NOV17/GOLD ROSE $14.10 TO $1868.00//SILVER ROSE 24 CENTS TO $24.87//COMEX GOLD TONNAGE STANDING FOR NOVEMBER: 6.64 TONNES//SILVER OZ STANDING AT 6.4 MILLION OZ//COVID COMMENTARIES//VACCINATE MANDATES UPDATE: NEW ENGLAND JOURNAL OF MEDICINE REVEALS THE VACCINE IS GOOD FOR ONLY 60 DAYS//AUSTRIA POLICE GOES NUTS WITH THEIR NEW MANDATE POLICING//GIBRALTAR, THE HIGHEST VACCINATED COUNTRY ON THE PLANET CANCELS CHRISTMAS DUE TO HUGE INFLUX OF DELTA VIRUS..ALL TO THE VACCINATED!!//NORDSTREAM NO II UPDATES ON OIL//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1868.00  UP $14.10   The quote is London spot price

Silver:$25.11  UP  24  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1867.30
 
silver:  25.07
 
 
 
end
 
I am been informed from Andrew Maguire that sovereign Turkey who has never bought silver, bought the last
 
bastion of silver from refiners.  They paid triple premium to lay their hands on the silver.  The refiners now state that they are out
 
of metal until January.
 
TODAY//IMPORTANT

Comex publishes a list of monthly silver contract ownership deliveries and purchases for the 30 to 40 firms that have brokerage rights with them. It is hard to figure the meaning of monthly changes for the banks like Goldman and JP Morgan, but there are a few non major firms which are historically consistent suppliers of silver. These firms include Macquarie Futures, Scotia Capital, Marex, and Bank of America commercial account. My guess is these firms sold product for refineries or miners. Historically, these 4 firms accounted for about 15 million ounces of monthly supply to Comex. Looking at the Comex data, all 4 of these firms have essentially stopped supplying the Comex with silver for the past 2 to 3 months. https://www.cmegroup.com/delivery_reports/MetalsIssuesA ndStopsYTDReport.pdf

Bryant

 
 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $1060.10 DOWN  $4.00

PALLADIUM: $2191.00 UP $30.35/OZ 

 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

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

receiving today  27/53  

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,853.600000000 USD
INTENT DATE: 11/16/2021 DELIVERY DATE: 11/18/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 3
363 H WELLS FARGO SEC 2
435 H SCOTIA CAPITAL 19
661 C JP MORGAN 27
686 H STONEX FINANCIA 52
737 C ADVANTAGE 1
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 53 53
MONTH TO DATE: 1,246

Goldman Sachs stopped:1

 

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 53 NOTICE(S) FOR 5300 OZ  (0.1648 tonnes)  

 

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1246 FOR 124,600 OZ  (3.8755 TONNES) 

 

SILVER//NOV CONTRACT

154 NOTICE(S) FILED TODAY FOR  770,000   OZ/

total number of notices filed so far this month 1178  :  for 5,890,000  oz

 

BITCOIN MORNING QUOTE  $60,642  DOLLARS UP 1151 DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$60,202 DOLLARS  UP 711.DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $14.10 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD:

 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

 

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

THIS IS A MASSIVE FRAUD!!

GLD  975.99 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 24 CENTS

NO CHANGE  IN SILVER INVENTORY AT THE SLV:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: 

 

548.233  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 174.50  UP 1.58 OR 0.91%

XXXXXXXXXXXXX

SLV closing price NYSE 23.17 UP. 0.21 OR  0.91%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI FELL BY A LARGE 894 CONTRACTS TO 152,404, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. WITH OUR $0.17 LOSS IN SILVER PRICING AT THE COMEX ON TUESDAY OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN) (IT FELL BY $0.17) AND WERE  SUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS AS WE HAD A SMALL LOSS OF 278 CONTRACTS ON OUR TWO EXCHANGES,.WE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  GOOD INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.34 MILLION OZ FOLLOWING TODAY’S QUEUE JUMP OF 605,000 OZ   / v), STRONG SIZED COMEX OI LOSS
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS -XXX
 
 
 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
NOV
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV:
 
12,541 CONTACTS  for 13 days, total 12,541 contracts or 62.705million oz…average per day:  964 contracts or 4.823 million oz per day.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF

NOV:  62.705 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON  

 

LAST 6 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

 

 
RESULT:WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 894 WITH OUR 17 CENT LOSS SILVER PRICING AT THE COMEX// TUESDAY.
 
THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 616 CONTRACTS( 0 CONTRACTS ISSUED FOR NOV AND 616 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS
 
 
 
 
THE DOMINANT FEATURE TODAY:/ AS WELL AS TODAY /HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE//// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR NOV OFWE HAD A SMALL SIZED LOSS OF 278 OI CONTRACTS ON THE TWO EXCHANGES 4.2 MILLION OZ FOLLOWED BY TODAY’S 605,000 OZ QUEUE JUMP. 
 
 
 

WE HAD 154 NOTICES FILED TODAY FOR 770,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 2476  CONTRACTS TO 612,612 ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: 1230  CONTRACTS.

the differential is now increasing!!

THE SMALL SIZED INCREASE IN COMEX OI CAME DESPITE OUR STRONG LOSS IN PRICE OF $10.30//COMEX GOLD TRADING//TUESDAYAS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION  AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALED 8297 CONTRACTS…..  WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR OCT AT 1.444 TONNES, FOLLOWED BY TODAY’S QUEUE JUMP  OF 100 OZ//NEW STANDING 213,600 OZ (6.6438 TONNES) 
 
 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $10.30 WITH RESPECT TO TUESDAY’S TRADING

 

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

WE HAD  A STRONG SIZED GAIN OF 8297  OI CONTRACTS (25.81 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCETHE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5,821CONTRACTS:

FOR DEC 5,821  ALL OTHER MONTHS ZERO//TOTAL: 5821 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 612,612. 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 STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8297 CONTRACTS: 2476 CONTRACTS INCREASED AT THE COMEX AND 5,821 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8297 CONTRACTS OR 25.807 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5,821) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (2476 OI): TOTAL GAIN IN THE TWO EXCHANGES:8297 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR NOV. AT 2.395 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 100 OZ  3)ZERO LONG LIQUIDATION,4) SMALL SIZED COMEX OI GAIN 5). STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL 

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

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

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

 

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF NOV, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (DEC), 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 IN 2021 INCLUDING TODAY

NOV

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 64,560, CONTRACTS OR 6,456,000 oz OR 200.80 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 4894 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 200.80 TONNES

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

THUS EFP TRANSFERS REPRESENTS  200.80/3550 x 100% TONNES  5.63% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

 

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           200.80 TONNES INITIAL ISSUANCE (INCREASING DRAMATICALLY)

 

 

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 894 CONTRACTS TO 152,404AND  CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 616 CONTRACTS

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

DEC 616  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  616 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 743 CONTRACTS AND ADD TO THE 616 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A  SMALL SIZED LOSS OF 278 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 1.390 MILLION  OZ, OCCURRED WITH OUR  $0.17 LOSS IN PRICE. 

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i) WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED UP 51.58 PTS OR  0.44%     //Hang Sang CLOSED DOWN 63.70 PTS OR 0.25% /The Nikkei closed DOWN 119.79 PTS OR 0.40%    //Australia’s all ordinaires CLOSED DOWN 0.56%

/Chinese yuan (ONSHORE) closed UP  6.3758   /Oil DOWN TO 80.24 dollars per barrel for WTI and UP TO 81.95 for Brent. Stocks in Europe OPENED MOSTLY MIXED   /ONSHORE YUAN CLOSED  UP AT 6.3758 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3781/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADINGSTRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 
 
 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 2476 CONTRACTS TO 612,612 MOVING CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX INCREASE OCCURRED DESPITE OUR  LOSS OF $10.30 IN GOLD PRICING  TUESDAY’S COMEX TRADING.WE ALSO HAD A STRONG EFP ISSUANCE (5,821 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

 

WE NORMALLY HAVE WITNESSED  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. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE NON ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5,821 EFP CONTRACTS WERE ISSUED:  ;: ,  NOV  :  & DEC. 5,821 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:   5,821 CONTRACTS 

 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG  SIZED 8297  TOTAL CONTRACTS IN THAT 5,821 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED COMEX OI OF 2476 CONTRACTS..WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR NOV   (6.6438),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 9 MONTHS OF 2021:

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

TOTAL SO FAR THIS YEAR (JAN- S0CT): 480.912 TONNNES

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $10.30)

BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A HUGE OF 25.807 TONNES,ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR NOV (6.6438 TONNES)…  I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.   THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

WE HAD -1230   CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

THE REMOVALS HAVE INCREASED DRAMATICALLY THESE PAST 10 DAYS. 

 

NET GAIN ON THE TWO EXCHANGES :: 8297 CONTRACTS OR 829700 OZ OR  25.81 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 PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  612,612 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 61.26 MILLION OZ/32,150 OZ PER TONNE =  19.05TONNES

THE COMEX OPEN INTEREST REPRESENTS 19.05/2200 OR 86,61% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY 188,877 contracts//    / volume//volume fair/

 

CONFIRMED COMEX VOL. FOR YESTERDAY: 252,151 contracts//fair

 

// //most of our traders have left for London

 

NOV 17

 

/2021

 
INITIAL STANDINGS FOR NOV COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
0
OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
69,349.707
OZ
Brinks
2157 kilobars
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
4816.65
 
oz
BRINKS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
53  notice(s)
5300 OZ
0.1648 TONNES
No of oz to be served (notices)
890 contracts 89000 oz
2.768 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1246 notices
124600 OZ
 
3.8755 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 1 deposit into the dealer
i) Into Brinks 69,349.707 oz (2157 kilobars)
 
 
total deposit: 69.349.707   oz 
 

total dealer withdrawals: nil oz

we had  1 deposit into the customer account
i) Into Brinks/customer:  4816.65 oz
 
TOTAL CUSTOMER DEPOSITS 4816.65 oz
 
 
 
We have 0  customer withdrawals
 
 
 
 
 
total customer withdrawal nil     oz
     
 
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of  2 transactions)

ADJUSTMENTS 0

 

 
For the front month of November we had an open interest of 943 contracts having LOST 72 contracts on the day.
We had  73 notices served on TUESDAY so we GAINED  1 contract or an additional 100 oz will  stand for delivery for this very non active delivery month
 
 
 
 
 
 
 
 
 
.
DEC LOST 10,956 CONTRACTS  TO STAND AT 261,895
JANUARY GAINED 285 CONTRACT TO STAND AT 528
 

We had 53 notice(s) filed today for   5300  oz

FOR THE NOV 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 53  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 27 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 1  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the NOV /2021. contract month, we take the total number of notices filed so far for the month (1236) x 100 oz , to which we add the difference between the open interest for the front month of  (NOV: 943 CONTRACTS ) minus the number of notices served upon today  53 x 100 oz per contract equals 213,600 OZ OR 6.6438 TONNES) the number of ounces standing in this active month of NOV.  

 

thus the INITIAL standings for gold for the NOV contract month:

No of notices filed so far (1246) x 100 oz (943)  OI for the front month minus the number of notices served upon today (53} x 100 oz} which equals 213,500 ostanding OR 6.6438 TONNES in this  active delivery month of NOV.

We GAINED 1 contracts or an additional 100 oz will stand for delivery. 

 

TOTAL COMEX GOLD STANDING:  6.6438 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

260,725.414, oz NOW PLEDGED  march 5/2021/HSBC  8.10 TONNES

176,742.600 PLEDGED  MANFRA 5.497 TONNES

288,481,604, oz  JPM  8.97 TONNES

1,149,435.368 oz pledged June 12/2020 Brinks/35.75 TONNES

23,862.404 oz International Delaware:  0.7422 tonnes

LOOMIS:  18,615.429   0.57900

total pledged gold:  1,917,862.8211oz                                     59.65 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 485.73 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 6.640 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  17,603,658.110 oz or 547.54 tonnes
 
 
 
total weight of pledged:1,917,862.791oz                                     59.65 tonnes
 
 
 
 
 
registered gold that can be used to settle upon: 15,685,796.0 (485.73 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes 15,685,797.0 (485.73 tonnes)   
 
 
total eligible gold: 15,638,652.047 oz   (486.42 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  33,242,310.157 oz or 1,033.97
tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  907.63 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

NOV 17/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//NOV

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
54,404.242  oz
 
 
Delaware
Brinks
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,235,547.747 oz
Delaware
CNT
JPM
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
154
 
CONTRACT(S)
770,000  OZ)
 
No of oz to be served (notices)
101 contracts
 (505,000 oz)
Total monthly oz silver served (contracts)  979 contracts

 

5,890,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 4 deposits into customer account (ELIGIBLE ACCOUNT)

i) Into CNT  184,079.718 oz

ii) Into Delaware  176,960.129 oz

iii) Into JPMorgan: 585,581.100 oz

iv) Into Manfra: 289,926.800

 
 

JPMorgan now has 179.612 million oz  silver inventory or 50.86% of all official comex silver. (179.612 million/353.591 million

total customer deposits today 1,235,547.747 oz

we had 3 withdrawals

i) Out of Delaware:  2977.082

ii) out of CNT:  5168.400 oz

iii) Out of Brinks 46,258.810 oz

 

 

total withdrawal 640,794.964       oz

 

adjustments:   3
 
dealer to customer  2
i) Out of JPMorgan 4839.280 oz
ii) Out of Manfr: 4756.500
 
customer to dealer 1
i) Brinks  10,012.550
 
 
 
 
 

Total dealer(registered) silver: 95.841 million oz

total registered and eligible silver:  353.591 million oz

a net  1.180 million oz  enters  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

For the front month of November we have an  amount of silver standing equal to 255 contracts a GAIN of 76 contracts on the day. We had 45 notices filed on TUESDAY so we gained 121 contracts or an additional 605,000 oz will stand in this non active delivery month of November.
 

DEC LOST  5034 CONTRACTS DOWN TO 62,965

JANUARY GAINED 5 CONTRACTS TO STAND AT 1339

 
NO. OF NOTICES FILED: 154  FOR 770,000   OZ.

To calculate the number of silver ounces that will stand for delivery in NOV. we take the total number of notices filed for the month so far at  1178 x 5,000 oz =5,890,000 oz to which we add the difference between the open interest for the front month of NOV (255) and the number of notices served upon today 154 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the NOV./2021 contract month: 1178 (notices served so far) x 5000 oz + OI for front month of NOV(255)  – number of notices served upon today (154) x 5000 oz of silver standing for the NOV contract month .equals 6,395,000 oz. .

We gained 121 contracts or an additional 605,000 oz will stand for silver in this non active delivery month of November.

 

TODAY’S ESTIMATED SILVER VOLUME  61,881 CONTRACTS // volume  fair 

 

FOR YESTERDAY 91,302 contracts  ,CONFIRMED VOLUME/ good

 

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -3.06% (NOV17/2021)

SILVER FUND POSITIVE TO NAV

No of oz of physical silver held:  Oct 1/2021   151,927,020 ( a gain of 1.001 MILLION OZ IN TWO MONTHS

no of oz of physical silver held  JULY 8.2021;  150,926,000  (GAIN OF 6.411 MILLION OZ IN 2 MONTHS)

No of oz of physical silver held; MAY 24/2021  144,515,694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3616  Oz

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 12 months Sprott has added: 66.02 MILLION OZ OCT 4-SEPT 20)

 

2. Sprott gold fund (PHYS): premium to NAV FALLS TO -1.65% nav   (NOV 17)/2021 )

 

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

NAV $17.91 TRADING 17.20//NEGATIVE  3.95

 

END

 

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

NOV 17/WITH GOLD UP $14.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.99 TONNES

NOV 16/WITH GOLD DOWN $10.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.99 TONNES

NOV 15/WITH GOLD DOWN $1.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORTY AT 975.99 TONNES//

NOV 12/WITH GOLD UP $4.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY AT 975.99 TONNES

NOV 11/WITH GOLD UP  $14.45 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .58 TONES OF GOLD INTO THE GLD////INVENTORY RESTS AT 975.99 TONNES

NOV 10/WITH GOLD UP $18.00 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOV 9/WITH GOLD UP $1.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOV 8/WITH GOLD UP $11.75 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.41 TONNES

NOVEMBER 5/WITH GOLD UP $22.30 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.66 TONNES FROM THE GLD////INVENTORY RESTS AT 975.41 TONNES

NOV 4/WITH GOLD UP $29.05 TODAY;//A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD/INVENTORY RESTS AT 978.07 TONNES

NOV 3/WITH GOLD DOWN $ 24.10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 979.52 TONNES

NOV 2/WITH GOLD DOWN $6.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 979.52 TONNES

NOV 1/WITH GOLD UP $11.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.62 TONNES OF GOLD FROM THE GLD./INVENTORY REST AT 979.52. TONNES

OCT 29/WITH GOLD DOWN $18.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS TONIGHT AT 982.14 TONNES

OCT 28/WITH GOLD UP $3.10 TODAY: A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES FROM THE GLD////INVENTORY RESTS AT 982.14 TONNES

OCT 27/WITH GOLD UP $7.55 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.20 TONNES INTO THE GLD//INVENTORY REST AT 983.01 TONNES.

