FEB 18//RAIDS ARE NOW CONSTANT: VERY DAY!! GOLD UP $2.60 TO $1776.65//SILVER DOWN 22 CENTS TO $27.07//GOLD TONNAGE STANDING A WHOPPING 111.1 TONNES BUT WHO CARES//SILVER STANDING OVER 11 MILLION OZ//CORONAVIRUS UPDATE/VACCINE UPDATE/CHINA VS USA//JIMMIE LAI ARRESTED AGAIN/HONG KONG TO RESTRICT MORE SPEECH: CANNOT SAY ANYTHING BAD AGAINST LEADERS//JOBLESS CLAIMS RISE AGAIN//ZOLTAN ISSUES ANOTHER WARNING ON REPO RATES: THIS TIME IT IS HEADING BELOW ZERO//KROGER CLOSES MORE STORES OVER NEW LAWS ON HAZARD PAY//TEXAS CHAOS: CITRUS FRUIT FROZEN ON THE VINES/DEATH TOLL RISES DUE TO POWER OUTAGE//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1776.65 UP  $2.60   The quote is London spot price

Silver:$27.07. DOWN  $0.22   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1776.50  LONDON SPOT  4:30 pm

ii)SILVER:  $27.06//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.

Interesting development in silver;

Wistar brings an important development to our attention:

PSLV vs SLV

At this very moment:

PSLV +3 cents to $9.90

SLV -28 cents to $25.12

We now have evidence that our Reddit boys and many other investors are selling their paper “SLV’s and buying physical PSLV and Sprott’s other physical fund  (the former Central Fund of Canada)  

see data below

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

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

receiving today:

ISSUED: 0

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,771.100000000 USD
INTENT DATE: 02/17/2021 DELIVERY DATE: 02/19/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 16
363 H WELLS FARGO SEC 250
435 H SCOTIA CAPITAL 6
624 H BOFA SECURITIES 15
657 C MORGAN STANLEY 20
661 C JP MORGAN 157
661 H JP MORGAN 17
686 C STONEX FINANCIA 2
709 H BARCLAYS 11
800 C MAREX SPEC 4
880 C CITIGROUP 3
905 C ADM 7
____________________________________________________________________________________________

TOTAL: 254 254
MONTH TO DATE: 33,085

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 254 NOTICE(S) FOR 25400 OZ  (0.7900 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  33,085 NOTICES FOR 3,308,500 OZ  (102.908 tonnes) 

SILVER//FEB CONTRACT

 

98 NOTICE(S) FILED TODAY FOR 490,000  OZ/

total number of notices filed so far this month: 1963 for 9,815,000  oz

BITCOIN MORNING QUOTE  $51,493  DOWN 840 dollars

BITCOIN AFTERNOON QUOTE.:$51,950  DOWN 383 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD UP $2.60  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

WHAT ON EARTH IS GOING ON WITH OUR CRIMINAL GLD/SLV VEHICLES

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 3.79 TONNES FROM THE GLD//

GLD: 1,132.89 TONNES OF GOLD//

WITH SILVER DOWN 22 CENTS TODAY: AND WITH NO SILVER AROUND

ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV..  2 TRANSACTIONS: I)A WITHDRAWAL OF 1.858 MILLION OZ  OUT OF THE SLV//2/ A HUGE WITHDRAWAL AT 5.2 PM OF 5.758 MILLION OZ

INVENTORY RESTS AT:

SLV: 621.007  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1049CONTRACTS FROM 183,544 DOWN TO 182,495, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR  $0.01 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO SOME BANKER AND ALGO  SHORT COVERING//SOME REDDIT RAPTOR BUYING..  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A STRONG INCREASE FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 650 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  909,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  909 MAY: 0 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 909 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

11.645  MILLION OZ INITIAL STANDING FOR FEB 2021,

WEDNESDAY,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 $0.01) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A TINY LOSS IN OUR TWO EXCHANGES (140 CONTRACTS). NO DOUBT THE TOTAL LOSS IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING//REDDIT RAPTOR BUYING.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE  IN SILVER OZ  STANDING  FOR FEB, iii) CONSIDERABLE COMEX OI LOSS 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:

34,290 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 34,290 CONTRACTS) OR 171.450 MILLION OZ: (AVERAGE PER DAY: 2637 CONTRACTS OR 13.185 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 171.450 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: 171.450. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   171.450 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 259, DESPITE OUR  $0.01 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY.…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 909 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A TINY SIZED 140 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.01 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 909 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 1049 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.01 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.29 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW FEB.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 98 NOTICE(S) FOR  490,000 OZ OF SILVER.

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

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3547 CONTRACTS TO 499,469 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 WITH OUR STRONG LOSS IN PRICE  OF $27.35/// COMEX GOLD TRADING// WEDNESDAY.WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR FAIR EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO/MINOR LONG LIQUIDATION. WE ALSO HAD A STRONG GAIN IN GOLD STANDING  AT THE COMEX TO 111.082 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 STRONG FALL IN PRICE OF $23.40!!!.

WE HAD A VOLUME OF 5    4 -GC CONTRACTS//OPEN INTEREST  15//

WE HAD A TINY LOSS  OF 318 CONTRACTS  (0.989 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3229 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  3229 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 3229.  The NEW COMEX OI for the gold complex rests at 499,469. 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 TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 318 CONTRACTS: 3547 CONTRACTS DECREASED AT THE COMEX AND 3229 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 318 CONTRACTS OR 0.989 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3229) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (3547 OI): TOTAL LOSS IN THE TWO EXCHANGES:  318 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)HUMONGOUS INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 111.082 TONNES3) ZERO LONG LIQUIDATION /// ;4) FAIR COMEX OI LOSS  AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS HAPPENED WITH OUR STRONG LOSS IN GOLD PRICE TRADING//WEDNESDAY//$27.35!!.

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 : 40,541, CONTRACTS OR4,054100 oz OR 126.09 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 3118 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 116.05 TONNES

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

THUS EFP TRANSFERS REPRESENTS 126.09/3550 x 100% TONNES =3.55% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
 
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  126.09 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, FELL BY A CONSIDERABLE SIZED 1049 CONTRACTS FROM 183,259 DOWN TO 182,495 AND FURTHER FROM 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 CONSIDERABLE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) SOME BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR FEB., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 909 CONTRACTS

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

 MARCH:  909 ; MAY: 0 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 909 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1049 CONTRACTS TO THE 909 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 140 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 0.70 MILLION  OZ, OCCURRED WITH OUR $0.01 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 20.27 PTS OR .55%   //Hang Sang CLOSED DOWN 489.67 PTS OR 1.58%    /The Nikkei closed DOWN 56.10 POINTS OR 0.19%//Australia’s all ordinaires CLOSED DOWN 0.05%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4695 /Oil UP TO 61.55 dollars per barrel for WTI and 64.65 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4695. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4524 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A FAIR SIZED 3547 CONTRACTS TO 499,469 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 FAIR  COMEX DECREASE OCCURRED WITH OUR STRONG  LOSS OF $27.45 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/)… WE ALSO HAD A FAIR EFP ISSUANCE (3229 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2)  ZERO  LONG LIQUIDATION  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(111.082 TONNES) (SEE BELOW) …  AS WE ENGINEERED A TINY SIZED LOSS ON OUR TWO EXCHANGES OF 318 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 5    4 -GC VOLUME//open interest RISES TO   15

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3229 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  3229, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3229  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 TINY 318 TOTAL CONTRACTS IN THAT 3229 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED  COMEX OI  OF 3547 CONTRACTS.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (111.082 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 $27.35)., AND WERE   UNSUCCESSFUL IN FLEECING ANY LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A TINY 0.989 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (111.082 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 :: 318 CONTRACTS OR  31800 OZ OR  0.989  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

 

THUS IN GOLD WE HAVE THE FOLLOWING:  499,469 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.94 MILLION OZ/32,150 OZ PER TONNE =  1553 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1553/2200 OR 70.60% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX TODAY: 223,621 contracts// volume fair/raid/

CONFIRMED COMEX VOL. FOR YESTERDAY:  271,975 contracts//  volume: fair/raid //most of our traders have left for London

 

FEB 18 /2021

 
INITIAL STANDINGS FOR FEB COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
52,767.361 OZ
 
SCOTIA
 
oz
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz NIL
Deposits to the Customer Inventory, in oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
254  notice(s)
25,400 OZ
(0.7900 TONNES
 
 
 
No of oz to be served (notices)
2628 contracts
262,800 oz)
 
8.174 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
33,085 notices
 
3,308,500 OZ
102.908 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 Scotia:  52,767.361 oz oz
 
 
 
 
 
 
 
 
 
 

We had 0  kilobar transactions

ADJUSTMENTS  0:    

The front month of FEB registered a total of 2882 CONTRACTS FOR A LOSS OF 266 CONTRACTS.  WE

HAD 731 CONTRACTS FILED ON WEDNESDAY SO WE GAINED A MONSTROUS 465 CONTRACTS OR 46,500 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 37 contracts to stand at 2411

APRIL LOST 4217 contracts to stand at 385,517

We had 254 notice(s) filed today for 25400 oz

FOR THE FEB 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 254  contract(s) of which 17  notices were stopped (received) by j.P. Morgan dealer and 157 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)
 

To calculate the INITIAL total number of gold ounces standing for the FEB /2021. contract month, we take the total number of notices filed so far for the month (33,085) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 2882 CONTRACTS ) minus the number of notices served upon today (254 x 100 oz per contract) equals 3,571,300 OZ OR 111.082 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 (33,085 x 100 oz  PLUS 2828 OI) for the front month minus the number of notices served upon today (254} x 100 oz which equals 3,571,300 oz standing OR 111.082 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A POWERFUL 465 CONTRACTS OR 46500 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 544.82 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 111.082 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,724.272.744 oz or 613.50 tonne
 
 
total weight of pledged:  2,208,217.935 oz or 68.68 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 17,516,055.0  (544,82 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  17,516,055.0 (544.82 tonnes)
 
 
 
total eligible gold: 19,712,340.781 , oz (613.13 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  39,436,613.525 oz 1,226.64 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1100.03 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 18/2021

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/FEB

FEB. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,209,757.846 OZ
 
 
 
CNT
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
2,537,761.100 oz
Delaware
JPMorgan
Loomis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
98
 
CONTRACT(S)
(490,000 OZ)
 
No of oz to be served (notices)
366 contracts
 1,830,000 oz)
Total monthly oz silver served (contracts)  1963 contracts

 

9,815,000 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 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 26,617.600 oz
ii)Into JPMorgan: 1,225,571.420 oz
iii) Into Loomis: 1,285,572.100
 
 
 

JPMorgan now has 197.51 million oz of  total silver inventory or 49.63% of all official comex silver. (1967.51 million/397.932 million

total customer deposits today: 2,537,761.100    oz

we had 2 withdrawals:

 
 
i) out of CNT  1,206,895.460
ii) Out of Delaware:  2862.386 oz
 
 
 
 
 
 
 
 
 

total withdrawals 1,209,757.846 oz   oz

We had 4 adjustments: all dealer to customer

i) CNT  603,204.420 oz

ii) jpm: 1,247,315.394 oz

iiiScotia: 203,047.180 oz

\iv) Brinks 239.030.714 oz

Total dealer(registered) silver: 147.891million oz

total registered and eligible silver:  397,932 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

FEBRUARY saw a GAIN of 68 contracts to stand at 464. We had 30 notices filed on WEDNESDAY. So we GAINED 98 contracts or an additional 490,000 oz will stand for delivery on this side of the pond as they refused to  morph into London based forwards and as such they negated a fiat bonus. 

MARCH LOST 4797 contracts DOWN to 75,985. April gained another 87 contracts to stand at 419

We have 6 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 as of yet.

The total number of notices filed today for FEB 2021. contract month is represented by 98 contract(s) FOR 490,000 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  1963 x 5,000 oz = 9,815,000 oz to which we add the difference between the open interest for the front month of FEB (464) and the number of notices served upon today 98 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 1963 (notices served so far) x 5000 oz + OI for front month of FEB(464)- number of notices served upon today (98) x 5000 oz of silver standing for the Jan contract month .equals 11,645,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We gained 98 contracts or an additional 490,000 oz will stand for delivery over here as they refused to  morph into London based forwards..

TODAY’S ESTIMATED SILVER VOLUME 100,612 CONTRACTS // volume very  good/raid

FOR YESTERDAY  89,653  ,CONFIRMED VOLUME//very good/raid 

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 +1.38% ((FEB 18/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO -+0.04% to NAV:   (FEB 18/2021 )

Note: Sprott silver trust back into POSITIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/1.38%(FEB 18/2021)

(courtesy Sprott/GATA

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

NAV 19.29 TRADING 18.93//NEGATIVE 1,38

END

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

FEB 18//WITH GOLD UP $2.60 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.79 TONNES FROM THE GLD///INVENTORY RESTS AT 1132.89 TONNES

FEB 17/WITH GOLD DOWN $27.35 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 5.54 TONNES FROM THE GLD//INVENTORY RESTS AT 1136.68 TONNES

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 18 / GLD INVENTORY 1132.89 tonnes

LAST;  1002 TRADING DAYS:   +199.17 TONNES HAVE BEEN ADDED THE GLD

LAST 902 TRADING DAYS// +  367.42TONNES 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 18/WITH SILVER DOWN 22 CENTS TODAY : TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV ANOTHER WITHDRAWAL OF 1.858 MILLION OZ FROM THE SLV INTHE MORNING//AND 5.758 MILLION OZ IN THE AFTERNOON// //INVENTORY RESTS AT 621.007 MILLION OZ//

FEB 17/WITH SILVER UP  1 CENT TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 83,000 OZ INTO THE SLV//INVENTORY RESTS AT 628.623 MILLION OZ//

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 18/2021

SLV INVENTORY RESTS TONIGHT AT

 


621.007 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Chris Powell speech on gold market manipulation

(Chris Powell)

Gold market manipulation: Why, how, and how long? (2021 edition)

 
 Section: 

 

Illustrations for Part 1 of this presentation are here:

http://gata.org/files/GoldWeekAfricaConfSlides1.pdf

Illustrations for Part 2 are here:

http://gata.org/files/GoldWeekAfricaConfSlides2.pdf

* * *

ILLUSTRATION 1: TITLE SLIDE

Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Week Africa Conference
via internet from Lagos, Nigeria
Monday, February 15, 2021
Wednesday, February 17, 2021

As you may have seen from the conference program, I’m from the United States. Even so, I wanted you to know that my country is waging war on yours, and has been for many years. The organization I represent is hoping that once you know about this you might try to do something about it. You could benefit yourselves and everybody else, Americans included.

You already know that much of west Africa sits on a fabulous foundation of gold. Presumably you are attending this conference because you suspect that this great natural resource of yours is not valued and marketed as well as it should be to increase your region’s prosperity.

You’re right but I’m betting you don’t know the half of it. Certainly you would not have learned the other half from mainstream financial journalism and academic teaching, for they maintain that gold is at best a quaint antique. They could not be more wrong.

In fact gold remains what it has been for thousands of years — an excellent form of money — and may again become the best and most important form of money. More than this, gold is actually the secret knowledge of the financial universe, a secret desperately concealed by most central banks.

Gold has remained so important that Western governments — particularly the U.S. Treasury and its Exchange Stabilization Fund, the U.S. Federal Reserve, and allied governments and central banks — manipulate the gold market every day, even hour by hour, to control and usually suppress the monetary metal’s price.

Why have Western central banks been rigging the gold market?

It’s because gold is a powerful competitive international currency that, if allowed to function in a free market, will determine the value of other currencies, the level of interest rates, and the value of government bonds. In a free market gold’s performance is usually the opposite of the performance of government currencies and bonds. A rising gold price signifies the weakening of government currencies, at least the government currencies in countries that don’t produce a lot of gold.

So central banks fight gold to defend their currencies and bonds against competition.

The problem is that the tactics of Western central banks in their war against gold affect far more than gold. They affect markets generally and eventually destroy markets generally and damage the economies of all commodity-producing countries. This destruction of markets now has a name, a name used even by former members of the U.S. Federal Reserve Board. That name is “financial repression.”

Much academic literature and many government records confirm gold’s relationship with and influence on currencies, interest rates, and government bonds throughout history.

Some of this literature and some of these records are posted in the “Documentation” section of GATA’s internet site:

http://gata.org/taxonomy/term/21

The academic literature and government records show that controlling the currency markets long has been the most effective mechanism of imperialism, far more effective than invading a country and looting it with soldiers.

Indeed, rigging the currency markets — not looting by soldiers — was the primary mechanism by which Nazi Germany expropriated occupied Europe during World War II. Expropriation by force of arms was actually only a small part of the Nazi conquest.

The rigging of the European currency markets — that is, the gross distortion of currency exchange rates in Nazi Germany’s favor — turned every citizen of an occupied country into an agent of the occupation whenever he used money. This currency market rigging caused most manufacturing and agricultural production in the occupied countries to flow into Nazi Germany and blocked any return flow of German production. Currency market rigging enabled Nazi Germany to run without consequence the same sort of fantastic trade deficits run in recent years by the United States.

That is, the United States is Nazi Germany’s successor in rigging the currency markets for imperial exploitation.

[ILLUSTRATION 2 — TACTICAL AND TECHNICAL TRENDS]

During World War II the United States learned all about the Nazi expropriation of Europe through currency market rigging, because the rigging was documented by the November 1943 edition of the U.S. War Department’s monthly intelligence letter, Tactical and Technical Trends:

http://www.gata.org/node/10457

Nazi Germany’s manipulation of currency markets is also described in detail in the 2005 history “Hitler’s Beneficiaries” by Gotz Aly:

[ILLUSTRATION 3 — COVER OF ‘HITLER’S BENEFICIARES’]

https://www.amazon.com/Hitlers-Beneficiaries-Plunder-Racial-Welfare-eboo…

How do Western central banks and particularly the U.S. government rig the gold market?

They used to do it conventionally and in the open by dishoarding — selling — some of their gold reserves at strategic moments, Then they began dishoarding from their gold reserves more often, even every day, as the United States, United Kingdom, and seven of their Western European allies did during the 1960s through a public operation called the London Gold Pool:

[ILLUSTRATION 4 — WIKIPEDIA PAGE ON LONDON GOLD POOL]

http://en.wikipedia.org/wiki/London_Gold_Pool

The London Gold Pool held the gold price at $35 per ounce, the official price of gold set by the Bretton Woods conference in 1944, until the pool collapsed in March 1968 under the rising demand that had drained the U.S. gold reserve from 25,000 tonnes down closer to the 8,133 tonnes officially reported today:

After the collapse of the gold pool the United States and its allies regrouped to decide how to rig the gold market surreptitiously, to do it behind the scenes — not just with dishoarding but also by what is called the leasing of gold; by the purchase and sale of gold derivatives, including futures and options contracts; and, more recently, by what is called high-frequency trading undertaken through investment banks that gladly serve as government agents in the gold market, providing camouflage for governments, since the investment banks can front-run government trades.

When the rigging is done surreptitiously, as it is mostly done now, much less central bank gold has to be dishoarded and the dishoarding that is done has a far more suppressive effect on the price.

But Western central bank market rigging goes far beyond gold.

[ILLUSTRATION 5 — PETER WARBURTON]

In an essay published in 2001 and titled “The Debasement of World Currency — It Is Inflation, But Not as We Know It” —

http://www.gata.org/node/8303

— the British economist Peter Warburton discerned that central banks were using investment banks to issue financial derivatives throughout the commodity futures markets to siphon away money that was seeking a hedge against inflation by investing in hard assets. That is, derivatives like futures contracts can divert money away from the hoarding of real goods as stores of value. This diversion of investment is in the interest of governments, since commodity hoarding would drive up consumer price indexes and make inflation even more obvious and distressing to the markets and the public.

Most of these derivatives encouraged by government in the West are essentially naked short positions on the underlying commodity, promises to sell volumes of a commodity that are not readily available and cannot be obtained without sending prices way up.

Warburton concluded that since the naked shorting in the futures markets was keeping commodity prices down, any hedge against inflation would have to be some asset that was not attached to a futures market. That’s because anyone with enough money can control any futures market, and central banks have access to infinite money.

So as inflation hedges Warburton suggested farmland and supplies of clean water. For as the saying goes: “The futures markets are not manipulated; the futures markets are the manipulation.”

Indeed, a cable sent to the U.S. State Department by an official of the U.S. Embassy in December 1974, on the eve of the establishment of the gold futures market, suggests that the gold futures market was created precisely to scare retail investors away from gold.

The cable describes the embassy’s extensive consultations with London bullion dealers about the imminent re-legalization of gold ownership in the United States and possible substantial gold purchases by oil-exporting Arab nations.

The cable reads: “The major impact of private U.S. ownership, according to the dealers’ expectations, will be the formation of a sizable gold futures market. Each of the dealers expressed the belief that the futures market would be of significant proportion and physical trading would be minuscule by comparison. Also expressed was the expectation that large-volume futures dealing would create a highly volatile market. In turn, the volatile price movements would diminish the initial demand for physical holding and most likely negate long-term hoarding by U.S. citizens.”

