FEB 16//SLV CHANGES PROSPECTUS AND CLAIMS THAT PHYSICAL SILVER DIFFICULT TO OBTAIN: MUST READ CHRIS POWELL, RONAN MANLY AND JAMES TURK//GOLD DOWN $23.40//SILVER DOWN ONLY 3 CENTS//GOLD TONNAGE STANDING AT THE COMEX: 107.321 TONNES//SILVER AT 10.9 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATES//USA 10 YEAR RATE SKYROCKETS TO 1.294%//30 YR RATE 2.089%//CHINA REFUSES TO HAND OVER WUHAN LAB DATA//CHINA REFUSES TO EXPORT TO USA RARE EARTHS//RUSSIA READY TO CUT TIES WITH EU//GERMAN WHISTLEBLOWER: ELDERLY DYING AFTER TAKING THE PFIZER VACCINE//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1800.00 DOWN  $23.40   The quote is London spot price

Silver:$27.28. DOWN  $0.03   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1794.50  LONDON SPOT  4:30 pm

ii)SILVER:  $27.22//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

China is out for the entire week, coming back on Thursday so pay no attention to the pricing of gold/silver.

end

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COMEX DATA

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

receiving today: 324/707

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,821.600000000 USD
INTENT DATE: 02/12/2021 DELIVERY DATE: 02/17/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 666 3
118 H MACQUARIE FUT 2
323 H HSBC 1
332 H STANDARD CHARTE 84
435 H SCOTIA CAPITAL 21
555 H BNP PARIBAS SEC 3
624 H BOFA SECURITIES 77
657 C MORGAN STANLEY 16 81
661 C JP MORGAN 243
661 H JP MORGAN 87
686 C STONEX FINANCIA 12
690 C ABN AMRO 2 1
709 H BARCLAYS 57
800 C MAREX SPEC 9 3
880 C CITIGROUP 12
905 C ADM 14 20
____________________________________________________________________________________________

TOTAL: 707 707
MONTH TO DATE: 32,100

ISSUED: 16

GOLDMAN SACHS STOPPED 3 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 707 NOTICE(S) FOR 70700 OZ  (2.209 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  32100 NOTICES FOR 3,210,000 OZ  (99.844 tonnes) 

SILVER//FEB CONTRACT

64 NOTICE(S) FILED TODAY FOR 320,000  OZ/

total number of notices filed so far this month: 835 for 9,175,000  oz

BITCOIN MORNING QUOTE  $47,775  UP 2192 dollars

BITCOIN AFTERNOON QUOTE.:$48,468  UP 2885 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $23.40  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GLD//

GLD: 1,142.22 TONNES OF GOLD//

WITH SILVER DOWN 3 CENTS TODAY: AND WITH NO SILVER AROUND

WHAT ON EARTH IS GOING ON???

ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV..A WITHDRAWAL OF 2.044 MILLION OZ FROM THE SLV//

INVENTORY RESTS AT:

SLV: 628.530  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 1715 CONTRACTS FROM 180,631 UP TO 182,346, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR  $0.31 GAIN IN SILVER PRICINGAT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO  SHORT COVERING//SOME REDDIT RAPTOR BUYING..  COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A SMALL DECREASE FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 2404 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  314,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  296 MAY: 18 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 314 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

10.925  MILLION OZ INITIAL STANDING FOR FEB 2021,

FRIDAY,AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.31) ).. 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 (2404 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING//REDDIT RAPTOR BUYING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL DECREASE  IN SILVER OZ  STANDING  FOR FEB, iii) STRONG COMEX GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

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

We have now switched to SILVER for our spreaders!!

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

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

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

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

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

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

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

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

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

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

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

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

FEB

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

31,931 CONTRACTS (FOR 11 TRADING DAY(S) TOTAL 31,931 CONTRACTS) OR 159.655 MILLION OZ: (AVERAGE PER DAY: 2902 CONTRACTS OR 14.51 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 159.655 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: 159.655. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   159.655 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2090, WITH OUR  $0.31 RISE IN SILVER PRICING AT THE COMEX ///FRIDAY.…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 314 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED AN STRONG SIZED 2404 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.31 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 314 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 2090 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.31 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.31 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW FEB.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 64 NOTICE(S) FOR  320,000 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 INTERESTFELL BY A FAIR SIZED 4084 CONTRACTS TO 503,480 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE FAIR SIZED DECREASE IN COMEX OI OCCURRED DESPITE OUR SMALL LOSS IN PRICE  OF $3.40/// COMEX GOLD TRADING// FRIDAY.WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD MINOR LONG LIQUIDATION IF ANY. WE ALSO HAD A STRONG GAIN IN GOLD STANDING  AT THE COMEX TO 107.321 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... YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF $3.40!!!.

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

WE HAD A SMALL LOSS  OF 2029 CONTRACTS  (8.817 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1313 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  1313 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 1313.  The NEW COMEX OI for the gold complex rests at 503,480. 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 DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2771 CONTRACTS: 4084 CONTRACTS DECREASED AT THE COMEX AND 1313 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2771 CONTRACTS OR 8.618 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1313) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (4084 OI): TOTAL LOSS IN THE TWO EXCHANGES:  2771 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)STRONG INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 107.321 TONNES3) MINOR LONG LIQUIDATION IF ANY/// ;4) FAIR COMEX OI LOSS  AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING//FRIDAY//$3.40!!.

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 : 32,250, CONTRACTS OR 3,225,000 oz OR 100.31 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 2932 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 100.31 TONNES

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

THUS EFP TRANSFERS REPRESENTS 100.31/3550 x 100% TONNES =2.88% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB  :  100.31 TONNES SO FAR ( DEFINITELY SLOWING DOWN AGAIN)..THUS EFP’S IN SILVER INCREASING AND GOLD EFP’S 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 STRONG SIZED 1715 CONTRACTS FROM 180,631 UP TO 182,346 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 314 CONTRACTS

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

 MARCH:  314 ; MAY: 0 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 314 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 1715 CONTRACTS TO THE 314 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 2029 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 10.145 MILLION  OZ, OCCURRED WITH OUR $0.31 GAIN IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 383.60 POINTS OR 1.28%//Australia’s all ordinaires CLOSED UP 0.55%

/Chinese yuan (ONSHORE) closed /Oil UP TO 59.65 dollars per barrel for WTI and 63.60 for Brent. Stocks in Europe OPENED ALL MOSTLY RED//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4198 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A FAIR SIZED 4084 CONTRACTS TO 504,518 MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED WITH OUR  LOSS OF $3.40 IN GOLD PRICING /FRIDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (1313 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2)  MINOR  LONG LIQUIDATION IF ANY  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(107.321 TONNES) (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 2771 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 1313 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1313, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1313  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL 2771 TOTAL CONTRACTSIN THAT 1313 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED  COMEX OI  OF 4084 CONTRACTS.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (107.321 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 SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $3.40)., AND WERE   SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 5.390 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (107.321 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 LOSS ON THE TWO EXCHANGES :: 2771 CONTRACTS OR  277,100 OZ OR  8.618  TONNES3

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:  504,480 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.45 MILLION OZ/32,150 OZ PER TONNE =  1569 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1569/2200 OR 71.32% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 346,930 contracts// volume very good/raid/

CONFIRMED COMEX VOL. FOR YESTERDAY:  180,390 contracts//  volume: extremely poor //most of our traders have left for London

FEB 16 /2021

INITIAL STANDINGS FOR FEB COMEX GOLD6
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
2,402.95
oz
hsbc
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz
nil
No of oz served (contracts) today
707  notice(s)
70700 OZ
(2/209 TONNES
No of oz to be served (notices)
2404 contracts
240,400 oz)
27.477 TONNES
Total monthly oz gold served (contracts) so far this month
32,100 notices
3,210,000 OZ
99.844 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 0 deposit into the dealer

total deposit:  nil  oz

total dealer withdrawals: nil oz

we had nil deposits to the customer account

we had  1 withdrawals from  the customer account

i) Out of HSBC 2402.95 OZ
TOTAL WITHDRAWALS:   2402.95 oz

We had 1  kilobar transactions

ADJUSTMENTS  1:   customer to dealer 

BRINKS 64,237.698 oz  (1998 kilobars)

The front month of FEB registered a total of 3111 CONTRACTS FOR A LOSS OF 2143 CONTRACTS.  WE

HAD 2178 CONTRACTS FILED ON FRIDAY SO WE GAINED A GOOD 35 CONTRACTS OR 3500 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 GAINED 99 contracts to stand at 2372

APRIL LOST 3212 contracts to stand at 391,492

We had 707 notice(s) filed today for 70700 oz

FOR THE FEB 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  16 notices were issued from their client or customer account. The total of all issuance by all participants equates to 707  contract(s) of which 81  notices were stopped (received) by j.P. Morgan dealer and 243 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 3 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 (32,100) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 3111 CONTRACTS ) minus the number of notices served upon today (707 x 100 oz per contract) equals 3,450,400 OZ OR 107.321 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 (32,100 x 100 oz  PLUS 311 OI) for the front month minus the number of notices served upon today (707} x 100 oz which equals 3,450,400 oz standing OR 107.321 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A STRONG 35 CONTRACTS OR 3500 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

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 544.27 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 107.321 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,706.658.649 oz or 612.93- tonne
total weight of pledged:  2,208,217.935 oz or 68.68 tonnes
thus:
registered gold that can be used to settle upon: 17,498,442.0  (544,27 tonnes)
true registered gold  (total registered – pledged tonnes  17,498,442.0 (544.27 tonnes)
total eligible gold: 19,752,157.164 , oz (614.37 tonnes)

total registered, pledged  and eligible (customer) gold  39,458,842.813 oz 1,227.33 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1100.99 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 16/2021

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
300,407.460 OZ
hsbc
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,505,248.017 oz
jpmorgan
CNT
No of oz served today (contracts)
64
CONTRACT(S)
(320,000 OZ)
No of oz to be served (notices)
342 contracts
 1,710,000 oz)
Total monthly oz silver served (contracts)  1835 contracts

9,175,000 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 1,205,834.900 oz

ii) Into CNT 299,413.117 oz

JPMorgan now has 196.311 million oz of  total silver inventory or 49.42% of all official comex silver. (196.311 million/397.204 million

total customer deposits today: 1,505,248.017    oz

we had 1 withdrawals:

i) out of HSBC  300,407.460 oz

total withdrawals 300,407.460   oz

We had 0 adjustments:

Total dealer(registered) silver: 151.143million oz

total registered and eligible silver:  397.204 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEBRUARY saw a LOSS of 125 contracts to stand at 406. We had 117 notices filed on FRIDAY. So we LOST 8 contracts or an additional 40,,000 oz will NOT stand for delivery on this side of the pond as they  morphed into London based forwards and accepted a fiat bonus for their effort. 

MARCH LOST 2961 contracts DOWN to 87,322.April gained another 2 contracts to stand at 280

We have 8 trading days before first day notice Feb 26.2021. We await anxiously to see how many raptors will take delivery and move silver out of the comex. We have not witnessed a huge migration from the March contract over to May.

The total number of notices filed today for FEB 2021. contract month is represented by 64 contract(s) FOR 320,000 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  1835 x 5,000 oz = 9,175,000 oz to which we add the difference between the open interest for the front month of FEB (406) and the number of notices served upon today 64 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 1835 (notices served so far) x 5000 oz + OI for front month of FEB(406)- number of notices served upon today (64) x 5000 oz of silver standing for the Jan contract month .equals 10,885,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We lost 8 contracts or an additional 40,000 oz will not  stand for delivery over here as they  morphed into London based forwards..

TODAY’S ESTIMATED SILVER VOLUME 101,653 CONTRACTS // volume very  good/raid

FOR YESTERDAY  68,244  ,CONFIRMED VOLUME//good 

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO-+.46% ((FEB 16/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO +0.18% to NAV:   (FEB 16/2021 )

Note: Sprott silver trust back into POSITIVE territory at +%-/6prott physical gold trust is back into POSITIVE/0.46%(FEB 16/2021)

(courtesy Sprott/GATA

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

NAV 19.47 TRADING 18.97//NEGATIVE 2.57

END

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

FEB 16/WITH GOLD DOWN $23.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORYRESTS AT 1142.20 TONNES

FEB 12/WITH GOLD DOWN $3.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.38 TONNES FROM THE GLD//INVENTORY RESTS AT 1142.20 TONNES

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//INVENTORY 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 16 / GLD INVENTORY 1146.60 tonnes

LAST;  1000 TRADING DAYS:   +208.50 TONNES HAVE BEEN ADDED THE GLD

LAST 900 TRADING DAYS// +  376.75TONNES 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 16/WITH SILVER DOWN 3 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV:ANOTHER WITHDRAWAL OF 2.044 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 628.530 MILLION OZ//

FEB 12/WITH SILVER UP 31 CENTS//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.312 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 630.574 MILLION OZ.

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 16/2021

SLV INVENTORY RESTS TONIGHT AT

628.530 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is extremely important. Although it seems that the SLV is orchestrating a ruse by its attempt to drive Reddit players into the SLV,,…the most important point gleaned is the fact that the SLV is vulnerable to a supply of physical shortage.

(Chris Powell/GATA

FLASH: Silver ETF SLV admits trouble sourcing metal and vulnerability to ‘dramatic’ short squeeze

 Section: 

7:46p ET Saturday, February 13, 2021

Dear Friend of GATA and Gold (and Silver):

The silver exchange-traded fund SLV appears to have just amended its prospectus to acknowledge difficulty in sourcing metal for the fund.

The amendment warns that the fund now may be vulnerable to a “dramatic” short squeeze — like the recent short squeeze in GameStop shares that caused a worldwide sensation.

The change, cited by Bullion Star tonight on Twitter, seems to have been prompted by this month’s Reddit-inspired movement to attack shorts in the monetary metal.

SLV does not appear to have issued any announcement of the amendment to its prospectus, perhaps trusting that monetary metals advocates would find it eventually and save the fund the trouble of alerting the markets.

SLV’s updated prospectus, dated February 8 and posted at the iShares internet site here —

https://www.ishares.com/us/literature/prospectus/p-ishares-silver-trust-…

— reads as follows:

“The demand for silver may temporarily exceed available supply that is acceptable for delivery to the trust, which may adversely affect an investment in the shares.

“To the extent that demand for silver exceeds the available supply at that time, Authorized Participants may not be able to readily acquire sufficient amounts of silver necessary for the creation of a Basket.

“Baskets may be created only by Authorized Participants and are only issued in exchange for an amount of silver determined by the trustee that meets the specifications described below under ‘Description of the Shares and the Trust Agreement — Deposit of Silver; Issuance of Baskets’ on each day that New York Stock Exchange Arca is open for regular trading.

“Market speculation in silver could result in increased requests for the issuance of baskets. It is possible that Authorized Participants may be unable to acquire sufficient silver that is acceptable for delivery to the Trust for the issuance of new Baskets due to a limited then-available supply coupled with a surge in demand for the shares.

“In such circumstances, the trust may suspend or restrict the issuance of baskets. Such occurrence may lead to further volatility in share price and deviations, which may be significant, in the market price of the shares relative to the net asset value.

“Risks Related to the Shares.

“A sudden increase in demand for shares that temporarily exceeds supply may result in price volatility of the shares.

“A significant change in the sentiment of investors towards silver may occur. Investors may purchase shares to speculate on the price of silver or to hedge existing silver exposure. Speculation on the price of silver may involve long and short exposures. To the extent that the aggregate short exposure exceeds the number of shares available for purchase, investors with short exposure may have to pay a premium to repurchase shares for delivery to share lenders.

“In turn, those repurchases may dramatically increase the price of the shares until additional shares are issued through the creation process. This could lead to volatile price movements in shares that are not directly correlated to the price of silver.

“The trading price of the shares has recently been, and could potentially continue to be, volatile.

“The trading price of the shares has been highly volatile and could continue to be subject to wide fluctuations in response to various factors. The silver market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to factors such as silver’s uses in jewelry, technology, and industrial applications, or cost and production levels in major silver-producing countries such as China, Mexico, and Peru.

“In particular, supply chain disruptions resulting from the Covid 19 outbreak and investor speculation have significantly contributed to recent price and volume fluctuations.”

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

* * *

end

Mike is perfectly correct:  The SLV warning of a short squeeze is a ruse to divert buying from the physical to the fraudulent SLV. In the past two weeks, we have had a gain in silver price of 71 cents on net and yet we lost 38 million oz.  No doubt that JPMorgan “wants its silver back”  that which it leased over to the SLV.  This silver never left JPMorgan’s vaults but it does not want to be tainted again with aiding and abetting a fraud at the SLV.

Mike Ballanger: SLV’s warning of short squeeze is a ruse to divert buying from physical

 Section: 

By Michael J. Ballanger
Sunday, February 14, 2021

The recent changes to the prospectus for the silver exchange-traded fund SLV —

http://gata.org/node/20913

— represent a malevolent ruse to entrap the Reddit crowd by forcing a stampede into SLV in place of a stampede into physical silver.

Since the Achilles’ heel of the SLV/GLD frauds remains the ability or inability to access physical metal, the impact of any stampede can be controlled through the orderly (or pretended) purchase of metal after money has gone into the two ETFs.

However, if the stampede remains focused on physical silver, the custodians of the ETFs — proven felons and fraudsters like JPMorgan — will be unable to secure any supply, thus rendering them powerless to access physical metal and therefore powerless to set the price of the monetary metals.

I see SLV’s discount to net asset value blowing out to unprecedented size as awareness of the SLV physical shortfall grows.

The worst thing that can happen is that this carefully planted change in the prospectus, covertly floated to the sound-money websites by JPMorgan and associates, creates a false sense of short-squeeze vulnerability with all pent-up energy being directed at and exhausted by the paper ETF rather than directed at the point of mortal weakness — the exposed heel, physical metal.

Those of us in the sound-money camp have long suffered because there was no way of preventing the “tail” (paper market fraud) from wagging the “dog” (true price discovery). But now we have a King Kong grip in the form of sheer numbers (the Reddit army) about to take hold of the actual dog (true price discovery) through its genitalia. (Forgive the graphic metaphor.)

My 2,150 Twitter followers and my subscribers will be warned today that the only buying I will be doing is in physical silver or the silver developers (nascent producers), because it is faulty logic to focus buying power on SLV in the mistaken assumption that a squeeze will ensue.

The squeeze arrives only when the world realizes the fraud that is anything controlled by JPMorgan, the Federal Reserve’s Bank.

SLV’s prospectus change is a veiled suggestion designed to divert buying power to conduits the price suppressors control rather than to conduits they do not control.

Buy physical silver and avoid SLV.

—–

Michael J. Ballanger is editor and publisher of GGM Advisory Inc. in Port Perry, Ontario, Canada.

end

Now our expert Ronan Manly weighs in on the huge silver shortage and how we may have a silver squeeze as the SLV trust cannot find any silver to put into that trust.

(Ronan Manly).

#SilverSqueeze Hits London As SLV Warns Of Limited Available Silver

BY TYLER DURDEN

MONDAY, FEB 15, 2021 – 7:34

Submitted  by Ronan Manly, BullionStar.com

Less than a week ago in ‘Houston, we have a Problem”: 85% of Silver in London already held by ETFs’, we explained how with the emergence of the #SilverSqueeze, the silver-backed ETFs which claim to hold their silver in London, now account for 85% of all the silver claimed to be stored in the London LBMA vaults (over 28,000 tonnes of the LBMA total of 33,609 tonnes). This, for anyone who can out 2 and 2 together, does not leave very much available silver in London for silver ETFs or for anyone else, especially the largest silver ETF in the market the giant iShares Silver Trust (SLV), which let’s not forget has the infamous JP Morgan as custodian.

That SLV has seen massive dollar inflows in late January and early February with corresponding jumps in claimed silver holdings is now widely known, but is worth repeating here, for what’s about to come next.

3,416.11 Tonnes of Silver?

The intense market interest in the iShares Silver Trust (SLV) started on 28January when a huge volume of 152 million shares traded on NYSE Arca. Again on Friday 29January, SLV traded a massive volume of 113 million shares. This led to an increase in SLV ‘Shares Outstanding’ on Friday 29 January of 37 million shares, and a same day claim by JP Morgan, the SLV custodian, that it had increased the silver held in the SLV by 37.67 million ozs (1,171 tonnes), all claimed to be sourced in the LBMA vaults in London.

On Monday 01 February, an even larger 280 million SLV shares traded on NYSE, and by end of day SLV shares outstanding jumped by 20 million. On that day SLV claimed to add another 15.376 million ounces of silver (478.25 tonnes) within the LBMA vaults in London, about three-quarters of the value of the new SLV shares created on that day.

On Tuesday 2 February, with SLV trading still elevated on NYSE, the iShares Silver Trust created a massive 61,350,000 new SLV shares, bringing the SLV shares outstanding to 729.1 million. On the same day, JP Morgan and Blackrock claimed to have added a huge 56.783 million ozs of silver (1,766 tonnes) to the SLV (again all in London), an incredible amount by any measure, but still short of reflecting the total of 118.45 million total of new shares that had been created between Friday and Tuesday (which led them to adjust down shares outstanding by 8.6 million on Wednesday 3 February).

Over this time, you can see a nearly one for one relationship between the change in number of SLV shares outstanding and the amount of silver ounces claimed to be added to SLV.

Between Friday 29 January and Wednesday 3 February inclusive, SLV shares outstanding increased by a net 109.85 million. Over the 3-day period from Friday 29 January to Tuesday 2 February, SLV claimed to have added an incredible109.83 million ozsof silver (3,416.11 tonnes), with holdings of silver bars rising from 567.52 million ozs of silver to 677.35 million ounces (from 17,651.77 tonnes to 21,067.88 tonnes).

According to the SLV daily bar lists, this extra 3,416.11 tonnes of silver added to SLV between 29 January and 2 February was in the form of 113,501 Good Delivery silver bars (the bars weighing approx. 1000 oz each). Again, according to the SLV bar list, these bars were added in five London vaults which SLV uses, namely Brinks vault in Premier Park London (45.5%), Loomis London vault (27.7%), Brinks Unit 7 vault Radius Park London (15.5%), Malca Amit London vault (6.0%) and JP Morgan’s own London vault (a measly 5.3%).

In fact, according to the bar lists, SLV only started tapping into silver in the Brinks Premier park vault on Monday 1 February, and only started tapping to silver held in the Loomis London vault on Tuesday 2 February. Which to some people may look like a case of desperation or maybe even panic.

SLV silver holdings over the 6 months from August 2020 to February 2021. Source: www.GoldChartsRUs.com

Unable to Acquire Sufficient Silver

Adding 3,416.11 tonnes of silverto SLV between 29 January and 2 February is not something that JP Morgan can easily claim to do again.

Which is why it’s particularly interesting that on Wednesday 3 February, right after claiming to add 3416 tonnes of silver to SLV by frantically tapping the LBMA vaults in London, the iShares Silver Trust prospectus was changed, and the following wording added:

The demand for silver may temporarily exceed available supply that is acceptable for delivery to the Trust, which may adversely affect an investment in the Shares.

To the extent that demand for silver exceeds the available supply at that time, Authorized Participants may not be able to readily acquire sufficient amounts of silver necessary for the creation of a Basket.

