FEB 11//GOLD DOWN $15.35 TO $1826.65//SILVER DOWN 4 CENTS TO $27.00//GOLD STANDING AT THE COMEX RISES TO 105.6 TONNES/SILVER OZ STANDING: 10.9 MILLION OZ//CORONAVIRUS UPDATE//BIDEN HAS FIRST PHONE CALL WITH CHINA’S XI//BBC BANNED FROM BROADCASTING IN CHINA//JOBLESS NUMBERS IN USA INCREASE AGAIN; TOTAL JOBLESS OVER 20 MILLION//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1826.65 DOWN  $15.35   The quote is London spot price

Silver:$27.00. DOWN  $0.04   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1826.55  LONDON SPOT  4:30 pm

ii)SILVER:  $27.00//LONDON SPOT  4:30 pm

Physical coins on the move, with or without the derivative price

Gold Eagles now showing +$162 to spot. Silver Eagles show +$8.50 to spot.

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

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

receiving today: 362/845

issued 0

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,840.600000000 USD
INTENT DATE: 02/10/2021 DELIVERY DATE: 02/12/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 4
099 H DB AG 500
118 H MACQUARIE FUT 2
323 H HSBC 1
332 H STANDARD CHARTE 115
435 H SCOTIA CAPITAL 15
555 H BNP PARIBAS SEC 4
624 H BOFA SECURITIES 105
657 C MORGAN STANLEY 111
661 C JP MORGAN 243
661 H JP MORGAN 119
686 C STONEX FINANCIA 17
690 C ABN AMRO 10 1
709 H BARCLAYS 79
800 C MAREX SPEC 2 3
880 C CITIGROUP 19
905 C ADM 7
____________________________________________________________________________________________

TOTAL: 845 845
MONTH TO DATE: 29,215

GOLDMAN SACHS STOPPED 4 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 845 NOTICE(S) FOR 84500 OZ  (2.628 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  29,215 NOTICES FOR 2,921,500 OZ  (90.870 tonnes) 

SILVER//FEB CONTRACT

 

29 NOTICE(S) FILED TODAY FOR 145,000  OZ/

total number of notices filed so far this month: 1625 for 8,125,000  oz

BITCOIN MORNING QUOTE  $46,524  UP 1920 dollars

BITCOIN AFTERNOON QUOTE.:$47,171  UP 2567 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $15.35  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 ANOTHER 1.74 TONNE WITHDRAWAL WITH THE PRICE GOING HIGHER

WE NOW HAVE HAD 4 /5 DAYS OF RISING GOLD PRICES AND 5 DAYS OF FALLING GLD INVENTORIES!!

GLD: 1,146.60 TONNES OF GOLD//

WITH SILVER DOWN $.04 TODAY: AND WITH NO SILVER AROUND

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV..A WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV//

INVENTORY RESTS AT:

SLV: 634.886  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A SMALL SIZED 59 CONTRACTS FROM 179,288 UP TO 179,347, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.44 FALL IN SILVER PRICINGAT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A STRONG INCREASE FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1116 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  812,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  812 MAY: 0 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 812 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

10.920  MILLION OZ INITIAL STANDING FOR FEB 2021

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.44) ).. 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 (871 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 FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE  IN SILVER OZ  STANDING  FOR FEB, iii) SMALL 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:

31,207 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 31,207 CONTRACTS) OR 156.035 MILLION OZ: (AVERAGE PER DAY: 3467 CONTRACTS OR 17.34 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 156.035 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: 156.035. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   156.035 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 304, DESPITE OUR  $0.44 FALL IN SILVER PRICING AT THE COMEX ///WEDNESDAY.THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 812 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED AN STRONG SIZED 1116 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.44 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 812 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 304 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.44 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.04 // WEDNESDAY’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: 29 NOTICE(S) FOR  145,000 OZ OF SILVER.

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

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST  ROSE BY A SMALL 1103 CONTRACTS TO 507,844 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED INCREASE IN COMEX OI OCCURRED WITH OUR  GAIN IN PRICE  OF $5.30/// COMEX GOLD TRADING// WEDNESDAY.WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION. WE ALSO HAD A MONSTER GAIN IN GOLD STANDING  AT THE COMEX TO 105.632 TONNES FOR FEBRUARY..AS OUR BANKERS ORCHESTRATE ANOTHER QUEUE JUMP SEARCHING FOR METAL OVER HERE I AM PRETTY SURE THAT OUR BANKERS ARE RUNNING OUT OF DODGE..THEY MUST COVER THEIR SHORTFALL QUICKLY.....THIS ALL HAPPENED WITH OUR RISE IN PRICE OF $5.30!!!.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  5//

WE HAD A SMALL GAIN  OF 2574 CONTRACTS  (8.006 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1471 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  1471 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 1471.  The NEW COMEX OI for the gold complex rests at 507,844. 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 SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2574 CONTRACTS: 1103 CONTRACTS INCREASED AT THE COMEX AND 1471 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2574 CONTRACTS OR 8.006 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (812) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (1103 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2574 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)MONSTER INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 105.632 TONNES3) ZERO LONG LIQUIDATION/// ;4) SMALL COMEX OI GAIN  AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR  GAIN IN GOLD PRICE TRADING//WEDNESDAY//$5.30!!.

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

 
 

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 : 28,927, CONTRACTS OR 2,892,700 oz OR 89.98 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 3214 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 89.98 TONNES

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

THUS EFP TRANSFERS REPRESENTS 89.98/3550 x 100% TONNES =2.53% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
 
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  89.98 TONNES SO FAR (SLOWING DOWN AGAIN)..THUS EFP’S IN SILVER INCREASING AND GOLD DECREASING.

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A SMALL SIZED 59 CONTRACTS FROM 179,288 UP TO 179,347 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 812 CONTRACTS

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

 MARCH:  812 ; MAY: 0 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 812 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 59 CONTRACTS TO THE 812 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 871 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.355 MILLION  OZ, OCCURRED DESPITE OUR $0.44 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 57.00 POINTS OR 0.19%//Australia’s all ordinaires CLOSED DOWN 0.16%

/Chinese yuan (ONSHORE) closed /Oil UP TO 58.31 dollars per barrel for WTI and 60.90 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT SPAIN//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4205 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 XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A SMALL 1103 CONTRACTS TO 507,844 MOVING CLOSER TO 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 SMALL COMEX INCREASE OCCURRED WITH OUR  GAIN OF $5.30 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (1471 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2)  ZERO  LONG LIQUIDATION  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(105.632 TONNES) (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2574 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   5

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 1471 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1471, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1471  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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL 2574 TOTAL CONTRACTSIN THAT 1471 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED  COMEX OI  OF 1103 CONTRACTS.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (105.632 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 $5.30)., AND WERE   UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 8.006 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (105.632 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 2574 CONTRACTS OR  257,400 OZ OR  8.006  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:  507,844 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.78 MILLION OZ/32,150 OZ PER TONNE =  1579 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1579/2200 OR 71.80% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX TODAY:139,936 contracts// volume extremely poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  188,624 contracts//  volume: extremely poor //most of our traders have left for London

 

FEB 11 /2021

 
INITIAL STANDINGS FOR FEB COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz 32,118.849 oz

 

Brinks

999 kilobars

Deposits to the Customer Inventory, in oz
61,247.655
 
Oz
BRINKS
HSBC
 
INCLUDES
 
918 kilobars Brinks
and 987 kilobars 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
845 notice(s)
84500 OZ
(2.628 TONNES
 
 
 
No of oz to be served (notices)
4746 contracts
474600 oz)
 
14.762 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
29,215 notices
 
2,921,500 OZ
90.870 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
 

We had 1 deposit into the dealer

i) Into Brinks dealer:  32,118.849 oz
999 kilobars
 
 
 
 
total deposit:  32,118.849  oz
 
 
 

total dealer withdrawals: nil oz

we had nil deposits to the customer account

we had  2 withdrawals from  the customer account

i) Into Brinks:  29,514.618 oz  (918 kilobars)
ii) Into HSBC:  31,733.037 oz  (987 kilobars) 
 
 
 
 
 
 
 

We had 3  kilobar transactions

ADJUSTMENTS  2:  dealer to customer 

 

(dealer to customer)

BRINKS  10,031,112  OZ

SCOTIA:  17,013.256 oz

The front month of FEB registered a total of 5571 CONTRACTS FOR A GAIN OF 51 CONTRACTS.  WE

HAD 371 CONTRACTS FILED ON WEDNESDAY SO WE GAINED A MONSTROUS 422 CONTRACTS OR 42,200 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 73 contracts to stand at 2099

APRIL GAINED 277 contracts to stand at 396,046

We had 845 notice(s) filed today for 84,500 oz

FOR THE FEB 2021 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 845  contract(s) of which 119  notices were stopped (received) by j.P. Morgan dealer and243 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 4 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 (29,215) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 5591 CONTRACTS ) minus the number of notices served upon today (845 x 100 oz per contract) equals 3,396,100 OZ OR 105.632 TONNESthe number of ounces standing in this  active month of FEB

thus the INITIAL standings for gold for the FEB/55911 contract month:

No of notices filed so far (29,215 x 100 oz  PLUS xxx OI) for the front month minus the number of notices served upon today (845} x 100 oz which equals 3,396,100 oz standing OR 105.632 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A MONSTROUS 422 CONTRACTS O 42,200 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

137,613.934 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:  2,208,217.935 oz                                     68.68 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 540.28 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 105.632 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,578,210.242 oz or 608.96- tonne
 
 
total weight of pledged:  2,208,217.935 oz or 68.68 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 17,369,993.0  (540,28 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  17,369,993.0 (540.28 tonnes)
 
 
 
total eligible gold: 19,895,312.845 , oz (618.82 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  39,473,523.107 oz 1,227.79 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1101.45 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 11/2021

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
1,476,998.719 OZ
 
CNT
 
Delaware
Loomis
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1163,796.570 oz
jpmorgan
scotia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
29
 
CONTRACT(S)
(145,000 OZ)
 
No of oz to be served (notices)
531 contracts
 2,655,000 oz)
Total monthly oz silver served (contracts)  1654 contracts

 

8,270,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into  JPMorgan 584,704.770 oz

ii) Into Scotia: 579,091.800 oz

 

 
 
 
 

JPMorgan now has 194.449 million oz of  total silver inventory or 49.21% of all official comex silver. (194.449 million/395.078 million

total customer deposits today: 43,766.314    oz

we had 3 withdrawals:

 
 
i) out of CNT:1,277,527.213 oz
ii) Out of Delaware:  4977.996 oz
iii) Out of Loomis: 194,493.510
 
 
 
 
 
 
 

total withdrawals 1,476,998.719   oz

We had 0 adjustments:

 

Total dealer(registered) silver: 150,828million oz

total registered and eligible silver:  395.078 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

FEBRUARY saw a GAIN of 28 contracts to stand at 559. We had 0 notices filed on WEDNESDAY. So we GAINED 28 contracts or an additional 140,000 oz will stand for delivery on this side of the pond as they refused to morph into London based forwards. 

MARCH LOST 6596 contracts DOWN to 95,536.April gained another 22 contracts to stand at 256

The total number of notices filed today for FEB 2021. contract month is represented by 29 contract(s) FOR 145,000 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  1654 x 5,000 oz = 8,270,000 oz to which we add the difference between the open interest for the front month of FEB (559) and the number of notices served upon today 29 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 1654 (notices served so far) x 5000 oz + OI for front month of FEB(559)- number of notices served upon today (29) x 5000 oz of silver standing for the Jan contract month .equals 10,920,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We gained 28 contracts or an additional 140,000 oz will  stand for delivery over here as they refused to morph into London based forwards..

TODAY’S ESTIMATED SILVER VOLUME :76m637 CONTRACTS // volume very good/

FOR YESTERDAY  95,565  ,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 -2.50% ((FEB 11/2021)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.29% to NAV:   (FEB 11/2021 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.50%(FEB 11/2021)

(courtesy Sprott/GATA

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

NAV 20.47 TRADING 19.63///NEGATIVE 2.62

END

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

 

FEB 11/WITH GOLD DOWN $15.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/I: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD//NVENTORY RESTS AT 1146.60 TONNES

FEB 10/WITH GOLD UP $5.30 TODAY: ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.09 TONNES FROM THE GLD///INVENTORY RESTS AT 1148.34 TONNES

FEB 9/WITH GOLD UP $4.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 4.08 TONNES FROM THE GLD//INVENTORY RESTS AT 1152.43 TONNES.

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 11 / GLD INVENTORY 1146.60 tonnes

LAST;  998 TRADING DAYS:   +211.88 TONNES HAVE BEEN ADDED THE GLD

LAST 898 TRADING DAYS// +  380.13TONNES 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 11/WITH SILVER DOWN 4 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 634.986 MILLION OZ//

FEB 10/WITH SILVER DOWN 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 636.844 MILLION OZ//

FEB 9/WITH SILVER DOWN $0.19 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: MASSIVE WITHDRAWAL OF 17.882 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 636.844 MILLION OZ//

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 11/2021

SLV INVENTORY RESTS TONIGHT AT

 


 


634.986 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Technical specialist James Turk seems silver preparing to blast off.

(James Turk/Kingworldnews)

At King World News, GoldMoney’s Turk is enthused about silver

 
 Section: 

 

10:45a ET Wednesday, February 10, 2021

Dear Friend of GATA and Gold:

In remarks posted at King World News today, GoldMoney founder and GATA consultant James Turk sees good signs for the monetary metals but especially for silver, which is outperforming gold and, he says, remains undervalued. Turk’s comments are headlined “Silver Is Preparing to Blast Off But This Is the Key” and it’s posted at KWN here:

https://kingworldnews.com/silver-is-preparing-to-blastoff-but-this-is-th…

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

END

This is good:  The ESF balance sheet just got a 490 billion  dollar haircut.  However it still has 200 billion dollars for market rigging. You can bet the farm that the dollars needed to cash settle gold contracts at the comex comes from the ESF.  (approx. 200 dollars per oz of gold)

(Pam and Russ Martens/Wall Street on Parade//GATA)

Pam and Russ Martens: ESF’s balance shrinks but still has $200 billion for market rigging

 
 Section: 

 

12:12p ET Wednesday, February 10, 2021

Dear Friend of GATA and Gold:

Wall Street on Parade’s Pam and Russ Martens report today that the balance in the U.S. Treasury Department’s Exchange Stabilization Fund appears to have fallen from $600 billion to $200 billion but that’s still a lot of money for secret market rigging, the ESF’s statutory purpose.

The analysis is headlined “Janet Yellen’s Slush Fund to Meddle in Markets Got a $490 Billion Haircut” and it’s posted at Wall Street on Parade here:

https://wallstreetonparade.com/2021/02/janet-yellens-slush-fund-to-meddl…

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

END

Janet Yellen’s Slush Fund to Meddle in Markets Got a $490 Billion Haircut

By Pam Martens and Russ Martens: February 10, 2021 ~

 

Janet Yellen

Remember all the hubbub in the fall of last year when then U.S. Treasury Secretary Steve Mnuchin demanded in a November 19 letter that the Fed return all of the money from the CARES Act that it had not used for emergency lending programs. Mnuchin’s stated reason for the demand was because he was going to turn the unused funds over to the general fund of the Treasury so that Congress could reappropriate it for other purposes.

