FEB 8//GOLD UP $20.80 TO $1832.60//SILVER UP 53 CENTS TO $27.45//GOLD TONNAGE STANDING JUMPS TO 104.087 TONNES OF GOLD/SILVER STANDING JUMPS TO 9.78 MILLION OZ//CORONAVIRUS UPDATE/GLOBE/HUGE DISCOVERY IN ISRAEL OF EXOSOMES WHICH WILL NEUTRALIZE THE CYTOKINE STORM: BOTH ISRAEL AND GREECE WILL CARRY OUT BIG STUDIES ON THIS MIRACLE DRUG//BITCOIN AT 44,000 DOLLARS PER COIN//IRAN ISSUES FINAL ULTIMATUM TO BIDEN: HE FELL ASLEEP WHEN HIS ADVISORS NOTIFIED HIM OF THIS!//ANTIFA WRECKS WASHINGTON DC SATURDAY NIGHT: NOT A PEEP OUT OF THE DEMOCRATS!!//DEMOCRATS PROPOSE MORE SPENDING: $3600 PER CHILD LESS THAN 6 YRS AND $3,000 PER CHLD 6 TO 17 YEARS: THAT SHOULD TOPPLE THE DOLLAR//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1832.60 UP  $20.80   The quote is London spot price

Silver:$27.48. UP  $0.53   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1832.00  LONDON SPOT  4:30 pm

ii)SILVER:  $27.28//LONDON SPOT  4:30 pm

Editorial of The New York Sun | February 1, 2021

end

This is huge news today:

The oddest news of the day is the March, May, July, September, and December silver futures are all currently trading within a penny of each other!  Silver is in huge backwardation and deeper as we go from March to December. Silver is totally sold out everywhere.

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COMEX DATA

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

receiving today: 867/2049

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,810.900000000 USD
INTENT DATE: 02/05/2021 DELIVERY DATE: 02/09/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 666 14
118 H MACQUARIE FUT 7
132 C SG AMERICAS 10
323 H HSBC 3
332 H STANDARD CHARTE 230
435 H SCOTIA CAPITAL 9
555 H BNP PARIBAS SEC 13
624 H BOFA SECURITIES 283
657 C MORGAN STANLEY 287
661 C JP MORGAN 548
661 H JP MORGAN 319
685 C RJ OBRIEN 55
686 C STONEX FINANCIA 1 46
690 C ABN AMRO 8
709 C BARCLAYS 1326
709 H BARCLAYS 212
732 C RBC CAP MARKETS 1
800 C MAREX SPEC 1 5
880 C CITIGROUP 49
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 2,049 2,049
MONTH TO DATE: 25,248

issued  0

GOLDMAN SACHS STOPPED 5 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 2049 NOTICE(S) FOR 204,900 OZ  (6.313 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  25,248 NOTICES FOR 2,524,800 OZ  (78.531 tonnes) 

SILVER//FEB CONTRACT

18 NOTICE(S) FILED TODAY FOR 90,000  OZ/

total number of notices filed so far this month: 1624 for 8,120,000  oz

BITCOIN MORNING QUOTE  $41,785   UP 4,087 dollars

BITCOIN AFTERNOON QUOTE.:$41,531  UP 6578 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD UP $20.80  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

STRANGE!!

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 3.33 TONNES FROM THE GLD

GLD: 1,256.51 TONNES OF GOLD//

WITH SILVER UP $0.70 TODAY: AND WITH NO SILVER AROUND

WHAT ABSOLUTE GARBAGE!!

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 4.452 MILLION OZ FROM THE SLV//WHO ARE THESE IDIOTS THINKY THEY ARE FOOLING!!

INVENTORY RESTS AT:

SLV: 654.726  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 1103 CONTRACTS FROM 175,077 UP TO 176,180, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $0.70 GAIN 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 GOOD EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A HUGE GAIN IN STANDING FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 2091 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A GOOD  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  790,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  690 MAY: 100 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 790 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 A FEW OF THEM!

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

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC.

6.890 MILLION FINAL STANDING FOR JAN 2021

10.780  MILLION OZ INITIAL STANDING FOR FEB 2021

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.70) ).. 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 (1893 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUGE INCREASE STANDING IN SILVER OZ  STANDING  FOR FEB, iii) STRONG COMEX GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

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 SILVER for our spreaders!!

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

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON NOV  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

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 GOLD.  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 SILVER AS 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 NON  ACTIVE DELIVERY MONTH OF FEB. HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAR FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF FEB. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAR), 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

FEB

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

28,625 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 28,625 CONTRACTS) OR 143.125 MILLION OZ: (AVERAGE PER DAY: 4770 CONTRACTS OR 23.854 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 143.125 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 143.125. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   143.125 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1103, WITH OUR  $0.70 RISE IN SILVER PRICING AT THE COMEX ///FRIDAY.THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 790 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED AN STRONG SIZED 1893 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.70 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 790 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 1103 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.70 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.95 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW FEB.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 18 NOTICE(S) FOR 90,000 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 SURPRISINGLY FELL BY A CONSIDERABLE 7932 CONTRACTS TO 509,688 AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED DECREASE IN COMEX OI DESPITE WITH OUR HUGE GAIN IN PRICE  OF $20.10/// COMEX GOLD TRADING// FRIDAY. WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD MINIMAL LONG LIQUIDATION , IF ANY. WE HAD A GOOD GAIN IN GOLD STANDING  AT THE COMEX TO 104.089 TONNES FOR FEBRUARY..AS OUR BANKERS ORCHESTRATE ANOTHER QUEUE JUMP SEARCHING FOR METAL OVER HERE I AM PRETTY SURE THAT THE FALL IN OI IS DUE TO BANKERS RUNNING OUT OF DODGE..THEY MUST COVER THEIR SHORTFALL QUICKLY.....THIS ALL HAPPENED WITH OUR RISE IN PRICE OF $20.10!!!.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  10//

WE HAD A GOOD LOSS  OF 6,529 CONTRACTS  (20.31 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1403 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  1403  ALL OTHER MONTHS ZERO//TOTAL: 1403.  The NEW COMEX OI for the gold complex rests at 509,688. 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 GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6529CONTRACTS: 7932 CONTRACTS DECREASED AT THE COMEX AND 1403 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 6529 CONTRACTS OR 20.31 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1403) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (7932 OI): TOTAL LOSS IN THE TWO EXCHANGES:  6529 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)GOOD INCREASE STANDING   AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 104.089 TONNES3) TINY LONG LIQUIDATION IF ANY// ;4) CONSIDERABLE COMEX OI LOSS  AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//FRIDAY//$20.10!!.

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

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

FEB

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB : 22,562, CONTRACTS OR 2,256,200 oz OR 70.18 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 3760 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 70.18 TONNES

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

THUS EFP TRANSFERS REPRESENTS 70.18/3550 x 100% TONNES =1.97% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB  :  70.18 TONNES SO FAR

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 STRONG SIZED 1103 CONTRACTS FROM 175,077 UP TO 176,180 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 STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE  STANDING  FOR SILVER  AT THE COMEX FOR FEB., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 790 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 MARCH:  690 ; MAY: 100 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 790 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 1301 CONTRACTS TO THE 790 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 2091 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 10.455 MILLION  OZ, OCCURRED WITH OUR $0.70 LOSS 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

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 36.11 PTS OR 1.03%   //Hang Sang CLOSED UP 30.79 PTS LR .11%    /The Nikkei closed UP 609.31 POINTS OR 2.12%//Australia’s all ordinaires CLOSED UP 0.67%

/Chinese yuan (ONSHORE) closed UP AT 6.4551 /Oil UP TO 57.42 dollars per barrel for WTI and 60.09 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4552. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4486 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST SURPRISINGLY FELL BY BY A LARGE 7932 CONTRACTS TO 509,688 MOVING FURTHER FROM THE 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 LARGE COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $20.10 IN GOLD PRICING /FRIDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (1403 CONTRACTS).   WE  ALSO PROBABLY HAD  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2)  SOME  LONG LIQUIDATION IF ANY,  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(104.087 TONNES) (SEE BELOW) …  AS WE ENGINEERED A GOOD SIZED LOSS ON OUR TWO EXCHANGES OF 6529 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 10

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1403 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1403 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1403  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. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD 6529 TOTAL CONTRACTS  IN THAT 1403LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A LARGE SIZED  COMEX OI  OF 7,350.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (104.087 TONNES) FOLLOWING OUR STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((6.500 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $20.10)., AND WERE SOMEWHAT   SUCCESSFUL IN FLEECING SOME LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 18.497 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (104.087 TONNES)..I  STRONGLY BELIEVE THAT ALMOST ALL OF THE LOSS OF OI AT THE COMEX WAS DUE TO BANKERS “RUNNING FROM DODGE” AS STRONG LONDONERS ARE DEMANDING PHYSICAL DELIVERY WHILE OTHERS ARE CASH SETTLING.  THIS IS RATTLING THE NERVES OF OUR BANKERS.

NET LOSS ON THE TWO EXCHANGES :: 5947 CONTRACTS OR  594700 OZ OR  18.497  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:  509,688 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.92 MILLION OZ/32,150 OZ PER TONNE =  1583 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1583/2200 OR 71.99% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY:175,788 contracts// volume poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  218,778 contracts//  volume: poor //most of our traders have left for London

FEB 8 /2021

INITIAL STANDINGS FOR FEB COMEX GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
46,522.497 OZ
Malca
HSBC
incl
447 kilobars
Malca
and 1000 HSBC
Deposits to the Dealer Inventory in oz 64,237.698 oz

Brinks

1998 kilobars

Deposits to the Customer Inventory, in oz
179,962.360
Oz
Brinks
HSBC
includes 1995 kilobars HSBC
No of oz served (contracts) today
2049 notice(s)
204,900 OZ
(6.313 TONNES
No of oz to be served (notices)
8,216 contracts
821,600 oz)
25.555 TONNES
Total monthly oz gold served (contracts) so far this month
25,248 notices
2,524,800 OZ
78.531 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

Withdrawals from Dealers Inventory NIL oz

We had 1 deposit into the dealer

i) Into Brinks dealer:  64,237.698 oz
1998 kilobars
total deposit:  64,237.698  oz

total dealer withdrawals: nil oz

we had  2 deposits into the customer account

i) Into Brinks:  115,822.06
ii) Into HSBC 64,140.300 oz  (1995 kilobars)
total deposit into customer account:  179,962.360 oz

we had  2 gold withdrawals from the customer account:

i)Out of Malca: 14,371.497 oz (447 kilobars)
ii) Out of HSBC:  32,151.000 oz (1000 kilobars)

We had 4  kilobar transactions

ADJUSTMENTS:  dealer to customer hsbc

(dealer to customer)

hsbc  8979.129

The front month of FEB registered a total of 10,265 CONTRACTS FOR A LOSS OF 678 CONTRACTS.  WE

HAD 708 CONTRACTS FILED ON FRIDAY SO WE GAINED A GOOD 30 CONTRACTS OR 3,000 OZ REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS SUCH NEGATED A FIAT BONUS.  IT IS NOW OUR BANKERS TURN TO FIND BADLY NEEDED PHYSICAL. QUEUE JUMPING NOW BECOMES THE NORM AT THE GOLD COMEX AS BANKERS ARE IN URGENT NEED OF PHYSICAL METAL.

MARCH LOST 108 contracts to stand at 2364

APRIL lost 7744 contracts to stand at 394,343

We had 2049 notice(s) filed today for 204,900 oz

FOR THE FEB 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 25,248  contract(s) of which 319  notices were stopped (received) by j.P. Morgan dealer and 548 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 5 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the FEB /2021. contract month, we take the total number of notices filed so far for the month (25,248) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 10,265 CONTRACTS ) minus the number of notices served upon today (2049 x 100 oz per contract) equals 3,346,400 OZ OR 104.087 TONNESthe number of ounces standing in this  active month of FEB

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

No of notices filed so far (25,248 x 100 oz  PLUS 10,265 OI) for the front month minus the number of notices served upon today (2049} x 100 oz which equals 3,346,400 oz standing OR 104.087 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A GOOD 30 CONTRACTS OR 3000 OZ REFUSED TO MORPH INTO LONDON BASED FORWARDS AS NOW OUR BANKER FRIENDS WILL TRY THEIR LUCK TO FIND METAL ON THIS SIDE OF THE POND.  

NEW PLEDGED GOLD:  

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

121,233.331 PLEDGED  APRIL 3/2020: SCOTIA:3.7708 TONNES

290,795.495 oz  JPM  9.04 TONNES

1,048,677.37 oz pledged June 12/2020 Brinks/32.618 TONNES

94,500.934 oz Pledged August 21/regular account 2.93 tonnes JPMORGAN

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

6,308.08 oz International Delaware:  .196 tonnes

192.06 oz Malca

168,811.741 Manfra

total pledged gold:  2,191,837.332 oz                                     68.17 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 537.54 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 104.087 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,473,885.497 oz or 605.71 tonne
total weight of pledged:  2,191,837.332 oz or 68.17 tonnes
thus:
registered gold that can be used to settle upon: 17,282,048.0  (537,54 tonnes)
true registered gold  (total registered – pledged tonnes  17,282,048.0 (537.54 tonnes)
total eligible gold: 19,904,772.734 , oz (619.12 tonnes)

total registered, pledged  and eligible (customer) gold  39,378,658.378 oz 1,224.84 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1098.50 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:
END

FEB 8/2021

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/FEB

FEB. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
114,361.080
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
957.110 oz
CNT
No of oz served today (contracts)
18
CONTRACT(S)
(90,000 OZ)
No of oz to be served (notices)
509 contracts
 2,545,000 oz)
Total monthly oz silver served (contracts)  1624 contracts

8,120,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into CNT  957.110 oz

JPMorgan now has 193.906 million oz of  total silver inventory or 48.71% of all official comex silver. (193.906 million/398.061 million

total customer deposits today: 957.110    oz

we had 1 withdrawals:

i) out of CNT:114,361.080

total withdrawals 114,3611.080  oz

We had 0 adjustments:

Total dealer(registered) silver: 151.449million oz

total registered and eligible silver:  398.061 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEBRUARY saw a LOSS of 53 contracts to stand at 550. We had 94 notices filed on FRIDAY. So we gained 41 contracts or an additional 205,000 oz will stand for delivery on this side of the pond. 

MARCH LOST 5465 contracts DOWN to 111,454.April gained another 25 contracts to stand at 216

The total number of notices filed today for FEB 2021. contract month is represented by 18 contract(s) FOR 90,000 oz

To calculate the number of silver ounces that will stand for delivery in FEB we take the total number of notices filed for the month so far at  1624 x 5,000 oz = 8,120,000 oz to which we add the difference between the open interest for the front month of FEB (550) and the number of notices served upon today 18 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 1624 (notices served so far) x 5000 oz + OI for front month of FEB(550)- number of notices served upon today (18) x 5000 oz of silver standing for the Jan contract month .equals 10,780,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We gained 41 contracts or an additional 205,000 oz will stand for delivery over here.

TODAY’S ESTIMATED SILVER VOLUME :95,282 CONTRACTS // volume very good/

FOR YESTERDAY  123,863  ,CONFIRMED VOLUME//high 

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 -0.64% ((FEB 8/2021)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -1.06% to NAV:   (FEB 8/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/0.64%(FEB 8/2021)

(courtesy Sprott/GATA

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

NAV 19.72 TRADING 19.17///NEGATIVE 2.85

END

And now the Gold inventory at the GLD/this vehicle is a fraud as there is no gold behind them!

FEB 8/WITH GOLD UP $20.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.33 TONNES FROM THE GLD//INVENTORY RESTS AT 1156.51 TONNES

FEB 5/WITH GOLD UP $20.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1159.84 TONNES

FEB 4/WITH GOLD DOWN $42.05 TODAY: STRANGE: HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.34 TONNES ADDED INTO THE GLD///INVENTORY RESTS AT 1159.84 TONNES

FEB 3/WITH GOLD DOWN 20 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1157.50 TONNES

FEB 2/WITH GOLD DOWN $27.60 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL OF 2.63 TONNES FROM THE GLD//.INVENTORY RESTS AT 1157.50 TONNES

FEB 1/WITH GOLD UP $12.45 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1160.13 TONNES

JAN 29/WITH GOLD UP $9.65 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL  OF 4.37 TONNES FROM THE GLD//INVENTORY RESTS AT 1164.80 TONNES

JAN 28/WITH GOLD DOWN $6.90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.71 TONNES LEAVES THE GLD////INVENTORY RESTS AT 1169.17 TONNES

JANUARY 27/WITH GOLD DOWN $9.85 TODAY; A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF .87 TONNES FROM THE GLD///INVENTORY RESTS 1172.38 TONNES

JAN 26/WITH GOLD DOWN $4.15 TODAY:NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1173.25 TONNES

JAN 25.WITH GOLD DOWN 20 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1173.25 TONNES

JAN 22/WITH GOLD DOWN (9.50 TODAY:A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF .88 TONNES FROM THE GLD//NVENTORY RESTS AT 1173.25 TONNES

JAN 21/WITH GOLD DOWN $0.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: ////INVENTORY RESTS AT 1174.13 TONNES

JAN 20/WITH GOLD UP $25.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.5 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 1174.13 TONNES

JAN 19/WITH GOLD UP $10.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 16.63 TONNES INTO GLD////INVENTORY RESTS AT 1177.63 TONNES

JAN 15/WITH GOLD DOWN $22.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 10.21 TONNES FROM THE GLD///INVENTORY RESTS AT 1161.00 TONNES

JAN 14.WITH GOLD DOWN $2.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 10.50 TONNES FROM THE GLD.//INVENTORY RESTS AT 1171.21 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

FEB 8 / GLD INVENTORY 1156.51 tonnes

LAST;  995 TRADING DAYS:   +221.78 TONNES HAVE BEEN ADDED THE GLD

LAST 895 TRADING DAYS// +  390.01TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory/this vehicle is a fraud as there is no physical metal behind them!

FEB 8/WITH SILVER UP $0.53 TODAY: A HUGE PAPER WITHDRAWAL OF 4.451 MILLION OZ FROM THE SLV// //INVENTORY RESTS AT 654.726 MILLION OZ//

FEB 5/WITH SILVER UP 70 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 659.278 MILLION OZ

FEB 4/WITH SILVER DOWN 0.54 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 10.079 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 659.278 MILLION OZ//

FEB 3/WITH SILVER UP 38 CENTS TODAY: A MIND NUMBING: 56.784 MILION OZ “DEPOSIT” INTO THE SLV at 3 pm AND A WITHDRAWAL OF 7.99 MILLION OZ FROM THE SLV AT 5 PM//WITH THESE CHANGES IN SILVER INVENTORY AT THE SLV INVENTORY RESTS AT 669.357 MILLION OZ//

FEB2//WITH SILVER DOWN  $2.81 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: AN UNBELEIVABLE DEPOSIT OF 18.627 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 620.563 MILLION OZ//

FEB 1/WITH SILVER UP $2.56 TODAY: A FAIRY TALE DEPOSIT OF 34.419 MILLION OZ INTO  SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 601.936 MILLION OZ//

JAN 29/WITH SILVER UP 58 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.366 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 567.517 MILLION OZ//

JAN 28/WITH SILVER UP 44 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.393 MILLION OZ//INVENTORY RESTS AT 571.883 MILLION OZ/

JAN 27/ WITH SILVER DOWN 10CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.: A XXXWITHDRAWAL OF 3.022 MILLION OZ OF IMAGINARY SILVER// INVENTORY RESTS AT 573.277 MILLION OZ/

JAN 26/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.299 MILLION OZ///

JAN 25/WITH SILVER DOWN 5 CENTS A HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 2.044 MILLION XXXXOZ INTO THE SLV// INVENTORY RESTS AT 576.299 MILLION OZ./.

XXXXXXXXXXXXXX
FEB 8/2021

SLV INVENTORY RESTS TONIGHT AT

654.726 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Robert Lambourne comments that BIS executives may be going after Bitcoin.

(Robert Lambourne)

Robert Lambourne: BIS executive’s speech hints central banking will attack bitcoin soon

 Section: 

By Robert Lambourne
Friday, February 5, 2021

It always amuses me when somebody makes a set of arguments to justify his predetermined position. That’s the case with the address given last week to the Hoover Institution by Agustín Carstens, general manager of the Bank for International Settlements in Basel, Switzerland. It was titled “Digital Currencies and the Future of the Monetary System”:

https://www.bis.org/speeches/sp210127.pdf

The speech shows that the central banker simply wants to stop any form of money that is not controlled or issued by central banks

Nowhere in this speech does Carstens address a big feature of the cryptocurrencies now circulating worldwide — a limit to the units that can be issued — other than to comment on the electricity use required to mine new bitcoins.

I cannot see why any sensible holder of bitcoin — anyone who has some understanding of the value it gains from its scarcity — is going to be attracted to a central bank digital currency that presumably has no limit on the amount that can be issued.

Carstens’ speech has some strange remarks about citizen privacy and how expectations differ around the world. A strict reading of the speech implies that some loss of privacy is to be expected as central banks move to try to take over the digital currency field. Again, this is hardly an inducement to exit bitcoin and hold a central bank digital currency instead.

It seems that the BIS wants to stop or severely limit the use of bitcoin and the other cryptocurrencies. Is it possible that relatively soon a structured attack on bitcoin’s value will be made, perhaps timed to coincide with a big story about some kind of fraud, to frighten people away from bitcoin? After such an event it might be much easier to pass legislation to prohibit private digital currencies.

So it seems prudent to keep clear of cryptocurrencies from now on.

Indeed, maybe bitcoin is being allowed to outperform the monetary metals lately so it to draws money before the attack.

The gold price is a little above $1,800 today, down substantially from recent days, even as bitcoin has been soaring lately, today being priced around $37,000. This anomaly is very suspicious in markets that almost magically seem to do what the monetary authorities want despite such extreme economic and fiscal policies, policies that even 10 years ago would have been seen as warnings of hyperinflation or some kind of government debt default.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

end

Biden withdraws Judy Shelton’s nomination for the Fed board

(Reuters)

Biden withdraws Judy Shelton’s nomination for Fed board

 Section: 

By Andrea Shalal
Reuters
Friday, February 5, 2021

WASHINGTON — President Joe Biden on Thursday withdrew from consideration Donald Trump’s contentious nomination of Judy Shelton to fill a vacant seat at the Federal Reserve.

Trump had hoped to secure Shelton’s confirmation before leaving office, but her nomination stalled after the Republican-controlled Senate failed to muster the required votes to move her nomination ahead in the confirmation process.