Baskets may be created only by Authorized Participants, and are only issued in exchange for an amount of silver determined by the Trustee that meets the specifications described below under “Description of the Shares and the Trust Agreement— Deposit of Silver; Issuance of Baskets” on each day that NYSE Arca is open for regular trading. Market speculation in silver could result in increased requests for the issuance of Baskets.

It is possible that Authorized Participants may be unable to acquire sufficient silver that is acceptable for delivery to the Trust for the issuance of new Baskets due to a limited then-available supply coupled with a surge in demand for the Shares?.

In such circumstances, the Trust may suspend or restrict the issuance of Baskets. Such occurrence may lead to further volatility in Share price and deviations, which may be significant, in the market price of the Shares relative to the NAV.”

That the prospectus change was first drafted on Wednesday 3 February is clear by looking at prospectus pdf filename which is ‘p-ishares-silver-trust-prospectus-3-feb.pdf’ and the pdf title ‘Microsoft Word – slv20210203_s3asr_v1.docx’, which was authored by someone called ‘nick’. While the draft started in Word, the final version was saved as a pdf on 5 February.

SLV Prospectus amendment draft created on Wednesday 3 February

The final pdf date is the same day, 5 February, that the amended prospectus was quietly uploaded to the SEC Edgar website here with an effective date of 8 February. The previous version of the SLV prospectus was from 14 January

SLV informs SEC of its amended prospectus, 5 February

Below you can see the changes in the new 8 February version of the SLV prospectus compared to the 14 January version.

SLV Prospectus” Left Hand Side – 14 January version, Right Hand Side New February version

BullionStar picked up on the fact that there was a new prospectus with the suspicious 3 February date, and then a twitter user (h/t Roelzns) compared the two prospectus versions to pinpoint the amended text

In addition to the paragraph above about silver demand exceeding available silver supply, the SLV prospectus also added into two further paragraghs under the first, one of which ominously predicting volatile share price movements that could be uncorrelated to the silver price:

Risks Related to the Shares

A sudden increase in demand for Shares that temporarily exceeds supply may result in price volatility of the Shares.

A significant change in the sentiment of investors towards silver may occur. Investors may purchase Shares to speculate on the price of silver or to hedge existing silver exposure. Speculation on the price of silver may involve long and short exposures. To the extent that the aggregate short exposure exceeds the number of Shares available for purchase, investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders.

In turn, those repurchases may dramatically increase the price of the Shares until additional Shares are issued through the creation process. This could lead to volatile price movements in Shares that are not directly correlated to the price of silver.

Humorously, the third new paragraph inserted into the SLV prospectus explains that the silver price, which don’t forget is a paper price set by the dominance of bullion bank trading on COMEX and LBMA London, is subject to extreme fluctuations which are unrelated to physical silver demand and supply, but alas there is no mention of the years long silver price manipulations that JP Morgan and other LBMA cronies have been recently prosecuted for:

The trading price of the Shares has recently been, and could potentially continue to be, volatile.

The trading price of the Shares has been highly volatile and could continue to be subject to wide fluctuations in response to various factors. The silver market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to factors such as silver’s uses in jewelry, technology, and industrial applications, or cost and production levels in major silver-producing countries such as China, Mexico, and Peru. In particular, supply chain disruptions resulting from the COVID-19 outbreak and investor speculation have significantly contributed to recent price and volume fluctuations.”

If the short squeeze on GameStop caused fireworks among a few hedge funds on Wall Street, we hate to think what a short squeeze on the global silver supply will look like as hedge funds wake up to the possibility that SLV “cannot acquire sufficient silver acceptable for delivery to the Trust”

end

This is extremely important:  now with the change in the prospectus, SLV no longer tracks the price of silver. In other words PHYSICAL silver can go up by $2.00 and the SLV CA DOWN IN PRICE. In essence this is why investors buy the SLV in the first place. If you want to see a price rise in a stock with a price rise, use PSLV which is Sprottt’s vehicle or purchase a comex silver contract.

(KingworldNews/James Turk)

Prospectus change frees SLV to detach its price from silver, Turk tells KWN

 Section: 

5:09p ET Sunday, February 14, 2021

Dear Friend of GATA and Gold:

In comments today at King World News, GoldMoney founder and GATA consultant James Turk construes last week’s amendment to the prospectus of the exchange-traded silver fund SLV to mean that fund can detach its share price from silver and make the price “whatever the managers want it to be.”

Turk adds: “They are given a free pass to manipulate the price of SLV. They no longer need the ETF to track the silver price, and that is huge news.”

Turk’s comments are posted at KWN here:

https://kingworldnews.com/wheres-the-silver-serious-questions-emerge-as-…

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

end

The iShares Silver “Trust” Is Likely A Fraud $SLV

(courtesy Dave Kranzler IRD)
February 16, 2021Financial Markets, Gold, Market Manipulation, Precious MetalsBlackRock, iShares Silver Trust, silver, SLV

Those of us who read the original filings for both GLD and SLV were shocked that the Prospectus for each was certified by the SEC. The legal loopholes embedded in the legalese were wide enough to drive a fleet of Class-8 trucks through lined-up side-by-side. For just one example out of many, see this for instance: Can We Trust The Silver ETF.

It’s been suspected by many truth-seekers since the respective inception of GLD and SLV that each Trust was set-up as a mechanism to divert institutional cash flows into the respective Trusts that might otherwise flow in actual physical gold and silver.

As has been verified by recent actions taken by the SLV sponsor, BlackRock, these trusts are nothing more than gold and silver derivatives and thus are embedded with the same risks as investing in futures and options. In the end-game, most investors in GLD and SLV will end up losing most, if not all, of their “investment” in these fraud-riddled securities.

Through the meticulous sleuthing of BullionStar’s Ronan Manly, it was revealed that SLV stealthily slipped into the the SLV prospectus “cover your ass” language that acknowledged that the shares were not fully-backed by silver bars:

“The demand for silver may temporarily exceed available supply that is acceptable for delivery to the Trust, which may adversely affect an investment in the Shares.

To the extent that demand for silver exceeds the available supply at that time, Authorized Participants may not be able to readily acquire sufficient amounts of silver necessary for the creation of a Basket.” (see page 7: SLV amended Prospectus as of February 5, 2021)

Notwithstanding all of the other issues with this disclosure in particular, and the entire set-up of the Trust generally, that particular disclosure – furtively slipped into the the Prospectus – reveals the extent to which SLV is not in any way an investment in silver or an investment in a security that indexes the price movement of silver. Rather, SLV is a rat’s nest of fraud and deception – a covert tool used in the Central Banking and bullion banking effort to control the price of silver (just like GLD).

That disclosure alone reveals the extent to which an effort is being made by the big banks – backed by the Central Banks – to prevent bona fide price discovery in the precious metals market.

The sponsor of SLV is, at best, disingenuous in its effort to manage SLV properly. If Black Rock were to issue an offer-wanted-in-comp for the amount of silver bars that it needs to back the new shares created, at a high enough price it would be able to purchase enough silver. This is how price discovery is supposed to work. SLV’s failure to embark on this price discovery exercise therefore reveals that the Trust is a total fraud.

When I traded junk bonds and we needed to find where offers in scarce bonds would come out, we would either start bidding up the price in “the Street” until offers appeared or we would issue an “offer-in-comp wanted” to accounts that held that bonds in order to draw out offers. At the very least we would be able to “discover” the real offer price for the bonds we needed.

Eventually the price containment of gold and silver will fail under its own weight. The Law of Supply and Demand dictates that imbalances in supply and demand can be fixed by price. In this case the price of silver needs to rise to a level that balances out the supply and demand for SLV shares – if SLV is truly a physical silver Trust. As such, SLV technically should be soliciting large offers-in-comp. That disclosure above – under no uncertain terms – reveals for all to see that the market price of silver is too low – that demand exceeds supply by a considerable amount.

The solution to this economic problem is for the sponsor of SLV to bid up the price of physical silver to a level that solicits enough offers to fulfill the obligation of the Trust to back the share baskets with the appropriate amount of silver bars. Anything short of this reveals SLV to be a fraud. After all, “sophisticated” investors in SLV have been led to believe that SLV is a de facto investment in silver. And now we know that SLV is an “investment” in paper securities fractionally backed by silver bars. In technical parlance, SLV is a derivative, and a fraudulent one at that.

***

Silver Is Not Following Protocol

Posted February 15th, 2021 at 8:30 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

     It’s our President’s Day Holiday for most, yet money rarely sleeps, with April Gold down $2.70 with the trade at $1,820.80 recovering from the low of $1,815.50 with the high at $1,827.10. Silver is not following protocol with the trade at $27.69, up 36.2 cents from the starting low at $27.45 and the high to beat at $27.74. The US Dollar Index is still moving slowly, even with all the political commotion going on, with the value pegged at 90.37, down 10 points and right smack in the middle of its London range between 90.46 and 90.25. Of course, all this happened overseas, and in London’s time, while we holiday, and after the Democratic lawyers were caught doctoring evidence in the no-longer-in-office-impeachment-case, and after they already retracted a false statement they tried to use as a fact. When will they be called out for constantly lying to the American Public?

      Since Friday morning, Gold gained 40.95 Bolivar in Venezuela with the last trade at 18,185.24 with Silver’s last price at 276.55, a gain of 5.49 Bolivar. Gold in Argentina also gained 354.99 Peso’s with its last price at 161,022.17 with Silver gaining 48.70 with its last price at 2,449.05 A-Peso’s. The Turkish Lira’s last price for Gold traded at 12,690.85 proving a loss of 63.64 with Silver gaining 2.48 T-Lira’s with the last buy at 192.99.

      February Silver’s Delivery Demands now shows a total of 406 fully paid for 5,000-ounce contracts waiting for receipts and with a Volume of 1 up on the board and a $27.51 price attached to that purchase. Friday’s delivery trades had no swaps at all, but they did Calculate a Comex Closing price of $27.323, a gain of 28.1 cents, dropping the demands by 125 contracts that most likely got efp’d to London because we don’t have the Silver(?). With the rumors everywhere about No Physical Silver in any size, we did get to see an additional gain in Silver’s Overall Open Interest as another 1,901 more shorts got added to keep the markets liquid bringing the early morning total to 182,758 contracts willing to trade against the physicals.

      February Gold’s Delivery Demands are still heavily elevated, especially for this late date in the month, with 3,111 fully paid for 100-ounce contracts still waiting for receipts and with an additional Volume of 306 already up on the board with a trading range between $1,823.40 and $1,815.90 with the last buy at $1,817.30, down $4.30 so far today. Friday’s full day of delivery trade happened in between $1,827.50 and $1,809.20 with the last swap at $1,823.20, a loss of $3.30 on the day, that helped reduce the demand count by 2,143 contracts getting receipts or were sent to London giving us today’s early morning count. Gold’s Overall Open Interest lost 3,813 paper contracts bringing this morning’s early total to 504,518 shorts willing to trade against the physicals.

      Ronan continues to keep us abreast of the Silver issues in the City of London, as SLV warns, it can’t find Physical Silver either. They simply have too much demand for the real, supposedly imposed upon SLV’s paper investment, by a group of basement-dwelling kids with free checks to trade with and a cellphone app. This story is only adding to the shortage stories we know are real, here in the states, as the difficulty of finding the real is truly getting discussed daily, regardless of Comex’s Controlling Paper Price, which they are obligated to deliver at. Of note, we’re only 8 days away from the March Options coming off the board (expiring) with the 26th of February being the First Notice Date for the March Deliveries. The third month of the year just so happens to be a primary delivery month in Silver, like February is for Gold. This may be the point to watch as the Open Interest in March needs to drop a lot, in order to keep things steady. What happens next is all up to the physical buyers.

      As mentioned above, money rarely sleeps, or holidays! Treasuries, Currencies, Petroleum (think petrodollar), and Precious Metals, are the only things trading today, which is why we are here keeping watch! Have a wonderful day, keep the faith, and let the markets roll on. None of this matter, that is, if you have Silver and Gold in hand … As always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

JB Slear

Fort Wealth Trading Co LLC.

866-443-0868 Ext 104

817-717-5489

Fax: 817-764-2537

www.FortWealth.com

end

iii) Other physical stories:

Special thanks to Doug C for sending this to us;

(Barron/Mises)

An interesting thought process on who the EU can extricate itself from its mess:

(Barron/Mises)

The World Needs a Gold-Backed Deutsche Mark

TAGS Money and BanksWorld HistoryGold Standard

02/12/2021

The seeds of sound-money destruction were sown at the 1944 Bretton Woods Conference, which established that US dollars could be held as central bank reserves and were redeemable for gold by the US Treasury at thirty-five dollars an ounce. This was the so-called gold exchange standard, but only foreign central banks and some multinational organizations, such as the International Monetary Fund (IMF), enjoyed this right of redemption. The system depended upon the solemn promise by the US that it would refrain from issuing unbacked dollars. The watershed event that ushered in a new malignant, pure fiat money era occurred on August 15, 1971, when the US abandoned the gold exchange standard in order to stop the drain on the US gold stock.

American money printing had begun in earnest in the previous decade in order to finance Lyndon Johnson’s “guns and butter” policy. The Fed monetized government debt to fund LBJ’s Great Society welfare programs while the government fought a war in Southeast Asia at the same time. Dollar claims in the form of government bills and bonds built up at central banks around the world. At the recommendation of French economic advisor Jacque Rueff, a free market economist and gold standard proponent, French president Charles de Gaulle ordered the Bank of France to redeem 80 percent of its US dollar holdings for gold, per the solemn promise made at Bretton Woods. Thus began a run on the US Treasury’s gold reserves that culminated in President Nixon taking the dishonorable action of abandoning the gold exchange standard. This set the course of unfettered fiat money expansion that has led the world to the precipice of monetary destruction.

This end to the Bretton Woods system—itself already deeply flawed—ushered in the age of competing fiat currencies worldwide. We are now headed toward the chaotic destruction of this system as well.

The Scenario for a Worldwide Currency Collapse

Alasdair Macleod has written exhaustively of the inevitable destructive result of money printing that now has entered hyperinflation in America. Macleod defines hyperinflation not as prices out of control (yet) but as the scenario whereby government spending can be financed only through ever-increasing issues of fiat money. Skyrocketing price inflation, the traditional definition of hyperinflation, follows inevitably from previous acts of excessive and increasing money printing that first reveal their destructive nature in stock market, real estate, and commodity bubbles before emerging as out-of-control consumer price inflation that devastates society, as seen in Weimar Germany in 1923, and more recently in Argentina, Venezuela, Zimbabwe, and elsewhere. The horror stops only when society abandons the hyperinflated money and adopts a new or different currency.

In reality is it is far more difficult to halt hyperinflation events than is supposed. For example, in 1923, Weimar Germany tied its new currency to the dollar, which was still on the gold standard. It was thought this could bring the crisis to an end. But years of economic decline and depression followed. The damage had already been done. As a result, German civil society had been destroyed and its citizens traumatized to the extent that within ten years full-blown totalitarian dictatorship was seen as the only viable solution to internal civil disorder.

Today there is no gold standard currency in the world to which the US and the West could link their hyperinflated currencies. The most likely outcome will be a return to a gold-backed dollar, but only after American civil society has been forever altered for the worse and the American people traumatized as were the Germans during the 1920s.

Could a Revived Deutsche Mark Save Us?

But there is an option still available to the West—a voluntary abandonment of Keynesian economics and other schools of thought that embrace money printing as a solution to economic problems—and the linking of the US dollar to its still substantial gold reserves. But what development could move the US toward strengthening its currency voluntarily? Germany!

Germany is the fourth-largest economy in the world and probably the soundest financially. Germany’s federal government regularly runs budget surpluses, a phenomenon last seen briefly in the US in the 1990s and before that in the Eisenhower presidency of the 1950s. Germany does not rely upon borrowing, much less money printing (called monetization), to balance its books. Prior to Germany joining the eurozone, the Deutsche mark of West Germany was the strongest currency in Europe. For decades it appreciated gradually against all currencies, including the US dollar. As such, it served as a rebuke to the inflationary monetary proclivities of its trading partners. But the DM was more than a rebuke; it was a real market force that prevented its trading partners from debasing their own currencies too rapidly. Prices of highly desirable German goods rose in foreign currency cost even when their prices as denominated in DM remained stable or even fell somewhat. This was especially troubling to France, which feared a resurgence of German economic power in the heart of Europe.

The opportunity for France to eliminate the DM and gain some control over the German economy arose after the fall of the Soviet Union and the government of its puppet state East Germany in the early 1990s. Germans on both sides of the now torn-down Berlin Wall desired to reunite their country politically. Eschewing force majeure, Germany sought the approval of the US, France, and the UK to reunite. In a still controversial and not universally accepted scenario—see this report from Spiegel International—France let it be known that it would give approval to a reunited Germany only if West Germany scrapped the DM and used the euro. German central bankers may actually have thought that they could prevail to make the euro a super-DM. They quickly learned otherwise as they were outvoted at key policy debates, and they watched helplessly as the European Central Bank violated the terms of its charter not to inflate the euro or to support the debt obligations of its members.

Reinstating the Deutsche Mark Would Be Good for Both Germany and the World

The decision to leave the inflationist eurozone is a political decision only. There is nothing in economic science that would prevent Germany from doing so and even adopting a gold standard. As explained by Ludwig von Mises in chapter eleven of Omnipotent Government:

No international agreements or international planning is needed if a government wants to return to the gold standard. Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard. The only condition required is the abandonment of an easy money policy and of the endeavors to com­bat imports by devaluation.

The question involved here is not whether a nation should return to the particular gold parity that it had once established and has long since abandoned. Such a policy would of course now mean deflation. But every government is free to stabilize the existing ex­change ratio between its national currency unit and gold, and to keep this ratio stable. If there is no further credit expansion and no further inflation, the mechanism of the gold standard or of the gold exchange standard will work again.

Germany is being plundered economically and financially by mostly southern European countries, as we can see in this time series of the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET2).1 TARGET2 records the claims and liabilities of the ECB and national central banks against the Eurosystem. A country’s TARGET2 balance is affected by its surpluses/deficits in (i) the current account, (ii) the financial account, and/or (iii) the capital account. It is reminiscent of a swap line operation or a change in foreign reserves under a fixed exchange rate arrangement:

In essence, Germany is building high-quality goods that are being purchased by other eurozone countries with money printed out of thin air by the European Central Bank. Currently Germany’s TARGET2 balance at the European Central Bank is in excess of €1 trillion. The quality of Germany’s TARGET2 credit is suspect, to say the least, as explained here by Macleod. National central banks in highly TARGET2-deficit countries have been declaring nonperforming loans as suitable collateral to obtain loans from the European Central Bank. This dumping of problem loans into TARGET2 will reduce the Bundesbank’s assets in an inevitable banking crisis. The process of capital confiscation is increasing as the European Central Bank expands its so-called quantitative easing program.

The simple answer is for Germany to leave the eurozone and reinstate the Deutsche mark. Doing so would be a benign act of rational self-interest by a sovereign nation. Most probably many current eurozone countries would leave, too. Without Germany to fund the budget deficits of the mostly southern members of the eurozone, the European Central Bank would shift its mechanism of plunder—the TARGET2 system—to the few remaining semiresponsible but much smaller nations. To avoid this fate, these more responsible nations would either adopt the DM themselves or reinstate their former local currencies and link them to the DM. This would leave the profligate nations of the former eurozone with no host to plunder. Reinstating their own currencies would probably be short lived, as no one would buy their bonds. The eurozone will collapse, leaving the only option, eventually—for all of Europe to become a DM zone, either adopting the DM themselves, as they adopted the euro decades ago, or through direct linkage of local currencies to the DM. A sound DM would force these former eurozone nations to adopt more responsible spending and regulatory regimes.

A Cascade of Benevolent Reform around the World

Reinstating the DM, a peaceful act by a sovereign country, would create a cascade of monetary reform throughout the world. Europe’s trading partners would find the cost of necessary imports rising in terms of their local currencies, forcing them to adopt fiscal and monetary responsibility. Gresham’s law—that overvalued money drives out undervalued money—would work in reverse in international finance, because there is nothing to force foreigners to settle trade accounts with the dollar. Governments certainly can use legal tender laws to force their citizens to use “bad” money within their borders, but they cannot force sovereign nations to do so for very long. Just as superior automobiles from Japan and South Korea forced US automakers to up their game, a strong DM will force the US to strengthen the dollar. If it does not, the world will abandon the dollar for international trade. All that is required for this process to begin is for Germany, a sovereign nation, to leave the eurozone and reinstate the Deutsche mark. No treaties are required. Germany needs no one’s permission to leave the euro zone. The sooner it does so, the better for itself and for the world.

  • 1.TARGET2 is a real-time settlement system developed and maintained by the Eurosystem. The Eurosystem comprises the European Central Bank and the national central banks of nineteen of the member states of the European Union.

end

Tuesday morning:

Bitcoin Soars Above $50,000 For First Time Ever

TUESDAY, FEB 16, 2021 – 8:04

A little over a month ago – when JPMorgan and every so-called financial expert was bashing bitcoin and saying a crash is imminent – we said that $50,000 is only a matter of weeks if not days (on its way to $100,000). Well, that prediction came true at exactly 7:29am ET this morning when bitcoin soared by some $2,000 in minutes, rising above $50,000 for the first time ever and hitting $50,547.70…

… although it was quickly smacked down by large futures shorts who face huge losses if the momentum accelerates north of $50,000, and they are squeezed and forced to cover a la GME.

The world’s largest cryptocurrency is now up about 73% so far this year, its total value surpassing the market cap of TSLA and rapidly approaching the $1 trillion level. Ethereum hit a record on Friday and is up about 140% year-to-date.

After ending last year with a fourth-quarter surge of 170% to around $29,000, Bitcoin token jumped to $40,000 seven days later. It took just nearly six weeks to breach the latest threshold, buoyed by endorsements from the likes of Paul Tudor Jones, Stan Druckenmiller and Elon Musk. And speaking of, it means that Elon Musk’s purchase of $1.5 billion in bitcoin is now profitable to the tune of about $500-$750MM in just weeks.

“Whether it’s Musk, Mastercard or Morgan Stanley, the mood, music and momentum is impossible to ignore,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, one of the biggest crypto lenders. “To the annoyance of many, the Bitcoin express has left the station.”

Trenchev cautioned that investors should be prepared for a wild ride after the latest milestone, pointing to last month’s 30% pullback as evidence. “Short-term volatility is very much a feature of this bull market and investors.

Maybe, but maybe not: every pullback in recent months has been furiously bought back almost as if bitcoin has a central bank protecting it, like for example they do with stocks. The fact that bitcoin is hated by central banks and is still blowing stock returns out of the water is the most impressive observation here. The 400% rally over the past year comes amid a backdrop of near zero borrowing rates from central banks and unprecedented stimulus from governments in the wake of the coronavirus pandemic. Bitcoin advocates have criticized the moves as money printing even though inflation remains subdued.