OCT 26/WITH GOLD DOWN $13.00 TODAY: A  HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 979.81 TONNES

OCT 25/WITH GOLD UP $10.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 978.07 TONNES

OCT 22/WITH GOLD UP $13.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD///INVENTORY RESTS AT 978.07 TONNES

OCT 21/ WITH GOLD DOWN $3.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 980.10 TONNES

OCT 20/WITH GOLD UP $14.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 19//WITH GOLD UP $4.95 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 18/WITH GOLD DOWN $2.65 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 980.10 TONNES

OCT 15/WITH GOLD DOWN $28.85 TODAY; A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.62 TONNES FROM THE GLD////INVENTORY RESTS AT 982.72 TONNES.

OCT 14/WITH GOLD UP $3.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 982.72 TONNES

 

OCT 13/WITH GOLD UP $35.35 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.82 TONNES FROM LAST FRIDAY/INVENTORY RESTS AT 982.72 TONNES

OCT 7/WITH GOLD DOWN $3.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 6/WITH GOLD UP $.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 5/WITH GOLD DOWN $5.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 4/WITH GOLD UP $5.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.49 TONNES FROM THE GLD//INVENTORY RESTS AT 986.54 TONNES

OCT 1/WITH GOLD UP $3.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 990.03 TONNES

 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at:

 

 

NOV 17 / GLD INVENTORY 975.99 tonnes

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

NOV 17/WITH SILVER UP 24 CENTS TODAY: NO  CHANGES IN SILVER STANDING AT THE SLV//INVENTORY RESTS AT 548.233 MILLION OZ//

NOV 16/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER STANDING AT THE SLV//INVENTORY RESTS AT 548.233 MILLION OZ//

NOV 15/WITH SILVER DOWN 25 CENTS TODAY: NO CHANGES IN SILVER AT THE SLV/ INVENTORY RESTS AT 548.233 MILLION OZ

NOV 12/WITH SILVER UP 8 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.933 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 548.233 MILLION OZ//

NOV 11/WITH SILVER UP 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ//

NOV 10 WITH SILVER UP 45 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 544.300 MILLION OZ//

NOV 9/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ.

NOV 8/WITH SILVER UP 38 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.300 MILLION OZ//

NOVEMBER 5/WITH SILVER UP 26 CENTS TODAY: A SMALL  CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 507,000 OZ FROM THE SLV///INVENTORY RESTS AT 544.300 MILLION OZ//

NOV 4/WITH SILVER UP 52 CENTS TODAY/ A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.312 MILLION OZ INTO THE SL. //INVENTORY RESTS AT 544.807 MILLION OZ//

NOV 3/WITH SILVER DOWN 29 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: AWITHDRAWAL OF 2.777 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 542.495 MILLION OZ//

NOV 2/WITH SILVER DOWN 53 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 226,000 OZ FROM THE SLV///INVENTORY RESTS AT 545.272 MILLION OZ//

NOV 1/WITH SILVER UP 12 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.249 MILLION OZ////INVENTORY RESTS AT 545.498 MILLION OZ//

OCT 29/WITH SILVER DOWN $0.17 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.847 MILLION OZ/

OCT 28 WITH SILVER DOWN 5 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.2277 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 546.747 MILLION OZ/

OCT 27/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.520 MILLION OZ//

OCT 26/WITH SILVER DOWN 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 544,520 MILLION OZ.

OCT 25/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.036 MILLLION OZ//INVENTORY  RESTS AT 546.562 MILLION OZ//

OCT 22/WITH SILVER UP 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.562 MILLION OZ//

OCT 21/WITH SILVER DOWN 25 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.055 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 546.562 MILLION OZ

OCT 20/WITH SILVER UP 54 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.166 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 549.617 MILLION OZ//

OCT 19/WITH SILVER UP 52 CENTS TODAY; A SMALL CHANGE IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 232,000 OZ INTO THE SLV////INVENTORY RESTS AT 553.783 MILLION OZ

OCT 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.551 MILLION OZ/

OCT 15/WITH SILVER DOWN 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.551 MILLION OZ/

OCT 14/WITH SILVER UP 32 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 7.406 MILLION OZ//INVENTORY RESTS AT 553.551 MILLION OZ//

OCT 13/WITH SILVER UP 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A LOSS OF 3.796 MILLION OZ FROM THE SLV SINCE FRIDAY NIGHT///INVENTORY RESTS AT 546.145 MILLION OZ/

OCT 7/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ/

OCT 6/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ 

OCT 5/ WITH SILVER UP 3 CENTS TODAY; A HUGE CHANGE  IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 503,000 OZ INTO THE SLV//INVENTORY RESTS AT 549.941 MILLION OZ

OCT 4/WITH  SILVER UP 1 CENT TODAY: A HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 8.425 MILLION OZ INTO THE SLV// //INVENTORY RESTS AT 549.438 MILLION OZ/

OCT 1/WITH  SILVER UP 52 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 541.013 MILLION OZ//

 
 
 

NOV 17/2021  SLV INVENTORY RESTS TONIGHT AT 548.233 MILLION OZ

 

 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Janet Yellen ‘Faces The Nation’ And Lies About Inflation

 
WEDNESDAY, NOV 17, 2021 – 11:30 AM

Via SchiffGold.com,

After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda.

Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the interview lying about inflation. Peter Schiff unraveled her lies in his podcast.

According to Yellen, the current bout of inflation has nothing to do with the Biden administration or the Federal Reserve. She claims it’s the pandemic’s fault, saying, “The pandemic has been calling the shots for the economy and for inflation.”

In Yellen’s narrative, inflation is simply a byproduct of high demand. She said there was a dramatic increase in demand during and after the pandemic, and that is why prices are going up. Since people were at home, they had lots of time to shop. “They shifted their spending on to goods that led to a surge in the demand for products,” Yellen said.

So, we really don’t have anything to worry about because this isn’t really inflation. It’s just demand-driven price hikes.

Peter called this laughable.

Remember, this is the former chairman of the Federal Reserve. This is how little this woman knows about inflation. Now, of course, maybe she’s just lying. In fact, let’s give her the benefit of the doubt. Maybe she’s not quite as stupid as she appears on the show. So, let’s just say that she’s lying and it’s just the crew on Face the Nation that’s complete morons. Because they don’t understand that she’s lying. They just assume she’s telling the truth because they know nothing about economics or inflation.”

If we take Yellen’s explanation at face value and assume price increases are merely a function of strong demand, it still leaves a question unanswered. Where is all of this demand coming from? Where did consumers get the money to buy all this stuff?

From the government. Thanks to stimulus and other government programs, millions of Americans were sitting at home getting government checks.

If the government didn’t get involved in showering the consumer with cash and telling the consumers they didn’t need to spend that cash on their rent, or making interest payments or even principal payments on their student loans — the government stuffed everybody’s pockets with wads of cash — that’s where the demand came from. So, if you’re going to say inflation was because of a big increase in aggregate demand, well duh. That’s because the government gave everybody money.

And where did the government get the money?

From the Federal Reserve — the agency that Janet Yellen used to head. Because had the Federal Reserve not printed up all this money, the government couldn’t have passed it out, because in case you didn’t know, the government’s broke.”

In fiscal 2021, the US government ran the second-largest annual budget deficit in history.

The government didn’t have any money to send to consumers who can then use that money to buy all this stuff. So, the government got the money from the Fed, and the government distributed that money to the public. And of course, some of the money went directly to the public through loans because the Fed kept interest rates artificially low making it easier for consumers to take out loans and buy more stuff. So, it’s not that we have all this demand. It’s that the demand is from inflation. Inflation created the demand and that’s why consumers were buying all this stuff.”

On the other side of the equation, Americans aren’t making very much stuff. Most of the things they’re buying are imported from other countries. That’s evident from the record trade deficits.

Yellen ignores all of this in an attempt to minimize the obvious inflation problem. In fact, she’s trying to convince you that inflation is a good thing. Prices are going up because people are buying stuff and that’s a sign of a strong economy. And by the way, we can credit Joe Biden for this economic strength. This is all spin.

If we really had a strong economy, that strong economy would be producing all sorts of stuff. Lots of goods and services would be generated by the strong economy, and so we wouldn’t have all these supply bottlenecks. Prices wouldn’t be going up because the supply of goods would be going up, and consumers could buy all the goods that we were making. The reason that the price of goods is going up is because we’re not making the goods. We’re just printing the money and doling it out to people.”

But Yellen dismisses any role that the Biden administration or the Fed has in this process.

This raises another question: if the government is oblivious to what’s causing this inflation fire, how is it going to put it out?

Peter said as far as he’s concerned, they’ve got to be lying. But nobody is willing to call them out on it.

This is nothing new. The government blamed the public for inflation in the 1970s.

In this podcast, Peter talks more about 1970s inflation propaganda, the mythical 2% inflation target, retail investors moving from bubble to bubble, and bitcoin.

4,37811

end

LAWRIE WILLIAM//(Peter Schiff,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,James Rickards

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Three banks paying $50 million to settle antitrust claims they rigged London gold fix

 Section: Daily Dispatches

From Bloomberg Law, New York
Monday, November 15, 2021

Barclays Plc, Societe Generale SA, Scotiabank, and London Gold Market Fixing Ltd. will pay a combined $50 million to end antitrust litigation over an alleged scheme to rig the gold “fix,” a key pricing benchmark, according to a federal court filing in Manhattan.

The traders leading the lawsuit sought preliminary approval for the agreement from Judge Valerie E. Caproni, who is overseeing the multidistrict case. She has tentatively signed off on a $62 million settlement with Deutsche Bank AG. … 

… For the remainder of the report:

https://news.bloomberglaw.com/banking-law/bank-trio-paying-50-million-over-claims-they-rigged-gold-fix

END

Gold manipulation at the fixes is discussed by Craig Hemke as multiple fines levied.

(Craig Hemke/Sprott)

Craig Hemke at Sprott Money: More gold price manipulation news

 

 

 Section: Daily Dispatches

 

By Craig Hemke
Sprott Money, Toronto
Tuesday, November 14, 2021

In what has become a steady stream of fines, settlements, and convictions, there was more news this week on the gold price manipulation front as multiple bullion banks reached a settlement regarding their manipulation efforts around the London daily price fixing.

And what is the London daily price fixing? It’s an arcane and opaque process that determines the globally-recognized wholesale price of gold. How and why this system is still allowed to operate in the year 2021 is beyond me, but that’s also beyond the point.

What you need to know is that this week’s settlement is just another in the long line of criminal and civil actions taken against the bullion banks and their traders over the past few years. …

… For the remainder of the report:

https://www.sprottmoney.com/blog/More-Gold-Price-Manipulation-News-Craig-Hemke-Nov-16-2021

END

OTHER IMPORTANT GOLD///ECONOMIC COMMENTARIES

Inflation fears is what is driving gold higher

(Ozimek/EpochTimes)

Gold Probes Multi-Month Highs As Inflation Drives Investor Interest In Haven Assets

 
WEDNESDAY, NOV 17, 2021 – 05:00 AM

Authored by Tom Ozimek via The Epoch Times,

Surging inflation has pushed gold prices to near five-month highs, with Credit Suisse analysts predicting a more sustained move higher that could see the haven metal attempt a breakout beyond its $2,075 record high.

Spot gold prices rose sharply on Nov. 3, the day Fed policymakers capped a two-day meeting by saying they would start tapering their massive asset-buying program but broadly continue “accommodative financial conditions,” and again on Nov. 10, the day the Labor Department released data showing year-over-year inflation in October running at a near 31-year high.

On Nov. 15, the haven metal was hovering around the $1,860 per ounce mark, not far off its five-month high, with the recent leg up suggesting investors are betting that the current inflationary run-up will continue for some time.

“Gold continues to improve steadily and has now cleared key price resistance from the July and September highs and downtrend from August 2020 at $1,834 to establish a five-month base,” Credit Suisse analysts wrote in a note, cited by FX Street.

“With the market also above rising short, medium and long-term averages evidence looks to be building we may be at the beginning of a more sustained move higher.”

Credit Suisse analysts said they expect gold to continue its bullish tendency and test the June high of $1,917, with a breakout above that level adding “further weight to our view with resistance then seen next at $1,959/77 and eventually back to the $2,075 record high.”

Inflation concerns have also sparked interest in the 30-year Treasury inflation-protected securities, whose yield on Nov. 9 fell to a record low of minus 0.57 percent, though it has since recovered some ground to minus 0.51 percent as of Nov. 12.

While Fed officials have maintained that the current bout of inflation is “transitory” and will abate once supply-side dislocations are smoothed out, Fed Chair Jerome Powell said at a Nov. 3 press conference that the central bank’s idea of “transitory” has evolved as upward price pressures have turned out to be more persistent than previously thought.

“Really for us, what transitory has meant is that if something is transitory, it will not leave behind it permanently or very persistently higher inflation,” Powell said, adding that it is not yet time to raise interest rates as “there is still ground to cover” in terms of labor market recovery.

But with job openings near historic highs and the quits rate, which reflects worker confidence in being able to find a better job, at a record high, some economists believe it’s high time the Fed hit the brakes on easy money more forcefully.

Former Treasury Secretary Larry Summers, who was early to sound the alarm on the current bout of surging prices, said in a CNN interview last week that he believes the labor market is tight and loose monetary policy is counterproductive.

“We’ve got to recognize our problem is not that not enough people have jobs,” Summers told the outlet. “The current problem is that we are pushing demand into the economy faster than supply can grow and that we are just going to get more and more inflation until we stop doing that,” he said.

“That’s the real problem,” he added.

Unless the Fed makes a significant change to policy or an “accident” delivers a major disruptive blow to the economy, it’s “quite unlikely” the rate of inflation will fall back to the central bank’s 2 percent target in the foreseeable future, Summers predicted.

The Fed has responded to surging prices by announcing a rollback in the pace of monthly asset-buys, one of the stimulus measures adopted in response to the pandemic crisis. At their most recent policy meeting at the beginning of November, Fed policymakers voted to taper their $120 billion in monthly asset-purchases—buying $10 billion less in Treasurys and $5 billion less in mortgage-backed securities each month.

Summers said that’s not fast enough.

“If they started by saying that they were going to stop immediately buying mortgages in the midst of a major housing bubble, that would be helpful,” he said, adding that surging housing prices have yet to be fully reflected in the headline inflation numbers.

“If they said they were going to stop growing their balance sheet and not reduce their balance sheet but just stop the process of growing it—if they were going to get that done in three months, rather than in eight, that would be helpful,” he said.

“I think the Fed has made a significant mistake in the approach that it’s taking by doubling down on the massive fiscal stimulus we had at the beginning of the year with really easy monetary policy,” Summers added.

end
Dave Kranzler and Andrew Maguire…

Is A Silver Supply Deficit Inevitable?

by Dave Kranzler | Nov 17, 2021 | Financial Markets, Gold, Market Manipulation, Precious Metals |

Silver is both a monetary metal and store of wealth – as such older than gold in fact – and a metal that is critical to a multitude of industrial applications. Silver is not only historically cheap relative to gold, but it is headed into a major supply deficit. For most of civilized human history, the gold silver ratio has been below 16. The ratio of ounces silver and gold pulled out of the ground currently is around 9. During the Roman Empire the ratio was 8 to 1. From the late 1600’s to 1900, the gold/silver ratio averaged just over 16. Currently the GSR is 75. The only conclusion to draw from this is that silver is one of the most undervalued hard assets in the world right now.

Kinesis Money invited me onto their podcast to discuss the impact of retail silver buying on the market; the future of gold and silver premiums and industry predictions of a severe silver supply deficit in years to come:

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OTHER COMMODITIES/URANIUM

 
 

END

 

 
CRYPTOCURRENCIES/
 

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

i) Chinese yuan vs usa dollar/CLOSED UP 6.3738  

 

//OFFSHORE YUAN 6.3781  /shanghai bourse CLOSED UP 15.58 PTS OR 0443% 

 

HANG SANG CLOSED DOWN 63.70 PTS OR 0.25% 

 

2. Nikkei closed DOWN  119.79 PTS OR 0.40% 

 

3. Europe stocks  MOSTLY MIXED

 

USA dollar INDEX DOWN TO  95.84/Euro FALLS TO 1.1322-

3b Japan 10 YR bond yield: FALLS TO. +.074/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113;85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//

 

3c Nikkei now JUST ABOVE 17,000

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

3e WTI:: 80 and Brent: 82.75

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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.0.238%/Italian 10 Yr bond yield RISES to 0.99% /SPAIN 10 YR BOND YIELD RISES TO 0.48%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.23: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.22

3k Gold at $1862.75 silver at: 25.09   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 62/100 in roubles/dollar) 73.13

3m oil into the 80 dollar handle for WTI and  81 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 114.67 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9300 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0531 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.238%

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 1.637% early this morning. Thirty year rate at 2.031%

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

6.  TURKISH LIRA:  UP  TO 10.45..  VERY DEADLY

Futures Flat Amid Fresh Inflation Jitters; Yen Tumbles To 5 Year Low

 
WEDNESDAY, NOV 17, 2021 – 07:50 AM

Price action has been generally uninspiring, with US index futures and European stocks flat after UK inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates, while Asian markets fell as investors fretted over early rate hikes by the Federal Reserve after strong retail earnings dented the stagflation narrative.  Ten-year Treasury yields held around 1.63% and the dollar was steady. Cryptocurrencies suffered a broad selloff, while oil extended losses amid talk of a coordinated U.S.-China release of reserves to tame prices. Gold rose. At 7:30 a.m. ET, Dow e-minis were down 14 points, or 0.04%. S&P 500 e-minis were up 1.25 points, or 0.0.3% and Nasdaq 100 e-minis were up 24.75 points, or 0.15%, boosted by gains in Tesla and other electric car-makers amid growing demand for EV makers.

