GOLD PRICE CLOSE: UP $53.00 at $1799.80
SILVER PRICE CLOSE: UP 1.08 to $22.66
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 1802.20
Silver ACCESS CLOSE: 22.73
Bitcoin morning price:,
Bitcoin: afternoon price: $16965 down $203.00
Platinum price closing DOWN $
Palladium price; closing
END
Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading
I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS
CANADIAN GOLD: $2421.80 up $42.69 CDN dollars per oz
BRITISH GOLD: 1712.99 up 11.93 pounds per oz
EURO GOLD: 1470.87 up 2.43 euros per oz
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,746.000000000 USD
INTENT DATE: 11/30/2022 DELIVERY DATE: 12/02/2022
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 83 4
099 H DB AG 1147
104 C MIZUHO 54
118 C MACQUARIE FUT 1 174
132 C SG AMERICAS 112
190 H BMO CAPITAL 650
323 H HSBC 2375
332 H STANDARD CHARTE 658
357 C WEDBUSH 3
435 H SCOTIA CAPITAL 288
523 C INTERACTIVE BRO 1
624 C BOFA SECURITIES 8
624 H BOFA SECURITIES 586
657 C MORGAN STANLEY 221 19
661 C JP MORGAN 1270 2452
685 C RJ OBRIEN 10 4
686 C STONEX FINANCIA 10
700 C UBS 195
737 C ADVANTAGE 1
800 C MAREX SPEC 55 77
845 C GOLDMAN SACHS C 19
880 C CITIGROUP 6
905 C ADM 116 17
TOTAL: 5,308 5,308
MONTH TO DATE: 11,503
EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,748.400000000 USD
INTENT DATE: 11/29/2022 DELIVERY DATE: 12/01/2022
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 137
099 H DB AG 193
104 C MIZUHO 54
118 C MACQUARIE FUT 250
132 C SG AMERICAS 114
190 H BMO CAPITAL 1169
323 C HSBC 400
332 H STANDARD CHARTE 669
357 C WEDBUSH 3
435 H SCOTIA CAPITAL 234
523 C INTERACTIVE BRO 1
624 C BOFA SECURITIES 8
624 H BOFA SECURITIES 595
657 C MORGAN STANLEY 433 18
661 C JP MORGAN 905 2525
685 C RJ OBRIEN 10
686 C STONEX FINANCIA 9
700 C UBS 221
732 H RBC CAP MARKETS 933
800 C MAREX SPEC 55
845 C GOLDMAN SACHS C 19
880 C CITIGROUP 2411 71
880 H CITIGROUP 901
905 C ADM 19 33
TOTAL: 6,195 6,195
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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT: 5308 NOTICES FOR 530,800 OZ or 16.510 TONNES
total notices so far: 11,503 contracts for 1,159,300 oz (35.779 tonnes)
SILVER NOTICES: 498 NOTICE(S) FILED FOR 2,450,000OZ/
total number of notices filed so far this month 2313 for 11,565,000 oz
END
GLD
WITH GOLD DOWNxxx
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////HUGE CHANGES IN GLD INVENTORY: A WITHDRAWAL OF 1.45 TONNES INTO THE GLD//
INVENTORY RESTS AT TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER UP $.000
AT THE SLV// :/SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF OF 0.553 MILLION OZ INTO THE SLV
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 471.923 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A STRONG SIZED 1088 CONTRACTS TO 122,380 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR CONSIDERABLE $0.33 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.33 AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A HUGE SIZED GAIN IN OUR TWO EXCHANGES OF 1375 CONTRACTS. WE HAD A SOME ATTEMPTED SPEC SHORT COVERINGS OF THEIR SHORTFALLS WITH LIMITED SUCCESS .WE HAD ZERO SPEC SHORT ADDITIONS AS THE PRICE OF THE METAL WAS ROSE STRONGLY. // OUR BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. HUGE NUMBER OF NEWBIE SPEC LONGS ADDED TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS. TODAY SPREADER LIQUIDATION CONTINUES
WE MUST HAVE HAD:
I) SOME ATTEMPTED (WITH ZERO SUCCESS) SPECULATOR SHORT COVERINGS WITH CONSIDERABLE SHORT ADDITIONS ////CONTINUED BANKER OI COMEX ADDITIONS /// HUGE NEWBIE SPEC LONG ADDITIONS. II) WE ALSO HAD SOME REDDIT RAPTOR BUYING//. iii) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 23 .24. MILLION OZ FOLLOWED BY TODAY;S EFP of 325,000 /// / // V) STRONG SIZED COMEX OI GAIN/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:+34
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF NOV:
TOTAL CONTRACTS for 1 days, total 287 contracts: million oz OR 1.435 MILLION OZ PER DAY. (287 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 1.435 MILLION OZ
.
LAST 17 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
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH: 207.430 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 1.435 MILLION OZ INITIAL
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1122 WITH OUR $0.33 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE CONTRACTS: 287 CONTRACTS ISSUED FOR MAR AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR DEC OF 23.24 MILLION OZ FOLLOWED BY TODAY:S 325,000 EFP / .. WE HAVE A HUGE SIZED GAIN OF 1409 OI CONTRACTS ON THE TWO EXCHANGES FOR 7.045 MILLION OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.
WE HAD 498 NOTICE(S) FILED TODAY FOR 2,450,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 4378 CONTRACTS TO 429,283 AND FURTHER FROM THE 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: REMOVED 276 CONTRACTS.
.
THE GOOD SIZED DECREASE IN COMEX OI CAME WITH OUR SMALL LOSE IN PRICE. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR DEC. AT 58.86 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY:S EFP of 1373 contracts or 137,300 oz//(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END) (EFP is the transfer of contracts immediately to London for potential gold deliveries originating from London)
YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $3.45 WITH RESPECT TO WEDNESDAY’S TRADING
WE HAD A FAIR SIZED GAIN OF 1721 OI CONTRACTS (5.353 PAPER TONNES) ON OUR TWO EXCHANGES..
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 5823 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 429,283
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1445 CONTRACTS WITH 4378 CONTRACTS DECREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 5823 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1445 CONTRACTS OR 4.494TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (4378)TOTAL LOSS IN THE TWO EXCHANGES 1445 CONTRACTS. WE NO DOUBT HAD 1) CONSIDERABLE ATTEMPTED BUT FAILED SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS. WE HAD LIMITED SHORT SPEC ADDITIONS/// // CONSIDERABLE NEWBIE SPEC ADDITIONS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S EFF of 137,300 oz// //NEW STANDING 53.791 TONNES///3) ZERO LONG LIQUIDATION //// //.,4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/SPREADER LIQUIDATION FINALIZED YESTERDAY.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY
DEC
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NDEC :
5823 CONTRACTS OR 582,300 O Z OR 18.111 TONNES 1 TRADING DAY(S) AND THUS AVERAGING: 5823 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 1 TRADING DAY(S) IN TONNES:18.11 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 18.11/3550 x 100% TONNES 0.510%% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022
JANUARY/2021: 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. 175.62 TONNES//FINAL ISSUANCE//
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247,44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 18.11 tonnes Initial
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW NON ACTIVE FRONT MONTH OF NOV. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH SILVER AND GOLD (WILL BE SMALL AS SPREADERS DO NOT PAY ATTENTION TO NOVEMBER)
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV., FOR BOTH GOLD AND SILVER:
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 (NOV), 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.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER, FELL BY A ROSE SIZED 1122CONTRACTS OI TO 122,380AND CLOSER TO OUR COMEX HIGH 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 5 YEARS AGO.
EFP ISSUANCE 287 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 287 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 287 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 1122 CONTRACTS AND ADD TO THE 287 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED GAIN OF 1407 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.045MILLION OZ//
OCCURRED DESPITE OUR GAIN IN PRICE OF $0.33….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
OUTLINE FOR TODAY’S COMMENTARY
1/COMEX GOLD AND SILVER REPORT
(report Harvey)
2 ) Gold/silver trading overnight Europe,
(Peter Schiff,
end
3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,
4. Chris Powell of GATA provides to us very important physical commentaries
end
5. Other gold/silver commentaries
6. Commodity commentaries//
7/CRYPTOCURRENCIES/BITCOIN ETC
3. ASIAN AFFAIRS
i)MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 18,19 PTS OR 0.58% //Hang Sang CLOSED DOWN 53,12 OR 0.29% /The Nikkei closed DOWN 30.80 OR 0.11% //Australia’s all ordinaries CLOSED UP 0.21% /Chinese yuan (ONSHORE) closed DOWN TO 7.1151//OFFSHORE CHINESE YUAN DOWN 7.1257// /Oil DOWN TO 82.31 dollars per barrel for WTI and BRENT AT 95.14 / Stocks in Europe OPENED ALL GREEN. ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 C CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE 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 SIZE OF 4378 CONTRACTS DOWN TO 429,283 WITH THE FALL IN PRICE..$3.45
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE -ACTIVE DELIVERY MONTH OF DEC… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 5823 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 5823 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5823 CONTRACTS
WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 1445 CONTRACTS IN THAT 5823 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED COMEX OI LOSS OF 4378 CONTRACTS..AND THIS SMALL SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF GOLD $3.45. WE ARE WITNESSING SOME SPEC SHORTS COVERING THEIR SHORTFALL. BANKERS CONTINUE AS NET BUYERS OF COMEX GOLD CONTRACTS AS THEY HAVE BEEN NET LONG FOR THE PAST FEW MONTHS. WE ALSO HAD SOME ADDITIONAL NEWBIE SPECS GOING LONG WITH THE LOWER PRICE. IT LOOKS LIKE OUR SPEC SHORTS ARE IN DEEP TROUBLE
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING DEC (53.791)
TONNES),
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:
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 YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL (TOTAL SO FAR THIS YEAR 591.535 TONNES)
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT FELL $3.45) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE HAD A SMALL GAIN OF 1445 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD SOME SPEC SHORT ADDITIONS AND CONSIDERABLE SPEC SHORT COVERINGS.. WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 1445 CONTRACTS.// WE HAVE GAINED A TOTAL OI OF 4.494PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR DEC. (53.791 TONNES)…THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE OF $3.45. WE WITNESSED YESTERDAY THE CONCLUSION oF SPREADER LIQUIDATION.