At the time, Mnuchin made it sound like the Fed had been sitting on the bulk of the $454 billion that the CARES Act had allotted to be used as loss-absorbing capital for the Fed’s emergency lending programs. In reality, Mnuchin had never turned over the bulk of the CARES Act money to the Fed, but had parked it instead in a Treasury slush fund known as the Exchange Stabilization Fund (ESF). It should be noted that there was not one word in the CARES Act legislation that authorized Mnuchin to put the money in the ESF. (See Research Arm of Congress Confirms that Mnuchin Never Released Bulk of CARES Act Money Earmarked for Fed’s Emergency Loans.)

The size of the ESF is decidedly important for this reason: under current law (31 U.S.C. §5302) the decisions on how to spend the billions in this slush fund belong to the Treasury Secretary and “are final and may not be reviewed by another officer or employee of the Government.” The law also provides that the Treasury Secretary “with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary.”

Since publicly traded stocks are “securities,” that language would appear to give the U.S. Treasury Secretary the power to intervene in propping up the stock market without the ability of “another officer or employee of Government,” say, like, the Government Accountability Office, having the ability to review or conduct an audit of what’s going on in that regard. Quarterly statements from the ESF are provided to the public, but they simply show where things stand on the last day of the quarter. A lot can go on with the money in the ESF in the prior three months.

The control of the ESF now passes to U.S. Treasury Secretary Janet Yellen, who will have $489.96 billion less than Mnuchin to play with in the slush fund – thanks to Mnuchin’s efforts. Here’s how we did the math:

According to the ESF financial statement of September 30, 2020, there was an asset balance of $682,173,847,532.84. By December 31, 2020, that asset balance had declined to $254,413,542,397.14 – a shrinkage of $427.76 billion. But the December 31 ESF financial statement indicated that the Fed was still using $114 billion of the CARES Act money for its emergency lending programs and included that as assets. That was, indeed, true at the time. The Fed’s most recent H.4.1 financial statement shows that the $114 billion in its emergency lending programs from the Treasury is now just $51.8 billion (see Table 1, footnote 14), indicating that the Fed has returned another $62.2 billion to the Treasury. If you add the $62.2 billion to the $427.76 shrinkage, you get a whopping $489.96 billion.

If Yellen does decide to use her $200 billion slush fund to intervene in markets, how would she go about placing trades? It’s not likely she’s going to use a Robinhood app on her mobile phone. Yellen won’t have to furrow her brow about where to place her trades. That’s all been conveniently worked out long ago by the crony New York Fed, which explains this about its relationship with the ESF:

“ESF operations are conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury.” The New York Fed also notes: “ESF accounts and activities are subject to Congressional oversight. The Treasury provides monthly reports on U.S. intervention activities and a monthly financial statement of the ESF to Congress on a confidential basis.”

According to past comments from members of Congress, what goes on in the ESF has been as clear as mud to Congress.

The vast majority of Americans have never heard of the Treasury’s Exchange Stabilization Fund but it’s been around since 1934. It was created during the Great Depression to stabilize the dollar by engaging in foreign exchange interventions. That mandate morphed significantly from that point forward. (You can read the official version of its interventions here.)

As recently as March 31, 2007, the year prior to the Wall Street crash of 2008, the ESF had assets of just $45.9 billion. Even with Mnuchin’s haircut in what he’s turning over to Yellen, the ESF has grown by 454 percent in 14 years.

It’s unlikely we’re ever going to know exactly what former Goldman Sachs banker Steve Mnuchin was doing with the ESF during the Trump years. But we do know this: Five days before Congress passed the CARES Act on March 25, 2020, President Donald Trump issued an Executive Memorandum giving Mnuchin complete discretion to use $50 billion in the ESF as Mnuchin solely saw fit. The Memorandum was dated Friday, March 20. At that point in time, Trump’s beloved Dow Jones Industrial Average had lost more than 8,000 points from its close on December 31 of the prior year. Also during the same week, Mnuchin had already tapped $20 billion of the ESF to bail out Wall Street. As Mnuchin’s letter of November 19 to Fed Chair Powell confirms, Mnuchin gave (or committed) $10 billion from the ESF to the Fed’s Commercial Paper Funding Facility on March 17 and another $10 billion to another Fed emergency lending program, the Money Market Mutual Fund Liquidity Facility, on March 18.

Had President Trump been re-elected, as his administration expected, the CARES Act provided that Mnuchin would not have to turn over his gargantuan slush fund to the Treasury’s general fund until January 1, 2026. The CARES Act reads as follows:

“Deficit reduction. On January 1, 2026, any funds described in paragraph (1) that are remaining shall be transferred to the general fund of the Treasury to be used for deficit reduction.”

Read our full coverage of the Fed’s ongoing bailout of Wall Street, beginning on September 17, 2019 (months before the pandemic began) here.

Editor’s Note: In case the December 31, 2020 ESF financial statement disappears from the Treasury’s website, we’ve archived a copy here.

end

A no brainer…USA government debt as it grows, will inevitably lift the price of gold/silver.

(Nick Barisheff/GATA)

Nick Barisheff: U.S. government debt inevitably lifts gold

 
 Section: 

 

By Nick Barisheff
BMG Group Inc., Markham, Ontario, Canada
Wednesday, February 10, 2021

The world is awash in debt, an immense, unfathomable ocean of financial obligations. The stack of IOUs is so enormous, the balances so large, they will never be fully settled without dreadful consequences to the global economy. This tsunami of debt was unleashed in 1971, when Nixon ended the backing of the U.S. dollar with gold.

Since 1971, US debt and gold price have increased greatly. Traditionally, rampant increases in U.S. debt occur when trying to pull the economy out of an economic downturn as displayed in the spikes that occurred in 2008 and 2020.

Considering the amount of debt that has already been taken on to combat the pandemic combined with the rising uncertainty involving vaccinations and new strain variants, it can be anticipated that the worst is yet to come. As Democrats push toward passing an additional $1.9 trillion stimulus package, governments are willing to take on previously unforeseen levels of debt to prop up the economy during the pandemic. This could lead to a promising future for the price of gold.

This divergence has been caused by manipulation of precious metals. A great deal has been written about this and one of the best books on the subject is “Rigged — Exposing the Largest Financial Fraud in History” by Stuart Englert.

Price manipulation never lasts, and when it ends there always tends to be a reset to inflation-adjusted levels. The biggest questions are: When and how high will gold and silver prices rise?

However, even with manipulated markets precious metals have outperformed traditional financial markets and have generated over 10% returns in all currencies over the last 20 years. …

… For the remainder of the commentary:

https://bmg-group.com/debts-lift-gold/

END

Bill Murphy interviewed by Dunagun Kaiser

(GATA)

GATA Chairman Murphy interviewed by Dunagun Kaiser for Liberty & Finance

 
 Section: 

 

11:45p ET Wednesday, February 11, 2021

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy was interviewed Monday by Dunagun Kaiser of Liberty & Finance about the recent big changes in the gold and silver markets and what he expects to happen. The interview is 23 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=_DUyX5gpMWM&feature=youtu.be

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

END

First Majestic’s Neumeyer blasts the fraud at the SLV and he even claims like me that they are insolvent, i.e. no metal behind them  (and also GLD).

A good interview….

In Stansberry interview, First Majestic’s Neumeyer scorns silver paper games

 
 Section: 

 

12:50a ET Thursday, February 11, 2021

Dear Friend of GATA and Gold:

First Majestic Silver CEO Keith Neumeyer, interviewed by Stansberry Research’s Daniela Cambone, scorns the paper trading and accounting games by which the silver exchange-traded fund SLV is made to appear solvent. But he is glad that the hysteria of the Reddit-incited silver squeeze is over and hopeful that growing physical demand will overcome market manipulation.

The interview is 22 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=FavUc6kojTs

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

END

iii) Other physical stories:

Platinum soars to 6 yr highs due to supply shortage.  Industrial demand for Pt rises.

Platinum Soars To Six Year Highs Amid Supply Shortage, Industrial Demand Hope

 
WEDNESDAY, FEB 10, 2021 – 20:25

The epidemic of catalytic converter theft should have been the most recent tell; but combining the recent supply shortage (the US Mint unable to meet platinum coin investment demand and South African mining issues) with demand hopes from a post-pandemic vaccine-supported industrial rebound (as well as an increasingly green global agenda against emissions) has sent platinum prices soaring in recent weeks, and much more so this week, to the highest since Jan 2015.

“The combination of supply losses due to pandemic-driven mine closures, ongoing South African processing disruption, and strong investment demand more than offsets lower Covid-19-impacted automotive, jewellery and industrial demand.”

Source: Bloomberg

perfect storm this week has seen the precious metal dramatically outperform its peers against a backdrop of dollar weakness…

Source: Bloomberg

Heavily used in catalytic converters – to reduce emissions from cars and trucks – Bloomberg notes that Pt. has been trading at a big discount to sister-metal palladium, which is also used primarily in catalytic converters. The price disparity between the two, as well as tougher regulations on emissions, has raised expectations that platinum will see greater use.

Source: Bloomberg

Notably, Platinum’s shortfall of supply over demand came even as auto-catalyst consumption “plunged by 22%, with steep falls in European diesel car production,” says technology specialist Johnson Matthey in its new PGM Market Report.

“Autocatalyst demand will recover strongly on higher car output and stricter emissions limits for trucks in China. Industrial consumption will remain robust, with PGM use in chemicals [manufacturing] set to reach an all-time high.”

There are also pressures on the supply side, as BullionVault.com reports, South Africa’s struggling power utility Eskom imposed a fresh round of electricity cuts – extending a run starting last Saturday – on households and business, running from 1pm through to 6am Thursday local time.

“The mining industry is heavily reliant on electric output,” notes the precious metals team at French bank and London bullion market makers BNP Paribas, “and so is likely to suffer production slowness…That obviously translates into higher prices of PGMs today.”

Looking ahead to 2021, “PGM supply and demand are forecast to bounce back in a V-shaped recovery,” says Johnson Matthey’s new report.

“Oil is going up and commodities in general are going up,” Johan Theron, spokesman for Impala Platinum Holdings Ltd.

“On a relative basis platinum is low on a historical level. So it’s definitely receiving a lot of investor attention and not necessarily that anything fundamentally has changed in the short-term outlook.”

Strong investment demand from those expecting a catch-up to gold and palladium also has been supportive, and today’s CPI miss sparked more ‘bad news is good news’ support in the hopes that more stimulus will be delivered sooner, enabling even more of an industrial rebound.

Source: Bloomberg

“Optimism on the outlook for industrial and car demand, more stringent emission regulations and, in the last couple of days, some weakness in the dollar” have driven platinum higher, said Georgette Boele, senior precious metals strategist at ABN Amro Bank NV.

“Longer-term there is much more potential” for the price to rise, she said.

 

end

India on fire as they record their 2nd straight import surge. Last month: 62 tonnes of gold

(Reuters_

India’s January gold imports surge 72% y/y to 62 tonnes – government source

MUMBAI (Reuters) – India’s gold imports in January surged 72% from a year earlier, a government source said on Wednesday, as a correction in prices from a record high drew retail buyers and jewellers.

The world’s second-biggest consumer of the gold imported around 62 tonnes of it in January, up from 36.5 tonnes a year ago, the source said.

The source asked to remain anonymous since he is not authorised to speak to the media.

In value terms, January imports surged to $4.04 billion from $1.58 billion a year ago, he said.

-END-

Your early THURSDAY 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 ON SHORE vs USA dollar/CLOSED /

//OFFSHORE YUAN:  6.4205   /shanghai bourse CLOSED

HANG SANG CLOSED

2. Nikkei closed UP 57.00 POINTS OR 0.19%

3. Europe stocks OPENED MOSTLY GREEN EXCEPT SPAIN/

USA dollar index DOWN TO 90.37/Euro RISES TO 1.2131

3b Japan 10 year bond yield: RISES TO. +.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.72/ 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:: 37.06 and Brent: 39.51

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.47%/Italian 10 yr bond yield DOWN to 0.48% /SPAIN 10 YR BOND YIELD DOWN TO 0.13%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.95: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.76

3k Gold at $1845.00 silver at: 27.16   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 66/100 in roubles/dollar) 73.70

3m oil into the 58 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 104.72 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 .8900 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0797 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.47%

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 1.137% early this morning. Thirty year rate at 1.906%

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

6.  TURKISH LIRA:  UP  TO 7.03..

Futures Grind Higher After Powell Vows To Keep The Punchbowl Spiked For Years

 
THURSDAY, FEB 11, 2021 – 7:53

Global shares rose for a ninth day in a row on Thursday, just off record highs, with much of Asia closed as investors digested recent gains, while bulls received a twofer of food news after a benign U.S. inflation report and a dovish Federal Reserve outlook.  Nasdaq 100 Index futures reversed yesterday’s losses and technology stocks led the advance in Europe. S&P 500 futures were 0.3% higher following Powell’s “sobering” comments on the labor market that should continue to fuel stimulus optimism, reinforce the Fed put, and assuage some inflation concerns. Powell said the true unemployment rate is 10% (when normalizing for covid losses) implying that there are years to go before tightening is needed.

Among notable premarket movers, Pinterest rose 7.8% after an FT report said Microsoft approached the image-sharing company in recent months about a potential buyout. The negotiations were, however, currently not active, according to the report. PepsiCo rose 0.6% in light volumes after the snack and beverage giant topped analyst estimates for fourth-quarter revenue and said it expects organic revenue to grow in 2021 as economies reopen and COVID-19 vaccinations roll out. Casino operator MGM Resorts dropped about 4% after posting a bigger-than-expected loss, hurt by COVID-19 travel restrictions but signaled a pickup in demand later this year.

After a sharp run-up in equities at the start of February, which sent Wall Street’s main indexes to record highs recently on prospects of a $1.9 trillion coronavirus relief package to jumpstart the economy, traders took on a more subdued stance, as there’s still a debate over whether more U.S. stimulus, the vaccine rollout and the government’s determination to kickstart growth will cause the American economy to overheat. Fourth-quarter earnings have also largely topped analysts’ expectations, quelling fears of lofty valuations. Pictet Group expects the S&P 500 to rise 10% from its current levels with improving economic growth and easy monetary policy helping to extend its rally.

“The story really is still U.S. equities first and foremost,” said James Athey, investment director at Aberdeen Standard Investments. “Earnings season has been especially strong in the U.S., the fiscal stimulus coming from the Biden administration is getting bigger in the market’s mind and most of the big winners from the pandemic are U.S. listed. Only the Fed can rock the boat and with yesterday’s disappointing inflation print that prospect has just slipped even further into the future.”

The MSCI world equity index was 0.1% higher, not far from peaks reached the day before and just sustaining a nine-day streak of gains, a first since October 2017.

