FEB 22/COMEX OPTIONS EXPIRY TOMORROW//GOLD ROSE $30.00 TO $1808.65//SILVER UP 74 CENTS TO $27.96 AND BROKE THE 28 DOLLAR BARRIER IN THE ACCCESS MARKET// GOLD TONNAGE STANDING AT THE COMEX; 112.92 TONNES/SILVER STANDING 11.9 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATES// CHINA STOPS EXPORTS OF RARE EARTHS TO THE USA//IRAN VS USA: IRAN DEMANDS $1 TRILLION IN COMPENSATION FOR SANCTIONS//

GOLD:$1808.65 UP  $30.00   The quote is London spot price

Silver:$27.96. UP  $0.74   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1809.50  LONDON SPOT  4:30 pm

ii)SILVER:  $28.16//LONDON SPOT  4:30 pm

Tomorrow  is options expiry on the comex

Friday is options expiry on LBMA/OTC.

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 252/343

ISSUED: 0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,775.800000000 USD
INTENT DATE: 02/19/2021 DELIVERY DATE: 02/23/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333
332 H STANDARD CHARTE 17
435 H SCOTIA CAPITAL 9
624 H BOFA SECURITIES 15
657 C MORGAN STANLEY 24
661 C JP MORGAN 235
661 H JP MORGAN 17
686 C STONEX FINANCIA 3
709 H BARCLAYS 11
732 C RBC CAP MARKETS 10
880 C CITIGROUP 3
905 C ADM 9
____________________________________________________________________________________________

TOTAL: 343 343
MONTH TO DATE: 34,299

NUMBER OF NOTICES FILED TODAY FOR  FEB. CONTRACT: 343 NOTICE(S) FOR 34,300 OZ  (1.0669 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  34,299 NOTICES FOR 3,429,900 OZ  (106.684 tonnes) 

SILVER//FEB CONTRACT

115 NOTICE(S) FILED TODAY FOR 575,000  OZ/

total number of notices filed so far this month: 2103 for 10,515,000  oz

BITCOIN MORNING QUOTE  $53,766,  DOWN 1753 dollars

BITCOIN AFTERNOON QUOTE.:$54,248  DOWN 1171 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

:

GLD AND SLV INVENTORIES:

WITH GOLD UP $30.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

WHAT A BUNCH OF CROOKS:

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:A WITHDRAWAL OF 5.35 PAPER TONNES FROM THE GLD.

GOLD IS UP 1.65% TODAY//GLD IS UP 1.50% AND YET WE HAVE A MASSIVE PAPER GOLD WITHDRAWAL OF 5.35 PAPER TONNES.

GLD: 1,127.64 TONNES OF GOLD//

WITH SILVER UP 74 CENTS TODAY: AND WITH NO SILVER AROUND

ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

WHAT A BUNCH OF CRAP!!

2 HUGE WITHDRAWAL OF 2.322 MILLION OZ FROM THE SLV AND ANOTHER 6.873 MILLION OZ///WITH SILVER UP 74 CENTS!!

NO WONDER EVERYBODY IS BAILING OUT!

INVENTORY RESTS AT:

SLV: 611.685  MILLION OZ./

SO WE HAVE THE PRICE OF SILVER UP 74 CENTS OR 2.64% //SLV UP IN PRICE 4% AND YET MASSIVE INVENTORY LEAVES!(2.32 MILLION OZ)

xxxxx

GLD closing price//NYSE 169.51 UP 2.50 CENTS OR 1.50%

SLV closing price NYSE 26.27 UP $1.01 OR 4.00%

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1491 CONTRACTS FROM 180,495 DOWN TO 179,004, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR  $0.15 GAIN IN SILVER PRICINGAT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO HUGE BANKER AND ALGO  SHORT COVERING//SOME REDDIT RAPTOR BUYING//COMMENCEMENT OF SPREADER LIQUIDATON..  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION, AND A TINY DECREASE FOR SILVER OUNCES STANDING AT THE COMEX FOR FEB. WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1896 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:  2450,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  2105 MAY: 345 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 2450 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

11.635  MILLION OZ INITIAL STANDING FOR FEB 2021

FRIDAY,AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE …AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.15) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A STRONG GAIN IN OUR TWO EXCHANGES (959 CONTRACTS). NO DOUBT THE TOTAL GAIN IN OI IN OUR TWO EXCHANGES WERE DUE TO i) HUGE BANKER/ALGO SHORT COVERING//REDDIT RAPTOR BUYING//COMMENCEMENT OF SPREADER LIQUIDATION//.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A TINY DECREASE  IN SILVER OZ  STANDING  FOR FEB, iii) FAIR 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:

37,768 CONTRACTS (FOR 15 TRADING DAY(S) TOTAL 37,768 CONTRACTS) OR 188.840 MILLION OZ: (AVERAGE PER DAY: 2517 CONTRACTS OR 12.589 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF FEB: 188.840 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: 188.840. MILLION PAPER OZ HAVE MORPHED OVER TO LONDON.

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FOR FAR:   188.840 MILLION OZ (RAPIDLY INCREASING AGAIN)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1491, DESPITE OUR  $0.15 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY.THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2450 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 959 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.15 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 2450 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 1491 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.22 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW FEB.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 115 NOTICE(S) FOR  575,000 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 CONSIDERABLE BY A FAIR SIZED 5314 CONTRACTS TO 491,861 AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED DECREASE IN COMEX OI OCCURRED DESPITE OUR GAIN IN PRICE  OF $2.00///COMEX GOLD TRADING// FRIDAY.WE PROBABLY HAD HUGE BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD SOME LONG LIQUIDATION. WE ALSO HAD A STRONG GAIN IN GOLD STANDING  AT THE COMEX TO 112.992 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 SMALL GAIN IN PRICE OF $2.00!!!.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  15//

WE HAD A FAIR LOSS  OF 3420 CONTRACTS  (10.63 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1894 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  1894 AND JUNE:  0  ALL OTHER MONTHS ZERO//TOTAL: 1894.  The NEW COMEX OI for the gold complex rests at 491,861. 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 FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3420 CONTRACTS: 5314 CONTRACTS DECREASED AT THE COMEX AND 1894 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 3420 CONTRACTS OR 10.63 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1894) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (5314 OI): TOTAL LOSS IN THE TWO EXCHANGES:  3420 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.)STRONG INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT FEB. MONTH RISING TO 112.992 TONNES3) SOME LONG LIQUIDATION /// ;4) CONSIDERABLE COMEX OI LOSS  AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS HAPPENED WITH OUR SMALL GAIN IN GOLD PRICE TRADING//FRIDAY//$2.00!!.

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 : 43,850, CONTRACTS OR4,385,000 oz OR 136.39 TONNES (15 TRADING DAY(S) AND THUS AVERAGING: 2923 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAY(S) IN  TONNES: 136.39 TONNES

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

THUS EFP TRANSFERS REPRESENTS 136.39/3550 x 100% TONNES =3.84% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB  :  136.39 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 STRONG SIZED 1491 CONTRACTS FROM 180,495 DOWN TO 179,004 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 FAIR SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL DECREASE IN  STANDING FOR SILVER  AT THE COMEX FOR FEB., AND 4) ZERO LONG LIQUIDATION 5) COMMENCEMENT OF SPREADER LIQUIDATION 

EFP ISSUANCE 2450 CONTRACTS

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

 MARCH:  2105 ; MAY: 345 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2450 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 1491 CONTRACTS TO THE 2450 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 959 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.795 MILLION  OZ, OCCURRED WITH OUR $0.15 RISE IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 53.72 PTS OR 1.45%   //Hang Sang CLOSED 324.90 PTS OR 1.06%    /The Nikkei closed UP 138.11 POINTS OR 0.46%//Australia’s all ordinaires CLOSED DOWN 0.04%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4632 /Oil UP TO 59.86 dollars per barrel for WTI and 63.38 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4632. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4680 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING 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 CONSIDERABLE SIZED 5314 CONTRACTS TO 491,861 MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED DESPITE  OUR SMALL GAIN OF $2.00 IN GOLD PRICING /FRIDAY’S COMEX TRADING/)… WE ALSO HAD A SMALL EFP ISSUANCE (1894 CONTRACTS).   WE  ALSO PROBABLY HAD AGAIN  1)  HUGE BANKER SHORT COVERING//ALGO SHORT COVERING,  2) MINOR  LONG LIQUIDATION  AND 3)  LARGE INCREASE STANDING AT THE GOLD  COMEX//FEB. DELIVERY MONTH(112.992 TONNES) (SEE BELOW) …  AS WE ENGINEERED A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 3420 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   15

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1894 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1894, JUNE:  0 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1894  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 LOSTTHE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR 3420 TOTAL CONTRACTS IN THAT 1894 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED  COMEX OI  OF 5314 CONTRACTS.  WE HAVE A HUGE AMOUNT OF GOLD STANDING FOR FEB (112.992 TONNES) FOLLOWING OUR STRONG LEVEL OF JAN 2021 GOLD CONTRACTS STANDING FOR DELIVERY. ((6.500 TONNES).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, AND DEC. 93.589 OUR COMEX IS OFFICIALLY UNDER ASSAULT.

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $2.00)., AND WERE SOMEWHAT  SUCCESSFUL IN FLEECING SOME LONGS  AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A SMALL 3.415 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR FEB (112.992 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 :: 3420 CONTRACTS OR  342000 OZ OR  10.63  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:  491,861 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.18 MILLION OZ/32,150 OZ PER TONNE =  1529 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1529/2200 OR 69.53% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 218,592 contracts// volume fair//

CONFIRMED COMEX VOL. FOR YESTERDAY:  264,833 contracts//  volume: fair/r //most of our traders have left for London

FEB 22 /2021

INITIAL STANDINGS FOR FEB COMEX GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
73,125.586 OZ
Brinks
HSBC
Deposits to the Dealer Inventory in oz nil
OZ
Deposits to the Customer Inventory, in oz
20,716.195 oz
HSBC
No of oz served (contracts) today
343  notice(s)
34,300 OZ
(1.0669 TONNES
No of oz to be served (notices)
2208 contracts
220800 oz)
6.867 TONNES
Total monthly oz gold served (contracts) so far this month
34,299 notices
3,429,900 OZ
106.684 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 1 deposits to the customer account
i) Into HSBC:  20,716.195 oz:
total deposit:  20,716.195 oz

we had  2 withdrawals from  the customer account

i) Out of Brinks: 71,921.286 oz
ii) Out of HSBC: 1204.300 oz
total withdrawals:  73,125.586 oz

We had 1  kilobar transactions

ADJUSTMENTS  2:  dealer to customer

JPMorgan:  14,467.95 oz  450 kilobars.

b) Customer to dealer:  Brinks: 32,118.849 oz  999 kilobars

 

The front month of FEB registered a total of 2371 CONTRACTS FOR A LOSS OF 802 CONTRACTS.  WE

HAD 871 CONTRACTS FILED ON FRIDAY SO WE GAINED A STRONG 69 CONTRACTS OR 6,900 OZ REFUSED TO MORPH INTO LONDON BASED FORWARDS AND AS SUCH NEGATED A FIAT BONUS.  IT IS NOW OUR BANKERS TURN TO FIND BADLY NEEDED PHYSICAL. QUEUE JUMPING NOW BECOMES THE NORM AT THE GOLD COMEX AS BANKERS ARE IN URGENT NEED OF PHYSICAL METAL.

MARCH LOST ONLY 42 contracts to stand at 2365. WE ARE GOING TO HAVE A VERY STRONG MARCH DELIVERY OF OVER 7 TONNNES. MARCH IS A NON ACTIVE DELIVERY MONTH.

APRIL LOST 5964 contracts to stand at 376,209

We had343 notice(s) filed today for 34300 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 343  contract(s) of which 17  notices were stopped (received) by j.P. Morgan dealer and 235 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 (34,299) x 100 oz , to which we add the difference between the open interest for the front month of  (FEB 2371 CONTRACTS ) minus the number of notices served upon today (343 x 100 oz per contract) equals 3,632,700 OZ OR 112.992 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 34,299 x 100 oz  + (  2371 OI for the front month minus the number of notices served upon today (373} x 100 oz which equals 3,632,700 oz standing OR 112.992 TONNES in this active delivery month of FEBRUARY. This is a HUGE amount  standing for GOLD IN  FEB

WE GAINED A STRONG 69 CONTRACTS OR 6,900 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

182,867.893 Manfra

total pledged gold:  2,222,274.087 oz                                     69.12 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 544.04 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 112.78 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,730,928.001 oz or 613.71 tonne
total weight of pledged:  2,222,274.087 oz or 69.12 tonnes
thus:
registered gold that can be used to settle upon: 17,508,654.0  (544,59 tonnes)
true registered gold  (total registered – pledged tonnes  17,508,654.0 (544.59 tonnes)
total eligible gold: 19,634,760.896 , oz (610.72 tonnes)

total registered, pledged  and eligible (customer) gold  39,354,688.897 oz 1,224.09 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1097.75 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 22/2021

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
485,981.131 oz
CNT
SCOTIA
Deposits to the Dealer Inventory
574,002.200 oz
Scotia
Deposits to the Customer Inventory
706,861.790 oz
CNT
Delaware
Scotia
No of oz served today (contracts)
115
CONTRACT(S)
(575,000 OZ)
No of oz to be served (notices)
224 contracts
 1,120,000 oz)
Total monthly oz silver served (contracts)  2103 contracts

10,515,000 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 1 deposit into the dealer:
i) Into Scotia: 574,002.200 oz

total dealer deposits: 574,002.200        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i) Into CNT: 599,643.580 oz
ii) Into Delaware: 1863.02 oz
iii) Into Scotia; 105,355.190 oz

JPMorgan now has 196.952 million oz of  total silver inventory or 49.64% of all official comex silver. (196.952 million/396.729 million

total customer deposits today: nil    oz

we had 2 withdrawals:

i) out of CNT  410,808.930  oz
ii) Out of Scotia: 75,172.200

total withdrawals 485,981.131   oz

We had43 adjustments: all dealer to customer

i) CNT  713m126,715 oz

ii)Scotia: 395,593.340 oz

iii)JPMorgan:  7,125,840.590       oz

Total dealer(registered) silver: 137.290million oz

total registered and eligible silver:  397.524 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

FEBRUARY saw a LOSS of 27 contracts to stand at 339. We had 25 notices filed on FRIDAY. So we LOST 2 contracts or an additional 10,000 oz will not stand for delivery on this side of the pond as they morphed into London based forwards and as such they accepted a fiat bonus for their effort. 

MARCH LOST a small 8957 contracts DOWN to 58,927. April gained another 293 contracts to stand at 769

May gained 7089 contracts to stand at 96,432 contracts.

We have 4 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 still have not witnessed a huge migration from the March contract over to May.

The total number of notices filed today for FEB 2021. contract month is represented by 115 contract(s) FOR 575,000 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  2103 x 5,000 oz = 10,515,000 oz to which we add the difference between the open interest for the front month of FEB (339) and the number of notices served upon today 115 x (5000 oz) equals the number of ounces standing.

Thus the FEB standings for silver for the FEB/2021 contract month: 2103 (notices served so far) x 5000 oz + OI for front month of FEB(339)- number of notices served upon today (115) x 5000 oz of silver standing for the Jan contract month .equals 11,635,000 oz. ..VERY STRONG FOR A NON ACTIVE  FEB MONTH.

We lost 2 contracts or an additional 10,000 ADDITIONAL oz will not stand for delivery over here as they morphed into London based forwards..

TODAY’S ESTIMATED SILVER VOLUME 145,433 CONTRACTS // volume humongous

FOR YESTERDAY  129,663  ,CONFIRMED VOLUME//huge 

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 +0.74% ((FEB 22/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.20% to NAV:   (FEB 22/2021 )

Note: /Sprott physical SILVER trust is back into POSITIVE/0.74%(FEB 22/2021)

(courtesy Sprott/GATA

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

NAV 19.81 TRADING 19.34//NEGATIVE 2.39

END

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

FEB 22/WITH GOLD UP $30.00 TODAY: STRANGE!! A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.25 TONNES FROM THE GLD//INVENTORY RESTS AT 1127.64 TONNES

FEB 19/WITH GOLD UP $2.00 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1132.89 TONNES

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 22 / GLD INVENTORY 1127.64 tonnes

LAST;  1004 TRADING DAYS:   +193.92 TONNES HAVE BEEN ADDED THE GLD

LAST 943 TRADING DAYS// +  362.17TONNES 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 22/WITH SILVER UP 74 CENTS TODAY: 2 HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.322 MILLION OZ AT 3 PM AND 6.873 MILLINON OF AT 5 20 PM EST/INVENTORY RESTS AT 611.685 MILLION OZ/

FEB 19//WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 621.007 MILLION OZ//

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 AN ANOTHER WITHDRAWAL 5.758 MILLION OZ// //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 22/2021

SLV INVENTORY RESTS TONIGHT AT

611.685 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Jim Rickards describes in detail the silver market and how it is vulnerable to a short squeeze

(Jim Rickards/GATA)

Jim Rickards: Silver market is a game of musical chairs and a breakout is coming

 Section: 

11a ET Friday, February 19, 2021

Dear Friend of GATA and Gold:

Writing at the Daily Reckoning, market analyst and author Jim Rickards examines the turmoil in silver and concludes that the major silver exchange-traded fund is mainly paper, not metal, that the silver market is vulnerable to a short squeeze, and that “it’s silver’s time to shine.” Rickards’ analysis is headlined “It’s a Game of Musical Chairs” and it’s posted here:

https://dailyreckoning.com/its-a-game-of-musical-chairs/

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

END

Chris Powell does a super job discussing the silver squeeze and gold suppression.  He also comments on Bitcoin

(GATA/Silver Bullion)

GATA secretary covers silver squeeze, gold suppression, bitcoin in SBTV interview

 Section: 

11:39a ET Friday, February 19, 2021

Dear Friend of GATA and Gold:

Patrick Vierra of Silver Bullion TV interviewed your secretary/treasurer the other day, discussing, among other things, the GameStop short squeeze, the attempt to squeeze the shorts in silver, the continuing implementation of gold price suppression policy, government’s strategy toward bitcoin, the subservience of mainstream financial news organizations to governments and central banks, and the possibility that gold-producing countries could mobilize against gold price suppression.

The discussion is 35 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=dYIeEa46XpE

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

END

Alasdair Macleod is stating what I have been telling you: that our GLD ETF is leasing gold from the Bank of England but that gold never leaves the central bank.  (Same story with silver but the counterparty is JPMorgan and that silver never leaves its vaults)

Because of leasing, gold supply is tighter than it seems, Macleod tells KWN

 Section: 

8:45p ET Saturday, February 20, 2021

Dear Friend of GATA and Gold:

Gold is even scarcer than it seems, GoldMoney research director Alasdair Macleod tells King World News today, because so much of it is leased and no matter where it is vaulted it has more than one nominal owner.

… 

It has gotten so bad, Macleod says, that gold exchange-traded funds are claiming to be vaulting gold at the Bank of England, though the bank is not a regular custodian of ETF metal. Instead, Macleod says, to cover its books an ETF custodian is leasing gold kept by central bank at the Bank of England.

Macleod’s comments are headlined “Crisis Brewing in London as Gold Liquidity Dries Up” and it’s posted at KWN here:

https://kingworldnews.com/crisis-brewing-in-london-as-gold-liquidity-dri…

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

iii) Other physical stories:

Steve Brown on how the SLV trust “hedges” the silver market

(Steve Brown)

How the iShares SLV Silver Trust Hedges the Silver Market

Steve Brown

NB: I’ve included a Big Retailer example to illustrate the similarity in strategy; Big Retailer referred to as the fictitious “ARMEX”

Here’s how the Big Retailer (“ARMEX”) plays silver where the key is the big premium difference between selling physical metal and the quoted (paper) silver spot price

I. “ARMEX” Case

  1. ARMEX buys product wholesale (coins, bars, whatever) for their physical stock, to sell on. ARMEX buys that product near spot price or below.
  2. Same time ARMEX sells silver futures short (put options) and/or futures contracts on the COMEX.

“Can’t lose” Strategy:

a. If silver’s price rises they profit on the physical sales + premium over spot. The puts are leveraged and they expire worthless, but ARMEX only loses the premium on the put, which is offset versus the greater gains on physical sales, plus the sales premiums over spot. If the silver price falls, they are hedged by their short (put) position in the futures market. b. And, if silver spot goes down, the put options expire in the money and ARMEX is left with physical stock, which they lower the sales premium on when the market is slow, but still make a profit.