Target Corp was the latest big-name retailer to report positive results, as it raised its annual forecasts and beat profit expectations, citing an early start in holiday shopping. But similar to Walmart, shares of the retailer fell 3.1% in premarket trade as its third-quarter margins were hit by supply-chain issues. Lowe’s rose 2.2% after the home improvement chain raised its full-year sales forecast on higher demand from builders and contractors, as well as a strong U.S. housing market.

Wall Street indexes had ended higher on Tuesday after data showed retail sales jumped in October, and Walmart and Home Depot both flagged strength in consumer demand going into the holiday season. While the readings showed that a rise in inflation has not stifled economic growth so far, any further gains in prices could potentially dampen an economic recovery. Indeed, even as global stocks trade near all-time highs, worries are rising that growth could be derailed by inflation, the resurgent virus, or both. The question remains whether the jump in costs will prove transitory or become a bigger challenge that forces a sharper monetary policy response, roiling both shares and bonds. The market now sees a 19% probability of a rate hike by the Fed in their March 2022 meet, up from 11.8% probability last month.

“The markets are still driven by uncertainty regarding how transitory inflation is,” according to Sebastien Galy, senior macro strategist at Nordea Investment Funds. “The market is assessing the situation about inflation — what is in the price and what is not.”

On the earnings front, Baidu reported a 13% jump in sales after growth in newer businesses such as the cloud helped offset a slowdown in its main internet advertising division. Nvidia and Cisco Systems are scheduled to report results later today

In premarket trading, Tesla inexplicably rose as much as 2.4% in U.S. pre-market trading, extending a bounce from the previous session after CEO Elon Musk disclosed even more stock sales. Peers Rivian and Lucid added 0.9% and 8.8%, respectively. Here are some of the biggest U.S. movers today:

  • Electric-vehicle makers Rivian Automotive (RIVN US), Lucid (LCID US) and Canoo (GOEV US) all move higher in U.S. premarket trading on heavy volumes, extending their gains and after Rivian and Lucid notched up milestones in their market values on Tuesday. The gains for Rivian on Tuesday saw its market capitalization surpass Germany’s Volkswagen, while Lucid’s market value leapfrogged General Motors and Ford.
  • Tesla (TSLA US) shares rise 1.3% in U.S. premarket trading, extending the bounce the EV maker saw in the prior session and after CEO Elon Musk disclosed more share sales.
  • Visa (V US) shares slip in U.S. premarket trading after Amazon.com said it will stop accepting payments using Visa credit cards issued in the U.K. starting next year.
  • Boeing (BA US) gains 1.9% in premarket trading after Wells Fargo upgrades the airplane maker to overweight from equal weight in a note, saying the risk-reward is now skewed positive.
  • Citi initiates a pair trade of overweight Plug Power (PLUG US) and underweight Ballard Power Systems (BLDP US), downgrading the latter to neutral on weak sales in China and likely delay in meaningful fuel cell adoption. Ballard Power falls 3.4% in premarket trading.
  • La-Z-Boy (LZB US) climbed 7% in postmarket trading after it reported adjusted earnings per share for the fiscal second quarter of 2022 that beat the average analyst estimate and boosted its quarterly dividend.
  • StoneCo’s (STNE US) shares fall as much as 9% in postmarket trading Tuesday after the fintech reported a weaker-than-expected adjusted results for the third quarter.
  • Chembio Diagnostics (CEMI US) rose 11% in extended trading after saying it submitted an Emergency Use Authorization application to the U.S FDA for its new DPP SARS-CoV-2 Antigen test.

European stocks treaded water with U.S. equity futures as the worst outbreak of Covid infections since the start of the pandemic held the rally in check. In the U.K., inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates, pressing on the FTSE 100 to lag peer markets.

Asian stocks fell, halting a four-day rally, as investors factored in higher Treasury yields and the outlook for U.S. monetary policy to assess whether the region’s recent gains were excessive.   The MSCI Asia Pacific Index slid as much as 0.7%, pulling back from a two-month high reached Tuesday. The banking sector contributed the most to Wednesday’s drop as the Commonwealth Bank of Australia reported cash earnings that were below some estimates. South Korea led the region’s decline, with the Kospi falling more than 1%, weighed down by bio-pharmaceutical firms. Asia’s stocks are taking a breather from a run-up driven by expectations for earnings to improve and economies to recover from quarters of pandemic-induced weakness. The benchmark is coming off a two-week gain of 1.5%.  “Shares are correcting recent gains, although I’d say it’s not much of a correction as the drop is mild,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management in Tokyo. “The relatively solid economic performances in the U.S. and Europe signal positive trends for Asian exporters,” which will support equities over the long term, he said.  U.S. stocks climbed after data showed the biggest increase in U.S. retail sales since March, while results from Walmart Inc. and Home Depot Inc. showed robust demand. The 10-year Treasury yield hit 1.64%, gaining for a fourth day.

Japanese equities fell, cooling off after a four-day advance despite the yen’s drop to the lowest level against the dollar since 2017. Service providers and retailers were the biggest drags on the Topix, which dropped 0.6%. Recruit and Fast Retailing were the largest contributors to a 0.4% loss in the Nikkei 225. The yen slightly extended its decline after tumbling 0.6% against the greenback on Tuesday. The value of Japan’s exports gained 9.4% in October, the slowest pace in eight months, adding to signs that global supply constraints are still weighing on the economy.

Indian stocks fell, led by banking and energy companies, as worries over economic recovery and inflation hurt investors’ sentiment. The S&P BSE Sensex fell 0.5% to 60,008.33 in Mumbai, while the NSE Nifty 50 Index declined by 0.6%. The benchmark index has now dropped for five of seven sessions and is off 3.7% its record level reached on Oct. 18. All but five of the 19 sector sub-indexes compiled by BSE Ltd. declined, led by a gauge of real estate companies.  Fitch Ratings kept a negative outlook on India’s sovereign rating, already at the lowest investment grade, citing concerns over public debt that’s the highest among similar rated emerging-market sovereigns.  While high-frequency data suggests India’s economic recovery is taking hold, central bank Governor Shaktikanta Das said at an event on Tuesday that the recovery is uneven. “Feeble global cues are weighing on sentiment,” Ajit Mishra, a strategist with Religare Broking, said in a note. He expects indexes to slide further but the pace of decline to be gradual with Nifty having support at 17,700-17,800 level. Shares of Paytm are scheduled to start trading on Thursday after the digital payment company raised $2.5b in India’s biggest initial share sale. Local markets will be closed on Friday for a holiday.  Reliance Industries contributed the most to Sensex’s decline, decreasing 2.1%. The index heavyweight has lost 5% this week, headed for the biggest weekly drop since June 27.

In rates, Treasuries were steady with yields slightly richer across the curve and gilts mildly outperforming after paring early losses. Treasury yields except 20-year are richer by less than 1bp across curve with 30-year sector outperforming slightly; 10-year yields around 1.63% after rising as high as 1.647% in early Asia session. Focal points for U.S. session include 20-year bond auction — against backdrop of Fed decision to not taper in the sector, made after last week’s poorly bid 30-year bond sale, and seven Fed speakers scheduled. The $23BN 20-year new issue at 1pm ET is first at that size after cuts announced this month; WI yield at 2.06% is 4bp richer than last month’s, which tailed the WI by 2.5bp. In Europe, gilts richen slightly across the short end, short-sterling futures fade an open drop after a hot inflation print. Peripheral spreads are marginally wider to core.

In FX, the Bloomberg Dollar Spot Index drifted after earlier rising to its highest level in over a year, spurred by strong U.S. retail sales and factory output data Tuesday; the greenback traded mixed versus its Group-of-10 peers though most currencies were consolidating recent losses against the greenback. The pound reached its strongest level against the euro in nearly nine months after U.K. inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates. The Australian dollar hit a six-week low as third quarter wage data missed the central bank’s target, prompting offshore funds to sell the currency; the three-year yield fell back under 1%. The yen declined to its lowest level in more than four years as growing wagers of quicker policy normalization in the U.S. contrasted with the outlook in Japan, where interest rates are expected to be kept low. Super-long bonds fell.

Volatility broke through the recent calm in currency markets, where the cost of hedging against volatility in the euro against the dollar over the next month climbed the most since the pandemic struck in March 2020. The move comes as traders bake in bets on faster rate hikes to curb inflation.

The Turkish lira extended the week’s downward move, weakening another 2% against the dollar after comments from Erdogan sent the USDTRY hitting record highs of 10.5619

The Chinese yuan advanced to its highest level since 2015 against a basket of trading partners’ currencies following the dollar’s surge. Bloomberg’s replica of the CFETS basket index rises 0.3% to 101.9571, closer to the level that triggered a shock devaluation by the PBOC in 2015, testing the central bank’s tolerance before stepping in with intervention.

In commodities, crude futures dropped as the market weighs the potential for a join U.S.-China stockpile-reserve release. WTI is down more than 1%, back on a $79-handle; Brent slips back toward $81.50, trading near the middle of this week’s range. Most base metals are under pressure with LME copper down as much as 1.4%. Spot gold adds $10 near $1,860/oz. European gas surged to the highest level in a month as delays to a controversial new pipeline from Russia stoked fears of a supply shortage with winter setting in.

Cryptocurrencies remained lower after a tumble, with Bitcoin steadying around the $60,000 level.

Looking at the day ahead now, and data releases include October data on UK and Canadian CPI, as well as US housing starts and building permits. Central bank speakers include ECB President Lagarde and the ECB’s Schnabel, the Fed’s Williams, Bowman, Mester, Waller, Daly, Evans and Bostic, and the BoE’s Mann. Finally, the ECB will be publishing their Financial Stability Review, and earnings releases today include Nvidia, Cisco, Lowe’s and Target.

Market Snapshot

  • S&P 500 futures little changed at 4,696.00
  • STOXX Europe 600 up 0.1% to 489.79
  • MXAP down 0.5% to 200.06
  • MXAPJ down 0.4% to 656.01
  • Nikkei down 0.4% to 29,688.33
  • Topix down 0.6% to 2,038.34
  • Hang Seng Index down 0.2% to 25,650.08
  • Shanghai Composite up 0.4% to 3,537.37
  • Sensex down 0.4% to 60,064.33
  • Australia S&P/ASX 200 down 0.7% to 7,369.93
  • Kospi down 1.2% to 2,962.42
  • Brent Futures down 0.8% to $81.79/bbl
  • Gold spot up 0.5% to $1,859.93
  • U.S. Dollar Index little changed at 95.95
  • German 10Y yield little changed at -0.25%
  • Euro little changed at $1.1310

Top Overnight News from Bloomberg

  • Bond traders are bracing for a key test Wednesday as the Treasury looks to sell its first long-dated debt since inflation worries spooked buyers at last week’s poorly received 30-year auction
  • Increasingly stretched prices in property and financial markets, risk-taking by non-banks and elevated borrowing pose a threat to euro-area stability, the European Central Bank warned
  • Germany is giving investors a rare chance to grab some of Europe’s safest and positive-yielding debt. The country will sell one billion euros ($1.13 billion) of its longest-dated debt at 10:30 a.m. London on Wednesday. The country’s 30-year notes are currently trading with a yield 0.09%. It’s a paltry rate, but probably the last time for a while that Germany will offer the maturity
  • ECB Governing Council member Olli Rehn says euro- area inflation is accelerating due to increasing demand pushing up the price of energy and supply bottlenecks, according to interview in Finland’s Talouselama magazine
  • The yuan’s advance to a six-year high versus China’s trading partners this week has investors asking how far the central bank will let the rally run. The yuan extended gains on Wednesday against a basket of 24 currencies of the nation’s trading partners, bringing it close to the level that triggered a shock devaluation by the People’s Bank of China in 2015
  • Turkish President Recep Tayyip Erdogan vowed to continue fighting for lower interest rates, sending a clear signal to investors a day before the central bank sets its policy. The lira weakened

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets traded mixed and struggled to sustain the positive lead from the US where better than expected Industrial Production and Retail Sales data spurred the major indices, in which the S&P 500 reclaimed the 4,700 level and briefly approached to within four points of its all-time high. ASX 200 (-0.7%) was led lower by underperformance in the top-weighted financials sector amid weakness in the largest lender CBA despite a 20% jump in quarterly cash profit, as operating income was steady and it noted that loan margins were significantly lower. Mining related stocks also lagged in Australia due to the recent declines in global commodity prices amid the stronger USD and higher US yields. Nikkei 225 (-0.4%) retraced its opening gains after disappointing Machinery Orders and miss on Exports which grew at the slowest pace in eight months, while the KOSPI (-1.2%) suffered due to virus concerns with daily infections at the second highest on record for South Korea. Hang Seng (-0.3%) and Shanghai Comp. (+0.4%) were varied with Hong Kong dragged lower by tech stocks including NetEase post-earnings, while the mainland was choppy as markets continued to digest the recent Biden-Xi meeting that was described by President Biden as a ‘good meeting’ and in which they discussed the need for nuclear “strategic stability” talks. US and China also agreed to provide access to each other’s journalists, although there were also comments from Commerce Secretary Raimondo that China is not living up to phase 1 trade commitments and it was reported that China is to speed up plans to replace US and foreign tech. Finally, 10yr JGBs were flat with demand hampered following the declines in T-notes, although downside was stemmed amid the flimsy sentiment across Asia-Pac trade and with the BoJ also in the market for JPY 925bln of JGBs mostly concentrated in 1-3yr and 5-10yr maturities.

Top Asian News

  • Asia Stocks Set to Snap Four-Day Advance as Kospi Leads Decline
  • Gold Rises as Fed Officials Feed Debate on Inflation Response
  • Deadly Toxic Air Chokes Delhi as India Clings to Coal Power
  • PBOC May Start Raising Rates by 10bps Every Quarter in 2022: TD

European equities (Stoxx 600 +0.1%) trade with little in the way of firm direction as the Stoxx 600 lingers around its ATH printed during yesterday’s session. The handover from the APAC session was mostly a softer one after the region failed to sustain the positive lead from the US which saw the S&P 500 approach within four points of its all-time high. Stateside, US futures are just as uninspiring as their European counterparts (ES flat) ahead of another busy day of Fed speak and pre-market earnings from retail names Target (TGT) and TJX Companies (TJK) with Cisco (CSCO) and NVIDIA (NVDA) due to report after-hours. Markets still await a decision on the next Fed Chair which President Biden said will come in around four days yesterday; as it stands, PredictIt assigns a circa 65% chance of Powell winning the renomination. Sectors in Europe have a marginal positive tilt with Media names outperforming peers alongside gains in Vivendi (+1.0%) after Italian prosecutors asked a judge to drop a case against Vivendi’s owner and CEO for alleged market manipulation. Travel & Leisure names are the notable underperformer amid losses in sector heavyweight Evolution Gaming (-9.6%) who account for 14% of the sector with the Co. accused of taking illegal wagers. In terms of individual movers, Siemens Healthineers (+4.6%) is one of the best performers in the region after the Co. noted that revenues are on track to grow 6-8% between 2023 and 2025. UK Banking names such as Lloyds (+1.3%) and Natwest (+1.1%) have benefitted from the favourable rate environment in the UK with today’s inflation data further cementing expectations for a move in rates by the BoE next month. Conversely, this acted as a drag on the UK homebuilder sector at the open before moves were eventually scaled back. SSE (-4.5%) underperforms after announcing a GBP 12.5bln investment to accelerate its net zero ambitions.

Top European News

  • Epstein’s Paris Apartment Listed for $14 Million, Telegraph Says
  • Volkswagen Shares Stall as Analysts Doubt Its EV Street Cred
  • Germany to Move Ahead With Tighter Covid Curbs Amid Record Cases
  • U.K. Urges EU Not to Start Trade War If Brexit Deal Suspended

In FX, the Greenback extended Tuesday’s post-US retail sales and ip gains to set new 2021/multi-year highs overnight when the index hit 96.266 and several Dollar pairs probed or crossed psychological round numbers. However, the latest bull run has abated somewhat amidst some recovery gains in certain rival currencies and a general bout of consolidation ahead of housing data, another raft of Fed speakers and Usd 23 bn 20 year supply that will be of note after a bad debut for new long londs last week, not to mention tepid receptions for 3 and 10 year offerings prior to that.

  • NZD/AUD – A marked change in the tide down under as the Aud/Nzd cross reverses sharply from around 1.0450 to sub-1.0400 and gives the Kiwi enough impetus to regain 0.7000+ status vs its US peer with extra incentive provided by NZ PM Ardern announcing that the entire country is expected to end lockdown and move to a new traffic light system after November 29, while Auckland’s domestic borders will reopen from December 15 for the fully vaccinated and those with negative COVID-19 tests. Conversely, the Aussie is struggling to stay within sight of 0.7300 against its US counterpart in wake of broadly in line Q3 wage prices that leaves the y/y rate still some way short of the 3% pace deemed necessary to lift overall inflation by the RBA.
  • GBP/CAD – Sterling is striving to buck the overall trend with help from more forecast-topping UK data that should give the BoE a green light for lifting the Bank Rate in December, as headline CPI came in at 4.2% y/y, core at 3.4% and PPI prints indicate more price pressure building in the pipeline. Cable printed a minor new w-t-d peak circa 1.3474 in response before waning and Eur/Gbp fell below the prior y-t-d low and 0.8400, but is now back above awaiting more news on the Brexit front and a speech from one of the less hawkish MPC members, Mann. Elsewhere, the Loonie is hovering around 1.2550 vs the Greenback and looking toward Canadian inflation for some fundamental direction as oil prices continue to fluctuate near recent lows, but Usd/Cad may also be attracted to decent option expiry interest between 1.2540-55 in 1.12 bn.
  • CHF/EUR/JPY – All straddling or adjacent to round numbers against the Dollar, but the Franc lagging below 0.9300 on yield differentials, while the Euro has recovered from a fresh 2021 trough under 1.1300 and Fib support at 1.1290 to fill a gap if nothing else, and the Yen just defended 115.00 irrespective of disappointing Japanese machinery orders and internals within the latest trade balance.

