JAN 12//GOLD DOWN $6.10 TO $1844.10//SILVER UP 19 CENTS TO $25.37//GOLD TONNAGE STANDING FOR JAN INCREASES TO 4.93 TONNES//USA MINT RUNS OUT OF GOLD EAGLES: DOES NOT KNOW WHEN THEY WILL SUPPLY NEXT//ITALIAN GOVERNMENT ON THE VERGE OF COLLAPS//CITIZENS IN THE USA STARTING TO WORRY ABOUT HIGHER BIDEN TAXES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1844.10 DOWN   $6.70   The quote is London spot price

Silver:$25.37 UP $0.19   London spot price GOLD( cash market)

Closing access prices:  London spot

i)Gold : $1855.00  LONDON SPOT  4:30 pm

ii)SILVER:  $25.55//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:   12/40

EXCHANGE: COMEX
CONTRACT: JANUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,849.600000000 USD
INTENT DATE: 01/11/2021 DELIVERY DATE: 01/13/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 25
118 H MACQUARIE FUT 1
132 C SG AMERICAS 1
332 H STANDARD CHARTE 6
435 H SCOTIA CAPITAL 1
624 H BOFA SECURITIES 5
657 C MORGAN STANLEY 6 6
661 C JP MORGAN 3
661 H JP MORGAN 9
685 C RJ OBRIEN 5
737 C ADVANTAGE 4 8
____________________________________________________________________________________________

TOTAL: 40 40
MONTH TO DATE: 1,492

ISSUED 0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   40 NOTICES FOR 4000 OZ  (0.1244 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1492 NOTICES FOR 149,200 OZ  (4.640 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  $35,026   UP  $1674

BITCOIN AFTERNOON QUOTE.  :$34,259,  UP $907 .

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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 DOWN $6.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A BIG  CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF .4 TONNES FROM THE GLD

INVENTORY RESTS AT:

GLD: 1,181.71 TONNES OF GOLD//

WITH SILVER UP 19 CENTS TODAY: AND WITH NO SILVER AROUND:

HUGE CHANGES IN SILVER INVENTORY AT THE SLV// 2 WITHDRAWALS OF 2.788 MILLION OZ AND THEN 1.998 MILLION OZ FROMTHE SLV..

INVENTORY RESTS AT :

SLV: 557.713  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A SMALL SIZED 846 CONTRACTS FROM 168,816 UP TO 169,662, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED GAIN IN COMEX OI  OCCURRED WITH OUR STRONG GAIN OF $0.68 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A HUGE EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A TINY LOSS IN  SILVER OUNCES  STANDING AT THE COMEX FOR JAN. WE ALSO HAD A STRONG GAIN IN OUR TWO EXCHANGES OF 1646 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:  885, AS WE HAD THE FOLLOWING ISSUANCE:    MARCH 885 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  885 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.

4.885 MILLION INITIAL STANDING FOR JAN 2021

MONDAY, AGAIN OUR CROOKED BANKS//BIS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.68) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS AS WE HAD A STRONG GAIN  IN OUR TWO EXCHANGES (1607 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 FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL LOSS STANDING FOR IN SILVER OZ STANDING FOR JAN, iii) SMALL COMEX OI GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF JAN:

8829 CONTRACTS (FOR 7 TRADING DAY(S) TOTAL 8829 CONTRACTS) OR 44.145 MILLION OZ: (AVERAGE PER DAY 1261 CONTRACTS OR 6.306 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 44.145 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:          44.145 MILLION OZ.

JAN EFP ACCUMULATION SO FAR:  44.145 MILLION OZ   (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 846, WITH OUR  $0.68 IN SILVER PRICING AT THE COMEX //MONDAY.…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 761 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG  SIZED 1607 OI CONTRACTS ON THE TWO EXCHANGES  (WITH OUR  $0.68 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  761 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A FAIR SIZED INCREASE OF 846 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.68 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.18 // MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8440- 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 TINY SIZED 362 CONTRACTS TO 552,545AND 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 DESPITE OUR STRONG RISE IN PRICE  OF $14.30 /// COMEX GOLD TRADING//MONDAY. WE  HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR/ SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD  ZERO LIQUIDATION. WE  HAD A STRONG GAIN IN THE  AMOUNT OF GOLD STANDING FOR DELIVERY IN JANUARY/:(GOLD NOW STANDING JAN. AT 4.939 TONNES) .THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $14.30

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

.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  27//

WE HAD A FAIR GAIN OF 3030 CONTRACTS   ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3585 CONTRACTS:

CONTRACT .;JAN  FEB: 3575  AND APRIL 21: 0 ALL OTHER MONTHS ZERO//TOTAL: 3575.  The NEW COMEX OI for the gold complex rests at 552,545. 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 INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3030 CONTRACTS: 362 CONTRACTS DECREASED AT THE COMEX AND 3575 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN//TWO EXCHANGES OF 3030 CONTRACTS OR 9.424 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3575) ACCOMPANYING THE TINY SIZED LOSS IN COMEX OI  (362 OI): TOTAL GAIN IN THE TWO EXCHANGES: 3030 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 4.9390 TONNES3)  ZERO LONG LIQUIDATION ;4) TINY COMEX OI GAIN,  5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR STRONG GAIN IN GOLD PRICE TRADING/MONDAY//$14.30.

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 : 39,017 CONTRACTS OR 3,901,700 oz OR 121.35 TONNES (7 TRADING DAY(S) AND THUS AVERAGING: 5574 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7 TRADING DAY(S) IN  TONNES: 121.35  TONNES

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

THUS EFP TRANSFERS REPRESENTS 121.35/3550 x 100% TONNES =3.41% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE: JANUARY: 121.35 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, ROSE BY A SMALL SIZED 846 CONTRACTS FROM 168,816 UP TO 169,662 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 761 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:  761  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 761 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 846 CONTRACTS TO THE 761 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 1607 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 8.035 MILLION  OZ, OCCURRED WITH OUR $0.68 GAIN IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 76.84 PTS OR 2.18%   //Hang Sang CLOSED UP 368.53 PTS OR 1.32%    /The Nikkei closed UP 25.31   POINTS OR 0.09%//Australia’s all ordinaires CLOSED DOWN 0.29%

/Chinese yuan (ONSHORE) closed UP AT 6.4618 /Oil UP TO 53.05 dollars per barrel for WTI and 56.40 for Brent. Stocks in Europe OPENED ALL RED EXCEPT SPAIN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4618. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4576 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY BY A TINY SIZED 332 CONTRACTS TO 552,545 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 STRONG GAIN OF $14.30 IN GOLD PRICING MONDAY’S COMEX TRADING/).

 WE HAD A FAIR SIZED EFP ISSUANCE (3575 CONTRACTS).  WE THUS HAD  1)  HUGE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO LONG LIQUIDATION  AND 3)  STRONG GAIN  IN GOLD OUNCES  STANDING AT THE  COMEX FOR JANUARY.  (COMEX GOLD NOW STANDING AT 4.939 TONNES)/ 4)   AS WE ENGINEERED A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 3030 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 0    4 -GC VOLUME//open interest REMAINS AT   27

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3575 EFP CONTRACTS WERE ISSUED: JAN 0  FEB// ’21 3575 AND APRIL ’21: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3575  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL 3030 TOTAL CONTRACTS  IN THAT 3575 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A TINY SIZED 362 COMEX CONTRACTS.. WE HAVE A STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((4.939 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $14.30). AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY  LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  9.424 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR JAN (4.939 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 3030 CONTRACTS OR 303,000 OZ OR  9.424  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:  552,545 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.25 MILLION OZ/32,150 OZ PER TONNE =  1718 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1718/2200 OR 78.11% 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

JAN12 /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
nil oz
Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
40 notice(s)
 4000 OZ
(.1244 TONNES)
No of oz to be served (notices)
96 contracts
(9600 oz)
.29861 TONNES
Total monthly oz gold served (contracts) so far this month
1492 notices
149,200 OZ
4.64 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

Withdrawals from Dealers Inventory NIL oz

We had 0 deposits into the dealer

total deposit: nil   oz

total dealer withdrawals: nil oz

we had  0 deposit into the customer account

total customer deposit: nil    oz

we had  0 gold withdrawals from the customer account:

total customer withdrawals:nil  oz

We had 0  kilobar transactions

ADJUSTMENTS: 0//

The front month of JAN registered a total of 136 contracts for a LOSS of  338. We had 351 notices filed on Thursday so we GAINED 13 contracts or AN ADDITIONAL 1300 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 22,495 contracts DOWN TO 332,214 CONTRACTS.

MARCH GAINED 14 contracts to stand at 711

APRIL added 21,752 contracts to stand at 146,066

We had  40 notice(s) filed today for  4000 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  40  contract(s) of which 3  notices were stopped (received) by j.P. Morgan dealer and 9 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 (1492) x 100 oz , to which we add the difference between the open interest for the front month of  (JAN 136 CONTRACTS ) minus the number of notices served upon today (40 x 100 oz per contract) equals 158,800 OZ OR 4.939 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 (1492 x 100 oz  PLUS {136 OI) for the front month minus the number of notices served upon today (40} x 100 oz which equals 158,800oz standing OR 4.939 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 13 contracts or a queue jump of 1300 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. 4.939 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  12/2021

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
1,194,950.608 oz
CNT
Delaware
SCOTIA
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,192,426.270 oz
CNT
Loomis
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
366 contracts
 1,830,000 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 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i)  Into JPMorgan:  0
ii) Into CNT: 600,090.400 oz
iii) Int Loomis: 592,335.870 oz

JPMorgan now has 192.769 million oz of  total silver inventory or 48.69% of all official comex silver. (192.769 million/395.867 million

total customer deposits today: 1,192,426.270    oz

we had 3 withdrawals:

i) Out of Delaware:  6998.238 oz
ii) Out of CNT:  1997.590 oz
iii) Out of Scotia:  1,185,954.680 oz

total withdrawals 1,194,950.508       oz

We had 0 adjustments:

Total dealer(registered) silver: 150.446million oz

total registered and eligible silver:  395.867 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Jan saw a LOSS of 4 contracts  DOWN to 366 contracts. We had 0 notices filed on MONDAY so we LOST 4 contract or 20,000 oz will NOT stand in this non active delivery month of January.  They  morphed into London based forwards  and received a fiat bonus for their efforts.

FEBRUARY saw another gain of 81 contracts to stand at 730.  MARCH lost 739 contracts down to 137,828.

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 (366) 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(366)- number of notices served upon today (0) x 5000 oz of silver standing for the NOV contract month .equals 4,885,000 oz. ..VERY STRONG FOR A NON ACTIVE  JAN MONTH.

WE LOST 4 CONTRACTS OR 20,000 ADDITIONAL OZ WILL NOT STAND FOR DELIVERY OVER HERE AND THEY MORPHED INTO LONDON BASED FORWARDS..

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- 2.50% ((JAN 12/2021)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  FALLS TO 1.97% to NAV:   (JAN 12/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.50% (JAN 12)

(courtesy Sprott/GATA

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

NAV 19.43 TRADING 18.91///NEGATIVE 2.50

END

And now the Gold inventory at the GLD

JAN 12/WITH GOLD DOWN $6.70  TODAY;A HUGE CHANGES IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF .400 TONNES FROM THE GLD..//INVENTORY RESTS AT 1181.71 TONNES

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  12 / GLD INVENTORY 1181.71 tonnes

LAST;  979 TRADING DAYS:   +237.94 TONNES HAVE BEEN ADDED THE GLD

LAST 879 TRADING DAYS// +415.57  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

JAN 12/WITH SILVER UP 19 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.788 MILLION OZ AND 1.998 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 557.713 MILLION OZ//

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/

JAN12.2021:

SLV INVENTORY RESTS TONIGHT AT  557.713 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Rick Ackerman: now is not the time to give up on gold

(Rick Ackerman/GATA)

Rick Ackerman: This is no time to give up on gold

 Section: 

By Rick Ackerman
Sunday, January 10, 2021

With gold’s gratuitous 4% plunge on Friday, bullion has once again affirmed its reputation as one of the nastiest, most frustrating assets an investor can own.

