JAN 13//GOLD UP $11.50 TO $1855.75//SILVER UP 13 CENTS TO $25.50//COMEX GOLD TONNAGE STANDING NOW UP TO 5.3 TONNES//CORONAVIRUS COMMENTARIES//TRUMP TO RELEASE BOMBSHELL REPORT INDICATING THAT THE COVID 19 CAME FROM WUHAN LAB AND WHO COVERED IT UP: NO SURPRISE THERE//ITALIAN GOVERNMENT SET TO COLLAPSE// TRUMP IMPEACHED FOR THE 2ND TIME AS THE REPUBLICAN PARTY BASICALLY BLOWS UP: MEMBERS WANT TO EXPEL LIZ CHENEY//ELECTION CHAOS STORIES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1855.75 UP   $11.50   The quote is London spot price

Silver:$25.50 UP $0.13   London spot price GOLD( cash market)

your data…

Closing access prices:  London spot

i)Gold : 1845.00  LONDON SPOT  4:30 pm

ii)SILVER:25.21  //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.”

COMEX DATA

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

receiving today:     33/115

EXCHANGE: COMEX
CONTRACT: JANUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,842.900000000 USD
INTENT DATE: 01/12/2021 DELIVERY DATE: 01/14/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 1
132 C SG AMERICAS 2
332 H STANDARD CHARTE 6
435 H SCOTIA CAPITAL 36
624 H BOFA SECURITIES 4
657 C MORGAN STANLEY 26 6
661 C JP MORGAN 22
661 H JP MORGAN 11
690 C ABN AMRO 59
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 30 26
____________________________________________________________________________________________

TOTAL: 115 115
MONTH TO DATE: 1,607

ISSUED 0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   33 NOTICES FOR 3300 OZ  (0.3576 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1607 NOTICES FOR 160,700 OZ  (4.9984 tonnes) 

SILVER//JAN CONTRACT

195 NOTICE(S) FILED TODAY FOR 4,035,000  OZ/

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

BITCOIN MORNING QUOTE  $34,471   UP  $420

BITCOIN AFTERNOON QUOTE.  :$36, 184 UP $1914 .

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

GLD AND SLV INVENTORIES:

WITH GOLD UP $11.65 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD//

INVENTORY RESTS AT:

GLD: 1,181.71 TONNES OF GOLD//

WITH SILVER UP 13 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGES OF SILVER INVENTORY AT THE SLV//

INVENTORY RESTS AT :

SLV: 557.711  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 371 CONTRACTS FROM 169,662 UP TO 170,033, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED GAIN IN COMEX OI  OCCURRED WITH OUR  GAIN OF $0.19 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 1462 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:  852, AS WE HAD THE FOLLOWING ISSUANCE:    MARCH 852 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  852 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.

4.880 MILLION INITIAL STANDING FOR JAN 2021

TUESDAY, 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 $0.19) ).. 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 (1223 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:

9681 CONTRACTS (FOR 8 TRADING DAY(S) TOTAL 9681 CONTRACTS) OR 48.405 MILLION OZ: (AVERAGE PER DAY 1210 CONTRACTS OR 6.050 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JAN: 48.405 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:          48.405 MILLION OZ.

JAN EFP ACCUMULATION SO FAR:  48.405 MILLION OZ   (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 610, WITH OUR  $0.19 IN SILVER PRICING AT THE COMEX //TUESDAY.…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 852 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG  SIZED 1462 OI CONTRACTS ON THE TWO EXCHANGES  (WITH OUR  $0.19 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  852 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED INCREASE OF 371 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.19 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.37 // TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8440- 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: 195 NOTICE(S) FOR 975,000  OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2993 CONTRACTS TO 555,538 AND CLOSER TO  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN IN COMEX OI OCCURRED DESPITE OUR FALL IN PRICE  OF $6.70 /// COMEX GOLD TRADING//TUESDAY. 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 5.353 TONNES) .THIS ALL HAPPENED WITH OUR FALL IN PRICE OF $6.70

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

.

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

WE HAD A VERY STRONG GAIN OF 9,128 CONTRACTS   ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 6135 CONTRACTS:

CONTRACT .;JAN  FEB: 4816  AND APRIL 21: 1319 ALL OTHER MONTHS ZERO//TOTAL: 6135.  The NEW COMEX OI for the gold complex rests at 555,538. 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 9128 CONTRACTS: 2993 CONTRACTS INCREASED AT THE COMEX AND 6135 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN//TWO EXCHANGES OF 9128 CONTRACTS OR 28.39 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6135) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (2993 OI): TOTAL GAIN IN THE TWO EXCHANGES: 9,128 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 5.345 TONNES3)  ZERO LONG LIQUIDATION ;4) GOOD COMEX OI GAIN,  5) GOOD SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR LOSS IN GOLD PRICE TRADING/TUESDAY//$6.70.

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

We have now switched to GOLD for our spreaders!!

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

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLDAS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  ACTIVE DELIVERY MONTH OF DEC. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF JAN FOR SILVER:

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

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

JAN

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN : 45,152 CONTRACTS OR 4,515,200 oz OR 140.44 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 5844 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 140.44  TONNES

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

THUS EFP TRANSFERS REPRESENTS 140.44/3550 x 100% TONNES =3.95% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE: JANUARY: 140.44 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 371 CONTRACTS FROM 169,662 UP TO 170,033 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 SMALL 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 DECREASE IN  STANDING FOR SILVER  AT THE COMEX FOR JAN DELIVERY MONTH., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 852 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:  852  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 852 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 371 CONTRACTS TO THE 852 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 1223 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.115 MILLION  OZ, OCCURRED WITH OUR $0.19 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.69 PTS OR .27%   //Hang Sang CLOSED DOWN 41.14 PTS OR .15%    /The Nikkei closed UP 292.25  POINTS OR 1.04%//Australia’s all ordinaires CLOSED UP  0.21%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4694 /Oil UP TO 53.46 dollars per barrel for WTI and 56.66 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4695. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4632 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY BY A FAIR SIZED 2993 CONTRACTS TO 555,538 AND CLOSER TO OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED DESPITE OUR FALL OF $6.70 IN GOLD PRICING TUESDAY’S COMEX TRADING/).

 WE HAD A GOOD SIZED EFP ISSUANCE (6135 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 5.353 TONNES)/ 4)   AS WE ENGINEERED A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 9,128 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6135 EFP CONTRACTS WERE ISSUED: JAN 0  FEB// ’21 4816 AND APRIL ’21: 1319 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6135  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 VERY STRONG 9128 TOTAL CONTRACTS  IN THAT 6135 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 2993 COMEX CONTRACTS.. WE HAVE A STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((5.353 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 FELL $6.70). AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY  LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  34.35 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR JAN (5.353 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 9128 CONTRACTS OR 912,800 OZ OR  28.39  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:  555,538 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.55 MILLION OZ/32,150 OZ PER TONNE =  1728 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1728/2200 OR 78.53% 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

JAN13 /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
115 notice(s)
 11,500 OZ
(.2576 TONNES)
No of oz to be served (notices)
114 contracts
(11,400 oz)
.3545 TONNES
Total monthly oz gold served (contracts) so far this month
1607 notices
160,700 OZ
4.9984TONNES
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 229 contracts for a GAIN of  93. We had 40 notices filed on Thursday so we GAINED 133 contracts or AN ADDITIONAL 13,300 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 21,094 contracts DOWN TO 311,120 CONTRACTS.

MARCH GAINED 46 contracts to stand at 757

APRIL added 22,659 contracts to stand at 168,725

We had  115 notice(s) filed today for  11,500 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 115  contract(s) of which 11  notices were stopped (received) by j.P. Morgan dealer and 22 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 (1607) x 100 oz , to which we add the difference between the open interest for the front month of  (JAN 229 CONTRACTS ) minus the number of notices served upon today (115 x 100 oz per contract) equals 172,100 OZ OR 5.353 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 (1607 x 100 oz  PLUS {229 OI) for the front month minus the number of notices served upon today (115} x 100 oz which equals 172,100oz standing OR 5.353 TONNES in this non  active delivery month of January. This is a STRONG amount  standing for GOLD IN  JAN  (generally one of the weakest of all delivery months of the year). 

We gained 113 contracts or a queue jump of 11,300 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

84,274.333 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:  2,061,771.588 oz                                     64.129 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. 5.353 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:  2,061,771.588 oz or 64.129 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  13/2021

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
5172.267 oz
Delaware
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
195
CONTRACT(S)
(975,000 OZ)
No of oz to be served (notices)
169 contracts
 845,000 oz)
Total monthly oz silver served (contracts)  807 contracts

4,035,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

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 1 withdrawal:

i) Out of Delaware: 5172.267

total withdrawals 5172.267       oz

We had 1 adjustments:

i) Out of Loomis:  591,274.490 oz customer to dealeer.

Total dealer(registered) silver: 151.038million oz

total registered and eligible silver:  395.861 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Jan saw a LOSS of 2 contracts  DOWN to 364 contracts. We had 0 notices filed on TUESDAY so we LOST 2 contract or 10,000 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. They morphed to England as there is no silver over here.

FEBRUARY saw another loss of 4 contracts to stand at 726.  MARCH lost 598 contracts down to 137,230.

The total number of notices filed today for JAN 2021. contract month is represented by 195 contract(s) FOR 975,000 oz

To calculate the number of silver ounces that will stand for delivery in JAN we take the total number of notices filed for the month so far at 807 x 5,000 oz = 4,035,000 oz to which we add the difference between the open interest for the front month of JAN (364) and the number of notices served upon today 195 x (5000 oz) equals the number of ounces standing.

Thus the JAN standings for silver for the JAN/2021 contract month: 807 (notices served so far) x 5000 oz + OI for front month of JAN(364)- number of notices served upon today (195) x 5000 oz of silver standing for the NOV contract month .equals 4,880,000 oz. ..VERY STRONG FOR A NON ACTIVE  JAN MONTH.

WE LOST 2 CONTRACTS OR 10,000 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  FALLS TO- 2.94% ((JAN 13/2021)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  RISES TO 1.95% to NAV:   (JAN 13/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.94% (JAN 13)

(courtesy Sprott/GATA

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

NAV 19.27 TRADING 18.74///NEGATIVE 2.55

END

And now the Gold inventory at the GLD

JAN 13/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1181.71 TONNES

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  13 / 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 13/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 557.713 MILLION OZ//

JAN 12/WITH SILVER UP 19 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV: 2 WITHDRAWALS OF 2.788 MILLION OZ AND 1.998 MILLION 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/

JAN13.2021:

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

Gold investors of mining companies target excessive payouts amid deals.

Reuters/GATA)

Gold investors target ‘excessive’ executive payouts amid deals

 Section: 

By Jeff Lewis and Helen Reid
Reuters
Tuesday, January 12, 2021

Gold investors critical of lavish executive payouts plan to vote down compensation at upcoming annual shareholder meetings, as soaring prices for the precious metal spur dealmaking.

It is the latest knock against an industry that had only recently won back investor favor after being shunned due to disappointing returns.

… 

Miners that overspent on acquisitions in the 2011 gold boom have curbed premiums that led to billions in impairments when prices later crashed.

But investors say change-of-control provisions allowing for multi-million dollar executive windfalls remain commonplace.

“It’s excessive and something that we don’t like to see as shareholders,” said portfolio manager Joe Foster at Van Eck Associates Corp, which holds shares in Barrick Gold Corp, Newmont Corp and other gold miners.

“These CEOs, they all have nice pay packages as it is,” he said, adding that he plans to use “say on pay” proxy votes, and meetings with management, to express his view. …

… For the remainder of the report:

https://www.reuters.com/article/mining-investors-payouts/gold-investors-…

END

Our good friend, Gary Gensler, who could not spot gold and silver market rigging if hislife depended on it, will now head the SEC. This, of course, depends on Biden being inaugaurated. In 2020 I testified in front of him at the CFTC

(Reuters/GATA)

Former CFTC exec who couldn’t spot gold and silver market rigging to head SEC, Reuters says

 Section: 

Exclusive: Biden to Name Gary Gensler as SEC Chair, Sources Say

By Svea Herbst-Bayliss, Katanga Johnson, and Jarrett Renshaw
Reuters
Tuesday, January 12, 2021

WASHINGTON — Gary Gensler will be named chair of the U.S. Securities and Exchange Commission by President-elect Joe Biden, said two sources familiar with the matter, an appointment likely to prompt concern among Wall Street firms about tougher regulation.

Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014 and since November has led Biden’s transition planning for financial industry oversight.

… 

His appointment as the country’s top securities regulator is expected to put an end to the four years of rule-easing that Wall Street banks, brokers, funds, and public companies have enjoyed under President Donald Trump’s SEC chair, Jay Clayton.

At the CFTC Gensler implemented dramatic new swaps trading rules mandated by Congress following the 2007-2009 financial crisis, developing a reputation as a hard-nosed operator willing to stand up to powerful Wall Street interests. …

… For the remainder of the report:

https://www.reuters.com/article/us-usa-biden-sec-exclusive/exclusive-bid…

END

For your interest..

Lost passwords lock millionaires out of their bitcoin fortunes

 Section: 

The future of money: Gone.

* * *

By Nathaniel Popper
The New York Times
Tuesday, January 12, 2021

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago, when it passed its previous all-time high of around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

“I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Bitcoin, which has been on an extraordinary and volatile eight-month run, has made a lot of its holders very rich in a short time, even as the coronavirus pandemic has ravaged the world economy.

But the cryptocurrency’s unusual nature has also meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen sharply, unable to cash in on their digital wealth.

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it had gotten 70 requests a day from people who wanted help recovering their riches, three times the number of a month ago. …

… For the remainder of the report:

https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-…

END

Craig Hemke on 2021 prices for gold/silver

Hemke/Sprott/GATA

Craig Hemke at Sprott Money: Gold and silver price forecast for 2021

 Section: 

5:50p ET Tuesday, January 12, 2021

Dear Friend of GATA and Gold:

With his gold and silver price forecast for 2021, the TF Metals Report’s Craig Hemke is confident of more good gains but such volatility that investors will be seriously challenged to realize them by the end of the year.

Hemke’s analysis is headlined “2021 Gold and Silver Price Forecast” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/2021-gold-and-silver-price-forecast-Cra…

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

iii) Other physical stories:

Blain on rising USA rates:  He urges to stay away from Bitcoin and go for gold

Bill Blain/MorningPorridge.com

Blain On QE’s Consequences For Bitcoin, Bonds, & Bullion

WEDNESDAY, JAN 13, 2021 – 8:25

Authored by Bill Blain via MorningPorridge.com,

“Weebols wobble but they don’t fall down..”

This morning’s comment is going to be brief for two reasons. 1) I am busy on a deal, and 2) it’s about bonds, which are definitionally boring and I don’t want held responsible for readers falling asleep at their desks….

US bond yields have been rising since New Year, so yesterday’s US 10-year Bond auction was more interesting than most– the market was looking carefully for signs, signals and auguries of further rises in bond yields to come: a Bond Bear Market! I even read that most dangerous of comments: “bond yields have reached an inflection point”, according to one bank rates strategist.

Should we pack our bags and run for the hills in terror and fear of a looming bond market panic? (If you are not a fixed income/bond market aficionado perhaps I should make clear: rising bond yields are a bad thing meaning prices fall, and rising prices mean yields fall. Clear? Excellent.. let us proceed.)

Watch bond yields very carefully. I’ve spent my career in finance believing the basis of everything is: In bond yields there is always truth.

However, the first thing is that truth is about the last thing many folk want to hear at the moment when it comes to bubblicious equity prices and the speculative trades currently dominating the pages of the financial press. The market’s dirty little secret is it’s been ultra-low bond rates that have been fueling market madness, making nonsensical concepts look like financial genius on a “relative basis” to negative yields. If bond yields were to rise, it won’t just be bond holders that suffer.

The second issue is that since the Global Financial Crisis 2007/31 began, central banks have been manipulating bond yields, compromising that fundamental truth of bond yields. When bond yields are no longer set by the market, but by the QE policies of central bans, then There Will Be Consequences…. I fear these are upon us!

The immediate threat receded when yesterday’s 10-year auction did better than expected – firming up around 1.13%That’s still well above the 1% threshold we though were sacrosanct about a thousand years ago on Jan 1st 2021. The real yield of the US 10-year bond – its notional yield less inflation – is still deeply negative around -ve 0.90%! Who wants to own bonds that cost nearly 1% in real returns?