Mastercard, in a blog post late Wednesday, singled out so-called “stablecoins,” which often peg their value to that of another asset, such as the U.S. dollar. Mastercard has already partnered with crypto card providers such as Wirex and BitPay, but has required digital currencies to be converted into fiat before processing payments for transactions on its network.

end

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

i) Chinese yuan vs USA dollar/CLOSED /

//OFFSHORE YUAN:  6.4198   /shanghai bourse CLOSED

HANG SANG CLOSED

2. Nikkei closed UP 383.60 POINTS OR 1.28%

3. Europe stocks OPENED ALL MOSTLY RED/

USA dollar index DOWN TO 90.24/Euro RISES TO 1.2149

3b Japan 10 year bond yield: RISES TO. +.08/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.54/ 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:: 59.65 and Brent: 63.20

3f Gold DOWN/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 RISES TO -.37%/Italian 10 yr bond yield DOWN to 0.54% /SPAIN 10 YR BOND YIELD UP TO 0.21%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.91: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.77

3k Gold at $1808.15 silver at: 27413   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 26/100 in roubles/dollar) 73.56

3m oil into the 59 dollar handle for WTI and 63 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.54 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 .8888 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0798 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.37%

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 1.248% early this morning. Thirty year rate at 2.053%

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

6.  TURKISH LIRA:  UP  TO 6.96..

World Stocks Hit Longest Record Streak In 17 Years As Yields Surge

TUESDAY, FEB 16, 2021 – 7:54

China may still be closed, and the US is returning from President’s Day holiday, but global stock markets haven’t missed a beat and on Tuesday the MSCI World index hit a fresh all time high, rising for a 12th straight session – its longest streak of gains in 17 years as optimism over covid vaccines, stimulus and the economic recovery in general swept across markets.

US emini futures also hit record highs on Tuesday as investors piled up into reflationary and economically sensitive stocks such as energy and banks on hopes of more fiscal aid to lift the world’s biggest economy from a coronavirus-driven slump. Dow e-minis were up 200 points, or 0.63%, S&P 500 e-minis were up 21.50 points, or 0.55%, and Nasdaq 100 e-minis were up 67.75 points, or 0.49%.

Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp rose between 1.2% and 1.5% in premarket trading as 10-year U.S. Treasuries touched their highest since late March.

The energy sector was also bid up with oil stocks ExxonMobil Corp, Marathon Oil, Devon Energy Corp and shale-focused player Occidental Petroleum Corp gained between 2.7% and 4.6% after oil prices jumped to a 13-month high. The surge in oil has served as a tailwind for the reflation trade which is powering assets tied to economic growth and price pressure, including commodities and cyclical stocks as Joe Biden pushes ahead with his plan to pump an extra $1.9 trillion in stimulus into the economy. At the same time, investors are riding a wave of speculative euphoria from penny stocks to Bitcoin amid abundant policy support.

“Continued monetary stimulus and bursts of fiscal support maintain a strong foundation for risk assets,” said Seema Shah, chief strategist at Principal Global Investors.

Europe’s Stoxx 600 Index erased earlier gains of as much as 0.3% to trade flat with defensive sectors leading losses on sharply higher yields and sentiment was dented heading into cash trade following reports that China is mulling curbs over rare earth metals exports to the US, in a move that could impact US-Sino relations in the early days of the Biden Admin. Consumer products, telecom and media shares are worst performers, while basic resources, energy stocks climb. The European travel and leisure index rose as much as 0.7% in fourth day of gains, amid optimism around Covid-19 vaccine roll-outs and declining infection infection rates. Biggest gainers including tour operator TUI (+5.1%), airline group Ryanair (+3.6%) and hotel operator Accor (+1.1%). SXTP benchmark up 4.8% in four sessions, touches highest level since Feb. 26, 2020. Here are some of the biggest European movers today:

  • Glencore shares rise as much as 4.1%, hitting the highest since May 2019, after the commodities group’s earnings beat estimates, it reinstated its dividend and Citi said the results look “strong.”
  • Kerry Group shares jump as much as 4.5%, the most since Nov. 10, with Jefferies saying volume growth is reassuring and the consumer foods unit has performed well.
  • DSM shares gain as much as 3% to a record with Morgan Stanley saying the Dutch vitamin company’s outlook looks well underpinned by solid fourth-quarter results.
  • Allegro shares rise as much as 3.2% after Goldman Sachs upgraded the Polish e-commerce firm to buy, saying the stock is an an “attractive entry point” following recent weakness.
  • Rotork shares climb as much as 5.8%, hitting a record high, after Jefferies upgraded the engineer to buy

Investor morale in Germany rose beyond even the most optimistic forecast in February on expectations consumption will take off in the coming months, the ZEW economic research institute said on Tuesday, buoying the outlook for Europe’s largest economy. The ZEW said its survey of investors’ economic sentiment surged to 71.2 points from 61.8 the previous month and well above the estimate of a fall to 59.6, surpassing even the highest forecast, of 68.0.

“The financial market experts are optimistic about the future. They are confident that the German economy will be back on the growth track within the next six months,” ZEW President Achim Wambach said in a statement. “Consumption and retail trade in particular are expected to recover significantly, accompanied by higher inflation expectations,” he added.

Earlier in the session, Asian stocks also rose to a fresh record, led by gains in Hong Kong, which resumed trading after Lunar New Year holidays. SoftBank Group climbed to an all-time high and was the biggest contributor to gains in the MSCI Asia Pacific Index. Financials were the biggest boost among industry groups as U.S. Treasury yields rose. Energy was the region’s top-performing sector on elevated oil prices owing to disruptions at refineries in Texas amid a cold snap. All major national benchmarks were in the green. Japanese stocks extended a rally that saw the Nikkei 225 breach the 30,000 level for the first time since 1990 on Monday. Markets in China, Taiwan and Vietnam remained closed for holidays

As noted above, global debt markets extended a selloff as investors shift money to riskier assets. Treasury 10-year yields rose four basis points to touch 1.26% — the highest since last March — while the 30-year equivalent pushed above 2.05%. Treasury yields higher by up to 6.5bp across long-end of the curve vs. Friday session close; 10-year yields reach 1.265% and 30-year tops at 2.077% during the selloff, both multi-month highs bringing convexity, gamma hedging flows into play. In Europe, German bunds and U.K. gilts both saw benchmark yields gain five basis points. Latest leg lower led by gilts, which underperform as global yields stretch higher with gains in stocks.

In Europe, fixed income took a breather after Monday’s bear steepening with curves mixed: long end Germany richens ~1bps, Gilts are steady. Cash treasuries bear steepen, playing catch up after Monday’s closure. Peripheral and semi-core spreads tighten to Germany at the margin, with the exception of Italy which widens a touch with focus on syndicated issuance.

In FX, the Bloomberg dollar index dipped into the red slipping through Asia’s lows. Majors were moderately bid with NZD, NOK and SEK topping the G-10 scoreboard. Cable drifted after failing to breach 1.3950 overnight, USD/JPY was offered back toward 105. Turkish lira leads in EMFX, trading lows of 6.91/USD.

In commodities, Brent held near a 13-month high after freezing temperatures crippled the Texas power system and disrupted crude production. Nearly 5 million people across the U.S were plunged into darkness as homes and businesses lost power. Crude futures drifted off best levels with front-month WTI back on a $59-handle. Brent finds support near $63 so far. Gasoline and heating oil fade from best levels as the Texan energy crisis persists.

Natural gas futures for March delivery surged as much as 6.3%. In metals, copper climbed to the highest since 2012 and tin extended a dramatic surge. Citigroup Inc. forecasts copper prices will rally to $10,000 a ton in six to 12 months on a better-than-expected recovery in demand, most notably outside China. Spot gold has a choppy session within Asia’s range trading near $1,824/oz. Base metals are mixed: LME lead lags, copper outperforms

And in keeping with new record highs, Bitcoin did just that rising above $50,000 moments ago.

A flurry of recent announcements indicates the cryptocurrency is winning more mainstream attention, after Tesla Inc.’s purchase catapulted it onto the agenda of corporate treasurers.

Expected data include the U.S. Empire State Manufacturing Survey. Elsewhere this week we get earnings Daimler, Credit Suisse, Deere, Danone and Nestle; Euro-area finance ministers will discuss the bloc’s current economic situation and outlook on Tuesday while the Fed minutes from the January meeting are due Wednesday and U.S. retail sales figures come on Wednesday.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,947.75
  • STOXX Europe 600 little changed at 419.75
  • MXAP up 0.5% to 220.66
  • MXAPJ up 0.4% to 740.84
  • Nikkei up 1.3% to 30,467.75
  • Topix up 0.6% to 1,965.08
  • Hang Seng Index up 1.9% to 30,746.66
  • Shanghai Composite up 1.4% to 3,655.09
  • Sensex down 0.1% to 52,094.46
  • Australia S&P/ASX 200 up 0.7% to 6,917.27
  • Kospi up 0.5% to 3,163.25
  • German 10Y yield little changed at -0.39%
  • Euro up 0.1% to $1.2147
  • Brent futures down 0.4% to $63.04/bbl
  • Gold spot up 0.3% to $1,824.46
  • U.S. Dollar Index down 0.3% to 90.25

Top Overnight News from Bloomberg

  • Already low short-term interest rates are set to sink further, potentially below zero, after the Treasury announced plans earlier this month to reduce the stockpile of cash it amassed at the Fed over the last year
  • U.S. investors return Tuesday from the Presidents’ Day holiday to find the reflation trade in full force and global bond markets in retreat
  • Investors betting Bank of Japan’s review next month will lead to higher bond yields may need to cool their ardor, at least according to an analysis of the language used recently by policy makers
  • China is exploring whether it can hurt U.S. defense contractors by limiting supplies of rare-earth minerals that are critical to the industry, the Financial Times reported

A quick look at global markets courtesy of NewSquawk

Asian equity markets traded higher across the board to extend on Monday’s gains amid a lack of any major changes on the macro front and as trade continued to pick up from the holiday lull caused by the Lunar New Year/Spring Festival holidays in China and Presidents’ Day stateside. ASX 200 (+0.7%) was positive with the index led by cyclicals and with miners encouraged after BHP results in which the mining giant reported an increase in H1 underlying net and revenue, as well as declared a record interim dividend. Big 4 bank NAB was also kept afloat despite flat results with Q1 cash earnings inline with the previous year, although this was still 47% higher than the quarterly average during first 6 months of 2020 and it noted a 96% decline in credit impairment charges. Nikkei 225 (+1.3%) added to its highest levels in more than three decades as exporters cheered a weaker currency and with BoJ Governor Kuroda sticking to the dovish script in which he affirmed that ETF purchases are part of the monetary easing program and that the BoJ will not end nor seek an exit from ETF purchases for the time being. Hang Seng (+1.9%) was jubilant on return from the holiday closures with notable advances in the blue-chip energy stocks as they played catch up to the continued ascent in oil prices and with financials also bolstered by the rising yield environment and due to some expectations HSBC could resume dividends following next week’s board meeting, while IMAX China shares rocketed over 30% after China’s box office revenue reached CNY 5bln during the first 3 days of the Spring Festival holidays. However, some of the gains for the regional bourses and US equity futures were later reversed in late trade after reports that China is mulling curbs on rare earth metals exports, targeting the US defense sector. Finally, 10yr JGBs were lacklustre amid the gains in stocks and follows recent pressure in T-note futures as the US 10yr yield rose higher by as much as 5bps to briefly touch 1.25% and the US 30yr yield extended further above 2.00%, while weaker results at the 5yr JGB auction also dragged the 10yr benchmark to beneath 151.50 and saw its respective yield increase to 8bps which is the highest in almost a year.

Top Asian News

  • Myanmar Shuts Internet Again as Protest Crackdown Continues
  • Saudi Arabia Adds Pressure on Global Firms to Move to Riyadh
  • Kuroda Nudges 2% Inflation Into 2024 or Beyond in Latest Delay

European stocks opened Tuesday’s session with modest gains across the board despite the firmer APAC handover, but sentiment was somewhat tainted heading into cash trade following reports that China is mulling curbs over rare earth metals exports to the US, in a move that could impact US-Sino relations in the early days of the Biden Admin. US equity futures meanwhile trade in positive territory with some outperformance seen in the RTY (+1.0%) as the US waits to play catch-up on its return. Bourses in Europe meanwhile continued to trade sideways during early hours (Euro Stoxx 50 +0.1%) due to the lack of news flow and catalysts, although the sizeable upside surprise in the German ZEW sentiment survey provided the region and overall sentiment with a mild uplift. Sectors are predominantly in the green and portray a cyclical bias with Oil & Gas as the outperformer (+1.3%) as oil prices remain somewhat elevated, on the flip side the defensive Healthcare (-0.3%) and Consumer Staples (-0.1%) are both softer on the session. The sectorial laggard in the session thus far is Media (-0.5%) following Vivendi’s (-2.2%) outperformance yesterday. Cineworld (+6.0%) is the individual outperformer amid reports that they are proposing a vaccine passport to allow them to re-open. Elsewhere, HSBC (+2.7%) is higher after Co. shares rose over 5% in Hong Kong trade with traders attributing it to the resumption of the dividend programme following the board meeting on 23rd February. Meanwhile, cooperate updates from mining giants BHP (+1%) and Glenore (+3%) prop up the Materials sector, with the former declaring a record interim dividend alongside a constructive view on Chinese demand, while the latter topped adj. EBITDA forecasts and recommended a distribution of USD 0.12/shr vs exp. USD 0.06/shr.

Top European News

  • Germany Inc. Has Had It With Merkel’s Go-Slow Reopening Plan
  • Czech Tycoon Said to Tap Banks for IPO of $5 Billion Telecom Arm
  • Brexit Trade Recovers With Fewer Cross-Channel Cargoes Rejected
  • Russia’s Pandemic Winners Drive $10 Billion Share Sale Pipeline

In FX, having been pipped by the Pound on Monday, the Kiwi is now clearly ahead of its major rivals, albeit largely at the expense of ongoing weakness in its US counterpart and Aussie underperformance as opposed to anything NZ specific or supportive. Indeed, as the DXY continues to languish below 90.500 between 90.375-201 parameters, Nzd/Usd has advanced beyond 0.7250, and the Aud/Nzd cross is now eyeing 1.0720 as Aud/Usd retreats from a pop over 0.7800 in wake of dovish RBA minutes befitting the QE extension last Tuesday and guidance indicating no change in rates for at least 3 years. Moreover, news that lockdown in Melbourne may be extended and a downturn in the CNH following reports that China is considering a curb on the export of rare earth metals, aimed at the US defence sector, are also undermining the Aussie to an extent.

  • GBP/EUR – Although Sterling has pared some gains and given up pole position on the G10 grid as noted above, Cable looks more assured on the 1.3900 handle and Eur/Gbp edged closer to 0.8700 before bouncing as the Euro takes its turn to forge further gains vs the Dollar. However, Eur/Usd is still facing formidable technical resistance in the form of the 50 DMA (1.2157) not to mention hefty option expiry interest up at 1.2200 (1.5 bn) if it manages to make a clean upside break with impetus from an upbeat ZEW headline economic sentiment reading and relatively upbeat accompanying comments.
  • CHF/CAD/JPY – The Franc is also firmer against the Buck through 0.8900, but on a par with the Euro just above 1.0800 amidst SNB intervention, while the Loonie extended towards 1.2600 alongside WTI on approach to Usd 61/brl before fading in tandem. Conversely, the Yen remains depressed on risk grounds and BoJ Governor Kuroda stating no intention of ending ETF purchases any time soon, with Usd/Jpy pivoting 105.50 that aligns with the 200 DMA ahead of Japanese machinery orders and trade data.
  • SCANDI/EM/CRYPTO- The Nok has breached 10.2000 vs the Eur, and on top of recent crude-related appreciation the Krona will be relieved to Norwegian oil workers and the SAFE labour union have agreed a pay deal to avoid strike action. Meanwhile, the Sek has finally cracked 10.1000 and is close to pre-Riksbank peaks on the brink of 10.0000 awaiting minutes of the meeting on Friday. Elsewhere, the Try has extended gains beyond 7.0000 in the run up to the CBRT and Zar to just shy of 14.4000 on better prospects of vaccines to combat SA’s coronavirus strain, while Bitcoin still has the bit literally between its teeth and is on the cusp of Usd 50k.

In commodities, WTI and Brent front month futures gave up their mild overnight gains as European cash equity trade went underway with no particular catalyst at the time to entice the price action, albeit a more likely explanation could be the broader sentiment deterioration around this time. Throughout the session, the crude benchmarks have been ebbing lower with WTI further below USD 60/bbl (vs high 60/bbl), whilst its Brent counterpart meanders just north of USD 63/bbl (vs high 63.34/bbl). That being said in the grander scheme, fundamentals keep prices buoyed near recent highs, with short term supply woes emanating from the deep freeze across Texas, prompting the wells and refineries to restrict or close operations. Exxon began shutting its 369k BPD Beaumont and 560k BPD Baytown refineries, whilst Citgo Petroleum said some units at its 167k BPD Corpus Christi oil refinery were shutting. Further, LyondellBasell’s 264k BPD Houston refinery is to operate at minimum production whilst it shut most units at Marathon Petroleum’s 585k BPD Galveston Bay plant. In terms of pipeline impacts, Enbridge said a 585k bpd crude oil pipeline that runs from its terminal to Cushing, Oklahoma (the largest US oil storage hub) was halted because of power outages. Kinder Morgan also reported gas-pipeline capacity constraints in Arkansas, Illinois, Louisiana, New Mexico and Texas. Meanwhile, Norway’s SAFE labour union agreed a wage deal for Mongstad Port workers to avert a shutdown of major oil and gas fields. As a reminder, Equinor yesterday warned that a walkout would put more than 600k barrels of daily crude output from the Johan Sverdrup and Troll fields at risk. Barring weather developments in Texas, participants will be keeping and eagle-eye on commentary out of any OPEC+ members, who will be closely watched for any nuances as to what the group could opt to do or propose against the backdrop of mass vaccinations and oil prices back at pre-COVID levels. Moving onto demand, the continued stimulus-lift and vaccine hopes keep prices underpinned, however, it is worth highlighting an S&P Global report yesterday which highlights a notable absence of Chinese demand for Atlantic basin crudes during the February and March cycles, with sources citing the refinery maintenance season in the country. Elsewhere, spot gold and silver are modestly firmer as a function of the softening Dollar, with the former around 1823/oz and contained within recent ranges. Turning to base metals, LME copper trades on a modestly firmer footing with aid derived by the softer Dollar and as mining giant BHP highlighted robust Chinese demand for the base metal.

US Event Calendar

  • 8:30am: Feb. Empire Manufacturing, est. 6.0, prior 3.5
  • 11:10am: Fed’s Bowman Speaks to Community Banking Conference
  • 12:30pm: Fed’s George Discusses Economic Outlook
  • 1pm: Fed’s Kaplan Discusses the Economy
  • 3pm: Fed’s Daly Discusses Economy and Inequality
  • 4pm: Dec. Total Net TIC Flows, prior $214.1b

DB’s Jim Reid concludes the overnight wrap

Though it was a quieter session with US markets closed for the Presidents’ Day holiday, the global reflation theme continued apace yesterday, and risk assets showed continued strength across multiple asset classes. In fact the MSCI World Index, which includes a range of developed world equities, rose for an 11th straight session, marking the longest winning streak for the index since January 2018. If it manages to notch a 12th gain today, it’ll become the longest winning run since December 2003, back when Arsenal were on their way to winning the Premier League unbeaten, and before most UK households had internet access. I even had a full head of hair. Actually thinking back I was probably in my long denial phase.

Anyway, whether or not we reach that particular milestone, yesterday saw equity indices set new records around the world thanks to persistent optimism on the vaccine rollout and the chances of fresh stimulus. Here in Europe, the STOXX 600 (+1.32%), the CAC 40 (+1.45%) and the FTSE MIB (+0.83%) all reached their highest levels since the pandemic began, and Germany’s DAX (+0.42%) hit an all-time high. Within the STOXX 600, the leading sectors included energy (+3.98%), communication services (+2.66%) and financials (+2.17%), whilst vaccine hopes sent the STOXX 600 Travel & Leisure index up +2.68% to its own post-pandemic high. In terms of the moves elsewhere, Japan’s Nikkei closed above 30,000 yesterday for the first time since 1990 on the back of stronger-than-expected GDP data and this morning is up a further +1.90%. And in the US, equity futures are pointing towards yet more all-time highs for the major indices, with S&P 500 futures up +0.66%.

Turning to other markets in Asia and rally continues with the Hang Seng (+1.41%) leading the gains as it reopened post holidays. The Kospi (+0.29%), India’s Nifty (+0.51%) and Asx (+0.70%) are also up. In keeping with the reflation trade, yields on 10y USTs are up +2.3bps this morning to 1.234% while the 2s10s curve has steepened by +2bps. Elsewhere, Bitcoin prices are up +2.30% to $49,314 this morning after yesterday -1.35% move lower.

As global equities are soaring to new highs, there are some pretty big ructions in energy markets, thanks to seriously cold weather in the southern United States, which is raising concerns over disruption to global supplies. In Texas, which is currently seeing its coldest temperatures in decades, with areas of the state seeing lower temperatures than Alaska, there were a series of rolling blackouts as a result of high electricity demand, and lower oil production. This has helped send prices up to levels not seen in over a year, with WTI (+1.33%) rising to $60.25/bbl, and Brent Crude (+1.39%) up to $63.30/bbl. Staying on commodities, yesterday saw a number of other inputs reach multi-year highs as well, with copper (often taken as a key industrial bellwether) up a further +0.74% to an 8-year high yesterday, which will add to the questions raging amongst the economics profession on the likelihood of higher inflation ahead.

Given the risk appetite among investors, safe havens didn’t fare so well yesterday and the selloff in sovereign bond markets continued. Treasury markets were closed given the holiday, but yields moved higher across the continent in Europe, with 10yr bund yields climbing +4.6bps to close at their highest level since last June, as 10yr gilt yields (+5.4bps) also closed at their highest level since last March. Both bunds and gilts saw a noticeable steepening in the yield curve too, with the German 2s10s curve at its steepest since June, and the UK 2s10s at its steepest since March. Italian debt moved roughly in line with bunds following Mario Draghi’s installation as Prime Minister on Saturday, and the spread of BTPs over bunds rose just +0.2bps.

In terms of the latest on the coronavirus pandemic, there was some further good news out of the UK as the number of confirmed daily cases fell beneath 10k for the first time since October 2. Prime Minister Johnson is due to announce the roadmap to ease restrictions next Monday, and said that “what we want to see is progress that is cautious but irreversible”. Sterling has benefited from the UK’s successful vaccine rollout, closing above $1.39 yesterday for the first time since April 2018, having also been supported by better-than-expected data releases in the last couple of weeks and the BoE pushing back somewhat on the likely use of negative rates in the coming months. Meanwhile, the EU is reportedly in advanced negotiations with Moderna to buy an additional 150mn doses in a bid to boost its vaccination program. The doses will likely be for the third quarter. Across the other side of Atlantic, the US recorded “just” 53,234 new cases over the past 24 hours, the lowest daily number since October 18, as the holiday wave is subsiding in almost all the states.

There wasn’t a great deal of data out yesterday with the US holiday, though Euro Area industrial production fell by a larger-than-expected -1.6% in December (vs. -0.8% expected). That meant the year-on-year decline deteriorated to -0.8% (vs. -0.6% in November), which is the first time that’s worsened since the height of the pandemic back in April.