Trump had re-nominated Shelton and over 30 other individuals for key judgeships and other posts in early January. …

… For the remainder of the report:

https://www.reuters.com/article/idUSL1N2KA3EW

end

The French newsletter Agora notes GATA”s work exposing gold price suppression

(Agora/GATA)

Agora’s French newsletter notes GATA’s work exposing gold price suppression

 Section: 

3:37p ET Sunday, February 7, 2021

Dear Friend of GATA and Gold:

French journalist Edouard Freval takes note of GATA’s work in a report this month for Agora Publications’ French newsletter, La Chronique Agora.

Freval writes (thanks to Google translator): “These sudden changes in the price of paper gold could give credence to the thesis of the Gold Anti-Trust Action Committee, an American association that has been claiming for more than 20 years that surreptitious interventions are carried out in the market by the guardians of the dollar, in order to discourage hoarding in gold
Whether deliberate or not, the official listing of the precious metal is in fact largely determined by a few large banks.

“On the one hand, we find those who are members of the London Bullion Market Association in London, an organization that sets the price twice a day. On the other hand, there are the large financial institutions on Wall Street, which are known to intervene massively in the New York futures market on behalf of state and commercial clients or on own account.

“Last November one of them, JPMorgan, also paid a fine of nearly a billion dollars to close a judicial investigation into major manipulations carried out on the precious metals and U.S. Treasury bonds market.

“This very centralized quotation of paper gold does not always follow that of physical gold. …”

Freval also notes that a bitcoin futures market seems to have been created precisely to help government control the cryptocurrency’s price.

Freval’s analysis is headlined “Gold / Bitcoin: Digital Advantage” and it’s posted at La Chronique Agora here:

https://la-chronique-agora.com/or-bitcoin-avantage-numerique/

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

END

Join GATA at Gold Week Africa conference Feb. 15-18

 Section: 

3:25p ET Sunday, February 7, 2021

Dear Friend of GATA and Gold:

Despite trying for almost as long as we have been in business and holding a conference there, GATA has failed to generate much interest among government officials, mining companies, investment houses, and labor organizations in South Africa, which used to be the world’s leading gold producer.

It long has seemed to your secretary/treasurer that South African government officials are less interested in advancing the prosperity of their country than they are in serving its former colonial masters and then retiring to Mayfair in London.

But for about a decade now west African countries altogether have been producing more gold than South Africa and thus are even more exploited by the gold price suppression policies and practices of the developed countries and their central banks. So your secretary/treasurer has been delighted to accept an invitation to speak at this month’s Gold Week Africa conference, to be based in Lagos, Nigeria, and held via the internet Monday through Thursday, February 15-18.

Conference speakers and participants will include government officials, mining company executives, investors, business people, market analysts, and representatives of civil society organizations. Among them will be GATA’s old friend Chris Marcus of Arcadia Economics.

Participation in the conference is free upon registration.

For more information about the conference and to register, please visit:

https://www.goldwestafrica.com/gold-week-africa

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

end

iii) Other physical stories:

Steve Brown..

Why the Fed Loves Bitcoin (pt 2)

Steve Brown

There is no doubt that bitcoin is gamed and manipulated just like the online gamers who exchange fiat for it, but that’s not the subject of this paper. This is about the Fed. The Fed is concerned with inflation – not boosting inflation like the Fed says* (because they know inflation is here whether the CPI calculates it or not) but in preventing inflation from destroying the US currency. The Federal Reserve issues (creates) currency for its own needs and for the Treasury to pay its bills, paying interest on the public debt, keeping insolvent primary dealer banks afloat, wars and weaponry, enriching its own, pointless central governmental expansion, entitlements, etc etc… the list goes on and on. That’s first and foremost and – for the Fed/Treasury – hopefully last. Ultimately, no matter what Kamala Harris states, the Fed/Treasury does not want inflationary dollars getting into punter’s pockets. Because when trillions of US dollars end up in the hands of the Great Unwashed, they could destroy not only the ‘economy’ but also any vestige of capitalism remaining where capitalism is the most efficient use of resources.

Meanwhile there’s trouble ahead aplenty for the prevailing system, whether it’s a minor annoyance like the Wallstreetbets scam, or major, like the Federal Reserve playing stocks and owning the bond market, or people refusing to work via ‘stimulus’ unemployment payments; and the Fed/Treasury know that too. That’s where bitcoin is convenient, because bitcoin is a dollar derivative** that the Fed/Treasury loves, and here’s why.

  • Bitcoin is not a store of value, it is a store of inflationary currency.
  • Impact to bitcoin’s dollar derivative involves NO Fed/Treasury counter-party risk, no recourse for the impacted, no “shareholder lawsuits” or economic threats.
  • The Fed/Treasury may impact or extinguish bitcoin inflationary derivative dollars at will whenever it chooses, with no need to impact distributed blockchain technology at its core.
  • The beneficial result to the dollar with regard to extinguishing portions of the bitcoin derivative without ending bitcoin’s derivative mechanism, will continually be useful for many years to come.
  • The Fed/Treasury can blow up inflationary dollars in bitcoin instead of on the battlefield.
  • For the Fed/Treasury bitcoin is the ultimate golden goose, but the Fed must be cautious not to kill it.

Here’s how the Fed/Treasury will play this game. Bitcoin is manipulated to a particular level, then the Fed/Treasury will make some statement, or has a lackey file a lawsuit. One example already exists, that of tether. Tether has a rather dubious background and is “backed” by a somewhat suspect bank in the Bahamas. Tether is a major trading derivative of bitcoin with a lawsuit underway, where the defendants have been been granted a continuance. Tether may be the first point of attack for the Fed/Treasury, which could impact bitcoin’s fiat price by as much as one-half or more if the outcome is unfavorable for tether.

In other words, should the US Treasury take serious action versus tether, bitcoin’s price could drop by as much as one-half but such action will not see the end of bitcoin. After all, bitcoin is too useful to the Fed/Treasury, and attacking bitcoin at it’s source would require the NSA to reveal its alleged backdoor into SHA-256 cryptography. Bottom line, were the Fed to take serious action against Deltec and tether, the Fed might assist in removing perhaps $350Bn (one-half present bitcoin market cap) from the system by such action affecting its price, with zero recourse to affected speculators, while still allowing bitcoin to exist as a convenient stash for inflationary capital.

In summary, bitcoin is essentially an effective means for the Fed/Treasury to sterilize inflationary capital, where the Fed/treasury must extinguish portions of that capital without blowing up bitcoin. The Bank of International Settlements (BIS) recently made statements about bitcoin, stating that bitcoin is not a real currency (bitcoin can only transact seven times per second) and bitcoin should be seen as a community of online gamers, being the basis upon which bitcoin was founded and still operates, especially now that Wall Street is involved. That the most crooked Fed/Treasury actor beside the Fed’s private banks and Treasury itself — the Bank of International Settlements — is warning about bitcoin is ironic to the extreme, since the BIS mercilessly manipulates gold and silver markets along with the LBMA on behalf of the Fed/Treasury. But ah yes… the BIS has their own scam to run: support for the US dollar.

Significantly, the same BIS remarks invoke an environmental statement about bitcoin which is very telling. Carsten of the BIS states, “A sad side effect is that the (bitcoin) system uses more electricity than all of Switzerland.” Despite Carsten’s remarks on majority attacks and systemic issues with stablecoin components, the BIS’s allusion to environmental impact should be a major red flag to all who see bitcoin achieving some astronomical valuation. Being the point. To extinguish inflationary capital, the Fed/Treasury and its lackeys can target bitcoin with statements, lawsuits versus stablecoins, or environmental action, without impact to bitcoin’s underlying blockchain technology or ending bitcoin. And what can bitcoin speculators do about those detrimental statements or actions and the resultant impact to bitcoin? Precisely nothing. To the Fed/Treasury, that’s the beauty of bitcoin. Attack it and extinguish inflationary capital but then let it survive. Rinse and repeat. Just wait and see.

There is an even bigger picture. Recall that the US dollar is a derivative, it is a derivative of trust in US government, that the US government will pay its bills. Should bitcoin’s capitalization as a derivative ever reach astronomic levels, as Max Keiser shills for, that equation will spell trouble for the dollar US which is simply a matter of mathematics. Where we disagree is that bitcoin will ever be allowed to reach those astronomic levels. And the position of many is that it will not. Due to the shady gamer structure imposed on it, bitcoin will always be volatile and unstable, and only a speculative asset that major central banks wish to avoid.

*excellent ruse used by the Capturing Class for years: say the opposite of what’s true then operate as if it is true.
** Bitcoin evangelists like @maxkeiser and @tyler are lying when they say bitcoin will challenge the dollar for economic hegemonic supremacy

William Middelkoop…
a must view…

end

Commodities are soaring 25% even though headline inflation is now almost 4% rise/yr

(zerohedge)

Commodities Are Soaring 25%: That’s Consistent With Headline Inflation Of Almost 4%

SATURDAY, FEB 06, 2021 – 20:00

Crescat’s Tavi Costa points out something remarkable which many may have missed amid the short squeeze and “growth” stock frenzy: oil, that “value” age relic, has had its best YTD performance in 30 years. As Costa puts it “commodities are leading the way and the inflationary thesis keeps building up (incidentally none of this is lost on those long XOM which is not only the most levered – for better or worse – way to bet on rising oil prices but pays a generous 7%+ dividend while waiting for Warren Buffett to announce that he has amassed a 10% stake).

In any case, those following the reflation theme better pay attention, because with crude oil prices joining their commodity cousins in repairing the pandemic damage, inflation rumblings are getting a little louder which means that the day central banks may be forced to tighten financial conditions (perish the thought) is nearing once again.

Of course, with every major developed economy still printing headline and core inflation below 2%, this is not today’s problem, but there is a reason for that: metrics such as CPI and PCE are politically convenient measures that strip away virtually all basket components whose prices are surging to give central banks leeway to pursue politically acceptable policies of reflating all assets (until the bubble bursts, but by then that will be some other politician’s problem).

Still, as BMO’s Doug Porter shows, the year-over-year rise in a basket of commodity prices (and they mostly all show a similar pattern) is now a bit above 25%. This is a problem because in the past 20 years, that’s been consistent with headline inflation of just under 4%..or rather, it would be a problem if government headline inflation data actually reflected the reality of prices.

That said, Porter notes some caveats and cautions that some of the biggest misses (where commodities popped and inflation didn’t) were immediately after recessions. That’s because there is still so much slack in the economy that cost increases don’t get fully passed along. (Note especially 2010/11.)

Still, as the BMO strategist concludes, “barring a fast fall in resource prices, it looks like the days of sub-1% inflation are rapidly drawing to a close.

end

J Johnaon’a Commodity Report

https://www.jsmineset.com/2021/02/08/comex-and-the-retail/

Comex And The Retail!

Posted February 8th, 2021 at 8:31 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

     We start our week off in the positive with Gold trading at $1,821.60, up $8.50 from Friday’s close with a low at $1,807.30 and the high nearby at $1,825. Silver is up as well with its trade at $27.25, a gain of 23.6 cents after dipping down to $26.93 with the high at $27.40. The US Dollar now shows a value peg at 91.18, up 14.8 points and close to the high at 91.21 with the low at 90.96, after Friday’s 48.8-point correction. Of course, all this happened before Comex opened, London closed, and after watching Mike Lindell’s “Absolute Proof Documentary” on Rumble a few times, instead of watching anything else, because this last election’s bean-counters are doing very questionable things, to say the least. Do a google search on the title and see what the “Big Wrek” is doing by removing this video from the services they control; it helps prove they are removing content.

      Venezuelan’s who bought Gold late last week are now seeing a 193.76 Bolivar gain from Friday’s early morning post with the last buy at 18,193.23, with Silver buyers now seeing a 272.16 Bolivar price for an ounce, showing a 6.99 gain. Argentina’s Peso price for Gold is also proving a gain of 1,736.59 with its last trade at 160,171.45 Peso’s with Silver’s last purchase price at 2,395.99, showing a 62.09 A-Peso gain. Turkey’s Lira price for Gold gained 231.92 with today’s last buy at 12,964.24 Lira with Silver buyers having to pay an additional 6.37 T-Lira for an ounce with its last trade at 193.94.

      February Silver’s Delivery Demands now shows a post of 550 fully paid for contracts and with a Volume of 2 up on the board with a single price at $27.28, a gain of 26.6 cents from Friday’s close. Last week’s final day of delivery activity happened in between $26.805 and $26.43 with the closing price at $27.014, where no trade was made, a gain of 79.1 cents that had a total of 58 new buys that helped reduce the demand count by 53 contracts that may have received receipts. Silver’s Overall Open Interest is showing a slight reduction of 201 paper contracts that left the field of play leaving a total of 175,078 contracts to trade against what’s left in physicals.

      February Gold’s Delivery Demands, is now showing 10,265 fully paid for contracts waiting for receipts with a Volume of 121 already up on the board with a trading range between $1,818.90 and $1,809 with the last swap at $1,817.40, up $6.50, so far today. Friday’s delivery trades happened in between $1,813.50 and $1,790.90 with the closing price at $1,810.90, a gain of $22 from Thursday’s Comex close that had a total of 1,278 new swaps, that helped reduce the demands by 678 contracts that got receipts, maybe. Gold’s Overall Open Interest shows a loss of 816 short contracts giving us an early morning total of 517,620 Overnighters willing to go against what’s left inside all the Comex warehouses, proving most of the activity happened inside the delivery contract.

      The US Supreme Court is finally scheduling Pennsylvania’s election fraud case, along with Sidney Powell’s Michigan case, and Lin Wood’s Georgia Case on Feb 19th. One of Michigan’s issues is now being fixed, as its Secretary of State – Jocelyn Benson, announces that she intends to remove almost 200,000 names from the registered voter list before the case gets to the SCOTUS and after they counted the vote. Arizona is also doing a full forensic audit to expose the Dominion Frauds and Georgia state, seems to have gone absolutely silent.

      While the political drama takes over the airwaves, we still have an extreme shortage of physical Silver at the retail level. The spread between Comex and the consumer level is huge. Those that buy 5 – one-thousand-ounce bars from Comex, and have their purchases sent to smelters to produce 1-ounce rounds, are making a killing. Let us not forget the US Mints admittance that they cannot keep up with the demands and the fact that Cendomex has increased the smelters they buy from.

      Remember to enjoy all Mondays, we spend approximately 1/7th of our lives in it, so make it a happy one! Hang on tight to the real, get more if you can, and keep it in hand. We may be in for one hell of a move as we move closer and closer to proving how empty Comex really is. As always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

This is big:  sleeping giant has awoken: If they continue on this pace for 2021, China will bring in 1900 tonnes of gold.  The world produces net of China :  2200 tonnes. You also must remember that India is also importing a massive amount of gold in December at 150 tonnes or so.  They normally are bringing in 30 tonnes. Gold is basically sold out everywhere!

Huge story!!

LAWRIE WILLIAMS: Global gold demand picking up nicely

After a Covid-19 pandemic-affected year when gold demand was adversely impacted by the global economic downturn, there is at least some positive news on gold demand beginning to filter in. The latest gold withdrawal figures for January this year from the Shanghai Gold Exchange (SGE), for example, show a very substantial year-on-year increase over those for the same month a year earlier – up just under 44% at 159.49 tonnes. This is still well below the 2019 January gold withdrawal level though, but the positive trend that now seems to be emerging from the world’s largest gold consuming nation has to be an encouraging sign and suggests that gold consumption there is definitely on the up after a very disappointing 2020. In that year Chinese gold demand as indicated by the SGE withdrawals figure, fell to a seven year low of only a little over 1,200 tonnes – less than half that recorded in the 2015 peak year for the nation’s gold demand..

Table: SGE Monthly Gold Withdrawals 2019-2021 (Tonnes) Source: Shanghai Gold Exchange. *Months incorporating Golden Week holidays when SGE closed ** Cumulative totals as reported by SGE Obviously it is still too early to tell how much Chinese demand might increase over the full year, but this is now the sixth month in a row that withdrawals have been higher than the same month a year earlier and the January figure was the highest percentage year-on-year monthly increase recorded over this period. These are both factors which should be considered as definitely positive news.

But China is not the only gold consuming nation where gold demand appears to be rising. Recently the World Gold Council (WGC) announced that it expected that India – the world’s second largest gold consumer after China – was likely to see a rebound in gold consumption following its fall in 2020 to its lowest officially recorded level in 26 years with the resurrection of pent-up demand due to higher economic growth despite the ravages of the coronavirus pandemic.

Indian gold demand growth will also likely be boosted by a good post-monsoon harvest given the agricultural sector has traditionally seen strong gold purchases in good years.

India’s officially recorded gold and silver demand will also likely be boosted by the recent government decision to reduce import taxes by 5% on the two metals to benefit the nation’s huge jewellery fabrication industry and to cut precious metals smuggling.

In the West, the past year has also seen enormous inflows into gold and silver ETFs, and while this slowed down substantially towards the end of 2020, it has since turned positive again – particularly in the case of silver.

Central bank gold buying also slowed down in 2020 with the two biggest buying nations – Russia and China – both withdrawing from official purchasing activity. However there are already indications that central bank purchases in the current year may be on the rise again, although any such increase will likely be small given there is as yet no indication of either Russia or China returning to building their gold reserves.

08 Feb 2021 –

END-

Silver is also basically sold  out!

(courtesy Ronan Manly)

(GAGTA) Ronan Manly: Not much silver left in London to fulfill new net purchases

Submitted by cpowell on 05:54PM ET Monday, February 8, 2021. Section: Daily Dispatches

12:50p ET Monday, February 8, 2021

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly today examines the 14 major silver-backed exchange-traded funds and concludes that they claim most of the metal reported to be vaulted in London and that little metal, about 3,000 tonnes, remains available for new net purchases.

Manly concludes: “Let’s not forget all the unallocated silver positions that are outstanding that are claims against the bullion banks for silver they have not got. Anyone with deep enough pockets could now cause a serious run on the remaining available silver stored in London that is not currently attributed to the above ETFs.”

His painstaking analysis is headlined “Houston, We Have a Problem: 85% of Silver in London Is Already Held by ETFs” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/houston- we-have-a-problem-85-of-silver-in-london-already-held-by- etfs/

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

https://finviz.com/futures_charts.ashx?t=SI

https://finviz.com/futures_charts.ashx?t=GC

GATA BE IN IT TO WIN IT!

end

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5551 /

//OFFSHORE YUAN:  6.4486   /shanghai bourse CLOSED UP 36.11 PTS OR 1.03%

HANG SANG CLOSED UP 30.79 PTS OR .11%

2. Nikkei closed UP 609.31 POINTS OR 2.12%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 91.21/Euro FALLS TO 1.2026

3b Japan 10 year bond yield: RISES TO. +.07/ !!!!(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:: 57.42 and Brent:60.09

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.43%/Italian 10 yr bond yield DOWN to 0.51% /SPAIN 10 YR BOND YIELD UP TO 0.13%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.94: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.67

3k Gold at $1824.25 silver at: 27.07   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 26/100 in roubles/dollar) 74.39

3m oil into the 57 dollar handle for WTI and 60 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 105.56 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 .9011 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0838 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.43%

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 1.184% early this morning. Thirty year rate at 1.981%

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

6.  TURKISH LIRA:  UP  TO 7.10..

Futures Hit New Record High As 30Y Rises Above 2%, Oil Tops $60

MONDAY, FEB 08, 2021 – 7:58

World stock hit a record high as did Emini S&P equity futures, which topped 3,900 on Monday, while the 30Y TSY hit 2.00% and Brent surpassed $60 a barrel for the first time since January amid a wholesale rush in reflation trades on hopes that a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month after Janet Yellen pushed for rapid stimulus and coronavirus infections slowed across the globe. Gold, bitcoin and dollar all rose as well amid a “buy everything” wave.

MSCI’s index of world stocks hit its ninth record high of 2021 overnight as Tokyo’s Nikkei jumped on talk of Japan relaxing emergency restrictions and as China’s markets got busy before the start of the lunar new year. Investors chased risk assets, comforted by the continued rollout of vaccines and data showing a collapse in new hospitalizations and infections in countries like the U.S. Optimism was boosted after Treasury Secretary Yellen said on Sunday that the U.S. could return to full employment in 2022 if it enacts a robust enough relief package.

“That’s a big call, given full employment is 4.1%, but one that will sit well with the market at a time when the vaccination program is being rolled out efficiently in a number of countries,” said Chris Weston, Melbourne-based chief strategist at Pepperstone.

On Friday, Joe Biden and his Democratic allies in Congress forged ahead with their stimulus plan on Friday as lawmakers approved a budget outline that will allow them to muscle through in the coming weeks without Republican support. Weaker-than-forecast U.S. jobs data Friday reinforced economic risks as the pandemic lingers, but also highlighted the case for further stimulus.

Even news that South Africa had halted the rollout of AstraZeneca’s vaccine after a study showed it gave only limited protection against the country’s more contagious variant of the virus wasn’t going to put equity markets off.

“The vaccine roll-out programs certainly suggest that the reflation trade has legs but central banks seem to want to ensure that expectations are kept in check,” Jane Foley, head of foreign exchange strategy at Rabobank, said on Bloomberg TV. “This suggests a choppy ride” even though UniCredit analysts said that “A generalised risk-on tone is pushing stocks higher.”

Meanwhile, the Citigroup index of global risk aversion dropped to its lowest since the pandemic first roiled markets last year.

Europe made a strong start with Italian equities outperforming regional peers as Mario Draghi is on track to form a new national government. Higher oil prices and inflation expectations lifted basic resource and banking shares, and France’s Veolia launched a hostile 11.3 billion-euro takeover bid for waste and water rival Suez. Semiconductor shares also jumped after Dialog Semiconductor agreed to be acquired by Renesas Electronics Corp, send its shares soaring. The Stoxx Europe 600 rose 0.5%; with some of the the biggest European movers listed below:

  • Dialog Semi shares jump as much as 18% after the Apple supplier agreed to the terms of a EU67.50/share offer from Renesas Electronics. Analysts praised the strategic rationale of the transaction, noting that the two companies are already involved in a partnership, with Oddo saying that the deal multiple is “acceptable.”
  • Shares in 1&1 Drillisch rise as much as 8%, their biggest intraday jump since March 2020, on an improved roaming offer from Telefonica Deutschland following an EU Commission ruling.
  • Schaeffler gains as much as 8.5% to highest intraday level since June 10 after Automobilwoche newspaper cites the head of the company’s auto technology business as boosting annual orders forecast tied to e-mobility starting in 2022.
  • Shares of Assa Abloy rise as much as 4.9%, most since Jan. 7, after both Nordea and Societe Generale said it’s time to buy the stock.