Well… lots of people apparently do – or maybe did. This year we’ve already seen a slew of European sovereigns drop new negative yield bonds into the market. The ECB will be hitting the market with more of its rescue fund bonds to prop up ailing Covid ravaged economies. Over $18 trillion of global debt now trades with notional negative yields! And folk keep buying them – mainly because central banks like the ECB and The BOJ have promised to keep lapping them up. There is talk about the Bank of England finally going down the negative yield route because of the dire state of the economy – which would mean UK Gilts should rally.

The US 10-year bond yield was over 3% back in Nov 2018. Since then it rallied hard on the back of trade war slowdown, Trump demanding the Fed caved into his demands to juice the economy, and then the Pandemic. A 2% change in yields might not sound much, but the mathematics of bonds mean that a drop from 3% to 1% in yield creates a spectacular return for bond holders.

(One day I will get round to writing an article on bond maths (US readers – note, its maths, not math), but at the moment life is too short to squander… (Adrian J… you’re bored.. fancy writing it for me?) 

Low bond yields have enormous consequences. They make bonds look less attractive from a return perspective – therefore other assets look more attractive. That rally in bonds has driven much of the relative value rally in stocks. Smart investors have ridden yields lower, and have piled their profits into higher-risk equities in search of relatively higher returns – so the conventional wisdom says.

But now… .after 2 years of bond rally, it’s clear bond yields – which rallied all through the Pandemic year – have now turned. Oh dear.. that sounds rather like inflection point.. Rising rates would makes sense to investors – they all expect the global economy to recover post pandemic, they fear all the government aid, support and unrestrained money printing will create real inflation, and therefore bond yields will/must rise.

Rising rates would hit the wisdom of low rates driving the equity rally: as long as equity prices continue to post startling returns (fueled by low rates) then all is well and good. But if bond yields were to rise…. Then the equation starts to change.

As I wrote yesterday, its highly unlikely we will actually see yields rise by any significant amount… In the US, the new Biden presidency is expected to stimulate the economy. Central Banks will not contemplate tightening in the devastated post-Covid economic landscape… the economic strength of the Covid-ravaged global economy is too perilous, rising rates would hold back investment, etc…. but I suspect their real fear is a market collapse. As the Taper Tantrum way back in 2013 demonstrated (when the Fed tried to undo the supports given to markets after the 2008 global financial crisis) markets will go into meltdown at any sign of rates being normalised.

A market collapse would not just be the optics of falling stock market valuations. It would have very real consequences on individual savings and pensions, on banks, on the flow of the economy and, as we saw in 2007/08, create very real economic misery in terms of employment and growth. Its politically unacceptable.

The threat of higher yields will no doubt trigger further Fed action to continue to “average down” rates via bond buying QE programmes. The danger is such market intervention, manipulation or even repression – depending on your political stance to markets – has its own consequences. These have been piling on top of each other since 2008.

One of the Big Questions in markets at the moment is the adoption of Bitcoin. The fanboy shysters say Bitcoin has now been widely adopted and accepted as better than gold, and that’s why it’s rising. The nay-sayers look at the volatility and say it’s a speculative bubble…

I suspect a big issue behind sensible, serious investors actually taking time to even consider Bitcoin is the as yet unfelt consequences of the QE repression of real interest rates.

Bitcoin was founded in financially illiterate libertarian mumbo-jumbo about how fiat money is controlled by pernicious governments. The bitcoin touts say their money is better than Govt money: “why trust government and take the risk of fiat money when governments are abusing their position as monopoly money suppliers by devaluing currencies through unrestricted money printing and negative yields..” Terrrible! Shocking! they say… “Trust us instead… Give us your money in exchange for these magic beans imaginary coins.. sure you can trust us and our imaginary invisible currency that only exists on an ethereal platform we say exists…”

Sure.. makes sense to me… NOT! If the consequence of these many years of QE is Bitcoin.. then we really are in trouble.

Bitcoin is just one of many speculative bubbles feeding off the detritus and consequences of QE and monetary yield repression. Which is why I’m staying long on gold for the time being…

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4694 /

//OFFSHORE YUAN:  6.6432   /shanghai bourse CLOSED DOWN 9.69 PTS OR .27%

HANG SANG CLOSED DOWN 41.15 PTS OR .15%

2. Nikkei closed UP 292.25 POINTS OR 1.04%

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 90.23/Euro RISES TO 1.2171

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 53.46 and Brent: 56.66

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.49%/Italian 10 yr bond yield UP to 0.64% /SPAIN 10 YR BOND YIELD UP TO 0.08%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.23: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.69

3k Gold at $1851.60 silver at: 25.19   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 32/100 in roubles/dollar) 73.80

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 103.87 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 .8883 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0811 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.49%

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 1.123% early this morning. Thirty year rate at 1.850%

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

6.  TURKISH LIRA:  UP  TO 7.44..

Futures Fall Ahead Of Key Inflation Print On Impeachment Wednesday

WEDNESDAY, JAN 13, 2021 – 8:10

The dollar rebounded from Tuesday’s selloff, as global markets dropped with S&P futures down 8 points, or 0.2%, to 3,786 trading in a narrow 20 point range since Friday, as investors focused on comments from the Federal Reserve and European Central Bank about the outlook for monetary stimulus. The outlook for Federal Reserve bond purchases was in focus after two Fed officials said there was no rush to start tapering given the pandemic is still raging. Boosting risk sentiment, U.S. yields dropped following a strong auction, easing concerns of an imminent inflation surge.

Exxon Mobil added 0.9% after J.P. Morgan upgraded the stock to “overweight”, its first outright “buy” recommendation for the oil major in seven years, saying cuts in capital spending had put it on track for a stronger performance. The upgrade follows similar upgrades from Goldman and Morgan Stanley. General Motors added another 3% in premarket trading on top of Tuesday’s 6% jump after the automaker announced its entry into the growing electric delivery vehicle business.  Regeneron Pharmaceuticals climbed 3.5% in light trading as the U.S. government said it would buy 1.25 million additional doses of the company’s COVID-19 antibody cocktail for about $2.63 billion.

On Tuesday, Wall Street’s main indexes ended marginally higher on Tuesday on a boost from economy-linked financials, energy and materials stocks, while the small-cap Russell 2000, sensitive to domestic outlook, closed at an all-time high.

“Inflation is the key number for us to watch today,” said Marija Veitmane, senior multi-asset strategist at State Street Global Markets. “The market is very relaxed about it and should we get high inflation that would be a big pressure. The 10-year is probably the key variable to watch. If you have a very strong positive surprise then you will probably start thinking about the Fed being a bit more aggressive in their intervention and pushing yields lower,” she said.

This will tie in closely to the biggest question facing markets today: when will the Fed start to taper?  In recent days, several Fed policymakers, including Loretta Mester, Esther George, James Bullard and Eric Rosengren, pushed back against the idea of the Fed tapering its asset purchases any time soon as yields broke out sharply higher. These comments, along with a well-received auction of 10-year Treasuries, eased concern that the Fed might be headed for a repeat of the so-called taper tantrum in 2013 and pushed the 10-year Treasury down from the 10-month high of 1.187% reached in the previous session.

On Tuesday, James Bullard said getting through the pandemic remains the policy priority, a sentiment that was echoed by Boston Fed chief Eric Rosengren.

“Coordinated comments from Fed governors” are helping to deflate bond yields, said Deutsche Bank’s Jim Reid in a note to clients. “We’ve only had seven business days this year and we’ve already had a full 360-degree tapering debate played out by the Fed.”

Politics also takes the center stage again today with investors set to closely follow events in Washington, where the House of Representatives will vote to impeach President Donald Trump for the second time over the storming of the U.S. Capitol last week. The House vote may may be supported by a dozen or more Republicans, including No. 3 GOP leader Liz Cheney. The move comes after Mike Pence refused to use the 25th Amendment to remove Trump from office. Here’s a chronology of the events (per Bloomberg).

  • The debate begins shortly after 9 a.m. and voting will end by 5 p.m.
  • The matter would then go to the Senate for a trial, which probably wouldn’t occur before Jan. 20. It would take at least 17 Republicans along with all Democrats for a guilty verdict, an almost impossible order. But Mitch McConnell may be swayed that way, Axios reported.

Looking at global markets, the MSCI world equity index was up 0.1%, edging back towards record highs.

MSCI’s main European Index was down by a similar amount. European shares opened lower and struggled to make gains, with the pan-European STOXX 600 down 0.1% on the day, with banks leading the drop. The banking subindex was down 1.3%  while oil and gas companies trimmed gains of above 1% to trade 0.2% higher after Angela Merkel warned that the country may need to extend its lockdown until Easter. Among the day’s winners, French grocer Carrefour SA rallied 10% after Alimentation Couche-Tard Inc., the convenience-store giant that owns the Circle K chain, said it’s exploring a transaction. Telefonica SA also jumped 10% after American Tower Corp. said it would buy telecommunication towers in Europe and Latin America from the company. November industrial production data was better than expected, on the back of a ridiculous 53% surge in Irish industrial production.

European Central Bank President Christine Lagarde pushed back about economic pessimism, saying that the ECB’s December projections for a rebound are “still very clearly plausible”, so long as COVID-19 restrictions in Europe can be lifted from the second quarter of the year.

Earlier in the session, Asian stock headed for another record close amid a broad risk-on rally in global markets on hopes of an economic recovery. Technology stocks contributed the most to the MSCI Asia Pacific Index’s gain as Lenovo Group surged 9.7% in Hong Kong. That’s after its board approved a preliminary proposal to list shares on the Shanghai Stock Exchange through the issuance of Chinese depositary receipts. Taiwan’s equity benchmark climbed 1.7% to lead the advance in Asia. Malaysian stocks were among the other top performers as investors snapped up local shares following a two-day slide of 1.3% in the benchmark on new emergency and lockdown measures. Tech names powered gains in Japan as well, where the Nikkei 225 hit a record in dollar terms. Meanwhile, equity benchmarks in China and New Zealand declined. Among industry groups, a gauge of energy shares was the best performer in the region — rallying more than 2% — as oil prices were set for the longest winning streak in almost two years. Asia’s stock gains came as Treasury yields continued their retreat from a 10-month high.

In rates, Treasuries were steady with long-end yields marginally richer as gilts, bunds outperform on the day. Early Asia session saw a wave of futures-buying — supported by short-covering and unwinds — that temporarily extended the advance spurred by Tuesday’s strong 10-year note auction. Treasury 10-year yields were  around 1.12% after dropping as low as 1.105% during peak Asia rally; bunds outperform by 2.5bp despite packed issuance slate with focus on German, Portuguese debt sales and an expected 10-year Spanish note syndication. Today the coupon auction cycle concludes with $24b 30-year bond sale, and several Fed speakers are slated.

The yield curve, which had reached the steepest since May 2017 on expectations for big fiscal stimulus under a new Democratic administration, narrowed overnight but started to creep up in the European session, at 97.5 basis points.

“We believe the potential for fiscal stimulus, along with a normalization of economic activity as the vaccine rollout ramps up, justify slightly higher US Treasury yields,” UBS strategists wrote in a note to clients. “To acknowledge this, we have raised our 10- and 30- year US Treasury yield forecasts by 0.1 percentage points this year to 1.0% and 1.7%, respectively, by end-December,” they said. They do not expect the run-up in yields to go much further than that, because central banks remain accommodative and the Fed has signalled a tolerance for higher inflation.

Speaking of the bond market, today’s inflation data is unlikely to have much of an impact with the headline number expected to have ticked higher to 1.3% in December, while the core reading is likely to remain at 1.6%.

In FX, the U.S. dollar recently broke its downward trend with a three-day winning streak, then resumed falling on Tuesday. On Wednesday the Bloomberg Dollar Spot Index reversed an early drop as the dollar rose versus most Group-of-10 peers, even as U.S. yields stayed slightly lower. The euro inched lower, to trade below $1.22, while the pound was the top G-10 performer, gaining a second day, after traders pushed back back expectations for a rate cut this week. Sweden’s krona led declines after the Riksbank announced it will start a transition to a fully self-financed FX reserve. The yen advanced after earlier falling to 103.53 day low while the Aussie headed lower, spurred by a drop in iron-ore futures and a weaker-than-expected yuan fix. Over the period Feb. 2021 until Dec. 2023, the Riksbank will purchase foreign currency with Swedish kronor in an amount averaging SEK 5 billion per month, it said in a statement.

In commodities, oil prices steadied after an early jump when industry data showed a bigger-than-expected drop in inventories and investors shrugged off the impact of the pandemic. Brent was last trading at $56.7, down from 10 month high of $57.5 hit earlier in the session.  Bitcoin edged up, but at $34,255 was still around 18% down from the record high of $42,000 it reached on Friday last week .

Looking at the day ahead, Expected data include mortgage applications and inflation

Market Snapshot

  • S&P 500 down 0.2% to 3,782
  • MXAP up 0.5% to 208.93
  • MXAPJ up 0.5% to 697.37
  • Nikkei up 1% to 28,456.59
  • STOXX Europe 600 up 0.2% to 409.48
  • Topix up 0.4% to 1,864.40
  • Hang Seng Index down 0.2% to 28,235.60
  • Shanghai Composite down 0.3% to 3,598.65
  • Sensex up 0.02% to 49,527.64
  • Australia S&P/ASX 200 up 0.1% to 6,686.60
  • Kospi up 0.7% to 3,148.29
  • Brent futures little changed at $56.55/bbl
  • Gold spot little changed at $1,855.78
  • U.S. Dollar Index up 0.1% to 90.20
  • German 10Y yield fell 2.7 bps to -0.495%
  • Euro down 0.2% to $1.2186
  • Italian 10Y yield rose 8.5 bps to 0.539%
  • Spanish 10Y yield fell 2.4 bps to 0.086%

Top Overnight News

  • The ECB’s latest projections for economic growth in the euro area are still “very clearly plausible” despite the resurgent coronavirus and latest lockdowns, President Christine Lagarde said
  • The ECB will maintain favorable monetary conditions as long as needed and is closely watching the impact of foreign exchange rates on inflation, governing council member Francois Villeroy de Galhau says
  • Trump’s impeachment appeared inevitable in a vote Democrats anticipated would come Wednesday with the resolution’s sponsors claiming broad support from Democrats and public backing from several Republicans, including Liz Cheney, the No. 3 House GOP leader and daughter of former Vice President Dick Cheney
  • The government of Italian Prime Minister Giuseppe Conte is at risk of collapsing as a junior ally prepared to abandon the coalition as early as Wednesday, just as the administration seeks to push through measures to battle the pandemic and boost the economy
  • Two months after Donald Trump issued an executive orderbanning U.S. investments in Chinese military-linked companies –- and more than a day after it took effect — the financial industry is still struggling to figure out what it can and can’t do under the new rules
  • Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel”
  • Excess cash held by banks in the euro-area rose to yet another record, a symptom of exceptionally loose monetary conditions that are bolstering investor appetite for bonds in the bloc

A quick look at global markets courtesy of Newsquawk

Asian equity markets mostly lacked firm direction as bourses took their cue from the rangebound session in the US where tech losses were offset by cyclicals and with participants tentative ahead of the start of earnings season. ASX 200 (+0.1%) and Nikkei 225 (+1.0%) were mixed for most of the session with weakness seen across most sectors in Australia although the declines in the index were eventually reversed by strength in commodity names as energy stocks mirrored the outperformance stateside after WTI crude prices extended above USD 53.00/bbl, while the Japanese benchmark outperformed led by a rally in power names and miners which helped Tokyo shrug-off detrimental currency inflows and reports that Japan could announce an emergency in 7 additional prefectures. Hang Seng (-0.2%) and Shanghai Comp. (-0.3%) were indecisive after the PBoC continued with its tepid liquidity efforts which reports suggested shows an intent to keep policy appropriate and not take a sharp turn this year, while participants also digested mixed loans and financing data from China in which New Yuan Loans topped estimates but Aggregate Financing disappointed which is the broadest measure of Chinese credit growth. Finally, 10yr JGBs were steady amid the indecisive risk tone and after the recent reversal of the bear steepening in USTs, while the 5yr JGB auction also contributed to the humdrum picture as the results showed a slightly weaker b/c and lowest accepted price.