II. iShares SLV Silver “Trust” Case

  1. ‘Investor’ provides funds to SLV for silver ounces
  2. SLV buys silver at spot, whether allocated or unallocated
  3. SLV sells (hedges) its unallocated @ spot as COMEX participant (note that COMEX standing seldom occurs, and SLV “basket redemption” never occurs)
  4. SLV takes its fee in part from proceeds
  5. SLV invests rest of proceeds in Wall Street market shares or higher interest asset

NB: On the odd occasion where a COMEX buyer may stand for delivery (on no occasion has an “authorized participant”* ever demanded an SLV “basket redemption”) SLV may settle in funds (cash) with the COMEX for COMEX delivery for the contracts it has sold. There is no case of SLV ever satisfying the 50k share block ruleAs such IShares SLV is not functionally a Trust, but rather a hedging operation to maintain an unrealistic silver spot price when compared to the actual price for the physical metal.

Essentially, with SLV iShares we have a silver carry trade somewhat analogous to definition of the gold carry trade (which I have written about) with a few important differences. Also note similarity to the so-called ARMEX strategy, where SLV is a derivative instead of the real thing. Plus, the silver carry trade is easier to game and “less regulated” with SLV being a derivative and not a real deliverable commodity. That’s because silver is generally not held as a monetary metal by central banks (even though it is a monetary metal) and recall that the Bullion Banks are the culprit here.

The bullion banks game silver on behalf of certain governments, the LBMA, and the Bank of International Settlements. Hence the somewhat higher volatility for silver spot.

Since silver and gold have challenged the monetary hegemonic role of paper money for centuries, major central banks and especially bullion banks wish to keep the price of the monetary metals suppressed.

As described by Ferdinand Lips years ago, the bullion banks — some of whom are Federal Reserve primary dealer banks — have intent to profit by manipulating the trade in monetary metals, rather than profit by an increase in the value of those monetary metals.

Bullion banks, the IMF, Bank of International Settlements and major central banks consider an overall increase in the price of monetary metals – especially silver – as a threat to the Silver Users (and for example Tesla) as well as an endangerment to the false illusion of fiat’s value; an illusion which the monetary cartel must attempt to maintain at all costs.

But there is a further benefit. When a shareholder’s shares in the “Trust” are hedged by an “authorized participant” – which includes JP Morgan – the dollar proceeds from re-assigning those third party-owned shares (called rehypothecation) can be leveraged at least nine times by the Authorized Participant. In other words, if J P Morgan sells COMEX futures relating to iShares SLV silver holdings for $1M, JP Morgan can place $100K in reserve while investing $900K in another debt instrument. Nice work. …if you can get it. Another option is that SLV may lease the physical silver in its possession, but no independent third party has ever verified ‘for-the-record’ that IShares Silver Trust acts in that capacity.

If there is no other takeaway from the above, the major point is that JP Morgan and BlackRock will not allow dollars to sit idly by in the form of SLV silver ounces, whether allocated or not; JPM/BlackRock will put those dollars to use as represented by those ounces – allocated or not – as JPM/BlackRock see fit.

*As of the date of this writing, ABN AMRO Clearing Chicago LLC, Barclays Capital Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities, Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Americas LLC, and Virtu Financial BD LLC are the only Authorized Participants. –SLV prospectus Feb 8, 2021

end

Steve Brown with an encore: why is silver being suppressed!

(courtesy Steve Brown)

Silver is Suppressed… Why?

Steve Brown

A discussion of the ‘earth’s crust’ gold-to-silver ratio is complex; suffice that the ratio of sixty-five ounces of silver per one ounce of gold (per current quoted Wall Street spot price) is an high-end estimate, and the mining ratio to mine the actual product is about 8-to-1. So why is the quoted Bank of Big silver spot price so out of step with the physical market price which is at least $10 per ounce higher?

Silver is generally not considered to be a strategic metal, because in the past it has not been. But that situation has changed. According to BullionVaultsilver is ‘… invaluable to solder and brazing alloys, batteries, dentistry, glass coatings, LED chips, medicine, nuclear reactors, photography, photovoltaic, RFID chips, semiconductors, touch screens, water purification, wood preservatives and many other industrial uses.’  All of that especially includes the tech sector, a sector of the economy where enforced deflationary pressure has been great for many years.  Understanding ‘enforced deflationary pressure’ is key to understanding how the silver spot price is suppressed.

Formerly the secretive Silver Users Association then morphed to become the Precious Metals Association of North America which is now a subsidiary to the International Precious Metals Institute (IPMI).  I’m not sure the IPMI is really in need of the $200 it charges to join, but have no doubt that despite its front-facing positive statements about the metals, the true agenda of the IPMI and its sponsors is to see the price of silver suppressed — just as they always have by any name. Think of the IPMI as being a jeweler’s guild with very close links to the LBMA; the LBMA being one of the key gamers of the silver market along with the Bank of International Settlements.

As we’ve explored in The Illegal Gold and Silver Fix the fixing of a commodity’s price is patently illegal, and the precious metals are the only commodities to have their price fixed. So why is that allowed? Well, if the price-fixing lawsuit had been allowed to proceed in the United States, the US government believed a negative outcome could impact the economy, hence the US government kiboshed the lawsuit.  (see GATA website for details)

Motive for the crime is of course the Fed-Treasury. The Fed has whined about low inflation for years while obscenely expanding the money supply to impact land and property prices, Wall Street share prices, certain commodity prices, and its own gamed debt market. A notable commodity left out is silver.  That’s because silver is key to billions in imports with regard to the tech sector, which supports this credit-driven economy.

The US cannot dominate by food and weaponry alone, the economy survives on consumer credit which requires cheap foreign goods to drive demand. If silver were to rise, those consumer goods will escalate in price, and Americans will see inflation in far more than property or Chipotle Mexican Grill share prices.  When silver rises, the cost of computers, cell phones, IC chips, communication gear, cars and trucks, and all related prices will rise exponentially… that’s something the Federal Reserve and its partners in crime wish to criminally suppress.

Now we have a large and growing sector, understanding of the Federal Reserve’s criminal activity in collusion with the major Bullion Banks.* Their hope is to challenge Monetary Empire which has given us endless wars, destruction of the environment, destruction of health and education, and an unfair system ruled by a tiny cadre of perverse technologists and trillionaires.

Gamestop is child’s play. It is essential to recognize that the far far less than 1% were not just lucky beneficiaries of a poorly designed system. No, our rulers evolved, designed, and built this system over many centuries to acquire the wealth and power that they now hold. Elites will not see this system replaced with a fairer one without a fight… indeed the mother of all fights. Hopefully the opposition – we the people – can prevail after all… and silver is the key.

*List of Bullion Banks and their related arms: ABN AMRO Clearing Chicago LLC, Barclays Capital Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities, Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., UBS Securities LLC, Virtu Americas LLC, and Virtu Financial BD LLC …  also note that the ‘bullion banks’ are an appearance of the fourth kind that mostly trade paper, with some London-based exceptions.

Steve Brown: @newsypaperz

end

Crypto trading Monday.

Crypto Carnage Sends Bitcoin Back Below $1 Trillion Market Cap

MONDAY, FEB 22, 2021 – 8:30

Crypto markets had a tempestuous weekend with surges and purges galore. The latest is a purge as Bitcoin tumbled back to a $52,000 handle (after topping $58k)…

Source: Bloomberg

…and loses its ‘cuatro comas’ standard (for now)…

Source

Ethereum was also clubbed like a baby seal, down almost $300 from its near $2050 highs over the weekend…

Source: Bloomberg

As we noted over the weekend, these drops follow comments from Elon Musk that BTC and ETH prices may be a little high

While a specific catalyst for the move is unclear, CoinTelegraph points out that prior to the pullback, CryptoQuant found that large BTC deposits were transferred to Gemini, one of the leading U.S. cryptocurrency exchanges.

When whales deposit BTC into exchanges, it typically signals an intent to sell. Hence, it is likely that some whales took profit on their positions, causing the market to dip sharply in a short period.

However, whales selling large amounts of Bitcoin can cause a bigger correction than usual because it leads to cascading liquidations in the futures market.

Many overleveraged longs can get liquidated consecutively, amplifying the effect of the whale-induced sell-off. Data shows that over $1 billion worth of futures contracts were liquidated in the last 24 hours.

After the drop, traders are anticipating a gradual recovery. Scott Melker, a cryptocurrency trader and technical analyst, said that recent history indicates dips do not last long. He wrote“I have no idea what happens here, but recent history shows that dips have not lasted long. Would love to see another slow float back up after this bit of selling. Of course we could drop, but each move like this of late has been a buying opportunity.”

END

J. JOHNSON’S COMMODITY REPORT

(COURTESY  J. JOHNSON)

Great and Wonderful Monday Morning Folks,

      It’s the day before our precious metals options for March come off the board and Gold is totally ignoring it (for now) with the trade up $17.50 at $1,794.90 and right close to the high at $1,797.70 with the low at $1,778.60. Silver is doing the same, and with good reasons too, with its trade at $27.54, up 24.7 cents after hitting a high of $27.83 with the low nearby at $27.385. The US Dollar seems like it wants to test its lows with the trade down 9.8 points at 90.265 after it was pushed up to 90.575 with its low nearby at 90.205. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Disney labels the multi-generational Muppets Show offensive and now requires a disclaimer before watching. Apparently, there are some who are offended by sock puppets and cannot seem to simply turn the channel like adults use to do in the old days.

      Venezuelan’s now have to pay an additional 262.67 for an ounce of Gold with the last trade at 17,926.56 Bolivar with Silver buyers doing the same, paying an additional 4.50 Bolivar over Friday mornings price, with the last buy at 275.05. In Argentina, Gold is priced at 159,885.80 Peso’s proving an increase of 2,378.62 with Silver buyers seeing a 40.77 A-Peso gain with its last buy price at 2,453.21. Over in Turkey, Gold has finally turned higher with its last price at 12,623.08 Lira, proving a gain of 296.21 with Silver gaining 5.05 T-Lira’s with its last price at 193.86.

      February Silver’s Delivery Demands now shows a post of 339 fully paid for 5,000-ounce contracts waiting for receipts, with another early morning without a price post, yet Mr. Resolute stepped in with one of the “spread trade entries” as 109 contracts got swapped and are now posted in the Volume column. Friday’s full day of trade had a total of 8 contracts being purchased in between $27.55 and $27.255 with the last buy at the low, a gain of 17.5 cents that helped reduce the demands by 27 contracts, as we wait to see what else Comex can hide behind the price. Silver’s Overall Open Interest continues to wane as another 1,140 paper contracts left the field of play leaving a total of 179,942 overnighters willing to keep the markets liquid, with the last “Buy Day” for this month, being this Wednesday. What a day to buy it all and spike the ball!

      February Gold’s Delivery Demands are still very heavy with 2,371 fully paid for 100-ounce contracts still waiting for receipts with an additional 9 swaps, during the London trade, with a price range between $1,791.60 and $1,784 with the last buy at $1,788.60, up $12.80 so far today. Friday’s full day of delivery activity happened in between $1,787.60 and $1,764.30, with a total of 118 completed swaps giving us a closing price at $1,775.80, a gain of $2.40 on the day, which helped reduce the demand count by 802 contracts that got receipts somewhere, maybe. Gold’s Overall Open Interest lost another 4,192 paper contracts going against the physicals and the options, leaving a total of 494,183 paper contracts to keep the market liquid, but not the physicals.

      C-PAC will be held between Feb. 25-28 with former president Trump being one of the key speakers, yet ex VP Pence declined to attend, hmmm. Maybe Trump will explain why to the crowds, after his freedom of speech got restricted, by the Big Tech leaders; Twitter, Facebook, and the rest of the Section 230 butthurts. Another hero of mine will be speaking at the C-PAC, is James O’Keefe from Veritas Videos who has done a stellar job exposing the voter fraud issues over these last 2 presidential elections. I ask, why are those conservatives, that refused to view the voter fraud hearings, not attending? Is there a split going on?

      What a week this may be! We have in order; the precious metals options (with all those Deep in the Money Calls) expiring tomorrow. Next is the Last Trading Day to buy Comex’s February Physicals (in deep discount to the street price) – Wednesday, with Thursday’s C-PAC start up, then Friday being the First Notice Day for the March Precious Metal Deliveries. We also have 59,937 contracts (controlling 299,685,000-ounces) in March Silver, still in trade, with a few days to go before we find out how much is really needed.

      Have a great day, and hang on to your physicals in a world of paper promises and political gamery. Having physicals in hand, gives comfort as things unwind, daily. As Always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

Kansas Bill Would Make Gold And Silver Legal Tender In The State

MONDAY, FEB 22, 2021 – 13:50

Authored by Michael Maharrey via SchiffGold.com,

A bill introduced in the Kansas House would recognize gold and silver specie as legal tender and repeal all taxes levied on it. The legislation would pave the way for Kansans to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.

The Federal Reserve is the engine that drives the most powerful government in the history of the world. Ron Paul popularized the slogan “End the Fed,” but Congress is nowhere near abolishing the central bank.  It can’t even come up with the will to audit the Fed.

Even though state action can’t end the Fed, there are steps states can take that will undermine the Federal Reserve’s monopoly on money. By passing laws that encourage and incentivize the use of gold and silver in daily transactions by the general public, policy changes at the state level such as the Kansas Legal Tender Act has the potential to create a wide-reaching impact and set the foundation to nullify the Fed’s monopoly power over the monetary system.

A coalition of four Republicans introduced House Bill 2123 (HB2123) on Jan. 25. The legislation would make gold and silver legal tender in the state, recognizing it as a medium of exchange for the payment of debts and taxes. In effect, gold and silver specie would be treated as money, putting it on par with Federal Reserve notes in Kansas.

Under the proposed law, “Legal tender” means a recognized medium of exchange for the payment of debts and taxes. Specie legal tender would be defined as:

(a) Specie coin issued by the United States government at any time; or

(b) any other specie that a court of competent jurisdiction, by final and unappealable order, rules to be within state authority to make or designate as legal tender

By allowing the court to designate additional specie to be used as legal tender, Kansas could free its citizens from potential supply constraints imposed by the use of only United States minted gold and silver coin. More importantly, the people of the state of Kansas would be able to define what specie is considered constitutional tender, further distancing themselves from potential control of their competing currency by Washington D.C.

Practically speaking, the passage of HB2123 would allow residents to use gold or silver coins to pay taxes and other debts owed to the state. In effect, it would put gold and silver on the same footing as Federal Reserve notes.

HB2123 would also repeal property and capital gains taxes on gold and silver.

“No specie or legal tender shall be characterized as personal property for taxation or regulatory purposes.”

Passage of this bill would build on a foundation set in 2019 when Kansas repealed the sales tax on gold and silver.

Kansas could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.

KNOCKING DOWN BARRIERS

Taxes on gold and silver erect barriers to using gold and silver as money by raising transaction costs. HB2123 would exempt gold and silver bullion from state capital gains taxes. Passage of this legislation would eliminate a barrier to investing in gold and silver. It would also make it more practical to gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.

In effect, states that collect taxes on purchases of precious metals act as if gold and silver aren’t money at all.

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what South Carolina’s capital gains tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, South Carolina would treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” former U.S. Rep. Ron Paul said during testimony in support an Arizona bill that repealed capital gains taxes on gold and silver in that state. “Paper is not money, it’s fraud,” he continued.

LEGALIZING THE CONSTITUTION

Passage of HB2123 would effectively legalize the US Constitution in Kansas.

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” Currently, all debts and taxes in South Carolina are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress or with coins issued by the US Treasury — very few of which have gold or silver in them.

The Federal Reserve destroys this constitutional monetary system by creating a monopoly based on its fiat currency. Without the backing of gold or silver, the central bank can easily create money out of thin air. This not only devalues your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a sound money system. Without the Fed, the US government wouldn’t be able to maintain all of its unconstitutional wars and programs.

Passage of HB2123 would reestablish gold and silver as legal tender in the state and take a step toward that constitutional requirement, ignored for decades in every state.

It would also begin the process of abolishing the Federal Reserve system by attacking it from the bottom up – pulling the rug out from under it by working to make its functions irrelevant at the state and local levels, and setting the stage to undermine the Federal Reserve monopoly by introducing competition into the monetary system.

Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state-by-state level is what will get us there.

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4632 /

//OFFSHORE YUAN:  6.4680   /shanghai bourse CLOSED DOWN 53.72 PTS OR 1.45%

HANG SANG CLOSED DOWN 324.90 PTS OR 1.06%

2. Nikkei closed UP 138.11 POINTS OR 0.46%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 90.29/Euro RISES TO 1.2133

3b Japan 10 year bond yield: RISES TO. +.12/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.57/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 59.87 and Brent: 63.38

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.30%/Italian 10 yr bond yield UP to 0.66% /SPAIN 10 YR BOND YIELD UP TO 0.36%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.96: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.92

3k Gold at $1798.30 silver at: 27.47   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 93/100 in roubles/dollar) 74.97

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.57 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 .8972 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.8888 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.30%

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 1.377% early this morning. Thirty year rate at 2.162%

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

6.  TURKISH LIRA:  UP  TO 7.05..

Futures Tumble, Cryptos Crumble As Yield Blowout Accelerates

MONDAY, FEB 22, 2021 – 8:02

After a week when everyone was focusing on the i) blowout in bond yields and ii) how much worse it could (and would) get, it got worse on Monday, when the 10Y yield jumped from Friday’s close of 1.34% to 1.39%…

…. while the 5s30s (the gap between 5- and 30-year yields) blew out to the highest level in more than six years…

Following a weekend in which the main news was “The Big Short” Michael Burry predicting Weimar-style hyperinflation, there have also been real-life indications of soaring price pressures to back up the market moves. Last week we saw 6-sigma beat in retail sales and PPI, hinting a scorching overheating in the US economy, while PMI surveys indicated record inflationary pressures. Even in Europe, the prospect of inflation is being entertained. It’s so bad that even sworn bond bulls such as HSBC strategist Steven Major abandoned his recommendation to buy U.S. long bonds, saying he “cannot ignore” the reflation trade.

Indeed, commodity prices were almost uniformly green on Monday with Brent rising above $63 a barrel as Goldman Sachs predicted prices could hit $75 in Q3. Shares of Jiangxi Copper Co., China’s top producer, gained 15% in Hong Kong, as copper soared above $9,000 a ton and approaching its all time highs, as investors priced in bets for inflation and economic growth.

As a result of the continued surge in yields, global shares sank on Monday as expectations for faster inflation battered bonds, hammered cryptos and boosted commodities, while rising real yields made equity valuations look more stretched in comparison.  Technology shares led losses in equities with futures on the Nasdaq 100 sliding 1.4%; S&P Emini futures tumbled over 1% before recovering some losses; they were last down 0.8% to 3,872.

Boeing shares dropped 3.4% in U.S. premarket trading after airlines in Japan and South Korea, as well as United Airlines in the U.S., halted flights using Boeing 777 aircraft following an explosive engine failure on Saturday that showered debris over a Denver suburb. The U.S. Federal Aviation Administration ordered emergency inspections of the engine’s fan blades; inspections apply to 777s equipped with PW4077 engines made by Raytheon’s Pratt & Whitney division.

“We are still in a risk-on environment,” Adrian Zuercher, head of global asset allocation at UBS Wealth Management, said on Bloomberg TV. “Everybody is playing out the outlook for better economic growth, the outlook for more fiscal stimulus. It’s normal that nominal yields are trending higher.”

In Europe, the Stoxx 600 fell 1.0%, its lowest in 10 days, after opening lower following three weeks of gains with most sectors in the red. Tech, auto, media post biggest declines, down at least 1.2% while miners bucked the trend to rise 0.7% as metal prices climb. Germany’s DAX, France’s CAC 40 and Spain’s IBEX 35 index fell 1% each, Britain’s FTSE 100 lost 0.85% and Italy’s FTSE MIB index fell 0.9%. Here are some of the biggest European movers today:

  • ASTM shares rise as much as 28% in Milan to EU25.68 and are the day’s best performer on the FTSE Italia All-Share Index after the company received a voluntary tender offer from Nuova Argo Finanziaria’s company NAF 2 for EU25.60/share.
  • European travel and leisure stocks gain ahead of U.K. Prime Minister Boris Johnson unveiling the government’s “road map” out of its third coronavirus lockdown in the afternoon, which is expected to outline a gradual reopening to ensure restrictions don’t have to be reimposed.
  • G4S shares fall as much as 10%, the most intraday since May 2020, as the U.K. Takeover Panel, which oversees acquisitions, ended the auction for the company without the highest bidder Allied Universal needing to increase its 245p/share offer.
  • Varta shares drop as much as 9.2%, extending their 4-day decline, as Berenberg downgrades to hold from buy and cuts PT to EU130 from EU145, saying the shares already adequately reflect any upside still seen.

