JAN 5/2022//GOLD UP $10.30 TO $1824.90//SILVER UP 8 CENTS TO $23.12//COMEX GOLD STANDING : 3.7 TONNES//SILVER STANDING 10.340 MILLION OZ//FOMC: MINUTES STATE THAT THEY WILL RAISE RATES FASTER THAN EXPECTED (GOOD LUCK TO THEM)//COVID COMMENTARIES//VACCINE MANDATES//BIZAARE MOVES BY TURKEY’S CENTRAL BANK//RUSSIA WARNS THE WEST NOT TO INTERFER IN KAZAKHSTAN WHICH IS IN RUSSIA’S SPHERE OF INFLUENCE//USA BASES IN BOTH SYRIA AND IRAQ RAIDED//FAUCI AGAIN MOVES THE GOALPOST ON “FULLY VACCINATED” AND NOW IT INCLUDES BOOSTER SHOTS//SWAMP STORIES FOR YOU TONIGHT//

GOLD; UP $10.30 to $1824.90

SILVER: $23.12 UP 8 CENTS

ACCESS MARKET:

GOLD $1810.75

SILVER: $22.80

.. 

Bitcoin:  morning price: 46,040 DOWN $70

Bitcoin: afternoon price: 44,495 DOWN $1615

Platinum price: closing UP $7.05 to $985.35

Palladium price; closing UP  $0  at 1871.65

END

end

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  COMEX//NOTICES FILED

EXCHANGE: COMEX
CONTRACT: JANUARY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,814.000000000 USD
INTENT DATE: 01/04/2022 DELIVERY DATE: 01/06/2022
FIRM ORG FIRM NAME ISSUED STOPPED


363 H WELLS FARGO SEC 2
435 H SCOTIA CAPITAL 3
624 H BOFA SECURITIES 5
661 C JP MORGAN 1
737 C ADVANTAGE 9 1
800 C MAREX SPEC 3


TOTAL: 12 12
MONTH TO DATE: 1,163

NUMBER OF NOTICES FILED TODAY FOR  JAN. CONTRACT: 12 NOTICE(S) FOR 1200 OZ  (0.0373  TONNES)

total notices so far:  1163 contracts for 116300 oz (3.6174 tonnes)

SILVER NOTICES:

5 NOTICE(S) FILED TODAY FOR  25,000   OZ/

total number of notices filed so far this month 1574  :  for 7.870,000  oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD

WITH GOLD UP $10.30

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS) NO CHANGES IN GOLD INVENTORY AT THE GLD/

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//

CLOSING INVENTORY: 980.31 TONNES/

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 8 CENTS:/:

NO CHANGES IN SILVER INVENTORY

AT THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY SLV/ TONIGHT: 530.838 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A  GOOD 526 CONTRACTS TO 139,521`  AND RESTS FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020.. WITH THE $0.21 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.21) AND WERE  UNSUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS  AS WE HAD A STRONG GAIN OF 1039 CONTRACTS ON OUR TWO EXCHANGES .

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A HUGE INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 10.505 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ E.F.P JUMP TO LONDON       V) GOOD SIZED COMEX OI GAIN.

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: 


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  -13

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS  JAN. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JAN: 

TOTAL CONTACTS for 3 days, total  contracts: :  1195 contracts or 5.975 million oz  OR 1.991 MILLION OZ PER DAY.

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 1195 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 5.975 MILLION OZ

.

LAST 8 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 526 WITH OUR 21 CENT GAIN SILVER PRICING AT THE COMEX// TUESDAY  THE CME NOTIFIED US THAT WE HAD A  GOOD SIZED EFP ISSUANCE OF  500 CONTRACTS( 500 CONTRACTS ISSUED FOR MAR AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS    THE DOMINANT FEATURE TODAY:/ AS WELL AS TODAY /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR JAN OF 10.505 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ EFP TO LONDON//NEW STANDING 10.340 MILLION OZ//  .. WE HAD A STRONG SIZED GAIN OF 1026 OI CONTRACTS ON THE TWO EXCHANGES FOR 5.130 MILLION OZ//

WE HAD 5 NOTICES FILED TODAY FOR 25,000 OZ

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 5182 TO 504,720 , AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -2003  CONTRACTS

.

THE GOOD SIZED DECREASE IN COMEX OI CAME DESPITE OUR GAIN IN PRICE OF $14.00//COMEX GOLD TRADING/TUESDAY/.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION  AS THE TOTAL LOSS ON OUR TWO EXCHANGES TOTALLED A FAIR SIZED 2773 CONTRACTS… 

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JAN AT 3.5614 TONNES FOLLOWED BY TODAY’S 100 OZ E.F.P. JUMP//NEW STANDING: 3.7169 TONNES      

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $14.00 WITH RESPECT TO TUESDAY’S TRADING

WE HAD  A FAIR SIZED LOSS OF 2773  OI CONTRACTS (8.625PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALLED A FAIR SIZED 2409 CONTRACTS:

FOR FEB 2409  ALL OTHER MONTHS ZERO//TOTAL: 2409 

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 502,717.

IN ESSENCE WE HAVE A  SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2773, WITH 5182 CONTRACTS DECREASED AT THE COMEX AND 2409 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 2773 CONTRACTS OR 8.625 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2409) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (5182): TOTAL LOSS IN THE TWO EXCHANGES 2773 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX FOR JAN. AT 3.7262 TONNES//FOLLOWED BY TODAY’S 100 OZ E.F.P. JUMP.//NEW STANDING 3.7169 TONNES  3)SMALL LONG LIQUIDATION,4)  GOOD SIZED COMEX OI. LOSS 5) FAIR 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 FEB.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 JAN HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB, 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 (FEB), 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

JAN

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN : 10,966 CONTRACTS OR 109,6600 oz OR 34.10  TONNES (3 TRADING DAY(S) AND THUS AVERAGING: 3655 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 34.10 TONNES

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

THUS EFP TRANSFERS REPRESENTS  34.10/3550 x 100% TONNES  0.960% 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/

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:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           145.12 TONNES//INITIAL ISSUANCE// 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A GOOD SIZED 526 CONTRACTS TO 139,521  AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 500 CONTRACTS

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

MAR 500  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  395 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 526 CONTRACTS AND ADD TO THE 500 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1026 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.130 MILLION  OZ, 

OCCURRED WITH OUR $0.21 GAIN IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY 

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 37.15 PTS OR 1.02%      //Hang Sang CLOSED DOWN 382.59 PTS OR 1.64% /The Nikkei closed DOWN 18.06 PTS OR  0.066%      //Australia’s all ordinaires CLOSED DOWN .34%  /Chinese yuan (ONSHORE) closed DOWN 6.3582    /Oil UP 77.23 dollars per barrel for WTI and UP TO 80.30 for Brent. Stocks in Europe OPENED  ALL GREEN    //  ONSHORE YUAN CLOSED DOWN  AGAINST THE DOLLAR AT 6.3582. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3744: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR

A)NORTH KOREA//USA/OUTLINE

b) REPORT ON JAPAN

OUTLINE

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

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 5182 CONTRACTS  AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS COMEX DECREASE OCCURRED WITH OUR GAIN OF $14.00 IN GOLD PRICING TUESDAY’S COMEX TRADING. WE ALSO HAD A FAIR EFP (2409 CONTRACTS). . 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.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  NON ACTIVE DELIVERY MONTH OF JAN..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2409 EFP CONTRACTS WERE ISSUED:  ;: ,  DEC  :  0  & FEB. 2409 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2409 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED 2773 TOTAL CONTRACTS IN THAT 2409 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED   COMEX OI LOSS OF 5182  CONTRACTS..

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JAN   (3.7169),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

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 ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $14.00)

BUT THEY WERE  SUCCESSFUL IN FLEECING SOME  LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 2.395 TONNES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JAN (3.7169 TONNES)…

WE HAD – 2003 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 770 CONTRACTS OR 77,000 OZ OR 2.395 TONNES

Estimated gold volume today: 156,790 extremely poor//

Confirmed volume on Friday: 186,805 contracts extremely poor

/2022 INITIAL STANDINGS FOR JAN COMEX GOLD INITIAL STANDINGS FOR JAN COMEX GOLD

JAN 5/2022  

Gold
GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz nil oz
 
                                                                                                                             
Deposit to the Dealer Inventory in oznilOZ            
Deposits to the Customer Inventory, in oz      nil                                                
No of oz served (contracts) today12  notice(s)1200 OZ0.0373 TONNES
No of oz to be served (notices)32 contracts  3200 oz 0.0995 TONNES  
Total monthly oz gold served (contracts) so far this month1163 notices 116,300 OZ3,6174 TONNES  
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

INITIAL STANDINGS FOR JAN ’22 COMEX GOLD 

JAN 5

For today:

No dealer deposit 0

No dealer withdrawal 0

0 customer deposit

0 customer withdrawal

ADJUSTMENTS 1//MANFRA: 13,655.303 OZ DEALER TO CUSTOMER 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JANUARY.

For the front month of JANUARY we have an oi of 44 stand for JANUARY losing 55 contracts.  We had 54 notices filed on Tuesday, so we LOST 1 contract or an additional 100 oz will NOT stand for

gold in this very non active delivery month of January as they were EFP’d over to London.

FEBRUARY LOST 8801 CONTRACTS TO 364,903

March added 418 contracts to stand at 435..

We had 12 notice(s) filed today for 1200  oz FOR THE JAN 2022 CONTRACT MONTH


Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 12  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  1 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JAN /2021. contract month, 

we take the total number of notices filed so far for the month (1163) x 100 oz , to which we add the difference between the open interest for the front month of  (JAN: 44 CONTRACTS ) minus the number of notices served upon today  12 x 100 oz per contract equals 119,500 OZ  OR 3.7169 TONNES the number of TONNES standing in this NON active month of JAN. (numbers corrected from yesterday) 

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

No of notices filed so far (1163) x 100 oz+   (44)  OI for the front month minus the number of notices served upon today (12} x 100 oz} which equals 119,500 oz standing OR 3.7169 TONNES in this NON active delivery month of JAN. 

We lost 1 contract or an additional  100 oz of gold will not stand for metal on this side of the pond.

TOTAL COMEX GOLD STANDING:  3.7169 TONNES  (VERY STRONG FOR A JANUARY DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

206,468.649, oz NOW PLEDGED /HSBC  6.42 TONNES

174,041.813 PLEDGED  MANFRA 5.41 TONNES

54,339.114oz PLEDGED JPMorgan no 1  1.690

288,481,604, oz  JPM No 2  8.97 TONNES

698,821.330 oz pledged June 12/2020 Brinks/27,96 TONNES

12,244.444 oz International Delaware:  0..3808 tonne

Loomis: 18,615.429 oz

total pledged gold:  1,653,017.372oz                                     51.42 tonnes

TOTAL REGISTERED AND ELIZ GOLD AT THE COMEX: 33,645,845.711 OZ (1046.49 TONNES)

TOTAL ELIGIBLE GOLD: 16,004,971.680 OZ (497.82 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,645,845.711 OZ  (548.85 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,992.829,0 OZ (REG GOLD- PLEDGED GOLD)  497.44 tonnes

END

JANUARY 2022 CONTRACT MONTHINITIAL STANDING FOR SILVER//JAN

JAN 5

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory254,533.680  oz BrinksCNTInt.Delaware                                                                                                                       
Deposits to the Dealer InventorynilOZ                   
Deposits to the Customer Inventory299,075.860 ozHSBC                                                                                   
No of oz served today (contracts)CONTRACT(S)25,000  OZ) 
No of oz to be served (notices)494 contracts (2,470,000 oz)
Total monthly oz silver served (contracts)1574 contracts 7,870,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results

we had 0 deposits into the dealer

total dealer deposits:  nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We had 1

i) I deposit to the customer account:

i) Into HSBC:  299,075.860 oz

JPMorgan has a total silver weight: 184.663 million oz/355.412 million =51.93% of comex 

ii) Comex withdrawals: 3

a)  out of CNT:  150,329.510 oz 

b) out of Brinks:  45,773.280 oz

c) out of Int. Delaware: 58,830.890 oz

total withdrawal 254,933.680 oz

we had 1 adjustments dealer to customer:1) Delaware:  172,645.840 oz oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 81.956 MILLION OZ

TOTAL REG + ELIG. 355.671 MILLION OZ

TOTAL NO OF CONTRACTS SERVED UPON THIS MONTH: 9019 CONTRACTS FOR 45,095,000 OZ

CALCULATION OF SILVER OZ STANDING FOR DECEMBER

JANUARY LOST1587 CONTRACTS TO STAND AT 514

FEBRUARY GAINED 2 CONTRACTS TO STAND AT 298

MARCH: GAINED 1097 CONTRACTS TO 116,950  

NUMBER OF NOTICES FILED TODAY: 13 NOTICES OR 65,000 OZ

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

silver open interest data:

Total oi for the silver complex: 139,521 contracts gaining 526 contracts on the day

FRONT MONTH OF JAN//2022 OI: 499 CONTRACTS LOSING 15 contracts on the day

We had 13 notices filed on Tuesday so we LOST 2 contracts or 10,000 additional oz will NOT stand for delivery in this non active delivery month of January.

TOTAL NO OF CONTRACTS SERVED UPON THIS MONTH: 1574 CONTRACTS FOR 7,870,000 OZ

FOR FEB WE HAD A GAIN OF 18 CONTRACTS UP TO 360

FOR MARCH WE HAD A GAIN OF 204 CONTRACTS UP TO 115,749 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 5 for 25,000 oz

Comex volumes: 36,953 poor//despite the raid (est. today)

Comex volume: confirmed YESTERDAY: 47,209 contracts (poor)

To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at  1574 x 5,000 oz =. 7,870,000 oz 

to which we add the difference between the open interest for the front month of JAN (499) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JAN./2021 contract month: 1574 (notices served so far) x 5000 oz + OI for front month of JAN (499)  – number of notices served upon today (5) x 5000 oz of silver standing for the JAN contract month equates 10,350,000 oz. .

We LOST 2 contracts or an additional 10,000 oz will NOT stand for delivery on this side of the pond.

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

END

GLD AND SLV INVENTORY LEVELS:

GLD

JAN 5/WITH GOLD UP $10.30: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 980.31 TONNES

Jan 4/WITH GOLD UP $14.00//A HUGE CHANGE OF 4.65 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 980.31 TONNES

JAN 3/WITH GOLD DOWN $26.70: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.66 TONNES

DEC 31/WITH GOLD UP $14.05 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.66 TONNES

DEC 30/WITH GOLD UP $7.75 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 975.66 TONNES

DEC 29/WITH GOLD DOWN $5.00 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.03 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 975.66 TONNES

DEC 28/WITH GOLD UP $2.00 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 973.63 TONNES 

DEC 27/WITH GOLD DOWN $2.05: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.63 TONNES.

DEC 23/WITH GOLD UP $9.85 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.94 TONNES FROM THE GLD/// INVENTORY RESTS AT 973.63 TONNES

DEC 22/WITH GOLD UP $12.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 978.57 TONNES

DEC 21/WITH GOLD DOWN $7.05 TODAY, NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 978.57 TONNES

DEC 20/WITH GOLD DOWN $9.65 TODAY; A BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.37 TONNES INTO THE GLD///INVENTORY RESTS AT 977.20 TONNES

DEC 17/WITH GOLD UP $7.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 977.20 TONNES

DEC 16/WITH GOLD UP $33.05TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.4 TONNES FROM THE GLD////INVENTORY REST AT: 977.20 TONNES

DEC15/WITH GOLD DOWN $7.80 TODAY/ A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD////INVENTORY RESTS AT 980.60 TONNES.

DEC 14/WITH GOLD DOWN $18.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 982.64 TONNES

DEC 13/WITH GOLD UP $3.20 TODAY/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 982.64 TONNES

DEC 10.WITH GOLD UP $7.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 982.64 TONNES

DEC 9/WITH GOLD DOWN $9.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 982.64.

DEC 8/WITH GOLD UP $5.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 984.38 TONNES

DEC 7/WITH GOLD UP $5.15 TODAY; A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 984.38 TONNES

DEC 6/WITH GOLD DOWN $3.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 986.17 TONNES//

DEC 3/WITH GOLD UP $20.35 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.85 TONNES FROM THE GLD///INVENTORY RESTS AT 986.17 TONNES

DEC 2/WITH GOLD DOWN $19.80 TODAY; A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.83 TONNES FROM THE GLD///INVENTORY RESTS AT 990.82 TONNES

DEC 1/WITH GOLD UP $7.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 992.85 TONNES

NOV 30/WITH GOLD DOWN $8.70 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESS AT 992.85 TONNES.

SLV

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

JAN 5/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 530.838 MILLION OZ//

JAN 4/WITH SILVER UP 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 530.838 MILLION OZ//

JAN 3/WITH SILVER DOWN 45 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.219 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 530.838 MILLION OZ//

DEC 31/WITH SILVER UP 29 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 533.057 MILLION OZ//

DEC30/WITH SILVER UP 14 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 4.624 MILLILON OZ FROM THE SLV.//INVENTORY RESTS AT 533.057 MILLION OZ//

DEC 29/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 537.681 MILLION OZ/

DEC 28/WITH SILVER UP 9 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.682 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 537.681 MILLION OZ//

DEC 27/WITH SILVER UP 6 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 537.681

DEC 23/WITH SILVER UP 19 CENTS TODAY:A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.202 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 537.681 MILLION OZ//

DEC 22/WITH SILVER UP 29 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.202 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 538.883 MILLION OZ/

DEC 21/WITH SILVER UP 19 CENTS: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.728 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 540.085 MILLION OZ

DEC 20/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 538.282 MILLION OZ

DEC 17/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 538.282 MILLION OZ//

DEC 16/WITH SILVER UP 91 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.33 MILLION OZ FROM THE SLV//INVENTORY REST AT 538.282 MILLION OZ

DEC  15WITH SILVER DOWN 38 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 2.48 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 541.612 MILLION OZ

DEC 14/WITH SILVER DOWN 38 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 543.092 MILLION OZ

DEC 13/WITH SILVER UP 11 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 3.561 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 543.092 MILLION OZ//

DEC 10.WITH SILVER UP 19 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.653 MILLION OZ..

DEC 9/WITH SILVER DOWN 43 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 2.96 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 546.653 MILLION OZ/

DEC 8/WITH SILVER DOWN 7 CENTS TODAY; NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 543.693 MILLION OZ///

DEC 7/WITH SILVER UP 24 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 543.693 MILLION OZ..

DEC 6/WITH SILVER DOWN 25 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.110 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 543.693 MILLION OZ//

DEC 3/WITH SILVER UP 21  CENTS TODAY; A BIG CHANGE IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 3.199 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 544.803 MILLION OZ//

DEC 2/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 548.002 MILLION OZ.

DECM 1/WITH SILVER DOWN 44 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 740,000 OZ FROM THE SLV////INVENTORY RESTS AT 548.002 MILLION OZ//

NOV 30/WITH SILVER DOWN 3 CENTS TODAY; A SMALL CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF .555 MILLION OZ FORM THE SLV//INVENTORY RESTS AT 548.742 MILLION OZ///

CLOSING INVENTORY:  530.838 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Peter Schiff: 2022 Will Be Even Worse Than 2021

 WEDNESDAY, JAN 05, 2022 – 12:09 PM

Via SchiffGold.com,

How are the dollars and cents of your life changing as we move into 2022? Peter Schiff joined University of Miami Business School Dean John Quelch and host Holland Cooke on RT’s “Big Picture” to talk about the year ahead. Peter left us with an ominous warning. 2022 will be worse than 2021 as inflation continues to mount.

The first question posed to Peter was have Americans’ prospects for prosperity become less likely? Peter said he thinks they’ve diminished dramatically and will get even worse as the decade progresses. He pointed out that in the 50s, Americans had much more economic freedom. The government was much smaller. The US was a large industrial nation with big trade surpluses. We had a sounder economy and more savings.

We’re the mirror image of that now. We’re the world’s biggest debtor nation — record trade deficits. We’ve got no savings. We have a complete bubble economy based on artificially low interest rates, excess consumption financed by debt and money printing. And we’re about to pay the piper for that.”

Peter said we’re just now seeing the tip of an inflationary iceberg. And despite pulling back a little bit, the Federal Reserve is still pursuing a highly accommodative monetary policy.

He is throwing more gasoline on the inflationary fire that the Fed lit. So Americans, I think, are going to be dealing with a dramatically diminished standard of living as this decade unfolds. I think the dollar goes down a lot. The cost of living goes up dramatically.”

