GLAD TO BE BACK!!//NOW BRINGING TO YOU THE FULL REPORT.
GOLD PRICE CLOSE: UP $4.05 at $1789,55
SILVER PRICE CLOSE: UP 0.34 to $22.75
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 1789.15
Silver ACCESS CLOSE: 23.05
Bitcoin morning price:, 16,815 DOWN 95 DOLLARS FROM TUESDAY
Bitcoin: afternoon price: $17,229 UP 319
Platinum price closing $1010.30
Palladium price; closing 1937.25
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: $2430.15 DOWN $9.53 CDN dollars per oz
BRITISH GOLD: 1461.76 DOWN 1.87 pounds per oz
EURO GOLD: 1694,80 down 5,25 euros per oz
DONATE
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,785.500000000 USD
INTENT DATE: 12/07/2022 DELIVERY DATE: 12/09/2022
FIRM ORG FIRM NAME ISSUED STOPPED
118 C MACQUARIE FUT 7
132 C SG AMERICAS 1
332 H STANDARD CHARTE 8
435 H SCOTIA CAPITAL 5
624 H BOFA SECURITIES 18
657 C MORGAN STANLEY 3
661 C JP MORGAN 75 36
700 C UBS 2
905 C ADM 1
TOTAL: 78 78
COMEX//NOTICES FILED re JPMorgan 36/78
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Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.
GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT: 78 NOTICES FOR 7800 OZ or 0/2426 TONNES
total notices so far: 12,500 contracts for 1,250,000 oz (38.880 tonnes)
SILVER NOTICES: 19 NOTICE(S) FILED FOR 95,000 OZ/
total number of notices filed so far this month 2965 for 14,825,000 oz
END
GLD
WITH GOLD $4.05
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 $.34
AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS! A GAIN OF 44.777 MILLION OZ
INTO THE SLV
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 516.7 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 709 CONTRACTS TO 123,267 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR CONSIDERABLE $0.62 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.62 AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A HUGE SIZED GAIN IN OUR TWO EXCHANGES OF 1607 CONTRACTS AS WELL ( EXCHANGE FOR RISK TRANSFER OF 0 CONTRACT)S. WE HAD A ZERO ATTEMPTED SPEC SHORT COVERINGS OF THEIR SHORTFALL. .WE PROBABLY HAD ZERO SOME SHORT ADDITIONS AS THE PRICE OF THE METAL WAS ROSE STRONGLY. // OUR BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. BUT THEY ALSO SUPPLIED THE NECESSARY SHORT CONTRACTS>>> HUGE NUMBER OF NEWBIE SPEC LONGS ADDED TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS.
WE MUST HAVE HAD:
A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 23 .24. MILLION OZ FOLLOWED BY TODAY;S QUEUE JUMP of 3,000 OZ /// / // V) HUGE SIZED COMEX OI GAIN/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL–193
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF DEC:
TOTAL CONTRACTS for 8 days, total 4385 contracts: OR 21.925 MILLION OZ PER DAY. (923 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 21.925 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, 21.925 MILLION OZ INITIAL
RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 709 WITH OUR STRONG $0.62 GAIN IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE CONTRACTS: 705 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 3,000 QUEUE JUMP //NEW STANDING 24.990 MILLION OZ + EFR = 35.490 MILLION OZ. .. WE HAVE A HUGE SIZED GAIN OF 1607 OI CONTRACTS ON THE TWO EXCHANGES FOR 8.035 MILLION OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.
WE HAD 19 NOTICE(S) FILED TODAY FOR 95,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 544 CONTRACTS TO 422,644 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 84 CONTRACTS.
.
THE SMALL SIZED INCREASE IN COMEX OI CAME WITH OUR STRONG GAIN 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 QUEUE JUMP of 96 contracts or 9600 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). NEW STANDING 59.269 TONNES
YET ALL OF..THIS HAPPENED WITH OUR GAIN PRICE OF $15.25 WITH RESPECT TO WEDNESDAY’S TRADING
WE HAD A FAIR SIZED GAIN OF 2696 OI CONTRACTS (8.3856 PAPER TONNES) ON OUR TWO EXCHANGES..
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2152 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 422,728
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2696 CONTRACTS WITH 544 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 2152 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2780 CONTRACTS OR 8.646 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2152 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (544) TOTAL GAIN IN THE TWO EXCHANGES 2696 CONTRACTS. WE NO DOUBT HAD 1) ATTEMPTED BUT FAILED SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS BUT THEY ALSO SUPPLIED THE NECESSARY PAPER SHORT. WE HAD LIMITED SHORT SPEC ADDITIONS/// // SOME MINOR NEWBIE SPEC ADDITIONS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S QUEUE JUMP of 9600 oz// //NEW STANDING 59.269 TONNES///3) ZERO LONG LIQUIDATION //// //.,4) SMALL SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/
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 DEC :
16,328 CONTRACTS OR 1,632,800 OZ OR 50.786 TONNES 8 TRADING DAY(S) AND THUS AVERAGING: 2041 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES:50.786 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 50.786/3550 x 100% TONNES 1.43% 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: 50.876 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, ROSE BY A STRONG SIZED 709 CONTRACTS OI TO 123,267 AND 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 705 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 705 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 705 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 902 CONTRACTS AND ADD TO THE 705 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED GAIN OF 1414 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.070 MILLION OZ//
OCCURRED WITH OUR GAIN IN PRICE OF $0.62….. 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)THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 2.27 PTS OR 0.07% //Hang Sang CLOSED UP 635.41 OR 3.33% /The Nikkei closed DOWN 111.97 OR 0.40% //Australia’s all ordinaries CLOSED DOWN 0.72% /Chinese yuan (ONSHORE) closed UP TO 6.9742//OFFSHORE CHINESE YUAN UP TO 6.9748// /Oil DOWN TO 72.41 dollars per barrel for WTI and BRENT AT 77.71 / Stocks in Europe OPENED ALL RED. 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 ROSE BY A SMALL SIZED 544 CONTRACTS UP TO 422,644 WITH OUR THE HUGE GAIN IN PRICE..$15.25
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE -ACTIVE DELIVERY MONTH OF DEC… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 2152 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 2152 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: CONTRACTS
WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2696 CONTRACTS IN THAT 2152 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED COMEX OI GAIN OF 544 CONTRACTS..AND THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF GOLD $15.25. WE ARE WITNESSING SOME SPEC SHORTS ADDITIONS TO 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 HUGE NEWBIE SPECS ADDITIONS.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING DEC (59.269)
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)
Dec. 59.269 tonnes
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $15.25 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE HAD A FAIR GAIN OF 2152 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD SOME SPEC SHORT ADDITIONS AND ZERO SPEC SHORT COVERINGS.. // WE HAVE LOST A TOTAL OI OF 23.58 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR DEC. (54.57 TONNES), following our queue jump of 9600 oz//new standing 59.269 tonnes…THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE OF $15.25
WE HAD – 193 CONTRACTS COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET gain ON THE TWO EXCHANGES 2696 CONTRACTS OR 269600 OZ OR 8.3856 TONNES
Estimated gold volume 111,485// poor//
final gold volumes/yesterday 162,437/ poor
INITIAL STANDINGS FOR DECEMBER 2022 COMEX GOLD //DEC 8
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 514.410 oz Brinks 16kilobars brinks |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | nil. oz Manfra |
| No of oz served (contracts) today | 78 notice(s) 7800 OZ 0.2426 TONNES |
| No of oz to be served (notices) | 6550 contracts 65500 oz 20.388 TONNES |
| Total monthly oz gold served (contracts) so far this month | 12,500 notices 1,250,000 38.880 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | xxx oz |
i)Dealer deposits: 0
total dealer deposit: nil oz
No dealer withdrawals
Customer deposits: 0
total deposits nil oz
customer withdrawals:1
i) Out of Brinks: 514.410 oz (16 kilobars)
Total withdrawals: 514.41 oz
total in tonnes: 0.0012 tonnes
Adjustments: 1 customer to dealer
HSBC 41,973.453 oz/
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.
For the front month of DECEMBER we have an oi of 6633 contracts having GAINED 89 contracts
We had 7 contracts served on Wednesday, so we gained 98 contracts or an additional 9600 oz will stand for gold at the COMEX. We will gain in gold tonnage from this day forth.
The comex is running out of physical gold to serve our good friends over in London
JANUARY lost 84 contracts to stand at 1402
February gained 431 contacts up to 356,934
We had 78 notice(s) filed today for 7,800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 72 notices were issued from their client or customer account. The total of all issuance by all participants equate to 78 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 36 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 (12,500 x 100 oz , to which we add the difference between the open interest for the front month of (DEC. 6633 CONTRACTS) minus the number of notices served upon today 7 x 100 oz per contract equals 1,905,500 OZ OR 59.269 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 (12,500 x 100 oz+ (x6633 OI for the front month minus the number of notices served upon today (78} x 100 oz} which equals 1,905,500 oz standing OR 59.269 TONNES in this active delivery month of DEC..
TOTAL COMEX GOLD STANDING: 59.269 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: 2,036,256.155 OZ 63.33 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 23,428,354,984 OZ
TOTAL REGISTERED GOLD: 11,714,505.523 OZ (364.37 tonnes)..dropping fast
TOTAL OF ALL ELIGIBLE GOLD: 11,783,849.462 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,678,249 OZ (REG GOLD- PLEDGED GOLD) 301.034 tonnes//rapidly declining
END
SILVER/COMEX
DEC 8//INITIAL DEC. SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 702,214.800 oz Brinks CNT INT.DELAWARE |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 599,198.980 oz CNT |
| No of oz served today (contracts) | 19 CONTRACT(S) (95,000 OZ) |
| No of oz to be served (notices) | 2033 contracts (10,165,000 oz) |
| Total monthly oz silver served (contracts) | 2965 contracts (14,825,000 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 deposits into the customer account
ii) Into CNT: 599,198.981 oz
Total deposits: 599,198.981 oz
JPMorgan has a total silver weight: 150.796 million oz/298.915 million =50.45% of comex .//dropping fast
Comex withdrawals:
i) Out of Brinks 1,024.03 oz
ii) Out of Int Delaware: 101,192.070oz
iii) Out of CNT: 599.998.700 oz
Total withdrawals; 702,214.800 oz
adjustments: dealer to customer
i)HSBC; 49,436.500 oz
ii) Out of JPM<: 10,159.200 oz
and customer and dealer
Brinks 856,168.810 oz
the silver comex is in stress!
TOTAL REGISTERED SILVER: 33,845 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 299.915MILLION OZ (also declining)
CALCULATION OF SILVER OZ STANDING FOR SEPT
silver open interest data:
FRONT MONTH OF DEC OI: 2052 CONTRACTS HAVING LOST 25 CONTRACT(S.)
WE HAD 31 NOTICES FILED ON WEDNESDAY. SO WE GAINED 6 CONTRACTS OR 30,000 oz
JANUARY SAW A LOSS OF 82 CONTRACTS DOWN TO 1694 CONTACTS.
FEB> LOST 153 CONTRACTS TO 98 CONTRACTS
March GAINED 707 contracts UP to 108,293 contracts
TOTAL NUMBER OF NOTICES FILED FOR TODAY:19 for 95,000 oz
Comex volumes:45,933// est. volume today// poor
Comex volume: confirmed yesterday: 54.394 contracts ( fair)
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 2965 x 5,000 oz = 14,825,000 oz
to which we add the difference between the open interest for the front month of DEC( 1052) and the number of notices served upon today 19 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the DEC./2022 contract month: 2965(notices served so far) x 5000 oz + OI for front month of DEC (2052 – number of notices served upon today (19)x 50070 oz of silver standing for the DEC. contract month equates 24.990 million oz. We will gain in silver oz standing from this day forth. Also we have another criminal element to our silver oz standing, the use of Exchange for Risk/ Today an addition of 0 EFR contract transfers which are “Exchange for risk” settlements. I do not want to bore you but needless to say they are not physical transfers so are criminal in nature. There has been 2100 Exchange for Risk contracts settled these past 5 days for 10.500 million oz. Thus total delivery: 35.49 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:72,569// est. volume today// good
Comex volume: confirmed yesterday: 79,442 contracts ( good)
END
GLD AND SLV INVENTORY LEVELS
Dec 8/WITH GOLD UP $4.05, OVER THE PAST 3 WEEKS WE LOST 2.04 TONNES//INVENTORY RESTS AT 908.09 TONNES
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: 908.09 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
DEC 8/WITH SILVER RISING 34 CENTS TODAY: OVER THE PAST 3 WEEKS, WE HAVE GAINED A STRONG: 44.777 MILLION OZ/INVENTORY RESTS AT 516.700 MILION OZ.
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 515.000 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
Peter Schiff: The Markets Are Worried About The Wrong Fed Mistake
THURSDAY, DEC 08, 2022 – 09:25 AM
Stocks have struggled in recent days due to some better-than-expected economic data and more hawkish talk from Fed officials. This has revived fears that the Federal Reserve could make a mistake and raise rates too high and keep them there too long, sparking a recession. In his podcast, Peter Schiff said the markets are worried about the wrong mistake.
Peter said he thinks there is still a chance that St. Nick will show up with a Santa Clause rally in stocks.
I don’t expect this rally to have too much behind it, meaning I don’t look for much in the way of upside. But I do think there’s a good chance we’re going to do another short squeeze before the next leg lower, which I think will happen in January, if not even before the end of December. So, to the extent that we get the Santa Claus rally, you don’t want to buy it. In fact, you don’t even want to buy in anticipation of the rally, because it may not even happen, and you’re going to be left with coal in your stockings.”
Peter said the market reaction to Jerome Powell’s recent speech got him thinking about the possibility of a Santa Claus rally. The markets ignored Powell’s hawkish talk about interest rates going higher and staying there longer and focused totally on the prospect of a smaller rate hike in December. But in the last few days, several Fed members have repeated Powell’s messaging about having to go higher for longer.
Also, there was some better-than-expected economic news. The ISM services index came in higher than expected along with factory orders in October. It was something of a one-two punch. As soon as the data came out, the S&P Futures sold off sharply. Gold also charted a big drop.
The market perception is that this stronger-than-expected economic data will prevent the Fed from recognizing that the inflation threat has subsided. That will lead to the Fed making a mistake and raising rates too much and leaving them too high for too long, causing an unnecessary recession.
All of this is scaring the stock market. But the reality is we’re already in recession, and we don’t have a strong economy.”
Peter said of course we’ll occasionally get data that is stronger than expected. But most of the data has been weaker than expected. And a lot of the strong data — for instance, the non-farm payroll report — is only superficially strong. When you dig beneath the surface, you find a different story.
Don’t accept the numbers at face value. Dig a little deeper and look at what’s actually happening. Because if you do that with the jobs numbers as I’ve been doing on this podcast, the jobs market isn’t strong. The jobs market is weak.”
Peter emphasized that the risk everybody is worried about is the wrong risk.
It’s not that the Fed is going to raise rates too much. It’s that they’re not going to raise them enough. It’s that they’re going to pivot too quickly. It’s not that the Fed is going to mistakenly believe that the economy is strong and then overestimate how high inflation will be. It’s the weak economy that’s going to cause inflation to be higher. Because as the economy weakens, production will decline, but money printing will expand. In fact, at some point, the Fed will pivot in response to a much weaker economy than it expected, and that’s when the dollar is really going to tank, and that’s when consumer prices are really going to take off.”
Peter said the inflation that we’re experiencing now will kick into a much higher gear during the next economic downturn.
Everybody just assumes that when the economy weakens, so too will inflation. No. The weakening economy is going to strengthen inflation because inflation is the expansion of the money supply. And the weaker the economy gets, the more the Fed is going to expand the money supply to try to stimulate it. And as the return of quantitative easing causes a mass exodus out of the US dollar from foreign central banks and private holders, then the falling dollar is going to push consumer prices up dramatically.”
The weakening dollar will also cause the trade deficit to widen, putting downward pressure on GDP, and creating a self-perpetuating spiral of inflation and economic weakness.
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:
LAWRIE WILLIAMS: China’s November gold demand slips even further
The latest gold withdrawal figures for November from the Shanghai Gold Exchange (SGE) suggest that the downturn we have been seeing in Chinese gold retail gold demand in recent months is not only continuing, but getting worse. This is probably an indication that the spate of Covid- related lockdowns that have prompted anti-government demonstrations in a number of population centres are perhaps having even more of an impact on the Chinese economy than many Western observers had even realised. Perhaps the recently announced relaxations will put demand back on track again in time for the Chinese New Year celebrations which next year falls on January 22nd and is a Rabbit year.
As can be seen from the month-by-month comparison table above, it now looks as though 2022 SGE gold withdrawals are now going to fall comfortably behind those for 2021, and hugely below the peak years from 2013 to 2017 when they totalled over 2,000 tonnes annually. However China will still retain its place as the world’s dominant gold consumer – and there remains the suspicion that the nation’s central bank continues to buy substantial amounts of gold for its reserves without reporting these purchases to the International Monetary Fund, although it has recently been reported that it has announced the purchase of a 32 tonne boost to its gold reserves last month! It is reckoned to be able to surreptitiously add to its reserves as the nation almost certainly remains the world’s No.1 gold producer from its own gold mines and from byproduct gold from its custom base metal smelting and refining industry and is thought to export none of this domestically-produced bullion. It could be adding upwards of 300 tonnes of gold a year to reserves from these sources without these statistics impacting the globally assessed figures.