Its chief enemy is a global network of shamans, thimble-riggers, and feather merchants who make their living borrowing bullion from the central banks for practically nothing, then lending it to everyone else for slightly more. They are always looking for excuses to pound quotes so that they can replace what they’ve borrowed at a lower price.

… 

Helpful to this goal is a story that, however ridiculous, spooks gold bugs into dumping their holdings. The current story is that the Democrats will somehow be bad for bullion, although no one can say exactly why.

To believe such claptrap is to implicitly believe that when Kamala Harris takes over for the mentally failing Joe Biden, she will impose rigorous constraints on spending that will strengthen the dollar. Yeah, sure. …

… For the remainder of the analysis:

https://www.rickackerman.com/2021/01/this-is-no-time-to-give-up-on-gold/

END

Bill King: he thinks it smells like a manipulation???

Bill King/King report//GATA

The King Report: Friday’s gold slam ‘smells like a manipulation’

 Section: 

By Bill King
The King Report
Burr Ridge, Illinois
Monday, January 11, 2021

https://mramseyking.com/king-report

… Gold got slammed [Friday], falling as much as 3.73% on what the financial media called “technical selling.” Someone slammed gold when Europe opened and again when the New York Stock Exchange opened. This smells like a manipulation.

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

END

Von Greyerz correctly states that the Friday smashing of gold was a BIS operaton

(Von Greyerz/Kingworldnews_//GATA)_

Friday’s smashing of gold was a BIS operation, von Greyerz tells KWN

 Section: 

3:50p ET Monday, January 11, 2021

Dear Friend of GATA and Gold:

In comments today at King World News, Swiss gold fund manager Egon von Greyerz says last Friday’s nuking of the gold price was a Bank for International Settlements operation, signified by the sudden dumping of a huge amount of “paper” gold without any attempt to get a good price for it, a sale intended only to knock the price down.

But von Greyerz adds that the operation won’t keep gold down for long. He also argues that President Trump is lucky that he lost the election and Joe Biden is unlucky that he won, because of the financial disaster ahead.

Von Greyerz’s analysis is headlined “BIS Just Intervened in the Gold Market Because All Hell Is About to Break Loose in Financial Markets” and it’s posted at KWN here:

https://kingworldnews.com/bis-intervened-in-the-gold-market-as-all-hell-…

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

END

iii) Other physical stories:

US Mint RUNS OUT Of 1 Oz American Gold Eagles, Has NO ESTIMATE For When More Can Be Offered

Houston, we have a problem…

(by Half Dollar) It appears there are no American Gold Eagle 1 ounce coins available from the US Mint.

An unnamed, reliable source has also informed me that on Monday, January 11th, dealers across the country were being told that there is currently no estimate for when more one ounce coins can be offered.

That will make this page on the US Mint’s website important in the coming days:

Because it’s updated daily with total bullion coin sales figures, and right now, the 1 ounce gold eagle is sitting at 56,000 coins sold.

So, what if that number sits and continues to sit at 56,000?

Does that mean we are about to see significant supply chain disruptions in the gold & silver markets like we did early in early 2020?

Follow up question: Are worsening supply chain disruptions currently priced-in to the paper price of gold & silver?

Let’s have a look:

Hmmm.

 END
J Johnson’s commodity report

https://www.jsmineset.com/2021/01/12/precious-metals-start-the-day-higher/

Precious Metals Start The Day Higher

Posted January 12th, 2021 at 8:30 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Tuesday Morning Folks,

      Precious metals continue to recover, in ever so slow a fashion, with Gold now at $1,858.40, up $7.60 after reaching up to $1,864 and afterwards, down to $1,841. Silver is up 18.6 cents at $25.47 after it reached up to $25.745 then down to $25. The US Dollar is stagnant with the trade up 0.008 at 90.45 after the support was turned on when the value dropped to 90.285 with the high at 90.60. Of course, all this happened before 5 am pst, the Comex open, London close, and after permanently banning Trump, and other conservatives from its platform, Twitter’s stock plummets, apparently someone doesn’t want a president to be heard at all, as his email service was shuddered as well.

      Gold under the Venezuelan Bolivar gained 96.88 overnight with the last buy at 18,560.77 with Silver at 254.382 Bolivar, scratching back 4.645. Argentina’s currency now has Gold’s value pegged at 158,563.39 Peso’s adding back 1,173.77 with Silver doing the same, gaining 43.83 with its last price at 2,172.39 A-Peso’s. Over in Turkey, Gold has almost recovered all of yesterday’s pull with the last buy at 13,905.43 Lira, gaining back 145.49 of the 147.38 pull from yesterday with Silver at 190.600 T-Lira, getting back 4.507 from yesterday’s 10.75 hit.

      January Silver’s Delivery Demands now has a total of 366 fully paid for 5,000-ounce contracts waiting for receipts with a Volume of 7 up on the board and a trading range between $25.335 and $25.105 with the last buy at the high, up 14.6 cents since yesterday’s close. Monday’s delivery activity had a total of 11 contracts with a full day’s trading range between $25.52 and $24.725 with the last purchase at $24.825 a gain of 24.3 cents, with the Calculated Comex Close higher at $25.239 a gain of 65.7 cents, that only reduced the demand count by 4 contracts that got receipts. Here’s a frustration about Comex and their ways; the way I hear it brokerages have to pay up to $1,000 a month for “live feed” per computer, and the accuracy should be worth something but alas, it apparently doesn’t matter after yesterday mornings post of 175,192 in Open Interest was still up on the board, way after 5 am in the morning, which proved a drop of 86 contracts, yet Harvey Organ, who gets his data after the Friday Night Closing showed a larger drop, which now coincides with today’s Comex numbers, that 5,490 contracts left the field of play, yet Comex keeps those who pay for live feed in the dark, which leaves this mornings questionable Open Interest total to 169,702 contracts trading against the physicals. Also, during yesterday’s trades, Comex upped the physical demand count by 1 from 369 to 370, before reducing it to 366 today.

      January Gold’s Delivery Demands now has a total of 136 fully paid for contracts standing for receipts with a Volume of 14 up on the board and a trading range between $1,859.70 and $1,849 with the last buy at the high, a gain of $10.10 so far today. Yesterday’s full day of delivery activity happened in between $1,849 and $1,826.50 with the last buy at $1,847.50, a gain of $13.40 with a CCC at $1,849.60 a gain of $15.50 that helped reduce the demand count by 355 contracts that got receipts, maybe. Yesterday morning’s Comex antics showed 491 in the delivery count way after 5 am, then reduced that by 17 contracts, sometime during the trading day, to 474, then to start this morning off at 136 contracts still waiting for receipts, maybe. Gold’s Overall Open Interest at the Comex also got skewered over Sunday night and yesterday, with today’s starting total at 553,842 paper contracts to go against the physicals, reducing the count by 13,325 contracts. Yesterday morning’s tally (which I prove several times with my calculator before I post) revealed a drop of 1,018 contracts. Which gave us the idea that the Resolutes were standing strong. If the Comex computers can’t keep up on accuracy, why does anyone have to pay for it?

      There is no doubt, regardless of which president one wants, the chatter going on is way beyond anything in the past. Listening to Trump’s January 6th speech directly, without the guidance of media, has many scratching their heads about the media claims that Trump organized an attack of the capital building. During the event at the building, not the speech, pictures of the first ones to enter the capital looked exactly like those same agitators from Portland and Seattle, who have been documented for months by Andy Ngo on Twitter. Andy has been attacked, beaten, threatened at his home by these Antifa terrorists. One of those documented violent thugs, just so happens to have been at the shooting of Ashli E. Babbitt, named John Sullivan, who the media now claims, is a Trump supporter. He just so happens to be an organizer, with a history of leftist protests, was at another killing, and identifies with Black Lives Matter. John Sullivan was released by the capital police immediately after the arrest, again. And they call this White Supremacy. There is far more challenge to the narrative, but we’ll leave that for the future, which apparently is set to surprise.

      With a week to go, Trump last night, issued an Emergency Declaration for DCNancy of course is rumored to be without her personal laptop, and a few others as well had theirs “stolen” like Oregon Sen. Jeff Merkley, and House Majority Whip Jim Clyburn iPad being taken. Then yesterday Secretary of State Michael Pompeo stated ‘This Fight Is Inside the Gates Today’. Putting this all together is impossible, for now, yet precious metals are telling us nothing to see here, all is well.

      Keep your metals close, and get more while you can at these cheap prices. Surprise or Not, Silver and Gold should have moved higher already, much much higher. As always

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.4618 /

//OFFSHORE YUAN:  6.4576   /shanghai bourse CLOSED UP 76.84 PTS OR 2.18%

HANG SANG CLOSED UP 368.53 PTS OR 1.32%

2. Nikkei closed UP 25.31 POINTS OR 0.09%

3. Europe stocks OPENED ALL RED EXCEPT SPAIN/

USA dollar index DOWN TO 90.43/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 104.22/ 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:: 53.05 and Brent: 56.40

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.48%/Italian 10 yr bond yield UP to 0.63% /SPAIN 10 YR BOND YIELD UP TO 0.10%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.11: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.67

3k Gold at $1855.90 silver at: 25.30   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 67/100 in roubles/dollar) 74.05

3m oil into the 53 dollar handle for WTI and 56 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 104.22 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 .8898 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0817 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 0.48%

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 1.1690% early this morning. Thirty year rate at 1.898%

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

6.  TURKISH LIRA:  UP  TO 7.49..

S&P Futures Rebound Even As Treasury Yields Blow Out Into “CTA Redline” Territory

TUESDAY, JAN 12, 2021 – 8:02

Global stocks and US equity futures rebounded from the recent selloff as investors paused to assess how much worse the COVID-19 pandemic could get while waiting for a new earnings season on Wall Street to inject fresh direction, even as 10Y yield jumped to new post-covid highs.

S&P futures were 0.3% higher, while Europe’s Stoxx 600 Index traded little changed. Oil jumped to a 10 month high as the dollar resumed its decline and benchmark Treasury yields spiked to a level where CTAs are now shorting. After Bitcoin tumbled more than 20% on Monday, with many fly by night “experts” predicting the bursting of its bubble, the largest cryptocurrency quickly bounced back above $36,000. Tesla and Twitter are among the best performers in premarket trading.

The market mood markets was mildly positive after yesterday’s selloff, as investors continued to assess how the sharp rise in yields will change the financial landscape. While progress on a vaccine gives reason to be hopeful, there are lingering concerns over the speculative excess and froth that’s driven stock markets to all-time highs in the middle of a pandemic.

“Stocks are fading the bad news,” said Sebastien Galy, a senior strategist at Nordea Investment Funds. “What we are seeing is a feedback loop from higher expected fiscal spending feeding into higher U.S. Treasury yields, which translated into the fear that the price of risk is increasing. But there is realization that if this process is getting too fast, the Fed is likely to step in.”