Earlier in the session, Asian stocks climbed, extending gains after their best week since November. The MSCI Asia Pacific Index rose 0.7%, as Japanese shares led the rally amid reports the government may lift its state of emergency early for some areas, while Chinese blue-chip shares advanced 1.3% and Australian shares finished 0.6% higher. The Topix jumped 1.8% to its highest close since 1991, with SoftBank Group contributing most to the gains. The shares closed up 4.5% as the group reported a record profit in its Vision Fund. The Nikkei 225 index climbed more than 2% to top the 29,000 mark for the first time since 1990. Meanwhile, South Korea’s Kospi fell 0.9%, dragged down by Hyundai Motor companies after they said they weren’t holding any discussions with Apple on developing self-driving cars. Vietnam’s stock gauge plunged and was the biggest loser in Asia amid concerns over new local coronavirus cases. Hong Kong stocks pared gains to end the day up just 0.1%, ahead of a closure from Tuesday of trading links that mainland traders use to buy domestic stocks. The links will be halted through Feb. 17 due to the Lunar New Year holiday. After trading hours, Hong Kong’s market regulator proposed to tighten rules for brokerages handling stock and bond sales to clamp down on inflated orders

“Appetite for risk is not showing any signs of ebbing away,” said Hussein Sayed, the chief markets strategist at FXTM. “Slowing coronavirus infections, continued rollout of vaccines, and anticipation of President Biden’s $1.9 trillion rescue package is keeping the bull market well and truly alive.”

In FX, the Bloomberg Dollar Spot Index edged up, after its biggest drop in more than three weeks Friday, and the greenback was higher against all of its Group-of-10 peers.  Commodity currencies performed well, with Norway’s krone gaining against the euro as oil in London advanced above $60 a barrel for the first time in more than a year. The pound edged lower while gilts slumped; attention turned to a speech by Bank of England Governor Andrew Bailey later. The yen resumed its slump and neared a 4-month low versus the greenback.

Expectations of a U.S. economic recovery have not boosted the dollar, though, “because this shift in prospects is seen by the market as part of a global recovery,” Westpac economists wrote in a note. “Investors therefore favor risk taking, and so value the safety of the U.S. dollar less.” Indeed, the dollar came off a four-month high against the Japanese yen to be last at 105.50. The euro was weaker at $1.2027 after rising 0.7% on Friday to a one-week high. The risk-sensitive Australian dollar eased from a one-week high to $0.7675 while South Africa’s rand fell nearly 0.5% after its vaccine troubles.

In rates, 10-year Treasury yields climbed to 1.2%, their highest since the peak of coronavirus uncertainty last March. Break-even rates, which are designed to account for inflation, traded as high as 2.21%, their highest since 2014. Yields on the 30-year U.S. benchmark bond topped 2% for the first time in close to a year, fueled by advancing talks on U.S. fiscal stimulus and rising expectations for inflation.

In Europe, Germany’s 10-year yields were up 3 basis points at -0.415%, near five-month highs.

“It will be hard not to see inflation in something when we get what is likely to be a short-term stimulus boost,” Deutsche Bank’s Jim Reid said, referring to planned U.S. stimulus. “Whether that will be in goods, wages or asset prices or all three remains to be seen, but it seems inevitable there will be an impact.”

In commodities, Bitcoin soared on news that Tesla had bought $1.5BN in bitcoin, while Brent crude touched an intraday high of $60.06 a barrel, the highest since January last year.  Saudi Arabia’s pledge of extra supply cuts in February and March on the back of reductions by other OPEC members its allies, including Russia, is helping to balance global markets and support prices.

In a sign that supplies are tightening, the six-month Brent spread hit its highest in more than year, $2.45. OCBC’s economist Howie Lee said the Saudis had sent another “very bullish signal” last week by keeping its Asian prices unchanged. “I don’t think anybody dares to short the market when Saudi is like this,” he said.

Looking at today’s session, it’s a quiet day as usually happens the day after payrolls, with Global Payments, Chegg and KKR are among companies reporting earnings. The Senate begins Donald Trump’s second impeachment trial.  ECB’s Lagarde and Villeroy and Fed’s Mester speak

Market Snapshot

  • S&P 500 futures up 0.3% to 3,890.25
  • SXXP Index up 0.4%
  • MXAP up 0.7% to 214.35
  • MXAPJ up 0.3% to 719.43
  • Nikkei up 2.1% to 29,388.50
  • Topix up 1.7% to 1,923.95
  • Hang Seng Index up 0.1% to 29,319.47
  • Shanghai Composite up 1.0% to 3,532.45
  • Sensex up 1.1% to 51,314.88
  • Australia S&P/ASX 200 up 0.6% to 6,880.68
  • Kospi down 0.9% to 3,091.24
  • Brent futures up 1.2% to $60.05/bbl
  • Gold spot little changed at $1,813.15
  • U.S. Dollar Index up 0.2% to 91.18
  • German 10Y yield up 2 bps to -0.425%
  • Euro down 0.1% to $1.2028

Top Overnight News From Bloomberg

  • The pace of U.S. inflation implied by the bond market has accelerated to the fastest since 2014, as crude oil prices rallied along with rising expectations for an economic recovery
  • A number of prominent economists and former policy makers — from Democrat Lawrence Summers to Republican Douglas Holtz-Eakin — have raised questions in the past week about the size of the U.S. economic relief package. So too have some economy watchers in the financial markets
  • German industrial production failed to grow for the first time in eight months in December, adding to signs that the economy is being weakened by the second wave of the coronavirus pandemic. Output stagnated at the end of last year as gains in manufacturing were offset by weaker construction. Economists had expected a 0.3% gain
  • Mario Draghi is on track to form a new Italian government after the former head of the European Central Bank won initial backing of some of the biggest parties
  • Taiwan penalized Deutsche Bank AG, ING Groep NV, Australia & New Zealand Banking Group Ltd. and Citigroup Inc. after a probe into speculation on the surging local currency last year involving grain companies

A look at global markets courtesy of NewSquawk

Asian equity markets were mostly higher and US equity futures resumed last Friday’s advances on Wall St where the S&P 500 and Nasdaq extended on record levels on stimulus momentum and despite the slight miss in NFP jobs data. ASX 200 (+0.6%) was lifted from the open in which the mining sector spearheaded the gains after recent reprieve in metal prices and as M&A news also contributed to the risk mood after Macquarie Infrastructure made an approach for Vocus Communications which boosted the latter’s shares by around 15%. Nikkei 225 (+2.1%) surged with upside exacerbated after the index broke through the 29,000 level for the first time since 1990 with a deluge of earnings results and corporate updates in focus including SoftBank which announced total dividend from SoftBank Group Capital Limited of USD 4bln. There were also reports that Japan is mulling lifting the state of emergency in some areas amid an incoming law that would permit fines for those in violation of social distancing rules, while KOSPI (-0.9%) severely lagged with heavy losses in Hyundai Motor and Kia Motors after the automakers stated there was no ongoing cooperation talks with Apple regarding electric vehicles. Hang Seng (+0.1%) and Shanghai Comp. (+1%) conformed to the positive tone in the region but with upside limited after the PBoC continued with its reserved liquidity efforts heading into this week’s Lunar New Year holidays and opted for a net CNY 10bln injection through 7-day reverse repos although it did conduct CNY 50bln of 14-day reverse repo operations on Sunday, while large tech names were tentative after China issued new anti-monopoly rules targeting its tech giants. Finally, 10yr JGBs were weaker amid a surge in Japanese stocks with the Nikkei 225 at its highest in over 3 decades, while the subdued mood for bonds also coincided with weaker demand at the 10yr inflation-indexed JGB auction and downside in USTs which lifted the US 30yr yield towards 2.00% and the US 10yr yield to its highest since March.

Top Asian News

  • Asian Stocks Climb as Topix Surges to Highest in Three Decades
  • China Set to Unload Some Stranded Australian Coal Amid Ban
  • Largest Saudi Chain of Dental Clinics Is Said to Explore Sale
  • Turkish Energy Firm Weighs Partners for $3.2 Billion Gas Project

European stocks kicked off the session with modest gains across the board (Euro Stoxx 50 +0.5%) as the region sees some positive vibes emanating from a firm APAC session, with the prospect of a fast-tracked US stimulus package and vehement comments by US Treasury Secretary Yellen holding up sentiment. However, the reflationary playbook is not distinctly reflected across the US futures whereby the ES, NQ, YM and RTY see broad-based gains of 0.3-0.4% ahead of another busy week of corporate updates. Back to Europe, the gains across bourses are relatively broad-base with the exception of Italy’s FTSE MIB (+1.1%), which outperforms as Italy’s League and 5SM, signalled over the weekend that they could support former ECB chief Mario Draghi as the head of a new government. Sectors are mostly higher and portray a cyclical bias, with Basic Resources leading the charge amid the inflation-induced gains across base metals (Anglo American +3.6%, BHP +2.6%, Glencore +2%). Banks follow a close second due to the higher yield environment as the US 30yr topped 2% for the first time since Feb 2020 and the 10yr is in proximity to 1.20%. The IT sector also resides as a gainer amid Monday M&A whereby Dialog Semiconductor (+16%) confirmed that Renesas is offering EUR 67.50/shr in cash for its buyout- representing a premium of some 20% to Dialog’s Friday closing price. Travel & Leisure also benefits from the ramp-up in inoculations, albeit the South African variant could hinder vaccine efficacy and may prompt the release of a third dose by some vaccine developers; with participants awaiting an update from AstraZeneca on this today. Turning to individual movers, Rolls-Royce (-2%) trades softer as the Co. is to shut down its jet engines factory this summer amid a lack of work and due to heavy pandemic-related losses. The measures will affect all 19,000 staff in Co’s international civil aerospace division, including 12,500 in the UK. On the flip side, Carlsberg (+2.1%) is firmer as the Co. is expecting a surge in demand this summer similar to that seen in the 1920’s. In terms of bank commentary, a note by Credit Suisse highlights some scenarios which could see an unwind in equity gains – 1) disappointing EZ GDP (medium risk and rising), 2) Fed turning less dovish (high risk in 2H21), 3) slowing Chinese economy (low to medium risk) and 4) profit margin squeeze (low risk). The bank also highlights virus resilience to vaccines as a low-risk event as re-calibrated vaccines can be rolled out in 3-6 months.

Top European News

  • PPG Sees Off Rival Akzo in Bidding War Over Finnish Paint Maker
  • Castellum Quits Bidding War for $4 Billion Entra of Norway
  • German Industrial Production Stagnates on Virus Restrictions

In FX, the Greenback is grinding higher after extending its post-NFP retreat to 90.966 in index terms, and it seems like an even more pronounced reversal in US Treasuries and several more specific technical factors have helped the Buck to stop the rot. 10 year cash has touched 1.2% again, while the 30 yield is probing the psychological 2% level to lift the Dollar off lows and DXY back above 91.000 at 91.216, as certain Usd/G10 pairs test or breach key chart and significant levels. However, the Greenback also appears to be benefiting from waning risk appetite and signs that stocks are getting a bit twitchy about the rise in long term rates and bear steepening.

  • JPY – In keeping with the norm, higher UST yields and by inference wider divergence to JGBs, have undermined the Yen more than most, while Usd/Jpy is also eyeing the 200 DMA after what proved to be a false break above last Friday. To recap, the pair spiked to 105.77, but closed just shy of the aforementioned technical level, which incidentally remains at 105.57 today, and is currently back above within a 105.2-67 range following a mixed Japanese Economy Watchers survey and reports that the state of emergency may be lifted in some areas.
  • CHF/AUD/EUR/GBP/CAD/NZD – All weaker vs their US counterpart, as the Franc slips below 0.9000 and takes note of another rise in Swiss bank sight deposits rather than unemployment data showing an unchanged sa jobless rate vs uptick in the nsa measure, while the Aussie fades from around 0.7682 and Euro from circa 1.2054 amidst decent option expiry interest at 0.7650 and between 1.2050-35 (1 bn and 1.2 bn respectively). Note, however, Aud/Usd and Eur/Usd are both holding comfortably above further expiries near round numbers at 0.7600-05 and 1.2000-05 in 1.1 bn and 1.25 bn that look safe ahead of the NY cut. Elsewhere, the Pound has lost momentum into 1.3750 yet again, the Loonie just shy of 1.3750 in spite of further gains in oil prices after Friday’s disappointing Canadian labour report and the Kiwi has failed to retain 0.7200+ status even though the Aud/Nzd cross is drifting back down to through 1.0650 on NZ National Day.
  • SCANDI/EM – The Nok is deriving more traction from crude’s exploits to consolidate recovery gains beyond 10.3000 vs the Euro and has approached 10.2550 in contrast to the Sek that looks cautious in the run up to the Riksbank and has not been able to clear 10.1000 convincingly. Meanwhile, the broad trend in EMs is weakness vs the Usd, but a firmer PBoC midpoint fix for the Cny and net liquidity injection at the start of Chinese Lunar New Year has underpinned the Cnh either side of 6.4500. Conversely, the Zar has been undermined by news that Astra’s vaccine is not effective against mild and moderate symptoms caused by SA’s coronavirus strain, and us struggling to stay above 15.0000.

In commodities, WTI and Brent front month futures kicked the week off in positive territory with the former topping USD 57.50 (vs low USD 56.95/bbl ) whilst the latter surpassed USD 60/bbl (vs low USD 59.50/bbl) in early European/late APAC trade as the benchmarks nurse their pandemic-related losses. The driving force behind the gains remains the supportive inflationary backdrop coupled with OPEC+ supply constraints, while US President Biden also suggested that the US will not lift sanctions on Iran to bring them to the negotiating table. Delving deeper into the fundamentals; US Senate voted to pass the budget measures to adopt the fast-track Biden stimulus plan and which starts the reconciliation process, whilst Treasury Secretary Yellen also noted that the US could reach full employment in 2022 under Biden’s stimulus package. Eyes also turn to OPEC+ amid the risk that higher oil prices could cause a rift among the oil producers, who could be tempted to call for output to be increased despite the clouded short term COVID outlook as the South African variant is seen dampening vaccine efficacy. Finally, markets have been flirting with expectations that the Biden admin could take a more sanguine approach to Iran over its sanctions and the nuclear deal, although President Biden responded with a firm “no” when he was asked if he will lift economic sanctions against Iran until it complies with the terms agreed under a 2015 nuclear deal. Precious metals meanwhile are little impacted by the rangebound Dollar, although gains in the yellow metal are hampered by rising real rates – with spot gold meandering around USD 1815/oz. Spot silver meanwhile sees marginally more pronounced gains as it trades on either side of USD 27/oz – BofA Global Research sees silver averaging USD 28.74/oz in 2021 and USD 31.00/oz in 2022. The reflationary backdrop has also propped up base metals ahead of the Chinese Lunar New Year, with LME copper rising some 1% in early trade and Dalian iron ore futures climbing almost 3%.

US Event Calendar

  • 12pm: Fed’s Mester Discusses the Economy

DB’s Jim Reid concludes the overnight wrap

Vaccines will get a huge amount of focus today as one of the more worrying stories over the weekend was the FT scoop on Saturday night suggesting that a paper to be released today (there was a detailed webinar on it yesterday afternoon) will show that the Oxford/AstraZeneca vaccine does not protect against “mild/moderate” illness from the South African Covid mutation. It was only a small trial (just over 2000 people) but there was enough in it to be a big disappointment and headache for policymakers. I must admit when I read the article on Saturday night I felt quite down, not because it guarantees bad news ahead, but the doubts it raises will potentially slow the process of returning to more normal life.

On the plus side there was no hospitalisations or deaths from those receiving the vaccine, albeit from a relative young cohort (median age 31, maximum 40). This smaller, younger cohort is probably why the report suggests no conclusions had been reached about the efficacy against severe disease or hospitalisations.

The study did only chose a 4-week interval between doses though and last week we discovered that antibody levels and protection is stronger after leaving the second dose to 12-weeks with this vaccine. So we can’t completely jump to conclusions. The problem is that even if it does prevent serious illness we won’t be able to tell from this study and therefore doubts will linger. In response the South African authorities have suspended use of the vaccine pending more info. I’m sure there will be a huge media focus now on government officials in various parts of the world as to whether this vaccine should now be relegated behind others. This would be a big blow to EM countries but less of one to the US which has other supplies. Europe will be a bit in between as in the short-term AstraZeneca is going to be a workhorse (especially in the excellent U.K. roll out program).

To be fair all of the very limited vaccine trials seen so far that have covered the SA variant have shown notably weaker protection against it (albeit still above 50% efficacy) but note they have also not seen any illnesses requiring hospital treatment, which is very good news, albeit on limited sample bases.

If we do see a new dominant mutation of covid that vaccines can significant reduce hospitalisations for but not low level illness, will governments be prepared to tolerate this? Or will a much more risk averse approach take over until vaccines can be adapted. I suspect it will be a combination with international travel the biggest victim as countries will be paranoid about introducing new strains and will prioritise opening up their domestic economy. This will cause complications though as a reasonable amount of goods come into a country by commercial travel so if you reduce such travel it may make trade more expensive and complicated. This is something we’ve seen in recent weeks with shipping costs (see recent CoTD here) and food inflation spiking higher. Although I’m still very bullish on growth once we get into Q2 out to year end, this is still going to be a complicated year with lots of unintended consequences.

Onto markets now and overnight in Asia, the vaccine news hasn’t had much impact as last week’s risk rally has continued with the Nikkei (+1.86%), Hang Seng (+0.60%), Shanghai Comp (+1.05%) and Asx (+0.59%) all up. An exception to this pattern is the Kospi (-0.49%) which is likely getting weighed down by news that Hyundai (-5.01%) and Kia (-13.50%) are not in talks with Apple to develop an autonomous vehicle. Meanwhile, the outperformance of the Nikkei is coming on the back of news that Japan is considering an early end to the state of emergency in 10 prefectures. Elsewhere Brent crude oil prices are also up +1.06% this morning. Futures on the S&P 500 are up +0.42% while yields on 10yr USTs are up +2.5bps to 1.190%. US 10yr breakevens are also up +0.6bps to 2.205%, after Friday’s +2.8bps move up. At one point in overnight trading they were up +1bps to 2.21%, the highest since 2014. All this is coming as the US Treasury Secretary Yellen’s pushed hard for fiscal stimulus and said that the US can return to full employment in 2022 if the country enacts a robust enough relief package.

On this, the US stimulus debate has heated up in recent days with many prominent economists debating whether a stimulus package the size that Mr Biden is targeting is a good or bad idea. One of the most vocal is Larry Summers who has no issue with an even larger stimulus if it is more targeted to improving long-term performance of the economy but worries about the risks of one more aimed at a short-term injection of spending power into the economy. Paul Krugman on the other side thinks this is more about fighting a war and disaster relief and thinks a high amount of stimulus will be saved.

For me it will be hard not to see inflation in something when we get what is likely to be a short-term stimulus boost. Whether that will be in goods, wages or asset prices (or all three) remains to be seen but it seems inevitable there will be an impact. So all eyes on how far Washington goes on this over the next few weeks. It is absolutely crucial but again the answer probably also depends on the path of reopenings and that in turn might depend on the mutations that are causing a lot of worry at the moment. Given all this uncertainty it will be near impossible to calibrate this perfectly from a stimulus point of view.

Back to the current and the week after payrolls tends to be a quieter week for data with January’s CPI print (Wednesday) potentially the most interesting given that inflationary pressures are popping up everywhere. Elsewhere there are various sentiment surveys from the US, along with industrial production results for many of Europe’s largest economies. While it is a relatively slow week for central banks, we expect to hear from both ECB President Lagarde (today) and Fed Chair Powell (Wednesday) this week. Finally, we are past the earnings season hump but with 82 S&P 500 and 84 Stoxx 600 companies reporting still.

The day by day week ahead is at the end but in terms of the earnings highlights to look out for, today we’ll hear from Global Payments and Simon Property Group , then tomorrow Cisco Systems, Dupont de Nemours, Twitter and Fiserv. Wednesday brings releases from Toyota, Coca-Cola Co., Uber, General Motors, Equinix, Deutsche Boerse, MGM Resorts, Vestas and AP Moller-Maersk. Then on Thursday, we’ll hear from Disney, PepsiCo, L’Oreal, AstraZeneca, Duke Energy, Illumina, Kraft Heinz and Credit Agricole.

Elsewhere we could see Draghi become the next Italian PM this week as Bloomberg has reported overnight that Mr. Draghi has been able to secure support from parties across the political divide including from the Five Star Movement and Matteo Salvini’s League. Currently, it appears that only the far-right Brothers of Italy party may end up staying out of the coalition. Indicating the popular support for Draghi, La Repubblica published a poll yesterday that showed more than half of Italians would like Draghi to remain in power until 2023, when the next general election is due. In terms of the timetable ahead, Mr. Draghi will start a second round of talks with parties today and is expected to meet trade unions and business lobbies. If all goes well then Draghi could announce his cabinet picks this week before facing confidence votes in both houses of parliament.

Recapping last week now and risk sentiment improved markedly as the previous week’s volatility subsided along with the stories of day-traders squeezing heavily shorted stocks. The turn toward optimism permeated every asset class and came even as worries over poor economic data, slower-than-anticipated vaccine deployments, and elongated economic restrictions persist. The S&P 500 gained +4.65% on the week (+0.39% Friday) while the NASDAQ composite rose a further +6.01% (+0.57% Friday) to new record highs in the best week for the indices since the week of the US elections.

While technology stocks outperformed, there was renewed interest in the cyclical trade as rates rose and yield curves steepened. Bank stocks on both sides of the Atlantic rallied with US Banks rising +8.40% while their European counterparts gained +10.24%. Energy stocks similarly picked up as Brent crude increased +6.19% and WTI moved +8.91% higher with both futures contracts reaching new pandemic highs. In the risk-on environment, the VIX volatility index fell -12.2pts to 20.9. The STOXX 600 ended the week +3.46% higher (unchanged Friday) while Italian assets surged after former ECB President Draghi accepted a mandate from President Matteralla to try to form the next Italian government, an outcome that investors took extremely well. By the week’s end, the FTSE MIB had risen +7.00% to far outpace the other European bourses.

Most havens fell on the week as investors opted for riskier assets. US Treasury yields climbed +9.8bps to 1.164%, their highest level since mid-March and the early days of the pandemic. At the same time the 2y10y yield curve steepened +10.4bps to 105.6bps, the steepest the curve has been since April 2017. 10Yr Bund yields rose as well, increasing +7.0bps to -0.45%, while 10yr Gilt yields rose +15.5bps to 0.48% after a reasonably hawkish Bank of England meeting towards the end of the week. With the news out of Italy, the spread of 10yr Italian yields over bunds tightened by -17.9bps, falling beneath the 1% mark for the first time since late 2015. Elsewhere in fixed income, high yield spreads tightened sharply on both sides of the Atlantic as US HY cash spreads were -21bps tighter, while in Europe they tightened -19bps.