The Chinese people certainly have a propensity to buy gold for savings and for gifting, and indeed have been encouraged to do so, but as we noted above, disposable incomes have almost certainly been hit by Covid-related lockdowns in key industrial areas with many workers confined to their homes and unable to get to their places of work. The downturns in Western economies also, which have been the key export markets for Chinese manufactured goods, have also reduced substantially due to belt tightening, and this is already becoming evident in global trade statistics. All this will be impacting Chinese corporate profits and individual earnings adversely, and will likely continue to do so as global economies attempt to weather the current recessionary trends.
Overall we now anticipate Chinese retail gold demand falling to perhaps as low as around 1,600 tonnes this year, or possibly even lower, in 2023. The country will still remain the world’s largest gold consumer, but India is playing catch-up again and may not be far behind in the years ahead if China’s economic growth continues to falter.
08 Dec 2022
3. Chris Powell of GATA provides to us very important physical commentaries//
GOLD/SILVER
(GATA) Robert Lambourne: BIS gold swaps reverse sharply upward as metal’s price rises
By Robert Lambourne
Wednesday, December 7, 2022
On November 10 my most recent commentary on the gold swaps of the Bank for International Settlements noted that “after 12 years in the gold swap business, the BIS seems to have just about gotten out”:
It goes to show how wrong you can be, since the bank’s November statement of account, just published —
https://www.bis.org/banking/balsheet/statofacc221130.pdf< /B>
can be used to estimate that the bank’s gold swaps, which had declined to an estimated 7 tonnes as of October 31, have risen sharply to an estimated 105 tonnes as of November 30. This is the BIS’ highest level of estimated swaps since June 30 this year.
Perhaps the BIS is taking instructions from manic- depressive gold price suppressors, and, if so, it would be reminiscent of an old nursery rhyme, slightly altered here:
Oh, the grand old BIS.
It had ten thousand swaps.
It marked them up to the top of the market
And it marked them down again.
And when they were up, they were up,
And when they were down, they were down,
And when they were only halfway up,
They were neither up nor down.
On a more serious note, it is clear from Table B below that the level of BIS swaps had been significantly higher in the first half of the year and the October total was easily the lowest in more than four years. Even the much-increased level of swaps estimated for November is still far below the average level seen in the first half of 2022.
Perhaps the key point to re-emphasize is that the BIS has been an active trader of significant volumes of gold swaps on a regular basis for at least 12 years, and the recent data indicates that this strong volume of trading is continuing, with 98 tonnes of swapped gold taken from commercial banks in November and deposited in gold sight accounts at central banks that work closely with the BIS.
Maybe this increase was simply an emergency act by the BIS to procure swapped gold, since November saw a strong increase in the gold price to $1,773 at November 30 from $1,633 at October 31.
The BIS half-year report at September 30, 2022, also has been published recently, and while it offers no direct comment on the use of gold swaps, its disclosures include confirmation of three things: first, that the BIS still holds 102 tonnes of its own gold; second, that very little of its activities in derivatives (presumably including gold swaps) are with major central banks and hence are almost certainly with commercia l bullion banks; and third, the gold in the BIS’ sight accounts is predominantly held by major central banks that are considered to be related parties.
Table A below highlights the level of gold swaps reported in the annual reports of the BIS all the way back to 2010, when the bank’s use of gold swaps appears to have begun. At only one year-end since then, in March 2016, has the swap level been lower than it is was in October 2022.
So it still seems possible that the assertions made by some commentators, for example —
https://www.gata.org/node/22300
— about “gold leases and swaps” levels at the BIS falling because of the application of “Basel III” regulations about unallocated gold are correct and remain relevant.
The estimates made here do not include leases, so I can offer no comment on them, but it is still clear that the dominant recent trend at the BIS is a reduction in gold swaps, where th e BIS takes swapped gold from bullion banks and deposits it in sight accounts with major central banks. The next few months will reveal more about the direction of the BIS’ gold swaps.
It remains highly unlikely that more information about the swaps will be released by the BIS, because, to date, apart from the bank’s disclosures in accounting notes, there has been no direct comment issued on gold swaps in the bank’s financial reports since the reference made 12 years ago and highlighted below.
… Historical context
The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.
The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.
The swap transactions potentially have created a mismatch at the BIS, which may end up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.
The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the bank’s establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:
http://www.bis.org/publ/arpdf/archive/ar1931_en.p df
A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:
https://www.gata.org/node/11012
The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesnt appear ever to have been as large a part of the BIS gold banking business as it has been in recent years, although the recent declines suggest this is changing.
As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in gold sight accounts at major central banks in the name of the BIS, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.
If the BIS was adopting the level of disclosures made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.
A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements remained large especially in early 2022 and the volume of trading has been significant.
No explanation for this continuing use of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010.
This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such a s the Federal Reserve.
The reasons for this activity have never been fully explained by the BIS and various conjectures have been made as to why the BIS is facilitating it. One conjecture is that the swaps are a mechanism for central banks to recover gold secretly supplied by them to cover shortfalls in the gold markets. The use of the BIS to facilitate this trade suggests a desire to conceal the rationale for the transactions.
As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the bank’s annual reports for at least 10 years prior to the year ended March 2010.
The February 2021 estimate of the bank’s gold swaps (552 tonnes) was higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 were at the highest year-end level reported, as is clear from Table A.
—–
Table A Swaps reported in BIS annual reports
March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes
—–
The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively trading gold swaps and other gold derivatives, with changes from month to month reported in excess of 100 tonnes in this period.
/4. OTHER PHYSICAL SILVER/GOLD COMMENTARIES
Ep. 102 Live from the Vault
Why 27th December is so important for physical gold and silver
In this week’s episode of Live from the Vault, Andrew Maguire underlines the inevitable paper market unwinding following Basel III compliance, as the COMEX is forced to compete with an increasingly global physical marketplace.
The London wholesaler exposes the speculators that will be left tricked with undeliverable short positions, waking up into what will likely be a bid-only market.
6/CRYPTOCURRENCIES/BITCOIN ETC
This will drive more citizens to to the Nigerian crypto
(zerohedge)
Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments
THURSDAY, DEC 08, 2022 – 06:55 AM
A staggering number of Nigerians love Bitcoin, but hate government cryptocurrency (CBDCs).
In April, leading cryptocurrency exchange KuCoin noted that 35% of the adult population in Nigeria – roughly 34 million adults aged 18-60, own bitcoin or other cryptocurrencies. But when it came to the country’s Central Bank Digital Currency (CBDC), the eNaira, it was a massive failure.
According to Bloomberg, only 1 in 200 Nigerians use the eNaira – despite government implemented discounts and other incentives, implemented as desperate measures to increase adoption.
Now, the government is looking to boost digital payments by limiting ATM withdrawals to just 20,000 naira, or roughly US$45 per day, Bloomberg reports, citing a circular sent to lenders on Tuesday. The previous withdrawal limit was 150,000 naira (US$350).
Weekly cash withdrawals from banks are now limited (without fee) to 100,000 naira (US$225) for individuals, and 500,000 naira (US$1,125) for corporations. Any amount above this will incur a fee of 5% and 10% respectively.
The action is the latest in a string of central bank orders aimed at limiting the use of cash and expand digital currencies to help improve access to banking. In Nigeria’s largely informal economy, cash outside banks represents 85% of currency in circulation and almost 40 million adults are without a bank account.
The central bank last month announced plans to issue redesigned high value notes from mid-December to mop up excess cash and it’s given residents until the end of January to turn in their old notes. The bank also plans to mint more of the eNaira digital currency, which was launched last year but has faced slow adoption. -Bloomberg
What’s more, new rules which will take effect Jan. 9 will ban the cashing of checks above 50,000 naira (US$112) over-the-counter, and 10 million naira (US$22,480) through the banking systems. Point-of-sale cash withdrawals have been capped at 20,000 naira ($45).
Meanwhile, banks are only allowed to load their ATMs with 200 naira denominations and under, while individuals and corporations will be allowed to cash a maximum of 5 million and 10 million naira respectively if there are “compelling circumstances not exceeding once a month,” and which will be subject to enhanced due diligence along with processing fees, according to the central bank. Such withdrawals will also require the approval of a bank CEO.
“Customers should be encouraged to use alternative channels—Internet banking, mobile banking apps, USSD, cards, POS, eNaira to conduct their banking transactions,” said the central bank on Tuesday.
end
Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY morning 7:30 AM
ONSHORE YUAN: UP TO 6.9742
OFFSHORE YUAN: 7.6948
SHANGHAI CLOSED DOWN 2.27 PTS OR 0.07%
HANG SANG CLOSED UP 635.41 OR 3.33%
2. Nikkei closed DOWN 111.97 PTS OR 0.40%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 105.27 Euro FALLS TO 1.0504
3b Japan 10 YR bond yield: RISES TO. +.249!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.84/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 UP 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 +1.781%***/Italian 10 Yr bond yield FALLS to 3.622%*** /SPAIN 10 YR BOND YIELD FALLS TO 2.777…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.689//
3j Gold at $1785.00//silver at: 22.75 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 19/100 roubles/dollar; ROUBLE AT 62.63//
3m oil into the 72 dollar handle for WTI and 77 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 136.84 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 0.9416– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9896well 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: 3.442% UP 3 BASIS PTS…GETTING DANGEROUS
USA 30 YR BOND YIELD: 3.425% UP 1 BASIS PTS//
USA DOLLAR VS TURKISH LIRA: 18,64…
GREAT BRITAIN/10 YEAR YIELD: 3.075%
end
Overnight: Newsquawk and Zero hedge:
FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Rebound After Worst Losing Streak In 2 Months SBFs $1.3 Trillion In Value
THURSDAY, DEC 08, 2022 – 08:09 AM
A blistering rout in US stocks, which saw US markets drop on 8 of the past 9 days and when the S&P 500 lost about $1.3 trillion in market capitalization in the past five days on fears of a staunchly hawkish Federal Reserve amid signs of a resilient economy, was set to pause on Thursday. Contracts on the S&P 500 were up 0.3% by 7:45 a.m. ET following the longest daily losing streak for the index in nearly two months. Nasdaq 100 futures were up 0.2%. Treasuries halted a rally that had sent the 10-year yield to an almost three-month low as investors braced for an economic downturn. The benchmark added three basis points to yield 3.44%, while a gauge of the dollar was little changed.
Among notable movers in premarket trading, Carvana was set to rebound after yesterday’s record 43% plunge as the online car dealer consults with lawyers and bankers regarding options for managing its debt load. Relmada Therapeutics shares are in focus after the failure of its study of an experimental antidepressant. Exxon rose 1.4% premarket after the US E&P giant and cash(flow) cow announced it would expand its stock buyback program by $20BN to $50BN by the end of 2024. Here are some other other notable premarket movers:
- Rent the Runway rises 16% after reporting third- quarter results that beat estimates as its number of active subscribers rose 15% year-on-year. The fashion retailer increased its annual revenue outlook and forecast a positive adjusted Ebitda margin for the year.
- Shares of US-listed Chinese internet firms and casinos that operate in Macau gain in premarket trading on more signs that China is accelerating the pivot away from its zero-tolerance stance on Covid.
- Alibaba +3.7%, Baidu +4%, Bilibili +11%, Li Auto +5.4%, Las Vegas Sands +4.3%, Melco Resorts +8.5%
- Carvana shares jump 7.6% in premarket trading, set to rebound after yesterday’s record 43% plunge as the online car dealer consults with lawyers and bankers regarding options for managing its debt load.
- Relmada’s shares tumbled 40% in US after-hours trading on Wednesday. The failure of the company’s study of an experimental antidepressant was disappointing, though not surprising, analysts said, with some reassessing the possibility of success in upcoming studies.
- Watch Principal Financial stock after it was downgraded to underperform from neutral at Credit Suisse on valuation grounds, with the broker preferring the investment manager’s peer Voya.
- Keep an eye on JPMorgan as Piper Sandler begins coverage on the stock at overweight, saying that the “big four” banks have a unique position leading the industry, with a critical presence in basically all areas of the financial system.
- Watch defense stocks after Citigroup said it is “locked in” on the sector for the next decade, with a more “nuanced” view on the outlook for commercial aerospace. It reinstates General Dynamics, Leidos, Lockheed Martin and Science Applications with buy ratings.
The rally in US stocks since mid-October which propelled the S&P to 4,100 as of Dec 1 and above the 200DMA, has stalled recently as stronger-than-expected economic data suggested the Fed could keep tightening its policy at an aggressive pace (spoiler alert: it won’t). Investors are now looking for clues from the latest inflation data on Tuesday and the Fed’s policy decision on Wednesday.
“The risk-off sentiment more widely on stock markets this week remains hard to kick into touch,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. The outlook for next year also remains uncertain, with Citigroup Inc. strategists becoming the latest to warn of weakness in equity markets amid a risk to corporate earnings. The MSCI USA index is now implying 4% earnings-per-share growth next year, close to the analyst consensus but far from Citi’s expectation of a 3% contraction, strategists led by Robert Buckland wrote in a note.
“The recent rally means US equities no longer price an EPS contraction, which seems too optimistic,” the Citi strategists wrote. Technical indicators, meanwhile, suggest stock volatility could rise next week. Measures of 30-day implied and realized volatility in the S&P 500 Index started to move closer together in recent sessions, a sign of rising anxiety after the benchmark failed to break through its 2022 downtrend and the key 200-day moving average.
Strategists from Morgan Stanley to JPMorgan have warned investors against piling back into risk on hopes the Fed is getting close to pivoting to easier policy. Translation: buy, buy, buy.
“Presumably if the Fed is pivoting this time around, it’s not for a good reason. It’s a deteriorating fundamental picture,” Joyce Chang, chair of global research at JPMorgan, said in an interview with Bloomberg TV Thursday, forgetting that that “not good reason” could very well be the ongoing devastation in risk assets. “I mean, is that really a reason to be buying risk? I think it’s premature to say that there is a Fed pivot.” No, it’s not.
Traders now await Friday’s US producer price report and the Consumer Price Index print to get a read on how effective Fed policy has been to quell inflation, and whether the central bank will be able to notch down its aggressive campaign.
Back to markets, where European stocks extended a four-day slide, with property and telecommunications firms pacing declines even as energy companies and miners gained. That said, stocks have almost erased all initial losses. Euro Stoxx 50 is little changed. CAC 40 outperforms peers, adding 0.1%, IBEX lags, dropping 0.5%. Here are some other notable European movers:
- Derichebourg rises as much as 14%, biggest intraday gain since February 2021, after the French waste-management company reported revenue for the year that beat the average analyst estimate
- IAG rises as much as 2.1% and Wizz Air as much as 7.4% after Bank of America upgraded both stocks to buy. Lufthansa climbs as much as 1.4% after BofA upgraded to neutral, while EasyJet falls as much as 3.8% after being double-downgraded to underperform
- Vertu Motors rises as much as 6.6% after announcing the acquisition of Helston Garages Group for a total of £117m
- Balfour Beatty gains as much as 3.9%, touching the highest since Sept. 16, with analysts flagging another buyback announcement and a solid outlook from the construction and infrastructure group
- Frasers Group falls as much as 8.1%, the most since Nov. 14, after the Sports Direct and House of Fraser owner reported sales around 4% below RBC expectations after a softer performance in international retail.
- Stadler Rail drops as much as 5.6% as Credit Suisse trims its price target on the train manufacturer, anticipating pressure on profitability.
- Volkswagen falls as much as 1.7% and is among the worst performers on the SXAP autos index after Exane cut its rating on the company’s preference shares to underperform from neutral, citing margin pressures.
- ASML declines as much as 1.6% after Bloomberg News reported that the Netherlands is planning new controls on exports of chipmaking equipment, potentially barring companies from selling gear capable of manufacturing 14- nanometer or more advanced chips
Asian stocks rose, led by a jump in Chinese equities on increasing expectations for reopening, helping investors dispel worries about a possible global economic recession. The MSCI Asia Pacific Index rose as much as 0.6%, driven by gains in Chinese tech names including Tencent and Alibaba. The gauge erased an earlier drop of as much as 0.5% in another day of volatile trading amid thin volumes. Hong Kong’s Hang Seng Index surged more than 3%, rebounding from Wednesday’s selloff, after a report that the city is seeking to further ease Covid-related rules. Investors have been bullish on Chinese equities of late, with JPMorgan saying that earnings downgrades are “very close to the bottom”.
The positive views have helped lift sentiment on Asia broadly, with Nomura upgrading its outlook for Hong Kong and South Korea stocks. Still, even with Thursday’s gain, the MSCI Asia equity measure is on track for its first weekly loss since the end of October as investors lock in profits after a five-week surge. “Asian investors should use this volatility as an opportunity to raise exposure,” Nomura strategists including Chetan Seth wrote in a report. “Recessions in the US/Europe in 2023 mean that a growing Asia will likely be the outperformer, with softer USD/Asia the additional kicker.”
