mail-service-suspends-access/

 

Trump Tweets from POTUS Account, Twitter Then Immediately Deletes It

Twitter employees have coordinated with the Democrats and the Radical Left in removing my accounts from their platform to silence me – and YOU, the 75,000,000 great patriots who voted for me…    Twitter is not about FREE SPEECH. They are all about promoting a Radical Left platform where some of the most vicious people in the world are allowed to speak freely”…

    @DonaldJTrumpJr: Free Speech Is Under Attack! Censorship is happening like NEVER before!…

    As the purge accelerates… Google has just suspended Parler from its Play Store:

    President Trump’s son, Don Jr, summed things up quite succinctly: We are living Orwell’s 1984. Free-speech no longer exists in America. It died with big tech and what’s left is only there for a chosen few.

     So the ayatollah, and numerous other dictatorial regimes can have Twitter accounts with no issue despite threatening genocide to entire countries and killing homosexuals etc… but The President of the United States should be permanently suspended. Mao would be proud…

     It’s the capstone of a long day of growing censorship of Trump and conservative voices across the web, from Shopify to Apple (which as we noted below is trying to shadowban Parler)…

    Big tech is on a cancel crusade today – with Twitter suspending General Michael Flynn, attorney Sidney Powell and various other pro-Trump accounts (see below).  Meanwhile, Apple is set to remove Twitter competitor Parler from its app store unless they enact a series of draconian crackdowns on free speech….  https://www.zerohedge.com/political/cancel-crusade-reignites-reddit-bans-pro-trump-forum-facebook-unpersons-walk-away

 

@TheBabylonBee: Trump Sneaks Back On Twitter by Disguising Self as PR Rep for Chinese Communist Party   https://babylonbee.com/news/trump-sneaks-back-on-twitter-by-disguising-self-as-pr-rep-for-chinese-communist-party

@paulsperry_: Stalinist Big Tech has conspiredin a pincer move to prevent Trump & Trump voters from migrating to Parler, with Amazon kicking Parler off its cloud, Google blocking Parler app on Androids & Apple blocking Parler app on iPhones. In one fell swoop, the left has marginalized Parler

US Sec of State @mikepompeo: Silencing speech is dangerous. It’s un-American. Sadly, this isn’t a new tactic of the Left. They’ve worked to silence opposing voices for years.  We cannot let them silence 75M Americans. This isn’t the CCP.

YouTube Terminates Steve Bannon’s War Room Podcast — One of Top Podcasts in US — Thousands Were Watching at the Time!

https://www.thegatewaypundit.com/2021/01/google-youtube-terminates-steve-bannons-war-room-podcast-one-top-podcasts-online/

 

@thebradfordfile: It’s not just Trump. They’re banning soccer moms, students, policemen, and Americans from every other walk of life for the thought “crime” of expressing their political views. We’ve reached the tipping point.

 

Tucker Carlson: The crackdown on America’s civil liberties is coming; we told you that yesterday.  It is here now.  It’s unprecedented and it will have consequencesThis will cause extremism.  Actions taken to suppress extremism will cause it…Silicon oligarchs are more powerful than the President of the United States and they want you to know it… https://twitter.com/ColumbiaBugle/status/1347725244425928706

 

@MattWolking: It should be noted that Twitter and other big tech companies made these moves to silence and shut down Republicans after Republicans no longer had the ability to hold Senate hearings or enact regulations. They know they’ll have free reign for a couple years under Democrats.

 

@disclosetv: #WalkAway, a conservative social-media campaign with over 500,000 members that “encourages those on the Left to walk away from the Democratic Party” has been purged by @Facebook

 

Twitter Allows ‘Hang Mike Pence’ To Trend after Banning Trump for “Inciting Violence”

https://www.zerohedge.com/technology/twitter-allows-hang-mike-pence-trend-after-banning-trump-inciting-violence

 

Fox’s @ChadPergram: GOP Rep Nunes on Fox on tech crackdown on Twitter, et al: It’s far worse than what I could even imagine… They get to decide what’s violent or not violent.  It’s preposterous. So I don’t know where the hell the Department of Justice is at right now or the FBI. This is clearly a violation of antitrust, civil rights, the RICO statute. There should be a racketeering investigation.

 

10 Times Democrats Urged Violence against Trump and His Supporters

https://thefederalist.com/2021/01/08/10-times-democrats-urged-violence-against-trump-and-his-supporters/

 

28 Times Media and Democrats Excused or Endorsed Violence Committed by Left-Wing Activists

https://thefederalist.com/2021/01/07/28-times-media-and-democrats-excused-or-endorsed-violence-committed-by-left-wing-activists/

 

@JMichaelWaller: House Judiciary Committee Chairman @RepJerryNadler got President Clinton to pardon terrorist Susan Rosenberg, who planted a bomb outside the US Senate chamber in 1983 to try to assassinate Republican senators.