Looking to the day ahead, the data highlights include February’s ZEW survey from Germany, the Empire State manufacturing survey from the US, as well as the second estimate of Q4 GDP in the Euro Area. There’ll also be a number of central bank speakers, including the Fed’s Bowman, George, Kaplan and Daly, while earnings releases include CVS Health and AIG.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED   //Hang Sang CLOSED    /The Nikkei closed UP 383.60 POINTS OR 1.28%//Australia’s all ordinaires CLOSED UP 0.55%

/Chinese yuan (ONSHORE) closed /Oil UP TO 59.65 dollars per barrel for WTI and 63.60 for Brent. Stocks in Europe OPENED ALL MOSTLY RED//  ONSHORE YUAN CLOSED AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4198 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING 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/USAWHO

China refuses to hand over raw data from early Covid cases to the WHO team. This is to be expected as China hides the ture origins of the virus.

(zerohedge)

China “Refuses” To Hand Over Raw Data On Early COVID Cases To WHO Team

FRIDAY, FEB 12, 2021 – 17:20

It came as no surprise that China disingenuously seized on this month’s World Health Organization (WHO) trip to try and claim the COVID-19 pandemic actually started abroad, while at the same time a number of global headlines essentially echoed “nothing to see here” – particularly on widespread suspicions the virus originated in a Wuhan military lab.

But now fresh Wall Street Journal reporting strongly suggests this first ever and much-hyped WHO trip to ‘get to the bottom’ of the virus’ origins likely didn’t even scratch the surface in terms of a real investigation (did anyone really expect it to?… also coming a full year+ after the fact). In particular the team of scientists and researchers was reportedly blocked by Chinese authorities from accessing crucial data on 174 of the country’s earliest cases.

Citing WHO investigators supposedly caught in the middle of what they described as “heated exchanges” over the lack of transparency, Chinese authorities “refused” to provide the team with the necessary “raw, personalized data on early Covid-19 cases that could help them determine how and when the coronavirus first began to spread in China…”

Feb. 3 photo of WHO team entering Wuhan Institute of Virology, via Reuters

Front and center in the controversy is the following allegation:

The Chinese authorities turned down requests to provide such data on 174 cases of Covid-19 that they have identified from the early phase of the outbreak in the Chinese city of Wuhan in December 2019. 

In preparation for the carefully planned trip to Wuhan, Beijing provided their own “summaries” of the data but not the hard data itself.

When this demand to access the raw underlying data was made, the WHO investigators were rebuffed, essentially being left with only the Chinese scientists’ version of what the data shows. One WHO researcher emphasized in a statement to WSJ that access to the hard data is standard, but was not followed in this case.

“They showed us a couple of examples, but that’s not the same as doing all of them, which is standard epidemiological investigation,” Australian microbiologist Dominic Dwyer said of the WHO trip and findings. “So then, you know, the interpretation of that data becomes more limited from our point of view, although the other side might see it as being quite good.”

So far the Chinese side has yet to comment, and will likely reject the allegations. While the WHO team initially said it was “extremely unlikely” that the coronavirus which has turned the world upside down in efforts to fight it came from the Wuhan Institute of Virology after visiting the lab, we wonder just how thorough their investigation was… or was it just a PR trip to willingly play softball with the CCP?

After all, this latest revelation strongly points to the WHO team being merely treated to the Chinese interpretation of the most crucial of all underlying data, namely the “raw, personalized data” on the first infections.

“China’s reluctance to provide the data adds to concerns among many foreign governments and scientists about a lack of transparency in China’s approach to the hunt for the pandemic’s origins,” underscores the WSJ report. “The U.S. State Department said this week it wants to see data underlying the WHO probe.” So it sounds like we’ve once again come full circle on the ‘mysterious’ origins and China’s role.

end

Lip service! The White House demands China provide all data on COVID 19 early outbreak cases.  This will not happen and the Biden will not ask this again from China.

(zerohedge)

White House Demands China Provide All Data On COVID Outbreak Early Cases

SUNDAY, FEB 14, 2021 – 7:35

The White House issued a surprise statement Saturday on the developing World Health Organization controversy, a day after WHO officials said Chinese scientists “refused” to hand over the key raw data on 174 of the country’s first cases – which marked the first in the world to what would emerge as a global pandemic – during the recent WHO trip to uncover its origins.

National security adviser Jake Sullivan said Saturday morning that the allegations have caused “deep concerns” in the Biden administration suggesting China may still be engaged in a cover-up given their alleged unwillingness to cooperation.

“We have deep concerns about the way in which the early findings of the COVID-19 investigation were communicated and questions about the process used to reach them,” Sullivan said. “It is imperative that this report be independent, with expert findings free from intervention or alteration by the Chinese government.”

National security adviser Jake Sullivan, file image

Crucially he demanded that Chinese authorities hand over this data, which The Wall Street Journal on Friday described as subjected of “heated exchanges” over the “lack of transparency.”

“To better understand this pandemic and prepare for the next one, China must make available its data from the earliest days of the outbreak,” Sullivan said.

Yet despite the criticisms he still attempted to distance Biden’s policy from that of Trump’s – the latter which stymied official US cooperation with the WHO, seeing the organization as ultimately too much under the thumb of Beijing.

“President Biden rejected and reversed the Trump Administration’s decision to disengage from the WHO,” Sullivan said. “But re-engaging the WHO also means holding it to the highest standards.  And at this critical moment, protecting the WHO’s credibility is a paramount priority.”

Getty Images

“Going forward, all countries, including China, should participate in a transparent and robust process for preventing and responding to health emergencies — so that the world learns as much as possible as soon as possible.”

But asAustralian microbiologist and WHO team member Dominic Dwyer said on Friday in comments given to the WSJ, “They showed us a couple of examples, but that’s not the same as doing all of them, which is standard epidemiological investigation.” Speaking further of the Chinese scientists that coordinated the trip, he added, “So then, you know, the interpretation of that data becomes more limited from our point of view, although the other side might see it as being quite good.”

Meanwhile, the WHO on Friday said it still hasn’t ruled out any cause, with WHO Director General Tedros Adhanom Ghebreyesus in his latest statement seeking to distance the team’s findings from reaching any definitive conclusion on the virus’ origin.

end

CHINA VS USA/RARE EARTHS

We knew that this would happen: China is now threatening to hobble the uSA defense industryy by limiting export of rare earths

(zerohedge)

China Threatens To Hobble US Defense Industry By Limiting Export Of Rare-Earth Metals

TUESDAY, FEB 16, 2021 – 7:33

China has been quietly exploring the economic damage it could inflict to US and European companies – including defense contractors – if they were to impose export ‘restrictions’ on 17 rare-earth materials, according to a report in the Financial Times.

Notably, the US government relies on these rare earths for the manufacture of F-35 jets and other sophisticated weaponry, which use them for critical components such as electrical power systems and magnets.

“The government wants to know if the US may have trouble making F-35 fighter jets if China imposes an export ban,” said one Chinese government adviser who spoke on condition of anonymity.

One rare earth metal for example, samarium cobalt, is used in precision guided missiles and fighter jets, and advanced communications systems.

FT added that “[t]he Ministry of Industry and Information Technology last month proposed draft controls on the production and export of 17 rare earth minerals in China, which controls about 80% of global supply.”

Before being voted out of office, President Trump and his administration sought to take steps that might help the US limit China’s resource dominance in this area, including signing an executive order declaring a “national emergency” in the US mining and minerals industry (much of which remains focused on digging coal out of the ground). China has been widely acknowledged as dominant in the rare-earth minerals market for decades.

But with Trump out, and a much more China-friendly administration back in power in Washington, it looks like Beijing is already considering playing hardball to get what it wants.

Industry executives said government officials had asked them how badly companies in the US and Europe, including defence contractors, would be affected if China restricted rare earth exports during a bilateral dispute.

Fighter jets such as the F-35, a Lockheed Martin aircraft, rely heavily on rare earths for critical components such as electrical power systems and magnets. A Congressional Research Service report said that each F-35 required 417kg of rare-earth materials.

As one state-affiliated security analyst explained to the FT, China has been mulling potential export controls for a while, and would seek to target minerals that are critical to the US defense industry first.

In a November report, Zhang Rui, an analyst at Antaike, a government-backed consultancy in Beijing, said that US weapons makers could be among the first companies targeted by any export restriction. China’s foreign ministry said last year it would sanction Lockheed Martin, Boeing and Raytheon for selling arms to Taiwan, the self-ruled island that Beijing claims as its sovereign territory. The proposed guidelines would require rare earth producers to follow export control laws that regulate shipments of materials that “help safeguard state security”. China’s State Council and Central Military Commission will have the final say on whether the list should include rare earths.

Despite their classification, rare earth metals aren’t actually that rare.And fortunately for the US, the mining of rare-earth metals has been growing outside of China.

Infographic: China's Rare Earth Monopoly is Diminishing | Statista

The decision to once again “consider” cutting the US off from critical stocks of rare earth minerals couldn’t come at a more precarious time, as the worsening energy crisis in Texas, compounded by so-called “extreme weather” which has forced blackouts to more than 5MM utility customers in the state, may play into a new “commodity supercycle” currently being discussed inside the walls of America’s investment banks – including by JPMorgan’s Marko Kolanovic.

We now wait to see how the Biden Administration, and the markets, will respond to this latest threat from Beijing.

end

4/EUROPEAN AFFAIRS

EU

Their vaccine distribution is awful compared to countries like Israel.

(Kern/Gatestone)

EU’s COVID-19 Vaccination Debacle Is “Epochal Failure”

SUNDAY, FEB 14, 2021 – 9:20

Authored by Soeren Kern via The Gatestone Institute,

The European Union’s much-touted campaign to vaccinate 450 million Europeans against Covid-19 has gotten off to an inauspicious start. The vaccination rollout has been plagued by bureaucratic sclerosis, poorly-negotiated contracts, penny-pinching and blame shifting — all wrapped in a shroud of secrecy. The result is a needless and embarrassing shortage of vaccines, and yet another a crisis of legitimacy for the EU.

As of February 11, the EU had administered vaccines to approximately 4.5% of its adult population, compared to 14% in the United States, 21% in the United Kingdom and 71% in Israel, according to statistics compiled by Our World in Data. The EU’s vaccination fiasco comes as many European countries are struggling to combat an extremely virulent third wave of the coronavirus and healthcare systems across the continent are once again at breaking points.

The current imbroglio, months in the making, was triggered on January 22, when AstraZeneca, the Anglo-Swedish pharmaceutical company, notified the EU that, due to production problems at a plant in Belgium, initial deliveries of its Covid-19 vaccine would be reduced by 60% in the first quarter of 2021. The company said that it would deliver to the EU only 31 million doses by the end of March, rather than the 80 million doses originally pledged.

A few days earlier, the US-based pharmaceutical company, Pfizer, and its German partner, BioNTech SE, slowed supplies of their vaccine to the EU. Pfizer said that the temporary move was necessary to reconfigure its production plants to increase long-term supply of the vaccine.

European officials, caught off guard amid mounting public anger, resorted to the blame-game by accusing the pharmaceutical companies of failing to honor their contractual commitments. On January 29, the European Commission made public a heavily redacted version of the 42-page contract between the European Commission and AstraZeneca. European officials apparently hoped this move would swing public opinion to their side.

The redactions, however, were ineptly made in such a way that the original text was easily decipherable by tech-savvy members of the public. The now-public text revealed that European negotiators agreed to unusually lenient procurement terms, and that AstraZeneca is under no contractual obligation to deliver a specific quantity of doses within certain time frames. According to the contract, AstraZeneca is only required to make “best reasonable efforts” to deliver the vaccines on schedule.

“It is hard to define the 42 pages as a contract,” concluded Johan Van Overtveldt, chairman of the European Parliament’s budget committee. “This is more a declaration of good intentions.”

In an interview with the German newspaper Die Welt, the CEO of AstraZeneca, Pascal Soriot, admitted that the company was two months behind in production but blamed the supply shortages on the EU’s delays in signing the contracts:

“We’ve also had teething issues like this in the UK supply chain, but the UK contract was signed three months before the European vaccine deal. As a result, with the UK we have had an extra three months to fix all the glitches we experienced….

“We didn’t commit with the EU, by the way. It’s not a [contractual] commitment we have to Europe: it’s a best effort. We said we are going to make our best effort. The reason why we said that is because the EU at the time wanted to be supplied more or less at the same time as the UK, even though the EU’s contract was signed three months later. So, we said, ‘ok, we’re going to do our best, we’re going to try, but we cannot commit contractually because you are three months behind UK.’ We knew it was a super-stretch goal and we know the pandemic is a major issue…. Basically, we said we’re going to try our best, but we can’t guarantee we’re going to succeed. In fact, we are getting there even though we are a little bit delayed.”

Markus Ferber, a German Member of the European Parliament (MEP), noted:

“The anger is justified. If I conclude a contract, but there are no obligations for the manufacturer…then it is not a balanced contract.”

European leaders had hoped the vaccine rollout — organized by the European Commission on behalf of all 27 EU member states — would restore confidence in the European Union after Covid-19 systematically destroyed many of the foundational myths — European solidarity, open borders, multilateralism — underpinning European unification.

In her November 2020 “State of the Union” address, European Commission President Ursula von der Leyen announced a grandiose “European Health Union.” In what appeared to be an unabashed power grab, she said that more centralization of decision-making power in Brussels was necessary to fight Covid-19 as well as future pandemics:

“Our aim is to protect the health of all European citizens. The coronavirus pandemic has highlighted the need for more coordination in the EU, more resilient health systems, and better preparation for future crises. We are changing the way we address cross-border health threats. Today, we start building a European Health Union, to protect citizens with high quality care in a crisis and equip the Union and its Member States to prevent and manage health emergencies that affect the whole of Europe.”

EC Vice-President for Promoting the European Way of Life, Margaritis Schinas, added:

Today, we are taking a big, meaningful step towards a genuine EU Health Union. We are strengthening our common crisis management to prepare and respond to serious cross border threats to health. Our EU agencies need to be equipped with stronger mandates to better protect EU citizens. To fight the COVID-19 pandemic and future health emergencies, more coordination with more efficient tools at EU level is the only way forward.”

Von der Leyen also promised that the EU’s administrative prowess would save not only Europe but the rest of the world from the ravages of Covid-19:

“This vaccine will be a breakthrough in the fight against the coronavirus, and a testament to what partners can achieve when we put our minds, research and resources together. The European Union will do all in its power to ensure that all peoples of this world have access to a vaccine, irrespective of where they live.”

EU Commissioner for Health and Food Safety Stella Kyriakides added:

“Working together will increase our chances of securing access to a safe and effective vaccine at the scale we need and as quickly as possible. It will ensure fair and equitable access for all across the EU and globally, thus offering the best opportunity of finding a permanent exit strategy from the COVID-19 crisis. This is the EU at its best: pooling resources, joining efforts, bringing tangible results to the everyday lives of people. No one is safe until everyone is safe and we will leave no stones unturned in our efforts to protect EU and global citizens.”

On January 29, however, in a sudden about-face, Kyriakides abruptly announced plans to impose export controls to prevent shipments of the Covid-19 vaccine from leaving the European Union. She said that EU citizens must be vaccinated first.

Kyriakides’ announcement, specifically aimed at preventing AstraZeneca from using its plant in Belgium to fulfill its contract obligations with the United Kingdom, was a direct attack on the EU-UK Trade and Cooperation Agreement signed a just month earlier. The move, which undermined the foundation of the Brexit deal that took four years of arduous negotiations to complete, set off a firestorm of criticism and triggered yet another self-inflicted public relations disaster for the European Union.

“For Europe to say they are going to control exports [of the vaccine] is contrary to what they said a few months ago, that they were going to give access to everybody,” said Soriot, the CEO of AstraZeneca. The Archbishop of Canterbury, Justin Welby, added:

“The European Union was originally inspired by Christian social teaching — at the heart of which is solidarity. Seeking to control the export of vaccines undercuts the EU’s basic ethics. They need to work together with others.”

Now that the vaccine debacle has become the top political issue in Europe today, European leaders appear to be looking to Russia for salvation. In an effort to save face, European regulators reportedly are considering fast-tracking approval of the Russian-made Sputnik V Covid vaccine for use in Europe. Such a move would have been unthinkable just a few weeks ago. That the EU would suddenly cling to Russia, which is under a panoply of EU sanctions for its actions in Ukraine, amounts to massive geopolitical humiliation.

In a January 27 interview with the German broadcaster ZDF, Markus Söder, the Bavarian premier and possible future German chancellor, laid blame for the botched vaccine rollout squarely at the feet of the EU:

“The European Commission ordered too late, limited its focus to only a few pharmaceutical companies, agreed on a price in a typically bureaucratic EU manner and completely underestimated the fundamental importance of the situation.

“We now have a situation where grandchildren in Israel are already vaccinated but the grandparents here are still waiting. That’s just completely wrong.

“It cannot be that such a large continent, which is so economically strong and has so many large pharmaceutical companies, is unable to produce more vaccines.”

Select Commentary

European analysts — pro- and anti-EU — have been scathing in their criticism of the way the European Commission has mishandled the vaccine rollout.

In an essay published by the UK-based Spectator, columnist Matthew Lynn wrote that the vaccine disaster has undermined the EU’s legitimacy in three ways:

“First, the EU is by its very design a technocratic elite, without much in the way of democracy. Of course, that’s fine if you like that sort of thing. In the political theory seminars there have always been respectable arguments for letting the experts run everything without all the messy business of elections. There is a catch, however. The technocrats have to be genuinely technically competent, otherwise what’s the point? The vaccine disaster suggests the EU’s technocrats are third division, and even that is probably generous.

“Next, it has shattered the myth of market power. The EU has built itself on the idea that the Single Market worked better than lots of fragmented national economies. Its bargaining power, and sheer size, meant that companies, no matter how big and powerful they might be, would always have to bend to its will. Left to themselves, smaller countries, and even France and Germany, would simply be ignored. But that doesn’t seem to have worked in this case. Israel isn’t a big market. Nor on the world stage is Britain. Serbia, vaccinating at twice the rate of Germany, definitely isn’t. Small, it turns out, is fine.

“Finally, it has called into question its status as a ‘regulatory superpower.’ The EU has made a lot in the last decade of its ability to become the world’s leading rule and standard setter. It certainly isn’t a military superpower anymore, and its claims to be an economic one fade with every accumulated year of underperformance. But at least when it came to regulations it could argue it led the world. The EU’s rules would be the gold-standard that everyone else would have to follow. And yet why would anyone want to follow a regulator that makes such a hash of things?

“Any particular crisis will blow over eventually. Very few last more than a couple of weeks, and any industrial problem can always be fixed if you have unlimited money to throw at it. But the vaccine affair has exposed how hollow the EU has become — and that will do lasting damage.”

Guntram Wolff, director of the Bruegel think-tank in Brussels, wrote:

“Why is the EU lagging behind? …. As always in such complex issues, there is no single answer as to why this is happening…. Part of the explanation is that the EU ordered too few vaccines too late…. Purchases were slowed down further as the EU insisted that liability in case of negative side-effects on health remains with pharma companies and therefore rejected early emergency authorization…. EU funding has also proven insufficient… Last, the EU was not prepared for the pandemic…. Building a racing machine only when the race has started means delays.”

In an essay titled, “Why the EU Lost the Vaccine War,” Bruno Maçães, a Portuguese political scientist and former Portuguese Europe Minister, wrote that the bloc’s unease with technology was partly responsible for the delays:

“There is a lot that went wrong with the European Commission’s vaccination strategy. But before everything else, there was complacency…. There was no urgency in signing the necessary contracts with the most promising manufacturers, with protracted haggling over prices further delaying the process….

“During a pandemic, it makes a vital difference whether vaccines are available now or in two months’ time, both in terms of saving lives and resuscitating the economy….

“This was never understood in Brussels, with the Commission insisting it had secured billions of doses but forgetting to consider when these doses would be available. Even in normal times, being able to lead in key technological areas will sooner or later be translated into more visible forms of global power….

“The main question posed by the pandemic will be the one concerning technology. The responses adopted by governments around the world seem to fall into two main categories. Those countries able to leverage new and emerging technologies to fight the virus have done better in limiting the number of cases and fatalities, while managing to keep most of their economies and societies operational. The countries unable to use technology had to rely on lockdowns, quarantines, generalized closures and other physical restrictions — the same methods used to fight the Spanish Flu more than a century ago and, in many cases, with the same slow, painful results.

“I now fear that the European Union will find itself in the impossible situation of having to prolong some of the existing restrictions beyond the summer, while both Britain and the United States start to normalize. That is the cost of the vaccine delays: a very high cost in lives, prestige and further economic losses. The current crisis has the potential to spiral out of control. The imperative was to reduce the risks of that happening, no matter what the immediate financial cost. But again, to think technologically rather than legally is something that Brussels struggles with. Economies of scale, exponentials, tail risks — all foreign concepts.”

Bloomberg News, in an essay titled, “Faced With a Vaccine Emergency, the EU Made an Enemy of Everyone,” observed:

“The events leading up to the decision to control exports show von der Leyen’s team buckling under the immense pressure to fix its vaccination program. Beginning the week under fire for moving too slowly, they ended up possibly making things much, much worse by moving too fast.

“On top of the faltering vaccine program, which is likely to cost thousands of lives and billions in lost output, von der Leyen and her team have done real damage to the EU and its self-image as a champion of open markets and the rule of law.”

Adrian Wooldridge, political editor of UK-based magazine, The Economistsaid,

“The EU Commission is very good at negotiating things like trade deals, but traditionally it hasn’t had competence in such matters as vaccines and contract negotiations, which were left to member states. The commission decided to aggrandize its competence and it wasn’t up to the job — it didn’t have the right people or the right skills.

“By contrast, Britain put a successful venture capitalist specializing in biosciences, Kate Bingham, in charge of its vaccine procurement program. Her competence is in buying vaccines and drawing up contracts, and that’s not the competence of Ursula Von der Leyen or anyone within her employ.”

In an essay titled, “The Best Advertisement for Brexit,” Die Zeit, one of the most pro-EU newspapers in Germany, wrote:

“In the dispute over the delivery delay of the AstraZeneca vaccine, the EU Commission is currently making the best advertisement for Brexit: It is acting slowly and bureaucratically and is resorting to protectionism. And if something goes wrong, it’s everyone else’s fault. This is how many Britons see the EU and so the prejudices have been confirmed: ‘Now I understand Brexit better,’ an AstraZeneca employee said on television.”

In another article titled, “Europe Loses the Vaccination Competition,” Die Zeit wrote:

“This is a disaster for the European Commission. Since last autumn, their spokespersons have repeatedly referred to the necessarily secret nature of the negotiations with the pharmaceutical companies. Again and again the message was: ‘Trust us! We have a clear mandate from all EU member states and we are in a position of strength vis-à-vis the manufacturers.’ European ideology was certainly involved: ‘together we are superior to all others and therefore we do not get involved in a global race for vaccines.'”

In an op-ed titled, “How Europe Dodges Responsibility for its Vaccine Fiasco,” the UK-based magazine, The Economistwrote that EU member states share responsibility for the current state of affairs:

“Start with the body Mrs von der Leyen heads: the commission. It took months to sign contracts for covid-19 vaccines, something that could have been done in weeks. Shrugging off liability — ensuring that the drug firms were on the hook should anything go wrong — was prioritized over speedy delivery. The row with AstraZeneca was badly handled. In a mix of institutional panic and fury, Mrs von der Leyen demanded export controls on any vaccines heading out of the EU. This threat of a blockade led to concern from Tokyo to Ottawa, rather undermining the EU’s claim to be the doughtiest defender of the rules-based trading system….