Top Asian News

  • Sequoia-Backed Cloud Firm Is Said to Weigh $500 Million IPO
  • Japan Expands Virus Emergency to Cover 60% of Economy
  • Saudis Curb Oil Supply to Some Buyers After Pledged Cut
  • China Vaccine Faces First Global Test as Indonesia Starts Shots

European indices trade relatively choppy (Euro Stoxx 50 -0.2%) following a mixed APAC session whereby indices treaded water at first before dipping into the red; albeit the breadth of the losses is modest thus far. Meanwhile, US equity futures have also drifted into negative territory in tandem with their counterparts across the pond amid a lack of fresh macro catalysts to latch onto ahead of the US entrance. Broader European sectors are mixed with no clear risk bias to be derived. Delving deeper into the sectors, some of the performances experienced are driven by stock-specific news for sector-heavyweights: Telecoms stand as the outperformer as Telefonica (+9.6%) lifts the sector amid news that American Towers is to purchase Telxius from Telefonica for around EUR 7.7bln in which the Spanish telecom name will use to reduce debt. Consumer Staples are propped up after Carrefour (+9.2%) was approached by Canadian convenience store group Alimentation Couche-Tard regarding a takeover deal which would form a joint entity valued at over USD 50bln, for which the Canadian company reportedly offered Carrefour EUR 20/shr vs share price of around EUR 17/shr at the time. Meanwhile, the Energy sector loses steam, but still remains in positive territory as it tracks price action in the crude complex. On the other end of the spectrum, Travel & Leisure resides as a laggard amid the ongoing COVID-19 woes. In terms of other individual movers, Germany’s ProSiebenSat (-5.8%) is pressured by reports KKR is said to be expected to sell a 4.7% stake priced at around EUR 13.42/shr via accelerated bookbuilding. Meanwhile, Just Eat Takeaway (-4.3%) shares yield despite reporting an increase in revenue on the back of lockdowns as the group warned it will need to invest heavily to keep up current momentum as the rollout of vaccines may prompt orders to deplete.

Top European News

  • Lagarde Says ECB Economic Outlook Still Valid Despite Lockdowns
  • Italy Coalition Risks Collapse, Threatening Battle Against Virus
  • Navalny to Return to Russia Sunday Despite Prison Threat
  • London Financiers Cling to Hopes for Post-Brexit Access to EU

In FX, the Dollar is trying to regain a foothold after what proved to be a ‘turnaround Tuesday’ in terms of its recovery efforts, as the DXY fell short of the prior day’s high when in the ascendency and ultimately failed to ‘close’ above the low before losing grip of the 90.000 level, albeit briefly and marginally. The index is now flitting between 89.922-90.259 with a loss of momentum via several Fed commentators indicating little inclination to slow the pace of asset purchases, while the UST yield backdrop is less supportive after a strong 10 year auction prompted broad short covering in futures and some particularly large blocked purchases. However, upcoming US inflation data has the potential to reinflate the Buck and rekindle QE taper talk from today’s array of Fed officials that are scheduled either side of the Beige Book, and the last leg of this week’s issuance could spark a resumption of bear-steepening given less concession for the Usd 24 bn 30 year offering.

  • EUR – Not the biggest G10 mover or most volatile, but under the microscope following an attempt to reclaim 1.2200+ status vs the Greenback that faded and 2 ECB speakers reiterating that FX rates are being watched in context of the negative effects, including on prices and the wider economic impact – see Headline Feed at 8.47GMT and 9.11GMT for comments from Villeroy and President Lagarde respectively. Eur/Usd is now hovering around the bottom of a 1.2223-1.2172 range awaiting the outcome of Italy’s coalition showdown, with little reaction to weaker than forecast Italian or Eurozone ip along the way.
  • GBP – In contrast to the Euro and most other majors, the Pound has picked up where it left off yesterday, as Cable extended its rebound to touch 1.3700 and Eur/Gbp tests 0.8900 bids/support in wake of BoE Governor Bailey’s latest reservations about going down the negative rate path. However, Sterling faces a formidable hurdle at the current 2021 peak against the Dollar circa 1.2704, not to mention the bleak fundamental outlook caused by the latest UK national lockdown.
  • JPY/CHF/CAD/NZD/AUD – All softer vs their US counterpart, with the Yen heading back down towards 104.00 after meeting resistance just ahead of 103.50, as Japan looks to widen COVID-19 restrictions across more prefectures and further reports suggest an economic downgrade by the BoJ. Similarly, the Franc looks vulnerable approaching 0.8900 having crested 0.8850, the Loonie is nearer 1.2750 than 1.2700, the Kiwi back below 0.7200 after a brief boost from ANZ revising its RBNZ forecast up from a NIRP call previously and the Aussie is under 0.7750 again.
  • SCANDI/EM- The Sek is still underperforming relative to the Nok even though the latter has lost some traction from oil, with the former only just keeping its head above 10.1000 vs the Eur in wake of changes to the Riksbank’s currency reserves financing arrangements. Elsewhere, the Rub continues to watch Brent moves, while assessing any impact from the Russian Finance Ministry resuming FX purchases from Friday through February 4th.

In commodities, WTI and Brent front-month futures have drifted off best levels in early European trade, with the complex continuing to feel underlying support from the voluntary excess cuts pledged by Saudi whilst a tenser geopolitical landscape coupled with a softer Buck and a larger-than-expected drawdown in Private Inventories also keep prices near their recent levels, albeit markets are still eyeing demand impacts from the COVID-19 resurgence. Kicking off with supply side developments, yesterday’s Private Inventory report printed a larger than expected draw of 5.8mln bbls (vs exp -2.3mln bbl), while distillate fuel stocks also came in at a larger draw than forecasts. Markets will be awaiting the weekly EIA numbers later in the session whereby headline crude stocks are seen drawing by 2.26mln bbls. On the geopolitical front, reports via Sky News Arabia suggested that Iran has conducted a naval missile exercise in the Gulf of Oman, located at the mouth of the Strait of Hormuz where around a fifth of global oil passes through (according to 2018 data). This reported exercise comes against the backdrop of heightened tensions between Iran and the outgoing Trump administration in which the former previously threatened to disrupt oil shipments through the Strait of Hormuz if the US attempts to “strangle” its economy. As a reminder, in 2019, four vessels were attacked just outside the Strait, whilst earlier this month, Iran seized a South-Korean-flagged tanker and detained its crew in the Gulf. Moving onto the demand side of the equation, the first of the trio of monthly oil market reports – the EIA STEO – cut its forecast for 2021 world oil demand growth by 220k BPD to a 5.56mln BPD YY increase and sees 2022 world oil demand to hit 101.08mln BPD, up by 3.31mln BPD from 2021. Further, the EIA forecasts Brent crude oil spot prices to average USD 53bbl in both 2021 and 2022 compared with an average of USD 42/bbl in 2020. The agency did caveat that “the January STEO remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve.” Looking ahead, tomorrow sees the release of the OPEC MOMR followed by the IEA’s take on Friday. Currently, Brent Mar resides just below USD 57/bbl having waned off its USD 57.40 high (vs USD 56.70 low), whilst WTI hit a peak of USD 53.90/bbl (vs low 53.29/bbl) before drifting lower. Elsewhere, spot gold and spot silver have given up their earlier gains as the Dollar recoups some lost ground, with the former now around USD 1850/oz (vs high USD 1863/oz). Finally, turning to base metals, LME copper has drifted off best levels as the Buck gains traction despite the mild gains seen across stock markets. Nickel prices meanwhile gained in Shanghai amid worries about supply disruptions in its top ore producers Philippines and New Caledonia.

US Event Calendar

  • 8:30am: US CPI MoM, est. 0.4%, prior 0.2%; US CPI YoY, est. 1.3%, prior 1.2%
  • US CPI Ex Food and Energy MoM, est. 0.1%, prior 0.2%; CPI Ex Food and Energy YoY, est. 1.6%, prior 1.6%
  • 8:30am: Real Avg Hourly Earning YoY, prior 3.2%; Real Avg Weekly Earnings YoY, prior 4.7%
  • 2pm: Monthly Budget Statement, est. $143.5b deficit, prior $145.3b deficit; 2pm: U.S. Federal Reserve Releases Beige Book

DB’s Jim Reid concludes the overnight wrap

This morning we are launching our latest monthly survey. There is a big focus on whether you think there are bubbles in financial markets (and where) and also on whether there will be a taper tantrum in markets this year. In addition there are covid, vaccine and other market related questions. We nearly broke through a 1000 responses last month for the first time and while I expect January to be quieter I’m grateful for the continued support we are getting for this survey. Many thanks. The link is here and it will be open until Friday morning.

The big theme yesterday was a big intraday swing in rates as the European session saw yields rise everywhere but with this more than reversing late in the US session. The rally back seemed to start just ahead of the latest Treasury auction and accelerated on better than expected results. Early in the US trading day, US Treasury yields had climbed a further +3.9bps to 1.185%, their highest level since March before dropping -5.6bps to finish the day down -1.7bps at 1.129%. They are fairly flat in Asian trading as we type. US yields likely also fell due to the coordinated comments from Fed governors George, Bullard and Rosengren who all indicated that tapering was not imminent. We’ve only had 7 business days this year and we’ve already had a full 360 degree tapering debate played out by the Fed.

Fed Reserve president George, considered one of the more hawkish central bank officials, says it is “too soon to speculate” on when monetary policy support should be pulled back and that the Fed is not likely to react even if inflation rises just over 2%. Taken together with Fed governor Rosengren’s comments about not expecting “the US economy to reach a sustained 2% inflation rate” over the next two years it was an evening for market participants to reassess their views on a potential tapering schedule.

There was a similar pause in the recent relentless steepening of the US yield curve. The 2s10s slope dropped -1.5bps on the day after initially rising above 100bps for the first time in more than 3 years early in the US session prior to the Fed comments and the Treasury auction. Even if we didn’t hold above +100bps, it seems a long time ago now we were shouting from the rooftops about the inverted yield curve!

Though much of the market’s focus is understandably remaining on the US, Italian BTPs were a notable underpeformer yesterday, with their spread over bunds widening +5.8bps (+8.5bp in yield) in their biggest daily spread move higher since late October. The moves come on the back of heightened political instability and speculation over a potential government collapse, since there have been threats from former Prime Minister Matteo Renzi to withdraw the support of his Italia Viva party from the governing coalition led by PM Conte, because of disagreements over the government’s economic recovery plan. Matteo Renzi will apparently decide today on whether to topple the current government by withdrawing his ministers with a press conference scheduled at 530pm local time after his decision has been made. Amidst this speculation, it’s worth remembering that in the last 160 years, Italy has actually had 131 governments, so on average that’s just under 15 months each. Indeed, the current coalition has been going for 16 months now, so it’s already beaten the average length! We showed this in our chart of the day yesterday (link here), in what is probably the longest graph we’ll likely ever use (in length of page terms), with the lesson being that political risk in Italy is a perennial problem that the market regularly has to face even if the most likely outcome to any change of government is relatively sanguine in this instance. See Clemente’s latest blog for more on the potential scenarios here.

Elsewhere in Europe, the rates moves were in a similar direction to Italy, albeit more subdued, with yields on 10yr bunds (+2.9bps), OATs (+3.6bps) and gilts (+4.3bps) all moving higher even if the US late move will probably reverse much of this at the open this morning. Equity markets in the US were fairly flat on the surface with the S&P 500 just above unchanged at +0.04%. There was a good amount of sector rotation though, led in particular by cyclicals such as Autos (+4.79%), Energy (3.50%) – on the back of gains in the oil market – and Banks (1.53%). Pandemic-winners such as Media (-1.64%), Biotech (-1.23%) and Software (-0.99%) were the largest laggards as the reopening trade worked yesterday. The Russell 2000 Index of US small-caps rose another +1.77% to reach a fresh all-time high. As previewed above, Brent crude oil prices (+1.64%) reached their highest levels since the pandemic began.

In Europe, the STOXX 600 managed to eke out a +0.05% gain, even as the FTSE 100 (-0.65%) and the DAX (-0.08%) both lost ground. The sector rotation somewhat mirrored that of the US, where Autos (+1.73%) and Banks (+1.49%) were in favour, however here defensives – such as Utilities (-1.49%) and Consumer Products (-0.85%) – were the underperformers.

Turning to Asia now and a quick refresh of our screens shows that most markets are moving higher with the Nikkei (+1.05%), Shanghai Comp (+0.11%) and Kospi (+1.00%) all up. The Hang Seng is trading flattish. Meanwhile, futures on the S&P 500 are up +0.17%. Elsewhere, Brent crude oil prices are up +1.24% likely on news that Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March. According to the news, Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as much as 20%-30% less than they had sought. Bitcoin’s decline has also resumed this morning with the crypto currency being down -5.06% to $32,957 as we type.

In other news, Bloomberg has reported overnight that President-elect Joe Biden will seek a deal with Republicans on another round of Covid-19 relief, rather than attempting to get a package through without their support. This means that Biden’s talked about multitrillion-dollar economic package could now come in stages and a smaller initial package will likely have features that cater to some of the priorities favoured by Senate Republican leader Mitch McConnell. Elsewhere, the House voted overnight to demand that VP Pence invoke the Constitution’s 25th Amendment to remove Donald Trump from office, a largely symbolic move leading up to a vote today to impeach the President for a second time.

In terms of the latest on the coronavirus, a report from the Bild newspaper in Germany said that Chancellor Merkel had told her party’s lawmakers that Germany could need another 8-10 weeks of lockdown measures, and that the arrival of the UK variant could make things particularly hard. Elsewhere, even as the UK remains one of the leaders in getting people vaccinated the somber news on the virus spread is continuing. The UK has 3,363 patients on mechanical ventilation now, the highest since the pandemic began. The previous peak was set on April 12 2020 at 3,301.

Notwithstanding the short-term lockdown and virus gloom, with optimism on the recovery growing beyond Q1, there were some notable moves in inflation expectations yesterday, with 5y5y forward inflation swaps for the Euro Area rising 3.2bps to 1.36%, their highest in over a year. That follows the release yesterday of an interview by Isabel Schnabel of the ECB’s Executive Board, in which she played down the importance of any near-term increase in inflation, and also warned against tightening policy too soon. This effect was also seen in individual countries, with German 10yr breakevens rising above 1% for the first time since last February, while Italy’s reached a 2-year high of 0.97%.

Staying on central bank speak, sterling was the strongest performing G10 currency yesterday on the back of headlines that the Bank of England were pushing back on negative rate speculation. In particular, Governor Bailey said that “there are a lot of issues” with negative rates, which followed a more supportive speech from MPC member Tenreyro the day before. By the close, sterling had strengthened +1.08% against the US dollar, which itself was the weakest-performing currency in the G10, with the dollar index snapping a run of 4 successive gains to end the session -0.41% lower (down a further -0.12% this morning).

There weren’t a great deal of data releases yesterday, though we did get the JOLTS job openings from the US, which showed that job openings fell to 6.527m in November (vs. 6.45m expected), which was a smaller-than-expected decline. It’s worth noting that this measure lags the monthly jobs reports however, where the December number showed a -140k fall in nonfarm payrolls, which was the first decline since the height of the pandemic in March and April. Otherwise, the NFIB’s small business optimism index for December fell to 95.9 (vs. 100.2 expected), which is its lowest level in 7 months.

To the day ahead now, and data releases from the US include the December CPI release as well as December’s monthly budget statement. Meanwhile from Europe, we’ll get Euro Area and Italian industrial production for November. From central banks, we’ll hear from ECB President Lagarde and the ECB’s Villeroy, along with Fed Vice Chair Clarida and the Fed’s Bullard, Brainard and Harker. In addition, the Federal Reserve will be releasing their Beige Book.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.69 PTS OR .27%   //Hang Sang CLOSED DOWN 41.14 PTS OR .15%    /The Nikkei closed UP 292.25  POINTS OR 1.04%//Australia’s all ordinaires CLOSED UP  0.21%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4694 /Oil UP TO 53.46 dollars per barrel for WTI and 56.66 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4695. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4632 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

this is obvious:  The crooked Biden will also Americans to invests in Alibaba, TenCent and Baidu

(zerohedge)

Chinese Tech ADRs Surge: WSJ Reports Americans Will Be Allowed To Invest In Alibaba, Tencent And Baidu After All

WEDNESDAY, JAN 13, 2021 – 14:17

Joe Biden hasn’t even been officially sworn in and China is already calling the shots.