See:

http://www.gata.org/node/17081

https://wikileaks.org/plusd/cables/1974LONDON16154_b.html

This market rigging by central banks and their agents explains the great disparagement of gold today: that, despite its tremendous price increase over the last 20 years, gold has not been fully keeping up with worldwide inflation. Somehow no one who disparages gold asks why it has not kept up with inflation.

The answer is that gold derivatives have created a vast imaginary supply of gold — a supply of paper certificates for gold that does not exist but for which delivery has not been demanded. That’s because most gold investors leave their gold purchases on deposit with the investment banks that sold them only promises of imaginary gold.

As a result the world now has a fractional-reserve gold banking system that is leveraged in the extreme.

Yes, all commodity futures markets have created paper promises of supply that cannot easily be covered by real product and would have to be settled in cash if delivery was ever demanded. But most commodity markets are for goods that eventually are delivered and consumed to a great extent, so you can’t falsify those markets too much.

Gold is different, for gold is not consumed but rather saved — hoarded — as a means of exchange, as money and savings, and as jewelry, even as most gold purchased in the futures markets is never delivered at all but rather left on deposit with the futures exchange or investment banks.

This system has produced a huge and elastic supply of imaginary gold, even as people buy gold precisely because they assume that its supply is not imaginary and elastic — that its supply is real and limited to total past production and annual mine production.

This assumption that the supply of gold in the financial system is real is a terrible mistake.

While the principle of most gold investment analysis is “You can’t print gold,” “paper gold” can be printed to infinity just like ordinary government currency — and indeed it has been printed practically to infinity.

You can get an idea of the vast imaginary supply of gold by reviewing the huge gold derivative positions attributed to U.S. investment banks in the reports of the U.S. Comptroller of the Currency.

These derivative positions are almost certainly not the positions of the investment banks themselves but rather U.S. government positions brokered and held on the books of the investment banks.

As John Hathaway, manager of the Tocqueville Gold Fund, wrote in November 2014:

http://www.tocqueville.com/insights/monetary-tectonics

“The modern-day central banker trades with counterparties that are giant commercial banks with derivative books of disturbing scale and complexity. It seems impossible that these commercial exposures could be constructed and maintained without the knowledge and complicity of the official sector. For example, Deutsche Bank, already a defendant in a thousand lawsuits, claims derivative exposure that is 20 times the gross domestic product of Germany and five times that of the entire eurozone. It is not a great leap to suggest that central bank traders and their megabank opposites — spawn of the same gene pool, schooled in the same institutions, career paths intertwined, frequenters of the same conferences, and just a speed-dial away — are ideologically indistinguishable and intellectually and morally corrupt in equal proportion.”

After all, the U.S. Treasury Department’s Exchange Stabilization Fund is expressly authorized by law, the Gold Reserve Act of 1934, as amended, to trade secretly in all markets, including the gold market, on the U.S. government’s behalf. And this law expressly exempts the Exchange Stabilization Fund from answering to anyone but the treasury secretary and the president:

https://home.treasury.gov/policy-issues/international/exchange-stabiliza…

A few weeks ago the fund’s cash balance rose to more than $600 billion and at last check stood at $200 billion. The U.S. government would not have loaded up the fund if the government wasn’t preparing to use it for a lot of secret intervention in the markets, including the gold and currency markets:

http://gata.org/node/20792

http://gata.org/node/20904

Gold market consultant Jeffrey Christian of CPM Group testified to a hearing of the U.S. Commodity Futures Trading Commission on March 25, 2010, that the ratio of “paper gold” to real metal in the so-called London physical market may be as high as 100 to 1. That is, there are as many as a hundred claims on every actual ounce of metal traded or vaulted in the London market:

http://www.gata.org/node/8478

[ILLUSTRATION 6 — RESERVE BANK OF INDIA REPORT]

In January 2013 a report by the Reserve Bank of India estimated at 92 to 1 the ratio of paper gold to real gold in the world:

http://www.gata.org/node/12088

[ILLUSTRATION 7 — BULLION BANKING EXPLAINED]

The manufacture of “paper gold” was described by CPM Group’s Christian in his essay “Bullion Banking Explained” published in 2000. That report is posted at GATA’s internet site:

http://www.gata.org/node/8627

Some investment banks are nominally on the short end of this enormous leverage and they would be existentially vulnerable to a short squeeze — if they were the true holders of the short positions. Instead these huge short positions are probably U.S. government positions facilitated by the Exchange Stabilization Fund.

What I am telling you has often been dismissed as “conspiracy theory.” But it is really conspiracy fact.

For there are many official admissions of gold market rigging.

These admissions include statements by four former chairmen of the U.S. Federal Reserve Board (Alan Greenspan, Paul Volcker, Arthur Burns, and William McChesney Martin); the minutes of the Federal Reserve’s Open Market Committee; declassified U.S. Central Intelligence Agency and State Department records, including one that cites the necessity for the U.S. government to remain “the masters of gold” —

[ILLUSTRATION 8 — GOLD TELEGRAM]

http://www.scribd.com/doc/20215562/Gold-Telegram

http://www.zerohedge.com/article/declassified-state-dept-data-highlights…

— statements by central bankers from other countries, including three officials of the Bank for International Settlements; and documents from the BIS and the International Monetary Fund.

For example:

[ILLUSTRATION 9 — GREENSPAN TESTIMONY:]

— In testimony to Congress in July 1998, Federal Reserve Chairman Alan Greenspan declared that “central banks stand ready to lease gold in increasing quantities should the price rise.” Thus Greenspan confirmed that the purpose of gold leasing by central banks was not what they usually claimed — to earn them a little money on the supposedly dead asset in their vaults — but rather to suppress the monetary metal’s price:

http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

http://www.gata.org/files/GreenspanTestimony-07-24-1998.pdf

[ILLUSTRATION 10 — VOLCKER MEMOIRS IN NIKKEI DAILY]

— In January 2012 former Federal Reserve Chairman Paul Volcker admitted to the German financial journalist Lars Schall that central banks need to suppress the gold price to stabilize exchange rates at what he called a “critical point”:

http://www.gata.org/node/10923

Volcker already had written in his memoirs that in 1973 as a U.S. Treasury Department official he advocated gold price suppression:

http://www.gata.org/node/8209

http://www.gata.org/files/VolckerMemoirs.pdf

[ILLUSTRATION 11 — MARTIN MEMORANDUM]

— In 2009 a remarkable 16-page memorandum was discovered in the archive of the late Federal Reserve Chairman William McChesney Martin. The memorandum is dated April 5, 1961, and is titled “U.S. Foreign Exchange Operations: Needs and Methods.” The memo is a detailed plan for secret intervention by the U.S. government to rig the currency and gold markets to support the U.S. dollar and to conceal, obscure, or even falsify U.S. government records and reports so that the rigging might not be discovered:

http://www.gata.org/node/7096

[ILLUSTRATION 12 — BURNS MEMORANDUM]

— In a memorandum to President Gerald Ford in June 1975, Federal Reserve Chairman Arthur Burns reported that the Fed had a secret agreement with the German Bundesbank to obstruct market pricing for gold. Burns wrote to the president: “I have a secret understanding in writing with the Bundesbank, concurred in by Mr. Schmidt” – that’s Helmut Schmidt, West Germany’s chancellor at the time — “that Germany will not buy gold, either from the market or from another government, at a price above the official price of $42.22 per ounce.”

Burns added, “I am convinced that by far the best position for us to take at this time is to resist arrangements that provide wide latitude for central banks and governments to purchase gold at a market-related price.”

That is, it was United States policy to prevent any free market for gold:

http://www.gata.org/node/10686

— In June 2004 the deputy chairman of the Bank of Russia, Oleg Mozhaiskov, told a conference of the London Bullion Market Association in Moscow that he suspected the United States of suppressing the gold price. Mozhaiskov mentioned the Gold Anti-Trust Action Committee by name, the only words he spoke in English, though at that time GATA never knowingly had had any contact with anyone in Russia.

The LBMA refused to provide GATA with a copy of Mozhaiskov’s speech. But I reached him by fax in Moscow and he quickly replied that he would send a copy but wanted to control the English translation. About a month later I received the English copy from Mozhaiskov’s friend, the chief executive of Moscow Narodny Bank in London.

Mozhaiskov’s reference to GATA was, I think, his way of telling the London bullion bankers that Russia was at last aware of their gold price suppression scheme:

http://www.gata.org/node/11723

[ILLUSTRATION 13 — JELLE ZIJLSTRA BOOKS]

— Jelle Zijlstra, a president of the Netherlands Central Bank who was also president of the Bank for International Settlements in Basle, Switzerland, wrote in his memoirs in 1992 that the gold price long had been suppressed at the behest of the United States:

http://www.gata.org/node/11304

[ILLUSTRATION 14 — BIS PAPERS / SPEECH OF W.R. WHITE]

— William R. White, the director of the monetary and economic department of the Bank for International Settlements, told a BIS conference in June 2005 that a primary purpose of international central bank cooperation is “the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful”:

http://www.gata.org/node/4279

[ILLUSTRATION 15 — BIS POWERPOINT]

— The Bank for International Settlements actually advertises to potential central bank members that its services include secret interventions in the gold market. Here’s a slide from a PowerPoint presentation the bank made to prospective central bank members at BIS headquarters in Basel in June 2008:

http://www.gata.org/node/11012

— Indeed, according to its annual reports, the BIS functions largely as a gold banking and gold market intervention service for its member central banks. BIS annual reports have said: “The bank transacts foreign exchange and gold on behalf of its customers, thereby providing access to a large liquidity base in the context of, for example, regular rebalancing of reserve portfolios or major changes in reserve currency allocations. The foreign exchange services of the bank encompass spot transactions in major currencies and Special Drawing Rights as well as swaps, outright forwards, options, and dual currency deposits. In addition, the bank provides gold services such as buying and selling, sight accounts, fixed-term deposits, earmarked accounts, upgrading and refining, and location exchanges”:

http://www.gata.org/node/12717

[ILLUSTRATION 16 — EPSTEIN ESSAY IN HARPER’S]

— Secret interventions in the gold market by the BIS have been going on for many years. A long article by Edward Jay Epstein in Harper’s magazine in 1983, based on seemingly unprecedented interviews with BIS officials, disclosed that the BIS was constantly intervening in the gold market in secret:

https://www.edwardjayepstein.com/archived/moneyclub.htm

http://www.gata.org/node/8773

[ILLUSTRATION 17 — BIS STATEMENT OF ACCOUNT]

— GATA’s consultant about the Bank for International Settlements, Robert Lambourne, examines the bank’s monthly statement of accounts, since, if you look very closely at the statement, as Lambourne does, you’ll see that it includes entries for “gold and gold loans” and “gold deposits” and these entries change each month. Here is the revealing page from the BIS’s January statement:

http://gata.org/node/20901

Using the statement of account Lambourne calculates the BIS’s gold-related positions. He finds that the bank’s gold swap position has been increasing steadily for months and now is close to a record high in the history of the bank.

That is, in recent months the BIS has been intervening in the gold market more than ever.

What exactly is the BIS doing in the gold market, for what objectives, and for whom? GATA put that question to the BIS in 2017 and the BIS promptly replied that it doesn’t answer questions like that:

http://www.gata.org/node/17793

So you may fairly assume that any honest answers here would incriminate the BIS’ members and owners – central banks – for which the BIS is providing camouflage for their interventions in the gold market.

[ILLUSTRATION 18 — SECRET IMF STAFF REPORT]

— Perhaps most incriminating about central bank intervention against gold is the secret March 1999 staff report of the International Monetary Fund that GATA obtained in December 2012. The secret IMF report says Western central banks conceal their gold swaps and loans to facilitate their secret interventions in the gold and currency markets:

http://www.gata.org/node/12016

The secret IMF report is doubly important, for it establishes not only that central banks are surreptitiously intervening in the gold market through swaps and leases but also that no official central bank gold data is any good. The IMF, which is the compiler of central bank gold data, allows its members to count their leased and swapped gold as if it is still sitting in their vaults, unencumbered, when the gold may have left the vaults or have multiple claims on it.

That is, the secret IMF report shows that central bank gold reserves are double-counted or worse.

Since it advocates dishonesty in the reporting of national gold reserves, the secret IMF report also demonstrates that the true amount, location, and disposition of central bank gold reserves are state secrets far more sensitive than the amount, location, and disposition of nuclear weapons. For nuclear weapons can only destroy the world, while, as we may see shortly, the control of gold and its price confers the control of all financial valuations in the world.

[ILLUSTRATION 19 — GAUTIER SPEECH]

The director of market operations for the Banque de France, Alexandre Gautier, told the London Bullion Market Association’s meeting in Rome in September 2013 that the French central bank trades gold for its own account “nearly on a daily basis” and is “active in the gold market for other central banks and official institutions”:

http://www.gata.org/node/13373

What are the Banque de France and its associates doing with their secret gold trading? They won’t say. Obviously it’s something they don’t want the markets and gold-producing countries to know about.

[ILLUSTRATION 20 — WARSH LETTER]

— The participation of the United States in gold market manipulation was confirmed by a member of the Board of Governors of the Federal Reserve System, Kevin M. Warsh, in a letter written in September 2009 denying GATA’s request for access to the Fed’s gold records. Warsh wrote that among the records the Fed insisted on keeping secret were records of gold swap arrangements between the Fed and foreign banks:

http://www.gata.org/node/7819

[ILLUSTRATION 21 — WSJ ESSAY BY WARSH]

In commentary published in The Wall Street Journal in December 2011 Warsh wrote about what he called “financial repression” by governments. Warsh wrote: “Policy makers are finding it tempting to pursue ‘financial repression’ — suppressing market prices that they don’t like.” Warsh added, “Efforts to manage and manipulate asset prices are not new”:

https://www.wsj.com/articles/SB10001424052970204770404577080181384917926

http://www.gata.org/node/10839

Soon after his essay was published I reached Warsh by e-mail and asked him if he had learned about “financial repression” through his service on the Federal Reserve Board. I also asked him if he would identify the asset prices he had written were being manipulated by policy makers.

Warsh cordially wished me a nice day.

[ILLUSTRATION 22 — U.S. EMBASSY CABLE FROM BEIJING]

But the government of China knows all about Western gold price suppression policy and isn’t afraid to talk about it.

The U.S. State Department diplomatic cables obtained by the Wikileaks organization and published in 2011 include cables from the U.S. embassy in Beijing to the State Department in Washington that were translations of reports from Chinese government-controlled news organizations. These translations included stories and commentaries about gold price suppression by the United States.

For example, the Chinese newspaper World News Journal wrote: “The United States and Europe have always suppressed the rising price of gold. They intend to weaken gold’s function as an international reserve currency. They don’t want to see other countries turning to gold reserves instead of the U.S. dollar or euro. Therefore, suppressing the price of gold is very beneficial for the United States in maintaining the U.S. dollar’s role as the international reserve currency. China’s increased gold reserves will thus act as a model and lead other countries toward reserving more gold. Large gold reserves are also beneficial in promoting the internationalization of the renminbi.”

So not only do the Russian and Chinese governments know all about the gold price suppression scheme. The State Department cables show that the U.S. government knows that China knows:

http://www.gata.org/node/10380

http://www.gata.org/node/10416

Many people in the gold business in China also know about gold price suppression by the U.S. government and its allies.

[ILLUSTRATION 23 — SUN ZHAOXUE]

For example, thanks to gold researcher Jan Nieuwenhuijs, in January 2014 GATA published the remarks of the president of China’s gold mining association, Sun Zhaoxue, to a financial conference in Shanghai. Sun Zhaoxue said gold price suppression is U.S. government policy to maintain the dominance of the U.S. dollar in the ongoing international currency war:

https://www.bullionstar.com/blogs/koos-jansen/sun-zhaoxue-us-intends-to-…

http://www.gata.org/node/13446

[ILLUSTRATION 24 — ZHANG JIE]

And in 2013 GATA distributed commentary by Zhang Jie, deputy editor of the Chinese publication Global Finance and a consultant to the China Gold Association, who said the U.S. Federal Reserve manipulates the gold market to protect the U.S. dollar’s standing as the world reserve currency:

Zhang said: “Through continuous gold leasing the gold in the market can be circulated and produce derivatives, creating more and more paper gold. This is very significant for the United States. Gold leasing is a major tool for the Federal Reserve and other central banks in the West to secretly control and regulate the gold market, creating gold credit derivatives and global credit conflict”:

https://www.bullionstar.com/blogs/koos-jansen/gold-leasing-is-a-tool-for…

http://www.gata.org/node/13314

The U.S. government’s public archives are actually full of records documenting the government’s longstanding objective of removing gold from the world financial system to maintain the dominance of the U.S. dollar as the world reserve currency.

[ILLUSTRATION 25: KISSINGER-ENDERS MINUTES]

Perhaps most descriptive are the minutes of a meeting at the U.S. State Department in April 1974 between Secretary of State Henry Kissinger and his assistant undersecretary of state for economic and business affairs, Thomas O. Enders.

http://www.gata.org/node/13310

The meeting addresses the growing desire among western European countries to revalue their gold reserves upward, thereby increasing gold’s role in the international financial system and threatening the dollar’s status:

Secretary Kissinger asks: “Why is it against our interest to have gold in the system?”

Assistant Undersecretary Enders answers him.

Mr. Enders: It’s against our interest to have gold in the system because for it to remain there it would result in it being evaluated periodically. Although we have still some substantial gold holdings — about $11 billion — a larger part of the official gold in the world is concentrated in western Europe. This gives them the dominant position in world reserves and the dominant means of creating reserves. We’ve been trying to get away from that into a system in which we can control. …

Secretary Kissinger: But that’s a balance-of-payments problem.

Mr. Enders: Yes, but it’s a question of who has the most leverage internationally. If they have the reserve-creating instrument, by having the largest amount of gold and the ability to change its price periodically, they have a position relative to ours of considerable power. For a long time we had a position relative to theirs of considerable power because we could change gold almost at will. This is no longer possible — no longer acceptable. Therefore, we have gone to Special Drawing Rights, which is also equitable and could take account of some of the less-developed-country interests and which spreads the power away from Europe. And it’s more rational in …

Secretary Kissinger: “More rational” being defined as being more in our interests or what?

Mr. Enders: More rational in the sense of more responsive to worldwide needs — but also more in our interest. …

So there you have it. The top officials of the U.S. State Department just explained to you that whichever government or group of governments has the most gold has the crucial “reserve-creating instrument,” the instrument that can create money, and can control the instrument’s valuation and implicitly the valuation of every currency in the world.

Of course money is power and infinite money is infinite power. The interest of the United States, at least as it was perceived at that meeting at the State Department in April 1974, was to dominate the world by controlling money creation and the valuation of all currencies.

[ILLUSTRATION 26 — CENTRAL BANK INCENTIVE PROGRAM]

The U.S. government has created special mechanisms for secret market intervention against gold, quite apart from its Exchange Stabilization Fund. With the approval of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, the operator of the major U.S. futures exchanges, CME Group, offers governments and central banks volume discounts for secretly trading all futures contracts available in the United States:

http://www.gata.org/node/18925

That central banks and governments are secretly trading all major futures markets in the United States signifies that central bank intervention in world markets is now likely comprehensive — that there really are no markets anymore, just interventions, that the main objective of central banking now is to prevent markets from happening at all,and that the market economy that has been the engine of progress and democracy around the world has already been greatly impaired if not destroyed.

This is the financial news story of the century, but the mainstream financial news organizations won’t report it. It is too sensitive.

[ILLUSTRATION 27 — CFTC FINES JPMORGAN]

In recent months several major investment banks active in the gold market have confessed to their own manipulation of the gold and silver through fake trading orders called “spoofing.” They have paid substantial fines for this market rigging. The biggest confession came from the biggest bank in the United States, JPMorganChase & Co., which in September agreed to pay a fine of $920 million and cooperate with a criminal investigation of market rigging;

http://www.gata.org/node/20530

https://www.cftc.gov/PressRoom/PressReleases/8260-20

[ILLUSTRATION 28 — UNIVERSITY OF SUSSEX STUDY]

In May last year a study by the University of Sussex Business School in Britain concluded that the gold futures market is indeed heavily manipulated, seemingly contrary to regulations, but regulators are overlooking it.

http://www.gata.org/node/20146

http://www.sussex.ac.uk/broadcast/read/52005

The regulators, and particularly the U.S. Commodity Futures Trading Commission, are overlooking the manipulation of the gold futures market because such manipulation is perfectly legal, at least in the United States, when it is done by or at the direction of the U.S. government itself. That’s because a federal law, the Gold Reserve Act of 1934, expressly authorizes the U.S. Treasury Department to secretly intervene in and manipulate not just markets in the United States but markets anywhere in the world — even markets in Africa.

Please reflect on that: The U.S. government has authorized itself to manipulate African markets. Does your law authorize the U.S. government to manipulate your markets?