Europe’s Stoxx 600 Index erased earlier gains of as much as 0.4% and turned modestly red with utilities and media shares dropping the most on higher rates, while travel and leisure and banks lead gains. Indices in London, Paris and Frankfurt were little changed in early trading on Tuesday. The STOXX Europe 600 Energy Index gained 0.7%, climbing for the fifth session in six, with crude prices rising as the market assesses the potential for more supply after the International Energy Agency said a “big chunk” of U.S. shale is profitable at current prices. Oil majors BP, Royal Dutch Shell and Total gained as crude prices rose on expectations of a drawdown in U.S. stockpiles. Zur Rose Group AG, a Swiss drug retailer, jumped 12%. Bank of America Corp. initiated the company with a buy recommendation, calling it among the “most compelling” online equity stories in Europe.

“It’s a little bit of a pause for reflection after getting off to an absolute flyer this year,” said Michael Hewson, chief market analyst at CMC Markets. “The main focus now is how much worse can it get in respect to COVID in the UK and Europe, and is China starting to see evidence of a second wave.”

Earlier in the session, Asian stocks also consolidated with the MSCI index of Asia-Pacific shares ex-Japan falling 0.5% after touching an all-time high on Monday, led by a 2.6% drop in South Korea as investors took some profit from a soaring Kospi. The regional benchmark strenghtened in late trading as Chinese shares climbed to a 13-year high. China’s CSI 300 Index rallied the most in three months, driven by a surge in financial and securities stocks, and boosted by strong inflows. The index climbed 2.9% to close at highest level since early 2008 as gains accelerated in afternoon trading.

“Funds, ourselves included, are taking advantage of the dips on Friday and Monday to readjust their portfolios,” said Wu Xianfeng, chairman of Shenzhen Lonteng Assets Management Ltd. “There are also investors who may have waited on the sidelines last week for a dip that are now beginning to buy.”

Malaysia’s stock benchmark slipped as much as 1.6% after the nation’s king declared a state of emergency until August, as the country tackles a worsening coronavirus pandemic. Banks fell while glove makers advanced. The Kospi slipped as investors took profit following its recent rally to historic highs. Japan’s Topix finished higher after fluctuating for most of the day, as the country laid plans to expand its state of emergency to the Osaka region. Drugmakers lifted Japan’s Nikkei to a fresh three-decade high after reports of another effective COVID-19 treatment, though the index eased to be 0.16% lower in the afternoon.

In an otherwise quiet session, the most notable move has been that in US Treasurys which remained under pressure, as yields continued to drift higher, and having tipped above 1.17%…

… the 10Y is now well into CTA shorting territory as we noted last week, which means we could see a violent repricing higher in yields at any moment which in turn would drag stocks sharply lower.

The selloff in bonds has been fueled by the prospect of more U.S. government stimulus under President-elect Joe Biden. Yields were also propped up by markets bringing forward bets on Federal Reserve interest rate hikes to 2023, and a withdrawal or tapering of asset purchases before then.

In FX, the Bloomberg Dollar Spot Index inched lower as the greenback fell against almost all of its Group-of-10 peers, its first drop in 3 days. The pound led G-10 gains after traders in U.K. money markets pushed back bets for a 10bps interest-rate cut to 0% by the Bank of England to December, from August on Monday. The move got a boost after Bank of England Governor Andrew Bailey said that there were “lots of issues” with cutting rates below zero. Commodity-linked currencies led by the Australian and New Zealand dollars rose as oil prices climbed, and China’s yuan surged to its highest since 2018 versus a basket of peers on upbeat growth prospects. The yuan reached the highest since 2018 versus a basket of trading partners’ currencies on upbeat growth prospects.

Bitcoin rebounded strongly after flirting with a bear market on monday.

Inflation expectations got another kick as oil climbed to a new 10-month high as the dollar declined, increasing the appeal of commodities priced in the currency. Futures rose 1.5% to above $53 a barrel, to the highest since February 2020, while Brent traded as high as $56.75, the highesdt since February. Prices have climbed in recent days after promises of unilateral output cuts from Saudi Arabia spurred a further rally.

Oil has surged more than 45% since the end of October, boosted by Covid-19 vaccine breakthroughs and commitments from OPEC and its allies to curb oil output. Recent Democrat victories in U.S. elections have also spurred expectations of economic stimulus, while commodity index rebalancing is also expected to buoy prices this week.

“Oil prices are rising again after a brief timeout,” said Eugen Weinberg, head of commodities research at Commerzbank AG. “On the demand side, hopes of economic recovery and the massive fiscal stimuli being taken by governments are lending support.”

There was little in the way of major corporate earnings news or key economic data as markets waited for the new earnings season on Wall Street, with banks JPMorgan, Citi and Wells Fargo reporting on Friday.

“The big takeaway from those will be, how much more will they set aside in terms of loan-loss provision, as they were quite heavy in 2020, and how many of the U.S. banks restart buybacks and dividends,” Hewson said. “I suspect it won’t be as many as people think.”

Market Snapshot

  • S&P 500 futures up 0.3% to 3,802.00
  • MXAP up 0.3% to 207.86
  • MXAPJ up 0.3% to 694.38
  • STOXX Europe 600 up 0.2% to 409.28
  • Nikkei up 0.09% to 28,164.34
  • Topix up 0.2% to 1,857.94
  • Hang Seng Index up 1.3% to 28,276.75
  • Shanghai Composite up 2.2% to 3,608.34
  • Sensex up 0.6% to 49,546.61
  • Australia S&P/ASX 200 down 0.3% to 6,679.08
  • Kospi down 0.7% to 3,125.95
  • Brent futures up 1.7% to $56.60/bbl
  • Gold spot up 0.8% to $1,858.88
  • U.S. Dollar Index down 0.1% to 90.36
  • German 10Y yield rose 2.1 bps to -0.475%
  • Euro up 0.1% to $1.2168
  • Italian 10Y yield rose 3.4 bps to 0.454%
  • Spanish 10Y yield rose 2.7 bps to 0.085%

Top Overnight news from Bloomberg

  • The House is set to issue a largely futile ultimatum to Vice President Mike Pence on Tuesday, demanding he invoke constitutional authority to remove President Donald Trump from office, as a prelude to an expected vote to impeach the president for the second time in little more than a year
  • The past week has seen a surge in option bets which pay off as more Federal Reserve hikes are priced in, though all of them are targeted at rates two or three years from now
  • Investors are braced for another milestone in the global migration away from Libor as the benchmark’s fallback spread calculations may soon get se
  • The European Central Bank will disregard any temporary pickup in inflation this year caused by pent-up demand, according to Executive Board Member Isabel Schnabel
  • President Xi Jinping issued an unusually upbeat assessment about China’s future, noting that “time and the situation” were on the country’s side in a new year marked by domestic turmoil in the U.S.
  • A junior partner in Italy’s ruling coalition is considering ditching the alliance as early as Tuesday, threatening to bring down Premier Giuseppe Conte’s government just as the country is battered by a resurgence of the coronavirus pandemic, according to officials

Your 3 minute video recap courtesy of Amplify Trading:

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets traded cautiously as the region struggled to break from the weak performance among global peers including the tech-led declines on Wall Street amid fears of tougher regulation on the tech giants and with sentiment also dragged by ongoing COVID-19 concerns. ASX 200 (-0.3%) and Nikkei 255 (+0.1%) were rangebound for most the session with strength in Australia’s top-weighted financials sector just about kept the local benchmark afloat although pressure in tech and miners ultimately wiped out gains at the close, while Tokyo trade was indecisive on return from the extended weekend with Japan facing a possible State of Emergency declaration this week for the Osaka, Kyoto and Hyogo prefectures. Nonetheless, Chugai Pharmaceutical was the biggest gainer on recent news that the UK government found the Co.’s arthritis drug Actemra to be effective against COVID-19 and Tepco was also boosted by record power prices amid cold weather conditions and tighter supply. KOSPI (-0.7%) was worst performer after its recent record streak with Samsung Electronics also pulling back from all-time highs and South Korea’s FSC to lift the ban on short sales from March 16th which had been implemented last year due to COVID-19. Hang Seng (+1.3%) and Shanghai Comp. (+2.2%) pared opening losses to trade in the green after the mainland eventually shrugged off the PBoC’s tepid liquidity operations and with the Hang Seng flirted with resistance around the 28k level, led by a continued rebound in the Chinese telecom giants. Finally, 10yr JGBs were lacklustre after the continued pressure seen in stateside peers and indecision in stocks, but with downside cushioned by the BoJ’s presence in the market for over JPY 1.1tln of JGBs.

Top Asian News

  • Malaysia Emergency Suspends Parliament for First Time Since 1969
  • Thailand Unveils $7 Billion Plan to Cushion Hit From Outbreak
  • Toyota, Honda Slash Output Further as Chip Shortage Worsens
  • Chinese Stock Index Heads to Record in Best-Ever Start to Year

European stocks are exhibiting a somewhat mixed and directionless picture thus far (Euro Stoxx 50 -0.1%) with a similarly cautious tone observed during APAC hours amid a lack of catalysts, and with the ongoing COVID-19 concerns weighing on investors’ minds ahead of a plethora of central bank speakers in the run-up to US earnings season. US equity futures meanwhile tread water with mild gains. Sectors in Europe are also mixed and portray a pro-cyclical bias with clear outperformance seen across the energy names amid price action in the crude complex. Financials also see support from steeper yield curves, with the US 2s/10s topping 100bps in early European trade, whilst the IT sector eyes the new tech unveiled at CES 2021. Travel & Leisure continue to grind higher on vaccine rollout hopes, with the latest via Axios suggesting that the Trump Admin is poised to issue new guidelines to ramp up COVID-related vaccination. To the downside, the defensive Healthcare, Consumer Staples and Utilities alongside underperform. In terms of individual movers, Kingfisher (+3.3%) resides as one of the top Stoxx 600 gainers after reporting LFL revenue +16.9% YY and noting that it continues to experience demand across its markets. Meanwhile, German heavyweight BASF (+1.0%) benefits from a positive broker move at Bernstein, with Sodexo (+3.3%) also bolstered by an upgrade at JPMorgan Chase. Finally, UBS (+0.9%) is supported by the broader gains across the banking sector, whilst the Co’s APAC Investment Chief said the group is looking for asset management partners in China in a bid to double their wealth management footprint in the region within the next 3-5 years. Furthermore, Chairman Weber said the group will increase the search for a new chairman post-AGM and will be looking for wealth or asset management acquisitions.

Top European News

  • ECB to Disregard Any Temporary Inflation Rises, Schnabel Says
  • SAS Chief Unexpectedly Bolts at ‘Critical’ Time for Airline
  • Checkout.com Nearly Triples Value to $15 Billion After Funding
  • Italy’s Coalition at Risk With One Party Threatening to Quit

In FX, it’s too early to call time on the Greenback revival, but Tuesday is shaping up to be one of those testing, if not make or break sessions as buyers continue to draw encouragement from rising yields and sellers seem more inclined to trade along risk appetite and aversion lines. To recap, the Dollar extended recovery gains broadly yesterday to the point where the DXY reached a high of 90.730 before fading when US stocks pared some losses, and the index has subsequently pulled back further within a 90.620-302 band ahead of more Fed orators and the Discount Rate minutes, NFIB sentiment, weekly Redbook sales, JOLTS and Usd 38 bn 10 year supply that could all have a bearing on direction.