Earlier in the session, Asian shares reversed an early gain and were set to finish the day lower as a continued decline in Chinese and Indian stocks weighed. China’s stock benchmark, the CSI 300 fell 3.1%, dragged down by consumer staples, which had their biggest drop since July. Losses in Indian shares also weighed, with the S&P BSE Sensex dropping for a fifth day. A measure of Asia’s health care companies underperformed. A group of materials stocks bucked the day’s trend, with the MSCI Asia Pacific Materials Index climbing 1.3% to its highest level since Aug. 2011 as copper and nickel prices surged.

Japanese stocks bucked the red trend and rose for the first time in four sessions, with all but six of the 33 sector groups in the benchmark Topix gaining. Electronics makers and banks provided the most support to the Topix, while Tokyo Electron Ltd. and SoftBank Group boosted the Nikkei 225. “Japanese bank stocks are cyclical and prone to reaction to U.S. rates, which is one of the key focus this week,” said Mamoru Shimode, chief strategist at Resona Asset Management, pointing to Federal Reserve Chair Jerome Powell’s scheduled testimony at the Senate Banking Committee on Tuesday. Treasuries extended declines in Asia trade after their worst week of the year, with the 10-year yield climbing as much as six basis points to 1.39%. “10-year JGBs are also rising, but should the U.S. long-term rates also increase further, it could lead to stocks taking a tumble,” Shimode said. “The pace at which these rates are rising is a bit fast.”

In Australia, travel-related stocks rose as the nation’s Covid-19 vaccination program kicked off, and after a draft study showed that the Pfizer-BioNTech shot was 89.4% effective at preventing laboratory-confirmed infections.  Australia’s central bank resumed purchases of three-year securities to defend its yield target. Ten-year yields in both Australia and New Zealand surged more than 10 basis points.

The reflationary risk-off scare also hammered cryptos, with Bitcoin tumbling 5% as prices pulled back from an all-time high.

Ironically, the broad selloff comes as Fed Chair Jerome Powell delivers his semi-annual testimony before Congress this week and is guaranteed to reiterate a commitment to keeping policy super easy for as long as needed to drive inflation higher.

“The coming week is relatively thin on the international data agenda, but after the recent rise in long bond yields, Fed Chairman Powell’s hearings in both chambers of Congress (Tuesday / Wednesday) will be attracting great interest,” said Elisabet Kopelman, U.S. economist at SEB. “The fact that the most recent rise in long bond yields has been driven by higher real interest rates and not just inflation expectations increases the probability of a dovish message.”

European Central Bank President Christine Lagarde is also expected to sound dovish in a speech later Monday.

After plunging in early Asian trade, Treasury futures were off session lows into early U.S. session, although yields remain cheaper by as much as 4bp with losses led by intermediates ahead of belly supply this week. Cash 10-year yields reached as high as 1.3925% before easing back to around 1.375%; Treasuries lead most global yields higher, underperforming bunds by 3bp and gilts by 1.2bp.  Treasuries declined during Asia session after their worst week of the year, with cheapening momentum sustained amid lack of buying appetite. Initial rise in yields pushed 5s30s curve to 157.45bp, steepest since 2014, while 2s10s spread reached widest since early 2017. Analysts at BofA noted 30-year bonds had returned -9.4% in the year to date, the worst start since 2013.

“Real assets are outperforming financial assets big in ‘21 as cyclical, political, secular trends say higher inflation,” the analysts said in a note. “Surging commodities, energy laggards in vogue, materials in secular breakouts.”

Sure enough, one of the star outperformers has been copper, a key component of renewable technology, which shot up 7.7% last week to a nine-year peak. The broader LMEX base metal index climbed 5.5% on the week.

Oil prices have gone along for the ride, aided by tightening supplies and freezing weather, giving Brent gains of 22% for the year so far. On Monday, Brent crude futures were up 0.7% at $63.33 a barrel. U.S. crude added 0.7% to $59.65.

All of that has been a boon for commodity-linked currencies, with the Canadian, Australian and New Zealand dollars all higher for the year so far. The Aussie and kiwi were the best performers after the dollar as base metals stormed higher on Monday, with copper rallying above $9,000 a ton on bets that increased demand driven by the recovery from the pandemic will spur a historic deficit; sovereign debt in Australia and New Zealand slid on concerns about faster inflation. The pound edged up after dipping below the key $1.40 mark; sterling remains supported by the U.K.’s vaccine roll-out, with traders assessing U.K. Prime Minister Boris Johnson’s plans to gradually ease a national lock-down. The Swiss franc led a drop against the greenback

The dollar was mixed against its Group-of-10 peers, as it pared gains in the European session; the euro recovered after dropping to a session low of $1.2091 in early European trading. The dollar index has been relatively range-bound, with downward pressure from the country’s expanding twin deficits balanced by higher bond yields. The index was last at 90.342, not far from where it started the year at 90.260.

Rising Treasury yields has helped the dollar gain against the yen to 105.60, given the Bank of Japan is actively restraining yields at home. The euro was steady at $1.2104, corralled between support at $1.2021 and resistance around $1.2169.

One commodity not doing so well is gold, partly due to rising bond yields and partly as investors question if crypto currencies might be a better hedge against inflation. Gold stood at $1,793 an ounce, having started the year at $1,896. Bitcoin was off 3.3% on Monday at $55,535, but started the year at $32,216.

Looking at today’s relatively quiet session, expected data include the Leading Index. Dish, Discovery and Palo Alto Networks are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 0.9% to 3,868.25
  • MXAP down 0.8% to 216.57
  • MXAPJ down 1.2% to 727.00
  • Nikkei up 0.5% to 30,156.03
  • Topix up 0.5% to 1,938.35
  • Hang Seng Index down 1.1% to 30,319.83
  • Shanghai Composite down 1.5% to 3,642.45
  • Sensex down 2.1% to 49,832.93
  • Australia S&P/ASX 200 down 0.2% to 6,780.89
  • Kospi down 0.9% to 3,079.75
  • Brent futures up 0.8% to $63.42/bbl
  • Gold spot up 0.8% to $1,798.35
  • U.S. Dollar Index little changed at 90.35
  • SXXP Index down 1% to 410.94
  • German 10Y yield little changed at -0.30%
  • Euro little changed at $1.2113

Top Overnight News from Bloomberg

  • Market pricing shows traders are bringing forward forecasts for when the Federal Reserve will raise interest rates amid growing reflation optimism. At the same time, there are limits to how fast the central bank can act
  • Reflation trades reached a fever pitch in Australia’s bond markets Monday in a burst of activity that will be hard for global policy makers to ignore. Ten-year yields climbed the most since the height of the market dislocation in March 2020, while benchmark three-year yields inched further above the Reserve Bank of Australia’s 0.1% target
  • China urged the Biden administration to take steps to “build up goodwill,” including removing tariffs and sanctions, as Beijing continued to put the onus on Washington to repair their fractured relationship
  • The Pfizer Inc. and BioNTech SE Covid-19 vaccine appeared to stop the vast majority of recipients in Israel becoming infected, providing the first real-world indication that the immunization will curb transmission of the coronavirus
  • U.K. Prime Minister Boris Johnson will announce that all schools in England will reopen from March 8, as he sets out how the national coronavirus lockdown will be lifted gradually over the coming months
  • Brent oil resumed gains as the market assessed the fallout from the big freeze across Texas, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in coming months
  • Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market. The positions mirror those taken at recent meetings, but this time the Saudis have a new bargaining chip — 1 million barrels a day of voluntary cuts

A quick look at global markets courtesy nf Newsquawk

Asian equity markets began the week indecisively heading closer to month-end as participants digested a continued increase in yields and with weekend newsflow not providing much to spur sentiment in either direction. ASX 200 (-0.2%) traded lacklustre with strength in mining stocks offset by a subdued picture across the broader market and as attention remained dominated by a slew of earnings results. Nikkei 225 (+0.5%) outperformed after bouncing off the 30k level with Tokyo exporters cheering the recent currency weakness and KOSPI (-0.9%) initially benefitted from strong trade data which showed exports and imports during the first 20-days of February surged by 16.7% and 24.1% Y/Y, respectively, before gradually giving up its gains. Hang Seng (-1.1%) and Shanghai Comp. (-1.45%) were choppy with a bout of early pressure seen in the mainland after the PBoC opted to drain liquidity once again and maintained its Loan Prime Rates as expected. There were also reports last week which underscored the ongoing friction between US and China and potential for this to spillover to the rare earths trade, although mainland markets briefly pared their losses as participants reflected on comments from Chinese Foreign Minister Wang Yi who stated that China always advocates win-win cooperation and seeks dialogue not confrontation with the US. Furthermore, Wang added that both sides must respect each other and hopes the US will adjust policies, remove unreasonable tariffs on Chinese goods and abandon suppression of Chinese tech progress, while he also called on the US to stop smearing China’s Communist Party and stop conniving with separatist forces. Finally, 10yr JGBs were lower and briefly broke beneath the 151.00 level as they tracked the declines in T-notes and with yields resuming their recent ascent, while the BoJ were in the market today although this was only for a total of JPY 250bln of bonds spread across 10yr+ maturities, floating rate and inflation-indexed bonds.

Top Asian News

  • Chinese Official Signals Overhaul of Hong Kong’s Election System
  • Iraq Decides Against China Crude-Supply Deal, Says Oil Minister
  • Iran’s Compromise With Nuclear Monitors Limits Escalation
  • SoftBank Group Bonds Jump After $2.25 Billion Buyback Offer

European equities kicked the week off on the back foot (Euro Stoxx 50 -0.6%) as the losses seen during APAC trade reverberated into the region and accelerated upon the cash open. The downbeat sentiment comes against the backdrop of the surge in yields, whilst the growing confidence in the global recovery – namely in the US – is prompting increased chatter of when the Fed may begin to think about tapering its QE programme. That being said, bourses clambered off worst levels following the constructive German Ifo Survey which topped forecasts across all metrics. Nonetheless indices failed to sustain this momentum and remain in negative territory at the time of writing, while US equity futures trade subdued with the tech-led NQ (-1.2%) underperforming vs its peers. Sectors are all in firm negative territory with no clear risk bias. Tech underperforms in tandem with the NQ futures – whilst it’s worth highlighting that the UK competition watchdog warned Big Tech names of incoming antitrust probes, whereby the Chief Executive of the CMA said they plan to start a number of probes into internet giants in the coming months, including Amazon (-1.2% pre-mkt) and Google (-1.3% pre-mkt), according to the FT. Energy is the outperformer as prices in the complex remain elevated amid recovery hopes coupled with OPEC+ support. Similarly, losses in the Materials sector remain limited amid the surge in base metal prices, with LME copper topping USD 9,000/t. Financials also fare better than some of its peers amid the high yield environment. Delving into the breakdown, Travel & Leisure tops the charts amid further positive vaccine updates – with the Pfizer/BioNTech COVID-19 jabs said to be 98.9% effective at preventing COVID-19 deaths and was 89.4% effective at preventing laboratory-confirmed infections according to reports citing a draft publication of the study conducted by the companies and Israel’s Health Ministry. Separately, potential bullish impetus for the sector could also emanate from UK PM Johnson’s plans to ease COVID-19 restrictions, which will be unveiled later today and will see families reunited and all schools to reopen within weeks. Furthermore, IAG (+1.2%) could also be supporting the sector as the Co’s British Airways reached two financing agreements that will increase total liquidity by GBP 2.45bln, although dividend will be paid by British Airways before end-2023. In terms of other movers and shakers, Airbus (-0.5%) is faring slightly better than the CAC (-0.8%) after a Boeing (-3.4% pre-mkt) 777-200 jet scattered debris over a residential area near Denver after one of its engines failed on take-off. The plane had an engine manufactured by Pratt & Whitney who are owned by Raytheon Technologies (-3% pre-mkt). Safran (-1.1%) and Rolls-Royce (-1.3%) trade lower in sympathy. Elsewhere, Volkswagen (-0.3%) and Porsche (-0.7%) succumb to the broader sentiment amid comments by Porsche’s CEO suggesting that the unit is targeting cost cuts of around EUR 10bln by 2025 vs prior view of EUR 6bln and that talks are ongoing about which route is best to take with its Bugatti brand, with a decision expected in H1. Finally, Continental (-0.3%) opened lower after it said it will not propose a 2020 dividend as it has pencilled in a net loss for the year.

Top European News

  • Alpha Bank, Davidson Kempner Seal $13 Billion Bad Loan Deal
  • Germany Damps Hopes for Easing Curbs as Contagion Rates Rise
  • G4S Slumps as Auction Ends Without Allied Needing to Boost Offer
  • British Airways Delays $630 Million in Payments to Pension Fund

In FX, although US Treasury yields have slipped from overnight highs near 1.40% in 10 year notes and 2.20% for the long bond, the Dollar has started the new (EU) week in better shape than it ended last Friday, and it appears to be regaining safe-haven appeal as stock markets get more anxious about the sharp/ongoing rise in long term rates. Indeed, the index rebounded firmly from worst levels between 90.211-578 parameters having held just above prior session and week lows (90.172 and 90.117 respectively), and could garner more momentum from a technical perspective if it can breach the pre-weekend high and/or 21 DMA that are in close proximity (at 90.655 and 90.662). Conversely, the Franc is floundering across the board irrespective of latest weekly Swiss bank sight deposit balances indicating no intervention. Instead, Usd/Chf and Eur/Chf have rebounded through 0.9000 and 1.0900 amidst a marked reduction in IMM speculative longs, while the cross is also elevated due to relative Euro resilience on specific factors.

  • JPY – The Yen is also underperforming and feeling the brunt of the global debt rout that has seen UST-JGB spreads diverge again, with Usd/Jpy back above 105.50 and upcoming month end flows relatively neutral per one large US bank that highlights the strong Nikkei performance that could prompt upside in Eur/Jpy and Gby/Jpy into Friday.
  • GBP/AUD/NZD/EUR/CAD – All unwinding gains vs the Greenback, but the Pound recovering from a pull-back through 1.4000 ahead of UK PM Johnson’s blueprint for lifting lockdown and a speech from BoE’s Vlieghe, the Aussie holding firmly above 0.7850 following another ramp in the 10 year yield and Kiwi keeping sight of 0.7300 in wake of S&P’s NZ ratings upgrade (to AA+) and PM Ardern lowering Auckland’s alert level to 1, awaiting retail sales data. Elsewhere, the Euro has benefited to an extent from an upbeat German Ifo survey as all key metrics beat expectations and the institute noted that travel companies have turned a tad more optimistic for the first time in more than 12 months. However, the Loonie is lagging due to the downturn in broad risk sentiment rather than anything else, albeit still gleaning some support from firm crude prices within a 1.2580-1.2654 range.
  • SCANDI/EM/ETC – The aforementioned risk-off mood is adversely affecting the Nok more than the Sek in advance of comments from Riksbank’s Floden, with the former nearer the top of a 10.3300-10.2170 band and latter pivoting 10.0300 inside 10.0530-10.0135, while the Try is straddling 7.0000 vs the Usd after an improvement in Turkish manufacturing sentiment and BofA lifted its 2021 GDP estimate to 4.6% from 4.1%. Nevertheless, the Cnh and Cny have held up better than EM peers after the PBoC maintained 1 and 5 year LPRs, as expected, and set a firmer midpoint for the onshore Yuan overnight, while the apparent insatiable hunger for crypto currencies rages on as Bitcoin reached a new ATH just shy of Usd 58.5k before waning.

In commodities, WTI and Brent front-month futures are firmer but off best levels, in-fitting with the deterioration seen in broader sentiment. The complex remains elevated by underlying fundamentals still being present such as OPEC+ support and vaccination progress. Moreover, Goldman Sachs brought forward its forecast and sees Brent crude reaching USD 70/bbl in Q2 and USD 75/bbl in Q3. The analysts updated expectations for global oil demand and look for 100mln bpd by late-July vs August, while its base case for the March OPEC+ meeting is for a 500k bpd increase in quotas in April and for Saudi Arabia to reverse its 1mln bpd voluntary cut starting April. Such an upgrade perhaps provided some underlying support to prices in APAC and early European trade. WTI resides just under USD 60/bbl (vs high USD 60.12/bbl) and Brent mid-USD 63/bbl (vs high USD 64.00/bbl). Other risk events on the table today include UK PM Johnson addressing Parliament and laying out the UK’s lockdown roadmap ahead. Elsewhere, precious metals are seeing notable upside during early European hours with spot gold USD 1,795/oz, showing gains of ~1%, testing the USD 1,800/oz range the Dollar influence prevails, and spot silver supports this narrative at 27.50/oz gains of 0.7%. Turning to base metals, LME copper follows the broader market sentiment and has moved off best levels, but remains with gains of around 0.9%. LME copper topped USD 9,000/t for the first time since September 2011 in part due to the weaker Dollar. Copper is regarded as a recovery gauge, with the reflationary backdrop keeping the commodity propped up. Furthermore, demand for the red metal is expected to ramp up as tech and EVs see a boom, with the base metal a key contributor to wiring. Finally, Japan’s crude steel output fell 3.9% Y/Y, dropping for the eleventh consecutive month as the COVID-19 pandemic continues to dent demand.

US Event Calendar

  • 8:30am: Jan. Chicago Fed Nat Activity Index, est. 0.50, prior 0.52
  • 10am: Jan. Leading Index, est. 0.3%, prior 0.3%
  • 10:30am: Feb. Dallas Fed Manf. Activity, est. 5.0, prior 7.0

Central Bank Speakers

  • 9am: Fed’s Kaplan Speaks at International Energy Forum
  • 12pm: Fed’s Kaplan Takes Part in Moderated Q&A
  • 3:30pm: Fed’s Kaplan Speaks at Fed Conference
  • 3:30pm: Fed’s Bowman Discusses Economic Inclusion

DB’s Jim Reid concludes the overnight wrap

This week marks the first anniversary of the initial big selloff in global markets due to the Covid-19 pandemic on Monday February 24th 2020. Even as the magnitude of the problem developed in front of our eyes, there can’t have been many on the planet who would have thought that the majority of the Western World would still be in some kind of lockdown 12 months later let alone predicted where markets would have traded over the last year.

Indeed the shadow of the pandemic will live on for many years in some form or another for life, economies and financial markets and last week was another where it’s impact and potential future aftermath was strongly felt. The highlight was a 20bps rise in 10yr US real yields and with that tomorrow and Wednesday’s semi-annual testimony from Powell before the Senate Banking and House Financial Services Committees become important events. It would seem out of character for Powell to deliver a hawkish spin, especially given this back up in real yields and a repricing of the Fed (albeit small) in recent times. So soothing words for markets seems likely but the inflation fears are unlikely to go away whatever he says. That debate will continue to rumble on for months and possibly much longer.

Ironically though, in a week where fears over inflation risk mounted, 10 year US breakevens actually fell c.7bps. We basically saw nearly one incremental 25bps hike priced into the Dec 24 contract over the last week and that fed (pardon the pun) into higher real yields but has taken the edge off the rise in breakevens for now. Overnight yields are on the move again though as US 10y breakevens are back up +3.1bps to 2.187% and have helped push 10y USTs +4.5bps higher to 1.384% with the 2s10s curve steepening by a similar amount to 127.6bps.

I had an enormous amount of questions last week about what the pain threshold for yields is with regards to risky assets. Sadly it’s a multi faceted answer as it depends on multiple things. The speed of the move, whether it’s prompted by economic growth or inflation, whether real yields proportionally move or not and what markets think the reaction function of the authorities will be. One thing I would say is that before Xmas I read a lot of arguments as to why in a ZIRP world you could justify very high tech/growth equity valuations. So it stands to reason that if yields reverse that argument falters. So maybe markets with the most sensitivity here will be the more vulnerable if that argument was ever correct in the first place.