After weeks of confusion whether US investors would be barred from investing in Chinese gigacaps, moments ago the WSJ reported that the U.S. government – under Joe Biden – is expected to let Americans continue to invest in Chinese tech giants Alibaba, Tencent and Baidu “after weighing the firms’ alleged ties to China’s military against the potential economic impact of banning them.”

Until today, the New York-listed Alibaba and Baidu, and Hong Kong-listed Tencent, were among a dozen companies being examined for inclusion in a Defense Department list of firms deemed to support China’s military, intelligence and security services, with U.S. investors having until November to divest their holdings of any firm on the list. But as a result of unknown backroom dealings, the U.S. no longer plans to add the three firms to the list. Instead, nine other Chinese companies will be added, as well as more than 100 subsidiaries of companies already on the list.

According to the WSJ, the decision caps off “a weekslong battle that pit Treasury officials, who feared widespread selloffs and economic fallout, against State Department and Pentagon officials seeking a tougher line against Beijing.”

What it really caps is any debate as to who really will call the shots in the Biden admin, as capital inflows has long been a critical requirement for the Xi Jingping empirial regime, and any capital control limitations could potentially have dire consequences for China which, as part of its transformation to a fully Americanized society, is desperate to keep foreign capital coming in.

Up until Wednesday morning, many in the State Department and Pentagon believed that they had a compelling case for the companies to be included once administrative kinks were ironed out, said the people familiar with the matter.

The additions to the list will be submitted to Congress and released publicly as soon as Wednesday, the WSJ reported, citing two sources.

In kneejerk response, the ADRs of the three stocks surged as one would expect.

END

Trump will present bombshell findings blaming the Wuhan lab for COVID 19 and a WHO coverup.

This is “bombshell”??  We told you this now for several months

(zerohedge)

In Final Act, Trump Admin To Present ‘Bombshell’ Findings Blaming Wuhan Lab For COVID-19, WHO Cover-Up

WEDNESDAY, JAN 13, 2021 – 16:20

The Trump administration will present ‘dramatic new evidence’ that the virus which causes COVID-19 leaked from a Wuhan lab, according to the Daily Mail, which adds that outgoing Secretary of State Mike Pompeo will make a “bombshell” announcement that SARS-CoV-2 did not naturally jump from bats to humans through an intermediary species – and was instead cultured by scientists at the Wuhan Institute of Virology (WIV), where both Chinese and foreign experts have warned of shoddy bio-security for years.

The Britsh government (Daily Mail and all), meanwhile, dismissed the claims in advance – saying that ‘all the credible scientific evidence does not point to a leak from the laboratory.’

This is of course patently false, as several prominent microbiologists – including one who worked in the Wuhan lab – have said it was likely created there and likely escaped. Two weeks ago, US National Security Adviser Matthew Pottinger said there was a “growing body of evidence that the lab is likely the most credible source of the virus,” while French intelligence warned of the possibility of a ‘catastrophic leak‘ from the lab due to poor bio-security over a decade before the outbreak.

The lab’s highest security ‘P4’ section was built with French help in a deal signed off by Brexit negotiator Michel Barnier. But after it opened in 2015, the French contingent due to work there were pushed out by China’s military. –Daily Mail

Meanwhile, China scrubbed hundreds of pages of information” spanning over 300 studies conducted by the WIV, including some which discuss passing diseases from animals to humans. Totally normal behavior from innocent people, we’re sure.

Pompeo is also set to cite close links between the Institute and the People’s Liberation Army.

He will point out its highest security section has always had a ‘dual use’ military and civilian purpose.

He is also expected to accuse the World Health Organisation of assisting in a Chinese cover-up by refusing to probe the lab’s possible role.

Its ten-person team tasked with investigating the pandemic’s origins will arrive in Wuhan tomorrow – but there is no mention of the lab in its official terms of reference. –Daily Mail

“We don’t know whether this virus was natural or artificially created, and if it came from the lab, whether this was an accident or deliberate. It would be immoral and foolish to allow any sort of cover-up,” said former Brexit Secretary David Davis, who added that it was ‘vital’ that the WHO team investigate.

“If it emerges the virus did come from the lab, China will become the pariah of the world,” he added.

That said, MIT / Harvard doctor Alina Chan, who has been investigating the origins of the pandemic, doesn’t think the WHO is suited to conduct any investigation.

“We have to take the necessary steps to do a proper investigation and, based on the available information, I don’t think the WHO is up to the task,” said Chan. Stanford professor of microbiology David Relman, meanwhile, has voiced fears that the WIV was genetically engineering natural viruses to make them more transmissible – writing in November that “If SARS-CoV-2 escaped from a lab to cause the pandemic, it will become critical to understand the chain of events and prevent this from happening again.”

According to Sam Armtrong, China expert with the Henry Jackson Society think-tank, “The global public has a right to know exactly what was going on prior to the emergence of this deadly pandemic. The question cannot be shirked.”

And as Edward Lucas writes via the Mail, “All the evidence points to cover-up…(but the truth can’t be hidden for ever):

*  *  *

Secrets, lies and thuggery are the hallmark of the Chinese Communist regime. And in the mystery of the devastating Wuhan virus, all three are combined.

The strongest evidence of a crime is a cover-up. And the Chinese authorities have provided that.

They have fought ferociously to prevent an international inquiry into the pandemic’s origins.

Their repeated obstruction of the World Health Organisation’s fact-finding missions has provoked even that notoriously supine body to protest.

Even now, WHO investigators are being prevented from accessing the vitally important laboratory in Wuhan that is likely to be at the heart of America’s allegations.

Experts have been questioning the Chinese authorities’ account of events for a year. Now, it appears, Secretary of State Mike Pompeo is to make a direct accusation.

Was it really pure chance the virus first attacked the human race in the only city in China with a research lab specialising in manipulating the world’s most dangerous viruses?

That would be as odd as a new disease emerging in the surroundings of Britain’s top-secret biological defence research establishment of Porton Down in Wiltshire.

To this day, scientists who support the theory that the virus is a mutation that emerged from Wuhan’s ‘wet market’ have not been able to find a convincing candidate for the animal in which this mutation actually occurred.

The official explanation is the new virus was 96 percent identical to a bat virus, RaTG13, found in Yunnan province in southern China.

But as Chinese professor Botao Xiao pointed out in a paper in February, no such bats are sold at the city’s markets. And the caves where they live are hundreds of miles away.

That paper disappeared from the internet. Mr Xiao — perhaps mindful of the fate that awaits those in China who promote inconvenient truths — disavowed it.

Many scientists privately assumed an engineered virus released via a laboratory accident was at least as likely as the idea of a series of stunningly unfortunate chance mutations.

After all, Shi Zhengli, the Chinese scientist nicknamed ‘Bat Woman’ was a regular visitor to those caves. When news of the outbreak broke, she initially feared that a leak from her research institute was to blame.

That thought alone should have prompted a full-scale and searching inquiry. Instead, the Chinese Ministry of Education issued a diktat: ‘Any paper that traces the origin of the virus must be strictly and tightly managed.’

But even the Chinese regime cannot hold back the truth forever. Over the past twelve months independent research, official leaks and news reports have strengthened the lab-leak hypothesis.

In February a Taiwanese professor, Fang Chi-tai, highlighted a curious feature of the virus’s genetic code, which would make it more effective in attacking targeted cells. This was unlikely to be the result of a natural mutation, he suggested.

Much scientific research involves modifying viruses to understand how they function. Many observers have worried for years that the risks of such experiments are not properly thought through.

Lab safety procedures are riddled with potential loopholes and flaws: breakages, animal bites, faulty equipment or simple mis-labelling can all lead to a deadly pathogen reaching its first human victim. If so, such carelessness has now cost tens of millions of lives.

Yet we should be clear. The Chinese authorities are ruthless. But even they would not unleash a global plague.

Only in the fevered imagination of conspiracy theorists is Beijing deliberately waging biological warfare on the West.

Paradoxically, such speculation — promoted by among others President Donald Trump’s former adviser Steve Bannon — may have hampered the search for the truth, by making the lab-release theory seem racist and politically toxic.

In February, in Britain’s politically correct medical journal, the Lancet, scientists published an open letter denouncing ‘conspiracy theories and rumours’, urging solidarity with Chinese colleagues.

Yet it was just those colleagues who were bearing the brunt of the regime’s frantic attempts to censor the truth about the outbreak.

The Chinese regime prizes self-preservation above all — certainly over the truth, or the health of its own people, let alone the lives of foreigners.

end

4/EUROPEAN AFFAIRS

ITALY

Renzi pulls ministers from the ruling coalition and thus the Italian government is near collapse

(zerohedge)

Italian Government Near Collapse After Renzi Pulls Ministers From Ruling Coalition

WEDNESDAY, JAN 13, 2021 – 12:58

As if there wasn’t enough chaos in the world.

Yesterday we reported that under the leadership of the ECB’s QE Premier Giuseppe Conte, Italy’s government has – or rather had – 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 – had 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.

On Tuesday, now that Italy has finally received the €196 billion-euro ($240 billion) windfall from the European Union COVID bailout package, Italy’s 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 prompted Matteo Renzi, Italy’s extremely unpopular former prime minister and junior partner in the coalition, to consider abandoning the government, and thrusting it into chaos just as the relief package is being finalized.

Moments ago, Renzi did just that, when the small but critical junior coalition partner pulled his ministers, putting the fate of Italy’s governing coalition in jeopardy. While the news isn’t a complete surprise, Conte had been making conciliatory noises and the market largely ignored yesterday’s news of just this eventuality. Still, Italian bond yields had spiked in recent days in anticipation of the government possibly falling, but as Bloomberg notes “it’s probably not fully priced in yet.”

In response to today’s news, the EURUSD initially dipped…

… but has since rebounded, perhaps realizing that only the ECB matters, and also on the back of the latest weakness in the USD after Schumer told Biden that he will demand a $1.3 trillion fiscal stimulus which has weakened the greenback if not Treasurys just yet.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Lebanon

A bronze statue of Soleimani sits in the middle of Beirut, drivingoutrage and divison and deepening rifts in its population over the role of Hezbollah and Iran in their country.

(zerohedge)

Large Soleimani Statue Erected In Beirut Stirs Outrage, Divides Lebanese

TUESDAY, JAN 12, 2021 – 21:05

A newly erected large bronze statue of slain Iranian General Qassem Soleimani in the middle of the Lebanese capital Beirut is driving outrage and division, causing deepening rifts in the population over the role of Hezbollah and Iranian influence in the country.

The unveiling ceremony for the bust that’s about ten feet high occurred last week. It’s located in a roundabout in the area of Hezbollah-controlled southern suburbs on a street that also bears his name, and the street is linked to a nearby highway named for Iran’s Supreme Leader Ayatollah Khomeini.

Via AFP

In the days following the unveiling ceremony the statue created a social media storm of controversy.

According to one Saudi-backed newspaper:

Many Lebanese, mostly critics of Hezbollah, took to social media to lambast the celebration of a foreign military leader in Lebanon’s capital. “Occupied Beirut,” tweeted one Lebanese, Amin Abou Mansour, who posted it with the hashtag #BeirutFree_IranOut.

Others lamented what they described as the cultural hegemony of the militant Hezbollah and its ally, Iran. Wael Attallah, a Lebanese Canadian, tweeted: “This is a cultural aggression being imposed on Lebanon. Hundreds of thousands of Lebanese today feel violated and powerless. The Schism is getting wider day by day, little by little.”
One Lebanese media personality said she received death threats after her criticism on social media of the new statue.

The criticism has triggered a backlash from supporters, who started a Twitter storm with the hashtag: #Soleimani-is-one-of-us.

Much criticism has naturally centered on the fact that the Soleimani statue represents the presence and influence of a foreign power on Lebanese soil. However the small Mediterranean country has long been subject of foreign meddling in recent history, including the Saudis, Syrians, Israel, and the US – not to mention the French Mandate period in the 20th century.

And as another Gulf-based newspaper pointed out, Hezbollah in prior decades used to be against statues, considering them ‘un-Islamic’. Yet Soleimani’s face has become iconic throughout the Middle East, representing “resistance” to US and Israeli designs on the region.

The Soleimani memorial has also no doubt angered the US Embassy in Beirut, given it’s such a prominent display of devotion to someone considered an archenemy of the US.

The Trump administration ordered a strike on the popular IRGC commander on January 3, 2020 – which resulted in his death as well as that of Iraqi paramilitary leader Abu Mahdi al-Muhandis.

6.Global Issues

Michael Every on the day’s most important topics…

(Courtesy Michael Every)

Rabobank: The Republican Party Is Headed For A Brexit-Style Civil War

WEDNESDAY, JAN 13, 2021 – 9:20

By Michael Every of Rabobank

As I keep repeating, it’s still all politics; and also all about the parting of the ways.

President Trump is – as usual –  insisting that he did nothing wrong in giving his 6 January speech and won’t be resigning or be 25th-d. Perhaps legally: but the great diplomat Talleyrand summed it up best, “It was worse than a crime. It was a mistake.” And politically it was a huge error, given the collapse in his approval rating across the board.

Republican Senate leader Mitch McConnell is happy to press ahead with impeachment: and if you don’t think that will trigger a Brexit-style civil war in the party you haven’t been following Brexit. Which kind of Republican Party will eventually emerge, Mitch’s or Trump’s?

The departing Trump administration has declassified a foreign-policy strategy document 30-years early(!), which underlines its stance towards China. ABC news Australia notes this was previously classified “secret” and “not for foreign nationals”. It reveals the US Indo-Pacific strategy was heavily influenced by both Australia and Japan, and was not forced on them. It also commits the US to “devise and implement a defence strategy capable of, but not limited to: (1) denying China sustained air and sea dominance inside the ‘first island chain’ in a conflict; (2) defending the first island chain nations, including Taiwan; and (3) dominating all domains outside the first island chainTo say that this will not go down well with China, or that China will not be happy that Australia and Japan helped drive this, is an understatement.

Of course, we now have the Biden administration: will there be a reversal of the parting of the ways? Consider the following Axios story, which certainly shows just how near the two have been up until now: “President-elect Joe Biden’s inaugural committee will refund a donation from former Senator Barbara Boxer after the California Democrat registered as a foreign agent for a Chinese surveillance firm accused of abetting the country’s mass internment of Uighur Muslims.”

A hop, skip, and a jump away in Europe, the German press (@wiwo) also have an exclusive on the EU-China CAI investment deal (which we will be publishing a more detailed report on soon). For those who cynically thought the rush to seal the deal was about the looming end of the German EU presidency or the Merkel chancellorship, think again: the claim is Germany has been offered a side-deal and “China is willing to provide Deutsche Telekom a mobile phone license, which would be a first for a foreign company,” and that in five years DT might even be able to own such infrastructure – with the quid pro quo being that Germany opens its national network to China Mobile. Once this story sinks in across the EU, will there be a parting of the ways between Germany and everyone else? And once it sinks in across the Atlantic, will there be a parting of the ways between the EU and the US? This does not look as much like “strategic autonomy” as it does old fashioned Merkel-cantilism. Many US (and EU) voices say these are generational national security issues that go far beyond any one firm, and are instead about epoch- and paradigm- shifting geostrategy. But rather they aren’t – und das ist das problem.

So to another parting of the ways: the 10-year US yield from the 2-year, as the curve keeps steepening. This is a major market development – but is it really sustainable? We have seen repeated mini-cycles of this attempt at steepening before – and each time they end up with a flatter curve and a lower base for that flatness.

Has anything fundamentally changed in the structure of a US economy that sees little productive capital investment and lots of frothy frivolous financialisation, and little real wage growth and lots of asset-price inflation? Did labour suddenly win vs. capital and nobody told me? Did I miss the revolution? Yes, the Biden administration offers a fresh perspective and the President Elect has talked about the need for further trillions in stimulus. However, with the slim majority in the House and the Senate, and especially after listening to Senator Manchin, it would surely be a more realistic view to assume that what we will see is not “Workers of the world, unite!” but rather “Woke-rs of the world, unite!”: in other words, an economic policy that is highly progressive but not old-school leftist. That is not going to be inflationary, if so.  