  • GBP – The major beneficiary of the waning Buck as Cable retests 1.3600 from almost the big figure below at one stage, but the Pound has also rebounded in relation to the Euro from circa 0.9000 to 0.8950+ at best in wake of remarks from BoE Governor Bailey highlighting plenty of ‘issues’ on the controversial subject of NIRP, adding that it is too soon to determine whether the economy needs more stimulus. For the record, MPC member Broadbent steered clear of negative rates in a speech on the coronavirus and consumption.
  • AUD/NZD/CAD – No real surprise to see Monday’s G10 laggards recover more lost ground than most currency counterparts, bar Sterling, with the Aussie firmly back above 0.7700, Kiwi within a whisker of 0.7200 and Loonie over 1.2750 with some assistance from buoyant oil prices awaiting Canadian PM Trudeau’s cabinet reshuffle.
  • EUR/JPY/CHF – All relatively contained and narrowly mixed against the Greenback, as the Euro pivots 1.2150 where decent option expiries reside (1.1 bn) and the Yen hovers under 104.00 also eyeing expiry interest at the strike (1.2 bn). Elsewhere, the Franc is straddling 0.8900 amidst a lack of independent impulses and this prone to Dollar moves and overall risk considerations.
  • SCANDI/EM – The Nok is also drawing some support from crude surpassing Usd 53/brl in WTI terms and Brent breaching Usd 56.50, but perhaps the fact that contraction in Norwegian GDP slowed considerably in November. Turning to EMs, a broad reprieve or sigh of relief is the overriding theme as losses vs the Usd are reclaimed to varying degrees, but the Try is labouring after dipping below the psychological 7.5000 level irrespective of conciliatory vibes between Turkey and Greece, so could be lamenting the higher cost of oil.

In commodities, WTI and Brent front month futures extend on APAC gains as the softer Buck and reflationary hopes and nations attempt to ramp up mass vaccination in a bid for a return to pre-COVID times. The complex could also feel support from measures to keep the travel sector afloat – which namely translates to jet fuel demand – as the UK government is poised to announce that requirement for COVID-19 negative test prior to departure on those travelling to England will begin from Friday, whilst the Greek government is reportedly proposing a vaccine certificate within the EU in order to facilitate travel for those who have received a COVID-19 vaccine. This, coupled with efforts by OPEC+ to balance supply and demand, has led UBS to expect the oil market this year to be undersupplied by some 1.5mln BPD. WTI Feb futures grind higher above USD USD 52.50/bbl (vs. low USD 52.07/bbl) as it briefly topped the USD 53/bbl mark. Brent Mar meanwhile extends gain above USD 56.00/bbl and test the USD 56.50/bbl psychological mark at the time of writing. Elsewhere, precious metals nurses some of their recent losses as the softer Buck and vaccine-driven reflation playbook aids the complex, with the yellow metal gains more ground above USD 1850/oz as it inches closer towards the 50 DMA at ~1866.50/oz. Turning to base metals, Shanghai copper fell to one-week lows as a mild resurgence of COVID-19 prompted China to impose new virus-related curbs. Further, Shanghai steel futures declined over 3% in APAC hours amid a build-up of steel inventories in China.

US Event Calendar

  • 6am: NFIB Small Business Optimism, est. 100.2, prior 101.4
  • 10am: JOLTS Job Openings, est. 6,400, prior 6,652

Central Banks

  • 9:35am: Fed’s Brainard Speaks at Artificial Intelligence Symposium
  • 11am: Three Fed Presidents Speak at Event on Racism
  • 1pm: Fed’s George Gives Economic Outlook Speech
  • 2pm: Fed’s Rosengren Speaks on Economic Outlook

DB’s Jim Reid concludes the overnight wrap

As I outlined yesterday I really don’t think this is going to be a dull low volatility year. The moving parts are just too big. Stimulus cheques, huge central bank liquidity, high savings rates, pent up demand and a global economy that is likely to rapidly reopen quickly once vaccines get past a critical mass is a heady cocktail. At the moment financial markets are benefitting from the liquidity and the story of the moment for me remains Signal Advance – a very small healthcare company in Texas. As I highlighted yesterday (in the EMR and CoTD here) it went up 1500% in 24 hours (before dipping back) after a misinterpreted tweet from Elon Musk on Thursday. Well yesterday initially it went up close to another 1000% intra-day in a move that nearly made it a billion dollar company for a short period, 48 hours after it was a $7 million company and a penny stock for the last 5 years. It still closed up +438% even though the error is now well in the public domain. I wonder whether the bubble stories that future historians will write might include this story. Clearly there have been others in this pandemic, notably sound alike companies to Zoom, but this story has really made an impact on me. Maybe I should set up a company called Tolsa Botcoin and see how rich I can get.

Not withstanding the huge liquidity sloshing around in the system, markets started the week with a mild risk-off tone, pulling back as investors were asking increasing questions about the sustainability of current valuations. With the notable exception of the US dollar, which had its best day since before Christmas, the selloff was across the board, with even some of the traditional safe havens like core sovereign bonds and precious metals losing ground alongside equities and other risk assets.

By the close of trade, US equities had fallen back from their record highs, with the S&P 500 (-0.66%) and the Dow Jones (-0.29%) both moving lower. Tech stocks were the big losers however, with the NASDAQ falling -1.25% as the sector came under intense global scrutiny following last week’s events in the US and the suspension of President Trump from Twitter. Indeed, Twitter itself lost -6.41% yesterday in its worst daily performance since October, as other big tech firms including Facebook (-4.01%), Apple (-2.32%) and Amazon (-2.15%) similarly underperformed as pressure rose from global policymakers to increase regulation on major platforms. The rotation to more cyclical parts of the market continued as yield curves continued to steepen, with Energy (+1.62%) and Banks (+1.23%) among the best performers in the US. Meanwhile European equities saw very similar losses to the US, with the STOXX 600 (-0.67%), the DAX (-0.80%) and the FTSE 100 (-1.09%) all experiencing losses.

The declines in equity markets proved no respite for sovereign bonds, which reversed their morning gains to lose ground through the afternoon. US Treasuries continued the selloff that we’ve seen since the Georgia Senate race, with 10yr yields up another +3.1bps to 1.146% as the prospect of further fiscal stimulus moves into view, their highest level since mid-March. Furthermore, the 2s10s curve steepened once again, rising +2.1bps to reach a fresh 3-year high. Breakevens were relatively flat (+0.1bps) at 2.07% after the strong recent move higher. As mentioned earlier, the US Dollar index had its best day in nearly three week, gaining +0.41% (up a further +0.14% this morning), to mark its fourth straight daily rise since falling to its lowest levels since April 2018.

Over in Europe it was much the same fixed income story, with yields on 10yr bunds (+2.3bps), OATs (+2.4bps) and gilts (+2.1bps) all rising. Nevertheless, one milestone reached was that both the Spanish and Portuguese 10yr spread over bunds fell to levels not seen in over a decade, now at 55.4bps and 49.0bps respectively. Elsewhere Bitcoin having traded above $42,000 on Friday, traded as low as $30,324 yesterday before setting at $33,964. It’s trading at $35,038 this morning.

Overnight in Asia there is no real pattern to markets with the Nikkei (+0.02%) flat after reopening post a holiday. The Hang Seng (+0.56%) and Shanghai Comp (+0.86%) are up but the Kospi (-2.59%) is down. Meanwhile, S&P 500 futures are trading broadly flat.

House Democrats introduced a new impeachment resolution against President Trump yesterday, with a vote scheduled for tomorrow (Wednesday) unless Vice President Pence gathers the cabinet and invokes the 25th amendment to remove the President. All indications are the VP Pence is not open to such a move, which means the vote is likely to go ahead. House Majority Leader Hoyer has said that House is ready to vote on the measure and another House member said that there is currently enough support for the impeachment resolution to pass. Some House Republicans are expected to cast votes for impeachment, though it would not be necessary. While the vote to impeach may come quickly, some Democrats are asking on Pelosi to delay sending any resolution to the Senate in order to allow President-elect Biden to get cabinet members confirmed and new policy rolled out. Once the Senate trial were to start, the Senate would not be able to take up other business and it could stymie the early days of the new administration.

From politics to the virus and in our daily vaccine table we’ve added a weekly change for each country in terms of % of additional population vaccinated. We should highlight that we are looking at the number of doses which is ok for now as most countries have only administered one dose whatever their planned regime is. However over the days and weeks ahead hopefully we’ll able to be able to separate people vaccinated with the number of doses. For now it’s still a good guide to the pace of change of vaccines administered for a large number of countries.

The U.K. is leading the charge of the largest countries and in the four days from Thursday to Sunday, when the country rolled out the Oxford vaccine to primary care, they have vaccinated at a rate of 210k per day and that’s before the mass vaccination sites opened yesterday. So the U.K. could still achieve their aspirational target to vaccinate all vulnerable groups by mid-February (with one dose). This requires over 2 million per week until then so we’ll now watch with interest the daily numbers the U.K. government is promising to provide. Interestingly 40% of over 80 year olds have received at least one dose in the U.K. now. France continues to be a concern amongst the major economies as vaccine hesitancy and logistics mean a poor start so far.

In the US, NYC Mayor DeBlasio announced they had vaccinated 100k residents last week, with plans to administer another 175k by the end of this week and reach 1 million by month end. On the other side of the country, Los Angeles is planning on using a baseball stadium as a mass vaccination center with the ability to offer the jab to 12,000 people a day. President-elect Biden is expected to offer more details on his administration’s federal guidance around vaccine deployment in a speech on Thursday.

Elsewhere on Covid, the main development yesterday was that Pfizer and BioNTech announced that they’d be supplying an additional 500m vaccine doses this year, bringing their 2021 production total to 2bn doses. Furthermore, it was reported by the Johannesburg-based Business Day that we should get preliminary results for the Johnson & Johnson vaccine trial in South Africa by January 21. Nevertheless, case numbers have yet to durably move lower throughout the world, and yesterday saw another warnings from UK Prime Minister Johnson that there could be a further tightening of the rules if they weren’t being obeyed.

In other news, DB’s FX Research team published their latest Blueprint yesterday (link here), in which they made some important adjustments to their currency views. First, they have turned tactically neutral on the broad USD, and even like buying the dollar against the yen, shifting away from their dollar bear view last year. This is because the Blue Wave will bring more fiscal stimulus and see the market price in earlier Fed tightening, as well as the fact that the US has run ahead of Europe in its vaccination programme. The second important change is in the EM space, where they’ve shifted from their positive view on EM FX last September to now see more scope for differentiation. They now prefer concentrating on a narrower set of currencies with more positive fundamentals as well as relative value trades.

To the day ahead now, and data highlights from the US include the NFIB small business optimism index for December and the JOLTS job openings for November. Central bank speakers include the Fed’s Brainard, Rosengren, Kaplan, Kashkari and George, the ECB’s Hernandez de Cos and the BoE’s Broadbent.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 76.84 PTS OR 2.18%   //Hang Sang CLOSED UP 368.53 PTS OR 1.32%    /The Nikkei closed UP 25.31   POINTS OR 0.09%//Australia’s all ordinaires CLOSED DOWN 0.29%

/Chinese yuan (ONSHORE) closed UP AT 6.4618 /Oil UP TO 53.05 dollars per barrel for WTI and 56.40 for Brent. Stocks in Europe OPENED ALL RED EXCEPT SPAIN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4618. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4576 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

4/EUROPEAN AFFAIRS

Germany And France ‘Shocked’ Over Twitter Decision To Ban Trump

MONDAY, JAN 11, 2021 – 17:20

Germany and France are shocked over Twitter’s decision to permanently ban President Trump from the platform, with German Chancellor Angela Merkel saying through a spokesman that lawmakers should set rules governing free speech, not private technology companies.

“The chancellor sees the complete closing down of the account of an elected president as problematic,” said chief spokesman Steffen Siebert during a Berlin press conference, according to Bloomberg. Siebert added that rights like freedom of speech “can be interfered with, but by law and within the framework defined by the legislature — not according to a corporate decision.”

