DEC 9//GOLD CLOSED UP $8.90 TO $1798.45//SILVER CLOSED UP 77 CENTS AT 23.52//PLATINUM UP $15.42 TO $1025.70//PALLADIUM UP $27.25 TO $1964.50//COVID UPDATES//COVID AND VACCINE UPDATES IN CHINA//CHINESE HEALTH OFFICIAL CLAIMS THAT 80 TO 90% OF CHINESE CITIZENS WILL GET COVID//EUROPE BLASTED WITH COLD WEATHER WHICH CAUSES NATURAL GAS TO RISE AND INVENTORIES PLUMMET//HUNGARY’S INFLATION GETTING OUT OF CONTROL AT 22% AS THEIR ECONOMY IN TROUBLE!!..USA DATA: PPI HOTTER THAN EXPECTED!!.//BARI WEISS RELEASES TWITTER II AND IT IS DEADLY TO THE DEMOCRATS//SWAMP STORIES FOR YOU TONIGHT//
072 C GOLDMAN 3 104 C MIZUHO 29 118 C MACQUARIE FUT 456 132 C SG AMERICAS 60 323 H HSBC 1465 435 H SCOTIA CAPITAL 442 523 C INTERACTIVE BRO 1 555 H BNP PARIBAS SEC 1947 624 H BOFA SECURITIES 866 657 C MORGAN STANLEY 500 34 661 C JP MORGAN 1781 685 C RJ OBRIEN 1 686 C STONEX FINANCIA 13 700 C UBS 105 800 C MAREX SPEC 48 880 C CITIGROUP 4 905 C ADM 69
TOTAL: 3,912 3,912 MONTH TO DATE: 16,412
COMEX//NOTICES FILED re JPMorgan 178/3912
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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT: 3912 NOTICES FOR 391,200 OZ or 12.167 TONNES
total notices so far: 16,412 contracts for 1,641,200 oz (51.046 tonnes)
SILVER NOTICES: 55 NOTICE(S) FILED FOR 275,000 OZ/
total number of notices filed so far this month 3020 for 15,100,000 oz
END
GLD
WITH GOLD $8.90
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////HUGE CHANGES IN GLD INVENTORY: NO CHANGES IN GOLD INVENTORY AT THE GLD
INVENTORY RESTS AT 908.09 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER UP $.77
AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS! A LOSS OF 2.2 MILLION OZ FROM THE SLV
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 514.5 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 690 CONTRACTS TO 122,577 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR CONSIDERABLE $0.34 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.34 BUT WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS, AS WE HAD A FAIR SIZED LOSS IN OUR TWO EXCHANGES OF 490 CONTRACTS. AS WELL WE HAD EXCHANGE FOR RISK TRANSFER OF 0 CONTRACTS. WE HAD A ZERO ATTEMPTED SPEC SHORT COVERINGS OF THEIR SHORTFALL. .WE PROBABLY HAD ZERO SOME SHORT ADDITIONS AS THE PRICE OF THE METAL 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 23 .24. MILLION OZ FOLLOWED BY TODAY;S EFP JUMP TO LONDON of 1.120,000 OZ // V) STRONG SIZED COMEX OI LOSS/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL–22
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 9 days, total 4585 contracts: OR 22.925 MILLION OZ PER DAY. (509 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 22.925 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, 22.925 MILLION OZ INITIAL
RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 690 DESPITE OUR STRONG $0.62 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 200 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 1,120,000 EFP JUMP TO LONDON //NEW STANDING 23.870 MILLION OZ + EFR = 34/37 MILLION OZ. .. WE HAVE A GOOD SIZED LOSS OF 490 OI CONTRACTS ON THE TWO EXCHANGES FOR 2.340 MILLION OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.
WE HAD 55 NOTICE(S) FILED TODAY FOR 275,000 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 1281 CONTRACTS TO 423,883 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 42 CONTRACTS.
.
THE SMALL SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR DEC. AT 58.86 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY:S QUEUE JUMP of 19 contracts or 1900 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 59.328 TONNES
YET ALL OF..THIS HAPPENED WITH OUR GAIN PRICE OF $4.05 WITH RESPECT TO THURSDAY’S TRADING
WE HAD A GOOD SIZED GAIN OF 4012 OI CONTRACTS (12.34 PAPER TONNES) ON OUR TWO EXCHANGES..
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2773 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 423,883
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4012 CONTRACTS WITH 1239 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 2773 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4012 CONTRACTS OR 12.34 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2713 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (1239) TOTAL GAIN IN THE TWO EXCHANGES 4012 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 ZERO 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 1900 oz// //NEW STANDING 59.328 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 :
19,041 CONTRACTS OR 1,904,100 OZ OR 59.22 TONNES 9 TRADING DAY(S) AND THUS AVERAGING: 2115 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAY(S) IN TONNES:59.22 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 59.22/3550 x 100% TONNES 1.66% OF GLOBAL ANNUAL PRODUCTION
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: 59.22 tonnes Initial
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW NON ACTIVE FRONT MONTH OF NOV. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH SILVER AND GOLD (WILL BE SMALL AS SPREADERS DO NOT PAY ATTENTION TO NOVEMBER)
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV., FOR BOTH GOLD AND SILVER:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (NOV), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG SIZED 690 CONTRACTS OI TO 122,577 AND FURTHER FROM 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 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 200 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 200 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 690 CONTRACTS AND ADD TO THE 200 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GOOD SIZED LOSS OF 490 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.450 MILLION OZ//
OCCURRED WITH OUR GAIN IN PRICE OF $0.34….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
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)FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED UP 9.60 PTS OR 0.30% //Hang Sang CLOSED UP 450.64 OR 2.32% /The Nikkei closed UP 326.54 OR 1.13% //Australia’s all ordinaries CLOSED UP 0.50% /Chinese yuan (ONSHORE) closed UP TO 6.9583//OFFSHORE CHINESE YUAN UP TO 6.9557// /Oil DOWN TO 72.13 dollars per barrel for WTI and BRENT AT 76.40 / Stocks in Europe OPENED ALL MIXED. ONSHORE YUAN TRADING BELOW 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 1239 CONTRACTS UP TO 423,883 WITH OUR THE GAIN IN PRICE..$4.05
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 2723 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 2723 & 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 GOOD SIZED TOTAL OF 4012 CONTRACTS IN THAT 2723 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED COMEX OI GAIN OF 1281 CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF GOLD $4.05. 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 (59.328)
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. 59.328 tonnes
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $4.05 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE HAD A GOOD GAIN OF 4054 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD SOME SPEC SHORT ADDITIONS AND ZERO SPEC SHORT COVERINGS.. // WE HAVE GAINED A TOTAL OI OF 12.34 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR DEC. (54.57 TONNES), following our queue jump of 1900 oz//new standing 59.328 tonnes…THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE OF $4.05
WE HAD – 22 CONTRACTS COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 4012 CONTRACTS OR 401,200 OZ OR 12.34 TONNES
Estimated gold volume 145,026// poor//
final gold volumes/yesterday 122,626/ awful
INITIAL STANDINGS FOR DECEMBER 2022 COMEX GOLD //DEC 9
Total monthly oz gold served (contracts) so far this month
16.412 notices 1,641,200 51.046 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: 6912.40 oz (215 kilobars)
Total withdrawals: 6912.40 oz
total in tonnes: 0..215 tonnes
Adjustments: 3 customer to dealer
HSBC 96.453 oz
Brinks 96.453 oz
dealer to customer:
Manfra: 6172.981 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.
For the front month of DECEMBER we have an oi of 6574 contracts having LOST 59 contracts
We had 78 contracts served on Thursday, so we gained 19 contracts or an additional 1900 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 105 contracts to stand at 1297
February gained 1183 contacts up to 358,117
We had 3912 notice(s) filed today for 391,200 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 3912 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1781 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 (16.412 x 100 oz , to which we add the difference between the open interest for the front month of (DEC. 6574 CONTRACTS) minus the number of notices served upon today 3912 x 100 oz per contract equals 1,907,400 OZ OR 59.328 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 (16.412 x 100 oz+ (16,412 OI for the front month minus the number of notices served upon today (3912} x 100 oz} which equals 1,907,400 oz standing OR 59.328 TONNES in this active delivery month of DEC..
TOTAL COMEX GOLD STANDING: 59.328 TONNES (A POOR STANDING//COMEX RUNNING OUT OF PHYSICAL TO SERVE UPON OUR LONGS.
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 3020 x 5,000 oz = 15,100,000 oz
to which we add the difference between the open interest for the front month of DEC( 1809) and the number of notices served upon today 55 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the DEC./2022 contract month: 3020(notices served so far) x 5000 oz + OI for front month of DEC (1809 – number of notices served upon today (55)x 50070 oz of silver standing for the DEC. contract month equates 23.870 million oz.. 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 have been 2100 Exchange for Risk contracts settled these past 6 days for 10.500 million oz. Thus total delivery: 34.37 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
DEC 9/WITH GOLD UP $8.90//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.09 TONNES
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
GLD INVENTORY: 908.09 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
DEC 9/WITH SILVER RISING 77 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.2 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 514.500 MILLION OZ.
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//
CLOSING INVENTORY 514.5 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:
The war in Ukraine has been in a partial hiatus for the past two months.
But that hiatus is coming to an end as Russia prepares its next move. Today, we’re looking ahead to what’s coming next.
And here’s a hint: We could be entering a very dangerous period.
First off, the situation on the ground in Ukraine is best understood as a competition between the narrative and reality.
The narrative consists of what you hear from mainstream media, the White House, the Pentagon, and official sources in the U.K., France, Germany and both EU and NATO headquarters in Brussels.
The narrative says that the Armed Forces of Ukraine, AFU, have beaten back Russian forces and reoccupied Kherson, which lies strategically on the Dnipro River, Kyiv’s main access to the Black Sea.
Based on these advances, the narrative says that Russia is in retreat, Russian troops are demoralized, Putin is in jeopardy of being replaced and complete victory for Ukraine is just a matter of time.
The narrative is then used as a basis for increased financial aid from the United States (over $60 billion and growing) and increased weapons shipments from NATO members.
Narrative vs. Reality
But as I’ve explained recently, the situation on the battlefield in Ukraine is almost completely at odds with the Western narrative.
It’s true that Ukraine made recent advances in the east, but they were against lightly defended Russian positions on or near open terrain.
Much has been made of Ukraine’s retaking of Kherson, but Russia regarded it as a city of little strategic value. Rather than waste resources fighting for it, they withdrew.
The Russians also let the Ukrainians have the open land, which will later become a killing field for Russian artillery. That’s the reality you’re not being told.
In the words of retired U.S. Army Col. Douglas Macgregor:
The Biden administration repeatedly commits the unpardonable sin in a democratic society of refusing to tell the American people the truth: Contrary to the Western media’s popular “Ukrainian victory” narrative, which blocks any information that contradicts it, Ukraine is not winning and will not win this war. Months of heavy Ukrainian casualties, resulting from an endless series of pointless attacks against Russian defenses in southern Ukraine, have dangerously weakened Ukrainian forces.
Russia Is Preparing to Lower the Hammer
In the meantime, Russia is preparing to launch a massive counteroffensive.
It’s completed its 300,000-man mobilization, with over 180,000 of those troops now deployed behind Russian lines in combat formations. The remaining 120,000 troops will arrive soon. This brings total Russian strength up to about 30 divisions.
Once again, Col. Macgregor:
The coming offensive phase of the conflict will provide a glimpse of the new Russian force that is emerging and its future capabilities…The numbers continue to grow, but the numbers already include 1,000 rocket artillery systems, thousands of tactical ballistic missiles, cruise missiles and drones, plus 5,000 armored fighting vehicles, including at least 1,500 tanks, hundreds of manned fixed-wing attack aircraft, helicopters and bombers. This new force has little in common with the Russian army that intervened nine months ago on Feb. 24, 2022.
Meanwhile, Ukrainian strength has been greatly diminished due to high casualty rates and being stretched thin.
Then What?
If successful, the upcoming counteroffensive would give Russia control of the entire coast from the Sea of Azov to the Black Sea. It would also give Russia control of the Dnipro River, which separates the western part of Ukraine from the eastern part and connects Kyiv to the Black Sea.
Ukraine would be left as a rump state between Kyiv and Lviv. Almost all the industrial, technological and natural resource capacity of former Ukraine would be under Russian control.
Whether any of this succeeds remains to be seen. Still, it is definitely coming, and the situation will grow more violent and chaotic.
The question then becomes, would the U.S. stand by and watch Russia defeat Ukraine militarily? Will it become more directly involved in ways that could risk actual conflict with Russia?
After all, the U.S. is essentially fighting a proxy war against Russia. Ukraine is merely a means to an end as far as the U.S. goes. The U.S. has committed significant resources to defeat Russia, and a Russian victory would further undermine U.S. credibility in the world.
The chances of escalation are therefore significant.
The Greatest Risk of Nuclear Confrontation Since the Cuban Missile Crisis
Depending on how events unfold, the world is potentially facing the greatest risk of nuclear confrontation since the Cuban Missile Crisis. A limited nuclear war is a real possibility in the not-distant future.
Why do I say that?
U.S. elites have started psychological operations (psyops) aimed at Putin with nuclear weapons as the bait. They claim that Putin has threatened to use tactical weapons in Ukraine and possibly other parts of Eastern and Central Europe.
That’s a lie; Putin never said that. When asked, both Putin and Prime Minister Dmitri Medvedev said that if attacked, Russia would defend itself by all means necessary including the possible use of nuclear weapons. That’s not news. That has been Russian or Soviet policy since the early 1950s.
This lie about Putin’s intentions quickly morphed into another psyop about a “false flag” operation. That’s when you stage an attack disguised to look like an attack by your enemy in order to justify your own “retaliation,” which you were planning all along.
Nukes, “Dirty Bombs” and False Flags
Recently the narrative that Putin would use nukes or conduct a false flag operation morphed into a related narrative that Putin would use a “dirty bomb.” In effect, Putin would detonate a dirty bomb and then blame the Ukrainians and Americans. A dirty bomb is not a nuclear weapon, but it does employ radioactive material wrapped around conventional explosives.
When detonated, the radioactive material is dispersed and can poison or kill any people or livestock in the area. It’s akin to what happened at Chernobyl in 1986. That nuclear reactor meltdown was an accident, not a bomb. But the effect of spreading radioactive material was similar to a dirty bomb.
Not to be outdone, the Russians countered by saying the U.S. or Ukraine would conduct the false flag by detonating a dirty bomb and then blaming the Russians as an excuse to escalate Western involvement in Ukraine. At this point, we have both sides warning the other side will conduct a false flag with a dirty bomb in order to justify their own pre-planned escalation.