Apparently the latest curve steepening is being led by markets listening to Fed muttering about when and how it might start tapering QE. This as the virus rages further (and even Germany flags its lockdown might need to last another TEN WEEKS!); and this as we all know how tapering worked out for a far –less damaged US economy last time round. One would think that Janet Yellen would remember that. Of course, we also have to add what our Rates Strategy team has to keep explaining: when the Fed tapers, bond yields go DOWN not UP. By removing financial froth at a time when there is no productive capital investment or wage growth you take money out of the economy, and that is deflationary, not inflationary. The exception would be if Treasuries are now like certain EU bonds, where there is a huge bid provided the central bank backs them, and hardly a bid if they don’t. Is that really true for the US? Hardly.

For FX markets, the issue then becomes how high US yields have to rise before people might start taking a real interest in USD again. Logically, there is a big difference between higher yields driven by expectations of higher US rates, which would likely smash EM FX, and higher yields driven by concerns over the US fiscal/debt outlook, which makes the USD look more like an EM FX. We are nowhere near the Fed hiking; but we are apparently somewhere near the Fed tapering –at least in the market’s imagination– and surely that withdrawal of USD liquidity would again smash EM FX? That’s what we saw back in 2013 anyway. Let’s try to be consistent even if we are also wrong. Surely we are also a long way from markets treating the USD like an EM FX though – because if not, what does that make EM?

Today does of course have US CPI data to look for, expected 0.4% m/m and 1.3% y/y, and 1.6% y/y core. Now there is a reason to be bearish USD if you want one when one contrasts those prints with the near-deflation being experienced in Europe and Japan and China. That’s the kind of parting of the ways you get between economies relying on domestic demand/consumption and those relying more on investment and/or net exporting to that consuming economy.

So, yes, we likely won’t get a trend reversal FX parting of the ways until other economies cut rates further or do more QE; or US rates rise again or the Fed tapers; or the geopolitics changes as the US consumer of last resort tries to ring-fence any new liquidity for itself alone, which Trumpism leaned towards via tariffs and sanctions, etc., and Bidenism might continue via “Buy American”… or might not.

On which, it’s back to watching US politics, which rather than the parting of the ways shows that there is actually something in common to all that is going on.

end
Not good:  this is going to be one of the better ones along with the Quebec City vaccine
(zerohedge)

Johnson & Johnson vaccine hits production snags

By Adam Cancryn, Sarah Owermohle

01/13/2021 12:38 PM EST

Johnson & Johnson has fallen behind on production of its Covid-19 vaccine, a delay that could put it as much as two months behind schedule, a person briefed on the matter told POLITICO.

The company had originally pledged to deliver 12 million doses by the end of February, with plans to reach 100 million over the next four months.

But Johnson & Johnson has since warned officials that it could take until the end of April to catch up to its original projections, the person briefed on the matter said.

A Johnson & Johnson spokesperson declined to confirm the delay, but said the company remains “confident in our ability to meet our 2021 supply commitments.”

“We remain in active discussions with regulators, including on the approval and validation of our manufacturing processes,” the spokesperson said.

“Operation Warp Speed is working with Johnson & Johnson to scale up and maximize manufacturing of the Janssen vaccine,” an HHS spokesperson said. “Making projections at this time is premature.”

Warp Speed co-director Moncef Slaoui on Monday alluded to the production slowdown, telling reporters that the company was now on track for “single-digit million” doses by the second half of February. The company will have “a much larger number” by April, he added.

The New York Times first reported the production delays.

The Johnson & Johnson vaccine is seen as critical to speeding up the nation’s efforts to end the pandemic, particularly because it requires only a single dose. The shots also do not need to be stored at sub-zero temperatures that require special freezers.

By contrast, the Pfizer and Moderna vaccines currently being distributed require two separate doses, complicating the inoculation logistics for health departments and providers who must ensure patients come back for their second shot.

But the Johnson & Johnson shot also uses an older approach that incorporates the coronavirus’ genetic information into a common virus, whereas Pfizer and Moderna use a new technology employing messenger RNA to send instructions to the cells. While the mRNA approach was unproven before those products, vaccine experts say it is easy to quickly scale up.

To view online:
https://subscriber.politicopro.com/health-care/article/2021/01/johnson-johnson-vaccine-hits-production-snags-2028428

You received this POLITICO Pro content because your customized settings include: Drugs and Pharmaceuticals, Infectious Diseases, Medical Services and Providers, Vaccines. To change your alert settings, please go to https://subscriber.politicopro.com/settings.

end

Robert H.’s mother passed away yesterday morning

He wrote this warning us on what happens to the elderly:

“As you likely have surmised I have continued to travel without fear, cautious yes but believing there is purpose midst the chaos of a virus destroying the world economy and people I have known and loved in this world.

Yesterday, my mother died, one month shy of her 90th birthday from the virus. Her death is a warning not just to me but to you as well. Let me explain.
In mid December, she fell down the stairs at my sisters’ home sustained several broken bones and was taken to hospital where she quickly within days was back on her feet walking. On December 23rd she was tested negative for COVID at Mississauga hospital and transferred on the 24th to the old Humber hospital which is now a rehab center consisting of 3 floors of patients, most being elderly. Being transferred inter hospital requires isolation to protect against COVID for 14 days, much like what you have to do when traveling out of country, when you return.
On January
1st she tested positive for COVID, while in isolation as Covid was already on the 6th  floor and not withstanding she was in a room by herself; isolation was no protection. In speaking with the doctor, the standard line is that they are following Health Canada guidelines. While, one can ask why do the same thing when the same results occur, the answer always is Health Canada guidelines. It seems discretion to act or think outside the box is a plain no no, when it comes to a Covid response. Out of 27 patients on the floor 17 were positive with Covid with 10 not exhibiting symptoms but being isolated on the same floor. My guess all 27 will die, one by one, to be replaced by new ones. No one in charge seems to be able to understand that central ventilation systems carry air that transmits amongst other issues. The true HEROS are the unfortunate nurses and PSW’s that are dealing with patients. They are by far, the ones risking their lives daily to allow their patients dignity in death or in the odd instance survival. And I do thank them for their willingness to risk themselves.
It always starts with leadership in success or failure of any endeavor and I openly admit I have zero confidence in the likes of Theresa Tam at Health Canada being able to effectively deal with the virus and confidence in government Officials nightly proclaiming orders that do nothing, is not a confidence boost. Shutdowns are killing many more than grim daily case numbers as families are broken and lives shattered in a futile attempt to deal with the virus. Sadly, the warning and lesson from this is that we are each on our own to learn, educate ourselves to protect ourselves and our loved ones and friends from the virus. As reliance on the System or Government will prove to be a failure, and a fatal one. And this is not limited to Canada. Please take the time, while it is still here, to learn what you individually can do for yourself and those around you to get through thisThere is no point in being a statistic.”

Cheers
Robert

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 WEDNESDAY morning 7:00 AM….

Euro/USA 1.2171 DOWN .0038 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 103.87 UP 0.122 (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 1.3678   UP   0.0012  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2724 UP .0016 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro ROSE BY 38 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE DOWN 9.69 PTS OR .27% 

//Hang Sang CLOSED DOWN 41.15 PTS OR .15% 

/AUSTRALIA CLOSED UP 0,21%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 41.15 PTS OR .15% 

/SHANGHAI CLOSED DOWN 9.69 PTS OR .27% 

Australia BOURSE CLOSED UP 0.21% 

Nikkei (Japan) CLOSED UP 292.25  POINTS OR 1.04%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1855..00

silver:$25.28-

Early WEDNESDAY morning USA 10 year bond yield: 1.123% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.850 DOWN 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 90.23 UP 14 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: -0.01% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.03.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.06%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.59 DOWN 8 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 53 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.52% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.11% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.2156  DOWN     .0053 or 53 basis points

USA/Japan: 103.94 UP .194 OR YEN UP 20  basis points/

Great Britain/USA 1.3627 DOWN .0041 POUND DOWN 41  BASIS POINTS)

Canadian dollar DOWN 14 basis points to 1.2721

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed DOWN AT 6.4681    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.4657  (YUAN DOWN)..

TURKISH LIRA:  7.3.73  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield DOWN 3 IN basis points from TUESDAY at 1.107 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.851 DOWN 3 in basis points on the day

Your closing USA dollar index, 90.36 UP 27  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 WEDNESDAY: 12:00 PM

London: CLOSED DOWN 8.59  0.13%

German Dax :  CLOSED DOWN 11.70 POINTS OR .21%

Paris Cac CLOSED DOWN 14.65 POINTS 0.11%

Spain IBEX CLOSED UP 15.20 POINTS or 0.18%

Italian MIB: CLOSED UP 97.58 POINTS OR 0.43%

WTI Oil price; 53.24 12:00  PM  EST

Brent Oil: 56.26 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.73  THE CROSS LOWER BY 0.26 RUBLES/DOLLAR (RUBLE HIGHER BY 26 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.52 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  52.90//

BRENT :  56.01

USA 10 YR BOND YIELD: … 1.090..down 4 basis points…

USA 30 YR BOND YIELD: 1.829 down 5 basis points..

EURO/USA 1.2157 ( DOWN 52   BASIS POINTS)

USA/JAPANESE YEN:103.88 UP .130 (YEN DOWN 13 BASIS POINTS/..

USA DOLLAR INDEX: 90.34 UP 24 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3634 down 33  POINTS

the Turkish lira close: 7.407

the Russian rouble 78.22   DOWN 0.97 Roubles against the uSA dollar. (DOWN 97 BASIS POINTS)

Canadian dollar:  1.3306 DOWN 20 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.54%

The Dow closed DOWN 8.22 POINTS OR 0.02%

NASDAQ closed UP  81.54 POINTS OR 2.22%


VOLATILITY INDEX:  27.20 CLOSED UP .50

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

USA trading today in Graph Form

Bonds & Big-Tech Bid As Penny-Stock Buying-Panic Explodes

Tyler Durden's Photo

BY TYLER DURDEN
WEDNESDAY, JAN 13, 2021 – 16:01

Bucking the recent trend, Nasdaq surged as small caps were purged today…

The Dow, helped by INTC today, clung to unchanged on the week but Nasdaq remains red…

Utes and Tech were the best-performing sectors today (barbell much)…

Source: Bloomberg

Growth stocks rebounded today after some recent pummeling… and so did bonds as yields tumbled…

Source: Bloomberg

As Trumpeachment 2.0 was underway, 30Y bonds were aggressively bid at auction, dragging yields down to one-week lows…

Source: Bloomberg

It seems the death of the bond bull market was nothing but a fleshwound…

But, what really matters is this malarkey – the total and utter explosion in speculative demand for trading penny stocks

And as Joe Saluzzi pointed out, 6 of the top 10 most active stocks yesterday were priced under $1 and combined for 2.6 billion shares or 18% of the entire stock market.

And thanks to the Robinhood’rs, Bloomberg notes that the lowest priced stocks are outperforming in 2021 (so far)…

“I thought it was pretty odd,” said Saluzzi, co-head of equity trading at Themis Trading.

“I’ve been around for a long time, I’ve seen people in chat rooms and retail investors saying ‘we can make some money – it’s easy.’ There’s a risk it may not end well.”

What is driving this speculative mania? Well that’s simple – as JPMorgan notes – “The answer is liquidity which appears to be reverberating once again in an intense manner via retail investors, in a repeat to Q2 of last year.”

Source: Bloomberg

And with a tailwind like that, who can blame the general muppetry for abandoning all protection (helped by the massive surge in XLE call buying)…

Source: Bloomberg

Treasury yields tumbled (10Y back below 1.10%) and everything 5Y out is now lower in yield on the week…

Source: Bloomberg

The dollar pushed higher as Italian politics among other things weighed on the euro…

Source: Bloomberg

Crypto was higher on the day with Bitcoin back above $36,000…

Source: Bloomberg

Gold managed to cling to gains despite dollar gains…

As Real Yields are tumbling (positively for gold) once again…

Source: Bloomberg

Oil prices roller-coastered again today, ending lower with WTI losing $53…

Finally, despite CPI drooling along quietly, agricultural commodity prices are exploding higher…

Source: Bloomberg

And here’s The Fed:

*FED’S CLARIDA: WE KNOW WHAT TO DO WHEN INFLATION MOVES UP

Soon mate, soon!

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

USA consumer prices rise for the 7th straight month.

(zerohedge)

US Consumer Prices Rise For Seventh Straight Month, Shelter Inflation At Decade Lows

WEDNESDAY, JAN 13, 2021 – 8:36

Today’s inflation print is key. After significant signs of cost pressures (PMIs all signaling record or near record rising prices) and commodity prices breaking out from multi-year downtrends, analysts did expect a bump in CPI but nothing overly concerning.

As Marija Veitmane, senior multi-asset strategist at State Street Global Markets, warned, “The market is very relaxed about it and should we get high inflation that would be a big pressure. The 10-year is probably the key variable to watch. If you have a very strong positive surprise then you will probably start thinking about the Fed being a bit more aggressive in their intervention and pushing yields lower.”

The final print actually matched expectations, rising 0.4% MoM (vs +0.2% MoM in November) pushingthe YoY print for the headline CPI up to +1.4%. This is the seventh straight rise in consumer prices..

Source: Bloomberg

Under the hood, energy prices are soaring as used car costs are sliding…

Food inflation is notable…

The food at home index increased 3.9 percent over the past 12 months. All six major grocery store food group indexes increased over the period. The largest increase was the meats, poultry, fish, and eggs index which rose 4.6 percent as the beef index increased 5.3 percent. The smallest increases were for the cereals and bakery products and the fruits and vegetables indexes, which both increased 3.2 percent over the last 12 months. The index for food away from home rose 3.9 percent over the last year. The index for limited service meals rose 6.0 percent and the index for full service meals rose 3.0 percent over the span.

Energy inflation is mixed…

Despite the monthly increase, the energy index fell 7.0 percent over the past 12 months. Energy commodity indexes fell sharply over the period, with the fuel oil index declining 20.0 percent and the gasoline index decreasing 15.2 percent. Energy service indexes rose over the last 12 months, with the index for natural gas increasing 4.1 percent and the index for electricity rising 2.2 percent.

The index for used cars and trucks declined for the third consecutive month, falling 1.2 percent in December.

Goods inflation is accelerating as the rise in services costs are slowing rapidly…

Source: Bloomberg

A silver lining, of sorts, is that shelter/rent inflation is slowing dramatically…as home prices soar?

  • Shelter Inflation 1.84% Y/Y, lowest since Nov 2011
  • Rent inflation 2.28% Y/Y, lowest since Oct 2011

The debacle of ‘owner-equivalent rent’ strikes again: According to BLS housing inflation is at 10 year low even as home prices surge 8%, a 7 year high.

end

Inflation everywhere…Beige book

Beige Book Finds Prices Rising Everywhere

WEDNESDAY, JAN 13, 2021 – 14:52

One month after the November Beige Book toed the “modest recovery” party line with most of the Fed’s 12 districts characterizing economic expansion as the trite “modest or moderate”, even as four districts described “little or no growth” while five narratives noted that activity remained below pre-pandemic levels for at least some sectors, the economy seems to have picked up (despite pervasive lockdowns) and in today’s just released Beige Book which covered the month of December, we find that most Federal Reserve Districts reported that “economic activity increased modestly” since the previous Beige Book period, although conditions remained varied:

  • two Districts reported little or no change in activity,
  • while two others noted a decline.

Despite the “modest” improvement, reports on consumer spending were mixed with some Districts noting declines in retail sales and demand for leisure and hospitality services, largely owing to the recent surge in COVID-19 cases and stricter containment measures. Not surprisingly, districts reported an intensification of the ongoing shift from in-person shopping to online sales during the holiday season.

In keeping with today’s observation that used car prices dipped for the 3rd month, the Beige Book found that “auto sales weakened somewhat since the previous report, while activity in the energy sector was said to have expanded for the first time since the onset of the pandemic.”

Some other observations:

  • Manufacturing activity continued to recover in almost all Districts, despite increasing reports of supply chain challenges.
  • Residential real estate activity remained strong, but accounts of weak conditions in commercial real estate markets persisted.
  • Banking contacts saw little or no change in loan volumes, with some anticipating stronger demand from borrowers in coming months for new government-backed lending programs.
  • Although the prospect of COVID-19 vaccines has bolstered business optimism for 2021 growth, this has been tempered by concern over the recent virus resurgence and the implications for near-term business conditions.