In commodities, WTI and Brent benchmarks are pressured this morning but the magnitude of the action, circa USD 0.70/bbl at the time of writing, is less pronounced when compared to the range of the week thus far and particularly against last week’s moves. Newsflow has been slim and the downside action has arisen without fresh catalysts or drivers; note, participants are cognisant of influence perhaps being exerted by today’s WTI Dec’21 option expiry. To briefly surmise the morning’s action, Vitol executives provided bullish commentary citing limited capacity to deal with shocks and on that theme, there were reports of an explosion at an oil pipeline in Southern Iran, said to be due to aging equipment. This, alongside reports that Belarus is restricting oil flows to Poland for three-days for maintenance purposes, have not steadied the benchmarks. Elsewhere, last night’s private inventories were mixed but bullish overall, with the headline a smaller than expected build and gasoline a larger than expected draw. On gasoline, some desks posit that this draw may serve to increase pressure for a US SPR release, and as such look to today’s EIA release which is expected to print a gasoline draw of 0.575M. Moving to metals, spot gold and silver are firmer this morning but, in a similar vein to crude, remain well within familiar ranges as specific catalysts have been light and initial USD action has largely fizzled out to the index pivoting the U/C mark. More broadly, base metals are pressured as inventories of iron ore are at their highest for almost three years in China as demand drops, with this having a knock-on impact on coking coal, for instance.

US Event Calendar

  • 7am: Nov. MBA Mortgage Applications, prior 5.5%
  • 8:30am: Oct. Building Permits, est. 1.63m, prior 1.59m, revised 1.59m
  • 8:30am: Oct. Building Permits MoM, est. 2.8%, prior -7.7%, revised -7.8%
  • 8:30am: Oct. Housing Starts MoM, est. 1.5%, prior -1.6%; Housing Starts, est. 1.58m, prior 1.56m

DB’s Henry Allen concludes the overnight wrap

Even as inflation jitters remained on investors’ radars, that didn’t prevent risk assets pushing onto fresh highs yesterday, as investor sentiment was bolstered by strong economic data and decent corporate earnings releases. In fact by the close of trade, the S&P 500 (+0.39%) had closed just -0.02% beneath its all-time closing record, in a move that also brought the index’s YTD gains back above +25%, whilst Europe’s STOXX 600 (+0.17%) hit an all-time high as it posted its 16th gain in the last 18 sessions.

Starting with the data, we had a number of positive US releases for October out yesterday, which echoed the strength we’d seen in some of the other prints, including the ISMs and nonfarm payrolls that had both surprised to the upside in the last couple of weeks. Headline retail sales posted their biggest gain since March, with a +1.7% advance (vs. +1.4% expected), whilst the measure excluding autos and gas stations was also up by a stronger-than-expected +1.4% (vs. +0.7% expected). Then we had the industrial production numbers, which showed a +1.6% gain in October (vs. +0.9% expected), though it’s worth noting around half of that increase was a recovery from Hurricane Ida’s effects. And that came against the backdrop of solid earnings results from Walmart and Home Depot as well earlier in the session. They saw Walmart raise their full-year guidance for adjusted EPS to around $6.40, up from $6.20-$6.35 previously, whilst Home Depot reported comparable sales that were up +6.1%. To be honest it was difficult to find much in the way of weak data, with the NAHB’s housing market index for November up to a 6-month high of 83 (vs. 80 expected).

Amidst the optimism however, concerns about near-term (and longer-term) inflation pressures haven’t gone away just yet, and the 5yr US breakeven rose again, increasing +1.1bps yesterday to an all-time high of 3.21%. Bear in mind that just 12 days ago (before the upside CPI release) that measure stood at 2.89%, so we’ve seen a pretty sizeable shift in investor expectations in a very short space of time as they’ve reacted to the prospect inflation won’t be as transitory as previously believed. The increase was matched by a +1.3bps increase in nominal 5yr yields to a post-pandemic high of 1.27%. The 10yr yield also saw a slight gain of +1.9bps to close at 1.63%, and this morning is up a further +0.7bps. Against this backdrop, the dollar index (+0.58%) strengthened further to its highest level in over a year yesterday, though the reverse picture has seen the euro weaken beneath $1.13 this morning for the first time since July 2020.

Speaking of inflation, there were fresh pressures on European natural gas prices yesterday, which surged by +17.81% to €94.19 per megawatt-hour. That’s their biggest move higher in over a month, and follows the decision from the German energy regulator to temporarily suspend the certification of the Nord Stream 2 pipeline, adding further short-term uncertainty to the winter outlook. UK natural gas futures (+17.15%) witnessed a similar surge, and their US counterparts were also up +3.19%. Elsewhere in the energy complex, Brent crude (+0.46%) oil prices moved higher as well.

Overnight in Asia, equity indices are trading lower this morning including the CSI (-0.05%), the Nikkei (-0.45%) and the Hang Seng (-0.55%), though the Shanghai Composite (+0.19%) has posted a modest advance. There were also some constructive discussions in the aftermath of the Biden-Xi summit the previous day, with US national security adviser Jake Sullivan saying that the two had spoken about the need for nuclear “strategic stability” talks, which could offer the prospect of a further easing in tensions if they do come about. Looking forward, futures are indicating a muted start in US & Europe later on, with those on the S&P 500 (-0.03%) and the DAX (-0.15%) pointing to modest declines.

Elsewhere, markets are still awaiting some concrete news on who might be nominated as the next Fed Chair, though President Biden did say to reporters that an announcement would be coming “in about four days”, so investors will be paying close attention to any announcements. Senator Sherrod Brown, who chairs the Senate Banking Committee, who earlier in the week noted a pick was imminent, followed up by proclaiming he was “certain” that the Senate would confirm either of Chair Powell or Governor Brainard.

Staying on the US, as Congress waits for the Congressional Budget Office’s score on Biden’s social and climate spending bill, moderate Democratic Senator Manchin noted continued uncertainty about the bill’s anti-inflationary bona fides. Elsewhere, the impending debt ceiling has worked its way back into the spotlight, with Treasury Secretary Yellen saying that she’ll soon provide updates on how much cash the Treasury will have to pay the government’s bills. The market has started to price in at least some risk, with yields on Treasury bills maturing in mid-to-late December higher than neighbouring maturities, and the Washington Post’s Tony Romm tweeted yesterday that the new deadline that the Treasury was expected to share soon was on December 15.

Turning to Germany, coalition negotiations are continuing between the centre-left SPD, the Greens and the liberal FDP, and yesterday saw SPD general secretary Lars Klingbeil state that “The goal is very clear, to have a completed coalition agreement in the next week”. We’ve heard similar comments from the Greens’ general secretary, Michael Kellner, who also said that “We aim to achieve a coalition agreement next week”. One issue they’ll have to grapple with is the resurgence in Covid-19 cases there, and Chancellor Merkel and Vice Chancellor Scholz (who would become chancellor if agreement on a traffic-light coalition is reached) are set to have a video conference with regional leaders tomorrow on the issue.

Staying on the pandemic, it’s been reported by the Washington Post that the Biden administration will announce this week that it plans to purchase 10 million doses of Pfizer’s Covid pill. The company will submit data for the pill to regulators before Thanksgiving. It’s not just the US that will benefit from Pfizer’s pill however, as the pharmaceutical company will also license generic, inexpensive versions of the pill to low- and middle-income countries, which should be a global boost in the fight against the virus.

Looking at yesterday’s other data, the main release came from the UK employment numbers, which showed that the number of payrolled employees rose by +160k in October, whilst the unemployment rate in the three months to September fell to 4.3% (vs. 4.4% expected). That release was better than the Bank of England’s MPC had expected in their November projections, and sterling was the top-performing G10 currency yesterday (+0.06% vs. USD) as the statistics were seen strengthening the case for a December rate hike.

In response to that, gilts underperformed their European counterparts, with 10yr yields up +2.7bps. That contrasted with yields on 10yr bunds (-1.4bps), OATs (-1.8bps) and BTPs (-2.6bps), which all moved lower on the day. Interestingly, that divergence between bunds and treasury yields widened further yesterday, moving up to 188bps, the widest since late-April.

To the day ahead now, and data releases include October data on UK and Canadian CPI, as well as US housing starts and building permits. Central bank speakers include ECB President Lagarde and the ECB’s Schnabel, the Fed’s Williams, Bowman, Mester, Waller, Daly, Evans and Bostic, and the BoE’s Mann. Finally, the ECB will be publishing their Financial Stability Review, and earnings releases today include Nvidia, Cisco, Lowe’s and Target.

3A/ASIAN AFFAIRS

i) WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED UP 51.58 PTS OR  0.44%     //Hang Sang CLOSED DOWN 63.70 PTS OR 0.25% /The Nikkei closed DOWN 119.79 PTS OR 0.40%    //Australia’s all ordinaires CLOSED DOWN 0.56%

/Chinese yuan (ONSHORE) closed UP  6.3758   /Oil DOWN TO 80.24 dollars per barrel for WTI and UP TO 81.95 for Brent. Stocks in Europe OPENED MOSTLY MIXED   /ONSHORE YUAN CLOSED  UP AT 6.3758 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3781/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADINGSTRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

 

 
 
end

b) REPORT ON JAPAN

JAPAN/

 

3 C CHINA

CHINA//USA

Biden begs China to release its oil reserves.  Now what will be the quid pro quo?

(zerohedge)

Biden Reportedly Begged China To Release Oil Reserves During Xi Call; Quid Pro Quo?

 
TUESDAY, NOV 16, 2021 – 06:25 PM

Unless you live under a rock, or have been high for 11 months, you will be well aware of two things: filling up your car (or grocery shopping) has never cost you more money and the president seems completely unable to do anything about it.

‘X’ marks the spot in the chart above – as gas prices (et al) have soared, President Biden’s approval rating has plummeted, and while The White House keeps telling Americans that it has lots of “tools” (to deal with near record high gasoline prices), it appears in reality their options are limited.

As we detailed earlier, the two main options being discussed: releasing oil from the US Strategic Petroleum Reserve (SPR) and/or instituting a ban on US crude exports; are both expected (by experts) to result in higher oil/gasoline prices (and only provide very brief, if any, relief at the pump).

Well now we know there is/was a third option being considered…

The South China Morning Post reports that President Biden asked President Xi, during their virtual meeting overnight, to release China’s oil reserves as part of an economic cooperation pact.

According to a person familiar with the matterthe US has asked China to release oil reserves to help stabilise soaring international crude oil prices.

The issue was also broached during a phone conversation between Chinese foreign minister Wang Yi and US Secretary of State Antony Blinken two days earlier.

“One of the pressing issues for both sides is energy supply,” the person said, which made us wonder just what China would want to give up some of that ‘supply’ for to help out its arch-competitor on the global hegemon stage?

SCMP reports that “currently, the energy departments from both sides are negotiating the details,” the person said, adding that China is open to the US request but has not committed to specific measures yet, citing the need to consider its domestic consumption needs.

We find that very hard to believe as it merely sounds like yet anothe China nod-and-plod as they commit to nothing.

As if confirming that belief, SCMP reports that Wang Yongzhong, a senior energy researcher with the Chinese Academy of Social Sciences, a Beijing-based governmental think tank, said that the current crude price of around US$80 per barrel does not necessitate China’s immediate release of strategic reserves.

“From a technical perspective, it’s not the time for China to do so. But the US indeed has the motivation because of its high inflation.”

So now China really knows how desperate America is?

Additionally, although China has built a strategic oil reserve in the past 14 years, estimates suggest that China‘s crude reserve is equivalent to only about 40-50 days of its imports, compared to the US size of 90 days of consumption.

So why would China ‘help’ the US?

The big question – obviously – is what did President Biden offer in return for this ‘favor’ from China?

Quid pro quo?

Does this kind of “political lobbying” reach impeachment-level actions? And what exactly is the US SPR for if not for this (ignoring the fact that, as we detailed previously, a modest SPR release would do little to help the average joe filling up his tank, and in fact could make it worse). Did Biden just tell China just how exposed he is domestically, politically?

Make America China-Dependent Again?

end

CHINA//TAIWAN/USA

 

 

end.

4/EUROPEAN AFFAIRS

AUSTRIA//COVID//VACCINE MANDATE

Ridiculous! Austria out of control and they do not get the science

(Watson)

Austrian Police Patrol Shops, Highways Hunting For The Unvaxx’d

 
WEDNESDAY, NOV 17, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

After the government put unvaccinated people under their own lockdown, video out of Austria shows police patrolling shops and highways checking people’s vaccination status.

In a move that was confirmed over the weekend, authorities have now imposed a lockdown that only affects the unjabbed, meaning they can only leave their homes for “essential reasons” such as food shopping.

These measures, which are the first of their kind in the world, impact the roughly 35 per cent of Austrians who haven’t had both doses of the vaccine.

The new rules were introduced as a result of a COVID spike and soaring ICU patients (because the vaccine works so well).

Footage out of Austria shows uniformed police patrolling shopping malls checking people’s vaccination status against a state database.

Another clip showed a police officer stopping a vehicle on a highway to check vaccination status.

Those caught outside without proof of vaccination face fines of up to $1,660.

Last week, Austria’s Chancellor Alexander Schallenberg said the lockdown was designed to make the unvaccinated “suffer” as everyone else had done during earlier lockdowns.

Whether these draconian patrols will continue remains to be seen.

After France introduced a vaccine passport system, video footage showed cops patrolling cafes and bars checking medical papers, although these patrols appeared to be designed to intimidate more than become routine because they largely stopped immediately after.

Many unvaccinated employees are being sent home in Austria because there isn’t enough testing capacity to allow them to obtain a negative result.

The government is also having to compensate businesses who are losing up to 35 per cent of their income from unvaccinated customers who are not allowed to enter their premises.

 

END

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

///RUSSIA/ARMENIA/AZERBAIJAN

Fresh fighting erupts on the Armenia and Azerbaijan borders.

(zerohedge)

Fresh Armenia-Azerbaijan Fighting Erupts, Multiple Casualties, As Yerevan Urges Russian Military Help

 
WEDNESDAY, NOV 17, 2021 – 02:45 AM

Fresh fighting has erupted between Armenia and Azerbaijan along the disputed border region, one year after a Russia-brokered ceasefire agreement halted the deadly forty-four-day-long war over historically contested Nagorno-Karabakh. 

Each side is blaming the other for Tuesday’s new fighting, which left multiple dead and wounded, according to the Armenian side. “There are fatalities and wounded among Armenian troops as a result of fighting that erupted following an attack by Azerbaijani forces,” Armenia’s defense ministry said.

Prior fighting in Sept.2020, Armenian Defense Ministry via AP

The statement said that casualties are still being counted and verified, but it confirmed Armenian national forces had “lost control of two military positions.” It added: “The data on Armenian casualties is being clarified. At the moment, we can say definitely that four people were injured.”

Heavy artillery was reportedly used in the clashes, following a year of relative calm at the border, and the presence of Russian peace-keeping forces. Azerbaijan is meanwhile disputing Armenia’s version of events, saying its outposts were attacked first. “Armenia’s armed forces committed a large-scale provocation at the state border at 11:00 am (GMT 0700) on Tuesday,” its Defense Ministry said.

Azerbaijani troops “stopped the enemy’s advance, surrounded and detained Armenian servicemen,” the statement continued.

The brief fighting has the potential to ignited a larger flare-up as tensions remain high. Based on the statement, it appears the Azeri side may have taken Armenian troops captive during Tuesday’s firefight.

Subsequent social media videos, though unconfirmed, appeared to show up to a dozen Armenian servicemen being held in captivity.

Last year’s war thrust the long-simmering dispute over a sizeable border zone into the international spotlight. The end result was disastrous from Armenia’s perspective, as the country had to give up a significant amount of territory in Nagorno-Karabakh and remove its forces (and some of the civilian population).

Like with last year’s fighting, Yerevan is now calling on Russia’s help to push back Azeri forces. The secretary of the Armenian Security Council, Armen Grigoryan, urged the following in a Tuesday statement

“As the attack [by Azerbaijan] was against Armenia’s sovereign territory, we are requesting that Russia defend Armenia’s territorial integrity within the framework of the 1997 agreement. This a verbal request that will be made in writing.”