In terms of data from Friday the US jobs report for January showed the slowing momentum in the recovery of the labour market. Nonfarm payrolls in the US increased by just +49k – well below the +105k expected – and last month was downwardly revised by -87k to a -227k loss. Nonetheless, the unemployment rate fell to 6.3% (6.7% expected) as a number of residents left the workforce but average earnings increased so there were something for the hawks and doves. Elsewhere the US trade balance widened to $678.7bn in 2020 from $576.9bn in 2019, making last year the biggest annual trade deficit since 2008 as the pandemic depressed exports. Other data releases included German factory orders, which fell -1.9% (vs.-1.0%) in December, its first negative reading since April. Lastly, Italian retail sales outperformed versus expectations, rising +2.5% on the month (vs 1.6%).

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 36.11 PTS OR 1.03%   //Hang Sang CLOSED UP 30.79 PTS LR .11%    /The Nikkei closed UP 609.31 POINTS OR 2.12%//Australia’s all ordinaires CLOSED UP 0.67%

/Chinese yuan (ONSHORE) closed UP AT 6.4551 /Oil UP TO 57.42 dollars per barrel for WTI and 60.09 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4552. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4486 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/HONG KONG

Mainland China begins its indoctrination of schools in Hong kong.

(zerohedge)

“No Room For Debate”: Beijing Imposes Sweeping Pro-China Curriculum On Hong Kong Schools

FRIDAY, FEB 05, 2021 – 21:20

In yet more significant fallout and far-reaching impact from the so-called Hong Kong national security law imposed by Beijing in June of last year, HK authorities in concert with China have unveiled sweeping new ‘national security rules’ for schools.

Schools have been ordered to adopt the curriculum which instills “an affection for the Chinese people” and while at the same time weeding out potentially disloyal teachers. “As far as national security is concerned, there is no room for debate or compromise,” the new security directive for schools reads ominously.

The measures were announced late Thursday and as Bloomberg details“will require primary and secondary school students to memorize the law’s offenses, which include subversion, secession, subversion, terrorism and collusion with foreign powers.”

Image via China Daily

And further, “Authorities are also looking to incorporate national security education into all subjects, from geography to biology, the government said in a statement.”

While it remains unclear (and highly dystopian) just how it is that “national security education” will be incorporated into something like science and biology, Beijing has long suspected Hong Kong’s youth of being the main problem behind recent unrest. The mainland further blamed a “foreign hand” to the rolling protests and unrest of recent years.

China’s Education Bureau was cited as saying the following:

The fundamentals of national security education are to develop in students a sense of belonging to the country, an affection for the Chinese people, a sense of national identity, as well as an awareness of and a sense of responsibility for safeguarding national security.

As far as prevention and education are concerned, schools have a significant role to play.

The rolling and increasingly aggressive protests which saw entire districts of Hong Kong grind to a halt in 2019 into the early part of 2020 were largely driven by young people, in particular college and no doubt high school students as well. There were a number of instances of students ditching school en masse in order to join the anti-mainland protest movement.

Also alarming is that it appears to set up a ‘loyalty litmus test’ of sorts for teachers and staff, which will also no doubt induce ‘informants’ to turn-in fellow faculty. Thursday’s Education Bureau statement further urged school staff to “step up the prevention and suppression” of teaching that’s considered in breach of the security law while helping students to “gain a correct understanding” of the legislation.

Thus HK schools have now effectively and seemingly overnight been transformed into ‘reeducation’ programs of pro-mainland propaganda. This is precisely what many students feared as in recent years China sought to emphasize “patriotic education” in Hong Kong schools, which met with fierce resistance.

The question remains whether this will serve to trigger new waves of unrest, or if China has already effectively gained enough control to stifle even the beginnings of a fresh street uprising.

end

4/EUROPEAN AFFAIRS

ITALY//US

One would have thought that with the lockdowns births would rise.  Nope, the opposite

Take a look at these demographics

(zerohedge)

Italian Births Fall 22% In December – Exactly Nine Months After Lockdowns Began

SATURDAY, FEB 06, 2021 – 8:45

While people around the world have been trying to figure out what to do for fun during COVID-19 lockdowns, having unprotected sex apparently isn’t one of them. According tonew figures out of Italy, bambino production is down by a staggering 21.6% across 15 Italian cities, according to Reutersciting data from statistics agency ISTAT.

What’s more, the impact from lockdowns is just getting started – with marriages falling by over 50% in the first 10 months of 2020, pointing to “a probable decline in births in the immediate future” according to ISTAT chief Gian Carlo Blangiardo.

Demographics experts have been predicting a baby bust across Europe for 2021, as the impact of last year’s lockdowns is felt.

A survey conducted in five European countries during the March and April lockdown showed many people calling off plans to have kids. Germans and French were more likely to say they were delaying, while Italians were more likely to say they had abandoned their plans altogether.

Last year, Britain recorded a plunge in imports of baby carriages, to the lowest level since records began in 2000. (Yes, the Treasury counts imports of baby carriages. In tonnes.) –Reuters

And as Forbes reported on Wednesday, Italy isn’t alone – as new research from Brookings points to a pandemic baby bust rather than a baby boom.

In June 2020, the Brookings Institute estimated that the U.S. would see between 300,000 to 500,000 fewer births than in 2019. This came just a few months after restrictions had been implemented across the States. After taking into consideration school and daycare closures and the pressures of working from home, researchers said that they think their estimation of 300,000 fewer births is accurate

A reduction in births was exactly the opposite of what many people anticipated would come out of 2020. Spending more time at home with a partner sounds like the perfect recipe for speeding up family planning. However, with increased job insecurity, health anxiety and the government encouraging people to stay away from hospitals, it’d seem Covid-19 made people reconsider. -Forbes

According University of Maryland sociologist and demographer Philip Cohennot only did the birth rate drop recently, but fewer people have been searching for pregnancy and sex-related topics online.

Via OSF

“The bigger the economic fears, the bigger the impact on the birth rate,” said Martin Bujard, deputy director at Germany’s Federal Institute for Population Research. “So in countries where the welfare state minimises the economic impact – like Germany – there might be less of a negative effect.”

According to the Guttmacher Institute34% of American women have reduced the number of children they expect to have, or have otherwise delayed their childbearing plans due to the pandemic. Similar patterns were observed in France, Germany, Spain and the UK, according to researchers Francesca Luppi, Bruno Arpino, and Alessandro Rosina.

“The economic fallout, persistent health concerns, uncertainty about the safety and availability of medical care and the closure of schools all combine to make this a very unappealing time for couples to start or expand their family,” said Emily Smith-Greenway, associate professor of sociology at the University of Southern California, in a statement to HuffPost. “We certainly anticipate there to be a rebound, but we’re not so sure about an overshoot ― a boom that helps to offset the bust.”

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

YEMEN/USA

What an idiot! Biden reverses Trump’s terror designation on Yemen’s Houthis

(DeCamp/AntiWar.com)

Biden To Reverse Trump’s Terror Designation Of Yemen’s Houthis

SATURDAY, FEB 06, 2021 – 20:30

Authored by Dave DeCamp via AntiWar.com,

The Biden administration notified Congress that it will remove Yemen’s Houthis from the US government’s list of foreign terrorist organizations, a designation made in the last days of the Trump administration.

“We have formally notified Congress of the Secretary’s intent to revoke these designations,” a State Department official said in a statement. “Our action is due entirely to the humanitarian consequences of this last-minute designation from the prior administration, which the United Nations and humanitarian organizations have since made clear would accelerate the world’s worst humanitarian crisis.”

Via AFP

Due to the US-backed Saudi-led war in Yemen that has been raging since 2015, about 80 percent of Yemenis are reliant on aid, and mass starvation has been ongoing in the country for years. The terror designation means anyone who does business with the Houthis could be targeted by US sanctions.

It essentially criminalizes the delivery of aid and other goods to Houthi-controlled areas, where most of the population lives.

After the Trump administration announced the designation, the UN predicted that it would cause a massive famine, the likes of which the world hasn’t seen in “40 years.” The Biden administration initially granted a temporary waiver for people to do business with the Houthis, but the UN said that was not enough and still called for the full reversal of the designation.

The reversal comes after President Biden announced that he will end US support for Saudi Arabia’s “offensive” operations in Yemen. While it was framed to leave wiggle room for the US to support the Saudis militarily in other ways, the administration seems serious about ending the conflict.

Biden also announced that he appointed Timothy Lenderking as the US special envoy to Yemen. Lenderking is a veteran diplomat who will work to end the fighting between the Saudis and the Houthis.

end

IRAN/USA

Iran’s Khamenei issues a final ultimatum to  Biden who so far has not succumbed to Iran’s wishes to stop USA sanctions

(zerohedge)

“The Post-U.S. Era Has Started”: Iran’s Ayatollah Blasts Biden For Refusing To Lift Sanctions

SUNDAY, FEB 07, 2021 – 17:25

Despite Joe Biden’s prior promises on the campaign trail to immediately restore US participation in the 2015 Iran nuclear deal (JCPOA) brokered under Obama, it’s now looking to be effectively in tatters merely less than a month into his administration. 

Iran’s Supreme Leader Ayatollah Ali Khamenei issued a ‘final ultimatum’ on Sunday, demanding the US remove all sanctions that were enacted by Trump prior to the Islamic Republic returning to compliance.

“Iran has fulfilled all its obligations under the deal, not the United States and the three European countries,” Khamenei said, according as cited in Reuters. “If they want Iran to return to its commitments, the United States must in practice… lift all sanctions.”

Via Reuters

Iranian state media is widely describing it as the country’s “final word” on the deal. Given that previously Biden’s top foreign policy advisers as well as press secretary definitively stated that Iran must return to compliance first, most especially when it comes to uranium enrichment caps, the developing stalemate looks to increasingly point toward Washington staying on the sidelines, while keeping sanctions to the max – a continuation of Trump’s ‘maximum pressure’.

Khamenei affirmed the prior position of top Iranian leaders, including President Rouhani and Foreign Minister Zarif, that it is for the US to move first since it was the one which backed out. He said further in his statement speaking of the US administration, “The side with the right to set conditions to JCPOA is Iran since it abided by all its commitments, not US or 3 European countries who breached theirs.”

It comes on the heels of Biden saying in a CBS interview that the US won’t budge until Iran returns to compliance first:

As WSJ recaps of the latest interview which will air in full just ahead of the Super Bowl on Sunday evening:

Asked by CBS News whether the U.S. will lift sanctions to convince Iran to participate in negotiations, Mr. Biden said, “No.” When CBS asked whether Iran must stop enriching uranium first, Mr. Biden nodded.

Also on Sunday the Supreme Leader took to twitter to opine about the ‘decline’ of the American empire…

“If they want Iran to go back to its JCPOA commitments, the U.S. must practically end all sanctions. We will verify if it has been done properly. If yes, we will go back to our JCPOA commitments,” Iran’s Supreme Leader said further.

Khamenei then issued the following ominous prediction:

While during his last weeks in office Trump had ramped up the pressure campaign on the Islamic Republic, Iranian authorities defiantly announced they had taken uranium enrichment to 20%, installed more advanced centrifuges, and advanced its capability to produce uranium metal crucial for nuclear warhead development (though Tehran has long maintained all of this is toward peaceful domestic energy purposes).

Meanwhile with Washington and Tehran are now telling each other, “you first” in terms of who acts to reverse measures, the nuclear looks to effectively remain dead with the sanctions status quo remaining in effect for the foreseeable future.

end

6.Global Issues

Yahoo/com/Israel

Huge development in Israel. A major breakthrough…a new drug EXO-CD4, an inhaled exosome which neutralizes the cytokine storm.  All 30 patients with medium to severe covid conditions were cured.

(Yahoo.com/Israel/Penna)

New Israeli Covid drug which cured 30 cases of disease hailed by scientists as ‘huge breakthrough’

Dominic Penna

Medical teams celebrate before receiving coronavirus vaccines as Israel kicks off its coronavirus vaccination drive, at Tel Aviv Sourasky Medical Center - Ronen Zvulun/Reuters
Medical teams celebrate before receiving coronavirus vaccines as Israel kicks off its coronavirus vaccination drive, at Tel Aviv Sourasky Medical Center – Ronen Zvulun/Reuters

A new coronavirus drug which successfully cured 30 cases of the disease in Israeli hospital patients has been hailed by scientists as a ‘huge breakthrough’.

The EXO-CD24 substance was developed at the Ichilov Medical Centre in Tel Aviv and successfully completed its first phase of clinical trials on Friday.

The treatment was given to 30 patients with coronavirus, whose conditions ranged from moderate to severe.

Twenty-nine of the patients were then discharged from the hospital in the following three to five days, while one patient took slightly longer to recover.

A protein known as CD24 is delivered to the lungs by exosomes in the drug, which helps to rebalance the immune system and prevent it from overreacting to the virus.

Professor Nadir Arber originally designed EXO-CD24, which is breathed in as a gas and taken once every five days, in order to treat patients who had ovarian cancer.

“Even if the vaccines do their job, and even if there aren’t any new mutations, one way or another, the coronavirus will be staying with us,” Prof Arber told the news site Arutz Sheva.

“That’s why we developed this special medication. It’s been about half a year from the time the idea was hatched to the first human trials [being] conducted.”

Roni Gamzu, the director of the Ichilov Medical Centre, said that the research during phase one of the trial was “advanced and sophisticated and may save coronavirus patients”.

Speaking to the Times of Israel, he said: “The results of the phase one trials are excellent, and all give us confidence in the method Arber has been researching in his lab for many years.”

No placebo was used in the first stage of the trial, and the next phase of the clinical trials will continue to examine the effects and efficacy of the treatment.

The drug Allocetra, which has been developed at the Hadassah Medical Centre, has also reported promising results in the second stage of its clinical trial.

Israel announced yesterday that it will ease lockdown restrictions but keep its borders closed after a drop in its number of coronavirus cases.

end
Jerusalem Post
Same story as above
(Hoffman/Jerusalem Post)

Tel Aviv hospital cures 29 of 30 COVID-19 patients in days, it says

The 30th patient also eventually recovered.

A patient is administered Prof. Nadir Arber’s EXO-CD24 COVID-19 treatment (photo credit: ICHILOV SPOKESPERSON'S OFFICE)
A patient is administered Prof. Nadir Arber’s EXO-CD24 COVID-19 treatment
(photo credit: ICHILOV SPOKESPERSON’S OFFICE)
Twenty-nine out of 30 moderate-to-severe COVID-19 patients who were administered a treatment developed by Tel Aviv’s Sourasky Medical Center (Ichilov Hospital) as part of a Phase I trial recovered from the disease and were released within three to five days, the hospital said Friday.
The 30th patient also recovered but it took longer.
The patients were given Prof. Nadir Arber’s EXO-CD24 COVID-19 treatment, which is based on CD24-enriched exosomes and is meant to fight the cytokine storm that is associated with many of the world’s COVID-19 deaths.
A cytokine storm is when the immune system essentially goes into overdrive and begins attacking healthy cells. Exosomes are responsible for cell-to-cell communication. In this case, they deliver the CD24 protein to the lungs, which helps calm down the immune system.
“This protein is located on the surface of cells and has a well-known and important role in regulating the immune system,” explained Dr. Shiran Shapira, who works in Arber’s lab.
Arber has been researching exosomes for the better part of two decades. He said it took about six months from the time the idea of using this treatment in the battle against COVID-19 was raised until it was first tested in humans.
The treatment is inhaled once a day for a few minutes at a time for five days. It directly targets the lungs, the site of the storm, as opposed to other treatments that could be given systemically and hence cause severe side effects, Arber explained.
The majority of the patients who received EXO-CD24 showed significant improvement within two days.
The hospital has appealed to the Health Ministry to move forward with further clinical trials. Once approved, the treatment can be tried on additional patients.
Prof. Nadir Arber (Credit: Ichilov Hospital)Prof. Nadir Arber (Credit: Ichilov Hospital)

“This is an innovative treatment that can be produced quickly and efficiently at a low cost,” Arber explained. “Even if the vaccines do what they are supposed to, and even if no new mutations are produced, then still, in one way or another, coronavirus will remain with us.”
Sourasky head Prof. Ronni Gamzu hailed the treatment as “innovative and sophisticated” and said that the results of the Phase I trial “give us all an expression of confidence in the method.” He added that he would personally assist Arber in obtaining the approvals needed from the Health Ministry to further his research.
Gamzu served as Israel’s coronavirus commissioner from August to November 2020. He said the international understanding is that alongside vaccines “it is especially important to develop drugs to treat the disease.
“I am proud that Ichilov… is perhaps bringing a blue-and-white solution to a terrible global pandemic,” he concluded.
This is not the first Israeli drug to show promise in the treatment of COVID-19.
Last year, Hadassah-University Medical Center reported similar results from the use of the drug Allocetra, which was developed by the Enlivex company based on research by a Hadassah doctor, Prof. Dror Mevorach. Similar to EXO-CD24, Allocetra is meant to treat the overreaction of the immune system.

Also, Israel’s Pluristem Therapeutics has been investigating the use of its PLX-PAD placenta-derived cellular therapy, which the company has said it hopes will play a meaningful role in mitigating the tissue-damaging effects of COVID-19 on the lungs. The company is now engaged in clinical trials as well.

end
JERUSALEM POST
Already Greece is ready to test our new Israel miracle drug
(Lahav Harkov.Jerusalem Post)

Coronavirus: Greece to test Israeli ‘miracle drug’

“We would all be very relieved if we could find a drug that could cure the disease itself.”

Prime Minister Benjamin Netanyahu is seen holding a vial of the anti-coronavirus "miracle drug" alongside the project's director Prof. Nadir Arber at Sourasky Medical Center. (photo credit: AMOS BEN-GERSHOM/GPO)
Prime Minister Benjamin Netanyahu is seen holding a vial of the anti-coronavirus “miracle drug” alongside the project’s director Prof. Nadir Arber at Sourasky Medical Center.
(photo credit: AMOS BEN-GERSHOM/GPO)
The largest hospital in Greece will take part in the trials of an Israeli treatment for COVID-19, following the meeting between Greek Prime Minister Kyriakos Mitsotakis and Prime Minister Benjamin Netanyahu in Jerusalem on Monday.
During the press conference with Mitsotakis, Netanyahu held up a vial that he called a “miracle drug,” adding: “If you’re infected by corona and are seriously ill and have a lung problem, take this, inhale it, and you come out feeling good.”
Netanyahu said that earlier in the day he met with Prof. Nadir Arber, who developed the new EXO-CD24 treatment, and one of the first things Mitsotakis asked was whether Greece could take part in the clinical trials.
Mitsotakis said he was “very happy to have discussed the issue of this new drug that caught the attention of the international press.
“Assuming that we can overcome the regulatory hurdles, Greece would be happy to participate in clinical trials,” he added. “We would all be very relieved if we could find a drug that could cure the disease itself.”
Tel Aviv’s Sourasky Medical Center (Ichilov Hospital) said on Friday that 29 of 30 patients who received the EXO-CD24 treatment recovered in three to five days.
Many COVID-19 deaths are associated with a cytokine storm, which means the immune system begins attacking healthy cells. The EXO-CD24 treatment for COVID-19 is based on exosomes, which are responsible for cell-to-cell communication. The treatment delivers CD24 protein to the lungs, which helps calm down the immune system.
The Israeli and Greek tourism minsters also signed an agreement that would allow tourism exchanges between the countries for people who have been vaccinated against coronavirus, without requiring a quarantine period. In Israel, the vaccination certificate is called the “green passport.”
Mitsotakis said: “Once you lift your travel restrictions, we will be able to let Israeli tourists visit Greece without any additional restrictions.”
The Greek prime minister said he has been a major proponent of a digital vaccination certificate within the EU, but that he wants ones for third parties, as well.
“I anticipate Israel being the first country to be able to offer such a certificate for travel to Greece, because you have been able to vaccinate a larger portion of the population and are moving at a faster pace,” he said. “I am very much looking forward to making these vaccination certificates that will allow you to enter the country.”
The prime ministers touted the strong relationship that has recently developed between Israel and Greece. Mitsotakis, Greek Foreign Minister Nikos Dendias and other senior officials from Athens have visited Israel several times in the past year, and Foreign Minister Gabi Ashkenazi visited Athens in October.
“Athens and Jerusalem – I never tire of saying this – are the ones that laid the foundation of western civilization,” Netanyahu said. “We share common aspirations for building prosperity and security.”
Mitsotakis said the Israel-Greece relationship is “becoming stronger by the day,” and that both countries are “democracies in the Eastern Mediterranean with common interests in stability in the region and common perspectives in terms of what needs to happen to [make the region] peaceful and safe for all countries.”
The Greek prime minister cited an agreement between Greece and Israel for Elbit Systems, an Israeli company, to open an international flight training school in Kalamata, Greece. Elbit will provide the Hellenic Air Force with a combat simulator, similar to the one the Israeli Air Force uses.
Netanyahu said that Mitsotakis had “innovative ideas” to promote the EastMed gas pipeline, from Israel to Cyprus and Greece, likely to be the longest in the world.
Asked if a potential reconciliation between Israel and Turkey would impact Athens’ relationship with Jerusalem, Mitsotakis expressed skepticism that such a resolution was on the way, but said: “This relationship is too important on its own merits to be defined by other actors.”
As for Greece and Turkey, Mitsotakis said: “We’ve had our issues with Turkey, but things seem to be improving, to the extent that we don’t see further aggression.”
Ashkenazi met with Foreign Minister Dendias, also on Monday.
Ashkenazi said his goals for the visit were “to discuss regional and strategic issues and…[to] sign for the first time a vaccine certification, supervised by the Health Ministry…that will secure public health and open the sky to the mutual benefit of both countries.”
Dendias called his visit “a great opportunity to brief, first of all, on the overall situation in the Eastern Mediterranean and then on bilateral issues, and to move forward on our common future.”
Maayan Hoffman contributed to this report.
end
CORONAVIRUS UPDATE THE GLOBE/VACCINE UPDATES
(ZEROHEDGE)

US Sees Fewest New COVID Deaths This Year; Scientists Scramble To Update Vaccinations: Live Updates

MONDAY, FEB 08, 2021 – 11:31

Summary;

  • Global cases near 106.3MM
  • US deaths decline alongside cases, hospitalizations
  • China sees no new cases local cases for first time in nearly 2 months
  • California sees fewest new deaths in months
  • France hopes to vaccinate 4MM by end of February
  • Quebec first province in Canada to top 10K deaths
  • Chicago schools strike deal with teachers unions

* * *

New research published Monday suggested that AstraZeneca’s COVID jab, developed in partnership with Oxford, is even less effective than we believed. We previewed the data over the weekend, and now millions are worried that the EU might be planning to use this to extend their lockdowns, while scientists continue to slam Brussels for its perceived slowness in rolling out the jabs.

We haven’t heard much about COVID-19 treatments in a while, which isn’t surprising, considering that the last COVID treatment that appeared to show any kind of promise was remdesivir, which – as we later learned – was mostly ineffective, despite all that trial data.