On the labor front, a majority of Districts reported that employment rose, “although the pace was slow and the recovery remained incomplete.” However, confirming the dismal December payrolls, a growing number of Districts reported a drop in employment levels relative to the previous reporting period. Labor demand was strongest in the manufacturing, construction, and transportation sectors, with some employers noting staffing shortages and difficulty attracting qualified workers, especially for entry-level and on-site positions. These hiring difficulties were exacerbated by the recent resurgence in COVID-19 cases and the resulting workplace disruptions in some Districts.

In keeping with the previously reported plunge in waiters and bartenders due to restaurant shutdowns, contacts in the leisure and hospitality sectors reported renewed employment cuts due to stricter containment measures.

On the plus side, firms in most Districts reported that wages increased modestly, as labor market conditions improved somewhat in some areas but generally remained weak. Employers in some Districts reported raising wages or offering more generous benefits, such as year-end bonuses and flexible work arrangements, to limit employee turnover.

Perhaps the most important observation by the Fed report is that almost all Districts saw modest price increases since the last report, with growth in input prices continuing to outpace that of finished goods and services, which of course means smaller profit margins.

Most notably, prices for construction and building materials, steel products, and shipping services were reported to have risen further. There was some good news, with contacts in several Districts noted an improved ability to raise final selling prices to consumers, especially in the retail, wholesale trade, and manufacturing  sectors, and some cited plans to increase selling prices in coming months. This, ladies, is called inflation, and is what the Fed vows it can’t find anywhere.

Also, and as we showed earlier, the price surge is just the beginning…

Naturally, energy prices picked up in the reporting period but remained below pre pandemic levels.

Finally, home prices continued to surge, driven by low inventories and rising construction costs. Which is ironic because today’s CPI report found that shelter costs  were the lowest since 2011!

Looking at the word count of the beige book, there was a fractional improvement in the “slowness” category with 28 instances of “slow” in January, down from 30 in December, although concerns about covid jumped again with mentions of covid or coronavirus spiking from 53 to 58 in December, the most since April.

Finally, here are the highlights by District:

Boston

Recovery from the pandemic continued in the final weeks of 2020, with mixed results across sectors. In particular, hospitality and travel remained hard-hit. Among firms that were hiring, some cited difficulty finding workers; other firms held headcounts steady or allowed attrition. A substantial dose of pandemic-related uncertainty clouded an otherwise-optimistic outlook.

New York

The regional economy weakened moderately in late 2020, and the labor market has deteriorated somewhat. This weakness was concentrated in the service sector, where activity has been further constrained by a rise in COVID-19 cases, increased restrictions, and cold weather. Consumer spending declined, with holiday sales down from last year and auto sales weakening. Businesses reported some acceleration in wages and selling prices.

Philadelphia

Business activity fell modestly during the current Beige Book period as sharply rising COVID-19 cases created disruptions at worksites and curtailed consumer spending during the holidays. On the whole, activity remained below levels attained prior to the onset of COVID-19. Meanwhile, slight wage growth and modest inflation continued, but employment appeared to edge down.

Cleveland

The District economy lost some momentum in recent weeks. Contacts said that rising cases of COVID-19 curbed demand for goods and services and disrupted supply through its impact on labor availability. Despite the slower growth in demand, firms generally indicated that they would hire workers if more were available. Wages and input costs rose moderately, as did selling prices.

Richmond

The regional economy grew modestly in recent weeks. Employment and wages showed modest increases, while prices grew at a moderate pace. The housing market remained strong, while commercial real estate leasing remained soft. Port and trucking volumes were high, and manufacturing activity showed a moderate increase.

Atlanta

Economic activity expanded modestly. Labor markets were mixed. Some nonlabor costs continued to rise. On balance, retail sales were down. Tourism activity slowed. Residential real estate demand remained strong and home prices continued to rise. Challenges persisted in commercial real estate markets. Manufacturing activity rose. Conditions at financial institutions were stable.

Chicago

Economic activity increased modestly but remained below its pre-pandemic level. Manufacturing increased moderately; business spending and construction and real estate increased modestly; and employment and consumer spending increased slightly. Wages rose modestly and prices were up slightly. Financial conditions were little changed. Agricultural income for 2020 was better than expected.

St. Louis

Economic conditions have been generally unchanged since our previous report. Reports on overall consumer spending were mixed, while reports on holiday sales focused on an accelerated shift to online shopping. District banking contacts reported slowing growth in loan volumes but anticipate stronger demand in coming months from new PPP loans.

Minneapolis

District economic activity increased modestly. Hiring demand increased, but contacts said health risks and other obstacles kept some workers out of the labor force. Holiday spending was better than many feared, but below last year, especially for small retailers. Commercial construction slowed, and the outlook remained weak. Agricultural conditions improved due to increased commodity prices and government aid.

Kansas City

Economic activity held steady in December, but conditions varied significantly across industries. Retail sales rose sharply, but overall consumer spending fell due to lower auto, restaurant, tourism and healthcare sales. Contacts in manufacturing, professional and high-tech services, and energy all reported increased activity levels, while activity slowed in the transportation, wholesale trade, and real estate sectors.

Dallas

The District economy expanded at a moderate pace, but activity in most industries remained below normal levels. Recovery in the manufacturing and service sector picked up, while retail activity remained weak. The housing market continued to be a bright spot, and real estate lending spurred growth in overall loan volumes. Energy activity accelerated slightly. Employment rose moderately. Outlooks were generally positive, but uncertainty remained elevated.

San Francisco

Economic activity in the District continued to expand at a modest pace. Holiday retail sales picked up, but activity in the services sector was mixed. Conditions in the agricultural and manufacturing sectors strengthened somewhat. Contacts reported strong activity in the  housing market and overall healthy conditions in lending markets.

end
USA Budget deficit for December climbed to a huge $144 billion dollars
(Market Watch)

U.S. budget deficit climbs to $144 billion in December – and more red ink on the way

Jan. 13, 2021 at 2:03 p.m. ET

MarketWatch

High deficits expected to persist until virus fades

The numbers: The U.S. government ran a budget deficit of $144 billion in December and the gap is likely to grow even higher in the next few months after Washington approved more federal aid for the economy.

The deficit increased last month from just a $13 billion budget gap in the same month of 2019, the Treasury Department said Wednesday.

The budget gap in the first three months of the current fiscal year was 61% higher compared to a year earlier — $573 billion vs $357 billion.

The increased deficit almost entirely reflects a surge in government spending to try to keep the economy afloat until the coronavirus pandemic fades away.

Washington has spent trillions on stimulus checks for families, more generous unemployment benefits and grants to struggling businesses.

What happened: Tax revenues rose 3% in December to $346 billion from $336 billion a year earlier.

The high level of taxes Washington is collecting stems from a strong rebound in the economy since the pandemic erupted last spring and the ability of most companies to adjust.

Tax receipts could slow again, however, after a record spike in cases and more government restrictions on business. The new restrictions are not nearly as widespread, though.

Government spending climbed 40% from a year earlier to $490 billion in December.

Most of the increase in spending last month was tied to health care and Social Security benefits. The federal government is spending more on coronavirus vaccines and related treatments.

Big picture: Historically large budget deficits are expected to persist for some time. Last month Washington approved nearly $1 billion in fresh aid for the economy, with President-elect Joe Biden promising even more help is on the way.

The deficit topped $3 trillion in the fiscal year that ended on Sept. 30. It was the largest deficit as a percentage of gross domestic product since 1945.

The deficit was expected to be halved in the current fiscal year, according to the Congressional Budget Office, but that will depend on the actions taken under the new Biden administration

Market reaction: The yield on the 10-year Treasury note TMUBMUSD10Y, 1.090% topped 1% in early January for the first time since early in the pandemic.

Some investors on Wall Street DJIA, 0.23% are worried that high deficits will trigger rising inflation, but prices are low and likely to stay that way until the economy is close to fully recovered.

-END-

iii) Important USA Economic Stories

House Judiciary releases a 76 page impeachment report.  When passed it will go to the Senate and it will be rejected.

(zerohedge)

House Judiciary Release 76-Page Impeachment Report

TUESDAY, JAN 12, 2021 – 18:57

Given the ‘horrific’ nature of the deeds that President Trump is accused of, we are, quite frankly, a little surprised that the impeachment report from the House Judiciary Committee is only 76 pages long.

The wordy tome describes a series of events that beggar belief when one considers that, as Jonathan Turley noted previously noted,

Despite widespread, justified condemnation of his words, Trump never actually called for violence or a riot.Rather, he urged his supporters to march on the Capitol to express opposition to the certification of electoral votes and to support the challenges being made by some members of Congress. He expressly told his followers “to peacefully and patriotically make your voices heard.”

Democrats are pushing this dangerously vague standard while objecting to their own statements being given incriminating meaning by critics. For example, conservatives have pointed to Rep. Maxine Waters (D-Calif.) calling for people to confront Republican  leaders in restaurants; Rep. Ayanna Pressley (D-Mass.) insisted during 2020’s violent protests that “there needs to be unrest in the streets,” while then-Sen. Kamala Harris (D-Calif.) said “protesters should not let up” even as many protests were turning violent. They can all legitimately argue that their rhetoric was not meant to be a call for violence, but this is a standard fraught with subjectivity.

However, the ominous Report concludes:

In the words of Vice President Pence, the “Presidency belongs to the American people, and to them alone.”

President Trump has falsely asserted he won the 2020 presidential election and repeatedly sought to overturn the results of the election. As his efforts failed again and again, President Trump continued a parallel course of conduct that foreseeably resulted in the imminent lawless actions of his supporters, who attacked the Capitol and the Congress.

This course of conduct, viewed within the context of his past actions and other attempts to subvert the presidential election, demonstrate that President Trump remains a clear and present danger to the Constitution and our democracy.

The House must reject this outrageous attempt to overturn the election and this incitement of violence by a sitting president against his own government. President Trump committed a high Crime and Misdemeanor against the Nation by inciting an insurrection at the Capitol in an attempt to overturn the results of the 2020 Presidential Election.

The facts establish that he is unfit to remain in office a single day longer, and warrant the immediate impeachment of President Trump.

And so, amid all that hyperbole, we return to Jonathan Turley, who so far has been an almost lone voice of reason during this malarkey:

The concern is that this impeachment will not only create precedent for an expedited pathway of “snap impeachments” but allow future Congresses to impeach presidents for actions of their supporters.

Democrats are seeking to remove Trump on the basis of his speech to supporters before the Jan. 6 rioting at the U.S. Capitol. Like many, I condemned that speech as it was still being given, calling it reckless and wrong. I also opposed the challenges to electoral votes in Congress. However, Trump’s speech does not meet the definition of incitement under the U.S. criminal code. Indeed, it would be considered protected speech by the Supreme Court.

The damage caused by this week’s rioting was enormous – but it will pale in comparison to the damage from a new precedent of a “snap impeachment” for speech protected under the First AmendmentIt is the very danger that the Framers sought to avoid in crafting the impeachment standard. In a process meant to require deliberative, not impulsive, judgments, the very reference to a “snap impeachment” is a contradiction in constitutional terms. In this new system, guilt is not to be doubted and innocence is not to be deliberated. It would do to the Constitution what the rioters did to the Capitol: Leave it in tatters.

The House is expected to vote on the impeachment charges tomorrow.

END

Ron Paul, the great libertarian criticizes censorship on all social media and then Facebook blocks him

(Turley)

Ron Paul Posts Criticism Of Censorship On Social Media Shortly Before Facebook Blocks Him

TUESDAY, JAN 12, 2021 – 22:05

Authored by Jonathan Turley,

We have been discussing the chilling crackdown on free speech that has been building for years in the United States. This effort has accelerated in the aftermath of the Capitol riot including the shutdown sites like Parler.  Now former Texas congressman Ron Paul, 85, has been blocked from using his Facebook page for unspecified violations of “community standards.” Paul’s last posting was linked to an article on the “shocking” increase of censorship on social media. Facebook then proceeded to block him under the same undefined “community standards” policy.

Paul, a libertarian leader and former presidential candidate, has been an outspoken critics of foreign wars and an advocate for civil liberties for decades.  He wrote:

“With no explanation other than ‘repeatedly going against our community standards,’ @Facebook has blocked me from managing my page. Never have we received notice of violating community standards in the past and nowhere is the offending post identified.” 

His son is Sen. Rand Paul (R-Ky.) tweeted,

 “Facebook now considers advocating for liberty to be sedition. Where will it end?”

Even before the riot, Democrats were calling for blacklists and retaliation against anyone deemed to be “complicit” with the Trump Administration. We have been discussing the rising threats against Trump supporters, lawyers, and officials in recent weeks from Democratic members are calling for blacklists to the Lincoln Project leading a a national effort to harass and abuse any lawyers representing the Republican party or President Trump. Others are calling for banning those “complicit” from college campuses while still others are demanding a “Truth and Reconciliation Commission” to “hold Trump and his enablers accountable for the crimes they have committed.” Daily Beast editor-at-large Rick Wilson has added his own call for “humiliation,” “incarceration” and even ritualistic suicides for Trump supporters in an unhinged, vulgar column.

After the riots, the big tech companies moved to ban and block sites and individuals, including Parler which is the primary alternative to Twitter.  Also, a top Forbes editor Randall Lane warned any company that they will be investigated if they hire any former Trump officials.

The riots are being used as a license to rollback on free speech and retaliate against conservatives.  In the meantime, the silence of academics and many in the media is deafening. Many of those who have spoken for years about the dark period of McCarthyism and blacklisting are either supporting this censorship or remaining silent in the face of it. Now that conservatives are the targets, speech controls and blacklists appear understandable or even commendable.

The move against Paul, a long champion of free speech, shows how raw and comprehensive this crackdown has become. It shows how the threat to free speech has changed. It is like having a state media without state control. These companies are moving in unison but not necessarily with direct collusion. The riot was immediately taken as a green light to move against a huge variety of sites and individuals.  As we have seen in Europe, such censorship becomes an insatiable appetite for greater and greater speech control.  Even Germany’s Angela Merkel (who has a long history of anti-free speech actions) has criticized Twitter’s actions as inimical to free speech.  Yet, most law professors and media figures in the United States remain silent

END
You tube suspends Trump as the first amendment is obliterated.
(Watson Summit News)

YouTube Suspends Trump

WEDNESDAY, JAN 13, 2021 – 7:33

By Steve Watson of Summit News

Falling into line with the ongoing purge, YouTube has suspended President Trump, claiming he uploaded a video that violates its polices.

Trump will be banned from the platform for a week, effectively until the end of his presidency, with comments on all other videos on his channel also disabled indefinitely due to ‘safety concerns’.

YouTube also stated that the suspension was enacted due to the ‘ongoing potential for violence’:

The Google owned company said the suspension may be extended beyond a week, stating “in accordance with our long-standing strikes system, the channel is now prevented from uploading new videos or livestreams for a minimum of seven days – which may be extended.”

In the videos that Trump uploaded to YouTube, prompting the ban, Trump said that big tech is making “a catastrophic mistake” in its actions to silence him, and that it is intent on “dividing people”.

The Trump team uploaded several videos to YouTube Tuesday night and it is not clear which one ‘violated’ YouTube’s policies. However, the videos appear to have been clips from his speech in Texas, which TV networks also refused to carry.

The full speech can be viewed below:

Farage said that Democrats are “so certain of their moral superiority, so filled with hatred and contempt, not just for Trump, but for the values of tens of millions of Americans, that they’re going down a course where this guy could be martyred or silenced.”

“That is the biggest mistake anybody could make at this moment in time. Donald Trump didn’t radicalise tens of millions of Americans. Tens of millions of Americans had already become upset about the mainstream media, increasingly distrustful of social media, had a loathing for Washington and the way that it operates,” Farage added.

“If you take Trump out of the picture then what follows Trump, what follows Trump could be very sinister indeed,” Farage urged, adding “So I would urge everybody… they won’t listen, I know, but I would urge the Democrats not to be vindictive, and I would urge social media platforms to think again. Otherwise, I think America could be heading into a very, very bad place.”

https://www.zerohedge.com/political/youtube-suspends-trump?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops

END

National Guard gearing up with rifles and riot shields at the Capitol

(Gateway Pundit)

Caught On Video: National Guard Gearing Up With Rifles, Riot Shields At The Capitol

WEDNESDAY, JAN 13, 2021 – 11:21

Update (1232 ET): Buzz Feed’s Paul McLeod reports, “about 3,000 total national guard troops sheltering in the Capitol right now.”