Our equity strategist Binky Chadha is more sanguine. He put a good piece out over the weekend suggesting that equity inflows continue to be huge even as rates have been rising for several months. He believes this is very much in keeping with the historical pattern, with previous rising rate episodes associated with strong inflows into equities and slowing inflows into bond funds. Even after the taper tantrum in 2013, he noted that equity funds enjoyed inflows of over $300bn over the following 12 months, previously the best stretch of equity inflows over the past decade before the current period. Binky believes that Equity flows are also supported by strong macro data surprises and growth, and in his view a peak in growth, and not rates, holds the key for when equity inflows will turn. See his note here .

Overnight in Asia, markets are trading mixed as a rise in metal prices is continuing to stoke inflation concerns. The Nikkei (+0.74%) and Hang Seng (+0.11%) are up while the CSI (-1.47%), Shanghai Comp (-0.06%), Kospi (-0.59%) and India’s Nifty (-0.69%) are all down. Futures on the S&P 500 are also down -0.17% and European ones are also pointing to a weaker open. In terms of metal prices, Copper has climbed to the highest level since 2011 and is currently trading at $9,133.50 (c. +3%) while Nickel is trading up +2.2% at $20,010/ ton, the highest since 2014. Elsewhere, crude oil prices are also up by c. +1.20% this morning but Bitcoin is down by -2.45% as we type after they reached a high of $57,355 over the weekend after breaking through a trillion dollars of total market value on Friday.

Turning to the US fiscal stimulus, the Congressional Budget Office has said that the stimulus bill heading for a House vote over the next week slightly exceeds $1.9tn, which will force congressional Democrats to make adjustments before the bill can pass the Senate due to reconciliation rules. The House aims to vote on the stimulus package on Friday, with the Senate voting soon after if disagreements over the contents can be ironed out.

On the pandemic, today will see UK Prime Minister Johnson deliver his roadmap out of the lockdown. Given the UK is well ahead of the Western World in terms of vaccinations we may be a template (or a warning) for others on how to get out of what we all hope will be the last lockdown of our lifetimes! My wife will be looking closely for when schools reopen and for me the phrase “golf course reopening” will be the focus.

Israel lifted a number of restrictions yesterday and that will be an even more real time template even if restrictions have been far lower there of late than in the West. On Saturday, the Israeli health ministry released data suggesting the risk of illness from the virus has dropped 95.8% for those who have had both doses of the Pfizer vaccine. It was also claimed that the vaccine was 98% effective in preventing fever or breathing problems. Another study from Israel, that was reported yesterday, suggested the Pfizer vaccine was 89.4% effective at preventing transmission, one of the first to show that vaccines reduce the spread of the virus as well as illness. So lots of positive news on the vaccine front emerging.

Finally before we review last week, as earnings season winds down in the US, 64 companies in the S&P 500 are still to report as well as a further 109 from the STOXX 600. Among the highlights will be Home Depot, Medtronic, HSBC and Intuit tomorrow. Then on Wednesday, we’ll hear from Nvidia, Lowe’s, Booking Holdings, TJX, Iberdrola, Lloyds Banking Group and Royal Bank of Canada. Thursday sees releases from Salesforce, AB InBev, American Tower, Standard Chartered, Axa, Moderna, Centrica and HP, before Deutsche Telekom release on Friday.

Recapping last week now, and investor sentiment cooled as global bond yields continued their climb. Risk assets slowly ground to a halt though rather than sharply correcting as US 10yr yields finished the week +12.8bps higher to 1.336%, nearly 83bps higher than their record lows from August and they now sit just shy of where they were just before the pandemic first caused market panic a year ago.

The big driver of the move last week was real rates, which rose +20.0bps to -0.816%, their highest levels since the Monday after the weekend when we learned that President Biden was announced the winner of the election. The move at the long end of the curve saw the 2y10y yield curve steepen another +13.0bps to 122.5bps, the steepest the curve has been since March 2017. 10Yr Bund yields rose sharply as well, increasing +12.3bps to -0.31%, while 10yr Gilt yields rose +18.1bps to 0.70%. Both are now nearly at the highest levels since the start of the pandemic.

The S&P 500 lost -0.71% over the holiday-shortened week (-0.19% Friday), having fallen every day of 4-day week – its longest negative run since mid-December. The biggest one-day move of those losses was only -0.44% though while the intraday trading range of each day was less than 1.0%, which highlights that markets were not yet panicked. The NASDAQ was down a larger -1.57% over the course of the week, and US equities generally lagged their European counterparts as the rise in rates disproportionately hurt tech stocks, which are more highly concentrated in the S&P. Bank stock on both sides of the Atlantic rallied once more with US Banks rising +5.50% while their European counterparts gained +3.79%. The larger exposure to cyclical stocks helped the STOXX 600 to finish the week up +0.21% (+0.53% Friday) with the French CAC (+1.23%) and Spanish IBEX (+1.20%) notably outperforming.

In terms of data from Friday, the main highlight were the flash PMIs from around the world. The Euro-area composite PMI rose 0.3pts to 48.1 in February (vs. 48.0 expected) with manufacturing remaining strong (57.7 actual, vs 54.3 est), supported by robust global demand. Services struggled under the elongated Covid-19 restrictions but the underlying surveys showed increased confidence that the downturn will be temporary. The services PMI reading fell in both Germany (-0.9pts to 45.9) and France (-3.7pts to 43.6), though it surprised in the UK – jumping to 49.7 from 39.5 last month. This was somewhat surprising as UK retail sales (ex-autos) massively underperformed, declining -8.8% m-o-m, the second biggest fall on record. Elsewhere, the flash Markit US Composite PMI surprised to the upside at 58.8 (vs 57.9 expected) – the highest reading since March 2015 and a tenth higher than last month – with the services component in particular coming in above expectations as some pandemic restrictions were eased in many of the largest US states.

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 53.72 PTS OR 1.45%   //Hang Sang CLOSED 324.90 PTS OR 1.06%    /The Nikkei closed UP 138.11 POINTS OR 0.46%//Australia’s all ordinaires CLOSED DOWN 0.04%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4632 /Oil UP TO 59.86 dollars per barrel for WTI and 63.38 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4632. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4680 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

China is keeping rare earth exports to a minimum.  They are doing this to punish Biden if he gets out of line

(zerohedge)

China Keeping Rare Earth Export Ban In “Back Pocket” To Punish Biden If He Gets Out Of Line

FRIDAY, FEB 19, 2021 – 19:00

For the second time this week, western, English-language media outlets are reporting about rumblings within the Chinese Communist Party leadership about imposing new export controls on so-called “rare-earth metals” The news, first reported earlier this week in the FT, could quickly hobble the US defense industry.

While Bloomberg seemed to confirm the FT’s report about Beijing launching a “review” of its rare-earth export policies, the BBG reporters also took things a step further by suggesting that the Chinese government was merely trying to keep pressure on President Joe Biden now that ‘standing up to China’ has apparently become a bipartisan issue in the US.

While China has no plans to restrict shipments of rare earths to the U.S., it is keeping the plan in its back pocket should a trade war break out again, the person said. The Asian nation is also exploring a ban on rare earths as part of its sanctions on some individual companies, including Lockheed Martin Corp., which violated China’s core interest over arms sale to Taiwan, the person said.

All of this comes after Beijing reportedly readied a plan to restrict exports of the metals to the US back in 2019, when the US and China were still dealing with the fallout from Trump’s trade war.

To be sure, Beijing has already tried weaponizing rare earths when it slapped US defense contractor Lockheed Martin with sanctions.

China controls most of the world’s mined output from the broad group of 17 elements that are used in everything from smartphones to fighter jets, and has a complete stranglehold over processing.

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

You will find more infographics at Statista

China’s dominance leaves the US with pretty much no alternatives to make up for the shortfall in supply, which would likely cause prices of these metals to skyrocket.

overseas industries with few avenues to immediately secure supply if curbs were to be put in place, since the US imports 80% of its rare earth supply from abroad.

Former President Donald Trump, of course, tried to rectify this terrible vulnerability with an executive order aiming to ramp up domestic production and processing, though presently the US remains entirely dependent, pretty much, on China for these metals.

Still, there’s reason for the US to take precautions against China imposing rare earth ‘restrictions’. After all, China didn’t hesitate to use rare earths as leverage during a territorial dispute with Japan back in 2011 – it imposed an export embargo, causing prices to skyrocket – when the two countries were fighting over some rocky islands in the Pacific.

And with Beijing’s crackdowns on Hong Kong and aggressive rhetoric (and, increasingly, actions) toward Taiwan grow increasingly emboldened, there may come a day when push comes to shove for Biden. And without another source for these metals, it could unleash a world of economic pain

end

Chinese Spies Hijack NSA Hacking Tools To Use Against The US

MONDAY, FEB 22, 2021 – 16:50

The NSA (and its army of expert hackers) has once again been hoist upon its own petard. And this time, it’s not a shadowy group of hackers using aliases like “the Shadow Brokers” that’s stealing the agency’s code. It’s the Chinese government, and its massive security apparatus.

According to Reuters, Chinese spies managed to hijack code first developed by the NSA to support the agency’s hacking operations, the latest example of how malicious software developed by the US federal government has been used against the US, or its allies. Chinese spies reportedly first used the code developed by the NSA to support their own operations.

The revelations were first shared by a team of Israeli researchers called Check Point Software Technologies, which issued a report noting that some features in a piece of China-linked malware it calls “Jian” were so similar they could only have been stolen from a cache of NSA hacking tools that was leaked to the web back in 2017. Some of these tools were later repurposed for the “WannaCry” corporate ransomware hacks which happened that year. And authorities have never been clear about what, exactly, may have been stolen.

Apparently, the US is only just learning the worst-case scenario: many of these weapons have fallen into the hands of Beijing.

The “Jian” exploit was described by the Israelis as “a Chinese replica” of NSA-made US tools.

Tel Aviv-based Check Point Software Technologies issued a report noting that some features in a piece of China-linked malware it dubs “Jian” were so similar they could only have been stolen from some of the National Security Agency break-in tools leaked to the internet in 2017.

Yaniv Balmas, Checkpoint’s head of research, called Jian “kind of a copycat, a Chinese replica.”

One of Reuters’ sources said Lockheed Martin (which is credited as having identified the vulnerability exploited by Jian in 2017) discovered the vulnerability on the network of an unidentified third party. In a statement, the company said it “routinely evaluates third-party software and technologies to identify vulnerabilities.”

Countries around the world develop malware that breaks into their rivals’ devices by taking advantage of flaws in the software that runs them. Every time spies discover a new flaw, they must decide whether to try to exploit it, or help to fix it. Some say that this latest evidence of the NSA’s tools being used against it is another reason for the agency to consider fixing more vulnerabilities instead of exploiting them.

Checkpoint’s research is thorough and “looks legit,” said Costin Raiu, a researcher with Moscow-based antivirus firm Kaspersky Lab, which has helped dissect some of the NSA’s malware.

Balmas said a possible takeaway from his company’s report was for spymasters weighing whether to keep software flaws secret to think twice about using a vulnerability for their own ends.

“Maybe it’s more important to patch this thing and save the world,” Balmas said. “It might be used against you.”

Some might see this as karmic justice, after former NSA contractor Edward Snowden first exposed several of the NSA’s illegal domestic surveillance programs back in 2013. But will this latest scandal change anything?

.

4/EUROPEAN AFFAIRS

GERMANY/RUSSIA EU/USA

A must read.

Tom Luongo discusses Merkel’s strategy with respect to Russia and the rest of Europe.

(Tom Luongo)

Luongo: Merkel’s War For Germany Is Nearly Over

MONDAY, FEB 22, 2021 – 3:30

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

I give German Chancellor Angela Merkel a lot of grief, and with good reason. She’s the main conduit through which every bad idea in Europe flows.

Merkel, as an agent for Klaus Schwab and the World Economic Forum, is a ruthless destroyer of human potential. Hence, that’s why she’s in charge.

I truly despise everything about her.

But as a political animal she has no peer in Europe. None. Not because she’s so supremely talented but because everyone else is a literal idiot, placed in important positions with the help of the WEF to ensure EU policy conforms to their vision of the future.

Merkel, like the rest, was chosen.

In fact, Merkel’s ineptitude is always on display once she is forced to dabble outside of the EU itself. She rules it with an iron fist but when confronted by nearly anyone else, including a madman like Turkish President Recep Tayyip Erdogan, she falls on her face spectacularly.

Merkel is a wholly constructed persona whose job it is to keep the ship of the nascent EU state trudging right towards that iceberg of The Great Reset.

The forces behind the ouster of Trump and the selection of Joe Biden did this with the intent of completing the task of subordinating the U.S. (and its military) to EU control through policy normalization on domestic spending, production, taxes, etc.

That’s the 40,000 foot view of the mountain of executive orders issued by Biden in his first month in office. That’s what the proposed tax plan is for, why the stimulus bill is structured the way it is, and why EU policy towards Russia also has not changed for the better.

It’s also why the second Trump impeachment ended with a whimper. None of that would occur if the Senate was bogged down for months calling witnesses.

With Biden as the PFOTUS – President Fungus of the U.S. – the WEF has exactly what it always wanted, a weak U.S. acting as the spear pointed at Russia to subjugate it to the Great Reset.

I’m sure the thinking in Davos is that once Russia is subordinated then China can then it can be tamed.

By the way, I didn’t say this policy made any sense, just that that is what I think is happening because it fits the data better than any other theories.

It’s been Merkel’s job as a head of state and diplomat to sell this Hybrid War with Russia as not her preference .

She’s always talked the good game to Putin that she has to go along with the sanctions to keep the U.S. placated. They are the bad guys, we the poor EU are trapped by their belligerence.

But I think that dynamic changed last year with the Navalny ‘poisoning’ and the attempted coup in Belarus. The question is why?

In hindsight the WEF-aligned forces in the U.S. and Europe expected a Biden presidency. And it was that expectation that let the cat out of the bag as to who was really in charge vis a vis Russia.

Hint: it’s not the U.S.

Because Merkel would have never allowed herself to get so obviously dirty on these two issues if she wasn’t convinced she would have the upper hand over U.S. policy come January 20th.

This is a part of the story I think a lot of commentators are missing in the the U.S./EU/Russia power dynamic. That the goal here, as Pepe Escobar gets close to in his latest article, is not just a restoration of German sovereignty out from under the yoke of the U.S. occupation, but a reversal of the power dynamic completely.

Now imagine a hegemonic Germany in Europe forging closer trade and investment ties with not only Russia but also China (and that’s the other “secret” inbuilt in the EU-China trade-investment deal).

So whoever is lodged in the White House, there’s nothing else to expect from the US Deep State apart from the “maniacal” push towards perennial, accumulated sanctions.

The ball is actually in Berlin’s court, much more than in the court of eurocratic nightmare Brussels, where everyone’s future priority amounts to receiving their full, fat retirement pensions tax-free.

Pepe still thinks there is any room at all between the “Atlanticists” controlling U.S. policy and Merkel’s pro-EU policy. I don’t anymore. I don’t think the U.S. Deep State can or will do anything else to undermine Germany and that all the U.S. posturing about Nordstream 2 is just that, posturing; policy inertia of the Cold War.

I’ve been making Pepe’s point about Nordstream 2’s political implications within the EU since the day it was announced and Poland through a hissy fit. Germany at the heart of EU energy distribution cements its position as the de facto ruler of the EU in a way that makes it even more difficult to counter.

This is why Spain, Italy, Greece, Portugal and the rest are not allowed to have governments who go against Merkel and will be destroyed in the next eighteen months. Italy is especially vulnerable because new Prime Minister Mario Draghi, was put in place now to finish the job he started with TARGET2 and negative interest rates when he ran the ECB.

In my mind, the battle for Germany’s sovereignty was won the day the Supreme Court denied Texas’ lawsuit against Pennsylvania thus cutting off any legal path to Trump’s election challenge.

Simply putting a puppet like Biden in the White House, who is a stand-in for Obama whose foreign policy was all about boosting Europe in hindsight, was all that was needed.

Merkel, to give her credit, played the Coronapocalypse well. She used the crisis to revive her flailing political prospects, salvaging her CDU party’s position.

Then again, she also was handed a pair of aces in the hole and knew one was coming on the flop, so giving her too much credit is, at best, dubious.

In short, all she had to do was not screw it up completely by not over-betting her hand. But, she did with Navalny, badly.

And Putin finally sniffed out what was really going on.

In recent months Putin and Russia have stonewalled the EU on every issue of contention between them. Putin issued the bluntest opposition to the Great Reset uttered by any world leader. It was a speech for the ages.

EU bureaucrats go to Moscow and come home whining in their Chablis. Meanwhile Putin and his Foreign Minister Sergei Lavrov make clear statements of ever-escalating import that the EU’s behavior is unacceptable and diplomatic ties between Russia and it are now at an ebb.

Why does anyone still think that this isn’t an expression of EU/German independence and ‘sovereignty’? Have we all become so lazy in our analysis and opposition to U.S. hegemonic behavior that we excuse the same behavior from Europe, especially Germany?

Have we, by degrees, been snookered by Merkel’s apparent weakness for all these years or did we not look far enough into the future because we never really considered a bunch of eugenicist oligarchs trying to pull off something so monumentally stupid as The Great Reset?

These are good questions and I’m as guilty of missing the bigger picture as anyone. For a long time I believe even Putin and Lavrov didn’t understand what was really the plan in Brussels all along.

So, given that Germany’s independence, and by extension the EU’s, is accelerating towards its conclusion with the Obama Restoration and Biden as PFOTUS, where do things sit?

In my opinion, just as badly for Europe as they were before this happened. Because as I said, beginning last year Putin and Russia have given Merkel nothing.

She’s tried to play her game of making big promises to Putin and then never following through and failed. It’s forced Germany to back down on more sanctions over Navalny and Russia’s involvement in keeping Lukashenko in power in Minsk.

Moreover, Russia’s return to the Council of Europe saw them remove all further action there over Russia’s reunification with Crimea from the agenda.

The EU having to accept Russia’s Sputnik V COVID-19 vaccine is yet another example of who wears the pants (not pants suit) in Russian/German relations.

Merkel needs Nordstream 2 now more than ever. She needs Russia now more than ever. The problem for her and Germany is that Russia is now on a path to a more dynamic and interesting economic arena than Germany is.

She’s slowly losing the support of the German people, who come out in greater numbers each week against the lockdown policies, while in Russia even the U.S. and European intelligence and diplomatic corps can’t generate anything resembling a protest against Putin.

Merkel is destroying the strong social contract bond between the German people and the government while Putin has only enhanced it between Russians and the Russian state.

She’s ground Germany to a halt with draconian GDR-style lockdowns. Putin left Russia’s economy mostly open and is now coming out of the Coronapocalypse at a much quicker pace than expected despite increased sanctions.

The last round of economic statistics from Russia released this week for January are impressive considering these are year-over-year at pre-COVID levels when oil prices were above $65 per barrel.

  • Unemployment continuing to fall, now at just 5.8%.
  • Retail sales nearly flat year-over-year to pre-COVID levels
  • Real Wage Growth in January at 4.6%.
  • PMI indicating expansion, not recession.
  • CPI running hot at 5.2%

And as long as Putin continues to promote Russian sovereignty he will be forgiven his mistakes. And in the foreign policy arena, Putin’s Achilles’ heel with his people has been his willingness to compromise with Europe and the U.S. in the past.

Since that is no longer the case and he led the opposition to the Great Reset I only see his political positioning strengthen into the Duma elections later this year.

Merkel has the opposite problem, she’s in hiding now, but there is no credible opposition to her that isn’t just as much in the pay of Klaus Schwab as she is. Her political capital can only go down.

Since AfD – Alternative for Germany — is in disarray and incapable of leading a political revolt at this point, this year’s elections in Germany look right now a walk for Merkel’s CDU to formally create an open alliance with the Greens like she’s had in the German Upper House, the Bundesrat, for years, but things can change a lot in eight months.

What’s clear to me at this point, however, is that while Merkel may have been handed Germany’s new found sovereignty from the U.S. to throw around at her European ‘partners,’ she has no power to influence how things play out in the future with either Russia or China.

And that was the point of giving her this power in the first place.

They will dictate terms to her and to whoever comes after her on a ‘take or leave’ basis.

*  *  *

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end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/ISRAELUSA/

The USA is out of its league:  its wants to negotiate with Iran? Israel and Hezbollah exchange more threats. Saudi Arabia is now in danger as it confronts the Houthis

(South Front)

U.S. Wants To Negotiate With Iran As Israel And Hezbollah Exchange Threats

FRIDAY, FEB 19, 2021 – 22:40

Submitted by South Front,

Hezbollah, one of Israel’s sworn enemies and a staunch ally of Iran continues its tough rhetoric against Tel Aviv.