 

Actor @RealJamesWoods: 85,000 followers purged in a day and a half.  I guess the Twitter folks missed all the liberal blather about “unity.”

 

Fox contributor @HeyTammyBruce: Lost another 7000 followers in the last hour. The question is for all of us experiencing this: Are the now missing followers being banned or are their ‘followings’ being deleted arbitrarily by the Twitter Kommissars? [Numerous conservatives reported follower purges.]

 

@RaheemKassam: In less than 12 months they closed our businesses, forced us to wear muzzles, kept us from our families, killed off our sports, burned down our cities, forcibly seized power, and shut down our speech.  Then they accused *us* of the coup

 

@BuckSexton: Journalists spent 4 years insisting Trump’s “attacks on the press” were a dire threat to free speech just because he bruised their egos, and now journos are cheering on the tech company censorship that poses the biggest threat to free speech since the internet began

 

@pennylane007007: Trump won in 2016 on immigration.  He kept none of those promises. Instead of hiring people who supported his agenda, he hired the swamp.  @RealRLimbaugh always said nobody could separate Trump from his base, except Trump.   And he did it.

 

Biden, in order to foster unity & heeling, repeatedly slammed Trump on Friday.  Joe said Trump was not fit to hold office and DJT should have been removed from office 6 months ago!  Joe said he would countermand Trump’s executive orders!  We can feel the heeling and unity!

 

@CBSNews: Biden tells @NikolenDC that GOP senators who supported election falsehoods, like Ted Cruz and Josh Hawley, are “part of the big lie,” and references Nazi propaganda minister Joseph Goebbels  [Comparing GOP senators with Nazis – more healing & Unity] https://cbsnews.com/news/biden-int

 

Sen. Hawley condemns Biden for comparing lawmakers to Nazis

https://oann.com/sen-hawley-condemns-biden-for-comparing-lawmakers-to-nazis/

 

As long as Biden wants to inject Nazis into the public discourse, the Internet teemed over the past few days with references to the Reichstag burning.  This is very, very, very dangerous and incendiary rhetoric.  The actions on Friday strongly indicate emotions are at the boiling point and people can be easily influenced to believe the worst.  Plus, the lies and fake news of the past few years have fostered belief in conspiracy theories and reduced confidence in the MSM and government agencies.

 

@kylenabecker: Democrats are unhinged for asking Senators & President Trump to resign over Electoral College objections. What about Democrats in 2000, 2004 & 2016?  No one told them to resign for their objections or for pushing baseless Trump-Russia collusion hoax.

 

It is blatant and obvious that the MSM, Dems and the GOPe are exploiting the DC riot to silence any inquiry into the blatant and obvious vote fraud in the 2020 Election.

 

Don’t forget, Sen. Chuck Schumer led a mob at the steps of the SCOTUS and threatened some justices.  Did the MSM castigate Chuck?  Were there demands that he resign or be impeached or that he was inciting violence against Supreme Court Justices?

 

Power-Drunk Democrats Join CNN in Lobbying to Ban Fox News from the Airwaves

https://thefederalist.com/2021/01/08/power-drunk-democrats-join-cnn-in-lobbying-to-ban-fox-news-from-the-airwaves/#.X_iVOjw6Jps.twitter

 

Rage at Capitol assault makes excuses for summer riots all the more disgraceful

https://nypost.com/2021/01/08/rage-at-capitol-assault-makes-excuses-for-summer-riots-all-the-more-disgraceful/amp/

 

@YossiGestetner: In Sep, the AP said that rioting and destruction of property should be called “unrest” and that focusing on the riots without focusing on the underlying grievance is a way to stigmatize people. 4 months later, storming gov buildings is not just a riot. It’s treasonous sedition.

https://twitter.com/YossiGestetner/status/1348271497475989505

 

Preposterously but honestly, a NY senator revealed truth: John C. Liu @LiuNewYork: Seeing the Twin Towers crumble is no longer the most frightening moment of my life. [Fear of revolution?]

 

Why does Liu see the DC riot as more threatening than 9/11?  Because he feels threatened and vulnerable.

 

Newsmax’s @SchmittNYC: The rage from Dems after silence on riots for months is easy to understand.  It finally affected them.  It didn’t matter when it was our businesses burning and looted.

 

Hopefully DC pols now realize that all mob violence is unacceptable and pernicious, not just when peasants storm the Bastille.  The usual suspects slammed Trump and others that wanted to call out the National Guard.  The Mayor of DC resisted calling the National Guard while rioters burned stores and an historic church across from the White House.  The MSM and Dems savage Trump for considering employing US troops.  Now, this:

 

AP: Army secretary tells AP military consideringallowing National Guard to carry firearms in DC ahead of inauguration.

 

All animals are equal but some are more equal than others.”