Markets with heavy dependence on global demand for their manufactured goods, such as Taiwan and South Korea, posted notable losses while the key benchmark in Indonesia, a raw materials exporter sank as much as 2%. Japan’s stock gauge also dropped led lower by its tech and auto exporters, following US shares lower as Treasuries signaled growing concern about a recession next year. The Topix dropped 0.3% to 1,941.50 as of market close Tokyo time, while the Nikkei 225 declined 0.4% to 27,574.43. Sony Group contributed the most to the Topix’s decline, decreasing 1.9%. Out of 2,164 stocks in the index, 728 rose and 1,292 fell, while 144 were unchanged. “There’s a gradual increase in the view that the economy will probably deteriorate considerably next year,” said Takeru Ogihara, chief strategist at Asset Management One
Australian stocks also extended their losing streak as banks and miners drag: the S&P/ASX 200 index fell 0.8% to close at 7,175.50, marking three consecutive sessions of losses. Bank and materials shares contributed the most to the benchmark’s retreat. Downer EDI was the biggest decliner after cutting its earnings guidance and flagging accounting irregularities. In New Zealand, the S&P/NZX 50 index was little changed at 11,617.14.
In FX, the Bloomberg Dollar Spot Index was flat after temporarily swinging to a loss in early European hours and then modest gains. The dollar strengthened against most of its Group-of-10 peers, though trading was largely confined to narrow ranges.
- The euro was steady around $1.05. Bunds twist- flattened as the 2-year yield rose by 2bps and the 30-year yield fell by 1bp. Money-market wagers on ECB tightening increase very slightly ahead of a slew of speeches, including President Lagarde
- The pound was the worst G-10 performer, while the gilt curve bull-steepened as money markets eased BOE tightening wagers, pricing less than one-point of rate hikes by February for the first time since Nov. 11 ahead of next week’s policy meeting. Thursday marks the Bank of England’s final active QT bond sales of this year, though sales of gilts purchased as part of its recent emergency support measures will continue
- The yen traded heavy after Japan unexpectedly reported a current-account deficit
In rates, Treasuries fell across the curve, apart from the 30-year tenor, which inched up. Declines were most pronounced in the belly, where yields rose about 4bps. The belly of the curve underperformed, with 5- to 7-year yields are cheaper by as much as 3.5bp on outright basis. Long-end outperforms, with yields slightly richer on the day, leaving 5s30s spread flattest since Oct. 20. Few events scheduled during US session. Treasury 10-year yields around 3.45%, cheaper by 2bps on the day and lagging bunds, gilts by 2bp and 1bp; 2s10s spread around -83bp and steeper by 1.5bp on the session after reaching new cycle low -85.2bp Wednesday. Gilts 10-year yield reverses earlier moves as money markets pare BOE rate-hike bets, seeing less than 100bps by Feb. Bunds 10-year yield edges lower while within Wednesday’s range.
In commodities, oil rises after a four-day drop; WTI jumped more than 3% to rise above $74 following news there was an outage at the Keystone pipeline. Spot gold falls roughly $3 to trade near $1,784/oz. Most base metals trade in the green.
To the day ahead now, and central bank speakers include ECB President Lagarde, and the ECB’s de Cos and Villeroy. Data releases include the weekly initial jobless claims from the US. Finally, earnings releases include Costco and Broadcom.
Market Snapshot
- S&P 500 futures up 0.1% to 3,941.25
- STOXX Europe 600 down 0.1% to 435.59
- MXAP up 0.4% to 156.61
- MXAPJ up 0.9% to 511.06
- Nikkei down 0.4% to 27,574.43
- Topix down 0.3% to 1,941.50
- Hang Seng Index up 3.4% to 19,450.23
- Shanghai Composite little changed at 3,197.35
- Sensex up 0.2% to 62,517.40
- Australia S&P/ASX 200 down 0.7% to 7,175.55
- Kospi down 0.5% to 2,371.08
- German 10Y yield down 0.2% to 1.79%
- Euro down 0.1% to $1.0495
- Brent Futures up 1.0% to $77.94/bbl
- Gold spot down 0.2% to $1,783.29
- U.S. Dollar Index up 0.20% to 105.31
Top Overnight News from Bloomberg
- Europe’s governments are expected to sell more new debt in the bond market next year — upwards of €500 billion on a net basis — than anytime this century. And bond investors, scarred by the same inflation surge that the ECB is trying to squelch, aren’t in the mood to tolerate fiscal largesse right now
- The term structures in the major currencies are now in full inversion mode as the one-week tenor captures the last round of risk events for the year. They now envelope the monetary policy meetings by the Federal Reserve, the European Central Bank, the Bank of England, the Swiss National Bank and Norges Bank, as well as the US CPI report for November
- The UK’s pace of hiring and pay growth slowed in November as companies concerned about the UK economy tipping into recession became more reluctant to take on permanent staff, according to a survey
- Australian Treasurer Jim Chalmers said an independent review of the Reserve Bank will help guide his decision next year on whether to reappoint Governor Philip Lowe, whose term expires in September
- Chinese authorities may further soften their stance on property policies at its key economic meeting next week after the Communist Party’s top decision-making body said it will seek a turnaround in the economy for 2023, according to people familiar with the matter
- With China’s Covid Zero policy rapidly dismantled, the threat of economic disruption remains high. Infections are likely to surge, forcing workers to stay home, businesses may run out of supplies, restaurants could be emptied of customers and hospitals will fill up
- Japanese life insurers sold a record amount of foreign bonds last month, preliminary portfolio flow data from the nation’s Ministry of Finance show
A more detailed summary of overnight news courtesy of Newsquawk
APAC stocks traded cautiously after the lacklustre handover from Wall St where the major indices were subdued as participants digested deflationary data and Russian President Putin’s nuclear rhetoric. ASX 200 was led lower by underperformance in the energy sector after oil prices recently slipped to a YTD low and with sentiment not helped by a monthly contraction in both export and imports, as well as the failure of takeover talks between Link Administration and suitor Dye & Durham. Nikkei 225 traded negatively amid reports that the government is to propose a JPY 1tln tax income increase to fund national defence, while data releases were uninspiring as it surprisingly showed the first Current Account deficit since June and although Q3 GDP was revised higher, it remained in negative territory. Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark buoyed by strength in casino names on the reopening play as Hong Kong is said to be considering easing COVID testing rules for arrivals and may repeal the outdoor mask rule, while the mainland is indecisive amid trade-related headwinds with the Netherlands planning curbs on tech exports to China under an agreement with the US.
Top Asian News
- China is said to be mulling further property market easing measures at next week’s economic meeting, according to Bloomberg sources.
- Macau to relax COVID test rules for Chinese visitors, according to Bloomberg.
- Hong Kong reports 14.4k COVID cases (prev. 11.9k); Hong Kong government says social distancing measures are set to remain in place.
- Japanese PM Kishida said no planning to increase income tax for defense spending.
- Hong Kong Shortens Covid Isolation, Eases Testing for Travelers
- China Car Sales Drop as Covid Lockdowns Kept Buyers at Home
- GoTo Assures Investors It Has Enough Cash to Reach Profitability
European bourses and US futures reside in narrow ranges are essentially pivoting the unchanged mark; Euro Stoxx 50 +0.1, ES +0.1. In Europe, the sectoral breakdown is mixed/lower with no overarching bias emerging. Chinese November Retail Passenger Vehicle Sales -9.5% Y/Y (prev. +6.9% Y/Y in Oct), according to PCA; Tesla (TSLA) exports 37.8k China-made vehicles in November (54.5k in October). Elon Musk’s bankers are reportedly considering providing new margin loans backed by Tesla (TSLA) shares to replace some high-interest debt to acquire Twitter, via Bloomberg citing sources.
Top European News
- UK PM Sunak refused to rule out a ban on strikes by emergency services and said he will do what is needed to keep the public safe during ongoing industrial action as he threatens tougher laws, according to Sky News.
- UK’s Unite union said around 146 members will begin strike action at Petrofac’s (PFC LN) Repsol (REP) installation on December 8th and 9th over pay and working terms, while 76 members at BP (BP/ LN) installations are to strike over working rotation, according to Reuters.
- European Natural Gas Prices Surge as Winter Blast Stokes Demand
- ASML Analysts See Limited Impact From Potential Dutch Curbs
- BAT Says US Consumers Are Switching to Cheaper Cigarettes
FX
- DXY has managed to regroup amid a initial retreat in USTs; though, the index remains around the mid-point of 105.04-105.42 ranges.
- Action which has modestly dented peers across the board, particularly GBP and JPY below and above 1.22 and 137.00 respectively.
- Antipodeans and the EUR are the relative ‘outperformer’, though they are essentially unchanged vs USD
- PBoC set USD/CNY mid-point at 6.9606 vs exp. 6.9603 (prev. 6.9975)
Fixed Income
- EGBs & their UK counterpart have, despite initial pressure, staged a firm rally to a test/eclipse of Wednesdays peaks amid the latest rhetoric from Russia.
- However, USTs have been unable to keep up with this and are still softer to the tune of 10 ticks, with yields firmer across the curve as such; currently, action is most pronounced in the belly.
- German Federal Constitutional Court has rejected the request for temporary injunction on 2021 supplementary budget; decision related to govt credit authorisation of EUR 60bln for climate funds.
Commodities
- Crude benchmarks are consolidating after yesterday’s mid-week pressure, though the rebound this morning is limited and rangebound.
- Spot gold is, once again, sideways around the USD 1775/oz mark while base metals glean some support from the latest touting of Chinese economic measures.
- Former Peruvian President Castillo was detained and is accused of rebellion.
- Commodities trader Trafigura more than doubled net profits in 2022 vs 2021.
Crypto
- US federal prosecutors are investigating whether Sam Bankman-Fried and his hedge fund orchestrated trades that led to the collapse of two cryptocurrencies in May, according to NYT.
- It was initially reported that US House Finance Services Chair Waters doesn’t plan to subpoena Sam Bankman-Fried to testify at the hearing on FTX’s collapse, although Waters later denied the report.
- US SEC has investigations under way focusing on exchanges including Coinbase (COIN) and the U.S. businesses of Binance and FTX, according to WSJ sources.
Geopolitics
- German Chancellor Scholz said the risk of Russia using nuclear weapons has decreased, according to Funke Media.
- Russian Deputy Foreign Minister Ryabkov says if the US deploys medium-range missiles in Asia/Europe then Russia’s approach to the moratorium will changed, via Reuters; adds, Russia’s nuclear deterrence forces are on full alert, according to Al Jazeera.
- Taiwan Defence Ministry said 9 Chinese air force planes crossed the Taiwan Strait median line during the past 24 hours, according to Reuters.
- US, Japan, and South Korea nuclear representatives meeting in Indonesia on the 12th and 13th December over North Korea, Via Yonhap.
US Event Calendar
- 08:30: Nov. Continuing Claims, est. 1.62m, prior 1.61m
- 08:30: Dec. Initial Jobless Claims, est. 230,000, prior 225,000
DB’s Jim Reid concludes the overnight wrap
Markets have continued to trade with a risk-off bias over the last 24 hours as the S&P (-0.19%) saw its 8th loss in the last 9 days, albeit a small one which actually only aggregates up to -2.32% down over those 9 days given that the one up day (last Wednesday) was the second best day for the index in the last 2 years. Sovereign bonds saw the bigger moves though, rallying amidst growing concern about the state of the economy alongside several dovish signals. That prompted another sharp decline in Treasury yields, with the 10yr yield down -11.5bps to 3.42%, which is its lowest level in nearly 3 months and more than -90bps beneath the intraday high of 4.34% in late-October. Ironically terminal at that point was pretty much exactly where we are today so there’s been a massive inversion of terminal-10s, which seems like the bond market is coming around to the idea of a harder and harder landing. Overnight, the 10yr yield seen a partial rebound of +4.5bps as we go to print, taking it back up to 3.46%.
Several factors were behind these moves, but the biggest shift of the day bizarrely coincided with the release of the revised Q3 data on US productivity. So not only a backward-looking indicator, but also a revised estimate as well. The release showed that labour productivity had risen by +0.8% in Q3 (vs. +0.3% previous estimate), whilst the growth in unit labour costs was revised down to +2.4% (vs. +3.5% previous estimate). Clearly that’s good news from the Fed’s perspective, but given the data series is a noisy one that’s often heavily revised (as with yesterday) it’s hard to justify the sizeable reaction that occurred directly as the release came out.
To be fair to investors, there were plenty of other developments yesterday to help justify the moves we saw in yields. In particular, the jitters about the global economy saw oil prices decline for a 4th day running, with Brent crude down -2.75% to $77.17/bbl. In fact, Brent crude fell back into negative YTD territory for the first time since January, closing -0.8% below its levels at the start of the year. And even though the moves have been driven by negative sentiment, it’s clearly good news for policymakers from an inflation standpoint, and it was inflation breakevens that drove the moves lower in Treasury yields, with 10yr breakevens coming down -6.2bps on the day to 2.27%. In turn, the impact is being increasingly felt in the real economy, with US gasoline prices down to a fresh post-January low of $3.355/gallon. Furthermore, data from the Mortgage Bankers Association showed that 30yr mortgage rates fell for a 4th week running to 6.41%, marking their longest run of declines since May 2019.
Another potentially dovish signal (if you squint hard enough) came from the Bank of Canada, which is acting as something of a prelude ahead of the Fed, ECB and BoE decisions next week. In terms of the decision, they hiked rates by 50bps despite plenty of speculation they’d downshift the pace to 25bps. That took the overnight rate up to 4.25%, but there were signs of a future pause in their statement, which said the “Governing Council will be considering whether the policy interest rate needs to rise further”. That’s the first time since the tightening cycle began that they haven’t explicitly said they expect further rate hikes, instead using softer language like “considering”. Nevertheless, the decision to proceed with 50bps dominated the market reaction, with Canadian government bonds underperforming yesterday as the 10yr yield ‘only’ fell -2.2bps. The big question now is whether any of the other central banks follow up with a similarly dovish signal next week.
When it came to equities the mood remained slightly downbeat yesterday, with the S&P 500 (-0.19%) losing ground for a 5th day running, and closing at its lowest level in 4 weeks. Once again, the losses were driven by the more cyclical sectors, with the NASDAQ (-0.51%) and the FANG+ Index (-0.93%) seeing even larger declines, despite the rate rally which would typically support big tech valuations. Meanwhile, bellwether defensives health care (+0.85%), staples (+0.38%), and real estate (+0.26%) led the way. And it was much the same story in Europe too, with the STOXX 600 (-0.62%), the DAX (-0.57%) and the CAC 40 (-0.41%) all losing ground on the day.
Staying on Europe, we’re now exactly a week away from the ECB’s next decision, and there were signs in their latest monthly survey that inflation expectations were continuing to rise. For instance, 1yr expected inflation was up by three-tenths to 5.4%. To be fair, 3yr expectations were unchanged at 3.0%, but that’s still a full point above the ECB’s target. In the meantime, sovereign bond yields continued to fall across the continent, with those on 10yr bunds down -1.5bps at their lowest level in nearly 3 months, whilst yields on 10yr OATs (-1.4bps) and BTPs (-4.4bps) were down as well.
Overnight in Asia, the equity weakness from the US and Europe has continued, with losses for the Kospi (-0.99%), the Nikkei (-0.52%), the CSI 300 (-0.07%0 and the Shanghai Comp (-0.10%). The main exception is the Hang Seng (+2.67%), which has surged following reports that Hong Kong could end their outdoor mask mandate and reduce the isolation period from 7 days to 5 for Covid patients and close contacts. The Hang Seng Tech index has seen even larger gains, advancing +4.79% against this backdrop. More broadly however, futures are still pointing to weakness in US and European equity markets later, with those on the S&P 500 currently down -0.15%.
Elsewhere on the data front, Euro Area growth was revised up in Q3, with the latest data showing a +0.3% expansion (vs. +0.2% previous estimate). That fits in with some recent newsflow suggesting the economic situation may not be as bad as had been feared, even if a recession still remains the consensus expectation. Otherwise, German industrial production also performed better than expected in October, with a -0.1% contraction (vs. -0.6% expected), whilst the previous month’s expansion was also revised up half a point.
To the day ahead now, and central bank speakers include ECB President Lagarde, and the ECB’s de Cos and Villeroy. Data releases include the weekly initial jobless claims from the US. Finally, earnings releases include Costco and Broadcom.
AND NOW NEWSQUAWK (EUROPE/REPORT)
Contained trade with catalysts & the schedule light – Newsquawk US Market Open
THURSDAY, DEC 08, 2022 – 06:22 AM
- European bourses and US futures reside in narrow ranges are essentially pivoting the unchanged mark
- DXY has managed to regroup amid an initial retreat in USTs; though, the index remains around the mid-point of a 105.04-105.42 range
- EGBs & their UK counterpart have, despite initial pressure, staged a firm rally to a test/eclipse of Wednesday’s peaks; USTs remain lower
- Crude benchmarks are consolidating after yesterday’s mid-week pressure, though the rebound this morning is limited and rangebound
- Looking ahead, highlights include US Initial Jobless Claims & a speech from ECB’s Lagarde.
- Click here for the Week Ahead preview
View the full premarket movers and news report.
Or why not try Newsquawk’s squawk box free for 7 days?
EUROPEAN TRADE
EQUITIES
- European bourses and US futures reside in narrow ranges are essentially pivoting the unchanged mark; Euro Stoxx 50 +0.1, ES +0.1.
- In Europe, the sectoral breakdown is mixed/lower with no overarching bias emerging.
- Chinese November Retail Passenger Vehicle Sales -9.5% Y/Y (prev. +6.9% Y/Y in Oct), according to PCA; Tesla (TSLA) exports 37.8k China-made vehicles in November (54.5k in October).