McLeod said guardsmen had to stay in the Capitol building “overnight because there was nowhere to put all 15,000 troops being brought into DC for inauguration from various state national guards (eg New York sent 1,000)”

This is nothing less than a logistical nightmare as thousands of guardsmen had no folding cots to sleep on.

* * *

Update (1208 ET): Moments ago, Acting Metropolitan Police Chief Robert Contee said the National Guard is boosting the numbers of guardsmen around the Capitol complex to more than 20,000.

This is a substantial increase from over the weekend when 6,000 were deployed. The number was increased to a total of 15,000 on Monday.

Now, more than 20,000 guardsmen are expected to be armed and patrolling the Capitol grounds. It makes us wonder how large is the threat ahead of President-elect Joe Biden’s inauguration on Jan 20.

* * *

Last week, the Associated Press, citing the Secretary of the Army, said National Guard troops in the Washington Metropolitan Area, especially around the Capitol complex, could carry assault rifles and pistols though the decision was under review.

Army Secretary Ryan McCarthy told The AP Friday that the military could let guardsmen carry M-4 rifles or 9 mm Berettas in a few days.

As we come to find out, on Wednesday morning, CNN’s Josh Replogle reports that “racks upon racks of rifles and pistols” were unloaded from military vehicles and distributed to troops.

Dozens of pictures of guardsmen sleeping inside the Capitol were armed with what appears to be M-4 rifles by their sides. This comes after days of unarmed guardsmen seen around the Capitol earlier this week.

Some of the pictures are stunning – with lawmakers walking halls of the Capitol with guardsmen asleep on the floor next to their assault rifles.

More pictures of armed guardsmen.

This means that the military has given the orders to arm guardsmen ahead of what could be chaos during President-elect Joe Biden’s inauguration on Jan 20.

We noted this morning that the FBI is racing to track down hardcore insurrectionists that could be preparing for a fight next week.

END

Michael Snyder of the shattering of Free Speech, the first amendment.

(Michael Snyder)

Without Freedom Of Speech, What Is Going To Happen To America?

TUESDAY, JAN 12, 2021 – 23:25

Authored by Michael Snyder via The Economic Collapse blog,

It is quite ironic that many of those that are always telling us that we need “diversity” in our society are also some of the strongest voices against a “diversity of viewpoints” on social media.  The founders of this nation wanted to make sure that nobody would ever take the right to freedom of speech away from us, and that is why it was enshrined in the Bill of Rights.  Unfortunately, courts have greatly eroded that right over the last several decades, and now we are facing an all-out assault on freedom of speech that is unlike anything that we have ever seen before.  And once freedom of speech is completely gone, all of our other rights will soon follow, because there will no longer be any way to defend them.

When the United States was established, government was really the only major threat to free speech.  In early America, corporations were severely limited in size and scope, and that is because our founders were determined not to let them get too big or too powerful.

Our founders knew that enormous concentrations of money and power would be great threats to freedom, and that has definitely turned out to be the case.

In the old days, if you wanted to express yourself you could grab a soapbox and head down to a local street corner.  The reason why we use the term “marketplace of ideas” today is because people literally used to gather in marketplaces and town squares and exchange ideas with one another.

In our time, the Internet has become the place where we all gather to exchange ideas, but unfortunately control of all of the most important gathering spaces is in the hands of a very small group of colossal tech corporations.

When Facebook, Twitter and others were first growing, they generally allowed people to say pretty much what they wanted to say, and information flowed pretty freely.

But censorship has escalated dramatically over the past four years, and it reached a crescendo the other day when Twitter announced that it would be permanently suspending President Trump’s account.

How would our founders feel about that?

Tech giants such as Facebook and Twitter now have more money than many entire countries do, and in many ways they also have the same level of power that many national governments possess.

Just think about this – President Trump could never take away your ability to express yourself, but Facebook and Twitter can.

Of course big corporations dominate just about every other aspect of our society as well.  These collectivist institutions have become extremely dangerous, and they are really starting to throw their weight around.

Until the power of the big corporations is addressed, we will never have a truly free society again.

Just like leftist governments, big corporations seek to gather as much money and as much power under a single umbrella as possible.

Our founders wanted to empower the individual, and that is why they wanted to limit the size of government and that is why they also wanted to limit the size of corporations.

Sadly, it wasn’t just President Trump that got booted off Twitter in recent days.  Hordes of conservative accounts have been wiped out, and this has led many to use the word “purge” to describe what has been happening.

On my Twitter account, I have literally lost more than a thousand followers in just a few days.  Others have lost a lot more.

Many conservatives have been fleeing to Parler, but over the past several days the big tech giants teamed up to take that entire platform down

Parler will likely go offline for “a while” Sunday evening given Amazon Web Services’ decision to suspend the upstart social media platform after Wednesday’s U.S. Capitol riot, executives said Sunday.

“We are clearly being singled out,” Chief Policy Officer Amy Peikoff told “Fox & Friends Weekend” one day after Apple suspended Parler from its App Store even as it surged to the No. 1 spot in the free apps section earlier in the day.

I was absolutely stunned when I heard that had happened.

These people are not playing games.

For the moment, Gab.com is still up, and their traffic has surged more than 750 percent in just the last few days…

Gab.com, the free speech friendly social network, says traffic has increased by more than 750 percent in the past few days, following the blacklisting of President Donald Trump from most mainstream tech platforms.

“Our traffic is up 753% in the past 24 hours. Tens of millions of visits,” said Gab in response to a question about slow loading speeds.

But how long will it be before Gab is taken down as well?

The big tech companies don’t want diversity, they don’t want competition and they don’t want dissent.

What they want is complete and total domination.

Cancel culture is not good for our society.  If everyone with viewpoints that are not “politically correct” is eventually “canceled” we will have a society that looks a whole lot like communist China.

And I suppose that is precisely what a lot of people out there truly want.

It is not always easy to listen to viewpoints that you consider to be offensive.  Personally, I do not like most of what my fellow citizens are saying in 2021.

But in the United States we are not supposed to silence opposing viewpoints that we do not like.  Instead, we are supposed to strive for victory in the marketplace of ideas by showing that our viewpoints are better.

Unfortunately, the big tech companies have decided that millions of Americans should no longer be allowed to participate in the marketplace of ideas because their viewpoints are just too offensive.

Ironically, many of those that are doing the censoring have the most offensive and the most dangerous viewpoints of all.

Needless to say, if we stay on the path that we are currently on there is no future for America.

Without free speech, the system of government that our founders established simply won’t work.

What is the point of even having elections if we can only express one point of view?

In China, no dissent is allowed and one political party runs everything on a permanent basis.

America appears to be heading in the same direction, and there are millions of people in this country that are actually quite thrilled that this is happening.

*  *  *

Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.

end

Doorknob mayor Bow Wow Bowser, keeps restaurant dining rooms closed through to the supposed inauguration.

(Restaurant Business)

D.C. Mayor Keeps Restaurant Dining Rooms Closed Through The Inauguration

WEDNESDAY, JAN 13, 2021 – 15:25

By Restaurant Business,

The mayor of Washington, D.C., has extended her suspension of indoor restaurant dining through next week’s presidential inauguration, citing “public safety and health concerns.”

The ban on indoor seating was scheduled to expire this Friday at 5 a.m. Mayor Muriel Bowser issued a little-noticed executive directive late Monday night that extends the suspension by one week, until Jan. 22 at 5 a.m.

Restaurants can continue to offer takeout, delivery and outdoor dining.

Bowser has already appeal to Washingtonians to stay home during next week’s inaugural festivities, which have traditionally been a boon to local restaurants. The Democrat met Monday with Maryland Gov. Larry Hogan, a Republican, and Virginia Gov. Ralph Northam, a fellow Democrat, about how to safeguard their respective jurisdictions during the swearing-in of Joe Biden as the nation’s 46th president.

“Due to the unique circumstances surrounding the 59th Presidential Inauguration, including last week’s violent insurrection as well as the ongoing and deadly COVID-19 pandemic, we are taking the extraordinary step of encouraging Americans not to come to Washington, D.C. and to instead participate virtually,” the three elected officials said in a jointly issued statement.

Sympathizers with last week’s riot and takeover of the U.S. Capitol have threatened in online postings to descend on Washington again this weekend, according to widespread media and government reports.

Circumstances have prompted the Restaurant Association of Metropolitan Washington to postpone the city’s annual Winter Restaurant Week, which was slated to start on Jan. 18, until Jan. 25.

The mayor’s order issued by Bowser suspends a number of activities within the District. “Even for those activities that are not paused by Order, the Mayor strongly encourages residents to be cautious and to limit their exposure to other people so as to limit the spread of COVID-19,” her office said in a press statement. The order does not mention last week’s insurrection, in which five people died as supporters of President Donald Trump stormed Capitol Hill. It did cite the continued surge in new COVID-19 cases.

end

iv) Swamp commentaries

Too late..the Republican party has been destroyed..

(Gateway Pundit)

TWO MORE GOP LAWMAKERS Call on Liz Cheney to Step Down as House Conference Chair Before She Destroys Party — It May Be Too Late

Liz Cheney, the House Republican Chair,is the third ranked Republican in the US House of Representatives.
She was elected to the position by her Republican colleagues.

Liz Cheney is also an outspoken Trump-hater.
She is the worst.

Cheney and her colleagues have no loyalty to this president or his voters.

On Tuesday Liz Cheney said she will vote to impeach Republican President Donald Trump.

Joy Behar cheered the news.

TRENDING: In Speech at Border Wall Trump Says “Freedom of Speech Is Under Assault” and “Impeachment Is a Hoax” — Admits Joe Biden Is Taking Over (VIDEO)

Now this…
On Tuesday night Republicans Rep. Matt Rosendale and Andy Biggs  called for nasty Liz Cheney to step down, after breaking Republican Conference rules in her statements on President Trump.

By Wednesday morning two fellow GOP representatives called on Liz Cheney to step down as conference chair before she destroys the party.
Liz Cheney is a loose cannon.

Rep. Andy Biggs (R-AZ) and Rep. Marjorie Taylor Greene joined Rep. Rosendale in and called on Liz Cheney to resign as House Conference Chairwoman.

These Republican lawmakers are hoping Cheney will step down before she totally destroys what’s left of the Republican Party.

These lawmakers understand this is Donald Trump’s party and not Liz Cheney’s party.

Sadly, it may already be too late for the GOP after they refused to stand with this president since his landslide victory was stolen from their voters.

end

This ought to go over well: Pelosi chooses Chinese spy lover Eric Swalwell to be on her impeachmentpanel

(Gateway Pundit)

SHOCKING: Pelosi Chooses China Spy Lover Eric Swalwell to Be On Her New Impeachment Panel

Speaker Nancy Pelosi announced her team of dreams for the next  sham impeachment of President Trump.  Eric Swalwell who recently was in the news for shagging a Chinese spy is the noblest of her team members.

Pelosi is attempting to impeach President Trump for a second time on another lie leading to another unconstitutional abuse of power.  Pelosi hates President Trump because he is for the American people and not China.  After stealing the 2020 election from the President, Pelosi wants to make sure President Trump knows she hates him.

Pelosi still has not released one testimony hidden in the Capitol archives from her last impeachment.  This is because this testimony with Deep Stater Michael Atkinson will totally unravel the corrupt first impeachment.

TRENDING: In Speech at Border Wall Trump Says “Freedom of Speech Is Under Assault” and “Impeachment Is a Hoax” — Admits Joe Biden Is Taking Over (VIDEO)

Tonight Pelosi released the names of the proud Democrats who are leading this garbage dump of Congressional abuse.  Pro Trump News reports:

Pelosi Announces Impeachment Managers

Nancy Pelosi has officially announced the impeachment managers for President Trump.

Here they are:

These people are clowns and criminals.  After they participate in the greatest heist in world history they are trying to impeach President Trump for claiming his election was stolen.  Simply beyond outrageous.

The clowns running the circus are led by Representative Eric Swalwell.  It was recently reported that Swalwell was shagging a Chinese spy who shagged some other Democrat politicians as well.  It’s unknown what information or deals were given by Swalwell in return for his spy’s companionship.

Democrats don’t care.  Their man of integrity is Eric Swalwell.

end

Jonathan Turley on the above story:

(Turley)

Pelosi Names Eric Swalwell As House Impeachment Manager

WEDNESDAY, JAN 13, 2021 – 8:45

Authored by Jonathan Turley,

Speaker Nancy Pelosi shocked many in Washington by appointing Eric Swalwell as a house manager in the impeachment of President Donald Trump as he continues to face calls for his removal from the House Intelligence Committee due to his alleged intimate relationship with a Chinese spy.

Swalwell has been hunkered down to avoid questions from the media and the public, but he will now be one of those prosecuting the case against the President.

He allegedly first met the spy, Fang Fang or Christine Fang, in 2011. She not only raised money for Swalwell but reportedly had a personal relationship with him. She also pushed successfully for his office to accept an intern. He cut ties with her in 2015 after the FBI contacted him. Pelosi made no mention of the scandal in heralding Swalwell’s credentials:

“Congressman Swalwell serves on House Permanent Select Committee on Intelligence, where he chairs the Intelligence Modernization and Readiness Subcommittee, and on the Judiciary Committee,” Pelosi’s office said in a statement. “He is a former prosecutor and is the son and brother of law enforcement officers.  He is serving his fifth term in Congress.”

Usually a speaker selects House managers to reinforce the credibility and integrity of the case against a president.Even before the current scandal, Swalwell was viewed as a member who was a raw partisan. Last year, it was revealed that (despite long denials) the FBI did send an agent to report on his observations within the Trump campaign. As I discussed in a column, Democratic members spent years mocking allegations that there was any spying or surveillance of Trump or his campaign by the FBI. That was just a conspiracy theory. Now however there is proof that the FBI used a briefing in August 2016 of then candidate Trump to gather information for “Crossfire Hurricane,” the Russia investigation. It turns out that it did not really matter after all and Rep. Eric Swalwell did not miss a step. Swalwell declared that such targeting of the opposing party and its leading presidential candidate was “the right thing to do.” That’s it. A conspiracy theory suddenly becomes a commendable act.

Previously, Swalwell also declared that  if President Donald Trump refused to give Congress the documents and witnesses that it has demanded, he is clearly guilty of all charged offenses.

Swalwell declared “We can only conclude that you’re guilty.”

The Swalwell selection is clearly part of a rehabilitation campaign. Swalwell remained secluded as the many in the media refused to carry the story, let alone investigate it.  A member of the House Intelligence Committee carried on an intimate relationship with a Chinese spy but major media largely blacked out coverage as they did on the Hunter Biden story. Now Pelosi will use the impeachment as a way for Swalwell to reemerge from seclusion . . . as the accuser and prosecutor of President Donald Trump.

While there are good faith reasons for calling for impeachment, there remain serious questions over the speed and basis for the impeachment.  My concern is primarily over the use of a snap impeachment without even a hearing to discuss the implications of this action. That makes the House managers even more important in bringing credibility to this effort. This is putting politics ahead of the institution in my view.

end

Former Senator Barbara Boxer is slammed for taking a job with Mainland China surveillance firm

(LaChance/Gateway Pundit)

Democrat Former Senator Barbara Boxer Slammed For Taking Job With Surveillance Firm From China

There sure are a lot of Democrats in Congress with questionable connections to China.

Barbara Boxer, a former United States Senator from California has apparently taken a job with a firm in China that is known for surveillance of ethnic minorities.

This news is so toxic that even the Joe Biden inaugural committee has returned Boxer’s donation.

The Hill reports:

TRENDING: In Speech at Border Wall Trump Says “Freedom of Speech Is Under Assault” and “Impeachment Is a Hoax” — Admits Joe Biden Is Taking Over (VIDEO)

Biden inaugural committee to refund former senator’s donation due to foreign agent status

President-elect Joe Biden’s inaugural committee is refunding a $500 donation from former Sen. Barbara Boxer (D-Calif.) over her registration as a foreign agent with a firm alleged to have aided the Chinese government’s surveillance of the Uighur ethnic minority.