If a dirty bomb does go off, each side will blame the other and the truth will be a casualty of war.
Putin Doesn’t Bluff
It’s difficult to know what comes next. It could be that Russia uses a tactical nuclear weapon. Russia might detonate a dirty bomb and blame Ukraine. The U.S. may use a tactical nuclear weapon if it suspects Russia is about to do so, an example of a first-strike advantage. The U.S. may detonate a dirty bomb and blame Russia in a classic false flag operation.
Regardless, it’s not difficult to know that we’re on a path to nuclear war.
We also know that Putin doesn’t bluff. When George W. Bush raised the issue of Ukrainian entry into NATO, Putin invaded Georgia. When Obama staged a coup against a pro-Russian president in Kyiv, Putin annexed Crimea. When Biden green-lighted a Ukrainian assault in Donbas, Putin invaded Ukraine.
Again, Putin doesn’t bluff. It would be a great blunder to believe otherwise. We’re sleepwalking down a road that could potentially lead to Armageddon.
end
LAWRIE WILLIAMS: China’s November gold demand slips even further
3. Chris Powell of GATA provides to us very important physical commentaries//
Pakistan economically is a basket case. Now gold his record levels per their currency as citizens seek out gold
(Bloomberg News)
Gold hits record in Pakistan as economic woes spur buying frenzy
Submitted by admin on Thu, 2022-12-08 08:44Section: Daily Dispatches
By Faseeh Mangi and Ismail Dilawar Bloomberg News Wednesday, December 7, 2022
Gold prices in Pakistan surged to a record as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.
“People are looking at banks not clearing payments and fearing the worst,” said Khurram Schehzad, chief executive officer at Karachi-based Alpha Beta Core Solutions Pvt. The price jump is the result of aggressive buying by investors as another safe bet — buying dollars — is not widely available due to economic woes, he said.
The world’s fifth-most populous nation is dealing with a range of economic challenges, including a dollar shortage and a delay in the International Monetary Fund’s loan program for the country. Moody’s Investors Service and Fitch Ratings downgraded Pakistan deeper into junk territory in October after devastating floods jeopardized its fiscal stability. …
China reveals gold buying after quarter of mystery purchases
Submitted by admin on Wed, 2022-12-07 21:16Section: Daily Dispatches
This is so silly and pathetic. How much gold did Chinese state banks and other enterprises purchase in the last three years, holding it off the books of the People’s Bank of China? None? Does Bloomberg really think that China (or any rival of the United States) will be honest about its gold investories with the International Monetary Fund, the compiler of official gold reserve data and an instrument of U.S. dollar imperialism? At least Bloomberg could raise the question of unreported gold purchases by Chinese state agencies — if the news agency ever wanted to get real.
* * *
By Sing Yee Ong, Martin Ritchie, Jason Rogers, and Eddie Spence Bloomberg News Wednesday, December 7, 2022
China reported an increase in its gold reserves for the first time in more than three years, shedding some light on the identity of the mystery buyers in the bullion market.
The People’s Bank of China raised its holdings by 32 tons in November from the month before, according to data on its website today. That brought its total to 1,980 tons, the sixth-biggest central bank bullion hoard in the world.
The gold industry has been rife with speculation over the central banks behind nearly 400 tons of sovereign purchases during the third quarter. Only about a quarter of the buying was publicly reported at the time, causing market watchers to tout both China and Russia as potential culprits. …
Dave Kranzler: Why is gold a good inflation hedge?
Submitted by admin on Wed, 2022-12-07 15:36Section: Daily Dispatches
By Dave Kranzler Investment Research Dynamics, Denver via Kinesis Money, London Wednesday, December 7, 2022
With inflation raging and the price of gold seemingly not keeping pace with rising rates, articles suggesting that gold is no longer a valid hedge against inflation or preservation of wealth assets have proliferated in the mainstream financial media.
However, as I’ll show here, nothing could be further from the truth. While the price of gold is subject to short-term volatility, an examination of the data over a long period suggests that gold is a perfect hedge against inflation. …
China’s steady easing of covid-19 restrictions finally allowed the beleaguered economy to begin reopening. Many experts expect a renewed demand for steel, which means an increased appetite for steel-making raw materials such as iron ore. Both analysts and traders believe the lifting the restrictions was a step in the right direction. This current positivity is clear in the price of iron ore futures, which have started climbing once again.
Ore futures rose this Monday after more cities in China eased their covid restrictions. According to one report, Citi Group believes that the gradual reopening of the economy could propel iron ore prices as high as $150 a ton by June 2023.
In the past month, iron ore prices have enjoyed a significant rise and fresh advancements. According to the report, this prompted Citi to upgrade its forecast for Australia’s top export. The organization also projects that iron ore will reach $120 on a three-month horizon, from its previous price of $110. However, if China initiates even more credit easing up measures, Citi claims ore prices could rally towards $150 a ton in the next three to six months.
India Set to Benefit From China’s Initiatives
China’s sudden motivation is also good news for neighboring India. A few days ago, the Indian government withdrew an export duty on iron ore lumps and fines of less than 58% Fe. Back in May, the government levied export charges varying from 15% for steel exports to around 50% iron ore (including concentrates), which no doubt impacted iron ore futures. Steel prices in domestic markets have been falling ever since.
Now, reports emerging in India reference China picking up large volumes of low-grade Indian iron ore in the coming weeks. This is largely due to Chinese steelmakers seeking cheaper raw materials to cope with meager profits.
A report in The Hindu Businessline detailed that traders and analysts were looking to resume buying from India after six months of suspension. In fact, one subset of traders believed that there was still room for prices and iron ore futures to rise. They cited demand for low-grade iron ore fines and pellets, which has received support from steelmakers’ incentives to bring down costs.
Iron Ore Futures Impacted by Price Gaps
The report also detailed how Chinese steelmakers were already increasing the ratio of low-grade iron ore. Their primary goal was to cut down on production costs, thus pushing up the price of the cheaper ores. These days, the gap between high and low grades is less than $40 a ton. This is down from nearly $90 a ton in March and the lowest since April 2021.
Meanwhile, the Indian government’s decision to withdraw export duty comes when India’s steel exports were down 66% (in October), the highest for this fiscal. As iron ore futures rise, experts on all sides continue to watch the Asian markets closely.
END
6/CRYPTOCURRENCIES/BITCOIN ETC
Sam misses deadline but still is willing to testify but will offer nothing. Everything will be revealed through Ellison of Alamedia
(zerohedge)
After Missing Deadline, Sam Bankman-Fried Tweets ‘Willingness’ To Testify Next Week
FRIDAY, DEC 09, 2022 – 07:20 AM
Update (0720ET): Having missed yesterday’s deadline to respond to a request to testify at an upcoming Senate Committee hearing, Sam Bankman-Fried
He continued…
2) I will try to be helpful during the hearing, and to shed what light I can on:
FTX US’s solvency and American customers
Pathways that could return value to users internationally
What I think led to the crash
My own failings
3) I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected.
Which made it that much more destructive when I did.
I’m sorry. Hopefully people can learn from the difference between who I was and who I could have been.
Presumably there is zero chance he will testify in person.
Does anyone believe this is anything but stalling for time?
Meanwhile, Binance founder ‘CZ’ went off on Twitter overnight, lambasting Kevin O’Leary’s ‘woe is me’ tale of wrongdoing by SBF, and detailing the attacks he himself suffered at the hands of the inclusive left’s (second) favorite donor:
As an early investor in FTX, we became increasingly uncomfortable with Alameda/SBF and initiated the exit process more than 1.5 years ago.
Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to “extraordinary lengths to make us pay” – we still have those text messages.
Shortly after that Sam began “investing” in friends in high places – from media, to policymakers, to celebrities (like Kevin). And he used that network to manipulate public opinion, including attacking me and others in the industry.
My ethnicity was a focus of those attacks and @kevinolearytv signaled his intention to continue those attacks in the media and will likely repeat them at next week’s Senate hearing. I’m Canadian and Binance is not a Chinese company.
You don’t have to be a genius to know something don’t smell right at FTX. They were 1/10th our size, yet outspent us 100/1 on marketing & “partnerships”, fancy parties in the Bahamas, trips across the globe, and mansions for all of their senior staff (and his parents).
Which appears to have pissed SBF off…
But hey, he did say he was sorry, right?
As CoinTelegraph’s Martin Young detailed earlier,Crypto’s public enemy number one, Sam Bankman-Fried has missed a crucial deadline to confirm his appearance at an upcoming Senate Committee hearing.
The former FTX CEO missed a Thursday 5:00 pm ET on Dec. 8 deadline for responding to a Senate Banking Committee request that he testify at the Committee meeting on Dec. 14. This has set up the possibility of a congressional subpoena.
On Dec. 8, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, and ranking member of the Committee, Senator Pat Toomey, released a statement on the request.
“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX,” they stated before adding:
“The Committee has requested that he testify at our upcoming hearing on FTX’s collapse, and will consider further action if he does not comply.”
According to the official Committee website, the hearing titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers” will be webcast on Dec. 14.
So far, two witnesses have been confirmed to attend the hearing — including American University Washington College of Law professor Hilary J. Allen and actor and author Ben McKenzie Schenkkan.
Allen is an academic whose research focuses on the impact of new financial technologies on the stability of the financial system.
Schenkkan is an anti-crypto actor-turned-commentator who played a troubled teenager on a U.S. television series called “The O.C.”
Messari founder Ryan Selkis commented on the futility of the witness selection:
Meanwhile, Cointelegraph has reached out to Schenkkan for comment but did not receive a response at the time of publication.
Other than the Dec. 14 Senate Banking Committee hearing, Bankman-Fried has also been requested to attend a separate hearing called “Investigating the Collapse of FTX” on Dec. 13 with the U.S. House Financial Services Committee.
Bankman-Fried was first requested to attend the hearing via a tweet from Congresswoman Maxine Waters but seemingly declined the invitation on Dec. 5, stating that he wasn’t sure what would happen by the hearing date, “but when it does, I will testify.”
Waters responded on Dec. 8 stating “a subpoena is definitely on the table” should Bankman-Fried fail to voluntarily testify at the hearing.
The collapse of SBF’s FTX empire has initiated a tsunami of backlash from U.S. lawmakers and regulators threatening to drown the fledgling crypto asset industry.
end
Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM
ONSHORE YUAN: UP TO 6.9583
OFFSHORE YUAN: 6.9552
SHANGHAI CLOSED UP 9.60 PTS OR 0.30%
HANG SANG CLOSED UP 450.64 OR 2.32%
2. Nikkei closed UP 326.54 PTS OR 1.18%
3. Europe stocks SO FAR: MOSTLY MIXED
USA dollar INDEX UP TO 104.61 Euro FALLS TO 1.0461
3b Japan 10 YR bond yield: RISES TO. +.249!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.85/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 UP /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 +1.872%***/Italian 10 Yr bond yield RISES to 3.769%*** /SPAIN 10 YR BOND YIELD RISES TO 2.891…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 3.95//
3j Gold at $1800.50//silver at: 23.15 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 33/100 roubles/dollar; ROUBLE AT 62.49//
3m oil into the 72 dollar handle for WTI and 76 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 135.85 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 0.9326–as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9847well 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: 3.487% DOWN 1 BASIS PTS…GETTING DANGEROUS
USA 30 YR BOND YIELD: 3.452% DOWN 1 BASIS PTS//
USA DOLLAR VS TURKISH LIRA: 18,64…
GREAT BRITAIN/10 YEAR YIELD: 3.139%
end
Overnight: Newsquawk and Zero hedge:
FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Jump Above Key CTA Trigger Level Ahead Of PPI Data
FRIDAY, DEC 09, 2022 – 08:11 AM
After sliding 8 of the previous 9 days, US stock futures extended yesterday’s gains as investors awaited today’s PPI data (ahead of next week’s critical CPI print) and the Fed’s final meeting for 2022 next week. Contracts on the Nasdaq 100 were up 0.6% as of 7:30 a.m. in New York, while S&P 500 futures rose 0.5%; more importantly spoos were back above the critical and closely watched medium-term CTA trigger of 3976. Treasury yields were little changed, with the 10-year rate just below 3.5%. The Bloomberg dollar index dropped.
And maybe even notable is that in its latest market commentary, Goldman’s trading desk warned that “L/Os I speak with telling me they are bumping up against their cash ceilings.” Are we about to see a flood of year-end buying as there is just too much cash on the sidelines as funds continue to dump assets. Underlying indexes rallied on Thursday after almost 9 straight days of losses, and are still on track to post a weekly decline amid fears of a hawkish-for-longer central bank and the risk of a recession in 2023.
Among notable moves in premarket trading, Activision Blizzard fell after the US Federal Trade Commission sought to block Microsoft’s $69 billion acquisition of the videogame publisher, saying the deal would harm competition. DocuSign Inc. jumped after the e-signature company reported third-quarter billings that were stronger than expected. Analysts noted that results were boosted by early renewals. Piper Sandler upgraded to neutral from underweight. Here are some other notable premarket movers:
Coinbase drops 2.8% in US premarket trading, after Mizuho Securities downgraded its rating on the cryptocurrency exchange to underperform from neutral. Analysts say that consensus expectations are “too optimistic” for the company’s 2023 revenue.
Netflix rises 2.3% after the streaming company is upgraded to overweight from equal-weight at Wells Fargo, with analysts seeing a path of positive catalysts in 2023 driven by lower churn and stable subscribers. Separately, Cowen names Netflix as its top large- cap stock pick for 2023.
Lululemon slides 6.8% in light volumes as lower-than-expected profitability raised concerns about a pileup of inventory, while the the yogawear maker’s full-year sales forecast disappointed Wall Street.
Pharvaris drops 14%, erasing some of yesterday’s gains, when the stock more than quadrupled in price. The surge followed the firm’s announcement that the RAPIDe-1 Phase 2 clinical study of PHVS416, an oral on-demand treatment for angioedema attacks, met primary endpoint and all secondary endpoints.
Take-Two Interactive has “bright” long-term prospects through owning iconic IPs such as Grand Theft Auto and a track record of successful releases, though Citi starts coverage on the video game developer on the sidelines on the expectation of consensus FY24 estimates falling.
Rally in Chinese stocks listed in the US continued, with major internet stocks making fresh gains in premarket trading on Friday as steps to relax pandemic curbs gain momentum.
Apple analysts are trimming their sales estimates for the iPhone maker’s fiscal first quarter as disruptions at its factories in China are expected to hit sales. With delivery times for iPhone recovering over the past week, analysts note that demand for the top-end smartphone models is still holding up and expect the backlog to benefit subsequent quarters. Shares gained about 1%.