 

Lindsey Graham mobbed by angry Trump supporters at DC airport   https://trib.al/hKxs9YH

 

Video shows police officers stand by and do nothing as rioters charge into US Capitol https://trib.al/OwZU4Fh

 

@seanmdav: When I told you that many people who were at the Capitol on Wednesday thought they were allowed to be there, this is why. As you can see in the video, Capitol Police at one entrance opened the door and let the protesters inhttps://t.co/BNDv9DcPQW

 

Reuters’ @bradheath: One of the guys charged during the Capitol siege just told the judge that he’s a federal employee.

 

CNBC: Laptop stolen from Pelosi’s office during storming of U.S. Capitol, per aide

 

@thevivafrei: It looks like the mantra for 2021 is going to be “unity through division”. George Orwell would be proud. Or ashamed. I’m not even sure anymore.

 

Coons calls on Cruz and Hawley to resign – The Delaware Democrat said the two Republican senators who mounted challenges to Biden’s victory should step down in the aftermath of the deadly riots in D.C.

https://www.politico.com/news/2021/01/07/coons-cruz-hawley-resign-456196

Alan Dershowitz: Democrats Cannot Impeach Trump – Senate Won’t Take up a Trial and You Can’t Impeach a Private Citizen After He Leaves Office

https://twitter.com/gatewaypundit/status/1348296314912694274

Team Trump’s @jason_meister: Democrats perpetrated a 4-year-long failed coup (including the Mueller investigation and the failed impeachment). They disrupted an administration, framed a 3-star-general, sought to undermine a U.S. President, and weaponized a global pandemic. Never forget.

 

@Cernovich: Half of the country watched Democrats take over Congressional buildings during the Kavanaugh hearings – even forcibly jumping into elevators with Senators – and drew the conclusion that they could do the same.

 

@iheartmindy: This is not getting media attention it deserves… @MayorBowser had the @DCPoliceDept physically lock Trump supporters into their hotels in DC last night. This was HIGHLY dangerous, unconstitutional, and never done during Antifa riots.   https://twitter.com/iheartmindy/status/1347235883431432193

 

Leftist are demanding the private companies ‘blacklist’ people from the Trump administration.  Is this America?  Who will be around to aid you when they come for you?

 

@AndrewFeinberg: Whoa. Forbes chief content officer warns against hiring @kayleighmcenany or other prominent Trump flacks: “Hire any of Trump’s fellow fabulists above, and Forbes will assume that everything your company or firm talks about is a lie.”

 

@stuartpstevens: At @ProjectLincoln we are constructing a database of Trump officials & staff that will detail their roles in the Trump administration & track where they are now. No personal info, only professional. But they will be held accountable & not allowed to pretend they were not involved

https://www.forbes.com/sites/randalllane/2021/01/07/a-truth-reckoning-why-were-holding-those-who-lied-for-trump-accountable/

 

@AKA_RealDirty: Delta airline landed a plane to remove these people because they were having a private conversation about supporting President Trump.

https://twitter.com/AKA_RealDirty/status/1347957967619022848

 

Ronald Reagan: “If fascism ever comes to America, it will come in the name of liberalism.”

end

Let us close with this interview  of Bill Holter/with Greg hunter

Expect the System to Go Down – Bill Holter

By Greg Hunter On January 10, 2021

 Financial writer and precious metals expert Bill Holter says be prepared for major financial instability.  Holter contends, “This is the biggest financial bubble in all of history by far, by orders of magnitude.  So, it doesn’t matter who is running the show, the wheels are going to fall off.  The question in my mind is whether it’s going to go down under the rule of law or not under the rule of law.  Under a Left regime, there is a rule of law for everyone else and no rule of law for them.”

How bad is the global debt problem?  Holter says, “I’ll just give you just one number.  Global debt is now $273 trillion.  (In the 2008-2009 debt crisis, global debt was about half that.)  With that $273 trillion in debt, can interest rates ever go up?  They cannot allow interest rates to ever go up.  They can never taper balance sheets.  They have to put their foot on the accelerator and push it through the floorboard to keep this thing alive.  That debt has to be serviced.”

What’s going to happen to gold?  The price is going way up.  Holter says, “If you divide the U.S. national debt by the amount of ounces the U.S. Treasury says it holds, you get an astounding $100,000 per ounce price for gold.”

Holter says, “Get solar panels, generators or whatever.  Put back some food.  Expect the system to go down because, mathematically, it is going to go down.  You also want to protect yourself financially by getting out of the system and become your own central bank.  In other words, store your own savings.  Don’t rely on your brokerage account.  What happens when the markets don’t open?  What happens when your brokerage goes out of business or goes bankrupt?  Now, you are going to be tied up for three to five years.  Just become as insulated as you can.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Bill Holter of JSMineset.com.

-END-

Well that is all for today

I will see you TUESDAY night.

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