[ILLUSTRATION 29 — MOONEY LETTER]

GATA repeatedly has asked the U.S. Commodity Futures Trading Commission if it has jurisdiction over market manipulation that is committed by or at the direction of the U.S. government. So has U.S. Rep. Alex X. Mooney, Republican of West Virginia. But the commission refuses to answer the question, not even for a member of Congress. Of course this refusal to answer is essentially an answer anyway, a confirmation that the U.S. government is secretly rigging markets all around the world and the commission can’t do anything about it because it’s legal, at least under U.S. law:

http://www.gata.org/node/19917

http://www.gata.org/node/20089

But then GATA did get an answer to this question back in 2001 when, in federal court in Boston, we brought our first lawsuit against the Bank for International Settlements, the U.S. government, the Treasury Department, the Federal Reserve, and the major investment banks that act as their agents in the gold market. An assistant U.S. attorney, a lawyer for the government, asked the court to dismiss our lawsuit because, he said, under the Gold Reserve Act of 1934 the U.S. government does indeed claim the power to rig the gold market exactly as our lawsuit complained:

http://gata.org/node/4211

The court did dismiss our lawsuit but for technical jurisdictional reasons, not for the reason urged by the assistant U.S. attorney.

[ILLUSTRATION 30 — G-10 GOLD AND FOREIGN EXCHANGE COMMITTEE]

Ten years later GATA did beat the government — the Federal Reserve particularly — in a freedom-of-information lawsuit brought in U.S. District Court for the District of Columbia. The lawsuit was about the Fed’s refusal to let GATA inspect its gold records:

http://www.gata.org/node/9623

The court ruled that all the Fed’s gold records were exempt from disclosure except one — the minutes of the G-10 Gold and Foreign Exchange Committee meeting of April 1997. When the Fed finally produced those minutes, they showed Western finance ministers and central bankers plotting in secret to coordinate their policies toward gold. That is, they all were ganging up against gold again.

So while the Fed won 99 percent of the substance of the lawsuit, technically the Fed lost the case, so the court ordered the Fed to pay court costs to GATA. Here’s a copy of the Fed’s check:

[ILLUSTRATION 31 — FEDERAL RESERVE CHECK]

http://www.gata.org/node/9917

* * *

I’m sorry to have taken so long with these documents. But there are many, many more, and I emphasize them because the disparagement of GATA’s work long has been that we’re pushing “conspiracy theory.”

But there’s nothing wrong with the word “conspiracy” here. The problem is the word “theory.” We are dealing with conspiracy fact, and that shouldn’t be so hard to understand.

For by definition government itself is a conspiracy whenever its officers convene in secret to formulate and implement a course of action. Most of the documents GATA has discovered and compiled are proofs of conspiracy. Central bank gold price suppression policy is a conspiracy that essentially controls the valuation of all capital, labor, goods, and services in the world — a conspiracy that controls nearly everything.

GATA maintains that any setting of economic valuations should be done in the open in free markets, or, if government insists on setting valuations, then done in the open democratically and accountably.

There is other evidence of official intervention that I hope to discuss with you Wednesday. I also hope to discuss with you then why all this should matter to Africa particularly, whether gold price suppression by the governments of the developed world will ever end, and, if so, how it might end.

Then there is the matter of what the victims of this conspiracy — victims like the people of Africa — can do about it.

In any case, thanks for your kind attention and indulgence today. Being able to speak with you is an honor and a blessing, so thank you again.

[ILLUSTRATION 32 — CONTACT INFORMATION]

* * *

Part Two / Wednesday, February 17, 2021

[ILLUSTRATION 1 — TITLE]

The many documents we reviewed Monday establish the gold price suppression policy of Western governments, as well as its long duration. But even people unaware of those documents might easily come to suspect this policy on their own.

Consider the telling action of the gold market itself

The gold price is often smashed out of the blue in the futures markets when there is no news relevant to gold particularly or the currency markets generally. There are often waves of selling in gold futures by some entity that seems not to care about obtaining the best price for the metal it purports to be selling.

An ordinary seller staggers his sales, selling a little at a time, to avoid depressing the market price along the way. If you dump a lot of your asset on the market all at once, you crash the price.

But careful, profit-maximizing selling of an asset is often not what happens with gold. Some entity frequently bombs the market, dumping huge amounts of futures contracts all at once, precisely to knock the price down. This is an entity that profits not from a rising price of gold but from a falling price, and an entity that seems to have access to infinite money.

Such attacks are almost certainly government interventions, likely conducted through the Bank for International Settlements and brokers representing government agencies. They knock the gold price down to keep government currencies and bonds up.

There is also much counterintuitive action with the gold price. It often reacts the opposite of what you would expect. When there is some financial disaster or geopolitical crisis, gold often falls instead of rises. This likely is also the result of government intervention.

Consider the refusal of governments and central banks to explain.

[ILLUSTRATION 2 — U.S. FEDERAL RESERVE BUILDING]

Anyone who doubts Western gold price suppression policy can erase his doubt just by trying to put a question or two to Western governments and central banks, as GATA long has done.

Are central banks secretly involved in the gold market? Are they trading directly or through intermediaries like the BIS or investment banks? If so, what is the objective of this trading? Are they trying to manipulate currency values? Just what are they doing, for whom, and why?

Why are central bank board of directors meetings and deliberations secret if not to prevent the public and the markets from learning about secret interventions by government?

Exactly what is government policy toward gold? Is there any policy, or is the government completely indifferent to the monetary metal?

If you put such questions to a central bank and ever get any response, please let me know.

If, as is more likely, you get no response, or an evasive one, at least you’ll have confirmed that a central bank doesn’t want you to know what it’s doing — doesn’t want its own people to know what it’s doing.

Consider the failure of mainstream financial news organizations.

While mainstream financial news organizations occasionally report about gold, their reporting is always superficial. If you follow that reporting for long, you will see that the first rule of mainstream financial journalism about gold is: Never put to a central bank a critical question about gold, or any question about gold.

Indeed, for some time I have thought that the greatest power of Western central banking is not its power to create and deploy infinite money but rather its ability to intimidate financial news organizations — or the innate cowardice of those organizations.

For the gold price suppression scheme cannot work without deception, surreptitiousness, and misunderstanding. If mainstream financial news organizations ever exposed the scheme, investors would not participate in the markets that were being rigged, like the gold futures market. In that case investors who wanted gold would purchase only real metal and remove it from the banking system. They would not purchase gold futures or gold supposedly held in trust for them by investment banks.

Why are financial news organizations so negligent about gold?

Partly it is because central banks and governments generally are newsmakers and can shut off the flow of news to any news organization that offends them. And it is partly because the biggest advertisers for financial news organizations are the investment banks that themselves are agents of central banks in various markets, including the gold market. Any news organization that alienates the investment banks with critical reporting about market manipulation risks losing their advertising.

[ILLUSTRATION 3 — WALL STREET JOURNAL FRONT PAGE]

Let me tell you about an exception that proves the rule here.

In 2016 while I was attending a conference in Hong Kong I got a telephone call from a reporter for the leading financial newspaper in the United States, The Wall Street Journal. She said she wanted to do a story about gold market manipulation. I was skeptical, having long been providing documents to her newspaper without result. But we talked at length and I e-mailed her much of the documentation.

For weeks and then months I kept getting calls and e-mails from the Wall Street Journal reporter, so I kept sending her more material. I introduced her to four or five gold market experts associated with GATA. She interviewed them.

Eventually the reporter’s inquiries seemed to be going nowhere and I got tired of her. I told her that she was barking up the wrong tree, that she should stop bothering me — that I was merely an amateur observer of the official scene and that she should try some ordinary journalism. She should go to the source. That is, she should try putting questions not to me but to the government institutions responsible for gold price suppression policy and the actions she claimed to be investigating. She should try questioning the U.S. Federal Reserve and Treasury Department, not just GATA and the people associated with it.

In August 2017, more than a year after the reporter’s first call to me, and after GATA Chairman Bill Murphy had begun pushing her, her story was published on the front page of The Wall Street Journal:

http://www.gata.org/node/17562

The story quoted several of the experts to whom I had introduced her, and reported the complaint that the Federal Reserve was secretly intervening in the gold market to suppress the gold price. But the story missed the crucial detail. That is, the story never put a question to the Fed itself. The story let GATA’s experts accuse the Fed but never asked the Fed to respond to the accusation.

Of course this violated the first rule of journalism — that if you report something unfavorable about someone or some institution, you must seek and report the response, and there is a refusal to respond, you must report that.

This shows you how sensitive the gold issue really is. It is so sensitive that it caused the leading financial news organization in the United States to violate the first rule of journalism, to cheat its readers of the most basic information.

I suspect that The Wall Street Journal may have sought comment from the Federal Reserve and that the Fed said it didn’t want to talk about the issue and didn’t even want to be quoted as saying it didn’t want to talk about it. Refusing to comment would look incriminating. So the newspaper obliged the central bank, as it almost certainly would not do for any other subject of a news story. The newspaper simply omitted the crucial detail.

How lovely and interesting it might be if west Africa’s ambassadors in Britain and the United States called on the major financial news organizations there to urge them to start reporting about gold price suppression by governments and central banks.

GATA is full of specific questions journalists could put to governments and central banks if news organizations ever wanted to discover what really is going on in the gold market. Those questions are posted at GATA’s internet site and will be linked in the internet posting of this presentation:

http://www.gata.org/node/11661

http://www.gata.org/node/14606

[ILLUSTRATION 4 — MINE PIT]

Consider the failure of mining companies to act in the interests of their investors and the countries whose natural resources they exploit.

GATA has been alerting gold mining companies to gold price suppression policy for 20 years now. GATA people have spoken at mining conferences in North America, Europe, Asia, and South Africa. A few mining companies — very few — have responded favorably, spoken publicly about the issue, and even supported GATA financially. But most mining companies have ignored the issue. It terrifies them.

The gold mining industry has an international trade association — the World Gold Council — but the council actually represents very few mining companies, mainly the biggest ones, and has never addressed gold price suppression by governments and central banks. Indeed, the World Gold Council seems to exist mainly to ensure that there never is a world gold council, never any association to defend the gold-mining industry and gold-producing countries against hostile central banks. Thus the World Gold Council forecloses the possibility that the gold mining industry might ever stand up for itself.

It is not hard to understand the timidity of gold-mining companies.

First, mining is the industry most vulnerable to governments — for mining permits, for royalty requirements, and for enforcement of environmental regulations. Mining companies are properly scared of doing anything that might alienate their governments.

Second, mining is the most capital-intensive business. Developing the typical mine requires hundreds of millions of U.S. dollars and sometimes even billions of dollars. Such financing usually is available only from the biggest investment banks, banks that are formally agents of the major central banks. So gold-mining companies fear that if they complain about the rigging of the gold market, their own banks will cut them off.

But I would ask the miners and the gold-producing countries: Do you want to risk dying on your feet or just die on your knees?

[ILLUSTRATION 5 — NIGERIA’S CAPITOL BUILDING]

Consider the failure of the governments of gold-producing countries.

GATA has made many forays into South Africa and has had some contact with the country’s central bank but has gotten nowhere there. The gold-mining industry in South Africa long has been declining and the South African government doesn’t seem to mind, even as it cannot claim to be ignorant about Western gold price suppression policy. The South African government knows all about it.

West Africa may have more of an excuse, since GATA has made no particular efforts here. But do your governments know all they should about the region’s historic mineral resources and gold’s past and potential role in the world financial system? Do they know that gold remains the secret knowledge of the world financial system, that it remains the measure of everything?

I doubt it. For nearly every west African country is a member of the International Monetary Fund, whose major objective is to demonetize gold — one of west Africa’s primary exports.

Over the years the IMF has periodically sold gold in the name of raising money to help poor countries but actually to knock the gold price down to protect the reserve currency status of the U.S. dollar.

Indeed, the IMF is based in Washington and the United States holds controlling voting power in the IMF. The IMF’s charter requires major decisions to be reached by 85 percent of the organization’s votes. The United States holds 16½ percent of the votes. So every IMF member country could vote to have the IMF do or not do something and the vote would fail because it had only 83½ percent of the votes when 85 percent were needed. The IMF can’t do anything unless the United States consents.

That is, the IMF is an agency of U.S. imperialism.

Not coincidentally, the IMF also prohibits its member nations from linking their currencies to gold, even the currencies of its gold-producing members. Thus the IMF essentially requires its members to stick with the U.S. dollar as the world reserve currency.

GATA does not urge countries to adopt a gold standard. But except for gold-producing countries whose currencies are also international reserve currencies or potential reserve currencies, like China, why would any gold-producing country join an international organization that forbids it from making the most of its own gold resources?

Do African governments even know what the IMF’s gold policy is — that is, to assist U.S. policy to drive gold out of the international financial system and thereby weaken gold’s price?

Are the dollar loans given by the IMF to developing countries that produce gold worth the double slavery those loans impose — first the burden of repayment, and second the subservience to the currency of a colonial master?

No west African countries seem to be members of the Bank for International Settlements. But since the BIS is a major mechanism of gold price suppression, west African countries also might want to pay the BIS a visit in Switzerland. Your countries also might want to invite to your own foreign offices the ambassadors from the major countries that control the BIS board and ask them a few questions about gold price suppression policy. You might ask them about the BIS documents I showed you Monday.

If your countries have Russian and Chinese embassies, you might want to invite their ambassadors to your foreign office to discuss what the Bank of Russia and the People’s Bank of China know about gold price suppression policy. They know a lot.

Why does all this matter? What can be done about it? How might it end?

All this matters not only because west Africa is being deprived of a market price for a primary export but also because the rigging of the gold market is the rigging that facilitates the rigging of all markets everywhere. If you rig the currency markets, you rig everything currencies can buy, especially commodities — and west Africa produces many commodities in addition to gold.

The rigging of the gold market is part of a much broader scheme by which a secretive and unelected elite in the United States and Western Europe controls the value of all capital, labor, goods, and services in the world and thereby impairs or destroys all markets and democracy itself everywhere, obstructing the progress of mankind.

This scheme enables the West and especially the United States — rich countries — to live off the labor and resources of the developing world — poor countries. This point was made by the Russian central banker I told you about Monday, Oleg Mozhaiskov, in his address to the London Bullion Market Association meeting in Moscow in 2004. If the United States did not issue the world reserve currency, it could not live beyond its means and consume so much more than the fruit of its own labor as it long has been doing. In that case the United States might risk falling to the level of a developing country — just like the countries of west Africa.

But the unearned wealth that accrues to the United States from its being the issuer of the world reserve currency is not entirely a benefit. For it has comprehensively corrupted my country — its markets, its politics, and its public morality. When you have so much unearned wealth you tend to do stupid, corrupt, and immoral things. You forget the value of honest labor. You exploit and lord it over others. And you make your money a god.

For these reasons America needs an end to gold price suppression and market rigging as much as the developing world does.

The nations that rig the currency markets are operating a totalitarian and parasitic system. It is actually an old story, the latest manifestation of the everlasting war of the financial class against the producing class — only it is hidden well enough that the producing class hasn’t yet figured it out. The producing class is doomed until it does figure it out.

This totalitarian and parasitic system might end in various ways.

First it’s a question of world politics at the highest levels.

The system may end simply upon exhaustion of the relatively small gold supply that is needed to keep the futures and spot gold markets operating. Supply was exhausted in March 1968 when huge offtake forced the London Gold Pool to close. Since last March there have been signs that gold supplies are again critically tight in London and New York, the markets where price suppression concentrates.

How much more gold from their reserves are the central banks suppressing the gold price prepared to lose? We don’t know. That’s top-secret information. If you knew how much metal they were still prepared to lose and when it would run out, you could get very rich.

The system may end when one country decides to pull the plug on it, exchanging U.S. dollars and Treasury bonds for more gold — real metal — than is available. France’s insistence on exchanging dollars for gold in 1967 and 1968 was a big factor in the collapse of the gold pool. Even a smaller country might be able to destroy the system by selling U.S. government bonds and buying enough gold and removing it from the banking system.

Or the system may end as part of a plan by the major central banks to avert the catastrophic debt deflation that now threatens the world — a plan to inflate the debt away, essentially to default on it, by devaluing the major currencies against gold. This has happened before.

[ILLUSTRATION 6 — PETER MILLAR STUDY]

For example, a study in 2006 by the Scottish economist Peter Millar concluded that to avert such a catastrophic debt deflation, central banks would need to raise the gold price by a factor of seven to 20 times in order to reliquefy themselves — to dramatically increase the value of their own gold reserves as their currencies devalue along with the debts of government and society generally:

http://www.gata.org/node/4843

[ILLUSTRATION 7 — BRODSKY AND QUAINTANCE STUDY]

In May 2012 the U.S. economists and fund managers Paul Brodsky and Lee Quaintance published a report asserting that central banks probably were already redistributing gold reserves among themselves in preparation for just such a currency devaluation and an upward revaluation of gold, even in preparation for gold’s return as formal backing for currencies. Brodsky and Quaintance did not seem to have inside information. Rather, they were speculating. But it was plausible speculation and it has been supported in recent years by the switch of central banks from being net gold sellers to net gold buyers:

http://www.gata.org/node/11373

[ILLUSTRATION 8 — BIS BASEL III STANDARDS]

There is much speculation now that the Bank for International Settlements itself is pushing central banks in the direction of currency devaluation, doing this with what are called the “Basel III” revisions to international banking standards.

The revised standards, which are to take effect in June, will reclassify unencumbered physical gold as what is called a “Tier I” asset, an asset equal to cash and government bonds in the calculation of the capital assets of commercial banks. The revised standards will diminish the value of “paper” gold on a bank’s balance sheet — gold credits based on metal that doesn’t necessarily exist. Because of the Basel III standards, the commercial banks that trade gold may gain an incentive to hold the real metal and stop playing as much with gold derivatives:

https://www.bis.org/bcbs/publ/d424.pdf

http://gata.org/files/BaselIIIFinalizingPostCrisisReforms.pdf

But the end of gold market rigging by central banks may also be a matter of education and publicity — a matter of whether governments that are not part of the gold price suppression scheme, as well as investors around the world, will ever realize that as much as 90 percent of the world’s investment gold, supposedly being held in trust at investment banks, is, to put it politely, oversubscribed. That is, most of the investment gold people think they own may not exist.

If there is ever such a widespread realization and if delivery of the imaginary gold is ever demanded, the price of the metal may rise to multiples of its current price even as the holders of “paper gold” discover that they have been irredeemably cheated.

While the prospect of much higher gold prices of course excites gold producers and investors, it raises its own questions.

Will governments let gold investors keep extraordinary gains, or will governments impose windfall profits taxes on them or even try to confiscate gold? Decades ago confiscation was undertaken in the United States and other countries.

If the gold price soars, will governments let mining companies keep taking metal out of the ground at current royalty rates, or will royalty requirements be sharply raised? Will governments even let private companies keep mining gold at all?

On the other hand, if there is no general realization of the frauds of “paper gold” and central bank rigging of the gold market, then gold price suppression, the destruction of markets generally, and the oppression of the developing world may go on forever.

Africa must not let that happen — and Africa may be able to stop this crime just by standing up for itself, by realizing that the continent cannot be fully free when, for international trade, it is dependent on another country’s money and rigged markets. To stop this crime Africa must confront Western governments and central banks.

Gold was nearly everybody’s money for thousands of years, it could be everybody’s money again, and Africa is sitting on so much of the metal. Gold is the decisive instrument of your liberation. Yet Africa, like Central and South America and Asia, is full of rich countries insisting on being poor, insisting on remaining slaves to a colonial power that suppresses the value of the developing world’s resources.

Those who struggle against Western central bank gold price suppression policy are up against nearly all the money and power in the world. But they have justice on their side, which favors the continued ascent of man.

Africa can help force the gold issue into the open and thereby advance the ideals of democratic, transparent, and limited government, of fair dealing among nations, of individual liberty, self-determination, and the brotherhood of man, which, in the end, are what gold as money has always been about.

Africa can be free in fact, not just in appearance, and can devise its own prosperous future at last, a big colony no more.

You have the resources — not only gold but oil, other minerals, agricultural production, and vast human talent if you can ever fully educate and protect the health of your people. While the colonial powers are still operating, they no longer can shoot you or put you in prison for wanting to be yourselves in your own country. You are free if you will be free. You need only some patriotism and courage.

Are they within you still, as they were within you during your independence movements in the last century? Look for them in your past. Look for them in America’s own past. They are still there. You can find them again.

[ILLUSTRATION 9 — CONTACT INFORMATION]

Of course GATA wishes you every success and will be delighted to help. If you’d like more information about GATA’s work, assistance locating any of the documents I’ve mentioned, or other information about the issues we have discussed, please e-mail me at CPowell@GATA.org.

In any case please consider going to our internet site —

http://gata.org/

— and subscribing to our free daily electronic newsletter. We aim to keep our friends updated about important or just interesting developments in the monetary metals.

Thanks again for your kind attention and indulgence — and for the hope you have given me.

END

Subscribers can help GATA by joining the Calandra report

(GATA)

As The Calandra Report’s subscribers help GATA, they’ll see more than gold

 
 Section: 

 

11:51p ET Wednesday, February 17, 2021

Dear Friend of GATA and Gold:

While gold and silver seem to be in lockdown by the U.S. government this week, over at The Calandra Report our friend Thom Calandra is showing that companies in the environmental technology sector are making good gains. Indeed, The Calandra Report just made a big score with a Nevada-based mining company that is taking over a lithium-ion battery recycling company and moving into remediation of mercury pollution.