Quelch sounded a more optimistic tone. He said Americans’ propensity to innovate and competition with China will help drive the US economy forward. He said the US has always done a tremendous job of innovating itself out of difficulty.

Yet we have this inflation problem. Cooke reminded us that the Fed has called inflation “transitory.” Peter said it’s intractable.

And despite what a lot of people think, the economy wasn’t strong before the pandemic. It was a great big fat ugly bubble.

We really couldn’t survive the economic downturn. So, the Fed bailed us out with more money printing. You know, we haven’t been innovating our way out of crisis. We’ve been printing our way out. But we’ve printed out way into an even bigger crisis because now we’re paying the piper. Because this inflation acts as a lag. In fact, I think we’re still dealing with the inflation that was created before the pandemic. Wait until we catch up to the even greater inflation that we created after.”

Peter pointed out the true definition of inflation – the expansion of the money supply.

Prices going up are merely a result of inflation.”

Prior to the pandemic, much of the inflation was manifesting itself in asset prices – real estate, stocks and bonds. Consumer prices didn’t go up as much. (Although they went up more than the government admitted with its rigged CPI.)

I think right now prices are rising at a faster rate than in any year during the 1970s. But instead of being on the verge of doing something to contain inflation, we’re just getting ready to make it worse.”

The Fed can’t do anything about inflation because of the level of debt in the economy.

Peter also pointed out that you can’t consume if you don’t produce.

Our productivity is collapsing and America is reliant now more than ever before on the productivity of foreign countries because our trade deficits are exploding. Wait until the dollar implodes. Because the only thing that’s been keeping a lid on inflation has been a relatively strong dollar. Well, I think the dollar is going to roll over and fall dramatically over the next several years, and that is going to cause this inflation problem to be much much worse because it’s really going to push up the price of all of our imports.”

Quelch said he thinks about 30 to 40% of the current inflation is due to supply chain disruptions caused by the pandemic, not underlying forces.

Peter took issue with the “supply chain” disruption excuse for rising prices.

Sure, when you shut down an economy, it’s obvious that you’re going to have less supply. You’re producing less. You’re working less. But what should have happened is demand should have gone down too. But unfortunately, the Fed did not allow a healthy decline in demand to meet up with the decline in supply. The Fed made the mistake of showering the economy with money — the worst monetary policy probably in history. When people were not at work and home, the Fed was printing money so the government could mail them checks so they could go out and buy stuff even though they weren’t working to help produce stuff. And so that is the problem. It is all a demand problem created by the Fed — created by money printing. And the money that the Fed is printing is going to continue to lose value, and that’s going to be reflected in rising prices.”

end

LAWRIE WILLIAM//,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,James  RICKARDS

END

Important gold commentaries courtesy of GATA/Chris Powell

India doubles its gold imports in 2021 to 1050 tonnes close to 50% of worldy production ex Russia ex China

India more than doubled its gold imports in 2021

Submitted by admin on Tue, 2022-01-04 14:22 Section: Daily Dispatches

No wonder gold’s price went down, right? After all, in mainstream financial journalism, anything can rationalize a decline in the gold price — rain in Peoria or snow in Sweden.

* * *

India Spent Record $55.7 Billion on Gold Imports in 2021 

By Rajendra Jadhav
Reuters
Tuesday, January 4, 2021

MUMBAI — India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit.

The previously unreported details of the world’s second biggest consuming nation’s soaring imports were disclosed to Reuters by a senior government official who requested anonymity as he was not authorised to speak to media.

The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to the official, who tracks broad import trends.

In volume terms, India imported 1,050 tonnes of gold in 2021, the most in a decade, and far more than the 430 tonnes imported in 2020, the official said. …

… For the remainder of the report:

https://www.reuters.com/business/indias-spends-record-557-bln-gold-imports-2021-govt-source-2022-01-04/

(Reuters/GATA)

end

Craig Hemke on what he sees for gold this year

(Craig Hemke/GATA)

Craig Hemke at Sprott Money: A new year for Comex gold

Submitted by admin on Tue, 2022-01-04 20:22 Section: Daily Dispatches

8:22p ET Tuesday, January 4, 2022

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing at Sprott Money, notes tonight that the last time the Federal Reserve entered a cycle of raising interest rates, gold rose steadily. He adds that it’s common enough for gold to have a bad year during a bull market, it’s rare for gold to have two bad years in a row.

Hemke’s analysis is headlined “A New Year for Comex Gold” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/A-New-Year-For-Comex-Gold-Craig-Hemke-January-04-2022

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

END

For your interest…

How a gold-mining merger tightened a company’s hold on northern Nevada

Submitted by admin on Tue, 2022-01-04 23:55 Section: Daily Dispatches

By Daniel Rothberg and Nick Bowlin
The Nevada Independent, Las Vegas
Monday, January 3, 2022

By Daniel Rothberg and Nick Bowlin
The Nevada Independent, Las Vegas
Monday, January 3, 2022

In the final days of 2019, Ches Carney noticed something strange on the bulletin boards at the northern Nevada gold mines where he had worked for nearly three decades. Stores in the nearby town of Elko were playing holiday music, but Carney was upset: The labor union documents normally posted to bulletin boards had disappeared.

As a union steward for the International Union of Operating Engineers Local 3, he advocated for his co-workers in disputes with the company. Near the end of the year, the name on Carney’s paycheck changed from Newmont, one of the world’s largest metal miners and an operator of several unionized mines in the area, to something different: Nevada Gold Mines.When Carney confronted a supervisor about the missing union documents, he said he was essentially told that the union was no more and to get over it. The union, which first organized Newmont workers in 1965, negotiated a new contract for about 1,300 production and maintenance workers in early 2019. But by the end of that year, management stopped recognizing it. 

There was a new boss in town.

Carney, now 66, did a bit of everything as a process maintenance technician — welding, fabrication, examining grease bearings, and fixing crushers — as part of a team of four working across a 25-mile area that sits atop a geologic formation known as the Carlin Trend. 

The Carlin Trend was created by upsurges of magma that left sediment rich with metal deposits near the earth’s surface. Today this part of northern Nevada is one of the world’s largest gold-mining regions, the spine of the local economy. 

Its history includes a decades-long rivalry between two of the largest mining companies in the world: Newmont, Carney’s former employer, and Barrick Gold. In the months before Carney’s paychecks changed, the negotiations that led to the creation of Nevada Gold Mines would reshape not only the regional economy but potentially the entire global gold industry. 

Barrick and Newmont decided to combine nearly all their Nevada mines and water rights into a single newly formed company. Barrick walked away with a controlling stake in Nevada Gold Mines and now calls most of the shots, largely making management decisions and setting the terms of employment. …

… For the remainder of the report:

https://thenevadaindependent.com/article/how-a-mega-gold-mining-merger-tightened-a-companys-hold-on-northern-nevada

OTHER COMMODITIES/COFFEE

CRYPTOCURRENCIES/

END

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN AT 6.3542

OFFSHORE YUAN: 6.3744

HANG SANG CLOSED DOWN 382.59 PTS OR 1.64%

2. Nikkei closed DOWN 18.94 PTS OR 0.066%

3. Europe stocks  ALL GREEN  

USA dollar INDEX DOWN TO  96.12/Euro RISES TO 1.1307-

3b Japan 10 YR bond yield: FALLS TO. +.087/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 115.77/ 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  ABOVE 17,000

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

3e WTI:: 77.23 and Brent: 80.30-

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.0.126%/Italian 10 Yr bond yield RISES to 1.23% /SPAIN 10 YR BOND YIELD RISES TO 0.60%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.36: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.35

3k Gold at $1819.55 silver at: 23.10   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 53/100 in roubles/dollar) 75.77

3m oil into the 77 dollar handle for WTI and 80 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 115.77 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 .9161– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0360 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.

USA 10 YR BOND YIELD: 1.655 DOWN 1 BASIS PTS

USA 30 YR BOND YIELD: 2.060 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 13.47

Futures Tread Water With Traders Spooked By Spike In Yields

 WEDNESDAY, JAN 05, 2022 – 08:07 AM

After futures rose to a new all time high during the Tuesday overnight session, the mood has been decided more muted after yesterday’s sharp rates-driven tech selloff, and on Wednesday U.S. futures were mixed and Nasdaq contracts slumped as investors once again contemplated the effect of expected rate hikes on tech stocks with lofty valuations while waiting for the release of Federal Reserve minutes at 2pm today. At 730am, Nasdaq 100 futures traded 0.3% lower amid caution over the impact of higher yields on equity valuations, S&P 500 Index futures were down 0.1%, while Europe’s Stoxx 600 gauge traded near a record high. The dollar weakened, as did bitcoin, while Brent crude rose back over $80.

“The sharp rise in U.S. yields this week has sparked a move from growth to value,” said Jeffrey Halley, senior market analyst at Oanda Asia Pacific. “Wall Street went looking for the winners in an inflationary environment and as a result, loaded up on the Dow Jones at the expense of the Nasdaq.”

Concerns related to the pandemic deepened as Hong Kong restricted dining-in, closed bars and gyms and banned flights from eight countries including the U.S. and the U.K. to slow the spread of the omicron variant. Meanwhile, a selloff in technology stocks extended to Asia, where the Hang Seng Tech Index tumbled as much as 4.2%, sending the gauge toward a six-year low. Traders are now caught in a quandary over deepening fears on global growth combined with a faster tightening by the Federal Reserve.

“Earlier we thought that rate hikes wouldn’t be on the table until mid-2022 but the Fed seems to have worked up a consensus to taper faster and hike sooner rather than later,” Steve Englander, head of global G-10 FX research at Standard Chartered, said in a note. “But we don’t think inflation dynamics will support continued hiking. We suspect the biggest driver of asset markets will be when inflation and Covid fears begin to ebb.”

Data on Tuesday showed mixed signs on U.S. inflation. Prices paid by manufacturers in December came in sharply lower than expected. However, figures showing a faster U.S. job quit rate added to concerns over wage inflation. With 4.5 million Americans leaving their jobs in November, compared with 10.6 million available positions, the odds increased the Fed will struggle to influence the employment numbers increasingly dictated by social reasons. The data came before Friday’s monthly report from the Labor Department, currently forecast to show 420,000 job additions in December.

In premarket trading, tech giants Tesla, Nvidia and Advanced Micro Devices were among the worst performers. Pfizer advanced in New York premarket trading after BofA Global Research recommended the stock. Shares of Chinese companies listed in the U.S. extended their decline after Tencent cut its stake in gaming and e-commerce company Sea, triggering concerns of similar actions at other firms amid Beijing’s regulatory crackdown on the technology sector. Alibaba (BABA US) falls 1.2%, Didi (DIDI US) -1.8%. Here are the other notable premarket movers:

  • Shares in electric vehicle makers fall in U.S. premarket trading, set to extend Tuesday’s losses, amid signs of deepening competition in the sector. Tesla (TSLA US) slips 1.1%, Rivian (RIVN US) -0.6%.
  • Beyond Meat (BYND US) shares jump 8.9% premarket following a CNBC report that Yum! Brands’ KFC will launch fried chicken made with the company’s meat substitute.
  • Recent selloff in Pinterest (PINS US) shares presents an attractive risk/reward, with opportunities for the social media company largely unchanged, Piper Sandler writes in note as it upgrades to overweight. Stock gains 2.3% in premarket trading.
  • Senseonics Holdings (SENS US) shares rise 15% premarket after the medical technology company said it expects a U.S. Food and Drug Administration decision in weeks on an updated diabetes- monitoring system.
  • MillerKnoll (MLKN US) shares were down 3.1% in postmarket trading Tuesday after reporting fiscal 2Q top and bottom line results that missed analysts’ estimates.
  • Annexon (ANNX US) was down 23% postmarket Tuesday after results were released from an experimental therapy for a fatal movement disorder called Huntington’s disease. Three patients in the 28- person trial discontinued treatment due to drug-related side- effects.
  • Wejo Group (WEJO US) shares are up 34% premarket after the company said it’s developing the Wejo Neural Edge platform to enable intelligent handling of data from vehicles at scale.
  • Smart Global (SGH US) falls 6% postmarket Tuesday after the computing memory maker forecast earnings per share for the second quarter. The low end of that forecast missed the average analyst estimate.
  • Beyond Meat (BYND) shares surge premarket after CNBC KFC launch report
  • UBS cut the recommendation on Adobe Inc. (ADBE US) to neutral from buy, citing concerns over the software company’s 2022 growth prospects. Shares down 2% in premarket trading.
  • Oncternal Therapeutics (ONCT US) shares climb 5.1% premarket after saying it reached consensus with the FDA on the design and major details of the phase 3 superiority study ZILO-301 to treat mantle cell lymphoma.

In Europe, the energy, chemicals and car industries led the Stoxx Europe 600 Index up 0.2% to near an all-time high set on Tuesday. The Euro Stoxx 50 rises as much as 0.6%, DAX outperforms. FTSE 100 lags but rises off the lows to trade up 0.2%. Nestle dropped 2.4%, slipping from a record, after Jefferies cut the Swiss food giant to underperform. Utilities were the worst-performing sector in Europe on Wednesday as cyclical areas of the market are favored over defensives, while Uniper and Fortum fall following news of a loan agreement.  Other decliners include RWE (-2.4%), Endesa (2.1%), Verbund (-1.3%), NatGrid (-1.2%), Centrica (-1.2%).

Earlier in the session, technology shares led a decline in Asian equity markets, with investors concerned about the prospects of higher interest rates and Tencent’s continued sale of assets. The MSCI Asia Pacific Index fell as much as 0.6%, the most in two weeks, dragged down by Tencent and Meituan. The rout in U.S. tech spilled over to Asia, where the Hang Seng Tech Index plunged 4.6%, the most since July, following Tencent’s stake cut in Singapore’s Sea. Declines in tech and other sectors in Hong Kong widened after the city tightened rules to curb the spread of the omicron variant. Most Asian indexes fell on Wednesday, with Japan an exception among major markets as automakers offered support. The outlook for tighter monetary policy in the U.S. and higher Treasury yields weighed on the region’s technology shares, prompting a rotation from growth to value stocks.   Read: China Tech Selloff Deepens as Tencent Sale Spooks Traders Asian equities have underperformed U.S. and European peers amid slower recoveries and vaccination rates in the past year. With omicron rapidly gaining a foothold in Asia, there is a risk of “any further restriction measures, which could cloud the services sector outlook, along with disruption to supply chains,” said Jun Rong Yeap, a strategist at IG Asia Pte.  Philippine stocks gained as trading resumed following a one-day halt due to a systems glitch.

North Korea appeared to have launched its first ballistic missile in about two months, just days after leader Kim Jong Un indicated that returning to stalled nuclear talks with the U.S. was a low priority for him in the coming year.

India’s key equity gauges posted their longest run of advances in more than two moths, driven by a rally in financial stocks on hopes of revival in lending on the back of capex spending in the country. The S&P BSE Sensex rose 0.6% to 60,223.15 in Mumbai, its highest since Nov. 16, while the NSE Nifty 50 Index advanced 0.7%. Both benchmarks stretched their winning run to a fourth day, the longest since Oct. 18. All but six of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of banking firms. “I believe from an uncertain, volatile environment, the Nifty is now headed for a directional move,” Sahaj Agrawal, a head of derivative research at Kotak Securities, writes in a note. The Nifty 50 crossed a significant barrier of the 17,800 level and is now expected to trade at 19,000-19,500 level in the medium term, Agrawal added. HDFC Bank contributed the most to the Sensex’s gain, increasing 2.4%. Out of 30 shares in the Sensex, 18 rose, while 12 fell

In FX, Bloomberg Dollar Spot index slpped 0.2% back toward Tuesday’s lows, falling as the greenback was weaker against most of its Group-of-10 peers, SEK and JPY are the best performers in G-10, CAD underperforms. Scandinavian currencies and the yen led gains, though most G-10 currencies were trading in narrow ranges. Australia’s dollar reversed an Asia-session loss in European trading. The yen rebounded from a five-year low as investors trimmed short positions on the haven currency and amid a decline in Asian stock markets.

Treasuries were generally flat in overnight trading, with the curve flatter into early U.S. session as long-end outperforms, partially unwinding a two-day selloff to start the year with Tuesday witnessing a late block sale in ultra-bond futures. 10-year yields traded as high as 1.650% ahead of the US open after being mostly flat around 1.645%; yields were richer by up to 2bp across long-end of the curve while little change from front-end out to belly, flattening 2s10s, 5s30s spreads by 0.5bp and 1.8bp; gilts outperformed in the sector by half basis point. Focus expected to continue on IG issuance, which has impacted the market in the past couple of days, and in U.S. afternoon session FOMC minutes will be released. IG dollar issuance slate includes EIB $5B 5-year SOFR and Reliance Ind. 10Y/30Y/40Y; thirteen borrowers priced $23.1b across 30 tranches Tuesday, making it the largest single day volume for U.S. high-grade corporate bonds since first week of September. European peripheral spreads widen to core. 30y Italy lags peers, widening ~2bps to Germany with order books above EU43b at the long 30y syndication. Ten-year yields shot up 8bps in New Zealand as its markets reopened following the New Year holiday. Aussie yields advanced 4bps. A 10-year sale in Japan drew a bid-cover ratio of 3.46.

In commodities, crude futures were range-bound with WTI near just below $77, Brent nearer $80 after OPEC+ agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant. Spot gold puts in a small upside move out of Asia’s tight range to trade near $1,820/oz. Base metals are mixed. LME nickel lags, dropping over 2%; LME aluminum and lead are up ~0.8%. 

Looking at the day ahead, data releases include the December services and composite PMIs from the Euro Area, Italy, France, Germany and the US. On top of that, there’s the ADP’s December report of private payrolls from the US, the preliminary December CPI report from Italy, and December’s consumer confidence reading from France. Separately from the Federal Reserve, we’ll get the minutes of the December FOMC meeting.

Market Snapshot

  • S&P 500 futures little changed at 4,783.25
  • MXAP down 0.4% to 193.71
  • MXAPJ down 0.9% to 626.67
  • Nikkei up 0.1% to 29,332.16
  • Topix up 0.4% to 2,039.27
  • Hang Seng Index down 1.6% to 22,907.25
  • Shanghai Composite down 1.0% to 3,595.18
  • Sensex up 0.7% to 60,300.47
  • Australia S&P/ASX 200 down 0.3% to 7,565.85
  • Kospi down 1.2% to 2,953.97
  • STOXX Europe 600 up 0.1% to 494.52
  • German 10Y yield little changed at -0.09%
  • Euro up 0.2% to $1.1304
  • Brent Futures down 0.4% to $79.72/bbl
  • Gold spot up 0.3% to $1,819.73
  • U.S. Dollar Index down 0.13% to 96.13

Top Overnight News from Bloomberg

  • The U.S. yield curve’s most dramatic steepening in more than three months has little to do with traders turning more optimistic on the economy or betting on a more aggressive timetable for raising interest rates
  • The surge in euro-area inflation that surprised policy makers in recent months is close to its peak, according to European Central Bank Governing Council member Francois Villeroy de Galhau
  • Some Bank of Japan officials say it’s likely the central bank will discuss the possible ditching of a long-held view that price risks are mainly on the downward side at a policy meeting this month, according to people familiar with the matter
  • Turkish authorities are keeping tabs on investors who are buying large amounts of foreign currency and asked banks to deter their clients from using the spot market for hedging-related trades as they struggle to contain the lira’s slide
  • Italy is trying to lock in historically low financing costs at the start of a year where inflationary and political pressures could spell an end to super easy borrowing conditions
  • North Korea appears to have launched its first ballistic missile in about two months, after leader Kim Jong Un indicated he was more interested in bolstering his arsenal than returning to stalled nuclear talks with the U.S.