Well, on Monday, local press in Israel published a report claiming that a new treatment, tested on a small number of patients, cured some 97% of them. (Harvey:  actually it is 100%)

In China, officials reported no locally transmitted cases for the first time in nearly two months on Monday, while the number of cases rose slightly to 14 on Feb. 7, up from 12 a day earlier. All were infections “attributed to” overseas; 7 of the cases were in Shanghai, the rest in southeastern Guangdong Province. South Korea also reported a notable pullback, with the lowest number of new  daily cases since late November, while the government has eased social distancing restrictions in the face of growing criticism from the business community.

Globally, the number of new cases ticked higher day-over-day on Sunday….

…while the number of new deaths declined day over day once again, reaching the lowest daily level since the final week of 2020.

As concerns about the efficacy of some western vaccines rise, Oxford issued another statement reminding the British public that the jab is effective against the UK mutant strain, known as B117.

That should come as modest relief to Britons as the UK finally catches up to Israel, making it the major country with the largest percentage of its population to have been

In the US, meanwhile, the trends of falling cases and hospitalizations have been joined by falling deaths.

In other news, Dr. Fauci warned Americans not to delay their second does of the coronavirus vaccine after other health experts suggested recently there may be a benefit to delaying the second dose, allowing more people to earlier their first jab earlier.

Here’s some more news from overnight and Monday morning;

  • California reported 295 new fatalities, the lowest this month and below the rolling 14-day average of 510, the health department said on its website. New cases numbered 15,064, compared with the 14-day average of 16,198. The total number of Covid-19 cases now tops 3.3 million, with 43,942 deaths.
  • France aims to vaccinate up to 4 million by the end of this month, government spokesman Gabriel Attal said in an interview on CNews, without clarifying if this target included the shots from both Pfizer and Moderna.
  • Quebec, Canada’s second-largest province by population, has become the first region in the country to record more than 10,000 Covid-19 deaths, reporting 32 fatalities on Sunday. The milestone was passed as hospitalizations have started to decline in the last two weeks, Health Minister Christian Dube said on Twitter
  • Chicago Public Schools reached a “tentative agreement” with its teachers to resume in-person learning later this week, but union members still need to review its framework to make a deal final.

* * *

Finally, as far as worries about declining vaccine efficacy go, new data show the B117 variant is 35-40% more transmissible, according to a recent study, and “will likely become the dominant variant in many US. states by March, 2021, leading to further surges of Covid-19 in the country, unless urgent mitigation efforts are immediately implemented.” All of this points to the possibility that COVID’s continuing evolution could make it impossible to truly extinguish it.

end
ASTRAZENCA
AstraZeneca vaccine fails to prevent mutated COVID strain from blossoming
(zerohedge)

“A Wake-Up Call” – AstraZeneca Jab Fails To Prevent Mutated COVID Strain From South Africa

SUNDAY, FEB 07, 2021 – 8:45

After data was shared last week suggesting that the AstraZeneca-Oxford COVID vaccine is substantially less effective against the new COVID variant first isolated in South Africa, it looks like more questions about the efficacy of the first wave of vaccines are about to be raised, as the FT warns of a new study showing that the AZ vaccine is even less effective against the SA variant than initially believed, and often fails to prevent infections involving the new strain.

According to the FT, although none of the more than 2K, mostly healthy and young patients in the study died or was hospitalized with serious illness, the findings ‘could complicate the race to roll out vaccines as new strains emerge.”

That’s definitely bad news for one of Europe’s top vaccines, and it couldn’t come at a worse time, as the West finally admits that the Russia-developed vaccine ‘Sputnik V’ is surprisingly effective.

The strain of the virus that first emerged in SA has been described as “more worrying” than other mutant strains, including the B117 strain first isolated in Kent. And AZ isn’t alone in this: Vaccines from JNJ and Novavax were also found to be less effective against the SA strain.

In both the human trials and tests on the blood of those vaccinated, the jab showed significantly reduced efficacy against the 501Y.V2 viral variant, which is dominant in South Africa, according to the randomised, double-blind study seen by the Financial Times. “A two-dose regimen of [the vaccine] did not show protection against mild-moderate Covid-19 due to [the South African variant]”, the study says, adding that efficacy against severe Covid-19, hospitalisations and deaths was not yet determined. While all Covid-19 vaccines so far have largely held up against the B.1.1.7 variant that emerged in the UK, the strain that originated in South Africa has been more worrying. Both Johnson & Johnson and Novavax have said their vaccines were less effective against the strain in clinical trials conducted in South Africa. In trials, both vaccines offered complete protection against severe disease and death in relation to Covid-19.

While the study data is being taken seriously, there are certain caveats, though one scientist who spoke with the FT still described the findings as a “wake-up call”.

There are caveats to the Oxford/AstraZeneca study, as the sample sizes were relatively small. The study, led by South Africa’s University of the Witwatersrand and Oxford university, enrolled 2,026 HIV negative individuals, with a median age of 31. Half the group was given at least one dose of placebo, with the other half receiving at least one dose of vaccine. Tulio de Oliveira, who heads the Network for Genomic Surveillance in South Africa, told the Financial Times the findings were a “wake-up call to control the virus and increase the response to Covid-19 in the world”.

With the new study set to publish Monday, another round of media coverage of the vaccine’s shortcomings is almost guaranteed. Is this the start of another round of vaccine-related fearmongering to justify more lockdowns in Europe? We’ll just need to wait and see.

end

South Africa halts its vaccine rollout after AstraZeneca’s model is ineffective at combating the mutant Covid

(zerohedge)

South Africa Halts Vaccine Rollout As AstraZeneca Jab Ineffective At Combating Mutant COVID

MONDAY, FEB 08, 2021 – 7:54

As we previewed over the weekend, a new study suggests that AstraZeneca’s COVID vaccine, developed in partnership with Oxford, is significantly less effective at preventing patients from being infected by a new “variant” – aka mutant – strain first isolated in South Africa. We posited that the new data could be used by European regulators, as well as regulators from elsewhere, to justify another round of lockdowns and other restrictions even as cases and infections continue to decline worldwide.

Already, it’s looking like that assessment was correct. Because on Monday, Bloomberg reported that South Africa had suspended its vaccination rollout until developers finish working on the highly educated.

Meanwhile, Sarah Gilbert – whose name readers may recognize from her overly optimistic projections about when the UK’s AstraZeneca jab might finally be ready to face the FDA -a few months back  – is already doing it again, telling Bloomberg that the new jab should be ready to go by the fall. Of course, AZ’s jab isn’t the only one developed in the West to show less-than-ideal data so far.

“It’s easy to adapt the technology,” Gilbert said in an interview with the BBC’s Andrew Marr show Sunday. “This year we expect to show that the new version of the vaccine will generate antibodies that recognize the new variant and then it will be very much like working on flu vaccines.”

Readers can watch footage from the interview below.

Although vaccine makers said their shots appear to maintain efficacy against the UK variants, pharma companies are racing to develop booster shots against new strains, because AZ isn’t alone here. Other Western jabs, including one being manufactured by Novavax and another being manufactured by JNJ, have published data showing a surprising lack of efficacy against the South African mutant, which is increasingly stoking concerns about another wave of the virus even after the first wave of vaccines has been made widely available.

South Africa’s Health Minister Zweli Mkhize said on Sunday that the government would await advice fon how best to proceed following the disappointing trial data on the 501Y.V2 variant that caused a second wave of infections starting late last year. Recent data shows that an overwhelming number of the new cases being diagnosed in South Africa are tied to the new variant.

In words that should trigger goosebumps in every individual who has reached their breaking point when it comes to the current state of perpetual lockdown, one government epidemiology advisor, Professor Salim Abdool Karim, warned that there needs to be a new approach to immunizations, given the uncertainty about how effective current vaccines would be against the 501Y.V2 variant. These words seem to validate the criticisms of the US government’s plan couched in the Great Barrington Declaration, which advocated a less-restriction set of measures.

Last week, an AZ executive vice president for biopharmaceutical research announced that expectation’s for the rollout would be scaled back.

All of this comes at a rough time for the EU, as Russia’s “Sputnik V” earns more accolades in the West. AZ, of course, isn’t alone. Even the leaders of the western vaccine race are rushing to revise their jabs to work more effectively against the foreign mutations.

That doesn’t exactly bode well for Europe’s vaccine rollout program, which has already been criticized for falling far behind the US, China and other major powers.

end

Mish Shedlock is probably correct: whether we have vaccines or not, COVID is here to stay.

Mish Shedlock/Mishtalk)

Vaccines Or Not, Scientists Now Believe COVID Is Here To Stay

MONDAY, FEB 08, 2021 – 12:05

Authored by Mike Shedlock via MishTalk.com,

Ease of transmission, new strains, and limits of vaccination programs all mean Covid-19 will be around for years – and a big business…

Cold Reality Dawns

The vaccines have raised hope, but the Cold Reality Dawns That Covid Is Likely Here to Stay

Governments and businesses are increasingly accepting what epidemiologists have long warned: The pathogen will circulate for years, or even decades, leaving society to coexist with Covid-19 much as it does with other endemic diseases like flu, measles, and HIV.

The ease with which the coronavirus spreads, the emergence of new strains and poor access to vaccines in large parts of the world mean Covid-19 could shift from a pandemic disease to an endemic one, implying lasting modifications to personal and societal behavior, epidemiologists say.

“Going through the five phases of grief, we need to come to the acceptance phase that our lives are not going to be the same,” said Thomas Frieden, former director of the U.S. Centers for Disease Control and Prevention. “I don’t think the world has really absorbed the fact that these are long-term changes.”

“We assume it would last for years, or be eternal, such as the flu,” said Jiwon Lim, spokesman for South Korea’s SD Biosensor, Inc., a test maker that is ramping up production of at-home diagnostic kits.

Eradication Extremely Difficult

Only one virus has ever been completely eradicated, smallpox.

  • Smallpox existed for thousands of years, killed millions, and was fatal in up to 30% of cases.
  • It was eradicated by a collaborative global vaccination program led by the World Health Organization.
  • The last known natural case was in Somalia in 1977.
  • In 1978, an accident in a research laboratory led to the death of one person from the disease.

Biowar Testing

In September of 2019, LiveScience reported Two Labs Still House Live Smallpox.

A fire reportedly broke out yesterday (Sept. 16) after an explosion at a secret lab in Russia, one of only two places in the world where the variola virus that causes smallpox is kept. One person was reported injured and transferred to a nearby burn center.

Researchers at the State Research Center of Virology and Biotechnology (also called the Vector Institute), located near Novosibirsk in Siberia, study some scary viruses, including Ebola, anthrax and Marburg.

A Cold War-era bioweapons lab, Vector once housed some 100 buildings and even its own cemetery where a scientist who injected himself with the highly lethal Marburg virus.

The other lab authorized by the World Health Organization to hold smallpox — declared eradicated in 1980 — is the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia.

Accidents Happen

One never knows when a nutcase working in a lab might decide to do something. Accidents can also happen.

Many believe the origin of Covid is from a bio lab in China.

Endemic Mutations

Like the flu, Covid mutations are prone to becoming endemic because they spread through casual actions like breathing and talking.

That makes Covid particularly difficult to eradicate.

Perhaps people will need yearly shots, just like the flu. Regardless, Covid will remain a disruptive force for a long time.  

end

Huawei and Semi -conductor chips

Huawei last year hoarded huge amounts of chips as they were facing sanctions. Now there is a huge semiconductor chip shortage and this is turning into a crisis

(zerohedge)

The Semi Chip Shortage Is Turning Into A Crisis

SUNDAY, FEB 07, 2021 – 21:10

For the better part of the last month we have been writing about how the shortage in semiconductors has wreaked havoc on the auto industry.

Now, it looks as though the shortage is going from being a nagging pain in the auto industry, to a full scale crisis that is also affecting consumer electronics like phones and gaming consoles.

It is now being referred to as the “most serious shortage in years”, with Qualcomm’s CEO saying last week that there were now shortages “across the board”, according to Bloomberg.

But it isn’t just Qualcomm executives speaking out: other industry leaders have warned in recent weeks that they are susceptible to the shortages. Apple said recently that its new high end iPhones were on hold due to a shortage of components. NXP Semiconductors has also warned that the problems are no longer just confined to the auto industry. Sony also said last week it may not be able to to fully meet demand for its new gaming console in 2021 due to the shortage. Companies like Lenovo have also been feeling the crunch.

Neil Mawston, an analyst with Strategy Analytics, said: “The virus pandemic, social distancing in factories, and soaring competition from tablets, laptops and electric cars are causing some of the toughest conditions for smartphone component supply in many years.”

Mawston says that prices for some smartphone components are up as much as 15% the last 6 months.

At the center of the shortage is Taiwan and its largest company Taiwan Semiconductor Manufacturing Co. The company now sits astride a larger political crisis between China and Taiwan while Biden officials in the U.S. work to find solutions, not only for the semiconductor issues, but for the larger conflict developing between the two nations.

To make matters worse, Huawei is being blamed for hoarding components in 2020 (almost as if they knew this was going to happen). This set off other manufacturers to do the same. According to the report:

Industry executives also blame excessive stockpiling, which began over the summer when Huawei Technologies Co. — a major smartphone and networking gear maker — began hoarding components to ensure its survival from crippling U.S. sanctions. Led by Huawei, Chinese imports of chips of all kinds climbed to almost $380 billion in 2020 –– making up almost a fifth of the country’s overall imports for the year.

Rivals including Apple, worried about their own caches, responded in kind. At the same time, the stay-at-home era spurred sales of home appliances from the costliest TVs to the lowliest air purifiers, all of which now come with smart, customized chips. TSMC executives said on its two most recent earnings calls that customers have been accumulating more inventory than normal to hedge against uncertainties, a maneuver they see persisting for some time.

“There’s a chip stockpiling arms race,” said Will Bright, co-founder and chief product officer at Drop. Analyst Mario Morales of IDC said: “A lot of it can be traced back to the second quarter of last year, when the whole world basically shut down. Many auto companies shut down manufacturing and their suppliers re-prioritized. Not until the second half will we see relief for some of these markets.

While the extent of the damage on consumer electronics remains to be seen, the shortages are expected to cost $61 billion worth of sales in the auto industry. Recall, we noted just days ago that GM and Ford had joined Nissan in cutting production due to the shortage.

Mid-day on Wednesday the U.S. automaker announced that the shortage would “impact production in 2021”, according to StreetInsider. The company said in a statement that “semiconductor supply for the global auto industry remains very fluid”.

It continued: “Our supply chain organization is working closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impacts on GM. Despite our mitigation efforts, the semiconductor shortage will impact GM production in 2021.”

The automaker said it is “currently assessing the overall impact, but our focus is to keep producing our most in-demand products – including full-size trucks and SUVs and Corvettes – for our customers.”

Nissan also announced Wednesday that it had fallen victim to the shortage. As a result, Nissan said it would suspend some truck production at its Mississippi plant due to the shortage of chips. Nissan is struggling to make “short term production adjustments”, according to Yahoo Finance, at its plants in North America.

The stoppage is starting with three non-production days at the Canton, Mississippi plant. Further delays could continue if the semi shortage continues to negatively affect business.

We also noted just hours ago that Ford had also announced it was making more production cuts and temporary layoffs at its Chicago Assembly Plant. The most recent round of layoffs is also being attributed to the supply chain disruptions in semiconductors, according to The Pantagraph.

end

A good one…..Michael Every lays out what is laying before us with respect to Biden’s 1.9 trillion fiscal stimulus and his dealings with China

(zerohedge)

Rabobank: Our World Is Close To Becoming The Puppy Bowl

MONDAY, FEB 08, 2021 – 9:06

By Michael Every of Rabobank

Puppy Power!

Treasury Secretary Yellen was doing media on Sunday as an alternative alternative to the Superbowl’s ‘Puppy Bowl’, stressing the need for Congress to back the proposed USD1.9 trillion fiscal stimulus package. Her stance is in stark contrast to that of Larry Summers, who despite talking about “secular stagnation”, just wrote an editorial arguing USD1.9trn stimulus is too large (a stance he held, wrongly, back in 2008-09 too of course).

Even though key details of the fiscal package are still not clear – e.g., where the income cut-off point for the USD1,400, not USD2,000, cheques is, and if children should get a separate USD3,000 sum – in Yellen’s view, if the stimulus is passed, “full employment” can return in the US as soon as next year. If not, it will take until 2025: and President Biden late last week suggested it would be a decade until this goal was achieved. The White House’s political imperative, understandably, is just to pass it rather than quibble, more so after the disappointing underlying details of Friday’s payrolls report.

Markets need to quibble though: is this bill going to be a reflation game changer?It’s very long, but will it be soft or strong? Yellen stated that without stimulus there will be economic scarring that will impact low-income groups, minorities, and women (short-hand: the working class). Although some in markets – who already got their bailouts – disagree, there appears more economic consensus behind this view than in the past. Yet is “full employment” achievable in under two years via a single bill?

Consider the structural changes to the post-Covid economy: with some vaccines now appearing relatively ineffective against new strains of the virus, who knows when, or if, the pre-2020 world can return? A USD1,400 cheque does not change that fact for many. Also recall “full employment” is the goal of public spending financed by central banks under MMT. Yellen admitted that the stimulus bill does not create any jobs directly. In a vanilla sense, as she put it, “the spending it will generate will create demand for workers”. But at what wage rate (given the minimum wage does not look set to rise to USD15), and in what sectors? What if the USD1,400 is spent on imported goods rather than something made in the US? And what if it is spent on stocks that end up dropping in price as a transfer of wealth to the deep pockets of a hedge fund owner who is shorting them? Does this get us back to “full employment”?

Also important for markets, MMT explicitly promises to deal with inflation if it arises. Yellen stated there are inflation risks; that “I have spent many years studying inflation” (as Fed Chair, usually the absence of the right kind of it); and that “ I can tell you we have the tools to deal with that risk” if it happens. So Treasury has the tools? Not unless there is an unwritten promise to raise taxes or cut spending to choke off inflation, which there surely isn’t. The guys who have the tools to fight inflation are the Fed, which Yellen was probably still mentally thinking of with her royal “we” – which is about as MMT as this stimulus bill actually gets.

So markets have to decide if another fiscal stimulus package, absent structural measures, is enough to rapidly push the US economy back to “full employment” of the kind that raises wages such that inflation goes up and *stays* up, and what the Treasury and Fed would then do about it if so. Does that dog hunt or not?

If one thinks this spells inflation, for example because commodity prices are surging, then one wants to be short bonds and duration, because the Fed is clearly on hold for now. One might not want to be short the USD, however, because unless we get yield curve control (which does come with MMT), then the short-squeezed dollar could be as hot a ticket as the US economy itself. That naturally risks crashing a whole lot of risk parties in EM, however.

If one thinks the stimulus bill will help in the next six months when base effects are most helpful for raising inflation, one might also want to see it the same way – tactically. However, if one thinks this stimulus boosts short-term spending and savings, yet does nothing structural on labor vs capital or to encourage on-shoring, then it might be smarter to look past the above trends.

At the same time though, muddying those ‘structural’ waters, President Biden appears determined that the US is going to “out-compete” China: how, if so? And is it really going to be “Main Street over Wall Street”? And does that mean short bonds and duration and long USD….or just long MMT? The first call between Secretary of State Blinken and his Chinese counterpart had the former saying the US would continue to confront China’s “attack on human rights, intellectual property and global governance”. Yet at the same time, China’s Global Times argues that while it expects the Biden White House to talk tough, it also believes there is room for cooperation. So which is it to be: a “Reunited States First” White House policy stance (to get all Springsteen), or tough talk and a more open economic policy? Markets will very much have to factor this all in too.    

The underlying problem here is that instead of this all being a Superbowl, where the market understands the rules of the game, and the players, coaches, tactics and strategy, and so can plan out probabilities of victory with some degree of certainty, our current world is closer to being the Puppy Bowl in many ways. Most players are intently focused on what they are doing right here and now without being able to join all of the dots to the bigger picture and game and stakes – and the result is pretty chaotic (and messy).

It’s a serious dog-eat-dog world out there in many dimensions, as the Biden team seems to acknowledge (if not the EU, which based on Borrell’s recent disastrous trip to Moscow seems to think the real world is the Puppy Bowl: if only life were about eating, walks, playing with the ball, and long sleeps!) For markets too – if one gets this next big shift wrong. Serious discussion is required, not just “Team Ruff earned a 73-69 win over Team Fluff, but everyone involved was a winner at the 2021 Puppy Bowl.

Indeed, not everyone involved is going to be a winner. Not by any means.

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2026 DOWN .0011 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 //ALL GREEN

USA/JAPAN  105.56 DOWN 0.269 (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 1.3692   DOWN   0.0025  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2777 UP .0034 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 11 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2026 Last night Shanghai COMPOSITE UP 36.11 PTS OR 1.03% 

//Hang Sang CLOSED UP 30.79 PTS OR .11% 

/AUSTRALIA CLOSED UP 0,67%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 30.79 PTS OR .11% 

/SHANGHAI CLOSED UP 36.11 PTS OR 1.03% 

Australia BOURSE CLOSED UP 0.67% 

Nikkei (Japan) CLOSED UP 609.31  POINTS OR 0.63%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1826.00

silver:$27.20-

Early MONDAY morning USA 10 year bond yield: 1.184% !!! UP 2 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.981 UP 1  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 91.21 UP 17 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.06% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.07.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.13%//  UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.52 DOWN 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 39 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.44% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.96% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.2039  UP     .0001 or 1 basis points

USA/Japan: 105.20 DOWN .096 OR YEN UP 10  basis points/

Great Britain/USA 1.3734 UP .0017 POUND UP 17  BASIS POINTS)

Canadian dollar DOWN 20 basis points to 1.2763

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The USA/Yuan,  CNY: close  AT 6.4486    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.4421  (YUAN up)..

TURKISH LIRA:  7.08  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.07%

Your closing 10 yr US bond yield DOWN 2 IN basis points from FRIDAY at 1.152 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.933 DOWN 4 in basis points on the day

Your closing USA dollar index, 91.04 down 0  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for MONDAY: 12:00 PM

London: CLOSED UP 21.19  0.57%

German Dax :  CLOSED UP 3.19 POINTS OR .02%

Paris Cac CLOSED UP 26.77 POINTS 0.47%

Spain IBEX CLOSED UP 9.30 POINTS or 0.11%

Italian MIB: CLOSED UP 342.50.81 POINTS OR 2.77%

WTI Oil price; 57.84 12:00  PM  EST

Brent Oil: 60.33 12:00 EST

USA /RUSSIAN /   RUBLERISES:    74.35  THE CROSS LOWER BY 0.30 RUBLES/DOLLAR (RUBLE HIGHER BY 30 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.44 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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  57.99//

BRENT :  60.64

USA 10 YR BOND YIELD: … 1.164..down 1 basis points…

USA 30 YR BOND YIELD: 1.958 down 2 basis points..