WE HAD -276 CONTRACTS COMEX TRADES REMOVED. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 1445 CONTRACTS OR 144500 OZ OR 4.494TONNES
Estimated gold volume 218,817// fair//
final gold volumes/yesterday 203,229/ fair
INITIAL STANDINGS FOR DECEMBER 2022 COMEX GOLD //DEC 1
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil oz |
| Withdrawals from Customer Inventory in oz | 27,670.358 oz Brinks Manfra 3 kilobars |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 5308 notice(s) 5308,00 OZ 16.510. TONNES |
| No of oz to be served (notices) | 5791 contracts 579100oz 18.01 TONNES |
| Total monthly oz gold served (contracts) so far this month | 11,503notices 1,150,300 35.779TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | xxx oz |
total dealer deposit 0
total dealer deposit: nil oz
No dealer withdrawals
Customer deposits: 0
total deposits nil oz
customer withdrawals:2
)Out of Brinks 96.46oz (3 kilobars)
ii) Out of Manfra: 27,573.898 oz
Total withdrawals: 27,670.358 oz
total in tonnes: 0.86 tonnes
Adjustments: 2/ dealer to customer
i) HSBC 235,983.989 oz
ii) Malca: 73,821.894 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR NOVEMBER.
For the front month of DECEMBER we have an oi of 11,099 contracts having LOST 7568 contracts
We had 6195 contracts served on Wednesday, so we lost 1373 contracts.
the comex is running out of physical gold to serve our good friends over in London
JANUARY GAINED 128 contracts to stand at 1580
February gained 2076 contacts up to 360,079
We had 5308 notice(s) filed today for 530,800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 1270 notices were issued from their client or customer account. The total of all issuance by all participants equate to 5380 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1270 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 DEC. /2022. contract month,
we take the total number of notices filed so far for the month (11,503x 100 oz , to which we add the difference between the open interest for the front month of (DEC. 11099 CONTRACTS) minus the number of notices served upon today 5308 x 100 oz per contract equals 1,729,400 OZ OR 53.791 TONNES the number of TONNES standing in this active month of DEC.
thus the INITIAL standings for gold for the DEC contract month:
No of notices filed so far (6195 x 100 oz+ (11,099 OI for the front month minus the number of notices served upon today (5308} x 100 oz} which equals 1,729,400 oz standing OR 53.791 TONNES in this active delivery month of DEC..
TOTAL COMEX GOLD STANDING: 53.791 TONNES (A POOR STANDING//COMEX RUNNING OUT OF PHYSICAL TO SERVE UPON OUR LONGS.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
we had one adjustment of 110,631.591 oz Brinks
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 o
total pledged gold: 1,951,105.234 OZ 60.68tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 23,401,839.755 OZ
TOTAL REGISTERED GOLD: 11,606,718.471 OZ (361.01 tonnes)..dropping fast
TOTAL OF ALL ELIGIBLE GOLD: 11,795,121.284 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,655,613OZ (REG GOLD- PLEDGED GOLD) 300.033tonnes//rapidly declining
END
SILVER/COMEX
DEC 1//INITIAL DEC. SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 5206.300oz Manfra |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 2,490,695.859oz Brinks CNT Delaware |
| No of oz served today (contracts) | 498 CONTRACT(S) (2450,000OZ) |
| No of oz to be served (notices) | 2324 contracts (11,620 ,000 oz |
| Total monthly oz silver served (contracts) | 2313 contracts (11,565,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposits: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: oz
We have 1 withdrawals out of the customer account
i) Out ofManfra: 5206.300 oz
Total withdrawals: 5206.300 oz
JPMorgan has a total silver weight: 150.99million oz/300.03 million =50.33% of comex .//dropping fast
Comex deposits: 3
i)Into CNT 600,263.430 oz
ii) Into Brinks; 1,836,794.260 oz
iii) Into Delaware: 53,638.169 oz
Total deposits: 2,490,695.859 oz
adjustments: customer to dealer
i) Brinks: 2438,722.970 oz
ii) Loomis: 409,259.890 oz
the silver comex is in stress!
TOTAL REGISTERED SILVER: 36.405MILLION OZ (declining rapidly)
TOTAL REG + ELIG. 300.03MILLION OZ (also declining)
CALCULATION OF SILVER OZ STANDING FOR SEPT
silver open interest data:
FRONT MONTH OF DEC OI: 2822 CONTRACTS HAVING LOST 1826 CONTRACT(S.)
WE HAD 1815 NOTICES FILED ON WEDNESDAY. SO WE LOST 11 CONTRACTS OR 55,000 oz THROUGH THE EFP ROUTE.
JANUARY SAW A GAIN OF 877CONTRACTS UP TO 1962 CONTACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:498 for 2,450,000 oz
Comex volumes:71,697// est. volume today// good
Comex volume: confirmed yesterday: 67,365 contracts ( good)
To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 2313x 5,000 oz = 11,565,000 oz
to which we add the difference between the open interest for the front month of DEC( 2822) and the number of notices served upon today 498x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the DEC./2022 contract month: 2313 (notices served so far) x 5000 oz + OI for front month of DEC (2822) – number of notices served upon today (498)x 50070 oz of silver standing for the DEC. contract month equates 23.185 million oz.
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
Comex volumes:49,371// est. volume today// poor
Comex volume: confirmed yesterday: 101,267 contracts ( huge)
END
GLD AND SLV INVENTORY LEVELS
Nov 19
NOV 14/WITH GOLD UP $7.30: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 910.12 TONNES
NOV 11/WITH GOLD UP $15.25//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.19 TONNES INTO THE GLD////INVENTORY RESTS AT 911.57 TONNES
NOV 10/WITH GOLD UP $40.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.38 TONNES
NOV 9/WITH GOLD DOWN $2.00: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.89 TONNES INTO THE GLD////INVENTORY RESTS AT 908.38 TONNES
NOV 8/WITH GOLD UP $34.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.47 TONNES FROM THE GLD//: INVENTORY RESTS AT 905.49 TONNES
NOV 7/WITH GOLD UP $2.95: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.63 TONNES FROM THE GLD//INVENTORY RESTS AT 906.96. TONNES
NOV 4/WITH GOLD UP $44.45 TO $1673.30: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.48 TONNES FROMTHE GLD////INVENTORY RESTS AT 911.59 TONNES.
NOV 3/WITH GOLD DOWN $18.30 TO $1628.85: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.05 TONNES FROM THE GLD////INVENTORY RESTS AT 915.07 TONNES
NOV 2/WITH GOLD UP 55 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 919.12 TONNES.
NOV 1/WITH GOLD UP $9.20 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES FORM THE GLD../INVENTORY RESTS AT 920.57 TONNES
OCT 31/WITH GOLD DOWN $4.00; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD//INVENTORY RESTS AT 922.59. TONNES//
OCT28/WITH GOLD DOWN $19.70 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 TONNES FROM THE GLD..///INVENTORY RESTS AT 925.20 TONNES
OCT 27/WITH GOLD DOWN $3.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES
OCT 26/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES
OCT 25/WITH GOLD UP $3.85: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 928.39 TONNES
OCT 24/WITH GOLD DOWN $1.80 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES FROM THE GLD////INVENTORY RESTS AT 928.10 TONNES
OCT 21/WITH GOLD UP $19.10: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 930.99 TONNES
OCT 20/WITH GOLD UP $2.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.08 TONNES FROM THE GLD///INVENTORY RESTS AT 932.73 TONNES
OCT 19/WITH GOLD DOWN $20.65:: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD////INVENTORY RESTS AT 938.81 TONNES
OCT 18/WITH GOLD DOWN $7.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 939.10 TONNES
OCT 17/WITH GOLD UP $14.55: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.28 TONNES FROM THE GLD///INVENTORY RESTS AT 941.13 TONNES
OCT 14/WITH GOLD DOWN $26.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 944.31 TONNES
OCT 13/WITH GOLD DOWN $0.40 TODAY: A DEPOSIT OF 1.16 TONNES INTO THE GLD// CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 945.47 TONNES
OCT 12/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 944.31 TONNES
OCT 11/WITH GOLD UP $10.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 944.31 TONNES
OCT 10//WITH GOLD DOWN $33.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 944.31 TONNES
OCT 7/WITH GOLD DOWN $10.70: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 946.34 TONNES
OCT 6/WITH GOLD UP $.70 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.45 TONNES INTO THE GLD//INVENTORY RESTS AT 946.34 TONNES
OCT 4/WITH GOLD UP $28.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.19 TONNES INTO THE GLD//INVENTORY RESTS AT 942.89 TONNES
OCT 3.WITH GOLD UP $29.30 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD AND A BIG SURPRISE: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 939.70 TONNES
GLD INVENTORY: 910.12 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
NOV 19
NOV 14/WITH SILVER UP 41 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.923 MILLION OZ//
NOV 11/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 553,000 OZ FROM THE SLV///INVENTORY RESTS AT 471.923 MILLION OZ//
NOV 10/WITH SILVER UP 39 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 368,000 OZ INTO THE SLV///INVENTORY RESTS AT 472.476 MILLION OZ//
NOV 9/WITH SILVER DOWN 10 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV/; A WITHDRAWAL OF 3.821 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 472.108 MILLION OZ//
NOV 8/WITH SILVER UP 48 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.751 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 475.929 MILLION OZ//
NOV 7/WITH SILVER UP 12 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//
NOV 4/WITH SILVER UP $1.31 TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.972 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//
NOV 3.WITH SILVER DOWN 16 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 566,000 OZ FROM THE SLV////INVENTORY RESTS AT 482.650 MILLION OZ//
NOV 2/WITH SILVER DOWN 9 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 92,000 OZ FROM THE SLV////INVENTORY RESTS AT 483.216 MILLION OZ//
NOV 1/WITH SILVER UP 53 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 415,000 OZ FORM THE SLV////INVENTORY RESTS AT 483.308 MILLION OZ
OCT 31: WITH SILVER FLAT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .644 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 483.723 MILLION OZ//
OCT 28/WITH SILVER DOWN 35 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 276,000 OZ INTO THE SLV////INVENTORY RESTS AT 484.367 MILLION OZ//
OCT 27/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE S: A WITHDRAWAL OF 2.579 MILLION OZ FROMTHE SLV/////INVENTORY RESTS AT 484.091 MILLION OZ//
OCT 26/WITH SILVER UP 11 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.013 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 486.670 MILLION OZ./.