On February 17th, the group released a 2-minute video titled “Oh Zionists, You Have Military and Security Targets Within Your Cities.” The footage contained a threat to strike 10 Israel Defense Forces (IDF) targets throughout Israeli cities.

Hezbollah Secretary-General Hassan Nasrallah was shown warning Aviv Kochavi, Chief of General Staff of IDF with “total war”. The Hezbollah video warning of war if the IDF chose to initiate it came in response to large-scale drills that the IDF held in recent weeks.

During the exercise, IDF pilots trained to hit up to 3,000 targets per day in case of all-out confrontation.

This tougher rhetoric from Hezbollah is not something uncommon. What makes it significant is that the movement can afford to make it even tougher due to the Biden Administration formally being less supportive of Israel.

On February 18th, US President Joe Biden told Iran that it was ready to take part in EU-sponsored talks to restore the Iran Nuclear Deal.

This seems as a large concession, and causes a sense of urgency in Israel. For the first time since he entered into office, Biden accepted a phone call from Israeli Prime Minister Benjamin Netanyahu.

In the conversation, Biden affirmed the US commitment to Israel’s security, and mutual defense cooperation. He said that the flow of weapons, equipment and funding would continue. It all appeared very hollow and according to script.

Similarly, to what US President Barack Obama did, Biden promised to increase Israeli military aid, but that also means it will not get any more “tangible” support.

This is all good and well, but it simply means “you will not feel as special as you were when Donald Trump was around.”

Separately, another Axis of Resistance enemy, Saudi Arabia is suffering by Yemen’s Ansar Allah (the Houthis).

On February 17th, the Houthis captured the significant Marib Dam, as they push towards Marib city and consolidate power in the surrounding areas.

The city is the last major stronghold of the Saudi-led coalition in central Yemen. If it falls, which seems quite plausible, the Houthis will have even more opportunity to push into southern Saudi Arabia.

In their past raids they have captured hundreds of Saudi-led coalition soldiers and various equipment.

February 2021 seems to be the month of the Axis of Resistance, with Iran’s campaign of non-compliance with the Nuclear Deal giving fruit. Hezbollah, the Houthis and the pro-Iranian groups in Iraq and Syria further seem to be achieving limited success.

end

SYRIA/USA

Our war mongering Biden is setting up new bases in Syria and are now set to steal their oil

(zerohedge)

Damascus Says Biden Is Setting Up New Bases On Sovereign Syrian Territory

FRIDAY, FEB 19, 2021 – 21:00

Within the first few weeks of the Biden administration a handful of viral stories alleged there had been an immediate uptick in US convoys and logistical equipment headed into northeast Syria, which many took to reflect an escalation of the occupation under the new administration. However, given that most US action in Syria including troop movements and locations at any given moment are classified and done far away from ground-level media reporting, it’s almost impossible to verify whether such large convoys in and out of the country are part of ‘routine’ resupply missions or if they represent a broader build-up of forces.

On the heels of the recent speculation and slightly increased or renewed public interest in Syria, there are fresh reports out this week that the Pentagon is actually constructing a new US base in northeast Hasakah. Significantly, this allegation is also being featured in Syrian state media.

A landing zone at Al-Tanf base in Syria, via Wikimedia

Citing Syrian state sources in the middle of this week, for example, Middle East Monitor described that, “The US army began building a second base in the Al-Malikiyah region in the Syrian northeastern province of Hasakah, Syria’s SANA news agency reported.

According to further details offered by SANA:

The agency quoted local sources as saying that over the past few days, US forces have deployed military reinforcements including 60 armored vehicles and army engineering vehicles to carry out excavation, leveling, and construction of barricades in the area, southwest of Ain Dewar in the border triangle between Syria, Iraq, and Turkey.

At the end of last month, American forces began establishing a base near Tal Alu in the Al-Yarubiya area in Hasakah eastern countryside.

Early this week the Saudi-funded, London-based newspaper Asharq Al-Awsat also wrote that a new base is being established in the US-occupied border region of Syria’s northeast:

The paper cited the anti-Assad opposition source SOHR:

According to the Syrian Observatory for Human Rights (SOHR), a military convoy of over 50 vehicles and trucks affiliated to the International Coalition were seen crossing into north-eastern Syria from the Kurdistan Region of Iraq.

“Trucks, carrying armored vehicles, weapons, military, and logistical equipment, entered via Al-Walid border crossing with the Kurdistan Region of Iraq, heading towards Al-Qamishli area,” the Observatory reported.

And crucially it emphasized the following: “This is the 11th Coalition convoy to enter Syria since the beginning of 2021.” 

Of course, Damascus and its allies Russia and Iran have long been vocal in condemning the blatantly illegal occupation of a UN-member state’s sovereign territory.

Whether the latest reported large convoys are in fact for the purpose erecting new bases or are perhaps just “routine” transports… it ultimately matters little to Syria and its allies. The American military presence remains an aggressive, illegal occupation nonetheless.

Some known US base locations in northeast Syria, via a recent map/”Syria Direct.”

In the scant foreign policy remarks given thus far since entering the White House, Biden has essentially glossed over Syria, instead focusing on places like Iran, China, and Russia. Amid the silence there’s a growing unease that the US is quietly building its presence there for something big yet to come, after Trump touted his “secure the oil” plan – the latter phraseology which the new administration has recently attempted to distance itself from.

* * *

To review the Syria quagmire and Washington’s long-running covert war aimed at regime change in Damascus, or essentially how we got here, see author Scott Horton’s analysis below (Warning: very graphic at 7:50 mark):

end
RUSSIA/USA/NORWAY
USA puts 1000 extra marines in Norway in confrontation with Russia
(zerohedge)

1000 Extra Marines “Stay Put” In Norway As Russia Ramps Up Bomber ‘Warning’ Flights In Arctic

SUNDAY, FEB 21, 2021 – 8:45

In a hugely significant move that will put Russia-Europe relations further on edge amid an ongoing build-up of NATO forces along sensitive border regions, the large contingent of Marines that arrived in Norway last month are now expected to stay for an indefinite period.

“About 1,000 Marines who arrived in Norway last month — only to have their military exercises canceled due to the pandemic — will remain in the country for arctic training,” Military.com reports based on Marine Corps statements.

They plan to stay and engage in “valuable arctic and mountain warfare training” through at least the springtime. The deployed units are mostly from the 3rd Battalion, 6th Marines but will now essentially “stay put”.

Marines have been training on a rotational basis in Norway for years, but the reality is their stays and rotations have been increasingly extended over the past years. Moscow has meanwhile condemned a ‘Cold War’ style build-up near the Arctic Circle, where it also frequently conducts military exercises.

The AFP wrote that Russia is “fuming”, citing a Russian ambassador to say

“Nobody in the Arctic is preparing for an armed conflict. However, there are signs of mounting tension and military escalation,”  Russia’s ambassador to the Arctic Council, Nikolai Korchunov, said.

The current militarization in the region “could turn us back decades to the days of the Cold War,” he told Russia’s RIA news agency in early February.

Via Reuters

As we described earlier this month, the US Air Force for the first time ever sent multiple B-1 Lancer bombers along with 200 airmen to Norway, which came amid greater NATO calls to “confront Russia”.

And now just days ago, Forbes detailed that in response “the Russian air force is mobilizing its own warplanes. Fighters to intercept the B-1. And bombers to strike back.”

Here’s more on Russia’s response:

After the U.S. Air Force announced the B-1 deployment, the Russian air force wasted no time sortieing its own bombers. Two of the service’s Tu-160 heavy bombers flew an epic, 12-hour sweep of Northern Europe, the Kremlin announced on Feb. 9.

The 6,000-mile round-trip took the swing-wing Tu-160s from their base at Engels in western Russia north to the Arctic Ocean then west to Svalbard, south into the Norwegian Sea, east along the Norwegian coast and finally south back to Engels.

A pair of MiG-31 interceptors flying from Rogachevo air base in northern Russian briefly escorted the bombers as they roared across the Kara Sea toward the Arctic.

And not helping this Cold War style throwback, President Biden on Friday warned a global audience of Russian “bullying” and “autocracy”.

“The trans-Atlantic alliance is back,” he said before the Munich Security Conference in words intended to restore trust from European allies inNATO.

end

IRAN//USA/EU

Iran grants a 3 month reprieve and allows inspections.  However Iran wants compensation form the USA for $1 trillion in mages inflicted on its economy by their sanctions.

Iran Wants Compensation For $1 Trillion Damage Inflicted On Economy By US Sanctions

MONDAY, FEB 22, 2021 – 10:55

A major crisis was narrowly averted Sunday over Iran’s nuclear facilities and the planned booting of IAEA inspectors from key sites, scheduled according to a prior Iranian parliament decision for Feb.21. Tehran reached a last-minute agreement with the UN nuclear watchdog, now being described as a temporary “technical understanding” to keep the inspections going for another three months.

According to the agreement, the IAEA will no longer conduct last-minute “snap inspections” after Tehran argued that it shouldn’t be subject to such after the US tore up the deal under Trump. IAEA Director-General Rafael Grossi said Sunday that “This is not a replacement for what we used to have. This is a temporary solution that allows us to continue to give to the world assurances of what is going on there, in the hope that we can return to a fuller picture,” as cited in CNN.

Via IRNA

The fact that Iran did not in the end boot the inspectors or block access to sites is a positive sign for the possibility of restored talks with the US about rejoining the Joint Comprehensive Plan of Action (JCPOA) nuclear deal. Last week the Biden administration said it’s ready to sit down for EU-sponsored negotiations, something which Iran initially appeared to rebuff but now is giving signals of readiness to participate in. However, adding to its list of demands – perhaps toward additional leverage – Iran said Sunday it estimates unilateral sanctions by the United States has caused $1 trillion worth of damage to its economy.

Foreign Minister Javad Zarif said on Sunday that any follow-up negotiations to salvage the 2015 nuclear deal must include “compensation” for such lasting economic damage. “When we meet, we will raise compensation,” he told state-run PressTV in an interview. Zarif explained:

Whether those compensations will take the form of reparation, or whether they take the form of investment, or whether they take the form of measures to prevent a repeat of what Trump did.”

He described that in total some 800 sanctions on all levels of the economy led to a loss of $1 trillion, and that any further sanctions would result in Tehran’s final exit from the JCPOA. “This is not a threat. We are simply exercising the remedial measures foreseen in the JCPOA,” Zarif stressed.

“The situation Europe has created for itself is that it has to wait for the US to make a decision. It lives at the behest and mercy of the US,” he said. “Now, they should convince the US to come back [to the nuclear deal] at least to allow them … to maintain their dignity and allow them to fulfill their obligations. That’s not a tall order.”

So far the Biden admin has only introduced meager steps such as dropping travel restrictions on top level Iranian diplomats Trump had enacted, as well as abandoning the push for “snapback” sanctions at the UN.

end

6.Global Issues

CORONAVIRUS UPDATE/SUNDAY/

Merkel is nuts!

Merkel: “No End In Sight Until World Is Vaccinated”

SUNDAY, FEB 21, 2021 – 7:35

It’s been a little more than one year since the globalists have been reshaping our lives after the outbreak of COVID-19. Even with collapsing global infections and herd immunity that may be around the corner, elites are still desperately attempting to fearmonger people to justify additional rounds of stimulus and worldwide vaccinations as this ‘crisis’ is definitely not being wasted.

The latest fearmongering comes from German Chancellor Angela Merkel, who was quoted by Reuters on Friday after a meeting with G7 leaders. She said:

“I stressed in my intervention that the pandemic is not over until all people in the world have been vaccinated.”

Merkel said the Biden administration has already improved international cooperation:

“The change of government in the United States of America, in particular, has strengthened multilateralism,” she said.

Within the Biden administration, there’s been consistent fearmongering from top officials despite the drastic improvement since the inauguration. That appears particularly evident with White House coronavirus advisor Dr. Anthony Fauci who gave a new prediction last week that the pandemic might not end until 2022. Fauci has also frightened Americans into “double-masking” for added protection against the infection.

On Tuesday, President Biden told Americans at a CNN Town Hall that some form of normality to life could be coming as soon as “Christmas.”

But while Western leaders continue to put the fear of god into tens of millions of people, there appears to be some light at the end of the pandemic tunnel as soon as this spring.

Johns Hopkins surgeon, Dr. Marty Makary, penned an op-ed in the WSJ on Thursday, explaining how herd immunity could be observed by April. 

 “…the consistent and rapid decline in daily cases since Jan. 8 can be explained only by natural immunity. Behavior didn’t suddenly improve over the holidays; Americans traveled more over Christmas than they had since March. Vaccines also don’t explain the steep decline in January. Vaccination rates were low and they take weeks to kick in.”

Taking a look at global COVID-19 cases daily change on a 7-day average, the worst of the pandemic might have peaked in January.

In the US, infections, hospitalizations, and deaths appear to have also topped last month and are utterly collapsing…

Critically, as we detailed previously, Makary explains the recent plunge in cases, hospitalizations, and deaths is not policy-related (no matter how much the politicians and their media lackeys push that narrative):

 “…the consistent and rapid decline in daily cases since Jan. 8 can be explained only by natural immunity. Behavior didn’t suddenly improve over the holidays; Americans traveled more over Christmas than they had since March. Vaccines also don’t explain the steep decline in January. Vaccination rates were low and they take weeks to kick in.”

While herd immunity could just be a few months away, Western leaders and their media outlets continue to push scary virus narratives – of course – there’s a reason behind this madness – that is – not just to continue justifying reckless money printing but also continue to seize more power and control over the populace.

Some blue states in the US, who have been very strict with virus restrictions, are beginning to reject the Biden administration’s latest set of measures as they ease draconian restrictions (like Florida did all along to no detriment) as residents finally start thinking for themselves, and in the case of California, demand the Governor’s recall.

The worst of the scaremongering comes not just from Western leaders but billionaire vaccine pusher Bill Gates who advocates for lockdowns, masks, and social distancing well into 2022… and a  complete “change to every aspect of the economy.”

Merkel’s comments – amid the ‘science’ showing the pandemic’s collapse – merely serve to confirm there is a globalist agenda to fulfill. Their only way to complete it is through consistent fearmongering (new mutant, much more deadly and infectious variants).

end
Coronavirus/update Japan
Japan discovers a new and more contagious stain.  I would bet it is less deadly.  The man made virus is morphing and eventually it will turn into the common cold
(zerohedge)

Just As COVID Vaccine Found To Be 99% Effective In Preventing Death, Japan Discovers New, More Contagious Strain

SUNDAY, FEB 21, 2021 – 10:50

With each passing day, covid gets closer to being a distant memory.

The seven-day average of new cases in the US is down to 77,700 in the US, 69% below the mid-January peak…

… while in the top 5 European nations, the seven-day average has declined to 61,800, down 55% from the mid-January peak.  US Covid-related hospitalizations have dropped by 50% and Covid-related fatalities are also continue to decline, with daily deaths  almost 25% below the recent peaks in the US (at 2,560) and 30% below in the five major European countries (at 2,350).

Globally, the 7-day average of new cases stood at over 366k, a 12.8% decrease from a week ago. Meanwhile, the 7-day average of Covid-related fatalities across the globe was 10.8k yesterday. A Johns Hopkins professor wrote a WSJ op-ed predicting that the US will hit herd immunity by April, even as Fauci continues to fearmonger that 2022 is when normality will return.

More importantly, every passing day brings us closer to herd immunity: the US administered 11.5m vaccine doses over the past week, increasing the total to 56.3m. Europe administered 11m doses this past week, for a total of 45.3m. The US administration announced that Covid-19 vaccine deliveries allow for an increase in supply to the states to 13.5 million doses per week, up from the current 11.5 million.

Since early February, the pace of US vaccinations has steadily improved from 9 million shots per week to 11.5 million (equivalent to 3.5% of the population).

Over the same period, weekly vaccinations in the UK have flat-lined at just below 3 million (4.4% of the population), following a surge since the start of the year, while those in the four largest Euro area member states have remained at around 2 million in total (1% of the population).

In the latest positive pandemic development, the Jerusalem Post reported that the Pfizer coronavirus vaccine was proven to be about 99% effective in preventing hospitalization, serious disease and death for those who are past two weeks from the second dose, new data released by the Israeli Health Ministry on Saturday night showed. The protocol to administer the Pfizer vaccine involves two injections three weeks apart. Israel started to administer the vaccine on December 19. The report included the figures collected by the ministry up to February 13.

The news came just as Israel was preparing to send 1.1 million children back to their classrooms – 500,000 more than attended last week – and open up gyms, hotel rooms, malls and street shops.

The Health Ministry measured the level of effectiveness of the vaccine both seven days after the second shot – when the immunity is considered to kick in – and another seven days later. The ministry compared the morbidity and mortality rates between those who vaccinated and those who did not.

“Thanks to the strong health care system of the State of Israel, which has enabled us to reach an unparalleled extensive vaccination rate in a short period of time, as well as to our ability to carry out comprehensive epidemiological tracking, we are the first country in the world to demonstrate the effect of the corona vaccine in the real clinical world,” Health Ministry Director-General Chezy Levy said.

According to the document, a week after the second dose, the jab was 91.8% effective in preventing individuals from contracting the virus, 96.9% from developing symptoms such as fever and respiratory difficulties, and 95.6%, 96.4% and 94.5% against hospitalization, serious illness and death respectively.

In addition, two weeks after the second shot, the efficacy improved even further: 95.8% against contracting the virus, 98% against developing symptoms such as fever and respiratory difficulties, and about 99% against hospitalization, serious illness and death – 98.9%, 99.2% and 98.9%. The data clearly shows a significant decrease in cases among the population over 60 as a higher rate of them became fully vaccinated.

“The vaccine significantly reduces morbidity and mortality and its effect can be seen in the morbidity data in the country,” Levy said. “Our goal is to continue to vaccinate the entire population over 16, and when the time comes also those under the age of 16, in order to achieve the extensive coverage that will allow us to return to the normal life we all long for.”

Israel’s infection rate has been decreasing for several days. Some 3,011 cases were recorded on Thursday and on Friday the number of serious patients dropped for the first time under 900 in several weeks – to 858.

Sadly, too much good covid news is not acceptable – as it minimizes the leeway politicians have to inject further trillions in stimulus thereby entrenching government cronyism and perpetuating corruption – and so just as it seemed that covid is on its way out Japan confirmed on Friday that a new coronavirus variant had infected nearly 100 people.

Reuters reported that Chief Cabinet Secretary Katsunobu Kato told reporters that 91 infections were documented in the Kanto area of eastern Japan and two other cases were discovered at airports.

Of course, the latest and greatest covid strain had be scary enough to be even scarier than whatever prevailing mutant forms are currently out there, and sure enough…

“It may be more contagious than conventional strains, and if it continues to spread domestically, it could lead to a rapid rise in cases,” Kato said.

The variant has a mutation on the spike protein that could lower the efficacy of vaccines. The National Institute of Infectious Diseases said that the variant appears to have originated overseas, but it is different from other variants circulating in Britain, South Africa and Brazil.

Japan has over 422,000 cases of the virus and 7,360 deaths, according to data from Johns Hopkins University. The country’s health ministry reports Japan has reported 150 cases of the other variants first found in Britain, South Africa and Brazilian travelers.

The variants have complicated the outbreak’s outlook, with speculation that the highly infectious strain first documented in the U.K. could become the dominant one in the U.S. in March. Experts have said it is now a race to get as many people vaccinated as possible to help control the spread of the variants.

Naturally, the scramble for vaccines has to be reset the moment a strain emerges that is immune to the latest technology, which appears to be taking place now, which is why we would not be surprised if just a few months from now the number of covid cases is once again “found” to soar on the back of economies reopening and social distancing easing, which in turn brings us back to our favorite flow chart…

… which virtually assures an economic slump in the second half of 2021, just in time to greenlight the next giga-stimulus and next round of monthly government handouts from the Biden administration.

end
CORONAVIRUS UPDATE/MONDAY

US COVID Deaths Near 500K, Biden Plans Candle-Lighting Ceremony To Honor Milestone

MONDAY, FEB 22, 2021 – 7:35

The US is on the cusp of what some are calling a “once unthinkable” milestone: it’s nearing 500K killed by COVID.

More Americans succumbed to the virus last year than those killed by chronic lower respiratory diseases, stroke, Alzheimer’s, flu and pneumonia combined in 2019.

President Joe Biden is expected to mark the occasion with a moment of silence and a candle-lighting ceremony at the White House on Monday. He will deliver the remarks at sunset to honor the dead.