A More detailed breakdown of overnight news from Newsquawk

Asia-Pac equities traded mostly in the red following the mixed handover from Wall Street, where the US majors maintained a cyclical bias and the NDX bore the brunt of another sizeable Treasury curve bear-steepener. Overnight, US equity futures resumed trade with mild losses and have since been subdued, with participants now gearing up for the FOMC minutes (full Newsquawk preview available in the Research Suite) ahead of Friday’s US jobs report and several scheduled Fed speakers. In APAC, the ASX 200 (-0.3%) was pressured by its tech sector, although the upside in financials cushioned some losses. The Nikkei 225 (+0.1%) was kept afloat by the recent JPY weakness, whilst Sony Group rose some 4% after its chairman announced EV ambitions. The KOSPI (-1.2%) was dealt a blow as North Korea fired a projectile that appeared to be a ballistic missile, but this landed outside of Japan’s Exclusive Economic Zone (EEZ). The Hang Seng (-1.6%) saw its losses accelerate with the Hang Seng Tech Index tumbling over 4% as the sector tackled headwinds from Wall Street alongside domestic crackdowns. China Huarong Asset Management slumped over 50% as it resumed trade following a nine-month halt after its financial failure. The Shanghai Comp. (-1.0%) conformed to the mostly negative tone after again seeing a hefty liquidity drain by the PBoC. In the debt complex, the US T-note futures held a mild upside bias since the resumption of trade, and the US curve was somewhat steady. Participants also highlighted large short-covering heading into yesterday’s US close ahead of the FOMC minutes.

Top Asian News

  • Asian Stocks Slide as Surging Yields Squeeze Technology Sector
  • China’s Growth Forecast Cut by CICC Amid Covid Outbreaks
  • BOJ Is Said to Discuss Changing Long-Held View on Price Risks
  • Gold Holds Gain With Fed Rate Hikes and Treasury Yields in Focus

European equities (Stoxx 600 +0.1%) trade mixed in what has been a relatively quiet session thus far with the final readings of Eurozone services and composite PMIs providing little in the way of fresh impetus for prices. The handover from the APAC region was predominantly a soft one with Chinese bourses lagging once again with the Hang Seng Tech Index tumbling over 4% as the sector tackled headwinds from Wall Street alongside domestic crackdowns. Meanwhile, the Shanghai Comp. (-1%) conformed to the mostly negative tone after again seeing a hefty liquidity drain by the PBoC. Stateside, the ES and RTY are flat whilst the NQ lags once again after yesterday bearing the brunt of another sizeable treasury curve bear-steepener. In terms of house views, analysts at Barclays expect “2022 to be a more normal yet positive year for equities, looking for high single-digit upside and a broader leadership”. Barclays adds that it remains “pro-cyclical (Industrials, Autos, Leisure, reopening plays and Energy OW), and prefer Value to Growth”. Elsewhere, analysts at Citi stated that “monetary tightening may push up longer-dated nominal/real bond yields, threatening highly rated sectors such as IT or Luxury Goods. Alternatively, higher yields could help traditional value trades such as UK equities and Pan-European Financials”. Sectors in Europe are mostly higher, with auto names leading as Renault (+3.4%) sits at the top of the CAC, whilst Stellantis (+0.6%) has seen some support following the announcement that it is planning for a full battery-electric portfolio by 2028. Elsewhere, support has also been seen for Chemicals, Oil & Gas and Banking names with the latter continuing to be supported by the current favourable yield environment. To the downside, Food and Beverage is the clear laggard amid losses in Nestle (-2.6%) following a broker downgrade at Jefferies. Ocado (+5.5%) sits at the top of the Stoxx 600 after being upgraded to buy at Berenberg with analysts expecting the Co. to sign further deals with new and existing grocery e-commerce partners this year. Finally, Uniper (-2.4%) sits near the bottom of the Stoxx 600 after securing credit facilities totalling EUR 10bln from Fortum and KfW.

Top European News

  • U.K. Weighs Dropping Covid Test Mandate for Arriving Travelers
  • German Energy Giant Uniper Gets $11 Billion for Margin Calls
  • European Gas Extends Rally as Russian Shipments Remain Curbed
  • Italian Inflation Hits Highest in More Than a Decade on Energy

In FX, notwithstanding Tuesday’s somewhat mixed US manufacturing ISM survey and relatively hawkish remarks from Fed’s Kashkari, the week (and year) in terms of data and events really begins today with the release of ADP as a guide for NFP and minutes of the December FOMC that confirmed a faster pace of tapering and more hawkish dot plots. As such, it may not be surprising to see the Buck meandering broadly and index settling into a range inside yesterday’s parameters with less impetus from Treasuries that have flipped from a severe if not extreme bear-steepening incline. Looking at DXY price action in more detail, 96.337 marks the top and 96.053 the bottom at present, and from a purely technical perspective, 96.098 remains significant as a key Fib retracement level.

  • JPY/EUR/AUD/GBP/NZD – All taking advantage of the aforementioned Greenback fade, and with the Yen more eager than others to claw back lost ground given recent underperformance. Hence, Usd/Jpy has retreated further from multi-year highs and through 116.00 to expose more downside potential irrespective of latest reports via newswire sources suggesting the BoJ is expected to slightly revise higher its inflation forecast for the next fiscal year and downgrade the GDP outlook for the year ending in March. Similarly, the Euro is having another look above 1.1300 even though EZ services and composite PMIs were mostly below consensus or preliminary readings and German new car registrations fell sharply, while the Aussie is retesting resistance around 0.7250 and its 50 DMA with some assistance from firm copper prices, Cable remains underpinned near 1.3550 and the 100 DMA and the Kiwi is holding mainly above 0.6800 in the face of stronger Aud/Nzd headwinds. Indeed, the cross is approaching 1.0650 in contrast to Eur/Gbp that is showing signs of changing course following several bounces off circa 0.8333 that equates to 1.2000 as a reciprocal.
  • CHF/CAD – The Franc and Loonie appear a bit less eager to pounce on their US peer’s retrenchment, as the former pivots 0.9150 and latter straddles 1.2700 amidst a downturn in crude pre-Canadian building permits and new house prices.
  • SCANDI/EM – Little sign of any fallout from a slowdown in Sweden’s services PMI as overall risk sentiment remains supportive for the Sek either side of 10.2600 vs the Eur, but the Nok is veering back down towards 10.0000 in line with slippage in Brent from Usd 80+/brl peaks reached on Tuesday. Elsewhere, the Zar is shrugging off a sub-50 SA PMI as Gold strengthens its grip on the Usd 1800/oz handle and the Cnh/Cny are still underpinned after another PBoC liquidity drain and firmer than previous midpoint fix on hopes that cash injections might be forthcoming through open market operations into the banking system from the second half of January to meet rising demand for cash, according to China’s Securities Journal. Conversely, the Try has not derived any real comfort from comments by Turkey’s Finance Minister underscoring its shift away from orthodox policies, or insistence that budget discipline will not be compromised.

In commodities, crude benchmarks are currently little changed but have been somewhat choppy within a range shy of USD 1/bbl in European hours, in-spite of limited fresh newsflow occurring. For reference, WTI and Brent reside within USD 77.26-76.53/bbl and USD 80.25-79.56/bbl parameters respectively. Updates for the complex so far include Cascade data reporting that gas flows via the Russian Yamal-Europe pipeline in an eastward direction have reduced. As a reminder, the pipeline drew scrutiny in the run up to the holiday period given reverse mode action, an undertaking the Kremlin described as ‘operational’ and due to a lack of requests being placed. Separately, last nights private inventories were a larger than expected draw, however, the internals all printed builds which surpassed expectations. Today’s EIA release is similar expected to show a headline draw and builds amongst the internals. Elsewhere, and more broadly, geopolitics remain in focus with Reuters sources reporting that a rocket attack has hit a military base in proximity to the Baghdad airport which hosts US forces. Moving to metals, spot gold and silver are once again fairly contained though the yellow metal retains the upside it derived around this point yesterday, hovering just below the USD 1820/oz mark.

US Event Calendar

  • 7am: Dec. MBA Mortgage Applications -5.6%, prior -0.6%
  • 8:15am: Dec. ADP Employment Change, est. 410,000, prior 534,000
  • 9:45am: Dec. Markit US Composite PMI, prior 56.9
  • 9:45am: Dec. Markit US Services PMI, est. 57.5, prior 57.5
  • 2pm: Dec. FOMC Meeting Minutes

DB’s Jim Reid concludes the overnight wrap

As you may have seen from my CoTD yesterday all I got for Xmas this year was Omicron, alongside my wife and two of our three kids (we didn’t test Bronte). On Xmas Day I was cooking a late Xmas dinner and I suddenly started to have a slightly lumpy throat and felt a bit tired. Given I’d had a couple of glasses of red wine I thought it might be a case of Bordeaux-2015. However a LFT and PCR test the next day confirmed Covid-19. I had a couple of days of being a bit tired, sneezing and being sniffly. After that I was 100% physically (outside a of bad back, knee and shoulder but I can’t blame that on covid) but am still sniffly today. I’m also still testing positive on a LFT even if I’m out of isolation which tells me testing to get out of isolation early only likely works if you’re completely asymptomatic. My wife was similar to me symptom wise. Maybe slightly worse but she gets flu badly when it arrives and this was nothing like that. The two kids had no real symptoms unless being extremely annoying is one. Indeed spending 10 days cooped up with them in very wet conditions (ie garden activity limited) was very challenging. Although I came out of isolation straight to my home office that was still a very welcome change of scenery yesterday.

The covid numbers are absolutely incredible and beyond my wildest imagination a month ago. Yesterday the UK reported c.219k new cases, France c.272k and the US 1.08 million. While these are alarming numbers it’s equally impressive that where the data is available, patients on mechanical ventilation have hardly budged and hospitalisations, while rising, are so far a decent level below precious peaks. Omicron has seen big enough case numbers now for long enough that even though we’ve had another big boost in cases these past few days, there’s nothing to suggest that the central thesis shouldn’t be anything other than a major decoupling between cases and fatalities. See the chart immediately below of global cases for the exponential recent rise but the still subdued levels of deaths. Clearly there is a lag but enough time has passed that suggests the decoupling will continue to be sizeable.

It seems the main problem over the next few weeks is the huge number of people self isolating as the variant rips through populations. This will massively burden health services and likely various other industries.

However hopefully this latest wave can accelerate the end game for the pandemic and move us towards endemicity faster. Famous last words perhaps but this variant is likely milder, is outcompeting all the others, and our defences are much, much better than they have been (vaccines, immunity, boosters, other therapeutic treatments). Indeed, President Biden directed his team to double the amount of Pfizer’s anti-covid pill Paxlovid they order; he called the pill a game changer. So a difficult few weeks ahead undoubtedly but hopefully light at the end of the tunnel for many countries. Prime Minister Boris Johnson noted yesterday that Britain can ride out the current Omicron wave without implementing any stricter measures, suggesting that learning to live with the virus is becoming the official policy stance in the UK. The head scratcher is what countries with zero-covid strategies will do faced with the current set up. If we’ve learnt anything from the last two years of covid it is that there is almost no way of avoiding it. Will a milder variant change such a stance?

Markets seem to have started the year with covid concerns on the back burner as day 2 of 2022 was a lighter version of the buoyant day 1 even if US equities dipped a little led by a big under-performance from the NASDAQ (-1.33%), as tech stocks got hit by higher discount rates with the long end continuing to sell off to start the year.

Elsewhere the Dow Jones (+0.59%) and Europe’s STOXX 600 (+0.82%) both climbed to new records, with cyclical sectors generally outperforming once again. Interestingly the STOXX Travel & Leisure index rose a further +3.11% yesterday, having already surpassed its pre-Omicron level.

As discussed the notable exception to yesterday’s rally were tech stocks, with a number of megacap tech stocks significantly underperforming amidst a continued rise in Treasury yields, and the rotation towards cyclical stocks as investors take the message we’ll be living with rather than attempting to defeat Covid. The weakness among that group meant that the FANG+ index fell -1.68% yesterday, with every one of the 10 companies in the index moving lower, and that weakness in turn meant that the S&P 500 (-0.06%) came slightly off its record high from the previous session. Showing the tech imbalance though was the fact that the equal weight S&P 500 was +0.82% and 335 of the index rose on the day. So it was a reflation day overall.

Staying with the theme, the significant rise in treasury yields we saw on Monday extended further yesterday, with the 10yr yield up another +1.9bps to 1.65%. That means the 10yr yield is up by +13.7bps over the last 2 sessions, marking its biggest increase over 2 consecutive sessions since last September. Those moves have also coincided with a notable steepening in the yield curve, which is good news if you value it as a recessionary indicator, with the 2s10s curve +11.3bps to +88.7bps over the last 2 sessions, again marking its biggest 2-day steepening since last September

Those moves higher for Treasury yields were entirely driven by a rise in real yields, with the 10yr real yield moving back above the -1% mark. Conversely, inflation breakevens fell back across the board, with the 10yr breakeven declining more than -7.0bps from an intraday peak of 2.67%, the highest level in more than six weeks, which tempered some of the increase in nominal yields. The decline in breakevens was aided by the release of the ISM manufacturing reading for December, since the prices paid reading fell to 68.2, some way beneath the 79.3 reading that the consensus had been expecting. In fact, that’s the biggest monthly drop in the prices paid measure in over a decade, and leaves it at its lowest level since November 2020. Otherwise, the headline reading did disappoint relative to the consensus at 58.7 (vs. 60.0 expected), but the employment component was above expectations at 54.2 (vs. 53.6 expected), which is its highest level in 8 months and some promising news ahead of this Friday’s jobs report.

Staying with US employment, the number of US job openings fell to 10.562m in November (vs. 11.079m expected), but the number of people quitting their job hit a record high of 4.5m. That pushed the quits rate back to its record of 3.0% and just shows that the labour market continues to remain very tight with employees struggling to hire the staff needed. This has been our favourite indicator of the labour market over the last few quarters and it continues to keep to the same trend.

Back to bonds and Europe saw a much more subdued movement in sovereign bond yields, although gilts were the exception as the 10yr yield surged +11.7bps as it caught up following the previous day’s public holiday in the UK. Elsewhere however, yields on bunds (-0.2bps), OATs (-1.1bps) and BTPs (+0.9bps) all saw fairly modest moves.

Also of interest ahead of tonight’s Fed minutes, there was a story from the Wall Street Journal late yesterday that said Fed officials are considering whether to reduce their bond holdings, and thus beginning QT, in short order. Last cycle, the Fed kept the size of its balance sheet flat for three years after the end of QE by reinvesting maturing proceeds before starting QT. This iteration of QE is set to end in March, so any move towards balance sheet rolloff would be a much quicker tightening than last cycle, which the article suggested was a real possibility. As this cycle has taught us time and again, it is moving much faster than historical precedent, so don’t rely on prior timelines. Balance sheet policy and the timing of any QT will be a major focus in tonight’s minutes, along with any signals for the timing of liftoff and path of subsequent rate hikes.

Overnight in Asia markets are trading mostly lower with the KOSPI (-1.45%), Hang Seng (-0.85%), Shanghai Composite (-0.81%) and CSI (-0.67%) dragged down largely by IT stocks while the Nikkei (+0.07%) is holding up better. In China, Tencent cut its stake in a Singapore based company yesterday by selling $ 4 billion worth shares amidst China’s regulatory crackdown with investors concerned they will do more. This has helped push the Hang Seng Tech Index towards its lowest close since its inception in July 2020 with Tencent and companies it invested in losing heavily. Moving on, Japan is bringing forward booster doses for the elderly while maintaining border controls in an effort to contain Omicron.

Futures are indicating a weaker start in DM markets with the S&P 500 (-0.25%) and DAX (-0.11%) both tracking their Asian peers.

Oil prices continued their ascent yesterday, with Brent Crude (+1.20%) hitting its highest level since the Omicron variant first emerged on the scene. Those moves came as the OPEC+ group agreed that they would go ahead with the increase in output in February of 400k barrels per day. And the strength we saw in commodities more broadly last year has also continued to persist into 2022, with copper prices (+1.12%) hitting a 2-month high, whilst soybean prices (+2.49%) hit a 4-month high.

Looking at yesterday’s other data, German unemployment fell by -23k in December (vs. -15k expected), leaving the level of unemployment at a post-pandemic low of 2.405m in December. Finally, the preliminary French CPI reading for December came in slightly beneath expectations on the EU-harmomised measure, at 3.4% (vs. 3.5% expected).

To the day ahead now, and data releases include the December services and composite PMIs from the Euro Area, Italy, France, Germany and the US. On top of that, there’s the ADP’s December report of private payrolls from the US, the preliminary December CPI report from Italy, and December’s consumer confidence reading from France. Separately from the Federal Reserve, we’ll get the minutes of the December FOMC meeting.

 END

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 37.15 PTS OR 1.02%      //Hang Sang CLOSED DOWN 382.59 PTS OR 1.64% /The Nikkei closed DOWN 18.06 PTS OR  0.066%      //Australia’s all ordinaires CLOSED DOWN .34%  /Chinese yuan (ONSHORE) closed DOWN 6.3582    /Oil UP 77.23 dollars per barrel for WTI and UP TO 80.30 for Brent. Stocks in Europe OPENED  ALL GREEN    //  ONSHORE YUAN CLOSED DOWN  AGAINST THE DOLLAR AT 6.3582. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3744: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR

3 a./NORTH KOREA/ SOUTH KOREA

///SOUTH KOREA

END

3B JAPAN

end

3c CHINA

END

CHINA/TECH

China Tech has the worst New Year start in years.  TenCent divests of gaming Sea limited as they are still worried about Beijing’s crackdown

(zerohedge)

China Tech Has Worst New-Year Start In Years As Tencent Divests Sea Limited Stake

 WEDNESDAY, JAN 05, 2022 – 07:54 AM

Chinese technology companies listed in Hong Kong plunged for the third straight session after Tencent Holdings Ltd. slashed its stake in Singapore’s gaming and e-commerce company Sea Ltd. This sparked concerns among investors that Beijing’s regulatory crackdown is not over. 

Hong Kong’s Hang Seng index closed down 4.6% on the news that Tencent was offloading $3 billion worth of Sea Ltd shares. So far, the index has had one of the worst new-year starts in years. 

Tencent’s announcement came less than a month after selling its stake in JD.com, an e-commerce company headquartered in Beijing. It said there would be no more selling of shares through the first half of 2022. Tencent did not explain the latest sale but said proceeds would “fund other investments and social initiatives.”

The move frightened investors as Beijing appears to be pushing anti-competitive behavior to prevent Chinese tech firms from empire building. 

“China’s anti-monopoly rules and regulators’ concerns about data privacy as well as web security may lead to more divestment in the country’s internet space in the coming months,” Bloomberg Intelligence analyst Cecilia Chan wrote in a note. 

On Wednesday morning, Chinese tech firms listed in the US slumped again: Bilibili -4.1%; Pinduoduo -4%; Didi -1.4%; JD.com -1.4%; Alibaba -1.3%. 

Beijing’s crackdown on China tech has made the trade a losing position for nearly a year. The Nasdaq Golden Dragon China Index fell 43% in 2021, its worst performance since 2008.

Investors have been trying to catch the falling knife. A Charlie Munger-associated company, Daily Journal Corporation, reportedly doubled its holdings in Alibaba stock in the last quarter of 2021. 

END

4/EUROPEAN AFFAIRS

EU NatGas Rally Continues Amid Russian Shipment Plunge; More LNG Tankers Come To Rescue

 WEDNESDAY, JAN 05, 2022 – 11:45 AM

European natural gas prices soared for the third consecutive session as Russian shipments to the fuel-starved continent remain muted. Elevated gas prices have slapped a hefty price premium, opening up massive arbitrage opportunities for international commodity traders. 

Dutch month-ahead gas, the European benchmark, has rallied as much as 42% this week from 65 euros a megawatt-hour to 92 euros on slumping pipeline supply from Russia. 

For context, this shift is the BTU/Barrel of oil equivalent of a move from $100 to a $180 barrel of oil…

On Monday, we first discussed this issue in a commodity note titled “European NatGas Prices Soar As Supply Constraints From Russia Build.” Three days later, Russian supplies via Ukraine remain curbed, while the Yamal-Europe pipeline is flowing in the reverse direction from Germany to Poland, according to Bloomberg

Russia’s ability to control the European gas market comes as the continent has mismanaged its power grid through green initiatives. With cold weather returning, Europe will deplete even more gas inventories. This may suggest gas is headed back over 100 euros. 

Europe’s energy crisis has been a boon for energy traders who have access to liquefied natural gas (LNG) and LNG cargo vessels. 

We first reported a flotilla of US LNG tankers were headed to Europe a few weeks ago. Now shipping data from Kpler and Bloomberg show 13 LNG carriers from the U.S. and West Africa are rerouting to Europe instead of Asia. Gas prices in Europe are more expensive relative to Asia, which is why LNG ships are being rerouted to collect a hefty premium. It’s called arbitrage. 

Here’s one ship that recently rerouted from Asia to Europe. 