In Europe, the Stoxx 600 Index was 0.3% higher buoyed by strong results from Royal Mail Plc and Credit Agricole SA. Trading volumes for the Euro Stoxx 50 were about 15% below the 30-day average. Here are some of the biggest European movers today:

  • Credit Agricole gains as much as 5.7%, the most since Dec. 1, after the French lender posted results that Jefferies said were strong, with underlying net income beat on stronger revenue, lower provisions.
  • Danone shares climb as much as 4.2% after a top shareholder said the French yogurt maker needs a fundamental turnaround and should separate the chairman and CEO roles.
  • Unibail shares fall as much as 15%, the most intraday since September, dragging peers lower. Analysts see no positives in the mall operator’s FY20 results and say it will be a long and difficult road to recovery for the sector.
  • UniCredit shares drop as much as 3.4% after the Italian lender reported a larger loss than expected in the fourth quarter. Questions on outlook could remain, Jefferies wrote, while analysts at Citi said the results show better loan-loss provisions and capital generation.
  • Commerzbank shares slide the most in three months, down as much as 7.9%, after the German lender warned that revenue will shrink this year and management could not fully convince analysts about its new strategy during the earnings call.

Earlier in the session, Asian stocks climbed 0.2% in a subdued session as markets in China, Japan, South Korea and Taiwan were closed for holidays. The gain followed a strong four-day rally. Tencent Holdings was the biggest drag on the Hang Seng Index, falling 0.5% after a Wall Street Journal report said a company executive is being held by Chinese authorities as part of a probe into a high-profile corruption case. The index itself climbed 0.5%. Meanwhile, Ping An Healthcare & Technology surged 21% in Hong Kong after New York-based Ark Investment Management’s $6.8 million bet drove a flood of buy orders from copycat investors. Stocks in the Philippines closed down 1.3%, snapping a five-day rally, ahead of the central bank’s interest rate announcement after the Thursday. Policy makers kept the key rate unchanged for a second straight meeting. Overall volumes were thin across the region. Shares in energy and real estate rose the most. Hong Kong, Malaysia and Singapore ended cash trading earlier today while markets in China, Japan, South Korea, Taiwan and Vietnam are closed

Investors were also reflecting on the first phone call between U.S. President Joe Biden and his Chinese counterpart, Xi Jinping, where Biden said a free and open Indo-Pacific was a priority while Xi warned confrontation would be a “disaster” for both nations.

With Chinese markets closed, there was little reaction to news the Biden administration will look at adding “new targeted restrictions” on certain sensitive technology exports to China and would maintain tariffs for now.

Amid growing concerns of economic overheating, on Wednesday Jerome Powell reassured investors on Wednesday that interest rates will remain low for some time as the U.S. jobs market remains a long way from a full recovery, and that monetary policy would remain very accommodative until there was “substantial further progress” on employment and inflation. Powell said he wanted to see inflation reach 2% or more before even thinking of tapering the bank’s super-easy policies. The Fed chair emphasized that once pandemic effects were stripped out, unemployment was nearer 10% than the reported 6.3% and thus a long way from full employment. As a result, Powell called for a “society-wide commitment” to reducing unemployment, which analysts saw as strong support for President Joe Biden $1.9 trillion stimulus package.

“While inflation is not showing up in the data right now, inflation is on its way thanks to fiscal and monetary stimulus and pent-up consumer demand that should intensify as the economy reopens,” Nancy Davis, founder of Quadratic Capital Management, said in a note.

Meanwhile, Westpac economist Elliot Clarke estimated over $5 trillion in cumulative stimulus, worth 23% of GDP, would be required to repair the damage done by the pandemic. “Financial conditions are expected to remain highly supportive of the U.S. economy and global financial markets in 2021, and likely through 2022,” he said.

In rates, the mix of bottomless Fed funds and a tame inflation report encouraged bond markets, leaving 10-year yields at 1.14%, down from a 1.20% high early in the week. Treasuries were little changed inside Wednesday’s ranges, off lows reached in London trading after muted Asia session due to Japan holiday. Refunding auctions conclude with $27BN 30-year new issue, following good reception for Wednesday’s 10-year sale. 2-year Treasury bond yields briefly print a record low of 0.0972% as cash trading gets underway after being closed in Asia hours due to Japan holiday. Yield fall as much as 1bp to breach 10bps, though the move is short lived with yields settling back to around 0.107%.Notably, ahead of the coming flood of reserves, two-year yields briefly printing a record low under 0.1% as cash trading got underway in London after a holiday in Asia

Italian bond yields remained near recent lows before a long-term bond auction and as Mario Draghi was expected to present his new government coalition in the next few days. Italy’s 10-year BTP, or government bond, yield was down one basis point down at 0.490%, near its lowest since early January.

In FX, after the U.S. inflation report and the Fed’s Powell reiterating that rates could stay lower for longer, the U.S. dollar slipped before steadying during European trading. The Bloomberg Dollar Spot Index fell a fifth consecutive day, the longest streak since November as the dollar traded mixed versus Group-of-10 peers; traders mulled Federal Reserve Chair Jerome Powell’s comments that the U.S. job market remains a long way from a full recovery. Commodity currencies led gains among Group-of-10 peers, with the exception of the Norwegian krone; the euro edged up and European yield curves bull flattened, with the core outperforming the periphery. The pound slipped against the dollar following a week- long rally, as the U.K.’s relationship with the European Union returned to weigh on sentiment. The Australian dollar rose after Secretary to the Treasury Steven Kennedy said the country’s economic recovery will weather the expiry of the government’s JobKeeper wage subsidy in March. The yen was sold broadly in European trading after being little changed in Asia as Japan is shut for a holiday.

In commodities, oil edged lower, capping the longest run of gains in two years after the IEA said the oil market recovery was still fragile as pandemic persists; as a result it cut global demand forecasts for 2021 by 200k b/d, to 96.4m b/d. Brent crude futures eased back 39 cents to $61.07. U.S. crude dipped 36 cents to $58.31 a barrel. Gold was up 0.1% at $1,845.26 per ounce, as investors drove platinum to a six-year peak on bets of more demand from car makers.

Today, the macro focus will be on jobless claims and continuing claims, where the market expects 760k new claims and 4.42mm existing claims. While the trend continues to improve, incrementally, new claims remain above the GFC high watermark of 665k set the week ending March 27, 2009. PepsiCo, Kraft Heinz, Tyson Foods, Kellogg and Walt Disney are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,914.75
  • MXAP up 0.1% to 218.11
  • MXAPJ up 0.2% to 733.44
  • Nikkei up 0.2% to 29,562.93
  • Topix up 0.3% to 1,930.82
  • Hang Seng Index up 0.4% to 30,173.57
  • Shanghai Composite up 1.4% to 3,655.09
  • Sensex up 0.4% to 51,509.02
  • Australia S&P/ASX 200 little changed at 6,850.11
  • Kospi up 0.5% to 3,100.58
  • German 10Y yield down 4 bps to -0.47%
  • Euro up 0.1% to $1.2132
  • Brent futures down 0.5% to $61.15/bbl
  • Gold spot little changed at $1,841.86
  • U.S. Dollar Index little changed at 90.41

Top Overnight News from Bloomberg

  • The European Central Bank should introduce climate criteria for its corporate bond-buying program, Bank of France Governor Francois Villeroy de Galhau said, opening a new front in a controversial debate over how to make monetary policy greener
  • Economist Lisa Cook has the backing of several key White House officials and allies outside the administration as a possible choice for President Joe Biden in filling a vacancy on the Federal Reserve Board of Governors, according to people familiar with the matter
  • Federal Reserve Chair Jerome Powell says he has nothing but affection for his work, suggesting that the 68-year-old central banker could be open to a second term if asked
  • Joe Biden, in his first conversation as president with the Chinese leader Xi Jinping, spoke of his concern about China’s “coercive and unfair economic practices” as well as human rights abuses in the Xinjiang region, according to a White House account of their telephone call
  • Chancellor Angela Merkel warned that aggressive coronavirus mutations will gain the upper hand in Germany sooner or later, threatening to destroy progress made in containing the pandemic
  • The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said

A look at global markets courtesy of Newsquawk

Asia-Pac lacked firm direction as risk appetite was sapped by holiday closures for many key markets in the region and following an uninspired handover from the US where the major indices finished flat after having mostly recovered from an initial sell-programme slump. ASX 200 (-0.1%) was choppy as advances in miners were offset by underperformance in tech and a subdued financials sector, with earnings results the main catalysts for today’s biggest movers including Newcrest Mining which was the best performer following a jump in H1 net, while AMP shares were at the other end of the spectrum with double-digit percentage losses due to weaker FY results and news that Ares Management abandoned its pursuit for the financial services company. Hang Seng (+0.5%) was indecisive in half-day trade for Lunar New Year’s Eve and amid a lack of Stock Connect flows with mainland bourses already shut for a week, while losses in index heavyweight Tencent added to the initial downbeat mood after an executive was reported to be under investigation related to a corruption case in China. However, losses in the index were later pared amid dialogue between US President Biden and Chinese President Xi which was the first call between the leaders since Biden took office and in which Biden noted the US priority was to preserve a free and open Indo-Pacific and wants to ensure they have an opportunity for an open line of communication, while Chinese President Xi also suggested that cooperation is the only correct choice between the two countries. As a reminder, Japan, China, South Korea, Taiwan and Vietnam were all closed for holidays.

Top Asian News

  • Philippines Keeps Rate Steady With Inflation Concerns Rising
  • Tokyo Olympics Chief Mori Intends to Resign, Reports Say
  • Crown CEO Pressured to Quit After Scathing Casino Report

European equities have kicked off the with modest upside across the board before the gains somewhat dispersed, with the region now seeing mixed trade (Euro Stoxx 50 +0.4%). US equity futures meanwhile also vary with the ES (+0.3%), NQ (+0.5%) and YM (+0.3%) modestly firmer whilst the RTY (+0.2%) narrowly lags its peers – but again the breadth of the price action remains shallow. The tone around the market is relatively tentative post-Powell and amid a lack of fresh catalysts, thus earnings take the helm in the interim with the season in full swing in Europe – as such the major bourses see diverging performances. UK’s FTSE 100 (+0.3%) is buoyed as one of the largest weighted stocks AstraZeneca (+1.8%/6% weighting) stands firm after topping Q4 revenue estimates and declared a stable second interim dividend of USD 1.9/shr. The gravitas of AstraZeneca’s gains also keeps the Healthcare sector among one of the top performers in Europe, second only to IT. The tech sector experiences a rebound after yesterday’s losses, with potential added impetus to the growth/momentum narrative after Fed Chair Powell downplayed the significance of an increase in inflation, whilst the constructive steps taken by US and China via presidential communication opens the door for a more civil diplomatic relationship. On the flip side, Banks give up ground as yields decline following the US CPI figure yesterday and commentary from the Fed Chair – however Credit Agricole (+4%) bucks the trend after topping revenue expectations. However, in a similar vein to SocGen, the bank noted a decline in FICC activities “due to a slowdown in hedging activities caused by a massive return of liquidity and lower volatility.” Back to the sectors, Oil & Gas reside as the laggard amid overnight losses in crude prices. Individual movers are largely earnings-oriented: Pernod Ricard (-1.8%), ArcelorMittal (-1%), Clarient (-2.5%), Commerzbank (-5.8%), UniCredit (-2.7%). Finally, Volkswagen (+0.8%) is firmer following reports the Co. has teamed up with Microsoft (MSFT) to accelerate the development of automated driving.

Top European News

  • London’s Top Investors Warn on Post-Brexit Easing of IPO Rules
  • Suez Loses Court Bid to Challenge Veolia’s $4.1 Billion Stake
  • Credit Agricole to Resume Payouts as Covid Provisions Fall

In FX, resistance around 0.7750 vs the Greenback is still capping Aud/Usd, but the Aussie is forming a firm platform above 0.7700 and consolidating gains on the 1.0700 handle against its Antipodean counterpart in wake of a rather bullish update on economic developments from Treasury Secretary Kennedy overnight. In short, the recovery is exceeding expectations and the return to record labour market participation is somewhat surprising, while public spending is elevated and seen rising. Meanwhile, the Kiwi is hovering in the low 0.7200 area awaiting NZ’s January manufacturing PMI and FPI for some independent direction, and the Loonie has retained 1.2700+ status ahead of Canadian wholesale trade and the BoC’s Q4 Senior Loan Officer Survey on Friday.

  • USD – Aside from the aforementioned mild Aussie outperformance, the Dollar is narrowly mixed vs major peers and the scant DXY range (90.471-323) highlights the lack of price action or inclination to venture far in holiday-thinned volumes due to full or half day market closures in various Asian centres beyond China that has started its Lunar New Year vacation. However, the Buck still appears prone to further downside after dovish/downbeat remarks from Fed chair Powell, benign US CPI another unwind of Treasury curve bear-steepening following another solid leg of this week’s Quarterly Refunding. Ahead, IJC and the 3rd auction plus details of the upcoming 20 year note and 30 year TIPS offerings.
  • EUR/GBP/CHF/JPY – The Euro has recoiled into an even tighter band inside 1.2150-00, while the Pound continues to hover above 1.3800, the Franc rotate around 0.8900 and Yen meander between 104.55-77, with the latter still capped by the 100 DMA on forays through 104.50, but supported into 105.00 where decent option expiry interest resides (1.1 bn from the round number to 105.05).
  • EM – Broad gains vs the Usd, but the Zar trading with an extra spring in its step near 14.6500 post-SA mining production data showing a surprise rebound in output and pre-President Ramaphosa’s State of the Nation address, while the Mxn has breached the psychological 20.0000 mark in the run up to Banxico.

In commodities, WTI and Brent front month futures consolidate in early European trade following some overnight losses, whereby the former the former pulled back from its USD 58.90/bbl high and the latter waned from its USD 61.70/bbl best. That being said, the complex still remains elevated in the grander scheme as vaccine and stimulus hopes couple with OPEC+ support to underpin the complex. The morning also saw the release of the IEA Oil Market Report ahead of the OPEC’s release later today (time TBC). The IEA left its 2021 forecast unchanged, but downgraded its prior forecast by -200k BPD due to changes in historical data. The agency noted that demand expected to fall by 1mln in Q1 2021 from low Q4 levels, but is set to rise strongly thereafter. IEA also warned of rapid stock drawdown expected in H2 2021. However, oil prices largely side-lined the release as markets are pricing in the rise in demand in the latter part of the year. Earlier this week, the EIA STEO downgraded their forecast for 2021 world oil demand growth by 180k BPD, which sees some 5.38mln BPD Y/Y increase. EIA did however increase its 2022 forecast for world oil demand growth by 190k BPD. Further adding to the demand narrative, the European Commission winter forecasts suggested the “EU economy would reach the pre-crisis level of output earlier than anticipated back in the Autumn Forecast”. Meanwhile, eyes are kept on geopolitics, namely surrounding Iran and its nuclear activity as Russian Foreign Minister Ryabkov expect a compromise on a return to the nuclear deal before the February 21st date to avoid escalation, according to Al Jazeera. On a more constructive note, the phone call between US President Biden and his Chinese counterpart Xi expressed mutual respect in a call that set the tone for US-Sino relations. Turning to metals, spot gold and silver are relatively uneventful amid a lack of fresh catalysts, with spot gold around the unchanged mark at 1840/oz as inflationary hopes are simmered down or at least more controlled. Finally, LME copper trades lacklustre awaiting fundamental developments for further direction as Shanghai copper and Dalian iron ore observe Chinese Lunar New Year.