Meanwhile, French leaders are similarly outraged – with Junior Minister for European Union Affairs, Clement Beaune, saying he was “shocked” that a private company made such an important decision.

“This should be decided by citizens, not by a CEO,” Beaune told Bloomberg TV in a Monday interview, adding “There needs to be public regulation of big online platforms.”

Earlier, French Finance Minister Bruno Le Maire, said that the state should be responsible for regulations, not “the digital oligarchy,” adding that big tech is “one of the threats” to democracy.

Europe is increasingly pushing back against the growing influence of big technology companies. The EU is currently in the process of setting up regulation that could give the bloc power to split up platforms if they don’t comply with rules.

Twitter permanently banned Trump last week after it decided the outgoing president’s tweets breached its rules against gloriyfing violence. It cited his posts on the riots in the U.S. capital.

The move followed similar action by Facebook. Founder and Chief Executive Officer Mark Zuckerberg said Trump’s most recent posts showed he intended to use his remaining time in office to undermine a peaceful and lawful transition of power. –Bloomberg

And as journalist Glenn Greenwald pointed out on Sunday, when competing companies such as Parler can be struck down by a big tech giant like Amazon, there really is no other way to describe it as a monopoly.

end

The Italian government is on the verge of collapse as they battle over the COVID relief and the uSA election

(zerohedge)

Italian Government On Verge Of Collapse Amid Battle Over EU COVID Relief

TUESDAY, JAN 12, 2021 – 7:26

Under the leadership of Premier Giuseppe Conte, Italy’s government has enjoyed a degree of stability unseen in decades, as the technocratic former law professor – initially brought in to lead a government formed by two anti-establishment parties, the anti-migrant League and left-wing populist Five Star Movement – Conte has already survived the collapse of his original coalition. When League leader Matteo Salvini withdrew from the ruling coalition back in 2019, Conte managed to stave off another election by recruiting new allies from the opposition.

Since then, Conte has led Italy through two COVID-19 lockdowns, and as the country lumbers forward, with much of its economy still paralyzed, the PM has his work cut out for him if he wants to get the country’s debt burden under control without resorting to punishing austerity measures (which, at this point, would probably spark a full-tilt revolution in the streets of Italy’s largest cities).

But as Italy staggers out of another COVID-19-induced-lockdown, the ruling coalition is once again at the point of fracture. After Salvini quit the ruling coalition back in the summer of 2019, Conte struck a deal with Matteo Renzi, the former prime minister, who later broke off from the Democrats and formed his own centrist group.

Well, now that Italy has finally received the €196 billion-euro ($240 billion) windfall from the European Union COVID bailout package, parliament must vote on how to spend the money. But since nothing is ever easy in Italy’s politically fragmented government, disagreements over spending priorities are prompting Matteo Renzi, a junior partner in the coalition, to consider abandoning the government, and thrusting it into chaos just as the relief package is being finalized.

According to Bloomberg, Italian President Sergio Mattarella (in Italy, the president plays a caretaker role) has extracted promises from Renzi that the political infighting won’t impact the relief package.

The latest government plan uses EU money to earmark €223 billion euros for investment and other projects to boost the Italian economy, which was already weak even before the pandemic, according to a draft seen by Bloomberg.

Spending on infrastructure including railways, highways, ports and logistics totals €32 billion, while investment to make Italy’s economy greener totals €69 billion. Health spending, meanwhile, has been raised to €19.7 billion in what Bloomberg described as a concession to Renzi. But Renzi and his lawmakers have demanded Conte share more power with his coalition partners, while speeding up public works projects (and giving up control of the secret services).

COVID has already heaped on more debt, and although the EU money will undoubtedly help, Italy is still dipping into its own pockets to fund some of the recovery measures.

Source: Bloomberg

Should Renzi pull two lawmakers backing the coalition in the Italian Senate (which, for those who aren’t familiar, has 321 seats, with 315 of them being elected, and the 6 others appointed “senators for life”), Conte would need to see if he can drum up enough support from opposition lawmakers to former a new governing coalition. If Conte can’t find the votes, Mattarella would have no choice but to call another snap election.

Fortunately for Conte, nobody – not even Renzi & Co. – really wants a new election. Recent reforms have reduced the number of seats in both houses of the Italian Parliament by 1/3rd, which means another election would prematurely force dozens of politicians into early retirement. Perhaps that’s why we haven’t seen a major blowout in BTP-Bund spreads, though yields on the 10-year BTP have reached the highest level since Dec. 8 as the yield climbed by a few basis points early Tuesday.

The move has widened the spread over bunds by 3bps to 109bps.

Still, we’re not seeing much of a reaction in Italian bonds, probably because investors have confidence in Conte. He’s currently leading his second government, despite never having been elected himself. And nobody wants to risk an election at a time when polls suggest voters would turn once again to Matteo Salvini and the League, which remain popular throughout the country, even in provinces once considered bastions of progressive politics in Italy.

Nicola Zingaretti, leader of the Democratic Party and a member of Conte’s ruling coalition, said Tuesday during an interview on Sky.

It’s the latest sign that the surprising stability that permeated Italian politics during the pandemic, as Italy became for a time the worst-hit country in Europe, was an aberration, and that the shroud of national unity is already dissipating.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

Trump designates Yemen’s Shia Houthis as terrorists

(zerohedge)

More Iran Escalation: Trump Admin Designates Yemen’s Shia Houthis As Terrorists

MONDAY, JAN 11, 2021 – 22:00

In continuing efforts to make any future softening toward Iran all the more difficult for the incoming Biden administration, Secretary of State Mike Pompeo on Sunday night announced the US will designate Yemen’s Houthi rebels as a foreign terrorist organization.

Officially named Ansarallah, he called the Shia group that’s been locked in a grinding war with the Saudi-UAE-US backed coalition government “a deadly Iran-backed militia group” which has routinely conducted “terrorist acts, including cross-border attacks threatening civilian populations, infrastructure, and commercial shipping.”

Via AFP

The war for Yemen has raged since at least 2015 and has seen civilian deaths mount into the many tens of thousands as the Saudi-US coalition has blanketed the country with airstrikes. The Houthis have simultaneously been known to mount ballistic missile attacks deep inside Saudi Arabia, which Washington has ultimately blamed on Iran, given it’s believed the Houthis would otherwise have no access to such advanced weaponry.

“The designations are also intended to advance efforts to achieve a peaceful, sovereign, and united Yemen that is both free from Iranian interference and at peace with its neighbors,” Pompeo announced in the statement. “Progress in addressing Yemen’s instability can only be made when those responsible for obstructing peace are held accountable for their actions.”

He indicated the State Department will soon notify congress, further to include the designation of three Houthi named leaders as Specially Designated Global Terrorists.

A number of pundits immediately recognized this as no doubt part of the White House’s broader escalation with Iran.

Late last year multiple reports said President Trump was actually mulling some kind of military action to ensure the Islamic Republic can’t ever acquire a nuclear weapon, given Biden has vowed to restore the terms of the Joint Comprehensive Plan of Action nuclear deal (JCPOA).

The US has constantly accused Iran of using the Houthis as a proxy force to mount “terror attacks” while attempting a takeover of the country on Saudi Arabia’s southern border.

The irony is that prior to the 2015 war which saw the US jump in with the Saudis in waging war on the Houthis, US forces at times actually partnered with the Houthis in fighting al-Qaeda in Yemen. For example a report in The Wall Street Journal at the time noted, “The US has formed ties with Houthi rebels who seized control of Yemen’s capital, White House officials and rebel commanders said, in the clearest indication of a shift in the US approach there as it seeks to maintain its fight against a key branch of al Qaeda.”

end

IRAN//USA

Pompeo accuses Iran accuses IRAN  of being a major Al Qaeda state sponsor

(zero hedge)

Pompeo Accuses Iran Of Being Major Al-Qaeda State Sponsor

TUESDAY, JAN 12, 2021 – 8:50

On Tuesday the Trump administration is expected to once again go on the anti-Iran offensive a day after on Monday it declared its intent to label Yemen’s Iran-backed Houthi rebels a designated terrorist organization.

Secretary of State Mike Pompeo will accuse Iran of aiding and sheltering top al-Qaeda terrorists in an anticipated speech on Tuesday, Reuters reports.

“With just eight days left in office for President Donald Trump, Pompeo is expected to offer details on allegations that Iran has given safe haven to al Qaeda leaders and support for the group, the sources said, despite some skepticism within the intelligence community and Congress,” Reuters writes.

That skepticism arises in part due to Shia Iran and Sunni al-Qaeda being fierce enemies in recent history, with Iran long aiming to root out outlawed Sunni militant organizations particularly active in the country’s southwest region. There’s also the fact of Iran being at war against the Sunni insurgency in both neighboring Iraq and more recently in Syria.

The claim of Tehran and al-Qaeda being in cahoots has echoes of the Bush administration allegation of secular Baathist dictator Saddam Hussein working with al-Qaeda, which it used as one of its many debunked justifications for war.

The Iran-Qaeda claims are nothing new, as neocons have for years maintained that the Islamic Republic actually orchestrated 9/11, while at the same time they ignored the mountain of evidence which points to Saud state sponsorship (and the fact that the vast majority of hijackers were Saudi nationals). Pompeo will likely invoke 9/11 in his Tuesday speech and make connections to Iran.

Pompeo’s speech is also expected to feature the case of Abu Muhammad al-Masri. A New York Times report from November described him as AQ’s second in command while alleging that he was assassinated inside Iran by Israeli operatives at the behest of US intelligence, claims which Tehran subsequently denied.

In the end Pompeo’s allegations are just as much for domestic consumption as they are “threatening” to Iran’s leaders, given it’s part of continued White House efforts to “box in” Biden on Iran even before he enters office, limiting his ability to act on swiftly restoring to the terms of the nuclear deal, or JCPOA.

end

6.Global Issues

Mexico

Young Doctor left paralyzed minutes after taking Pfizer COVID 19. She has encephalomyelitis (inflammation of the brain and spinal cord). (…)

(zerohedge)

Young Doctor Left Paralyzed MINUTES After Taking Pfizer ‘Covid-19’ Vaccine In Mexico

An investigation has been launched by public health authorities in Mexico after a young doctor was left paralyzed minutes after taking the Pfizer Covid-19 vaccine.

Her family have asked for more research to be carried out.

Dr. Karla Cecilia Pérez Osorio

Dr. Karla Cecilia Pérez Osorio (right)

Karla Cecilia Perez was left partially paralyzed in her arms and legs mere hours after receiving the Pfizer/ BioNTech jab on December 30 and was immediately placed in the intensive care unit of the hospital in Coahuila, in Nuevo Leon state.

She also presented difficulties with speaking, according to media reports.

She experienced a number of seizures in addition to skin rash, weakness, and breathing difficulties all within half an hour of receiving the vaccine.

She has since been preliminarily diagnosed with encephalomyelitis (inflammation of the brain and spinal cord). (…)

Earlier in December 2020, the US Centers for Disease Control and Prevention recorded at least four instances of partial facial paralysis (Bell’s Palsy) in recipients of the Pfizer vaccine. (…)

Source: RT.com (excerpts)

END
Michael Every..  Today’s important topics to discuss…

Rabobank: We Are Currently Finding Out Who Has The Real Power And Who Is Powerless

TUESDAY, JAN 12, 2021 – 9:05

By Michael Every of Rabobank

Everything in markets remains bitterly political. In fact the risk is that from here on, everything is going to be political.