OCT 25/WITH SILVER UP 17 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.083 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 487.683 MILLION OZ/
OCT 24/WITH SILVER UP 6 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .553 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 485.610 MILLION OZ//
OCT 21/WITH SILVER UP 43 CENTS: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .46 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 486.163MILLION OZ//
OCT 20/WITH SILVER UP 33 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .921 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 485.703 MILLION OZ//
OCT 19/WITH SILVER DOWN 27 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.105 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 486.624 MILLION OZ///
OCT 18/WITH SILVER DOWN 5 CENTS:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.658 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 487.729 MILLION OZ///
OCT 17/WITH SILVER UP 53 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.151 MILLION OZ INTO THE SLV////INVENTORY REST AT 486.071 MILLION OZ//
OCT 14/WITH SILVER DOWN 77 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.211 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 484.920 MILLION OZ//
OCT 13/WITH SILVER DOWN 2 CENTS TODAY: BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.513 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 482.709 MILLION OZ//
Oct 12/WITH SILVER DOWN 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.196 MILLION OZ
OCT 11/WITH SILVER DOWN 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.066 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 478.196 MILLION OZ
OCT 10//WITH SILVER DOWN 65 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 473.130 MILLION OZ/
OCT 7/WITH SILVER DOWN 37 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.447 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 473.130 MILLION OZ/
OCT 6/WITH SILVER UP 11 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY: A WITHDRAWAL OF 5.3 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 475.617 MILLION OZ//
OCT 4WITH SILVER UP $.51 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 480.917 MILLION OZ
OCT 3/WITH SILVER UP $1.46 : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 480.917 MILLION OZ//
CLOSING INVENTORY 471.923 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
Schiff: Fed Soft Pivot In Play; Markets Ignore Powell’s Hawkish Talk
THURSDAY, DEC 01, 2022 – 03:50 PM
Federal Reserve Chairman Jerome Powell all but confirmed a soft pivot by the central bank in its inflation fight on Wednesday, while trying to maintain a hawkish demeanor.
The markets appear to be buying the pivot, but they are ignoring Powell’s “tough guy” spin.
In a speech at the Brookings Institution, Powell said it was time to “moderate” the pace of rate hikes.
It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting.”
This was widely construed to signal that the central bank would only raise rates by 50 basis points instead of 75 at the next meeting. While still a significant bump up in rates, it indicates that the Fed is ready to slow its roll on the inflation fight.
Powell also channeled messaging from the November FOMC meeting that left some wiggle room for a slowdown in hiking or even a pause with language about monetary policy “lags” and “cumulative” effects.
“The full effects of our rapid tightening so far are yet to be felt,” Powell said in his speech.
Cutting rates is not something we want to do soon. So, that’s why we’re slowing down.”
But the Fed chair tempered talk about moderating the pace of rate hikes in familiar hawkish rhetoric. He said that rates will likely go higher than originally anticipated and stay elevated for longer.
The timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level. It is likely that restoring price stability will require holding policy at a restrictive level for some time.”
Powell emphasized that “history cautions strongly against prematurely loosening policy” and he insisted, “we will stay the course until the job is done.”
The markets were bouyed by the prospect of a rate hike slowdown, but they basically ignored Powell’s attempt to spin it as hawkish. It’s clear investors think the Fed is about finished tightening, regardless of what Powell says. After the speech, the dollar tanked, and stocks rallied, along with gold and silver. The Dow closed up over 700 points and the NASDAQ rose over 484 points.
In a tweet, Peter Schiff said the markets aren’t buying what Powell is selling.
Today he was as hawkish as ever, but the dollar tanked, and gold & stocks rallied. Powell’s resolve to fight inflation is contingent on a soft landing. Not only will the economy crash, it’ll be another financial crisis.”
The economic data indicates the US economy is already in a recession. The air is hissing out of the housing bubble the Fed blew up in the wake of the pandemic. Consumer confidence is tanking. The economy can’t withstand these relatively high interest rates. The entire US economy is predicated on easy money. With the Fed taking that punch bowl away, it’s only a matter of time before something significant breaks in the economy and it becomes impossible to deny the economy is in trouble.
If history is any indication, the central bank will go back to rate cuts and quantitative easing to rescue the economy – inflation be damned.
Schiff has been saying the Fed will do a hard pivot and abandon the inflation fight when the economic downturn becomes undeniable — this despite the fact that the Fed isn’t actually making any headway in the battle with rising prices.
Even if the Fed continues to hike rates, it’ll never catch up to an inflation curve this it is miles behind. Because, as I’ve been saying, the only real way to fight inflation is a two-pronged attack, which would include positive real interest rates … and we need cooperation from the US government. We need to see cuts in government spending, something that’s not going to happen. In fact, government spending is going to continue to increase, and so will the deficits that are making that spending possible.”
With the soft pivot firmly underway, the Fed can now plausibly end the inflation fight completely and go back to propping up the sagging economy. Schiff made this point after the CPI data for October came in cooler than expected.
Because the Fed now has a plausible excuse, the markets are buying stocks, and they’re buying bonds, and they’re dumping dollars, and they’re buying gold. But the reality of this report means that the Fed is in the process of pivoting even though it’s not even close to winning its fight against inflation. And it’s ultimately going to do a hard pivot even as the inflation rate accelerates and makes new highs, because the recession that we are already in is going to get much worse.”
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:
3. Chris Powell of GATA provides to us very important physical commentaries//
/4. OTHER PHYSICAL SILVER/GOLD COMMENTARIES
6/CRYPTOCURRENCIES/BITCOIN ETC
Read more here….ONSHORE YUAN: CLOSED DOWN 7.1151
OFFSHORE YUAN: 7.1257
SHANGHAI CLOSED DOWN 18.19 PTS OR 0.58%
HANG SANG CLOSED DOWN 53.12 OR 0.29%
2. Nikkei closed DOWN 30.80 PTS OR 0.11%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 106.36 Euro RISES TO 1.0382
3b Japan 10 YR bond yield: RISES TO. +.242!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 140.28/JAPANESE YEN COLLAPSING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN: UP-// OFF- SHORE: UP
3f 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. EIGHTY percent of Japanese budget financed with debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.0755%***/Italian 10 Yr bond yield FALLS to 3.908%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.084…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.312//
3j Gold at $1764.00//silver at: 21.23 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 19/100 roubles/dollar; ROUBLE AT 60.34//
3m oil into the 82 dollar handle for WTI and 945 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 139.99 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 0.9514– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9867well 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: 3.810% UP 4 BASIS PTS…GETTING DANGEROUS
USA 30 YR BOND YIELD: 3.908% UP 2 BASIS PTS//
USA DOLLAR VS TURKISH LIRA: 18,62…
GREAT BRITAIN/10 YEAR YIELD: 3.2974%
end
Overnight: Newsquawk and Zero hedge:
FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
AND NOW NEWSQUAWK (EUROPE/REPORT)
i)MONDAY MORNING// SUNDAY NIGHT
SHANGHAI CLOSED DOWN 18,19 PTS OR 0.58% //Hang Sang CLOSED DOWN 53,12 OR 0.29% /The Nikkei closed DOWN 30.80 OR 0.11% //Australia’s all ordinaries CLOSED UP 0.21% /Chinese yuan (ONSHORE) closed DOWN TO 7.1151//OFFSHORE CHINESE YUAN DOWN 7.1257// /Oil DOWN TO 82.31 dollars per barrel for WTI and BRENT AT 95.14 / Stocks in Europe OPENED ALL GREEN. ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 a./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
end
2B JAPAN
JAPAN
END
3c CHINA
CHINA/ECONOMY/GLOBAL SOUTH
This will kill the dollar!!
(zerohedge)
Escobar: The Global South Births A New Game-Changing Payments System
THURSDAY, DEC 01, 2022 – 06:05 AM
Authored by Pepe Escobar via The Cradle,
Challenging the western monetary system, the Eurasia Economic Union is leading the Global South toward a new common payment system to bypass the US Dollar…
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergei Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.
Through its regulatory body, the Eurasian Economic Commission (EEC), the EAEU has just extended a very serious proposal to the BRICS nations (Brazil, Russia, India, China and South Africa) which, crucially, are already on the way to turning into BRICS+: a sort of G20 of the Global South.
The system will include a single payment card – in direct competition with Visa and Mastercard – merging the already existing Russian MIR, China’s UnionPay, India’s RuPay, Brazil’s Elo, and others.
That will represent a direct challenge to the western-designed (and enforced) monetary system, head on. And it comes on the heels of BRICS members already transacting their bilateral trade in local currencies, and bypassing the US dollar.
This EAEU-BRICS union was long in the making – and will now also move toward prefiguring a further geoeconomic merger with the member nations of the Shanghai Cooperation Organization (SCO).
The EAEU was established in 2015 as a customs union of Russia, Kazakhstan and Belarus, joined a year later by Armenia and Kyrgyzstan. Vietnam is already an EAEU free trade partner, and recently enshrined SCO member Iran is also clinching a deal.
The EAEU is designed to implement free movement of goods, services, capital, and workers between member countries. Ukraine would have been an EAEU member if not for the Maidan coup in 2014 masterminded by the Barack Obama administration.
Vladimir Kovalyov, adviser to the chairman of the EEC, summed it all up to Russian newspaper Izvestia. The focus is to establish a joint financial market, and the priority is to develop a common “exchange space:” “We’ve made substantial progress and now the work is focused on such sectors as banking, insurance, and the stock market.”