Despite Russia having a military base on Armenian soil, and a defense pact with the small Caucasus nation, the Kremlin has shown a reluctance to get involved other than for peace-keeping purposes. At the same time Turkey has been an active backer of Azerbaijan, even at one point sending Turkish-backed Syrian mercenaries to bolster Azeri forces. 

end

TURKEY

Lira Craters 3% After Erdogan Vow To Keep Battling Interest Rates “To The End”

 
WEDNESDAY, NOV 17, 2021 – 09:49 AM

The Turkish lira cemented its status as the worst performing major of the year, plummeting to new record lows on Wednesday a day before the central bank is expected to slash rates further despite soaring inflation after Turkish President Tayyip Erdogan said he will continue his battle against interest rates “to the end.”

In comments that chopped the currency’s value by as much as 3%, pushing the USDTRY to a fresh record of 10.6364, Erdogan said he would lift the interest rate burden from people – i.e., he would force the “independent” central bank to keep cutting rates or else he will just fire the country’s top banker again and replace him with an even more docile puppet – and urged businesses to invest, hire and raise exports.

Foreign investors, having given Turkey the benefit of the doubt for much of the past decade, are finally fleeing the country, saying that Erdogan – who has long described himself as an enemy of interest rates – has swayed monetary policy too far with his frequent calls for stimulus and his rapid overhaul of the central bank’s leadership.

A day before a central bank policy meeting, at which it is expected to cut rates by another 100bps, the president repeated his unorthodox view that higher rates were the cause of inflation and questioned why some of our “friends” defended tight policy.

“We will lift this scourge of interest rates from people’s backs. We certainly cannot allow our people to be crushed by interest rates,” he told lawmakers from his ruling conservative AK Party in parliament.

“I cannot and will not stand on this path with those who defend interest rates,” Erdogan said, in the process sending the lira crashing to a new all-time low of 10.63, adding to steep losses after what analysts have called premature and risky monetary easing. The currency later rebounded a bit but is down 30% so far this year.

The central bank has bucked expectations and cut its policy rate by 300 basis points since September, even as inflation climbed to near 20%, delivering the stimulus long sought by Erdogan.

Taking a page out of the Fed and BOE book, the Turkish central bank has stubbornly claimed that price pressures are temporary; it is expected to cut rates by another 100 basis points to 15% on Thursday, despite inflation topping 20%.

Erdogan’s latest outburst is hardly new: in the past he has aggressively commented on monetary policy ahead of central bank meetings, often moving markets. The lira has lost 64% of its value since the end of 2017 in part due to tattered central bank credibility.  As he left parliament in Ankara, Erdogan said the central bank would decide on rates “independently” when its monetary policy committee meets at 1100 GMT on Thursday.

In Touch Capital Markets senior FX analyst Piotr Matys said cutting rates on Thursday would be too risky with the lira under pressure, and he predicted no policy change, although he will most likely be wrong.

“In order to stabilize the lira, the bank would have to reverse those 300-basis-point cuts since September but I think that the bar for it to make a U-turn is still set fairly high,” he said, operating under the assumption that Erdogan cares about lira stability when clearly that is no longer the case.

“Tomorrow’s meeting could prove the most important for (Central Bank Governor Sahap) Kavcioglu. Allowing the lira to fall at such a rapid pace will cause serious damage to the Turkish economy,” Matys added. Ironically, that may be just what Erdogan wants.

The lira’s depreciation stokes prices via Turkey’s heavy imports, and also raises default risks for companies with foreign currency debt. The depreciation combined with inflation has meanwhile eaten into Turks’ earnings.

Erdogan, who appointed Kavcioglu in March, also pulled his best Federal Reserve impression and questioned why business people did not take out loans and invest in risk assets as rates were lowered in the last few months.

“Then they get together (and) talk about high interest rates,” he said, referring to the main business group TUSIAD and others.

“What type of people are you? If you are a businessman you are on the side of investment, so here are you go: loans with low interest,” Erdogan said, adding he expected them to raise investment, employment, exports and production.

 

IRAN

Brilliant: Iran restarts production of advanced nuclear program parts ahead of resuming Vienna talks

(zerohedge)

Iran Restarts Production Of Advanced Nuclear-Program Parts Just Ahead Of Resuming Vienna Talks

 
TUESDAY, NOV 16, 2021 – 08:25 PM

Iran recently announced that its negotiators are set to resume nuclear talks with global powers at Vienna, including indirectly with the US, starting Nov.29 after JCPOA nuclear deal negotiations have been stalled since last June. 

But this anticipated resumption date is itself looking shaky, after on Tuesday The Wall Street Journal cited diplomats familiar with the talks who say the Islamic Republic has resumed production of advanced nuclear-program parts while ignoring the oversight of IAEA inspectors

The WSJ writes, “The renewed work has raised concerns among Western diplomats who say it could allow Iran to start secretly diverting centrifuge parts if Tehran chose to build a covert nuclear-weapons program, although they say there is no evidence at this point that it has done so.”

 

Iran’s nuclear enrichment facility in Natanz, via AP

After initially resuming “limited” work at an assembly plan in Karaj outside Tehran in August, WSJ says, a significant number of advanced centrifuge parts have since been produced, at a moment Tehran has admitted and even boasted doubling its enriched uranium stockpiles between the start of October to the first week of November. 

“We have more than 210 kilograms [about 463 pounds] of uranium enriched to 20%, and we’ve produced 25 kilos [about 55 pounds] at 60%, a level that no country apart from those with nuclear arms are able to produce,” said Atomic Energy Organization of Iran (AEOI) spokesman Behrouz Kamalvandi said over a week ago.

But ironically it appears that Iran’s ramped up activity at previously monitored nuclear facilities has actually been hastened by a recent spate of Israeli sabotage efforts, which have become a bit of ‘an open secret’ in Tehran, Tel Aviv, and increasingly acknowledged on the world stage:

“All of the recent work at Karaj has taken place without any official IAEA monitoring, the diplomats said,” the WSJ notes. “Iran significantly tightened security at Karaj after the June alleged sabotage, the latest in a series of explosions at its nuclear facilities over the past two years.”

So on the one hand international inspectors and Western diplomats complain of the lack of access to nuclear sites, while Iran has been forced to shutter said sites to outside observers precisely due to threat of Israeli and US sabotage attacks

This in turn has led to the kind of “could allow” “would allow” “might allow” type ofspeculation featured in Western media outlets, and seen in this latest WSJ piece, for example

According to one of the diplomats familiar with Iran’s program, Iran has installed the centrifuges whose key parts were produced at Karaj at Iran’s underground, heavily fortified, Fordow site. The diplomat said there is no evidence the centrifuges parts have been diverted elsewhere but “as the number of unmonitored centrifuges increases, the likelihood for this scenario increases.”

Meanwhile, Iranian leaders seem content to allow Western leaders to believe whatever they want to believe, while at the same time maintaining its consistent position that all nuclear development is for peaceful energy purposes. After all, such fears – founded or unfounded – will only give the Iranians more leverage and negotiating strength when talks finally resume in Vienne. 

But for now the question of the Nov.29 resumption date is anything but settled, also as Washington has stated clearly its patience is running out, blaming the hardline Ebrahim Raisi government for dragging its feat.

end

POLAND/RUSSIA/BELARUS

a must read

From Robert H to us all:

Re: Poland/ Belarus just heated up this morning

 
 
 

6.Global Issues

CORONAVIRUS UPDATE

This is simply awful!! Pfizer fails to report 6 deaths on vaccine recipients,  Those 6 would have driven vaccinated numbers to Covid attacks greater than unvaccinated.

Fwd: URGENT: Pfizer failed to report six deaths of Covid vaccine recipients when it updated its clinical trial results …

 
 
 
 
Pfizer is such a piece of shit company. The most fined and sanctioned pharma company of all time. They probably have the best lobbyists though

More people died in the key clinical trial for Pfizer’s Covid vaccine than the company publicly reported

Pfizer told the world 15 people who received the vaccine in its trial had died as of mid-March. Turns out the real number then was 21, compared to only 17 deaths in people who hadn’t been vaccinated.

 

 

On July 28, Pfizer and its partner BioNTech posted a six-month data update from their key Covid vaccine clinical trial, the one that led regulators worldwide to okay the shot.

At a time when questions about vaccine effectiveness were rising, the report received worldwide attention. Pfizer said the vaccine’s efficacy remained relatively strong, at 84 percent after six months.

It also reported 15 of the roughly 22,000 people who received the vaccine in the trial had died, compared to 14 of the 22,000 people who received placebo (a saline shot that didn’t contain the vaccine).

These were not just Covid deaths. In fact, they were mostly not from Covid. Only three of the people in the trial died of Covid-related illnesses – one who received the vaccine, and two who who received the saline shot. The other deaths were from other illnesses and diseases, mostly cardiovascular.

Researchers call this datapoint “all-cause mortality.” Pfizer barely mentioned it, stuffing the details of the deaths in an appendix to the report.

But all-cause mortality is arguably the MOST important measure for any drug or vaccine – especially one meant to be given prophylactically to large numbers of healthy people, as vaccines are.

(SOURCE: Appendix to “Six Month Safety and Efficacy of the BNT162b2 mRNA COVID-19 Vaccine,” available at https://www.medrxiv.org/content/10.1101/2021.07.28.21261159v1.supplementary-material)

Although the researchers released their update in July, the data was already more than four months old. They had stopped collecting information about deaths as of March 13, the “data cut-off.”

But even at the time, their figures were somewhat troubling.

In their initial safety report to the FDA, which contained data through November 2020, the researchers had said four placebo recipients and two vaccine recipients died, one after the first dose and one after the second. The July update reversed that trend. Between November 2020 and March 2021, 13 vaccine recipients died, compared to only 10 placebo subjects.

Further, nine vaccine recipients had died from cardiovascular events such as heart attacks or strokes, compared to six placebo recipients who died of those causes. The imbalance was small but notable, considering that regulators worldwide had found that the Pfizer and Moderna mRNA vaccines were linked to heart inflammation in young men.

(I reported accurately on this study on Twitter on July 29, and the next day Twitter suspended me for a week for doing so, the fourth of my five defamatory “strikes” for Covid “misinformation.”)

At best, the results suggested that the Pfizer/BioNTech vaccine – now pushed on nearly a billion people worldwide at a cost of tens of billions of dollars and ruinous and worsening civil liberties restrictions – did nothing to reduce overall deaths.

Worse, Pfizer and BioNTech had vaccinated almost all the placebo recipients in the trial shortly after the Food and Drug Administration okayed the vaccine for emergency use on Dec. 11, 2020.

As a result, they had destroyed our best chance to compare the long-term health of a large number of vaccine recipients with a scientifically balanced group of people who had not received the drug. The July 28 report appeared to be the last clean safety data update we would ever have.

But now the FDA has given us one more.

On November 8, the agency released its “Summary Basis for Regulatory Action,” a 30-page note explaining why on August 23 it granted full approval to Pfizer’s vaccine, replacing the emergency authorization from December 2020.

SOURCE: https://www.fda.gov/media/151733/download

And buried on page 23 of the report is this stunning sentence:

From Dose 1 through the March 13, 2021 data cutoff date, there were a total of 38 deaths, 21 in the COMIRNATY [vaccine] group and 17 in the placebo group.

Pfizer said publicly in July it had found 15 deaths among vaccine recipients by mid-March. But it told the FDA there were 21 – at the same data cutoff end date, March 13.

21.

Not 15.

The placebo figure in the trial was also wrong. Pfizer had 17 deaths among placebo recipients, not 14. Nine extra deaths overall, six among vaccine recipients.

Could the discrepancy result from some odd data lag? Maybe, but the FDA briefing book also contains the number of Covid cases that Pfizer found in vaccine recipients in the trial. Those figures are EXACTLY the same as those Pfizer posted publicly in July.

Yet the death counts were different.

Pfizer somehow miscounted – or publicly misreported, or both – the number of deaths in one of the most important clinical trials in the history of medicine.

And the FDA’s figures paint a notably more worrisome picture of the vaccine than the public July numbers. Though the absolute numbers are small, overall deaths were 24 percent higher among vaccine recipients.

The update also shows that 19 vaccine recipients died between November and March, compared to 13 placebo recipients – a difference of almost 50 percent.

Were the extra deaths cardiac-related? It is impossible to know. The FDA did not report any additional details of the deaths, saying only that none “were considered related to vaccination.”

But with tens of thousands of post-vaccine deaths now reported in the United States and Europe – and overall non-Covid death rates now running well above normal in many countries – a fresh look at that vague reassurance cannot happen soon enough.

 

(NOTE: I initially accidentally swapped the vaccine and placebo Covid deaths – two people who received placebo died of Covid in the trial, and one who received the vaccine. This error does not affect the overall figures.)

END

The media is picking up on this  (‘Died suddenly” meme)

Worldwide Search Trend For “Died Suddenly” Spikes To Record Highs 

 
TUESDAY, NOV 16, 2021 – 11:45 PM

We can’t help but notice one Google search trend that has erupted worldwide.

The search term “died suddenly” has spiked to an all-time high in the last two months, with data going back to 2004. 


Headlines in Europe piece together a mysterious trend of people suddenly dying. 

Here are more of those headlines from the US. 

We cannot definitively pinpoint the root cause of these mysterious deaths but want to direct readers to a piece noted last week titled “German Newspaper Highlights “Unusually Large” Number Of Soccer Players Who Have Collapsed Recently.”

In that, we outlined German newspaper Berliner Zeitung reported an “unusually large number of professional and amateur soccer players have collapsed recently.” Though it’s not death, we find the sudden collapse of the sports players appears to be very strange and possibly health-related. 

It’s too early to speculate if people are suddenly dying or collapsing due to COVID-19 vaccine-related issues such as heart muscle inflammation (myocarditis). This is a trend that should be closely monitored.

 

end

GIBRALTAR

Israel is not that far behind Gibraltar

“Most Vaccinated” Nation On Earth Cancels Christmas Over Surge In COVID Cases

 
WEDNESDAY, NOV 17, 2021 – 01:10 PM

Like much of Europe recently, Gibraltar, the British Overseas Territory located at the southern tip of the Iberian Peninsula, has seen a sudden uptick in COVID cases.

The European COVID case-rate (7d avg) is now higher than the peak of the March wave..

Source: Bloomberg

And Gibraltar COVID cases are soaring “exponentially” according to the government…

In response to this sudden surge in COVID cases, the government of Gibraltar recently announced that “official Christmas parties, official receptions and similar gatherings” have been canceled, and advised the public to avoid social events and parties for the next four weeks. Outdoor spaces are recommended over indoor ones, touching and hugging is discouraged, and mask wearing is advised.

“The drastic increase in the numbers of people testing positive for Covid-19 in recent days is a stark reminder that the virus is still very prevalent in our community and that it is the responsibility of us all to take every reasonable precaution to protect ourselves and our loved ones,” Health Minister Samantha Sacramento said.

There’s just one problem.

Gibraltar is the ‘most vaccinated’ nation on earth…

Source

Having been fully-vaxxed for months…

Source

In fact, over 118% of Gibraltar’s population are fully vaccinated against COVID (above 100% due to jabs given to Spaniards who cross the border to work or visit the territory every day).

Gibraltar is not alone in this ‘mysterious’ vaccine failure.

end

NEW ENGLAND JOURNAL OF MEDICINE

Special thanks fto G for sending this to us:

SHOCKING New England Journal of Medicine Study: Vaccine Immunity Wanes Against COVID Virus After ONLY 2 MONTHS — think twice before you take this non working toxin !!!

 

SHOCKING New England Journal of Medicine Study: Vaccine Immunity Wanes Against COVID Virus After ONLY 2 MONTHS

By Jim Hoft 
Published November 17, 2021 at 12:10pm

 

It should be clear by now that Americans were lied to about the pandemic and the related vaccine.

For over a year Dr. Fauci has blocked successful treatments and over-promised on ineffective vaccines.  But at least Big Pharma made record profits

On Friday Dr. Fauci told The New York Times podcast that the vaccines did not work as advertised and that Americans are in danger due to their waning immunity.

Advertisement – story continues below

Dr. Fauci told The New York Times’ podcast The Daily that experts were starting to see some waning immunity against both infection and hospitalization several months after the initial vaccination.

TRENDING: BREAKING NEWS: Pfizer Hid from Public the Number of Deaths in COVID Clinical Trials — Actual Number Was 21 Which Was 6 More than was Reported and 4 More than Unvaccinated Group

But even this statement by Dr. Fauci was not accurate.  It is much worse than that.

A recent study published in the New England Journal of Medicine and conducted in Israel found that the immunity against the delta variant of SARS-CoV-2 waned in all age groups a few months after receipt of the second dose of vaccine.

Advertisement – story continues below

Figure 1: Daily Confirmed SARS-CoV-2 Infections and New Cases of Severe Covid-19 among Fully Vaccinated Persons in Israel, June through Early August 2021.

From the NEJM:

RESULTS
Among persons 60 years of age or older, the rate of infection in the July 11–31 period was higher among persons who became fully vaccinated in January 2021 (when they were first eligible) than among those fully vaccinated 2 months later, in March (rate ratio, 1.6; 95% confidence interval [CI], 1.3 to 2.0). Among persons 40 to 59 years of age, the rate ratio for infection among those fully vaccinated in February (when they were first eligible), as compared with 2 months later, in April, was 1.7 (95% CI, 1.4 to 2.1). Among persons 16 to 39 years of age, the rate ratio for infection among those fully vaccinated in March (when they were first eligible), as compared with 2 months later, in May, was 1.6 (95% CI, 1.3 to 2.0). The rate ratio for severe disease among persons fully vaccinated in the month when they were first eligible, as compared with those fully vaccinated in March, was 1.8 (95% CI, 1.1 to 2.9) among persons 60 years of age or older and 2.2 (95% CI, 0.6 to 7.7) among those 40 to 59 years of age; owing to small numbers, the rate ratio could not be calculated among persons 16 to 39 years of age.