So the question Europeans want to know is when will the energy crunch end. Well, the saving grace for the fuel-starved continent is Russia’s Nord Stream 2 pipeline that might not come online until July. It seems like the energy crisis in Europe is far from over. END

FRANCE/VACCINE MANDATE

This man is totally nuts: he views unvaxxed French as non citizens

(Mish Shedlock/Mishtalk)

French President Views Unvaxxed As ‘Non-Citizens’, Vows To “Piss Them Off”

 WEDNESDAY, JAN 05, 2022 – 05:00 AM

Authored by Mike Shedlock via MishTalk.com,

French President Emmanuel Macron launched a tirade against the unvaccinated today.

Macron No Longer Views Unvaxxed as French

Please consider Macron No Longer Views Unvaxxed as French, Vows to ‘Piss Them Off’ and ‘Reduce’ Them

French President Emmanuel Macron told one of the nation’s leading newspapers that he no longer considers the unvaccinated to be French citizens, and that his primary COVID-19 strategy is to continue to “piss them off” until they submit to his COVID-19 mandates.

The remark from Macron, delivered during an interview with French newspaper Le Parisien, has divided French politicians, and even has the country’s Communist Party candidate questioning Macron’s motives.

“I am not about pissing off the French people,” Macron told the readers of Le Parisien on Tuesday.

“But as for the non-vaccinated, I really want to piss them off. And we will continue to do this, to the end. This is the strategy.” 

He declared that “worst enemies” of “democracy” are “lies and stupidity,” then declared that his government is “putting pressure on the unvaccinated by limiting, as much as possible, their access to activities in social life.”

Macron’s government claims that 90% of its citizens are vaccinated. He promised to “reduce” this minority with further restrictions.

Le Parisien is a French daily newspaper covering both international and national news, and local news of Paris and its suburbs. It is owned by LVMH Moët Hennessy Louis Vuitton SE, better known as LVMH.

Here is a link to the Original Article on Le Parisien, translated, but unfortunately it’s Paywalled. 

Parliament Suspended After Macron’s Comments 

In an article not paywalled, Le Parisien reports “Pissing off the unvaccinated”: the debates on the vaccine pass suspended after the words of Emmanuel Macron

After a first surprise suspension on the night of Monday to Tuesday, the examination of the bill strengthening the tools for managing the health crisis was again stopped this night after our interview with the president.

Decidedly, it is now written that nothing will go as planned with the examination of the bill supposed to introduce the vaccine pass. Rarely has the atmosphere been so electric at the Palais Bourbon. This is the direct consequence of the interview granted by the President of the Republic to our readers, published Tuesday evening on our website.

The elected representatives of the opposition did not support the words of Emmanuel Macron, addressed to the French who have to date still not received a single dose of vaccine. “The unvaccinated, I really want to piss them off,” Emmanuel Macron said in our columns.

“A president cannot keep the remarks which were made”, launched Christian Jacob, president of the Republicans. “I cannot support a text which aims to piss off the French”. For his part, the communist Fabien Roussel, candidate for the presidential election, questioned “the real intentions of the government”. The bill on the health pass “is it a text to piss off more? or less piss off? The French, he asked.

A little before 2 am, the debates were finally able to resume in the Assembly but anger was still strong in the ranks of the opposition. The deputy Damien Abad immediately denounced the remarks “premeditated, of a childish cynicism” of the President of the Republic … Before calling once again for the coming of the Prime Minister and asking for a new suspension. Request legitimately granted by the chairman of the session. Finally, the deputy Marc Le Fur, who chaired the debates, announced at 2 am the adjournment of the meeting. It must resume this Wednesday at 3 p.m. In an atmosphere which promises to be already very tense.

Wow

This could easily cost Macron the 2022 Presidential election in April-May. 

Vowing to “Piss Off” a full 10% of the population hardly seems like the right thing to do.

Hello President Macron

Hello Mr. president, I suggest you doublecheck your math. Our World in Data and Worldometers seems to disagree. 

The Leading Candidate in the April 2022 French Election Only Polls 20%

Please note The Leading Candidate in the April 2022 French Election Only Polls 20%

That chart is from December 22. 

Right now, Wikipedia has Macron at 20%, 26%, and 23% in the three latest polls with 23% being the most recent. 

For discussion of how the election process works, please see my above post.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/

Bizarre mystery as the Turkish central bank books an unprecedented $10 billion profit on the last day of the year.   No doubt that Erodgan is robbing the treasury again

(zerohedge)

Traders Puzzled By Bizarre Mystery As Turkish Central Bank Inexplicably Posts “Unprecedented” $10 Billion Profit On Last Day Of 2021

 TUESDAY, JAN 04, 2022 – 05:05 PM

In a world where central banks now openly engage in helicopter money paradrops and monetizing debt and deficits as far as the eye can see (knowing well that such actions always end in hyperinflationary tears but plowing on nonetheless), i.e., funding their respective governments, the literal printing of money by central banks to fill Treasury coffers is not nearly as exciting as it used to be. However, one place where money transfers from the central bank to the government (which in this particular case is represented by just one particular kleptocrat) are those in Turkey due to the absolute banana republic nature of the country, and which is closer than any other semi-developed nation to sliding into the hyperinflationary abyss; as such as all of its bizarre actions are scrutinized by a small group of fascinated onlookers who then try to extrapolate the Turkish experience to every other insolvent nation.

Well, speaking of bizarre actions, an especially egregious one took place on the final day of 20021, when Turkey’s central bank posted an extraordinary and unexplained daily profit of around $10 billion, sparking questions on what caused this overnight boon that will trickle down to the nation’s Treasury.

According to Bloomberg, the monetary authority disclosed an annual loss of around 70 billion liras ($5.2 billion) on Dec. 30 but just one day later, ended the year with 60 billion liras of profit, an unprecedented change of fortunes in a single day, according to its daily balance sheet. In February, the Ministry of Treasury and Finance — as the central bank’s biggest stakeholder — will begin collecting much of that sum as dividends. The biggest winner? Recep Tayyip Erdogan himself – after all he is the de facto government of Turkey – because in February, the Ministry of Treasury and Finance both of which are populated with Erdogan cronies and are the central bank’s biggest stakeholders, will begin collecting much of that sum as dividends.

The bizarre and unexplained “profit” came after President Erdogan unveiled measures meant to compensate lira investors for any losses, a move which sparked a furious surge in the lira which however was also catalyzed by a huge buying spree by the central bank which rushed to stabilize the lira, effectively leaving itself without net FX reserves. Even with this gross manipulation the Turkish currency slid 44% against the dollar last year, largely as the central bank – egged on by Erdogan – slashed its benchmark rate by 500 basis points since September, a move which we contend is part of Erdogan’s master plan to leave the Turkish economy in ruins so that his own personal embezzlement of billions can not be traced.

Meanwhile, as discussed yesterday, the lira’s collapse fueled an explosion in inflation, with Turkey’s CPI ending the year above 36%, the highest level since September 2002. The result has been a plunge of Erdogan’s popularity as 2023 elections approach, and speculation among some that Erdogan is rushing to pillage the rest of Turkey’s wealth before he disappears forever.

According to Bloombergthe central bank declined to comment on the dramatic move on its balance sheet, which was first reported on Monday by the bank’s former deputy governor Ibrahim Turhan and ex-banker Kerim Rota, both members of the opposition Future Party. According to Turhan, one possible explanation for the sizable overnight profit boost could lie in the sale of foreign-exchange reserves to the Treasury, in other words, the central bank is giving dollars to Erdogan.

The lira’s depreciation makes foreign reserves more valuable in local currency, but that can’t be logged in the profit column until the reserves are sold, he said. The same amount of dollars would then have to be bought back to maintain the reserves level, Turhan said. In other words, the central bank will have to purchase billions of dollars, a move which would send the lira crashing, but that of course assumes that Erdogan has some interest in preserving normalcy in his fiefdom, which by now everyone knows he does not.

Erdogan, who has attacked elevated borrowing costs as a brake on economic growth, pledged to remove the “bubble” from inflation in a speech on Tuesday, calling exchange-rate fluctuations and “excessive” price increases “thorns” on Turkey’s path. His policy of cutting rates to bring down inflation goes against mainstream economic thinking. 

Meanwhile, even with “guaranteed” returns on lira deposits, Turkish investors are still holding on to foreign currencies, undermining the Turkish leader’s plan to support the lira without raising interest rates. According to a separate Bloomberg reportcompanies boosted their foreign-currency holdings by around $1.6 billion in the seven days through Dec. 24, taking advantage of a rally that saw the lira almost double in value that week. While households trimmed their positions by just over $100 million, it hardly put a dent in total foreign-currency deposits, which rose to a record $239 billion, according to the latest central bank data.

This dash for dollars in Turkey (and gold, and bitcoin) is a symptom of a monetary policy that for years has remained far too loose to put a lid on inflation and as a result debased the lira, but more importantly it highlights the challenges authorities face in convincing investors to shift their savings into the local currency, which has lost more than 85% of its value against the dollar since 2012.

“The reason why people accumulated foreign-currency up until today was distrust, and the trust issue is still there,” said Evren Kirikoglu, an independent strategist based in Istanbul.

As a reminder, instead of raise rates to lure savers into lira accounts, the government came up with some Frankenstein quasi hike according to which it will compensate lira holders for any currency losses that exceed the interest rate on their short-term deposits — currently languishing around 19% points below headline inflation. Of course, good luck trying to make sense of such a purposefully opaque mechanism.

And while the official narrative has been that this new financial instrument is a game changer – because it will sap demand for dollars and euros that has weighed on the currency, and at the same time allow for rates to remain low and spur growth – the reality is just the opposite, and while appetite for Erdogan’s bizarre product remains virtually non-existent with just 84 billion liras ($6.3 billion) out of a total of 5.2 trillion liras of deposits moving into new foreign-currency linked deposits, the bulk of funds continues to flow out of lira and into foreign FX accounts.

“People don’t seem to understand the new product and they are afraid that some future changes could prevent them from buying back the FX they sold,” Kirikoglu said, referring to dollars and euros they parted with to place money in these new lira accounts.

Instead, as Bloomberg reports echoing what we said in December, the latest official reserves data suggest interventions in the currency market may have played a far larger role in spurring the recent advance in the local currency. In other words, if it wasn’t for the continued drain of dollars by the central bank, the lira would be trading at hyperinflationary levels.

As we extensively documented, last month the lira surged by as much as 79% from a record low of 18.3633 on Dec. 20 to a more than one-month high of 10.2512. That coincided with a previously noted $3.53 billion drawdown in the central bank’s net currency reserves in the week that ended Dec. 24, taking a drop since the end of November to $16 billion.

Alas, none of these tactical short squeeze attempts change the dire fundamental picture: with inflation running at over 36% and Turkey’s official reserves dwindling, the question for some is how much longer policy makers can stand in the way of dollar demand.

The size of recent interventions is reminiscent of operations carried out between 2018 and 2020, when state lenders routinely flooded the market with dollars unannounced to support the lira. The government has denied reports of so-called backdoor sales.

Luckily, at the current pace of interventions, the central bank will soon be out of manipulation firepower. Turkey’s gross reserves stand at $110.9 billion. Yet net reserves, which many economists use as a gauge of how much firepower policy makers have at their disposal, is now just $8.6 billion, meaning that Erdogan has at most 2-3 weeks left before he loses all control of the lira.

“I assume people won’t be rushing to dollars anymore but the key point is to attract FX holders to the system, otherwise the central bank cannot continue to meet citizens’ FX demand with its reserves,” Kirikoglu said.

end

Erdogan is totally nuts.

(zerohedge)

Erdogan Tells Banks To Snoop On Dollar Buyers, “Deter” Clients From Hedging Lira Collapse

 WEDNESDAY, JAN 05, 2022 – 12:25 PM

How do you know the time is almost up for an authoritarian ruler and his crumbling, hyperinflating economy? When said ruler starting taking sales of his imploding currency personally, and instructs banks to prevent the normal functioning of the market.

And just in case it was unclear, we are of course referring to the latest development in Erdogan’s banana republic of Turkey (we only clear this up because this is just as applicable to the banana republics of North America and Europe), where now that the lira is again in freefall mode after the central bank blew billions of dollars on now worthless interventions, authorities have escalated their crackdown on what little is left of the market, and are “keeping tabs” on investors who are buying large amounts of foreign currency while asking banks to deter their clients from using the spot market for hedging-related trades as they scramble to slow the lira’s relentless slide.

According to Bloomberg, the central bank has requested commercial lenders inform them of any big-ticket dollar purchases that may impact the market negatively, according to people familiar with the matter, who asked not to be named as the information isn’t public.

Officials also asked banks to advise corporate clients looking to hedge any potential lira losses to use the futures markets or the central bank’s non-delivered forward market, the people said. Why the futures market? Because that’s where Turkey has been manipulating the lira most aggressively as it gets extra bang for its (USD) buck, something it can’t do in the spot market, especially since the central bank’s net actual reserves are now negative. The only question is when will Turkey’s FX swaps stop working – that’s when the lira will reprice from 13 to 100+ in a millisecond.

Meanwhile, after its torrid surge in mid-December when Erdogan unveiled a bizarro scheme involving foreign-currency-linked deposit accounts to “compensate” lira holders for FX losses and which together with billions in central bank interventions sparked a massive short squeeze, the lira has since weakened more than 20% against the dollar over the past two weeks, weighed down by a cycle of aggressive rate cuts that drove inflation to the highest level in two decades, hitting nearly 40% earlier this week. The Turkish currency was trading sharply lower again today, and was last seen at 13.62. At this rate it will be back to its all time low of 18 in no time.

The bottom line is that as long as Turkey fails to do the only thing that can restore some normalcy to the economy, a rate hike, the currency collapse will continue, especially now that Turkish real rates are the lowest they have ever been, prompting a wholesale exodus of both domestic and foreign investors out of the country.

A rate hike however is not happening, as Erdogan has repeatedly said he would rather watch a total economic collapse, as he wants to rid the country of its reliance on short-term foreign capital that flows in when rates are high, and wants to retool the economy by boosting exports. He also believes that high rates spur inflation rater than cool it. Will it work? Check back in a year when Turkey’s currency is north of 1000 to 1.

end

RUSSIA/KAZAHKSTAN/USA

Russia warns: no foreign interference with their former satellite Kazakhstan.  This nation is in Russia’s sphere of influence

(zerohedge)

Russia Warns Against Any ‘Foreign Interference’ In Kazakhstan Unrest

 WEDNESDAY, JAN 05, 2022 – 12:40 PM

It didn’t take long for the Kremlin to chime in on the raging and increasingly violent protests which have rocked its southern neighbor, the former Soviet satellite of Kazakhstan. As we underscored earlier, what began as angry mass protests days ago upon authorities removing a cap on gas prices for the citizenry now appears to be a full-blown push for government overthrow happening in the streets. With state buildings on fire and fierce clashes with police in various cities, Kazakh President Kassym-Jomart Tokayev has on Wednesday extended the ‘state of emergency’ across the whole nation.

Already there are rumblings in regional press of possible “foreign manipulation” — causing Russia to warn against any external interference in Kazakhstan’s affairs, according to Reuters citing RIA news agency. At the same time some Western pundits are already making this all about Putin.Government buildings attacked in Almaty.

Kremlin spokesman Dmitry Peskov addressed the rapidly moving events which has seen the Kazakh president vow not to leave the capital “no matter what”. Peskov stressed to reporters that the country can “solve its own problems” and that it’s crucial that “no one interfere from the outside.”

And more, the report quoted Peskov as saying “Kazakhstan had not requested Russian help to deal with protests, triggered by a fuel price increase, that prompted the resignation of its government on Wednesday.”

The Russian foreign ministry confirmed separately it’s monitoring the unrest, “We advocate the peaceful resolution of all problems within the constitutional and legal framework and dialogue, rather than through street riots and the violation of laws,” a statement said. 

Internet has been blocked across the country for at least a full day at this point, and there were earlier unconfirmed reports that the largest international airport, Almaty Airport, had been stormed and seized by rioters, with all flights canceled. 

Hawkish analysts in the West are already linking Kazakh government oppression with who else… Putin

For now at this early point, claims of outside or foreign interference remain highly speculative, also given the lack of much if any international correspondents actually on the ground during the unrest.

Meanwhile multiple public buildings, including at least one presidential residence, have been torched, according to widely circulating social media videos.

Protesters now storming the main government building in Kazakhstan’s largest city Almaty. pic.twitter.com/lemKcpILL8— Patrick Reevell (@Reevellp) January 5, 2022

There is also evidence of ‘live fire’ in various locations, though there’s been little in the way of official casualty figures

. END

IRAQ/USA/IRAN/SYRIA

USA launches a preemptive strike on rocket sites near the occupied Syrian oil fields

(zerohedge)

.

US Launches Preemptive Strike On “Rocket Sites” Near Occupied Syrian Oil Fields

 TUESDAY, JAN 04, 2022 – 08:25 PM

Late in the day Tuesday (local time) the US military carried out what’s being described as a “preemptive strike” against rocket sites in eastern Syria that “posed a threat” – according to a US coalition official statement. 

“The official, speaking on condition of anonymity, said the coalition saw several launch sites near the Green Village in Syria,” Reuters reports, referencing an American base in Deir Ezzor province. “The official did not specify from which country the coalition carried out the strike.”Illustrative, iStock

The base that was being “threatened” is in Syria oil-rich eastern region, which for years American forces have occupied in support of Kurdish-led Syrian Democratic Forces (SDF). In the same area lies the country’s largest oil facility, al-Omar oil field, as well as Conoco gas field – both under US-SDF control, something Damascus and Moscow have long condemned as an illegal occupation presence intent on blocking Syria from its own vital energy resources. 

Over the past year the US base has seen occasional attacks, which is typically blamed by the Pentagon on “pro-Iran” militias, or also possibly Syrian national forces. 

In this case too, at least one regional correspondent has been told by a coalition official that “Iranian militias” were targeted in the new strikes

Most recently, in the past few months, the Pentagon has more often had to worry about its outposts near the Syria-Iraq border, with al-Tanf base in particular coming under recent drone and mortar attack.

Such border region incidents are suspected as originating from either side of the border – with the Iraqi side seeing Iran-backed Popular Mobilization Forces recently stepping up small drone attacks.

On Monday in Iraq, US forces came under drone attack at Camp Victory near the Baghdad airport. US forces in the region are on edge this week as large anti-American demonstrations are being held in major cities to mark the second anniversary of the killing of IRGC commander Qassem Soleimani. 

And then on Tuesday drones threatened Ain al-Assad airbase in Iraq, where US troops are stationed – the same base hit by Iranian cruise missiles two years ago, days after the Jan.3, 2020 assassination by drone of Soleimani. 

The above footage captures the base’s anti-air defenses intercepting the drones in real-time.

end

US Bases In Both Iraq & Syria Under Fresh Rocket Attacks

 WEDNESDAY, JAN 05, 2022 – 02:21 PM

During the week of the Jan.3rd second anniversary of the 2020 killing by US drone strike of IRGC commander Gen. Qassem Soleimani, there’s been a spate of attacks on bases where American troops are stationed in Iraq and Syria. On Wednesday there’s been three consecutive attacks so far

As ABC News details, “Iraqi military bases hosting U.S. troops in Iraq’s western Anbar province and the capital of Baghdad were hit by Katyusha rockets Wednesday while in Syria, eight rounds of indirect fire landed inside a base with members of the U.S.-led coalition, the Iraqi and U.S. militaries said.”Image of Ain Assad base showing aftermath of Jan.2020 Iranian ballistic missile attack, intended as “revenge” for the Jan.3 Soleimani killing.

This includes a rocket attack on al-Assad base in Western Iraq, after the day prior small drones targeted the base, but which were downed by the US anti-air systems operating there.

In Syria the base named ‘Green Village’ in Deir Ezzor was targeted in a fresh attack, the day following US ‘preemptive’ action against suspected rocket launch sites used by area militias.

The US-led Coalition on Wednesday issued a rare statement very openly blaming what it called “Iran-supported malign actors”. US forces responded with artillery rounds, according a regional correspondent. 

“Our Coalition continues to see threats against our forces in Iraq and Syria by militia groups that are backed by Iran,” the statement said, singling out the Islamic Republic. “These attacks are a dangerous distraction from our Coalition’s shared mission to advise, assist & enable partner forces to maintain the enduring defeat of Daesh.”