… 

It’s an unusual combination but readers of The Calandra Report have found it a profitable one, and Calandra writes that his special discounted subscription offer for GATA supporters is still open.

His letter today also highlights one of his longtime favorite gold-exploration companies and a uranium explorer, both of whose shares are breaking out.

GATA supporters who take a year’s subscription to The Calandra Report will enjoy a sharply discounted price — $169 instead of the usual $229 — with half their subscription fee being donated to GATA.

Thom’s research and name-dropping reports have been on a winning streak for many months now. His analysis and recommendations spring from his contacts in throughout the mining exploration business: across Quebec, Nevada, the Yukon, the Democratic Republic of Congo, Ghana, Arizona, Ontario, México, and Ecuador, among other far-flung places. He has similar contacts in the laboratory business.

If you check some of the sample reports posted in the clear at his internet site —

https://thomcalandra.com/

— you’ll see profitable names that were little known a year ago but are well-known now.

Thom never takes fees in exchange for coverage. He almost always owns shares of the companies he recommends in his letter. He takes pride in knowing the geologists and CEOs.

His letter also may be the lowest-cost mining analysis service. He conscientiously replies to all queries.

If you’d like to get some exciting stock recommendations in various sectors and to help GATA at the same time, your discount offer from The Calandra Report is waiting for you here:

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=CCV…

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

end

CP answers Mr Birde

Dear Mr. Bird:

Your commentary in the Journal today, “Everything’s Glittering Except Gold” —

https://www.wsj.com/articles/everythings-glittering- except-gold-11613637803

— omitted the primary explanation for the question you raised. That is, daily intervention by central banks in the gold futures and related markets — longstanding Western central bank policy..

This intervention was documented extensively in a presentation I made this week to the Gold Week Africa conference in Lagos, Nigeria:

http://gata.org/node/20925

I told the conference that the first rule of mainstream financial journalism, including the Journal’s own journalism, is never to put to a central bank a critical question about gold, or about anything else for that matter.

Please consider breaking that rule.

With good wishes.

cp

iii) Other physical stories:

INDIA TOP NEWS

 

 
(Reuters)

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

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

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

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

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

Reporting by Aftab Ahmed and Rajendra Jadhav; editing by Jason Neely

END

Indian Gold Market Continues To Show Signs Of Revival

 
WEDNESDAY, FEB 17, 2021 – 16:45

Via SchiffGold.com,

Last month, we reported on signs of revival in the Indian gold marketGold imports hit a 19-month high in December.

That revival has continued into 2021. Gold imports in January were up 72% year-on-year, and some shifts in government policy could give demand another shot in the arm.

India ranks as the second-largest gold consuming country in the world, second only behind China. But over the last couple of years, the gold market in India has languished. The pandemic crushed demand, particularly for gold jewelry, but record-high gold prices in rupee terms and government policy put a drag on the gold market even before COVID-19.

There were signs of a turnaround late last year and it continued through the first month of 2021.

India imported 62 tons of gold in January, according to an anonymous government source who spoke to Reuters. That was up from just 36.5 tons in January 2020. In dollar terms, January gold imports came in at $4.04 billion compared to $1.58 billion a year ago.

Indian gold imports should get another boost thanks to a cut in import duties announced last week by Finance Minister Nirmala Sitharaman. Beginning Feb. 1, the duty on gold bars will drop from 12.5% to 7.5%. Consumers will pay 14.07% tax for refined gold compared to 16.26% previously. Analysts at the World Gold Council project the cut in import taxes could boost demand by as much as 13 tons in 2021.

A further recovery in the Indian gold market would further boost global demand and would be supportive of gold prices.

Indians traditionally buy and hold gold. Collectively, Indian households own an estimated 25,000 tons of gold and that number may be higher given the large black market in the country. The yellow metal is interwoven into the country’s marriage ceremonies and cultural rites. Indians also value gold as a store of wealth, especially in poor rural regions. Two-thirds of India’s gold demand comes from these areas, where the vast majority of people live outside the official tax system.

Gold is not just a luxury in India. Even poor people buy gold in the Asian nation. According to an ICE 360 survey in 2018, one in every two households in India purchased gold within the last five years. Overall, 87% of households in the country own some amount of the yellow metal. Even households at the lowest income levels in India own some gold. According to the survey, more than 75% of families in the bottom 10% had managed to buy gold.

While consumer demand for gold was hit hard by the pandemic, gold has helped Indians weather the economic storm caused by the coronavirus. The government response to COVID-19 ravaged the Indian economy. As a result, many banks were reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians used their stashes of gold to secure loans.

For many Indians, gold is a lifesaver, providing liquidity that they otherwise wouldn’t have.

Indians understand that gold tends to store value, and that in the end, gold is money. If they have gold, they know they will be able to get the goods and services they need – even in the event of an economic meltdown. And while westerners may not embrace the cultural and religious aspects of the Indian love affair with gold, the economic reasons for their devotion to the yellow metal are every bit as applicable in places like the US.

END

Lumber Futures Hit Record High $1000 (As Gold Slumps To 7-Month Lows)

 
THURSDAY, FEB 18, 2021 – 10:33

As Building Permits explode higher (driven by multi-family units)…

Source: Bloomberg

The demand for lumber has soared, sending the building material jumping to an all-time high of $1,004.90 Thursday. Prices have climbed more than 30% this year… as gold sinks to a seven-month low…which is odd given that the rally in lumber (among other commodities) has stoked concerns of inflation bleeding into the home-buying market.

Source: Bloomberg

While the onslaught of demand from new construction combined with a boom in home remodeling and construction fueled by stay-home orders, Bloomberg notes that this handicapped producers’ abilities to restock inventories quickly enough, further supporting prices.

Additionally, as we noted during last year’s chaotic surge, it’s not all demand-driven as one builder noted “the explanation they had for us was that COVID-19 shut down the plants that treat the wood, and that finally caught up.”

“The supply chain was screwed up,” said Wilson, the owner of Wilson Construction in Galveston. “Dimension sizes were in limited supplies; even something as simple as a two-by-four-by-twelve Southern yellow pine treated was in extremely short supply.”

Ultimately, the added costs that come from buying supplies will be passed on to homebuyers, said Bill Schick, who sells lumber for Raleigh, North Carolina-based Building Materials and Construction Solutions.

“The price increase gets passed on to the end consumer,” Schick said. “Future homeowners and people remodeling will end up paying the brunt of the price increase.”

But don’t worry, Powell says The Fed has “the tools” to manage inflation… well he is right about one thing! (they do have some tools).

end

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4595 /

//OFFSHORE YUAN:  6.4524   /shanghai bourse CLOSED UP 20.27 PTS OR .55%

HANG SANG CLOSED 489.67 PTS OR 1.58%

2. Nikkei closed DOWN 56.10 POINTS OR 0.19%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 90.66/Euro RISES TO 1.2082

3b Japan 10 year bond yield: FALLS TO. +.09/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 61.55 and Brent: 64.65

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.34%/Italian 10 yr bond yield UP to 0.62% /SPAIN 10 YR BOND YIELD DOWN TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.96: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.82

3k Gold at $1785.60 silver at: 27.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 6/100 in roubles/dollar) 73.70

3m oil into the 61 dollar handle for WTI and 64 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 105.65 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 .8963 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0828 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.34%

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 1.298% early this morning. Thirty year rate at 2.077%

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

6.  TURKISH LIRA:  UP  TO 6.95..

US Futures Slide After China Reopening Disappoints; Yields Resume Rise

 
THURSDAY, FEB 18, 2021 – 7:42

Global stocks struggled to avoid a second day of declines on Thursday as hints of surging inflation led by a one-year high in oil prices and the strongest copper prices in nearly a decade kept traders in check after a boisterous run up that pushed world stocks to 12 consecutive record highs. After a soggy close to the Wednsday session, S&P futures turned lower, trading down -0.4% as 10Y yield resumed their rise, trading at session highs of 1.29% while Asian stocks equities extended losses after a disappointing Chinese markets reopen.

China’s CSI 300 index which reopened after the week-long Lunar new year, reversed a 2.1% gain to 1% loss after the PBOC unexpectedly drained 260 billion yuan ($40.31 billion) from money markets, raising concern about backdoor policy tightening.  The ChiNext index fell as much as 3.3%. Hang Seng, Topix and Kospi were all deep in the red while the Taiex outperformed on U.S. chip help request.

In Europe, stocks also slipped as declines in banks offset gains in commodity producers. Shares in Credit Suisse Group AG fell 1.4% after it reported a fourth-quarter loss. Offsetting the broader decline, the Stoxx Europe 600 Basic Resources Index (SXPP) rose as much as 2.8% and headed for the highest level since July 2011 with Rio Tinto, Boliden and KGHM among the best performers as copper hit a fresh 8-year high, while iron ore surged to highest in almost two months as Chinese traders returned from holiday and Australian peer Fortescue Metals Group provided a bullish outlook. European drillers and miners rose 2.5% to offset disappointing earnings numbers from companies including Airbus and Orange. Some of the biggest outperformers within the diversified miners were Rio Tinto +3.7%, BHP +2.5%, Glencore +3%, Anglo American +2.4%. Here are some of the biggest European movers today:

  • Temenos shares surge as much as 17%, the most in just over three years, as analysts say the Swiss software firm’s 2021 guidance is reassuring and welcome its medium-term targets.
  • Acciona shares jump as much as 10% to the highest since September 2008 after the Spanish group says it is considering an IPO for its renewables arm, a move welcomed by analysts.
  • Airbus shares slip as much as 4.6%, the most since January 25, as analysts say the plane manufacturer’s weak guidance for 2021 overshadows another strong quarter of trading.
  • Orange shares drop as much as 5.9%, the most in more than six months, as analysts say its outlook is complicated by the partial investment of a tax rebate.
  • Varta shares plummet as much as 15% with Commerzbank saying the firm’s top line beat is poor quality and that its guidance is weaker than expected.
  • Nel shares drop as much as 14%, the most since September 21, with Pareto saying the electrolyzer maker’s earnings missed as it continues to make investments.
  • Barclays shares fall as much as 5.2%, the most since December 21, as analysts say a vague outlook for 2021 from the U.K. bank overshadows a strong trading performance in the fourth quarter.

Earlier in the session, Asian stocks declined weighed down by some of the region’s largest technology-related stocks. Food delivery giant Meituan, social media and gaming behemoth Tencent and chipmaker Samsung Electronics were among the biggest drags on the MSCI Asia Pacific Index, which was set for its worst drop since Jan. 29. One of China’s largest companies, Kweichow Moutai, saw its shares fall the most since Jan. 15, or 4.6% Thursday morning in Shanghai, after China National Radio doubted local authority’s nomination of the company’s chief engineer to be a member of the Chinese Academy of Engineering. The nomination of a researcher on spirits brewing isn’t in line with China’s strategy of using science and technology to revitalize the nation, the radio says in a commentary.

Also hurting China’s mood, the PBoC injected 20bln yuan through 7-day reverse repos with the rate maintained at 2.20% for a net drain of CNY 260bln, although the PBoC later announced to conduct CNY 200bln of 1yr MLF at rate of 2.95% vs prev. 2.95%.

Elsewhere, the Philippines’ benchmark led losses among key national equity gauges, with measures in Japan, Hong Kong and South Korea also falling at least 1%. China’s CSI 300 fell, erasing an early jump as trading resumed following Lunar New Year holidays. The Taiex gained after a Bloomberg report that U.S. President Joe Biden’s top economic adviser has sought the Taiwanese government’s help in resolving a global semiconductor shortage. Stocks also rose in Vietnam.

Emerging-market stocks broke their longest winning streak since June as investors seized an opportunity to cash in some gains. In South Africa, shares were set for their worst day in three weeks after a study showed that Pfizer’s vaccine might not be effective against the country’s aggressive COVID variant.

While equity markets were mostly subdued on Thursday, there remains a growing concern that rising borrowing costs could dent corporate profits just as the economy recovers from the pandemic. Government bond yields were taking a breather after the inflation-driven sell-off in global fixed income, although the commodities charge kept petro-currencies like the Canadian dollar, Norwegian crown and Russian rouble edging higher. The yield on the benchmark 10-year Treasury traded near 1.29%, rising from earlier lows of 1.255%.

“The clear theme right now is the reflation rotations and gyrations in markets all over the place,” said Arnab Das, Invesco’s global market strategist.

Still, with vaccines being rolled out and economic activity picking up around the world, investors continue to bet on share market gains while shifting more into cyclical stocks:  “This just looks like a pause and reflation trade is likely to resume,” said Mark Nash, head of fixed-income alternatives at Jupiter Asset Management. “The Fed focusing on downside risks gave markets the green light to carry on.”

Indeed, Fed officials didn’t see the conditions for reducing their massive asset-purchase program being met for “some time” at their January policy meeting, Wednesday’s FOMC Minutes showed.

In FX, the pound led group-of-10 gains against a weaker dollar, which halted a two-day advance amid a steadying of the Treasury market. Sterling rose 0.7% to $1.3947, accelerating gains after it rallied to the strongest level versus the euro since March at 86.533 pence, amid continued optimism over its vaccine rollout. The greenback fell against all G-10 currencies; the Norwegian krone eased from a strong open as crude oil prices slipped from their highest levels since January 2020.

“Treasury yields are driving the dollar and that trend remains intact today,” said Masakazu Satou, a currency adviser at retail foreign-exchange brokerage Gaitame Online Co. in Tokyo. He expects the U.S. 10-year benchmark’s rise to pause, as the market needs “more fundamental signals that the U.S economy is improving for it to test 1.5%”

“The USD could have some growth support in the near term, but higher U.S. inflation and huge borrowing needs still look like unavoidable headwinds” said Rodrigo Catril, senior foreign-exchange strategist at National Australia Bank Ltd.

USD/NOK was down 0.3% around 8.4652 as the rally in Brent crude petered out, having earlier dropped as much as 0.4%, while the USD/JPY was down 0.2% to 105.69. “The dollar-yen rate weakened on position adjustments” following the decline in U.S. yields, and after meeting a solid technical barrier around 106.20-106.30, said Gaitame’s Satou

Elsewhere, the world’s best-performing currency this year – the Turkish lira – climbed another 0.5% as the central bank maintained its 17% interest rates and reiterated it could raise them again if needed.

Meanwhile, the historic deep freeze in Texas continued to drive up oil prices too, as the unusually cold weather hampers output in the largest U.S. crude-producing state.

Brent crude topped $65 a barrel for the first time in over a year on Thursday, while WTI rose to $61.80 a barrel. Both are up over 300% since last April.

Elsewhere in commodities, copper prices on the London Metal Exchange rose as much as 2.4% to $8,595 a tonne as well. That is their strongest level since April 2012 and nearly double what they fell to in March last year as COVID worries erupted. Gold snapped a five-day losing streak.

Looking at the day ahead now, and data highlights include the weekly initial jobless claims from the US, as well as January’s housing starts and building permits, and the Philadelphia Fed’s business outlook survey for February. From central banks, the ECB will be publishing the minutes from its January meeting, and we’ll hear from the Fed’s Brainard, Bostic and the BoE’s Saunders. Finally, earnings releases today include Walmart, Marriott International, Roku and Applied Materials.

Market Snapshot

  • S&P 500 futures down 0.3% to 3,917.00
  • MXAP down 0.8% to 218.95
  • MXAPJ down 0.8% to 737.71
  • Nikkei down 0.2% to 30,236.09
  • Topix down 1.0% to 1,941.91
  • Hang Seng Index down 1.6% to 30,595.27
  • Shanghai Composite up 0.6% to 3,675.36
  • Sensex down 0.6% to 51,402.32
  • Australia S&P/ASX 200 little changed at 6,885.87
  • SXXP Index little changed at 416.37
  • German 10Y yield little changed at -0.36%
  • Euro up 0.2% to $1.2065
  • Kospi down 1.5% to 3,086.66
  • Brent futures up 0.4% to $64.61/bbl
  • Gold spot up 0.5% to $1,785.80
  • U.S. Dollar Index down 0.2% to 90.75

Top Overnight News from Bloomberg

  • A rout in Treasuries this year has changed the equation for Japanese investors in global markets, with the U.S. bonds now offering them almost as much yield as riskier issuers such as Italy
  • What began as a power issue for a handful of U.S. states is rippling into a shock for the world’s oil market
  • Fresh Covid-19 cases for the past week were the lowest since October, according to data from Johns Hopkins University
  • ECB officials are finally building a consensus about how they might start delivering on President Christine Lagarde’s ambition to combat climate change
  • EU governments banking on hundreds of billions of euros in recovery funds to revive their economies can start putting forward their plans from Thursday when the bloc’s Recovery and Resilience Facility becomes operationalA lack of ambition in companies’ environmental goals, and investors’ willingness to turn a blind eye, threaten to undermine the credibility of the sustainability-linked debt market

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded indecisively as the region took its cue from a similarly uninspiring lead from the US where underperformance in tech clouded over sentiment and with strong data raising some questions regarding large stimulus. ASX 200 (Unch.) lacked firm direction as participants digested a slew of mixed earnings from several blue-chip stocks including Rio Tinto and ANZ Bank, although energy names were pressured and failed to benefit from the continued upside in oil prices after weaker results from Woodside Petroleum and Origin Energy. Nikkei 225 (-0.2%) was initially kept afloat but with upside later reversed by recent currency inflows and KOSPI (-1.5%) continued to suffer from concerns related to increased infections post-Lunar New Year. Hang Seng (-1.6%) and Shanghai Comp. (+0.6%) were varied as property names and financials dragged Hong Kong lower, while mainland China was lifted on return from the week-long closure with the PBoC conducting a CNY 200bln 1yr MLF operation and MOFCOM also announced that combined sales of domestic retail and catering enterprises rose 28.7% Y/Y to CNY 821bln during the Spring Festival golden week. Finally, 10yr JGBs were higher with prices recovering from the recent selling pressure as yields stabilized although gains were capped after weaker results at the 20yr JGB auction in which the b/c and accepted prices both declined from previous.

Top Asian News

  • China Stocks’ Strong Start to New Year Falters Near Record High
  • Bank Indonesia Cuts Rates and Outlook as the Recovery Stalls
  • Hong Kong Unemployment Hits Highest Level Since April 2004
  • Singapore Opens Bubble for Business Travelers at Changi Airport

European stocks kicked off the session mixed (Euro Stoxx 50 -0.2%) following on from a similarly varying APAC lead as Mainland China returned from its week-long Lunar New Year holiday. Meanwhile, US equity futures are trading marginally softer with the tech heavy NQ futures (-0.5%) narrowly underperforming . A divergence is seen between US equity futures and the performance in APAC & Europe, as the latter are also being influenced by a slew of large-cap earnings, whereas in the US Walmart report their earnings today which marks the unofficial end of US earning season. Bourses in Europe continue to follow the mixed trend amidst a lack of fresh catalysts. Sectors are mixed with no distinct risk bias. The Materials sector (+1.1%) is the outperformer which is in part down to base metals prices seeing a rise aided by Mainland China’s return. Consumer Discretionary (+0.4%) resides among the winners after Daimler (+1.5%) amid an overall stellar report and guidance whereby the expects sales, revenues and EBIT in 2021 to be significantly above the prior-year’s level and intends to spin-off Daimler Truck with majority listing on the stock exchange, expected to be completed before year-end 2021. Food & Beverage meanwhile (-0.4%) is pressured after European heavyweight Nestle (-0.3%) announced its FY20 earnings, which holds a 30% weighting in the sector. Financials (-0.7%) is the laggard, with Credit Suisse (-0.2%) and Barclays (-2%) softer following their earnings, with the former noting a major litigation provisions and York impairment and the latter disregarding share-buyback and dividend announcements. Continuing with earnings, Airbus (-4.0%) are lower after reporting a depleted year-end order book. Away from earnings, ThyssenKrupp (-4.0%) opened lower after Co. ended discussions with Liberty Steel regarding the potential sale of ThyssenKrupp’s steel unit but it is now flat on the session. Richemont (+0.6%) and Swatch (+0.8%) are seeing moderate gains despite Swiss watch exports trending lower in Jan at -11% Y/Y vs prev. -2.5% Y/Y.

Top European News

  • Virus Spread in England Falls Sharply Ahead of Johnson Review
  • Barclays Cautions on Outlook as Trading Beat Fuels Buyback
  • Kosovo May Decide on Uniting With Albania, Kurti Tells Euronews
  • Thyssenkrupp Ends Steel Sale Talks With Liberty Over Value

In FX, sterling has rebounded firmly with Cable retesting resistance above 1.3900, partly on the back of a broad Buck downturn that has culminated in the index reversing further from Wednesday’s 91.057 pinnacle to 90.685 and back near the 21 DMA (90.658 today) which now forms support ahead of 90.500. However, the Pound is also up on favourable cross flows as Eur/Gbp resumes its relentless decline after a tame bounce to 0.8700 and is now sub-0.8670. Elsewhere, the Aussie is back over 0.7750 vs its US counterpart and edging nearer 1.0800 against its Antipodean rival in wake of a somewhat mixed labour report in terms of outward appearance, but with internals better than the headline and jobless rate encouraging.