CONCLUSIONS
These findings indicate that immunity against the delta variant of SARS-CoV-2 waned in all age groups a few months after receipt of the second dose of vaccine.

end

GLOBAL ISSUES/GLOBAL INFLATION ISSUES

Canada’s annual inflation rate matches 18-year high, set to keep rising

OTTAWA, Nov 17 (Reuters) – Canada’s annual inflation rate accelerated again in October, matching a February 2003 high, led by sharp rises in gasoline and housing prices, data showed on Wednesday, with analysts expecting more heat ahead.

Inflation rose to 4.7%, in line with expectations, up from 4.4% in September, Statistics Canada data showed. It was the seventh consecutive month in which headline inflation topped the Bank of Canada’s 1-3% control range.

Prices rose in all eight major component groups for the second month in a row. Analysts said that trend was likely to continue.

“There is more heat ahead, particularly with the Vancouver port disruptions. And I think we are going to get inflation crossing well above 5% by the end of the year,” said Derek Holt, vice president of capital market economics at Scotiabank.

Rail access to Canada’s largest port, the Port of Vancouver, has been cut off by deadly flooding and landslides in the West Coast province of British Columbia. read more

CPI common, which the central bank calls the best gauge of the economy’s underperformance, was unchanged at 1.8%

END

 
LA PALMA VOLCANO ERUPTION
 

Rabo: “If That Is The US Geostrategic Call, Then I Really Want To Buy Puts”

 
WEDNESDAY, NOV 17, 2021 – 09:25 AM

By Michael Every of Rabobank

Calls and Putz

The Biden-Xi call was made successfully, but seems to offer very few new ‘puts’, as in potential market downside protection. First, the readouts from the US and Chinese sides appear to be of two different conversations entirely: the US talked about “the rules of the road”; China talked, at four times the length, about cooperation and there being room for two in the global village; Biden spoke about protecting US workers and firms from China’s economic practices; Xi said not to politicize trade.

In terms of framing, Professor Mary-Anne Brady tweets Chinese state TV edited the footage so it looked like Xi was talking while Biden nodded and took notes: the person responsible for the US logistics did not realize that “old friend” smiles aside, this is how the game is played – which makes them look a putz. The US side is clearly toning down its rhetoric – “extreme competition” became “stiff competition” then just “competition”. Next up, participation trophies? However, actual actions are limited: US execs will get fast-track immigration support; Chinese and US journalists will get visas – and reams of truth will flow in both directions; and the US and China may, at Biden’s request, jointly release oil from strategic reserves to try to bring down energy prices – an odd power dynamic when one is a massive energy exporter, and the other a massive energy importer.

Potentially the most significant development, however, is new strategic arms talks. In terms of conventional forces, China lags the US globally but is approaching peer status in Asia according to at least some sources; is massively expanding its nuclear stockpile, where the US still vastly outnumbers it; and we had the recent “near Sputnik moment”, where it used 1960’s FOBS tech to show it can evade US missile defences. So, arms talks are a good idea. The key issue though is that the US enters from a position of massive strength on nukes, and relative decline in conventional forces near China: what does DC give up for Beijing not to proceed with a ramp up of its own nuke capabilities? If the answer is to reduce its larger nuke stockpile, then the US is unilaterally throwing away military escalatory advantage at a time when conventional regional tensions are still very high. If that is indeed the US geostrategic call, then I really want to buy puts.

The greater likelihood is that the Quad is still going to Quad, and AUKUS to AUKUS; the White House to act in the way it just blocked Intel from investing more in China, and ZTE and Huawei from doing business in the US; indeed, the Washington Post believes an administrative boycott of the Beijing Winter Olympics will be announced; and while some minor US tariffs might come off ahead, in the most important areas of the economy, the odds are still of higher, not lower ones ahead.

Equally, the message in the Chinese Party press was ‘good start – but stop pointing your finger at us and let us do our own thing as an equal’. Which isn’t going to happen, I suspect, and even if it does is unlikely to last: 2022 and 2024 are not that far away in global politics terms. Yesterday also saw the text of the historic party resolution passed at the CCP’s sixth plenum, which underlines the top priority is “the single-minded pursuit” of national security, that “The Central Committee considers it essential to follow the methodology of dialectical and historical materialism,” and that Xi Jinping’s thinking is “contemporary Chinese Marxism, 21st century Marxism, and the essence of Chinese culture and spirit.” I am sure every Wall Street analyst read it in detail.

Relatedly, as Bloomberg says, ‘China’s property crackdown is dragging the country’s economy to the lows of 1990’, it also notes that “Economists are coming to realize that the Communist Party’s Politburo, the top decision-making body, was serious when it vowed this year not to use the property sector to stimulate the economy as it did following past downturns. Officials say excess supply of housing is a threat to economic stability, and want investment to go to prioritized sectors like hi-tech manufacturing rather than more apartments. Chen Long, an economist at Beijing-based consultancy Plenum, said: “President Xi thinks the property sector is too big. He is personally involved in real estate policies, so ministries don’t dare to ease policies without his approval.”” Whocouldanooed? And who wants a call versus a put there?

So too asks former ‘Bond King’, and more recent star of billionaire ‘Love They Neighbor’, Bill Gross. He’s worried about investors sleepwalking into a “dangerous dreamland“. He stresses that the Fed needs to raise rates but can’t do so aggressively ‘because markets.’ And he concludes, “One of these days, one of these years, or one of these decades, the system will collapse, because capitalism depends on savers saving and investing.” Even as a big-picture/longer-term practitioner, I think that is a pretty loose market call for a portfolio manager to have to trade. However, Gross is absolutely right: and he is ironically underlining precisely why the Central Committee considers it essential to follow the methodology of dialectical and historical materialism.

One wonders what the next Fed Chair to be selected this week –where Brainard’s price in the thin online prediction market has swung, but now shows that, as I mumbled yesterday, she is in with a real shot– thinks about this all. We shall soon see.

Meanwhile, in Europe, Bloomberg notes that energy prices, aside from their recent spike, are around their highest-ever levels, and yesterday saw early drop-offs in Russian gas flow west, and then a gas-price spike after Germany delayed certification of Nord Stream 2. Berlin insists this was for purely technical, bureaucratic reasons rather than related to geopolitics. Given this is Germany, I believe them – which is why Europe is in this mess. Relatedly, Russia’s state media quotes Ukraine’s foreign minister warning the EU to prepare for war with Russia, urging “Please do the preparatory work now, because if the military scenario happens, there will simply be no time.” Coincidentally, from tomorrow to 3 December, half the French navy will carry out its largest-ever exercise, the UK just agreed to help upgrade the Ukrainian navy, and the US is to sell Kyiv new anti-ship missiles. Let’s hope we don’t need Putin Puts.

Finally, in the background, and despite CNY being as rock solid as Beijing’s performance on the Biden-Xi call, the broad US dollar index is rising again – despite all the structural problems it faces. What does that tell you about the global call going forward?

end

7. OIL ISSUES

 

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND//COVID/VACCINES/LOCKDOWNS

AUSTRALIA

 
end

Euro/USA 1.1322 UP .00004 /EUROPE BOURSES //MOSTLY MIXED

 

USA/ YEN 114.67  UP  0.166 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3444  DOWN   0.234 

 

USA/CAN 1.2542  DOWN 0.0012  (  CDN DOLLAR  UP 12 BASIS PTS )

 

Early WEDNESDAY morning in Europe, the Euro IS UP by 4 basis points, trading now ABOVE the important 1.08 level RISING to 1.1322

Last night Shanghai COMPOSITE CLOSED DOWN 11.51 PTS OR 0.33%

 

//Hang Sang CLOSED DOWN 63.70 PTS OR 0.25% 

 

/AUSTRALIA CLOSED DOWN 0.56% // EUROPEAN BOURSES OPENED MOSTLY MIXED

 

Trading from Europe and ASIA

EUROPEAN BOURSES  MOSTLY MIXED 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 63.70 PTS OR  0.25%

 

/SHANGHAI CLOSED UP 15.58  PTS OR 0.44%

 

Australia BOURSE CLOSED DOWN 0.56%

Nikkei (Japan) CLOSED DOWN 119.79 POINTS OR 0.40% 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1864.30

silver:$25.14-

Early WEDNESDAY morning USA 10 year bond yr: 1.637% !!! UP 0 IN POINTS from TUESDAY night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.031 UP 0  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 95,84  DOWN 7  CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.39%  UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.074% DOWN 2/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.49%// UP 1  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.98  UP 1    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 48 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –..245% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.23% AND NOW ABOVE   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 WEDNESDAY

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

Euro/USA 1.1312  DOWN .0006    or 6 basis points

USA/Japan: 114.43  DOWN .472 OR YEN UP 47  basis points/

Great Britain/USA 1.3477 UP .0053// UP 53   BASIS POINTS)

Canadian dollar DOWN 32 basis points to 1.2577

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP)..6.3780  

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.3798

TURKISH LIRA:  10.62  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.074%

Your closing 10 yr US bond yield DOWN 2 IN basis points from TUESDAY at 1.618 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 12.02-  DOWN 1 in basis points on the day

Your closing USA dollar index, 95,91 UP 0  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 35.05 PTS OR 0.48% 

 

German Dax :  CLOSED UP 4.74 PTS OR 0.03% 

 

Paris CAC CLOSED UP  5.60  PTS OR  0.08% 

 

Spain IBEX CLOSED  DOWN 40.30  PTS OR 0.45%

Italian MIB: CLOSED UP 27.61 PTS OR 0.10% 

 

WTI Oil price; 79L36 12:00  PM  EST

Brent Oil: 81.40 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72391  THE CROSS LOWER BY 0.68 RUBLES/DOLLAR (RUBLE HIGHER BY 68 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.245 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OIL PRICE 4:30 PM : 78.35//

BRENT :  80.25

USA 10 YR BOND YIELD: … 1.590..DOWN 5  basis points…

USA 30 YR BOND YIELD: 1.980 DOWN 5  basis points..

EURO/USA 1.1319 UP 0.0002   ( 2 BASIS POINTS)

USA/JAPANESE YEN:114.13 DOWN  0.778 ( YEN UP 78 BASIS POINTS/..

USA DOLLAR INDEX: 95795 DOWN 13  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3489 UP .0065  

the Turkish lira close: 10.62  DOWN 3 BASIS PTS//

the Russian rouble 72.57  UP 50  Roubles against the uSA dollar. (UP 50 BASIS POINTS)

Canadian dollar:  1.2610 DOWN 43 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.245%

The Dow closed DOWN 211.17 POINTS OR 0.58%

NASDAQ closed DOWN 52.28 POINTS OR 0.33%

VOLATILITY INDEX:  17.05 CLOSE UP  0.68

LIBOR 3 MONTH DURATION: 0.1600

 

%//libor dropping like a stone

USA trading day in Graph Form

Rivian Routed, Small Caps Slammed As Bonds, Bitcoin, & Bullion Bounce

 
WEDNESDAY, NOV 17, 2021 – 04:00 PM

Nasdaq desperately clung to unch today as Small Caps led stocks lower with The Dow and then the S&P behind it (the ongoing value-to-growth rotation continued, kicking in at the cash open). A weak close didn’t help…

Today’s weakness in stonks appears to have sparked just a smidge of adjustment in STIRs from the ultra-hawkish bias. It was nothing to write home about but rate-hike expectations for 2022 slipped lower on the day (and March 2022 rate-hike odds are back at 16% – still dramatically different from The Fed’s expectations)…

Source: Bloomberg

Small Caps underperformance has erased all of its gains relative to Nasdaq on the month…

High-flying Cramer-fave RIVN was monkeyhammered down 18% today (along with Lucid), while TSLA managed gains…

Source: Bloomberg

Value hit hard relative to growth…

Source: Bloomberg

Interestingly, given the very recent steepening of the TSY curve, we would expect value to outperform momentum…it hasn’t…

Source: Bloomberg

This is how we explained it…

Cyclicals and Defensives were down about the same today (with Defensives staging a good come back after the initial puke today), but on the week cyclicals remain the slight leaders…

Source: Bloomberg

After a week of serious pain, Treasuries were bid today…

Source: Bloomberg

30Y yields fell back below 2.00%… again…

Source: Bloomberg

The dollar slipped lower today…

Source: Bloomberg

Bitcoin bounced off its 50DMA for the second day in a row…

Source: Bloomberg

Ethereum bounced back intraday (back above $4200) and if the following chart from Raoul Pal holds, the dip is to be bought…

Source: Bloomberg

Finding support at $60,000…

Source: Bloomberg

Oil was clubbed like a baby seal today… again… with WTI Crude futures breaking below the 50DMA and settled back below $80, its lowest close in 6 weeks…

Gold managed gains, rebounding to $1870 after yesterday’s beating…

US NatGas tumbled (as European gas surged)…

Finally, it could be worse – you could be holding Turkish Lira!!

Source: Bloomberg

If only the Turks were allowed to hold gold or bitcoin…

Source: Bloomberg

END

i)  MORNING TRADING//

end

ii)  USA///DEBT

 

USA DATA

Housing starts tumble/homebuyer sentiment crashes  ..sticker price?

(zerohedge)

 

iii) a  IMPORTANT USA/CONTAINER LOGJAMS//shortages//inflation

b) USA COVID/VACCINE UPDATES//VACCINE MANDATES

iii) important USA economic stories

Bird brain Biden at it again: orders the FTC to probe “illegal conduct” by the oil and gas companies

(zerohedge)

In Response To Soaring Gas Prices, Biden Orders FTC To “Immediately” Probe “Illegal Conduct” By Oil & Gas Companies

 
WEDNESDAY, NOV 17, 2021 – 10:38 AM

Commenting on perhaps the most absurd moment of the Xi-Biden virtual summit, which as we learned last last night, was the US president begging China to release oil from its strategic petroleum reserve (ostensibly because due to opposition by Democrats in the US such as top House Democrat Steny Hoyer, Biden can’t do that), Rabobank’s Michael Every said that it was “an odd power dynamic when one is a massive energy exporter, and the other a massive energy importer.”

Alas, it does not appear that China will rush to comply with Biden’s demands, and with gasoline soaring and becoming a major political headache for the Democrats ahead of the midterms…

… Biden, or rather his handlers, are now scrambling to come up with ways to push gas prices lower.

We got the latest lightbulb moment from the administration this morning, when moments ago Biden sent a letter to FTC Chair Lina Khan to call attention to “mounting evidence of anti-consumer behavior by oil and gas companies” alleging that he won’t accept “hard-working Americans paying more for gas because of anti-competitive or potentially illegal conduct.”

Claiming that “gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining” he told the FTC to “consider illegal conduct” which is costing families at the pump, and urging the FTC to “immediately” use “all tools” to examine price wrongdoing.

The letter goes on to suggest that while “prices at the pump correspond to movements in the price of unfinished gasoline, which is the main ingredient in the gas people buy at the gas station. But in the last month, the price of unfinished gasoline is down more than 5 percent while gas prices at the pump are up 3 percent in the same period. This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average.”

Meanwhile, Biden goes on, “the largest oil and gas companies in America are generating significant profits off higher energy prices… they have announced plans to engage in billions of dollars of stock buybacks and dividends this year.”

Well… here is the answer: prices are set based on input costs and taxes, which have never been higher. Indeed, one should probably advise Biden that in addition to oil costs, taxes make up a substantial portion of the end cost of gasoline…

… and one should also show Biden the following chart of wholesale gas prices which may lag retail prices but always converge.

According to Bloomberg, a White House official said the agency could decide to begin an investigation to collect data on how gas companies set prices, as well as data on actual pricing. Biden asked the commission to “further examine what is happening with oil and gas markets, and that you bring all of the commission’s tools to bear if you uncover any wrongdoing.”

Spoiler alert: it won’t find any wrongdoing. As for energy companies generating tremendous profits, where was the White House last year when all the energy companies were on the verge of failure when oil collapsed (and in the case of WTI printed negative) forcing them to take on tens of billions in debt just to survive, while gasoline was the cheapest it has been in years? Oh yes, it had everything to do with tumbling oil prices.

Bottom line: this is another purely populist fishing expedition crafted to give the impression that Biden is doing “something” even if in a few weeks the FTC will advise Biden that the biggest reason why gas is so expensive – surging oil prices – has to do with the president’s ludicrous “green” agenda, which has crippled investment in “dirty” fossil fuels and shut down cost-cutting pipelines across the country. Or rather it won’t, as the truth tends to be frowned upon these days.

As for what is really going on, we doubt anyone will be surprised to learn that this is just Biden latest attempt at scapegoating in a desperate pursuit of finding someone to blame: the Environmental Protection Agency is set to release biofuel quota levels in the coming weeks. A drop in blending requirements could help lower retail prices, but this may be marginal relative to the recent crude-price surge… and would not be at all in keeping with Biden’s climate crisis narrative.

Alas, once this latest attempt to deflect responsibility for his admin’s “green” policies which have crippled the US energy sector, it’s clear what’s coming next:

The full letter is below.

Here’s Why Biden Was Forced To Beg Xi To Release Oil From China’s SPR

 
WEDNESDAY, NOV 17, 2021 – 11:15 AM

As we have detailed in depth over the past few days (herehere, and here), the Biden administration is utterly desperate to stop retail gasoline prices soaring as the president’s approval rating plunges ever lower.