EURO/USA 1.2051 ( UP 13   BASIS POINTS)

USA/JAPANESE YEN:105.22 DOWN .078 (YEN UP 8 BASIS POINTS/..

USA DOLLAR INDEX: 90.95 DOWN 9 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3740 UP 23  POINTS

the Turkish lira close: 7.08

the Russian rouble 74.30   UP 0.35 Roubles against the uSA dollar. (UP 35 BASIS POINTS)

Canadian dollar:  1.3741 UP 2 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.44%

The Dow closed UP 237.52 POINTS OR 0.36%

NASDAQ closed UP 131.35 POINTS OR 0.95%


VOLATILITY INDEX:  21.41 CLOSED UP .54

LIBOR 3 MONTH DURATION: 0.190%//libor dropping like a stone

USA trading today in Graph Form

Bitcoin, Bonds, Bullion, Biotech, & Big-Shorts Bid As Buck Breaks-Down

MONDAY, FEB 08, 2021 – 16:16

Well the big headline for the day is likely to be bitcoin…

Source: Bloomberg

…and its spike to new record highs on the heels of Tesla’s disclosure…

Source: Bloomberg

That dragged Ethereum up to new record highs (on the first day of ETH futures trading)…

Source: Bloomberg

Biotechs also surged on the day, continuing the ram since we suggested this was where WSB’ers would look next…

Source: Bloomberg

All major US equity markets made new highs today led by another rip in small caps…

Source: Bloomberg

The S&P was rejected at the 3900 Call Wall twice today…

Source: Bloomberg

Energy stocks soared once again today (up a stunning 4.5%, and up for the 6th straight day) as Utes were dumped…

Source: Bloomberg

Value and growth were bid at the open but growth faded rapidly into the European close…

Source: Bloomberg

The Big Shorts rallied on the day…

Source: Bloomberg

along with the biggest hedge fund longs…

Source: Bloomberg

Bonds were sold overnight but once 30Y tagged 2.00% (and 10Y tagged 1.20%), yields tumbled back to earth quickly (on the day 2Y was +1bps, 30Y -3bps)…

Source: Bloomberg

The Dollar was bid overnight but dumped rapidly in early trading…

Source: Bloomberg

Oil prices extended gains in what looks like a straight line, with WTI topping $58 today…

Source: Bloomberg

And as the dollar dumped, gold jumped, extending its gains bouncing back above $1800…

Source: Bloomberg

But ‘Digital Gold’ now trades at a 23x multiple of ‘Old Gold’…

Source: Bloomberg

And all of this melt-up in everything thanks to trillions in “mind boggling” liquidity sloshing into ‘markets’…

Source: Bloomberg

As Larry MacDonald pointed out so eloquently: “The combo of a near $1 trillion check and $120 billion monthly QE is the monetary equivalent of eating a banana split after downing an Italian hero sandwich. The market will be stuffed with reserves. “

end

a)Market trading/LAST NIGHT// THIS MORNING/USA

The Reddit/Robin Hood boys are at it again

(zerohedge)

Micro-Cap Melt-Up Continues As Redditors Buy Biotech & ‘Banned’ Stocks

MONDAY, FEB 08, 2021 – 9:20

The rotation from most-shorted meme-stocks to micro-caps appears to be continuing this morning with Biotechs surging.

Here is our recent list of likely candidates for WallStreetBets next targets…

For example, Atossa Therapeutics…

Source: Bloomberg

…and Zomedica

Source: Bloomberg

Some smaller-cap, heavily-shorted stocks are surging… Vislink Tech (which has SI of 17.7% of float)..

Source: Bloomberg

And Senseonics (which has SI of 18.1% of float)…

Source: Bloomberg

And, perhaps even more interesting, stocks from the WallStreetBets ‘banned list’ (that are particularly exposed to pump and dumps) are also surging…

Nemaura Medical…

Source: Bloomberg

and Ring Energy…

Source: Bloomberg

These are all notably low market-cap stocks (in other words, tread very carefully) as the new wave of investors ‘greatly-rotates’ from the most-shorted stocks to the most-illiquid.

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

iii) Important USA Economic Stories

Should be a lot of fun at the Fed’s Plunge protection team as there will be nobody there with any brains how to run this operation.  The head guy, D Singh has joined the Biden administration

(zerohedge)

Head Of The Fed’s Plunge Protection Team Resigns To Join Biden Administration

FRIDAY, FEB 05, 2021 – 18:40

Back in the summer of 2019, a series of unprecedented personnel shake ups rocked the New York Fed, also known as the most critical Fed due to its direct involvement with capital markets, which a year earlier had appointed former San Fran Fed president and career academic John Williams, a Ph.D economist and Fed lifer, as its new figurehead president to replace Bill Dudley. In a move that shocked Fed watchers, the two most important people at the NY Fed, Simon Potter and Richard Dzina, announced with just a few days’ notice that they would be quitting in what we subsequently learned was their termination by the inferiority complexed Williams.

In late May, Mr. Williams announced the departure of Simon Potter, head of the markets desk since 2012, and Richard Dzina, head of financial services. They had joined the New York Fed in 1998 and 1991, respectively. People familiar with the matter said the exits had less to do with particular policy disputes than with tension over day-to-day management issues.

The way Mr. Williams executed the abrupt departures rattled upper management and sank staff morale, current and former staffers said. Mr. Potter learned of the decision from Mr. Williams shortly before he was to deliver a keynote address in Hong Kong that had already been announced.

At a going-away party at the New York Fed’s headquarters, Messrs. Potter and Dzina received an extended ovation that kept Mr. Williams waiting offstage to address attendees. “It was maybe three minutes,” said one attendee. “It is hard to describe how awkward the air felt.”

Not surprisingly, just a few months later, the hapless Williams – now without Potter by his side – faced the biggest financial crisis in recent years (until the Covid pandemic of course), when the repo crisis struck and for a few critical hours NY Fed president Williams had no clue what to do or how to restore market confidence:

Mr. Williams’s team was making its moves without key leadership after he ousted two veterans.

* * *

“Market confidence in the New York Fed markets desk is critical, and a series of events here have, let’s say, dinged confidence in the operations,” said Ward McCarthy, chief financial economist at financial-services company Jefferies LLC. “It’s important that the confidence issue be addressed before it becomes a more significant problem.”

Mr. Williams in the interview defended the bank’s response, saying, “We diagnosed it right, and Lorie and her team worked with others to get that done and get it done quickly.”

Some analysts said that the Fed ultimately made the right calls but that the incident showed officials had miscalculated the quantity of reserves needed in the system and how tight funding markets would get as a result.

“The lack of response on Monday was unnerving,” said Mark Cabana, head of short-term interest-rate strategy research at Bank of America Merrill Lynch. “They came in on Tuesday, but they came in too late.”

In any event, why was the unexpected departure significant?

Because Simon Potter was the brains behind the actual execution of QE and the Fed’s various indirect trades (using a hedge fund and market maker that has made quite a few headlines in recent days) as the head of the NY Fed’s Markets Group, he was the head trader for the infamous plunge protection team (PPT). Potter’s intimate knowledge of how the Fed “interfaces” with the market also made him an extremely valuable commodity and is why one year later, Potter ended up joining one of the world’s best hedge funds, Izzy Englander’s Millennium Management.

Eventually, more than half a year later, in February 2020 just as the covid pandemic was set to crush the stock market,  Williams finally found a replacement for Potter when he hired Daleep Singh, an economist who previously served at the Treasury Department, who was tasked with the massive challenge of running the NY Fed’ markets group; effectively a bureaucrat was in charge of micromanaging the most important capital markets in the world.

But not for long, because fast forwarding to today, just a little over a year after he was hired, Singh announced his resignation from the NY Fed to join the Biden Administration as Deputy National Security Advisor and Deputy National Economic Council Director.

Here is the full press release:

The Federal Reserve Bank of New York today announced that Daleep Singh has stepped down from his role as Head of the Markets Group and will be leaving the Bank in mid-February to join the Biden Administration as Deputy National Security Advisor and Deputy National Economic Council Director. Anne Baum, Head of Central Bank and International Account Services, will serve as interim Head of the Markets Group and the New York Fed will launch a search for his successor in the coming weeks.

“Daleep brought his dedication to public service and leadership skills to the New York Fed and had a meaningful impact during his tenure,” said John C. Williams, president and chief executive officer of the New York Fed. “Over the past year, Daleep has played a critical leadership role in the emergency facilities the Fed launched in response to COVID-19. I’m thrilled that he will continue to leverage his knowledge and expertise in support of economic policy at this important time.”

Mr. Singh joined the New York Fed in February 2020. As Head of the Markets Group, he focused on bringing together policy, strategy, analysis and operational effectiveness. He also served as a member of the Executive Committee.

Previously, Mr. Singh was Senior Partner and Chief U.S. Economist at SPX Capital, a global investment firm. He also worked at the U.S. Department of the Treasury from 2011 to 2017, serving as Acting Assistant Secretary for Financial Markets and Deputy Assistant Secretary for International Affairs.

The problem is that while Singh had no prior capital markets experience and was merely a figurehead, his temporary replacement, Anne Baum is even more clueless.

Which means that for the next several months, the world’s most important trading desk will be without a head trader. And while that shouldn’t be a problem if the markets keep going up, for the sake of the Biden administration – and crony capitalism in general – let’s hope that the NY Fed does not encounter another market crisis that needs more than a token academic figurehead at the helm to know what to do to restore market calm.

end

Lou Dobbs is a good man…too bad he was cancelled

(zerohedge0

Trump Says Lou Dobbs “Is & Was Great” After Fox News Cancels ‘#1 Business News’ Show

FRIDAY, FEB 05, 2021 – 19:20

Update (2215ET): Former President Trump has issued a statement on Lou Dobbs show being cancelled:

*  *  *

It’s probably just a coincidence, but…

A day after voting software company SmartMatic filed a $2.7 billion defamation suit against Fox News and three of its hosts – Dobbs, Maria Bartiromo and Jeanine Pirro – over voting-machine-fraud claims, The LA Times reports that, according to a Fox News representative who confirmed the cancellation, Fox News has canceled “Lou Dobbs Tonight”.

The show, which is described by the network as“the #1 news program on business television, came under fire during the 2020 election after pushing claims of election fraud.

Additionally, Dobbs was forced to issue a fact-checking clip on his show in December 2020 after Smartmatic, a voting machine company, issued a legal letter regarding what it says was “false and defamatory statements and reports,” The Daily Beast previously reported.

“As we said in October, Fox News Media regularly considers programming changes and plans have been in place to launch new formats as appropriate post-election, including on Fox Business,” a Fox News spokesperson said according to the LA Times.

“This is part of those planned changes. A new 5 p.m. program will be announced in the near future.”

Finally, The LA Times cited “people familiar with discussions” who suggested that Dobbs’ cancellation had been in the works prior to legal issues regarding the voting machine companies.

“Lou Dobbs Tonight” is being renamed as “Fox Business Tonight” beginning next week. The show will see rotating guest hosts, according to the LA Times.

Dobbs, 75, remains under contract at Fox News but he will in all likelihood not appear on the company’s networks again.

end

Antifa terrorists march into Washington DC, assaulting police officers while harassing outdoor diners.

Laila/Epoch Times/Gateway Pundit

Burn it Down!” – BLM-Antifa Terrorists March Through DC, Assault Police Officers, Harass Outdoor Diners (VIDEO)

It’s an insurrection!
This is Biden’s America.

Antifa terrorists marched through Washington DC Saturday night chanting, “Burn it down!”

WATCH: SEE GATEWAY PUNDIT

TRENDING: “Burn it Down!” – BLM-Antifa Terrorists March Through DC, Assault Police Officers, Harass Outdoor Diners (VIDEO)

The far-left terrorists shined flashlights and assaulted police officers on bikes.

A police officer swatted away a flashlight and an altercation broke out.

WATCH (language warning):

Antifa harassed outdoor diners by giving speeches on race and indigenous lives next to restaurants.

WATCH: SEE GATEWAY PUNDIT

“Whose streets?! Our streets!” BLM-Antifa chanted as they marched through DC.

WATCH:N SEE GATEWAY PUNDIT

Videos courtesy of independent reporter Brendan Gutenschwager

end

(Gateway Pundit)

Mob Threatens Arson During ‘F*ck The Police’ March In DC

SUNDAY, FEB 07, 2021 – 10:43

Anti-police, BLM activists marched through the streets of Washington DC Saturday night, where they yelled at police and harassed outdoor diners while chanting various slogans such as “Black lives, they matter here,” and “if we don’t get it, burn it down.”

Participants shined flashlights in the windows of local businesses and residences. Meanwhile, DC police did virtually nothing to control or stop the march as the group confronted locals.

Members of Antifa were present, joining up with the organizing group, “They/Them Collective,” which describes themselves as “An anarcho abolitionist collective house based in occupied Piscataway land here for queer, enby, trans, BBIPOC liberation.”

The event was organized over Twitter and elsewhere, using a graphic which reads:

“ABOLISH POLICE. ABOLISH PRISON. ABOLISH ICE.

FREE THE PEOPLE

FIGHT THE POWER

FUCK THE POLICE

Attendees of the “FTP March” are encouraged to “WEAR ALL BLACK. WEAR A MASK (COVID-19).” Repeat marches will be held on Feb. 13, 20 and 27.

While we’re unclear on what these anarchists are planning to burn down if they don’t “get it,” but we assume they won’t stop until the police are abolished, or the Biden administration pays reparations, or both.

end

Dollar Rises After Yellen Warns “Job Market Is Stalling” In Defense Of Biden Stimulus After Summers Slam

SUNDAY, FEB 07, 2021 – 15:54

The USDollar rose in early Asian trading against most G-20 peers after Treasury Secretary Janet Yellen doubled-down on the key ask of Biden’s agenda, demanding that Congress pass a massive stimulus (over the growing objections of such progressive economists as Larry Summers), and warning that the US risks a slower rebound in jobs and the economy if it fails to enact a robust stimulus package.

Speaking to CBS’s “Face the Nation” one of her two Sunday-morning interviews along with CNN, the former Fed chair who in 2017 predicted that there would be no financial crisis in her lifetime said “I’m afraid that the job market is stalling” the only thing that can return the US to full employment in 2022 is “sufficient” stimulus, by which she meant the full $1.9 trillion plan demanded by Joe Biden.

Going straight for the virtue signaling angle, Yellen – who as former head of the Fed has done more damage to US household wealth and income than almost any other person – said that low-wage earners, minorities and women are suffering the most and could face “permanent” damage from a prolonged slowdown. “We’re in a deep hole with respect to the job market and a long way to dig out,” she said. Without adequate support, it could take until 2025 for the U.S. labor market to recover.”

She repeated the same warning to CNN’s Jake Tepper, “we need a package that’s big enough to address this full range of needs and I believe that the American Rescue Plan is up to the job,” adding that “we face a huge economic challenge… and tremendous suffering in the country.” Which of course is laughable since the biggest beneficiaries of the recent trillions inject by Congress have been billionaires (and soon trillionaires) like Elon Musk who have seen a parabolic increase in their net wealth in 2020 while the middle class has to fight for scrap “stimmies.”

While Yellen conceded that Biden’s $1.9 trillion stimulus isn’t specifically aimed at job creation, she said that “the spending it will generate will create demand for workers.” Which is wrong: instead what it will do is many more short squeezes and more market chaos as millions of Americans directly funnel the newly created funds into the stock market, making the bubble even bigger.

The 74-year-old height-challenged Yellen was trotted out on the media circuit to defend Biden’s mammoth $1.9 trillion stimulus after objections to its size unexpectedly emerged last week not only from the economist community but the Democrat economist community, after Larry Summers warned the stimulus sought by Biden would overheat the US economy and came with “big risks,” including inflation. As we noted yesterday, commodities are already rising at a rate of 25% which coincides with overall headline inflation of 4%.

Many other economists agreed with Summers, including Republican Douglas Holtz-Eakin and former IMF head economist Olivier Blanchard, currently a senior fellow at the Peterson Institute, who tweeted on Friday that “the 1.9 trillion program could overheat the economy so badly as to be counterproductive.”

Sparing no vivid imagery, Blanchard warned that Biden’s plan would “increase in demand could be accommodated, it would lead to a level of output at 14% above potential.   It would take the unemployment rate very close to zero. This would not be overheating; it would be starting a fire.

While these economists agree that more needs to be done, they also agree that $1.9 trillion is too much,  as it would leak to much faster inflation and an even bigger stock market bubble. Politically it could reduce the appetite in Congress for future fiscal action to tackle longer-term priorities such as infrastructure spending and fighting climate change.

Yellen pushed back on Summers’ laims, saying they were small compared to the “scarring” the economy faces by not spending enough now to emerge strongly from the coronavirus pandemic.

Repeating a laughable line uttered by Ben Bernanke a decade ago, Yellen said that If inflation becomes a problem, “I can tell you we have the tools to deal with that risk,” citing her own academic work and experience at the Federal Reserve, where she held various positions over 16 years, including chair. “As Treasury secretary I have to worry about all of the risks to the economy,” Yellen said.

Meanwhile, Biden doubled down on his pitch for a big package on Friday:

“Some in Congress think we’ve already done enough to deal with the crisis in the country. Others think that things are getting better and we can afford to sit back and either do little or nothing at all,” he told reporters at the White House. “That’s not what I see. I see enormous pain.”

Despite the fiery bombast, Biden’s plan has gotten little support from Republicans, whom Biden’s promised to work with. Ten Republicans — the number needed to join all 50 Senate Democrats to pass a bill — last week proposed a $618 billion stimulus plan, which Democrats have said is wholly inadequate.

“What you hear is these broad generalities about, well, people are suffering, so let’s spend another $2 trillion. It’s not the right solution,” Pat Toomey said Sunday on CNN, suggesting a more targeted approach. And while Yellen was seen as bringing at least some “intellectual heft” (in the words of Bloomberg) to Biden’s stimulus pitch to Congress after decades of work at an independent Fed, Toomey pushed back on viewing her as a non-partisan player.

“She is not the leader of the independent Federal Reserve any more. She is now the Treasury secretary,” he said. “Her job is to be the biggest cheerleader for whatever economic policy the President Biden wants.”

One key sticking point is the fate of $1,400 economic impact payments that Biden has promised. The president is negotiating with Congress on how best to target those payments to families who most need the money and are most likely to inject it straight into the economy, according to Yellen. She said the stimulus must “go to people in households that do need the money, and that is lower-income households. We need an appropriate cutoff.”

Even if Democrats decide on a go-it-alone reconciliation bill, negotiating will be difficult because of the Senate’s razor-thin margin. All 50 Senate Democrats, plus Vice President Kamala Harris as a tiebreaker, will be needed to pass a bill. At least one Democrat — Senator Joe Manchin of West Virginia — has been skeptical about some elements of the Biden plan. Like Toomey he wants stimulus payments to be more targeted and he’s also said he doesn’t support a $15 minimum wage.

In kneejerk response to Yellen’s comments, which suggest that a “unexpected slowdown” could be in the card if Biden doesn’t get the stimulus is after, the USD rose pushing the USDJPY lower by 0.1% to 105.33, the the EUR/USD dipped 0.1% to 1.2036, after closing up 0.7% last week, while GBPUSD also declined 0.1% to 1.3720.

Finally, for those who missed it, on Friday we published an op-ed by Joseph Carson, former chief economist at Alliance Bernstein who also sided with Summers warning that after a sugar high boom in 2021 and 2022, the US economy will face a bust in 2023 when the stimulus dries up. We republish it again below:

Fiscal Stimulus:  How Much Is Too Much?  Boom/Bust!, submitted by Joseph Carson, former chief economist at Alliance Bernstein

Suppose Congress passes something close to Biden’s Administration stimulus proposal of $1.9 trillion. In that case, that will lift the cumulative amount of fiscal stimulus in the past 12 months to $5 trillion—three tranches $2.2 trillion, $900 billion, and $1.9 trillion.

In the past year, nominal GDP totaled $21 trillion, so the cumulative injection of fiscal stimulus amounts to almost 25%.

Nothing in modern times comes close, especially during peace times. CBO published a report in 2010 on the military costs of significant wars. The military war costs of World War 1 amounted to 13.6% of GDP and World War 11 35.8%—-so the current spending/stimulus is in the middle of the two World Wars.

During World Wars, activity in the private sector is depressed. That’s not the case today. The housing sector is booming, with housing starts at the highest levels in 15 years, and prices are rising double-digit to record levels. At the same time, the manufacturing sector is experiencing a mini-boom in orders and production.

Given the scale of fiscal stimulus, one would expect the Fed to be thinking of “leaning against the wind.” But not this Fed–the Fed is using the same playbook from the Great Financial Recession, providing unneeded stimulus to the red-hot housing market.

What’s the economic and financial endgame? It’s hard to see anything but a “boom-bust” scenario playing out with fast growth and rising market interest rates in 2021 and early 2022, followed by a bust in late 2022/23 when the fiscal stimulus/support dries up.

The US experienced mild recessions following the sharp drop in government military spending after the Korean and Vietnam wars—-and back then, the scale of military expenditures amounted between 2% and 4% of GDP. The “sugar-high” today is unprecedented, raising the odds of a harder landing.

end

MMT to the fullest:  Democrats unveil a 3,600 dollar -$3,000 child benefit program, on top of the 1.9 trillion dollar stimulus bill.  This total spending would drive the debt up to $30 trillion plus and would no doubt collapse the dollar

(zerohedge)

Democrats To Unveil $3,000 Child Benefit On Monday

MONDAY, FEB 08, 2021 – 9:37

With Treasury Secretary pushing for full-throttle stimulus, after which she says “full employment” can return in the US as soon as next year (and 2025 if not), House Democratic leaders are set to unveil legislation on Monday that would add at least $3,000 per child, advancing a key provision in the Biden administration’s $1.9 trillion COVID-19 relief package, according to the Washington Post.

Rep. Richard Niel (D-MA) with House Speaker Nancy Pelosi (D-CA)

The bill, an enhanced Child Tax Credit, would represent an expansion of the existing $2,000 Child Tax Credit under current law.

“The pandemic is driving families deeper and deeper into poverty, and it’s devastating. We are making the Child Tax Credit more generous, more accessible, and by paying it out monthly, this money is going to be the difference in a roof over someone’s head or food on their table,” said Richard Neal, Chairman of the Ways and Means Committee, who has spearheaded the creation of the enhanced Child Tax Credit bill, according to a committee spokesperson.

Under the new legislation, children under the age of six would receive $3,600 each, while ages six through 17 would earn $3,000 per child per year. Full benefits will be paid to single parents earning up to $75,000 per year, and couples earning up to $150,000, after which the monthly payments would phase out.

If passed by Congress, payments would begin in July for one year, and would become fully refundable for the year.

Currently, the Child Tax Credit provides up to $2,000 per child under the age of 17, which phases out for single parents making over $200,000 and married couples making $400,000.