“But no one forced national governments to put the commission in charge. Legally, EU institutions have barely any responsibility for the health care of the continent’s citizens, which is left to national governments. Rather than deal with the tricky politics of some EU countries buying more vaccines than others, governments outsourced the job to the commission. Commission negotiators, used to arguing over simpler things like beef quotas in trade deals, were tasked with dealing with makers of novel pharmaceuticals. Reshuffling institutional responsibilities while in the middle of a crisis is risky, yet surprisingly normal in the EU. The job of overseeing a project costing €2.7bn ($3.35bn) to vaccinate 450m people was handed to a department whose main previous concern was food labelling — all at the behest of national capitals.”

Roland Tichy, founder of the influential German blog, Tichys Einblickpredicted that the vaccine debacle would result in EU member states clawing back decision-making powers from the European Commission:

“Ursula von der Leyen combines decisiveness with ineptitude. She represents a confused ideology and despises democracy and self-determination. Her blind belief in the blessings of a central (istic) bureaucracy destroys the diversity and efficiency of European states and cities. Ursula von der Leyen could be the nail in the coffin of this kind of union of bureaucrats and ideologues. Nobody needs this kind of paternalistic EU except for failed politicians and far too many overpaid bureaucrats who use it to expand their own power, importance and income.

“Ursula von der Leyen involuntarily is setting the pace. She is a pacemaker for an EU that is being cut back to size in the direction of the original European Economic Community: a common Europe without borders — but with lively democracies that work for their citizens instead of reducing them to being subjects of the EU.”

In scathing commentary published by Bild, Germany’s largest-circulation newspaper, chief political reporter Peter Tiede concluded:

“This is a health disaster of unprecedented proportions. For us Germans and for all of Europe! The EU’s vaccination order is a debacle. One that will cost lives.

“The United States launched the largest vaccination program in history (‘Warp Speed’) last April. And what did the EU do?

“It created the biggest trust-destruction program in its history: too bureaucratic, too stingy and above all too slow. With this, Brussels and all of the national governments involved have achieved one thing: to confirm the weakness of Europe.

“Worse still: At all levels, those in power in Brussels and Berlin respond to indignant and disappointed citizens with arrogance — ‘It’s not our fault!’

“This epochal failure must be investigated down to the last detail and there must be consequences. Not sometime in the future. NOW! Anyone who has negotiated and approved this has to go.”

end

This is good!!: The top Hague Court has just ordered the Dutch government to lift the “illegitimate” pandemic curfew

(zerohedge)

“Far-Reaching Violation”: Dutch Govt Ordered To Lift ‘Illegitimate’ Pandemic Curfew By Hague Court

TUESDAY, FEB 16, 2021 – 10:52

A top court in The Hague issued a “shock” ruling that curbs the power of civic authorities to impose sweeping coronavirus-related curfews which should have significant reverberations legally for similar scenarios in other countries.

“The curfew must be lifted immediately,” the court said in a statement, underscoring that the Dutch government is abusing its powers by violating freedom of movement and assembly in particular. The pandemic curfew must be reversed immediately, the government has been told, which comes after weeks of fierce protests by an angry population which seems to have rejected it in unison.

In the official court statement, the Hague deemed the invocation of the Extraordinary Powers of Civil Authority Act to impose a national curfew is not justified on the basis of the COVID-19 emergency. The law allows the government to circumvent normal legislative channels to impose curfew in “very urgent and exceptional circumstance”.

The curfew is a far-reaching violation of the right to freedom of movement and privacy and (indirectly) limits, among other things, the right to freedom of assembly and demonstration,” The Hague court said.

“The Preliminary Relief Judge ruled that the introduction of the curfew did not involve the special urgency required to be able to make use of the [act],” the Hague said. One key issue cited is that the government had plenty of time to discuss and consider such a curfew through the normal legislative process, thus “the use of this law to impose curfew is not legitimate,” according to the ruling.

The Netherlands’ curfew had been among the most draconian in Europe and the world. While early in the pandemic during the first wave of lockdowns a number of countries had imposed such curfews, since January 23 Dutch citizens were ordered to remain home between the hours of 9pm and 4:30am, which would result in steep fines if violated. It was to be in effect until March 2.

While there were “exceptions” in cases of medical emergencies or work deemed “essential”, Dutch citizens by and large were outrage, expressing their frustrations through multiple nights of protests and rioting, which resulted in hundreds of arrests.

The Hague ruling was triggered by the Virus Truth Foundation filing a lawsuit which sought to get the curfew overturned as a violation of civil rights and the national Constitution.

Meanwhile, in a sign of a continuing legal fight to come… because “science”:

Virus Truth Foundation noted on its website, “We fight for the preservation of a democratic constitutional state in which our children still have the opportunity to develop themselves in freedom and to live a life with their own beliefs and opinions.” It’s hailing the ruling as a major victory.

Crucially this had been the first such curfew imposed on The Netherlands since World War II, which is in part why it was greeted with such hostility among the public. Demonstrators noted it was neither wartime, nor is the country under threat of invasion.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/EUROPE

Robert H to me:

Russia ready to break ranks with Europe:

The Bell/Robert H)

Лавров назвал условия разрыва с Евросоюзом

This will likely GO over the heads of many people, but Lavrov is the leading class act statesman globally and what he says deserves attention as he chooses his words with care and is not reckless.
Lavrov said :” “Мы исходим из того, что мы готовы [к разрыву с Евросоюзом]. Если мы еще раз увидим, как мы уже почувствовали не единожды, что в каких-то областях накладываются санкции, которые создают риски для нашей экономики, в том числе в самых чувствительных сферах, — да. Хочешь мира — готовься к войне”

“We proceed from the fact that we are ready [to break with the European Union]. If we once again see, as we have already felt more than once, that sanctions are imposed in some areas that create risks for our economy, including in the most sensitive areas, – yes. If you want peace, prepare for war“.

I would call this a red line in political speak. I find this most interesting as Germany’s largest trade partner looks like it will be China by the end of this year. The ramifications from this will spill over onto other members of the Euro zone who cannot accomplish the same mercantile strategy of Germany as many participants are limited by Trade Credit availability due to weakness in other Euro zone countries. And it may actually act to cause weaker member nations to leave to secure trade by currency devaluations down the road.

All the efforts to run a parallel digital Euro will likely face unforeseen challenges from within the Euro zone itself going into next year.

https://thebell.io/lavrov-nazval-usloviya-razryva-s-evrosoyuzom

END

Russia “Ready” To Cut EU Ties If Bloc Moves On Putin Inner Circle Sanctions

SATURDAY, FEB 13, 2021 – 7:35

The arrest and recent prison sentencing of anti-Kremlin activist Alexei Navalny continues to drive a wedge between Russia and Western Europe, following recent tit-for-tat sanctions in the form of travel bans against each side’s intelligence and diplomatic officials.

According to the latest, “Three European diplomats told Reuters on Thursday the EU was likely to impose travel bans and asset freezes on allies of Russian President Vladimir Putin, possibly as soon as this month.”

The imminent punitive measure comes after last week Russia expelled diplomatic personnel from the German, Swedish, and Polish embassies over accusations they were stoking ‘unauthorized’ pro-Navalny protests across various Russian cities. Adding insult to injury, the EU foreign policy chief Joseph Borrell was on an official visit to meet with officials in Moscow at that very moment, which caused deep embarrassment given he wasn’t so much as informed of the action to ban the European diplomats.

EU foreign policy chief Joseph Borrell in Moscow last week.

On Friday Russian Foreign Minister Sergei Lavrov specifically addressed the possibility of cutting ties with the EU altogether amid the spiraling diplomatic crisis. “We proceed from the fact that we’re ready (for that). In the event that we again see sanctions imposed in some sectors that create risks for our economy, including in the most sensitive spheres,” Lavrov said, according to Reuters.

“We don’t want to isolate ourselves from global life, but we have to be ready for that. If you want peace then prepare for war,” he said ominously.

In follow-up, Kremlin spokesman Dmitry Peskov essentially confirmed that if Brussels cuts ties first, then Moscow would swiftly do the same in comments that appeared to try to soften Lavrov’s earlier threat. “If the EU goes down that path then yes, we should be ready, because you have to be ready for the worst,” Peskov said.

Germany in response condemned the “threat” as “really disconcerting and incomprehensible,” according to a foreign ministry statement.

The Kremlin earlier this month alleged a hidden ‘foreign hand’ behind the recent pro-Navalny protests which in some cases have involved fierce clashes with riot police. The demonstrations have gripped international headlines for the past multiple weekends, and the US Embassy in Moscow has appeared to be vocally supportive.

In response to allegations that German, Swedish, and Polish diplomats took part or at least encouraged the anti-Kremlin rallies, Russia’s foreign ministry cited the Vienna Convention on Diplomatic Relations of 1961 to give legal authority to its expelling “diplomats who took part in unauthorized rallies” who have since been declared personae non grata.

end

ISRAEL
Israel develops a drone that navigates without a GPS.  Mr. Biden: do you still want to snub Israel?
(zerohedge)

Israel Develops Drone That Navigates Without GPS

FRIDAY, FEB 12, 2021 – 23:20

The inevitable is coming. Either cheap GPS signal jamming technology or hypersonic missiles destroying a mesh network of GPS satellites will threaten drones on the modern battlefield when the next conflict breaks out.

That’s why Israeli startup Sightec developed the first-ever artificial intelligence-powered drone that can navigate without GPS connectivity. The drone uses “its own judgment powered by computer vision and smart tech, to reach its destination and avoid crashes without human assistance,” said Mashable.

The drones are embedded with special software called NaviSight, which transforms cameras embedded on the device into sensors that in real-time uses artificial intelligence to navigate like a human pilot, without depending on GPS.

A recent test was conducted in Southern Israel using a drone with the startup’s NaviSight technology. The drone successfully operated five routes.

“Drones which can find their own way won’t have to depend on GPS which is vulnerable to cyber attacks, and the innovation also protects people from drones crashing into building when they lose connectivity to navigation systems. The autonomous ops are being pitched as a provision for emergency situations, and the drones also deploy 3D mapping to help the software sidestep obstacles,” Mashable added.

This technology will come in very handy during the next global conflict between the US and China or the US and Russia. Either side will attempt to paralyze their opponent’s GPS satellites in low Earth orbit, which would create widespread chaos on the modern battlefield.

There is another threat to GPS-dependent devices, that is, the strongest solar cycle on record is imminent.

END

Iran/Afghanistan/ 

Powerful explosion at the Iran=Afghan border with 500 trucks catching fire. Probable instigator: ISIS

(zerohedge)

“Powerful Enough To Be Spotted From Space”: Fuel Tanker Convoy Explodes At Afghan-Iran Border

SATURDAY, FEB 13, 2021 – 12:25

A fuel tanker truck explosion on the Iran-Afghanistan border on Saturday caused a chain reaction of blasts so large it could be observed from space.

According to the Associated Press, “Two explosions at the border crossing were powerful enough to be spotted from space by NASA satellites. One blast erupted around 1:10 p.m. Afghan time (0840 GMT), the next around a half hour later at 1:42 p.m. local (0912 GMT).”

Iranian state TV is reporting that over 500 trucks transporting natural gas and fuel caught fire as the explosions intensified.

The blaze continued through the day at the Islam Qala border crossing, which is among the busiest border and commercial transit routes connecting Iran and Afghanistan.

While multiple injured have been rushed to the hospital, emergency workers have struggled to assess casualties given the blaze’s intensity made the whole area difficult to access.

Saturday’s huge blast on the border, via IRNA

It’s as yet unclear whether the fuel convoy was subject to attack, or if the fire ignited accidentally.

The AP notes, however, that “The road between the city of Herat and Islam Qala is a dangerous stretch of highway that Afghans rarely travel at night for fear of attacks by criminal gangs. Taliban insurgents also travel freely in the area.”

And further, AP explained, “The United States allows Afghanistan to import fuel and oil from Iran as part of a special concession that exempts Kabul from sanctions against Iran. Satellite photos taken Saturday showed dozens of tankers parked at the border crossing before the explosion.”

Currently, the Iranian Army has been called upon to join emergency crews attempting to put out the blaze, which reportedly also destroyed buildings at the border crossing

end

TURKEY VS USA//SYRIA/PKK

Erdogan furious with the USA over their support for Kurds in Syira

(zerohedge)

Turkey Summons US Ambassador As Erdogan Blasts Biden’s Support For “Kurdish Terrorists”

TUESDAY, FEB 16, 2021 – 2:45

Turkey’s President Recep Tayyip Erdogan is once again blasting what he’s deemed US support of “terrorists” after a major incident in which Kurdish militants reportedly executed 13 kidnapped Turks in northern Iraq. Ankara on Monday summoned the US ambassador to express outrage at the lukewarm American statement on the killings which appeared to question the credibility of the Turkish claims.

“The United States said it stood by fellow NATO member Turkey and that it condemned the killings if it was confirmed that responsibility lay with the PKK,” according to a Reuters summation of the State Department statement. Erdogan and top officials were outraged, with the president in a speech before AK Party supporters calling the US official stance “a joke” and “ridiculous”.

Image: Anadolu Agency

“Now there is a statement made by the United States. It’s a joke. Were you not supposed to stand against the PKK, the YPG? You clearly support them and stand behind them,” Erdogan said, enraged by what’s being perceived as US skepticism over Turkey’s version of events.

The summary execution allegation against the outlawed Kurdistan Workers Party (PKK) was leveled on Sunday, and included claims the PKK had killed Turkish military and police which had been previously captured. Turkish officials described some of its forces were captured on Feb.10 during an operation against Kurdish militants in which 48 PKK members were killed.

Below is the US statement that Erdogan accused of being intentionally weak:

We stand with our NATO Ally Turkey and extend our condolences to the families of those lost in the recent fighting. The United States deplores the death of Turkish citizens in the Kurdistan Region of Iraq,” U.S. State Department spokesperson Ned Price said in a statement.

Price said that if reports that the PKK was responsible were confirmed, they “condemn this action in the strongest possible terms.”

Erdogan was visibly angry in a Monday speech he gave to supporters at an event in a coastal Black Sea town:

Tensions between the US and Turkey have already been on edge for years given the US backing for the Kurdish-led Syrian Democratic Forces (SDF) in northern Syria. Addressing this, Erdogan continued: “If we are together with you in NATO, if we are to continue our unity, then you will act sincerely towards us. Then, you will stand with us, not with the terrorists.”

The US has closely worked with Syrian Kurdish YPG/YPJ forces in northern Syria despite Turkey officially seeing them as but an extension of the “terrorist” PKK, thus it’s not the first time Erdogan has denounced the US being ‘in league with terrorists’ while undermining a NATO partner.

Adding to these tensions, President Biden has lately vowed to toughen the US stance against Turkey, which could go so far as sanctions, particularly over its acquirement of Russian S-400 anti-air defense systems.

6.Global Issues

NATURAL NEWS.COM

CDC DATA:  CORONAVIRUS VACCINE HAS CAUSED 501 DEATHS AND OVER 11,000 ADVERSE REACTIONS SO FAR!

CDC data show coronavirus vaccine has caused 501 deaths and over 11,000 adverse reactions (so far)

Image: CDC data show coronavirus vaccine has caused 501 deaths and over 11,000 adverse reactions (so far)

(Natural News) According to reports submitted to the Centers for Disease Control and Prevention (CDC), as of Jan. 29, at least 501 people have died after receiving the Wuhan coronavirus (COVID-19) vaccines. These numbers were reflected in the reports filed between Dec. 14, 2020 and Jan. 29, 2021.

The data came from the CDC’s Vaccine Adverse Event Reporting System (VAERS), a federal program that collects information regarding adverse events that occur after a person receives a vaccine.

According to the latest data, procured from VAERS on Jan. 29, 11,249 people have reported experiencing an adverse reaction to either the Pfizer or Moderna coronavirus vaccine. The Food and Drugs Administration has classified both vaccines as experimental and has only granted them emergency use authorizations, not full licenses.

Among the reported cases, 4,106 were classified as “not serious,” 1,066 resulted in hospitalizations, 383 were “life-threatening,” 156 resulted in a permanent disability and 501 resulted in the death of the recipient.

Some of the reported life-threatening events included 139 cases of Bell’s palsy-type symptoms – including facial asymmetry – and at least 13 miscarriages. (Related: Pfizer coronavirus vaccine warning: No breastfeeding or getting pregnant after being immunized… it might damage the child.)

Fifty-three percent of the individuals who died were male, 43 percent were female and the remaining four percent of reported deaths did not include the gender of the deceased. The average age of the fatalities was 77 and the youngest reported death was from a 23-year-old.

The Pfizer vaccine accounted for 59 percent of the reported deaths while the remaining 41 percent of people who died took the Moderna vaccine.

The states where the most deaths came from are California, Ohio, New York, Kentucky and Florida. They accounted for 136 deaths or 27 percent of all the reported coronavirus vaccine fatalities.

While the VAERS database has recorded 501 deaths, according to the Department of Health and Human Services the actual number of people who have experienced adverse events due to taking the coronavirus vaccines is likely significantly higher. This is because VAERS is considered to be a “passive surveillance system,” which means that it does not go out and collect information and instead relies on people to submit reports to the database.

Alternative news outlet Waking Times also pointed out that, historically, less than one percent of adverse events were reported to VAERS.

White House tasks CDC with investigating how many have died after taking coronavirus vaccine

The White House COVID-19 Task Force has asked the CDC to conduct a comprehensive study on how many people have died after receiving the vaccine. The task force also asked the CDC to note down the circumstances that led to their death.

The White House’s task force wanted to understand if the people who died after receiving the vaccine did so as a result of an adverse reaction to the vaccine, because of a coronavirus-related condition or from something else entirely.

The CDC would have to gather the data from state health departments, which are already being overwhelmed by all of the data they are getting for other COVID-19-related efforts, including testing, case positivity, hospitalizations and vaccine distribution.

The CDC would also be helped out by the fact that healthcare workers are required by law to report any incident listed by VAERS and the vaccine manufacturer as an adverse event. Healthcare providers are also encouraged to report any adverse event that occurs after the administration of a vaccine, as well as all vaccine administration errors.

After collecting the data from VAERS, the CDC would begin its investigation before coming up with a definitive conclusion on whether a reported adverse event actually has a connection to the administration of a vaccine.

The request for this study came up as the administration of President Joe Biden wanted to “update and reform” the way the federal government is collecting COVID-19 data and presenting it to the public. Biden even signed an executive order on Jan. 21 supposedly to make sure that the administration’s response to the coronavirus pandemic is “guided by the best available science and data.”

Learn more about all the deaths being reported as a result of taking the coronavirus vaccines by reading the articles at Vaccines.news.

END
A German Nursing home whistleblower gives his account on elderly dying just after the COVID vaccine was given. Many has now seen their health deteriorate
(zerohedge)

German Nursing Home Whistleblower: “Elderly Dying After COVID Vaccine”

SUNDAY, FEB 14, 2021 – 18:44

Via 21stCenturyWire.com,

Since the public release of the controversial mRNA vaccine, many disturbing reports of adverse reactions and untimely deaths have been mounting, including deaths following receipt of the experimental Pfizer/BioNTech shot are also emerging from Israel, Norway, Portugal, Sweden, and Switzerland.

According to Children’s Health Defense (CHD) board chairman Robert F. Kennedy Jr, “Coincidence is turning out to be quite lethal to COVID vaccine recipients.” Kennedy adds, “If the clinical trials are good predictors, the rate of coincidence is likely to increase dramatically after the second shot.”

According to records from the clinical trials, it is suggested that almost all the supposed benefits of COVID vaccination and the vast majority of injuries were associated with the second dose of the experimental mRNA vaccine.

Another case which is emerging out of Germany is particularly disturbing, and involves a cover-up by officials in what clearly appears to be linked to the administration of the Pfizer/BioNTech genetic product.

2020 News reports…

For the first time, there is an eyewitness report from a Berlin nursing home on the situation after the vaccination. It comes from the AGAPLESION Bethanien Havelgarten retirement home in Berlin-Spandau. There, within four weeks after the first vaccination with the BioNTech/Pfizer vaccine Comirnaty, eight of 31 seniors, who suffered from dementia but were in good physical condition according to their age before the vaccination, died. The first death occurred after only six days, and five other seniors died approximately 14 days after vaccination. The first symptoms of the disease had already appeared shortly after the vaccination.

From information available to 2020News the patients have not been duly informed about the risks of this vaccine. One reason being that no detailed information about the novelty of this mRNA vaccine which has only conditionally been certified in the European Union have been provided.

Attorney at Law Viviane Fischer and Attorney at Law Dr. Reiner Füllmich of the Corona Committee spoke in a video interview with the whistleblower about the closer circumstances of the vaccination, the symptoms that occurred and the different nature of the deaths in temporal connection with the vaccination.

On January 3, 2021, 31 female and male residents of the dementia ward “ground floor/protected area” had been vaccinated with Comirnaty. Relatives of another three seniors had objected to vaccination, and two residents were in terminal care, so no vaccination was given.

The residents of this ward are very active, “self defending” dementia patients who are physically in good condition. They are allowed to move around the ward all day without restriction. The day before the vaccination, the 31 vaccinated persons were all in good health. A few days earlier, all had tested negative for Corona, according to the whistleblower report.

According to the whistleblower, the first vaccination event with Comirnaty on January 3, 2021, took place in such a way that all residents were gathered in the recreation room of the first floor area. A vaccination team consisting of an aged vaccinator, three aides and two federal soldiers in camouflage uniforms performed the vaccinations. The home staff as well as the home physician assisted in the process. The role of the soldiers, who at no time moved away from the vaccine, has not been conclusively determined.

What the whistleblower was able to establish, however, was that the presence of the uniformed men greatly intimidated the seniors. The group, which normally shows a “strong defensive behavior” in the case of unfamiliar treatments, was hardly recognizable, so predominantly “lamblike” they had let the vaccination with Comirnaty pass over them. The whistleblower suspects that this could also be related to the fact that the elderly seniors, who had still experienced the war, could not properly assess the role of the soldiers and possibly felt reminded of war-traumatic circumstances.

During the first vaccination, a resisting senior citizen was detained by a nurse under the watchful eyes of the German soldiers, the eyewitness reported. A judicial decision for the detention, which as such represents a coercion and therefore requires in principle a judicial evaluation in the individual case, had not been issued.

According to the whistleblower’s account, the administration of the second vaccination dose took place without warning always on the spot where the person to be vaccinated was found. For example, an elderly lady lying unsuspecthe ingly in bed who began to resist the second dose was restrained by two members of tnursing staff in order to overcome her resistance – again without the necessary court order. The swabbing for the PCR test, which some seniors tried to resist, is also regularly done with the use of physical force against the seniors resisting the unwanted treatment, the whistleblower said.

According to the whistleblower, the vaccination education of the caregivers and relatives – the seniors are unable to effectively consent to vaccination due to their dementia – was based on outdated information sheets from the RKI/Grünes Kreuze. In particular, the information required by Regulation (EC) No. 507/2006 on the fact the vaccine Comirnaty has only been granted conditional marketing authorization and why this is the case is missing. In particular, the information should have been provided that from the point of view of the regulatory authority EMA, the data situation still needs to be improved with regard to various aspects, e.g. the interaction of Comirnaty with other drugs.