US Event Calendar

  • 8:30am: Jan. Continuing Claims, est. 4.42m, prior 4.59m
  • 8:30am: Feb. Initial Jobless Claims, est. 760,000, prior 779,000
  • 9:45am: Feb. Bloomberg Consumer Comfort, prior 44.6

DB’s Jim Reid concludes the overnight wrap

The highlight in a slow past 24 hours at work, and at home as the lockdown drags on, has been Fed Chair Powell’s speech to the Economic Club of New York yesterday after Europe went home. In it he called on both the federal government and private industry to do more to support the recovery in the labour market, saying that “achieving and sustaining maximum employment will require more than supportive monetary policy.” When discussing the “hidden slack” in the labour market, chair Powell indicated that a broader measure of unemployment would be about 10%, while the pandemic continues to impact younger workers, women, low-income earners and minorities harder. He also pushed back on the idea that US economy could overheat if there were to be too much fiscal injection, saying that it could be “many years” before the scars of long-term unemployment would be overcome and that the overall size of fiscal support should be left to the President and Congress. He also added that at this time last year, there were very few signs of inflation even as the jobless rate sat at multi-decade lows of 3.5%. On the topic of the Fed balance sheet, he again noted the Fed will continue providing support and that they are not thinking about changing the pace of purchases.

Ahead of Powell’s comments, US Treasury yields had already fallen back for a second day running thanks to weaker-than-expected CPI data, with yields dipping further after Powell’s message. 10yr Treasuries were down -3.4bps to 1.123% at the close. In terms of the CPI numbers, the release showed that although consumer prices had risen by +0.3% month-on-month in January as expected, the December reading was revised down two-tenths to +0.2%, while core inflation also came in lower-than-expected at 0.0% (vs. +0.2% expected). Indeed, the latest data sent year-on-year core inflation down to +1.4%, its lowest level since last June. The data helped to dampen some of the concerns over an imminent spike in inflation that’s been circulating among the economics profession in light of the extra stimulus, which in turn has led some investors to become fearful of higher interest rates from the Fed much earlier than expected. The release also led to a fall in market-based inflation expectations, with 10yr US breakevens falling back -1.6bps from the 6-year high reached on Tuesday. Having said all this if we are going to get inflation this year it was never likely to lift its head above the parapet in January.

On the topic of stimulus, the bill continues to move through the various committees in the House of Representatives as the Senate splits its time between the spending package and former President Trump’s impeachment proceedings. Yesterday the House Ways and Means Committee pushed through a key measure of $400 weekly supplemental unemployment benefits through the end of August, while also expanding the eligibility requirement to the self-employed and part-time “gig” workers. Votes are still pending on the other key measures in the Biden proposal including checks to individuals and households, state and local government aid and money for Covid-19 vaccine and testing. These are all likely to come by Friday, with Speaker Pelosi still expecting to get a vote on the house floor of the full bill during the week of February 22, giving the Senate time to vote on the measure well before March 14 – the day that the current expanded benefits are scheduled to lapse.

With questions on how the additional stimulus will affect the future outlook of the US economy, my COTD (link here) from yesterday looked at whether in theory the US authorities would ever allow a recession again given how easily they’ve managed to pull the economy out of one where there has been a savage global pandemic. This recession will go down as the shortest in history and follows four of the longest cycles in history. Basically the chart shows that the longest cycles in 170 years of history have all occurred in periods of deficit spending with the last forty years seeing aggressive structural deficits and long business cycles. The only thing stopping the authorities from making every cycle long and every recession short is inflation or political constraints. The former is far more likely to be the impediment for the reasons we state in the report. This chart is one of my favourite I’ve done in this series so humour me and take a look. If you want to be added to the daily chart email jim-reid.thematicresearch@db.com.

Back to markets and the subdued overall tone was visible in US equity markets, with the S&P 500 (-0.03%) largely unchanged but registering a loss for a second day. In spite of the S&P treading water, nearly 60% of the index’s members were actually trading higher, as bigger names like Tesla (-5.26%) and Cisco (-2.60%) struggled. Many of the biggest tech stocks that have been the big winners of the last year faded relative to more cyclical industries such as energy (+1.84%) and semiconductors (+0.77%). The sagging tech sentiment weighed on the Nasdaq, which fell back -0.25%, though unlike the S&P most of the index traded lower. Even Bitcoin had a bad day, falling -4.85% from Tuesday’s record high. European indices witnessed modest declines similar to that seen in the US, with the STOXX 600 down -0.23%.The cyclical trade remained in vogue in Europe as Miners and bank stocks outperformed, which coincided with steepening curves and higher rates here.

Even though risk assets were overall a bit soggy, both Brent Crude (+0.62%) and WTI (+0.55%) oil prices just held on to their daily gains and ascended to a 1-year high of $61.47/bbl and $58.68/bbl respectively. They have now rallied for 9 and 8 days in a row, the longest streaks since late December 2018 and early February 2019.

One of the main stories overnight has been the US President Biden’s call with his Chinese counterpart Xi Jinping where Biden expressed concerns over China’s “coercive and unfair economic practices” as well as human rights abuses in the Xinjiang region. Biden also expressed concerns about the country’s growing restrictions on political freedoms in Hong Kong and “increasingly assertive actions in the region, including toward Taiwan.” Meanwhile, China’s official state news agency Xinhua reported that during the call Chinese President Xi said that China and the U.S. should re-establish mechanisms for dialogue so that there would be an accurate understanding of each other’s policy intentions and to avoid misunderstanding and miscalculation. On Taiwan, Hong Kong and Xinjiang, Xinhua repeated that these were China’s internal affairs and the US should respect China’s core interests and act with caution. Before the call took place, a Biden administration official said that the US would work with its allies to develop a joint strategy on restricting sensitive high-tech exports and Chinese investment in critical industries.

Overnight, Asian markets that are open are trading up with the Hang Seng (+0.45%) and India’s Nifty (+0.27%) both posting gains. Japanese, Chinese and South Korean markets are all closed for a holiday. Futures on the S&P 500 are up a small +0.04%. Brent and WTI crude oil prices are down -0.55% this morning after their great run.

Back in the European session, Italian sovereign bonds outperformed once again, with 10yr yields falling -0.9bps to an all-time low of 0.504%, as their spread over bunds also tightened to a 5-year low of 0.94%. There hasn’t been a great deal of news on the government formation process however, with former ECB President Draghi meeting with trade unions and business associations yesterday. Today M5S will be holding an online vote on whether to support a government led by Mario Draghi while urging its members to vote yes. Draghi does not need their votes as almost all the parties except M5S have already backed him. Elsewhere, other European countries saw yields move higher, with yields on 10yr bunds (+0.9bps) climbing to a 5-month high of -0.44% as the German 2s10s curve steepened to an 8-month high. And similarly in the UK, yields on 10yr gilts (+2.6bps) and the 2s10s curve both reached a 10-month high.

In terms of the latest on the pandemic, yesterday saw the World Health Organization recommend that the AstraZeneca vaccine be used on all adults over 18, as they also endorsed the move by the UK to increase the length between doses. That move is likely to encourage its use, particularly after some EU countries did not recommend it for the elderly because of insufficient data. Meanwhile in Hong Kong, officials said that conditional on the virus remaining under control through the Lunar New Year, then they were planning to reopen sports venues from February 18, and also allow dining in at restaurants for up to 4 people per table. Over in the UK, the 7-day case average fell to a 2-month low of 16,191, and that’s in spite of testing being at substantially higher levels than it was pre-Christmas. In Germany, it was announced that schools and kindergartens may reopen as soon as next week, with state leaders being granted the power to relax restrictions if cases numbers continue to improve. This seems to be against Merkel’s more cautious instincts. In the US, New York Governor Cuomo announced that large entertainment venues and stadiums will be allowed to reopen to fans with testing requirements and capacity limits. Overall cases continue to fall overall in the US, as new cases were under 100K for a third straight day – the first time that has happened since early November.

To the day ahead now, there isn’t much in the way of data releases, though the weekly initial jobless claims from the US will be a highlight. From central banks, we’ll hear from ECB Vice President de Guindos, along with the ECB’s Villeroy and Knot. Elsewhere, the European Commission will be publishing its latest economic forecasts, and earnings releases include Disney, PepsiCo, Duke Energy, and Kraft Heinz.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 57.00 POINTS OR 0.19%//Australia’s all ordinaires CLOSED DOWN 0.16%

/Chinese yuan (ONSHORE) closed /Oil UP TO 58.31 dollars per barrel for WTI and 60.90 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT SPAIN//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4205 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 XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Biden holds first phone call with Xi. Interestingly both sides offer vastly different accounts of what each said

(zerohedge)

Biden Holds First Phone Call With Xi, Both Sides Offer Vastly Different Accounts Of What Was Said

 
WEDNESDAY, FEB 10, 2021 – 22:37

Nearly a month after his inauguration and more than three months since the presidential election, Joe Biden held his first call with Xi Jinping since entering the White House, just days after his secretary of state warned Beijing that Washington would hold China accountable for its “abuses”.

In a Wednesday night tweet, Biden said that he spoke today with President Xi “to offer good wishes to the Chinese people for Lunar New Year.” He also shared concerns “about Beijing’s economic practices, human rights abuses, and coercion of Taiwan” and told him that Biden “will work with China when it benefits the American people.”

The White house also chimed in saying that “President Biden underscored his fundamental concerns about Beijing’s coercive and unfair economic practices, crackdown in Hong Kong, human rights abuses in Xinjiang, and increasingly assertive actions in the region, including toward Taiwan. President Biden committed to pursuing practical, results-oriented engagements when it advances the interests of the American people and those of our allies.”

“The two leaders also exchanged views on countering the COVID-19 pandemic, and the shared challenges of global health security, climate change, and preventing weapons proliferation. President Biden committed to pursuing practical, results-oriented engagements when it advances the interests of the American people and those of our allies” the White House said.

The call, however, had vastly different content when retold from China’s side.

According to an account of the conversation reported by Chinese state television, Xi said that “cooperation was the only choice and that the two countries need to properly manage disputes in a constructive manner.” Xi also told Biden that “confrontation between China and the United States would be a disaster and the two sides should re-establish the means to avoid misjudgments.”

Xi also said Beijing and Washington should re-establish various mechanisms for dialogue in order to understand each others’ intentions and avoid misunderstandings, the report said.

Finally, and most bizarrely, Xi told Biden that he hopes the United States will cautiously handle matters related to Taiwan, Hong Kong and Xinjiang that deal with matters of China’s sovereignty and territorial integrity. Quite the opposite of what Biden reportedly told Xi…

How is it possible that both sides came away with such profoundly different summaries of what was said: maybe the two were talking without a translator?

Ahead of the call, a senior US official said Biden had planned to raise a number of issues with Xi, including China’s crackdown on the pro-democracy movement in Hong Kong and its repression of Muslim Uighurs in Xinjiang. It wasn’t clear if Hunter Biden was also discussed.

“The president will raise [Hong Kong and Xinjiang] directly with Xi Jinping on the call . . . and indicate that this is not just about American values, it’s about universal values,” the official said. “It is about obligations that China itself has signed on to with respect to core international agreements.”

Biden’s secretary of state, Anthony Blinken, angered the Chinese last month when speaking to his Chinese counterpart, Yang Jiechi, in the first high-level interaction between the countries since Biden became president, Blinken said the US viewed the detention of an estimated 1 million Muslim Uighurs in Xinjiang as “genocide”.

China’s treatment of its Muslim population has sparked calls for countries to boycott the 2022 winter Olympics in Beijing. Asked if Biden would raise the games in the call, the senior US official said it would “not be on the agenda”. In fact, we doubt that any truly controversial topics were breached for the reason discussed in “Blockbuster Report Reveals How Biden Family Was Compromised By China.

Meanwhile, relations between China and the US remain at rock bottom. After years of escalating trade wars between Trump and Xi, the Financial Times reported that Chinese warplanes entered Taiwan’s air defence zone just after Biden’s inauguration and simulated missile attacks on the USS Theodore Roosevelt aircraft carrier in the South China Sea. Which may explain why the US has now sent a second aircraft carrier in the South China Sea where it is holding naval exercises even as Beijing blasts the “blow to peace and stability.”

On Sunday, Biden told CBS News that China would face “extreme competition” from the US. While he praised his Chinese counterpart — whom he knows from his time as Barack Obama’s vice-president — as “very bright”, he said he “doesn’t have a democratic . . . bone in his body”.

Just a few days prior, Blinken told Yang the US would stand up for democracy and human rights, signalling a hawkish stance towards China. “I made clear the US will . . . hold Beijing accountable for its abuses of the international system,” Blinken wrote on Twitter following the call. In response, Yang warned the US not to interfere in Hong Kong and Xinjiang, saying “no one can stop the great rejuvenation of the Chinese nation”.

It’s unclear if that means that “10 for the big guy” will now stop.

END

CHINA/

Only in China can this happen

(zerohedge)

Meanwhile In China, A Bankrupt Solar Firm Just Sold $117 Million In Shares

 
WEDNESDAY, FEB 10, 2021 – 22:05

In what at the time was a historic event, taking advantage of the early signs of retail euphoria, back in June bankrupt Hertz tried and almost succeeded in selling shares while in bankruptcy. Only the last minute intervention of a bankruptcy judge prevented what would have been a $1 billion “at the money” offering to Robinhood traders.

But where Hertz failed a Chinese company has succeeded.

Bloomberg reports that a Chinese solar power plant firm raised $117.4 million overnight selling 2 billion new shares in Hong Kong — an unremarkable placement at first sight… except that GCL New Energy Holdings is technically bankrupt, having defaulted on a $500 million bond just last week.

Its stock predictably fell on Wednesday after the share placement, but it’s still up almost 54% this year. In fact, it has risen 49% since announcing the default on Feb. 1.

The fact that a company in default was able to successfully sell new shares is perhaps not all that surprising as stocks continue to hit new highs on expectations of more stimulus. The rally has prompted companies and shareholders to sell shares, with equity sales and initial public offerings having a record start to the year.

GCL New Energy is among renewable power developers that have been hurt by China’s government delaying subsidy payments. The firm’s accounts and notes receivable rose to more than 4.5 billion yuan ($699 million) as of June 30, up from 1.9 billion yuan four years earlier.

And while the company had been selling renewable plants to help pay down debt, but it wasn’t enough to avoid the default earlier this month. As of June, the company had net current liabilities of 6.5 billion yuan, which cast doubt about its ability to continue as a going concern, according to a statement on Dec. 23.

That’s when an army of new shareholders stepped in, eager to provide the company with much needed liquidity.

And while Americans watch in disbelief as retail traders take worthless companies orders of magnitude higher, in China this is a routine occurrence: when short-video company Kuaishou Technology went public this month, investors put in hundreds of billions of dollars of orders as “investors, both retail and institutional, have flocked to share offerings in an effort to put idle cash to work given ultra-low interest rates.”

And while we now know that Ken Griffin, Citadel’s billionaire founder, is expected to testify next week at a House hearing on wild market swings in shares of GameStop and other stocks, we doubt that the real perpetrator of the current bout of market insanity – the Chairman of the Fed – will be present.

end

BBC banned in China

(zerohedge)

BBC World News Banned From Airing In China

 
THURSDAY, FEB 11, 2021 – 11:36

The Chinese government has decided to ban BBC World News from airing all content in China after it found the British news organization “infringed on the principles of truthfulness and impartiality in journalism.”

State-run media CGTN published a statement from the State Administration of Radio, Film, and Television on their Weibo account detailing the rules BBC violated and how it “has been barred from airing in China.” 