Broadcom shares are up 4% after the semiconductor device company reported fourth-quarter results that beat expectations and gave a revenue forecast that was ahead of consensus. Analysts were positive about the company’s consistent execution amid a tough macro environment.
Carvana Co. slumps 6% after Needham cut its recommendation on the stock to hold from buy saying “confidence is low on the path forward.” The latest downgrade follows similar moves from at least five other brokerages in recent months, including Wedbush, William Blair and Cowen.
Chewy’s fiscal 3Q results look strong, though its conservative guidance may disappoint some investors, analysts say. Chewy shares fell 1.1%.
Erasca is 2.9% lower after its stock offering priced via JPMorgan and Goldman Sachs.
Focus this morning will be on US producer prices data amid optimism that inflation peaked earlier this year. The Fed has signaled it’s ready to start slowing the pace of rate hikes at its meeting next week, and investors will look for clues about its policy outlook for next year. CMC Markets market analyst Michael Hewson said “the big question” from hereon is whether the trend of cooling prices “can be maintained against a US central bank that doesn’t want to be seen as going soft on inflation, and services and wages data that points to a US economy that is slightly more resilient than originally thought.”
“Traders will be closely watching today’s PPI data, with S&P 500 options markets pricing the largest potential move around any PPI release this year,” said Hugo Bernaldo, senior cross-asset trader at Optiver. “Investors will also be looking for clues in today’s data of how Tuesday’s more important CPI figures will come in.”
A Bloomberg News survey showed fund managers are optimistic about a stock recovery next year, expecting low double-digit gains, although they cite a strong recession and stubborn inflation as the biggest risks. Top market strategists are more cautious, saying equities are likely in for a rough ride in the first half of the year as they price in a possible economic contraction. Bank of America Corp. strategists also warned that investors betting on a rally after the Fed’s last rate hike could be in for disappointment due to the impact of higher inflation. Their note, citing EPFR Global data, showed outflows of $5.7 billion from global equity funds in the week through Dec. 7.
Fed officials are leery of fanning stock rallies that ease financial conditions too much and thwart their inflation-fighting mission. Strategists have lined up to warn investors against piling back into risk on hopes the Fed is getting close to pivoting to easier policy. “Central banks will rather be on the safe side when it comes to future inflation after having underestimated inflationary pressures last year,” Karsten Junius, chief economist at Bank J. Safra Sarasin Ltd., wrote in a note to clients, adding that a pause in rate hikes is some way off.
European stocks also rose: travel, media and construction are the strongest-performing equity sectors. Euro Stoxx 50 rises 0.2%. FTSE MIB is flat but underperforms peers. Here are the most notable European movers:
BICO Group shares jump as much as 75% after the Swedish biotech issued shares to Germany’s Sartorius and agreed on a strategic collaboration with the lab-equipment group.
Man Group shares rose as much as 6.5% after the UK investment group announced a new share buyback program of up to $125m.
ABN Amro shares rise as much as 4.2% after it was upgraded to outperform at Credit Suisse
Credit Suisse shares rise 3.7% after the troubled lender completed its 4 billion-franc capital increase, giving the bank the funds needed to go ahead with its restructuring.
Pendragon shares drop as much as 28% after the auto dealer says Hedin Group no longer intends to make a bid for the company due to challenging market conditions and the uncertain economic outlook.
Carl Zeiss Meditec shares drop as much as 11%, the most intraday since October 2019, after the medical optical manufacturer said its first quarter 2022/23 Ebit margin is expected to fall significantly year-on-year amid higher costs and China’s Covid lockdowns.
Ipsen falls as much as 7.0%, the most since Oct. 27, after a phase III trial evaluating its Cabometyx in combination with another drug failed to meet its primary endpoint of overall survival in non-small cell lung cancer.
Worldline falls as much as 6.0% after it was cut to neutral from overweight at JPMorgan, with the broker saying a key pillar of its bullish view on the stock is deteriorating.
TotalEnergies shares retreated as much as 2.0% after the French energy group said it would take a $3.7 billion impairment hit in its fourth-quarter results following a decision to no longer consolidate its 19.4% stake in Russia’s Novatek.
Asian equities also gained Friday as most regional markets followed US shares higher, while reopening moves in China kept overall sentiment upbeat. The MSCI Asia Pacific Index rose as much as 1.4%, heading for a sixth-straight week of gains, lifted by technology shares. Hong Kong’s Hang Seng Index climbed more than 2%, leading gains in the region, while gauges in Japan and Taiwan advanced more than 1%. Shares of Chinese developers led the advance in Hong Kong as expectations grew for more policy support. Macau casino shares also rallied as the city followed the mainland to relax some of its Covid restrictions. Read: China Stocks Cap Another Week of Hefty Gains on Reopening Moves
“A significant easing of Covid measures could happen in the second half of the year after gradual, piecemeal measures in the first quarter,” said Iris Pang, chief economist for Greater China at ING Groep NV. Still, “there are likely downside risks associated with the higher number of Covid cases.” The Asian stock benchmark was on track for its longest weekly run of gains in two years, amid expectations for China’s reopening and the Federal Reserve’s pivot from its aggressive tightening. The gauge has risen more than 18% from its October low, on the cusp of entering a technical bull market. Traders are focusing on US producer prices data due later in the day, which may offer cues on the Fed’s tightening path
Japanese equities climbed, tracking a rebound in the S&P 500 Index, as investors awaited US inflation data for clues on the Federal Reserve’s tightening path. The Topix rose 1% to 1,961.56 as of the 3 p.m. market close in Tokyo, while the Nikkei 225 advanced 1.2% to 27,901.01. Sony Group contributed the most to the Topix’s gain, increasing 2.3%. Asian gaming stocks rose as the US Federal Trade Commission seeks to block Microsoft’s $69 billion acquisition of Activision Blizzard. Out of 2,164 stocks in the index, 1,633 rose and 420 fell, while 111 were unchanged. “The immediate focus of market participants is on PPI, CPI and the FOMC,” said Shogo Maekawa, chief global strategist at JPMorgan Asset Management.
Australian stocks gained as miners advance, tracking Asian peers. Australia’s key equity benchmark index rose 0.5%, boosted by miners and consumer staples shares, as regional stocks followed Wall Street higher. The S&P/ASX 200 closed at 7,213.20 on Friday but declined 1.2% for the week In New Zealand, the S&P/NZX 50 index fell 0.2% to 11,596.03.
Indian stocks were an outlier on Friday, among the biggest decliners in Asia on Friday, with key gauges falling more than 1% as as tech shares dropped and investors booked some profits ahead of the year-end with economic growth expected to be under pressure. The S&P BSE Sensex fell 0.6% to 62,181.67 as of 3:45 p.m. in Mumbai, while the NSE Nifty 50 Index slipped by a similar magnitude. Both gauges fell 1.1% for the week, their biggest declines since late September. Tech shares contributed the most to Friday’s falls after management of HCL Technologies said fiscal 2023’s revenue growth will be at the lower end of the 13.5% to 14.5% band, triggering concerns about the industry’s prospects next year. Infosys was the biggest drag on the Sensex, with the company dropping 3.1%.
In FX, the dollar trims some of its earlier losses, though still lower on the day; CHF and JPY outperform in G-10 FX. The Bloomberg dollar index fell as much as 0.3% before paring much of that drop; it’s closed lower for the past two sessions.
The euro was little changed at 1.056 while the pound gained 0.2%, leaving it unchanged on the week at about $1.226
USD/JPY fell 0.5% to around 136; spot dollar was sold for the daily Tokyo fixing but Japanese banks continued after the event and in large amounts, according to Asia-based FX traders
Asian currencies “are buoyed on the back of overall risk on, a softer USD and China cheer” on re-opening hopes, said Vishnu Varathan, head of economics & strategy at Mizuho Bank Ltd. in Singapore. “This is at least partly owed to the fact that markets as of now are ignoring the ‘for longer’ threat embedded in the Fed’s rate hike dial-back,” he said
In rates, Treasuries outperform bunds and gilts at the 10-year mark. Treasury 10-year little changed around 3.475% with front-end richer and long-end cheaper; bunds lag by additional 5bp on the 10-year sector vs Treasuries, gilts by 3bp. The TSY curve was near steepest levels of the day heading into early US session with 2s10s, 5s30s spreads wider by 3bp and almost 4bp as long-end underperforms. Bigger losses across long-end of the German curve weigh on Treasuries, while US front-end recovered some of Thursday’s losses during Asia session. European bonds fell, led by Italy; 10-year German yield heads 4 basis points higher to 1.86%. Peripheral spreads widen to Germany with 10y BTP/Bund adding 4.3bps to 191.5bps.
In commodities, WTI trades within Thursday’s range, adding 1.4% to near $72.49. Spot gold rises roughly $5 to trade near $1,795/oz. Most base metals trade in the green.
To the day ahead now, and it’s a quiet one on the calendar, although data releases include the US PPI reading for November, as well as the University of Michigan’s preliminary consumer sentiment index for December.
Market Snapshot
S&P 500 futures up 0.6% to 3,989.75
STOXX Europe 600 up 0.2% to 436.37
MXAP up 1.2% to 159.01
MXAPJ up 1.2% to 518.83
Nikkei up 1.2% to 27,901.01
Topix up 1.0% to 1,961.56
Hang Seng Index up 2.3% to 19,900.87
Shanghai Composite up 0.3% to 3,206.95
Sensex down 0.7% to 62,154.01
Australia S&P/ASX 200 up 0.5% to 7,213.18
Kospi up 0.8% to 2,389.04
German 10Y yield up 2.1% to 1.86%
Euro little changed at $1.0550
Brent Futures up 0.9% to $76.80/bbl
Gold spot up 0.1% to $1,791.17
US Dollar Index little changed at 104.83
Top Overnight News from Bloomberg
The dollar is seen staying in defensive mode versus its major peers next year, according to analysts. Options traders remain bullish on its prospects yet topside bets continue to lose traction.
Three-month Euribor extends its advance as traders wager the European Central Bank will raise interest rates for a fourth successive meeting to a 13-year high at 2% next week.
The Bank of England said the expectations that British consumers have about where inflation is headed drifted further above its 2% target, and more people were dissatisfied with the way the central bank is doing its job.
The Riksbank may be near a peak level for borrowing costs after a string of key rate hikes, Riksbank Deputy Governor Per Jansson said.
China faces a daunting task after abruptly giving up on Covid Zero, with infections set to surge and deaths predicted to top 2 million.
China will sell 750 billion yuan ($108 billion) worth of special sovereign bonds next Monday to “support economic and social” development, the Ministry of Finance said in a statement late on Friday.
A more detailed summary of markets courtesy of Newsquawk
Asia-Pacific stocks traded mostly higher as the region took impetus from the gains on Wall St where the major indices found some relief during a quiet session ahead of next week’s key risk events. ASX 200 was marginally positive with the index led higher by strength in the mining sector, but with gains capped by weakness in defensives and the top-weighted financial industry. Nikkei 225 moved closer to the 28,000 level amid the momentum from the US and after PM Kishida denied they were planning to increase the income tax for defence spending, although a separate report noted that Japan is considering raising corporate tax instead to fund the defence spending. Hang Seng and Shanghai Comp were indecisive in which the Hong Kong benchmark whipsawed and the mainland was lacklustre as participants digested the latest inflation data which showed a slowing pace of CPI growth and slightly narrower-than-expected fall in producer prices, while property names were underpinned on reports that China is mulling further property market easing measures at next week’s economic meeting.
Top Asian News
Chinese Premier Li said inflation remains high in some countries and that the world economy faces grim challenges with the risk of a global recession increasing. Li also noted that the domestic economy is currently in a stable state after reversing the Q3 economic decline and said China is to further smooth logistics, while he added that China cannot stop opening up and will continue at a high level.
Canadian police suspended a contract with a China-linked firm amid concerns regarding potential Chinese access to Canadian police communications, according to SCMP.
Japan is considering raising corporate taxes to fund defence spending, according to Yomiuri.
Iron Ore Climbs to Four-Month High on Optimism Over China Policy
Xi Visit to Saudi Arabia Brings Pledge of More Oil Trade
SoftBank Group Cuts SenseTime Stake to 17.97% From 18.02%
Equities in Europe trade with no firm direction in what has been a quiet morning session thus far in holiday-thinned volumes, with little follow-through experienced from the gains in APAC. In Europe, sectors are mostly firmer with no overall bias and again with a narrow market breadth. Stateside, action is in-fitting with European peers as macro catalysts are light ahead of next week’s blockbuster docket. China November vehicle sales fell 7.9% Y/YY vs prev. increase of 6.9% in October, according to the industry association, while CAAM suggests an extension of purchase tax cut on combustion engine vehicles to 2023. CAAM forecasts China 2023 vehicles sales +3% YY, large scale COVID infections will have an adverse influence in 2023. Tesla (TSLA) is to suspend Model Y production at Shanghai Plant between December 25th and January 1st; to reduce output in December by around 30% from November for Model Y, according to an internal memo cited by Reuters
Top European News
UK Treasury publishes the ‘Edinburgh reforms’: to reform short selling regulation. To consult on removing rules for capital deduction at banks. To review senior manager certification rules. Click here for more detail.
BoE/ Ipsos Inflation Attitudes Survey – November 2022: median public inflation expectation for the coming year at 4.8% in Nov (prev. 4.9% in Aug); 1-2yr inflation 3.4% (prev. 3.2%), 5yr 3.3% (prev. 3.1%).
UK Sets Out Post-Brexit Finance Plan to Spur City of London
Two More ECB Rate Hikes Seen Before QT Goes Live Early Next Year
Arnault’s Son Antoine Takes Wider Role at LVMH Luxury Empire
FX
DXY managed to derive some support after losing 104.50 in early trade, currently the index is lower but in proximity to the 104.86 peak.
Peers are generally fairly contained with modest outperformance in safe-haven JPY and CHF as US yields slip slightly.
Petro-FX continues to lag as the broader complex is once again consolidating with minor gains in the context of recent price action.
NOK knocked on soft CPI ahead of the Norges Bank while NZD was underpinned overnight despite mixed domestic data.
PBoC set USD/CNY mid-point at 6.9588 vs exp. 6.9604 (prev. 6.9606)
Fixed Income
EGBs and USTs continue to diverge, though overall action has been limited given a lack of drivers and thin volumes.
EZ periphery is cognisant of the looming TLTRO.III repayment publication, though the impact may not be felt until the January window.
Stateside, yields are modestly softer across the curve, with action slightly more evident at the short-end.
Commodities
WTI Jan and Brent Feb remain firmer intraday but in the grander scheme are consolidating with modest gains, the former around USD 72.50/bbl (vs low 71.32/bbl), and the latter just above the USD 77/bbl mark (vs low 75.95/bbl).