US forward operating bases in Syria are especially vulnerable to possible attack, given their smaller size compared to Iraq bases where Americans are hosted. 

Images in the aftermath of the attack in Syria were released Wednesday…

Despite the usual Iran blame-game coming out of the Pentagon, it also remains that Syrian Army and pro-Assad national forces want to see the US occupation come to an end. Could this be the start of a pressure campaign being waged from Damascus? 

After all, if Assad decided to seek imposing a significant “cost” on US forces being there (chiefly in the oil-rich northeast, as well as al-Tanf on the Iraq border), it would indeed create huge problems back in Washington, given the current status of a relatively ‘undefined’ mission there.
 END

6.Global Issues

CORONAVIRUS/UPDATE/VACCINE MANDATE

Frontline doctor highlights his preferred covid 19 treatment protocol

(Stieber/EpochTimes)

Frontline Doctor Highlights His Preferred COVID-19 Treatments

  Frontline Doctor Highlights His Preferred COVID-19 Treatments

By Zachary Stieber
The Epoch Times, New York
Tuesday, January 4, 2022

https://www.theepochtimes.com/frontline-doctor-highlights-his-preferred-covid-19-treatments_4192746.html

While the Omicron variant of the  the CCP (Chinese Communist Party) virus seems to be causing less severe disease than the Delta variant, it’s still landing some people in hospitals, highlighting the need for effective treatment before cases progress to that stage, a frontline doctor says.

Dr. Syed Haider has treated more than 4,000 COVID-19-positive patients so far during the pandemic. Just five ended up going to a hospital, and none have died.

The doctor said his preferred treatments include many off-label medications along with vitamins and supplements.

“Vitamin D is really important, ivermectin is important, fluvoxamine, hydroxychloroquine also works, it’s just a lot of people have been convinced that it doesn’t at this point, and are scared off of trying it,” Haider told NTD’s “Capitol Report.” “But I prefer ivermectin, fluvoxamine, Vitamin D, Vitamin C, quercetin, zinc.”

Ivermectin is an anti-parasitic that has had mixed results against COVID-19 in clinical trials and isn’t advised by the Food and Drug Administration to treat the disease. Fluvoxamine is an antidepressant that’s gaining popularity for use against COVID-19. Hydroxychloroquine is an anti-malarial that has shown some success in treating the disease. Quercetin is a plant pigment that’s not widely known yet as a treatment for COVID-19.

Haider has also recommended flax seed oil.

“One really easy thing that anyone can do is just follow the directions on a bottle of hydrogen peroxide, you can get this at the store, can dilute it down to 1 percent swish swish it through your nose, or swish it through your mouth and drip it into your nose or use a neti pot to rinse out your nose. And it’s not uncomfortable, it shouldn’t be burning, if it’s burning, you would want to dilute it a little bit more, and that kills the virus on contact,” he said.

Haider’s list differs from the National Institutes of Health’s recently updated treatment recommendations for non hospitalized COVID-19 patients.

The agency recommends using Pfizer’s COVID-19 pill, known as paxlovid; Merck’s pill, called molnupiravir; GlaxoSmithKline’s monoclonal antibody treatment, sotrovimab; or Gilead Sciences’s remdesivir, administered through IV over multiple days.

The recommendations stem from studies that demonstrate the therapeutics’ effectiveness, the agency said.

Haider, however, doesn’t agree with the remdesivir recommendation, noting it’s never received an endorsement from the World Health Organization and that is has the side effect of causing kidney failure.

The virus that causes COVID-19, he said, is “very, very easily treatable” if early treatment is done with off-label drugs, Haider stressed.

He advises people get prepared ahead of time.

“I think people need to take this seriously and get medications on hand before they get sick,” Dr. Syed Haider told “Capitol Report.”

While Omicron often manifests as a bad cold, even some people who are considered at low-risk of developing severe disease will end up with severe cases, the doctor said. Additionally, emerging data indicate that the protection provided by both vaccination and natural immunity isn’t as good against Omicron, emphasizing the need to be ready.

END

CDC changes its booster guildelines again.  Record USA cases(zerohedge)

CDC Changes Booster Guidelines (Again) As US Reports Record Cases

 TUESDAY, JAN 04, 2022 – 05:45 PM

Public health authorities reported another 1M+ new COVID cases on Tuesday, bringing the 7-day average to a new record of 485,363, a new record high for what has historically been seen as a key measure of the pandemic’s severity.

Source: Bloomberg

However, focusing on cases is no longer the clickbait ratings-gatherer that the MSM hoped for as the divergence between cases and deaths is dramatic…

But that hasn’t stopped the CDC from deciding to change the timeline for receiving a booster shot to five months, down from six, serving to further confuse the public about the government’s rules.

The CDC is also recommending that moderately or severely immuno-compromised 5-to-11-year-olds receive an additional primary dose of the vaccine 28 days after their second shot, introducing a whole new jab to the equation.

Several prominent Democrats have also been infected in what are believed to be “breakthrough” cases of the virus, including Defense Secretary Lloyd Austin.

In terms of case numbers, the worst areas are the nation’s capital, New York, Puerto Rico, New Jersey and Florida.

Of that group, only Washington DC and New Jersey have more people in the hospital with confirmed COVID than they did during last winter’s surge.

In New York, hospitalizations are approaching the year-ago level of 9K but are still half of where they were at their peak in April 2020. New Jersey has more than 4.7K patients, compared with about 3.6K a year earlier.

State health department officials said emergency departments are seeing large numbers of people asking for home tests.

While the US suffers with record case numbers, Russia is bucking the global trend with case numbers that are falling, not rising.

Russia reported the lowest number of new cases since the middle of September with 18.2K new cases in the past day, according to the government’s reporting center. The number of deaths declined to 811, the lowest tally in more than three months.

Cases have finally stopped climbing in the UK, but COVID-related absences among hospital staff have jumped to nearly two thirds in the post-Christmas period, according to reports in the British press that cited NHS data. Regionally, the situation is even worse, with parts of one London hospital closed because half of the nursing staff were off sick. Nurses and other staff have also faced difficulty accessing COVID tests.

Yet again the rampant alarmism of the fear merchants in charge was utterly incorrect…

END

CDC Walensky flip flops on PCR testing guidance again

(zerohedge)

CDC Director Walensky Flip-Flops On PCR Testing Guidance

 TUESDAY, JAN 04, 2022 – 07:45 PM

CDC Director Rochelle Walensky appeared to majorly waffle on her agency’s controversial guidance to eliminate PCR testing at the end of Covid-19 isolation because the tests can remain positive for up to 12 weeks, long after a person is no longer contagious.Photo: Stefani Reynolds—The New York Times/Redux

“The big CDC news,” said Late Show host Stephen Colbert, is that “y’all have now gone from recommending a 10-day isolation to a five-day isolation. Why the change?”

To which Walensky replied that “probably about 80 to 90 percent of your transmissibility has happened in those first five days,” right before and after symptoms appear, “and we really want people to be sure if they’re gonna be home, they’re going to be home for the right period of time, when they’re maximally transmissible.”

Colbert then hinted at discord within the Biden administration after Dr. Anthony Fauci suggested the CDC guidance may shift yet again.

“In the UK they went from ten to seven days, but they are also recommending a negative test before considering yourself out of quarantine. Are we going to do that here? Because Dr. Fauci on CNN and ABC suggested that that’s under consideration. Is he talkin’ out both sides of his mouth over there, and you guys are telling him ‘put a cork in it, Tony!‘”

Walensky’s answer, while confusing, appeared to contradict her agency’s new guidelines.

“Deepest respect for Dr. Fauci,” Walensky replied. “Obviously, yes. Really important question. The FDA has authorized these tests, and they’re terrific tests for what they’re authorized for. So the FDA has authorized them for diagnosis, and what they said about these tests is they are best for diagnosis earlier in the disease course.

“Are these the rapid antigen test?” asked Colbert.

Yes. So if you have access to a test. And you want to do a test at day five. And your symptoms are gone and you’re feeling well, then go ahead and do that test. But here’s how I would interpret that test. If it’s positive, stay home for another five days. If it’s negative, I would stay you still really need to wear a mask. You still may have some transmissibility ahead of you. You still should try not to visit grandma. You shouldn’t get on an airplane. You should still be pretty careful when you’re with other people – by wearing a mask all the time. “

This entire response completely ignores the CDC’s justification for eliminating the tests – namely the potential 12 week positive result despite no ability to transmit to others.

END

A must read.

(MacGhlionn)

The Defenestration of Dr. Robert Malone

John Mac Ghlionn January 3, 2022 Updated: January 5, 2022biggersmallerPrint

Commentary

Dr. Robert Malone is a U.S. virologist and immunologist who has dedicated his professional existence to the development of mRNA vaccines.

In the 1980s, Malone worked as a researcher at the Salk Institute for Biological Studies, where he conducted studies on messenger ribonucleic acid (mRNA) technology. In the early 1990s, Malone collaborated with Jon A. Wolff and Dennis A. Carson, two eminent scientists, on a study that involved synthesization.

In fact, Malone is the father of mRNA vaccines. He has served as an adjunct associate professor of biotechnology at Kennesaw State University, and he co-founded Atheric Pharmaceutical, a company that was contracted by the U.S. Army Medical Research Institute of Infectious Diseases in 2016.

As you can see, Malone is no ordinary man. In fact, he’s a rather extraordinary man. Before embarking on a distinguished career in science, Malone worked as a carpenter and as a farmhand. Becoming a doctor was a lofty aspiration, but through hard work and determination, his dream became a reality. Over the course of three decades, Malone has established himself as one of the most competent people in the fields of virology and immunology.

Why, then, is he considered “a pariah” (in his own words) by so many of his peers? Why did Twitter recently suspend his account?

Malone is arguably the most qualified person in the world to speak on what we as a society should and shouldn’t be doing during the pandemic. Yet for reasons that will become abundantly clear, he finds himself ostracized, largely silenced, and cut off from the scientific community. Why?

Two months before his Twitter account was suspended, Malone wrote a rather prophetic Twitter post:

“I am going to speak bluntly,” he wrote. “Physicians who speak out are being actively hunted via medical boards and the press. They are trying to delegitimize us and pick us off one by one.”

He finished by warning that this is “not a conspiracy theory” but “a fact.” He urged us all to “wake up.”

Sadly, many of us are still asleep.

In my research for this piece, it seems clear to me that Malone has been silenced, not because he’s some quack spouting nonsense, but because he challenged—and still challenges—the overarching narrative about vaccines and the lethality of COVID-19.

Malone was recently interviewed by Joe Rogan. For the uninitiated, Rogan is the host of one of the most influential podcasts in the world. At one point during the three-hour interview, Malone referred to Dr. Anthony Fauci as Tony Fauci, a man he knows personally. Malone, in other words, knows where all the skeletons are hidden. The same is true for Dr. Peter McCullough, another world-renowned expert who has appeared on Rogan’s podcast.

Prior to writing this piece, I consulted both Malone and McCullough.

Epoch Times Photo
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks during a briefing at the White House on Dec. 1, 2021. (Susan Walsh/AP Photo)

Over the course of the past 18 months, Malone has been painted as some kind of anti-vax fringe scientist, a man of questionable merit who’s spouting nonsense.

Well, he’s not. Malone happens to be vaccinated. All he has ever asked for is the chance to have frank and honest discussions on vaccines.

In his own words, vaccines have “saved lives. Many lives.”

“But it is also increasingly clear that there are some risks associated with these vaccines,” Malone said. “Various governments have attempted to deny that this is the case. But they are wrong. Vaccination-associated coagulation is a risk. Cardiotoxicity is a risk. Those are proven and discussed in official USG communications, as well as communications from a variety of other governments.”

Malone isn’t a crazed conspiracy theorist: He’s a man who’s intimately familiar with the benefits and the risks of vaccines. He’s a proponent of informed consent. Perhaps before letting someone inject a vaccine into your body, you should be fully informed of the risks involved, he says. He isn’t an unreasonable man.

Nevertheless, in this age of faux outrage and fabricated storylines, society needs a fall guy, a boogie man, a sacrificial lamb. Malone fits the bill. He knows too much. It’s much easier to discredit a decorated physician—who challenges the overarching narrative—than it is to actually debate him.

Zero Degrees of Separation

The story goes deeper. In 2019, the BBC established the Trusted News Initiative (TNI), a partnership that now includes organizations such as Facebook, Twitter, Reuters, and The Washington Post. We’re told that it was established to tackle “disinformation in real time.” TNI was ostensibly designed to wage a war on “fake news.”

Upon closer inspection, however, it appears to have been designed to promote very specific narratives and to silence any dissenting voices, such as Malone’s. Instead of trusting the TNI, we should question the motives of its members.

After all, The Washington Post recently published a piece asking people to stop criticizing President Joe Biden. The message is clear: Stop being mean to the president, even if the president is being mean to you (on more than one occasion).

Then, there’s James C. Smith, chairman of the Thomson Reuters Foundation. He sits on the board of directors for Pfizer, a company that’s responsible for the creation of vaccines with questionable efficacy and that has a history of manipulating data. In short, Pfizer is a company with a questionable reputation. Nevertheless, Pfizer Chief Executive Albert Bourla was recently named CNN’s Business CEO of the Year. Make of that what you will.

When one thinks of TNI (and the mainstream media in general), various terms instantly spring to mind. “Objectivity” isn’t one of them. “Highly compromised” and “conflict of interest” do come to mind, however.

Speaking of objectivity, or the lack thereof, in August 2021, The Atlantic ran a much-cited hit piece on Malone, which was high on accusations, but low on actual evidence. It attacked his character and credibility—repeatedly. Rather intriguingly, the article, like all of The Atlantic’s COVID-19 articles, was funded by the Chan Zuckerberg Initiative and the Robert Wood Johnson Foundation.

The former is an organization established and owned by Facebook founder Mark Zuckerberg and his wife, Priscilla Chan. The Robert Wood Johnson Foundation owns stock in Johnson & Johnson, a company whose vaccine has been associated with the development of blood clots—the very thing Malone has been warning us about for the better part of two years.

People might scoff. But contrary to popular belief, democracy doesn’t die in darkness. It dies in broad daylight. Its death is slow and protracted, one by a thousand cuts rather than by one fatal stab.

As author Steve Levitsky once wrote, democracies don’t often die at the hands of military generals, “but of elected leaders—presidents or prime ministers who subvert the very process that brought them to power.”

“One of the great ironies of how democracies die is that the very defense of democracy is often used as a pretext for its subversion,” he wrote. “Would-be autocrats often use economic crises, natural disasters, and especially security threats—wars, armed insurgencies, or terrorist attacks—to justify antidemocratic measures.”

Apply these lines to the pandemic, and Levitsky’s words carry more weight than ever before.

In the United States, one must not question the efficacy of masks, vaccines for kids, the logic (or lack thereof) of lockdowns, or the unconstitutional nature of vaccine mandates. What about the little matter of vaccine breakthrough deaths? Don’t ask any questions.

But wait, if science can’t be questioned, doesn’t this make it propaganda? Hush now. Don’t you love America? Don’t you want people to live, rather than die? Then shut up and get the vaccine, then the booster shot, then the booster-booster shot. We, the arbiters of truth, know what’s best for you. Somewhat ironically, these self-appointed arbiters of truth spout no shortage of lies.

Is it any surprise, then, that more and more Americans continue to lose faith in the mainstream media and the government? Yet here we are, being condescended to by the likes of CNN’s Don Lemon and MSNBC’s Nicolle Wallace. Worse still, we’re supposed to take orders from Fauci, a man who supposedly represents science, yet goes out of his way to smear scientists. Why would a man of science attack the very thing that he’s supposed to represent?

Social Media stock photo Pexels
A stock photo of social media platform icons in a mobile device. (Pixabay/Pexels)

According to numerous reports, Fauci has repeatedly deceived the American people. It’s important to remember that Fauci is, first and foremost, a talking head for the U.S. government. In reality, he’s a politician with a medical degree.

To quote the author Gillian Flynn, the author of “Gone Girl”: “The truth is malleable; you just need to pick the right expert.”

Who better than Fauci, a highly qualified individual with his own fan club? But don’t be fooled. Fauci might act like he answers to no one, but he does. He answers to the U.S. government. Who, then, does the government answer to? Big Pharma, it seems.

In 2019, the Roosevelt Institute published a fascinating report, “The Cost of Capture: How the Pharmaceutical Industry has Corrupted Policy Makers and Harmed Patients.” The report outlines the many ways in which the pharmaceutical industry has shaped policies through corporate capture. This is a phenomenon that sees private industries use their significant financial and political influence to manipulate a state’s decision-making apparatus. The report warned about the dangers of lobbying and of deeply flawed medical research.

What we’re seeing is the convergence of Big Pharma, Big Tech, and Big Government. Let’s call it the unholy trinity, with Big Tech doing the bidding of Big Government, and Big Government doing the bidding of Big Pharma.

Interestingly, but not surprisingly, YouTube has removed the Joe Rogan episodes featuring Robert Malone and Peter McCullough. Why? Because when it comes to viruses and vaccines, these are among the most notable and accomplished experts in the world. They appear to know things that the government doesn’t want us to know. Additionally, Google, the owner of YouTube, appears to be closely involved with the U.S. government.

What we’re left with is the equivalent of a digital dictatorship, with even the most qualified people being silenced, ostracized, and, in some cases, defenestrated. Robert Malone is a wise man, an honest man, and a highly credible man. The grief that has come his way—and continues to come his way to this day—is unwarranted. But as he knows only too well, this is the price one must pay for challenging the unholy trinity.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.John Mac GhlionnFollowJohn Mac Ghlionn is a researcher and essayist. His work has been published by the likes of the New York Post, Sydney Morning Herald, Newsweek, National Review, The Spectator US, and other respectable outlets. He is also a psychosocial specialist, with a keen interest in social dysfunction and media manipulation.

end

Google manipulates results of the phrase “Mass Formation Psychosis”  as this term explodes due to collapsing covid narrative.  The phrase was used by Dr Robert Malone in his 3 hr interview with Joe Rogan

(Agorist/FreeThoughtProject)

Google Manipulates Results As “Mass Formation Psychosis’ Searches Explode Due To Collapsing COVID Narrative

 TUESDAY, JAN 04, 2022 – 06:05 PM

Authored by Matt Agorist via TheFreeThoughtProject.com,

Those paying attention to the current situation regarding the establishment’s control on the narrative around Covid-19, have watched as anyone — including esteemed experts in the field — are censored into oblivion for attempting to put forth information that challenges the status quo. For the first time in recent American history, merely talking about alternative treatments for a disease is met with mass censorship by big tech. This is diametrically opposed to actual “science” and the opposite direction in which a free society should be moving.

One of the people who has been censored the most is Robert W Malone MD, MS who is one of the inventors of mRNA & DNA vaccines. Dr. Malone has been outspoken about the way the establishment system is handling, or rather mishandling, the covid crisis.

His Twitter account had grown to over a half million followers last week before the platform decided that his alternative views on the pandemic were a danger to the narrative. So they banned him.

Instead of standing up for the free exchange of ideas by experts — which is how science works  — the left cheered for Malone’s censorship, calling him a kook while celebrating the tools of tyrants.

Before Donald Trump came into office and caused mass hysteria over Russia, the left used to stand for freedom of speech. However, the flamboyant tyrant in the White House quickly eroded their respect for rights. Then, in 2020, Covid-19 arrived and the censorship campaign switched into overdrive.

The left — armed with their militant “fact checkers” whose opinions are wielded like swords against anyone who challenges the official narrative — became the regime of authoritarian information controllers. After all, if you challenge their messiahs like Dr. Fauci, you challenge science itself — facts be damned.

So what happened? Why did the left go from championing free speech for years — even supporting the speech of neo-nazis — to rabidly demanding the silencing of those who attempt to challenge team doom? Dr. Malone and others have a theory, and it’s called mass formation psychosis.

“When you have a society that has become decoupled from each other and has free-floating anxiety in a sense that things don’t make sense, we can’t understand it, and then their attention gets focused by a leader or series of events on one small point just like hypnosis, they literally become hypnotized and can be led anywhere,” explained Malone on a recent interview with Joe Rogan.

Malone then described how “leaders” can exploit this situation: “And one of the aspects of that phenomenon is that the people that they identify as their leaders, the ones typically that come in and say you have this pain and I can solve it for you. I and I alone. Then they will follow that person. It doesn’t matter whether they lied to them or whatever. The data is irrelevant.”