The State Administration of Radio and Television does not allow BBC World News to continue landing in China] After investigation, BBC World News’s China-related reports seriously violated the “Regulations on the Administration of Radio and Television” and “Administrative Measures on the Landing of Overseas Satellite TV Channels”.

It is stipulated that it violates the requirement of truthfulness and fairness in news, harms China’s national interests, undermines Chinese national unity, and does not meet the conditions for overseas channels to land in China. The State Administration of Radio and Television does not allow BBC World News to continue to land in China, and it is new One-year landing applications will not be accepted.

BBC World News has been barred from airing in China, the National Radio and Television Administration (NRTA) announced, saying some BBC’s reports on China infringed the principles of truthfulness and impartiality in journalism.

What appears to be developing is a tit-for-tat dispute after Britain’s Ofcom revoked the license of CGTN, the English-language sister channel of state broadcaster CCTV last week, according to Reuters.

BBC News joins a long list of websites and news organizations blocked by China.

Hu Xijin, editor-in-chief of the Communist Party-backed newspaper the Global Times, recently tweeted:

The BBC has published many “exclusive reports” on Xinjiang and Hong Kong, which are all false. I highly suspect that the BBC has been closely instigated by the intelligence agencies of the US and the UK. It has become a bastion of the Western public opinion war against China.

Like many Western media outlets, the BBC joins a long list of blocked news sites, suggesting the power struggle between China and the western world continue to flare up, even though Biden’s in the White House.

END

Unbelievable!!

China’s Finance Ministry Demands Answers From Deloitte After Whistleblower Alleges Audit Violations On NY-Listed Companies

 
THURSDAY, FEB 11, 2021 – 13:50

China’s Ministry of Finance has officially asked Deloitte to conduct an internal investigation after a Beijing employee anonymously went whistleblower and alleged auditing violations, according to China Daily.

An employee sent out a 55 page PowerPoint deck to every employee’s email alleging auditing violations in China “citing incidences involving New York-listed companies”.

“The PowerPoint, which also circulated on social media, cites incidents between 2016 and 2017 involving 10 clients. The clients include New York-listed RYB Education, a kindergarten chain operator marred by a child abuse scandal in 2017 involving the prosecution of 77 employees; China Boqi Environmental Holding; and state-owned logistics company Sinotrans,” according to Nikkei.

The deck included allegations of “turning a blind eye to its clients’ abnormal spending and omitting necessary auditing procedures,” CD wrote.

The Ministry said “it takes the allegations very seriously and immediately called a meeting with the auditor’s leadership,” according to the report. It says it will work together with other authorities to investigation the allegations in the slides with a “zero tolerance” policy. The China Securities Regulatory Commission will also launch a probe into the incident “as soon as possible”.

The China Securities Regulatory Commission will seek to “maintain the rigor and reliability of auditing firms”, China Daily wrote. The article then goes on to take the stance of blaming the U.S.’s big four auditors for enabling Chinese fraud on American exchanges:

For too long, Chinese companies listed in overseas markets have been employing the services of the “big four” auditing firms-namely Deloitte, Ernst& Young, KPMG and PricewaterhouseCoopers-because they are regarded as more authoritative, professional and reliable.

If Deloitte is found guilty of the charge, it should alert market watchdogs to the possibility of the case being only the tip of the iceberg of the malpractices of these big auditing firms. Prestige is not necessarily a guarantee of integrity when it comes to money.

Deloitte has said it “has investigated the complaint but didn’t find any evidence to suggest the adequacy of its work was affected.” It also said “it reserved the right to take legal action on the spread of false information about Deloitte.”

But if China really wants to “investigate”, we have an idea of where they can start…

While it is a welcome (and hilarious) chapter to the U.S. listed China-based fraud story to suggest that China may wind up cleaning up these companies before the U.S. does, we are still skeptical. We feel like we’ve seen the CCP “whistleblower” story play out before.

And from what we can remember, the only question it begs is: how long will it be before the Chinese government simply claims all is well and the whistleblower is thrown in jail? 

end

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

SYRIA/USA

USA shifts it’s official justification in Syria from guarding the oil to fighting ISIS.  They really mean stealing its oil

SouthFront.

US Shifts Official Justification Of Its Illegal Presence In Syria From “Guarding Oil” To “Fighting ISIS”

 
WEDNESDAY, FEB 10, 2021 – 22:45

Submitted by Khaled Iskef via SouthFront.org,

On February 9, the Pentagon announced that its forces in Syria are no longer responsible for the protection of the oil wells.

A Pentagon spokesman, John Kirby, said that the employees and contractors of the US Department of Defense are no longer allowed to assist any private company seeking to exploit the oil resources in Syria, nor to help the employees of this company or its agents.

Kirby added that the 900 personnel stationed in the region are there to support the mission of fighting ISIS only, which is the main reason for their presence.

The announcement of the US Department to shift the formal objectives of its military presence in Syria goes contrary to the position of the administration of former President Donald Trump. President Joe Biden announced that it would fix what Trump ‘sabotaged’ in the US policies.

Two years ago, Trump that he would keep a limited contingent of US forces in Syria to protect the oil wells, and said at the time that the US forces would take their share of the Syrian oil.

Last July, the SDF signed an agreement with a private US company called Delta Crescent Energy to modernize the oil wells seized by the SDF with the support of US forces, and to smuggle the oil extracted from them outside the Syrian territories.

end

UKRAINE/RUSSIA/NATO

this is a red line for Russia: Ukraine becoming a member of NATO as missiles will be housed in that country facing Russia.

(zerohedge)

NATO Chief Tells Ukraine “Door Remains Open” For Membership As Russia Fumes

 
THURSDAY, FEB 11, 2021 – 4:15

During a Tuesday press conference the head of NATO, Secretary-General Jens Stoltenberg, issued some hugely provocative words aimed at Russia while standing beside Ukrainian Prime Minister Denys Shmyhal at a joint press conference in Brussels. It comes after Joe Biden has vowed a tougher response to alleged Russian ‘interference’ in the West’s affairs.

Asked specifically to respond claims that Russia is expanding military exercises and deployments abroad in order to “distract” from the Alexei Navalny saga and protests at home, Stoltenberg said, “What I will say is we have seen a significant Russian military buildup over the last years.”

“We have seen a significant Russian buildup in the Black Sea, not least with the illegal annexation of Crimea, and also with more naval presence in the year,” he added. Citing past years’ conflicts and ‘Russian aggression’ in Ukraine and Georgie, Stoltenberg continued, “This is a military buildup very closely monitored and followed at NATO. It has triggered the largest and strongest reinforcement of NATO’s collective defenses since the end of the Cold War.”

NATO image: Tuesday’s joint press conference.

He quickly pivoted to Navalny’s recently being sentenced by a Moscow court to over two-and-a-half years in prison, which he slammed as “a perversion of justice, targeting the victim of an attempted killing – assassination – using a banned chemical agent to try to take his life.”

“We have seen a very firm reaction from NATO, both when it comes to the way Russia has used military force against neighbors – Ukraine – but also in the way Russian security services are using violence to suppress legitimate democratic voices in Russia,” Stoltenberg said additionally.

Ukrainian PM Shmyhal in his statements crucially noted that his country plans to “start building two naval bases, one in the Black Sea one, in the Azov Sea.” According to Shmyhal’s remarks this is with help from Britain and other Western allies – all of which sounds a dangerous repeat of the build-up to the Ukraine crisis of five years back.

But this is where Stoltenberg threw out his most provocative statement of the press conference, essentially calling for Ukraine to be invited into the Atlantic military alliance:

NATO’s door remains open, and we work with countries like Ukraine. Ukraine is recognized as a candidate for NATO membership. NATO allies help and support Ukrainian efforts to join the Alliance. I feel certain that as part of the future project we have launched in NATO, NATO 2030, […] the enlargement policy will be part of that. And also when NATO leaders meet in Brussels later this year, enlargement and NATO’s open door policy will be discussed and addressed,” Stoltenberg said.

The Kremlin as well as President Putin have long affirmed Ukraine’s entry into NATO would constitute a firm “red line” which it would take action to prevent.

There’s been agreement and general consensus among pundits on both sides of the issue that Ukraine’s formal entry into NATO would likely fast trigger major regional war. Already Ukraine has semi-regularly engaged in joint naval drills in the Black Sea with NATO forces, however, formal membership would of course require the United States and other major NATO powers to go to war with Russia should Ukrainian forces be attacked.

Lately Stoltenberg has accused Russia of being ‘expansionist’ with regard to former Soviet satellite states, given it has appeared to increase its military presence in places like the Black Sea, but also the Barents and Baltic seas. This also comes as the US Air Force has greatly increased its presence in far North places like Norway, with the latest deployment of four B-1 Lancer bombers there.

END
RUSSIA/USA/IRAN
Russia issues a rare call for “restraint” from Iran after their Uranium metal production
(zerohedge)

Russia Issues Rare Call For “Restraint” From Iran After Uranium Metal Production

 
THURSDAY, FEB 11, 2021 – 11:01

Iran’s “shock” move to produce uranium metal which is a crucial component that can be used to form the core of nuclear weapons (while still also having peaceful energy applications), blowing past a firm ban stipulated by the 2015 nuclear deal, has caught Russia by surprise in addition to the Western officials now condemning it.

Russia is urging restraint from Tehran, with Deputy Foreign Minister Sergei Ryabkov saying Thursday, “We understand the logic of their actions and the reasons prompting Iran. Despite this it is necessary to show restraint and a responsible approach,” as quoted in RIA Novosti.

 

Via Reuters

On Wednesday The Wall Street Journal was the first to report that the International Atomic Energy Agency (IAEA) formally informed the UN that: “The Agency on 8 February verified 3.6 gram of uranium metal at Iran’s Fuel Plate Fabrication Plant (FPFP) in Esfahan.” And the report underscored further that “The Iranian threat to produce uranium metal had alarmed Western diplomats because the material crosses over from uranium enrichment, which can be used for civilian purposes, and is a core component of nuclear weapons.

Russia and Iran have long been strategic allies in the Middle East, with Moscow showing itself willing to do weapons deals with the Islamic Republic despite Israeli, Gulf, and Western objections. Moscow has also remained a leading advocate urging the United States to return immediately to the nuclear deal (JCPOA) in order to avoid “chaos” unleased on the region. Yet Russia has also walked a delicate line in maintaining positive relations with Israel that avoids conflict despite several “close-calls” related to near direct clashes over Syria in recent years.

Despite the Kremlin now calling for “restraint” from Iran, Ryabkov also geared his message toward the other side, warning the Tehran is now demonstrating its “determination not to put up with the current situation,” after Joe Biden has waffled on quickly reentering the JCPOA according to prior campaign promises.

Meanwhile, Iranian Foreign Minister Javad Zarif issued a warning to President Biden on Wednesday, saying that the “current window” to revive the Obama-era deal is closing fast.

“Soon, my government will be compelled to take further remedial action in response to the American and European dismal failure to live up to their commitments under the nuclear deal,” he said.

end

6.Global Issues

CORONAVIRUS UPDATE/GLOBE

Global Cases Top 107MM As WHO Warns About COVID Mutations: Live Updates

 
THURSDAY, FEB 11, 2021 – 10:25

As the pace of COVID spread continues to slow, the number of new cases reported globally every day has declined substantially since the start of the year.

However, the total confirmed cases globally has topped 107MM. Deaths have surpassed 2.35MM, while in the US, the country with the most confirmed deaths, the tally is 472K.

 
 

…hospitalizations have also declined across all age groups in the US, most notably in the critical 65+ age group, considered the most vulnerable.

Elsewhere, in Europe, German Chancellor Angela Merkel warned that coronavirus mutations will likely become dominant across the country, threatening to derail progress made in containing the pandemic. The Irish government said about 22% of close contacts now catch the virus, double the rate in previous waves, suggesting the new variants are more infectious.

However, there’s a catch: the WHO warned that a decline in overall virus cases conceals increasing numbers of outbreaks and community spread involving variants – aka mutations – including the strain first identified in South Africa late last year has spread to 18 countries.

Japan aims to use its planned certificates for coronavirus vaccine recipients mostly to regulate international travel since requiring them in a domestic settings like events and restaurants could lead to discrimination against those who have not received the shot.

Here’s some more news from overnight and Thursday morning:

* * *

Hospitals in England treated almost 102,000 people battling the virus last month, representing a third of all patients who have needed such care since the pandemic began, NHS England said. Hospitals are still treating about 1,000 more patients with covid than they were at the peak of the first wave (Source: Bloomberg).

Sweden will stick to its recommendation to not give AstraZeneca’s Covid-19 vaccine to people older than 65, ignoring guidance from the World Health Organization, state epidemiologist Anders Tegnell said (Source: Bloomberg).

Germany plans to impose restrictions on travel from Austria and the Czech Republic over concerns about aggressive mutations of the coronavirus, potentially disrupting cross-country commuters and commerce (Source: Bloomberg).

Major chains like McDonald’s Corp. and Chipotle Mexican Grill Inc. are opting to keep their tables cordoned off due to health and staffing concerns. Other restaurants say opening at New York’s limit of 25% capacity won’t yield enough sales to warrant the additional staffing, cleaning and operational costs.

* * *

Finally, President Joe Biden reportedly discussed the pandemic response when he spoke to President Xi Jinping on Wednesday in his first direct contact with the leader of the world’s second-largest economy since winning the November US presidential election.

END

Michael Every on today’s major events

(Michael Every)

Microwaved Markets

 
THURSDAY, FEB 11, 2021 – 8:45

By Michael Every of Rabobank

The January Chinese CPI print came in weaker than expected, dipping back into deflationary territory y/y, though PPI was up from -0.4% to the heady heights of 0.3% y/y, which for ‘build it and they will come’ China is quite rare. Clearly though, even the massive liquidity being poured in via aggregate financing and local governments –the IMF estimate of the consolidate fiscal deficit is -18.8% of GDP in 2020, which gets no market fanfare at all!– is only seeing a patchy recovery at best. As they try to keep that liquidity out of the overheating housing sector and indebted household sector, expect more chills.

At the same time, US CPI also surprised to the downside. Headline inflation was 0.3% m/m as expected, but core CPI came in weaker at flat m/m, with December revised down to the same. In y/y terms that meant headline and core inflation at 1.4%, the latter vs. 1.6% expected. In short, inflationary pressures on the high street appear to be cooling off too. On one level that is USD negative because it is further reason for the Fed to not act for years. On another level it could be seen as USD positive, as if sustained it will reduce the level of negative real rates vs. economies such as the Eurozone. Perhaps it’s not a surprise that the USD ended little changed overall.

The Fed’s Powell then stressed we will probably see an increase in inflation readings in coming months “that won’t mean much.” So getting hotter – but please let’s focus on the colder parts. He underlined the US economy is 10m jobs down on where it was a year ago: and let’s recall that to replace them by end-2022, and account for natural labor-market growth, means we will need an average payrolls figure of over 500,00 through to next December. That’s an awful lot of heating up. Of course, markets will continue to do all the heating for the labor market, and very happily. Like a microwave meal, we are overheating some parts and leaving others cold: no central-bank rhetoric is capable of stirring things – is the government? Economies outside the US have to cope with a weaker USD, which is reflationary for stocks and commodities, but deflationary for their exporters; and with a trend higher in US long yields dragging theirs up too, so tightening financial conditions further. Hot and cold – and hardly edible to anyone but said markets.