Kuwait set January KEC crude OSP for Asia at Oman/Dubai + USD 2.10/bbl, according to Reuters.
Russia is to decide on whether to increase oil production after Q1 following the introduction of the price cap, via Tass citing an official.
China’s Securities Regulatory Commission is to allow overseas investors in DCE soybean, soybean meal and soybean oil futures and options from December 26th.
Canada to review regulatory framework for critical mineral mines and other cleans growth projects to make them faster and more predictable; seeking regulatory harmonization opportunities with the US in a new critical mineral strategy.
Spot gold remains capped by USD 1800/oz while base metals are off best levels after deriving modest support overnight.
Geopolitics
US is preparing to send a USD 275mln military aid package to Ukraine, according to AJA Breaking.
Lithuanian PM Simonyte says Russian President Putin wants a break in the Ukrainian invasion, in order to regroup.
US is to sanction entities from China and Russia related to human rights abuses, according to WSJ.
US Event Calendar
08:30: Nov. PPI Final Demand MoM, est. 0.2%, prior 0.2%; YoY, est. 7.2%, prior 8.0%
PPI Ex Food, Energy, Trade MoM, est. 0.1%, prior 0.2%; YoY, est. 4.7%, prior 5.4%
PPI Ex Food and Energy MoM, est. 0.2%, prior 0%; YoY, est. 5.9%, prior 6.7%
10:00: Oct. Wholesale Trade Sales MoM, est. 0.3%, prior 0.4%
10:00: Dec. U. of Mich. Sentiment, est. 57.0, prior 56.8
U. of Mich. Expectations, est. 54.5, prior 55.6
U. of Mich. Current Conditions, est. 58.8, prior 58.8
U. of Mich. 1 Yr Inflation, est. 4.9%, prior 4.9%
U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%
10:00: Oct. Wholesale Inventories MoM, est. 0.8%, prior 0.8%
12:00: 3Q US Household Change in Net Wor, prior -$6.1t
DB’s Jim Reid concludes the overnight wrap
Risk appetite returned to markets over the last 24 hours, with the S&P 500 snapping a run of 5 consecutive losses to advance +0.75%, whilst bond yields moved higher as well. That came in spite of fresh jitters about the state of the US economy, with the latest data on continuing jobless claims showing a further increase to 1.671m in the week ending November 26 (vs. 1.618m expected). That’s their highest level since early February, and follows a noticeable increase over recent weeks that’s seen them rise by nearly a quarter since mid-September.
With growing concern about a potential recession, attention today will turn to another couple of data points that may give a steer on how aggressively the Fed will lift rates over the coming months. The first is the US PPI inflation reading for November at 13:30 London time. Usually the producer price release gets less market attention compared to consumer prices, but in part that’s because the CPI number is normally out first. This month however, PPI is out first, so should offer a signal on inflation in November ahead of the all-important CPI release on Tuesday. Our economists forecast that both headline and core PPI will come in at +0.2% on a monthly basis, in line with consensus.
The second data point will be the preliminary reading on the University of Michigan’s consumer sentiment index for December. That fell back in November after having risen for the 4 previous months, so the question will be whether that was just a blip or the start of a more pronounced downturn. We’ll also get their measure of longer-term inflation expectations that is closely watched. That’s begun to tick back up over the last couple of months, so any further rises would be concerning from the Fed’s point of view, who thus far have been reassured by the fact that longer-term expectations have remained anchored.
Ahead of those releases, we got some fresh signs of elevated US inflation pressures from the Atlanta Fed’s wage growth tracker, with the main measure of median hourly wage growth remaining unchanged at 6.4% in November. That’s a bit beneath the peak of 6.7% between June and August, but isn’t suggesting a meaningful deceleration in wage inflation as we move deeper into Q4, and this data is normally highly correlated with the Employment Cost Index.
With upcoming data providing the main focus today, markets remained in something of a holding pattern as investors looked forward to the packed calendar of events next week, including the Fed and ECB decisions. For instance, expectations of the Fed’s terminal rate continued to hover around the 5% mark, where they’ve been for nearly a couple of months now. Sovereign bond yields did see a noticeable bounceback yesterday, but that was coming off from their lowest levels in a couple of months, with 10yr Treasury yields up +6.5bps on the day to 3.48%. The 2s10s curve also moved to become slightly less inverted with a +1.3bps move to -83.0bps, but again that was coming off a multi-decade low for the curve the previous day.
Elsewhere yesterday, the downward trajectory in oil prices continued, with Brent crude falling a further -1.32% to $76.15/bbl. That left it at its lowest levels of the year so far, despite a brief surge in prices intraday after the Keystone oil pipeline was shut following a leak. WTI similarly pared back its brief gains to close -0.76% lower at $71.46/bbl. These lower prices are flowing through to the real economy as well, with US gasoline prices now down by just over a third from their peak in mid-June, currently at $3.329/gallon. Furthermore, the energy price declines were seen in European natural gas futures as well, which fell -6.94% on the day to €139 per megawatt-hour.
For US equities, there was a decent bounceback yesterday, with the S&P 500 up +0.75% as technology stocks led the advance. For instance, the NASDAQ was up a larger +1.13%, and the FANG+ index of megacap tech stocks rose +2.51%. Over in Europe, the tone was much more subdued for equities, with the STOXX 600 (-0.17%) losing ground for a 5th consecutive day. However, sovereign bonds traded more in line with their US counterparts, with yields on 10yr bunds (+3.7bps), OATs (+4.5bps) and BTPs (+8.6bps) all moving higher on the day.
Overnight in Asia, the major equity indices have mostly followed the US higher, with gains for the Nikkei (+1.27%), the Hang Seng (+1.64%), the CSI 300 (+0.24%), the Shanghai Comp (+0.05%) and the Kospi (+0.47%). The moves came as Chinese inflation remained subdued in November, with year-on-year CPI down to +1.6% as expected, down from +2.1% in October, which was seen as offering policymakers more space to stimulate the economy if required. That continued to be driven by food prices, which were up +3.7%, compared to non-food prices which only rose +1.1%. Elsewhere, the PPI reading was slightly higher than expected, but was still at a deflationary -1.3% over the last year (vs. -1.5% expected).
To the day ahead now, and it’s a quiet one on the calendar, although data releases include the US PPI reading for November, as well as the University of Michigan’s preliminary consumer sentiment index for December.
.
AND NOW NEWSQUAWK (EUROPE/REPORT
Generally constructive tone though catalysts and volumes are light – Newsquawk US Market Open
FRIDAY, DEC 09, 2022 – 06:25 AM
Equities in Europe trade with no firm direction in what has been a quiet morning session thus far in holiday-thinned volumes
DXY managed to derive some support after losing 104.50 in early trade, with peers generally contained though JPY & CHF ‘outperform’
EGBs and USTs continue to diverge, but overall action has been limited given a lack of drivers and thin volumes.
WTI Jan and Brent Feb remain firmer intraday but in the grander scheme are consolidating once again
Looking ahead, highlights include US PPI Final Demand, Uni. of Michigan Prelim.
Or why not try Newsquawk’s squawk box free for 7 days?
EUROPEAN TRADE
EQUITIES
Equities in Europe trade with no firm direction in what has been a quiet morning session thus far in holiday-thinned volumes, with little follow-through experienced from the gains in APAC.
In Europe, sectors are mostly firmer with no overall bias and again with a narrow market breadth.
Stateside, action is in-fitting with European peers as macro catalysts are light ahead of next week’s blockbuster docket.
China November vehicle sales fell 7.9% Y/YY vs prev. increase of 6.9% in October, according to the industry association, while CAAM suggests an extension of purchase tax cut on combustion engine vehicles to 2023. CAAM forecasts China 2023 vehicles sales +3% YY, large scale COVID infections will have an adverse influence in 2023.
Tesla (TSLA) is to suspend Model Y production at Shanghai Plant between December 25th and January 1st; to reduce output in December by around 30% from November for Model Y, according to an internal memo cited by Reuters
WTI Jan and Brent Feb remain firmer intraday but in the grander scheme are consolidating with modest gains, the former around USD 72.50/bbl (vs low 71.32/bbl), and the latter just above the USD 77/bbl mark (vs low 75.95/bbl).
Kuwait set January KEC crude OSP for Asia at Oman/Dubai + USD 2.10/bbl, according to Reuters.
Russia is to decide on whether to increase oil production after Q1 following the introduction of the price cap, via Tass citing an official.
China’s Securities Regulatory Commission is to allow overseas investors in DCE soybean, soybean meal and soybean oil futures and options from December 26th.
Canada to review regulatory framework for critical mineral mines and other cleans growth projects to make them faster and more predictable; seeking regulatory harmonization opportunities with the US in a new critical mineral strategy.
Spot gold remains capped by USD 1800/oz while base metals are off best levels after deriving modest support overnight.
UK Treasury publishes the ‘Edinburgh reforms’: to reform short selling regulation. To consult on removing rules for capital deduction at banks. To review senior manager certification rules. Click here for more detail.
BoE/ Ipsos Inflation Attitudes Survey – November 2022: median public inflation expectation for the coming year at 4.8% in Nov (prev. 4.9% in Aug); 1-2yr inflation 3.4% (prev. 3.2%), 5yr 3.3% (prev. 3.1%).
Little changed overall, with Bitcoin meandering between USD 17291-17179 parameters.
GEOPOLITICS
RUSSIA-UKRAINE
US is preparing to send a USD 275mln military aid package to Ukraine, according to AJA Breaking.
Lithuanian PM Simonyte says Russian President Putin wants a break in the Ukrainian invasion, in order to regroup.
OTHER
US is to sanction entities from China and Russia related to human rights abuses, according to WSJ.
APAC TRADE
EQUITIES
APAC stocks traded mostly higher as the region took impetus from the gains on Wall St where the major indices found some relief during a quiet session ahead of next week’s key risk events.
ASX 200 was marginally positive with the index led higher by strength in the mining sector, but with gains capped by weakness in defensives and the top-weighted financial industry.
Nikkei 225 moved closer to the 28,000 level amid the momentum from the US and after PM Kishida denied they were planning to increase the income tax for defence spending, although a separate report noted that Japan is considering raising corporate tax instead to fund the defence spending.
Hang Seng and Shanghai Comp were indecisive in which the Hong Kong benchmark whipsawed and the mainland was lacklustre as participants digested the latest inflation data which showed a slowing pace of CPI growth and slightly narrower-than-expected fall in producer prices, while property names were underpinned on reports that China is mulling further property market easing measures at next week’s economic meeting.
NOTABLE ASIA-PAC HEADLINES
Chinese Premier Li said inflation remains high in some countries and that the world economy faces grim challenges with the risk of a global recession increasing. Li also noted that the domestic economy is currently in a stable state after reversing the Q3 economic decline and said China is to further smooth logistics, while he added that China cannot stop opening up and will continue at a high level.
Canadian police suspended a contract with a China-linked firm amid concerns regarding potential Chinese access to Canadian police communications, according to SCMP.
Japan is considering raising corporate taxes to fund defence spending, according to Yomiuri.
DATA RECAP
Chinese CPI MM (Nov) -0.2% vs. Exp. -0.2% (Prev. 0.1%); YY (Nov) 1.6% vs. Exp. 1.6% (Prev. 2.1%)
Chinese PPI YY (Nov) -1.3% vs. Exp. -1.4% (Prev. -1.3%)
i)FRIDAY MORNING// THURSDAY NIGHT
SHANGHAI CLOSED UP 9.60 PTS OR 0.30% //Hang Sang CLOSED UP 450.64 OR 2.32% /The Nikkei closed UP 326.54 OR 1.13% //Australia’s all ordinaries CLOSED UP 0.50% /Chinese yuan (ONSHORE) closed UP TO 6.9583//OFFSHORE CHINESE YUAN UP TO 6.9557// /Oil DOWN TO 72.13 dollars per barrel for WTI and BRENT AT 76.40 / Stocks in Europe OPENED ALL MIXED. ONSHORE YUAN TRADING BELOW 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/COVID
This is a big story. Chinese health official correctly states that 80 to 90% of China’s population may end with COVID. So much for their zero covid policy.
(zerohedge)
Chinese Health Official Admits 80-90% Of Population May End Up With COVID
THURSDAY, DEC 08, 2022 – 08:40 PM
After just within the past week China’s government dramatically pivoted from its ultra-harsh ‘zero Covid’ policy – a policy which had triggered unprecedented widespread protests against communist authorities and health officials as in some instances they barricaded whole neighborhoods into strictly controlled quarantine zones – toward what appears a full embrace of a more lax ‘Swedish model’ type approach, national health authorities are prepping the population for the coming Covid wave, which could impact an estimated 80 to 90% of the Chinese population, according to a fresh projection by Feng Zijian, a former deputy chief at China’s Centers for Disease Control and Prevention.
“It’s going to be inevitable for most of us to get infected once, regardless of how the Covid-fighting measures are adjusted,” Feng said Tuesday during a virtual conference discussing the zero Covid offramp at Tsinghua University in Beijing. As a senior health official, Feng is part of the central government’s task force in implementing new policies which has moved away from the ‘one size fits all’ mentality that guided Beijing’s health response since the pandemic began.
“Some 60% of Chinese people may be infected in the first wave, before the curve flattens, Feng predicted,” as cited in Bloomberg. “By comparison, about 58% of the US population had been infected by February this year, according to a US Centers for Disease Control and Prevention analysis released in April. That was up from 33.5% in December.”Via Associated Press
So it seems two years too late, China is learning the lessons of a number of countries that embraced a more flexible stance based on understanding herd immunity early, also centered on protecting the most vulnerable demographic, the elderly and the infirm, while not shuttering the economy wholesale.
Further, as of Thursday morning in China (local time), health authorities are reporting “more than 20,000 new cases a day at the moment, as outbreaks flare from Beijing to the southern manufacturing hub of Guangzhou. That’s up from less than 100 a day in June, and zero for long periods of 2020.”
But China says it’s ready amid its more localized approach which will seek to prep hospitals, civic authorities, and the citizenry on “proper protective measures” – such as greater deployment of at home rapid antigen test kits. “It is better to direct the flood than block it,” Lu Jiahai, a senior expert at the state drug regulator National Medical Products Administration (NMPA), said.
As for this approach looking more like a Swedish model policy (though don’t expect anyone in Beijing to call it that), Caixin Global recently captured the following quotes which illustrate an astounding about-face in thinking on the pandemic among Chinese officials:
Although there are challenges in the implementation of home quarantine, the infection risks should not be exaggerated, said University of Hong Kong’s Jin.