A second set of impeachment proceedings have begun against President Trump. There may not be time to complete that action before 20 January, but the desire to do so is clear. However, as liberal law professor Jonathon Turley wrote over the weekend:

“The author Franz Kafka once wrote, “My guiding principle is this. Guilt is never to be doubted.” Democrats suddenly appear close to adopting that standard into the Constitution…Congress is now seeking an impeachment for remarks covered by the First Amendment. It would create precedent for the impeachment of any president blamed for violent acts of others after using reckless language. What is worse are those few cases that would support this type of action. The most obvious is the 1918 prosecution of socialist Eugene Debs, who spoke against the draft in WW1 and led figures like Woodrow Wilson to declare him a “traitor to his country.” Debs was arrested and charged with sedition, a new favorite term for Democrats to denounce Trump and Republicans who doubted the victory of Joe Biden.”

Even so, the American Civil Liberties Union(!) is calling for “a special counsel to investigate and, if warranted, prosecute Trump, his associates and any other federal officials who may have been involved in attempts to subvert the outcome of the election, including the violence at the capitol.” (From a legal standpoint, there were repeated Democrat statements that the 2016 election was “hacked” by Russia; and verbal support for 2020 protests that saw uncalled-for violence occur.)

Meanwhile, an FBI report warns “Armed protests are being planned at all 50 state capitols from 16 January through at least 20 January, and at the US Capitol from 17 January through 20 January,” and of people “‘storming’ state, local and federal government courthouses and administrative buildings in the event POTUS is removed as President prior to Inauguration Day.” The report also alleges specific threats made against President Elect Biden, Vice-President Elect Harris, and House Speaker Pelosi. This is simply appalling.

Threats to politicians are shocking but not new: the US has had presidents assassinated or shot before, and 2020 saw Senator Paul physically attacked. Armed uprisings take matters to another level. 2020 saw similar in Seattle and Portland: yet doing so across the US with guns would mean a genuine insurrection – and not one any politician is calling for. Yet returning to a point made by Luttwak over 6 January: would this actually mean seizing power? Not at all. There would likely be terrible violence, but government and all key institutions would remain in control. Society would be a total mess, however.

Meanwhile, there are calls for the disbarment of Republican senators and representatives who challenged the 2020 election results – though Democrats challenged the last three Republican presidential victories; and there has been a call for not just honorary degrees but actual academic qualifications to be rescinded from Trump supporters: the political divide becomes more and more bitter, with fewer and fewer neutral spaces.

Moreover, tech censorship –firms which a Democrat-led House committee found to be private monopolies just a few weeks ago– widens and deepens. As one voice on Twitter puts it: ‘Twitter & FB ban accounts. “It’s not censorship, you can create your own app.” Then Google & Apple ban apps. “It’s not censorship, create your own website.” Then Amazon bans web hosting. “It’s not censorship, create your own…” What? Your own internet? Just so you can tweet?’ You know who also has their own internet? China and Russia. Is the US going to have to build a duplicate?

To top it all off, there are even (paranoid?) suggestions flying around that the new Congress will propose legislation to classify MAGA rallies as “domestic terrorist activity” and require the FBI, DOJ & DHS to take steps to prevent such: as such, even future Trump rallies could perhaps become illegal.

In such bitterly polarised times, everything becomes political. (A point Vaclav Havel made in his piercing 1978 essay ‘The Power of the Powerless’ when referring to the Czechoslovak greengrocer compelled to put up a sign saying “Workers of the world, unite” next to his tomatoes.) That includes markets, of course, even if they want to pretend that this has nothing to do with them; or that both Turchin’s and Piketty’s grim forecasts of where neoliberal policies can ultimately lead in terms of societal breakdown are all wrong. On which note, I see more people making comparisons between 6 January and Hitler’s putsch of 1923: you know what then led him to power in 1933? A government that deliberately implemented biting austerity after the 1929 Wall Street Crash to crush the unions: so something did happen “because markets” for once.

But back to those markets. One would think that the risk of US social collapse would see people going long Bitcoin. Not so much: it’s down bigly. Is this buy-the-rumour, sell-the-fact? Or are people finally seeing that when push comes actual physical shoving, crypto will be regulated away by the government in order to maintain their control, just as was the case with gold in the 1930s? Sorry guys: if you don’t have liberty, you don’t have liberty: you don’t get to day-trade from your basement and think that makes you free in any sense.

Or is Bitcoin going down because US long yields are going up? And are those US yields going up because the Biden administration is going to spend USD trillions to try to paper over the gaping US social chasm? If so, recall that Democratic Senator Manchin just said he would not even support USD2,000 checks. Or is the bond sell-off more a reaction to the US political unrest, a new risk premium, as some suggest is the case? Is even the sacrosanct US Treasury market coming under political pressure? In which case where exactly do you think is going to be a safe haven in reality over the longer term? Where looked good in Europe when Rome collapsed? Were there pockets that were less Dark Ages-y than others?

Ironically, for now it’s the USD that is benefitting most as US political credibility goes the same way that the dollar itself has for the last few months. It is, after all, about as risk off as it can get in the worst of worst case scenarios. Indeed, if there is one thing that still isn’t powerless it’s probably the USD – though nothing is forever.

On which note, US-China relations face a rocky final few days of Trumpism. Secretary of State Pompeo has already moved the US much closer to Taiwan by removing self-imposed restrictions on official contact; and China has introduced new legislation making all firms based there liable for damages if they comply with foreign legislation such as sanctions – with which they must comply according to the US. In short, they would have to choose who to listen to on current and any future lawfare over sanctions.

So who has the power and who is really the powerless? That’s what we are currently finding out in all manner of dimensions.

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2157 DOWN .0003 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 / MOSTLY RED

USA/JAPAN YEN 104.22 UP 0.082 (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 1.36007   UP   0.0077  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2744 DOWN .0027 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 3 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2157 Last night Shanghai COMPOSITE CLOSED UP 76.84 PTS OR 2.18% 

//Hang Sang CLOSED UP 368.53 PTS OR 1.32% 

/AUSTRALIA CLOSED DOWN 0,29%// EUROPEAN BOURSES MOSTLY RED (EXCEPT SPAIN)

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED EXCEPT SPAIN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 368.53 PTS OR 1.32% 

/SHANGHAI CLOSED UP 76.84 PTS OR 2.18% 

Australia BOURSE CLOSED DOWN 0.29% 

Nikkei (Japan) CLOSED UP 25.31  POINTS OR 0.09%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1860.25

silver:$25.43-

Early TUESDAY morning USA 10 year bond yield: 1.169% !!! UP 2 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.898 UP 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 90.43 DOWN 4 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.04% UP 4 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: 0.12%//UP 5 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.67 UP 7 points in basis points yield from yesterday./

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

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.24% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.2165  UP     .0005 or 5 basis points

USA/Japan: 104.09 DOWN .045 OR YEN UP 5  basis points/

Great Britain/USA 1.3627 UP .01046 POUND UP 106  BASIS POINTS)

Canadian dollar DOWN 21 basis points to 1.2752

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed UP 6.4640    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.4512  (YUAN up)..

TURKISH LIRA:  7.49  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 4 IN basis points from MONDAY at 1.181 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.9512 UP 2 in basis points on the day

Your closing USA dollar index, 90.33 down 13  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 TUESDAY: 12:00 PM

London: CLOSED DOWN 44.37  0.65%

German Dax :  CLOSED DOWN 11.46 POINTS OR .20%

Paris Cac CLOSED DOWN 11.60 POINTS 0.04%

Spain IBEX CLOSED DOWN 11.60 POINTS or 0.14%

Italian MIB: CLOSED DOWN 73.94 POINTS OR 0.33%

WTI Oil price; 53.01 12:00  PM  EST

Brent Oil: 56.45 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.73  THE CROSS LOWER BY 0.98 RUBLES/DOLLAR (RUBLE HIGHER BY 98 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  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 :  53/16//

BRENT :  56.56

USA 10 YR BOND YIELD: … 0.1.139..up 1 basis points…

USA 30 YR BOND YIELD: 1.877 up 1 basis points..

EURO/USA 1.2203 ( UP 43   BASIS POINTS)

USA/JAPANESE YEN:103.77 DOWN .365 (YEN UP 37 BASIS POINTS/..

USA DOLLAR INDEX: 90.06 DOWN 20 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3665 UP 143  POINTS

the Turkish lira close: 7.46

the Russian rouble 73.54   UP 1.10 Roubles against the uSA dollar. (UP 110 BASIS POINTS)

Canadian dollar:  1.2713 UP 61 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.49%

The Dow closed UP 60.00 POINTS OR 0.19%

NASDAQ closed DOWN 10.40 POINTS OR 0.08%


VOLATILITY INDEX:  23.19 CLOSED DOWN .89

LIBOR 3 MONTH DURATION: 0.224%//

USA trading today in Graph Form

Tech Wrecks And Russell Roars As Dollar Dead-Cat-Bounce Dies

Tyler Durden's Photo

BY TYLER DURDEN
TUESDAY, JAN 12, 2021 – 16:00

After an unexpected plunge in Small Business Optimism, buyers of Small Cap stocks were in a world of their own today as the rest of the majors traded together…

“Mad, Mad World” indeed…

Nasdaq clung to unchanged year-to-date (while Small Caps are up 7.5% YTD!)…

As “Most Shorted” surge for the 7th day in the last 8…

Source: Bloomberg

Energy stocks soared again today, now up 15% YTD as Utes, Tech, & Staples remain red…

Source: Bloomberg

And option investors have never been so levered long in energy stocks…

Source: Bloomberg

FANG Stocks were clubbed like a baby seal to two-month lows…

Source: Bloomberg

Small Caps are back at their strongest to Big-Tech since early March, testing up to critical resistance at the longer-term downtrend…

Source: Bloomberg

Growth/Value (Russell 1000) is back at a critical support area once again…

Source: Bloomberg

As Bear Traps Report notes, this neckline has held as each of the growth to value tremors have picked up with the intensity, a break will trigger colossal selling.  If we break this level, growth equities are in big trouble, Tesla is of course a huge weight in the Growth ETF.

Cyclicals continue to surge relative to defensives implying a massive spike in yields to come (or that expectations for growth are head of themselves)…

Source: Bloomberg

US yields spiked after Atlanta Fed’s Bostic suggested “Universal Basic Income is worth discussing”… i.e. money printer go bbrrrr direct in the pockets of Americans… but a strong 10Y auction (and 30Y topping 1.90%) seems to spark a major reversal as yields ended the day lower – the first down-yield day of 2021…

Source: Bloomberg

Crucially, the 10Y yield broke below its recent uptrend channel…

Source: Bloomberg

The 2s10s Real Curve has surged up to its steepest since the post-Trump-election reflation spike…

Source: Bloomberg

Elsewhere in bond land, BTP Bloodbath’d with 10Y yield spiking 9bps…

Source: Bloomberg

And Real yields reversed notably today in the 10Y as nominal rates tumbled…

Source: Bloomberg

The Dollar’s short-lived dead-cat-bounce is over… as the greenback suffered its biggest daily drop in six weeks…

Source: Bloomberg

Bitcoin dramatically rebounded today…

Source: Bloomberg

As a reminder, CoinTelegraph notes that these kind of corrections are anything but unusual for Bitcoin: “bitcoin had 6 pullbacks bigger than our recent -28% in the record setting 1000%+ growth year of 2017.”