After Dr. Malone explained this concept of mass formation, developed by Dr. Mattias Desmet, professor of clinical psychology at Ghent University in Belgium, internet searches for “mass formation psychosis” began to exponentially increase. It appeared that Google, at one point, even attempted to skew the returned results, and it appears it is still happening.

Now, when you search for the phrase on Google, it returns articles by mainstream media outlets, like Forbes who took to making fun of Malone for even daring to suggest that this was the case. Apparently, large swaths of people calling for the unvaccinated to be put into camps, denied healthcare, and even killed, is not psychosis. It’s normal.

It’s normal to completely dismiss the massive amounts of data in front of us, and instead opt for a fear-driven narrative that has caused suffering of epic proportions in populations whose risk of complications from covid are almost non-existent.

If you search for the term on DuckDuckGo, however, Dr. Malone’s article from last month comes up. Bing, unlike Google, did not manipulate Malone’s article out of the search results either. 

Though Google is hiding it and Forbes is downplaying it, mass formation psychosis is a plausible explanation for what is going on right now in Western society.

According to Desmet, there are four basic conditions which need to be met for a society to be vulnerable to mass hypnosis. And we are meeting all of them.

  • The first condition is a lack of social bonding. Over the last five years, Americans have been torn in half by the Trump phenomenon and when covid arrived it pushed people into isolation that much further. As fearful individuals pine away in their homes with no social interaction, their lack of community has fallen to a depressing level.
  • The second condition for mass psychosis is a lack of meaning or purpose in one’s life. Desmet cites a Gallup poll done with people in 142 countries in which 63% of respondents admitted to being so disengaged at work that they were sleepwalking through their day, putting time but not passion into their work. What’s more, a recent poll of young people in the UK revealed that 89 percent of those aged 16-29, “believe that their lives have no meaning or purpose.”
  • Free floating anxiety is the third condition for mass psychosis and one need only look at the millions of prescriptions for anti-anxiety/depression medications in the country to realize that it is rife throughout the west. As Desmet points out, if people feel socially isolated and that their life has no meaning, their anxiety isn’t connected to a mental representation. This free-floating anxiety then creates deep psychological discontent.
  • Finally, the fourth condition needed for mass psychosis is prevalent levels of frustration and aggression. A quick stroll down Twitter lane and the amount of overt societal aggression becomes exceedingly clear. It has even manifested countless times in real life as pro-maskers attack anti-maskers and vice versa. The term “covid Karen” exists for a reason.

One can reasonably argue that all four of these condition are easily met currently, which is fomenting a mob psychology. And as Desmet reminds us, this psychological phenomenon explains why so many have bought into a clearly illogical and unscientific narrative, and why they are willing to participate in the prescribed strategy like quadruple masking — “even if it’s utterly absurd,” Desmet says. “The reason they buy into the narrative is because it leads to this new social bond,” he explains. “Science, logic and correctness have nothing to do with it.”

Sound familiar? How many times have people continued to cite the “experts” whose narratives have been proven false over and over again. How many times have wee seen people blindly follow these known liars simply because these liars offer them solidarity in their mutual psychosis.

Even the FDA has fallen into this formation as they push vaccinations for 5-11 year old children despite no clear emergency for children. In spite of the lack of emergency, because these new community bonds have formed and team doom is under mass hypnosis, millions of parents eagerly await to inject their children with a vaccine that hasn’t even been approved for them.

What, besides mass psychosis could explain the mainstream media scoffing at the 400,000 adverse reaction events from the covid vaccine reported to VAERS in the last year? How is it that these reported events, including 20,000 deaths posted to the system are written off as immediately unreliable — despite all previous data showing that it is likely a vast undercount?

How is it that mainstream media and their supporters in team doom can justify myocarditis in children as some preservation of the greater good, without falling victim to mass psychosis? Without mass psychosis, why are people so willing to surrender their freedoms, submit to vaccine passports, and welcome a totalitarian police state with open arms?

This behavior is not “normal.” Those under mass psychosis have simply formed a bond so strong that actual facts no longer matter — for they are now the virtuous ones. Anyone who doesn’t constantly virtue signal to the collective is an enemy. Through fact checkers, social media, and big tech control, this collective focusses their rage and hatred on those who have not fallen victim to the spell.

Those not under the spell are evil, need to be locked up, arrested, and are deemed domestic terrorists by the collective.

Critical thought, logic, and reason rest in their graves as mass psychosis maintains its grip on millions of fearful, anxious, and aggressive loners who have found their place in the virtuous and caring aggregate horde.

While this outlook may seem bleak, the good news is that we can fight this mass psychosis by continuing to counter the narrative which is driving it, thereby shaking others out of their hypnosis by repeatedly exposing them to actual reality.

What’s more, it means these horrific things that many people are saying online, like the unvaccinated should be excluded from society or locked up, isn’t necessarily coming from a place of evil, but it’s more of a psychological process their minds are doing to help them survive their false reality.

END

Examination of 15 bodies, found that 14 of the deaths were vaccine related

Lifesitenews)(

14 of 15 post-COVID shot deaths studied by researchers found to be vaccine related – LifeSite

Inbox

Robert Hryniak12:45 PM (40 minutes ago)
to Harvey

https://www.lifesitenews.com/news/14-of-15-post-covid-shot-deaths-studied-by-researchers-found-to-be-vaccine-related/

VACCINE MANDATE

CENSORED: $4.5 TRILLION Bank Bailout 4th Quarter 2019 Months Before COVID Exceeded 2008 Bailouts

January 4, 2022 6:31 pm

Pam and Russ Martens of Wall Street on Parade have reported on the huge bank bailouts during the 4th quarter of 2019, months before COVID was declared to be a “pandemic” giving further evidence from a series of events at the end of 2019 that the “war on the virus” that has enslaved the entire world, was all planned long in advance by the Globalists. Not reported in the media, either corporate news media nor anywhere else in the Alternative Media that I have seen, the Martens have exposed the fact that the bailouts of the biggest banks in New York far exceeded the bailouts during the 2008 financial crises, which of course was headline news back then. This bailout of Wall Street in 2008 was the fuel that gave rise to the “Occupy Wall Street” movement that started in September of 2011, and spread around the world. Unfortunately, the movement failed to create any lasting solutions, primarily because the Globalists and their corporate media painted it as a Liberal, Democratic movement, keeping most Conservative, Republicans on the sidelines. I am afraid that the same failure awaits us in 2022, unless we learn to rise up together as AMERICANS, united together and not divided by the Left and Right paradigm, and the corrupt two party system that only gives us choices of either Republican or Democratic criminals all controlled by Wall Street, to put into political office to serve the bankers, and not the people.Read More…

END


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GLOBAL STORIES//COVID

end


Michael Every with today’s most important topics

Michael Every.// Stefan Koopman

Brace For The Italian Soap Opera

 WEDNESDAY, JAN 05, 2022 – 09:28 AM

By Stefan Koopman, senior macro strategist at Rabobank

Italian Soap Opera

The market continues to trade omicron with a glass half full view, judging it hastens the virus’ transition from pandemic to endemic, albeit with record-setting numbers of illnesses, rising hospitalizations and deaths along the way. The acquired “wall of immunity” could then help protect against Covid’s next variant of concern, which will only be a matter of time as long as the virus rips through the global population.

This improvement in risk appetite, combined with higher inflation expectations due to seemingly unending supply-side constraints, weighs on global bond markets. The bear steepening of the UST curve causes the yen in particular to suffer. USD/JPY trades at 116; its lowest since January 2017. Rising yields also exert pressure on growth stocks. Finally, Brent oil trades at 80 dollar, holding onto its recent gains as OPEC+ approved the 400kb/d increase scheduled for February.

Italy will issue a new 30-year bond via syndication today, just three weeks before the soap opera of Italian politics really starts to absorb the attention of investors (to be fair: the 10yr BTP-Bund spread has already widened to 130 bps; the most in over a year). The Chamber of Deputies has set January 24 as the start date of the election to replace President Mattarella. A total of 1,009 electors, both lawmakers and regional representatives, will then cast secret ballots in a series of voting rounds until one candidate wins the required majority (i.e. a two-thirds majority in the first three rounds, an absolute majority in every consecutive round). This ‘papal-style’ process could easily span several days and has in the past led to big surprises, in particular when none of the frontrunners was able to command a majority among the electors (e.g. the 1992 election of Oscar Luigi Scalfaro was particularly notorious).

The president is elected for a seven-year term. The role is largely ceremonial, but it has been demonstrated time and again that he (or she?) has extensive powers when a new government needs to be formed. Recall, for instance, that Mattarella opposed the appointment of the Eurosceptic university professor Paolo Savona as Italy’s Finance Minister in 2018. Prime Minister Mario Draghi has already indicated to have an eye on the job and commands the support of the centre-left. The centre-right has rallied behind comeback ‘kid’ Silvio Berlusconi. The Five Star Movement, still the biggest in parliament, wants Mattarella to stay on even as they pressed for impeachment when he blocked the appointment of Savona. It will probably take a while before the governing coalition can agree on a cross-party presidential candidate.

While a Draghi presidency would undoubtedly be regarded as a positive for markets, as a ‘beacon of stability’ in the next seven years, his high international standing and strong personality may not work for ambitious political leaders of other parties, such as the Brothers’ Giorgia Meloni. A safe pair of hands for prime minister is difficult to find too. His appointment could therefore also risk an early general election, just as the total number of MPs and senators will be cut from 945 to 600. This makes it impossible to predict the presidential election with any degree of confidence; don’t be surprised if this soap opera delivers some incredible intrigues, before the electors ultimately end up with a low-profile, centrist candidate as a compromise. Rimanete sintonizzati!

Turning back to the US, the JOLTS report showed quits reaching a new all-time high in November. A little more than 4.5 million employees voluntarily decided to leave their jobs, as the number of openings (10.6mn) continued to exceed the number of unemployed jobseekers (6.9mn). The quits rate reached new record highs in four sectors (accommodation and food, healthcare and social assistances, professional and business services, and state and local government) and across establishment sizes. The private quits rate even rose to 3.4%, another record high as well, suggesting that an increase in the y/y rate of the Employment Cost Index for 21Q4 is on the cards. This data point will be published on January 28. Recall that Powell said at the December press conference that a strong reading for Q3 ECI –which measures gross labor income and isn’t impacted by employment shifts across industries and occupations– nudged him to pivot on inflation.

That said, on the ‘cost side’ of inflation, the Manufacturing ISM provided some better news. Even though the headline number fell a bit short of expectations with a figure of 58.7, this 2.4 point drop wasn’t bad news at all. The prices index was down 14.2 points to 68.2; the supplier deliveries index down 7.3 points to 64.9. These are still elevated levels that point at constrained production –and shortages caused by the surging omicron variant may throw another spanner in the works– but the survey does indicate there are clear signs of improved delivery performance. This suggests the pressure on core PCE inflation may start to abate.

Day ahead

The minutes from the December FOMC meeting may shed some light on the potential pace of rate hikes, as the decision to double the pace of tapering opened up the possibility of an earlier lift-off. Even Minneapolis Fed President Kashkari decided to bring forward two rate increases into 2022. While he believes that the demand shock will soon subside, he has less confidence in how quickly supply will return to normal. His essay is worth a read. It underlines that policy makers in developed economies grapple with opposed concerns of slowing demand and supply-side price pressures. Do they sit on their hands and run the risk of second round effects giving rise to self-sustained inflation, or raise rates and potentially weigh on the recovery by using a demand-management tool to address a supply-side issue? If even Kashkari gets nervous…

7. OIL ISSUES

WTI falls back below $78.00 as gasoline demand plunges(zerohedge)

WTI Slides Back Below $78 As Gasoline Demand Plunges

 WEDNESDAY, JAN 05, 2022 – 10:41 AM

Oil prices extended their recent gains overnight with WTI topping $78 after very mixed data from API. The recent rally comes as OPEC+ continue to drip-feed production output at 400,000 barrels a day, as the cartel estimates a crude surplus in the first quarter.

Concerns about the Covid-19 omicron variant effect on demand may be somewhat overblown if it broadly continues to yield less-severe illness, which bodes well for crude-oil demand in the long term.

Still Bloomberg Intelligence Senior Energy Analyst Vince Piazza may face near-term headwinds from U.S. monetary policy.

API

  • Crude -6.432mm (-3.65mm exp) – biggest draw since Aug 2021
  • Cushing +2.268mm
  • Gasoline +7.061mm – biggest build since April 2020
  • Distillates +4.38mm – biggest build since June 2021

DOE

  • Crude -2.144mm (-3.65mm exp)
  • Cushing +2.577mm – biggest build since Feb 2021
  • Gasoline +10.128mm – biggest build since April 2020
  • Distillates +4.418mm – biggest build since June 2021

 Airline staffing shortages and weather disruptions forced thousands of flight cancellations over the past two weeks appear to have impacted product inventories dramatically, along with the plunge in gasoline demand…

Source: Bloomberg

US gasoline demand fell by the most since April 2020…

Source: Bloomberg

Cushing crude stocks grew another week, making it now two months of growing inventories at the commercial storage hub. The storage depot is now sitting at the largest volume since July, after the biggest increase since February.

Crude production was flat week over week, at its highest since May 2020…

WTI slipped back below $78 after the big surprise product builds….

Will this Omicron anxiety be short-lived?

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Oil Tanker Sends “Distress Call” To Arab Coalition After “Armed Harassment” Off Yemen Coast

Tyler Durden's PhotoBY TYLER DURDENWEDNESDAY, JAN 05, 2022 – 04:20 PM

According to Saudi Gazette, the Arab Coalition received a distress call from an oil tanker near Yemen after being subjected to “armed harassment.” 

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-

“We received a distress call from an oil tanker after it was subjected to armed harassment in front of the port of Hodeida,” the colation states.

The port of Hodeida is located in the Red Sea, but no other details about the vessel’s location have been given. 

There’s no word if the attack of the tanker resulted in damage. We still don’t know the vessel’s IMO ship identification number. 

*This story is developing… 

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL//COVID/VACCINES/LOCKDOWNS

AUSTRALIA

Aussie PM threatens to deport tennis star Djokovic if his vaccine exemption is “insufficient”

Totally nuts…

(zerohedge)

Aussie PM Threatens To Deport Novak Djokovic If His Vaccine Exemption Is “Insufficient”

 WEDNESDAY, JAN 05, 2022 – 08:30 AM

Authored by Paul Joseph Watson via Summit News,

Australian Prime Minister Scott Morrison has threatened to deport tennis champion Novak Djokovic if his proof of vaccine exemption is “insufficient.”

Djokovic was one of 26 applicants who successfully applied for a vaccine exemption to enter the country in order to defend his Australian Open title, which he has won nine times previously.

The world number 1 has repeatedly refused to reveal if he’s been jabbed and decried the medical apartheid that is being imposed via vaccine passports.

However, after some expressed anger that Djokovic was given special treatment, Morrison said the tennis player would be on the next plane home if his vaccine exemption reasons weren’t deemed valid.

“There should be no special rules for Novak Djokovic at all. None whatsoever… We await his presentation and what evidence he provides us to support that,” Morrison told a press conference earlier today.

“My view is that any individual seeking to enter Australia must comply with our border requirements,” he added.

“Now Novak Djokovic, when he arrives in Australia, he has to if he’s not vaccinated, must provide acceptable proof that he cannot be vaccinated for medical reasons to be able to access the same travel arrangements as fully vaccinated travellers.”

“So we await his presentation and what evidence he provides us to support that. If that evidence is insufficient, then he will be treated no different to anyone else and he’ll be on the next plane home.”

Djokovic announced he was traveling to Melbourne for the tournament with a tweet encouraging his fans to “feel love & respect towards all beings on this wonderful planet.”

That sentiment isn’t shared in Australia, where the unvaccinated have been treated little better than criminals for much of the past year, having been relentlessly demonized by the media and persecuted by the state.

*  *  *

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High gas prices have set off this firestorm against the government in Kazakhistan

(zerohedge)

Kazakh Protesters Storm & Torch Government Buildings, Shots Fired, After Cabinet Resigns

 WEDNESDAY, JAN 05, 2022 – 08:50 AM

Despite an attempt to impose a strict curfew on Kazakhstan’s largest city overnight and a ‘state of emergency’ across all locales hit by unrest, protesters are reportedly storming government buildings in Almaty, as chaos continues on the streets amid clashes with police, now in the fourth day of angry crowds raging against a dramatic hike in gas prices after government-imposed caps were lifted on liquefied petroleum gas on Saturday, which meant prices at the pump immediately more than doubled and tripled in some places.

Kazakh President Kassym-Jomart Tokayev has accepted the resignation of the government in the one-party state. “Tokayev said on Wednesday morning that he had accepted the resignation of the cabinet led by Prime Minister Askar Mamin, and ordered the acting cabinet to reinstate price controls on Liquified Petroleum Gas (LPG),” Al Jazeera reports. There were reports of gunfire heard in Almaty throughout the night and into the morning, and emerging unconfirmed reports of casualties from protests in various cities and towns.

But it’s looking too little too late as the continuing unrest is now targeting the government, despite President Tokayev warning the prior day that “Calls to attack government and military offices are absolutely illegal,” and vowing that “The government will not fall” in a national TV address.

Russia’s TASS news agency is reporting“Protesters armed with machine guns in Almaty smash former presidential residence – security officials have left the area.”

And now… the president is vowing “maximum toughness” in his response to the protests and riots.

Perhaps to save and ensure his own political rule, there’s some rapid backtracking taking place on the prior weekend removal of price control caps, as Tokayev

…also ordered the acting cabinet to broaden price controls to petrol, diesel and other “socially important” consumer goods.

The moves followed clashes in Almaty overnight between police and thousands of protesters who had called for the government’s resignation.

“Old man out” – some are reportedly shouting. In more than one major city, footage shows buildings on fire, and police trying to restore order through riot control tactics like flash bangs and rubber bullets.

‘Live fire’ is also being reported, but the situation remains murky, also as there seems to be few if any foreign journalist crews on the ground amid the mayhem.

According to NetBlocks on Wednesday, the nationwide internet outage has endured. “Kazakhstan is now in the midst of a nation-scale internet blackout after a day of mobile internet disruptions and partial restrictions,” the net monitoring group writes. “The incident is likely to severely limit coverage of escalating anti-government protests.”

A number of public buildings especially in Almaty appear to be on fire, and now there’s concern the capital of Nur-Sultan could come under threat next. Reuters reports the intensifying situation on Wednesday as follows:

An Instagram live stream by a Kazakh blogger showed a fire blazing in the office of the Almaty mayor, with apparent gunshots audible nearby. Videos posted online also showed the nearby prosecutor’s office burning. Earlier on Wednesday, Reuters journalists saw thousands of protesters pressing towards Almaty city center, some of them on a large truck. Security forces, ranked in helmets and riot shields, fired tear gas and flash-bang grenades.

Authorities are now vowing to stamp out the actions of “extremists” amid accusations that innocent bystanders have been injured by the outraged mobs. Reuters continues:

The city’s police chief said Almaty was under attack by “extremists and radicals”, who had beaten up 500 civilians and ransacked hundreds of businesses. A presidential decree announced a two-week state of emergency and nighttime curfew in the capital Nur-Sultan, citing “a serious and direct security threat to citizens”. States of emergency were also declared in Almaty and in western Mangistau province, where the protests first emerged in recent days.