“Scientific guidelines should be provided for everyone to follow with a clear accountability mechanism, as there have been many examples that even couples in the same room didn’t infect each other,” said Jin, citing the experience in Hong Kong, where home isolation has been widely adopted after the worst outbreaks hit in the spring.
One resident in Beijing agreed. “I think it is more important to eliminate the irrational fear of being infected, and at the same time learn how to reduce the risk of cross-infection,” Ma Qiao, who has studied preventative medicine, told Caixin.
Some of the new measures from the communist government call for isolating asymptomatic or mild Covid cases at home rather than in quarantine camps or hospitals for seven days. Anyone in contact with the infected would have to quarantine at home for five days instead of eight days at a camp and then at home.
The State Council further disbanded the rule for people to show negative Covid tests before entering public places. As the SCMP summarized of the new approach this week: “The new policy stressed that basic social and medical services need to be provided. People’s movements, work and production should not be restricted in low-risk areas.”
end
CHINA/SAUDI ARABIA
USA will not like this. Xi inks billions in deals with the Saudis as well as expanding their military ties.
(zerohedge)
Xi Inks Tens Of Billions In Deals With Saudis, From Huawei Cloud-Computing To Expanded Military Ties
THURSDAY, DEC 08, 2022 – 06:40 PM
On the first full day of his visit wherein he was lavishly greeted and given full red-carpet treatment after arrival in the kingdom (clearly more so that Biden’s summer trip to Jeddah), Chinese President Xi Jinping met with King Salman and Saudi Crown Prince Mohammed bin Salman on Thursday, and wide-ranging economic and tech trade agreements were signed to the tune of tens of billions of dollars, along with pledges to expand military cooperation.
Among the commercial deals made, one name that featured prominently is sure to raise eyebrows in Washington, given the blanket ban and years-long controversy in the states: Huawei. Among the over $29 billion in agreements signed, The Wall Street Journal reports the Saudis are “setting up a Huawei cloud-computing region, building an electric-vehicle manufacturing plant in Saudi Arabia and supplying green hydrogen batteries for a futuristic smart city the prince wants to build.”Image source: Saudi Royal Palace, via AFP/ Getty Images
Little in the way of official statements fully detailing the process of the discussions and joint agreements have been issued as talks with Xi and his top aides have occurred entirely behind closed palace doors.
The WSJ continues, “Missing from the leaders’ public statements was any mention of the more controversial aspects of a relationship that have raised the hackles of U.S. officials—such as advanced military sales, expansion of 5G and 6G telecommunications networks and pricing some Saudi oil sales in yuan, which accelerated this year.”
Among other areas of cooperation include urban development, housing construction, high tech complexes, as well as health, environmental, and energy-saving building projects, all related to the Saudi Vision 2030 and Beijing’s Belt and Road initiative.
Concerning the latter area, the WSJ details that “One of the agreements involves a top Saudi renewable energy company, Acwa Power, and the Industrial & Commercial Bank of China Ltd.—China’s largest commercial bank, which is a direct participant in CIPS, the Chinese version of SWIFT—hinting at deepening financial cooperation between the countries.”
It goes without saying that the China-Saudi summit is being held against the backdrop of strained Saudi relations with Washington, also as Saudi officials likely increasingly see America as a superpower in decline. This theme has also been on display with apparent cozier coordination with Russia’s Vladimir Putin, despite the Ukraine war, which has seen MbS firmly rebuff Biden’s pleas to produce more oil.
Meanwhile, there’s been a lot of media commentary in the West over just how “lavish” Xi’s reception in the kingdom has been, and for good reason. The below greeting included much more than a fist bump…
end
CHINA////TESLA
Tesla to suspend Shanghai factory output due to upgrades and waning consumer demand
(zerohedge0
Tesla To Suspend Shanghai Factory Output Later This Month, Reports Say
FRIDAY, DEC 09, 2022 – 07:45 AM
Numerous reports surfaced Friday morning of Tesla “suspending” Model Y and Model 3 production at its massive Shanghai factory later this month due to upgrades at the plant and waning consumer demand.
Model Y and Model 3 production lines are expected to be suspended in the last week of December, according to Bloomberg, citing people familiar with the matter. They said Model 3 production could resume in early January, though Model Y output disruptions could be prolonged. Another person said Model 3 production could be suspended again later in the month for the Chinese New Year. They added that this would allow for more upgrades and equipment maintenance to produce an enhanced version of the model.
In a separate report, Reuters cited two people with direct knowledge and an internal memo about the automaker’s plan to suspend Model Y production at the plant between Dec. 25 and Jan. 1.
The two people said the suspension of the assembly line would result in a 30% reduction in Model Y production for the month. They added this type of production halt isn’t a common practice for the plant.
“The Shanghai factory, the most important manufacturing hub for Elon Musk’s electric vehicle company, kept normal operations during the last week of December last year,” Reuters said.
Earlier this week, Bloomberg said that slumping Chinese demand would result in the factory reducing production by 20% from full capacity. And almost immediately, a report from Shanghai Securities Journal called it “false information.”
In November, Tesla delivered 100,291 Chinese-made vehicles, the highest monthly production since the factory opened in late 2020.
Beijing relaxed zero Covid policies this week and quietly launched quantitative easing to prop up its faltering economy. China’s passenger vehicle sales dropped in the six months ending in November. The country’s auto industry group expects sales to remain flat next year.
Reuters reported last month that Tesla plans a revamped version of Model 3 to cut production costs and boost the style of the five-year-old electric sedan. Tesla has also cut prices in the second-largest economy in the world to stay competitive with domestic bands.
Tesla shares year-to-date have been more than halved.
“Now, however, lead times are shortening drastically, suggesting the company still has inventory on hand. Any Model 3 or Model Y ordered in China today should be delivered within the month, Tesla’s website shows. That lead time is down from as long as four weeks in October and up to 22 weeks earlier this year,” Bloomberg concluded.
4/EUROPEAN AFFAIRS/UK AFFAIRS//
EUROPE/WEATHER
This will not be good for Europe as it experiences an artic blast…natural gas prices there rise and inventories are falling
(zerohedge)
Arctic Blast Batters Europe As NatGas Prices Rise, Inventories Fall
FRIDAY, DEC 09, 2022 – 02:45 AM
A continuing cold blast across Europe, something we pointed out at the first of the month was forecasted to happen, has led to higher energy prices and drawn down NatGas inventories.
We explained on Dec. 1 that a weather phenomenon known as a “Greenland blocking” event would pour cold Arctic air over Europe in the first half of the month.
Latest forecasts via Bloomberg show average temperatures across Northwest Europe are expected to continue sliding well below a 30-year trendline to around 27 degrees Fahrenheit by Dec. 18.
The cold blast has already boosted heating demand across the energy-stricken continent. The forecast for even colder weather next week will indicate even larger future NatGas draws from storage.
After building up inventories to nearly 96% full last month due to warmer autumn weather, the injection to withdrawal flip is about a month in and drained about 5% of storage to 90% full. Seasonally, the withdrawal period is well underway, so draws will continue for the next several months (as long as there is cold weather).
What could drive levels down even further are vicious cold snaps.
Europe’s winter temperatures have taken a while to arrive, but now seem to be coming in at full strength. Gas storage sites are still relatively full for the time of year, but risks still linger that a severe cold spell could quickly deplete stocks, leaving the continent exposed to any new supply curtailments. -Bloomberg
Australia’s ANZ Bank wrote that forecaster Maxar said the weather outlook for the next few weeks would be extremely cold for the UK and Nordics. Heading into the cold season, traders saw NatGas supplies at ample levels, and some expected Europe would easily survive this winter without a crisis. However, politicians in France are already warning about potential power cuts due to issues with nuclear power generation, while the lack of grid interconnectivity with other countries could result in power crunches.
Dutch front-month NatGas futures, Europe’s benchmark, have rebounded more than 52% to 150 euros per megawatt-hour since Nov. 11 on colder weather forecasts.
Month-ahead German, French, and UK power are rising as it becomes more expensive to fuel the continent’s power generation stations.
As we explained earlier this month, this cold blast will be the first proper test of the EU’s power grid.
END
HUNGARY
Inflation is ripping apart Hungary. Inflation at 22% and now the cold spell will wreck further havoc
(zerohedge)
Hungarian Inflation Spirals As Orban-Central Bank Rift Deepens
FRIDAY, DEC 09, 2022 – 03:30 AM
By Zoltan Simon, Bloomberg Markets Live reporter and commentator
Hungarian inflation accelerated toward one of the European Union’s highest levels as a deepening rift between Prime Minister Viktor Orban and the central bank raised questions about economic policy.
Consumer prices rose an annual 22.5% in November, exceeding the median estimate of 22% in a Bloomberg survey, according to the Budapest-based statistics office. That compares with a 21.1% jump in October, when Hungarian price growth was already the third-worst in the EU.
Central bank Governor Gyorgy Matolcsy warned lawmakers this week that Hungary was on the brink of an economic crisis — and possibly a prolonged period of stagflation with anemic growth and high inflation — as various price controls under Orban’s rule collide with “the basic rules of the economy.”
The November price surge didn’t take into account the effects of the removal of a fuel price cap following a nationwide gasoline shortage. The measure, in place for more than a year, buckled under a spike in demand, a drop in supply and maintenance work at Hungary’s only refinery, which cut domestic output almost in half.
The scrapping of the fuel cap may add 2 to 2.3 percentage points to headline inflation, much of it from December onward, Portfolio news website reported, citing estimates from Economic Development Minister Marton Nagy.
He also announced late Wednesday a 1.5 trillion forint ($3.8 billion) subsidized corporate loan program to avert a recession, offering forint loans at a maximum of 5% interest.
It’s the latest step that may undermine central bank policy aimed at reining in inflation with a key interest rate at 18%, by far the EU’s highest.
Despite a removal of the fuel price cap, which raised prices at the pump immediately by as much as 46%, other caps remained in place including some food staples, mortgages and student loans.
The government had forecast an inflation peak of 25% before the removal of the price cap. Matolcsy said price growth may average between 15% to 18% in 2023, which he said would be the EU’s worst.
5.UKRAINE RUSSIA//
RUSSIA//UKRAINE
6 GLOBAL ISSUES//COVID ISSUES//VACCINE ISSUES
Vaccine//Covid issues: Injuries
As we have pointed out to you on several occasions: masks are totally useless. COVID size is 1/10 the size of the mask pores.
So totally useless. Actually more deaths occurred with mask use than without useage
=
(zerohedge)
The Ongoing COVID Deceptions: How Ruling Elites Lied About Masks And Mask Mandates
The mishandling of the covid-19 pandemic by global elites has severely eroded confidence in expert opinion. New information is emerging that senior officials doubted policies that were foisted upon the American public. By sharing the results of his deposition with Dr. Anthony Fauci, Missouri attorney general Eric Schmitt exposed Fauci’s advocacy of face masks as insincere:
Another tidbit from the Fauci depo: In Feb 20 he emailed a friend advising her that masks were ineffective.
Confirmed again on Mar 31.
On April 3 he’s adamant masks should be worn even though he couldn’t cite a single study to prove it.
Mandates followed—Lives ruined.
Numerous studies disputed the efficacy of face masks, yet mask mandates rose to national prominence. During the apex of pandemic hysteria, the American Institute for Economic Research ran a series of scathing articles debunking the usefulness of face masks. In fact, one prominent 2020 study boldly admitted that mask use is primarily symbolic:
We know that wearing a mask outside health care facilities offers little, if any, protection from infection. Public health authorities define a significant exposure to Covid-19 as face-to-face contact within 6 feet with a patient with symptomatic Covid-19 that is sustained for at least a few minutes…
The chance of catching Covid-19 from a passing interaction in a public space is therefore minimal. In many cases, the desire for widespread masking is a reflective reaction to anxiety over the pandemic.
Not even children were spared from the covid-19 hysteria. Masks became commonplace in schools across America and the wider world, despite the large volume of research arguing that they could harm minors. One study from Germany noted that parents raised concerns about mask use having adverse effects on children. Moreover, evidence suggests that mask use limits the expressive capacity of children. Reading the facial expressions of teachers and peers aids a child’s language development, but unfortunately, masks were even required during intergroup conversations.
A recent paper published in the journal Cognitive Research: Principles and Implications argues that mask use has hindered face recognition abilities in children. The researchers posited that impaired face recognition abilities have negative consequences for the emotional development of children, saying that “changes in face recognition performance and alteration in the processing of partially occluded faces could have significant effects on children’s social interactions with their peers and their ability to form relationships with educators.”
Widespread mask mandates failed to benefit children, and instead of averting covid-related deaths, they led to people dying. According to Dr. Zacharias Fogen of Germany, “Mask mandates actually caused about 1.5 times the number of deaths or [approximately 50 percent] more deaths compared to no mask mandates.” Dr. Fogen theorized that the re-inhalation of hyperconcentrated droplets caught by masks led to worse ailments and fueled fatality rates.
The scandal of covid-19 has demonstrated that elites deliberately misinformed the public at every corner. Citizens were scolded for ignoring mask mandates, even though the evidence was clear that they don’t work. The vilification of those who refused to endorse covid-19 vaccines was even more egregious.
Vaccines are usually successful, but covid-19 vaccines were imposed on the public without proper research. Contrary to the claims of politically motivated actors, the latest research on covid-19 vaccines is astoundingly negative. Scientific research shows that rates of myocarditis are higher among the vaccinated and that natural immunity offers great protection against the virus. Moreover, there is overwhelming evidence that the highly touted lockdowns were a disaster. After the ruling elite’s orchestrated deception of the public, we would be foolish to trust their proposals.
The pandemic has rightly taught us that governing elites will fabricate evidence and misuse data to promote their agenda at our expense, and it is unlikely that they will ever be able to regain our trust.
END
COVID/AUSTRALIA/VACCINE/MORTALITY RATES:
Call For Investigation Into Mortality Rates As Australia Sees Death-Rate Spike
Australia has seen a spike in its mortality rates in 2022, with the Australian Bureau of Statistics (ABS) stating that by the end of August 2022, 128,797 deaths had been registered, which is 18,671 deaths, or 17 percent, more than the historical average.
In the data release on Nov. 25, the ABS noted that of registered deaths; there had been a rise in the number of Australians dying from dementia (18.9 percent above the baseline average), diabetes (20.8 percent higher than the baseline average), cancer, and COVID-19.
Karen Cutter, a spokesperson for the Actuaries Institute of Australia (AIA) said in a media release (pdf) that even after the Institute’s COVID-19 Mortality Working Group removed all “from” and “with” COVID-19 deaths, it was not clear why Australians were dying in larger numbers from other diseases such as ischaemic heart disease, cancer, and cerebrovascular disease in 2021 and 2022.