A new regulatory body for the proposed joint EEU-BRICS financial system will soon be established.
Meanwhile, trade and economic cooperation between the EAEU and BRICS have increased 1.5 times in the first half of 2022 alone.
The BRICS share in the total external trade turnover of the EAEU has reached 30 percent, Kovalyov revealed at the BRICS International Business Forum this past Monday in Moscow:
“It is advisable to combine the potentials of the BRICS and EAEU macro-financial development institutions, in particular the BRICS New Development Bank, the Asian Infrastructure Investment Bank (AIIB), as well as national development institutions. This will make it possible to achieve a synergistic effect and ensure synchronous investments in sustainable infrastructure, innovative production, and renewable energy sources.”
Here we once again see the advancing convergence of not only BRICS and EAEU but also the financial institutions deeply involved in projects under the China-led New Silk Roads, or Belt and Road Initiative (BRI).
Halting the Age of Plunder
As if all that was not game-changing enough, Russian President Vladimir Putin is raising the stakes by calling for a new international payment system based on blockchain and digital currencies.
The project for such a system was recently presented at the 1st Eurasian Economic Forum in Bishkek.
At the forum, the EAEU approved a draft agreement on cross-border placement and circulation of securities in member states, and amended technical regulations.
The next big step is to organize the agenda of a crucial meeting of the Supreme Eurasian Economic Council on 14 December in Moscow. Putin will be there – in person. And there’s nothing he would love more than to make a game-changing announcement.
All of these moves acquire even more importance as they connect to fast increasing, interlocking trade between Russia, China, India, and Iran: from Russia’s drive to build new pipelines serving its Chinese market – to Russia, Kazakhstan, and Uzbekistan discussing a gas union for both domestic supplies and exports, especially to main client China.
Slowly but surely, what is emerging is the Big Picture of an irretrievably fractured world featuring a dual trade/circulation system: one will be revolving around the remnants of the dollar system, the other is being built centered on the association of BRICS, EAEU, and SCO.
Pushing further on down the road, the recent pathetic metaphor coined by a tawdry Eurocrat boss: the “jungle” is breaking away from the “garden” with a vengeance. May the fracture persist, as a new international payment system – and then a new currency – will aim to halt for good the western-centric Age of Plunder.
end
.E4.EUROPEAN AFFAIRS//UK AFFAIRS//
Switzerland/Credit Suisse
Credit Suisse Slashes Jobs As Stock Suffers Longest Losing Streak Ever
THURSDAY, DEC 01, 2022 – 08:55 PM
Amid years of scandals, mismanagement, mammoth asset outflows, and the current dilution from a vital capital raise that is under way, Credit Suisse shares have plunged for 13 straight days (the longest losing streak in the bank’s history) to a new record low, just a few percent above the price of 2.52 francs for the 4 billion Swiss Franc subscription rights that the bank offered existing investors.
The threshold of 2.52 francs is “the ‘hard underwriting’ price for the consortium of 19 banks,” JPMorgan & Co. analysts said in a research note.
If Credit Suisse’s shares keep trading above that level until “the last day of rights trading on Dec 6, 2022, we can assume at that point the capital raise was most likely a success.”
If not, then who knows what’s next?
As Bloomberg reports, while the rights offer is “highly unlikely” to fail, such a scenario would cause S&P to “evaluate” the impact on the credit ratings it has placed on Credit Suisse, analyst Anna Lozmann said by email. She also said that “continued strong outflows of deposits” could be a “trigger for a negative rating action.”
Credit Suisse’s overhaul, including job cuts and the carve-out of the investment banking business, has met with skepticism from analysts and investors concerned about the complexity of the restructuring.
And today, Bloomberg reports that, according to two people familiar with the bank’s plans, CS is cutting at least a third of its debt sales positions globally as part of a restructuring that will eliminate thousands of jobs and a new strategy that drastically downsizes its investment banking and trading business.
The Swiss lender is reducing headcount in its debt syndicate division, which prices bond deals, as it slims down its so-called flow business.
The Zurich-based bank plans to reduce costs by cutting 2,700 jobs this year and 9,000 jobs by the end of 2025.
The “material capital raise” and lack of details on a “very complex” investment banking restructuring is weighing on Credit Suisse’s shares, JPMorgan analyst Kian Abouhossein wrote in a note on Thursday.
He also cut earnings estimates by 45% for 2023, citing the hefty outflows in the bank’s wealth management business.
Talks about a possible takeover of Credit Suisse are likely to pick-up if outflows continue, he said.
Totally unbelievable; EU threatens a private company with a ban over content moderation
(zerohedge)
EU Threatens Musk With Twitter Ban Over Content Moderation
THURSDAY, DEC 01, 2022 – 11:15 AM
The EU has threatened to ban Twitter in Europe unless new owner Elon Musk adheres to its strict rules on content moderation.
The threat was made by Thierry Breton, the EU’s commissioner in charge of implementing the bloc’s digital rules, who said during a video meeting with Musk on Wednesday that Twitter must follow a checklist of rules, including ditching his “arbitrary” approach to reinstating banned users, the Financial Times reports, citing people with knowledge of the conversation.
Musk was warned that unless he stuck to those rules Twitter risked infringing the EU’s new Digital Services Act, a landmark law that sets the global standard for how Big Tech must police content on the internet. Breton reiterated that the law meant, if in breach, Twitter could face a Europe-wide ban or fines of up to 6 per cent of global turnover.
Twitter’s owner said repeatedly that he thought that the DSA was “very sensible”, according to people briefed on the conversation, adding that he had read the legislation and thought it should be applied everywhere in the world. -FT
The warning appears to be a direct response to Musk’s approach to content moderation, in which he said he would allow all speech on the platform as long as it was legal, though “negative/hate speech” will be “deboosted,” FT notes.
The EU’s demands also include a requirement that Musk provide clear rules on which users are at risk of being banned. Users such as Kanye West and Andrew Tate, who were unbanned from Twitter – yet remain banned on rival platforms Facebook and Instagram, might be of concern to the EU.
Briton also said Musk should apply strict rules when it comes to advertising, such as those which target children or appear alongside unbanned users who were originally banished for religious or political beliefs.
Further, the EU wants Twitter to commit to an audit by summer 2023, when the company must hand over data on various metrics such as the number of active users and banned accounts.
end
5.//UKRAINE/RUSSIA
Article worth pondering for each of us.
| Robert Hryniak | Dec 1, 2022, 5:29 PM (7 hours ago) |  | |
| to |
The whole of Western hegemony has already failed and is being exposed daily now around the world. Without a shift in direction and in culture and value adoption the West is poised to enter a dramatic decline that will end up in a economic and social collapse in the West.
Decades of thievery by a corrupt system and crooked politicians as Exemplified by the FTX scandal and the American “washing machine” called the Ukraine are a flashing neon signs of decay and rot for all to see, and exploit.
While there is is still time, there is a urgent need for various Western nations to return to roots of individual culture and history to identify past achievements to move forward. Nations and respective citizens need to find their past in values and culture that distinguish them, and that allowed their history to be enriched. A failure to seize this is a signpost of a time to wave farewell to a dominance past and loss of historical soul to face oblivion tomorrow. Ending decades of effort and work of many people who endured to create. And ensuring that the present remains the shackles of a future denied.
And War is not an answer, nor is it a signature of strength. If anything the conflict in the Ukraine demonstrates the failure of the West to shoulder industrial capacity scaled to sustain such endeavors, for all to see. And demonstrates a total failure in technical capability to confront modern warfare challenges on a battlefield against a peer competitor. The notion that American Money is sent to South Korea to buy munitions because there is no more within NATO is a cruel joke and admission of failure in industrial capacity to produce. One would not do this in a team sport so why one does does on political and battlefield is simply beyond comprehension. Because no amount of media spin can stop the eye from seeing past the veneer of lies to see the truth in failure of politicians to lead or justify their actions. The hypocrisy of politicians is demonstrated visibility when one by one they stand with protesters in China from afar but have failed to stand with local citizens in protest against domestic policy, they enacted. One such example is Trudeau who stands with Chinese protestors but would not even speak to the Convoy protestors in Ottawa. Hypocrisy is well displayed resulting in a continuing loss of credibility. And he is not alone. And each nation suffers loss with such failure of leadership diminishing living standards as a direct result of failure.
History will not be kind to failing loss of dominance of the West, as history demonstrates all empires create their own expiry. Whether the courage and morality still exists to put off the looming expiry of a world we in the West have known is uncertain. What is certain is that current events and shifts occurring in real time do not promise to care or wait as the world is moving on. And it remains to be seen if a past can be altered and adapted to remain relevant and valued tomorrow.
end
A good one!!
Putin’s Remedy: A Fragmented, Toothless Ukraine separated by a 100 Kilometer-wide No-Man’s-Land, by Mike Whitney – The Unz Review
| Robert Hryniak | Thu, Dec 1, 8:29 PM (4 hours ago) | | |
| to |
This will the reality. And why Poland is taking polls in 3 regions of the Western Ukraine to see if they can win a referendum to join Poland there and if so they will annex the 3 regions. Leaving one for Hungary and one for Romania.
Zelensky as the puppet actor he is will go down in history as the crook who destroyed what wa s the Ukraine. And just wait until Ukrainians find out the true losses of manpower that has been killed ( over 400,000) or permanently disabled ( likely over 1 million) from any active combat or civilian duty. As it is the remaining Ukrainians in what rump will be left will decline by anther 5-8 million people to perhaps as low as 22 million. This will be half of what it was less than a year ago and Europe will have to cope with a coming greater influx of people that it is ill equipped for. And this will further strain all of Europe and its’ inhabitants.
The carnage of forces in the Ukraine will be read about in the not too distance future as the training of the 300,000 + Russian troops has been completed and they will now be deployed in time for the ground to be frozen. Have no illusions the gloves are off; and we should expect to read about a short intense campaign to finish this tragedy. And frankly Putin and others had no choice but to act, as all doors to a peaceful conclusion have been closed. Russians actually listen to what is being said and it is clear that the US is not agreement oriented or perhaps even capable. And in the Russian case, not to now act decisively would mean a quick end for Putin, as the hard liners have and are pushing for Ukraine being made an example. And that would mean loss of millions of lives. Have no illusions as what comes after Putin will not be as tolerant or even handed towards both the Ukraine and NATO.