Given emerging reports that in a number of cities police and military personnel are completely overwhelmed, the violence is likely to get worse before things calm, despite the desperate attempts to announce the return of fuel price controls. 

developing…

end

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:30 AM

Euro/USA 1.1307 UP .0025 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 115.77  DOWN  0.402 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3535  UP   0.0006

Last night Shanghai COMPOSITE CLOSED DOWN 37.15 OR 1.02% 

//Hang Sang CLOSED DOWN 382.59 PTS OR 1.64%

/AUSTRALIA CLOSED DOWN 0.34%   // EUROPEAN BOURSES OPENED ALL GREEN

Trading from Europe and ASIA

I)EUROPEAN BOURSES ALL GREEN  

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 382.59 OR  1.64%

/SHANGHAI CLOSED DOWN 37.15  PTS OR 1.02%

Australia BOURSE CLOSED DOWN 0.34%

3(Nikkei (Japan) CLOSED DOWN 18.94 PTS OR 0.066%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1817.85

silver:$23.02-

USA dollar index early WEDNESDAY morning: 96.12  DOWN 14  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: 0.51% UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.087% DOWN 0 AND 2/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.59%// UP 1  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD 1.24 UP 2    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 65 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO -0.123% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.36% 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 1.1326  UP .0044    or 44 basis points

USA/Japan: 115.91 DOWN 0.264 OR YEN UP 26  basis points/

Great Britain/USA 1.3562 UP 32  BASIS POINTS)

Canadian dollar DOWN 3 pts to 1.2709

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN)..6.3644  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.3711

TURKISH LIRA:  13.64  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.087

Your closing 10 yr US bond yield UP 2 IN basis points from TUESDAY at 1.673% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.075  UP 1 in basis points 

Your closing USA dollar index, 95.96  UP 30   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 UP 11.72 PTS OR 0.16%

German Dax :  CLOSED UP 119.14points or .74%

Paris CAC CLOSED UP 58.96 PTS OR  0.81% 

Spain IBEX CLOSED DOWN 5.00 PTS OR .06%

Italian MIB: CLOSED UP 207.83 PTS OR 0.74%

WTI Oil price 78.30 12: EST

Brent Oil:  81.20 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:   75.91 THE CROSS HIGHER BY  67 RUBLES/DOLLAR (RUBLE LOWER BY 67 BASIS PTS)

GERMAN 10 YR BOND YIELD; -.123

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1308 UP .0025 BASIS PTS  OR 25 BASIS POINTS

British Pound: 1.3553 UP .0023

USA dollar vs Japanese Yen: 116.12 DOWN .051

USA dollar vs Canadian dollar: 1.2758 UP .0053 (cdn dollar DOWN 53 basis pts)

West Texas intermediate oil: 77.30

Brent: 80.24

USA 10 yr bond yield: 1.706 UP 5 points

USA 30 yr bond yield: 2.0980 UP 3  pts.

USA dollar vs Turkish lira: 13,68

usa dollar vs Russian rouble: 76.71 UP 148 basis pts.

DOW JONES INDUSTRIAL AVERAGE: DOWN 392.54 PTS OR 1.07%

NASDAQ 100 DOWN 507.96 OR 3.12%

VOLATILITY INDEX: 19.73 UP 2.82 PTS

GLD/NYSE CLOSING PRICE $169.06 DOWN $0.51 OR 0.30

SLV/NYSE CLOSING PRICE: $21.00// DOWN $.32 OR 1.50%

USA trading day in Graph Form

Markets Turmoil As FOMC Minutes Spark Surge In Rate-Hike-Odds

WEDNESDAY, JAN 05, 2022 – 04:00 PM

Well that escalated quickly…

What we would like to know is – if the market is a “forward-looking” whatever… what exactly was it looking forward to by ignoring the fact that STIRs have been pricing a dramatically more hawkish Fed for weeks?

The S&P and Small Caps joined Nasdaq in the red for 2022 today, puking lower after FOMC Minutes offered no dovish relief at all on a Fed that is looking increasingly like it wants to surprise markets… to the downside. The Dow is clinging to gains for 2022 while Nasdaq is down over 3% followed by Small Caps down over 2% and the S&P down around 1.5%…

The Nasdaq is down 6 of the last 7 days.

Small Caps crashed back below their 200DMA and Nasdaq broke below its 50- and 100-DMA…

Cathie Wood’s ship is sinking…

Source: Bloomberg

Unprofitable tech stocks continued to plunge, now at their lowest since Nov 2020…

Source: Bloomberg

VIX surged back above 19.5 – 2-week highs…

The hawkish comments sent rate-hike-odds soaring, with a March liftoff now more than 80% priced-in…

Source: Bloomberg

And it was the short-end of the yield curve that underperformed today (2Y-5Y +7bps, 30Y +3bps)…

Source: Bloomberg

For context, 30Y tagged 2.10%, 10Y 1.70%, 2Y above 80bps…

Source: Bloomberg

The Dollar was weaker overnight but surged back to unchanged on the Fed Minutes…

Source: Bloomberg

Bitcoin barfed back to a $43k handle today…

Source: Bloomberg

This is the lowest close for bitcoin since Sept 2020 and notably below its 200DMA…

Source: Bloomberg

Gold puked along with everything else, but for now is holding above $1800…

WTI managed to hold on to gains for the day after rollercoastering on a big drop in gasoline demand and The Fed minutes…

Finally, the entire Santa Claus Rally has been erased…

Source: Bloomberg

And the Nasdaq has a long way to go (relative to Small Caps) to catch down to real-yields (inverted) as the latter reached its highest since June 2021…

Source: Bloomberg

The question is – would that size drop be enough to trigger Powell’s Put?

Because for now… the S&P is only 1.5% from its all-time-high!!!

So don’t start panicking yet?

end

AFTERNOON TRADING/FOMC

The Klowns of K street spoketh:

FOMC Minutes Shows Hawkish Fed Hiking “Faster Than Anticipated”, Warn Of Omicron Risks

 WEDNESDAY, JAN 05, 2022 – 02:08 PM

Tl;dr: The FOMC Minutes are considerably more hawkish than expected in terms of both the timing of the liftoff of rates and the pace of normalization of the balance sheet.

*  *  *

Since December 15th’s FOMC statement, bonds have been battered, the dollar is down modestly while stocks and gold are up strongly….

Source: Bloomberg

The short-end of the yield curve has risen dramatically, pricing in the new hawkish dot-plot offered by The Fed (for 2022) with a 73% chance of Fed hikes by March 2022 now ((from 40% pre-FOMC)…

Source: Bloomberg

Interestingly though, the market has rejected The Fed’s longer-term dots, presumably pricing in a policy-error/reversal…

Source: Bloomberg

All of which leaves the market desperately seeking clues today on the accelerated taper and timing of lift-off and trajectory of rate-hikes among the Minutes.

On the liftoff timing and pace of rate-hikes:

“Participants generally noted that, given their individual outlooks for the economy, the labor market, and inflation, it may become warranted to increase the federal funds rate sooner or at a faster pace than participants had earlier anticipated. Some participants also noted that it could be appropriate to begin to reduce the size of the Federal Reserve’s balance sheet relatively soon after beginning to raise the federal funds rate. Some participants judged that a less accommodative future stance of policy would likely be warranted and that the Committee should convey a strong commitment to address elevated inflation pressures.”

Policymakers thought changes in Fed Funds Rate should be primary means for adjusting stance of policy.

Some participants also remarked that there could be circumstances in which it would be appropriate for the Committee to raise the target range for the federal funds rate before maximum employment had been fully achieved – for example, if the Committee judged that its employment and price-stability goals were not complementary in light of economic developments and that inflation pressures and inflation expectations were moving materially and persistently higher in a way that could impede the attainment of the Committee’s longer-run goals.

On Omicron’s impact:

“In particular, the possibility that COVID-19 cases could continue to rise steeply, especially if the Omicron variant proves to be vaccine resistant, was seen as an important source of downside risk to activity, while the possibility of more severe and persistent supply issues was viewed as an additional downside risk to activity and as an upside risk to inflation.”

“Members also agreed that, with the emergence of the Omicron variant, it was appropriate to note the risk of new variants of the virus in their assessment of risks to the economic outlook.”

On normalization:

“Participants also judged the Federal Reserve to be better positioned for normalization than in the past.

“Participants judged that the appropriate timing of balance sheet runoff would likely be closer to that of policy rate liftoff than in the Committee’s previous experience.”

On Inflation:

In their comments on inflation expectations, some participants discussed the risk that recent elevated levels of inflation could increase the public’s longer-term expectations for inflation to a level above that consistent with the Committee’s longer-run inflation objective.

A few participants, however, noted that long-term inflation expectations remained well anchored, citing stable readings of market-based inflation compensation measures or the generally low level of longer-term bond yields.

“Participants noted that supply chain bottlenecks and labor shortages continued to limit businesses’ ability to meet strong demand. They judged that these challenges would likely last longer and be more widespread than previously thought.”

On social unrest:

“Participants noted their continuing attention to the public’s concern about the sizable increase in the cost of living that had taken place this year and the associated burden on U.S. households, particularly those who had limited scope to pay higher prices for essential goods and services.”

On labor market:

Committee’s assessments of maximum employment, a condition most participants judged could be met relatively soon if the recent pace of labor market improvements continued.

Several participants remarked that they viewed labor market conditions as already largely consistent with maximum employment.

Additionally, a key thing to understand from the Minutes is that there was a wide variety of views on when to start shrinking the balance sheet.

“almost all participants agreed that it would likely be appropriate to initiate balance sheet runoff at some point after the first increase in the target range for the federal funds rate.”

On the format of balance sheet normalization:

“Many participants judged that the appropriate pace of balance sheet runoff would likely be faster than it was during the previous normalization episode.”

“Some” policy makers even favored reinvesting money from maturing mortgage-backed securities into Treasuries to start shifting the composition even ahead of balance-sheet contraction.

“Depending on the size of any caps put on the pace of runoff, the balance sheet could potentially shrink faster than last time.

*  *  *

II)USA DATA

Private ADP signals big job gain since May but before Omicron

(zerohedge)

ADP Signals Biggest Job Gain Since May (Ahead Of Omicron)

 WEDNESDAY, JAN 05, 2022 – 08:22 AM

ADP reported private payrolls rose a stunningly better than expected  807k in December (almost double the 410k expectation and compared to the 384k expectations for payrolls on Friday).

Source: Bloomberg

“Job gains were broad-based, as goods producers added the strongest reading of the year, while service providers dominated growth. December’s job growth brought the fourth quarter average to 625,000, surpassing the 514,000 average for the year. While job gains eclipsed 6 million in 2021, private sector payrolls are still nearly 4 million jobs short of pre-COVID-19 levels,”said Nela Richardson, chief economist, ADP.

All cohorts added jobs, dominated by Services recovery…

“December’s job market strengthened as the fallout from the Delta variant faded and Omicron’s impact had yet to be seen,” added Richardson.

-END-

USA service PMI falters in December.  And worse…input prices hit record highs

(zerohedge)

US Services PMI Dips In December As Input Prices Hit Record High

 WEDNESDAY, JAN 05, 2022 – 09:53 AM

After Markit’s Manufacturing survey for December dropped to 12-month lows, the Service Sector survey also faded modestly

Source: Bloomberg

The IHS Markit US Composite PMI Output Index posted 57.0 in December, down slightly from 57.2 in November.

The latest data signalled a steep increase in private sector business activity, albeit largely driven by the service sector as manufacturing production rose at a relatively muted pace.

Input shortages, transportation delays and upticks in labor costs drove the rate of private sector input price inflation to a fresh series high in December.

Commenting on the latest survey results, Siân Jones, Senior Economist at IHS Markit, said:

“Service sector business activity growth remained strong in December, supporting indications of a solid uptick in economic growth at the end of 2021. Although the expansion in output softened slightly, the flow of new orders picked up, with buoyant client demand rising at the fastest pace for five months.

“The service sector continued to aid overall growth, as the manufacturing sector saw output hampered again by material and labor shortages. The impact of the latter, however, had a burgeoning effect on service providers as job creation rose at only a marginal pace amid challenges keeping hold of staff and enticing new starters. “Subsequently, soaring wage bills and increased transportation fees drove the rate of cost inflation up to a fresh series high.

Business confidence strengthened at the end of the year to the highest since November 2020, as firms were hopeful of more favorable labor market and supply-chain conditions going into 2022. The swift spread of the Omicron variant does lace new downside risks into the economic outlook heading into 2022, however. Any additional headwinds or disruption faced by firms are likely to temper sentiment.”

Does this feel like a good time to be tightening monetary policy?

IIb) USA COVID/VACCINE MANDATE STORIES

We knew that this will happen!. Fauci now states that fully vaccinated now includes up to date boosters.

Many citizenry will not be happy

(zerohedge)

Fauci Says ‘Fully Vaccinated’ Now Includes “Up To Date” Boosters

 WEDNESDAY, JAN 05, 2022 – 09:11 AM

A few weeks ago, Dr. Anthony Fauci hinted that the federal government would soon change its definition of “fully vaccinated” to include not just the two original shots but at least one booster dose as well.

But in the latest indication that Dr. Fauci has succeeded in pushing this scheme, the good doctor said Tuesday during a lecture at the National Institutes of Health that new terminology would be used in place of the “fully vaccinated” language. Instead of referring to somebody as “fully vaccinated”, they will be referred to as having their vaccinations “up to date” to reflect the notion that they have gotten their booster shots.

“We’re using the terminology now ‘keeping your vaccinations up to date,’ rather than what ‘fully vaccinated’ means,” Fauci said during a National Institutes of Health lecture Tuesday.

“Right now, optimal protection is with a third shot of an mRNA or a second shot of a J&J.”

This follows a decision by the CDC on Tuesday to shorten the time frame for Pfizer-BioNTech’s COVID booster jab, which can now be administered within five months of the initial two-shot series, instead of six. Meanwhile, a CDC advisory panel is expected to recommend boosters for teenagers during a meeting on Wednesday.

According to certain research studies, Pfizer’s vaccine provides a 25x increase in neutralizing antibodies that fight the variant while Moderna’s booster produces a 37x increase in antibodies. Meanwhile, two doses of Johnson & Johnson’s vaccine cut hospitalizations in South Africa by 85%.

We are continuing to follow that science and it is literally evolving daily. And as that science evolves, we will continue to review the data and update our recommendations as necessary,” CDC Director Rochelle Walensky said at a White House briefing Dec. 15.

Dr. Fauci made his remark about the new terminology for people who have had all their shots in response to a question about Israel’s plans to dole out a fourth shot.

“We need to find out what the durability of protection of the third shot is before we start thinking about the fourth shot,” Dr. Fauci replied.

The only question now is how much longer until the US green lights a fourth shot (and then a fifth, and then a sixth) much like Israel is doing…

end

First Two ‘Flurona’ Cases Detected In US: Officials

WEDNESDAY, JAN 05, 2022 – 03:45 PM

Authored by Jack Philips via The Epoch Times

A Los Angeles County COVID testing site confirmed the first local case of “flurona,” or influenza combined with the CCP (Chinese Communist Party) virus that causes COVID, coming after a teen in Texas confirmed he was diagnosed with the two viruses.

Authorities at the 911 COVID testing site in Brentwood, California, confirmed a child tested positive for COVID and influenza A. The boy’s mother also tested positive for COVID.

“It was a family visiting from Mexico, from Cabo San Lucas,” Steve Farzam, the head of 911 COVID Testing, told KNBC-TV. “Some very mild symptoms, almost could be easily confused with sinusitis.”

The pair had recently returned from a vacation in Cabo San Lucas, Mexico, the company said.

Farzam said the child did not require hospitalization and went home with their parents after the testing was completed.

The Epoch Times has contacted the Los Angeles County Department of Health, which has not yet commented on the diagnosis.

COVID and the flu are two respiratory diseases caused by separate viruses.

In Houston, Texas, a 17-year-old boy told ABC13 that he was diagnosed with both COVID and the flu but said it was mild.

“I ended up getting tested the day before Christmas for strep throat, flu, and COVID,” said Alex Zierlein.

“I didn’t think I had any of the three. It felt like a mild cold.”

Reports last week said a pregnant woman in Israel tested positive for COVID and the flu. The unidentified woman was diagnosed with the rare double infection when she arrived last week at the Rabin Medical Center in Petah Tikvah, officials told the Times of Israel.

“She was diagnosed with the flu and coronavirus as soon as she arrived,” said Arnon Vizhnitser, director of the hospital’s Gynecology Department, told the Hamodia news outlet. 

“Both tests came back positive, even after we checked again,” he continued, adding that “the disease is the same disease. They’re viral and cause difficulty breathing since both attack the upper respiratory tract.”

The woman only experienced mild symptoms for both the flu and COVID, authorities said.

About 85,000 Americans are in the hospital with COVID, just short of the Delta-surge peak of about 94,000 in early September, according to the Centers for Disease Control and Prevention. The all-time high during the pandemic was about 125,000 in January of last year.

But the hospitalization numbers do not tell the full story. At least some cases in the official count involve mild or symptom-free infections that weren’t what put the patients in the hospital in the first place.

Dr. Fritz François, chief of hospital operations at NYU Langone Health in New York City, said about 65 percent of patients admitted to that system with COVID recently were primarily hospitalized for something else and were incidentally found to have the virus.

Joanne Spetz, associate director of research at the Healthforce Center at the University of California, San Francisco, said the rising number of cases like that is both good and bad.

END

So Now It Has Been 666 Days Since A Pandemic Was Officially Declared…

Tyler Durden's PhotoBY TYLER DURDENWEDNESDAY, JAN 05, 2022 – 04:40 PM

Authored by Michael Snyder via TheMostImportantNews.com,

Isn’t it funny how certain numbers just seem to come up over and over again?  On March 11th, 2020 the World Health Organization officially declared that the COVID-19 outbreak was a global pandemic.  According to timeanddate.com, moving forward 666 days brings us to January 5th, 2022.  Over the last 666 days, we have seen an extremely alarming rise of authoritarianism all over the globe, and all of our lives have been changed permanently and dramatically.  So I think that it is quite appropriate that we commemorate the 666th day of this pandemic, because governments all around the world have certainly been behaving in ways that are unspeakably evil.

And I find it quite interesting that one day after January 5th is the one year anniversary of the dramatic events that played out in Washington D.C. on January 6th, 2021.

How do you think Ray Epps will be celebrating that anniversary?

Of course that is a topic for another article. 

In this piece, I want to take a look at the current state of the COVID pandemic.

After everything that Dr. Television and his minions have done over the past two years, the COVID pandemic is worse than ever.  In fact, it is being reported that America “has set a seven-day-average record for Covid cases every day over the last week”

The U.S. has set a seven-day-average record for Covid cases every day over the last week, according to an analysis of NBC News’ case numbers and Department of Health and Human Services hospitalization data. In that time, 33 states, Washington, D.C., and two territories have set records for cases, hospitalizations or both.

Interestingly, the Omicron variant is hitting blue states with very high vaccination rates particularly hard.  Here are just a couple of examples

New Jersey set a case record every day in that period, with the average count ballooning from 15,000 cases a day to more than 27,000, while New York’s average number of cases set six records, from 37,000 to a peak of more than 71,000 average cases per day.

But instead of letting recent data change his message, Joe Biden continues to stick with his original narrative

“You can still get COVID, but it’s highly unlikely that you’ll become seriously ill,’’ Biden said. “If you’re vaccinated and boosted, you are highly protected. Be concerned about omicron, but don’t be alarmed. And if you’re unvaccinated, you have some reasons to be alarmed. You’ll experience severe illness in many cases.’’

Unfortunately for Biden, more Americans than ever have lost faith in his leadership.

In fact, the percentage of Americans that disapprove of his job performance just hit another new high

Fifty-six percent of voters now say they disapprove of the job Biden is doing, the worst such reading of his presidency as he approaches the end of his first year in office, according to new CNBC/Change Research poll. Prior polls in the series showed Biden’s disapproval rating at 54% in early September and 49% in April.

I think that it would actually do Biden a lot of good if he would be willing to admit that he has made major mistakes during this pandemic.

The American people respond to leaders that are humble enough to admit when they have been wrong.

But Biden isn’t going to do that, and the mainstream media is going to continue to keep spinning stories so that they appear to back up Biden’s narratives.  Here is just one example

People might mistakenly think the COVID-19 vaccines will completely block infection, but the shots are mainly designed to prevent severe illness, says Louis Mansky, a virus researcher at the University of Minnesota.

Oh really?

From the very beginning, they were “mainly designed to prevent severe illness”?

Do they really think that people have such short memories?

Over in Europe, case numbers have also escalated dramatically in recent weeks, and this has caused a wave of tremendous fear.

Many Europeans thought that if they just kept complying with everything that was demanded of them that life would eventually get back to normal.

Instead, life just continues to get even weirder.

In Sweden, a new start-up company is making a lot of headlines by embedding microchips that contain vaccine passport information directly into the arms of citizens

A Swedish start-up tech company has invented a scannable microchip that is implanted in people’s arms and can display your COVID-19 vaccination status. This digital implant is designed to be embedded into people’s arms so your vaccine passport pops up when scanned.

Needless to say, many of us would never get “chipped” under any circumstances, but a lot of people over in Europe are willingly allowing this to be done to them.

And the head of this new company in Sweden is warning that this new technology is going to move forward “whether we like it or not”

He said: “This technology exists and is used whether we like it or not.

“I am happy that it is brought into the public conversation.

“New technologies must be broadly debated and understood.

“Smart implants are a powerful health technology.