So desperate that last night we reported that Biden had reportedly asked President Xi to release some of China’s Strategic Petroleum Reserve (which we remarked and JPMorgan has confirmed was “highly unlikely” to happen).

The decision to ask China to join a coordinated global SPR release seemed odd at the time of reporting… but now we may know why Biden was forced to do it.

It turns out that the US SPR has seen drawdowns for 10 straight weeks, during which more than 15 million barrels of crude have been withdrawn.

Source: Bloomberg

At 606 million barrels, SPR is at its lowest since 2003, and it seems more declines are on the horizon.

As Bloomberg’s Julian Lee points out, the withdrawal of 3.25 million barrels from the SPR is the biggest in more than a decade.

Source: Bloomberg

Not since the coordinated release of emergency reserves in September 2011, following the Libyan uprising, have we had this much taken out of the storage caverns in a single week.

It is clear that the much talked-about SPR draw is happening by stealth, despite U.S. House Majority Leader Steny Hoyer saying he is not in agreement with Senate Majority Leader Chuck Schumer’s call for tapping the strategic oil reserve to lower gas prices, saying he believed the reserve was there to be used if there is a collapse in supply in times of emergency.

“I’m not in agreement with that. I think that the Strategic Petroleum Reserve is not for a raise in prices, it’s for a collapse in supply at times of emergency, i.e. a conflagration in the Middle East which essentially shuts off supply,” Hoyer told reporters when asked if he agreed with Schumer’s comments.

Too late, Steny – it already happened!

So what the hell is going on? 10 straight weeks of SPR drawdowns and prices for gas at the pump have risen over 7%.

That also explains why Biden has suddenly shifted his attention to ‘gouging’ and blaming fossil fuel companies, and away from an SPR release.

END

Democrats’ SALT Proposals Would Give Tax Windfall To Rich Americans On Both Coasts

 
WEDNESDAY, NOV 17, 2021 – 02:10 PM

Wealthy professionals on both coasts of the United States would receive a massive tax windfall if Congressional Democrats are successful slipping in one of two competing plans to change the State and Local Tax (SALT) deduction – which was capped at $10,000 as part of the Trump tax plan.

According to a Bloomberg-sponsored analysis by accounting firm Marcum, those with six-figure salaries and high property / state income tax bills will benefit the most.

If Democrats get their way in the new reconciliation bill, the rich – and the superrich – would be able to deduct up to $80,000 of SALT.

Dems, of course, are pitching it as a benefit to the middle-class.

“This fix will put money back in the pockets of hardworking, middle-class families in our districts and help ensure that our local communities can continue making the investments that we need,” said Reps. Tom Suozzi (D-NY) and Mikie Sherrill and Josh Gottheimer (D-NJ) said in a statement.

In an attempt to temper outrage over a tax cut for the uber-wealthy, Rep. Bernie Sanders (I-VT) and Bob Menendez (D-NJ) have suggested limiting the SALT cap removal to households under a certain threshold which has ranged from a proposed $400,000 to $500,000. Sanders said his plan is a “proposal that protects the middle class, but does not end up with an overall reconciliation bill in which millionaires are better off tax-wise than they were under Trump,” adding that rich taxpayers would still be able to deduct $10,000 in SALT as they can under current law.

The practical impact of each proposal would vary widely based on where a taxpayer lives, what they pay in property taxes and how many other deductions they claim, including for mortgage interest and charitable donations. -Bloomberg

Scenarios:

According to Marcum, a married suburban couple in New York earning $150,000, who have a $400,000 mortgage, pay $10,000 in property taxes, and have $2,500 in charitable donations per year would save them $1,743, lowering their overall tax rate by 1%.

For a couple earning $400,000 – owing $25,000 in property tax, deduct interest on a $750,000 mortgage, and give $6,000 to charity each year, they would be able to deduct over $50,000 in SALT expenses on their federal returns – saving nearly $12,000 for a 3% drop in their effective tax rate.

A family earning $600,000 would also get roughly 3% knocked off their federal tax bill, for a savings of $19,251.

By capping the SALT deduction at $80,000, a wealthy taxpayer paying the top federal rate of 37% would get, at most, $25,900 in tax relief. For the couple earning $35 million, this savings represents just 0.07% of their income. -Bloomberg

“It gives some benefit to the wealthy, but it’s a negligible benefit,” said Marcum tax partner Ronald Finkelstein, who added that the alternative minimum tax (AMT) will also limit the SALT advantage for some of these taxpayers.

Republicans have slammed the plan, with Rep. Kevin Brady of Texas saying “The occupants of the penthouse are getting a bundle, but the building janitor gets nothing.”

As Finkelstein noted, those who would benefit the least from the SALT deduction are high earners from states including Florida, Texas and Nevada, which don’t have state income taxes.

58

iv) Swamp commentaries/

Prosecution Of Project Veritas Sounds Warning About Two-Tier Justice & Big-State Corruption

 
TUESDAY, NOV 16, 2021 – 06:05 PM

Authored by Roger Kimball, op-ed via The Epoch Times,

Whatever else can be said about the FBI’s vendetta against James O’Keefe and Project Veritas, his investigative journalism enterprise, it is a useful reminder of two things:

1) that we increasingly live in a two-tier society in which the lower tier can expect the arbitrary intrusion of all the coercive elements of the state, and

2) that the fundamental legitimacy of many important American institutions is draining away rapidly like a full bathtub that is suddenly unplugged.

Scott Johnson at Powerline has an excellent summary of the case thus far.

Last Thursday, the FBI conducted a raid against two former employees of Project Veritas.

A few days later, they conducted a dawn raid against O’Keefe himself. It was the full monty.

According to Harmeet Dhillon, a lawyer for PV, the G-men showed up with a battering ram, cuffed O’Keefe, and tossed him out in the hallway in his underwear as they proceeded to ransack his home.

They made off with lots of booty, including two mobile phones chock full of privileged attorney-client communications, donor information, as well as information about ongoing Project Veritas investigations.

Yes, but what were the Feds looking for.

Why the fancy-dress SWAT-team routine?

They were apparently looking for a diary kept by Ashley Biden, daughter of Joe Biden, President of the United States.

The diary, you see, may be real—or maybe not. If real, it may have been stolen. It may have been left behind in a room once occupied by Ashley Biden.

Project Veritas, in any event, denies having stolen it.

From bits that were leaked back before the 2020 election, we can say that the document is certainly full of items that, if true, are embarrassing to Joe Biden.

But think about this.

What if your uncle, who enjoyed a Tabasco youth, decided to write his memoirs, naming names and describing situations. He left his diary behind at a hotel and it’s vanished. What do you do?

If you are P.G. Wodehouse, you have Bertie Wooster find and destroy the thing.

If you are Joe Biden, you call your “geheime Staatspolizei,” formerly known as the FBI, and put them on the case.

Merrick Garland, attorney general of the United States (it sounds funny doesn’t it?) must have peeled off a number of agents he had just assigned to badger parents who attend school board meetings and set them looking for the diary.

But what if it is your Uncle Fred who was scribbling his embarrassing memoirs? Can you call your Uncle Joe and have him put the FBI on the case?

Of course you can’t. Who do you think you are?

Remember Hunter Biden’s laptop?

That was as good as a diary.

Better even. For the salacious things it contained were not mere assertions, musings or fantasies inscribed with pen on paper.

There were photos and videos and emails and other documents—hard evidence, in other words.

But the entire regime media complex closed ranks over Hunter’s laptop.

The New York Post broke the story.

The New York Post was quickly kicked off Twitter.

Regime spokesmen denounced it as “Russian disinformation.”

(I wonder if there are some Russians who are receiving royalties for all the drama they have, by proxy, provided over the last 4 or 5 years? I feel sure someone should be compensated.)

Hunter’s laptop became unmentionable, like potatoes during the Irish potato famine.

The spectacle of the FBI breaking down the doors of journalists was too much even for Analisa Torres, the judge who issued the original search warrant.

After the assault on O’Keefe’s property, Torres ordered that the agents pause in their efforts to extract data from O’Keefe’s phones.

The Feds apparently took this as their signal to start leaking material about O’Keefe and Project Veritas to The New York Times.

As of this writing, our former paper of record has published not one not two not three but four separate stories about the investigation into O’Keefe and Project Veritas.

As Scott Johnson delicately suggests, the Times pieces are full of their signature snottiness, questioning whether Project Veritas is really even a legitimate news organization.

Andy McCarthy, in a column on Nov. 12, offers some salutary advice for Judge Torres.

She should start, McCarthy writes, by ordering the U.S. Attorney to provide the court with affidavits detailing communications between prosecutors and the media.

She should also ask Merrick Garland to refer the matter to the Justice Department.

What do you suppose the chances of that are?

I’d say approximately zero.

In his conclusion, McCarthy touches upon what I think is the critical issue.

“You don’t need to love Project Veritas,” he writes, “to be offended by the blatant government leaking of confidential investigative information and by the Times’ hypocritical coverage.”

Indeed. As it happens, I do rather love Project Veritas, as much for its insouciance as for its what’s-good-for-the-goose-is-good-for-the-gander deployment of Alinskyite tactics against the Left.

Why should the Left have a monopoly on ferreting out hypocrisy and corruption?

I am not sure I would agree with McCarthy’s subsequent description of the Times as “the crown jewel of American journalism.”

I think the paper is utterly bankrupt and completely untrustworthy. I have vowed never to speak to a reporter from the TimesI cancelled my subscription years ago and cannot remember the last time I held a copy in my hands.

But McCarthy is right that the paper endeavored to brand Project Veritas as “a lower caste” enterprise, “not entitled to the presumptions of privacy and legitimacy that the Times demands for its own information-collection practices.”

You can say that again.

We’re back again at that “two-tier” structure I began with.

McCarthy is correct in his implication that the Times’s actions cast doubt on its own journalistic integrity.

But I think the episode uncovers, yet again, a sickness that is far deeper.

The moral bankruptcy of the Times is merely a reflection of a much larger bankruptcy: the bankruptcy of the institutions and the social compact that once underwrote our society.

In my view, that bankruptcy includes, but is not limited to, the FBI and the Department of Justice under whose aegis it operates.

Both have become thoroughly politicized shills for the permanent regime apparat that now governs us.

More and more people are waking up to this dispensation.

Merrick Garland, testifying recently before Congress about his memo siccing the FBI on recalcitrant parents who dared to question their local school boards, noted that the DOJ employs some 115,000 people.

That is indeed a lot of people—many too many, I’d say.

But even with 115,000 people at his disposal, the ghoulish Garland will find that there are not enough SWAT teams, handcuffs, or battering rams to save his secret police from the fury of an awakened populace.

Project Veritas is part of the general reveille, and thank God for that.

end

Rittenhouse Attorneys Livid After Prosecutors Withheld High-Def Drone Footage, Gave Them “Compressed Version”

 
WEDNESDAY, NOV 17, 2021 – 11:02 AM

Authored by Andrea Widburg via American Thinker (emphasis ours),

During the Kyle Rittenhouse trial, the prosecution argued that Kyle provoked the men who attacked him by waving his gun.  To prove this, during the trial, the prosecution gave the defense fuzzy drone footage.  There was a great deal of argument about what could be extrapolated from that fuzzy view.  It turns out that the prosecution had within its possession a high-quality video that it played for the judge after the trial ended.  On this, and other evidentiary grounds, the defense moved for a mistrial with prejudice.

 

Defense attorney Mark Richards gives his closing argument on Monday

The defense motion states the facts with sufficient clarity that I’m going to reprint them here verbatim:

On November 5. 2021, the fifth day of trial on this case, the prosecution turned over to the defense footage of a drone video which captured some of the incident from August 25, 2020. The problem is, the prosecution gave the defense a compressed version of the video. What that means is the video provided to the defense was not as clear as the video kept by the state. The file size of the defense video is 3.6 MB and the state’s is 11.2 MB. Further, the dimensions on our video are 480 x 212, the state’s, 1920 x 844. The video which was in the state’s possession, wasn’t provided to the defense until after the trial concluded. During the jury instructions conference, the defense played their version of the video for the court to review. The state indicated their version was much clearer and had their tech person come into court to have the court review their clearer video. The video is the same; the resolution of that video, however, was not. The state did not provide their quality video to the defense until Saturday, November 13, 2021, and only did so upon specific request by Attorney Wisco — two days before closing arguments and after the evidence had been closed.

Under Wisconsin law, when the defense makes a demand, the prosecution must provide to the defense “[a]ny physical evidence that the district attorney intends to offer in evidence at the trial” and “[a]ny exculpatory evidence.”  That’s Wisconsin Stat. § 971.23(1)(g) & (h).  I don’t have the time to research the law, but my bet is that if Wisconsin’s appellate court ever had before it the question of whether the prosecutor may get away with producing bastardized, degraded versions of the requested evidence, it would say emphatically not.

The motion for a mistrial with prejudice also raises the fact that, when Kyle Rittenhouse took the witness stand, the prosecutors improperly accused him of keeping silent after his arrest.  That right, of course, is enshrined in the famous Miranda rights warning that all arrestees in America receive: “You have the right to remain silent …”  The corollary to that right is that this silence cannot be used against the defendant in a court of law, but that’s exactly what the prosecution tried to do.

 

Image: Thomas Binger (edited in befunky). YouTube screen grab.

The motion reminds the court that a motion for retrial in Wisconsin can be granted with prejudice (i.e., no retrial) if the evidence shows prosecutorial overreach.  To make this showing, the prosecutor’s action must be intentional in that he clearly knew that his acts would be prejudicial to the defendant.  The alleged misconduct must also have been purposefully intended to throw a trial that’s going badly, justifying a mistrial and a second prosecutorial bite at the apple.

Here, the prosecution ignored not just a court order, but the whole principle behind the Miranda warning and could only have acted intentionally when it sprang a video on the defense at the last moment and gave the defense only a poor-quality copy of the original evidence.  Both of those things scream intentionality.

As you may recall, the prosecution produced the drone footage at the last minute to support the claim that Kyle was waving his rifle around in a way that would provoke other people to engage in self-defense against him.  Thus, they argued, Joseph Rosenbaum, who had been setting fires, tried to burn police as they sat in their patrol cars, swung chains at people, and screamed the N-word, was himself acting in self-defense when he told Kyle earlier that he was going to kill Kyle, and then raced after Kyle, cornered him in a parking lot, and grabbed for his long gun.

To state the argument is to realize how ridiculous it is.  However, it’s consistent with the prosecution’s other argument on closing, which was that anyone who isn’t carrying a gun is not a threat and that the person with a gun should always yield gracefully to a non-gun beating.  By contrast, said the prosecution, a gun is inherently a threat.  This picture of Reginald Denny, with nothing more, shows how ridiculous the first argument is:

The second argument vitiates the Second Amendment.  If carrying a gun is inherently threatening, then no one ever has a right to defend himself.

As of this writing, the jury spent Monday deliberating without reaching a decision.  By the time you read this, the trial may be over.  The jury may have found Kyle guilty, in which case the mob gathered outside will celebrate by destroying property.  It may have found Kyle innocent, in which case the mob will try once again to burn Kenosha.  And the judge may have granted the motion, in which case the mob will also try to burn it all down.

END

THIS IS THE CLASSIC DEFINITION OF THE WORD ‘CHUTZPAH”

 

 

Biden Imposes Travel Ban On Nicaraguan Officials Over “Sham” Election

 
WEDNESDAY, NOV 17, 2021 – 12:50 PM

Authored by Dave DeCamp via AntiWar.com,

President Biden announced a travel ban on Tuesday for Nicaraguan government officials in his administration’s second move against the Central American country this week over the recent presidential election. “The Ortega government’s undemocratic, authoritarian actions have crippled the electoral process and stripped away the right of Nicaraguan citizens to choose their leaders in free and fair elections,” President Biden said.

In the proclamation, Biden has prohibited any members of the Nicaraguan government of Daniel Ortega from entering the US. The ban extends to the children and spouses of the government officials. 

Nicaraguan President Daniel Ortega, AFP/Getty Images

On Monday, the US imposed new sanctions against nine Nicaraguan officials and the country’s Public Ministry. The UK joined the US in taking action against the Ortega government and sanctioned several officials, including Vice President Rosario Murillo, the wife of President Ortega, who has been under US sanctions since 2018.

The US deemed Nicaragua’s November 7th election a “sham” before it even happened. The accusation is that Ortega jailed his political opponents, but there were other candidates on the ballot.

“The Ortega government controls multiple security services, including non-uniformed, armed, and masked parapolice, who abuse persons to further the Ortega government’s authoritarian agenda, including by harassing, threatening, and committing violence against those opposed to the government,” the White House statement continued.

Sanctioning Nicaragua has strong bipartisan support. Last week, President Biden signed into law the RENACER Act, a bill that calls for more sanctions on Nicaragua. A week earlier, the legislation passed through the House in a vote of 387 to 35.

A US official told Reuters last week that sanctions would be a first in a series of steps to put pressure on Nicaragua that will “ramp up over time.”

 
 
end
 
Have fun with this!!
 

Watch: Sen. Ted Cruz Grills DHS Head Over Illegal Immigrant Kids In “Biden Cages”

 
WEDNESDAY, NOV 17, 2021 – 03:50 PM

Authored by Steve Watson via Summit News,

A tense exchange unfolded during a Senate hearing between Senator Ted Cruz and Homeland Security Secretary Alejandro Mayorkas, as Cruz demanded to know how many children have been held in “Biden Cages” at the border, while Mayorkas avoided answering by refusing to accept the terminology.