Cases, deaths and hospitalizations related to COVID are sliding across the US. New York State is raising indoor dining capacity and taking other steps to reopen.

After the beginning of the pandemic, it took four months to reach the first 100K dead. The toll hit 200K deaths in September and 300K in December. Then it took just over a month to go from 300K to 400K and about two months to climb from 400K to the brink of 500K. Meanwhile, the global death toll is approaching the 2.5MM mark, though that milestone is still probably more than a week away.

On the vaccine front, the US continues to surge ahead of Europe. Globally, more than 205MM shots have been given across more than 90 countries. More than 63MM of those have been administered in the US. In the US, more Americans have now received at least one dose than have tested positive for the virus since the pandemic began. So far, 63.1MM doses have been given. In the last week, an average of 1.33MM doses per day were administered. Though the pace of the shots was slowed by bad weather last week, according to Dr. Fauci, they will be back on track by midweek.

Cases have fallen precipitously, with the US now reporting fewer than 60K cases per day (down from the early January peak of 300K+).

In the UK, a new Scottish study has found that the country’s vaccine rollout is helping to reduce hospitalizations. By the fourth week after receiving a vaccine, the risk of hospitalization fell by 85% to 94%, depending on which vaccine was administered. As numbers decline from their holiday peaks, the UK is preparing to roll out its timeline for reopening. PM Boris Johnson is expected to announce Monday that the reopening will begin March 8.

Deaths are falling also in Russia, which just recorded its lowest daily tally since mid-November. The country has also seen a steady decline in cases: it reported 12.6K on Monday, down from a peak of almost 30K a day in December. Over the weekend, it became the first country to approve a third COVID vaccine as it registered an inoculation by the state-run Chumakov Center (though Phase 3 safety trials won’t begin until March).

Back in Western Europe, as the UK prepares to accelerate its reopening, a top German health official is arguing the spread of the virus must slow further before the government can consider additional steps to loosen restrictions.

end
Must be a good reason for this: 75% of all USA troops refused taking COVID 19
(GreatGame India)
and special thanks to Robert h for sending this to us

75% Of US Troops Refused Taking COVID-19 Vaccine Says Pentagon Report

According to a Pentagon report almost 75% of US troops refused taking the COVID-19 vaccine. Addressing the allegation of a cover-up, the spokesperson for the agency, John Kirby informed the news outlets about the reason for the lack of exact data.

75% Of US Troops Against Getting COVID-19 Vaccine Says Pentagon Report

According to the latest reports issued by the Pentagon, one-third of the US troops have refused to take the vaccination to shield themselves from the coronavirus.

The statement issued by the Pentagon on 17th Feb 2021 points to the low acceptance rate of the virus.

Major General Jeff Taliaferro, the top official in the US military has indicated the two-third acceptance rate of the virus.

The Joint Chiefs of Staff has pointed that the data obtained only indicates the initial look.

It is not conclusive data and can vary by different groups.

He also suggests that some troops are refusing the vaccination because it is not compulsory for them to take it.

While the army believes taking the vaccination is the right course of action to take, it remains a personal choice.

The National Guard Bureau’s head of operation told the panel regarding the acceptance rate of the National Guard that reflects the military to a great extent.

According to Bob Salesses, the homeland defense and global security’s acting defense secretary, DOD (Department of Defense) received around 916,000 doses of the vaccination.

In that, around 359,000 personals have received at least one dose of the vaccination, while one lakh forty-seven thousand personals received full vaccination dose.

The report published in the Military times also suggests the DOD will complete the vaccination process of its military, civilian, and contractor workforce only by late July or early August.

The defense force that tackles enemies with their power is not feeling safe to get the shots with no approval from the FDA.

It will take another two years for the FDA to approve the vaccination.

Both Moderna and Pfizer vaccination have only approval to use it for emergencies.

So, the authorization provided by the FDA indicates its lack of full clearance.

The release of the data comes after the failure to release the exact number of soldiers declining the shots.

Addressing the allegation of a cover-up, the spokesperson for the agency, John Kirby informed the news outlets about the reason for the lack of exact data.

The agency has no system in place to track the soldiers who have received vaccination.

The agency says it respects the privacy of the people who are declining to get the vaccine for whatever reason.

Is the troops’ reaction a reflection of the interests of the public?

The Pentagon has yet not commented on the issue.

As reported by GreatGameIndia earlier, according to a survey more than half of Americans do not want COVID-19 vaccine.

The study has also looked into the concerns among people reluctant to receive the jabs, with 68 per cent of people saying they are worried about the long term effects of the vaccines.

Even the CEO of Facebook, Mark Zuckerberg said that COVID-19 vaccines will change your DNA and that he does not know what would be its long-term effects.

Recently, even the former Vice President of Zambia, Dr. Nevers Mumba declared that COVID-19 vaccines made by foreign manufacturers should not be injected into any Zambians if it cannot be verified and validated by local Zambian scientists.

For latest updates on the outbreak check out our Coronavirus Coverage.

Send in your tips and submissions by writing to us directly. Join us on WhatsApp for more intel and updates.

We need your support to carry on our independent and investigative research based journalism on the Deep State threats facing humanity. Your contribution however small helps us keep afloat. Kindly consider supporting GreatGameIndia.
end
Michael Every discusses the major events over the weekend and today
(Michael Every)

Rabo: Markets Are Starting To Be Concerned The Magic Spell Might Be Breaking

MONDAY, FEB 22, 2021 – 8:52

By Michael Every of Rabobank

Magic, Minsky, and Munich Moments

One does not need to be much of an analyst to see markets have experienced a “magic moment”. Apart from long duration government bonds, the prices of most assets have levitated, even the biggest heaps of steaming rubbish. Now markets are starting to be concerned the spell might be breaking. Not the ultra-easy monetary policy from central-bank prestidigitators; they will keep sawing price discovery in half for as long as it takes. Nor the (US, and to a far lesser degree, EU) fiscal policy assisting in a glittery leotard. Indeed, the fear is not that the reflation trade is not working, but rather that it is.

Real rates in the US, while still negative, are rocketing. If not stopped, this has the potential to see the magic end like Houdini, who died from an offstage punch to the guts. Yet it was always magical thinking to expect so many rabbits being pulled out of so many hats would not push up long US yields near-term; or that absent structural reform, deflation would still kick in longer-term; or one and then the other. In all cases though, this equals rising real US rates.

The suggestion this could happen may be enough to get people worried about a potential “Minsky moment”. However, the entire driver for our magical moment is that Minsky no longer matters. Indeed, if central banks were to act otherwise right now, they really would be sawing market prices in half – at least. Indeed, if those magicians have to face a choice between rising real rates and levitating markets, which one do you think they will make disappear? Obviously rising yields, through outright yield curve control. At which point, almost all price discovery will follow through the hidden trap door.

Even so, it is again magical thinking to believe this trick can be pulled off without literally bringing down the house. Decades of inequality-driving neoliberalism followed by unlimited free money only for the people who drove that same policy to prevent a Minsky moment comes at a political price. While the US –as leading indicator for others– is not likely to slip into outright revolution, it is seeing deep, bitter, and worrying polarisation. This is Red-Blue, but generationally the divide is even starker. That necessarily puts pressure on politicians to respond: and they are.

Everyone is now looking after their own national economic interests. In the US, the Biden White House is talking about US foreign policy for the middle class and “Buy American”; China is embracing “dual circulation” to keep money flowing at home; and even the EU just released a proposal on trade that plans to rebuild supply chains to create high paying European green jobs, and flags EU tariffs, to prevent green stimulus from “leaking” out to ‘dirtier’ (cheaper) producers, and “an EU export credit facility and enhanced coordination of EU financial tools”. This historical pattern has repeated itself – as if by magic!

Geopolitical consequences then flow from these political adjustments, which brings us to our Munich moment. That infamous 1938 conference saw Chamberlain appease Hitler and promise “Peace for our time” – which turned out to be 12 months. Last week US President Biden spoke there (online) and his tone was upbeat and yet bleak. He proclaimed: America is back. The trans-Atlantic alliance is back,”; that “Historians are going to examine and write about this moment as an inflection point,”; and “We must demonstrate that democracies can still deliver for our people in this changed world. That, in my view, is our galvanizing mission. Democracy doesn’t happen by accident. We have to defend it, fight for it, strengthen it, renew it.” This will naturally require a lot of economic changes that a lot of markets aren’t going to like very much. As one example, how about the ‘Uber mention’ of the UK ruling last week that the firm’s drivers are indeed employees? Mark up a point for labor vs. capital. (Which makes it about 1-100.)

Biden also stressed “We must prepare together for a long-term strategic competition with China….We have to push back against the Chinese government’s economic abuses and coercion that undercut the foundations of the international economic system. Everyone — everyone — must play by the same rules. We must shape the rules that will govern the advance of technology and the norms of behaviour in cyberspace, artificial intelligence, biotechnology so that they are used to lift people up, not used to pin them down.” He added that he didn’t want a Cold War – but it was too late for Chinese audiences at that point. Moreover, both France and Germany shrugged Biden’s appeal off. Paris said it wants US help in Africa and the Middle East, but sees Russia as a potential partner and won’t ruffle Chinese feathers; Berlin did what Berlin always does with geopolitics – think about selling cars.

Only the UK backed Biden….then PM BoJo claimed to be a “fervent Sinophile” who wishes to deepen economic relations – maybe they will help construct the three undersea tunnels to Northern Ireland and the roundabout under the Isle of Man he now seems to be keen on? Meanwhile, the UK, as usual, wishes to stand alongside the US militarily even so – yet its own ex-generals claim planned troop cuts of 10,000 over the next decade will make it irrelevant. “The threshold below which our Army must not fall is our ability to field a single division into a new major conventional conflict. We could do this in the Gulf wars of 1991 and 2003 but we cannot today. If this remains the case the US will ignore the UK as a land partner in future. Is that what Prime Minister Johnson wants?” asks Lord Dannatt, who led the Army from 2006 to 2009. Perhaps typical budget lobbying: or perhaps it underlines just how little joined-up thinking is going on, and just how much money is going to be needed for defence all over the unwilling West as we head towards Munich redux territory of unstable geopolitics. After all, the UK was already set to increase defence spending by GBP16.5bn, but this is apparently not enough. Good job we have magical monetary financing available, eh? Except that’s only for financial assets, not national defence of course.

Like rising US yields, this geopolitical backdrop of either multipolar, divided interests –or trans-Atlantic unity under a rebadged Cold War– will ultimately flow back to shape the global economy and markets, as Brexit shows us.

Ironically, however, in the near term this is likely to lead to even more magical market moments. As in the 1930s, no country wants to see a stronger currency and become a larger net importer of goods (and exporter of jobs). That includes China. To avoid excess FX appreciation on the back of its huge trade surpluses and the rising capital inflows from global markets happily shrugging off any Biden appeals to trans-Atlantic values, Beijing may not only allow easy access to the promised USD50,000 in per capita annual FX outflows, but permit this for buying foreign financial assets or property! Let’s see if this is actually delivered, but if it is, more levitation for all assets outside China seems assured. Ta-dah! Let’s just try not to think of the risks involved from the asset-liability imbalances as foreign capital flows into China, and those FX flow back out again rather than boosting its FX reserves – especially if that FX flows into US assets, helping to push up US real yields even faster.

Take a ‘moment’ to try to see how this all might fit together.

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

BRAZIL

Petrobras, Brazil Markets Crash After Bolsonaro Appoints Retired Army General To Lead State Oil Giant

MONDAY, FEB 22, 2021 – 10:20

Chaos erupted in Brazil over the weekend following Friday’s shock decision by president Bolsonaro to appoint Joaquim Silva e Luna, a retired army general and former defense minister overseeing the state-run Itaipu hydroelectric dam on the border with Paraguay and Argentina since 2019, to be the next chief executive of Petróleo Brasileiro SA, aka Petrobras. Bolsonaro’s decision on Friday to replace Roberto Castello Branco, the University of Chicago-educated economist at the helm of Petrobras, who suffered withering criticism for ignoring the complaints of truckers as he hiked diesel prices 15% this week, surprised even his inner political circle.

As Bloomberg reports, there was no room to discuss the move “that shows a president increasingly impatient with the government’s inability to appease his political base, including truckers who have been threatening a strike over rising diesel costs.”

The following day, the president justified his decision by saying the oil company’s current management has shown “zero commitment to Brazil.” Without elaborating, he added that he’s preparing to replace other parts of his administration that “may not be working,” including in the nation’s power sector. On Monday, he told supporters in front of the residential palace that he’s not interfering in the company, but rather demanding “predictability and transparency” from it.

Brazil’s President Jair Bolsonaro.

Roberto Castello Branco, Petrobras’s CEO officer, had won investor praise by reducing the company’s debt and advocating its independence from the government. All that is set to change with the appointment of General Joaquim Silva e Luna, whose nomination needs to be approved by the state-controlled company board, and whose experience is limited to say the least: he has been in charge of the Itaipu hydroelectric dam for the past two years, and served as a defense minister in the previous administration.

“It’s certainly an indication policy could be headed in the wrong direction,” said Brendan McKenna, a currency strategist at Wells Fargo in New York.

Indeed, Bolsonaro’s stunning decision rattled confidence in local risk assets and triggered a cascade of selling in Brazil linked assets: the real fell 2.2% at open, breaching the key 5.5 per dollar level that had been serving as support for the currency. Petrobras’s shares plunged over 20% as analysts from Credit Suisse to JPMorgan cut their recommendations for the stock over the weekend.

Brazil’s Ibovespa index crashed more than 6%, with state-run companies leading losses.

The transition threatens to undermine investor confidence in Latin America’s largest economy at a time its recovery falters amid a second wave of Covid-19. With his popularity dropping to near record lows after a program of cash handouts to the poor expired in December, the president looks increasingly eager to please his political base to the detriment of the austerity agenda of Economy Minister Paulo Guedes.

According to Reuters, Bolsonaro’s approval rating slumped to 32.9% in February, from 41.2% in October, a poll by transport confederation CNT disclosed on Monday. The poll was conducted between Thursday and Saturday last week and would thus partially include reaction to Bolsonaro’s Friday decision to install a retired general with no oil and gas experience as chief executive of state oil company Petroleo Brasileiro SA.

As Bloomberg adds, Guedes has kept silent since Bolsonaro’s announcement on Petrobras because there’s nothing he can say about the decision to make it look better, according to three government officials close to him, although “he’ll try to minimize investor concerns about political intervention by speeding up the approval of austerity measures in congress, the people said, asking for anonymity because the discussions aren’t public.”

Guedes has spent the past few days negotiating with lawmakers on the approval of a constitutional amendment that would make room for the government to provide another round of Covid aid to poor Brazilians in exchange for cuts in public spending in coming years. The bill will ensure fiscal credibility and predictability, and talks are going well as there’s an understanding that the country has no time to waste, the people said.

Despite losing several political battles recently, Guedes doesn’t intend to step down before leaving an economic legacy he can be proud of, the people added.

“That reminds us of other moments of government meddling in economic policy,” said Caio Megale, chief economist at XP Investimentos, recalling a 2013 decision by former President Dilma Rousseff to reduce electricity prices. “The market wants to know if the president’s decision is a new guideline for economic policy.”

Adding insult to risk asset injury, economists surveyed by the central bank lifted their 2021 inflation forecasts above target and also raised their year-end interest rate estimate for the second straight week. Meanwhile, they cut their 2021 economic growth forecast for the third straight week, hinting at a painful stagflationary episode.

James Gulbrandsen, chief investment officer for Latin America at NCH Capital, which has about $3 billion in assets under management, said the uncertainty leaves Brazil at risk of being shunned by investors.

“If Bolsonaro interferes with electricity pricing, it’s probably game over for his ability to attract foreign capital,” he said.

And judging by the collapse in Brazilian risk assets, foreign capital is already well on its way out.

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

Euro/USA 1.2133 UP .0019 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 105.57 UP 0.261 (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 1.4024   UP   0.0029  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2628 UP .0026 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 19 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE DOWN 53.72 PTS OR 1.45% 

//Hang Sang CLOSED DOWN 324.90 PTS OR 1.06% 

/AUSTRALIA CLOSED DOWN 0,04%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 324.90 PTS OR 1.06% 

/SHANGHAI CLOSED DOWN 53.72 pts or 1.45% 

Australia BOURSE CLOSED DOWN 0.04% 

Nikkei (Japan) CLOSED UP 138.11  POINTS OR 1.06%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1794.75

silver:$27.39-

Early MONDAY morning USA 10 year bond yield: 1.377% !!! UP 4 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.162 UP 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early MONDAY morning: 90.29 DOWN 7 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.21% DOWN 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.12.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.32%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.60 DOWN 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 28 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.30% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 0.94% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.2150  UP     .0036 or 36 basis points

USA/Japan: 105.04 DOWN .255 OR YEN UP 26  basis points/

Great Britain/USA 1.4072 UP .0076 POUND UP 76  BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.2611

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.4648

THE USA/YUAN OFFSHORE:  6.750  (YUAN up).. 6.4681

TURKISH LIRA:  7.02  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0121%

Your closing 10 yr US bond yield UP 0 IN basis points from FRIDAY at 1.343 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.139 UP 0 in basis points on the day

Your closing USA dollar index, 90.14 down 23  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 3.31  0.39%

German Dax :  CLOSED DOWN 26.97 POINTS OR .29%

Paris Cac CLOSED DOWN 0.59 POINTS 0.01%

Spain IBEX CLOSED DOWN 33.40 POINTS or 0.41%

Italian MIB: CLOSED DOWN 106,60 POINTS OR 0.46%

WTI Oil price; 60.99 12:00  PM  EST

Brent Oil: 64.56 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.34  THE CROSS HIGHER BY 0.27 RUBLES/DOLLAR (RUBLE LOWER BY 27 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 f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  61.69//

BRENT :  65.25

USA 10 YR BOND YIELD: … 1.359..up 2 basis points…

USA 30 YR BOND YIELD: 2.185 up 5 basis points..

EURO/USA 1.2154 ( UP 40   BASIS POINTS)

USA/JAPANESE YEN:105.07 DOWN .233 (YEN UP 23 BASIS POINTS/..

USA DOLLAR INDEX: 90.12 UP 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4063 UP 67  POINTS

the Turkish lira close: 7.02

the Russian rouble 74.38   DOWN 0.35 Roubles against the uSA dollar. (DOWN 35 BASIS POINTS)

Canadian dollar:  1.2617 DOWN 15 BASIS pts

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

The Dow closed UP 27.37 POINTS OR 0.09%

NASDAQ closed DOWN 357.04 POINTS OR 2.63%


VOLATILITY INDEX:  23.45 CLOSED UP 1.40

LIBOR 3 MONTH DURATION: 0.195%//libor dropping like a stone

USA trading today in Graph Form

Big Tech, Bitcoin, & The Buck Battered As Commodities Crash-Up

MONDAY, FEB 22, 2021 – 16:00

Inflationary impulses are showing up everywhere.

Real yields are rising rapidly (with 30Y no longer negative)…

Source: Bloomberg

Breakevens have soared, but we do note that the BE curve implies beyond 5Y will see a disinflationary process…

Source: Bloomberg

Commodities are soaring to the highest since 2013…

Source: Bloomberg

And even gold was on the rise today, back above $1800…

Source: Bloomberg

But, that reflationary rise (the good growthy reflation, not the bad hyperinflationary dollar collapse one, oh no) is having some unintended consequences that Jay Powell and his pals are going to have to deal with soon.

Money markets are hawkishly tightening with expectations for rate-hikes being brought forward…

Source: Bloomberg

… and the rate-hike-trajectory steepening (100bps of tightening from Dec 2022 to Dec 2024 now priced in)…

Source: Bloomberg

The question is – Will Powell “cut the rope” tomorrow?

Spoiler Alert: No!

Boeing weighed on The Dow early amid the terrible events over Denver but that merely sparked a buying panic that sent the stock to new highs!?? WTF! But that stop-run did not last…

On the day however, The Dow managed to hold gains as Big Tech (Nasdaq) was clubbed by a baby seal – 2nd worst day since October (5th down day in a row) – and Small Caps puked along with Nasdaq late on, starting at 1430ET which smells a lot like margin calls…

The Dow massively outperformed the Nasdaq today, erasing all the YTD underperformance…

Source: Bloomberg

Small Caps have also erased all losses relative to big-tech since the March collapse…

Source: Bloomberg

The S&P 500 fell for a fifth straight trading session, its longest losing streak since February of last year, as investors continued to price in stronger growth and faster inflation as the economy recovers (and potentially tighter monetary policy).