In an analysis (pdf) from Nov. 3, the AIA noted that 1,200 more Australians had died from ischaemic heart disease than expected, while cerebrovascular disease had 450 more deaths than normal. Meanwhile, mortality rates from diabetes increased by 400 deaths, and dementia saw an extra 800 deaths.
According to the ABS, between January and August this year, 7,727 Australians died from COVID-19.
“It is not clear what might be driving this, although we expect that at least part of the excess will be in respect of people who otherwise may have succumbed to respiratory disease in 2020 and 2021,” said Cutter.
They also said that diabetes deaths have generally been higher than expected throughout the pandemic.
Cutter noted that the AIA had also noticed that of the excess deaths in the 0-44 and 45-64 age bands were small, and the number of women dying was higher than expected.
She has called on the federal government to launch an inquiry into the cause of the spike.
“The differences are worth investigation, although the small numbers mean that there is considerable natural variation,” she said.
Spiking Mortality Rates a Global Phenomenon
The spike in mortality rates is being experienced globally, with the UK’s Chief Medical Officer, Sir Chris Whitty, as well as Sir Patrick Vallance, the country’s Chief Scientific Adviser, declaring the country is facing a “prolonged period” of excess deaths after people differed treatment during the initial stages of the pandemic.
Meanwhile, the UK’s health secretary Steve Barclay said that the government needed to come clean about the excess deaths.
In a speech to the Spectator Health Summit in London on Nov. 28, Barclay said that the government must share the scale of the COVID backlog, which he estimated was now “around now 7.1 million patients.”
“We know from the data that there are more 50-to 64-year olds with cardiovascular issues. It’s the result of delays in that age group seeing a GP because of the pandemic and, in some cases, not getting statins for hypertension in time,” he said.
“When coupled with delays in ambulance times, we see this reflected in the excess death numbers. In time, we may well see a similar challenge in cancer data,” Barclay said.
COVID-19 Lingering Effects
The AIA agrees that delayed medical treatment may be a cause behind Australia’s rising death rate.
In an analysis of the pandemic in 2022, they said that it was highly likely that delays in medical care was a contributing factor to the excess death rates from other diseases.
“Pressure on the health, hospital and aged care systems, including ambulance ramping and bed block, could lead to people not getting the care they require, either as they avoid seeking help, or their care is not as timely as it might have been in pre-pandemic times,” they said.
“There is some evidence that this may be affecting cancer deaths. It may also be a factor in higher deaths from other causes, such as ischaemic heart disease, diabetes, and the large ‘other’ category.”
They also noted that COVID-19 lingering health effects could also be contributing to the increased rates.
Studies show that coronavirus is associated with increased mortality risks from heart disease and other causes. However, because doctors certifying the death would not necessarily know of the infection if it had occurred months prior, this could demonstrate a causative link several months after recovery from COVID-19.
END
VACCINES/NON VACCINATED/NEW ZEALAND
New Zealand Takes Baby From Parents Demanding “Unvaccinated” Blood For Heart Surgery
“He remains in urgent need of an operation, and every day that the operation is delayed his heart is under strain,” reads the order, citing one of his doctors.
The parents, Cole Reeves and Samantha Savage, rejected doctors’ assertion that using blood donated from outside normal channels was “impractical” for the child’s circumstance, and that surgery without donated blood was “not an available option.”
Apparently an unvaccinated volunteer with the same blood type is not ‘an available option.’
Judge Ian Gault ruled that it was in “Baby W’s best interests” for the court to take temporary custody of him so the surgery could be performed. The infant was placed under the guardianship of the court from Wednesday until he recovers from surgery, but not beyond January 31st, the Washington Post reports.
The surgery, which is set for Friday morning, is estimated to take 48 hours to complete. Two doctors were appointed as Baby W’s legal representatives for the purpose of consenting to surgery, and Reeves and Savage were appointed as his representatives for “all other purposes.” Doctors said they would “take the parents’ views into consideration” whenever possible — as long as doing so wouldn’t compromise “Baby W’s interests.”
The decision followed a tense period of several weeks fraught with baseless claims, according to the order. -WaPo
Reeves and Savage how now tried to stop doctors preparing the infant for the operation on Friday – which the High Court responded to by ordering the parents not to obstruct staff at Starship Hospital.
Te Whatu Ora has asked for the police to step in and also asked the court if officers are entitled to use reasonable force to remove the baby from the parents.
In his decision yesterday, Justice Gault also said doctors from Te Whatu Ora had been made agents of the court to carry out the surgery, including the adminstration of any blood products.
In a minute issued this evening, Justice Gault said he had been informed by the lawyer acting for Te Whatu Ora that the baby’s parents had prevented doctors from taking blood tests, performing a chest X-ray and performing an anaesthetic assessment.
The lawyer understood the parents had threatened to lay criminal charges against medical staff if they went ahead, Justice Gault said. –RNZ
“You touch our child and we will press criminal charges against you,” the parents told hospital staff, according to the filing.
The parents’ lawyer, Sue Grey, petitioned the judge, asking for the opinions of two US doctors to be considered, adding that it would be “extreme overreach” if police were called in to remove the baby from his parents in order to perform the surgery.
Justice Gault denied the request, saying Grey was effectively seeking to re-open the case he had already ruled on.
“Baby W urgently requires surgery and, as I concluded in my judgment, an order enabling the surgery to proceed using NZBS [New Zealand Blood Service] blood products without further delay is in Baby W’s best interests,” wrote Gault.
END
Day two of Ron Johnson senate hearing
3 hrs:
Sen Ron Johnson Senate hearing
Inbox
Neil Alho
6:39 PM (4 hours ago)
to bcc: me
This is a 3 hr hearing involving health experts/professionals
We saw from the Japanese Pfizer biodistribution study data that the lipid-nano particles, mRNA and likely (most certainly) translated spike protein accumulate in the testis and ovaries
If vaccine started in January or February 2021, if it was impacting fertility and birth rates we would see a decline about December 2021, January to March April 2022.
Well, look at this graph and the plunge from November 2021 onwards and it lines up near perfect to the vaccination inception January 2021:
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.
Huge praise to bad cat for the huge work and I must tip the hat to the cat, I share and I took the last 2 graphs from the cat:
back in july i started tracking some worrying trends in swedish birth rates. this trend seems to be appearing all over the west/OECD but as i said then, sweden seemed a particularly good test subjec…
Order via this LINKOpposition from the inside that is really causing you great harm. And you fell for it. We need the mechanical ventilator failure investigated and to see who did this, and who benefitted financially. For this was, with the lockdown lunacy, denial of early treatment, and the fraud COVID gene injection vaccine, one of the several catastrophic policies that killed thousands.Needlessly. People need to pay for this madness, no riding off into the sunset. We need prison for many people involved with the COVID response. It was ineptness compounded by criminal negligence, reckless decisions.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.
VACCINE IMPACT//
Criminal FDA Authorizes Pfizer and Moderna Bivalent Booster COVID Injections for Babies 6 Months Old to 4 Years
December 8, 2022 6:23 pm
The criminal FDA today gave an emergency use authorization for the deadly new Bivalent COVID shots for babies as young as 6 months old. There were no advisory committee meetings to discuss this, just a review of the documentation provided by the companies who supply the shots, Pfizer and Moderna. We can trust them, right? Just a reminder, these Bivalent shots were just authorized last September, and it was the first time in history that the FDA authorized a “vaccine” without any completed testing done on humans. All three drug companies that have EUA COVID vaccines in the U.S., Pfizer, Moderna, J&J, have former FDA Commissioners working for them. Keeping the COVID Plandemic active by declaring it to be a continuing “National Emergency,” the FDA is pushing to the limits just what they can do under the cover of “emergency use” which means the drug manufacturers can effectively use the American public as their laboratory, since going through the proper FDA approval channels to get a new vaccine to market on average takes about 10 years. Since these Bivalent booster shots were authorized 3 months ago, there have been 10,547 reported cases of harm to the U.S. Government’s Vaccine Adverse Events Reporting System (VAERS), including 90 deaths. They were authorized to be injected into children between the ages of 5 and 11 in October, and there are now 1,151 reports of harm done to children in VAERS. And just a reminder, less than 1% of vaccine injuries are ever reported to VAERS. And as of today, the FDA has authorized them to be injected into babies as young as 6 months old. The politicians in Washington D.C. will not do anything about this, even though Senator Ron Johnson had another meeting this week in D.C. to testify about these facts. This is like the 4th or 5th time Senator Johnson has done this. And what has been the result? The FDA continues to authorize more shots. Parents continue to ignorantly harm their children with experimental gene therapy shots. Not a single Governor has the courage to stop these shots, and neither does anyone in Washington D.C. Big Pharma owns them all. So you’re on your own. Do your research. Share this with others.
CDC Had Direct Access to Big Tech Censorship Tools to Control Covid NarrativeThe U.S Centers for Disease Control and Prevention (CDC) and the Census Bureau had direct access to Big Tech companies’ censorship tools, which were set up to allow government officials to control the Covid pandemic narrative online, newly unsealed emails have revealed.READ MORE
Ted Cruz: Twitter Files Prove Democrats Are ‘Weaponizing Big Tech’Republican Sen. Ted Cruz (R-TX) has responded to Elon Musk’s explosive release of the Twitter Files by arguing that the information proves that Democrats and their allies have been “weaponizing Big Tech” against the American people.READ MORE
We are constantly seeing the left being booted out of office
Yesterday it was in Peru where the leftist leader was removed and replaced by the rightest Doularte
(Reuters)
Peru’s Congress swears in new president after Castillo removed
Dina Boluarte becomes first female president after a tumultuous day that saw Pedro Castillo arrested and accused of ‘rebellion’ and ‘conspiracy’.
Peru’s new President Dina Boluarte, who was called on by Congress to take the office after the legislature approved the removal of President Pedro Castillo in an impeachment trial, in Lima, Peru, December 7, 2022 [Sebastian Castaneda/Reuters]
Published On 7 Dec 20227 Dec 2022
Dina Boluarte has been sworn in as Peru’s new president after left-wing leader Pedro Castillo was removed in an impeachment trial and arrested following his attempt to illegally shut down Congress.
The opposition-led legislature on Wednesday afternoon overwhelmingly voted in favour of removing Castillo, who earlier in the day had announced plans to “temporarily” dissolve the legislature and rule by decree.
Castillo had said the move aimed to “reestablish the rule of law and democracy” in Peru but it was widely condemned by opposition leaders and others, including Boluarte, his vice president, as an attempted “coup”.
Congress asked 60-year-old Boluarte to take over following its impeachment vote, making her the first woman to lead the South American nation. She was sworn in as president until 2026.
Boluarte called for a political truce to overcome the crisis and said a new cabinet inclusive of all political stripes would be formed. “There has been an attempted coup … that has not found an echo in the institutions, nor in the street,” she said after her swearing-in.
“What I ask for is space, time to rescue the country,” she added.
The public ministry said on Wednesday evening that Castillo had been arrested and accused of the crimes of “rebellion” and “conspiracy” for breaking the constitutional order.
Television outlets showed the former president leaving a police station and reported he would be moved to a police-run prison.
Third impeachment attempt
In central Lima, riot police blocked access to the presidential and congressional palaces as thousands of protesters – some for and some against Castillo’s removal – descended on the city in a mood of jubilance and rage.
Flanked by a wall of heavily-armed police, hundreds of Castillo supporters chanted their full-throated backing for the ex-president’s attempt to dissolve Congress.
“I came here because I’m tired of this corrupt Congress that has blocked all of [Castillo’s] initiatives. I’m a humble woman from the countryside. I don’t have electricity or running water. A year and a half, and this Congress has done nothing for the people,” said Milagros Rivera Mesías, 56, a homemaker from Lima.
Across the street, an elated crowd of anti-Castillo protesters were dancing to a clamorous marching band.
“Castillo is corrupt. He steals money and gifts it to his family, while we suffer. I’m out here selling chocolates to feed my three kids and care for my sick father,” Rosana Palomino, 30, told Al Jazeera.
A curfew was due to come into force at 10pm (03:00 GMT) but was later lifted.Television broadcast images of former President Pedro Castillo leaving a police station in a car. Officials said he had been accused of the crimes of “rebellion” and “conspiracy” [Gerardo Marin/Reuters]
Peru has endured years of political turmoil, with multiple leaders accused of corruption, frequent impeachment attempts and presidential terms cut short.
The latest legal battle began in October when the prosecutor’s office filed a constitutional complaint against Castillo for allegedly leading “a criminal organisation” to profit from state contracts and for obstructing investigations.
Congress summoned Castillo last week to respond to accusations of “moral incapacity” to govern.
The left-wing former teacher and union leader had called the allegations “slander” by groups seeking “to take advantage and seize the power that the people took from them at the polls”.
Castillo had survived two previous impeachment attempts since taking office in July 2021 following a hard-fought election victory.
In a televised statement on Wednesday, Castillo had announced a “government of exception”, allowing him to use emergency powers to call for new elections.
The president of Peru’s constitutional court condemned the move as a “coup d’etat” and members of the right-wing opposition appealed to armed forces to “restore constitutional order”. Foreign Minister Cesar Landa also resigned in protest, accusing Castillo of “violating the constitution”.
The United States echoed that criticism, with Ambassador to Peru Lisa Kenna urging Castillo to “reverse his attempt to shut down Congress and allow Peru’s democratic institutions to function according to the Constitution”.
“We encourage the Peruvian public to remain calm during this uncertain time,” she wrote on Twitter.Police officers stand guard as people gather outside Peru’s Congress in Lima after Castillo said he would dissolve the legislature [Sebastian Castaneda/Reuters]
‘Haphazard self-coup’
The presidential power to dissolve Peru’s Congress is controversial and rarely exercised.
In 1992, Alberto Fujimori – a polarising figure imprisoned for human rights violations – likewise used his presidential powers to dissolve the legislature and suspend the country’s constitution.
Castillo, originally from the rural town of San Luis de Puna in northwestern Peru, had faced allegations of corruption and wrongdoing from the start of his presidency. He also faced accusations of incompetency after he appointed five cabinets and an estimated 80 ministers in just over a year and a half as president.
A lack of planning was a “constant” in Castillo’s short presidency, Will Freeman, an analyst on Latin American politics and PhD candidate at Princeton University in the US, told Al Jazeera on Wednesday.
“Virtually everything was improvised, from his botched COVID recovery response to his sparring with congressional opposition, which made it its mission to oust Castillo practically from day one,” Freeman said in an email.
Castillo’s presidency also ended with an improvised move, Freeman added. “His haphazard self-coup attempt received virtually no support beyond the walls of the presidential palace,” he said.
“It ended up looking like a reckless attempt to avoid being ousted by Congress and facing corruption charges, but it only ended up speeding up those outcomes.”