Already on the day of vaccination, four of the vaccinated seniors began to show unusual symptoms. In the evening of that day they were fatigued and extremely tired, some of them fell asleep at the table during dinner. A sharp drop in blood oxygen saturation was noted. In the further course, the leaden fatigue continued, the oxygen saturation in the blood remained insufficient, in some cases gasping breathing occurred, and fever, edema, skin rash, a yellowish-gray discoloration of the skin, and a (characteristic) muscle tremor of the upper body and arms occurred.

The seniors also showed a change in demeanor, were partially unresponsive, and refused to eat or drink. One vaccinated senior, who had previously been “in great shape” for her age and suffered from no serious previous illnesses, died as early as January 9, 2021, just six days after vaccination. Deaths among vaccinated seniors and senior citizens occurred on January 15, January 16, January 19 (2 deaths), January 20, February 2, and February 8, 2021. The most recently deceased senior citizen was a former opera singer who had been playing the piano the day before vaccination. The whistleblower reports on the state of health that the old gentleman regularly went jogging, danced, played music and was otherwise very dynamic and active.

Of the seniors who tested negative before vaccination, various suddenly showed a positive test result after vaccination. However, all of these seniors did not show any of the known COVID-19 symptoms, i.e., symptoms of colds such as cough, cold, loss of sense of smell and taste, etc.

On January 24, 2021, the second dose of Comirnaty was applied to 21 seniors. After this vaccination, according to the whistleblower, eleven seniors are now showing persistent extreme fatigue, partially gasping for breath, partially edema, skin rash, and the yellowish-grayish skin discoloration. As of February 10, 2021, none of the seniors who received the second dose of Comirnaty has died, but the health of some of the seniors in this group is steadily deteriorating…

Continue this story at 2020 News…

end
CORONAVIRUS UPATE/VACCINE UPDATE//MONDAY

South Korea Latest To Doubt AstraZeneca Jab As Cuba Joins COVID Vaccine Race

MONDAY, FEB 15, 2021 – 17:10

Summary:

  • UK PM says likely won’t need “vaccine passport” to go to “the pub”
  • UK reportedly finishes vaccinating everyone over 70 who wanted a vaccine
  • EU anti-fraud office widens probe into fake vaccines
  • WHO: notion of vaccine passports should be discussed
  • Cuba joins COVID vaccine race
  • US COVID cases fall to lowest level since October
  • Global vaccine count nears 175MM
  • US COVID case tally nears 30MM
  • France warns on “variants” spreading
  • Indian Institute agrees to supply Canada with vaccines
  • Cambodia reports first cases of UK variant
  • Tokyo infection numbers fall on daily basis

* * *

As the number of confirmed COVID-19 infections in the US races toward the 30MM mark (the tally was at 27.6MM confirmed cases as of Monday morning, according to Johns Hopkins), new cases are tumbling to their lowest daily tallies since October, as weather – if only for a brief moment – reasserts itself as America’s favorite national topic of discussion.

Cuba has joined the race (via Mexico, according to Bloomberg) to produce COVID-19 vaccines (while also developing its own home-grown vaccine program), however, it appears doubts about the efficacy of new mRNA vaccines are lingering.

The US isn’t the only country seeing falling COVID rates: the global daily rate of new COVID cases has fallen to 275.9K.

But the US is also leading the world in vaccinations, at a rate of nearly 1.7MM people per day, while more than 173MM doses of various vaccines tracked by Bloomberg have been given, according to official data.

Worries about “regional spread” of various COVID-19 “variants” (mutated strains showing higher levels of infectiousness and increased resilience to the first generation of vaccines) remains high around the world, as France worries about variants of the coronavirus that are spreading in some northern and eastern parts of France).

But in Brussels, the EU anti-fraud office has warned the governments of its member states to be on alert to schemers looking to sell fake COVID-19 vaccines as some members “get desperate” after the Continent’s vaccine rollout, which has been criticized by some as painfully slow.

In the UK, PM Boris Johnson announced Monday that the government and the NHS had achieved their goal of vaccinating everyone in the country over the age of 70 who wanted a vaccine. Meanwhile, the first wave of passengers temporarily staying in British airport hotels to begin 10 days of isolation as tough new quarantine measures, justified by news about the potentially more dangerous new variants, came into effect. BoJo also said during an interview earlier that while Britons likely won’t need a “vaccine passport” to visit the local pub, the policy is still “in the mix” when it comes to international travel.

In other news out of the US, California’s 14-day positive test rate dropped to 4.6% yesterday, the lowest since Nov. 15, while Ohio reported 1.8K cases, the fewest since October.

Here’s some more COVID news from overnight and Monday morning:

  • India’s Serum Institute has agreed to ship COVID-19 vaccines to Canada within a month, its CEO said, a sign that a diplomatic dispute between the two countries is cooling. India earlier took umbrage after Canadian Prime Minister Justin Trudeau said months-long protests by farmers on the outskirts of Delhi were “concerning” (Source: Nikkei).
  • Cambodia reports its first cases of the highly contagious U.K. variant, after three foreigners who arrived from overseas tested positive while in quarantine (Source: Nikkei).
  • Tokyo reports 266 infections, down from 371 a day earlier. While figures on Monday tend to be lower than other days, it was the ninth consecutive day for the capital to register fewer than 500 cases (Source: Nikkei).

Finally, in the latest setback for the AstraZeneca COVID-19 vaccine, South Korea has decided not to use the AstraZeneca vaccine on people 65 and older until researchers can confirm the vaccine’s effectiveness on patients in the age group, continuing a trend that began in Europe, when Germany, followed shortly thereafter by France, declined to approve the vaccine in people 65+ without further study embarrassing the UK after its government became first in the world to approve the AstraZeneca-Oxford vaccine.

end
An email from Robert H to me:
a good read…

Capital and Money velocity and the future.

Globalism serves to destroy sovereign and accountable government. In the US, globalism destroyed the manufacturing middle class, over the last 30 years.  Now Covid lockdowns are destroying the remainder of the middle class—family businesses.  Businesses have fixed costs.  When they cannot operate red ink mounts and the businesses fail.  The lockdowns together with jobs offshoring monopolize the economy in few hands.  This is not a theory.  It is what we are experiencing.  Feudalism is being resurrected.  A few lords and many serfs. The serfs will be dependent on the lords and will have no independence. Canada is no different nor is Europe or anywhere else. History tells us that globalism enriched a few at the expense of many people who saw their jobs and lives exported to places like China who eagerly took what was offered. What gave prosperity after WWII was a rise of a middle class fueled by migration. Today this is being dismantled by lockdowns which threaten to destroy the notion of small and medium sized business which have been the major driver of jobs with as much as 70% of jobs created. But that is not all.
The current stark collapse in the velocity of money reflects the real expectations of the future. With Biden taking the White House, international capital simply does not believe the election was fair. The doubt about Biden really winning the election seems to be even stronger outside the United States than within based on all the insight being received. This lack of confidence is what we are witnessing in the stunning collapse in the velocity of money. That decline from 2007 subsided and began to improve with the election of Trump. But as the Pandemic was created, that velocity took a nosedive that looks more like the collapse of the monetary system of Rome during the 3rd century AD. This collapse has been simply unprecedented thanks to this politically manufactured crisis over a virus and resultant lockdowns.
When speaking the WORLD ECONOMIC  FORUM  Putin recently referred to the corona virus and lockdown crisis as being similar economically to the Great Depression, he pointed out that it is “inevitably affecting the nature of international relations and is not making them more stable or predictable. International institutions are becoming weaker, regional conflicts are emerging one after another, and the system of global security is deteriorating.” Can you see the warning of upcoming war? The biggest incentive to global peace has always been the American consumer economy which has lifted many a nation, but none like China. China was and is the favored nation of globalist profit making regardless of internal terrorism amongst their population. Transparency of intent is most needed and most repressed internally and externally to repress the truth and lies of globalism and the myth of of the Great Reset. Communism has failed every single time it has been attempted and it will be no different this time.

Recently, in a effort for transparency, the European Parliament, despite its publicly-stated support for greater transparency was, in fact, the only institution that refused to cooperate,” said Michiel van Hulten, who heads Transparency International’s EU office in Brussels. The EU is suddenly refusing any investigation of corruption because never before have they been so directed by an external force — The Great Reset — intent upon destroying all industries and jobs they deem not to be “green” adopting Schwab’s Fourth Industrial Revolution. Which is a recipe for failure as it fails to take into account human nature. And this is in face of out right rejection by both China and Russia which is the stumbling block to  success outside of Europe and North America accepting the boot of communism, which is not a given. We should expect major upheavals in Europe as spring arrives going into the fall.

In his address, Putin went on to say: “There is a chance that we will face a formidable break-down in global development, which will be fraught with a war of all against all and attempts to deal with contradictions through the appointment of internal and external enemies and the destruction of not only traditional values such as the family, which we hold dear in Russia, but fundamental freedoms such as the right of choice and privacy.” What the hell are lockdowns failing to do? The rise of drinking and drug abuse and social breakdown and misery caused by lockdowns is changing society and breaking down existing social order.

We are on the Brink of a crisis looming that will connect all of social, economic, and monetary issues with a collapse of food supply complicated by a weather patterns changing due to the solar minimum underway and not global warming. Whether it is the ice on the Thames in London, a first in 60 years or the snow and ice hitting Dallas; the weather patterns are changing and we are not frying but freezing with natural gas prices hitting new highs causing economic grief. In a modern sense, the Reset crowd may well face the threat of a winter different but not unlike what crushed Napoleon in his ambition to conquer Russia, as a early cold winter crushed the  pride of France.

The future beckons to challenge everything we have known in a turbulent storm to a new horizons.

end

This weekend’s major events

Michael Every…

Rabobank: A Republican Civil War Post Trump Now Begins In Full

MONDAY, FEB 15, 2021 – 14:15

By Michael Every of Rabobank

Things Red and Blue

As expected, former President Trump was acquitted in his second impeachment trial over the weekend as only 7, not 17, Republicans voted with the 50 Democratic senators to convict. As also expected, this provides no political closure. Roses are red, violets are blue….and the two flowers don’t want to be in the same bouquet judging from the rhetoric flying around. Indeed, it’s more brickbats all round.

As noted weeks ago, a Republican civil war post Trump now begins in full. Senate Minority Leader Mitch McConnell castigated him while voting to acquit; the Republicans who voted to convict face local party censure; and Trump himself put out a public statement (not over Twitter, obviously) that the MAGA movement has “only just begun”. The US now enters an 18-month-plus period in which Trumpists may try to primary Republican Congressional candidates to deliver both the party and a Congressional majority to MAGA populism in 2022. The global implications of this very national struggle will likely be enormous.

Meanwhile, it’s hardly roses all round elsewhere:

  • Melbourne is into lockdown again, and Auckland too;
  • We just had the worst UK recession for 300 years, alongside warnings the British economy will collapse if the government forces firms to repay the vast sums lent to them in 2020 merely to stand still, and as the government still refuses to commit to a timetable to roll back lockdowns;
  • The White House has stated its “deep concerns” over the WHO’s investigation into the origin of Covid in China, suggesting US global reengagement will mean a struggle over control of such key multilaterals;
  • Russia says it is prepared to cut links with the EU if the latter imposes Magnitsky sanctions on it, quoting Vegetius: “If you want peace, you must prepare for war”. Although whether this includes stopping gas flows in a bitterly cold winter or not (as US prices explode higher) remains unclear, it *is* clear that the EU is never prepared for war of any kind;
  • On the trade side of which, the US is not going to drop tariffs on EU wine and cheese and other food imports any time soon, just as it isn’t on Chinese products; and
  • Tanks are rolling into the streets in Myanmar and the internet being shutdown despite the imposition of US sanctions on Burmese generals (and the alleged arrival of both Chinese and Russian “advisors”), showing the limits of US power in Asia.

But central–bank liquidity is still guaranteed come what may, so global markets don’t care at all for such boring brickbats. For them it’s all bouquets all day long. As such, is it any surprise that bubble indicators are starting to flash red all over, from record low US junk bond yields to record negative investment grade bond real yields, to the ‘Buffet index’ of US stock capitalisation to USD GDP? Or that Japan’s Nikkei just hit 30,000 for the first time since 1990? Which is a telling lesson in how long it takes to finally blow a bubble big enough to replace the one Japan blew back in the 1980s: and consider that as we are all told that we are turning more and more Japanese all over.

This central fact was summed up in rare creative fashion by the ECB yesterday, which in Trumpian fashion decided to use Twitter to communicate with the following tweet (which is not a joke):

“Roses are red, violets are blue; We’ll keep financing conditions favourable; ‘Til the crisis is through.” #ECBmyvalentine

Regular readers probably know that this particular Daily is never one to shy away from a rhyming poem challenge thrown down by a central bank. Indeed, we dream of the day the Fed challenges us to a limerick contest over policy:

“There was a young man from D.C.; Who dabbled too much in QE;

Up went all asset prices; Ending up with a crisis;

That crushed all of his authority.”

Or perhaps “Feeling much like our groins met his knee”; or

Leaving crypto still THE place to be”, given what Bitcoin is going again, and who looks like following its vapour trail into the ether; or even

What then for our democracy?”, to get all 1930s, which seems particularly appropriate given the whole ‘Roaring 20s’ nonsense out there as the current market meme du jour. But I digress: simply allow me to respond to the ECB in romantic, rhyming-poem kind:

“Roses are red, violets are blue; Do you really need Twitter; For forward guidance anew?”

“Roses are red, violets are blue; It’s US *fiscal* policy; That’s got us all a stew.”

“Roses are red, violets are blue; Do you really believe; Germans will do that too?”

“Roses are red, violets are blue; Your promise means nothing; If long rates go up too.”

“Roses are red, violets are blue; If you peg down the yield curve; Does it say ‘free market’ to you?”

“Roses are red, violets are blue; Then explain what your FX; Will concurrently do.”

“Roses are red, violets are blue; Time to flush all econ textbooks; Straight down the loo.”

“Roses are red, violets are blue; You don’t know what you’re doing; It’s sad, but it’s true”

“Roses are red, violets are blue; This will all get political; Expect real hullabaloo.”

“Roses are red, violets are blue; Many voters hate QE; So they’ll soon hate you too.”

end
Tuesday, Michael Every…

Rabobank: We Soar In 2021 Then We Crash Back Again In 2022

TUESDAY, FEB 16, 2021 – 9:50

By Michael Every of Rabobank

I Just Don’t Have the Energy

It takes a lot of energy to keep repeating how out of line with reality our current market exuberance is. (“Riskiest borrowers make up biggest share of junk bond deals since 2007” says the FT today. After all, there are no global risks,….right?)

The good news: we are doing well in some places with the virus vaccines. Israel shows two shots help reduce infection rates in the over 60s by 94%; however, there has also been a marked drop-off in vaccination rates in other demographics there, and its hospitals are being told to prepare for a surge in the admittance of sick children who cannot get vaccinated. Moreover, the UK has reported *another* virus strain that is particularly worrying. In some African economies estimates are that it could take 3-5 *years* to get people vaccinated against the original strain at the current pace. In short, this is still a race against time – and yet markets have decided we can all stop running and drink the victory champagne here. That is no way to win a race.

Energy is the latest example. While 2020 brought us negative oil prices, 2021 brings wall-to-wall talk of a floor-to-ceiling green revolution AND a surge in oil and gas prices, helped by a bitterly cold winter. As a result, Texan energy prices from the electricity grid surged 10,000% yesterday and millions are still without power, prompting the Soviet-style joke on Twitter: “Texas is proof that if you assemble enough Californians in any one place, a rolling blackout occurs”. Moreover, consider the spike in oil prices is happening despite nobody flying anywhere: imagine where oil would be today if they were. The geopolitical backdrop certainly isn’t helping keep energy prices low, however, with Houthis off the US terrorist list and then immediately striking the Saudis; Russia rattling sabres at the EU;, Iran saying it won’t allow some nuclear inspections past next week; a US contractor being killed by a rocket attack in Iraq; and Turkish President Erdogan claiming that the US is supporting PKK terrorists in Iraqi Kurdistan who recently killed 13 Turkish hostages.

Yes, higher oil pushes up US breakevens and hence a lot of the ‘reflation trade’ momentum. But does anybody believe that pushing up energy bills 10,000% is what people mean when they conceive of ‘reflation’? I bet an hour of good ‘ol Texas electricity that Joe Public is thinking of higher wages – not oil, gas, electricity, rent, or food prices as a sign of ‘recovery’.

Yes, we have major US fiscal stimulus, and significantly north of $1 trillion is likely to flow into the economy soon, it seems. Yet none of this is going into productive investment like the power grid, or any green new deals, just into consumers’ and states’ pockets; and none of it changes the structural balance of power between labor and capital.

On one hand this money *is* badly needed by struggling millions (and states); yet it will be a sugar-rush high that temporarily pushes up demand (and covers for tax shortfalls) against limited supply, and so sees inflation spike even higher. If it is spent: a Bloomberg/Morning Consult survey, whose numbers sum to 161% not 100% due to multiple answers being possible, showed that while 62% of those asked said they would allocate their stimulus money to food, housing, and health, a further 34% said they would save it, and 20% said it would be used to pay down credit card or student debt. But hey, I am sure some champagne will get drunk too.

Then we crash back again in 2022 as stimulus wears off AND inflation base effects flip the other way, and we face the same structural economic problems while the political capital for stimulus may have been expended.

At which point, we are already in the run-up to the November 2022 Congressional elections, where we already have former Trump strategist Steve Bannon floating the idea that former-President Trump could run for Congress and become Speaker of the House in order to impeach President Biden(!) (The unofficial Trumpforspeaker.com is already up and running before he is.) Meanwhile, Speaker of the House Pelosi is pushing for a 9-11 style commission to investigate what happened on 6 January – so little sign of politics returning to unity or even to normal.

Anybody thinking this is the time to be cracking open the political champagne because fiscal and monetary policy are about to work in unison must already be drunk.  Unless, of course, one thinks both a future Trumpist Republican party and a Biden Democratic party would find common ground on fiscal-monetary fusion ahead. That could prove possible given the demands of the population.

Yet if so, consider what would follow. If it’s Trumpism, we know it is tariffs and MAGA; and looking to the EU as a lead for the Green Biden White House, wouldn’t it logically mean similar things in different guise?

A key European steelmaker just argued that in order to decarbonize they are going to have to invest EUR15-40bn, which will push up the price of ‘green’ steel. Positively, that would mean both inflation, which we have now, and lots of capital investment, which we don’t. However, if it doesn’t mean higher wages too, it means poorer consumers. They would likely then opt for imported ‘dirty’ steel from China…which is why we see suggestions there may be EU ‘green’ tariffs. That is decarbonisation and deglobalisation unless all economies act in green lockstep – and it still hinges on higher pay, which still requires more barriers for goods, services, and capital in developed economies. Imagine that with a big government fiscal push behind it too.

So, yes, there is a path to real reflation ahead, if we have the energy. But it isn’t what we are seeing now in Texan energy markets, which is partly weather, partly supply and demand, and a lot of asset-price juicing by central banks (e.g., the RBA’s minutes today made clear that rates are on hold for years and years, and QE is not going to end soon) alongside traditional sugar-high fiscal spending.

The ultimate path to real reflation likely runs through something far more like the heavily-regulated world of Bretton Woods than the heavily deregulated world of Bloomberg Woods. Few in said markets seem to have the mental energy to understand that uncomfortable fact, however.

end

7. OIL ISSUES

Power prices will rise across the USA due to the cold weather.

(zerohedge)

end

Polar Vortex ‘Paralyzes’ Texas Refineries, Forced To Shut Down Amid “Severe Cold Weather”

MONDAY, FEB 15, 2021 – 13:50

A brutal polar vortex has paralyzed much of Texas.

Three million people are left without power as an extreme cold snap sends power demand to record highs. Energy infrastructure, such as natural gas pipelines have frozen, halting fuel flow to powerplants, resulting in record-high electricity rates. Now we’re learning the chaos has spread to the crude complex in the state.

Bloomberg reports Motiva Enterprises will shut down its Port Arthur refinery due to the cold weather. The refinery is North America’s largest refinery, with a crude capacity of more than 630,000 barrels a day.

“Unprecedented freezing temperatures necessitated safely and methodically shutting down our Port Arthur Manufacturing Complex. We are carefully monitoring weather conditions and will resume normal operations as soon as it is safe to do so,” the company said in a statement. 

Reuters reports Chevron Phillips Chemical Co is preparing to shut down its refinery at Pasadena refinery because of the cold weather.

Sources told Reuters, ExxonMobil Beaumont Chemical Plant is planning to shutter operations due to “severe cold weather.” ExxonMobil also said it’s experiencing operational issues “caused by a winter storm” at its Baton Rouge, Louisiana facility.

What could prompt more refinery closures in Texas and along the gulf could be temperatures this week remaining well below normal.

Over the last 24 hours, hundreds of daily records for cold temperatures were broken as Arctic air pushed all the way down to the Gulf of Mexico.

WTI crude futures were squeezed above the $60 handle on news of refinery troubles in Texas.

*This story is developing.

end

Tuesday morning:

4 Million Texans Without Power Amid Grid Collapse, As Second Storm Nears

TUESDAY, FEB 16, 2021 – 8:20

Update ( 0832 ET): The Southwest Power Pool (SSP), which manages the electric grid and wholesale power market for the central US, including Kansas, Oklahoma, portions of New Mexico, Texas, Arkansas, Louisiana, South Dakota, North Dakota, Montana, Missouri, Minnesota, Iowa, Wyoming, and Nebraska, said Tuesday morning that blackouts would continue for a second day. 

Here’s what blackouts in Houston looked like overnight.

* * *

Four million Texans are without power Tuesday morning after a polar vortex split poured Arctic air into the region, collapsing the state’s power grid, forcing grid operators to impose rolling blackouts because of higher power demand.

The PowerOutage.us website, which tracks power outages, said four million Texas customers were experiencing outages at 0630 ET Tuesday.

Houston Police Chief Art Acevedo tweeted that a weather-related death was reported Monday night. He said exposure to “extremely low temperatures” was the cause of death.

Acevedo tweeted, “Please pray for our elderly and vulnerable populations tonight. With the 2nd consecutive night of massive power outages and frigid cold, many lives are at risk. State of Texas leaders must do better, lives depend on it.”

Refinitiv data shows Texas continues to deal with Arctic air, now stretching for the fifth day.

Below-average Texas temperatures will likely clear out by the end of the weekend.

ERCOT wholesale electricity prices topped the grid’s price cap of $9,000 per megawatt-hour several times in the overnight session. Reminding readers, ERCOT prices are usually around $25/MWh.

Meanwhile, rolling blackouts have set off a chain reaction of problems. RT News reports “some water treatment plants and cell phone networks” are offline.

Several metro areas across central Texas warned of water issues.

Cellular networks started to go offline as “backup generators at towers are freezing or running out of fuel or both,” tweeted County Judge KP George.

Governor Greg Abbott wrote on Twitter that “Texas power grid has not been compromised.” However, millions of Texans are unhappy with his response to the grid crisis that has sparked chaos across the state. He deployed National Guard troops to assist the state in relief efforts.

Living in Texas sounds like a third-world country. Here’s a tweet from Dallas County Judge Clay Jenkins:

“The additional shed coupled with increased demand will likely increase blackout numbers and times. We should discuss how Texas let this happen. I understand your anger. I’m angry too. But tonight-right now- is about human and animal survival. Check on and help one another!” 

President Joe Biden declared an emergency on Monday for the Lone Star State, where temperatures in some areas hovered near zero.