- Elon Musk’s bankers are reportedly considering providing new margin loans backed by Tesla (TSLA) shares to replace some high-interest debt to acquire Twitter, via Bloomberg citing sources.
- Click here for more detail.
FX
- DXY has managed to regroup amid a initial retreat in USTs; though, the index remains around the mid-point of 105.04-105.42 ranges.
- Action which has modestly dented peers across the board, particularly GBP and JPY below and above 1.22 and 137.00 respectively.
- Antipodeans and the EUR are the relative ‘outperformer’, though they are essentially unchanged vs USD
- PBoC set USD/CNY mid-point at 6.9606 vs exp. 6.9603 (prev. 6.9975)
- Click here for more detail.
Notable FX Expiries, NY Cut:
- AUD/USD: 0.6665 (201M), 0.6700 (526M), 0.6800-10 (1.02BN)
- Click here for more detail.
FIXED INCOME
- EGBs & their UK counterpart have, despite initial pressure, staged a firm rally to a test/eclipse of Wednesdays peaks amid the latest rhetoric from Russia.
- However, USTs have been unable to keep up with this and are still softer to the tune of 10 ticks, with yields firmer across the curve as such; currently, action is most pronounced in the belly.
- German Federal Constitutional Court has rejected the request for temporary injunction on 2021 supplementary budget; decision related to govt credit authorisation of EUR 60bln for climate funds.
- Click here for more detail.
COMMODITIES
- Crude benchmarks are consolidating after yesterday’s mid-week pressure, though the rebound this morning is limited and rangebound.
- Spot gold is, once again, sideways around the USD 1775/oz mark while base metals glean some support from the latest touting of Chinese economic measures.
- Former Peruvian President Castillo was detained and is accused of rebellion.
- Commodities trader Trafigura more than doubled net profits in 2022 vs 2021.
- Click here for more detail.
NOTABLE EUROPEAN HEADLINES
- UK PM Sunak refused to rule out a ban on strikes by emergency services and said he will do what is needed to keep the public safe during ongoing industrial action as he threatens tougher laws, according to Sky News.
- UK’s Unite union said around 146 members will begin strike action at Petrofac’s (PFC LN) Repsol (REP) installation on December 8th and 9th over pay and working terms, while 76 members at BP (BP/ LN) installations are to strike over working rotation, according to Reuters.
NOTABLE EUROPEAN DATA
- UK RICS Housing Survey (Nov) -25 vs. Exp. -10 (Prev. -2)
NOTABLE US HEADLINES
- US President Biden’s administration will appeal to keep COVID-era border restrictions in place following a court order, according to Reuters.
- Democrats reportedly plan to release their government funding proposal on Monday, with talks seriously stalled, according to Politico.
- Click here for the US Early Morning Note.
CRYPTO
- US federal prosecutors are investigating whether Sam Bankman-Fried and his hedge fund orchestrated trades that led to the collapse of two cryptocurrencies in May, according to NYT.
- It was initially reported that US House Finance Services Chair Waters doesn’t plan to subpoena Sam Bankman-Fried to testify at the hearing on FTX’s collapse, although Waters later denied the report.
- US SEC has investigations under way focusing on exchanges including Coinbase (COIN) and the U.S. businesses of Binance and FTX, according to WSJ sources.
GEOPOLITICS
RUSSIA-UKRAINE
- German Chancellor Scholz said the risk of Russia using nuclear weapons has decreased, according to Funke Media.
- Russian Deputy Foreign Minister Ryabkov says if the US deploys medium-range missiles in Asia/Europe then Russia’s approach to the moratorium will changed, via Reuters; adds, Russia’s nuclear deterrence forces are on full alert, according to Al Jazeera.
OTHER
- Taiwan Defence Ministry said 9 Chinese air force planes crossed the Taiwan Strait median line during the past 24 hours, according to Reuters.
- US, Japan, and South Korea nuclear representatives meeting in Indonesia on the 12th and 13th December over North Korea, Via Yonhap.
APAC TRADE
EQUITIES
- APAC stocks traded cautiously after the lacklustre handover from Wall St where the major indices were subdued as participants digested deflationary data and Russian President Putin’s nuclear rhetoric.
- ASX 200 was led lower by underperformance in the energy sector after oil prices recently slipped to a YTD low and with sentiment not helped by a monthly contraction in both export and imports, as well as the failure of takeover talks between Link Administration and suitor Dye & Durham.
- Nikkei 225 traded negatively amid reports that the government is to propose a JPY 1tln tax income increase to fund national defence, while data releases were uninspiring as it surprisingly showed the first Current Account deficit since June and although Q3 GDP was revised higher, it remained in negative territory.
- Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark buoyed by strength in casino names on the reopening play as Hong Kong is said to be considering easing COVID testing rules for arrivals and may repeal the outdoor mask rule, while the mainland is indecisive amid trade-related headwinds with the Netherlands planning curbs on tech exports to China under an agreement with the US.
NOTABLE ASIA-PAC HEADLINES
- China is said to be mulling further property market easing measures at next week’s economic meeting, according to Bloomberg sources.
- Macau to relax COVID test rules for Chinese visitors, according to Bloomberg.
- Hong Kong reports 14.4k COVID cases (prev. 11.9k); Hong Kong government says social distancing measures are set to remain in place.
- Japanese PM Kishida said no planning to increase income tax for defense spending.
DATA RECAP
- Japanese GDP QQ (Q3) -0.2% vs. Exp. -0.3% (Prev. -0.3%); Annualised (Q3) -0.8% vs. Exp. -1.1% (Prev. -1.2%)
- Australian Trade Balance (AUD)(Oct) 12.2B vs. Exp. 12.1B (Prev. 12.4B)
- Australian Goods/Services Exports (Oct) -1% (Prev. 7%); Imports (Oct) -1% (Prev. 0%)
i)THURSDAY MORNING// WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 2.27 PTS OR 0.07% //Hang Sang CLOSED UP 635.41 OR 3.33% /The Nikkei closed DOWN 111.97 OR 0.40% //Australia’s all ordinaries CLOSED DOWN 0.72% /Chinese yuan (ONSHORE) closed UP TO 6.9742//OFFSHORE CHINESE YUAN UP TO 6.9748// /Oil DOWN TO 72.41 dollars per barrel for WTI and BRENT AT 77.71 / Stocks in Europe OPENED ALL RED. 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/
end
CHINA?COVID
4/EUROPEAN AFFAIRS/UK AFFAIRS//
UK
UK farmers warn that the country is facing a food supply crisis
(Evans/EpochTimes)
UK Warned By Farmers That It Is Facing A Food Supply Crisis
THURSDAY, DEC 08, 2022 – 02:00 AM
Authored by Owen Evans via The Epoch Times,
In an emergency press conference, the National Farmers Union (NFU) said the government needed to step in to assist farmers who are under severe strain.
The British farming industry is facing major issues across almost all sectors, with the price of animal feed and nitrogen fertiliser, and fuel skyrocketing. The union warned that yields of crops will likely slump to record lows this year with farmers also considering reducing the size of their herds.
Under Threat
In the emergency press conference, NFU president Minette Batters said that “shoppers up and down the country have for decades had a guaranteed supply of high-quality affordable food produced to some of the highest animal welfare, environmental, and food safety standards in the world.”
“That food, produced with care by British farmers, is critical to our nation’s security and success. But British food is under threat,” she added.
“We have already seen the egg supply chain crippled under the pressure caused by these issues and I fear the country is sleepwalking into further food supply crises, with the future of British fruit and vegetable supplies in trouble. We need government and the wider supply chain to act now—tomorrow could well be too late.”
According to the NFU, since 2019 the price of wholesale gas has increased by 650 percent, with nitrogen fertiliser up by 240 percent and agricultural diesel up 73 percent. Furthermore, animal feed raw material has increased by 75 percent.
Nearly 1 in 10 NFU members who produce beef said they were considering reducing the size of their herd in the next 12 months.
Production of tomatoes and cucumbers is expected to fall to the lowest levels since records began in 1985. In terms of dairy, the NFU said that rising costs may force farmers to reduce cow numbers to survive in response to short-term market signals.
Some UK supermarkets are also rationing eggs, with over a third of egg farmers considering quitting the industry because they say it is no longer economically viable to farm hens.
‘Deaf Ears’
Steve Evans, a dairy farmer based in Pembrokeshire, West Wales, told The Epoch Times by email that the issues “lie firmly at the government’s door.”
“We have warned and warned about this since the turn of the year, both Gareth Wyn Jones and myself have been on TV several times and yet our views fell on deaf ears in both the government and with the retailers,” he said.
Gareth Wyn Jones, is a sheep and cow farmer, and well-known TV presenter who lives in Ty’n Llwyfan, North Wales. Jones has also said that the country is “sleepwalking into food shortages” and has criticised how farmers around the world are being accused of being “peak polluters” in net zero measures, warning that “state-sponsored famine for billions of people is on the horizon.”
“When you have on-farm inflation hitting 30 percent plus then it was always going to happen, farmers (myself included) have cut back since the start of spring due to cash flow management decisions that had to be made,” said Evans.
“This coupled with the dry summer which came off the back of a relatively dry year last year and a dryish winter then these issues were looming large and yet the government seems to have parked the issue with the retailers and let them sort it,” he said.
“Passing the buck and now the issues lie firmly at the government’s door,” said Evans.
Last month, Batters told the committee that the UK was in “an extraordinary situation.”
“Time is not on our side to do that; there is a real level of urgency,” she said.
“Many farmers are producing food at a lower cost of production, which is unsustainable in the long term,” she added.
Highly Resilient
A government spokesperson told The Epoch Times by email that the UK “has a large and highly resilient food supply chain.”
“Our high degree of food security is built on supply from diverse sources; strong domestic production as well as imports through stable trade routes,” he said.
“The government is in regular contact with the food and farming industries to ensure they are well prepared for a range of scenarios, and we continue to take all the necessary steps to ensure people across the country have the food they need,” he added.
Andrew Opie, director of Food & Sustainability at the British Retail Consortium, told The Epoch Times by email that: “Retailers are adept at managing pressures across their supply chain; they have long-standing, established relationships with farmers and know how important maintaining these are for their customers and suppliers.”
“Supermarkets source, and will continue to source, the vast majority of their food from the UK and know they need to pay a sustainable price to farmers.
“Given the pressure on British farmers at the moment, retailers are paying more for their produce. However, retailers are also facing additional costs and are working incredibly hard to limit price increases for consumers during a cost-of-living crisis where many people are struggling to afford the essentials”
end
SPAIN//EUROPE/MOROCCO
(Cody, Remixnews)
Watch: Mass Riots Hit Europe After Morocco’s World Cup Victory Against Spain
THURSDAY, DEC 08, 2022 – 03:30 AM
Authored by John Cody via Remix News,
Following Morocco’s shock World Cup penalty shoot-out victory over the Spanish national team on Tuesday, Moroccan fans have once again rioted across multiple countries, including Spain, France, Italy, Belgium, and the Netherlands.
The scenes of chaos mark the third time Moroccan fans have rioted following a World Cup victory, with the first two times last month already drawing condemnation.
Video of last night’s riots have been spread across social media, including from the account of Italian Transportation Minister Matteo Salvini, who wrote, “Morocco eliminates Spain, so they ‘celebrate’ in Milan… I hope that those responsible are identified and pay all damages.”
Critics are pointing at the now weekly scenes of mass unrest from Moroccan fans as a case in point for the failure of multiculturalism, with these fans not only rooting for a rival national team but also actively destroying their own cities.
Moroccan fans celebrating in a number of Spanish cities turned to violence, such as in Bilbao, where multiple videos show fans rampaging through the streets.
Fans also set cars on fire in the Spanish city of Reus, according to reports from BNN Spain.
Before the match, Moroccan fans and Spanish fans were already clashing in Huelva, a city in Andalusia, prior to kick-off.
The widespread nature of the riots, including outside of Spain, underlines the level of animosity some Moroccans feel for the European nations they live in. The Dutch national team has not even faced off against Morocco yet, but fans in the country battle with riot police in Amsterdam, just as they did after Morocco’s victory over Belgium.
The Hague also saw chaos on the streets, with fans attacking police vehicles in the Schilderswijk neighborhood.
In France, the city of Lille saw Moroccan fans starting fires and attacking police with fireworks. Riot police responded by charging the revelers in an attempt to disperse them and restore calm.
Fans in the French city of Nice also fired pistols into the air, blocked streets, and terrorized residents.
“Are we still in France? Tram blocked and rocked, police attacked and cars burned. This is the result of Morocco’s victory in the streets of Nice! Zero tolerance against these criminals who defy our laws!” wrote Les Republicans politician and former presidential candidate Eric Cotti on Twitter.
Brussels, the capital of Belgium, was also hit with mass riots following Morocco’s victory over Spain, with fans attacking police vehicles. Belgium has one of the largest Moroccan populations in Europe, numbering over 500,000 in a country of 11.5 million.
As Remix News previously reported, Belgium and the Netherlands were hit by widespread riots following Morocco’s victory last month. Video footage of these previous incidents can be seen here.
5.UKRAINE RUSSIA//
RUSSIA//UKRAINE
This is a must read as Luongo describes in detail what will happen now that the Ukraine hit deep into
Russia with their drones!
(Tom Luongo)_
Has The Counter Revolution Arrived In The US?
WEDNESDAY, DEC 07, 2022 – 04:20 PM
Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,
The counter-revolution at the counter of a store
People buy the things they want and borrow for a little more
All those wasted years
All those precious, wasted years
Who will pay?
There is no bigger heresy at this point in history than to suggest the US is not the main source of great evil in the world. There was a time, when the exact opposite was the case.
Today, however, As war rages in Ukraine and everyone in power in the West says they want peace but keep shoveling money and weapons into the conflict, the message is clear.
We want this war. We need this war and it doesn’t matter what the people want.
We will have this war.
But, here’s the big heresy, it’s not just the US that wants this war. Here’s another one is ‘The US’ as a global actor does it even exist anymore?
We are now digesting the most irresponsible escalation yet by “Ukraine,” a drone strike on a strategic airbase deep inside Russia attacking one leg of its nuclear triad — damaging strategic bombers capable of delivering nuclear warheads.
This is an explicit redline for Russia.
Regardless of what side of the line you stand on, Ukraine’s or Russia’s, in this war (or refuse to even define where the line is), this is a moment that should crystallize for you that this is a turning point in the war… and not for the better.
Escalations like this are a sign of weakness. They are tantamount to begging Russia to over-react, to force Putin’s hand and strike Ukraine mercilessly, which it seems they did in response.
Ukraine crossed the line where Russia would be free to use nuclear weapons per their use doctrine on attacking their nuclear deterrence capability.
Counterparts
“All around that dull grey world from Moscow to Berlin
People storm the barricades walls go tumbling in“
The Berlin Wall and the end of the Soviet Union were fresh in our minds when RUSH recorded this deep cut off the album Roll the Bones. 1991 was supposed to be a time of hope, right? The Cold War was over. The free world triumphed over totalitarianism again.
A triumph of our system over theirs.
But at what cost?
The US began the rapid rise into empire, eschewing the humble foreign policy directives of the Founders to expand NATO into the vacuum created by the end of the USSR. The European Union began its formalization into a political and economic behemoth, introducing the euro while its agents deep within the UK overthrew a rightfully obstinate Margaret Thatcher to bring the UK into the fold.
These western institutions were supposed to be the promise of a better life was supposedly for the former Warsaw Pact… well, except Serbia, but only Putin apologists talk about that.
The costs for the Cold War were obvious to everyone east of the Berlin Wall. But the costs for the West were equally substantial. To fight the Cold War the US was turned into a massive corporatist nightmare, the security state justified at every turn and our monetary system of hard money dismantled.
That counter revolution really was at the “counter of the store” as the US morphed from the country with the cleanest balance sheet in the world into the biggest debtor the world has ever, and likely, will ever see via a voracious consumer gorging on ever cheaper fiat money.
The free world was enslaved by its leaders’ arrogance and hubris and the people bought off with cheap money for disposable goods to mollify the anxiety and psychological damage done to two generations with living under the threat of nuclear war.
Now make that four generations thanks to “Ukraine.”
Then when the system broke in 2008 we papered over the sins of the banking system, went full retard ‘printer go brrrrrr’ and ushered in the truly irresponsible era of zero-bound interest rates, round-robin Central Bank coordinated balance sheet expansion which funded a massive security state through portable technology while selling it all as ‘hope and change’ for a world safe for trannies and pedophiles.
Hold Yer Fire
“All around that dull grey world of ideology
People storm the marketplace and buy up fantasy”
We were supposed to be beyond the ‘dull gray world of ideology,’ but ideology is all we have left after having sold our souls for so little. As Alastair Crooke points out in his latest article, the West suffers from an ideological bias which precludes any other from being allowed to coexist on the planet.
This is where Putin and his Chinese counterpart Xi Jinping have practiced real heresy. They’ve said no to the Climate Change agenda of the West. But it goes far beyond that. They’ve said no to the entire western ideological framework of system over civilization.
Every argument made by European leaders like EU Commission President Ursula Von der Leyen is suffused with this ideological bias, this rightness of our system over any other.
And no escape route can be allowed. The EU is the one providing the ideological framework for continuing the war against Russia. The US is just cynically providing the weapons.
They are peas in the same aggressive collectivist pod.