A spokesperson for the committee told Axios it did not seek the donation from Boxer, and that it would refund it after the revelation of her registration as a foreign agent, which was first reported by the Daily Caller.

“When I am asked to provide strategic advice to help a company operate in a more responsible and humane manner consistent with U.S. law in spirit and letter, it is an opportunity to make things better while helping protect and create American jobs,” Boxer told Axios.

Mercury Public Affairs, where Boxer serves as Los Angeles co-chair, filed documents last week registering as a foreign agent for its work with Chinese surveillance company Hikvision. The federal government has banned American companies from doing unlicensed business with the company due to reports it has contributed to monitoring of the predominantly Muslim ethnic group. Last year, the Trump administration outright barred U.S. investment in Hikvision.

First Eric Swalwell and now this.

Democrats need to explain why their party is so comfortable doing business with China.

end

Quite a statement from Democratic Member Sherrill: she accuses her colleagues (Republicans) of conducting “surveillance”  for the capitol rioters.  She voiced her concern out of the House and is liable for her comments..

(Turley)

Democratic Member Accuses Colleagues Of Conducting “Surveillance” For Capitol Rioters

WEDNESDAY, JAN 13, 2021 – 13:25

Authored by Jonathan Turley,

Rep. Mikie Sherrill (D., N.J.) has gone public with an extraordinary allegation against some of her colleagues that they conducted secret surveillance in a conspiracy with rioters at the Capitol. If true, those members could be criminally charged and expelled from the House. Conversely, if Sherrill has no such evidence, she could (and should) face a resolution of censure or resolution.

Sherrill said in a Tuesday night Facebook live address to her constituents that she witnessed the surveillance personally.

She said unidentified members of Congress “had groups coming through the Capitol” in “a reconnaissance for the next day.” 

Sherrill pledged to see those lawmakers “are held accountable, and if necessary, ensure that they don’t serve in Congress.”

That is an unambiguous allegation of criminal conduct against colleagues.

Once she names a member, she could also be the subject of a defamation action.

This was a statement made off of the floor and not protected under the Speech and Debate Clause.

It is coming from a member who was a former Navy pilot and a federal prosecutor.

Article I, Section 5, the Constitution says, “Each House (of Congress) may determine the Rules of its proceedings, punish its members for disorderly behavior, and, with the concurrence of two-thirds, expel a member.”  The House may discipline members for violations of both unlawful conduct as well as any conduct which the House of Representatives finds has reflected discredit upon the institution. In re Chapman, 166 U.S. 661, 669-670 (1897). A House Select Committee in 1967 stated:

Censure of a Member has been deemed appropriate in cases of a breach of the privileges of the House. There are two classes of privilege, the one, affecting the rights of the House collectively, its safety, dignity, and the integrity of its proceedings; and the other, affecting the rights, reputation, and conduct of Members, individually. Most cases of censure have involved the use of unparliamentary language, assaults upon a Member or insults to the House by introductions of offensive resolutions, but in five cases in the House and one in the Senate [as of 1967] censure was based on corrupt acts by a Member, and in another Senate case censure was based upon noncooperation with and abuse of Senate committees.

Censure or reprimand is not the only possible response if this allegation is found to be without basis.  The standard for defamation for public figures and officials in the United States is the product of a decision decades ago in New York Times v. Sullivan. The Supreme Court ruled that tort law could not be used to overcome First Amendment protections for free speech or the free press. The Court sought to create “breathing space” for the media by articulating that standard that now applies to both public officials and public figures. In order to prevail, they must show actual knowledge or reckless disregard of the alleged falsity.  Obviously, truth remains a defense. Under Gertz v. Robert Welch, Inc., 418 U.S. 323, 352 (1974) and its progeny of cases, the Supreme Court has held that public figure status applies when someone “thrust[s] himself into the vortex of [the] public issue [and] engage[s] the public’s attention in an attempt to influence its outcome.”

Thus far, Sherrill has not named names but pledged to seek accountability. The question is whether she will now identify members who she has accused of a criminal conspiracy.

Indeed, one would think that she would have already gone to the FBI and filed a criminal complaint.  Absent naming the members, any defamation action would have to be based on the highly difficult basis for a group libel claim of all Republican members. Such an action would be highly unlikely to succeed.  In Neiman-Marcus v. Lait (1952), a New York federal district court addressed a defamation claim arising from the publication of the book “U.S.A. Confidential.” The author wrote that “some” models and “all” saleswomen at the Neiman-Marcus department store in Dallas were “call girls.” It also claimed that “most” of the salesmen in the men’s store were “faggots.” The store had nine models, 382 saleswomen and 25 salesmen. The court found the size of the group of women was too big to satisfy a group libel standard. However, the size of the group of salesmen was viewed as sufficiently small to go to trial.

This is clearly something that the House must investigate.

Either Sherrill has evidence of a criminal conspiracy or has made an outrageous (and defamatory) allegation against her colleagues. Either possibility is unsettling.

Thus, Sherrill should reveal the House members who she believes conspired with rioters, which presumably she has already given to legal authorities.

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

Fox’s @cvpayne: Florida Governor Makes Takes Moves to Divest State Funds from Apple, Amazon, Facebook, Google and Twitter.  https://twitter.com/cvpayne/status/1349072200679174146

This is not a parody!  It really is Twitter Public Policy @Policy: Ahead of the Ugandan election, we’re hearing reports that Internet service providers are being ordered to block social media and messaging apps. We strongly condemn internet shutdowns – they are hugely harmful, violate basic human rights and the principles of the #OpenInternet.

Breitbart’s @Doc_0: One of the big reasons Twitter stock is cratering is that no other nation on Earth – from dictatorships to democracies – is going to subject itself to the control of Silicon Valley tech oligarchs. They’ll all begin moving away from U.S. social media platforms at varying speeds.

Biden Hires Big Tech Execs from Same Companies Censoring Conservatives

Around 14 current or former executives from five major tech firms will serve in the Biden administration or advise his transition team…

https://charliekirk.com/news/report-biden-hires-big-tech-execs-from-same-companies-censoring-conservatives/

@JackPosobiec: Gen Milley furious at Pelosi after her nuclear codes action. Called the act “disastrous” – WH official [Is Pelosi asking Milley to overthrow Trump sedition or an act of insurrection?]

OAN’s @RachelAcenas: Pres. Trump on impeachment effort: “It’s really a continuation of the greatest witch hunt in the history of politics…. This impeachment is causing tremendous danger to our country and causing tremendous anger. I want no violence.”

Newsweek’s @bhweingarten: Everything we are witnessing is about never allowing a presidential election like 2016 to happen again

WaPo: FBI Office in Virginia Issued Warning a Day before Storming of U.S. Capitol that Extremists Were Preparing to Travel to Washington to Commit Violence and ‘War’ – Citing internal document  (Yet nothing was done!)

@AP: The FBI says it notified other law enforcement agencies, including the U.S. Capitol Police, the day before the riot at the Capitol about an online message about a “war” and storming the U.S. Capitol.

Ex-Intel Officer @JackPosobiec: The fact someone planted pipe bombs at the RNC and DNC means this was planned long before the President even began speaking

Pentagon held table-top contingency response exercise on morning of Capitol breach

The exercise was held at the request of top officials, according to a Pentagon memo.

    “The table-top was requested by the highest levels inside the Department of Defense,” one official said. “The two top guys — Miller and Milley — were part of this.” The comment references acting Secretary of Defense Christopher Miller, and Chairman of the Joint Chiefs of Staff Gen. Mark Milley…

    The Jan. 6 exercise was held after Miller and Milley examined the Defense Department’s plan to support local law enforcement agencies, according to a Pentagon memo…

https://justthenews.com/government/security/pentagon-held-table-top-contingency-response-exercise-morning-capitol-breach

60% call impeachment a ‘waste of time,’ Big Tech backlash for censoring Trump

Twenty-three percent prefer impeaching President Trump… Seventy-four percent said impeachment is “politically motivated to prevent the president from running again.”… Sixty-five percent said Biden and Pelosi are “keeping the country divided.”…

https://www.washingtonexaminer.com/washington-secrets/exclusive-60-call-impeachment-a-waste-of-time-big-tech-backlash-for-censoring-trump

@nytimes: Senator Mitch McConnell is said to believe President Trump committed impeachable offenses, and to be pleased Democrats are moving to impeach him…It will make it easier to purge him from the party… blames for Republicans losing the Senate

https://www.nytimes.com/2021/01/12/us/mcconnell-impeachment-trump-mc.html?smid=tw-nytimes&smtyp=cur

Breitbart’s @joelpollak:McConnell lost the most important Senate elections in memoryhis handpicked candidates went down to defeat. There should be debate about whether he should resign, as party leaders do in other countries after they lose. Impeachment is a convenient distraction.

Mitch might be furious with DJT; but on social media, people are furious with Mitch.  What Mitch and the Old Fart GOP don’t what to acknowledge is that ‘their’ GOP is gone with the wind. It died in 2008 with W Bush and the Crisis of 2008.  Populism is a global trend; Mitch represents the GOPe.  Unless there is an unrevealed story on heinous DJT behavior, Mitch & the GOPe are committing suicide.

History Lesson TimeBill Clinton granted US missile and weapons tech to China in lieu of donations.  House Counsel David Schippers, a lifelong Democrat and Bobby Kennedy disciple, wanted to charge him with up to 15 felonies.  GOP Senators Lott (then Majority Leader) and Orin Hatch (Senate Judiciary Com Chair) wouldn’t allow Schippers to proceed or to present the evidence.  Lott and Hatch made the impeachment about Monica Lewinsky, which could then be mitigated as “it’s only about sex.”

Trump Praised For Accepting Election Results 4 Years Quicker Than Hillary Clinton Did

https://babylonbee.com/news/trump-praised-for-accepting-election-results-4-years-quicker-than-hillary-clinton-did/

@WSJ: Joe Biden is expected to choose Gary Gensler, a former financial regulator and Goldman Sachs executive, to head the SEC, people familiar with the decision say (It always has to be GS!)

US @TheJusticeDept: Owner of Bitcoin Exchange Sentenced to Prison for Money Laundering

https://www.justice.gov/opa/pr/owner-bitcoin-exchange-sentenced-prison-money-laundering

Bloomberg Law: A 1969 Supreme Court ruling that tossed the conviction of a Ku Klux Klan leader may also shield President Donald Trump from prosecution for inciting last week’s Capitol riot, leaving few alternatives to hold him accountable if impeachment efforts fail…

https://news.bloomberglaw.com/us-law-week/trump-may-be-shielded-from-riot-charges-by-klan-speech-ruling

First they came for the socialists, and I did not speak out—because I was not a socialist. Then they came for the trade unionists, and I did not speak out— because I was not a trade unionist. Then they came for the Jews, and I did not speak out—because I was not a Jew. Then they came for me—and there was no one left to speak for me.” — Pastor Martin Niemöller

A top money manager with a long record of success lamented to us yesterday that he and associates are afraid to say anything about anything due to the oppressive environment.  This is USSR/China like.  However, this isn’t quite true.  Some speech/ideologies “are more equal than others.

To reiterate, rampant hypocrisy and double standards are further dividing and inflaming Americans.

NYT: Walmart’s PAC suspending contributions to members of Congress who voted against certification of Electoral College votes (What about the Dems that objected to every GOP presidents’ Electoral College votes since 1985?  Why doesn’t Walmart cut off Chinese products due to the systemic abuses and oppression of the CCP?)

If you question the obvious voter fraud that occurred, Big Brother wants you canceled or blacklisted.  Big Brother is extremely sensitive to voter fraud issues and investigations for the obvious reasons.

Anyone with a modicum of fairness sees the hypocrisy of Big Brother and his ilk spending 4 years questioning Trump’s victory, the bogus investigations and endless hate speech.

Harvard removes GOP Rep. Elise Stefanik from advisory board as part of purge. Here’s her response. – “As a conservative Republican, it is a rite of passage and badge of honor to join the long line of leaders who have been boycotted, protested, and canceled by colleges and universities across America,” Stefanik said in a statement…

https://www.bizpacreview.com/2021/01/12/harvard-removes-gop-rep-elise-stefanik-from-advisory-board-as-part-of-purge-heres-her-response-1015599/

Parler CEO says he is getting death threats following app’s removal

“People (are) threatening my life,” Parler CEO John Matze said.  (Where’s the outrage over this?)

https://justthenews.com/nation/technology/parler-ceo-says-he-getting-death-threats-following-apps-removal

The Fed hit a new virtue signaling and race-baiting high yesterday.

Fed Presidents Reiterate Calls for Addressing Race in Education

If those were Black militants, armed militants storming the U.S. Capitol, I think they’d all be dead right now. That is the most stark example of racism and disparities in our society,” Minneapolis Fed President Neel Kashkari said…  https://news.bloomberglaw.com/banking-law/fed-presidents-reiterate-calls-for-addressing-race-in-education

Pelosi: Rioters chose ‘their whiteness over democracy’ [We can feel the heeling & unity flowing!]

“When that assault was taking place on the Capitol, 3,865 people in our country died of the coronavirus, many of them people of color because of the injustice of it all,” Pelosi said…

https://saraacarter.com/pelosi-rioters-chose-their-whiteness-over-democracy/

@davidharsanyi: Approval rating (Gallup) when leaving office: Obama – 45 %; W. Bush – 34 %

FLASHBACK: Fans Were Told Players Would Die If College Football Was Played

https://dailycaller.com/2021/01/12/flashback-college-football-player-death-predictions-coronavirus/

end
Let us close out tonight with this offering courtesy of Greg Hunter interviewing Craig Hemke
(Greg hunter)

Fed Will Drive Gold to New All-Time Highs in 2021 – Craig Hemke

By Greg Hunter On January 13, 2021

About this time last year, financial writer, market analyst and precious metals expert Craig Hemke predicted the Fed would encourage inflation and gold would finish the year at around $1,800 per ounce.  It finished at a little more than $1,900 per ounce.  Hemke was spot on.  So, what is Hemke predicting this year?  Hemke says, “In my annual forecast that I just published last week, one of my themes was ‘don’t fight the Fed.’  If you have been a stock market investor, I am sure you have heard that term used before, and it works for the precious metals this year as well.  The Fed will take some significant actions over the course of this year, and that will drive gold and silver higher.  Gold will go to new all-time highs at some point, and silver is going to participate too.”

Hemke contends the Fed will be obsessed with rising interest rates and printing enormous amounts of money to suppress them.  Hemke explains, “At the end of 2018, the Fed had been on this course for five years and spinning this lie that they were going to normalize their balance sheet.  This meant they were going to go back down to $1 trillion, which is where they were in 2008.  (Currently the Fed balance sheet/debt is more than $7 trillion and rising.) . . . .  It was never going to happen—never.  They also said they were going to normalize interest rates.  So, retirees who wanted to live off of CD’s and interest rates going back to 7%.  That was never going to happen either.  We have so much accumulated debt, not just public, but private, that the economy will absolutely collapse . . . if interest rates go up. . . . The U.S. economy cannot afford higher rates.  Whether it’s line item interest on the national debt because that could exponentially could go out of control or the private debt where people who just barely have a $1,000 in savings can’t have their credit card rates go over 20%, or auto rates go back over 6% or 7%, or mortgage rates go to 4% or 5%.  They just can’t.  When we talk about rates going higher, it’s not that the 10 Year Treasury goes to 1.15%, which is where it is now, what they can’t afford is the 10 Year Treasury going to 2% or 3%. . . . As inflation picks up from all this money printing, the Fed can’t allow the 10 Year Treasury to go to 3% . . . the Fed will, at some point, institute yield curve control.”

Hemke says yield curve control by the Fed will cap interest rates, but the money printing and inflation will have to rise dramatically.  This is why Hemke is predicting, “By the end of 2021, gold will be $2,300 per ounce and silver will be around $45 per ounce.”

In short, printing money to cap interest rates will result in much higher prices for gold and silver, and Hemke predicts this is the trend into the future.  Hemke also warns, “The gold and silver bull market will be a bucking bronco, and it will try to throw investors off.”  In other words, investors will have to hang on tight and expect volatility to be high– especially in silver.

Hemke also says there is “permanent damage from Covid 19 . . . and the economy will not be bouncing back in any sort of “V” shaped recovery.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Craig Hemke, founder of the popular website TFMetalsReport.com.

-END-

Well that is all for today

I will see you THURSDAY night.

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