Did Gartman do it again?

Energy stocks exploded higher today (upgrades from GS & MS) as tech and utes lagged…

Source: Bloomberg

Tesla was trounced today, thoroughly breaking below the $800 level…

Bonds chopped around like WSB obsession today, but ended higher (and the curve steeper) on the day…

Source: Bloomberg

Analysts at BofA noted 30-year bonds had returned -9.4% in the year to date, the worst start since 2013.

Treasuries are the most attractive to hedged EU and JP traders since 2015…

Source: Bloomberg

The dollar roundtripped on the day and ended lower…

Source: Bloomberg

Thanks to The Fed’s jawboning:

  • *Kaplan: Loss of Dollar Reserve Status Would Complicate Govt Borrowing
  • *Kaplan: Dollar Reserve Status Means US Can Finance Large Borrowing

Translation: we will continue doing idiotic things until we lose reserve status

The DXY tested the key 90.0 level today…

Source: Bloomberg

Cryptos were clobbered twice since Friday with this morning’s puke more notable… but the buy-the-dip power was strong…

Source: Bloomberg

Bitcoin puked over $10,000 from its highs to its lows before ripping back over $6,000 to $54,000…

Source: Bloomberg

Ethereum also collapsed intraday and bounce back, erasing around half the drop…

Source: Bloomberg

Some highlights from commodity-land.

Copper careened to its highest since 2011…

Source: Bloomberg

Lumber pushed to a new record high…

Source: Bloomberg

Crude bounced back above $60 (WTI) helped by a double upgrade from MS and GS…

Silver surged back above $28…

Gold rallied today, even in the face of rising real yields…

Source: Bloomberg

Silver is at its highest relative to Gold since 2014…

Source: Bloomberg

And finally, if the signals from commodity-land are correctly signaling the growth/reflationary outcome ahead, then 10Y Yields are set to reach 3.00%…

Source: Bloomberg

Which raises dramatic questions about whether The Fed would even allow such a thing? Because Yellen today made it clear, she wouldn’t!

END

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

iii) Important USA Economic Stories

BOEING

More troubles for Boeing

“It’s Raining Metal” – Boeing 777 Experiences Mid-Flight Engine Explosion Over Denver Suburbs

SATURDAY, FEB 20, 2021 – 16:29

Update (1712 ET): The Federal Aviation Administration (FAA) issued a statement around 1700 ET about the incident concerning a Boeing 777-200 operated by United Airlines. The FAA says it’s “aware of reports of debris in the vicinity of the airplane’s flight path. Please contact local officials and the airline for further information about the passengers. The FAA and National Transportation Safety Board will investigate.”

* * *

9NEWS’ Chris Vanderveen reports United flight 328 has returned to Denver International Airport after passengers heard a “loud bang.”

Vanderveen tweeted:

“Just spoke to passenger on United flight that had to turn around after passengers heard a “loud bang”. Flight was able to return to DIA. No injuries immediately reported on board. Plane was headed to Honolulu according to passenger.”

He also tweeted a video from a passenger during landing. The video clearly shows the engine sustained damage.

Twitter user Kieran Cain posted a picture of the “giant metal engine piece just landed in this Broomfield person’s yard after a plane flying over experienced explosion.”

More images of the metal engine part.

Engine parts landed in a sports field filled with people. No word if anyone was injured.

“Incredible photos by Hayden Smith of UA328 suffering an engine failure shortly after departing Denver,” tweeted Tamas K-L.

“Hollyyy crap, it is just raining engine parts across the world today. This piece, what looks to be the entire engine inlet of a United 777-200, rained down over Denver,” said Flightradar24’s Jason Rabinowitz

Literally, parts of the aircraft were “raining down over Denver.”

One Twitter user allegedly shows a video of the plane returning to Denver International Airport.

Broomfield Police told 9NEWS “metal parts fell from the sky on Saturday, possibly from a passing aircraft in the the Broomfield area.”

FlightAware shows United flight 328 is a Boeing 777-200. Here’s the plane’s flight path this afternoon as it appears the aircraft took off from Denver International Airport and then immediately returned.

This can’t be good for Boeing shares come Monday…

end

Another Boeing engine loss: dropped metal parts across a Dutch town

(zerohedge)

Another Boeing Jet Just Suffered Engine Issues, Dropped Metal Parts Across Dutch Town

MONDAY, FEB 22, 2021 – 12:50

A Longtail Aviation Boeing 747-400 freighter suffered an inflight engine failure shortly after taking off from Maastricht Airport, a regional airport in Beek in Limburg, Netherland, on Saturday.

The plane was powered by Pratt & Whitney PW4000 engines – the same engine that just exploded over Denver –  when one of its engines suffered a failure.

A spokeswoman for Maastricht Airport, Hella Hendriks, was quoted by The Guardian as saying, “witnesses heard one or two explosions shortly after takeoff and the pilot was informed by air traffic control that an engine was on fire.” 

The Tower log is chilling with the ‘excitement’ starting around 1:00 in: “Mayday, Mayday, Mayday”…

Disturbing photos emerged on social media of engine debris that has scattered across the streets of Meersen.

“The photos indicate they were parts of engine blade, but that’s being investigated,” Hendriks said. “Several cars were damaged and bits hit several houses. Pieces were found across the residential neighborhood on roofs, gardens, and streets.”

The Guardian noted a woman in Meersen was injured by the falling debris.

A resident in Meerssen allegedly captured the aircraft experiencing engine issues after takeoff.

“The aircraft stopped the climb at FL100, entered a hold to dump fuel and diverted to Liege (Belgium) for a safe landing on runway 22L about one hour after departure,” said The Aviation Herald.

Longtail Aviation told The Guardian it’s “too early to speculate as to what may have been the cause of the problem” and that it was working with Dutch, Belgian, Bermuda, and UK government investigators.

The incident occurred on the same day a Boeing 777-200 operated by United Airlines experienced an engine failure that resulted in “raining metal” parts showering Denver suburbs.

People in Europe and the US have been flooded with headlines of another round of Boeing issues.

In response to weekend incidents on either side of the Atlantic, Boeing shares initially dropped at the cash open but were quickly bought by noon.

More problems develop at Boeing following more than a year of problems with its 737 MAX jets. 

Wow!! 92% of all New York Restaurants are unable to pay rent in December

(zerohedge)

92% Of NYC Restaurants Unable To Pay Rent In December, Study Finds

SATURDAY, FEB 20, 2021 – 18:00

Another week, another restaurant doomsday story.

According to the latest NYC Hospitality Alliance survey, it’s becoming increasingly difficult for restaurants across the metro area to pay their rent in full and on time. The return of indoor dining couldn’t come soon enough as struggling eateries cling on for dear life.

The survey found 92% of more than 400 respondents couldn’t pay rent in December, a number that has exponentially moved higher during the pandemic. In June, 80% of restaurants couldn’t afford to pay rent; July 83%; August 87%; October 88%. The trend outlines the struggle Big Apple restaurants have endured since the pandemic began.

Before the pandemic, more than 25,000 restaurants, bars, and nightclubs employed 325,000 people across all seven boroughs. So far, thousands of eateries have closed permanently, and at least half are at risk of closing if government aid isn’t seen or restrictions aren’t lifted. The industry’s consolidation has been devastating for the labor force, with some 140,000 jobs lost.

NYC Hospitality Alliance survey said 40% of respondents said landlords reduced rent, 36% said landlords deferred rent, and 14% said they could renegotiate leases.

The report’s release comes as Gov. Andrew Cuomo eased restrictions on restaurants statewide last week. He said restaurants and bars could stay open longer and has allowed for indoor dining at 25% capacity in the city.

“We’re nearly a year into the public health and economic crisis that has decimated New York City’s restaurants, bars, and nightlife venues,” said Andrew Rigie, executive director of the NYC Hospitality Alliance. 

Cuomo’s ban on indoor dining last fall produced a dark winter for many restaurants who had to build tents on their patios or sidewalks to house guests and protect them from the freezing temperatures.

In response to the ban, restauranteurs across the city prohibited the governor from dining at their eateries.

“He should be banned from every restaurant bar etc he’s a scumbag f**k you coumo and di blasio,” one owner said.

With indoor restrictions in place during the holiday season, many restaurants across the city saw a “dramatic loss of revenue” as New Year’s celebrations were canceled.

Some restaurants developed new revenue streams by selling frozen dinners.

OpenTable shows the percentage of restaurants in New York City accepting reservations from diners remains well under the 50% level, even worse than last October. 

NYC Hospitality Alliance survey’s lined up with December’s Alignable Rent Poll, showing that more than half of the country’s restaurants couldn’t pay rent in December.

More than one year later since the pandemic began and the restaurant industry remains in shambles. No “V-shaped” recovery here. 

end
TEXAS
the Texas blackouts spark its first lawsuit.  The Attorney General vows to probe what happened
(zerohedge)

Texas Blackouts Spark First Lawsuit; AG Vows Probe

SATURDAY, FEB 20, 2021 – 20:00

A Corpus Christi man has accused the Electric Reliability Council of Texas (ERCOT), which manages the state’s primary electric grid, of ignoring repeated warnings that the state’s electric power infrastructure had weaknesses, according to a new lawsuit. In a statement by the Dallas law firm which filed the suit, ERCOT and American Electric Power utility are also accused of causing property damage and business interruptions as last week’s cold snap shattered water pipes and caused widespread power outages to millions of Texans, according to NBCDFW.

Power lines in Houston (photo: David J. Phillip/AP)

This cold weather event and its effects on the Texas energy grid were neither unprecedented, nor unexpected, nor unforeseen,” states the lawsuit, filed by Donald McCarley. “In fact, similar cold weather events in 1989 and 2011 led to exactly the same type of rolling blackouts that have affected and continue to affect Texas residents and businesses.” The lawsuit also cites a clause in the Texas Constitution which holds that “no person’s property shall be taken, damaged or destroyed for or applied to public use without adequate compensation being made.”

“The rolling blackouts ordered by Defendant ERCOT took, damaged, or destroyed Plaintiff’s property without adequate compensation,” the suit claims.

The lawsuit filed Friday in a Nueces County court at law in Corpus Christi alleges the Electric Reliability Council of Texas, manager of the state’s main electric grid, ignored repeated warnings of weaknesses in the state’s electric power infrastructure. –NBCDFW

“The resulting widespread property damage from blackouts was caused by their negligence and gross negligence. In addition, the disruptions rendered private property unusable and amounted to an illegal `taking’ of private property by the government,” the law firm said in a statement.

The lawsuit also claims that utility companies should have winterized their plants and increased generation to meet skyrocketing demand, “but consciously chose not to do so.” Of course, frozen wind turbines in the middle of Texas may fall in the ‘unforseen’ category.

Temporary outages began occurring last week and in the days and hours before the storm actually hit as temperatures across Texas began plummeting well below freezing. AEP Texas has not yet commented about the litigation but did post a series of tweets beginning Feb. 10 and continuing through the emergency offering winter storm preparation tips and urging energy conservation.

ERCOT held numerous news briefings throughout the emergency to explain that the outages, intended to be temporary with power switching off and on for affected customers, were needed to prevent a catastrophic collapse of grid. Several giant generators tripped off line late Sunday and early Monday as demand for power spiked. –Caller Times

Meanwhile, Texas Attorney General Ken Paxton has issued civil investigative demands to ERCOT, and says he’ll get “to the bottom of this power failure.”

According to the report, the investigation will address power outages, emergency planning, energy pricing and other issues related to the winter storm.

“The large-scale failure of Texas power companies to withstand the winter storm left multiple millions of Texans without power and heat during lethal, record-low temperatures across the state,” Paxton’s office said in a statement.

Texas Gov. Greg Abbott has called on ERCOT leadership to resign, and has vowed to reform the way the Texas grid operates.

ERCOT says it’s reviewing the lawsuit and would not comment on specific allegations.

“Our thoughts are with all Texans who have and are suffering due to this past week,” said spokesperson Leslie Sopko in a statement. “However, because approximately 46% of privately-owned generation tripped offline this past Monday morning, we are confident that our grid operators made the right choice to avoid a statewide blackout.”

end

Texas//Just Energy

First energy implodes reporting huge losses because of the winter storm

(zerohedge)

The First Texas-Freeze Casualty: Just Energy Implodes, Issues Going Concern Warning

MONDAY, FEB 22, 2021 – 8:59

Just Energy Group Inc.’s shares crashed more than 21% in the premarket after the company released a statement about steep losses incurred during the winter storms that swept across Texas last week.

Just Energy hit a record low ($4.05) in premarket trading since it went public in 2002… and peaked above $600 in 2007.

The retail energy provider specializing in electricity and natural gas commodities, renewable energy options, and carbon offset said it faces a $250 million (approximately CAD 315 million) due to Texas’s latest “weather event.”

“The sustained high prices from February 13, 2021 through February 19, 2021, during which real-time market prices were artificially set at USD $9,000/MWh for much of the week, it is likely that the Weather Event has resulted in a substantial negative financial impact to the Company.”

Based on current information available to the company as of the time of this press release, the company estimates that the financial impact of the Weather Event on the company could be a loss of approximately USD $250 million (approximately CAD $315 million), but the financial impact could change as additional information becomes available to the company,” Just Energy stated. 

The company warned the material impact could cause “liquidity” issues and raises doubts it can continue operating. It’s currently talking with top stakeholders regarding the impact of the weather event last week.

Extreme moves in natgas have caught some energy and power companies offside.

Just Energy could be the first causality of last week’s weather event. In the coming days, more energy firms could release statements about steep losses.

“We’ll have to see what kind of defaults come to the surface,” John Kilduff, trader and founding partner at Again Capital, told Bloomberg. 

end

email from Robert H to me on Biden’s refusal to sign a major disaster declaration for 177 Texas counties:  Here is why

Biden Refused Abbott’s Request That He Sign Major Disaster Declarations For 177 Texas Counties After Biden’s DOE Allegedly Refused To Allow Texas Power Plants To Operate At 100% Capacity –

(Right Journalism)

“The truth is that the federal government controls how Texas generates electricity – the mix of sources and the capacity of each. The DOE requires that Texas’ fossil fuel power generators operate far below their maximum output.

Gov. Abbott knew that if the EPA would allow our natural gas and coal power plants to operate at peak efficiency they could meet 110% of the demand the state faced last week. The EPA refused.”

Seems more like mismanagement than management by the Biden crowd or worse.

One might consider whether there are any democrats left in the state, after this. 

https://www.rightjournalism.com/biden-refused-gov-abbott-s-request-that-he-sign-major-disaster-declarations-for-177-texas-counties-after-refusing-to-allow-texas-power-plants-to-operate-at-100-capacity-resulting-in-massive-power-ou/

end

Michael Snyder….on the uSA decaying infrastructure

(Michael Snyder)

The Temporary Collapse Of Texas Foreshadows The Total Collapse Of The United States

February 22, 2021

America’s infrastructure is aging and crumbling. Our power grids were never intended to support so many people, our water systems are a complete joke, and…

by Michael Snyder of The Economic Collapse Blog

We are getting a very short preview of what will eventually happen to the United States as a whole.  America’s infrastructure is aging and crumbling.  Our power grids were never intended to support so many people, our water systems are a complete joke, and it has become utterly apparent that we would be completely lost if a major long-term national emergency ever struck.  Texas has immense wealth and vast energy resources, but now it is being called a “failed state”.  If it can’t even handle a few days of cold weather, what is the rest of America going to look like when things really start to get chaotic in this country?

At this point, it has become clear that the power grid in Texas is in far worse shape than anyone ever imagined.  When extremely cold weather hit the state, demand for energy surged dramatically.  At the same time, about half of the wind turbines that Texas relies upon froze, and the rest of the system simply could not handle the massive increase in demand.

Millions of Texans were without power for days, and hundreds of thousands are still without power as I write this article.

And now we are learning that Texas was literally just moments away from “a catastrophic failure” that could have resulted in blackouts “for months”

Texas’ power grid was “seconds and minutes” away from a catastrophic failure that could have left Texans in the dark for months, officials with the entity that operates the grid said Thursday.

As millions of customers throughout the state begin to have power restored after days of massive blackouts, officials with the Electric Reliability Council of Texas, or ERCOT, which operates the power grid that covers most of the state, said Texas was dangerously close to a worst-case scenario: uncontrolled blackouts across the state.

I can’t even imagine how nightmarish things would have eventually gotten in Texas if there had actually been blackouts for months.

According to one expert, the state really was right on the verge of a “worst case scenario”

The worst case scenario: Demand for power outstrips the supply of power generation available on the grid, causing equipment to catch fire, substations to blow and power lines to go down.

If the grid had gone totally offline, the physical damage to power infrastructure from overwhelming the grid could have taken months to repair, said Bernadette Johnson, senior vice president of power and renewables at Enverus, an oil and gas software and information company headquartered in Austin.

For years, I have been telling my readers that they have got to have a back up plan for power, because during a major emergency the grid can fail.

And when it fails, it can literally cost some people their lives.  I was deeply saddened when I learned that one man in Texas actually froze to death sitting in his own recliner

As Texas suffered through days of power outages, a man reportedly froze to death in his recliner with his wife clinging to life beside him.

The man was found dead in his Abilene home on Wednesday after being without power for several days in the record cold.

Most Americans don’t realize that much of the rest of the world actually has much better power infrastructure than we do.  Just check out these numbers

In Japan, the average home sees only 4 minutes of power outages per year. In the American Midwest, the figure is 92 minutes per year. In the Northeast, it’s 214 minutes; all those figures cover only regular outages and not those caused by extreme weather or fires.

As our population has grown and our infrastructure has aged, performance has just gotten worse and worse.  In fact, things ran much more smoothly all the way back in the mid-1980s

According to an analysis by Climate Central, major outages (affecting more than 50,000 homes or businesses) grew ten times more common from the mid-1980s to 2012. From 2003 to 2012, weather-related outages doubled. In a 2017 report, the American Society of Civil Engineers reported that there were 3,571 total outages in 2015, lasting 49 minutes on average. The U.S. Energy Administration reports that in 2016, the average utility customer had 1.3 power interruptions, and their total blackout time averaged four hours.

America is literally crumbling all around us, and it getting worse with each passing year.

Our water systems are another example.

In Texas, the cold weather literally caused thousands of pipes to burst.  The damage caused by all of these ruined pipes is going to be in the billions of dollars.

Right now, we are being told that a total of 797 water systems in the state are currently reporting problems with “frozen or broken pipes”

Some 13.5 million people are facing water disruptions with 797 water systems throughout the state reporting issues such as frozen or broken pipes, according to Toby Baker, executive director for the Texas Commission on Environmental Quality. About 725 systems are under a boil water advisory, Baker said during a press conference Thursday.

Overall, approximately 7 million residents of the state live in areas that have been ordered to boil water, and it could take months for service to fully return to normal.

Without water, none of us can survive for long, and it is absolutely imperative that you have a back up plan in case your local system goes down.

In Houston, people that are without water in their homes have been forced to line up to fill buckets at a public spigot

Sponsored By Stock Street News

Lockdown fueled growth explodes live-streaming service..

Meanwhile, in scenes reminiscent of a third world country, Houston residents resorted to filling up buckets of water from a spigot in a local neighborhood.

One Houston resident, whose power has just gone back on Thursday after three days but still has no water, told DailyMail.com: ‘It is crazy that we just watched NASA land on Mars but here in Houston most of us still don’t have drinking water.’

You can watch video of this happening right here.  Of course if your local water system completely fails, there won’t even be a public spigot available for you to get water.

Shortages of food and other essential supplies are also being reported in Texas.

For Philip Shelley and his young wife, the situation became quite desperate fairly rapidly

Philip Shelley, a resident of Fort Worth, told CNN that he, his wife Amber and 11-month-old daughter, Ava, were struggling to stay warm and fed. Amber is pregnant and due April 4.

“(Ava) is down to half a can of formula,” Shelley said. “Stores are out if not extremely low on food. Most of our food in the refrigerator is spoiled. Freezer food is close to thawed but we have no way to heat it up.”

So what would they have done if the blackouts had lasted for months?

All over the state, extremely long lines have been forming at local supermarkets.  In some cases, people have started waiting way before the stores actually open

Joe Giovannoli, 29, arrived at a Central Market supermarket in Austin at 8:30 a.m. Thursday, an hour-and-a-half before it opened. Minutes later, more than 200 people had lined up behind him in the biting 26-degree weather.