It’s why there is a 9th sanctions package on the way. It’s why they are forming War Crimes Tribunals in courts not recognized by Russia, and looking for legal means to steal all Russian assets within their geographical borders.
This is nothing more than wholesale looting that goes far beyond the initial violations of international law even the most hardened Ukraine supporter can accuse Russia of over the February 24th invasion.
This war should have been over in March but the UK didn’t want it to end and blew up the Ankara peace talks. Everything that has happened since then can then be laid at the West’s feet.
And I mean everything.
The escalations have but one theme, take options away from Russia’s President Vladimir Putin until we get to the unthinkable moment.
For this defiance Putin is to be Milosevic’d for daring to say no to the EU and NATO for denying them control over Russia’s future and for embarrassing them by reminding the world of NATO’s involvement in the breakup of Yugoslavia.
And the worst part is that to say anything other than they are they are vassals to a crazed US government bent on global domination is, itself, heresy.
But is it really? By their words and deeds we shall know them.
Because the EU had many chances to stop this war but chose at every turn to double down. And now, they will deal with the flood of Ukrainians rightfully fleeing Russia’s now righteous indignation for keeping alive a war it didn’t want against people it considered brothers.
These escalations have a pattern. Ignore all of Russia’s security concerns and corner them into an invasion and use each move they make as justification for more aggression, until we’re now at the moment we’ve been groomed for for months, the decision by Putin to finally go nuclear.
So what’s really going on here? How did it come to this?
Crooke reminds us of a 2013 speech by Xi on the subject.
In his address, Xi attributed the break-up of the Soviet Union to ‘ideological nihilism’: The ruling strata, Xi asserted, had ceased to believe in the advantages and the value of their ‘system’, yet lacking any other ideological coordinates within which to situate their thinking, the élites slid unto nihilism:
“Once the Party loses the control of the ideology, Xi argued, once it fails to provide a satisfactory explanation for its own rule, objectives and purposes, it dissolves into a party of loosely connected individuals linked only by personal goals of enrichment and power”. “The Party is then taken over by ‘ideological nihilism’”.
This, however, was not the worst outcome. The worst outcome, Xi noted, would be the state taken over by people with no ideology whatsoever, but with an entirely cynical and self-serving desire to rule.
The neocons and the Brits have tried to level this criticism at Putin, but that is clearly not the case. Putin, as any sober analyst will tell you, is the moderate in Russia. These crazed lunatics don’t want him deposed because they believe it will blow apart Russia, but rather they want Putin gone so that his replacement goes off half-cocked and nukes someone.
Because that is the only way to achieve their goals of having the war they need to reset their failing system.
Again, with these latest drone strikes from “Ukraine” that’s now on the table.
Putin is being ground into an untenable position, not by his own weakness but by the relentless ideological nihilism of western globalists who fear their own loss of power and need this war.
What else can you conclude as they pursue policies that can only result in the deaths of hundreds of millions of people?
Vapor Trails
“All around this great big world, all the crap we had to take
Bombs and basement fallout shelters, all our lives at stake“
Their full support of Ukraine has reached its religious zenith with their oil price cap, which will cause further turmoil in a market that doesn’t need it. Davos’ puppet in Kiev, Zelenskyy, is now outlawing the orthodox church and openly threatening the hands that feed what’s left of his regime.
They tell us the ‘future of democracy’ hangs in the balance in “Ukraine,” a place where no democracy exists, apartheid-like laws are in place for ethnic Russians and is supported only by our tax dollars funding drone strikes on a nuclear power.
Who makes this case harder than Eurocrats like Von der Leyen?
To save democracy we have to abolish it. To save free speech we have to end disinformation.
Zelenskyy knows his time is short. Russia is making mincemeat of his country and this drone strike on the Engels airbase should be viewed as a last ditch effort to secure future NATO involvement. Open war between NATO and Russia is clearly the final goal of this attack.
With the follow up strikes on Russian oil tankers we’re rapidly reaching the point of no return.
The message is what it has always been: there can be no escape from the EU’s promised land of technocracy and the ideological nihilism of Davos.
That said, here’s the next bit of heresy. As bad as things are there are still forces alive who see where this is headed and are working diligently to keep Putin’s options open.
The attacks on Davos via the Fed’s aggressive rate hikes, Elon Musk’s buying Twitter and the smart game Giorgia Meloni plays in Italy are having their effect. I realize that all of these things are open to multiple interpretations and many believe I’m chasing smoke in a windstorm. But the incentives align here.
Remember, in geopolitics there are no allies, only interests.
Only the most ideologically nihilistic would pursue Davos’ path. Only those with a hatred of humanity born of a deep wellspring of love for all things Malthusian would bring us to this point. And to deny that there’s no one in a position to oppose this from our side of the new Berlin Wall is just surrender masquerading a cynicism.
To understand how fragile Davos really is I put it to you like this: For the price of a few hundred basis points, the Fed forced a coup in the UK// the ECB// into a tightening cycle with more yield curve control, likely blew up FTX and its burgeoning offshore crypto-dollar Ponzi Scheme, and forced the Swiss National Bank to intervene against the bank run on Credit Suisse.
These are major weapons to have fired. Four major weapons. And none of those missile launchers can be reloaded. And all it did was buy the EU a few more months (weeks?) of undeserved euro strength.
Powell and company, on the other hand, have even more ammunition to tighten things further with the US 10-year trading at 3.5% now and US stocks going on a year-end rally. In fact, the SNB likely gave the Fed the biggest Christmas gift it could have by intervening in the Swiss Franc market to help Credit Suisse.
Davos’ Nuclear Triad of derivative control over commodity and currency markets, control over the US military through the “Biden” administration and narrative control through the media has been dealt a far bigger blow than “Ukraine” dealt to Russia’s supply of strategic bombers.
The war in Ukraine and the West’s over-the-top sanctions response crystallized the Global South against them. So, color me not shocked to hear no less than Saudi Arabia is coming to Credit Suisse’s rescue buying a major stake in its investment banking spin-off.
They’re giving Elon Musk the “Donald Trump treatment” for having the temerity to believe a free society rests on open communication. Musk’s moves since buying Twitter all point to the real goal of the exercise; buy the database of the Bluechecked Sneetches DMs and release the evidence of government pressure on Twitter to censor perfectly legal speech on every major Davos sanctioned operation against humanity.
We knew they were doing it but now we have something akin to proof that they were doing it. The initial response has been predictable — deny, screech, make fun, downplay and attack Musk and his agents like Matt Taibbi personally. But all that does is prove further they are caught red-handed.
The Davos response is always to double-down, it’s the psychopath’s way. They continue to act as if nothing matters, that they are untouchable. And they have to, it would be heretical to do otherwise as the entire fragile narrative edifice would collapse like a Jenga Tower made out of Styrofoam in a summer breeze.
These drone strikes inside Russia are to try and further weaken Putin, give spine to Russian hardliners and force things closer to the unthinkable.
And this is the real heresy here, the pressure coming from within the West is helping Putin execute his off-battlefield strategy of forcing monetary Armageddon on Russia’s enemies through control over commodity prices.
Putin’s on-battlefield strategy has been to drain Western coffers of munitions and warm bodies to fill increasingly cold trenches along the Dnieper River. I’m not saying that Putin is winning this war, but this is clearly the strategy being employed.
Has it empowered crazed neocons in Whitehall, the Pentagon and K-Street to think they can beat Russia once NATO officially gets involved in this conflict? Yes.
Is this a high-risk strategy at this point? Also yes. Could Putin have played this better? Absolutely.
But, this is the world we have now and the real heresy is not acknowledging everyone’s complicity in allowing it to get to this tragic state.
There’s a counter-revolution happening.
The only question now is, will it mature in time to stop this train running on Davos’ time?
The bloody revolution, all the warheads in its wake
All the fear and suffering, all a big mistake
All those wasted years
All those precious wasted years
Who will pay?END
221
IRAN
Iran court issues first protest related death sentence
(zerohedge)
Iran Court Issues First Protest-Related Death Sentence
WEDNESDAY, NOV 16, 2022 – 04:00 AM
Anti-government protests have continued raging in Iran since they started in mid-September, following the death in police custody of 22-year-old Mahsa Amini for alleged non-compliance with the country’s strict Islamic dress code.
The protests have at times gotten violent, with buildings across various cities burned down, and also with live fire used by security services to quell the unrest. Last week hardliners in parliament demanded that authorities take a harsher stance in order to finally halt the so-called “anti-hijab” demonstrations.
A majority of the members of Iran’s parliament last week formally requested that the judiciary “deal decisively with the perpetrators of these crimes [the protests] and with all those who assisted in the crimes and provoked rioters.”
This as the death toll has grown into the hundreds – though the government says the police and security services side has suffered scores of casualties. The BBC reports that “At least 326 protesters, including 43 children and 25 women, have been killed in a violent crackdown by security forces, according to Iran Human Rights.”
But it seems the judiciary has taken the criticism from parliament to heart, as it has handed down its first execution sentence for alleged protest-related crimes. According to Al Jazeera:
The Iranian judiciary said late on Sunday that an unnamed individual has been sentenced to execution for “setting fire to a government center, disturbing public order and collusion for committing crimes against national security” in addition to “moharebeh” (waging war against God) and “corruption on Earth”.
Five more unnamed people, who authorities described as “rioters” – a word the government uses to describe the ongoing protests and those participating in them – were handed between five and 10 years in prison on national security-related charges.
More such extreme penalties are expected, given that Tehran officials have long accused the protest movement of being fueled by Iran’s enemies such as Israeli and US intelligence, hence the charge of “collusion for committing crimes against national security.”
President Biden and the White House have spurred on the protests, saying that the US stands on the “side of the Iranian people”.
Early this month at a Democratic campaign event in California, Biden said, “Don’t worry, we’re gonna free Iran. They’re gonna free themselves pretty soon.” Iranian officials have meanwhile taken these and similar statements as evidence of an externally driven regime change operation.
Following news of an Iranian court issuing a death sentence for a demonstrator, the White House condemned the disturbing development, with Jake Sullivan stating from the G20 in Bali, “We are deeply concerned about reports from Iran of mass arrests, sham trials, and now a death sentence for protesters voicing legitimate demands against a government that systematically denies basic dignity and freedom to its people.”
6 GLOBAL ISSUES//COVID ISSUES//VACCINE ISSUES
Vaccine//Covid issues: Injuries
Johnson panels 4 Covid vaccine issues:
1. Huge insurance losses
2. Vaccine injuries like myocarditis on the increase!
3.Young people at low risk of getting the virus//problems associated with the virus
4. No trials
4 Takeaways From Sen. Johnson’s Panel On COVID-19 Vaccines
WEDNESDAY, DEC 07, 2022 – 08:20 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Sen. Ron Johnson (R-Wis.) held a panel on COVID-19 vaccines in Washington on Dec. 7, featuring experts including Dr. Robert Malone and Dr. Peter McCullough.
Experts discussed vaccine development, vaccine composition, data from insurance and adverse event systems, and other topics.
Here are four takeaways from the panel.
Insurance Experts Record Jump in Excess Mortality
Edward Dowd, a former BlackRock analyst now with the Humanity Project, showed data from the Society of Actuaries 2021 Group Life Insurance survey that showed a jump in excess mortality among young and middle-aged adults starting around the time the vaccines began being administered.
The only thing that changed at the time, Dowd said, was “vaccines and mandates.”
He pointed out that Denmark and the United Kingdom, among other countries, have stopped recommending or entirely halted vaccination of young, healthy people because of growing concerns over side effects like heart inflammation that can lead to death.
“Why are our health authorities still pushing this vaccine if other countries are backing off?” Dowd asked.
Representatives from major U.S. health agencies, including the Centers for Disease Control and Prevention (CDC), were invited to the discussion but did not attend.
Josh Stirling, an insurance analyst, presented an analysis of data from the United Kingdom that concluded death rates were higher among the vaccinated as of May 2022.
Doctors Report Increase in Heart Inflammation Since Pandemic Started
Several vaccines have been linked to side effects such as myocarditis, a form of heart inflammation that can turn deadly.
Doctors testifying during the panel said they’ve seen an increase in patients with the inflammation.
“It’s been very high,” Dr. Reneta Moon, a clinical associate professor at the Washington State University College of Medicine.
Moon said she saw a handful of cases in her 20 years of practicing before the pandemic. The number has jumped since the pandemic started, she said.
Dr. Kirk Milhoan, a pediatrician based in Hawaii, said he’s also seen more cases.
Milhoan said that the research that’s emerged shows myocarditis and a related condition, pericarditis, are caused by the Moderna and Pfizer vaccines.
Moderna and Pfizer have not responded to requests for comment on heart inflammation.
The studies show that the spike protein, which the vaccines cause the body to make, is “cardiotoxic and cause the heart to be inflamed,” Milhoan said. “Let that sink in, the current public health plan is asking our own body to make a cardiotoxin.”
COVID-19 can also cause myocarditis, according to some studies, though other research has challenged that view.
Young People at Little Risk From COVID-19
Dr. Harvey Risch, a professor emeritus of epidemiology at the Yale School of Public Health, presented data from the CDC that show young people face little risk from COVID-19.
The share of infection among those aged 0 to 17 that led to death, for instance, was just 0.01 percent through September 2021, while the share was 0.05 percent among those 18 to 29.
“When you have such low or nonexistent mortality in these low age groups, the potential severe adverse effects of the vaccine will surmount the nonexistent mortality of these age groups and therefore, what we’ve been told, that everybody has to be vaccinated … had no reason to be there in the first place, because there was no mortality they were trying to prevent,” Risch said.
The share was much higher among older people. Among those 85 and older, for example, the share was 24.6 percent.
Because vaccines have little to no impact on transmission or infection, the only point of getting vaccinated is for treatment, but most young people “had no reason to choose that when mortality from infection is orders of magnitude is much less than from vaccination,” Risch said.
No Strong Trials
As the vaccines have performed worse and worse against infection, health officials say they should still be taken to protect against severe disease.
But McCullough, chief scientific officer of The Wellness Company, said that no randomized, double-blind, placebo-controlled trial has shown the vaccines reduce hospitalization or death.
Such trials, known as RCTs, are generally considered the highest form of evidence for a drug.
Both the emergency authorization and approval for the vaccines have been on the basis of preventing infection. In fact sheets, prospective recipients are told the vaccines “have been shown to prevent COVID-19.” There’s no mention of severe illness or death.
Read more here…
Sen Ron Johnson round table
Inbox
| Milan Sabioncello | Wed, Dec 7, 10:09 PM (9 hours ago) |  | |
| to me |
end
END
GLOBAL DEMAND/SSUPPLY ISSUES
A strong indicator that global demand is much weaker:
(Lau/ContainerNews)
Cosco Pulls China-Canada-US Express Service
WEDNESDAY, DEC 07, 2022 – 09:40 PM
By Martina Lu of Container-News
COSCO Shipping Lines has withdrawn its express China-Canada-US intermodal service that was launched in October 2021, as carriers continue to trim capacity to respond to falling demand.
Container News was informed that the CEN-EXPRESS service had its last sailing when the Xin Ying Kou arrived at Prince Rupert on 29 November.
The service used five 4,250 TEU ships to move containers from Qingdao and Shanghai in China to Prince Rupert in Canada, from where the containers were railed from DP World’s terminal in Prince Rupert port, via the Canadian National Railway, to Chicago in the United States.
The ships have since been redeployed to COSCO’s Pacific Northwest services.
At the time it was launched, CEN-EXPRESS was marketed as an alternative way for shippers to move boxes from China to the US West Coast; at the time, the lane was suffering unprecedented congestion due to Covid-19 restrictions. Since then, however, the situation has reversed, as global economic uncertainties and inflation affects consumption.
Freight rates have fallen to almost the low levels seen before the pandemic, and carriers have been blanking sailings as a result.
PAUL ALEXANDER
BOOM! Natural immunity wins again!! A win for Team Natural! Mioch et al.: “SARS-CoV-2 antibodies persist up to 12 months after natural infection in healthy employees working in non-medical contact-
-intensive professions”; SARS-CoV-2 antibodies persisted for up to one year after initial seropositivity, suggesting long-term natural immunity.
| DR. PAUL ALEXANDERDEC 7 |
Order via this LINK
Now to the study:
Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
SOURCE:
https://pubmed.ncbi.nlm.nih.gov/36436751/
Researchers sought to ‘evaluate dynamics of antibody levels following exposure to SARS-CoV-2 during 12 months in Dutch non-vaccinated hairdressers and hospitality staff.’
Aprospective cohort study design, ‘blood samples were collected every three months for one year, and analyzed using a qualitative total antibody ELISA and a quantitative IgG antibody ELISA.
Researchers found that 95of 497 participants (19.1%) ‘had ≥1 seropositive measurement before their last visit using the qualitative ELISA. Only 2.1% (2/95) seroreverted during follow-up. Of the 95 participants, 82 (86.3%) tested IgG seropositive in the quantitative ELISA too. IgG antibody levels significantly decreased in the first months (p<0.01), but remained detectable up to 12 months in all participants. Higher age (B, 10-years increment: 24.6, 95%CI: 5.7-43.5) and higher BMI (B, 5kg/m² increment: 40.0, 95%CI: 2.9-77.2) were significantly associated with a higher peak of antibody levels.’
These results indicate that ‘SARS-CoV-2 antibodies persisted for up to one year after initial seropositivity, suggesting long-term natural immunity.’