“That is what we are building at DSruptive and our goal is to transform healthcare on a global scale.”

Doesn’t he understand how this sort of technology could potentially be abused?

I am sure that there are governments all over the globe that would love to chip all of their citizens if they thought that they could get away with it.

Of course they have already gotten away with so much over the last 666 days.

Australia, New Zealand, Germany, Austria, Italy and France used to be such lovely places to visit, but now they have all been transformed into authoritarian hellholes.

And the Biden administration would love to take us down the exact same road.

Fortunately, there are quite a few red state governors that have been willing to stand up to Biden, but this political battle is far from over.

Meanwhile, Dr. Television and his minions continue to spread fear on the airwaves, and all of that fear is slowly but steadily tearing our society apart.

END

SPECIAL THANKS TO MILAN FOR SENDING THIS TO US:

Watch “Gravitas: Biggest Covid scam in the world?” on YouTube

Inbox

Milan7:35 AM (14 minutes ago)
to me

iii) important USA economic stories for you tonight

A good commentary from Michael Snyder

(Michael Snyder)

The Death Of Truth

 TUESDAY, JAN 04, 2022 – 10:45 PM

Authored by Michael Snyder via The Economic Collapse blog,

Over the past several days I have had some time to think, and my thoughts have repeatedly turned to the current state of the Internet.  For a couple of decades after it was popularized, the Internet was one of the greatest tools for free speech that the world has ever seen.  It allowed ordinary people like me to share truth on a massive scale with other ordinary people all over the planet.  I have always been grateful for that opportunity, but now our ability to share truth with one another over the Internet is being systematically eroded.  Nobody can deny that this is taking place, because it is literally happening right in front of our eyes.  Over the past decade, control of the Internet has become increasingly centralized. 

The big tech companies have become exceptionally powerful, and they have become addicted to using that power to suppress speech that they do not like.

This is an extremely dangerous trend, because the Internet has become the primary way that the vast majority of us communicate with one another.  It truly is our modern version of “the marketplace of ideas”, but now the big tech companies are absolutely determined to distort it into something else entirely.

At this point, there are a whole host of ideas that you aren’t allowed to freely discuss on the Internet anymore.

In fact, there are a whole host of questions that you aren’t even allowed to ask.

When a society gets to a point where you aren’t even allowed to ask questions, that is a very clear sign that you are living under a very oppressive authoritarian regime.

Years ago when they started banning various prominent voices we all knew that it wouldn’t end there.

And it hasn’t.

Today, the big tech companies have no problem banning literally anyone.  For example, Congresswoman Marjorie Taylor Greene just got permanently banned on Twitter

Twitter permanently blacklisted the personal account of a sitting member of Congress, Rep. Marjorie Taylor Greene (R-GA) over the New Year’s weekend. “Twitter is an enemy to America and can’t handle the truth,” Rep. Greene said, in a statement responding to the ban. “That’s fine, I’ll show America we don’t need them and it’s time to defeat our enemies.”

Rep. Greene has one of the largest followings on social media of any Republican member of Congress. Prior to her ban, she had over 465,000 followers on Twitter, meaning the Republican party and conservative movement has lost one of its most influential accounts on the platform.

Five years ago, if you told me that the big tech companies would start banning our politicians in Washington, I would have told you that you were crazy.

But now nobody is safe.  Once Twitter and Facebook banned a sitting president, we all knew that there was no going back.

Of course the pandemic has given the big tech companies an excuse to push their levels of censorship to even higher levels.  Just a few days ago, Twitter banned Dr. Robert Malone just before he was interviewed by Joe Rogan

Dr. Robert Malone played a key role in the invention of the mRNA vaccine, the type of vaccine that is being administered to many Americans in an effort to stave off COVID-19. Malone has often been critical of the use of the vaccines, as well those in the media and government who support them.

He shared a great deal of research on his Twitter account, which had more than half a million followers.

“We all knew it would happen eventually,” Malone said on his Substack. “Today it did. Over a half million followers gone in a blink of an eye. That means I must have been on the mark, so to speak. Over the target. It also means we lost a critical component in our fight to stop these vaccines being mandated for children and to stop the corruption in our governments, as well as the medical-industrial complex and pharmaceutical industries.”

So now it appears that Twitter is preemptively banning people.

We truly have entered “Minority Report” territory, and that is extremely chilling.

Considering everything that has been happening with the pandemic, you would think that we would want to hear what one of the inventors of mRNA technology has to say.  Dr. Robert Malone has decades of experience, and he had been one of the most respected names in his field.

But because he has viewpoints that don’t align with the official narratives being pushed by the pharmaceutical industry, he is being blacklisted by the big tech companies.

If you think that you can get around all the censorship by simply refusing to use the big tech company platforms, you are wrong.

Just consider this example.  Gateway Pundit is reporting that T-Mobile is literally erasing links to their articles from text messages…

Hi Jim. In one of the screenshots you can see where my sister tried to send me your website link four times but I never got it. The other two screenshots it shows me sending a link to one of your articles, that’s the one with the picture of the fox in it. In the other screenshot from my sister it shows that she never received the link. The text message it still has the fox in it. I hope this helps. But what I realized is it’s actually just my boost T-Mobile carrier that’s blocking your links. I have a friend in the 949 area code and he was able to send it to his wife, however, I can only receive it in a group text. Let me know if you have any more questions. Thanks. Mark.

I have had a similar experience with articles written by Mike Adams of Natural News.  When I try to send links to Natural News through Facebook Messenger, the links are simply erased from the messages somehow.

That is the level of censorship that we are now facing.

They literally want to control what we see, what we hear and what we think.  And of course this is setting the stage for a level of authoritarianism unlike anything we have ever seen before in all of human history.

Without freedom of speech, all of our other freedoms will rapidly become meaningless.

Sadly, at this point freedom of speech in the United States is getting pretty close to being completely wiped out.

Our Republic is rapidly dying, and millions upon millions of Americans are cheering as it happens.

The big tech companies have become the arbiters of truth, but most of the “truths” that they are relentlessly pushing are actually lies.

I don’t know if there is a way out of this mess, but we must find one, because the future of our society hangs in the balance.

END.


iii)b USA inflation commentaries//LOG JAMS//SWAMP STORIES //

iv)swamp stories

END

KING REPORT/SWAMP STORIES

ABC: Pres. Biden says unvaccinated people have “some reason to be alarmed about omicron,” warning they could experience severe illness and “some will die—needlessly die.” https://abcn.ws/336WhLu
 
@ClayTravis: As millions of “vaccinated” people test positive for covid, Joe Biden continues to spread the lie that this is a pandemic of the unvaccinated. This is simply not true. At all.
 
Omicron’s rapid spread is likely due to its ability to evade immunity offered by vaccines, study finds https://t.co/M1MSZ1uGyr
 
Joey Baby voiced frustration with the shortage of testing kits and again asked Americans to wear masks. The Big Guy pimped Pfizer’s Covid pills, calling them “a game changer”.
 
U.S. doubling and accelerating order of Pfizer antiviral pills
https://www.cbsnews.com/news/biden-pfizer-covid-pill-antiviral-double-shipment/?ftag=CNM-00-10aab7e&linkId=146821428
 
@dannydeurbina: Biden once again stares blankly at reporters on his fake White House set, refusing to take any questions after telling Americans they’re going to “die” while his staff whisks away reporters. None of this is normal… https://twitter.com/dannydeurbina/status/1478455320280244224
 
@TommyPigott: So, weeks after Biden admitted he should have ordered more COVID tests months ago, Psaki just admitted in today’s briefing they haven’t even finalized the contract to get new tests yet.

The rally that commenced near 14:00 ET continued unabated until the S&P 500 Index hit 4800.  ESHs and stocks then went inert until a push higher appeared with 15 minutes left. ESHs rallied 34 handles in less than two hours.  But they sank 16 handles during the final 10 minutes.  The S&P closed below 4800.
 
The ISM Manufacturing survey for December declined to 58.7 from 61.1.  This is the lowest reading since January 2021.  60.0 was consensus.  Prices Paid sank to 68.2 from 82.4; 79.3 was expected.
 
Inventory ‘Bullwhip’ Risk Emerges in Latest U.S. Logistics Index
The December reading for inventory levels was 61.6, compared with 56.8 a year earlier and well above the 42.3 registered in December 2019…
https://www.bloombergquint.com/global-economics/inventory-bullwhip-risk-emerges-in-latest-u-s-logistics-index
 
A record 4.5M Americans quit their jobs in November as ‘Great Resignation’ persists
Meanwhile, the number of job openings unexpectedly fell to 10.6 million by the end of November.
https://www.foxbusiness.com/economy/job-openings-quit-rate-november-2021-great-resignation
 
Toyota, Honda, Hyundai, Kia slide again; GM skids 43% in Q4 http://dlvr.it/SGWY7W
 
Toyota grabs annual U.S. sales crown for first time from longtime leader GM http://dlvr.it/SGWTPv
 
@BloombergAsia: Minneapolis Fed President Neel Kashkari says he supports two interest-rate increases this year to counter risks posed by inflation
 
@FinancialTimes: The dollar jumped to a five-year high against the Japanese yen as traders cranked up their bets on Federal Reserve interest rate rises https://on.ft.com/32YgxyE

@peterpham: CDC studied 540k hospitalizations for covid… Anxiety and fear-related disorders were a prevalent condition in our sample; they were also the second highest risk factor for death among the underlying conditions considered in our study.” Obesity was of course #1 (30% higher risk)
https://twitter.com/peterpham/status/1420553802038464512?s=20
 
The NYT: No Way to Grow Up – For the past two years, Americans have accepted more harm to children in exchange for less harm to adults. (Very profound and disturbing development!)
    Children fell far behind in school during the first year of the pandemic and have not caught up… Many children and teenagers are experiencing mental health problems, aggravated by the isolation and disruption of the pandemic… Suicide attempts have risen… Gun violence against children has increased… Many schools have still not returned to normal, worsening learning loss & social isolation… Behavior problems have increased… The Omicron variant is now scrambling children’s lives again…
    Data now suggest that many changes to school routines are of questionable value in controlling the virus’s spread… Severe versions of Covid, including long Covid, are extremely rare in children. For them, the virus resembles a typical flu. Children face more risk from car rides than Covid
    The widespread availability of vaccines since last spring also raises an ethical question: Should children suffer to protect unvaccinated adults — who are voluntarily accepting Covid risk for themselves and increasing everybody else’s risk, too? Right now, the United States is effectively saying yes…
https://www.nytimes.com/2022/01/04/briefing/american-children-crisis-pandemic.html
 
GOP Senator Ron Johnson @SenRonJohnson: Sadly, we passed two milestones on VAERS. Over 1 million adverse events and over 21,000 deaths. 30% of those deaths occurred on day 0, 1, or 2 following vaccination. When will federal agencies start being transparent with Americans? Why do they continue to ignore early treatment?   https://twitter.com/SenRonJohnson/status/1478045946034495494
 
Circulating on Twitter: a faux Pfizer Loyalty Card that shows with 10 jabs you get a free pizza
https://twitter.com/GreekFire23/status/1478092885404884993
 
Covid-19 medicine kits’ distribution begins in Varanasi (India)
Dr Rai said, “The Covid medicine kits comprise different medicines for different age group of people. The kits for children from birth to 1 year, and 1-5 years contain paracetamol drops, ORS and multivitamin drops. While for 5-12 years, it has paracetamol tablets, Ivermectin 6 mg and Vitamin B complex.
    Azithromycin 500, Ivermectin 12 mg, Vitamin D3, Vitamin C, Zinc, Vitamin B complex and paracetamol tablets are available for those above 12 years.”…
https://www.hindustantimes.com/cities/others/covid19-medicine-kits-distribution-begins-in-varanasi-101641063721395.html
 
@greg_price11: 54,760 Americans between 18-49 have died of covid since 2020.
78,795 Americans between 18-45 have died of Fentanyl overdoses since 2020.
 
@bravojourno: DR ROBERT MALONE: “I mean, it’s Tony. What can I say? Tony has no integrity, he lies all the time, and me and my peers have been watching this for decades. We just shrug our shoulders and shake our heads and say ‘It’s Fauci.’” https://twitter.com/bravojourno/status/1478379338097737738
 
Dr. Robert Malone (mRNA inventor): What if the largest experiment on human beings in history is a failure? – A report from an Indiana life insurance company raises serious concerns.
     “Indiana life insurance CEO says deaths are up 40% among people ages 18-64”…  IF this holds true, then the genetic vaccines so aggressively promoted have failed, and the clear federal campaign to prevent early treatment with lifesaving drugs has contributed to a massive, avoidable loss of life…this report implies that the federal workplace vaccine mandates have driven what appear to be a true crime against humanity.  Massive loss of life in (presumably) workers that have been forced to accept a toxic vaccine at higher frequency relative to the general population of Indiana…All major mass media and the social media technology companies have coordinated to stifle and suppress any discussion of the risks of the genetic vaccines AND/OR alternative early treatments.
https://rwmalonemd.substack.com/p/what-if-the-largest-experiment-on
 
There are two ways to be fooled.  One is to believe what isn’t true; the other is to refuse to believe what is true.” — Soren Kierkegaard
 
Per CDC: There have been over 1 million adverse reactions to Covid vaccines and over 21,000 deaths in one year.  There have been only 393 deaths from Ivermectin over the past 26 years (15/year)!
https://twitter.com/JaeaGeep/status/1478161594714628097
 
@JonathanTurley: What the jury did not consider are those who helped Holmes create her elaborate scam. In many ways, the conviction is an indictment of those in business and the media who helped create the massive fraud that was Elizabeth Holmes
 
“Fake It Till You Make It”: The Holmes Conviction is an Indictment of Business and Media Practices – Holmes would have been a modest fraudulent enterprise without the help of the media. The image of a young woman leading a multi-billion-dollar corporation was “a fact too good to check.” Holmes was showered with attention from being featured by Bill Clinton to breathless features on virtually every network and newspaper.  With dozens of journalists doing puff pieces, virtually none actually looked into her product or the underlying technological claims… Holmes knew the media would shed the constraints of objectivity in favor of her irresistible story… https://t.co/sckOkXOx6J
 
Biden played big role in promoting convicted fraudster Elizabeth Holmes and Theranos
The Theranos founder was a staunch ally of the Clinton family as well, appearing at multiple Clinton Foundation events onstage with former President Bill Clinton and campaigning with Chelsea Clinton at a March 2016 fundraiser.
https://www.washingtonexaminer.com/news/justice/biden-played-big-role-in-promoting-convicted-fraudster-elizabeth-holmes-and-theranos
 
China’s plot to ‘take over’ Latin America: Beijing inks new deal to share nuclear tech, build 5G networks, develop space programmes, and pump cheap loans into America’s back yard in ‘growing threat’ to US  https://www.dailymail.co.uk/news/article-10364663/China-plots-Latin-America-new-action-plan.html
 
The US Renounces the Monroe Doctrine?   November 21, 2013
On Monday, John Kerry declared that “the era of the Monroe Doctrine is over.”
    The announcement came in a speech Secretary of State John Kerry made to the Organization of American States (OAS) in Washington, D.C. on Monday…
https://thediplomat.com/2013/11/the-us-renounces-the-monroe-doctrine/
 
@BloombergAsia: The price-to-earnings ratio of the S&P 500’s 10 largest stocks is trading near a level that marked the implosion of the dot-com bubble two decades ago https://t.co/22IAgXTliJ
 
Passive ETFs hit by billion-dollar rebalancing costs – Research shows US index trackers lose out on nearly $4bn a year due to price moves created by front-running
https://www.ft.com/content/f916d132-0f86-4e0e-a3fa-6a80fdf6e40c?shareType=nongift

Byron York’s Daily Memo: Declining faith in democracy? How did that happen?
Back in 2017, the problem was Democrats — 67% of them said Trump was not legitimately elected.  Do you remember 24/7 commentary bemoaning the refusal of Democrats to accept the election of Trump as legitimate? Neither do I… Fed not just by the Clinton campaign but by leaks out of the nation’s intelligence and law enforcement agencies, in 2017 and 2018 the media ran with the idea that Russia and Trump colluded to fix the election for Trump. How else to explain Clinton’s shocking loss to a candidate many Democrats dismissed as a clown?…
    The problem is all that Russia Russia Russia talk fed public distrust of the 2016 election results. And that led to a more generalized decline in faith in the idea of free and fair elections… https://t.co/5PyN7PvHa5
 
Georgia opens investigation into possible illegal ballot harvesting in 2020 election
Secretary of State Raffensperger says subpoenas could be forthcoming…assembled evidence that scores of activists worked with nonprofit groups to collect and deliver thousands of absentee ballots, often during wee-hour operations, to temporary voting drop boxes distributed around the state during the pandemic.  The group informed the secretary its evidence included video footage from surveillance cameras placed by counties outside the drop boxes as well as geolocation data for the cell phones of more than 200 activists seen on the tapes purportedly showing the dates and times of ballot drop-offs…
https://justthenews.com/politics-policy/elections/georgia-opens-investigation-possible-illegal-ballot-harvesting-2020
 
Sen. Ted Cruz: GOP May Impeach Biden if They Win House
Democrats weaponized impeachment… the more you weaponize it and turn it into a partisan cudgel, you know what’s good for the goose is good for the gander.”… https://t.co/ff7ypKZHXo
 
@ggreenwald: Congress has no power to investigate the political activities and associations of US citizens in order to run a parallel criminal probe. The Supreme Court chided Congress twice for that during the McCarthy era. The 1/6 Committee itself is undemocratic:
 
Civil Liberties Are Being Trampled by Exploiting “Insurrection” Fears. Congress’s 1/6 Committee May Be the Worst Abuse Yet.
    The U.S. Supreme Court has repeatedly prohibited Congress from attempting to perform the law enforcement and criminal investigative functions reserved exclusively to the executive branch and the courts But what Congress cannot do is investigate private citizens to determine if they committed crimes or issue subpoenas simply to satisfy a desire “to know what happened” — exactly what the Select Committee on 1/6, by its own admission, is seeking to do… 
   Anyone who believes that Congress has the right to haul American citizens before itself for interrogation and to obtain their most private data simply to “find out what happened” is someone who recognizes no limits on Congress’s investigatory powers…  https://t.co/WrTAGtTupT
 
Chuck Schumer on the filibuster in 2017: If you can’t get 60 votes, ‘you shouldn’t change the rules’
https://t.co/vkGvHwQddn
 
@FreeBeacon: @SenSchumer in 2005: Eliminating the filibuster would “be a doomsday for democracy.”
https://twitter.com/FreeBeacon/status/1478119994315657227
 
Nearly Half (46%) of America Believes FBI Acts as ‘Joe Biden’s Personal Gestapo’.
New data from Rasmussen Reports has revealed…Just thirty-eight percent of Americans disagreed with the claim that the FBI was acting as Biden’s personal Gestapo
https://thenationalpulse.com/2022/01/04/data-nearly-half-of-america-believes-fbi-acts-as-joe-bidens-personal-gestapo/
 
As her father urges Illinoisans to cancel their holidays, Teddi Pritzker celebrates New Year’s in the Bahamas – While Gov. J.B. Pritzker was urging Illinois residents to cancel their New Year’s Eve plans, his daughter Theodora “Teddi” Pritzker rang in 2022 with style New Year’s Eve in a nightclub environment without a mask in the Bahamas… Pritzker has been one of the most lockdown-heavy governors in the nation, Teddi and her mother have spent the majority of the lockdown in Florida — where most Covid protocols were suspended in mid 2020 — at the family’s $12 million horse estate in Wellington…   https://prairiestatewire.com/stories/617832091-as-her-father-urges-illinoisans-to-cancel-their-holidays-teddi-pritzker-celebrates-new-year-s-in-the-bahamas
 
Blackhawks players had cars stolen in Chicago valet robbery
According to the Chicago Sun-Times, carjackings were up 105 percent in 2020 versus 2019, and through September 2021 they were up another 43.5 percent compared to 2021. This means the incidence of the crime has effectively tripled in two years… https://nypost.com/2022/01/03/blackhawks-players-cars-stolen-in-chicago-valet-robbery/
 
Manhattan’s new DA has ordered his prosecutors to stop seeking prison sentences for hordes of criminals and to downgrade felony charges in cases including armed robberies and drug dealing…
https://nypost.com/2022/01/04/manhattan-da-alvin-bragg-to-stop-seeking-prison-in-some-cases/
 

I will see you on THURSDAY night/

end

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