“How many children have been in the Biden cages in calendar year 2021?” Cruz asked, prompting Mayorkas to reply “Uh I respectfully am not familiar with the term cages, and to what you are referring.”

Cruz followed up “Enclosures in which they are locked in, in which I took photographs and put them out because you blocked the press and didn’t want people to see the Biden cages, the secure facilities in which they are locked down in Donna, those facilities. How many children have been in them?”

Mayorkas responded “Senator, I respectfully disagree with your use of the term ‘cages.’”

Nevertheless, Cruz persisted, stating “Fine you can disagree with it,” and again asking “How many children have been in the Biden cages? I’ve been to the Biden cages. I’ve seen the Biden cages. How many children have you detained at the Donna tent facility in the cages you built to hold kids? How many children have been in those cages?”

Mayorkas stuttered and stammered and didn’t provide any answer, before Cruz asked whether Joe Biden or Kamala Harris had bothered to visit the facility in Texas, forcing him to admit they have not.

Watch:

 

Elsewhere during the exchange, Cruz asked Mayorkas how many women have been sexually assaulted or trafficked into the U.S. this year, and how many children have been sexually assaulted as they were trafficked illegally across the border.

Cruz also also demanded figures for the amount of illegals who tested positive for COVID-19 and then were released and how many with criminal records were released.

“How many murderers have you released?” Cruz asked, adding “How many rapists have you released? How many child molesters have you released?”

Mayorkas didn’t have answers for any of the questions:

 

Cruz also addressed Democrats in the Senate, asking “Has any Democratic member of this committee given a damn enough to see the children being locked up by Joe Biden and Kamala Harris because of your failed immigration policies?”

 

While grading himself with an A, Mayorkas failed to provide any meaningful answers elsewhere during the hearing, including why he didn’t defend Border Patrol agents falsely accused of whipping Haitian migrants crossing the border illegally back in September.

 

While admitting that the immigration system is “fundamentally broken,” Mayorkas claimed that the Biden administration has “more control” over the border than the Trump administration did, a laughable suggestion.

 

*  *  *

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

Inflation and supply-chain induced shortage fears generated a (pre-emptive) surge in October retail sales.

Walmart’s grocery sales are surging amid rising inflation fears (WMT fell 2.55% on inflation angst)
Same-store sales — or sales at stores open at least a year — rose 9.2 percent from a year earlier in the US and a whopping 16 percent from the same time in 2019…“We gained market share in grocery in the US and more customers and members are returning to our stores and clubs around the world,” Chief Executive Doug McMillon said in a statement…Earnings per share hit $1.45 in the quarter and Walmart raised its full-year guidance for earnings to $6.40 a share compared to its earlier forecast of $6.20 to $6.35 a share… https://t.co/uNE4kLim8S

Retail sales accelerate as supply chain crisis causes earlier start to holiday-shopping season
Sales at gasoline stations rose 3.9%…more than 60% from the previous year to a seven-year high…
    Retail sales… rose 1.7% last month… Analysts surveyed by Refinitiv were expecting a 1.4% increase. The reading was 16.3% above year-ago levels.  September’s reading was revised up by 0.1 percentage points to 0.8%…sales at food services and drinking places were unchanged.  Retail sales excluding autos rose 1.7% month over month compared with the 1% gain that was expected…
https://www.foxbusiness.com/economy/retail-sales-october-2021

Federal Reserve should “tack in a more hawkish direction”, Bullard (St. Louis Fed president) says
Bullard said the Fed could “speed up the taper” to $30 billion per month so that asset purchases would be finished at the end of the first quarter…“It makes sense to try to move a little bit more hawkishly here and try to manage the inflation risk,” he said.   https://t.co/zl4F8NVFiF

 

But the masses are rabidly bullish, and the expiry manipulation was in motion.  So, ESZs and stocks surged higher, with ESZs hitting 4704.00 at 11:19 ET.  An uptick for the European close pushed ESZs to a minor new high of 4704.25.  After a modest respite, ESZs traipsed higher for the Noon Balloon and during the early afternoon.  Action was lame, despite the new highs.

The rally hit a peak near the VIX Fix (14:15 ET).  PS – Today is the VIX November expiration.  Be alert for manipulation before the expiration at 14:15 ET and a reaction after it!!!

ESZs and stocks then retreated until the final-hour manipulation appeared.  After a slow motion 5-handle rally, ESZs rolled over at 14:35 ET.  ESZs and stock sank into the close.  Too many traders got long.

Biden at war with himself on supply-chain battles
Joe Biden can look in the mirror for answers to supply-chain dilemmas. The U.S. president wants to ease bottlenecks but some of his own policies stand in the way…
https://www.reuters.com/breakingviews/biden-war-with-himself-supply-chain-battles-2021-11-16/

RNC blasts Biden admin for previously downplaying inflation concerns
Inflation has presented growing political problem for Biden admin
    The Republican National Committee (RNC) slammed President Biden in a new video over his administration’s previous attempts to downplay rising inflation… the new video… compiles several instances where the president or members of his administration downplayed the severity of rising inflation in the United States…. Inflation has become the elephant in the room for the Democrats as prices continue to rise across the nation…
https://www.foxnews.com/politics/rnc-blasts-biden-admin-dismissing-inflation-concerns

WSJ Exclusive: Iran Resumes Production of Advanced Nuclear-Program Parts, Diplomats Say
Manufacturing of centrifuge equipment has begun without monitoring from the U.N.’s atomic-power watchdog  https://www.wsj.com/articles/iran-resumes-production-of-advanced-nuclear-program-parts-diplomats-say-11637079334

 

Pfizer files for emergency use authorization with the FDA of its Covid pill that can cut the risk of hospitalization and death by 90% – [will allow] generic drug companies [to] produce the pill…
https://www.dailymail.co.uk/health/article-10209461/Pfizer-files-emergency-use-authorization-FDA-Covid-pill.html

GOP @RepThomasMassie: Recruiting the former FDA director to serve on the board of Pfizer seems to have worked out well for Pfizer. (The WH says it will buy 10 million courses of PFE Covid pills.)

A course of medication is the period of continual treatment with a drug.

@SahilBloom: The Cantillon Effect is the most important economic conceptyou’ve never heard of… Cantillon posited that the early recipients of new money entering an economy will benefit more significantly than those it trickles down to.  In other words, the “flow path” of the new money matters!…
The Federal Reserve’s escalating asset purchases have an injection point at the top.  Direct stimulus checks—on the other hand—have an injection point at the bottom… The asset purchases—and rock-bottom interest rates, among other things—generally benefit asset owners (the wealthy)…
    By now, everyone has heard that inflation is running hot in the U.S. But perhaps more importantly, it’s also running disproportionately hot—as exhibited in this chart from @Business this week… (Inflation is hottest in the Midwest and the South.)   https://twitter.com/SahilBloom/status/1460242333228847105

Yesterday, The Big Guy stated that he will make a decision for the Fed chair in about four days.

Biden-Xi talks: China warns US about ‘playing with fire’ on Taiwan
Both sides emphasised the two men’s personal relationship and the summit was an attempt to ease tensions… Both men are facing domestic concerns, with Mr Biden’s poll numbers slumping in the face of inflation, the threat of coronavirus and the chaotic withdrawal from Afghanistan. Mr Xi is tackling energy shortages and a property crisis…
    Their relationship had become so toxic and so dysfunctional that these video discussions have been, in part, an attempt to ensure that competition between China and the US didn’t drift into armed conflict due to a misunderstanding at a global hotspot…  https://www.bbc.com/news/world-asia-china-59301167

Though the most of the MSM tried to portray Biden as presidential at his virtual meeting with Xi, some rebuked The Big Guy for his performance.  This forced the WH into frenetic spin mode.

White House insists Biden not an ‘old friend’ of China’s President Xi Jinping
The White House on Tuesday insisted that President Biden is not an “old friend” of Chinese President Xi Jinping — despite Xi saying so at a virtual summit Monday in what’s being seen as an opening dig to undermine Biden… Biden became testy in June when Fox News correspondent Peter Doocy suggested the two speak “old friend to old friend” to get to the bottom of the origins of the COVID-19 pandemic.
    “Let’s get something straight,” Biden said at the time. “We know each other well. We’re not old friends. It’s just pure business.” https://nypost.com/2021/11/16/white-house-re-affirms-xi-jinping-not-bidens-old-friend/

Hunter Biden emails boast ties to White House and China    September 23, 2021
https://nypost.com/2021/09/23/hunter-biden-emails-boast-ties-to-white-house-and-china/

Hunter Biden emails ‘name Joe Biden as “The Big Guy” who’d get 10% share in deal with Chinese energy firm’, report says   October 17, 2020
https://www.the-sun.com/news/1646449/source-claims-joe-biden-is-big-guy-in-hunter-emails-leak/

US asks China to release oil reserves as part of discussions on economic cooperation (Are you Schiffing me?  What ‘quid pro quo’ did The Big Guy propose for the ginormous favor?)
https://www.scmp.com/economy/china-economy/article/3156290/us-asks-china-release-oil-reserves-part-discussions-economic

61% of voters now say Biden should let another candidate run in 2024 and just 24% say he should run again  https://www.dailymail.co.uk/news/article-10209303/61-voters-say-Biden-let-candidate-run-2024-dire-poll-finds.html

Fox’s Chad Pegram reports a source told him that he should familiarize himself with the process of the Senate and House confirming a Vice President. https://twitter.com/bennyjohnson/status/1460770840316944387

DOJ whistleblower challenges Garland testimony, says FBI counterterrorism tool used on parents
Rep. Jim Jordan demands attorney general amend his testimony, releases evidence from the whistleblower… an unclassified internal FBI email from last month showing the bureau’s counterterrorism chief Timothy R. Langan Jr., through a deputy, jointly sent instructions with the criminal division chief to FBI officials to use a “threat tag” to track any complaints involving parents and school officials (This is well beyond what Hoover would attempt!) Current and former FBI officials said the email cited by Jordan appeared to be an aberration from normal FBI practices
https://justthenews.com/government/security/doj-whistleblower-challenges-garland-testimony-says-fbi-counterterrorism-tool

 

@realchrisrufo: This is the smoking gun. Attorney General Garland provided zero evidence that parents are engaging in credible threats or acts of violence. And yet, he mobilized the FBI Counterterrorism Division to use counterterrorism tools for investigating, tracking, and tagging parents.
https://twitter.com/realchrisrufo/status/1460707366865833986/photo/1

Violence or a threat from ANY citizen is a local crime, not a federal issue.

@mercedesschlapp: When multiple U.S. gymnasts were sexually assaulted by their team doctor, the FBI ignored them.  When too many concerned parents spoke out at school board meetings, the FBI launched its entire counterterrorism division against them.

@ReturnOfTheFleX: Perhaps this is what the DOJ was looking for…when they raided O’Keefe’s place.

@ElectionWiz: FLASHBACK: AG Merrick Garland tells Congress that he “could not imagine any circumstance” that parents complaining about their school boards would be “labeled as domestic terrorism.”   https://twitter.com/ElectionWiz/status/1460721209725763591

Rep. Jackie Speier (Top Pelosi ally from CA) latest high-profile Dem retirement ahead of midterms
https://nypost.com/2021/11/16/rep-jackie-speier-latest-high-profile-dem-retirement/

@VivekGRamaswamy: The judge in the Rittenhouse trial had to instruct the jury to ignore statements made by the President of the United States about the defendant.  That says a lot about where we are…

@JackPosobiecTwo jurors holding decision up, outright citing backlash, per US Marshal in Kenosha
    More: Worried about media leaking their nameswhat will happen to their families, jobs, etc. Including doxxing threats from ‘anarchist groups’. (This is the USA today.  Are you concerned?)

@charliekirk11: Kyle Rittenhouse’s future is now being held hostage by BLM Inc. Sources indicate 2 jurors now citing direct threats as potentially impacting their decision on Kyle. Where is the DOJ? Too busy spying on parents, indicting Bannon, and investigating O’Keefe.

BLM protestors have been chanting at the courthouse through bullhorns.  The Revcom (Revolutionary Communist Party) is also there protesting.  https://twitter.com/BGOnTheScene/status/1460674160208883714

@PhilipWegmann: Making the point that bridges are important to emergency services, Biden says in NH he “had a house burn down with my wife in it.” He adds, “she got out safely.”  According to AP in 2004, fire in question was “small” and “was contained to the kitchen.”  Within moments, Biden seemed to clarify by saying “a significant portion of it burned.” (Joe regularly invokes real and fabled family tragedies.)

GOP Sen. Lankford demands Mayorkas clarify testimony on migrants after leaked documents contradict him – that migrant failing to report to immigration officials is an “enforcement priority” and leaked ICE documents that suggest it is not…
https://www.foxnews.com/politics/lankford-mayorkas-clarify-testimony-migrants-miss-ice-reporting-deadline

CNN’s @MZanona on GOP House meeting: @GOPLeader McCarthy tells me he called Paul Gosar last week after he posted an anime video on Twitter depicting him killing AOC… Rep. Brian Babin tells me people are really “mad” and “upset” that Republicans didn’t stay unified in opposition to the infrastructure bill
    Rep. Jim Jordan, a McCarthy ally, says there “ought to be a discussion” about it. House Republicans are angrier at the GOP lawmakers who voted for infrastructure than at Paul Gosar for posting a video depicting violence against Dems.  All the latest on the two big issues roiling the GOP conference right now.  MORE NEWS from GOP meeting: Rep. Chip Roy and McCarthy got into a heated exchange, per source.  Roy lamented that he has to now go back to his district and explain why people should bother voting Republican when they handed a victory to Dems, and argued leadership should act.  McCarthy then got up and shot back that he’s had to explain to voters many times votes that Roy has taken.  Roy pressed McCarthy to name which votes he was taking about — “Really?” said Roy —  but McCarthy didn’t name any, the source said…
     Marjorie Taylor Greene just ripped into Kevin McCarthy for failing to punish the 13 House R’s who backed the bipartisan infrastructure bill, saying the defections and lack of consequences are a sign of “weak” leadership. “It’s a complete failure,” she told reporters.  MTG also said the episode is hurting McCarthy’s chances for speaker & she needs to see changes before supporting him… Greene wants all 13 infra Rs booted from committees, but singled out 2 frontliners: Nicole Malliotakis, a member of the whip team, and John Katko, ranker on Homeland…

 
end
 
This is a must view…
 
Let us wrap up the week as always with this offering courtesy of Greg Hunter interviewing Clif High

 

Collapse of Civilization Coming – Clif High

By Greg Hunter’s USAWatchdog.com

Clif High is an Internet data mining expert who uses “Predictive Linguistics” and computer programs to sort through billions of bits of information on the Internet to predict future trends and events. High has had many freakishly correct predictions months and even years in advance.  In one prediction months ago, he said there would be increased traffic accidents that he named “vaxxidents,” and vehicle accidents recently reported are up more than 20% since the so-called vaccinations started. Clif High says the good news is the globalists are failing.  The bad news is life is going to get much harder.  High explains, “We are talking about the failure of systems, and we are at that point right now.  This is the failure of systems to interact and work with each other.  I see the signs of the failure of the United States all over.  Even if there was not an organic response to it at a coordinated level, these people would be failing just on their own incompetency.  They are trying to do things to a social order that is very, very diverse, and they are trying to do things as if the social order is not diverse. . . . We truly are a melting pot that you have so many diverse cultures that a medium of expression is bound to fail attempting to go from culture to culture to culture, and we are seeing that failure now.  Now, more people oppose BLM than support it.  Now, what is going to be the impact of BLM with the Rittenhouse verdict?  Will they riot?  Will it show how weak they are?  . . . . We are going to see all types of things happen here because the nature of the communist takeover is failing. . . . .We are going to watch it collapse.”

What about the economy and the social structure and how hard is life going to get?  High says, “Let’s say the ultimate paranoid understanding is this is a collapse of civilization to some degree.  In order to understand this, we should extract ourselves from as many of these failing systems as possible.  If you can extract yourself from the money system as much as possible, the school system and any of these systems because they are all going to fail, and you don’t want to be dragged down by them.  Here’s how bad it’s going to get. . . . Members of Congress will be rushing out of meetings, heaving their guts out and vomiting all over the hallways because of the emotional shock because of the death of the dollar.  The death of the dollar is not going to be a slow thing.  It will come to the point, probably fairly rapidly, and it might even be in just a couple of weeks because we have this drop dead date on December 3rd.  Anyway . . . This is the thing to imagine, and that is we are coming to the end of a civilization, which, in my opinion, we will be able to rebuild for the first time a true Constitutional Republic the way it had been envisioned.  It was taken over, at least in my life, since 1913 by the central banks (Federal Reserve).

High talks about the mass death coming as a result of the vax, which is failing badly.  He also talks about gold, silver, Bitcoin, China, how much longer this will last, the “Greatest Depression” and much more in this 1 hour and 15 min. interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Clif High.  He will give us an update as well as predicting future events and trends he sees with his data mining program.  (11.16.21)

 

Collapse of Civilization Coming – Clif High | Greg Hunter’s USAWatchdog

 
 
 
end
 
Well that is all for today
 
 

I will see you THURSDAY night.

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