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).Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
end
Ka-BOOM! DeSantis & Ladapo for the WIN! “We are absolutely going to hold these vaccine manufacturers responsible for the adverse effects and harms of these vaccines, they lied!”; BOOM, BOOM, BOOM!
Our Florida study shows increased adverse activity from the shot, we want accountability!
| DR. PAUL ALEXANDERDEC 7 |
SOURCE:
VACCINE IMPACT//
“Long Social Distancing” is New Term to Explain Labor Shortages Since COVID-19 Vaccine Roll-OutsDecember 6, 2022 3:26 pm With the United States labor force declining for the third month in a row here at the end of 2022 and now nearly 3 years since COVID-19 started, the corporate media is getting desperate to explain this trend without considering the impact the experimental COVID-19 vaccines have had in causing deaths and disabilities in the U.S. labor force. Just as the CDC came up with the term “Long COVID” to explain lingering disabilities and injuries that are putting pressure on the medical system and insurance industry, now economists have come up with a similar term: “Long Social Distancing.” “Long Social Distancing” is allegedly costing the U.S. economy “$250 billion” and is described as “people’s unwillingness to be in close proximity to each.” You can’t make this stuff up folks! It is unbelievable the lengths they will go to in order NOT to discuss the impacts the COVID vaccines have had on the labor force. How long can the corporate media and the U.S. Government continue to play this game, before a critical mass of the population wakes up and figures out they’ve been deceived and that the vaccines are killing and maiming people? Those remaining in the workforce are enduring difficult work conditions with less pay due to inflation, and major labor unrest is brewing all across the globe. As we previously reported, the U.S. Government has now forced the railroad unions to accept a new labor contract they are not happy with, which seriously threatens the U.S. economy. We have also previously reported that the U.S. medical system lost 334,000 employees in 2021, and is still bleeding labor losses in 2022. In the UK, the government has put hundreds of soldiers on stand-by to cover for ambulance crews, firefighters, and Border Force staff as a wave of strikes are reportedly set to disrupt crucial public services in the run-up to Christmas.Read More…Study: Virgin Coconut Oil Protects Neuronal Damage and Mortality after a Stroke IncidenceDecember 6, 2022 6:19 pm Researchers from Japan and the Philippines have just published a new study conducted on “stroke-prone” hypertensive rats that indicate Virgin Coconut Oil can help prevent neuronal damage and deaths due to strokes. Given the fact that we have seen an astounding 100,000% increase in strokes recorded in VAERS (Vaccine Adverse Events Reporting System) following COVID-19 vaccines, this is good news for those seeking to minimize or reverse the effects of COVID-19 vaccines.Read More… |
.VACCINE INJURIES
Florida Wants To Hold mRNA Vaccine Makers Accountable
But what can be done?
| DR PANDADEC 7 |
Over the weekend Governor of Florida, Ron DeSantis, said he wants to hold vaccine manufacturers accountable for mRNA vaccines.
“We are going to work to hold these manufacturers accountable for this mRNA because they said there was no side effects and we know that there have been a lot.”
“We are going to work to hold these [vaccine] manufacturers accountable for this mRNA because they said there was no side effects and we know that there have been a lot.” @GovRonDeSantis tinyurl.com/bfryefjt
Governor DeSantis continued to say:
“We did a study in Florida and we saw an 86 percent increase in cardiac-related activity in people ages 18 to 39 from mRNA shots and so we’re going to be doing some stuff to bring accountability there.”
The study he was (likely) referring to was an analysis from the Florida Department of Health from October. They foundan 84% increase in the incidence of cardiac-related deaths in males 18-39 within 28 days following mRNA vaccination.
Joseph A. Ladapo, MD, PhD @FLSurgeonGen
Today, we released an analysis on COVID-19 mRNA vaccines the public needs to be aware of. This analysis showed an increased risk of cardiac-related death among men 18-39. FL will not be silent on the truth. Guidance: bit.ly/3ClKF5f Press Release:
bit.lyState Surgeon General Dr. Joseph A. Ladapo Issues New mRNA COVID-19 Vaccine Guidance10:40 PM ∙ Oct 7, 2022
end
SLAY NEWS
| The latest reports from Slay News |
| New Study Links Sudden Death Cases to Covid ShotsA new study into autopsies in Germany has identified a link between cases of sudden and unexpected deaths and Covid shots, according to reports.READ MORE |
MICHAEL EVERY/RABOBANK
Michael Every on the day’s most important events:
Power To The People… Just Not Yet
THURSDAY, DEC 08, 2022 – 10:45 AM
By Stefan Koopman, Senior Macro Strategist at Rabobank
Inflation at multi-decade highs in many developed economies has made the politics of inflation highly contentious. Who is to blame? What can be done? Who shoulders the burden? Let’s have a closer look at the United Kingdom, a country at the forefront of this struggle.
Financial markets, policy makers, and the business community in general often express concerns about inflation through stories about tight labour markets, highlighting the large number of unfilled vacancies compared to unemployed individuals looking for work, recruitment difficulties, and high churn rates. In the UK, the US, and even in the Eurozone, the labor market is generally described as too tight. This means that there is a concern that everyday workers have too many options, that it will be difficult to reverse nominal wage pressures, and that levers need to be pulled to break the cycle.
This is all based on the long-standing, but recently resuscitated, theory that you’ve got to reduce worker security if you want to fight inflation. The ‘Phillips curve’ is a more polite or technocratic way of saying that “we, the ruling class, need to have you, the working class, making less money and having fewer employment options, so that we can secure the value of *our* claims on *your* future work”. Central bank efforts to reduce demand in the face of a series of supply shocks is a reflection of this agenda – one that sees higher unemployment as an explicit aid in disciplining the workforce, even before real wages and living standards have had a chance to recover.
Inflation is a complex phenomenon influenced by economic, political, and social factors, making it difficult to forecast with any precision. Economists have aptly shown this. However, the big picture is that inflation is about the balance of power between those who set prices and those who take prices. The wage, which is the price workers set to perform jobs for businesses, is just one part of the inflation equation. The benign view of this narrow policy focus on wages as a driver of inflation is that the labor market is simply one of the easier levers to pull. A more confrontational view is that there is no real desire to look for other levers. Since monetary policy is now being used explicitly to reduce demand, the central bank finds itself on one side of the current class struggle. (Oh, sweet irony.)
That leaves us with a paradox. If we accept that Keynes’ ideas on demand management have some validity and that changes in monetary-fiscal policy settings can create booms or engineer busts, why would corporations want avoidable recessions, if these damage the short-term bottom line? In comes Kalecki, the Polish economist who posited that when policy makers set policy for a booming economy with high job security, strong wages and low unemployment, they also choose to transfer power from corporations to regular workers. His prediction was, therefore, that corporations would hate the idea of a continuously ‘hot’ economy, simply because it undermines their own power in society. Consequently, they are lobbying to prevent that, and off we go, from boom to bust to boom. Of course, Schumpeterians challenge Kalecki that this process of ‘creative destruction’ is actually what brings us more progress in the long term!
Other than the implicit threat to quit and take a job elsewhere, workers have a second source of power: unionization and (coordinated) strike action. In the 19th and early 20th century, unions played a major role in the fight for better working conditions, higher wages, and other labour rights. In 1926, the United Kingdom had its first and last general strike, when 1.5 million workers in the coal, rail, and transport industries withheld their labor for nine days. Almost a century later, hundreds of thousands of postal and rail workers, NHS staff and civil servants could again be on the picket lines. The UK now faces a winter of strikes, with potentially millions of working days lost in the months ahead.
Success of coordinated strike action in the 21st century is far from guaranteed. A series of changes to the country’s trade union laws in the 1980s and 1990s were aimed at reducing the power of trade unions, making it harder for them to disrupt the economy through industrial action. Even though there appears widespread support from the general public, factors such as globalization, labor market liberalization, technological changes and a decline in unionization have made the workforce much more atomized and diverse.
Earlier this year, Bank of England Governor Bailey already told workers they should not ask for a big pay raise. This week, Conservative party chairman Zahawi suggested that nurses should drop pay demands in order to ‘send a message to Mr Putin’ and hinted the government might use the military as de facto strikebreakers. Meanwhile prime minister Sunak is under pressure from his MPs to accelerate new anti-strike laws. The class struggle will only deepen once the effects of the recession kick in.
The government’s claim that it lacks the funds to increase public sector pay to compensate for lost purchasing power is based on a flawed understanding of economics and uses the recent budget failure as a convenient excuse. It could fund the pay increases through higher taxes elsewhere, such as on wealth or non-productive assets if it desired so. Alternatively, it could choose to pay workers more but have a smaller workforce. It could even temporarily borrow more and accept the potential inflationary impact. Instead, it aims to squeeze public sector workers, trying to get more work done for less, or else hope (in vain!) to politically benefit from the societal conflicts the ongoing strikes will cause.
The next couple of months are therefore going to be crucial for GBP interest rates. If public sector workers are able to secure significant pay increases that make up for the past decade of stagnant wages, higher wage growth could sustain higher (core) inflation readings for an extended period of time. In that case, the Bank of England may need to raise rates well beyond the 3.50% to 4.00% level it signalled in last month’s press conference. On the other hand, if the recession hits hard and fast, as the central bank warns, a weaker labor market and increased job insecurity will keep pay, wages, and rates in check.
END
7.OIL ISSUES/USA AND THE WORLD/NATURAL GAS/DIESEL ETC
The Russian Oil Price Cap Isn’t As Simple As It Seems
THURSDAY, DEC 08, 2022 – 10:05 AM
Authored by Tsvetana Paraskova via OilPrice.com,
- While a $60-per-barrel oil price cap may sound straightforward, implementing it in what is a complex market could get very messy.
- Physical oil is nearly never traded at fixed prices, instead being sold at a premium or discount to the forward prices of major benchmarks.
- Traders are now worried they might inadvertently violate the cap while banks are increasingly worried about the high compliance risk.
The $ 60-per-barrel price cap on Russian crude oil, which came into effect on Monday, looks pretty straightforward. Buyers paying $60 or less per barrel of Russia’s crude will have full access to all EU and G7 insurance and financing services associated with transporting Russian crude to non-EU countries.
However, the physical oil market doesn’t usually see trades with fixed prices of crude – oil is being sold at a price premium or discount against the forward prices of the major international benchmarks such as Brent or the Oman/Dubai average.
So, the price cap is much more complicated than a straightforward $60 per barrel ceiling.
As a result, traders of physical oil cargoes are confused by the price cap on Russian crude, wondering how a fixed price would work in a market that trades oil on a forward floating basis against international benchmarks. Physical oil traders, those who are willing to trade crude in compliance with the price cap, are also concerned that they could end up inadvertently violating the cap if, for example, the price of Russia’s flagship grade, Urals, with a discount to Brent, is higher than $60 per barrel weeks after the oil trade has been made.
In such cases, traders would be stuck with above-$60 Russian crude that violates the price cap and would significantly limit access to EU/G7 tankers and maritime transportation services such as insurance and financing, oil traders tell Bloomberg. This could complicate the physical handling of Russian crude oil cargoes and hedging, they say.
“Physical traders rarely trade on a fixed price,” John Driscoll, chief strategist at JTD Energy Services Pte Ltd, told Bloomberg.
“It’s a much more complex space where they trade on formulas and spot differentials to a benchmark crude for the trading of actual cargoes as well as for hedging that follows,” said Driscoll, who has more than 30 years of trading oil in Singapore.
The price cap is not set in stone – it “is fixed for now but adjustable over time,” the EU said last week.
A price revision would “take into account a variety of factors, which can include the effectiveness of the measure, its implementation, international adherence and alignment, the potential impact on coalition members and partners, and market developments,” the EU says.
Even within the price cap, banks are generally wary of providing financing, industry officials told Global Trade Review this week. Banks are concerned by the high compliance risk and fear they will have to increase scrutiny and due diligence to avoid being caught in a trade or deceptive shipping practices.
Adding further confusion for physical oil traders is Russia’s position on the matter. Moscow says it will not trade its oil with countries that have joined the price cap.
The EU says that “With the price cap, there are clear incentives for Russia, oil importing countries and market participants to maintain the flow of Russian oil. This will achieve both objectives at the same time.”
But Russia says the price cap artificially limits prices—a mechanism Moscow will not accept.
By the end of this year, Russia expects to have legislation prepared that will ban Russian companies from selling oil to countries part of the Price Cap Coalition, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday.
Russia is also preparing a response to the EU embargo and the price cap, Kremlin spokesman Dmitry Peskov said on Monday.
“One thing is obvious – we will not recognize any price caps,” Peskov added.
There are signs on the market that Russia and less scrupulous tanker owners have been amassing a large ‘dark fleet’ of tankers to ship Russian crude outside the price cap and any EU/G7 insurance and financing provisions. The tankers may not be enough to ship all the Russian oil previously sold in Europe, and Russia could struggle to place all its previously Europe-bound oil to other markets, such as its now biggest customers, China, India, and Turkey, analysts say.
8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.
8. EMERGING MARKETS
Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY morning 7:30 AM
EURO VS USA DOLLAR: DOWN .0008 AT 1.0504
USA/ YEN 136.84 UP 0.458/NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//
GBP/USA 1.2156 DOWN 0.0054
Last night Shanghai COMPOSITE CLOSED DOWN 2.27 PTS OR 0.07%
Hang Sang CLOSED UP 635.41 POINTS OR 3.38%
AUSTRALIA CLOSED DOWN 0.72% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SANG CLOSED UP 635.41 PTS OR 3.38%
/SHANGHAI CLOSED DOWN 2.27 PTS OR 0.07%
AUSTRALIA BOURSE CLOSED DOWN 0.72%
(Nikkei (Japan) CLOSED DOWN 111.97 OR 0.40%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1784.30
silver:$22.73
USA dollar index early THURSDAY morning: 105.27 UP.22 POINTS from WEDNESDAY’s close.
THURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 00 PM
Portuguese 10 year bond yield: 2729% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +0.249% UP 0 AND 50 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 2.82%// DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.688 down 1 points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: FALLS TO +1.821% DOWN 1 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0543 UP .0051 or 51 basis points//
USA/Japan: 136.43 UP 0.055 OR YEN UP 55 basis points/
Great Britain/USA 1.2236 UP .0026 OR 26 BASIS POINTS //
Canadian dollar UP .0069 OR 69 BASIS pts to 1.3583
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The USA/Yuan, CNY: closed ON SHORE (CLOSED ..UP) AT 6.9678
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 7.9628
TURKISH LIRA: 18.64 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.249
Your closing 10 yr US bond yield UP 6 IN basis points from WEDNESDAY at 3.436% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.436 UP 2 in basis points
Your closing USA dollar index, 104.75 DOWN .30 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 THURSDAY: 12:00 PM
London: CLOSED DOWN 9.54 PTS OR 0.13%
German Dax : CLOSED UP 9.08 POINTS OR 0.06%
Paris CAC CLOSED DOWN 12.65 PTS OR 0.10%
Spain IBEX CLOSED DOWN 57/30 OR 0.69%
Italian MIB: CLOSED DOWN 13.65 PTS OR 0.06%
WTI Oil price 71.78 12: EST
Brent Oil: 76.95 12:00 EST
USA /RUSSIAN /// DOWN TO: 62,27/ ROUBLE UP 0 AND 2/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +1.812
UK 10 YR YIELD: 3.1165 UP 2 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0559 UP .0047 OR 47 BASIS POINTS
British Pound: 1.2238 UP .0029 or 29 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.1165%
USA dollar vs Japanese Yen: 136.66 UP .278/YEN DOWN 28 BASIS PTS//
USA dollar vs Canadian dollar: 1.36.66 DOWN 0.00278 (CDN dollar, UP 28 basis pts)
West Texas intermediate oil: 71.53
Brent OIL: 75.89
USA 10 yr bond yield UP 8 BASIS pts to 3.489%
USA 30 yr bond yield UP 3 BASIS PTS to 3.448%
USA dollar index:104.76 DOWN 30 POINTS
USA DOLLAR VS TURKISH LIRA: 18.64
USA DOLLAR VS RUSSIA//// ROUBLE: 62.77 UP 0 AND 2/100 ROUBLES
DOW JONES INDUSTRIAL AVERAGE: UP 183.56 PTS OR 0.55%
NASDAQ 100 UP 140.10 PTS OR 1.22%
VOLATILITY INDEX: 22.30DOWN 0.38PTS (1.68)%
GLD: $166.47 UP 0.14 OR 0.08%
SLV/ $21.21 UP $0.29 OR 1.39%
end)
USA trading day in Graph Form
Crude Crushed As Jobs Data Signals Imminent US Recession
BY TYLER DURDEN
THURSDAY, DEC 08, 2022 – 04:00 PM
Another relatively quiet day for macro news but enough to spook some traders as continuing claims data jumped to 10-month highs, with every single state seeing a rise (something that hasn’t happened since the peak of the COVID lockdowns)
Additionally, as Bloomberg notes, claims data are pointing to a recession as continuing claims are above their one-year low by a margin that has always preceded a slump. But initial claims are also on the threshold of signalling a recession as the percentage of US states with their initial claims worsening significantly is rising fast, i.e. the slowdown is becoming pervasive.
Source: Bloomberg
As Simon White pointed out, this measure is like a Geiger counter for recessions. It also captures the precipitate nature of their onset. Economies do not go smoothly from a non-recessionary to a recessionary state, they do so abruptly. In the chart above, once the percentage of states with rising claims goes through 20%, it often goes to 50%, and then a recession is, historically speaking, all but guaranteed.