As ugly and callous it maybe, it is time to think post Ukraine because further collusion with the fanatics of Kiev and their gun running and thievery serves no benefit, and onoy delivers loss and grief. America will have to find another patsy to launder money and be their “washing machine”. And Europe needs to rethink its’ lack of industrial capacity to wage war because the new found killing fields of the Ukraine can well be located in other areas tomorrow, if current trajectories continue much longer. It is both needless and a waste of precious resources needed to reignite what is left of collapsing industrial capability. And it is not likely that Europe can exclude Russian oil and gas from its’ near future without a total collapse, so a reality check is in order not to so damage Europe that it is thrown back 50 years.
This whole mess is a fiasco that could have and should have been avoided if people were sensible and heeded Russian concerns. It remains to be seen whether anything is learnt from this fiasco to avoid one over Taiwan because we can be certain that China will be far more decisive and swift in any military engagement having watched this one.
And we can only imagine what distraction will occur to divert attention from this fiasco in the near future.
6. GLOBAL ISSUES//COVID ISSUES//VACCINE ISSUES.
Vaccine//Covid issues: Injuries
GOP Senators Say They Will Block Military Funding Unless Vaccine Mandate Scrapped
THURSDAY, DEC 01, 2022 – 07:55 PM
Authored by Steve Watson via Summit News,
Republicans in the Senate have threatened to block the National Defense Authorization Act unless a vote is held on the current COVID vaccine mandate for military personnel.
The effort is being headed up by Florida Senator Rick Scott and Kentucky Senator Rand Paul, along with 11 other senators, including Ted Cruz and Mike Lee.
Scott told Fox News “I think on the NDAA one thing that’s going to be important is that we don’t give cloture unless they agree that we’re not going to keep kicking people out of the service for their – if they’re unvaccinated,” adding “I think that we’ve got to start standing up for people.”
In a letter to Senate Minority Leader Mitch McConnell, the Senators state “The Department of Defense COVID-19 vaccine mandate has ruined the livelihoods of men and women who have honorably served our country.”
“While the Department of Defense certainly must make decisions that will bolster military readiness, the effects of the mandate are antithetical to readiness of our force, and the policy must be revoked,” the letter further states.
During a press conference, Paul stated “The vaccination mandate has forced our nation’s young patriotic men and women to choose between their faith, their medical autonomy and their careers.”
“At a time when the military is struggling to meet targets for recruitment, the administration is firing soldiers we invested in and trained,” Paul further noted.
For five decades now, the NDAA has been viewed as vital legislation for Congress each year, covering spending for the military, including the annual pay raise and new program starts.
Despite attempts to stop mandatory vaccines for active duty personnel, and to uphold exemption rights, the Biden administration has continually pushed for dishonourable discharges and even court martialing for troops who disobey orders to get the shots.
end
VACCINE IMPACT
.DR PAUL ALEXANDER
| Open in app or onlineBaby Will in New Zealand: he needs life saving surgery & parents want him to have non-COVID vaccine blood in transfusions etc. I say tremendous & the way to go yet the INSANE malfeasant StarshipChildren’s hospital is taking parents to court to remove their rights over their 4 month old baby; parents want the best safest blood yet a hospital is taking them to court; this is INSANITY we fight!DR. PAUL ALEXANDERDEC 1 SAVE▷ LISTEN Dear Readers,I also embed this short piece on The Wellness Company and The UNITY Project.First, The Wellness Company.I am proud to announce a unique partnership with The Wellness Company and everyone who believes in medical freedom. My dear and esteemed colleagues Dr. Peter McCullough and Dr. Harvey Risch are also in partnership with The Wellness Company which provides telemedicine services for long-haul COVID, vaccine injury, and medical exemptions along with supplements and products that are fully aligned with our values. This support for The Wellness Company stems from the sub-optimal medical care and response that we experienced throughout the pandemic. It became apparent that there are many glaring gaps in our healthcare system and people were not properly treated. Thus, the pivot by us to support The Wellness Company. Take a stand against a broken healthcare delivery system with a membership in The Wellness Company, which directly funds our fight against medical tyranny. Click here The Wellness Company for more information. I also provide scientific support to The UNITY Project out of California. I support this tremendous initiative with some fine colleagues who have been warriors in the fight against all the wrongs in COVID. The UNITY Project aligns with my core values for it is very fierce in its fight to protect children from the danger of the largely safety untested COVID gene injection (The Unity Project Formed by Concerned Parents to Coordinate Opposition to California’s K-12 COVID-19 Vaccination Mandate). |
Emani et al.: “Increasing SARS-CoV2 cases, hospitalizations and deaths among the vaccinated elderly populations during the Omicron (B.1.1.529) variant surge in UK.”; vaccine effectiveness (VE) for 3rd
dose was negative since December, 2021; significantly increased proportion of cases, hospitalizations, deaths among vaccinated; decreased proportion of cases, hospitalizations, & deaths among UNvaxxed
| DR. PAUL ALEXANDERNOV 30 |
| Open in app or onlineBOOM! Dr. Mark Trozzi: It became clear to me this COVID pandemic was criminal enterprise, deceptive; those who denied early treatment are criminals including medical doctors caused death of thousandsTrozzi is my dear friend and this is someone who stood up against the medical system in Canada and they came after him; COVID was a deceptive criminal campaignDR. PAUL ALEXANDERNOV 30 SAVE▷ LISTEN SOURCE:https://rumble.com/v1xb53m-trailer-covid-19-is-a-deceptive-criminal-campaign-dr.-mark-trozzi.html |
VACCINE INJURY/SLAY NEWS
| The latest reports from Slay NewsCDC Knew Covid Shots Damage Heart but Covered It UpThe U.S. Centers for Disease Control and Prevention (CDC) knew that COVID-19 shots damage recipients’ hearts and cause other serious complications but chose to cover up the information, bombshell documents unsealed under a court order have revealed.READ MOREBloodbath at CNN as CEO Chris Licht Announces Mass Layoffs: ‘It Will Be a Difficult Time for Everyone’CNN will be hit by mass layoffs on Wednesday and Thursday, according to a memo from the cable network’s CEO Chris Licht. |
MICHAEL EVERY/RABOBANK
Michael Every on the day’s most important events:
END
7.OIL ISSUES/USA AND THE WORLD/NATURAL GAS/DIESEL ETC
China And India Are Buying Russian Crude At A 40% Discount
By Alex Kimani of OilPrice.com
The European Union on Friday once again failed to reach an agreement on a price cap for Russian oil, with the bloc’s eastern-most members including Poland, Estonia, Latvia, and Lithuania objecting that the proposed $60-$70 per barrel for Russian crude is too generous and well above the rates Russia currently sells crude.
European Commission Vice President Valdis Dombrovskis has acknowledged as much, saying, “If you put the price cap too high, it doesn’t really bite. Oil is the biggest source of revenue for the Russian budget, so it’s very important to get this right so it really has an impact on Russia’s ability to finance this war,” he told Bloomberg TV.
Well, they are right: offering $70 per barrel for Russian Urals is incredibly generous, considering that Bloomberg has just reported that China and India are currently getting them for half that price.
According to Bloomberg’s oil strategist Julian Lee, Russia’s flagship Urals crude oil traded at a massive discount of $33.28, or about 40% to the international Brent crude oil, at the end of last week. In contrast, a year ago, Urals traded at a much smaller discount of $2.85 to Brent. Urals is the main blend exported by Russia. The result: Moscow is beginning to feel the heat of its war in Ukraine, and could be losing ~$4 billion a month in energy revenues as per Bloomberg’s calculations.
Washington is not losing sleep over it. “If Russian oil is going to be selling at bargain prices and we’re happy to have India get that bargain or Africa or China. It’s fine,” US Treasury Secretary Janet Yellen previously told Reuters.
Shipping nations like Greece are in favor of a higher price cap that will help keep trade flowing. However, the situation could get even murkier for Russia with EU sanctions on Russian oil set to kick in on December 5, with disruptions to the market expected if a price cap is not in place. Meanwhile, Russia is reportedly drafting a presidential decree that would ban its companies and any traders from selling it to anyone that participates in a price cap.
Surging Imports From Russia
Previously, India was never a big buyer of Russian crude despite having to import 80% of its needs. In a typical year, India imports just 2-5% of its crude from Russia, roughly the same proportion as the United States did before it announced a 100% ban on Russian energy commodities. Indeed, India imported only 12 million barrels of Russian crude in 2021, with the majority of its oil sourced from Iraq, Saudi Arabia, the United Arab Emirates, and Nigeria.
But back in May, reports emerged of a “significant uptick” in Russian oil deliveries bound for India.
According to a Bloomberg report, India spent a good $5.1 billion on Russian oil, gas, and coal in the first three months after the invasion, more than five times the value of a year ago. However, China remains the biggest buyer of Russian energy commodities, spending $18.9 billion in the three months to the end of May, almost double the amount a year earlier.
And, it’s all about the money.
According to the International Energy Agency (IEA), Urals crude has been offered at record discounts since the war began. In the early months after the war began, Ellen Wald, president of Transversal Consulting, told CNBC that a couple of commodity trading firms – such as Glencore and Vitol – were offering discounts of $30 and $25 per barrel, respectively, for the Urals blend.
The experts say simple economics is the biggest reason why White House pressure to curb purchases of crude oil from Russia have fallen on deaf ears in Delhi.
“Today, the Government of India’s motivations are economic, not political. India will always look for a deal in their oil import strategy. It’s hard not to take a 20% discount on crude when you import 80-85% of your oil, particularly on the heels of the pandemic and global growth slowdown,” Samir N. Kapadia, head of trade at government relations consulting firm Vogel Group, told CNBC via email.
Still, it will not be lost on many readers that India has maintained a cozy relationship with Russia over the years, with Russia supplying the Asian nation with as much as 60% of its military and defense-related equipment. Russia has also been a key ally on crucial issues such as India’s dispute with China and Pakistan surrounding the territory of Kashmir.