Bitcoin continues to get hotter, thanks to Elon Musk: and so does the planet. Musk isn’t the blushing kind, but as a leading environmentalist even he might rouge at a Bloomberg story quoting University of Cambridge research that nearly 66% of global Bitcoin is mined in China, of which one third comes from Xinjiang province, where the electricity is powered by coal (and that much usage is, according to another source, unlikely to happen without official approval: so the crypto ‘libertarian charm’ cools in tandem). Meanwhile, in geopolitics things are both hot and cold for markets too:

Reuters reports “BOE’s Bailey warns EU not to pick a fight on finance”. Yet we can expect exactly such tensions. History shows either the UK and EU are bosom buddies, which Brexit makes hard, or they both have an interest in the other doing relatively less well. How can Brexit be sold as a success at home if the EU is booming? How can the EU be sold as a success at home if the UK is booming? It’s zero sum politically. More so if the US loses interest in keeping the EU as an ally, as threatened under Trump: the UK could then be used as a local spoiler. “Because” markets are slow to gasp what relevant experience should make abundantly clear. For them it’s just about UK seafood exports to the EU slumping, when there is far more to get ‘crabby’ about than that.

On that US-EU front, news this week was that Germany allegedly offered USD1bn to the Trump White House to allow them to proceed with NordStream 2 unhindered. Wolfgang Munchau underlines the long-standing view here that the Trump geopolitical position on Germany not tying itself in to Russian energy supplies is not going to change under President Biden; and such Merkel-cantilism is in trouble despite Berlin now claiming they are obliged to buy Russian gas as compensation for the 20m Russian war dead in WW2(!): if that is the line of thinking, why not build a pipeline to Israel? Munchau suggests the compromise may be Germany splitting its LNG orders 50-50 between the US and Russia – which would be hugely expensive for German industry: no NS2, and the German economy could take a major hit, taking global inflation down with it, even as headline inflation could rise.

Meanwhile, the Biden White House has an assembly line of other issues to deal with as it is tested, like all new administrations, and not just by empty rhetorical flourishes.

  • N Korea calls the US its greatest enemy and is flaunting its missile, submarine, and nuke plans. No US response so far;
  • Iran is talking about a new push for a bomb, refusing to return to the 2015 nuclear deal on the old terms without the US removing all sanctions first, and after President Biden called for an end to the Yemeni civil war and removed an Iranian-backed Houthi group from the terrorism list, the Houthis just carried out a terror attack on a Saudi airport. That backdrop will help push oil prices up, so making headline inflation hotter and core inflation colder, and also making it even harder to sustain 500,000 US payrolls every month to end-2022 (unless there is a big step-up in fracking, which just got limited on federal land by executive order?);
  • Turkey, clashing with the US over S-400 Russian missiles, has reportedly just sent paratroops into Iraqi Kurdistan to fight PKK forces – what will the US response be, if so?;
  • Russia is ignoring street protests over the arrest of opposition leader Navalny, but the public humiliation of EU Foreign Affairs spokesman Borrell in Moscow is allegedly going to accelerate the passage of EU Magnitsky sanctions (yet is this compatible with German reliance on Russian gas?);
  • Coup leaders in Myanmar are also shrugging off public protests, but now face US sanctions – forcing the army, a group sceptical of China, to move closer to Beijing, and potentially tipping the balance in the region further away from the US;
  • At home, President Biden has stalled the Trump-era forced sale of China’s TikTok. He has also –without fanfare– removed the Trump order that US universities must be transparent about their funding from China’s state-run Confucius Institutes. That’s in contrast to the UK’s national security swoop on its own academics’ China links, where 200 reportedly fear they could face jail, and the Canadian spy chief’s public declaration that Beijing’s “pursuit of power” presents a “direct threat” to it.) Biden’s first call with Xi will apparently come soon: is it going to be hot (green, cooperation, etc.) or cold (human rights, South China Sea, etc.), or a confusing microwave mix of both?; and
  • Back to another fusion of geopolitics and seafood as New Zealand, which has refused to follow Australia’s hawkish line with Beijing (being willing to cut ties with Myanmar over human rights issues, but not with China), and which on Australia Day signed a deepened FTA, has seen two of its seafood plants’ exports to China blocked. Imagine what could be blocked if Wellington does ever follow a hawkish foreign policy line; yet not doing so further embeds a trade environment where this kind of occurrence is the new normal, and the room for strategic autonomy is further reduced.

Need I add that seafood and inadequate reheating in microwaves can prove toxic?

 

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

BURMA/USA

Biden imposes sanctions on Burma coup leaders. Violence is escalating there as the protest crackdown intensifies

(zerohedge)

Biden Imposes Sanctions On Myanmar Coup Leaders As Protest Crackdown Violence Grows

 
WEDNESDAY, FEB 10, 2021 – 18:05

President Biden announced new sanctions targeting Myanmar’s military leaders at a press conference Wednesday afternoon. It follows the formal suspension of all US aid to the country after the US formally dubbed the military arrest and detention of civilian leaders a coup d’état.

The action is expected to be executed later the same day via an executive order under the International Emergency Economic Powers Act (IEEPA), which gives the commander-in-chief “wide latitude to impose economic sanctions once he declares a national emergency exists,” according to Reuters.

It includes the freezing of “$1 billion in Burmese funds” that are currently held in US institutions. While not intended to negatively impact the country’s population, Biden said the action will “sanction the military leaders who sanctioned the coup” with specific army officials to be named later in the week.

The move is further expected to have the bipartisan support of Congress and comes ten days after the shock events of Feb.1 wherein Aung San Suu Kyi, leader of Myanmar’s governing National League for Democracy (NLD) andPresident Win Myint and other civilian leaders were”taken” during military raids on their homes in the early morning hours.

A military channel then announced in an emergency broadcast that the army under commander in chief Min Aung Hlaing will retain control of the country for at least a yearusing ‘state of emergency’ powers. Since then internet has been cut to much of the country in order to prevent Kyi’s supporters from organizing and taking to the streets, which the detained civilian leadership is reportedly calling for.

There’s been reports of intensifying clashes with police and military who have had control of the cities and streets. Yet despite this tens of thousands of citizens have still gathered in various cities to demand the restoration of the elected government.

While there’s been far-reaching efforts of the military to impose a total information blackout over Myanmar, enough protest images and footage are still getting out to enable to UN on Tuesday to denounce what it called “disproportionate force” used against peaceful protesters.

Meanwhile Axios writes that “Hours after the UN statement, a woman was critically wounded after being shot in the head as police fired live rounds, rubber bullets and water cannon during another massive anti-coup rally in Myanmar’s capital Naypyidaw.”

END

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

Euro/USA 1.2131 UP .0012 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY GREEN EXCEPT SPAIN

USA/JAPAN YEN 104.72 UP 0.103 (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 1.3833   UP   0.0002  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2674 DOWN .0023 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 THURSDAY morning in Europe, the Euro ROSE BY 12 basis points, trading now ABOVE the important 1.08 level RISING to 1.2131 Last night Shanghai COMPOSITE CLOSED NEW YEAR 

//Hang Sang CLOSED NEW YEAR 

/AUSTRALIA CLOSED DOWN 0,16%// EUROPEAN BOURSES MOSTLY GREEN

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT SPAIN

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 

/SHANGHAI CLOSED NEW YEAR  

Australia BOURSE CLOSED DOWN 0.16% 

Nikkei (Japan) CLOSED UP 57.00  POINTS OR 0.19%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1841.90

silver:$27.09-

Early THURSDAY morning USA 10 year bond yield: 1.137% !!! DOWN 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.906 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 90.37 DOWN 0 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.23% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.07.%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.12%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.46 DOWN 5 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 34 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.46% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.92% 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 THURSDAY

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

Euro/USA 1.2126 UP     .0007 or 7 basis points

USA/Japan: 104.76 UP .140 OR YEN DOWN 14  basis points/

Great Britain/USA 1.3819 DOWN .0011 POUND DOWN 11  BASIS POINTS)

Canadian dollar UP  8 basis points to 1.2689

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

THE USA/YUAN OFFSHORE:  6.4219  (YUAN up)..

TURKISH LIRA:  7.03  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield UP 1 IN basis points from WEDNESDAY at 1.156 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.936 UP 3 in basis points on the day

Your closing USA dollar index, 90.42 UP 5  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 THURSDAY: 12:00 PM

London: CLOSED UP 2.63  0.07%

German Dax :  CLOSED UP 101.94 POINTS OR .77%

Paris Cac CLOSED DOWN 0.98 POINTS 0.02%

Spain IBEX CLOSED DOWN 27.80 POINTS or 0.33%

Italian MIB: CLOSED UP 42.56 POINTS OR 0.18%

WTI Oil price; 58.52 12:00  PM  EST

Brent Oil: 61.31 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.68  THE CROSS LOWER BY 0.24 RUBLES/DOLLAR (RUBLE HIGHER BY 24 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.46 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  57,97//

BRENT :  60.83

USA 10 YR BOND YIELD: … 1.157..up 1 basis points…

USA 30 YR BOND YIELD: 1.949 up 4 basis points..

EURO/USA 1.2131 ( UP 12   BASIS POINTS)

USA/JAPANESE YEN:104.74 UP .125 (YEN DOWN 13 BASIS POINTS/..

USA DOLLAR INDEX: 90.49 UP 2 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3815 DOWN 15  POINTS

the Turkish lira close: 7.03

the Russian rouble 73.64   UP 0.28 Roubles against the uSA dollar. (UP 28 BASIS POINTS)

Canadian dollar:  1.2649 DOWN 2 BASIS pts

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

The Dow closed DOWN 7.10 POINTS OR 0.02%

NASDAQ closed UP 71.55 POINTS OR 0.52%


VOLATILITY INDEX:  21.46 CLOSED DOWN .55

LIBOR 3 MONTH DURATION: 0.205%//libor dropping like a stone

USA trading today in Graph Form

Bumble Fumble, Stoner Stocks Tumble As Bitcoin Rips & Dollar Dips

 
THURSDAY, FEB 11, 2021 – 16:00

Everyone and their (female) pet rabbit was excitedly anticipating the Bumble IPO today and while it opened up 77% from its IPO price, it ended the day well below the $76 open price

But it was pot stocks that really got smoked…

Source: Bloomberg

With TLRY crashing 50%…

MJ, the Marijuana ETF, had its worst day ever…

Source: Bloomberg

Short-focused Biotechs were also whacked today…

Source: Bloomberg

Everything was going so well, until…

The broad market took a dive early on – for now obvious news/level driven reason – and staged a modest rebound from that tumble. Nasdaq outperformed but a late-day panic-buying spree lifted everything else back to unch…

The plunge this morning saw another big sell program hit…

Source: Bloomberg

Energy stocks closed down today… WTF!?

Source: Bloomberg

TSLA saw some serious OTM Put buying again…but again $800 was staunchly defended…

Treasury yields were higher across the curve today, led by the long-end (30Y +3bps), but remain lower on the week…

Source: Bloomberg

An ugly 30Y auction didn’t help…

Source: Bloomberg

On the other side of the ledger, crypto soared with Bitcoin pushing back above $48 to new highs…

Source: Bloomberg

And Ethereum back above $1800…

Source: Bloomberg

The dollar ended the day lower for the 5th straight day – the longest losing streak since August – and back near unchanged on the year…

Source: Bloomberg

Despite dollar weakness, gold was lower today

Silver ended unchanged…

And oil dared to fall with WTI back below $58…

And finally, remember, it’s different this time… but will it end the same?

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

So much for the USA recovery: jobless benefits back above 20 million  souls

(zerohedge)

Number Of Americans On Jobless Benefits Surges Back Above 20 Million

 
THURSDAY, FEB 11, 2021 – 8:36

After surging from early December to mid-January, the number of Americans filing for first time jobless benefits has slowed significantly as blue states have miraculously and coincidentally lifted the most draconian pandemic restrictions since President Biden’s inauguration. However, while last week’s claims improved (793k, worse than the 760k expected), it was from a notably revised higher level the previous week (from 779k to 812k)

Source: Bloomberg

Ohio saw a huge surge in jobless claims as Florida saw the biggest drop…

And while it is well below its peak levels in June, last week saw the total number of Americans of some form of jobless benefit surge back above 20 million…

Source: Bloomberg

As Pandemic Emergency Claims surged back near record highs…

Source: Bloomberg

Worse still, bear in mind that Fed Chair Powell warned yesterday that in ‘real’ terms, unemployment remains around 10% – as bad as at the peak of the financial crisis.

“Published unemployment rates during COVID have dramatically understated the deterioration in the labor market,” Powell said during prepared remarks at the Economic Club of New York.

So perhaps don’t celebrate the improving claims data just yet.

 

iii) Important USA Economic Stories

I guess money grows on trees for AOC and Schumer.  They want taxpayer funding for COVID 19 funerals.

(Salles //Mises Institute.).

AOC And Schumer Want Taxpayer Funding For COVID-19 Funerals

 
WEDNESDAY, FEB 10, 2021 – 18:25

Authored by Alice Salles via The Mises Institute,

US residents whose family members died with or of covid will be eligible to receive $7,000 for funeral and related expenses, New York senator Chuck Schumer (D) and Representative Alexandria Ocasio-Cortez (D) announced.

During a briefing in Queens on Monday, February 8, the duo announced that $267 million of the federally funded funeral benefits would go to low-income families in New York alone. The package, Schumer added, is part of a $2 billion disaster funds program run by the Federal Emergency Management Agency (FEMA) that will provide benefits to families nationwide.

In her speech, Ocasio-Cortez explained that families “are having to pay for the storage of the bodies of their own loved ones” in addition to covering the funeral and burial expenses.

“This is wrong,” she added.

The announcement was received warmly on social media, so it wasn’t a surprise to see few people questioning the duo’s intentions.

But if the goal is to help those impacted by the pandemic, why did neither Democrat bring up plans to provide aid to the families who lost loved ones to various state governments’ responses to the coronavirus?

An Undeserving Bunch

Following the first reports of infections, most states had stay-at-home orders in place as early as March 2020. While some governors started lifting some of the restrictions in June, the majority kept them in place, tightening restrictions once again by Thanksgiving.

By now, we already know that the forced business shutdowns created a pattern of destruction that will be hard to remedy. According to Yelp’s data, 97,966, or 60 percent, of the 163,735 businesses listed on the platform that closed between March and August won’t reopen. To many of these small business owners and their employees, unexpected closures meant povertydepression, and lack of access to healthcare, all problems that also lead to deaths.

According to some estimates, deaths associated with factors other than coronavirus make up at least one-third of all excess deaths during the pandemic.

Deaths of despair, which include suicide and drug abuse, have been on the rise everywhere in the country since the beginning of the lockdowns, as well as deaths caused by delayed or interrupted medical treatment. The rate of domestic abuse is also growing, putting a greater number of lives at danger. One would think congressmen would try to use the lockdown-related data to push yet another benefits package. However, they all seem to play down the deaths and suffering caused by governments’ shutdown orders.

Before pushing for funeral expense reimbursements for families whose loved ones had covid, Ocasio-Cortez tried to play down the Democrats’ support for lockdowns by blaming Republicans who don’t wear masks for “forcing” states to shut down.