  • NZD/EUR/CHF/JPY/CAD – Notwithstanding, the aforementioned Aud/Nzd trajectory, the Kiwi has reclaimed 0.7200+ status vs its US namesake ahead of NZ PPI data, while the Euro has breached resistance and offers said to be situated at 1.2050 to peer beyond 1.2170, but decent option expiry interest between 1.2065-75 (1.1 bn) could hamper further progress towards 1.2100 where even larger expiries lurk (2 bn up to 1.2110). Similarly, the Franc has clawed back losses relative to the Greenback from almost 0.9000 to circa 0.8964 following Swiss trade data showing a much wider surplus, but steeper fall in watch exports, the Yen is rebounding further from under 106.00 to probe 105.70 and away from 106.00-105.95 (1 bn) option expiries at this stage, and the Loonie is back on the 1.2600 handle, albeit marginally before Canadian retail sales on Friday.
  • SCANDI/EM- The Sek has not derived much support or traction from firmer than expected Swedish inflation data as Eur/Sek holds above 10.0000 awaiting developments on the COVID-19 front after the country proposed a lockdown decree yesterday (suggesting it could be enacted for the first time since the pandemic broke), while the Nok is pivoting 10.2250 vs the Eur in the run up to Norges Bank Governor Olsen’s Annual Speech later today with little impetus from flat oil off new peaks. Meanwhile, mixed trade in EM currencies as the PBoC returned from Chinese Lunar New Year to set a softer Cny midpoint fix and drain 7-day liquidity before injecting 1 year funds, with the Cnh currently around 6.4550 vs 6.4300 earlier. USD/TRY has moved below the 7.00 mark following the CBRT announcement, where rates were left unchanged at 17.0% as expected and remarking that additional tightening will be delivered if required.

In commodities, WTI and Brent Apr’21 futures are waning off overnight highs in early European hours following their most recent run to fresh recovery-phase highs, bolstered by the most recent (and delayed) Private Inventory figures which printed a deeper than expected draw of 5.8mln bbls (vs exp. -2.4mln). Meanwhile, the complex remains elevated by the underlying fundamentals of mass vaccinations and OPEC+ tweaks, with the Texas deep freeze also keeping prices propped up as a lion’s share of Texan output is shuttered. Analysts at ING suggest that it is clear the impact from the cold weather is more severe than markets initially expected, with a clear demand hit amid refiners having shut or decreased operations. “It is estimated that around 3.6mln BPD of refining capacity has been idled, and for now at least, crude oil production losses appear to exceed the fall in refinery operating rates”, the bank says, adding that “there is the risk that it takes several days for operations to return to normal after the big freeze.” This weather phenomenon is likely to be reflected in next week’s inventory and production figures as trades eye today’s EIA release as a scheduled energy-specific catalyst, with the headline forecast to draw 2.429mln bbls. Turning to OPEC, yesterday’s address by the Saudi Energy Minister hinted that the Kingdom is seeking a more conservative approach – backed by the WSJ sources yesterday. Eyes on this front will remain on whether the group can come to an accord as preferences diverge against the backdrop of higher oil prices. It is also worth being cognisant of any developments that could knock the demand recovery hopes – with some reports suggesting that India may implement a fresh lockdown in some regions due to increasing cases and positivity rates. WTI resides just under USD 61.50/bbl (vs high USD 62.25/bbl), while its Brent counterpart dipped back below USD 65/bbl (vs high USD 65.50/bbl). Other risk events on the slate today include the ECB Minutes and weekly US jobless/continued claims. Elsewhere, precious metals see somewhat of a divergence with spot gold reaping reward from the softer Buck as prices attempt a recovery from YTD lows (around USD 1,768/oz) ahead of the 30th Nov 2020 low at USD 1,764/oz. Elsewhere, base metals surged overnight as mainland China returned from its week-long holiday, with Dalian iron ore leaping some 7% and Shanghai copper rising over 5% to near-10yr highs amid rosy demand prospects, a softer buck and supply concerns.

US Event Calendar

  • 8:30am: Feb. Initial Jobless Claims, est. 770,000, prior 793,000; Continuing Claims, est. 4.43m, prior 4.55m
  • 8:30am: Jan. Import Price Index YoY, est. 0.4%, prior -0.3%; MoM, est. 1.0%, prior 0.9%
  • 8:30am: Jan. Housing Starts MoM, est. -0.5%, prior 5.8%; Building Permits MoM, est. -1.4%, prior 4.5%, revised 4.2%
  • 8:30am: Jan. Export Price Index MoM, est. 0.8%, prior 1.1%; YoY, prior 0.2%
  • 8:30am: Jan. Housing Starts, est. 1.66m, prior 1.67m; Building Permits, est. 1.68m, prior 1.71m, revised 1.7m
  • 8:30am: Feb. Philadelphia Fed Business Outl, est. 20.0, prior 26.5
  • 9:45am: Feb. Bloomberg Economic Expectation, prior 39.5; Bloomberg Consumer Comfort, prior 44.9

DB’s Jim Reid concludes the overnight wrap

Even though I’ve been working from home for 11 months now it was still quite surreal to come downstairs to make myself a cup of tea yesterday to find the TV room in pitch darkness and three children aged 5 and under plus a dog huddled up to their mum watching Harry Potter. Oh and with popcorn scattered everywhere. Bad weather, lockdown and half term left them with little option. My wife loved Harry Potter and is trying to get our kids into it. So far she’s on film 2 and five year old Maisie is petrified and keeps running out of the room. Meanwhile the three year old twins don’t bat an eyelid at all the scary bits. So we’re trying to work out if they are too young to be scared, are budding psychopaths, or if Maisie is a little more sensitive. All answers from your own experiences gratefully received.

Yesterday the market got its own scare which further confirmed to me that this will be a complicated year for markets with investors having to work out what happens when huge forces collide. Vaccines, reopenings, pent-up demand, major stimulus, huge liquidity, strong economic growth, supply bottlenecks, return to work of retail investors, and extreme valuations in some corners of the market (including the ginormous tech sector) being the main highlights. Calibration will be tough.

Indeed yesterday was a confusing day as before the strong US data (more below) global yields were continuing to climb with 10yr USTs hitting 1.33% (having been 1.11% last Thursday). However after a blow out Retail Sales and PPI release (more below) yields suddenly and sharply reversed before closing at 1.27%. Risk assets were also weak but the US climbed steadily back to near flat after Europe went home.

In trying to explain the moves it was perhaps the case that the yield rises in recent days were starting to slowly bite for risk assets (equities and commodities starting to stall) and that the strong data tipped us over the edge and the associated risk off then helped bonds rally. As I said all a bit complicated. It is also slightly possible that the stronger data might have reduced the recent higher expectations for the US stimulus package but that might be a stretch as an explanation.

In the end the S&P 500 finished nearly unchanged (-0.03%), after being down as much as -0.82% early in the trading session. Before this the STOXX 600 (-0.74%) had its worst daily performance so far this month having closed before sentiment turned in the US. Tech stocks led the declines on both sides of the Atlantic, with Semiconductors (-1.67%) and Tech Hardware (-1.62%) the main laggards in the S&P while the STOXX 600 Technology sector pulled back -2.15% as it rounded off its worst 2-day performance this year. Staying with tech, by the close the NASDAQ had shed -0.58%, but was down as much as -1.73% intraday, while the more concentrated NYFANG fell -1.48% on the day – its first daily loss in February. What kept the S&P afloat was the rotation theme we have seen in recent weeks with Energy (+1.45%), Retailing (+1.16%) and Telecoms (+3.04) in particular doing the heavy lifting.

Asian markets are generally trading weaker this morning with the CSI 300 (-0.36%) and Shenzhen Comp (-0.25%) paring early gains to trade down as they reopened post a week long holiday. The Shanghai Comp is trading up though at +0.80%. In terms of other Asian markets, the Nikkei (-0.13%) and Kospi (-0.82%) both are trading down while the Asx (+0.01%) closed the day broadly flat. Futures on the S&P 500 are also down -0.13% as we type. Elsewhere, Bitcoin is trading down -0.26% as we type after it climbed to an all-time closing high of $52,400 (+7.85%) yesterday. Meanwhile oil prices rose further yesterday and are up another c. 1% this morning as both Brent Crude ($65.20) and WTI ($61.80) are trading at their highest levels in over a year.

US yields are fairly flat overnight after coming off their one-year, pandemic highs yesterday with 10yr breakevens retreating -2.7bps to 2.22% more than real yields. The move saw the yield curve flatten (2y10y down -2.8bps) as the aggressive bear steepening of the last week took a break. Over in European bonds it was much the same story as in the US, with yields on 10yr reversing sharply after the US data with bunds down -2.0bps, and a noticeable widening in peripheral spreads, as the Italian (+3.5bps), Spanish (+1.4bps) and Greek (+6.0bps) spreads over 10yr bunds all moved wider.

In terms of that retail sales report, the January number from the US came in at +5.3% month-on-month, well in excess of the +1.1% advance expected, and topping every estimate on Bloomberg. That’s the strongest monthly rise since June, though the report was bolstered by the arrival of stimulus checks, as well as an easing of restrictions in some places. The question will be whether we get some payback in February, not least given the incredible weather disruption in parts of the US right now that has continued to leave millions without electricity. On that, the disruption there is likely to be more widespread, with Samsung Austin Semiconductor having halted their operations, something that isn’t likely to help with the current global semiconductor shortage. Overnight, Bloomberg has report that President Biden’s top economic adviser, Brian Deese, has sought help from Taiwan’s government to resolve the global semiconductor shortage that’s impacting production at US car manufacturing plants. The report also added that Deese and the US National Security Adviser Jake Sullivan are both helping to try to address bottlenecks in auto companies’ supply chains.

Back to the messy data and the January reading of PPI in the US was much higher than expected, with the headline figure rising +1.3% (vs +0.4% expected), while the core reading rose +1.2% MoM (vs +0.4% expected). One of the most salient underlying data points was the massive health care print at +0.93% MoM, which was the second highest on record and pushed YoY health care inflation in the PPI to 3.7% – the highest it has been since Dec 2007. Our US economics team indicated that this is very important from the Fed’s perspective as health care is 20% of the core PCE index.

That said the minutes of the latest Fed meeting minutes showed that the US central bank is not overly concerned about inflation – a sentiment that investors have heard from various Fed Governors repeatedly over the past few weeks. There was an emphasis on looking through “temporary factors affecting inflation—such as low past levels of prices dropping out of measures of annual price factors” or relative price increase in certain sectors. The committee did acknowledge that downside risks over the medium term from the pandemic had been mitigated by the vaccine and the recent change in the outlook for fiscal support. Outside of the inflation discussion there was little new information. The other focus for investors is any potential tapering, but again the Fed has put that discussion off for some time.

Later today, we’ll get the ECB minutes from their own January meeting, when they emphasised the significance of symmetry around the PEPP envelope by elevating it within the policy statement. And there’ve been some questions since the meeting as to whether the ECB’s reaction function to inflation pressures has changed. The account may provide some insight there.

Last night also saw Mario Draghi’s government win a confidence vote in the Senate by an overwhelming 262-40 margin. In his first speech as Prime Minister, Draghi laid out an ambitious agenda, telling lawmakers that they had “the responsibility to start a new reconstruction, as governments did after World War II”. He also struck a notable pro-EU tone, calling the euro “irreversible”, backing a common EU budget to support states in recession, and saying that “Without Italy there is no Europe. But, outside Europe there is less Italy.” Today, Draghi faces another confidence vote in the lower house of Parliament, but the broad support for his government means that’s also expected to pass easily.

In terms of the latest on the pandemic, German health minister Jens Spahn that the more infectious UK strain now accounted for over 22% of infections in the country, which compares to nearly 6% under two weeks ago. On top of that, a further 1.5% of cases were the South African strain. In France, the government has extended the duration of the quarantine for those who test positive to 10 days in the northeastern region of the country where there is a greater density of cases due to the new variants. Over in the US, the bad weather across much of the country has affected vaccine distributions and delayed deliveries to various regions. New York City, for example, announced that the city could potentially run out of doses by the end of yesterday. Across the other side of world and in a first of its kind, Indonesia has decided to make vaccinations mandatory for those eligible to get one. The Indonesian government will fine citizens who refuse the vaccine and will delay or halt the provision of social assistance and administrative services.

Overnight we also saw news from a lab study that the Pfizer-BioNTech vaccine stimulated roughly two-thirds lower levels of neutralising antibodies against the South African variant. The results were published in the New England Journal of Medicine and are part of tests of the vaccine against a lab-created virus that had all the mutations found in the South African variant. Further, the report added that Pfizer/ BioNTech’s vaccine still offers significant levels of neutralising antibodies against the variant. Pfizer and BioNTech said in a statement that there’s no real-world evidence that the South African variant can elude their shot. Still, they said they’re getting ready to develop an updated vaccine or booster if need be. In more positive news, the New England Journal of Medicine published results from another study showing that the Pfizer vaccine had a first dose efficacy of 92.6% as against the previously reported efficacy of 52.4%. The efficacy number of 52.4% was arrived at by examining the data for the first 2 weeks after the first dose was administered, when immunity would have still been mounting and the new research used documents submitted to the Food and Drug Administration to derive the vaccine efficacy beginning from 2 weeks after the first dose to before the second dose.

Wrapping up with yesterday’s other data, and US industrial production rose by a stronger-than-expected +0.9% in January (vs. +0.4% expected), although the previous month’s reading was revised three-tenths lower. Over in the UK, the CPI reading for January surprised slightly to the upside with a +0.7% reading (vs. +0.6% expected), while year-on-year house price growth in December rose to +8.5%, its highest in over six years.

To the day ahead now, and data highlights include the weekly initial jobless claims from the US, as well as January’s housing starts and building permits, and the Philadelphia Fed’s business outlook survey for February. Meanwhile in Europe, we’ll get the advance Euro Area consumer confidence reading for February. From central banks, the ECB will be publishing the minutes from its January meeting, and we’ll hear from the Fed’s Brainard, Bostic and the BoE’s Saunders. Finally, earnings releases today include Walmart and Applied Materials.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 20.27 PTS OR .55%   //Hang Sang CLOSED DOWN 489.67 PTS OR 1.58%    /The Nikkei closed DOWN 56.10 POINTS OR 0.19%//Australia’s all ordinaires CLOSED DOWN 0.05%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4695 /Oil UP TO 61.55 dollars per barrel for WTI and 64.65 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4695. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4524 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA

No question about it: China is the most active in spreading disinformation on the origins of COVID 19

(Frank Fang/Epoch Times)

China Most Active In Spreading Disinformation On COVID-19 Origin: Report

 
THURSDAY, FEB 18, 2021 – 0:05

Authored by Frank Fang via The Epoch Times,

China was the most active country in propagating disinformation on the origin of the COVID-19, according to a newly-released report by the Associated Press (AP) and the Digital Forensic Research Lab of Washington-based think tank Atlantic Council.

The report was the results of a nine-month joint research project, after analyzing millions of social media posts and articles that were published in the first six months of the COVID-19 outbreak. It examined the false narratives that took hold in four countries: China, Iran, Russia, and the United States.

China was much to blame for the disinformation on COVID-19 origin, which is caused by the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus.

“Particularly in the period immediately following COVID-19’s initial spread, factual information about the disease, its origin, and its symptoms was lacking or withheld–most notably by China–providing the ample space for misleading and malicious information to take root,” according to the report.

The Chinese regime concealed from the public information about the disease and also silenced eight whistleblower doctors, including ophthalmologist Li Wenliang, who were the first to warn about an “unknown pneumonia” outbreak in the Chinese city of Wuhan on Chinese social media.

The report pointed out that users on Chinese social media Weibo, China’s equivalent of Twitter, began writing about an unproven conspiracy theory connecting the United States with the outbreak on Dec. 31, 2019. For example, one Weibo user wrote, “Watch out for Americans,” while another wrote about the United States being one of several countries in the world that houses a P4 bio-safety laboratory.

But none of these early speculations on Weibo was “coordinated or particularly far-reaching.”

Meanwhile, the P4 lab at the Wuhan Institute of Virology has long been speculated as the source of the virus in a potential lab leak. A fact sheet released by the U.S. State Department last month stated that it “had reason to believe” several researchers at the institute fell ill with COVID-19-like symptoms in the autumn of 2019, contradicting a claim by a researcher at the institute who said there was “zero infection” among lab staff and students.

A recent investigation by a team of World Health Organization (WHO) experts in Wuhan did not rule out the possibility that the virus was leaked from the P4 lab, but concluded that the theory was “extremely unlikely.” Last week, WHO Secretary-General Tedros Adhanom Ghebreyesus suggested more research was needed to study the different origin theories of the virus.

China’s state-run media soon began driving China’s narrative of the pandemic after the sporadic chatters on Weibo.

“China initially preferred to boost international perception in its favor by amplifying stories about its benevolence in assisting other countries to combat the virus,” according to the report.

In late February last year, China’s state-run media began to publish articles suggesting that the virus may have originated outside of China, according to the report. Some outlets also provided negative coverage of the U.S. response to the outbreak.

“As the disease persisted, however, China began to push narratives that painted its geopolitical competitors in a negative light, including pushing conspiracies such as the idea that COVID-19 was a U.S. biological weapon,” the report added.

Twitter

The report analyzed a series of Twitter posts made by China’s foreign ministry spokesperson Zhao Lijun in March 2020. In a tweet on March 12, Zhao accused the United States army of bringing the virus to Wuhan.

The report found that Zhao’s tweets targeting the United States on March 12 and 13 last year had “accumulated nearly 47,000 retweets and quote tweets, [was] referenced in at least 54 languages, and favorited more than 82,000 times” as of Feb. 13. These tweets were also “amplified by at least 30 different Chinese diplomats and state-run accounts.”

Zhao’s tweets also had an enormous impact on China’s domestic audience. According to the report, popular hashtags referencing his tweets were viewed by Weibo users more than 300 million times as of Feb. 13.

The report also analyzed online activities following Zhao’s other tweets in March, which reposted a link to an article by Larry Romanoff published on Global Research Canada, a site known for advancing conspiracy theories on topics such as global warming. The article suggested that the virus might have leaked from Fort Detrick, a prominent military biomedical research lab in Maryland.

There was a spike in Google searches for “Larry Romanoff” around mid-March, following Zhao’s tweets, according to the report.

Recently, Chinese foreign ministry spokesperson Hua Chunying revisited the conspiracy theory by citing Fort Detrick. She said during a Jan. 18 press briefing that the United States should invite WHO experts to “conduct origin tracing” in the country.

“If the United States truly respects facts, it should open the biological lab at Fort Detrick, give more transparency to issues like its 200-plus overseas bio-labs,” she said.

Moreover, on Twitter, “the number of Chinese diplomatic accounts more than tripled on the platform between May 2019 and May 2020, from 40 to 135, and the output doubled and became more aggressive and conspiratorial,” the report stated. Due to China’s firewall, Twitter is not accessible by ordinary Chinese citizens.

end

CHINA/USA//HONG KONG

My goodness:  Jimmy Lai arrested again as he faces charges of helping activiss flee Hong kong

(zerohedge)

Jailed Hong Kong Tycoon Arrested Again, Faces Charges Of Helping Activists Flee

 
WEDNESDAY, FEB 17, 2021 – 22:25

Hong Kong media tycoon Jimmy Lai is already facing prosecution under Hong Kong’s new national security laws, and now it looks like authorities are heaping on even more charges against the high-profile pro-democracy figure.

His Apple Daily tabloid reported that Lai has been arrested again, this time for suspicion of assisting one of 12 fugitives China captured at sea last year. Western media outlets quickly picked up the reports.

Lai, who is being detained while awaiting a bail hearing on Thursday, has been charged with colluding with foreign forces under the new law.

China’s coast guard captured the 12 fugitives in August as they tried to flee Hong Kong in a boat believed to be bound for Taiwan. All were held in a mainland China prison until a trial in late December. Ten were jailed for terms ranging from seven months to three years for illegally crossing the border, or helping to organize the crossing, while two minors were sent back to Hong Kong.

Papers later identified that Andy Li, one of the 12, as the individual Lai was suspected of helping, though it seems police in HK have had no further comment on the issue.

Beijing imposed the new security law on Hong Kong in June of last year after COVID finally helped end months of pro-democracy protests.

Lai was already the most high-profile person to be charged under the new security law. His prior charges related to statements he made on July 30 and Aug. 18, in which prosecutors say he requested foreign help for Hong Kong, something the new Beijing-imposed security law no longer allows

END

HONG KONG

New legislation is coming banning the insulting of public officials

(zerohedge)

Hong Kong Aiming For Legislation To Ban Insulting Public Officials

 
WEDNESDAY, FEB 17, 2021 – 23:45

If you thought there were free speech issues in the U.S., you haven’t seen anything yet.

Hong Kong’s government is currently in the process of introducing legislation that would prohibit insulting public officials. We can only imagine the insults that were muttered when local citizens read the news from local media.

Hong Kong’s Security Bureau is in the midst of leading a study on how the legislation could work and how it would be overseen, according to Bloomberg. Local outlets said, citing Civil Service Secretary Patrick Nip, that the issue was under examination.