Noam Lupu, an associate professor of political science and associate director of the Latin American Public Opinion Project at Vanderbilt University, stressed that Peruvians were “fed up with the political status quo”.
“Peru leads the region in the public perception that corruption is widespread among politicians,” Lupu told Al Jazeera in an email, adding that Castillo’s departure “will not calm” widespread frustrations.
“The question now is who will be the next target of this deep public distrust and dissatisfaction.”
With reporting by Neil Giardino in Lima
END
Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:30 AM
EURO VS USA DOLLAR: UP .0002 AT 1.0558
USA/ YEN 135.85 DOWN 0.794/NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//
GBP/USA 1.2283 DOWN 0.0040
Last night Shanghai COMPOSITE CLOSED UP 9.60 PTS OR 0.20%
Hang Sang CLOSED UP 450.64 POINTS OR 2.32%
AUSTRALIA CLOSED UP 0.50% // EUROPEAN BOURSE: MOSTLY MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES MOSTLY MIXED
2/ CHINESE BOURSES / :Hang SANG CLOSED UP 450.64 PTS OR 2.32%
/SHANGHAI CLOSED UP 9.60 PTS OR 0.30%
AUSTRALIA BOURSE CLOSED UP 0.50%
(Nikkei (Japan) CLOSED DOWN 326.54 OR 1.18%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1801.40
silver:$23.14
USA dollar index early FRIDAY morning: 104.61 DOWN .148 POINTS from THURSDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED ..UP) AT 6.9578
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.9616
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 THURSDAY at 3.553% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.529 UP 7 in basis points
Your closing USA dollar index, 104.73 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 FRIDAY: 12:00 PM
London: CLOSED UP 2.98 PTS OR 0.04%
German Dax : CLOSED UP 96.30 POINTS OR 0.68%
Paris CAC CLOSED UP 24.43 PTS OR 0.37%
Spain IBEX CLOSED UP 63.30 OR 0.77%
Italian MIB: CLOSED UP 70.93 PTS OR 0.29%
WTI Oil price 72.62 12: EST
Brent Oil: 76.94 12:00 EST
USA /RUSSIAN /// DOWN TO: 62,43/ ROUBLE UP 0 AND 34/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +1.922
UK 10 YR YIELD: 3.2000 UP 9 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0542 DOWN .0014 OR 14 BASIS POINTS
British Pound: 1.2269 UP .0069 or 69 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.208%
USA dollar vs Japanese Yen: 136.52 DOWN .126/YEN UP 13 BASIS PTS//
USA dollar vs Canadian dollar: 1.3631 UP 0.0032 (CDN dollar, DOWN 32 basis pts)
West Texas intermediate oil: 71.60
Brent OIL: 76.77
USA 10 yr bond yield UP 8 BASIS pts to 3.571%
USA 30 yr bond yield UP 10 BASIS PTS to 3.556%
USA dollar index:104.83 DOWN 7 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 18.64
USA DOLLAR VS RUSSIA//// ROUBLE: 62.43 UP 0 AND 34/100 ROUBLES
DOW JONES INDUSTRIAL AVERAGE: DOWN 305.88 PTS OR 0.90%
NASDAQ 100 DOWN 74.17 PTS OR 0.68%
VOLATILITY INDEX: 22.45 UP 0.15 PTS (0.35)%
GLD: $167.06 UP 0.59 OR 0.35%
SLV/ $21.56 UP $0.35 OR 1.65%
end)
USA trading day in Graph Form
Stocks, Bonds, & Black Gold Battered In Ugly Week Ahead Of Fed
FRIDAY, DEC 09, 2022 – 04:00 PM
A relatively quiet (but weak) macro week (Jobs weak, inflation hot, surveys slump) and the pre-Fed blackout meant the combination of pre-holiday low liquidity and headline risk chopped market around intraday with stocks hurting (Small Caps and Big-Tech worst), bond yields higher (in the belly of the curve), and a bloodbath in black gold (as WTI fell to one-year lows).
US Macro Surprise data has drifted sideways for almost three months now – Goldilocks-like perhaps…
Source: Bloomberg
But amid the sparse macro data (claims, PPI etc), the market’s expectations for The Fed’s terminal rate was unchanged and the market’s expectations for rate-cuts in H2 2023 also ended unchanged…
Source: Bloomberg
All the majors puked lower on the hotter than expected PPI this morning then the machines levitated things for a few hours until Europe was closed. Then the last 15 mins saw stocks puked to the lows of the day…
Small Caps were the week’s worst performers (down 5%), followed by Nasdaq and S&P and The Dow was the prettiest horse in the glue factory…
The S&P 500 held above its 100DMA…
All sectors ended the week in the red with Energy by far the worst. Utes outperformed with a very small loss on the week…
Source: Bloomberg
Tech has been outperforming energy stocks since the start of November…
Source: Bloomberg
US Treasuries were sold hard today, erasing all of the week’s gains for the long-bond, and leaving the rest of the curve notably higher in yield (belly underperforming)…
Source: Bloomberg
The yield curve (2s30s) ended flatter (more inverted) on the week, but barely after a big steepening day today post-PPI…
Source: Bloomberg
The dollar ended the week higher, but back in the range from Friday’s payrolls pump and dump)…
Source: Bloomberg
Cryptos were broadly unchanged on the week, despite some intraday volatility (BTC up marginally, ETH down marginally)…
Source: Bloomberg
Bitcoin ended the week back above $17,000…
Source: Bloomberg
Oil prices are down 6 straight days, with WTI ending the week down over 12% with a $70 handle – its worst week since the first week of April – and back at one-year lows (-2% YoY, first decline since Jan 2021)…
As fund managers abandon black gold…
Source: Bloomberg
Gold ended the week unchanged, above $1800, while silver outperformed modestly…
Finally, will we get a sense of deja vu all over again next week when The Fed hikes?
Source: Bloomberg
Would that kind of downsing be enough to tighten financial conditions and allow Powell to lift his boot from the market’s neck?
EARLY MORNING TRADING
end
EARLY AFTERNOON TRADING
ii) USA DATA
This is the forerunner for future inflation: core PPI surged in November with the all important food and brokerage costs spiking
Having fallen for four straight months, the year-over-year change in Producer Prices was expected to continue to slow in November to +7.2% (from +8.0% in October) with a 0.2% increase MoM. However,m the headline printed hotter than expected (+0.3% MoM) – the highest since June. This left the YoY PPI at +7.4%, the lowest since May 2021…
After a hotter than expected PPI print, all eyes are on Fed Chair Powell’s favorite inflation sentiment gauge – the short-term inflation expectations (12-month) fell to 4.6%, the lowest since Sept 2021. The medium-term inflation expectation was flat at 3.0%…
Source: Bloomber
..
III) USA ECONOMIC STORIES.
What an idiot; Biden offers $36 Billion in taxpayer funds to cover shortage in the funding of teamsters pensions
(zerohedge)
special thanks to Robert H for sending this to us:
Biden Offers $36B in Taxpayer Funds to Cover Teamsters’ Pensions – Headline USA
Robert Hryniak
8:52 PM (2 hours ago)
to
Bailing out a liability with debt … brilliant …. But who wants the debt on their books ???… otherwise it is simple printing which debases every American’s saving and work
Biden Offers $36B in Taxpayer Funds to Cover Teamsters’ Pensions
‘Joe Biden is spending $36 billion of YOUR tax dollars to bailout big unions that have failed to properly manage their money… ‘
President Joe Biden buying union votes. / PHOTO: AP
(Headline USA) President Joe Biden announced on Thursday that he plans to spend $36 billion in taxpayer dollars to bail out the Teamsters union’s pension plan, which is projected to run out of money by 2025.
The Central States Pension Fund is facing insolvency and is spending $2 billion per year more than it is taking in from contributions. Right now, the fund has $7.4 billion in assets, according to its most recent quarterly financial report.
Teamsters union officials have blamed the fund’s financial woes on rising costs and a drop in the number of active workers participating in the fund.
A White House fact sheet previewing Biden’s announcement said the administration’s bail out would ensure 350,000 union workers have their benefits through at least 2051. Without the funds, the White House claimed, the benefits could be cut by as much as 60%.
“Ensuring that workers and their families enjoy the retirement security they earned through a lifetime of work is a central part of President Biden’s economic plan,” the White House said. “President Biden is building the economy from the bottom up and middle out, including helping to ensure a dignified retirement for all American workers and their families.”
Biden plans to fund the bailout through the American Rescue Plan Act, which was passed in March 2021.
“Union workers and their families are finally able to breathe a huge sigh of relief, knowing that their hard-earned retirement savings have been rescued from steep cuts,” assistant labor secretary for employee benefits security Lisa Gomez told CNBC.
Critics of the move have blasted it as an attempt by Biden to get back in the good graces of organized labor after he encouraged Congress to pass a law forcing rail workers to accept a deal that many of them disliked.
They also slammed Biden for rewarding the Teamster union’s fiscal mismanagement and forcing American taxpayers to bear the cost.
“Joe Biden is spending $36 billion of YOUR tax dollars to bailout big unions that have failed to properly manage their money,” said Sen. Marsha Blackburn, R-Tenn.
Copyright 2022. No part of this site may be reproduced in whole or in part in any manner without the permission of the copyright owner. To inquire about licensing content, use the contact form at https://headlineusa.com/advertising.
end
Huge: Twitter files part ii//very damaging to the Democrats
(zerohedge)
THE TWITTER FILES, PART II – Twitter’s Secret Blacklists
THURSDAY, DEC 08, 2022 – 07:51 PM
After nearly a week’s delay on the second installment of “THE TWITTER FILES” – Twitter’s internal correspondence surrounding their decision to censor the New York Post‘s Hunter Biden laptop story – Journalist Bari Weiss (@bariweiss) has begun releasing more information via Twitter.
The second installment – which was released days after Musk fired former deputy General Counsel James Baker for ‘filtering’ the first release, is titled: “Twitter’s Secret Blacklists“
1. A new #TwitterFiles investigation reveals that teams of Twitter employees build blacklists, prevent disfavored tweets from trending, and actively limit the visibility of entire accounts or even trending topics—all in secret, without informing users.
2. Twitter once had a mission “to give everyone the power to create and share ideas and information instantly, without barriers.” Along the way, barriers nevertheless were erected.
3. Take, for example, Stanford’s Dr. Jay Bhattacharya (@DrJBhattacharya) who argued that Covid lockdowns would harm children. Twitter secretly placed him on a “Trends Blacklist,” which prevented his tweets from trending.
4. Or consider the popular right-wing talk show host, Dan Bongino (@dbongino), who at one point was slapped with a “Search Blacklist.”
5. Twitter set the account of conservative activist Charlie Kirk (@charliekirk11) to “Do Not Amplify.”
7. What many people call “shadow banning,” Twitter executives and employees call “Visibility Filtering” or “VF.” Multiple high-level sources confirmed its meaning.
8. “Think about visibility filtering as being a way for us to suppress what people see to different levels. It’s a very powerful tool,” one senior Twitter employee told us.
9. “VF” refers to Twitter’s control over user visibility. It used VF to block searches of individual users; to limit the scope of a particular tweet’s discoverability; to block select users’ posts from ever appearing on the “trending” page; and from inclusion in hashtag searches.
10. All without users’ knowledge.
11. “We control visibility quite a bit. And we control the amplification of your content quite a bit. And normal people do not know how much we do,” one Twitter engineer told us. Two additional Twitter employees confirmed.
12. The group that decided whether to limit the reach of certain users was the Strategic Response Team – Global Escalation Team, or SRT-GET. It often handled up to 200 “cases” a day.
13. But there existed a level beyond official ticketing, beyond the rank-and-file moderators following the company’s policy on paper. That is the “Site Integrity Policy, Policy Escalation Support,” known as “SIP-PES.”
14. This secret group included Head of Legal, Policy, and Trust (Vijaya Gadde), the Global Head of Trust & Safety (Yoel Roth), subsequent CEOs Jack Dorsey and Parag Agrawal, and others.
15. This is where the biggest, most politically sensitive decisions got made. “Think high follower account, controversial,” another Twitter employee told us. For these “there would be no ticket or anything.”
16. One of the accounts that rose to this level of scrutiny was
—an account that was on the “Trends Blacklist” and was designated as “Do Not Take Action on User Without Consulting With SIP-PES.”
17. The account—which Chaya Raichik began in November 2020 and now boasts over 1.4 million followers—was subjected to six suspensions in 2022 alone, Raichik says. Each time, Raichik was blocked from posting for as long as a week.
18. Twitter repeatedly informed Raichik that she had been suspended for violating Twitter’s policy against “hateful conduct.”
19. But in an internal SIP-PES memo from October 2022, after her seventh suspension, the committee acknowledged that “LTT has not directly engaged in behavior violative of the Hateful Conduct policy.” See here:
20. The committee justified her suspensions internally by claiming her posts encouraged online harassment of “hospitals and medical providers” by insinuating “that gender-affirming healthcare is equivalent to child abuse or grooming.”
21. Compare this to what happened when Raichik herself was doxxed on November 21, 2022. A photo of her home with her address was posted in a tweet that has garnered more than 10,000 likes.
22. When Raichik told Twitter that her address had been disseminated she says Twitter Support responded with this message: “We reviewed the reported content, and didn’t find it to be in violation of the Twitter rules.” No action was taken. The doxxing tweet is still up.
23. In internal Slack messages, Twitter employees spoke of using technicalities to restrict the visibility of tweets and subjects. Here’s Yoel Roth, Twitter’s then Global Head of Trust & Safety, in a direct message to a colleague in early 2021:
24. Six days later, in a direct message with an employee on the Health, Misinformation, Privacy, and Identity research team, Roth requested more research to support expanding “non-removal policy interventions like disabling engagements and deamplification/visibility filtering.”
25. Roth wrote: “The hypothesis underlying much of what we’ve implemented is that if exposure to, e.g., misinformation directly causes harm, we should use remediations that reduce exposure, and limiting the spread/virality of content is a good way to do that.”
26. He added: “We got Jack on board with implementing this for civic integrity in the near term, but we’re going to need to make a more robust case to get this into our repertoire of policy remediations – especially for other policy domains.”
This could turn out to be quite deadly to Lululemon as their inventories explode to 1.8 billion dollars. The economy is softening terribly
(zerohedge)
Lululemon Inventories Explode To $1.8 Billion As CEO Claims Company Still Has Pricing Power
FRIDAY, DEC 09, 2022 – 10:30 AM
“That’s a lot of yoga pants…”
Following an earnings report yesterday that failed to impress the market, Lululemon shares were trading down by about 8% in early trade on Friday.