Something stocks are definitely not anticipating… stocks made some gains on the day (despite dropping on MSFT/ATVI headlines), and interestingly, bond yields were higher on the day (not exactly a sign of growth fears) even though the curve flattened (inverted deeper), and Fed rate-trajectory expectations shifted modestly more hawkish (not what you’d expect amid recession anxiety)…
Source: Bloomberg
Treasury yields rose across the curve today with the belly underperforming (5Y +9bps, 30Y +2bps). The entire curve remains lower in yield since Powell’s speech still with the long-end the string outperformer…
Source: Bloomberg
Which flattened the yield curve deeper into inversion territory (recessionary signals growing)…
Source: Bloomberg
All of the US major equity markets closed higher on the day with Nasdaq outperforming. Stocks dumped at the cash open but were immediately ramped higher into the EU Close. They fell again into 1430ET (margin call time) before rallying in the last hour… and fading in the last 20 mins. The S&P 500 closed higher for the first time in six days…
The dollar drifted lower for the second day in a row (but is still up on the week)…
Source: Bloomberg
Bitcoin jumped back above $17,000…
Source: Bloomberg
There was one asset-class that ‘behaved’ in accordance with the recession-threatening jobs data – crude crashed despite ripping higher early on after the Keystone pipeline was shutdown due to a leak (halting flows up to 600,000 b/d)…
Gold ramped back above $1800 overnight and clung to that level for the rest of the day…
Finally, Bloomberg notes that concerns over a global recession may be rekindling haven demand, with gold starting to rise against crude oil, which has stalled on the possibility that demand will weaken as economies waver.
The gold-to-crude ratio could favor bullion in 2023, particularly if the global economy continues to deteriorate and central banks ditch campaigns to tighten monetary policy, Mike McGlone, a senior macro strategist at Bloomberg Intelligence, said in a note Wednesday.
EARLY MORNING TRADING
end
EARLY AFTERNOON TRADING
ii) USA DATA
Continuing jobless claims surge to 10 month highs
(zerohedge)
Continuing Jobless Claims Surge To 10-Month Highs
THURSDAY, DEC 08, 2022 – 08:36 AM
The number of Americans filing for jobless claims for the first rose to 230k last week (higher than the 226k the prior week) but it is the ongoing rise in continuing jobless claims that should be a worry for Americans (and ‘cheer’ for The Fed?).
On a non-adjusted basis, initial jobless claims surged to the highest since January…
Notably, not one state saw claims drop (on an NSA basis) last week…
1.671 million Americans are filing for jobless claims on a continuing basis – the most since February…
Source: Bloomberg
This is the largest rise in continuing claims since the peak of the COVID lockdowns in June 2020.
So the labor is still “tight”?
The 10 straight weeks of increasing continuing claims suggests that Americans who are losing their job are having more trouble finding a new one.
Perhaps the Establishment survey is completely decoupled from reality…
Source: Bloomberg
With claims and the household survey both signaling weakness in American jobs… ‘great news’ for The Fed?!
..
III) USA ECONOMIC STORIES.
Philly Or Fallujah? Gas Station Owners Hire Militarized Security, City Imposes Curfew
WEDNESDAY, DEC 07, 2022 – 10:40 PM
It’s no secret Philadelphia is a dangerous city.
In 2019, the murder rate was 22.47 per 100,000 residents according to FBI data, with 331 homicides that year. Fast forward three years, and there have been 480 murders year-to-date.
Most affected are black males between the age of 18 and 45.
According to city statistics released in September, overall shootings have increased by 3% over last year, while violent crime is up 7%. Robberies involving guns are up 60%, while rapes are down more than 25%. Property crimes are up over 30%. Businesses getting hit particularly hard – with commercial burglaries up a staggering 50%, according to Axios Philadelphia. What’s more, the city’s drug crisis is spiraling further out of control with a new drug called “Tranq” – an anesthetic and pain reliever used to treat horses and cattle, and which turns people into zombies.
Crime is so out of control that the Philadelphia City Council recently approved a 10 p.m. curfew for anyone under the age of 18 – making a temporary summertime law permanent.
To combat the crime wave, Philadelphia gas station owners have turned to hiring heavily armed guards.
“They are forcing us to hire the security, high-level security, state level,” said Karco gas station owner, Neil Patel, who has recruited Kevlar-clad S.I.T.E. agents packing AR-15s or shotguns. “We are tired of this nonsense; robbery, drug trafficking, hanging around, gangs,” Fox5 reports.
The final straw for Patel after his business was reportedly vandalized by young people who stole an ATM machine. His car has also been a casualty of crime, according to the report.
“We wear Kevlar, we are trained, my guards go to training every other week, they’re proficient with [their guns] and with their taser, they know the law,” said police chief Andre Boyer.
A realtime online poll on Fox5‘s website reveals that 93% say they feel safer with guards who have AR-15s at gas stations:
When asked about residents who are concerned over the gun-toting guards, Patel said: “I listen to them, but according to some people, violent people, they carry the guns, they’re not afraid of them? This is the protection for the neighborhood and the customers.”
end
USA ECONOMIC ISSUES// SUPPLY ISSUES
Another indicator to show the economy is faltering badly: transportation prices see their sharpest rate of contraction
(zerohedge)
Transportation Prices See “Sharpest Rate Of Contraction” In November
THURSDAY, DEC 08, 2022 – 08:52 AM
By Todd Maiden of FreightWaves.com
Transportation capacity continued to grow at a high rate during November with prices falling at the fastest rate on record, according to a monthly survey of supply chain executives released Tuesday.
The Logistics Managers’ Index (LMI) displayed a capacity reading of 71.4 in November, 1.7 percentage points lower than the all-time high established in October. The 12-month forward-looking expectation for the subindex is 65.7.
A reading above 50 indicates expansion while one below that indicates contraction.
A new low for the transportation prices subindex was set during the month. A 37.4 reading was 4.8 points lower than October and “the sharpest rate of contraction we have read in the history of the LMI,” the report said. Contraction was more pronounced among downstream respondents, or those in the supply chain that are closer to the end consumer. That group returned a 28.1 reading.
Expectations for prices one year from now stood at 42.1 as “the transportation market continues to fall from the dizzying heights that had become the norm during 2021.”
Transportation utilization was down 2.8 points to a neutral reading of 50. Responses captured in the second half of November were “slightly more negative,” meaning utilization “may be seeing the beginning of a contraction period” after expanding every month since May 2020.
The overall LMI stood at 53.6 in November, 3.9 points lower sequentially and the second-lowest level captured in the data set’s six-year history. The all-time low was recorded in April 2020 during the height of pandemic-related lockdowns.
FreightWaves’ National Truckload Index, a measure of TL spot rates, remains well off all-time highs established earlier in the year. However, spot rates are potentially bottoming, up nearly 10% from mid-November lows.
Inventories normalizing further?
Inventory growth rates throughout the supply chain slowed significantly during the month. After average readings of 69.6 this year, 62.7 in 2021 and 58.4 in 2020, the subindex fell 10.7 points to 54.8 in November, with respondents at the wholesale level seeing slower growth.
“Inventory levels have decreased significantly, particularly for upstream respondents,” the report said. “This is likely indicative of goods being positioned downstream for the holiday season and, more importantly for supply chains, being purchased by consumers.”
The inventory levels subindex was neutral at 50 in the back half of November, which “suggests that many firms have successfully threaded the needle and worked through the bulk of the goods that have plagued them through the year.”
The report cautioned that when the inventories subindex falls significantly, there is usually an increase in the following period. “So, there is a chance the inventory level index will bounce back up somewhat, post-holiday,” according to the report.
The forward-looking expectation for inventory levels was 47.2.
“The bullwhip effect was probably inevitable, given the sharp oscillations in supply and demand experienced over the last few years,” the report read. “The key now will be to observe whether supply chains have finally now right-sized their inventories, or if they have overcorrected back into a mild shortage.”
Inventory costs (73.4) continued to grow but at a rate 7.5 points lower than in October as warehousing prices (74.4) remained firmly in expansion territory. Higher warehousing costs were driven by contracting capacity (46.8) and growing utilization rates (56.8).
“It will be crucial to observe whether or not transportation metrics begin to bounce back at all in the new year, once the glut of inventory has been wound down further,” the report said.
The LMI is a collaboration among Arizona State University, Colorado State University, Rochester Institute of Technology, Rutgers University and the University of Nevada, Reno, conducted in conjunction with the Council of Supply Chain Management Professionals.
SWAMP STORIES
end
end
KING REPORT
| The King Report December 7, 2022 Issue 6802 | Independent View of the News |
| Tech Stocks Drive Selloff as Bank CEOS Sound Alarm A slide in tech giants like Apple Inc. and Tesla Inc. weighed heavily on the market, with the S&P 500 falling for a fourth straight session. Meta Platforms Inc. tumbled 6% on a report the European Union is targeting the Facebook owner’s ad model. The dollar saw a back-to-back advance, while oil tumbled. Goldman Sachs Group Inc.’s David Solomon warned about pay and job cuts amid an uncertain outlook, citing “some bumpy times ahead.” Bank of America Corp. is slowing hiring as fewer employees leave ahead of a possible economic contraction, chief Brian Moynihan said. JPMorgan Chase & Co.’s Jamie Dimon told CNBC a “mild to hard recession” may hit next year… https://www.yahoo.com/now/asian-stocks-set-decline-amid-223544334.html Jamie Dimon says inflation eroding consumer wealth may cause recession next year “Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime midyear next year,” Dimon said. “When you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about.”… https://www.cnbc.com/2022/12/06/jamie-dimon-says-inflation-eroding-consumer-wealth-may-cause-recession-next-year.html Apple Scales Back Self-Driving Care and Delays Debut Until 2026 https://www.reuters.com/business/autos-transportation/apple-scale-back-self-driving-car-ambitions-delay-car-launch-2026-bloomberg-news-2022-12-06/ WSJ: Meta’s Targeted Ad Model Faces Restrictions in Europe EU privacy regulators say Facebook and Instagram shouldn’t use their terms of service to require users to accept ads based on their digital activity… a ruling that could limit the data that Meta can access to sell such ads… https://www.wsj.com/articles/metas-targeted-ad-model-faces-restrictions-in-europe-11670335772 US, EU Weigh Climate-Based Tariffs on Chinese Steel and AluminumUS officials to propose tariff levels for polluting countriesNew framework designed to address carbon output, overcapacityChina, which produces more than half of the world’s steel, is accused by the EU and United States of creating over-capacity that is threatening the survival of their own steel industries… https://www.reuters.com/markets/commodities/us-eu-weigh-climate-based-tariffs-chinese-steel-aluminum-bloomberg-news-2022-12-05/ ESZs traded sideways, mostly in positive territory from the Asian open on Tuesday until they broke down ten minutes after the NYSE open. The decline stalled 14 minutes before the European close. The rally for the European close was very modest. ESZs and stocks then went inert until they slid to new lows just before the afternoon arrived. A bottom appeared at 13:33 ET; ESZs hit 3931.25, -72.25 for the day. After a 10-handle ESZ rally, ESZs declined anew at 13:49 ET. ESZs and stocks made new lows. Bonds soared; USZs hit +1 12/32. ESZs hit a new daily low just before the usual pre-last hour rally commenced near 14:40 ET. ESZs and stocks had an A-B-C rally into the close. USZs hit +1 21/32 at 15:01 ET. Positive aspects of previous session Bonds soared Commodities declined (but on recession angst) Negative aspects of previous session Stocks got slammed while bonds rallied on recession angst Since the explosive rally on Nov 30, the S&P 500 Index has declined in 4 straight sessions Ambiguous aspects of previous session What will the usual suspects use now to ignite bullish urges for equities? 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]: 3953.72 Previous session High/Low: 4001.51; 3918.39 Walmart CEO says company may hike prices, close stores if wave of shoplifting continues Lack of prosecution of shoplifters could drive business decisions, executive claims. https://justthenews.com/nation/crime/walmart-ceo-says-company-may-hike-prices-close-stores-if-wave-shoplifting-continues Fauci doesn’t remember that study he based hydroxychloroquine COVID treatment claims on was retracted – Fauci also didn’t remember one study being retracted that said the drug was dangerous https://www.foxnews.com/politics/fauci-doesnt-remember-that-study-based-hydroxychloroquine-covid-treatment-claims-retracted Today – In yesterday’s missive we stated: If equities decline decisively today, fear will mount that the robust rallies in stocks and bonds were fools’ gold and manic short covering. Astute traders realize that the S&P 500 Index closed modestly above its 200-day moving average on Wednesday, Thursday, and Friday but tumbled back below it yesterday. Another significant decline will induce fear that the 2022 rebound rally is over. After 4 consecutive declines for the S&P 500 Index, traders will play for a rebound rally. A key for today will be the presence or absence of defensive asset allocators. Yesterday, there was obvious bond buying and stock selling. ESZs are +2.00 at 20:10 ET. Expected econ data: Q3 Nonfarm Productivity 0.6%, Unit Labor Costs 3.1%; Oct Consumer Credit $28B S&P 500 Index 50-day MA: 3824; 100-day MA: 3929; 150-day MA: 3932; 200-day MA: 4042 DJIA 50-day MA: 31,938; 100-day MA: 32,030 150-day MA: 31,919; 200-day MA: 32,455 S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4529.70 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3719.90 triggers a sell signal Daily: Trender and MACD are positive – a close below 3922.22 triggers a sell signal Hourly: Trender and MACD are negative – a close above 3978.04 triggers a buy signal Trump advisers miffed by ‘ho-hum’ start to his 2024 campaign: report https://trib.al/3XTEpTE Empire Stakes: 2024 Presidential Election Odds DeSantis +225, Biden +350, Trump +400, Newsome +1600, Harris +2000 https://www.empirestakes.com/ny-sports-betting/presidential-election-odds Jury finds Trump Organization guilty of tax fraud on all counts The company was convicted of providing untaxed perks to some executives. https://abcnews.go.com/US/verdict-reached-trump-organizations-criminal-tax-fraud-trial/ @greg_price11: The Trump org was just convicted in a Manhattan jury of tax fraud and falsifying business records in which Trump himself was never implicated and the maximum penalty of which is a $1.62 million fine. That’s the best they could do after investigating the man for half a decade. Turley: Six Degrees from James Baker: A Familiar Figure Reemerges With the Release of the Twitter Files – Baker has been featured repeatedly in the Russian investigations… including the hoax involving the Russian Alfa Bank… After leaving the FBI, Twitter seemed eager to hire Baker as deputy general counsel… Baker quickly jumped in to support the censorship and said that “it’s reasonable for us to assume that they may have been [hacked] and that caution is warranted.”… https://jonathanturley.org/2022/12/04/six-degrees-from-james-baker-a-familiar-figure-reemerges-with-the-release-of-the-twitter-files/ @elonmusk: In light of concerns about Baker’s possible role in suppression of information important to the public dialogue, he was exited from Twitter today. @mtaibbi: On Friday, the first installment of the Twitter files was published here. We expected to publish more over the weekend. Many wondered why there was a delay. We can now tell you part of the reason why. On Tuesday, Twitter Deputy General Counsel (and ex-FBI General Counsel) Jim Baker was fired. Among the reasons? Vetting the first batch of “Twitter Files” – without knowledge of new management. Over the weekend, while we both dealt with obstacles to new searches, it was @BariWeiss who discovered that the person in charge of releasing the files was someone named Jim. When she called to ask “Jim’s” last name, the answer came back: “Jim Baker.”… The news that Baker was reviewing the “Twitter files” surprised everyone involved, to say the least… Reporters resumed searches through Twitter Files material – a lot of it – today. The next installment of “The Twitter Files” will appear @bariweiss. Stay tuned. @JackPosobiec: James Baker intercepted the Twitter Files before they could get to Taibbi and scrubbed references to the FBI @greg_price11: Biden: “It will construct a second lab in Phoenix to build chips, three nanochips, three nanochip, chips that are three nano anyway you know what I’m saying. Nano Nono, I don’t know.” https://twitter.com/greg_price11/status/1600240646240882688 Harmeet K. Dhillon @pnjaban: I called a fellow RNC member about my campaign for Chair; she supports status quo. I shared concerns I’d heard from large & small donors about the party’s direction … Response: “Guess what Harmeet, donors don’t get to vote on this!” This attitude must change. Victor Davis Hanson: How Corrupt Is a Corrupt Media? The current “media”—loosely defined as the old major newspapers like the New York Times and Washington Post, the network news channels, MSNBC and CNN, PBS and NPR, the online news aggregators like Google, Apple, and Yahoo, and the social media giants like the old Twitter and Facebook—are corrupt. They have adopted in their news coverage a utilitarian view that noble progressive ends justify almost any unethical means to obtain them. The media is unapologetically fused with the Democratic Party, the bicoastal liberal elite, and the progressive agenda. The result is that the public cannot trust that the news it hears or reads is either accurate or true. The news as presented by these outlets has been carefully filtered to suppress narratives deemed inconvenient or antithetical to the political objectives of these entities, while inflating themes deemed useful… In sum, there is no media. It has ceased to exist, and the public plods on by assuming as true whatever the Pravda-like news outlets suppress and as false whatever they cover. https://amgreatness.com/2022/12/04/how-corrupt-is-a-corrupt-media/ dec 8// The King Report December 8, 2022 Issue 6903Independent View of the NewsCEO optimism plunges to two-year low as US economy teeters on brink of recession Plans for hiring among Wall Street CEOs tumbles amid recession fears The Business Roundtable said this week its CEO Economic Outlook Index plunged 11 points during the fourth quarter to the lowest level in more than two years. Still, at 73, the index remains above the expansion or contraction threshold of 50… https://t.co/sG4GiCbbhL Consumers’ caution around holiday spending is the highest since 2013, CNBC survey shows 41% saying they plan to spend less this year than last… https://www.cnbc.com/2022/12/07/consumers-caution-around-holiday-spending-is-the-highest-since-2013-cnbc-survey-shows.html Bonds Surge as Recession Worry Keeps Lid on StocksCathie Wood says bonds show Fed is making ‘serious mistake’Mortgage rates slide a fourth week, longest stretch since 2019Traders also weighed comments from President Vladimir Putin, who stopped short of pledging not to use nuclear weapons first in a conflict, saying Russia’s arsenal is a “deterrent factor” in conflicts. Warning that the threat of nuclear war in the world is rising, Putin reiterated that Russia will defend itself and its allies “with all means if necessary.”