The legislation would be part of a broader agenda by China to “erode basic freedoms” in Hong Kong. The move would be the biggest to censor free speech in Hong Kong since China’s institution of a law that has been used to combat mass protests in Hong Kong.

Beijing has also implemented a “patriotism test” to weed out pro-Democracy lawmakers. The test prompted mass resignations from opposition members in the Legislative Council last November, Bloomberg notes. Bloomberg also noted that Hong Kong judges and law enforcement are unlikely to challenge any new legislation from Beijing:

Earlier this month, Hong Kong’s top court ordered that media tycoon and democracy activist Jimmy Lai remain in jail ahead of his trial on foreign collusion charges, a victory for Beijing that suggested Hong Kong judges were unlikely to challenge the security law. Hong Kong police also separately arrested Lai for assisting in an activist’s attempt to flee to Taiwan, the Oriental Daily reported on Wednesday, without citing anyone.

Recall, back in June 2020, Hong Kong passed a law banning insults to China’s National Anthem.

end

4/EUROPEAN AFFAIRS

ECB/DEUTSCHE BANK

ECB says no to these crooks

(zerohedge)

Deutsche Bank Cuts Bonus Plans After ECB Objects To Higher Payouts

 
THURSDAY, FEB 18, 2021 – 15:40

Deutsche Bank employees just can’t catch a break.

For years, workers at Germany’s largest (and according to many, most insolvent) bank were told they won’t get a bonus and they should be happy that they have a job. Then, last year, things finally looked up when the bank whose stock price trades not too far from its all time lows, finally resumed the practice of paid out a modest bonus pool of €1.52 billion for 2019, which is a small fraction compared to what other bank workers get. Excitement then started to pick up in December, when reports circulated that Deutsche Bank was considering raising bonuses for traders by 10%, and peaked in outright euphoria a few weeks ago when Bloomberg reported that the final numbers could be even higher in light of the bank’s impressive Q4 results which included the first annual profit since 2014.

Unfortunately, it was not meant to be and it now looks like any hopes for further bonus inflation have just popped, only instead of blaming management for yet another year, DB bankers have a new nemesis: the European Central Bank.

It was the ECB that objected to DB’s proposed payout levels, which forced the bank to scale back plans for its bonus pool Bloomberg reported, noting that this “highlighting the challenges of rewarding top performers while heeding demands for restraint during the global pandemic.”

CEO Christian Sewing had promised to reward high-performing staff after soaring revenue from securities trading helped keep his turnaround on track even as the global economy slumped. But those traders will be disappointed after regulators urged banks to “show constraint” after receiving unprecedented relief to weather the crisis, which has wreaked havoc on many other industries.

While Germany’s largest bank had initially planned to pay out more than €2 billion euros for staff performance in 2020 – which is a sad fraction of what other, more stable banks pay out –  that amount has been cut after several rounds of talks with the central bank in recent months, Bloomberg sources reported. The ECB has now dropped its reservations, after the final number has been trimmed.

“We’re obviously very mindful of the guidance that we’ve got from the ECB to apply moderation in variable compensation,” Chief Financial Officer James von Moltke said in a Bloomberg TV interview in early February. “We of course need to balance that with what was a strong performance year and the need to compensate people for that performance on a competitive basis.”

Deutsche Bank said earlier this month that overall compensation expenses fell 6% last year to 10.5 billion euros as the lender cut jobs. It’s expected to disclose the bonus pool amount in its annual report next month.

END
BARCELONA//SPAIN
(courtesy RT)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Israel

Not good! Israel is to allow only “green pass” holders access to public spaces

(Watson/SummitNews)

Israel To Allow “Green Pass”-Holders Only To Access Public Spaces

 
THURSDAY, FEB 18, 2021 – 3:30

Authored by Paul Joseph Watson via Summit News,

Israel will soon allow ‘Green Pass’ holders who have taken the COVID-19 vaccine to access public spaces including sports events, restaurants and hotels while those who haven’t had the shot will remain on lockdown.

The two tier system will go into effect from Sunday onwards, when those who have had two doses of the vaccine or can prove they’ve recovered from the infection will display the certificate on their phone which will allow them to resume normal life.

“With some 43 percent of Israeli citizens inoculated with at least one shot of the jab developed by Pfizer and BioNTech, the cabinet moved to permit malls, open-air markets, museums and libraries to reopen next weekend, gradually scaling back controversial restrictions brought in late December,” reports RT.

However, for people who refuse to take the vaccine, lockdown will continue indefinitely, making taking the jab de facto mandatory.

Prime Minister Benjamin Netanyahu urged the remaining people aged over 50 who haven’t taken the shot to get vaccinated.

“If those 570,000 people over 50 get vaccinated, it’s not only the last lockdown, we’ll be done with Covid, period… We’re leading the world on vaccines; we’ll be the first to emerge from the coronavirus,” he said.

Meanwhile, Israelis who don’t get vaccinated could see their identities put on a list by local authorities under a new proposal.

As we highlighted yesterday, despite initially vowing not to introduce a vaccine passport, authorities in the UK are now indicating it will be required for international travel while also refusing to rule out a domestic vaccine passport that will be required to enter public venues, restaurants and bars.

*  *  *

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

end

6.Global Issues

CORONAVIRUS UPDATE//

New cases slump to the lowest level in months. However 1/3 of all USA troops reject jabs

(zerohedge)

New COVID Levels Slump To Lowest In Months, 1/3rd Of US Troops Reject Jabs

 
WEDNESDAY, FEB 17, 2021 – 18:25

Across the US, Europe and most of the world, new COVID cases and deaths continue to decline as New York State announces more summertime reopening plans for summer camps, indoor family-entertainment centers and amusement parks and the EU strikes a major deal for more COVID jabs.

Worldwide, total case numbers are nearing 110MM, as total deaths are on the verge of breaking above 2.25MM as of Wednesday. In the US, new daily cases and deaths have plunged to their lowest levels since the fall, as projections show numbers falling even more quickly than academic projections used by the CDC had anticipated.

Globally, new case numbers and deaths are also at their lowest levels in months.

The first two FEMA mass vaccination centers eopen in California, Joe Biden is promising all Americans who want the shot will be able to get one by July. But even after the latest outbreak aboard a Navy ship, a top US military said Wednesday that more than 1/3rd of servicemembers are declining to get the vaccine.

During a House hearing on the Armed Forces’ response to COVID-19, Ranking Member of the Armed Services Committee Rep. Mike Rogers asked Maj. Gen Jeff Taliaferro, Vice Director for Operations, what percentage of service members have declined to receive the vaccine. Tallaferro replied that the number was somewhere around 2/3rds acceptance.

Meanwhile, despite the drop in case numbers and deaths, the NYT and its editorial writers warned that COVID isn’t done with the US yet, adding that “some signs” suggest the wave of superbowl parties across the US could spark a wave of new cases in the coming weeks, an assertion that appears entirely speculative. It added that these threats are “compounded” by the fact that new mutant strains could risk taking root despite the vaccination effort.

Outside the US, Europe finally managed to finalize a deal with Pfizer-BioNTech for 200MM more doses of their vaccines, as well as for another 150MM Moderna jabs.

Meanwhile, Auckland’s three-day lockdown is coming to an end end after authorities expressed confidence that the latest community outbreak is contained. Auckland will move to Alert Level 2 at midnight on Wednesday, allowing schools and businesses to reopen. Prime Minister Jacinda Ardern added that the remainder of New Zealand will move to level 1, meaning people no longer have to observe social distancing or limit the size of gatherings, as cases in the country are essentially back at zero.

Finally, in France,  officials extended the duration of quarantine to 10 days for those who test positive in the northeastern part of the country where virus circulation and the prevalence of new mutant strains is particularly high.

end

Young nurse suffers from hemorrhage and brain swelling after second dose of Pfizer’s COVID-19 vaccine

Bypass censorship by sharing this link:
 
Image: Young nurse suffers from hemorrhage and brain swelling after second dose of Pfizer’s COVID-19 vaccine
 

(Natural News) A 28-year-old healthcare worker from the Swedish American Hospital, in Beloit, Wisconsin was recently admitted to the ICU just five days after receiving a second dose of Pfizer’s experimental mRNA vaccine. The previously healthy young woman was pronounced brain dead after cerebral angiography confirmed a severe hemorrhage stroke in her brain stem.

Her family members confirmed that she was “breaking out in rashes” after the vaccine. She also suffered from sudden migraine headaches, and got “sick” after taking the second dose of the vaccine. At the very end, she lost the ability to speak and went unconscious. The migraines, nausea, and loss of speech were all symptoms of a brain bleed and brain swelling, something her family did not understand at the time, and something nobody would expect after vaccination.

While on life support, neurologists used angiography to image the damage inside the brain. They found a subarachnoid hemorrhage, whereas a bulging blood vessel burst in the brain, bleeding out in the space between the brain and the tissue covering the brain. The ensuing swelling cut off oxygen to the brain and caused brain death. On February 10, 2021, Sarah reportedly had “no brain activity.” Some of the woman’s organs are now being procured, so they can be donated to other people around the world.

Doctors warn FDA about COVID vaccines causing autoimmune attacks in the heart and brain

Experimental COVID-19 vaccines may cause inflammation along the cardiovascular system, leading to heart attack and/or stroke. This serious issue was brought forth to the Food and Drug Administration (FDA) by Dr. J. Patrick Whelan, M.D., Ph.D. and further confirmed by cardiothoracic surgeon, Dr. Hooman Noorchashm, M.D., Ph.D. The two doctors warned that a recently-infected patient who is subject to COVID-19 vaccination is likely to suffer from autoimmune attacks along the ACE-2 receptors present in the heart, and in the microvasculature of the brain, liver and kidney. If viral antigens are present in the tissues of recipients at the time of vaccination, the vaccine-augmented immune response will turn the immune system against those tissues, causing inflammation that can lead to blood clot formation.

This severe adverse event is likely cause of death for the elderly who are vaccinated despite recently being infected. There is no adequate screening process to ensure that this autoimmune attack doesn’t occur. The elderly are not the only people vulnerable to vaccine injury and death. Pfizer’s experimental COVID-19 vaccine could be the main cause behind the sudden death of Sarah Sickles, a 28-year-old nurse from Wisconsin. The Vaccine Adverse Events Reporting System has captured five permanent disabilities in Wisconsin, 58 ER visits, and eleven deaths in just one month. This is the first case in Wisconsin of someone under 44 years of age suffering from severe COVID-19 vaccine side effects and death. There are now more than 1,170 deaths recorded in the U.S. related to the experimental mRNA vaccines, a reality that the FDA and CDC continue to ignore.

FDA warns that COVID vaccines could cause internal bleeding and organ failure

Another problem that the FDA is monitoring with the experimental COVID-19 vaccines is disseminated intravascular coagulation. This condition causes blood clots to form throughout the body, blocking small blood vessels. Some vaccine recipients report shortness of breath, chest pain, leg pain, or problems speaking, which are all symptoms of this adverse event. If the vaccine initiates this response in the blood, clotting factors and platelets get used up quickly, leading to internal bleeding. This can show up in the urine, the stool, or under the skin, and may even lead to organ failure.

Read VaccineDamage.News for more information on the damage being done by this hasty mRNA experiment

END
 
My goodness:  Zuckerberg is worried about the long term side effects on the Messenger RNA vaccines
 
(zerohedge)

Leaked Video Shows Facebook CEO Questioning “Long-Term Side Effects Of Modifying DNA” In COVID Vaccine

 
WEDNESDAY, FEB 17, 2021 – 23:25

Authored by Zachary Stieber via The Epoch Times,

Facebook CEO Mark Zuckerberg made comments last year about COVID-19 vaccines that clash with policies that his platform has implemented, leaked video shows.

Zuckerberg said in July 2020:

“I do just want to make sure that I share some caution on this [vaccine] because we just don’t know the long-term side effects of basically modifying people’s DNA and RNA … basically the ability to produce those antibodies and whether that causes other mutations or other risks downstream. So, there’s work on both paths of vaccine development.”

The footage was published by Project Veritas, a journalism watchdog.

It was allegedly from Facebook’s internal weekly question-and-answer session.

Zuckerberg took a different stance when appearing in a virtual forum in November 2020 with Dr. Anthony Fauci, a leading government scientist.

“Just to clear up one point, my understanding is that these vaccines do not modify your DNA or RNA. So that’s just an important point to clarify,” Zuckerberg said, prompting Fauci to say: “No, first of all, DNA is inherent in your own nuclear cell. Sticking in anything foreign will ultimately get cleared.”

Facebook didn’t respond to a request for comment.

Zuckerberg’s Facebook has imposed harsh guidelines on what people can post about COVID-19, and banned or restricted a number of users for violating the policies.

Facebook earlier in February said it would take down any posts with claims about vaccines deemed false by health groups or its so-called fact-checkers.

A health care worker prepares a dose of a COVID-19 vaccine at a vaccination center inside the Blackburn Cathedral, United Kingdom, on Jan. 19, 2021. (Molly Darlington/Reuters)

Facebook stated in a blog post, “Today, following consultations with leading health organizations, including the World Health Organization (WHO), we are expanding the list of false claims we will remove to include additional debunked claims about the coronavirus and vaccines.

The list includes “claims that the COVID-19 vaccine changes people’s DNA.”

Administrators for some groups will be required to greenlight all posts if the groups have been labeled problematic in terms of posts that have been made.

“Claims about COVID-19 or vaccines that do not violate these policies will still be eligible for review by our third-party fact-checkers, and if they are rated false, they will be labeled and demoted,” the company stated.

Footage showing Zuckerberg commenting privately on various issues has been made public before by Project Veritas. In one clip, he praised President Joe Biden’s early executive orders “on areas that we as a company care quite deeply about and have for some time.”

“Areas like immigration, preserving DACA, ending restrictions on travel from Muslim-majority countries, as well as other executive orders on climate and advancing racial justice and equity. I think these were all important and positive steps,” he said.

Facebook banned former President Donald Trump in January while Trump was still in office. Trump remains blocked from the platform.

 
 
 
 

end

Doctors Endorse Delay Of 2nd Pfizer Jab Even As New Research Shows Low Efficacy Against South African ‘Mutant’

 
THURSDAY, FEB 18, 2021 – 8:40

Following a flurry of data suggesting the first generation of COVID vaccines may not be as effective against certain COVID mutations, particularly a mutant strain first identified in South Africa, new “research” is suggesting patients may not even need a second dose of Pfizer’s COVID-19 jab – or at least it could be delayed “in order to cover all priority groups as the first one is highly protective,” according to two Canada-based researchers, who made the statement in a letter published in the New England Journal of Medicine.

Even so, new lab study has just been released Thursday suggesting that the Pfizer-BioNTech jab “stimulated lower levels of neutralizing antibodies” against the SA mutant, and that the variant could reduce the efficacy of the jab by as much as two-thirds.

All of this comes as the UN turns up the pressure on its push for a global vaccination program, via the WHO and its Covax initiative, presumably.

But according to the doctors writing in the NEJM, the Pfizer jab had an efficacy of 92.6% after the first dose, Danuta Skowronski and Gaston De Serres said, based on an analysis of the documents submitted by the drugmaker to the FDA.

Pfizer responded by saying alternative dosing regimens of the vaccine had not been evaluated yet and that the decision resided with the health authorities. As one might imagine, there are “differences of opinion” as to what should be done, as some experts claim that the efficacy data so far is enough to justify a “flexible” dosing schedule. We guess sometimes “the science” isn’t always conclusive. In their letter, the doctors mentioned above the efficacy data would justify second-jab delays to increase supplies. Meanwhile, another group of doctors wrote into th NEJM to share more results showing the Moderna jab is also less effective against the South African variant.

As supplies of the vaccines remain stretched incredibly thin worldwide, the EU earlier this week clinched a deal for hundreds of millions more doses of the Pfzier and Moderna jabs. But even in the US, officials are looking for reasons to allow a delay in the second “booster” jab, as politicians like Joe Biden scramble to meet their promises on vaccination numbers.

Even the US CDC, which warned Britain against experimenting with intervals weeks ago, is now considering offering the exact opposite advice.

Mean while, vaccinemakers are already developing next-gen shots that they say will offer more protection against the COVID-19 variants.

end

India Wants More Pfizer Testing, So Pfizer Leaves India

Robert to me;
 
 
 
 
If a drug company  will not submit to testing in India and withdraws from supply suggests something is wrong. The India market is too big to causally pass up.
I think it best to wait until fall to see what happens.

 

https://www.bitchute.com/video/lZWST0HWUf9b/

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.2082 UP .0037 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 105.65 DOWN 0.189 (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 1.3968   UP   0.0021  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2671 DOWN .0028 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro ROSE BY 37 basis points, trading now ABOVE the important 1.08 level RISING to 1.2082 Last night Shanghai COMPOSITE UP 20.27 PTS OR .55% 

//Hang Sang CLOSED DOWN 489.67 POINTS OR 1.58% 

/AUSTRALIA CLOSED DOWN 0,05%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 489.67 PTS OR 1.58% 

/SHANGHAI CLOSED UP 20.27 PTS OR .55% 

Australia BOURSE CLOSED DOWN 0.05% 

Nikkei (Japan) CLOSED DOWN 56.10  POINTS OR 0.19%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1784.40

silver:$27.20-

Early THURSDAY morning USA 10 year bond yield: 1.298% !!! UP 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.077 UP 4  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 90.66 DOWN 29 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.24% UP 5 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.09.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.34%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.66 UP 7 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 32 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 1.00% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.20761  UP     .0030 or 30 basis points

USA/Japan: 105.71 DOWN .135 OR YEN UP 14  basis points/

Great Britain/USA 1.3954 UP .0088 POUND UP 88  BASIS POINTS)

Canadian dollar DOWN 4 basis points to 1.2704

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The USA/Yuan, CNY: closed DOWN AT 6.4882    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..AT 6.4702

TURKISH LIRA:  6.995  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.09%

Your closing 10 yr US bond yield UP 2 IN basis points from WEDNESDAY at 1.292 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.068 UP 2 in basis points on the day

Your closing USA dollar index, 90.68 down 27  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 102.35  1.53%

German Dax :  CLOSED DOWN 15.80 POINTS OR .11%

Paris Cac CLOSED DOWN 39.56 POINTS 0.69%

Spain IBEX CLOSED DOWN 62.80 POINTS or 0.77%

Italian MIB: CLOSED DOWN 231.70 POINTS OR 1.00%

WTI Oil price; 61.49 12:00  PM  EST

Brent Oil: 64.44 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.99  THE CROSS HIGHER BY 0.22 RUBLES/DOLLAR (RUBLE LOWER BY 22 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  59.94//

BRENT :  63.39

USA 10 YR BOND YIELD: … 1.292..up 2 basis points…

USA 30 YR BOND YIELD: 2.077 up 2 basis points..

EURO/USA 1.2092 ( UP 47   BASIS POINTS)

USA/JAPANESE YEN:105.64 DOWN .209 (YEN UP 21 BASIS POINTS/..

USA DOLLAR INDEX: 90.55 DOWN 40 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3977 UP 111  POINTS

the Turkish lira close: 6.98

the Russian rouble 73.87   DOWN 0.11 Roubles against the uSA dollar. (DOWN 11 BASIS POINTS)

Canadian dollar:  1.2678 UP 22 BASIS pts

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

The Dow closed DOWN 118.83 POINTS OR 0.38%

NASDAQ closed DOWN 38.90 POINTS OR 0.28%


VOLATILITY INDEX:  22.09 CLOSED UP .59

LIBOR 3 MONTH DURATION: 0.181%//libor dropping like a stone

USA trading today in Graph Form

Crypto Crash-Up Continues As Dollar Drops, Oil & NatGas Tumble

 
THURSDAY, FEB 18, 2021 – 16:01

Hopefully this is a sign of improvement in supply and potentially the end of the horrors in Texas (and more broadly).

NatGas prices tumbled today…

Oil prices also fell, despite a big inventory draw as fears over the shut-ins lasting a long time appeared to abate…

And gasoline prices also slid lower…

As energy prices tumbled, crypto prices surged with Ethereum ripping up near $1950 to new highs…

Source: Bloomberg

And after watching the “Game Stopped” hearings today, this seemed appropriate…

Interestingly, GME shares plunged on the day but spiked as ‘RoaringKitty’ began his testimony…

Overall stocks plunged at the open for the 3rd day in a row, and rallied back somewhat for the 3rd day in a row…Small Caps remain the biggest laggards this week and The Dow is clinging to its gains…

With energy prices tumbling, it is likely no surprise that energy stocks actually dared to have a bad day as Utes outperformed…

Source: Bloomberg

TSLA was unable to make it back to the $800 pin today…

The VIX term structure reached a serious extreme this week and is beginning to reverse a little…

Source: Bloomberg

Despite equity weakness, Treasury yields rose on the day (with significant steepening, 2Y unch, 30Y +3bps).