“Here’s what’s ironic to me: all these Republicans, all these people who were anti-shutdown, were the same people who weren’t wearing masks, who forced us to shut down in the first place,” she said in an Instagram Live video.

Despite her claims, two of the states hardest hit by the pandemic, California and New York, were also two of the first to enact mask mandates. But on Monday, February 8, the New York congresswoman had no words of sympathy for the families whose loved ones died due to the tyrannical mandates enacted by governors such as New York’s Andrew Cuomo, who now believes that lockdowns have gone too far.

“We simply cannot stay closed until the vaccine hits critical mass. The cost is too high,” he tweeted following the inauguration of President Joe Biden.

If Schumer and Ocasio-Cortez are indeed working to help the low-income families who lost loved ones in 2020, they are letting down a great number of Americans (and immigrants).

END

We now have 14 state attorneys pound the table that the Keystone cancellation delivers a crippling economic injury to many states and they are now threatening legal action

Ozimek/EpochTimes)

14 State Attorneys Say Keystone Cancellation Delivers “Crippling Economic Injuries”, Threaten Legal Action

 
WEDNESDAY, FEB 10, 2021 – 19:05

Authored by Tom Ozimek via The Epoch Times,

Fourteen Republican attorneys general are urging President Joe Biden to reconsider his decision to cancel a permit for the construction of the Keystone XL crude oil pipeline, alleging severe economic harm and threatening to take legal action.

“We write with alarm regarding your unilateral and rushed decision to revoke the 2019 Presidential Permit” for the pipeline, the officials wrote in a Feb. 9 letter (pdf), initiated by Montana’s Attorney General Austin Knudsen.

Calling cancellation of the pipeline a decision “to impose crippling economic injuries on states, communities, families, and workers across the country,” the attorneys general urged Biden to reconsider, while warning that they are “reviewing available legal options.”

In the letter, Knudsen denounced Biden’s decision to pull the permit as “a symbolic act of virtue signaling” that would do little to accomplish its stated objective of protecting Americans and the domestic economy from harmful climate impacts.

“The real-world costs are devastating,” Knudsen contended. “Nationally, your decision will eliminate thousands of well-paying jobs, many of them union jobs.”

Keystone XL pipeline facilities are seen in Hardisty, Alta., in a file photo. The now-canceled pipeline would have carried oilsands crude from Hardisty to the U.S. Gulf Coast. (The Canadian Press/Jeff McIntosh)

The State Department determined in 2014 (pdf) that the Keystone XL pipeline project would support a total of 42,100 jobs and create roughly 3,900 direct jobs in Montana, South Dakota, Nebraska, and Kansas over what was expected to be one or two years of construction.

After the pipeline entered service, operations would require around 50 employees in the United States, including 35 permanent employees and 15 temporary contractors, the State Department found.

While construction of Keystone XL would contribute roughly $3.4 billion to U.S. gross domestic product, according to a National Regulatory Research Institute review of State Department estimates (pdf), the pipeline would also offer tax revenues for local and state governments. Property taxes resulting from the project would generate roughly $55.6 million in Montana, South Dakota, and Nebraska.

Knudsen argued that axing the pipeline would deprive counties and states of future tax revenue.

“Montana will lose the benefits of future easements and leases, and several local counties will lose their single-biggest property taxpayer. The loss of Keystone XL’s economic activity and tax revenues are especially devastating as five of the six impacted counties are designated high-poverty areas,” Knudsen wrote.

In canceling the permit, Biden said the pipeline would do little to benefit the country’s energy security and economy, while approving it would undermine the administration’s efforts to combat climate change.

“In 2015, following an exhaustive review, the Department of State and the President determined that approving the proposed Keystone XL pipeline would not serve the U.S. national interest,” Biden wrote in his Jan. 20 executive order.

“That analysis, in addition to concluding that the significance of the proposed pipeline for our energy security and economy is limited, stressed that the United States must prioritize the development of a clean energy economy, which will in turn create good jobs,” he wrote.

“The analysis further concluded that approval of the proposed pipeline would undermine U.S. climate leadership by undercutting the credibility and influence of the United States in urging other countries to take ambitious climate action,” he wrote, adding that, “The world must be put on a sustainable climate pathway to protect Americans and the domestic economy from harmful climate impacts.”

Knudsen contended in the letter that Biden did not explain “how killing the Keystone XL pipeline project directly advances the goals of ‘protect[ing] Americans and the domestic economy from harmful climate impacts,’” nor does his decision “actually cure any of the climate ills” that the president referenced.

“Observers are thus left with only one reasonable supposition: it is a symbolic act of virtue signaling to special interests and the international community,” he wrote.

The Keystone XL pipeline was first proposed in 2008 but reached a snag under the Obama administration. Former President Donald Trump revived the project and was a strong proponent.

Cancellation of the Keystone construction permit has also drawn heavy fire from industry groups and Republican lawmakers.

end
Top magazine publisher Conde Nast skips rent payment as ad revenues crumble.
Zerohedge)

Top Publisher Conde Nast Skips Rent Payment At One World Trade

BY TYLER DURDEN

THURSDAY, FEB 11, 2021 – 6:45

Magazine publishers have been crushed by slumping advertising revenue because of the pandemic. Conde Nast could be the latest magazine publisher to experience financial difficulties as it skips out on a $2.4 million rent payment in January for its office at the One World Trade, reported WSJ.

Conde Nast is no small potatoes in the media industry. It’s the publisher of ARS Technica, GQ, Teen Vogue, The New Yorker, Vanity Fair, Vogue, Wired, among other popular magazines.

Conde Nast is a major anchor tenant in the new World Trade Center. The publisher withheld rent payment in January as it asked for rent discounts and a reduction in square footage. The publisher plans not to pay rent until a resolution is found.

A filing with the Port Authority of New York and New Jersey, a co-owner of One World Trade, “believes it has strong contractual rights to enforce full payment by Advance (Advance Publications Inc, owner of Conde Nast) which it intends to assert.”

Advance has been in discussions with the Port Authority and another co-owners of the building, Durst Organization, to renegotiate a 25-year lease with Conde Nast.

An Advance spokesman told WSJ: “Advance continues to be in discussions about bringing the lease in 1WTC into line with current market conditions and its ongoing needs at that location. We are also considering alternative solutions to address these requirements.”

Conde Nast, like many publishers, is going through financial troubles. Last year, it laid off 100 employees and furloughed another 100. It has also taken steps to reduce working hours for some employees.

“These companies are entirely capable of satisfying their legal obligations, and the Port Authority has strong rights to enforce full payment,” Ben Branham, a spokesman for the Port Authority, said.

Declining advertising revenue is an ominous sign that Conde Nast will have to continue downsizing as it attempts to stop hemorrhaging cash. So far, the company has laid off and furloughed hundreds of employees to now skipping out on rent as it attempts to survive the pandemic.

This is more bad news for New York City’s commercial real estate on shaky ground

end

Reckless Rhetoric Is A Reckless Standard For An Impeachment Trial

 
THURSDAY, FEB 11, 2021 – 8:20

Authored by Jonathan Turley,

Below is my column in the Hill on how the second Trump impeachment could become a trial over reckless rhetoric in America. The House managers may be playing into that very danger by selecting some managers who have been criticized in the past for their own over-heated political rhetoric.

As managers were replaying the comments of former President Donald Trump from prior years to show how his words fueled divisions, critics were pointing to similar statements from the managers themselves.

Rep. Jamie Raskin, D-Md., the leading impeachment manager, was chided for using “fight like hell” in a 2019 interview with The Atlantic – the very words replayed repeatedly from Trump. He also used that phrase repeatedly in prior years to ramp up his supporters in fighting for Democratic control of Congress.

Speaker Nancy Pelosi blundered by appointing managers like Eric Swalwell who is notorious for his inflammatory rhetoric, in a trial where such rhetoric would be the focus of the managers.  Swalwell’s comments not only include disturbing legal claims, but highly personal and offensive remarks like mocking threats against Susan Collins, R-Maine. Swalwell declared “Boo hoo hoo. You’re a senator who police will protect. A sexual assault victim can’t sleep at home tonight because of threats. Where are you sleeping? She’s on her own while you and your @SenateGOP colleagues try to rush her through a hearing.”  Pelosi picked not only a member who has viciously attacked Republicans but one of the Republicans most needed by the House in this trial. If this trial boils down to irresponsible political rhetoric, the public could find it difficult to distinguish between the accused, the “prosecutors” and the “jury.”

That is the problem with a strategy that seems focused not on proving incitement of an insurrection but some ill-defined form of political negligence.

Here is the column:

Little more than one year since Donald Trump’s first impeachment, the Senate is poised to pass judgment on him again. There is, however, one notable difference in the trial that starts today: In 2020, Trump’s conduct with Ukraine turned on his words alone; this time, a vote to convict could be seen as implicating a host of others in the use of similarly reckless rhetoric — including some of his Senate “jurors.”

The search for moral clarity will be lost if Americans cannot distinguish between the behavior of the accused and that of his jury. With polls showing only half of the country favoring conviction, this trial could end up as an indictment of both sides for fueling our divisions. Impeachments were intended to be used in the clearest possible cases to secure two-thirds votes for conviction. But Congress could wind up looking like an unimpeached co-conspirator — not in the riot, but in our ongoing political discord.

The Senate will focus on words from Trump’s Jan. 6 speech that could be viewed as criminal incitement or as political exhortation. The House will ask the Senate to convict on how Trump’s words were interpreted, even if those did not actually call for violence. House impeachment managers plan to replay video of Trump urging his supporters to “fight like hell, and if you don’t fight like hell, you’re not going to have a country anymore.” He also told them: “We will not be intimidated into accepting the hoaxes and the lies that we’ve been forced to believe over the past several weeks.” The problem? Those words could be equally consistent with calling for a protest, not violence, as many groups routinely do at state and federal capitals.

While the House frames these words in the most menacing light, it barely mentions other words that reinforced a nonviolent meaning. For example, Trump told his supporters that “everyone here will soon be marching over to the Capitol building to peacefully and patriotically make your voices heard.” He said the reason for the march was that “we are going to cheer on our brave senators and congressmen and women.” As for those opposing any electoral vote challenge, Trump said “we’re probably not going to be cheering so much for some of them. Because you’ll never take back our country with weakness.”

Cheering on your congressional allies is an act of free speech, not insurrection. Yet, the House impeached Trump for inciting an actual insurrection or rebellion. Its impeachment article does not charge him with recklessly causing a riot or threatening Congress; it alleges an effort to overthrow our government. That is the deepest possible hole to dig in the House and to fill in the Senate.

The Supreme Court has long rejected fluid standards in criminalizing speech. Indeed, a case based on this speech likely would fail in federal court. In Brandenburg v. Ohio, the Supreme Court refused to allow the criminalization of speech that actually calls for “the use of force or of law violation” unless it is imminent.

The Trump team is likely to play back similar language used by Democrats in both houses to “fight” for the country and to “retake” Congress. During Trump’s 2017 inauguration, Democrats denounced his legitimacy as riots broke out in Washington involving violent groups. Rep. Maxine Waters (D-Calif.) later called on people to confront Republicans in public; Rep. Ayanna Pressley (D-Mass.) insisted during 2020’s violent protests that “there needs to be unrest in the streets.” Then-Sen. Kamala Harris (D-Calif.) said “protesters should not let up” even as many protests turned violent or deadly. House Speaker Nancy Pelosi (D-Calif.) has condemned fellow members as effectively traitors and the “enemy within.” She was criticized last year for stating, in the midst of violent protests, that “I just don’t know why there aren’t uprisings all over the country. Maybe there will be.”

All of these Democrats insist they meant peaceful acts — and I believe them. But that is the point: Rioters sought to burn federal buildings or occupy state capitals and, in some cases, seized police stations, sections of cities, even a city hall. Democrats’ words did not cause that violence on the left. Yet, this impeachment trial invites the same or similar words to be interpreted subjectively, based on whether you believe or approve of the speaker.

Reckless rhetoric reflects our age of rage. Senate Majority Leader Chuck Schumer (D-N.Y.)  stood in front of the Supreme Court and, citing two justices by name, declared menacingly: “Hey, Gorsuch. Hey, Kavanaugh — you’ve unleashed a whirlwind. And you’re going to pay the price.” Rep. Cori Bush (D-Mo.) seemed to defend the recent violent takeover of a St. Louis prison by tweeting the words of Martin Luther King that “a riot is the language of the unheard.” Nor is this limited to Washington: Michigan Gov. Gretchen Whitmer (D) defended state Rep. Cynthia Johnson (D) who called for “soldiers” to “make [Trump supporters] pay” for criticizing and harassing her.

Fired FBI director James Comey has been given to reckless rhetoric, too. He recently said“The Republican Party needs to be burned down … It’s just not a healthy political organization.” Likewise, Washington Post columnist Jennifer Rubin declared that “We have to collectively, in essence, burn down the Republican Party. We have to level them because if there are survivors, if there are people who weather this storm, they will do it again.” Since the Republican National Committee was targeted with a pipe bomb on Jan. 6, would that constitute incitement to arson or violence? Not under Brandenburg.

Such rhetoric even extends to academics, who historically abhor violence. One professor recently called for more Trump supporters to be killed. Rhode Island Professor Erik Loomis, who writes for the site Lawyers, Guns, and Money, said he saw “nothing wrong” with the killing of a conservative protester — a view defended by other academics.

While they are not the president, the fact is that politicians, pundits and professors regularly engage in more direct, violent speech than what Trump said on Jan. 6. While certainly not responsible for the disgraceful riot in the Capitol, many of them remain accessories to stoking our politics of hate and division. Many of their statements have been defended as appropriate calls to action to combat great social injustice. The question is whether we want shifting majorities to decide whether a statement is inciteful or insightful — a dangerously fluid standard.

end

iv) Swamp commentaries

???

HUGE DEVELOPMENT: Hand Recount Finds Dominion Owned Voting Machines Shorted EVERY REPUBLICAN Candidate in Windham, New Hampshire, 300 Votes!

Here we go.
More proof of election fraud by Dominion Voting Machines.

A recent hand recount in the Rockingham District 7 NH House Race in Windham, New Hampshire, found that the Dominion-owned voting machines shorted EVERY REPUBLICAN by roughly 300 votes.


Via Facebook

The Dominion machine counted results were wrong for all 4 Republicans by almost exactly 300 votes.

TRENDING: Biden Administration Considering Whether to Impose Domestic Travel Restrictions, Including on Florida – Gov. DeSantis Responds

Granite Grok reported:

The Town of Windham used Dominion machines to count paper ballots and upon a believable hand recount, it was confirmed each Republican was machine-cheated out of roughly 300 votes.

You would think this would have been solved by the Dominion machine company, the Secretary of State, the Elections Unit of the AG’s Office, or the laughable Ballot Law Commission. (Kathy Sullivan, d (Term expires July 1, 2024)

Nope.

Just like every other state that used machines that alter ballot counts in favor of one political party over another – here we are.

Dominion Voting Systems owns the intellectual property of the AccuVote machines used in New Hampshire.

Patch.com reported:

In New Hampshire, he noted, the AccuVote optical scanners used in all communities that have voting machines are an “older technology” and each moderator uses the device’s results tape, at the end of the night, to reveal the results, on a paper “Return of Votes” form. AccuVote devices have been used for more than a quarter of a century in the state and are the only devices approved by the Ballot Law Commission.