The freeze also took a toll on the state’s energy industry, the country’s largest crude refinery shuttered operations on Monday. Over the weekend, natural gas pipelines had restricted flow as wellheads froze.

… and the worst might not be over as a second winter storm could batter the state by midweek. 

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2149 DOWN .0026 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES MOSTLY /RED EXCEPT LONDON

USA/JAPAN YEN 105.54 UP 0.179 (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 1.3911   UP   0.0003  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2644 DOWN .0011 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  FRIDAY morning in Europe, the Euro ROSE BY 16 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE CLOSED 

//Hang Sang CLOSED 

/AUSTRALIA CLOSED UP 0.55%// EUROPEAN BOURSES ALL MOSTLY RED EXCEPT LONDON

Trading from Europe and Asia

EUROPEAN BOURSES ALL MOSTLY RED EXCEPT LONDON

2/ CHINESE BOURSES / :Hang Sang CLOSED  

/SHANGHAI CLOSED  

Australia BOURSE CLOSED UP 0.55% 

Nikkei (Japan) CLOSED UP 383.60  POINTS OR 1.28%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1805.40

silver:$27.29-

Early TUESDAY morning USA 10 year bond yield: 1.248% !!! UP 4 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.053 UP 5  IN BASIS POINTS from FRIDAY night.

USA dollar index early TUESDAY morning: 90.24 DOWN 24 CENT(S) from  FRIDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.19% UP 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.08.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.22%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.57 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 35 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.34% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.91% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.2106  DOWN     .0026 or 26 basis points

USA/Japan: 105.86 UP .484 OR YEN DOWN 48  basis points/

Great Britain/USA 1.3909 DOWN .0005 POUND DOWN 5  BASIS POINTS)

Canadian dollar DOWN 59 basis points to 1.2696

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

THE USA/YUAN OFFSHORE:  6.4254  (YUAN up)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.98  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield UP 5 IN basis points from FRIDAY at 1.285 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.090 UP 5 in basis points on the day

Your closing USA dollar index, 90.54 UP 7  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 7.25  0.11%

German Dax :  CLOSED DOWN 44.88 POINTS OR .32%

Paris Cac CLOSED UP 0.28 POINTS 0.00%

Spain IBEX CLOSED DOWN 49.80 POINTS or 0.61%

Italian MIB: CLOSED DOWN 163.50 POINTS OR 0.69%

WTI Oil price; 59.81 12:00  PM  EST

Brent Oil: 63.09 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.78  THE CROSS HIGHER BY 0.48 RUBLES/DOLLAR (RUBLE LOWER BY 48 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.34 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 :  60.22//

BRENT :  62.46

USA 10 YR BOND YIELD: … 1.294..up 8 basis points…

USA 30 YR BOND YIELD: 2.087 up 7 basis points..

EURO/USA 1.2116 ( DOWN 16   BASIS POINTS)

USA/JAPANESE YEN:105.91 UP .543 (YEN DOWN 54 BASIS POINTS/..

USA DOLLAR INDEX: 90.52 UP 4 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3913 down 1  POINTS

the Turkish lira close: 6.99

the Russian rouble 73.59   DOWN 0.29 Roubles against the uSA dollar. (DOWN 29 BASIS POINTS)

Canadian dollar:  1.2679 DOWN 43 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.34%

The Dow closed UP 64.35 POINTS OR 0.20%

NASDAQ closed DOWN 47.97 POINTS OR 0.35%


VOLATILITY INDEX:  21.64 CLOSED UP 1.67

LIBOR 3 MONTH DURATION: 0.191%//libor dropping like a stone

USA trading today in Graph Form

Bond Bloodbath Sparks Stock Slump; Dollar & Crypto Jump

TUESDAY, FEB 16, 2021 – 16:00

While bonds were making headlines on the business media, the real bloodbath was in Texas power markets with Spot Electricity hitting its $9000 cap..

Source: Bloomberg

But bond investors were really puking today, with 10Y up over 9bps testing 1.30%…

Source: Bloomberg

This is the biggest 3-day spike in yields since the election rebound…

Source: Bloomberg

The 7Y/10Y segment was the worst performer as we suspect swap and mortgage traders stepped into gamma- and delta-hedging…

Source: Bloomberg

As mortgage spreads have blown out the most aggressively since

Source: Bloomberg

Technicals seem to confirm 10Y breaking out also…

Source: Bloomberg

And the yield curve steepening is going vertical…

Source: Bloomberg

Is the market just full to the brim with fiscal and monetary largesse?

Real yields jumped to their highest since early January, led by gold…

Source: Bloomberg

Bitcoin topped $50k…

Source: Bloomberg

S&P hit the 3950 ‘Call Wall’ and stumbled…

TSLA tumbled back below $800 once again (as perhaps the limits of electrickery were exposed in the southern states’ chaos)…

Futures were holding up from yesterday’s gains but as Treasury yields surged, something snapped in stock-land. Small Caps and Big Tech were the day’s laggards and The Dow led with a green close…

Oil stocks led the way(again) along with financials (steeper curve)…

Source: Bloomberg

Notably the MSCI World index was up for the 12th straight day, its longest streak in 17 years (Nov 2004)…

Source: Bloomberg

Pot stocks managed gains today after a couple of ugly days…

Source: Bloomberg

And the original basket of WSB short-squeeze stocks sold off today ahead of the hearings…

Source: Bloomberg

VIX pushed notably higher today after crashing to a 19 handle on Friday…

As call buying continues to dominate put buying…

Source: Bloomberg

The dollar surged intraday, ramping to run stops from Friday before fading back…

Source: Bloomberg

Spot Gold prices fell back below $1800…

Source: Bloomberg

As the 50- and 200-DMA crossed over in a ‘death cross’…

Source: Bloomberg

Nattie prices jumped on the heels of the chaos across the southern states…

And the freezing temps wreaked havoc on Texas oil wells and refineries, sending oil production in the country’s largest crude-producing state plunging by more than two million barrels a day due to the storm, which has sent prices surging to $60 a barrel for the first time in a year. ..

Lumber has roared back to record highs on seasonally strong demand, prolonged maintenance, expansion delays, container shortages, and low producer stocks…

Source: Bloomberg

Finally, we note that stocks are the most ‘expensive’ relative to bonds since 2018 – is there an alternative after all?

Source: Bloomberg

Bye, Sue Herrera!

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

Treasury Yields Surge Above March Spike Highs As Gamma-Selling Kicks In

TUESDAY, FEB 16, 2021 – 11:04

10Y Treasury yields just surged above the spike high level of March…

Source: Bloomberg

Back to its highest since February 2020…

Source: Bloomberg

Additionally, this acceleration in yields is being driven by convexity, gamma-hedging flows. As Bloomberg’s Stephen Spratt notes, Treasuries are at risk.

The break higher in yields may kick mortgage accounts into gear and open the door for convexity hedging flows. Meanwhile, the pop in volatility could bring out gamma-hedgers putting further upward pressure on yields.

Monday’s sell-off, fueled by bunds and gilts, was in high volume. It’s not Treasuries moving on thin air, it’s real selling in futures by perhaps those who bought at the 1.20% level, widely seen as support, or those who took down $41b in new 10-year bonds last week.

So far this year, there’s been no real sign of material convexity paying flows in swaps, though these may come back on the radar now as 10-year yields print the highest levels since March.

What’s more, rates volatility on the exchange has popped. That’s bad news for the legions of program gamma-sellers after there’s already been gamma-tied paying flows in swaps as vol has risen. The latest pop in vol leaves the market ripe for another burst.

The net result: high yields and wider swap spreads. Swap spreads are already wider across the curve, suggesting some savvy dealers may be already anticipating these flows.

Interestingly, net speculative positioning across bond futures has fallen significantly in recent weeks as yields have surged…

Source: Bloomberg

And it could be set to get worse as the historical relationship between 10Y yields and the Fed-sanctified Adrian Crump & Moench term premium of an equivalent maturity, suggests the 10-year yield needs to be higher than 2%, leaving room for plenty of catch-up. (Term premiums – which represent compensation for investors who take on the risk that the yield curve may not evolve as expected – explain almost 65% of movements in Treasuries.)

Source: Bloomberg

The projected value by term premiums is at odds with pricing in the swaptions vol market, which sees less than a 20% chance of the 10-year yield exceeding levels that prevailed at the start of 2020.

And if Nasdaq is to be believed, 10Y Yields should be above 3%!

Source: Bloomberg

The question is 0 who will be right? Will The Fed “allow” rates to go that high?

END

b)MARKET TRADING/USA/THIS AFTERNOON

Stocks Slammed As Yield Surge Spoils TINA Party

TUESDAY, FEB 16, 2021 – 11:39

If there’s one thing that spoils the ‘There Is No Alternative” party for buying ‘stonks’, it’s soaring interest rates offering a potential alternative,

This morning has seen 10Y yields spike up to 1.29%…

Source: Bloomberg

Sending bonds to their cheapest (relative to expensive stocks) since

Source: Bloomberg

And that appears to have triggered some anxiety among equity investors…

Now that stocks are paying attention to bond yields velocity, will The Fed step in?

END

ii)Market data/USA

iii) Important USA Economic Stories

Looks like finally the media is throwing Cuomo under the bus. GOP reps are calling for an investigation into the nursing home New York coverup

(zerohedge)

Cuomo Guilty Of Obstruction? GOP Rep Calls For Investigation Into Nursing Home Cover-Up

FRIDAY, FEB 12, 2021 – 19:20

New York Governor Andrew Cuomo’s administration should be investigated over possible obstruction of justice after a Thursday revelation in the New York Post that officials purposefully concealed the death toll in New York nursing homes during the early days of the COVID-19 pandemic, according to Rep. Lee Zeldin (R-NY).

In a Friday appearance on Fox News’ “America Reports,” Zeldin, an attorney and Iraq war veteran, opined on the bombshell report that Cuomo’s secretary, Melissa DeRosa, admitted to state lawmakers on a videoconference that the data was withheld out of fear the Trump DOJ would use it against them.

Via Fox News (emphasis ours):

REP. LEE ZELDIN: “I just want to say that [Fox News senior meteorologist] Janice Dean has done a fantastic job for many months, going back to last spring and summer, to bring this issue to light … AP reported that over 9,000 infected patients were placed with healthy nursing home residents, so as a result of the deaths that came in the weeks and the months following this late March policy, this mandate, there were a lot of requests for information, for data, for numbers on nursing home deaths and more, and then a cover-up started.

There were requests from the feds to the state for information on it, and the state wasn’t providing … I believe, and my colleagues in the New York congressional delegation believe and many others as well, that there should be a an investigation into this … There is an admission of what could be obstruction of justice …

The investigation is what you need to do to determine who specifically should be held accountable from the criminal justice standpoint. Obstruction of justice seems to be admitted in what the New York Post was reporting late yesterday … There are thousands of New York seniors who passed away as a result of this policy, and you can’t look at this as data or numbers. It’s families like Janice’s and so many others where they lost a father or a mother or grandmother or grandfather and aunt and uncle and they’re demanding accountability …

There are a lot of Democratic state legislators who are outraged over what happened, because regardless of any type of relationship they might have with the governor and his office of their same party, it’s their duty to represent their constituents … They don’t want to be part of a cover-up …

END

Parler Returns

MONDAY, FEB 15, 2021 – 17:35

Authored by Jennie Taer via SaraACarter.com,

Free speech social media app Parler returned Monday with new computer servers, according to Interim CEO Mark Meckler (a leading voice in the Tea Party movement).

“When Parler was taken offline in January by those who desire to silence tens of millions of Americans, our team came together, determined to keep our promise to our highly engaged community that we would return stronger than ever,” Meckler said in a statement, per The Hill.

“Parler is being run by an experienced team and is here to stay. We will thrive as the premier social media platform dedicated to free speech, privacy and civil dialogue,” Meckler continued.

The company did not reveal which web service will host Parler, saying instead that it is now “built on robust, sustainable, independent technology.”

“We are off of the big tech platform, so that we can consider ourselves safe and secure for the future,” Meckler said.

He added that the app will utilize artificial intelligence and human editors to crack down on illegal speech, but will remain true to its censorship-free mission.

The site is expected to preserve all previous user data, according to sources close to Parler who spoke with SaraACarter.com.

Meckler was recently named Interim CEO after the company ousted John Matze earlier this month.

“Cancel culture came for us, and hit us with all they had,” Parler shareholder Dan Bongino told Just the News Monday.

Yet we couldn’t be kept down. We’re back, and we’re ready to resume the struggle for freedom of expression, data sovereignty, and civil discourse. We thank our users for their loyalty during this incredibly challenging time.”

Parler first went offline in early January when Google Play, Apple, and Amazon dropped the application from its hosting platforms in the wake of the Jan. 6 Capitol attack.

However, it’s unclear if the Apple App Store will host the platform with the new changes. Apple didn’t immediately respond to this reporter’s request for comment.

END

Bi-partisan support builds for a  9/11 style commission on the Capitol Riot:  basically what did Pelosi know and when?

(Panet Free Willnews)

What Did Pelosi Know, & When? Bipartisan Support Builds For 9/11-Style Commission On Capitol Riot

MONDAY, FEB 15, 2021 – 21:30

Via Planet Free Will News,

Bipartisan support for a 9/11-style commission to further investigate the Jan. 6 Capitol riot has grown bipartisan support with lawmakers urging such a body to get to the root cause of the events that day.

“I’d like to know, did the Capitol Hill police inform the House sergeant at arms and the Senate sergeant at arms the day before the attack that they needed more troops?” Senator Lindsey Graham told Fox News on Sunday after mentioning he believed there was a preplanned element to the highly publicized actions that took place.

We need to look at did Nancy Pelosi know on January 5 that there was a threat to the Capitol…

What did President Trump do after the attack…

We need a 9/11 commission to find out what happened and make sure it never happens again, and I want to make sure that the Capitol footprint can be better defended next time,” he continued.

Graham would add that the preplanned element had no connection to former president Donald Trump’s speech during a rally earlier that day.

Louisiana Republican Senator Bill Cassidy, who unlike Graham, voted to convict the former president during the impeachment trial, also called for a 9/11-style commission, telling ABC over the weekend that “there should be a complete investigation about what happened.”

I think there should be a complete investigation about what happened on Jan. 6. Why was there not more law enforcement, National Guard already mobilized, what was known, who knew it, and when they knew it, all that, because that builds the basis so this never happens again in the future,” Cassidy said.

On the other side of the aisle, Democrat Senator Dennis Coons also vocalized support for such a commission, telling ABC “there’s still more evidence that the American people need and deserve to hear.”

A 9/11 commission is a way that we make sure that we secure the Capitol going forward and that we lay bare the record of just how responsible and how abjectly violating of his constitutional oath president Trump really was,” Coons said on Sunday.

Democrat House impeachment manager Rep. Madeleine Dean also appeared on the same ABC news program Sunday, saying:

“Of course, there must be a full commission and impartial commission, not guided by politics, but filled with people who would stand up to the courage of their conviction, like Dr. Cassidy.”

The growing calls for the commission preceded the failure of the Senate to obtain the 67-vote threshold to convict Trump on inciting an insurrection as charged in the House’s article of impeachment.

A 9/11-style commission is in reference to the bipartisan body set up in the wake of the collapse of the 3 World Trade Center buildings in New York in 2001. The commission’s goal was to prepare a full and complete account of the circumstances surrounding the September 11 attacks.

end

Minneapolis quietly spends millions to hre more cops despite “defund the police” campaign

(zerohedge)

Minneapolis Quietly Spends Millions To Hire More Cops Amid Ongoing “Defund Police” Campaign

MONDAY, FEB 15, 2021 – 23:00

It seems like just yesterday that the Minneapolis PD (along with city leadership) were abandoning the city’s third precinct to a chaotic mob assembled in the aftermath of the killing of George Floyd.

Not even nine months later – has led to a surge in violent crime as the city struggles from its largest wave of defections in history.

Who could have seen that coming?

While hundreds of thousands of Minneapolis residents have been left to struggle with the consequences, the city’s police department is quietly rushing to hire dozens of new officers (all of whom meet new conduct standards devised by the department and city leadership). City leadership has voted to spend $6.4MM on a “recruiting campaign” to hire new officers, after the city’s “available for service” headcount plummeted to 638 officers “available”, roughly 200 short of the average headcount from before the riots, the Minneapolis Star-Tribune reports.

Even though three members of the city council voted to defund the department in the aftermath of last year’s unrest, the council quietly, and unanimously, approved the money requested by the department.

An unprecedented number of officers quit or went on extended medical leave after Floyd’s death and the unrest that followed. With its incoming recruiting class, the city anticipates that it will have a total of 674 officers available to service by the end of the year, with another 28 in the hiring process.

Days before this most recent City Council vote, Minneapolis Mayor Jacob Frey and Police Chief Medaria Arradondo promised an “update” to the application process for police recruits to include questions about whether they have have lived in Minneapolis, have degrees in criminology, social work, psychology or counseling, and whether they volunteer or participate in programs such as the Police Activities League. Deputy Police Chief Amelia Huffman said the department leadership hopes the change “will help us to really feel confident that we are recruiting the kinds of candidates we want right from the beginning.”

Meanwhile, as Mayor Frey continues his pleas to the city council not to de-fund the department (since that could create some pretty serious quality of life concerns in his city, like, well, anarchy and chaos, even with the bad winter weather gripping the US) Minneapolis has seen a surge in violent crime in a pattern that has plagued other protest-torn cities (some have dubbed it “the Ferguson Effect” after the small St. Louis suburb where Michael Brown was killed).

In addition to the funding for the recruitment campaign, the city also authorized a nearly $230K contract with risk management company Hillard Heintze, which is expected to produce a report analyzing the city’s response to the rioting that followed Floyd’s death.

And what’s more, “grass roots” campaigns seeking to collect more signatures to help permanently banish the department  have taken root.

‘Yes 4 Minneapolis’, a coalition of local community groups, is also collecting signatures to try to get a similar proposal aimed at “defunding” the “bad” Minneapolis Police Department, and using the money to build a new department of public safety in the city, on the ballot in November. Organizers are hoping to collect 20K signatures before March 31, with non-profit money that comes from a number of places, including a half-million-dollar-grant from the George Soros-linked Open Society Policy Center.

Incidentally, the (sure-to-be highly publicized) trial of police officer Derek Chauvin, who was charged with second-degree murder in Floyd’s killing, and three officers charged with abetting murder, is set to start next month.

Unfortunately for the department, we doubt Chauvin’s trial will help morale – rather, it will likely serve as a potent counter-narrative for anybody even thinking about joining the department.

end

iv) Swamp commentaries

Biden files to appeal the British court decision on extradition of Julian Assange

Jake Johnson/CommonDreams.org)

Biden DOJ Files Appeal To Extradite Julian Assange, Ignoring Rights Groups

SATURDAY, FEB 13, 2021 – 8:10

Authored by Jake Johnson via CommonDreams.org,

The Biden Justice Department on Friday formally appealed a British judge’s rejection of the U.S. request to extradite Julian Assange, confirming the new administration’s intention to run with its predecessor’s espionage charges against the WikiLeaks publisher despite warnings that the case endangers press freedoms around the world.

“Yes, we filed an appeal and we are continuing to pursue extradition,” Marc Raimondi, a Justice Department spokesperson, told AFP on Friday, the deadline for the U.S. to appeal Judge Vanessa Baraitser’s ruling from last month.

Getty Images

As Common Dreams reported at the time, while Baraitser accepted most of the allegations that the Trump Justice Department leveled against Assange in its 2019 indictment—which charges the WikiLeaks founder with 17 counts of violating the Espionage Act—the judge denied the U.S. extradition request on the grounds that America’s brutal prison system would pose a threat to Assange’s life.

If extradited to the U.S., Assange could face up to 175 years in a maximum-security prison—conditions under which Assange would likely commit suicide, Baraitser warned in her decision.

“Disappointing that the Biden administration should do this given the chilling effect the ongoing pursuit of Julian Assange will have on press freedom,” Stefan Simanowitz, Amnesty International’s media manager for Europe, tweeted in response to the Biden administration’s appeal.

In anticipation of the DOJ’s filing, the Courage Foundation—an organization dedicated to defending whistleblowers—said in a statement Thursday that, if confirmed as Biden’s attorney general, Merrick Garland should “take a renewed look at the prosecution” of Assange and “drop the case.”

“The Assange case represents the gravest threat to press freedom in a generation,” the group said. “It’s not about Julian Assange as a person. It’s about whether the U.S. government will respect the role journalism plays in democratic life (as a check on powerful institutions).”

The Justice Department’s appeal came just days after a coalition of press freedom and human rights organizations including the ACLU, Amnesty International, and PEN America published an open letter urging the Biden administration to drop the case against Assange, whose release of classified documents exposed U.S. war crimes in Iraq and Afghanistan.

“Journalists at major news publications regularly speak with sources, ask for clarification or more documentation, and receive and publish documents the government considers secret,” the open letter reads. “In our view, such a precedent in this case could effectively criminalize these common journalistic practices. In addition, some of the charges included in the indictment turn entirely on Mr. Assange’s decision to publish classified information.”

In a column on Thursday, The Intercept‘s James Risen similarly warned that “if the Assange prosecution is successful, it will set a dangerous legal standard” and “open the door for the government to prosecute journalists for publishing classified information, even if doing so is in the public interest.”

“The Assange case could allow prosecutors to build criminal cases against journalists who obtain government secrets based on their interactions with their sources,” Risen wrote. “Investigative reporters throughout the country could face criminal liability simply for meeting with sources and encouraging them to provide information.”

“That would make it nearly impossible for reporters to aggressively cover the Pentagon, the CIA, or the National Security Agency,” Risen added, “and ultimately imperil the American republic.”

end

(Courtesy Epoch Times/Ozimek)

Aim Of Impeachment Was To Paint All Trump Voters As Criminals: Rep. Mike Johnson

TUESDAY, FEB 16, 2021 – 8:40

Authored by Tom Ozimek via The Epoch Times (emphasis ours)

Rep. Mike Johnson (R-La.) says Democrats used the impeachment of former President Donald Trump as a tool to paint all of his supporters with the brush of Capitol breach-related criminality.

Johnson told Breitbart News in an interview on Feb. 14 that the ultimate aim of impeaching Trump a second time was to associate the 75 million Americans who voted for him with those individuals who on Jan. 6 broke the law.

“They really wanted to use impeachment as a vehicle because they wanted to equate all those tens of millions of Trump’s voters and all of his supporters and everybody who came to the rally, they wanted to equate all of those people with the couple hundred criminals who came in and ransacked the Capitol,” Johnson told the outlet.

The breach of the Capitol in Washington on Jan. 6, 2021. (John Minchillo/AP Photo)

Asked about the future of impeachment, Johnson said it would increasingly become a tool of partisan spats.

You weaponized this. You turned it into a political weapon to be used by the majority party against a president they don’t like. You opened a Pandora’s box that we may never be able to close again,” Johnson said.

What [Democrats] tried to do [is] to raise ‘cancel culture’ now to a constitutional level,” Johnson said, echoing remarks made on Feb. 12 by David Schoen, one of the three attorneys representing Trump who accused Democrats of using impeachment as a tool to disqualify political opponents.