Source: Bloomberg

But we do note that the high yields of the day failed to take out yesterday’s highs…

Source: Bloomberg

Real yields surged to their highest since Thanksgiving…

Source: Bloomberg

The surge in yields recently has sent sub-zero-yielding debt down over $3.5 trillion… (but it’s still at $14.5 trillion)

Source: Bloomberg

The dollar index traded like a Texas nat gas contract today, dumping, spiking, and dumping intraday…

Source: Bloomberg

Bitcoin was stead around $52,000 record highs…

Source: Bloomberg

Gold tumbled to a 7 month low as lumber futures soared to a record high above $1000…

Source: Bloomberg

Finally, just a little reminder, The Fed’s staff warned that “valuations were elevated” yesterday.

“Elevated”?! What the f**k?

Source: Bloomberg

We are not sure that word means what they think it does!

a)Market trading/THIS MORNING/USA

Stocks Slammed As 10Y Breaks Back Above 1.30%

 
THURSDAY, FEB 18, 2021 – 9:10

The so-called ‘bond rout’ has resumed this morning after a brief hiatus yesterday with 10Y Yield back above 1.30%…

Source: Bloomberg

And that appears to have spooked stocks with the entire market slumping below yesterday’s lows ahead of the open…

This is the 3rd day in a row of significant selling pressure around the cash market open…

Damn it Janet, so something!! Where’s Mnuchin cell phone when we need it!?

END
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Huge surge in initial jobless claims due to surge in Illinois and California

(zerohedge)

Initial Jobless Claims Unexpectedly Jump Due To Surge In IL, CA Claimants

 
THURSDAY, FEB 18, 2021 – 8:38

Having surged back above 20 million people, analysts expected a drop in the number of Americans claiming some form of unemployment benefit in the last week, but instead, the number of Americans filing jobless claims for first time surged back up to 861k (considerably worse than the 773k expected). Worse still, the prior week’s improvement to 793k was drastically revised higher to 848k…

Source: Bloomberg

California and Illinois were the biggest drivers of the surge in claims while Texas saw jobless claims drop…

One potential silver lining is that the total number of jobless benefits claimants did decline last week…

Source: Bloomberg

Still over 18 million Americans on the ‘dole’ is not a pretty picture… as the economies of the nation open up.

end

Extremely important:  Zoltan, our quants (repo expert) now states that we are on the verge of another major shock to the system as key funding rates turn negative. This will be exactly opposite to what happened in Sept 2019: then we had a surplus of collateral.  Now with an increase in balance sheets of 1 trillion there will be a lack of collateral that can be used and this will force short term rates into the negative category

(Zoltan/zerohedge)

 

Here We Go Again: Zoltan Warns Repo Market On Verge Of Major Shock As Key Funding Rate Turns Negative

Here We Go Again: Zoltan Warns Repo Market On Verge Of Major Shock As Key Funding Rate Turns Negative

 

Two weeks ago, when discussing the imminent avalanche of cash set to be unleashed by the Treasury – as a tsunami of $800BN in extra liquidity hits markets over the next 6 weeks, and a total of $1.1 trillion in the next 10 weeks – we said that “nobody was paying attention” to this coming flood of liquidity.

 

Since then, some have started to pay attention, with Bloomberg writing an article yesterday titled “Yellen Shift on Vast Treasury Cash Pile Poses Problem for Powell” in which it described the liquidity “tsunami” as a move which aims to return its cash position at the central bank to more normal levels, and which “will flood the financial system with liquidity and complicate Powell’s effort to keep a tight grip over money market rates.”

Sounds awfully familiar… as does this:

“All this cash from the Treasury’s general account will have to go back from the Fed and into the market,” said Manmohan Singh, senior economist at the International Monetary Fund. “It will drive short term rates lower, as far as they can go.”

Ok, fine – people are finally paying attention.

So what does this mean for markets? Well, traders are clearly pricing in the impact of this liquidity tsunami with the S&P trading at an all time high just shy of 4,000. That was to be expected: after all every previous liquidity deluge has resulted in sharply higher risk prices and there is no reason why the algos should trade this one any different.

But while the surge in stocks is in line with expectations, we have also observed several other more concerning developments. The first is the recent surge in 10Y swap spreads…

… which is factoring the coming inflation that will be released courtesy of the Treasury’s soon-to-be unlocked $1.1 trillion.

A more troubling side-effect of this “liquidity supernova” is the ongoing collapse in short-term rates, which – as a reminder – we also warned about saying “the plunge in short-term debt (Bill) issuance (since there will no longer be an urgent need to keep cash balances in the $1+ trillion range) will compress short-term spreads (effective FF through 3M) to zero – or even negative – as there is suddenly a flood of liquidity which could prompt the Fed to engage the fixed-rate borrowing facility or even nudging the IOER higher.”

This, to be sure, is another point which suddenly has everyone’s attention and as Curvature’s repo export Scott Skyrm writes today in his repo market commentary, “The market is preparing for a deluge of cash. REG markets are progressively trading at lower rates each day and term markets are well bid.”

Yes, the GSEs already have more cash in the Repo market these days, but now the monthly cash is about to enter the market – typically from the 19th to the 24th of the month. That means even more cash chasing the same amount of collateral. Given where term rates are trading, the market is pricing GC to trade around .03% to .02% early next week.

And on, and on, until GC repo hits 0%… and then goes negative sparking another mini repo market crisis, similar to the one from September 2019 only in reverse.

That’s the point made by repo guru Zoltan Pozsar, who in his latest Global Money Dispatch note lays out the problem by comparing it to Sept 2019, similar to what we said two weeks ago when we explained that “what is happening now is just the opposite and many, many times bigger, as almost one trillion reserves are about to be injected into the system as cash is drained from the Treasury’s account at the Fed.”

Here’s Zoltan:

During September 2019, we argued that the system was running out of reserves – too much Treasury collateral was entering the system and we needed a fixed-price, full allotment o/n repo facility to absorb all the excess collateral. Banks’ binding constraint was intraday liquidity, which constrained their ability to lend into the o/n repo market. When their lending stopped, repo popped…

Today, the banking system is running out of balance sheet, and money funds are running out of collateral. Soon there will be too much cash in the system; TGA balances will decline from $1.6 trillion to $500 billion by the end of June.

As the Credit Suisse plumbing experts writes next, “this roughly $1 trillion decline will occur either through waves of fiscal spending, which will expand deposits and reserves at large banks…

… or, if spending is too slow to meet the $500 billion target, through bill paydowns. Coupon issuance will be $1.4 trillion over the first half, and depending on whether the spending or paydowns scenario dominates, coupons will be bought mostly by banks, or shadow banks.”

Which brings us to the key part: why we are about to see another burst of fireworks in the repo market where rates are about to go negative:

Banks don’t have the balance sheet at the bank operating subsidiary level to add $1 trillion of deposits, reserves, and Treasuries: J.P. Morgan can’t grow more due to G-SIB constraints; Citibank flat-lined its balance sheet growth already; Bank of America has the capacity to add only $150 billion of deposits and HQLA; and Wells Fargo’s $500 billion capacity is constrained by its asset growth ban.

Unless we get SLR relief at the bank opco. level, or Wells Fargo’s ban is lifted, banks will have to turn away wealthy households’ and institutions’ deposits, which will then go to money funds. But money funds will face a constraint too: the marginal asset they will direct inflows into – the o/n RRP facility – is capped; each money fund can place only $30 billion into the facility, which is too little.

Banks’ balance sheet constraint becomes a collateral constraint for money funds, and collateral constraints may surface in both the spending and paydown scenarios. Collateral supply from coupon issuance will absorb this cash over time, but money markets react to what happens now, and with $1 trillion of new cash, there may be many pockets of collateral scarcity as these flows play out in real time.

Which means that it will be up to the Fed to intervene once again and allow intermediaries to park the extra trillion in cash somewhere, in this case with the reserve currency’s central bank:

The Fed can hike the o/n RRP rate to 100 bps, but unless it uncaps the facility, bills and repo can still go negative.

And besides the repo market, the one place where this particular inversion will unleash shockwaves is the old, familiar FRA-OIS spread which – as everyone remembers from last March – emerged as the financial system’s key funding indicator. Only this time instead of blowing wider as it did last March…

… FRA-OIS, already at the tightest level in at least a decade, is about to go negative.Zoltan has more:

To have a view on FRA-OIS, we need to have a view on who will warehouse $1 trillion of reserves that will flood the system by June. Large U.S. banks won’t be able to unless they get SLR relief at the bank operating subsidiary level.

We don’t think that SLR relief is coming, so as the stimulus checks go out, banks will have to turn away institutional non-operating deposits to money funds. The “natural” outlet for these institutional inflows will be at the o/n RRP facility, but the use of this facility is capped at $30 billion per fund. The use of this facility will be tested not only by stimulus-driven inflows but also by bill paydowns: as bills mature, money funds will look to the RRP facility as a substitute for bills.

Uncapping the o/n RRP facility is more important than adjusting its price; the use of banks’ reserve accounts, the foreign repo pool, or Treasury’s account aren’t capped, so why impose a per-counterparty cap on the o/n RRP facility?

The RRP cap is a key piece of our warehousing puzzle: the $1 trillion of reserves we’re trying to find a warehouse for are currently warehoused by the Treasury; U.S. banks can’t add another $1 trillion to their warehouses, and money funds can’t warehouse $1 trillion unless the Fed decides to uncap the RRP facility.

In practical terms, this means that “unless the RRP facility gets uncapped, bill and repo rates can trade negative and money funds may turn away inflows, as they won’t invest at negative rates.”

And yes, unless the Fed steps in, we may have NIRP among US commercial banks as soon as a few weeks from today:

J.P. Morgan’s SLR problem points to negative deposit rates, and money funds’ RRP capacity problem points to negative bill and repo rates.

And yes, somehow everyone missed that JPM’s earnings release itself warned very clearly that negative deposit rates are coming in 2021 should “excess liquidity” and “higher capital” become a fixture – which is about to be the case:

The practical implications for a market trading at all time highs, where there does not appear to be a single cloud in the sky, are alarming:

The implications for FRA-OIS from here are obvious: if U.S. banks are full and money funds can’t take new money either, foreign banks will warehouse reserves at rates below those of J.P. Morgan but above those available in the bill market – and both are negative. The price of warehousing is a fee, i.e. a negative rate…

And so, unless the Fed steps in aggressively and either grants banks SLR relief and/or the overnight Reverse Repo Facility is uncapped – so that banks have a place to park the flood of $1.1 trillion in excess cash instead of turning it away – Zoltan expects U.S. dollar Libor-OIS spreads to reach zero by June, with risks to the downside. Needless to say, this would be the first time in US history that the key funding metric has dipped into negative territory. The problem is that just like with oil – which imploded instantly the moment it dipped below $0 on April 20, 2020, nobody knows just how negative FRA-OIS will drop, with the potential to unleash major money-market shockwaves growing by the second.

Tyler Durden

end

Import price jump 1.4% in January in another sign of rising inflation

Feb. 18, 2021 at 9:25 a.m. ET

MarketWatch

Inflation is returning to pre-pandemic levels

The cost of imported goods jumped 1.4% in January and posted the biggest increase in eight years, adding to mounting evidence that inflation is returning to precrisis levels and could go even higher.

The increase in the import price index last month was the largest since March 2012, the government said Thursday. While higher oil prices were a big contributor, the cost of most imported goods rose.

Big back-to-back monthly increases pushed the rate of import inflation over the past 12 months to 0.9% in January — the first positive reading in a year. Import prices had fallen sharply early in the pandemic.

If fuel is excluded, import prices moved up a somewhat smaller 0.8% last month. Over the past year import prices minus fuel have risen 2.5%.

U.S. export prices rose 1.3% in January.

-END-

FEBRUARY 18, 20218:03

iii) Important USA Economic Stories

Los Angeles

LA slahses school police budget and replaces the officers with “climate coaches”

(Pan// Epoch Times)

Los Angeles Slashes School Police Budget, Replaces Officers With “Climate Coaches”

 
WEDNESDAY, FEB 17, 2021 – 22:05

Authored by GQ Pan via The Epoch Times,

The Los Angeles Unified School District (LAUSD) Board of Education on Tuesday approved a plan to cut one-third of its police budget and divert the money to a program that focuses on black students achievement.

The board voted to cut 133 school police positions from the Los Angeles School Police Department, including 70 sworn officers, 62 non-sworn officers, and one support staff member. The staff reductions reduce the annual budget of the district’s police force from $77.5 million to $52.5 million.

Police officers stationed at all secondary schools will be replaced by new “climate coaches,” who are trained to, according to the plan, implement “positive school culture and climate,” use “de-escalation strategies” to resolve conflict, understand and address “implicit bias,” and eliminate “racial disproportionately” in school discipline practices.

The new plan doesn’t allow individual schools to apply to keep police officers on their campuses. Instead, officers will remain on call to respond to emergencies, with a goal of a three-to-five minute response time.

The police force reduction is part of the LAUSD’s $36.5 million Black Student Achievement Plan, which aims to provide supplemental services and support to 53 schools that have a large black student population and “high need indicators,” such as lower than average math and English language arts proficiency rates, higher than average referral and suspension rates, and higher than average chronic absenteeism.

In addition to the police overhaul, the plan would dedicate $30.1 million for improving “school climate” and reducing “over-identification of black students” in suspensions and discipline actions, $4.4 million to implement academic changes such as adding more black authors into school curricula, and $2 million for community partnership with organizations that serve black youth.

“We’ve been systematically failing black children as a country. Schools must be part of the solution, because a great education is the most important part of the path out of poverty,” Superintendent Austin Beutner said on Monday during his weekly update to the LAUSD community.

“While we at L.A. Unified don’t have all the answers, we’re committed to making change.”

The changes mark the latest move by the nation’s major public school districts in response to the “defund the police” movement. In the wake of death of George Floyd in custody of Minneapolis police, activist and organizations such as Black Lives Matter have called on local and officials to “defund” their law enforcement forces, arguing that redirecting funding from police toward other social service programs could make communities safer.

Last summer, the Minneapolis Public Schools board of education voted unanimously to terminate its contract with the Minneapolis Police Department, saying it “cannot continue to be in partnership with an organization that has the culture of violence and racism.”

END
 
ARIZONA
 
Arizona sheriff sees a 5 fold increase in illegal border crossing
 
(Cuthbertson/EpochTimes)

Arizona Sheriff Sees Fivefold Increase in Illegal Border Crossings

 
WEDNESDAY, FEB 17, 2021 – 17:25

Authored by Charlotte Cuthbertson via The Epoch Times,

High-speed vehicle pursuits of suspected human smugglers and other illegal immigrant-related crimes are becoming more common in Cochise County, Arizona, according to Sheriff Mark Dannels.

Dannels tracks illegal border crossings through his extensive hidden trail camera operation along his county’s 83 miles of shared border with Mexico.

The cameras showed 1,200 illegal entries in August 2020, and by December, it had more than doubled to 2,500, he said. Before August, 500 was a busy month.

“That’s what scares me about this whole thing,” he told The Epoch Times on Feb. 15.

“Though I believe politics has no business in policing, it sure has an effect on the border.”

President Joe Biden has undone several border security measures that the Trump administration had put into effect, including temporarily suspending deportations of illegal aliens, reversing President Donald Trump’s ban on travel from terror-prone countries, halting border wall construction, and issuing a sweeping immigration package to Congress that includes amnesty for millions of illegal immigrants.

Cochise County Sheriff Mark Dannels in Sierra Vista, Arizona, on May 5, 2019. (Charlotte Cuthbertson/The Epoch Times)

Biden has also pledged to bring in 25,000 asylum-seekers who are waiting in Mexico for their immigration case to be adjudicated under the Migrant Protection Protocols (MPP) program.

“The president’s view is that the approach of the prior administration was immoral, but also ineffective in terms of addressing the challenge—the many challenges of an outdated immigration system,” said White House press secretary Jen Psaki on Feb. 16.

However, Dannels says the “best border efforts we’ve ever had in the last three decades in Cochise County was over the last couple of years.”

“We had a president that was very tough on the border, nobody would question that. And now we’ve got a president who’s going to do just the opposite,” he said.

“Are they rescinding them [executive orders] because it was Trump who was the author of it and it’s revengeful? Or are they rescinding it because it wasn’t working? I would question both those thoughts.”

Dannels said he’s concerned that border sheriffs are going to be sidelined during the Biden administration. He sits on the Homeland Security Advisory Council and was part of the Biden transition team for border issues. He was optimistic after the initial meeting about collaboration and other issues.

But he said he hasn’t been included in conversations about the impact of ending the MPP program, which he sees as one of the most effective policies.

On Feb. 19, the Department of Homeland Security will start to bring in 25,000 illegal immigrants who are part of the program.

“We’re going into Mexico during a health pandemic and bringing 25,000 over. It doesn’t make sense. It’s hypocritical,” Dannels said.

“Either we’re in the middle of a health pandemic, or we’re not. Somebody in Washington, D.C., needs to make that decision.”

U.S. Border Patrol agents apprehended two large groups of illegal aliens within an hour of each other near Mission, Texas, on Feb. 4, 2021. (Courtesy of U.S. Customs and Border Protection)

The message smugglers and cartels are receiving is that the border is “open for business,” and “that’s what’s scary to me,” Dannels said. Just last month, two illegal immigrants died when the vehicle they were in flipped as they tried to evade law enforcement. Another four people were in the vehicle.

“We need to have a secure border. The cartels are the only ones smiling right now, because they will benefit from this confusion,” he said.

He hopes the new administration’s measures won’t hamper the collaboration with local Border Patrol agents in Cochise County.

“We’re going to keep doing what’s right, what the oath of office has us to do—and that’s to protect our citizens,” he said.

But with the new policies, he said he’s “not optimistic” that a border crisis won’t emerge of similar proportions to what occurred in 2019. Almost 1 million illegal or inadmissible immigrants were apprehended by border agents along the southern border during fiscal 2019.

“We’re going to have our hands full [this year],” Dannels predicts.

“We’ve been down this road before. For 37 years, I’ve worked this southern border, and I’ve seen the different leadership come into Washington, D.C. They bring their own ideologies, their own policies, and unfortunately politics becomes the driving force of this.

“And what happens is, the local communities are the ones that take the impact.”

END

With the forced “hazard pay” laws, Kroger closes more grocery stores

(zerohedge)

Kroger Closes More Grocery Stores Over “Hazard Pay” Laws

 
WEDNESDAY, FEB 17, 2021 – 18:05

The nation’s second-largest grocery chain has announced the closure of two stores in Seattle, after the city passed a $4-an-hour hazard pay mandate for grocery workers, according to the Washington Post.

Food 4 Less workers this month protest the decision by parent company Kroger to close some of its locations after Long Beach, Calif., passed an emergency ordinance for temporary hazard pay. (Mike Blake/Reuters)

“Unfortunately, Seattle City Council didn’t consider that grocery stores — even in a pandemic — operate on razor-thin profit margins in a very competitive landscape,” the company said in a statement. “When you factor in the increased costs of operating during covid-19, coupled with consistent financial losses at these two locations, and this new extra pay mandate, it becomes impossible to operate a financially sustainable business.”

The hazard pay mandates were instituted because grocery employees were deemed “front line workers” due to their interaction with the public during the pandemic.

Hazard pay and other pandemic-related bonuses became popular among corporate grocery and retail giants, amid wider public attention on the plight of essential workers during the early spread of the coronavirus last year. Companies including Kroger, Target, Walmart, Amazon, Rite Aid and Albertsons instituted the policy.

But many companies like Kroger ended hazard pay as the country reopened, declining to reinstate the practice, despite record caseloads around the country. Kroger replaced it with a $400 bonus. –Washington Post

The move comes two weeks after Kroger announced the closure of stores in Long Beach, California over similar hazard pay legislation, blaming local officials after they passed a law mandating that grocery stores with at least 300 workers nationwide or 15 employees within Long Beach to pay an additional $4 an hour for a 120-day period.

Kroger’s decision was denounced by the United Food and Commercial Workers International Union.

“Kroger has literally made billions in pandemic profits off the sacrifices of grocery workers in Seattle and across the country,” union president Marc Perrone said in a statement. “Kroger’s action today not only threatens these workers, but it also threatens the local food supply. Instead of doing what is right, protecting the community and providing the hazard pay for these essential grocery workers, Kroger is once again trying to intimidate local and national elected leaders.”

Seattle officials, meanwhile, called Kroger’s move an attempt to “bully” the city’s elected leaders, who apparently didn’t think their actions would have consequences.

“Kroger has posted record earnings during this pandemic,” said Council President M. Lorena González in a statement. “The city’s front line grocery workers, meanwhile, are exposed to covid-19 every day and many are still living paycheck to paycheck.”

Kroger posted an operating profit of $792 million in Q3 2020, up 300% from the same quarter a year prior – so perhaps they’re drawing a line in the sand before cities across the country institute similar “hazard pay” mandates.

END
TEXAS
Grapefruit disaster in Texas
(zerohedge)

“Citrus Disaster” – Texas Cold Snap Means Crop Losses For Grapefruit Growers

 
WEDNESDAY, FEB 17, 2021 – 19:45

Well, here’s some more bad news for consumers who are already experiencing food price inflation – that is – the price of citrus could be ready to skyrocket amid the cold snap in Texas.