Giovannoli’s wife is three months pregnant and the power in their one-bedroom Austin apartment blinked out Tuesday night. After a water pipe broke, firefighters also turned off the building’s water, he said. Giovannoli said he realized he still had it better than many others across Texas, but worried how long things will take to get back to normal.

This is happening in communities across Texas, and you can see video of one of these “bread lines” right here.

Of course those that had gotten prepared in advance did not have to wait in such long lines because they already had food.

Sadly, even though Joe Giovannoli had gotten to the supermarket so early, he later received really bad news

A few minutes before the store opened its doors, a manager stepped outside and warned those waiting in line that supplies inside were low: No produce, no baked goods, not much canned food.

“We haven’t had a delivery in four days,” he said.

Remember, this is just a temporary crisis in Texas that is only going to last for a few days.

So what would happen if a severe long-term national emergency disrupted food, water and power systems for months on end?

All it took to cause a short-term “collapse scenario” in the state of Texas was some cold weather.

Eventually, much worse things will happen to our nation, and it has become clear that we are not ready.

So get prepared while you still can, because time is running out.

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

end

This would be great for gold and silver as this tax would bankrupt high frequency trading

(zerohedge)

White House Says HFT Tax “Worth Studying” After GameStop Debacle

SUNDAY, FEB 21, 2021 – 18:43

In the aftermath of last week’s Robinhood hearing, the only quasi tangible policy proposal that emerged was the vague threat that democrats may consider implementing a transaction tax to slowdown the runaway expansion of HFTs which have bastardized modern market structure. To wit, House Financial Services Chairwoman Maxine Waters said she’s “very interested” and “certainly looking at” a financial transaction tax.

Needless to say, having criticized HFTs since 2009, we have been pushing for just such a “tobin tax” as it is also known, and on Friday we asked – jokingly – “If Dems pass a tobin tax will Virtu and Citadel threaten to uproot and take their microwave towers to Somalia?”

But maybe it wasn’t a joke because according to CNN, in a move that could have seriously adverse consequences for artificially inflated markets, the White House supports studying the merits of a financial transaction tax – a move favored by progressives and despised by so called “market makers” on Wall Street who really just use HFT algos to frontrun traditional orderflow- in the wake of the GameStop trading frenzy.

The GameStop situation highlights the serious issues of investor protection and market integrity, a White House spokesperson told CNN Business on Sunday. The potential impact of a financial transaction tax on GameStop-like trading deserves additional study and can be part of a greater evaluation of such a tax for revenue and market stability, the spokesperson said.

For Democrats, most of whom are completely clueless on such arcane concepts as fragmented market structure, lasers and microwave towers at the New York Mahwah Stock Exchange, and latency arbitrage, a tobin tax would serve a far more tangible purpose: it would allow them to raise badly needed revenue, while also pretending to care about the health of financial markets.

A 0.1% tax on stock, bond and derivative transactions could raise $777 billion for the federal government over a decade, according to a 2018 estimate by the nonpartisan Congressional Budget Office.

More importantly, a 0.1% transaction tax would also put such HFT giants as Virtu and Citadel Securities (if not the Citadel hedge fund) out of business overnight. Which is why such a tax would face fierce opposition from Wall Street and it’s unclear whether moderate Democrats would support it. Opponents warn it would backfire on retail investors by raising costs and making financial markets less liquid.

This means that centrist democrats are on collision course with the progressive socialist fringe, and very soon it will be revealed that whatever Wall Street want, Wall Street gets, even if it means socialists end up with nothing again.

“This approach has a long history of unintended consequences that will penalize workers, pensioners and American families,” a spokesperson for the Coalition to Prevent the Taxing of Retirement Savings told CNN Business. That coalition includes the New York Stock Exchange, Nasdaq and UBS. Citadel Securities and Virtu Financial, two high-speed trading firms that would be hurt by a financial transaction tax, are also members.

“An FTT will increase trading costs for investors — including individuals — undermine the competitiveness of our capital markets and harm the U.S. economy just as we work to recover from this pandemic,” the spokesperson said.

Then again, maybe Wall Street has a right to be worried: the level of populist anger and fury in the aftermath of the Gamestop debacle which has now shifted to nearly two decades of broken market structure made possible by Reg NMS could mean that maybe, just maybe, a transaction tax has a shot at passing: during a heated exchange at a hearing last week, Democratic congresswoman Rashida Tlaib pushed back against Citadel Securities founder Ken Griffin’s concerns about a tax.

“Let’s not gaslight the American people. Y’all will be fine with the tax,” she said. “Our folks are tired of bailing you all out when you screw up.”

One way to see just how serious Wall Street takes the threat is to keep an eye on markets: if a 0.1% tobin tax is truly close, the first thing to go in freefall – before Ken Griffin’s net worth of course – will be the S&P500.

end

I am sure the general populace loves this:  higher corporate taxes, higher capital gains taxes, and yield curve control. Yellen hinted at a digital dollar.

(zerohedge)

Yellen Sets The Stage For Higher Corporate Taxes, Yield Curve Control And A Digital Dollar

MONDAY, FEB 22, 2021 – 11:35

In comments made on Monday morning, Fed Chair Treasury Secretary Janet Yellen set the stage for several exciting new initiatives, including a higher corporate tax, potentially higher capital gains taxes, yield curve control… oh and a digital dollar.

Yellen came out in favor of boosting corporate taxes and said she was also open to raising capital gains taxes, during a Monday conference hosted by the New York Times. Yellen said that the Biden administration could boost the corporate tax rate to 28% to help pay for “Biden’s planned longer-term economic reconstruction program”. Such a hike in corporate taxes could immediately trigger profit taking in financial assets that have benefited from a low corporate tax rate (the one that, according to CNBC, was being “priced in” at least once a day for several entire years during the Trump administration).

Despite this, she claimed that the Biden administration has not yet favored a wealth tax, news that will likely trigger AOC, Ilhan Omar, Elizabeth Warren and the like. “A wealth tax has been discussed but is not something President Biden,” Yellen said on Monday.

She also said a higher capital gains tax was “worth considering”. “One would have to examine closely what effect it would have,” she noted, referring to such a tax’s effect on “ordinary investors”.

As Bloomberg notes, one of the big challenges for the market will be any changes in tax policy toward a less-friendly regime. As we discussed late on Sunday, a Tobin tax (i.e., a HFT transaction tax) has been mentioned by the White House, although it will quickly die a quiet death as it would lead to market wide crash as the HFT “liquidity” money makers revolt. Incidentally, a hike to the capital gains tax could also lead to profit-taking on a whole host of assets if there’s a window to lock in the lower rate.

Yellen also talked about the idea of looking at new ultra-long duration debt such as a 100 year bond in order to “take advantage” of low yields (her predecessor Steven Mnuchin did the same on several occasions before killing the idea), which Yellen doesn’t seem to realize are low because the Fed has set them this low. Regardless, Yellen said she thinks a market for a 100 year bond would be “very tiny” and “very thin”.

Perhaps most notable was Yellen’s reaffirmation that it “makes sense” for the Fed to look into the idea of a digital dollar – comments that potentially played a role in bitcoin’s early morning selloff which briefly saw the cryptocurrency crash 15% and fall under $50,000. The price has since risen back above $50,000 despite additional comments from Yellen that bitcoin was “inefficient”.

In a tangent, Yellen said that she hadn’t anticipated an offer by Biden to become Treasury secretary, at a time when she was focusing on giving out $250,000 speeches to Citadel research while working at the Brookings Institution. Noting the round-the-clock stress of a job like helming the Treasury, the former Federal Reserve chair said, “I was initially hestitant to get back into that.” Biden then made the case on how she could be helpful, Yellen said.

Finally, in confirming that yield curve control is coming one way or another, the only question is whether before or after 2.0% on the 10%…

… Yellen offered up the amusing notion that debt interest payments are a better metric than debt to GDP. We wonder if this is because one metric is absolutely terrifying…

…while the other is directly controlled by the Fed and is currently at artificially all time lows.

iv) Swamp commentaries

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

Buyers absorbed the dump by 9:46 ET.  From this bottom, ESHs rallied until the European close.  Then, ESHs and stocks tumbled and made new NYSE session lows at midday.  Please notice the late rallies in Asian and Europe due to expiration manipulation.

Markit: Price gauges hit record highs as businesses report fastest growth for almost six years

  • Flash U.S. Composite Output Index at 58.8(58.7in January).71-month high.
  • Flash U.S. Services Business Activity Index at 58.9(58.3inJanuary). 71-month high.
  • Flash U.S. Manufacturing PMI at 58.5(59.2in January). 2-month low.
  • Flash U.S. Manufacturing Output Index at 57.7(60.5inJanuary).4-month low

Input costs across manufacturing and services soared higher as demand outstripped supply, rising at by far the steepest rate since comparable data were first available in 2009.  Service providers registered the steepest increase in cost burdens since October 2009, while manufacturers recorded the quickest rise since April 2011…  https://www.markiteconomics.com/Public/Home/PressRelease/3047d652f486442181de65d5a64306c5

Bitcoin surged to $56,332k; precious metals rallied sharply; gasoline rallied as much as 2%; bonds and the dollar sank.  Copper soared as much as 4.4% and traded above $4 for the first time in over 9 years.  Good thing there’s no sign of inflation and the Fed’s QE taper is two years away!

@wmiddelkoop: ‘Inflation red lights flashing everywhere:  Copper >$8550, Nickel >19,000, Lumber at all-time high, Sugar at 4yr high… physical commodities and products are the winners from fiscal stimulus and the new reality.’

@zerohedge: This is wild: prices going bananas and the career academics in charge of the world won’t hike rates for 2 years.

NY Fed President Williams, speaking at 13:00 ET, made a fool of himself.  Williams says he sees signs of rising inflation expectations, but he is not concerned about fiscal policy being excessive and asset prices are reflecting economic optimism.  The career Fed apparatchik said he sees no evidence that asset prices are “out of control” or leverage levels are troubling or financial stability is eroding.
https://www.cnbc.com/2021/02/19/feds-williams-say-high-market-prices-justified-by-economic-growth-and-low-rates.html
We’ll Have Herd Immunity by April by Dr. Makary, Johns Hopkins School of Medicine
Covid cases have dropped 77% in six weeks. Experts should level with the public about the good news.
https://www.wsj.com/articles/well-have-herd-immunity-by-april-11613669731

Fauci: Americans wearing masks in 2022 is “possible”
https://www.axios.com/coronavirus-fauci-masks-2022-da578238-9c8d-4ee5-aab1-c3c98273d91f.html

Fauci warned of ‘unintended consequences’ of ‘draconian’ quarantines during 2014 Ebola outbreak
https://www.foxnews.com/us/dr-fauci-quarantines-2014-ebola-outbreak

Biden announces end of Trump’s ‘America first’ agenda in G7 speech https://trib.al/essoJ6h

Biden signs major disaster declaration for 77 Texas counties, but governor asked for all 254
https://www.msn.com/en-us/news/us/biden-signs-major-disaster-declaration-for-77-texas-counties-but-governor-asked-for-all-254/ar-BB1dRcVe

Debris falls from sky over Denver after Boeing 777 engine catches fire before emergency landing…
https://www.sun-sentinel.com/news/nationworld/fl-ne-jet-engine-debris-falls-over-denver-20210220-u5f6l7c3njdezed5owgcoml6iu-story.html

FAA demands emergency inspection of all Boeing 777s after mid-air explosion ripped engine into pieces… equipped with certain Pratt & Whitney PW4000 engines.”…  https://www.foxbusiness.com/lifestyle/faa-to-issue-emergency-order-requiring-immediate-or-stepped-up-inspections-of-boeing-777s-with-certain-pratt-whitney-pw4000-engines

The Non-Covid Spending Blowout – Most of the $1.9 trillion House bill has little to do with the virus. Here’s a breakdown…All told, this generous definition of Covid-related provisions tallies some $825 billion. The rest of the bill—more than $1 trillion—is a combination of bailouts for Democratic constituencies, expansions of progressive programs, pork, and unrelated policy changes
https://www.wsj.com/articles/the-non-covid-spending-blowout-11613937485

‘Never before’ has the leader of the free world been ‘so cognitively compromised’
It is clear US President Joe Biden is not up to the task he has been “sworn in to do”, according to Sky News host Cory Bernardi. “Never before has the leader of the free world been so cognitively compromised,” Mr Bernardi said.  “It’s clear to me at the least that US President Joe Biden is struggling with dementia and is clearly not up to the task he’s been sworn in to do.”
    Mr Bernardi said it is something which was “evident” during the election campaign, but the “partisan and poisonous” mainstream media chose not to highlight anything which could have “derailed a Biden victory”.  “Even now, after he has been sworn in, many of them are still refusing to speak the truth about Biden’s lack of capacity.”…   https://www.skynews.com.au/details/_6233603126001

Amid Capitol riot, FBI released files from Kennedy-era investigation into Nancy Pelosi’s father
In a 1961 memo to the White House, an agent summarized allegations that Thomas D’Alesandro, Jr. took payoffs from applicants to the police force, and helped to hinder the investigation and prosecution of crimes…  https://justthenews.com/government/federal-agencies/fbi-launched-urgent-investigation-nancy-pelosis-father-behest-jfk

Trump ready to make McConnell’s life miserable
Trump was prepared to give McConnell a pass, sources in his orbit stated, after he gave a blistering post-impeachment floor speech saying the former president was “practically and morally” responsible for the Jan. 6 riot at the Capitol that led to five deaths and the evacuation of Congress.
    But McConnell’s follow-up op-ed knocking Trump in The Wall Street Journal was the final straw, provoking a blistering response in which the former president insulted McConnell and his family and threatened to back primary challengers against GOP incumbents…
https://thehill.com/homenews/campaign/539298-trump-ready-to-make-mcconnells-life-miserable

Why is the media jock-sniffing Bill Gates so much that he is asked daily to pontificate on stuff?

Babylon Bee: Bill Gates Warns of The Sacrifices We’ll Have To Make In Stirring Speech Given From His 650 Million Dollar Super Yacht   https://t.co/uJyUUSNY1K

Gates: Failure to achieve zero net emissions by 2050 to cause migration worse than Syrian crisis
Gates has also gotten flack for talking about the need to reduce emissions while he himself has a tremendous carbon footprint by living in a large home and flying on a private jet. He said his other actions make up for this   https://www.foxbusiness.com/economy/bill-gates-zero-net-emissions-by-2050-migration-syrian-crisis

Bill Gates’s Plan to Destroy Animal Agriculture
Bill Gates wants us all eating synthetic beef made in labs from stem cells, meaning no more cattle ranching… “I do think all rich countries should move to 100% synthetic beef. You can get used to the taste difference…”  https://t.co/FumI7aH2LN

Bill Gates Has a Master Plan for Battling Climate Change
Although Bill Gates has confidence in our collective ability to avoid the earth’s descent into a landscape of scorched rainforests and liquefying glaciers, his prescription is daunting… https://t.co/OKZnHPLLlJ

Bill and Melinda Gates Foundation bankrolls ‘math is racist’ lunacy
https://mynorthwest.com/2604518/rantz-bill-and-melinda-gates-foundation-bankrolls-math-is-racist-lunacy/

@BillGatesI drank water made from human feces. Here’s an update on the machine that produced that water: http://b-gat.es/1hyEu2p   Aug 12, 2015  [Why should we heed a guy that drinks poop water?]

@TheBabylonBee: Experts Warn We Have Only 12 Years Left until They Change the Timeline on Global Warming Again   https://t.co/zUDYoypN3L

Dershowitz to Newsmax: Liberals’ ‘intolerance’ is putting Democracy at risk  http://ow.ly/gsXp50DFDPt

“Try to Be LESS WHITE”: Coca-Cola Forces Employees to Complete Anti-White Critical Race Theory Training  https://t.co/3YEuLY1Uyn

Disney slaps ‘The Muppet Show’ with ‘offensive content’ disclaimer – The disclaimer shown prior to each episode warns viewers that the show features “stereotypes” and “mistreatment of people or cultures.”…  https://nypost.com/2021/02/21/the-muppets-slapped-with-a-content-warning-by-disney/

Gina Carano Was Right: The Disturbing Parallels Between 2021 America and 1932 Germany
This is not a shrill claim that “Democrats are Nazis,” that Republicans are treated on par with Jews in Nazi Germany, or anything of the sort. Instead, this is an effort to point out the worrisome and growing parallels between the political culture of late Weimar Germany, and the political culture that America is embracing with more fervor every day To the Nazi Party, everything was political. The party subordinated ever sector of society and every human endeavor to its broader political and social agenda… https://www.revolver.news/2021/02/gina-carano-was-right-the-disturbing-parallels-between-2021-america-and-1932-germany/

Do Lincoln, Washington deserve statues? Chicago flags 41 controversial monuments for scrutiny
The flagged works include depictions of Christopher Columbus, Leif Ericson, Sir Francis Drake, Robert Cavelier de La Salle, George Washington, Benjamin Franklin, Abraham Lincoln, Ulysses S. Grant, William McKinley and others…
https://www.usatoday.com/story/news/nation/2021/02/17/chicago-flags-monuments-review-including-lincoln-washington/6788559002/

Babylon Bee: New York Times Calls for Banning Coffee Shops after Learning People Can Have Uncensored Conversations There
https://babylonbee.com/news/new-york-times-calls-for-banning-coffee-shops-after-learning-people-can-have-uncensored-conversations-there

Journalism is printing what someone else does not want printed; everything else is public relations.” — George Orwell

It’s George Washington’s Birthday, which used to be widely celebrated.  People ate cherry pies in his honor.  The City of Chicago

end

Let us close out tonight with this offering on the cryptos courtesy of Greg Hunter and Catheine Austin Fitts

(Greg Hunter)

Building a Bitcoin Prison – Catherine Austin Fitts

By Greg Hunter On February 20, 2021

Former Assistant Secretary of Housing and investment advisor Catherine Austin Fitts says you have to be careful and fully understand Bitcoin.  Fitts explains, “We do know they want to go to an all-digital system with central bank cryptos.  The easiest way to build the prison is to get freedom lovers everywhere to build the prison for you.  To me, Bitcoin has always been the prototype on the way to building the all-digital crypto system that they would love to put into place.  You have $400 trillion in fiat (currency) and it needs a place to go.  If you are trying to buy up all the gold, silver and farmland, the last thing you need is competition from retail.  They want to shift them into crypto and get them to build the crypto train tracks.  In a funny kind of way, it’s brilliant.

There is talk by big banks that Bitcoin could go to $300,000 per unit by the end of the year.  Fitts thinks, “This is absolutely possible.  This is pure politics.  This has nothing to do with economics.  How much will the central bankers, who can print as much money as they want, spend to get you into this platform?  Your guess is as good as mine.  The sky’s the limit as to how much they can spend.  Remember, once they decide to bring out the central bank currencies, and they have steadily been regulating the crypto currencies, Bitcoin and everything else, so the day they decide to take this to zero, they can do it.  If you are going to invest into cryptos and build our prison for us, what you need to know is this thing could go to $300,000, and it can also go to zero.  This is a highly speculative market, and you need to approach it accordingly.”

Fitts warns of a dark future if the central bankers get everything they want.  Fitts says, “When they decide to shut down our bank accounts and say you all get on crypto, universal basic income and take that injection or you can’t transact on the financial system, this is instituting a totalitarian system through the financial system. . . . When they shut that trap door, what you need to think about is where are you going to buy food?”

In closing, Fitts says, “We are in Never, Never Land.  We have two groups in our society:  One group that can print money, and the other who can earn money.  What we saw last year is the people who could print money declared war on the people who earn money.  They basically said we are going to shut down your businesses, and we are going to suck up and take your market share or buy you out with money we print out of thin air. . . . We have no pandemic.  What this is is an economic war.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Catherine Austin Fitts, publisher of The Solari Report.

-END-

Well that is all for today

I will see you TUESDAY night.

6 comments

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

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

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  3. […] Feb 22/Comex Options Expiry Tomorrow//Gold Rose $30.00 to … feb 22/comex options expiry tomorrow//gold rose $30.00 to $1808.65//silver up 74 cents to $27.96 and broke the 28 dollar barrier in the acccess market// gold tonnage standing at the comex; 112.92 tonnes/silver standing 11.9 million oz//coronavirus updates/vaccine updates// china stops exports of rare earths to the usa//iran vs usa: iran demands $1 trillion in compensation for sanctions// […]

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