The Democratic plan comes days after Utah Sen. Mitt Romney (R) shocked policymakers with a proposal to send $3,000 in direct cash per child to American families – however, “several Republican lawmakers and conservative scholars have started criticizing similar measures because they would give government aid both to working and nonworking Americans alike,” according to the Post.

Romney’s plan would have sent payments to every American regardless of income, through the Social Security Administration, while benefits that went to affluent households would then be clawed back when taxes are filed.

While Neal’s legislation would only provide payments for one year, congressional Democrats and White House officials say they would push for the policy to be made permanent later in the year.

White House officials and Senate Democrats have reviewed Neal’s legislation and are supportive of the proposal. Aides cautioned some of its details may change between now and final passage of the legislation. It is also unclear whether Democrats can pass the new child benefit through the Senate under the rules of reconciliation, the parliamentary procedure they are using to pass Biden’s stimulus without Republican votes. House Speaker Nancy Pelosi (D-Calif.) has said she is aiming to pass Biden’s relief package, which would include the child benefit, through the House within two weeks. –Washington Post

Under the bill, the IRS would base eligibility of the payments on families’ prior-year income, similar to how 2020 stimulus payments were decided. Families can update their annual income information in an online portal which would be created, in the event annual incomes decline and they become eligible for payments as a result.

Payments would not be deducted from any existing tax obligations – so those with existing liabilities would still receive $250 per month per child, or $300 for young children, which would be delivered monthly in an effort to help poorer parents facing fluctuating incomes – which the Post reports may be difficult for the IRS to achieve. According to the report, Treasury officials have told Democratic lawmakers that they’ll ‘do their best’ to implement the program. If Yellen doesn’t think it’s “administratively feasible,” she can also adjust the monthly payment structure and deliver them in the “shortest interval” possible instead.

There is something symbolically important about this being a universal child benefit,” said Sam Hammond, a policy expert at the right-leaning Niskanen Center who helped craft Romney’s plan. “Overall, Neal’s plan would be, unequivocally, a massive win against child poverty. But it could do more to clean up the administrative complexity of the current system by making the payment universal.”

Conservatives, not RINOs, meanwhile, have argued that expanding child benefits represents dangerous expansion of the country’s welfare programs, according to the Post.

We know that the negative income tax experiments of the 1970s found that on net, greater benefits led to a sizable decline in employment among single mothers, and research on the state and federal welfare reforms of the 1990s found that, on net, less generous benefits led to more work in the population affected,” said Scott Winship, director of poverty studies at the right-leaning American Enterprise Institute, who says Romney’s plan would discourage poor Americans from working. “My concern is that the Romney proposal’s incentives for some low-income parents to work more would be weaker than the incentives for some to work less—both because the child allowance benefits can replace earnings foregone but also because the Earned Income Tax Credit that would be available to many single parents under the proposal would be less generous than it is now.”

end

The barbs start against Biden as America’s top union boss slams Biden over Keystone XL decision to cancel the pipeline.

(zerohedge)

America’s Top Union Boss Nervously Slams Biden Over Keystone XL Decision

SUNDAY, FEB 07, 2021 – 20:10

America’s top union boss isn’t happy that President Biden canceled the Keystone XL pipeline his first day in office, and doesn’t think promises of ‘retraining’ programs are much consolation for union workers who will find themselves unemployed.

“If you destroy 100 jobs in Greene County, Pennsylvania, where I grew up, and you create 100 jobs in California, it doesn’t do those 100 families much good,” said AFL-CIO president Richard Trumka in comments which aired Sunday evening on “Axios on HBO.”

Axios notes that there are significant tensions between environmentalists, the Biden administration team addressing climate change, and segments of the labor movement. By canceling the Keystone XL project, approximately 1,000 existing union jobs and 10,000 protected construction jobs are estimated to have been lost.

Trumka, who fully supported Biden’s run for president, told Axios’ Jonathan Swan that he thought Biden’s decision to cancel the pipeline project his first day in office, without pairing it with an initiative that would create as many (or more) jobs as would be lost, was a bad move.

“If you’re looking at a pipeline and you’re saying we’re going to put it down, now what are you going to do to create the same good-paying jobs in that area?” asked Trumka, who “appeared to be uneasy – pausing for a few seconds and ducking the question — when asked whether he was comfortable with Biden’s plan to ban fracking on federal lands,” according to the report.

More via Axios:

The bottom line: Trumka, who started his career as a coal miner, signaled he will have no patience for promises of retraining programs as consolation for union workers forced from their jobs.

  • “You know, when they laid off at the mines back in Pennsylvania, they told us they were going to train us to be computer programmers.”
  • “And I said, ‘Where are the computer programmer jobs at?’ ‘Uh, they’re in, uh, Oklahoma and they’re in Vegas and they’re here.’ And I said, ‘So, in other words, what we’re going to be is unemployed miners and unemployed computer programmers as well.'”

People “love where they live and they love the people in that area,” Trumka said. “And to them, that’s home. And that’s their culture.”

  • “I think what doesn’t get understood quite enough in the country, particularly in D.C. politics, is that that culture is very, very important to the people who live there.”

Meanwhile, Biden’s climate ‘guy’ – John Kerry, suggested that unemployed pipeline workers can just ‘make solar panels.’

END
CBO now gives the economic impact to the nation from a 15 dollar minimum wage hike. Answer a big negative!
(zerohedge)

What Are The Economic Impacts Of A $15 Minimum Wage Hike

MONDAY, FEB 08, 2021 – 11:58

Update: at almost the same time this article went to digital print, the CBO released its estimates on the effect the $15 min wage would have. In a nutshell:

  • The cumulative budget deficit over the 2021–2031 period would increase by $54 billion
  • From 2021 to 2031, the cumulative pay of affected people would increase, on net, by $333 billion—an increased labor cost for firms considerably larger than the net effect on the budget deficit during that period.
  • That net increase would result from higher pay ($509 billion) for people who were employed at higher hourly wages under the bill, offset by lower pay ($175 billion) because of reduced employment under the bill.
  • Employment would be reduced by 1.4 million workers, or 0.9 percent
  • The number of people in poverty would be reduced by 0.9 million

Full report here.

* * *

Following this weekend’s full-on assault by Biden’s SecTres Janet Yellen pitching the admin’s massive $1.9 trillion stimulus package, many questions remained unanswered. As Rabobank’s Michael Every wrote this morning, even a $1,400 check – assuming it passes – does not change that fact for many. Also notably, while predicting full employment in 2022 if and only if the Biden plan passes, Yellen admitted that the stimulus bill does not create any jobs directly. As she put it, “the spending it will generate will create demand for workers”. But at what wage rate  – given the minimum wage does not look set to rise to $15 – and in what sectors? What if – as Every rhetorically observes – “the USD1,400 is spent on imported goods rather than something made in the US? And what if it is spent on stocks that end up dropping in price as a transfer of wealth to the deep pockets of a hedge fund owner who is shorting them? Does this get us back to “full employment”?”

No, of course, it doesn’t, but sure helps create a new generation of daytraders who have no other skills except for BTFD.

Yet while Biden is valiantly fighting to pass a $2,000 $1,400 stimulus check – amid rising warnings from the Larry Summerses of the world that this could overheat the US economy and spark an inflationary fire – the question is what will the new minimum wage be. Will it be $15… or will it remain unchanged?

Overnight, Goldman has published a note looking at the economic effects of a $15 minimum wage hike (which may prove to be completely unnecessary since the odds of such a wage increase look virtually nil), and yet at some point in the future it is quite likely that wages will increase so it is worth going through Goldman’s methodology.

Below we excerpts some observations from Goldman on what the bank thinks would happen, along with commentary:

The federal minimum wage has declined in real terms over the last 50 years, and the US federal minimum-to-median wage ratio is now at the bottom of the advanced economy range. President Biden has proposed gradually raising the federal minimum wage from $7.25 to $15 per hour over several years.

Some more details: the federal minimum wage has remained at $7.25 per hour since 2009 and has declined substantially in real terms over the last 50 years, as shown in Exhibit 1.

The ratio of the federal minimum wage to the median wage has fallen from roughly one-half to one-third, leaving the US minimum-to-median wage ratio at the bottom of the advanced economy range, as shown in Exhibit 2.

Indeed, if Bide’s proposed min wage increase is implemented, it would take the US minimum-to-median ratio close to the top end of the OECD range from the very bottom where it current sits.

While it goes without saying, the main benefit of a minimum wage hike is that it would raise income for low-wage workers, in some cases sharply. Quote Goldman:

We estimate that about 30% of workers would benefit from the direct or spillover effects of a $15 minimum, most of them adults with family incomes below $50,000. Many studies have found that higher minimum wages reduce poverty, and a Census study found that the wage gains for affected workers continue to grow in the years after minimum wage increases.

To be sure, other policy tools can also raise the earnings of low-wage workers, in particular the Earned Income Tax Credit (EITC), a refundable tax credit offered to workers with very low wages. As several economists have noted, the EITC and minimum wage can complement each other. The EITC in isolation should raise workers’ willingness to work at low wages because their pay is supplemented by the tax credit, allowing employers to capture some of the benefit of the policy. Combining the EITC with a higher minimum wage would shift more of the benefit to workers.

Of course, while Democrats will pound the table on the positive aspects of min wage hikes, comservatives will argue that the costs more than offset the benefits, and it goes without saying that the biggest cost of a minimum wage hike is reduced demand for low-wage labor. Cue Goldman, which on one hand disagrees and says that “on average, studies find only modestly negative effects of minimum wage hikes on employment of low-wage workers.”

Yet on the other, the bank also concedes that “there are only a handful of studies of hikes as large as the $15 proposal because few hikes this large have occurred in the US or elsewhere. These studies find mixed results, but several have found disproportionately more negative employment effects than most studies of smaller hikes.” Some more details:

Studies that look specifically at the largest minimum wage hikes have reached mixed conclusions, but several have found more negative employment effects than most studies of smaller hikes, as shown in Exhibit 5.

The most negative estimates come from studies of Seattle’s 2016 adoption of a $13 minimum wage, which resulted in a minimum-to-median wage ratio of roughly 57%. Researchers note that estimates from studies of the Seattle policy likely overstate the true negative employment effects because they lack an unbiased control group and cannot observe relocation of employment from Seattle to its lower minimum wage suburbs, but taken at face value they imply that Seattle’s minimum wage hike lowered employment for low-wage workers by substantially more than it increased wages.

This, the bank concedes, “leaves some uncertainty about the employment effects of a $15 federal minimum.

It’s not just employment that is and will be cut: another cost of increasing the minimum wage is that employers will cut workers’ hours and non-wage benefits such as health insurance, even if employment does not decrease substantially. Similar to above, economists found that Seattle’s 2013 minimum wage increase substantially reduced hours. Yet despite the contrarian evidence, the CBO estimates that a $15 federal minimum wage would have little effect on benefits because few low-wage workers receive non-wage benefits and because employers face tax penalties if they offer benefits only to high-wage workers. Good luck with that.

Finally, what would the impact of a minimum wage hike be on the most important metric of all: inflation?

According to Goldman, raising the federal minimum wage “would also affect wage growth and inflation. The impact would grow in each subsequent year of implementation as staggered increases pull up the wages of a progressively larger group of workers in states where the local minimum is below the new federal minimum.” Here, the bank’s economists estimate that the total direct boost to wage growth over 2021–2026 would be roughly 3% per year.

As shown in the left side of the chart below, Goldman shows the impact of planned state increases, an $11 federal minimum, and a $15 federal minimum on aggregate wage growth: “We estimate that state increases occurring this year are boosting wage growth by roughly ½pp. That boost would fade to about ¼pp without an increase in the federal minimum, but would remain close to ½pp with a hike to $15 per hour.”

The incremental effect of the $15 minimum on wage growth is not dramatic, even though it represents a more than doubling of the current federal minimum. The effect is limited in part because $15 would not take effect until 2026 and represents less in current dollars, and in part because many states already have closed or are planning to close much of the gap between the current federal minimum and $15.

Next, to estimate the impact on inflation, Goldman applies its finding that a 1% increase in wage growth flows through to a 0.25% increase in inflation the same year and a 0.15% increase in inflation the next year.  The right side of the chart above shows Goldman’s estimate of the impact on inflation: according to the bank, current and past state increases are raising inflation in 2021 by about 0.15-0.2%, and that this effect would remain roughly steady with a $15 federal minimum, but fade slightly without it.

In short, anyone betting that a $15 min wage hike would spark much higher inflation will be disappointed.

That said, even such an academic exercise is meaningless, because as Goldman concludes, “the odds of an increase to $15 are low.” First, a quick look at how Federal minimum wage hikes took place in the past:

Congress last passed a minimum wage hike in 2007. That increase and the two prior ones, in 1989 and 1996, occurred in similar circumstances. First, they occurred in mature business cycles, when the unemployment rate was relatively low and the last recession was 6 to 7 years in the past. Second, and perhaps more surprisingly, they all occurred under divided governments. The current environment is economically and politically different to any of those experiences, and we think Congress is fairly unlikely to pass a minimum wage increase this year.

That said, the Biden Administration and congressional Democrats have made increasing the minimum wage a priority this year, so it remains a possibility. They might consider three approaches to do this:

  • First, they could attempt to pass an increase via the reconciliation process with only Democratic votes (as reconciliation bills can pass with only 51 votes in the Senate, rather than the 60 usually needed). However, a minimum wage hike probably cannot pass this way, in light of the “Byrd Rule” that prohibits non-fiscal measures in reconciliation legislation.
  • Second, they could change Senate rules to pass an increase with only 51 votes, if Senate Democrats can reach consensus among themselves. However, Goldman notes that there are probably not 51 votes in the Senate for a $15 per hour minimum wage as of the 50 Democrats in the Senate, only 38 have signed onto Sen. Sanders’ bill to raise the minimum wage to $15 by 2025. The remaining 12 senators are generally among the most centrist Democrats and several represent states with lower minimum wages. The median minimum wage in states represented by that group of 12 is $9.25, compared with $11.50 among the other 38 senators. The impact of a $15 federal minimum would vary considerably across states, as shown in Exhibit 7, and this is likely to be a key political obstacle
  • Third, they could win bipartisan support. This would require at least 10 Republicans to support an increase. A modest increase phased in over several years would likely win some Republican support, but where they would draw the line is difficult to predict.

Ultimately, whether or not a minimum wage hike passes will depend on centrist Democrats. As Goldman concludes, the positions centrist Dems have taken on the issue provide some clues as to where the consensus could come out. Democratic Sen. Manchin (W. Va.) recently suggested that he could support an $11 minimum wage that would be indexed to inflation going forward. The “Blue Dog” Democrats in the House proposed in 2019 to pause the proposed minimum wage increase once it reached $9.85 to assess the economic effects.

To Goldman this suggests that while a $15 minimum wage is unlikely, lawmakers may be able to reach a compromise for a min wage in the $10-11 per hour range, with Goldman expecting that any increase would phase in no faster than around $1 per year..

end

Majority of GOP voters would join anew Trump led political party. What would end the Republican party for good.

(Levy/SaraCarter.com)

Majority Of GOP Voters Would Join A New Trump-Led Political Party, Poll Shows

MONDAY, FEB 08, 2021 – 15:45

Authored by Annaliese Levy via SaraACarter,com,

A new Hill-HarrisX poll, reveals that a majority of Republican voters would likely join a new political party created by former President Donald Trump.

The Jan. 28 survey was conducted among 945 registered voters, 340 of which self-identified as Republicans.

The results found that 64% of registered GOP voters said they’d join a new political party led by the former president and 32% said they would very likely join.

While 36% of GOP voters said they are either very or somewhat unlikely to join.

28% of independents and 15% of Democrats said they’d likely join a third party led by Trump.

37% of voters overall said if Trump created a new political party they’d likely join.

Last month, Trump discussed starting a new political party called the “Patriot Party” following his exit from the White House.

“These numbers show that despite the Capitol riots Trump remains a political force to be reckoned with. He benefits from a diverse base of support making up over a third of voters, voters who are attracted to him on a number of issues that are yet to be properly addressed by, and coopted by, Democratic and Republican elites,” Dritan Nesho, CEO and chief pollster at HarrisX, told The Hill.

“If Trump were to split from the GOP and create his own party, polling suggests he might well create the second largest political party in the country, knocking the GOP down to third place,” said Nesho.

end

iv) Swamp commentaries

Hunter Biden still has not sold his takes in Chinese investment funds.

(zerohedge)

Hunter Biden Still Hasn’t Sold His Stake In Chinese Investment Fund

FRIDAY, FEB 05, 2021 – 16:43

With Hunter Biden’s addiction-recovery memoir about to hit the shelves, it goes without saying that the press will be asking carefully crafted questions about the President’s troubled son.

Of course, one wouldn’t be wrong to expect a flurry of pre-Trump softballs such as “how has Hunter’s struggle with addiction impacted his family?” Or “Have Joe and Hunter discussed which flavor of ice cream tastes best during recovery?”

During Friday’s otherwise milquetoast White House press briefing, however, the New York Post‘s Steven Nelson asked about Hunter’s sizeable stake in a Chinese investment vehicle – which is of particular note in light of Hunter’s December announcement that he’s under federal investigation for potential tax fraud and money laundering connected to his international business dealings.

In response to Nelson’s question, White House Press Secretary Jen Psaki replied that the younger Biden has been “working to unwind his investment“, before referring the reporter to Hunter’s legal team.

The fact that Hunter Biden hasn’t yet unwound his China investments, which he said he would do in late December, should remain an ongoing red flag deserving of regular follow-up by the press – particularly in light of a Senate report which concluded Hunter raised “counterintelligence and extortion” concerns and may have participated in sex trafficking. What’s more, the world is waiting to see exactly how his father, President Biden, will engage with Chinese President Xi Jinping – who has ‘urged cooperation to reboot the global economy.’

We wonder how much longer it will take for him to divest?

END
This is Washington DC tonight
(zerohedge)

National Guard And Razor Wire Everywhere: DC Gets Dystopian As Impeachment Trial Kicks Off

SUNDAY, FEB 07, 2021 – 19:05

Next week, the country will gather round to watch Democrats argue why former President Trump should be convicted for inciting the Jan. 6 ‘Capitol Riot,’ after the House impeached him on one count of “incitement of insurrection.”

To prepare for the trial, DC Homeland Security and Emergency Management chief, Christopher Rodriguez, is maintaining a dystopian backdrop of armed National Guard troops and razor wire-topped security fences.

We must demonstrate an overt security presence in D.C., at least for now,” Rodriguez said at a House Homeland Security Committee hearing last week. “We believe that this posture is essential to ensuring that the Metro Police Department can deploy resources to all parts of the city during an emergency.”

Photo via @Revolov
Members of the U.S. National Guard gather outside of the U.S. Capitol on Feb. 5.  Photographer: Al Drago/Bloomberg

Walkways and green spaces around the Capitol and adjacent congressional office buildings that are normally plied by tourists and joggers have been off limits since the Jan. 6 riot.

Instead, there are rifle-toting National Guard troops — part of a contingent of several thousand assigned to assist with security — stationed with Capitol police at a checkpoints for entry to the grounds. In addition there are 500 members of the District of Columbia National Guard on standby as a quick reaction force.

It’s surreal,” said Representative Andy Kim, a New Jersey Democrat. “I’ve worked in a lot of tough areas before, it is very intense to see this level of structure with such a massive perimeter put forward. –Bloomberg

Approximately 7,000 National Guard personnel will remain in DC – left behind after more than 20,000 Guradsmen were deployed to Joe Biden’s inauguration to protect against a ‘right-wing extremist threat’ that never materialized. By mid-march, the number of Guard will be reduced to 5,000.

Democratic impeachment managers are expected to argue that Trump’s election fraud claims inspired a cadre of supporters to ‘storm the capitol’ (they walked through an open door), and that the ‘insurrectionists’ led by ‘QAnon Shaman’ were attempting to gain control of the United States (only to take selfies with Capitol Police and walk out un-arrested). In total, five people died during the incident – including a protester who was shot dead by Capitol Police for trying to breach an interior barricade.

More footage from the Jan. 6 ‘insurrection’:
“Any chance I could get you guys to leave?”
This is like, the sacredest place.

Trump’s impeachment defense team, meanwhile, is expected to show a montage of prominent Democratic lawmakers calling for insurrection against the Trump administration, and what we assume will include footage of 2020 anti-police riots.

Defense attorneys will undoubtedly mention that Trump told his supporters to ‘stay peaceful‘ and then ‘go home now,’ because ‘we have to have peace.

All Democrats plus 17 Republican Senators would be required to cross the two-thirds threshold to convict Trump. As Bloomberg notes, however, “A test vote in the Senate last month indicated that a few GOP members are willing to break with the former president, but far fewer than the level needed to bar him from serving in public office again.”

Perhaps an encore performance by Rep. Alexandria Ocasio-Cortez recounting her near death experience will convince at least 17 Republicans to break ranks?

end
After hearing that the Bank of America gave the FBI data on purchases done in Washington on Jan 6, there have been calls for a boycott of the bank.

(New York Post)

Calls for Bank of America boycott grow after data given to FBI

Customers are calling for a boycott of Bank of America, after a report that the bank handed over the account information of hundreds of innocent people in connection with the Jan. 6 deadly riots at the Capitol.

At the request of the FBI, the country’s second-largest bank allegedly snooped through information of anyone making certain purchases in and around Washington before and after the riots, and handed over the information of 211 people, according to Fox News’ Tucker Carlson.

Only one of those 211 people was brought in for questioning, and none of them were arrested, according to Fox’s report.

Federal investigators reportedly asked Bank of America for information on customers who made debit or credit card purchases in DC, reserved hotels and Airbnbs in and around the capital, patronized weapons store and made airline reservations within the timeframe surrounding the attacks.

FILE PHOTO: A man takes shelter from the rain inside of a Bank of America branch.
Customers are calling for a boycott of Bank of America, after a report the bank handed over the account information of hundreds of innocent people in connection with the Jan. 6 deadly riots at the Capitol.
REUTERS

Now, customers and non-customers alike are calling those reported actions an overreach, and taking to Twitter to announce they are canceling their accounts and calling on others to do the same.

“‘Bye bye, Bank of America’: Outraged customers boycott firm as it’s revealed the bank snooped through HUNDREDS of innocent people’s accounts looking for Capitol rioters – so who else is doing it?,” one user posted.

“Time to get out of Bank of America. Boycott them,” wrote another.

“The customer should SUE @BankofAmerica unless there was a subpoena involved!,” another user commented.

Bank of America released a statement Friday about the claims: “We don’t comment on our communications with law enforcement.  All banks have responsibilities under federal law to cooperate with law enforcement inquiries in full compliance with the law.”

“If clients reach out to us and raise concerns, we’ll certainly speak to them about their concerns,” Bank of America spokesman William Halldin told The Post.