Commodities are broadly breaking out of a very long-term downtrend…

Source: Bloomberg

As oil breaks out to its highest since

Source: Bloomberg

Gold was higher on the day as the dollar sank…

And finally, it doesn’t get much more exuberantly over-extended than this…

Of course, this could never happen again…

Trade accordingly!

a)Market trading THIS MORNING/USA

Stocks, Bonds, Gold, & Crypto All Slide As Goldman Sees “New Real Rates Regime”

TUESDAY, JAN 12, 2021 – 8:45

Something’s changed…

US Treasury yields are now up for 7 straight days – every day in 2021…

Gold is now fading…

Crypto is rolling over…

And Stocks have given up overnight gains…

All as real rates have soared higher (and if historical relations are anything to go by, gold has further to fall)…

Goldman notes that this is a notable change from 2020, when breakevens and real rates were moving in opposite directions, the current nominal rates increase was driven by both components moving up due to markets pricing higher inflation alongside higher policy rates.

The correlation switch between breakevens and real rates, which our rates team expects to continue for long-term rates, has important implications for cross-asset performance.

Higher real rates and breakevens are likely to support more ‘reflationary assets’ such as short-duration value and cyclical equities as well as commodities, which we continue to favor in our asset allocation.

Last 3m sensitivity shows that non-US equity, financials and US small caps tend to outperform with higher nominal and real rates while Nasdaq, high quality credit and Gold might suffer

END

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

iii) Important USA Economic Stories

We knew that this will happen:  Texas lawmakers consider secession as several other states are interested

in the movement

(Gateway Pundit/Hoft)

Texas Lawmakers Consider Secession Over Life Under Democrat Marxism — Several States Interested in Movement (Video)

Texas Rep. Kyle Biedermann joined Chris Salcedo on Newsmax TV on Monday.

Kyle is leading an effort to save Texas from the Democrat Marxists who stole power in Washington DC in the 2020 election.

This is a good move by the Texas lawmakers before Democrats steal their state like they did the swing states in the 2020 election cycle.

Since Communism is against the US Constitution it may be difficult for a court to rule against the “Texit” exit. 

TRENDING: Texas Lawmakers Consider Secession Over Life Under Democrat Marxism — Several States Interested in Movement (Video)

Kyle told Chris Salcedo Texas lawmakers are getting calls from several states interested in joining their movement.

end
What a farce!!
(Gateway Pundit)

There’s Still a Ballot Drop Box on the Street in Conservative-Leaning Lone Pine, CA and Local Officials Refuse to Come Pick It Up

Lone Pine, California is a conservative-leaning town near the Nevada border.
In the last election, 51.9% voted for the Republican Party, and 38.6% voted Democrat.

So there was really no rush by liberal state officials to collect the ballots for the 2020 election.

In fact, there is still a ballot drop box on the sidewalk near city hall.

Ben Jones from Lone Pine keeps calling local officials to collect the ballot box.
But it’s still there over two months after the election.

TRENDING: Texas Lawmakers Consider Secession Over Life Under Democrat Marxism — Several States Interested in Movement (Video)

Democrats like ballot boxes because they can stuff them full of ballots when they need to.
And they can leave other ballot boxes on the street in conservative districts when they want to.

Uncounted Ballots in Lone Pine? This Ballot Drop Box has been in front of Statham Hall since just before 11-03-2020. I…

Posted by Ben Jones on Monday, January 11, 2021

end

The time line: Flash bangs were going off before Trump finished his speech.  Antifa organized protest near the USA capital before it was stormed.

(Hoft/Gateway Pundit)

IGNORED BY MEDIA: Flash Bangs Were Going Off at US Capitol Before Trump Finished His Speech – Antifa Organized Protest Near US Capitol Before It Was Stormed -UPDATED

Earlier this week CNN interviewed John Sullivan from Utah after the shooting death of Ashli Babbit by Capitol Hill police.

John Sullivan, a noted leftist leader from Utah, stormed the US Capitol with fellow activists on Wednesday.
John Sullivan is a Black Lives Matter goon from Utah who was flown into DC during the planned “Stop the Steal” rally.

In August John Sullivan threatened to “rip President Trump from the White House” during violence in Washington DC. Sullivan was flown to DC for the protests.

At the time John Sullivan was described as a Black Lives Matter leader from Utah.

TRENDING: Texas Lawmakers Consider Secession Over Life Under Democrat Marxism — Several States Interested in Movement (Video)

From our earlier report:

John Sullivan stormed the US Capitol on Wednesday. He was near Ashli Babbit when she was killed by Capitol police.

Amy Mek at RAIR Foundation reported:

So what was John Sullivan doing on camera in the US Capitol?

On Friday investigative journalist Millie Weaver ran into John Sullivan in Washington DC.

She overheard him say he was not being charged.

As we reported earlier — and from Millie Weaver — John Sullivan organized a BLM-Antifa event at the Washington Memorial on Wednesday, January 6th.

— then he was seen storming the US Capitol!
How many of his Antifa buddies were with him?

Raheem

And now there are reports that the flash bangs started going off at the US Capitol before President Trump was finished with his speech at the Ellipse.

A vast majority of patriots left the Ellipse and went home after President Trump finished his speech.
It was bitterly cold in Washington DC that day.

CNN even admitted that flashbangs were going off at 1 PM.
President Trump was still speaking at 1 PM!

UPDATE: Raheem Kassam went on with Greg Kelly on Newsmax TV on Monday. He walked through the timeline of the Capitol Hill riots and President Trump’s speech.
The walking distance between the two venues is around 35 minutes on a good day.

The liberal media WILL NEVER REPORT THIS!

end
Now they are worried? small businesses are freaking out about surging taxes under Biden
(zerohedge)

Small Businesses Freaking Out About Surging Taxes Under Biden

TUESDAY, JAN 12, 2021 – 11:06

In December, the first month after Donald Trump’s loss, the NFIB Small Business Optimism Index slumped 5.5 points to 95.9, falling below the average Index value since 1973 of 98, and missing expectations of a triple digit print. Nine of the 10 Index components declined and only one improved. Of note, owners expecting better business conditions over the next six months tumbled by a whopping 24 points to a net negative 16%, realizing that a Democrat admin is hardly conducive to small business growth.

“This month’s drop in small business optimism is historically very large, and most of the decline was due to the outlook of sales and business conditions in 2021,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses are concerned about potential new economic policy in the new administration and the increased spread of COVID-19 that is causing renewed government-mandated business closures across the nation.”

Among the notable findings in the latest report:

  • The Uncertainty Index decreased 8 points to 82.
  • The percent of owners thinking it’s a good time to expand decreased 4 points to 8%.
  • Sales expectations over the next three months declined 14 points to a net negative 4%.
  • Earnings trends over the past three months declined 7 points to a net negative 14% reporting higher earnings.

What we found most interesting, however, is what small business owners overwhelmingly listed as the single “most important problem.” Here, after monthly of complaining about the quality of labor and poor sales, in December there was a new biggest concern: “taxes”…

… with 21% of respondents lamenting the imminent tax hikes under the Biden admin.

Meanwhile, a paltry 2% complained about inflation even as the market is clearly freaking out about rising prices, and the

As David Rosenberg puts it, “NFIB index shows future tax hikes as #1 concern for 21% of small biz owners. All myopic Mr. Market sees is massive gov’t spending – a near-record low 2% cite inflation as the top worry – yet, the Treasury mkt has been scared off by this phantom (not the first time; not the last).”

Rosenberg, a permadeflationist, is wrong: yes, small businesses are rightfully freaking out about higher taxes, but the reason why they don’t fear inflation is because they are focusing on the benign type of inflation, the type that helps their margins rise, not the stagflationary wave that is about to be unleashed across the country, which will hurt, not help, small businesses. In other words, the country’s small businesses are about to get the double whammy of higher taxes and lower sales, as the US middle class now subsists from one government stimulus paycheck to another.

END

Former Michigan Governor Charged In Flint Water Scandal

TUESDAY, JAN 12, 2021 – 15:50

By now, most of America probably remembers the Flint, Mich. water crisis as one of the biggest scandals of the Obama era. But nearly seven years after the impoverished city’s drinking water was found to be contaminated, former GOP Gov. Rick Snyder (who was widely vilified in the press over his involvement in the decisions that led to the contamination) is reportedly about to face criminal charges.

The AP reports that Snyder, his health director Nick Lyon and other ex-officials from his administration have been told they’re being charged after a new investigation of the Flint water scandal. The city’s water, which was mistakenly contaminated with lead due to an oversight by the state, caused an outbreak of Legionnaires’ disease in 2014-2015 and untold led poisoning.

Rick Snyder

Snyder has been out of office for two years, but he was governor when state-appointed managers in Flint switched the city’s water source to the Flint River in 2014 as a cost-saving measure while a new pipeline was being built to Lake Huron. The water, however, was not treated to reduce corrosion, which turned out to be a disastrous decision, as lead leached from old pipes and found its way into the water drank by 100K residents. Meanwhile, bacteria in the water was blamed for legionnaires.

Progressive media latched on to the scandal and transformed Flint into a symbol of governmental mismanagement, as well as an example of how poorer communities of color are treated compared with wealthier, mostly white communities.

Snyder and Lyon announced the Legionnaires’ outbreak and the contamination issue in January 2016, although Lyon conceded that he knew that cases were being reported many months earlier. In 2018, Lyon was preparing to stand trial on involuntary manslaughter charges after a special prosecutor accused him of failing to timely inform the public about the outbreak in a timely manner. His attorneys argued there was not enough solid information to share earlier. But by June 2019, the prosecution had been thrown out as a new attorney general, Dana Nessel, and a new team of prosecutors said they would start the investigation anew.

The looming charges are apparently the result of this second investigation.

iv) Swamp commentaries)

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

After Alibaba probe, antitrust is at the top of 2021 agenda, China’s top market regulator says

https://www.scmp.com/tech/policy/article/3117215/after-alibaba-probe-antitrust-top-2021-agenda-chinas-top-market

The Hill’s @johnkruzel: Parler sues Amazon for antitrust violation, breach of contract and unlawful business interference. Asks federal judge to order Amazon to reinstate the platform

Chinese Tech Giant Baidu Is Going To Create Its Own EV Company (Down goes Tesla!)

https://www.zerohedge.com/markets/chinese-tech-giant-baidu-going-create-its-own-ev-company

US Sec of State Pompeo: “Censorship, wokeness, political correctness, all points in one direction – authoritarianism, cloaked as moral righteousness. It’s similar to what we’re seeing at Twitter, and Facebook, and Apple.”

WaPo: House Democrats introduce article of impeachment, charging Trump with ‘incitement of an insurrection’ – The House could vote as early as Wednesday…(Once again, no due process and a rush)

@HansMahncke: The impeachment charge once more shows the main difference between Democrats and Republicans. When Democrats have power, they use it.

FBI warns of armed protests in all 50 states if Trump is removed before Inauguration Day

https://www.dailymail.co.uk/news/article-9134387/National-Guard-troops-stand-watch-Capitol-DC-braces-inauguration-protests.html

National Guard says it will increase troops in D.C. to at least 10,000 by Saturday to boost security ahead of the inauguration. – AP

Despite the morning ‘V’ rally on Monday, SPY January call option volume was subdued.  The Jan SPY 380 call volume did not hit 20k until 15 minutes before the afternoon arrived.  The lack of enthusiasm for SPY Jan call options presaged trouble.  ESHs and stocks broke down at 13:20 ET.

The afternoon decline ended minutes after the VIX Fix.  The moderate rally ended when the final hour arrived.  After a moderate decline, ESHS and stocks vacillated into the close.

@Schuldensuehner: Bitcoin extends losses as UK’s financial regulator FCA issued a very blunt warning about the rise of bitcoin and other cryptocurrencies: ‘Prepare to lose all your money.’