Former President Donald Trump’s defense attorney David Schoen speaks on the fourth day of the second impeachment trial against Trump at the U.S. Capitol in Washington, on Feb. 12, 2021. (congress.gov via Getty Images)

“In short, this unprecedented effort is not about Democrats opposing political violence. It is about Democrats trying to disqualify their political opposition. It is constitutional cancel culture,” Shoen said.

On Feb. 13, the Senate voted 57–43 to convict Trump, 10 votes shy of the 67 needed for conviction. The vote cleared Trump of the charge of “incitement of insurrection,” a charge that his lawyers denounced as a “monstrous lie” that didn’t reflect the reality of what happened on Jan. 6.

“An insurrection—unlike a riot—is an organized movement acting for the express purpose to overthrow and take possession of a government’s powers,” Trump’s lawyers wrote in filings, arguing that the former president’s speech “was not an act encouraging an organized movement to overthrow the United States government.”

Trump’s acquittal was widely seen as a foregone conclusion ahead of the trial after 45 Republicans voted to declare the proceeding unconstitutional.

In a statement following his acquittal, Trump denounced the impeachment effort and thanked his supporters.

This has been yet another phase of the greatest witch hunt in the history of our Country,” Trump said.

“I also want to convey my gratitude to the millions of decent, hardworking, law-abiding, God-and-Country loving citizens who have bravely supported these important principles in these very difficult and challenging times.”

Follow Tom on Twitter: @OZImekTOM
end

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

.Power Bills to The Moon”: Chaos, Shock as Electricity Prices across US Explode
Oneok OGT nat gas spot exploded from $3.46 one week ago, to $9 on Wednesday, $60.28 on Thursday and an insane $377.13 on Friday, up 32,000% in a few days… Platts reported that at locations across Kansas, Oklahoma and Eastern Arkansas, hub prices were trading at single-day record highs around $200 to $300/MMBtu… Actual shortages could persist if units aren’t weatherized and fail at any point.  Monday peak is currently bid 4000, and balweek inclusive of Tuesday through Friday is 1000@2000.  Off peak (nights) have traded insane levels as well, with the balance of the month trading 650$…
https://www.zerohedge.com/markets/power-bills-moon-chaos-shock-electricity-prices-across-us-explode

UMich Sentiment Signals Stagflation as Hope Plunges & Inflation Expectations Soar
The gauge of expectations decreased to a six-month low of 69.8 while a measure of current conditions eased to 86.2, according to the survey conducted from Jan. 27 to Feb. 10…Consumers expect a year-ahead inflation rate of 3.3%, the highest since July 2014…
https://www.zerohedge.com/markets/umich-sentiment-signals-stagflation-hope-plunges-inflation-expectations-soar

@BittelJulien: UMich Buying Conditions for Vehicles just made a new cycle low. Lowest reading since May 2008.   https://twitter.com/BittelJulien/status/1360260800284360706

Catalytic converter thefts spike nationwide as precious metal prices spike [But there is no inflation!]
Prices for the valuable and precious metals needed for emissions controls found inside catalytic converters are rising. The NYT points out two materials found within converters in particular: palladium and rhodium. Palladium was worth about $500/ounce five years ago, but hit $2,875/ounce in 2020. Rhodium was $640/ounce five years ago, but skyrocketed all the way up to $21,900/ounce recently. For some context, the NYT points out that $21,900/ounce is about 12 times the price of gold. Both of these materials are found in catalytic converters, so it’s no wonder that thieves want them…
https://autos.yahoo.com/amphtml/catalytic-converter-thefts-rise-nationwide-201500016.html
Over 9,000 virus patients sent into NY nursing homes – The new number of 9,056 recovering patients sent to hundreds of nursing homes is more than 40% higher than what the state health department previously released. And it raises new questions as to whether a March 25 directive from Gov. Andrew Cuomo’s administration helped spread sickness and death among residents, a charge the state disputes…
https://apnews.com/article/new-york-andrew-cuomo-us-news-coronavirus-pandemic-nursing-homes-512cae0abb55a55f375b3192f2cdd6b5

@T_S_P_O_O_K_Y: The Federal Government provide TWO full modern hospitals – a full field hospital in the Javits Center and the USNS Comfort – @NYGovCuomo made the choice to not use them…

Melissa DeRosa, Cuomo aide in nursing home cover-up, is related to top fed prosecutor https://trib.al/PD6RGqz

@JackPosobiec: Old enough to remember when Christie staffers were sentenced to jail for closing lanes on a bridge.  Cuomo and his staff killed thousands of people.

@charliekirk11: [FL Gov] Ron DeSantis has gotten more negative press for keeping businesses open than Andrew Cuomo has for intentionally covering up COVID deaths in nursing homes. I wonder why?

Cuomo Didn’t Protect Seniors From COVID-19. But it Was the Media That Covered It Up https://t.co/Ygc1wagOt4

The Callous COVID Cruelty of Our Ruling Class
Coronavirus hysteria has unleashed the inner tyrant in anyone with a modicum of authority, from fame-seeking aged bureaucrats down to the local homeowners’ association president. The only upside, if one can be found in an otherwise catastrophic period of unnecessary human misery, is that the ruling class’ depravity now is fully exposed; the face mask, so to speak, has slipped, and slipped for good…
https://amgreatness.com/2021/02/11/the-callous-covid-cruelty-of-our-ruling-class/

Biden tells Americans to wear masks for COVID-19 until at least 2022 https://trib.al/4qlST1m

Fauci: Stimulus bill needs to be passed for schools to reopen [Can you say, ‘political whore’?]
https://thehill.com/homenews/sunday-talk-shows/538813-fauci-stimulus-bill-needs-to-be-passed-for-schools-to-reopen

Fauci backs CDC’s school reopening plan: ‘We need to try and get the children back to school’
“It’s less likely for a child to get infected in the school setting than if they were just in the community,” Fauci said… (1/28/21)  https://www.nbcnews.com/news/us-news/fauci-backs-cdc-s-school-reopening-plan-we-need-try-n1256060

@mattdizwhitlock: A disaster for Fauci’s credibility.  He’s been calling for schools to reopen for months, noting that spread among children is minimal.  Now he’s saying they can’t open until Biden’s uber-political stimulus bill passes?  Science changes based on what’s on the Senate floor?

The Sydney Morning Herald: Farce mask: it’s safe for only 20 minutes   April 27, 2003
There appears to be some debate about whether surgical masks are able to minimize the effects of SARS.”
Ms Meagher said her department would investigate any complaints about false mask claims which concerned the public. “Penalties can range from fines of up to $22,000 for an individual or $110,000 for a corporation,” she said.  Health authorities have warned that surgical masks may not be an effective protection against the virus
https://www.smh.com.au/national/farce-mask-its-safe-for-only-20-minutes-20030427-gdgnyo.html

Biden Makes History: First President in 40 Years to Punt on Contacting Israel
White House doesn’t list Israel as American ally
https://freebeacon.com/national-security/biden-makes-history-first-president-in-40-years-to-punt-on-contacting-israel/

@AriFleischer: This is shameful.  It’s no way to treat America’s best ally in the Middle East. The only democracy there.  Obama was not good for Israel.  So far, Biden is worse.

Exposing the Robinhood Scam: Here’s How Much Citadel Paid to Robinhood to Buy Your Orders
In 2020, Citadel accounted for more than half of all Citadel revenues, or $362.5 million, exactly 53% of the company’s total revenues of $687.1 million…
https://www.zerohedge.com/markets/exposing-robinhood-scam-heres-how-much-citadel-paid-robinhood-buy-your-orders

Japan Q4 GDP grew 3% q/q (2.4% exp.) and 12.7% annualized.  Consumption +2.2%, 2% exp.;
Business investment +4.5%, 2.4% exp.; Net exports contributed 1 percentage point to the 3% q/q growth.
https://www.bloomberg.com/news/articles/2021-02-14/japan-s-economy-clocks-double-digit-growth-for-a-second-quarter
Bitcoin’s rise reflects America’s decline
Cryptocurrencies have a place in a new world order where the dollar has less of a starring role
https://www.ft.com/content/16a37710-cbff-41b1-af96-7dc8b2de0c43

Smoking gun: Comey told Clapper FBI unable to ‘sufficiently corroborate’ Steele — then signed FISA – In January 2017 email to intel chief coughed up under court order, the former FBI director contradicted sworn avowal to FISA court that Steele dossier was verified.
https://justthenews.com/accountability/russia-and-ukraine-scandals/comey-told-intel-chief-steele-dossier-was-not

As predicted by many, Trump’s 2nd impeachment blew up in Dems’ faces on Friday.

@JustTheNews: Trump defense team shows clip of Biden saying he would ‘beat the hell’ out of Trump in high school  http://ow.ly/f0fO50Dz43u

@joelpollak: Democrats just had to sit through video of Black Lives Matter riots interspersed with clips in which they encouraged the unrest…Trump defense plays another video of Democrats using violent rhetoric but this time the context is that these people could all be expelled or impeached under the House impeachment managers’ standard… Now Trump team rips into House impeachment managers’ attempt to stifle the First Amendment out of “hatred”…

@newsmax: Trump lawyers show a montage of Democrats advocating impeachment throughout his entire Presidencyhttps://twitter.com/newsmax/status/1360291328370724864

@newsmax: Trump lawyers show video of Democrats objecting to certifying his election in 2017.

@AnnCoulter: Hilarious watching CNN pundits try to explain why a Democrat saying “Fight like hell!” is COMPLETELY DIFFERENT from Trump saying “Fight like hell!”

@paulsperry_: Big 3 TV networks carrying live the Trump impeachment defense forced to finally air FULL remarks of Trump’s Charlottesville remarks condemning neoNazis, putting the lie to Joe Biden’s repeated mischaracterizations during debates that Trump said they were “good people
   Trump defense team’s video exhibits devastating not just for Dems, but for their partisan sycophants in MSM who’ve carried banner for their false propaganda. Videos watched by tens of millions of TV network viewers… Trump impeachment defense lawyer slams Democrat impeachment manager Raskin: “You got caught doctoring the evidence.”

Trump’s attorneys had 16 hours to rebut; they used less than 3 hours.

@KelemenCari: Question [From Sen. Graham]: Does a senator raising bail for rioters encourage more rioting? (like what Kamala Harris did) Leahy: You have 5 minutes.  Trump attorney: Yes. (sits down)

Realizing their impeachment had blown up, Dems voted to call witnesses at the 11th hour.  Four Trump-hating Republicans joined with the Dems.  Lindsey Graham initially voted nay but changed his vote, saying that Pelosi should be subpoenaed to testify about what she knew from the Capital police, FBI and others about the pre-planning of the Capitol riot. Trump’s attorneys said they would summon Pelosi as well as DC Mayor Bowser.

House Managers Fold: Will Not Call Impeachment Witnesses After Pelosi Subpoena Threat
https://www.zerohedge.com/political/mcconnell-says-hell-vote-acquit-trump-democrats-have-votes-call-impeachment-witnesses

GOP Rep. @Jim_Jordan: Capitol Police requested National Guard help prior to January 6th.  That request was denied by Speaker Pelosi and her Sergeant at Arms. During the attack, Capitol Police made the request again. It took over an hour to get approval from Pelosi’s team!

House Republicans demand answers from Pelosi on security decisions leading up to Capitol riot
Republicans say there are ‘many important questions’ about Pelosi’s ‘responsibility for the security’
https://www.foxnews.com/politics/house-republicans-demand-answers-pelosi-security-decisions-capitol-riot

Trump celebrates acquittal in Senate trial, foreshadows political future
“Our historic, patriotic and beautiful movement to Make America Great Again has only just begun,” he said. “In the months ahead I have much to share with you, and I look forward to continuing our incredible journey together to achieve American greatness for all of our people. There has never been anything like it!”… https://www.foxnews.com/politics/trump-statement-impeachment-acquittal

We do not believe that Trump will or should run in 2024.  However, DJT will spend the next few years and many of his waking hours pursuing retaliation against his foes, particularly the GOP Establishment.  DJT was loutish, rude, bombastic, snide, and uncouth – when he needed votes or support from people and the GOP!  Now, there are far fewer reasons for DJT to schmooze the GOPe or the masses.

Seven Trump-hating Republicans voted with the Democrats to find Trump guilty: Burr, Collins, Cassidy, Murkowski, Romney, Sasse and Toomey.

After voting to acquit, Mitch McConnell said Trump was ‘responsible’ for the Capitol riot and should be prosecuted as a private citizen “for everything he did while in office.  He didn’t get away with anything yet.”  McConnell has hated Trump from Day One.

@ABC: Sen. Mitch McConnell: Former Pres. Trump “didn’t get away with anything—yet.” “We have criminal justice system in this country; we have civil litigation. And former presidents are not immune from being accountable by either one.”  https://t.co/z2HunrIbp6

“The president did not act swiftly. He did not do his job.” @LeaderMcConnell reprimands Trump for his actions during last month’s Capitol insurrection, despite voting ‘not guilty’ in his acquittal…
https://twitter.com/Quicktake/status/1360704961143836675

@DineshDSouza: My thought right now on @LeaderMcConnell comes right out of “The Godfather”: It was Barzini. It was Barzini all along!

@DonaldJTrumpJr: If only McConnell was so righteous as the Democrats trampled Trump and the Republicans while pushing Russia collusion bulls#!t for 3 years or while Dems incited 10 months of violence, arson, and rioting. Yea then he just sat back and did jack s#!t.
    Great week.  Trump beats impeachment. Dems in disarray. The Lincoln Project burnt to the ground. The RINOS in the GOP establishment exposed & collapsing. Cuomo & Dem Govs in free fall. The media depressed and lashing out at Dems for their impeachment fail.

@Rasmussen_Poll: CC: @LeaderMcConnell: 61% of Republican Voters Don’t Think Biden Was Elected Fairly; 70% Believe Mail-In Voting Led to Unprecedented Voter Fraud; 71% Say Public Figures Should Not Be Punished for Saying They Believe the Election Was Stolen

Here’s another “The Godfather” similarity: After failing to kill off The Don, Lindsey Graham is trying to broker a truce between Barzini Mitch McConnell, the other bosses of the mob GOPe and Trump.

@EpochTimes: “Trump’s got to work with everybody,” said Graham.  Sen. @LindseyGrahamSC is planning a confab with former President Trump to discuss the GOP’s futurehttps://t.co/s4yIu5Cqb1

McConnell’s Impeachment Ploy Was Not Statesmanship, But an Attack on The Base — And Republicans Must Remember It Well – After four years of yelling “MAGA!” while pushing his own classic, corporate Republican policies, McConnell had hoped to rid himself and his conference of the conservative populist nationalism the former president had championed and go back to the way things were… his push to impeach ended with rebuke from his own conference. Angry and embarrassed, he blamed his own colleagues as well as the former president, performing a 20-minute attack ad for the left to use on Republicans for the next election cycle and beyond…
    Corporate politicians like McConnell don’t like this shift because it makes them responsible to that base, so this year, instead of trying to lead a changing party, he stamped his approval on Democrats’ attacks on it… the lines of the populist conservative fight for the Republican Party and the country are more clearly and publicly drawn than ever before…
https://thefederalist.com/2021/02/15/mcconnells-impeachment-ploy-was-not-statesmanship-but-an-attack-on-the-base-and-republicans-must-remember-it-well/

Mitch, the media and the Establishment still cannot fathom or accept the fact that a buffoonish real estate barker with ZERO political experience could jump into the presidency – because people are fed up with the Establishment.  They also won’t accept the basis for Barack Obama’s victory.  BHO had limited political experience, one year in law and was mostly a community organizer that most Chicago blacks held in low regard.  BHO rode the wave of anti-Establishment sentiment intensified by the Crisis of 2008.

This is the second time that Mitch McConnel and his cabal have tried to terminate grass roots populism in the GOP.  Mitch, Paul Ryan et al crushed the Tea Party in 2010.  Now, Mitch & Co. are trying to crush the growing populism movement that is filled with Trump and ex-Tea Party supporters.

@EmeraldRobinson: Watching Lindsey Graham try to distance himself from Mitch McConnell on TV tells you that Mitch’s credibility has collapsed inside the GOP.

Nancy Pelosi was even more unhinged than usual during her meltdown after Trump’s acquittal.

@MillerStream: Nancy Pelosi is far too emotional to hold public office. First, she was ripping up speeches she didn’t like, now she is storming about the Capitol babbling like a loon and hitting the podium when she doesn’t get her way. I thought the “adults” were in chargehttps://t.co/EN9srSKkMM

@jsolomonReports: Revealed: The wife of Rep. Jamie Raskin, one of President Trump’s most ardent critics in Congress [And lead impeachment manager!], was one of the Obama-era officials who sought to unmask a Mike Flynn conversation. [Where is the media on this?]
https://justthenews.com/accountability/russia-and-ukraine-scandals/line-between-lawful-unmasking-and-political-spying-and

Trump lawyer Van der Veen: “My home was attacked. I’ve had nearly 100 death threats.” https://t.co/Eo0WSar0Yp

@amuse: The irony is that Michael van der Veen is a registered Democrat who campaigned for President Biden. He famously called the president a “f$#%ing crook” in 2019 and sued him twice in 2020. But he’s an honorable Democrat who believes in the 6th Amendment.

@JonathanTurley: Right on cue. The harassment of the Trump lawyers began within minutes of the verdict.  This is fueled by the language of many members [Congress] and the media that will not accept that people could reasonably disagree on these issueshttps://t.co/UEOt1M3Soj

If the media and the left continue to condone, and even encourage, their allies’ hate speech and violence against their shared opponents, the violence and hate will not only persist, but it will also escalate.  Eventually, the backlash will be equal or worse.

Sen. @LindseyGrahamSC: I don’t know how Kamala Harris doesn’t get impeached if the Republicans take over the House, because she actually bailed out rioters.”
https://twitter.com/bennyjohnson/status/1361006834887381003

Trump Lawyer: Hillary Clinton Could Face Impeachment Under Precedent Set in Trial
https://www.breitbart.com/politics/2021/02/14/trump-lawyer-hillary-clinton-could-face-impeachment-precedent-set-trial/

Why is the media eschewing the fact that Dem impeachment managers lied, fabricated evidence and altered evidence?  These are actual crimes.

@EricMMatheny: If I ever introduced a piece of evidence that I doctored, manufactured, or otherwise altered, I would be disbarredheld in contempt, and potentially prosecuted for a felony. This is a very big deal and it’s not nearly receiving enough attention or outrage.

Hand Recount Finds Dominion Voting Machines Shorted EVERY REPUBLICAN Candidate in Windham, New Hampshire, [the same300 Votes! https://t.co/eEpgTvkZp7

California Suddenly Pushes Strict ‘Signature Match’ for Gavin Newsom Recall Drive
California Governor Gavin Newsom, once considered a rising superstar in the Democratic Party, is suddenly facing a serious effort to get him removed from power. The petition “Rescue California” has gathered over 1.5 million signatures, enough to qualify to put his recall up for a vote; but the State of California is poised to go into overdrive to throw out signatures that do not match exactly
The lack of strict signature-matching in 2020 elections in swing states such as Pennsylvania, Georgia and Michigan, leading to lower ballot rejection rates was a key complaint by former president Donald Trump’s re-election campaign… [Double standards, hypocrisy, liberal privilege?]
https://beckernews.com/california-suddenly-pushes-strict-signature-match-for-gavin-newsom-recall-petition-36771/

@RaheemKassam: I never thought 2021 America would see the military mobilized to coerce a political candidate to say a sentence or change his opinion. That’s precisely what [Dem Sen.] @tedlieu admitted the Democrats have done: “[Trump] does not say that one sentence that matters. He does not say the one sentence that would stop future political violence: ‘the election was not stolen’. He still has not said that sentence. That is why National Guard troops in full body armor still patrol outside.” https://t.co/cgibDGF4TV

“I Will Destroy You”: Biden Aide Threatened a Politico Reporter Pursuing a Story on His Relationship… with Axios political reporter Alexi McCammond, who covered the Joe Biden campaign.
https://www.vanityfair.com/news/2021/02/i-will-destroy-you-biden-aide-threatened-a-politico-reporter-pursuing-a-story-on-his-relationship

ABC: Minneapolis to spend $6.4M to hire more police officers after residents experienced longer response times and an increase in violent crimes following the defunding of their police dept.

Violent BLM protest in NYC leaves two NYPD cops injured, 11 arrested
About 100 people attended the march through Midtown Manhattan
https://www.foxnews.com/us/violent-blm-protest-two-nypd-injured

@JGilliam_SEAL: Yet another violent BLM riot. I wonder if the FBI or DOJ will be investigating this?

Half of New York Times employees feel they can’t speak freely: survey
https://nypost.com/2021/02/13/new-york-times-employees-feel-they-cant-speak-freely-survey/

end

Let us close out Tuesday night with this must view interview of Gerald Celente and Greg Hunter

(Courtesy Greg Hunter/Gerald Celente)

Currencies Will Be Worthless, Buy Precious Metals – Gerald Celente

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

Gerald Celente, publisher of The Trends Journal and a renowned trends researcher, is back to talk about the recent Bitcoin boom and many other trends coming in 2021. On Bitcoin and its recent price explosion, Celente says, “Why is Bitcoin going back up? It’s going back up because everybody with a brain bigger than a pea knows that the central banks are doing nothing but pumping all this fake money into the economies to artificially prop them up. This is young people’s gold, and they are the ones that began it. . . . One of our top trends for 2021, and we come out with them in December, is the youth revolution. This isn’t going away. . . . Another one of our trends from a year ago is they are going from dirty cash to digital trash. You don’t want to trust that dirty money forever. You can get the virus from that (sarcasm). So, we are going digital. Now, they can know every penny that you spent, where you spent it and how you spent it . . . so they can get their cut. It’s called taxes, but it’s not really taxes. It’s stealing our money so these low-life scum pieces of crap called politicians who have never worked a day in their lives can keep sucking off the public teat. It is also to give all their buddies, imbeciles and morons called bureaucrats jobs.”

Celente goes son to say, “The currencies are worthless. They are going to come out with a new currency and say again, we don’t want the dirty money . . . we are going to come out digital so they can now readjust the entire system. They will make up a new coin, get rid of our debt and people will buy it. They will do what they are told just like they marched off to the Covid war. They will do anything they are told.”

On the economy, Celente says the trend is decidedly down. He cites New York as an example and explains, “We got his jerk (Governor Cuomo) that has destroyed New York State with executive orders. The place is dead. The economy is dead. We are in the ‘Greatest Depression.’ The Congressional Budget Office says it. The jobs that have been lost are not going to come back until 2024. That’s the jobs that were lost. How about creating new ones? No, we don’t need to create new ones because the rich are getting everything. . . . The ‘Greatest Depression’ is not just America, it’s global.”

Celente warns, “The banksters and the criminal groups are in control, and I am angry. I am angry that they are stealing my rights away from me. I was not put on this earth to take orders. I don’t give them, and I don’t take them. I am born to be free.”

Celente also like physical gold and silver. He calls these “safe haven assets.” He predicts the trends for both will be decidedly up, especially silver.

What should the common person do? Celente says, “Number one, get yourself in the best shape possible physically, emotionally and spiritually. The fight is on. You better be in good shape. You don’t win the fight without being in good shape. Number two . . . I believe in safe haven assets. . . . Number three, create your own future. . . . Think for yourself. . . . Do what you can to bring back freedom, peace and justice to America and the real American way, and do it peacefully.”

end

Well that is all for today

I will see you WEDNESDAY night.

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