But hey, India and China are not the only ones to blame here. Reports have emerged that whereas supplies of Russian pipeline gas – the bulk of Europe’s gas imports before the Ukraine war – are currently down to a trickle, Europe has been hungrily scooping up Russian LNG.
Europe has been working hard to wean itself off Russian energy commodities ever since the latter invaded Ukraine. The European Union has banned Russian coal and plans to block most Russian oil imports by the end of 2022 in a bid to deprive Moscow of an important source of revenue to wage its war in Ukraine.
But ditching Russian gas is proving to be more onerous than Europe would have hoped for. Whereas supplies of Russian pipeline gas – the bulk of Europe’s gas imports before the Ukraine war – are down to a trickle, Europe has been hungrily scooping up Russian LNG. The Wall Street Journal has reported that the bloc’s imports of Russian liquefied natural gas jumped by 41% Y/Y in the year through August.
“Russian LNG has been the dark horse of the sanctions regime,” Maria Shagina, a research fellow at the London-based International Institute for Strategic Studies, has told WSJ. Importers of Russian LNG to Europe have argued that the shipments are not covered by current EU sanctions and that buying LNG from Russia and other suppliers has helped keep European energy prices in check.
8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS
Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings MONDAY morning 7:30 AM
Euro/USA 1.0382 UP 0.0021 /EUROPE BOURSES // ALL GREEN
USA/ YEN 139.99 DOWN 0.434/NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//
GBP/USA 1.1921 UP 0.0064
Last night Shanghai COMPOSITE CLOSED DOWN 18.19 PTS OR 0.58%
Hang Sang CLOSED DOWN 53.12 POINTS OR 0.29%
AUSTRALIA CLOSED UP 0.21% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 53,12 PTS OR 0.29%
/SHANGHAI CLOSED DOWN 18.19 PTS OR 0.58%
AUSTRALIA BOURSE CLOSED UP 0.21%
(Nikkei (Japan) CLOSED DOWN 30.18 OR 0.11%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1764.20
silver:$21.21
USA dollar index early MONDAY morning: 106.36 DOWN.23 POINTS from FRIDAY’s close.
MONDAY MORNING NUMBERS ENDS
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And now your closing MONDAY NUMBERS 1: 00 PM
Portuguese 10 year bond yield: 2.94% DOWN 20 in basis point(s) yield
JAPANESE BOND YIELD: +0.243% UP 0 AND 3710 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.03%// DOWN 17 in basis points yield
ITALIAN 10 YR BOND YIELD 3.888 UP 13 points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: FALLS TO +2.017% DOWN 13 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0319 DOWN .0042 or 42 basis points//
USA/Japan: 140.371 DOWN 0.55 OR YEN UP 55 basis points/
Great Britain/USA 1.1882 UP .0025 OR 25 BASIS POINTS //
Canadian dollar DOWN .0052 OR 52 BASIS pts to 1.3295
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The USA/Yuan, CNY: closed ON SHORE (CLOSED ..UP) AT 7.1198
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 7.1240
TURKISH LIRA: 18.62 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.243
Your closing 10 yr US bond yield UP 4 IN basis points from FRIDAY at 3.825% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.925 UP 4 in basis points
Your closing USA dollar index, 106.89 UP .50 PTS ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: 12:00 PM
London: CLOSED UP 38.98 PTS OR 0.53%
German Dax : CLOSED UP 165.48 POINTS OR 1.16%
Paris CAC CLOSED UP 68.34 PTS OR 1.04%
Spain IBEX CLOSED UP 87.10 OR 1.08%
Italian MIB: CLOSED UP 335.51 PTS OR 1.38%
WTI Oil price 80.23 12: EST
Brent Oil: 87,83 12:00 EST
USA /RUSSIAN /// DOWN TO: 60.540/ ROUBLE UP 0 AND 13/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.017
UK 10 YR YIELD: 3.2670
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0243 DOWN .0079 OR 79 BASIS POINTS
British Pound: 1.1818 DOWN .0047 or 47basis pts
BRITISH 10 YR GILT BOND YIELD: 3.228%
USA dollar vs Japanese Yen: 142.09 UP 1.831/YEN DOWN 183BASIS PTS//
USA dollar vs Canadian dollar: 1.3450 UP 0.01016 (CDN dollar, DOWN 102 basis pts)
West Texas intermediate oil: 79.74
Brent OIL: 87.19
USA 10 yr bond yield UP 42BASIS pts to 3.832%
USA 30 yr bond yield UP 2 BASIS PTS to 3.906%
USA dollar index:107,74 UP 391POINTS
USA DOLLAR VS TURKISH LIRA: 18.62
USA DOLLAR VS RUSSIA//// ROUBLE: 60.85 DOWN 0 AND 41/100 ROUBLES
DOW JONES INDUSTRIAL AVERAGE: DOWN 45.41 PTS OR 0.13%
NASDAQ 100 DOWN 123.57 PTS OR 1.06%
VOLATILITY INDEX: 22.41DOWN 0.71PTS (3.07)%
GLD: $161.88 DOWN 0.89 OR 1.58%
SLV/ $19.250DOWN $0.05 OR 0.20%
end)
USA trading day in Graph Form
Stocks Defend 200DMA As VIX Tumbles Below 20, Yields Plunge Sending Gold Soaring
THURSDAY, DEC 01, 2022 – 11:09 PM
One day after Jerome Powell’s dovish speech sparked a stock explosion which helped the S&P close November up more than 5%, and with October’s 8% return stocks have sotmed higher after tumbling into a deep bear market in September (just as JPM permabull Marko Kolanovic turned bearish) to return more than 13% in the past two days…
… not to mention push the Dow Jones into a new bull market…
… on Thursday stocks were effectively unchanged with the S&P hugging the flatline after some early excitement.
Spoos initially extended gains this morning after mixed data that included cooler-than-expected month-over-month PCE figures. Personal income beat, though spending was in line with estimates. However, futures slid about 30 minutes into the US cash session when manufacturing surveys indicated first contractionary ISM print since May 2020…
… spoos drifted lower to close just around the flatline…
… but much more importantly, futs never break back below the oh-so-critical 200DMA which as regular readers will recall, proved to be an insurmountable resistance during the August bear market rally. Well, not so much this time, and the S&P closed comfortably above the all-important moving average even if it still has to convincingly break above the downward trendline.
Peeking below the surface we find that the key catalyst behind today’s move was the continued sharp drop in TSY yields, which saw the 10Y plunge as low as 3.50%…
… as every part of the curve was dragged lower…
… courtesy of a furious dovish repricing in fed funds which saw the terminal rate (red) continue to drop while bets on rate-cuts in H2 2023 (green) continued to rise.
The plunge in yields boosted tech and hammered banks…
… and financial institutions, especially Blackstone, whose 69 Billion Real Estate fund hits redemption limits.
But not even that was enough to spook markets which now appear to be preparing for a ful-blown year-end rally and the VIX finally tumbled back under 20 for the first time since the August meltup.
There is another reason why VIX is plunging: the put to call ratio made another near-record high this week and all those puts are now being furiously unwound and monetized for what little value they have.
There is another reason why we may be facing a huge meltup: the latest Job Cuts data soared, suggesting NFP could be disastrous tomorrow…
…. which of course would force the Fed to be even more dovish, and send stocks even higher. Incidentally, consensus expectations for tomorrow’s NFP are for around 196k. Our prediction: much, much lower.
Finally, with the market now aggressively repricing the Fed’s tightening intentions and betting on much more easing in 2022, with bitcoin and crypto nursing huge wounds and playing defense…
… as Bitcoin remains stuck between $16K and $17K since the FTX fraud shock….
… the big winner today was gold and silver, with the yellow metal soaring above $1800, the highest level since August.
EARLY MORNING TRADING
then
EARLY AFTERNOON TRADING
ii) USA DATA
Fed’s Favorite Inflation Signal Dips (Holds Near 40 Year Highs) As Savings Rate Crashed
THURSDAY, DEC 01, 2022 – 03:42 PM
Among The Fed’s favorite inflation indicators – it has apparently got many and picks and chooses as it pleases – is the Core PCE Deflator. Both the headline and core deflators dropped from September’s levels (+6.0% vs +6.3% prior and +5.0% vs +5.2% prior respectively)…
Source: Bloomberg
Of course, while this will be greeted with euphoria – ‘peak inflation’ – we do note that it is still the highest levels since 1983…
Source: Bloomberg
Americans’ income and spending were both expected to rise once again in October and they did with incomes rising 0.8% MoM (double expectations) – the biggest jump since Oct 2021. Spending also accelerated, rising 0.8% MoM (as expected)…
Source: Bloomberg
Adjusted for inflation, real personal spending rose 0.5% MoM – the biggest jump since Jan 2022…
Source: Bloomberg
But on a YoY basis, real personal spending rose 1.78% – the weakest rise since Feb 2021…
Source: Bloomberg
Finally, against all that, Americans’ savings rate plunged to just 2.3% of disposable income – the lowest since July 2005…
Source: Bloomberg
Reflecting on Powell’s comments, this de minimus drop in PCE Deflator does nothing to alter the path of Fed rates and the fact that the savings rate is nearing record lows suggests the consumer is on the brink of capitulation.
end
Continuing Jobless Claims Hit 10-Month Highs As Layoffs Exploded In November
THURSDAY, DEC 01, 2022 – 04:10 PM
While initial jobless claims dipped last week (from 241k to 225k), Challenger Job Cuts exploded higher, jumping 416.5% YoY (up 127% in November)…
Source: Bloomberg
This is the biggest jump since the COVID lockdown crisis:
“The Tech sector has announced the most job cuts this year by far. While other industries are cutting jobs at a slower pace, hiring appears to have slowed as well,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
This year’s tech cuts are 535% higher than the 12,761 cuts announced through the same period in 2021. Job cuts announced in the East 6,762; Midwest 7,883; West 58,497; South 3,693
More symptomatic of a weakening consumer, holiday hiring plans are down notably this year…
Source: Bloomberg
Finally, Continuing Jobless Claims rose to 1.608mm, their highest since Feb 2022…
Source: Bloomberg
The decline in initial jobless claims was mainly due to distortions from seasonal factors, which had signaled a decrease of 37k from the previous week. Instead, seasonally unadjusted claims declined by 51k, pushing seasonally adjusted figures down by 16k.