Texas is the nation’s third-largest citrus-producing state behind California and Florida. Dale Murden, president of Texas Citrus Mutual, a trade group that oversees citrus growers in the state, told AccuWeather that growers were “about 50% harvested to date on grapefruit”, just as the polar vortex split dumped Arctic air into the region. He said growers were “just beginning to harvest our late Valencia orange.”

“Most everyone saw temps of 21 degrees for several hours,” Murden said. He warns, “growers will no doubt lose some of the crop as we see some ice buildup inside the fruit.” 

Murden said it only takes a few hours of temperatures below 28 degrees to freeze hanging fruit. He provided AccuWeather with pictures of frozen grapefruit trees.

Temperatures should return to the 40s and 50 for some parts of Texas by the weekend, but after a deep freeze for several days, there are new fears of a sizeable crop loss that could materialize in the state.

“At this time we have about 15% of our crop hanging on the trees, and that is likely lost,” April Flowers of Lone Star Citrus, a grower based in Mission, Texas.

Murden said the temperatures were so cold this week that most measures to warm citrus trees did not work.

“Some growers use a micro-jet irrigation system to spray their trees with water prior to the freeze because ice is insulative at 32 degrees,” Flowers said, “but this type of system is expensive and not widely used.”

“As for whether this cold snap will turn into a weather disaster for Texas citrus growers,” Murden warned, adding that “it’s still too early to tell and will likely take a few weeks after the cold snap breaks for growers to assess any damages. “

Flowers repeated Murden’s point: “The next several weeks will give us a clearer picture of the true impact of the storm.” 

So in the next couple of weeks, more details will likely emerge of crop damage sustained by the latest winter blast to rock the state. This may result in a rise in citrus prices, such as grapefruit. 

Consumers are learning this year that food prices all around them are erupting.

END

“Disasters Within Disaster” – Death Toll Rises To 30 As Texas Energy Crisis Hits Sixth Day

 
THURSDAY, FEB 18, 2021 – 9:55

Millions of Texans woke up for the sixth day on Thursday, as one of the nation’s wealthiest states can barely supply electricity to its residents. The power crisis has spread well among its borders crippling Northern Mexico.

According to NYPost, at least 2.7 million Texas households were without heat, electricity, or water on Thursday morning as a polar vortex air mass continues to linger in the Lone Star State.

The death toll from the historic cold snap and multiple winter storms has increased to at least 30. Besides power plants, the deep freeze has crippled critical infrastructure systems across the state, such as water treatment plants and cellular networks.

“This is in many ways disasters within the disaster,” said Judge Lina Hidalgo, the top elected official in Harris County, which encompasses Houston. “The cascading effects are not going to go away.”

In a note Wednesday, we asked if “Is Texas Facing A Humanitarian Crisis?” Come to find out, the answer is yes. The cascading effects of days without power have effectively transformed some parts of Texas into a third-world country.

The local economy is in tatters as one-fifth of the nation’s refining capacity has come to a screeching halt. Readers in other states should prepare for a surge in crude product prices, such as gasoline and diesel. Also, the state’s oil and natural gas production has ground to a halt.

Gov. Greg Abbott announced Wednesday that he has forbidden gas producers from selling to power producers outside its borders through Feb. 21.

The disruption has also spilled over into Mexico, where the US has curbed natural gas exports, resulting in power stations grinding to a halt.

OilPrice.com expands more on the chaos unfolding across Mexico’s northern power grid.

The plummeting natural gas exports from the United States to Mexico amid an Arctic cold spell in the country that has led to a gas demand surge is causing blackouts in northern Mexico, with some 4.77 million households and businesses left without power on Monday.

Argus noted that most of the natural gas Mexico receives from the United States comes from the Permian, where the production of both oil and gas has been affected by the cold weather that has caused power outages across Texas.

Oil wells are being shut down, and so are refineries along the Gulf Coast, Reuters reported earlier today, adding oil and gas pipeline operations were also disrupted by the weather.

The blackouts, Bloomberg reports, will strengthen the government’s argument that Mexico needs to be less dependent on energy imports, with President Andres Manuel Lopez Obrador spearheading the drive to reduce this dependency. Obrador wants to boost Mexico’s domestic oil and gas production to tackle the problem, but this has proved challenging without the participation of private energy companies as the president seeks to fortify the dominant status of state energy major Pemex.

Refinitiv Eikon data shows natgas flow from the US to Mexico plunged 75% over the last week after Abbott directed a ban on gas producers exporting outside its borders. Power cuts have affected millions and led to automobile manufacturers shuttering operations this week because of the lack of natgas needed to power plants.

There’s also talk of an agriculture disaster in Texas as its citrus crop could amount to significant losses. The impact of the cold weather and storms won’t be realized for another few weeks. Growers are already warning that crop losses could be substantial. Since Texas is the nation’s third-largest citrus-producing state behind California and Florida, a loss in crop could result in skyrocketing prices – comes at a time when many Americans are dealing with soaring food inflation. At the same time, others can barely afford to pay rent and feed their families.

Abbott released a statement earlier this week following the power grid collapse. He called for lawmakers to investigate the state’s power grid operator “ERCOT.”

The worst is likely over as warmer temperatures could be seen by the weekend. But for weeks after, Texas will be dealing with a multitude of problems related to a power grid collapse that is still ongoing.

To biggest takeaway from the largest controlled blackout in American history is that trust in private corporations and government to manage your well-being is set to collapse even further. Parts of Texas are effectively a third-world country this week – maybe being a prepper and storing a few cans of beans, a couple of coins of silver, a few Bitcoins, some ammunition, a generator, and clean water might not be a bad idea.

end
NEW YORK
New York Dems move to end Cuomo emergency powers.  FBI launches its probe. Cuomo threatens a democrat assemblyman, Ron Kim
(zerohedge)

NY Dems Move To End Cuomo Emergency Powers As FBI Launches Probe; Lawmaker Says Gov Threatened To “Destroy” Him

 
THURSDAY, FEB 18, 2021 – 8:08

It is looking increasingly certain that Democrats in the NY State legislator – both the state assembly and the Senate – will move to strip Gov. Andrew Cuomo of his emergency COVID powers, imposed nearly 1 year ago, just days after the first cases were confirmed in New York.

Overnight, a flurry of unflattering news reports hit. In one, a New York Democrat, Assemblyman Ron Kim, said the governor had threatened to “destroy” him after Kim criticized a top Cuomo staffer heard on tape telling state lawmakers that Cuomo had worried the Trump Administration would try to use deaths in NY’s nursing homes – eventually found to be nearly twice the number initially reported – as a “political football” to attack Cuomo.

More importantly for Cuomo, it was reported last night that leaders of the New York State Senate would move to strip Cuomo of his emergency pandemic powers granted during the pandemic, an extremely rare rebuke for the governor from Democrats within his own party. The Senate’s measures, which could be voted on as soon as next week, highlight the growing animosity between Cuomo and state lawmakers since the governor admitted to intentionally withholding critical data on virus-related deaths from the state legislature in a Monday holiday press briefing.

Kim said the governor – in a call last Thursday – ordered him to walk back criticisms of a top Cuomo aide whose leaked comments on nursing home data sparked a bipartisan furor. An adviser to Cuomo said Wednesday that Kim was “lying” about the conversation, per the Washington Post. The governor also lashed out at Kim during a news conference, accusing Kim of having a “long and hostile relationship” with his office.

Even though Cuomo’s emergency powers technically expire April 30 (unless they are extended) it has been clear for weeks now that Dems in the legislature would soon move to punish the governor for what was an obvious mistake during the COVID response. Back in March, during the earliest days of the crisis, NY State issued an order requiring nursing homes to readmit COVID-19-positive patients returning from hospitals. This policy has widely been blamed for the state’s 15K nursing home deaths, a number that was disclosed by the Cuomo Administration with a significant delay.

Cuomo essentially admitted to withholding the real death numbers, saying his office was simply swamped with the response after the Trump DoJ (followed by the NY legislature) requested data on nursing home deaths. It was part of an effort by Trump to investigate nursing home deaths in a handful of states, including NY and New Jersey.

Nine Democratic members of the New York State Assembly, including Kim, said in a letter Tuesday that they believe it is “unambiguously clear” that Cuomo intentionally obstructed justice, criticizing a “criminal use of power.”

As we learned last night, Cuomo’s problems have been compounded by an investigation, recently launched by the FBI and the US Attorney for the Eastern District, which is reportedly in its earliest stages, which is seeking to investigate the governor’s handling of nursing homes during the pandemic. However, it’s not known whether the investigation is specifically targeting Cuomo or “any individual” – perhaps members of his staff or others – only that it was recently launched.

As even the NYT admitted during its coverage of the latest Cuomo news, “the inquiry was another clear indication of how the climate has shifted dramatically for Mr. Cuomo since March, when he emerged as a prominent voice in the health crisis, using his daily briefings and invocations of his family to inform and calm a nation of viewers who turned to him as the virus began to spread. Now, much of that good will has evaporated.

Cuomo used his emergency powers to sign dozens of orders and direct the state’s COVID response from the top down. However, over the last year, he has apparently chafed many Dems and Republicans in the state legislature.

END

Biden, Democrats To Unveil ‘Major Overhaul’ Immigration Bill That Includes Pathway To Citizenship

 
THURSDAY, FEB 18, 2021 – 12:11

The Biden administration and Congressional Democrats are set to unveil what the Associated Press described as a “major immigration overhaul that would offer an eight-year pathway to citizenship to the estimated 11 million people living in the US without legal status.”

The legislation will be released in detail Thursday morning, and is expected to contain ‘broad priorities for immigration reform’ that Biden promised during his first day in office – including increasing the number of visas issued, new technology at the southern border, and funds to process asylum applications.

The bill would immediately provide green cards to farm workers, those with temporary protected status and young people who arrived in the U.S. illegally as children. For others living in the U.S. as of Jan. 1, 2021, the plan establishes a five-year path to temporary legal status, if they pass background checks, pay taxes and fulfill other basic requirements. Then, after three years, they can pursue citizenship.

The plan would raise the current per-country caps for family and employment-based immigrant visas. It would eliminate the penalty barring those immigrants who live in the U.S. without authorization and who then leave the country from returning for three to 10 years. It also would provide resources for more judges, support staff and technology to address the backlog in processing asylum seekers.

The bill would expand transnational anti-drug task forces in Central America and enhances technology at the border. And it would try to reduce the burden at the border by setting up refugee processing in Central America, to try to prevent some of the immigrant caravans that have overwhelmed border security in recent years. –Associated Press

Also included in the plan is $4 billion allocated over four years aimed at boosting economic development and tackling corruption in Latin American countries – which sounds like a giant, undefined slush fund.

The full text of the bill will be unveiled by lead sponsors Rep. Linda Sanchez (D-CA) and Sen. Bob Menendez (D-NJ) – the latter of whom was part of the bipartisan Gang of Eight senators who negotiated a 2013 immigration reform bill that ultimately failed.

“The president feels that all of these requirements that are in the bill — these components of the bill — are what makes it comprehensive,” said White House press secretary Jen Psaki this week. “They all need to be addressed. That’s why he proposed them together.”

end

iv) Swamp commentaries

(Watson/SummitNews)

Trump: “Biden Is Either Lying Or Mentally Gone”

 
THURSDAY, FEB 18, 2021 – 11:17

Authored by Steve Watson via Summit News,

Breaking a one month silence Wednesday, President Trump appeared on a number of cable news channels, hinting at a 2024 run, a potential launch of his own social media platform, and slamming Joe Biden for lying about the coronavirus vaccine rollout.

Appearing on Newsmax, Trump addressed Biden’s blatant lie Tuesday night about there being no available vaccine.

“I saw that he said there was no vaccine before he came into office and yet he got a shot before he came into office,” Trump said.

“So either he’s not telling the truth or he’s mentally gone. One or the other,” he added.

“He’s getting killed on this,” Trump continued, adding “Even the haters said, ‘Well wait a minute, this vaccine was announced long before.’”

“Could he be joking? Because, frankly, that was a very dumb statement,” Trump considered.

Biden admitted Tuesday night that he wakes up every day and asks where the hell he is, since moving into the White House.

Elsewhere during the conversation, Trump admitted that he misses being the President, saying “Everything was happening great… It’s too bad.”

When asked if he is considering another run, Trump replied “I won’t say yet, but we have tremendous support.”

“It’s too early to say… but I see a lot of great polls out there,” he added.

Referring to his rising popularity among conservatives, Trump declared “I’m the only one who gets impeached and my numbers go up. I mean figure that one out.”

Referring to social media, Trump proclaimed “We don’t want to go back to Twitter,” adding: “I understand it’s become very boring and millions are leaving.”

Trump said his team is looking at different options for a social media return, and is “negotiating with a number of people,” but also intimated that he could build his own platform.

“We’re looking at a lot of different things,” Trump said.

 

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

The CRB Commodity Index hit its highest level since April 2019; and is up 86% from its low last April.

US January PPI jumped 1.3% m/m; 0.4% was expected.  Core PPI hit 1.2%; 0.2% was expected.  January Retail Sales soared 5.3% m/m; 1.1% was expected.  Ex-Auto sales surged 5.9%; 1.0% was expected.  Ex-Auto & Gas Sales jumped 6.1%; 0.8% was consensus.  January Mortgage Applications tumbled 5.1%.

U.S. producer prices post biggest gain since 2009   http://reut.rs/3k09pXa

Big Freeze in Texas Is Becoming a Global Oil Market Crisis
More than 4 million barrels a day of supply has been curtailed…almost 40% of the nation’s crude production… https://www.bloomberg.com/news/articles/2021-02-17/big-freeze-in-texas-is-becoming-a-global-oil-market-crisis

Texas Clamps Down on Out-of-State Gas Sales as Crisis Deepens
https://www.bloomberg.com/news/articles/2021-02-17/texas-bans-natural-gas-companies-from-taking-fuel-out-of-state?sref=vuYGislZ

Bitcoin hit 52,560.43.  WTI Oil traded as high as 61.28.  Gasoline rallied as much as 2.88%.

Fed’s Rosengren [risibly] Sees More Risk of Labor Scarring than Inflation – BBG
Inflation not likely to hit Fed’s target through 2022, Rosengren says – StreetInsider.com

Fed officials see potential for spring jump in inflation – FOMC minutes
Still, many of the policy makers were careful to distinguish between one-time relative price changes and changes in the underlying trend for inflation…
https://seekingalpha.com/news/3663040-fed-officials-see-potential-for-spring-jump-in-inflation-fomc-minutes

Minutes of the Federal Open Market Committee January 26–27, 2021
“Participants emphasized that it was important to abstract from temporary factors affecting inflation — such as low past levels of prices dropping out of measures of annual price changes or relative price increases in some sectors brought about by supply constraints or disruptions — in judging whether inflation was on track to moderately exceed 2 percent for some time.”…
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210127.pdf

SEC Data Show $359 Million of GameStop Shares Failed to Deliver
More than 2 million shares failed to deliver at peak of mania
https://www.bloomberg.com/news/articles/2021-02-17/sec-data-show-359-million-of-gamestop-shares-failed-to-deliver?sref=ZMFHsM5Z

FBI, US Attorney investigating Cuomo’s handling of NY nursing homes  https://t.co/2SrpjS4sn1

Fox’s @JaniceDean: When asked about his buddy @NYGovCuomo’s nursing home coverup, after many months saying he did it “right” suddenly Dr. Fauci says “no comment.” Coward.
Joe Biden on Tuesday night had a disastrous town hall on CNN despite the soft-ball questions.

@CaliforniaPanda: [Biden on why minorities are lagging on getting vaccinated] “Minorities… don’t know how to use, know how to get online.”  @JoeBiden is perpetuating a racist trope that minorities don’t know how to use the internet.  https://twitter.com/CaliforniaPanda/status/1361864216509091840

@MarkDice: Joe Biden says “black on black crime” is the primary concern of many minority communities, not police brutality, and then stops himself mid-sentence realizing he has just committed the cardinal sin of uttering aloud a hate-fact.   https://t.co/ixHYdVgolz

BIDEN: “Did you ever five years ago think every second or third ad out of five or six should turn out to be biracial couples?” https://t.co/1jVYuSqQuI

Biden: Former Military, Police Fueling ‘Growth of White Supremacy’ Groups
https://www.breitbart.com/clips/2021/02/16/biden-former-military-police-fueling-growth-of-white-supremacy-groups/

@thebradfordfile: Biden says the most racist things ever imagined, and the media pretends it never happened.  Incredible.

@TimMurtaugh: This is a ludicrous lie from Biden. On CNN he just claimed that there wasn’t a vaccine when he became president.  Here’s a picture of him receiving his second dose on January 11, nine days before he took office. He had received the first dose three weeks earlierhttps://t.co/GQiMaF4wNl

@newsmax: Donald Trump says President Biden is “either not telling the truth, or he’s mentally gone” based on his vaccine statements

Biden dismisses Uighur genocide as part of China’s ‘different norms’  
The central principle of Xi Jinping is that there must be a united, tightening control in China, and he uses his rationale for the things he does based on that… no American president can be sustained as a president if he doesn’t reflect the values of the United States, and so the idea that I’m not going to speak out against what he’s doing in Hong Kong,,, with the Uyghurs… and Taiwan, trying to end the One China Policy by making it forceful, I say – and by the he says – he gets it.”  “Culturally there are different norms in each country and their leaders are expected to follow,”…  https://trib.al/zTblTh4

@charliekirk11: If we had a real media in this country, Joe Biden wouldn’t get away with calling Uighur Genocide a Chinese “cultural norm” on one hand but suggest that Americans who voted for Trump are “domestic terrorists” on the other. But we don’t, so he will.

While Millions Not in School, Biden Tells Girl That Kids Are ‘Safest Group of People in The World’ – President Joe Biden told a young girl during a CNN town hall on Tuesday night that she didn’t need to worry about the coronavirus because kids do not get it “very often” and that kids were the “safest group of people in the world.” Biden made the remarks as backlash has started to build against his administration over the fact that millions of students are not physically back in school engaging in in-person learning…  https://t.co/EHkpPooKpn

@kayleighmcenany: Signing off with a final notable quote from Joe Biden during his town hall this evening: “Everyone knows I love kids better than people.”

Wuhan Lab Eligible to Receive US Taxpayer Funding through 2024, NIH Confirms
https://dailycaller.com/2021/02/16/wuhan-lab-eligible-taxpayer-funding/

The False and Exaggerated Claims Still Being Spread About the Capitol Riot
Insisting on factual accuracy does not make one an apologist for the protesters. False reporting is never justified, especially to inflate threat and fear levels.
    After the media bombarded Americans with this story for a full month without pause, it took center stage at Trump’s impeachment process. As former federal prosecutor Andrew McCarthy noted, the article of impeachment itself stated that “Trump supporters ‘injured and killed law enforcement personnel.’” The House impeachment managers explicitly claimed on page 28 of their pretrial memorandum that “the insurrectionists killed a Capitol Police officer by striking him in the head with a fire extinguisher.”
    Once the impeachment trial ended in an acquittal, President Joe Biden issued a statement and referenced this claim in the very first paragraph. Sicknick, said the President, lost “his life while protecting the Capitol from a violent, riotous mob on January 6, 2021.”  The problem with this story is that it is false in all respects. From the start, there was almost no evidence to substantiate it…
    Then, perhaps most importantly, is the ongoing insistence on calling the Capitol riot an armed insurrection. Under the law, an insurrection is one of the most serious crises that can arise…
   Sen. Johnson told a local radio station: “The fact of the matter is this didn’t seem like an armed insurrection to me. I mean armed, when you hear armed, don’t you think of firearms? Here’s the questions I would have liked to ask. How many firearms were confiscated? How many shots were fired? I’m only aware of one, and I’ll defend that law enforcement officer for taking that shot…the only person to have been shot was a pro-Trump protester killed by a Capitol police officer…
      Shortly thereafter, however, a DOJ “official walked back a federal claim that Capitol rioters ‘intended capture and assassinate elected officials.’” Specifically, “Washington’s acting U.S. Attorney, Michael Sherwin, said in a telephone briefing, ‘There is no direct evidence at this point of kill-capture teams and assassination.’”…  https://greenwald.substack.com/p/the-false-and-exaggerated-claims

BLOOD MONEY: CNN, NBC, etc Paid BLM/Antifa Activist Who Broke into Capitol on Jan 6 $77,000    https://thenationalpulse.com/breaking/media-paid-sullivan-for-capitol-footage/

Rush Limbaugh died at the age of 70 from lung cancer.

Twitter liberals celebrate Rush Limbaugh’s death: ‘I’m glad’ he lived long enough to ‘get cancer and die’    https://www.foxnews.com/media/twitter-liberals-celebrate-rush-limbaugh-death

@kylenabecker: The vile tweets on Rush Limbaugh’s passing show Twitter is not in the least bit concerned about “hate speech.”  Twitter is only concerned about speech leftists “hate.”
Fauci: ‘I Prefer Not to Comment’ on Gov. Cuomo Mishandling Coronavirus
https://www.breitbart.com/clips/2021/02/16/fauci-i-prefer-not-to-comment-on-gov-cuomo-mishandling-coronavirus/

Well that is all for today

I will see you FRIDAY night.

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