… https://www.bloomberg.com/news/articles/2022-12-06/asian-stocks-poised-to-follow-us-shares-lower-markets-wrap When bonds were sinking, and yields were rising, ‘star’ bond managers proclaimed that the market is telling the Fed that it is making a mistake by hiking rates so fast. Now, Cathy Woods claims that the current rabid bond rally (yields tumbling) is a sign that the Fed has made a mistake by tightening. Cathie Wood Warns Fed Has Made ‘Serious Mistake’ As Yield Curve Inversion Steepens “Deflation is a much bigger risk than inflation,” Wood said, arguing that healing supply chains and tumbling oil prices suggest the Fed has done enough to tame rising prices and pointing to the negative inflation that led to the Great Depression as evidence of the potential risk… https://www.msn.com/en-us/money/markets/cathie-wood-warns-fed-has-made-serious-mistake-as-yield-curve-inversion-steepens-here-s-why-some-experts-disagree/ar-AA151cOe Putin says risk of nuclear war is ‘rising’ but insists Moscow has not ‘gone mad’ in televised meeting with officials who were warned ‘not to upset him’ with tough questions about the war in Ukraine https://www.dailymail.co.uk/news/article-11513125/Putin-says-risk-nuclear-war-rising-insists-Moscow-not-gone-mad-TV-meeting.html Freefalling China, Taiwan Exports Scream Global Recession In November China’s exports contracted by 8.7% Y/Y, significantly below consensus expectations of -3.9% and a huge deterioration to the 0.4% drop in October; the implied sequential export growth dropped to -6.5% M/M non-annualized in November (vs. -3.8% in October). At the same time, imports fell by 10.6% Y/Y, also missing consensus of -7.1%, and also far worse than the -0.7% Y/Y drop in October. Sequentially, imports fell -1.1% M/M in November vs. -3.4% in October. In other words, exports and imports both contracted at steeper paces in November – and absent the covid crash in early 2020, the fastest pace since 2016 – as external demand weakened and a worsening Covid outbreak disrupted production and cut demand at home… https://www.zerohedge.com/markets/freefalling-china-taiwan-exports-scream-global-recession If the stock market is so omniscient, why didn’t it see recession last week or last month? Why now? TSMC founder Morris Chang says globalization ‘almost dead’ The father of Taiwan’s chip industry said geopolitics have drastically changed the situation facing semiconductor makers and warned that “globalization and free trade are almost dead,” and unlikely to come back… Morris Chang, founder of Taiwan Semiconductor Manufacturing Co., was speaking at an event in Phoenix, Arizona, on Tuesday where the company marked the symbolic first equipment installation at its new plant. It is TSMC’s first advanced chip plant in the U.S. in more than two decades, and Chang said a lot of “hard work” remained to make it a success… Washington’s crackdown on Beijing’s chip ambitions, seen most recently in new restrictions rolled out in October, have made it increasingly difficult for companies like TSMC to serve clients in China… https://asia.nikkei.com/Business/Tech/Semiconductors/TSMC-founder-Morris-Chang-says-globalization-almost-dead?s=02 China’s debt ratio hits record high at 3 times GDP Weak economy and infrastructure spending drive up borrowing Credit to the nonfinancial sector came to $51.87 trillion, or 295% of gross domestic product, to mark the highest debt-to-GDP ratio in data going back to 1995, in statistics released Monday by the Bank for International Settlements. The percentage topped the previous peak marked at the end of 2020 even as a weak economy discouraged borrowing by private companies and households… https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-s-debt-ratio-hits-record-high-at-3-times-GDP China says it will ‘reduce’ mandatory mass PCR testing https://t.co/aB0WXBVGN2 Since July investors and traders have aggressively bought oil stocks even though oil has declined during the past several months. XLE, the energy stock ETF, is the best performing S&P sector this year. XLE is +53% YTD; the next best sector, Utilities, is -1.44%. WTI oil is down 41% from its June peak of $164. WTI Oil continuous contract vs. XLE (S&P Energy ETF) ESZs again traded sideways during Asian and early European trading. They were positive during Nikkei trading and then waffled between small losses and gains until they broke down near 4:33 ET. ESZs bottomed (3914.00) at 7:35 ET. The usual suspects then pushed ESZs to 3957.75 at 9:34 ET. It was a pump & dump operation. ESZs sank to 3924.25 by 9:59 ET. Traders eagerly bought the dip because the S&P 500 Index, down for 4 straight sessions, was due for a bounce. ESZs hit a daily high of 3961.50 at 11:02 ET. ESZs and stocks sank into the European close. ESZs and stocks bottomed at 11:33 ET. The post-European close reversal morphed into a Noon Balloon. After a 24-handle retreat by 14:03 ET, ESZs rebounded modestly. However, there was no pre-last hour rally. ESZs and stocks broke lower until the last hour rally began at 15:20 ET. USZs declined moderately when Asia opened and then traded sideways until they rallied after the Nikkei closed. After getting a tad positive, USZs then steadily sank until 8:17 ET. They then surged from 129 24/32 to 131 13/32 at 9:13 ET. After a modest retreat, USZs spiked to 131 31/32 at 10:09 ET. After a decline to 131 at 11:23 ET, ESZs steadily rallied until they peaked at 132 (14:58 ET). Credit Card Debt Hits All-Time High Just as US Savings Rate Plummets to 17-Year Low Total consumer credit rose $27.1 billion, above last month’s $25.8 billion if below the $28 billion consensus estimate… it was revolving, or credit card, debt which once again surprise to the upside, rising by $10.1 billion, up sharply from $7.9 billion last month, if somewhat below the post-June average where double-digit monthly increases have been the norm… https://www.zerohedge.com/markets/credit-card-debt-hits-all-time-high-just-us-savings-rate-plummets-17-year-low Positive aspects of previous session Bonds soared again, and energy commodities declined again on recession angst Negative aspects of previous session Stocks declined with the DJTA dropping 0.94%; the S&P 500 Index declined for a 5th straight session Ambiguous aspects of previous session Has a new down trend for equities commenced? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3938.06 Previous session High/Low: 3957.57; 3922.68 Email suggests Fauci, Collins covertly contributed to COVID natural origin paper: watchdog Former NIH Director Francis Collins told former Senate investigator years earlier that NIH can sanction grantees for ghostwriting. Collins and Fauci used “proximal origins” paper to delegitimize lab-leak theory. https://justthenews.com/government/federal-agencies/ghostwriting-emails-suggest-fauci-collins-covertly-contributed-covid @elonmusk: Replying to @jack (Dorsey): Most important data was hidden (from you too) and some may have been deleted, but everything we find will be released. House Financial Services Chair Waters doesn’t plan to subpoena Sam Bankman-Fried to testify at hearing on FTX collapse – Waters, who will lose the chair title when Republicans take control of the House on Jan. 3, could end up deferring to Rep. Patrick McHenry, R-N.C., the panel’s top Republican and likely next chair, to decide whether to subpoena Bankman-Fried in the next congressional session if the FTX founder declines to voluntarily testify under oath next week. https://www.cnbc.com/2022/12/07/ftx-maxine-waters-doesnt-plan-to-subpoena-sam-bankman-fried-to-testify-at-hearing-on-crypto-exchanges-collapse.html Nasdaq is down 4.44% in December, the worst start of December performance since 1975. Today – Traders tried to affect an equity rally on Wednesday but defensive asset allocators and other sellers, on recession angst, thwarted bulls’ efforts. The usual suspects will again play for a rally because 5 straight down sessions for the S&P 500 Index is very rare, and another down day would make it the extremely rare six consecutive down sessions. We opined that Wednesday’s action would depend on the presence or absence of defensive asset allocation. This is true for today. ESZs are -16.00 and USZs are -19/32 at 20:00 ET. Expected econ data: Initial Jobless Claims 230k, Continuing Claims 1.618m S&P 500 Index 50-day MA: 3830; 100-day MA: 3930; 150-day MA: 3929; 200-day MA: 4041 DJIA 50-day MA: 32,027; 100-day MA: 32,056 150-day MA: 31,916; 200-day MA: 32,455 S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4529.70 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3719.90 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 3922.22 triggers a sell signal Hourly: Trender and MACD are negative – a close above 3967.41 triggers a buy signal @greg_price11: From 1992-2020, Republicans never beat a Democrat congressional incumbent in California. Since then, the CA GOP has done it five times. Why? They learned how to prioritize early voting, ballot harvest, and invest in ground game. Do this in every swing state and we win again… California Republicans got so good at ballot harvesting that the Democrat attorney general of the state sued to stop them from doing it. Elections today are not games of persuasion. They are ballot counting operations. We need GOP leadership that understands that. “Candidate quality matters.” Well, Democrats were able to election a senile geezer Joe Biden who nobody likes and John Fetterman who can’t complete a sentence. Republicans can win with the worst candidate ever if we understand that elections in 2022 are ballot counting operation @JacobRubashkin: In 1934, no Democratic senators lost re-election. But since 1934, every president, Dem and Repub, has seen at least one senator from their party lose re-election in every single midterm cycle. Biden (historically unpopular) becomes the first president since FDR not to lose a single senator. @AnnCoulter: Thank you, Donald Trump Herschel Walker’s son Christian claims Trump BEGGED the football star to run for Georgia’s Senate seat – and ignored objections from his family Everyone with a brain begged him: “PLEASE DON’T DO THIS. This is too dirty, you have an insane past… PLEASE DONT DO THIS,”’ Christian Walker wrote on Twitter… Walker… in the end could not overcome the slew of allegations of domestic abuse and coerced abortions… ‘I stayed silent as the atrocities committed against my mom were downplayed. I stayed silent when it came out that my father, Herschel Walker, had all these random kids across the country – none of whom he raised… Family values, people? He has four kids, four different women, wasn’t in the house raising one of them.’… https://www.dailymail.co.uk/news/article-11513255/Herschel-Walker-son-Christian-Trump-Georgia-Senate-seat.html Can We Move Forward, Please? Herschel Walker would never have entered the race but for Donald Trump convincing him to run. The other candidates in the GOP primary included the state’s Agriculture Commissioner; a Navy SEAL; a homebuilder who founded Black Voters for Trump; and a former state representative. None could overcome the Walker star power or the Trump endorsement in the GOP primary. Donald Trump picks the weakest candidates, and those tied to Trump lose in places that matter… Then Donald Trump did virtually nothing to help him. In fact, what Trump did — speaking up about Walker during Trump’s own announcement speech at Mar-a-Lago — was used against Walker…In Georgia, Warnock spent the campaign tying Walker to Trump… Every Republican statewide candidate won. Every. Single. One. Except One. The GOP got more votes statewide than the Democrats for the combined congressional vote.1 The GOP got more votes statewide than the Democrats for the combined state senate vote. The GOP got more votes statewide than the Democrats for the combined state house vote. (see footnote) The GOP held and/or won a handful of suburban districts they expected to lose. Only Herschel Walker defied that statewide trend and lost… Evangelical women, many of whom sucked it up and voted for Trump in 2016 and/or 2020 for the greater good, were not going to vote for Walker, who never mounted an effective response to Warnock’s attacks related to abuse… Republicans, you have to move beyond celebrity candidates… You want to win? Move on from an angry old man with nothing left but a knockoff Twitter feed. And move on from candidates who are objectively not good fits… RNC, are you really going to keep Ronna McDaniel?… Ronna McDaniel has literally never had a winning election season as chair of the RNC. To put this in perspective, Ronna McDaniel, who has served since 2017, is the longest serving RNC Chair to never have seen a winning season… https://ewerickson.substack.com/p/can-we-move-forward-please @bonchieredstate: Republicans run an admitted domestic abuser accused of paying for abortions who can barely speak publicly (Walker) and people are convinced that had nothing to do with his loss. We aren’t Democrats. The rules aren’t the same. Saying “but John Fetterman” isn’t an argument. Fox’s @PhilipWegmann: The Trump campaign sends out three emails this AM, highlighting CNN staffing cuts and WaPo ending its Sunday magazine. Nothing yet on Walker or Georgia (Lost in GA runoff). @TomBevanRCP: DeSantis is the only prominent member of either party who has a net positive favorable rating. Biden is 2nd, Trump is 5th, and McConnell is in last – by a lot. https://www.realclearpolitics.com/epolls/other/other/FavorabilityRatingsPoliticalLeaders.html Peru’s president ousted by Congress in political crisis https://www.wcia.com/news/international/ap-perus-president-ousted-by-congress-in-political-crisis/ . |
GREG HUNTER REPORT//INTERVIEWING ALEX NEUMAN
COP27: Global Meeting to Destroy America – Alex Newman
By Greg Hunter On December 6, 2022 In Political Analysis9 Comments
By Greg Hunter’s USAWatchdog.com
Award-winning journalist Alex Newman, author of the popular books “Deep State” and “Crimes of the Educators,” says Deep State globalists had a two-week conference in Egypt called COP27 that outlined the plan to enslave the planet with a New World Order globalist agenda. It was a huge conference in mid-November that most Americans knew nothing about because the Lying Legacy Media (LLM) would not cover it. Why did the LLM lie by omission and not show Americans what was going on when the entire world covered this conference? Newman, who attended COP27, contends, “This is an incredibly significant story, and anywhere else in the world you would have seen very extensive coverage in the press, in the fake news media as we call it. There were thousands of journalists there. I call them the cheerleading section from all over the world. Conspicuously absent, though, was the American media. . . . If Americans knew what was going on . . . they would put a stop to it almost immediately. So, there was almost total radio silence in the U.S. This was very, very significant because you had 125 prime ministers, kings, dictators and presidents, including Joe Biden, show up. I actually ran into John Kerry there, and he was not very talkative. . . . It was just Americans that were kept totally in the dark about this. This was the most significant thing going on in the world until the G-20 started. . . . There were world leaders from all over the planet. We are talking about wealth redistribution. We are talking about stealing money from middle-class and poor Americans and redistributing that to the very wealthy, uber elites and the kleptocrats who have kept the third world impoverished.”
It is more than a money issue. Newman says it is really a freedom issue. Newman explains, “They are very clear about using the WHO (World Health Organization), the climate change process . . . all these different arms getting together to take down freedom around the world and ultimately take down the American system of government. Trump comes in and pulls out of UNESCO, a UN education agency. These are the same people involved in the one world religious new kookie 10 commandment thing. Trump got us out of that, and it was a wonderful move. He started the process of getting us out of the Paris Agreement. He got us out of the World Health Organization. Trump was a human wrecking ball when it came to the architecture of global governance. . . . Trump stood up at the UN and said we are not going to go for the globalism anymore. America is going to be a free sovereign nation. . . . When it came to globalism, Trump was on fire, and he was doing incredible things.”
Newman says this is one of the reasons globalists had to make Trump lose the 2020 Presidential Election.
Newman also says, “They were talking over and over again about ‘climate hell.’ What they are really trying to do is build hell on earth under the guise of saving us all from climate change.”
In closing, Newman says, “They are trying to bring all the religions on earth on board. . . . They want to get all the religions together and create an ‘alliance of virtue.’ . . . We are seeing the nucleus of the one world diabolical religion coming into view. As you study what is happening here, you realize this does not glorify God. This flatly contradicts the Bible from the Christian perspective that has been delivered by God through the Bible. Frankly, it is evil. . . . . This is a recipe for global tyranny, and God is the author of liberty. These things are obviously not compatible. In Ephesians 5:11, and this has been my motto as a journalist for many years, it says have no fellowship with the unfruitful works of darkness. Rather, reprove them and expose them. Christians should be exposing this. . . . The more you dig into the UN’s view on religion, the darker it gets. . . .They worship the creature rather than the creator. This is what we are seeing in front of our eyes right now.”
There is much more in the 49-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with hard hitting journalist Alex Newman, founder of LibertySentinel.org and author of the recent book “Deep State.”
After the Interview:
Be on the lookout for Newman’s new articles in The New American in early 2023 as he reveals the globalist tyrannical plan to rule the world.
For a copy of Alex Newman’s popular book “Deep State” click here.
For a copy of the popular book “Crimes of the Educators” click here.
Newman also has his own website called LibertySentinel.org. There is lots of free information and articles there. Newman is a prolific writer and content creator.I will not do a report for tomorrow but i will pick up the data on Thursday.
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