It appears Powell’s tightening policy is starting to have an effect on the labor market.
end
“Gloomiest In A Decade” – US Manufacturing Surveys Tumble Into Contraction
THURSDAY, DEC 01, 2022 – 05:06 PM
Following ADP’s report of job losses in the goods-producing sector of the economy, it is perhaps no surprise that US Manufacturing surveys suggest that part of the economy is contracting.
- S&P Global US Manufacturing PMI 47.7 (Contraction) in November (final), down from 50.4 in October – the weakest level since June 2020
- US ISM Manufacturing tumbled to 49.0 (Contraction) in November, down from 50.2 in October – weakest since May 2020.
Source: Bloomberg
Under the hood, all the major ISM sub-indices contracted with prices tumbling to 43.0 and jobs and new orders falling…
Source: Bloomberg
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
“A combination of the rising cost of living, higher interest rates and growing recession fears have led to slumping demand for goods in both the home-market and abroad. Companies are consequently cutting production at a rate not seen since the global financial crisis, if the initial pandemic lockdowns are excluded. However, even with the latest production cuts, the downturn in demand has still led to one of the largest increases in unsold stock recorded since survey data were first available 15 years ago, which suggests that companies will continue to reduce production in the coming months to bring these inventories down to more manageable levels.
“Likewise, companies are slashing their purchases of inputs and raw materials at a rate not seen outside of the pandemic since the global financial crisis.
“This slump in demand is increasingly manifesting itself in a shift from a sellers’- to a buyers’-market for a wide variety of goods, as evidenced by improving supply chains, meaning price pressures are now abating rapidly.
“While supply chain worries persist, notably in relation to China’s lockdowns, companies’ concerns are increasingly moving away from the supply side to focusing on the darkening outlook for demand, meaning the business mood remains among the gloomiest seen over the past decade.”
Manufacturing Production is set to tumble…
That should bring down inflation, right Jay?
III) USA ECONOMIC STORIES.
end
SWAMP STORIES
Three-Judge Panel Rejects Biden Bid To Restore Student Debt Relief
THURSDAY, DEC 01, 2022 – 06:55 PM
The 5th US Circuit Court of Appeals has denied a Biden administration request to temporarily reverse a lower-court order that blocked the rollout of Biden’s student loan forgiveness plan.
The plan would forgive up to $20,000 in federal student loans for eligible borrowers who make under $125,000 per year, or $250,000 for households.
In a brief order, a three-judge panel of the New Orleans-based appeals court rejected the request – meaning the plan will remain on hold while the administration appeals a decision from a Texas judge which deemed the scheme (which undoubtedly garnered a few midterm votes for Democrats) illegal.
The next stop for the Biden administration will be to seek a reversal of the 5th Circuit’s decision through the US Supreme Court, according to a court filing from the administration in a separate legal challenge, Bloomberg reports.
Court orders across multiple lawsuits have blocked the distribution of any debt relief under the plan since late October. The government has ceased collecting applications for relief while the legal battles over the proposal proceed.
Wednesday’s order comes in a case brought by the Job Creators Network Foundation, a conservative advocacy group, on behalf of two Texas borrowers who claim that their education debt was unfairly excluded from the program. -Bloomberg
Meanwhile, another lawsuit led by six GOP states is asking the US Supreme Court to keep the plan on hold while their legal challenge works its way through the system. The state officials say Biden exceeded his executive authority by failing to obtain congressional approval, adding that it will negatively impact local loan servicers.
Roughly 26 million people requested debt relief before the Department of Education stopped accepting applications.
USA ECONOMIN SUPPLY ISSUES
end
SWAMP STORIES
end
KING REPORT
| The King Report December 1, 2022 Issue 6897 | Independent View of the News |
| China Economic Activity Falls as Covid Cases Surge to Record Manufacturing PMI drops to 48 in November, lowest since April https://t.co/XVVGKJUhcw China’s COVID-19 policies are once again upending car manufacturing At least three major automakers shuttering production because of virus restrictions… https://www.japantimes.co.jp/news/2022/11/29/business/china-covid-carmakers/ Reuters: Apple’s iPhone Pro Shipments May Fall 20 Million Units Short of Estimates Due to labor unrest at a major Chinese factory, TF Securities analyst Ming-Chi Kuo said… https://www.reuters.com/technology/apples-iphone-pro-shipments-may-fall-20-mln-units-short-estimates-analyst-2022-11-29/ The ADP Employment Change for November is +127k; +200k was consensus. ADP: Job creation slowed by the most since January 2021, led by construction and other interest rate-sensitive sectors. Consumer-facing segments – including health care and hospitality – were bright spots. 1-9 Employees +5k, 20-49 Employees -56k, 50-249 Employees +283k, 250-499 Employees -37k, 500+ Employees -68k; Manufacturing -100k, Leisure & Hospitality +224k https://adpemploymentreport.com/ Q3 GDP 2.9%, 2.8% consensus; Consumption 1.7%, 1.6% expected, GDP Price Index 4.3%, 4.1% consensus, Core PCE 4.6%, 4.5% expected. Astute pundits noted that GDP was boosted by SPR oil exports and Ukrainian weapon sales. US Job Openings Fall to 10.3 Million in Hopeful Sign for Fed (102.5m was consensus; 10.717m prior) https://www.bloomberg.com/news/articles/2022-11-30/us-job-openings-fall-to-10-3-million-in-hopeful-sign-for-fed The above Bloomberg story clearly illustrates that The Street is hoping for an economic decline – so, the Fed can ease. After beaucoup years of record promiscuity, the Fed has conditioned The Street to believe that there is one major factor for stocks – Fed liquidity. The Chicago PMI for November plunged to 37.2 (Can this be correct?) from 45.2; 47 was expected. This is a shockingly bad and troubling tumble. In the 55-year history of this metric, each time the Chicago PMI fell below 40, the US entered a recession. Market News Int’l Chicago Business Barometer (PMI) USZs rallied 19/32 on the above disappointing economic data. USZs peaked at 10:00 ET and then plunged to a daily low of 126.00 (-21/32) at 10:20 ET. ESZs traded modestly lower when Asian opened due to the soft Chinese economic data. They then progressively rallied, probably on November performance gaming. ESZs hit a peak at 4:30 ET. They then retreated moderately and went inert until they jumped to a daily high of 3980.00 when the JOLTS Job Openings was released. They immediately commenced a sharp declined that ended near 11:00 ET. After the manipulation into the European close to game November performance (19-handles ESZ gain), ESZs and US stocks sank to new daily lows at 12:19 ET. ESZs and stocks then staged a robust rally because some big brokers opined that Powell would not be as hawkish as in the past because financial conditions have tightened since his Jackson Hole speech in late August. However, bonds have rallied sharply during November and the DJIA is +20.67% since its 28660.94 low on October 13, ~6 weeks! Powell HighlightsTime for moderating rate hike pace may come as soon as DecemberFed will need restrictive policy for ‘some time’Rate peak likely ‘somewhat higher’ than September forecastsConsiderable uncertainty over where rates will peakFed sees Oct PCE inflation at 6% y/y, Core PCE 5% y/yWe have a long way to go to restore price stabilityHistory cautions against prematurely loosening policyNeed ‘substantially more evidence’ that inflation is fallingInflation remains far too highOngoing rate increases will be appropriate to bring down inflationHousing and services inflation should begin to fall sometime in 2023Wages are rising at a pace ‘well above’ level consistent with 2% inflationPandemic created a ‘significant and persistent labor supply shortfall’Ultimate level of rate will be ‘somewhat higher’ than 4.75% ESZs spiked 36 handles higher when Powell reiterated that it could be time to moderate the pace of rate hikes in December. The known universe knows that the Fed will reduce its rate hike pace to 50bps in December. This has been repeated by every Fed official for the past several weeks. As we noted before, algos and some traders act on key words, even if the key words are redundant or old news. ESZs quietly lost 18 handles of the rally and then vacillated wildly in a large range because Powell repeated his hawkish talking points. ESZs soared 32 handles when Powell said the rate peak might be ‘somewhat higher’ than 4.75%. Wednesday’s King Report: There should be a rally into the European close on November performance gaming. Then, the markets should go inert ahead of Powell’s speech. The market expects Powell to reiterate his slightly hawkish stand. If Powell is not more hawkish then expected, there should be a robust relief rally abetted by November performance gaming. As soon as traders realized that Powell was reiterating Fed talking points, the relief rally and manipulation to game November performance began. This isn’t rocket science! Sellers reappeared; ESZs quickly dropped 25 handles. But the need to game November performance was high; so, manipulators returned to push stuff to new highs. Yes, Virginia, the markets are very thin. Fangs and related trading sardines went nuclear because they are over-owned and are down sharply from their highs. Ergo, these vehicles had the greatest need to be manipulated higher. As we have recently harped, the Fed has created another huge problem by encouraging the usual suspects to pour back into financial assets with inflation down modestly from 40-year highs. Powell and his ill-informed lieutenants at the Fed are overfocused on interest rates. Though they proclaim to have learned from the mistake of the Fed in the 70s by loosening too soon, Powell and his cohorts are missing an equally big mistake: Focusing on interest rates instead of liquidity in the system. Volcker’s crowning achievement, halting virulent inflation, was solely due to his recognition that it was liquidity/reserves in the system that drove inflation and speculation in hard assets higher. Paul stated that he would ignore interest rate levels and focus on liquidity growth. Until Powell and his minions bring liquidity down to normalized levels, speculation and inflation will flare. Reserve Balances at the Fed hit a bottom of $2.96 trillion on September 28, 2022. They have risen to $3.141 trillion as of November 23, 2002. The DJIA surge correlates tightly with the jump in reserves. Reserve Balances at the Fed hit a peak of $35.321B on April 30, 1980 (due to bailout for Hunt Bros.). They bottomed at 17.843B on 9/30/1983, a decline of 49.5%. Under Powell, Reserve Balances peaked at $4.168 trillion on 8/31/21. They are $3.161 trillion as of last Wednesday, a decline of 24.2%. More importantly, to get back to historic norms, Reserve Balances must fall far more than 50%. Reserve Balances at Fed  Reserve Balances at Fed  USZs rallied a tad on the much softer than expected November ADP job gains but they sank on the de minis higher Q3 GDP report because both inflation measures were a tad worse than expected. @elonmusk: The obvious reality… is that Twitter has failed in trust & safety for a very long time and has interfered in elections. Twitter 2.0 will be far more effective, transparent, and even-handed. Yellen Says She ‘Misspoke’ in Downplaying a Musk-Twitter ReviewTreasury chief earlier said she saw ‘no basis’ to probe dealAdded that TikTok poses ‘legitimate national security’ issuesTreasury Secretary Janet Yellen said Elon Musk’s purchase of Twitter Inc. would warrant a government review if deemed to raise national security concerns, walking back her previous comments that played down the need for scrutiny. If there are risks in general, “it would be appropriate for Cfius to take a look,” she said Wednesday at a New York Times event in New York, referring to the Committee on Foreign Investment in the US, which she leads… “I’m not going to say specifically what we are looking at,” Yellen said Wednesday. “We don’t comment on what’s in progress.”