NY Fed: Consumers Expect Higher Medium Term Inflation and Home Price Growth

Median inflation expectations remained unchanged in December at the one-year horizon at 3.0%. In contrast, median inflation expectations at the three-year horizon increased for the second consecutive month, from 2.8% in November to 3.0% in December, tying the highest reading in 2020 reached in August. The increase was driven by respondents without a college degree… https://www.newyorkfed.org/microeconomics/sce

WaPo: Biden plans to nominate William J. Burns, a former career diplomat, to run the CIA, columnist David Ignatius reports – Burns is an inside player — brainy, reserved, collegial — and loyal to his superiors, sometimes to a fault, as he conceded in his 2019 memoir,” Ignatius writes… he has often served as a secret emissary: The title of his memoir, “The Back Channel,” refers in part to his role as the covert intermediary in the initial contacts with Iran that led to the 2015 nuclear agreement.

https://www.washingtonpost.com/opinions/global-opinions/biden-william-j-burns-cia/2021/01/11/8a23c346-53a8-11eb-a817-e5e7f8a406d6_story.html

NY Gov. Andrew Cuomo@NYGovCuomo: We simply cannot stay closed until the vaccine hits critical mass. The cost is too high. We will have nothing left to open. We must reopen the economy, but we must do it smartly and safely. (Now that Trump is gone, Cuomo changes tune on shutdown economy)

New cover-up fears as Chinese officials delete critical data about the Wuhan lab with details of 300 studies vanishing – including all those carried out by virologist dubbed Batwoman

https://www.dailymail.co.uk/news/article-9129681/New-cover-fears-Chinese-officials-delete-critical-data-Wuhan-lab.html

China is collecting the world’s DNA and the reason is sinister: Gordon Chang

With over 80 million health profiles, China has the largest DNA database in the world, and growing…“Buying American companies which have DNA profiles, subsidizing DNA analysis for ancestry companies, and hacking,” said Chang…“China is probably trying to develop diseases that target not just everybody, but target only certain ethnic or racial groups.”…

https://www.foxnews.com/world/china-collecting-worlds-dna-sinister

 

Trump acknowledged he bears some blame for Capitol riot in conversation with McCarthy: sources

https://www.foxnews.com/politics/trump-acknowledged-he-bears-some-blame-for-capitol-riot-last-week-in-call-with-mccarthy-sources

@CBS_Herridge: CapitolBuilding TIMELINE: Critical window Wednesday is coming into focus 1230-1315.  While POTUS addressed the rally + before he concluded, a group was already pushing onto the grounds of the Capitol building + first pipe bomb discovered (1245p) at RNC + 2nd pipe bomb at DNC

    Pipe bombs may have been effort to pull first responders from Capitol, further weakening security or to maim lawmakers evacuating. photo: 11 suspected IDDs (Improvised Incendiary Devices) also found near Capitol//not known if connected or separate pipe bombs.  (Who funded the insurrectionists?  Rush impeachment before all the facts are discovered?)  https://twitter.com/CBS_Herridge/status/1348817655852105731

Outgoing chief says security officials impeded efforts to call in National Guard

Even as rioters violently overran his forces, outgoing Capitol Police Chief Steven Sund said in an exclusive interview, the sergeants at arms for the House and Senate took more than an hour to approve his request – To be on the safe side, Sund asked House and Senate security officials for permission to request that the D.C. National Guard be placed on standby in case he needed quick backup.  But, Sund said Sunday, they turned him down…House Sergeant at Arms Paul Irving said he wasn’t comfortable with the “optics” of formally declaring an emergency ahead of the demonstration, Sund said…

   At 3:45 p.m., Stenger told Sund that he would ask his boss, Senate Majority Leader Mitch McConnell (R-Ky.), for help getting the National Guard authorized more quickly. Sund never learned the result

https://www.washingtonpost.com/politics/sund-riot-national-guard/2021/01/10/fc2ce7d4-5384-11eb-a817-e5e7f8a406d6_story.html

DC Mayor Muriel Bowser evasive on questions about Capitol siege preparation  https://trib.al/xtERUN6

@DailyCaller: Nancy Pelosi on 60 Minutes says that President Trump is a “handmaiden of Putin”:

“I don’t know what the Russians have on President Trump, whether it’s personal, whether it’s political, whether it’s financial.”  (I’ll take deranged and hateful for $1000, Alex!)

https://twitter.com/DailyCaller/status/1348449294051909632

Pelosi admitted that she wants Trump impeached to prevent him from running in 2024.

@DailyCaller: (Democrat) West Virginia Sen. Joe Manchin tells @BretBaier that the Democratic push to impeach president Trump is “ill-advised”     https://twitter.com/DailyCaller/status/1348771252731785218

@EricMMatheny: The Mueller investigation was predicated on the unfounded Democrat conspiracy theory that Donald Trump was not elected president, but was installed by Russia. By today’s liberal logic, everybody who took part in the Mueller investigation is a party to sedition.

@YossiGestetner: Dem leaders @SpeakerPelosi and @SenSchumer essentially blamed the Police for not controlling a mob that was programed — By Dems – for 4 years that it is ok to question election results; to call the other side of politics “traitors” and to be violent too. Now officers R suffering.

GOP @RepMattGaetz: The Democrats’ hatred of President Trump is the only thing that seems to unify them…so they don’t care if impeachment harms the country as long as it helps them consolidate power.

Whitlock: Ignoring the concerns of Trump supporters will destroy America

For four years now…elites who control academia, the mainstream media, politics, popular culture, and the sports world have framed Trump supporters as racist deplorables worthy of elimination from society. These same elites spent the past decade elevating Michael Brown, George Floyd, Jacob Blake, Rayshard Brooks, Eric Garner, and other resisting criminal suspects to icon status while simultaneously raising bail money for protesters willing to riot, loot, burn, and vandalize in the name of racial justice.

This blatant hypocrisy will not go unchallenged…

    The critics say President Trump provoked Wednesday’s political “violence.” His refusal to concede a corrupt election baited his followers to overrun the Capitol with flags, put Ashli Babbitt in harm’s way, and do enough property damage to delay the Electoral College confirmation three or four hours.  Fine. Guilty as charged… He had plenty of collaborators. They work on all the major and cable news and sports networks. They play in the NFL and NBA. They represent both political parties, hold high positions in Hollywood, at Netflix, Google, Facebook, Twitter, and Instagram.

    The people wagging their fingers the hardest at Trump and the Deplorables sanctioned, financed, and promoted political violence throughout all of 2020 and for much of the past decade

    Ashli Babbitt’s blood is on the hands of Jack Dorsey and Mark Zuckerberg as much as, if not more than, on President Trump’s. That’s why Dorsey and Zuckerberg rushed to silence Trump on their respective platforms, Twitter and Facebook.  Political tension and violence are fomented, planned, and monetized on Silicon Valley’s social media platforms. Wednesday’s “violence” hit the wrong target. The Capitol is where global elites exchange cash for influence and privilege…

    Trumpism is the cry of the working class who believe the Big Tech billionaires are building an America that cuts them out of the American Dream. Trumpism is the cry of Americans who value authenticity over the fraudulence of political correctness. The price of ignoring their cries will be war, a civil war.

https://www.theblaze.com/op-ed/whitlock-ignoring-the-concerns-of-trump-supporters-will-destroy-america

OAN’s @EmeraldRobinson: Fox update: @marthamaccallum & her 7pm show ratings declined so badly that @FoxNews just demoted her to 3pm.

 

Scott says Democratic ‘overreach’ will help GOP win back Senate in 2022

New NRSC chair doesn’t rule out a role for Trump in helping Republicans in midterm elections

https://www.foxnews.com/politics/rick-scott-republicans-win-back-senate-2022

 

WaPo: Biden hopes Senate could hold Trump’s impeachment trial while working on new agenda

 

Biden announces ‘America United’ as inauguration theme (not a parody!) https://trib.al/5krxWMI

 

Liberals long revered the First Amendment, before embracing censorship in the era of Trump

Conservatives begin to plot an offensive against social media censorship.

https://justthenews.com/government/courts-law/sunliberals-long-revered-first-amendment-embracing-censorship-era-trump

South Dakota Gov. Kristi Noem, an early GOP contender for the presidency, issued a manifesto on Friday that chastised the GOP for their fecklessness and inaction.  The diatribe was Trump-like; but it didn’t mention Trump at all.  Recently Ann Coulter stated that American wants Trumpism without Trump.

Gov. Noem: The Republican Party Has Failed America, And Here’s How It Needs To Change Now

Republicans have had opportunities to fix our healthcare system, reform immigration, and get our fiscal house in order, among many other things. Republicans have had chances to deliver for the American people. But we haven’t followed through.

     Republicans got our butts kicked in Georgia on Tuesday. A 33-year-old with no accomplishments and a smooth-talking preacher wiped the floor with us. The idea that Georgia, of all places, could elect two communists to the United States Senate was ridiculous…

    Meanwhile, the left’s indoctrination takes place every day with kids all across America from the time they walk into a school at age 5 to the time they graduate college at 22.  Republicans have not been disciplined enough to do the hard work…

    COVID didn’t crush the economy. Government crushed the economy. And then, just as quickly, government turned around and held itself out as the savior…

    In 2020, despite the virus, if you wanted to riot, loot, and burn buildings down, the government either stood idly by while you did that, or worse, tacitly encouraged the destruction.  Government didn’t punish the violent criminals. But it did everything it could to punish those Americans who simply tried to defend themselves, their families, their livelihoods, and their property

    The Republican Party has to lead the nation away from borrowing from our children’s future. We must put an end to the accounting gimmicks used to deceive people…

https://thefederalist.com/2021/01/08/the-republican-party-has-failed-america/#.X_iU–XTNJM.twitter

 

With McConnell’s apparent sabotage of GOP chances in the Georgia runoffs and GOPe subsequent behavior, we would not be surprised if Schumer and Mitch announce some sort of ‘power sharing’ arrangement in the Senate in the coming days.  There is precedent, you know.

The Senate Powersharing Agreement of the 107th Congress (2001-2003): Key Features

The 2000 elections resulted in a Senate composed of 50 Republicans and 50 Democrats… This report describes the principal features of this and related agreements which provided for Republican chairs of all Senate committees after January 20, 2001; equal party representation on all Senate committees; equal division of committee staffs between the parties; procedures for discharging measures blocked by tie votes in committee; a restriction on the offering of cloture motions on amendable matters; restrictions on floor amendments offered by party leaders; eligibility of Senators from both parties to preside over the Senate; and general provisions seeking to reiterate the equal interest of both parties in the scheduling of Senate chamber business…  https://www.everycrsreport.com/reports/RS20785.html

In 2001 Bush won; Cheney was the tiebreaker.  This time Kamala Harris is the tiebreaker.

Without the monumental Trump lightning rod, the MSM and Dems can return to their traditional practice of bashing the GOPe and abusing them in various ways.  Dems and the GOPe will soon own everything.

Who is the leader of the GOP now?  Does Mitch McConnell have the right stuff or will most GOP voters look elsewhere?  Can Cruz, Hawley or a GOP governor emerge?  How will Trump spend his idle time?

@sirhottest: “Private companies have the right to do whatever they want!” was the same argument used by racist business owners during the Jim Crow era

The following is not a parody piece.

@KimFoxx: As appalling as it was to see the events of Wednesday unfold, it was not surprising for many of us. We’ve seen these types of mobs, fueled by white supremacy, before, even in Cook County.

 

Did white supremacists burn, loot and riot in Chicago last spring and summer?  Are white supremacists committing all those murders in Chicago?  When will incendiary lies from the left be condemned by the MSM and the ruling class?  The incendiary lies will continue until there are consequences for them!

The further a society drifts from the truth, the more it will hate those that speak it.” — George Orwell

Well that is all for today

I will see you WEDNESDAY night.

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