Under the 1970 Bank Secrecy Act, financial institutions are required to cooperate with law enforcement to detect money laundering, terrorist financing and other criminal acts.

The FBI has arrested more than 170 people in connection with the breach of the US Capitol, and have vowed to hunt down hundreds more rioters.

Five people — including a Capitol Police officer — died during the riots, and a second member of the Capitol Police and an officer with the DC Metro Police took their own lives in the aftermath.

Police and federal authorities were woefully overmatched by violent rioters on Jan. 6.

Then-President Donald Trump was impeached for a second time over his alleged role in inciting the riot, and faces a Senate trial next week.

end

Tom Brady who supports Trump, enters the stadium and leaves the stadium without a mask. The left have

a melt down

(Watson/Summit News)

Americans Have Collective Meltdown Over Tom Brady Not Wearing A Mask

MONDAY, FEB 08, 2021 – 8:20

Authored by Paul Joseph Watson via Summit News,

Leftists on Twitter had a complete meltdown over the fact that Tom Brady didn’t wear a mask at any point before or after the Super Bowl.

Brady led the Tampa Bay Buccaneers to an easy 31-9 victory over the Kansas City Chiefs to extend his record-breaking Super Bowl winning streak to seven.

Considered to be the greatest NFL player of all time, Brady is despised by the left because of their perception that he once supported President Trump and has managed to remain apolitical over the last five years of the culture wars.

As players were caught on camera entering the stadium masked up, Brady’s face covering was totally absent.

“Considering everything happening in that stadium I doubt this actually matters but a dude as famous as Tom Brady should just do the right thing and wear a mask. I think I have to turn off this game. It’s making me angry,” whined one blue checkmark journalist.

Anti-gun activist Lisa Hendricks was also big mad at Brady’s refusal to muzzle himself.

“Tom Brady could have used his platform to wear a mask and be a role model for responsible behavior. But nooooooo, he had to be a maskhole,” she said.

“What’s Tom doing without a damn mask?” the niece of Kamala Harris, Meena Harris, demanded to know.

Two other leftists took turns to denounce Brady for being white and not wearing a mask.

Numerous others shared similar complaints.

Recall that leftists insist wearing masks isn’t “political” while trying to make it political at every available opportunity.

As we previously highlighted, USA Today sports journalist Nancy Armour wrote an op-ed last week denouncing Brady for his refusal to apologize for his “white privilege.”

However, after yesterday’s triumph, Brady has cemented his position as the GOAT and it doesn’t seem likely that butt-hurt woke morons on Twitter will prevent him from enjoying the victory.

*  *  *

New limited edition merch now available! Click here. In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, I urgently need your financial support here.

end

Thousands Of Maskless Buccaneer Fans Celebrate Super Bowl Win

MONDAY, FEB 08, 2021 – 10:50

Following the Tampa Bay Buccaneers victory over the Kansas City Chiefs (31-9) to win Super Bowl LV, fans rushed to bars and packed South Tampa streets to celebrate the win, according to Fox 35 Orlando.

Experts are concerned even as the US has emerged from the worst surge in deaths, hospitalizations, and infections of COVID-19, last night’s event across Tampa could spark additional infections in the coming weeks.

Thousands of Buccaneer fans packed streets along South Howard Avenue, many without face masks nor properly social distancing, as they celebrated last night’s big win.

“Celebrations getting a little wild downtown,” tweeted Fox 13’s Gloria Gomez.

Many maskless fans packed the streets of South Tampa.

Bars and restaurants were crowded.

None got the mask memo.

“Of 3.1 mil Tampa Bay residents, about 82k are vaccinated. UK variant will be dominant here in 2 wks. Zero Covid restrictions. Full capacity restaurants/bars. No enforceable mask mandates. The photo is from 2 AM this morning. It’ll be worse tonight. A lot of residents are concerned,” one Twitter user said.

Fans climbed on top of a city bus to celebrate the win.

Ahead of the Super Bowl, Dr. Anthony Fauci, Biden’s chief medical adviser for COVID-19, warned Americans against gathering for Super Bowl parties with people outside their bubble, especially in areas with poor ventilation.

“You’re really putting yourself and your family in danger,” Fauci told MSNBC on Friday.

end

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

On Thursday night, KC Fed President George said it was too soon to discuss tapering bond buying.  ESHs jumped 7 handles on the comment.  As we keep harping, US stocks are bubbling; retail traders are speculating like their lives depend on it; yet Fed officials keep encouraging more speculation via their dovish comments and insouciance toward the stock market bubble.

For decades, new US presidents took the hit early in the terms so that the economy would be on the up slope when the campaign for re-election began.  The Big Guy, with the help of the Fed and Congress, is juicing the US economy and stock market as if his re-election were months away!  George H. W. Bush did the same thing.  Pundits were troubled at Bush’s decision; but the excuse was that the USSR and Eastern Europe were about to fall.  So, the US wanted to project as much strength as possible in 1989.

Fed’s Mester doesn’t see policy changes coming from GameStop saga https://t.co/OaZC3jdH2T

If trading schemes push stocks higher, regulators do not care.  When retail traders learn how to use puts to trigger downside slides, regulators will act.

January Nonfarm Payrolls are +49k; +105k was expected.  December NFP was revised to -227k from -140k.  Private payrolls increased only 6k; +163k was consensus.  Manufacturing jobs declined to -10k from +31k (previous 38k).  30k was expected.  Wages declined to 0.2% from 1.0% (0.8% initially); 0.3% was expected.  The workweek rose to 35 hours from 34.7, which was also the expected figure.

The Unemployment Rate declined to 6.3% from 6.7%, which was also the expected number.  But, the Labor Force Participation Rate declined 0.1 to 61.4%.  61.5% was expected.  The Unemployment Rate, which declined 606k, would have been 0.6 higher if misclassified workers were included among the unemployed.  In the Household Survey, ‘employed’ increased 201k. https://www.bls.gov/news.release/empsit.a.htm

Establishment Report (CES) Highlights [Nonfarm Payrolls]

Healthcare/Social Ass’t -40.8k

Leisure & Hospitality -61k

Retail -37.8k

Transportation & Warehousing -27.8k

Temp +80.9k

Gov’t +43k

 

https://www.bls.gov/news.release/empsit.b.htm

VP Kamala Harris cast the tie-breaking vote in the Senate (50-50 along party lines) that passed the Biden Trillions stimulus plan.   https://justthenews.com/government/congress/harris-casts-senate-tie-breaker-paving-way-democrats-19t-covid-relief-bill

Feb. 16 is the next big day for Biden’s economic plan – the deadline for congressional committees to produce the legislation to put the proposal into law…That reconciliation bill will be immune to the filibuster’s requirement to get 60 votes to advance and can be passed in the Senate with only 51 votes…

https://www.marketwatch.com/story/feb-16-is-the-next-big-day-for-bidens-economic-plan-11612540706

Sen. Grassley Press @GrassleyPress: After all the talk of unity, President Biden and congressional Democrats took the partisan route right out of the gate. They spent last night rejecting commonsense policies in their pursuit of a partisan liberal agenda.

https://www.grassley.senate.gov/news/news-releases/schumer-senate-all-nighter-comes-empty-handed

Democrats hit back at Summers after criticism of stimulus bill

Obama’s ex-economic adviser warns $1.9tn package risks worst inflation in generation

https://twitter.com/FT/status/1358196166152908800?s=09

@patrickbetdavid: Over 40% of the Money US has EVER printed in its history was printed in 2020.

You may want to read that again.  More and more signs of a bubble being in the works.

John B. Taylor (@EconomicsOne): The Legacy of Paul Volker,” a tribute just published by Business Economics with remarks by Shelia Bair, Don Kohn and me @EconomicsOne and good questions and answers moderated by Julia Coronado https://t.co/sG3hgaDJWd

The CDC director says it’s safe to open US schools.  Biden, siding with teachers, won’t open schools.

@KatiePavlich: White House is now saying CDC Director Walensky was “speaking in her personal capacity” when discussing vaccinations for teachers and opening schools. To be clear, she was not speaking in her personal capacity, but as the CDC Director.

@AndrewHClark: It took just 14 days for Team Biden to get from “we need to listen to the scientists” to “the scientist was speaking in her personal capacity.”

Biden received more money from teachers unions and their employees than any candidate in 2020

https://www.foxnews.com/politics/biden-money-teachers-unions-candidate-2020

Facebook removes page of international disease experts critical of COVID lockdowns

https://justthenews.com/nation/technology/facebook-removes-page-international-disease-experts-who-have-been-critical-covid

GOP @SenRonJohnson:YouTube has “suspended” a U.S. Senator’s account (mine) because it contained information on possible effective early treatment for COVID using safe, cheap, and available generic drugs. Go figure.

New Israeli drug cured 29 of 30 moderate/serious COVID cases in days

Medicine developed at Ichilov moderates immune response, helps prevent deadly cytokine storm, researchers say; 29 of 30 phase 1 trial patients left hospital within 3-5 days…

https://www.timesofisrael.com/new-israeli-drug-cured-moderate-to-serious-covid-cases-within-days-hospital/

Tucker Carlson on Thursday night: Bank of America is, without the knowledge or the consent of its customers, sharing private information with federal law enforcement agencies. Bank of America effectively is acting as an intelligence agency… went through its own customers records… people that committed no crime…people that fit a specific profile…any overnight stay in DC area…purchases in DC area… any airline purchases…a very, very wide net, an absurdly wide net… turned over results to government…What country is this… can I lose my job because of this…Bank of American did might not be legal, could be challenged in court…”  [Stalinism has established a firm root in the USA.]  https://twitter.com/ColumbiaBugle/status/1357523986242883584

Did Bank of American check its customers’ records about Antifa and BLM riots?

@PastorDScott: Republicans had power in 2016, and wasted it being divided in their support of President Trump. Now Dems have the power, and are united in their efforts to empower Biden, and oppose Republicans. Trump tried to tell them. Now it’s too late. The Witch-hunt is targeting all of them.

@paulsperry_: FBI raiding homes of Trump supporters who were not inside Capitol, inclg DEA agent who had gun & credentials confiscated. But most case files read: “Interviewed, participated in 1st A activities, closed.” Same scrutiny not applied to Antifa/BLM agitators who were there

@charliebilello: The Volatility Index fell 44% over the last 7 trading days, the 2nd largest 7-day decline in history. [Bullishness is exploding dangerously higher!]

Biden Taps New York Fed Market Chief as National Security Deputy

Singh oversaw implementation of the New York Fed’s emergency facilities during the Covid-19 pandemic, and previously served in domestic finance and international affairs roles in the Treasury Department during Barack Obama’s administration…

https://www.bloomberg.com/news/articles/2021-02-05/biden-taps-new-york-fed-market-chief-as-national-security-deputy

Head of The Fed’s Plunge Protection Team Resigns to Join Biden Administration

The problem is that while Singh had no prior capital markets experience and was merely a figurehead, his temporary replacement, Anne Baum is even more clueless.  Which means that for the next several months, the world’s most important trading desk will be without a head trader.

https://www.zerohedge.com/markets/head-feds-plunge-protection-team-resigns-join-biden-administration

The NY Fed overseas and intervenes in the US financial markets.  The head of the NY Fed trading desk is the chief fixer of the markets.  It makes no sense to appoint Singh to National Security Deputy unless managing the US markets is a very high national security priority or Singh was a covert agent.

Hedge Fund [One River Asset Management] CIO [Eric Peters]: “I Didn’t Realize How Many People Understand the Extent of the Fed Market Manipulation” – I was looking through reddit chatrooms, Wall Street Bets, you know… The level of disillusion with the system is kind of breathtaking – I just didn’t appreciate how widespread it seems to be.”…

https://www.zerohedge.com/markets/hedge-fund-cio-i-didnt-realize-how-many-people-understand-extent-fed-market-manipulation?s=02

“This Is the Wildest Market I’ve Ever Seen”: Druckenmiller’s Must-See Goldman Interview

The CARES Act added trillions in fiscal stimulus. How big was it? In three months in 2020 we increased the deficit more than the past 5 recessions combined (1973, 1975, 1982, the early 90s’, the dot com bust and the GFC). The Fed in 6 weeks bought more treasuries than in 10 years under Bernanke/Yellen. Corporate borrowing, which almost always goes down in a recession, which had already increased from $6trln to $10trln going into the crisis due to the Fed’s free-money policies, went up $400bln. Putting that in perspective, it went down by $500bn during the GFC.”…

    “The Central Bank has bastardized the most important price in the world which is the cost of money. We have crony capitalism as you know.”…

https://www.zerohedge.com/markets/wildest-market-ive-ever-seen-druckenmillers-must-see-goldman-interview

Election Analysis: Trump ‘Suffered His Greatest Erosion with White Voters’

The analysis, conducted by Trump’s top pollster Tony Fabrizio… in 2016, Trump won that group by 65-30 percent margin to Democrat Hillary Clinton. By 2020, that wide show of support had dropped to a 61-38 percent margin against Biden — a 12 percentage point falloff…

    “White voters with college degrees were a huge loss for POTUS while those without college degrees stayed in POTUS’s column by a larger margin in the states we held than those that flipped,”…

    “Improvement with Hispanic voters was not enough to cancel out losses among white voters,” the analysis notes. Despite a rollout of criminal justice reform messaging by Trump and the RNC to court black Americans, the president gained just one percent in flipped states with the group and made no gains in states he held… [This is precisely what Ann Coulter predicted!]

https://www.breitbart.com/politics/2021/02/04/election-analysis-trump-suffered-his-greatest-erosion-with-white-voters/

Biden brings back old claim he was ‘shot at’ overseas

The president stirred controversy over a decade ago when he made the initial claim of being shot at

    “You have great personal courage. I’ve been with some of you when we’ve been shot at,” Biden told a group of diplomatic aides at the State Department…  https://www.foxnews.com/politics/biden-claim-shot-at-overseas

Biden says Trump should NOT receive intel briefings because his ‘erratic behavior’ means ‘he might slip and say something’ [You cannot make this up!  The gaffe man, when he was on his game, criticizing Trump’s mental state!] https://trib.al/Sl5cn5J

@paulsperry_: Declassified emails of FBI chief McCabe reveal CBS “60 Minutes” producer Pat Milton kissed up to McCabe, calling him “the only savior for the nation” &exalting Comey as “a hero” after Trump fired him. “You were fabulous today,” Milton gushed after McCabe testified on Hill

Time magazine: The Secret History of the Shadow Campaign That Saved the 2020 Election

In a way, Trump was right.  There was a conspiracy unfolding behind the scenes, one that both curtailed the protests and coordinated the resistance from CEOs. Both surprises were the result of an informal alliance between left-wing activists and business titans

    They got states to change voting systems and laws and helped secure hundreds of millions in public and private funding…recruited armies of poll workers and got millions of people to vote by mail for the first time. They successfully pressured social media companies…

https://time.com/5936036/secret-2020-election-campaign/

   @ElijahSchaffer: Time admits Democrats used manipulative tactics, borderline black mail of corporations, and deceptive propaganda campaigns that look like a “conspiracy” to rig the election.  But because Dems prefer the word “fortified” instead of “rig” it’s all good…

    @julie_kelly2: Now that Time confirmed what we already knew—it’s not just that election laws were changed, laws on the books were flagrantly ignored or modified by unelected partisans. PA probably the worst case. Will fraud deniers at NR/Dispatch retract their defenses?

  @Timcast: Time magazine just came out said that a cabal of elites rigged the election.  I’m sorry they said they didn’t rig the election they “fortified” it, by changing the rules and laws as well as manipulating the flow of information…it is the opposite of Democracy when a secret cabal of wealthy and politically connected elites conspire to manipulate the rules and laws of an election in order to win

    @RealKiraDavis: Twitter was banning our writers and pages mere days ago for even whispering such a suggestion.

     @nedryun: Time Magazine: You’re G**damn Right We Ordered the Code Red on Rigging the Election. And We Should Get Medals for It.

    @RealCandaceO: This is absolutely insane. Time magazine is literally admitting that a secret cabal of powerful wealthy elite people and corporations hijacked our 2020 election by steering media coverage, influencing perceptions, and changing rules and laws.     

US Supreme Court Schedules Pennsylvania Election Case, Sidney Powell’s Michigan Case and Lin Wood’s Georgia Case for Feb 19 Conference     https://davidharrisjr.com/steven/us-supreme-court-schedules-pennsylvania-election-case-sidney-powells-michigan-case-and-lin-woods-georgia-case-for-feb-19-conference/

@KelemenCari: In Georgia, 66,247 ballots were cast by underage people not legally old enough to vote. Biden’s margin of “victory” was 10,000.

What’s Going on in Wisconsin? Hillary Attorney Elias Provides Evidence that State GOP Leadership Agreed to Unconstitutional ‘Ballot Drop Boxes’

https://www.thegatewaypundit.com/2020/12/breaking-exclusive-going-wisconsin-hillary-attorney-elias-provides-evidence-state-republican-leadership-signed-off-unconstitutional-ballot-drop-boxes/

Twitter Suspends Journalist for Posting Pictures of Detroit Elections Office Van Unloading Suspicious Boxes to Ballot Processing Center at 3:30 am on Election Night

https://bigleaguepolitics.com/twitter-suspends-journalist-for-posting-pictures-of-detroit-elections-office-van-unloading-suspicious-boxes-to-ballot-processing-center-at-330-am-on-election-night/

In coming months, do not be surprised if numerous stories appear that detail the 2020 Election schemes.

Democrat Lawyer Marc Elias Claims Faulty Voting Machines in New York Race

Citing alleged discrepancies between votes counted by hand and votes counted by ballot machines, Elias argued that the error rate, extrapolated across the entire district, could mean that thousands of votes were improperly counted by the machines. He also complained about procedural faults with the conduct of the voting process, alleging failures to comply with New York State election law…

    “Elias was responsible for hiring opposition research firm Fusion GPS, on behalf of Hillary Clinton’s campaign and the Democratic National Committee, [which produced] the fraudulent “Russia dossier” on then-candidate Donald Trump in 2016.”

https://www.breitbart.com/2020-election/2021/02/03/democrat-lawyer-marc-elias-claims-faulty-voting-machines-in-new-york-race/

Kevin McCarthy @GOPLeader: It only took 94 days, but Claudia Tenney [R] has finally been declared the winner in NY22. It’s about time. [How can it take 94 days to count votes?  Banana Republic stuff!]

NYT: Muddled Intelligence Hampered Response to Capitol Riot

The failures came even after thousands of social media posts in the days before the assault, which documented how the rioters saw the Capitol — and the lawmakers certifying the election results — as a specific target… [Clear evidence of preplanned attacks that the FBI and others ignored or dismissed!]

https://news.yahoo.com/muddled-intelligence-hampered-response-capitol-194600524.html

Trump’s defense team will show clips of Democrats urging violence in 2020

https://www.washingtontimes.com/news/2021/feb/6/trumps-defense-team-will-show-clips-democrats-urgi/

@ChadPergram: On Fox, GOP KY Sen Paul says Senate “should impeach Chuck Schumer” for what he said about SCOTUS. Says “this inflammatory language…is dangerous.” Says it’s not fair there also aren’t consequences for Dem MN Rep Omar & Banking Cmte Chair Waters

Michael Bloomberg, UN climate envoy, shuns commercial travel for private jets

Like U.S. climate envoy John Kerry, the billionaire and former NYC mayor eschews commercial travel for his emissions-heavy private jet  https://www.foxnews.com/politics/michael-bloomberg-un-climate-envoy-private-jets

France found guilty of failing to meet its own Paris climate accord commitments

https://www.cbsnews.com/news/paris-climate-agreement-france-court-government-guilty-failing-commitments/?ftag=CNM-00-10aab7e&linkId=110833501

The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.”  [Very pertinent to traders] – Charles Bukowski, German American poet & novelist

@TheBabylonBee: Tom Brady Suspected of Taking Performance-Enhancing Metamucil

END

Let us conclude Monday’s commentary with this good interview of John Rubino with Greg Hunter

(Greg Hunter/John Rubino)

Aristocrats vs “We the People” – John Rubino

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Financial writer John Rubino says massive unpayable debt has already bankrupted America, and when this happens, politics are also massively corrupted.  Rubino explains, “When you bankrupt your country, your politics are inherently corrupted by that bankruptcy, and that’s what is happening to us.  We created a financial system . . . that is run by an aristocracy.  It’s not a Right/Left, liberal, socialist or conservative aristocracy.  Look at JPMorgan Chase, Google and General Dynamics.  Look at Mitch McConnell, the big Republicans and the big Democrats.  They are not socialists, and they are not capitalists–they’re aristocrats.  They are mainly interested in a system where the rules apply to you and me but do not apply to them. . . . You need to view those guys as Dukes and Duchesses whose main job is to maintain power over the peasants, then their behavior makes complete sense. . . . Seeing them that way makes their motivation and behavior pretty much crystal clear.”

Rubino contends, “This won’t change.  You’ve got to have all the peasants grabbing their pitch forks and heading to the castle before it changes.  In the meantime, we are stuck with this system, and it has given us the biggest financial bubble in human history.  That sounds like hyperbole and click bait, but it’s actually not.  If you look at the big financial bubbles we have lived through, junk bond bubble . . . tech bubble and then the housing bubble, they were sector specific financial bubbles where one asset class just blew up.  They became the center of a mania, crashed and almost took down the whole economy.  We now have at least four and maybe five bubbles of that magnitude all going at the same time.  That’s why they call it the ‘Everything Bubble.’ . . . When this thing blows, it’s not just going to be one sector tanking.  It’s going to be all the sectors tanking at once.  It’s going to be astounding.  I wouldn’t want to be Joe Biden when that happens. . . . This is going to be an impossible thing to govern.”

Rubino warns, “When it becomes obvious that there are no tools to fix any of these markets that are blowing up, that shifts the attention over to currencies.  Because if we can’t fix the financial markets, why would we want to hold these currencies when everything in these financial markets that these currencies kind of govern are going crazy?  So, when this thing blows up, it will shift the pressure over to the dollar.  Thus, this is the whole DollarCollapse.com thing.  Nobody is going to want to hold the dollar or the euro or the yen.  It won’t matter what the governments do because there will be nothing effective for them to do.  That’s when things get really crazy, and people will be glad they have gold and silver among a handful of other things.  It’s completely possible we end back up on a gold standard in 10 years with gold at $10,000 per ounce.  If you are a stacker, this chaos is less terrifying to you because you know your financial life is going to be okay no matter what happens to housing, tech or whatever. . . . We think we have lived through some tough times in the financial markets, but we have never seen anything like what is coming.”

Join Greg Hunter as he goes One-on-One with the founder of DollarCollapse.com, John Rubino.

Aristocrats vs “We the People” – John Rubino

Well that is all for today

I will see you TUESDAY night.

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