… Musk’s $44 billion takeover of Twitter is still facing US government scrutiny over national-security concerns that his foreign partners may be able to access user data, people familiar with the matter said after her CBS News interview… https://news.bloomberglaw.com/tech-and-telecom-law/yellen-says-she-misspoke-on-review-of-musk-twitter-deal Turley: Washington Goes to War Against Twitter and Free Speech The campaign against Twitter now involves the full allied forces of the anti-free speech movement: the government, corporations, Democratic politicians, the media, and, of course, celebrities…The problem is that citizens are flocking to Twitter and signing up in record numbers. They want more, not less, free speech. The over two million new sign-ups per day represent a 66% increase over the same period last year… The fact is that these media and political figures are becoming more and more alarmed as Musk threatens to release files on the past censorship of stories like the Hunter Biden laptop. Musk has reason to wonder why Apple CEO Tim Cook would join this anti-free speech campaign. The reason is as obvious as it is craven. These boycotts are not about corporations or shareholders. If anything, they are more likely to diminish profits. It is about the executives themselves. Many are allies of figures like Clinton. Others are yielding to these demands to avoid being attacked or tagged by the left… For years, Democratic politicians and their allies have exercised an enormous degree of control over political discourse through allies in the media and social media…Having an echo chamber on every other news channel means little if alternative views or stories are just a click away… The Musk purchase has forced people to pick sides in this fight for free speech. However, Musk can leave the dogs at home and just unleash the truth. https://jonathanturley.org/2022/11/30/washington-goes-to-war-against-twitter-and-free-speech/ Positive aspects of previous session Stocks and bonds jumped on November performance gaming and a Powell relief rally Negative aspects of previous session Stocks and bonds declined before Powell’s speech Commodities soared; the dollar sank Unbridled euphoria has returned; the DJIA is +20.67% in 6 weeks, only 6.84% from its record high Ambiguous aspects of previous session Will the Fed have to be more hawkish in two weeks due to mushrooming euphoria? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4032.90 Previous session High/Low: 4080.08; 3938.58 Democratic-led House passes bill to avoid railroad strike https://justthenews.com/government/congress/democratic-led-house-passes-bill-avoid-railroad-strike ‘Gold Standard’ Scientific Trial Deals Massive Blow to N95 and Surgical Masks as Way to ‘Stop Covid’ – The most critical and surprising finding from the study is that N95 respirators did not significantly outperform “medical masks.” The results were based on PCR test for Covid-19 infection and testing for nucleocapsid antibodies (which reveals exposure to the SARS-CoV-2 virus). This is a vital point for reasons that will be discussed below… The second confounding issue is universal masking. Masks may plausibly impair the transmission of droplet-spread SARS-CoV-2 for a limited period of exposure time. But when the virus is aerosolized, masks are not designed to keep the virus from being exhaled through a mask or from penetrating a mask… https://beckernews.com/gold-standard-masks-47962/ @JackPosobiec: The death of Jiang Zemin (Ex-CCP CEO) amid the White Paper protests creates a perilous situation for Xi Jinping. If he allows public memorials for Jiang, they have the potential to be used as protesters as cover to organize large-scale demonstrations in key cities. This is how Tiananmen began. The Tiananmen Square protests began as a memorial for fmr Chairman Hu Yaobang. And grew to 1 million strong, lasting for 7 weeks until the night of June 4th when Deng rolled the tanks Today – Traders will play for the seasonal rally to start a month. Traders are moving to a state beyond irrational exuberance. The usual suspects expect stocks to soar into yearend. If stocks continue to bubble up, the Fed will have to disabuse the markets of their unbridled euphoria when it issues its communiqué on December 14 and at Powell’s ensuing press conference. The DJIA could be near its record high by the FOMC Communiqué release! Goldman’s Most Shorted Index jumped 4.6%. ESZs opened +17.25 (18:00 ET Wednesday); traders are incontinently euphoric! Day 7 – The Big Guy & US woke corporations have yet to comment on the “White Paper Revolution.” Expected economic data: Oct Personal Income 0.4%, Spending 0.8%, PCE Deflator 0.4%, PCE Core Deflator 0.3%; Initial Jobless Claims 235k, Continuing Claims 1.57m; Nov S&P Global US Mfg PMI 47.6; Nov ISM Mfg 49.7, Prices Paid 45.9, New Orders 48.5, Employment 50; Oct Construction Spending -0.2% m/m; Nov Wards Vehicles Sales 14.6m; NY Fed Supervision chief Dobbeck 9:15 ET, Dallas Fed Pres Logan 9:20 ET, Fed Gov Bowman 9:30 ET, Fed VCEO for Supervision Barr 15:00 ET S&P 500 Index 50-day MA: 3800; 100-day MA: 3921; 150-day MA: 3936; 200-day MA: 4050 DJIA 50-day MA: 31,593; 100-day MA: 31,903; 150-day MA: 31,897; 200-day MA: 32,464 S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4523.26 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3666.67 triggers a sell signal Daily: Trender and MACD are positive – a close below 3843.33 triggers a sell signal Hourly: Trender and MACD are positive – a close below 3950.85 triggers a sell signal @RNCResearch: Election Denier Hakeem Jeffries was just elected as the new leader of the House Democrats. https://twitter.com/RNCResearch/status/1597992050812932096 @KyleMartinsen_: THREAD: Here are 8 times Hakeem Jeffries — the Democrats’ new House leader — denied election results. https://twitter.com/KyleMartinsen_/status/1598001151248846848 Biden’s Secret Service rental vehicles burst into flames after he left Nantucket vacation Secret Service rented vehicles to protect Biden and his family over Thanksgiving holiday https://www.foxnews.com/politics/bidens-secret-service-rental-vehicles-burst-flames-left-nantucket-vacation Jesse Watters: We have questions about Biden’s Secret Service rental cars catching fire Jesse Watters asks why the Secret Service was renting cars Something strange happened in Nantucket over the weekend and we’re trying to get to the bottom of it. You see, over the Thanksgiving holiday, Joe took Jill and Hunter and the kids to the snazzy island off the coast of Massachusetts — you know, it’s a little place called Nantucket — you know, a little getaway. And they left on Sunday and hours later, boom! All five of Biden’s Secret Service rental cars burst into flames. They were parked at the Nantucket airport just feet away from the jet fuel tanks… First of all, why is the president’s motorcade booking Hertz rental cars?… Only the front of the cars were burned up? What’s that about? And plus, if these cars weren’t started and no one was in them, how could the engine catch on fire — hit all five cars?… https://www.foxnews.com/media/jesse-watters-have-questions-bidens-secret-service-rental-cars-catching-fire Tucker Carlson: “Apple is in no sense American. Apple’s loyalty is to the government of China.” “Apple is now an active collaborator with China’s murderous police state. When tanks roll into a Chinese city, Apple is rooting for the tanks.” https://twitter.com/FoxNews/status/1597773424516300801 @DailyCaller: Tucker Carlson: “Xi Jinping sent tanks into a major city last night in order to put down protests…Virtually no American media outlets even acknowledged that happened…Could it be that the American news media is covering for the government of China? https://twitter.com/DailyCaller/status/1597762397921738752 Tucker Carlson: Apple Engages in ‘Secretive Censorship’ ‘Always and Everywhere’ to Help the Chinese Government https://t.co/AIE2Duvm3h @AmFirebrand: Tucker on Apple’s interference with @elonmusk: “This is exactly how Apple operates and has for years. You thought it was an anomaly. It wasn’t. This is what they do. Apple engages in large-scale secretive censorship.” https://t.co/ppfMuC3fXg Tim Cook scheduled to meet with Republican lawmakers https://appleinsider.com/articles/22/11/30/tim-cook-scheduled-to-meet-with-republican-lawmakers GOP @RepTroyNehls: The EU just threatened to ban Twitter unless Elon Musk censors it. It’s insane to see how many are against free speech. Air marshals facing mandatory border deployment plan ‘mutiny’ on Biden admin leaving flights unguarded – Londo said “highly-skilled” air marshals deployed to the border this week “are being made to perform mainly non-law enforcement civilian humanitarian duties.” He told the Examiner that includes “heating up sandwiches,” driving illegal immigrants in custody to the hospital and waiting inside for hours on hospital watch, and effectively babysitting adults who are already in confined spaces… https://www.foxnews.com/politics/air-marshals-facing-mandatory-border-deployment-plan-mutiny-biden-admin-leaving-flights-unguarded-report Apple CEO Tim Cook now says Apple will NOT ban Twitter from Apple’s App Store. |
GREG HUNTER REPORT/
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