“The device was originally manufactured by Unisys, then by Global Elections Systems Inc., which are no longer in business,” Yen said. “The device used in New Hampshire is no longer being manufactured. Dominion (Voting Systems) owns the intellectual property of the AccuVote and its related election management system but does not manufacture the device.”

end

Watch: Graham Asks “What Did Pelosi Know” About Capitol Riot?

 
 
THURSDAY, FEB 11, 2021 – 10:40

Authored by Steve Watson via Summit News,

Senator Lindsey Graham suggested Wednesday that Nancy Pelosi knew about the pre-planned riot at the Capitol in January.

In an appearance on Hannity, Graham said “Here’s what I want to know: What did Nancy Pelosi know and when did she know it?”

Graham pointed to FBI communications that have revealed authorities knew there was a threat and that agitators were heading to Washington DC to start a “war”, and had placed pipe bombs in the area the night before.

Graham argued that the FBI revelations disprove the Democrats’ claim that President Trump’s speech and further comments on the 6th of January were the main cause of the unrest.

“The whole storyline, originally, was Trump created this with his speech,” Graham said.

“Now we know that people had this on their mind before he spoke. So now they’re playing this bizarre game of trying to get Trump in on it before Jan. 6…This is why you don’t want to have snap impeachments,” he added.

Referring to the show trial, Graham said that “The not-guilty vote is growing after today. I think most Republicans found the presentation by the House managers offensive and absurd.”

In an effort to prevent Democrat taking his comments out of context, Graham clarified that “We all know what happened in the Capitol was terrible. I hope everybody involved that broke into the Capitol goes to jail.”

Graham also commented on the impeachment managers’ efforts to connect Trump to the Proud Boys organisation, stating “The managers have got this cockamamie idea, an absurd theory that Donald Trump was monitoring the Proud Boys website and other far-right websites and he and [former White House Deputy Chief of Staff] Dan Scavino knew this was going to happen and they encouraged it.”

“That is Looney Tunes,” Graham urged.

END

Hillary Clinton Calls GOP Lawmakers Voting To Acquit Trump ‘Co-Conspirators’

 
THURSDAY, FEB 11, 2021 – 14:45

Hillary Clinton, whose campaign paid a guy to fabricate Russian conspiracy theories against Donald Trump during the 2016 US election, says that Republican Senators who vote to acquit the former president for allegedly inciting the Jan. 6 Capitol riot are “co-conspirators.”

“If Senate Republicans fail to convict Donald Trump, it won’t be because the facts were with him or his lawyers mounted a competent defense,” Clinton said in a Wednesday tweet. “It will be because the jury includes his co-conspirators.”

Clinton’s tweet came before the second day of Trump’s impeachment trial in the Senate, during which Democrats argued that former President Trump incited an angry mob to ‘storm’ the Capitol on Jan 6. Five people died during the attack. 

The impeachment has been largely viewed as nothing more than political theater, with only six Republicans out of the 17 required to convict were willing to cross the aisle last week and vote that the impeachment was constitutional and should proceed.

END

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

Wednesday

The following two articles are the reasons for the current rally/bubble.

Biden Presidency Starts with a Giant Bet on Run-It-Hot Economics
Biden’s $1.9 trillion aid plan would be the second-largest injection of federal cash in U.S. history. Only last year’s Cares Act was bigger — but that came at the start of the pandemic, when the deepest recession in decades lay directly ahead…The debate about overheating probably isn’t going away, because the virus package is just the start of Biden’s spending plans. He’s also pledged $2 trillion for clean energy, and almost $1.5 trillion for manufacturing and childcare…
https://www.bloomberg.com/news/articles/2021-02-09/biden-presidency-starts-with-a-giant-bet-on-run-it-hot-economics

Elon Musk Picks the Money Now
It is an Elon Musk cargo cult; a coordination game—“if we all buy this it will go up, so let’s all buy it”… Tesla Inc. stock trades at 1,210 times trailing earnings, is another fact that might be relevant…
    It is gonna get worse. I do think it is pretty obvious that the internet is rewiring social relationships in profound ways, and that we are still in the early stages of that rewiring and the even earlier stages of trying to understand it…The way finance works now is that things are valuable not based on their cash flows but on their proximity to Elon Musk…This is nothing new—this is, like, half the explanation of how Warren Buffett works—but it continues to be very nice work if you can get it…
    The corporate accounting for Bitcoin is kind of bizarre. From the 10-K: We will account for digital assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles–Goodwill and Other…  https://www.bloomberg.com/news/newsletters/2021-02-08/elon-musk-works-his-magic-on-dogecoin-and-bitcoin-kkwu61uj

Amid rampant fraud, Illinois asks victims to pay back unemployment benefits they never got
Illinois’ systems leaked personal data throughout the year to identity thieves. Letters from the state asked victims to pay back what the scammers stole    https://www.ksdk.com/amp/article/news/investigations/illinois-unemployment-fraud-letters-ask-victims-pay-back-money/63-2d9aca46-d449-4685-97cf-233c865465ec
“Never Seen Anything Like This”: Junk Bond Yields Slide Below 4% For First Time Ever in Record Buying Spree
https://www.zerohedge.com/markets/never-seen-anything-junk-bond-yields-slide-below-4-first-time-ever-record-buying-spree

Do not overthink the stock market now.  It is a run-away bubble fueled by record Fed credit creation, record non-world war fiscal stimulus, record retail participation, record manipulation, record hucksterism and record regulator insouciance.  “Bulls make money; bears make money; pigs get slaughtered!

@charliekirk11: Democrats are putting a private citizen on trial in the most powerful political body on earth today and if that doesn’t terrify you it should. This is a dangerous, unconstitutional political sham.  A registered Democrat [Sen. Leahy] who voted to remove Trump from office once before, has already announced he will be voting to convict this time, and is sworn in as BOTH the judge and the jury is presiding over the Senate Trial.  How is this due process by ANY stretch of the imagination?

NPR: Columbia Law professor Philip Bobbitt, co-author of Impeachment: A Handbook, has a different view. He says that the whole idea of impeachment is aimed at removal from office. “If you look at the text of the Federalist Papers,” he says, “getting the person out of office is the object, and whether or not to include a disqualification is entirely discretionary.”… Knowing that he was about to be impeached in the House and convicted in the Senate, Nixon resigned. “Why didn’t they go ahead and impeach him when he resigned? The answer is they didn’t believe that they had the authority to impeach someone who could not be removed, someone who was no longer, as the [constitutional] text requires, a civil officer” of the United States, Bobbitt says…
https://www.npr.org/2021/01/18/957866252/can-the-senate-try-an-ex-president

Actor @AdamBaldwin: Oops, House “Impeachment” Manager Rep. Joe Neguse (D-CO) cited the Constitution’s “the Chief Justice of the Supreme Court shall preside.” [No Chief Justice, no legitimacy]

@RaheemKassam: Democrats are making the case that the Chief Justice doesn’t need to preside as Trump is no longer President.  Um… that’s precisely why he can’t actually be impeached.

@JackPosobiec: [Dem Rep] Raskin said he wanted to try the President based on the facts, then entered a doctored video into evidence

Fox’s @ChadPergram: Trump atty Schoen: This trial will tear this country apart, perhaps we have only seen once before in our history and to help the nation heal, we now learn that the House managers, in their wisdom have hired a movie company and a large law firm to create, manufacture and splice for you a package designed by experts to chill and horrify you

The pundit consensus is Trump Attorney Castor was horrible; Schoen was much better but too verbose.

@newsmax: ‘There is no argument – I have no idea what he is doing,’ @AlanDersh on Trump’s defense lawyer Bruce Castor ‘talking nice’ to U.S. Senators – via Newsmax TV  http://nws.mx/tv

Some pundits quipped that Trump’s poor legal representation is due to his history of stiffing attorneys.

Trump Can Sue Regularly Because ‘He Didn’t Pay Most of His Lawyers,’ Author of New Book on President Claims   https://www.newsweek.com/trump-sue-didnt-pay-lawyers-author-new-claims-1460828

Trump Stiffs Rudy For All His Amazing Legal Services
The New York Times, which first broke the news that Giuliani had demanded $20,000 per day from the Trump campaign for whatever it was that he was doing for the president, confirms that Rudy is persona non grata at the White House, with officials blocking his calls…
https://abovethelaw.com/2021/01/trump-stiffs-rudy-for-all-his-amazing-legal-services/

Rudy Giuliani had three triple Scotches in 90 minutes hours before infamous hair dye-dripping press conference, ex-Overstock CEO claims as he unloads on Donald Trump’s ‘s***-faced’ lawyer
https://www.dailymail.co.uk/news/article-9238093/Rudy-Giuliani-three-triple-Scotches-infamous-press-conference-ex-CEO-reveals.html

Biden’s CIA Pick, William Burns, Leads a Think Tank with Close Ties to China… that has received as much as $2 million in recent years from a Chinese businessman and a think tank with links to the Chinese Communist Party…   https://dailycaller.com/2021/02/08/william-burns-joe-biden-cia-china-carnegie/

Oxford University’s 14th Century Physics Professorship Renamed for Chinese Spy-Linked Firm
Oxford University will rename its Wykeham Chair of Physics after Tencent, a Chinese Communist Party-linked tech firm, following a nearly $1,000,000 donation…
https://thenationalpulse.com/breaking/oxford-renames-physics-chair/

WHO drops investigation into whether COVID-19 virus leaked from Wuhan lab, calling theory unlikely [Has the CCP corrupted the WHO?]
https://www.foxnews.com/world/who-coronavirus-wuhan-lab-investigation-origin-pandemic

@JackPosobiec: It took the WHO a full year to come out and say exactly what the CCP told them to

@johncardillo: IT’S TRULY A MIRACLE!!! COVID cases began to decline the day the election was certified for Biden, then took a nosedive on Inauguration Day. https://t.co/f6a0dCdmj9
Sports Media Watch @paulsen_smw: Chiefs-Buccaneers lowest rated Super Bowl since 1969 (Namath) and least-watched since 2006. Sets streaming record, but still least-watched since 2007with that audience included.   https://www.sportsmediawatch.com/2021/02/super-bowl-ratings-lowest-52-years-buccaneers-chiefs/

At first, we were stunned by the poor Super Bowl ratings.  We thought the Brady vs. Mahomes matchup made the game very intriguing.  Then we realized that we turned off the pregame programming rather quickly because we did not want to endure five hours of sermonizing.

thursday

Powell speech highlights at Economic Club of New York

  • US is ‘still very far’ from a strong labor market
  • Need continued support from policy, long-run investment
  • ‘Patiently accommodative’ monetary policy is important
  • Fed to continue QE pace until substantial further economic progress
  • Fed will not tighten until low-income workers recover
  • Inflation is much lower, more stable than 30 years ago
  • Risks are to the downside from slower rollout of vaccine
  • Federal budget issues play no role in Fed deliberations (no one cares about debt anymore!)
  • Now is not the time to worry about the federal debt

‘@tomselliott: White House: Our goal is to have 50 percent of schools open by April 30, 2021 — “at least one day per week” [You can’t make this up!  Open schools one day/week with 1 month remaining in the normal school year?!?!?]

@MiamiHerald: The Biden administration is considering whether to impose domestic travel restrictions, including on Florida, fearful that coronavirus mutations are threatening to reverse hard-fought progress on the pandemichttps://trib.al/516WVO9

GOP @RepAndyBiggsAZ: It’s becoming clearer that the Biden administration intends to use COVID-19 as their can’t-miss opportunity to federalize uncooperative red states and the private sector. “Unity” will be realized when every American lives under the umbrella of government control and tyranny.

C’mon man’: A Gallup poll says 66% of Americans are not satisfied with the Biden administration’s vaccine rollout http://ow.ly/22yD50DwIn5

Article I, Section 3, Clause 6 of the US Constitution: “When the President of the United States is tried, the Chief Justice shall preside.”

BTW, the US Senate does NOT get to decide what is constitutional and what is not constitutional.

@TrumpWarRoom: Jonathan Turley on the House Democrats’ impeachment brief: “When you read their brief it doesn’t sound like they actually have a strategy to win. There’s no discernible strategy to convict. It seems more intended to enrage than convict.”
https://twitter.com/TrumpWarRoom/status/1359550858963345409

Democrats Argue at Impeachment Trial: Capitol Riot Wasn’t Caused by ‘One Speech’
“This attack did not come from one speech, and it didn’t happen by accident. The evidence shows clearly that this mob was provoked over many months by Donald J. Trump,” Castro said.  The argument appeared to undermine the central basis of the impeachment, which is that Trump’s speech on January 6 at the Ellipse specifically incited the mob at the Capitol
https://www.breitbart.com/2020-election/2021/02/10/democrats-argue-at-impeachment-trial-capitol-riot-wasnt-caused-by-one-speech/

@JackPosobiec: Democrats are now talking about how the group that led the riot wore earpieces and planned in advance, completely destroying their entire premise of this impeachment

Democrats Angry Over Trump’s Fight Like Hell Rhetoric Used the Slogan  https://t.co/u5kCQxVP4d

@ChadPergram: Big bruhaha on Senate flr. GOP UT Sen Lee demands that statements made about him on flr by mgrs about him & Tuberville are inaccurate and stricken from the record.  Lee appeals ruling that his request is out of order. Senate starts to vote. Then Schumer intervenes. Vote stops abruptly. Then goes to quorum call.  After the timeout, Raskin withdraws remarks from Castro & Cicilline regarding Lee/Tuberville. Lee argues what was said isn’t true. Schumer says they may “relitigate” this tomorrow.
   Graham on impeachment trial: I think there’s more votes for acquittal after today than…yesterday. Because hypocrisy is pretty large for these people, standing up to rioters when they came to my house, Susan Collins’ house, I think this is a very hypocritical presentation.

Yet another reason the MSM is hated: WaPo: Marty Schottenheimer, NFL coach whose teams wilted in the postseason, dies at 77 by Matt Schudel  https://twitter.com/WillBrinson/status/1359159202086846484

WaPo dragged for knocking NFL coach Marty Schottenheimer in his obituary: ‘Show a little respect’ – Obituary headline changed after backlash from NFL community.
https://www.foxnews.com/media/washington-post-marty-schottenheimer-obituary-playoffs

Four Years After Calling Move a ‘Scandal,’ Lib Media Doesn’t Bat an Eye as Biden Fires US Attorneys – The refusal of former U.S. Attorney of the Southern District of New York Preet Bharara to resign made him into an early icon of The Resistance; try finding another former U.S. attorney, even one who had earned a reputation as a legal crusader against Wall Street bankers like Bharara did…
https://www.westernjournal.com/four-years-calling-move-scandal-lib-media-doesnt-bat-eye-biden-fires-us-attorneys/

@barnes_law: Lesson of Trump tenure: you cannot be an effective outsider & limit yourself to hiring establishment insiders.

WaPo: Republicans came within 90,000 votes of controlling all of Washington
43,000 votes for president, 32,000 votes for the House and 14,000 votes for the Senate. Shifts of 0.6 percent for president, 2.2 percent for the House, and 0.3 percent for the Senate…
https://www.washingtonpost.

Well that is all for today

I will see you FRIDAY night.

One comment

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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