While the company’s earnings came in better than expected…
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Earnings per share: $2, adjusted, vs. $1.97 expected
Revenue: $1.86 billion vs. $1.81 billion expected
Its guidance for Q4 and for the full year was light. CNBC reported:
Lululemon said Thursday it expects fourth quarter per-share earnings of $4.20 to $4.30, compared to estimates of $4.30. It also sees revenue of between $2.605 billion to $2.655 billion, versus a projected $2.649 billion.
For the full year, the company said it sees revenue of $7.944 billion to $7.994 billion, up from its previous forecast of between $7.865 billion and $7.940 billion. It also raised its adjusted earnings per share outlook to a range of $9.87 to $9.97, from last quarter’s guidance of $9.75 to $9.90.
But the “story behind the story” was the dramatic explosion in inventory for the company.
As one FinTwit analyst noted; the company is now holding $1.7 billion in unsold inventory.
Wow – Lululemon has $1.7 BILLION worth of unsold merchandise, a whopping ***85%*** increase from last year.
The company’s rising inventory levels appear to be going parabolic…
It’s a scene we expect to see play out at other retailers as our “reverse bullwhip” expectations continue to play out: a tapped out consumer, unable to take on further debt, will simply not have the discretionary income for the same purchases they did in years past.
Ergo, inventory levels across retail will likely continue to balloon until companies give way and eventually slash prices, helping alleviate some of the inflationary pressure of the last year – at least in some industries…
Meanwhile Lululemon CEO Calvin Macdonald took to CNBC this morning to brag about how the company still has significant pricing power. Once the inventory coffers begin to spill over, however, it’s unlikely he’ll be singing the same tune. In fact, it’s a baffling claim to make given the above data to begin with…
END
It figures: Washington Post hemorrhages 500,000 subscribers in the Biden era
(zerohedge)
Washington Post Hemorrhages 500,000 Subscribers In Biden Era
FRIDAY, DEC 09, 2022 – 11:10 AM
Mainstream media has been on a deathbed for the better part of a decade as newsrooms shuttered, and more importantly, trust with the American people collapsed because of the frequently biased reporting and spread of disinformation. Legacy media is at the mercy of big corporations and the government and is entirely out of touch with everyday folks.
The best thing that ever happened to mainstream media was the Trump presidency. The former president kept the American people on the edge of their seats, waiting for the next comments from Trump, which boosted news organizations’ views and subscriptions.
But now, in the Biden era, the painful death of the newsroom has returned, as The Wall Street Journal reported that the Jeff Bezos-owned left-leaning publication The Washington Post had suffered a massive loss of subscribers to the tune of 500,000.
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As with several other news organizations, the Post’s traffic and subscriptions have fallen after a surge during the Trump presidency and the start of the global pandemic. Ad revenue at the Post is expected to be down this year compared with last year, as marketers rein in spending, according to people familiar with the company’s financials.
The Post is on pace to generate around $600 million in revenue in 2022 and has over 2.5 million subscribers, down from three million in January 2021, the people said. The company isn’t expecting to make a profit this year, they said. -WSJ
WaPo’s loss of subscribers is absolutely stunning. It might suggest the death of mainstream media could accelerate in 2023, which will only lead to the further decline of journalism jobs.
The latest report from the Georgetown University Center on Education and the Workforce found more than one-third of journalism jobs will be lost between 2002 and 2031. And this comes as Gallup recently found America’s trust in the mass media to report the news “fully, accurately and fairly” is at some of the lowest levels ever.
The rise of alternative news sites, Twitter, Substack, and other social media platforms is where Americans are now gravitating to get their news these days — not so much legacy media. We have to remember younger generations are taking over the workforce, and how they consume information is much different than baby boomers opening up paper print in the morning or sitting down at dinner and watching the local television station.
Here are the latest US web news race standings:
Times are changing; legacy media is dead.
end
You must pay attention to Restoration Hardware, CEO Friedman. He generally gets it right
(zerohedge)
“There Is No Soft Landing” – RH CEO Warns Housing Market “Looks More Like A Crash-Landing”
FRIDAY, DEC 09, 2022 – 02:25 PM
In April, RH (the stock-buyback/short-squeeze mogul formerly known as Restoration Hardware) reported dismal earnings which sent its stock plunging and prompted CEO Gary Friedman to give an ominous assessment of the overall macro situation.
While first quarter sales and margin strand to remain healthy due to the ongoing relief of our backlog, we have experienced softening demand in the first quarter that coincided with Russia’s invasion of Ukraine in late February and the market volatility that followed. We believe it is prudent to remain conservative until demand trends return to normal and — we are providing the following outlook for the first quarter of 2022.”
This was shocking at the time as it was the first direct admission of tangible weakness in consumer end-demand, and was soundly mocked by all the ‘consumer is strong’ narrative-pushers as idiosyncratically focused on RH and not systemically-based.
Then five months later in September, Friedman dropped some more truth bombs slamming Yellen and Powell for being “like massively blind and wrong” on inflation
“…the interest rate is going to go higher. It’s going to hit the housing market first. And the housing market is the biggest part of the U.S. economy. And it’s going to drag down everything.
And if I’m wrong, that’s OK. But the data is there. Now like nobody should be surprised about what’s going to happen here…
…anybody who doesn’t think we’re in a recession is ‘crazy.'”
With credit card debt at record highs and the savings rate near record lows, it appears Friedman’s views on the consumer have been proved right…
…and during his latest earnings call today, the RH CEO let analysts know what he sees coming down the road… and it’s not good as he sees “a complete collapse of the luxury housing market.”
“For the housing point of view, there is no soft landing,” the luxury home furnishings CEO said on a conference call with analysts.
“It’s looking more like a crash landing in the housing market. It’s looking like 2008, 2009.”
Friedman warned that “we expect our business trends will continue to deteriorate as a result of accelerating weakness in the housing market over the next several quarters and possibly longer due to the Federal Reserve’s anticipated monetary policy and the cycling of record Covid-driven sales and backlog reductions.”
“Housing prices went up from 2020 to 2022 by 45%, that’s never happened, except in the 70s. The two year period housing going up 45%. And so…
I don’t want to sit here and have all kinds of debt and not have any clarity of, what it looks like out there…“
He says the luxury furnishings retailer is taking a cautious approach to share buybacks (unlike Bed, Bath, & Beyond which he calls out by name) even though they think the stock is undervalued because they don’t know how much further the housing market will fall.
“The housing industry is in a free fall,” he said, adding that “I don’t know how it comes all apart. Did anyone see in 2008? I mean, because the way the market reacted, it didn’t seem like it, right. And nobody sees the big implosions and we’re not greedy. Again, we’re not accomplish our goal here based on a buyback…“
Not exactly what the market is pricing in and Friedman’s words show the C-Suite (unlike stock investors) is not anticipating a Fed pivot/pause anytime soon.
SWAMP STORIES
Sinema leaves the Democrat party and becomes independent. Jon Tester should join her
(zerohedge)
“Tired Of The Partisanship” – Senator Kyrsten Sinema Abandons Dems, Goes Independent
FRIDAY, DEC 09, 2022 – 06:55 AM
Fresh off their victory lap in Georgia – securing a 51-49 majority – Democrats just took a hard gut-punch from one of their own (kinda).
Arizona Sen. Kyrsten Sinema has announced that she will leave the Democratic Party and officially register as an independent.
“I’ve registered as an Arizona independent. I know some people might be a little bit surprised by this, but actually, I think it makes a lot of sense,” Sinema said in an interview Thursday with CNN’s Jake Tapper in her Senate office.
“I’ve never fit neatly into any party box. I’ve never really tried. I don’t want to,” she added.
“Removing myself from the partisan structure – not only is it true to who I am and how I operate, I also think it’ll provide a place of belonging for many folks across the state and the country, who also are tired of the partisanship.”
There’s a disconnect between what everyday Americans want and deserve from our politics, and what political parties are offering.
I am privileged to represent Arizonans of all backgrounds and beliefs in the U.S. Senate and am honored to travel to every corner of our state, listening to your concerns and ideas.
While Arizonans don’t all agree on the issues, we are united in our values of hard work, common sense and independence.
We make our own decisions, using our own judgment and lived experiences to form our beliefs. We don’t line up to do what we’re told, automatically subscribe to whatever positions the national political parties dictate or view every issue through labels that divide us.
Each day, Arizonans wake up, work and live alongside people with different views and experiences, usually without even thinking about partisan politics.
Arizonans expect our leaders to follow that example – set aside political games, work together, make progress and then get out of the way so we can build better lives for ourselves and our families.
It’s no surprise that Washington, D.C., often fails to reflect that expectation.
Everyday Americans are increasingly left behind by national parties’ rigid partisanship, which has hardened in recent years. Pressures in both parties pull leaders to the edges, allowing the loudest, most extreme voices to determine their respective parties’ priorities and expecting the rest of us to fall in line.
In catering to the fringes, neither party has demonstrated much tolerance for diversity of thought. Bipartisan compromise is seen as a rarely acceptable last resort, rather than the best way to achieve lasting progress. Payback against the opposition party has replaced thoughtful legislating.
Americans are told that we have only two choices – Democrat or Republican – and that we must subscribe wholesale to policy views the parties hold, views that have been pulled further and further toward the extremes.
Most Arizonans believe this is a false choice, and when I ran for the U.S. House and the Senate, I promised Arizonans something different. I pledged to be independent and work with anyone to achieve lasting results. I committed I would not demonize people I disagreed with, engage in name-calling, or get distracted by political drama.
I promised I would never bend to party pressure, and I would stay focused on solving problems and getting things done for everyday Arizonans.
My approach is rare in Washington and has upset partisans in both parties.
It is also an approach that has delivered lasting results for Arizona.
I work proudly with senators in both parties who have similarly rejected political extremes and forged consensus, helping drain some of the poison from today’s politics.
That includes successful laws I was honored to lead rebuilding our country’s critical infrastructure, protecting our economic competitiveness, addressing historic drought to help secure our water future, expanding veterans’ benefits, boosting innovation and small businesses, protecting marriage access for LGBTQ Americans, strengthening mental health care and making our communities safer, more vibrant places in which to live and raise families.
Because we built support in both parties for these solutions, rather than pursuing more extreme party-line policies, these laws are lasting solutions – less likely to be overturned by a next Congress resulting in whipsawing federal policy, greater uncertainty and deeper divisions.
Americans are more united than the national parties would have us believe. We’ve shown that a diverse democracy can still function effectively.
Arizonans – including many registered as Democrats or Republicans – are eager for leaders who focus on common-sense solutions rather than party doctrine.
But if the loudest, most extreme voices continue to drive each party toward the fringes – and if party leaders stay more focused on energizing their bases than delivering for all Americans – these kinds of lasting legislative successes will become rarer.
When politicians are more focused on denying the opposition party a victory than they are on improving Americans’ lives, the people who lose are everyday Americans.
That’s why I have joined the growing numbers of Arizonans who reject party politics by declaring my independence from the broken partisan system in Washington.
Punchbowl News notes that her leaving the party gives Sen. Joe Manchin (D-W.Va.) “outsized sway once again.”
Sinema declined to say that she will caucus with Democrats like independent Sens. Bernie Sanders (Vt.) and Angus King (Maine), but the Arizona senator said she plans to continue in her committee assignments.
Baby formula shortage getting worse despite White House intervention https://t.co/EgoAhSM7JI
Wholesale Used-Vehicle Prices See Minimal Decline in November Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 0.3% in November from October. The Manheim Used Vehicle Value Index (MUVVI) declined to 199.4, down 14.2% from a year ago. This is the first time the MUVVI has dropped below 200.0 since August 2021. The non-adjusted price change in November was a decline of 1.6% compared to October, moving the unadjusted average price down 12.4% year over year… https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html
US Initial Jobless Claims were the expected 230k, +4k from prior week. Continuing Claims jumped to 1.671m from 1.609m; 1.618m was expected. This is the highest Continuing Claims since February. Californian, Texas, and New York posted the biggest increases in initial jobless claims.
After five consecutive declines for the S&P 500 Index, defensive asset allocators took a rest. So, ESZs and stocks rallied on Thursday while bonds declined. Fangs and techs, the trading sardines, led the rally.
ESZs traded sharply lower during early Asian trading, hitting the daily low of 3916.00 at 20:16 ET. ESZs and stocks then steadily rallied until they peaked in positive territory at 2:45 ET. ESZs and stocks then traded sideways in listless action until they rallied when the US bond market opened at 8 ET.
Bonds were then sold; equities were bought. ESZs hit a peak at 8:45 ET. ESZs then declined sharply until 9:45 ET. ESZs then surged from 3937.75 to the daily high of 3977.25 at 10:34 ET. ESZs and stocks then retreated until the rally for the European close began at 11:16 ET. The rally was modest, and no Noon Balloon developed. ESZs and stocks went inert until a rally began at 13:25 ET. The rally ended within 16 minutes; ESZs and stocks then sank on this:
FTC Is Said to sue Microsoft Over Activision Acquisition as Soon as Today – BBG 13:53 ET
ESZs and stocks bottomed at 14:07 ET. After a modest bounce, ESZs and stocks went inert until the last-hour rally began at 15:22 ET. The rally ended at 15:31 ET. ESZs and stocks sank until 15:50 ET.
Elon Musk could move Twitter from San Francisco after ‘mattress’ probe Twitter boss Elon Musk could potentially move the company headquarters out of San Francisco after the city launched an investigation into reports that part of its corporate offices were converted into makeshift sleeping quarters for overworked employees… https://trib.al/LfjWwPE
Positive aspects of previous session Stocks staged a tepid rally Trading sardines led the rally
Negative aspects of previous session Bonds declined sharply Stocks declined smartly from their early peaks in the USA
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]: 3957.84 Previous session High/Low: 3974.19; 3935.83
WaPo: The crisis of student mental health is much vaster than we realize More than 75 percent of schools surveyed in spring said their teachers and staff have voiced concerns about student depression, anxiety and trauma, according to federal data. Nearly as many schools cited a jump in the number of students seeking mental health services… The CDC found nearly 45 percent of high school students were so persistently sad or hopeless in 2021 they were unable to engage in regular activities. Almost 1 in 5 seriously considered suicide, and 9 percent of the teenagers surveyed by the CDC tried to take their lives during the previous 12 months… https://www.washingtonpost.com/education/2022/12/05/crisis-student-mental-health-is-much-vaster-than-we-realize/
@greg_price11: A new bipartisan bill in the senate being sponsored by Richard Burr and Patty Murray would require senate confirmation for future CDC directors. Rochelle Walensky (CDC Dir.) voiced her disproval of this. Burr replied “tough s#*t.”
The second batch of Twitter dropped last night – highlights below.
Today – November PPI will dictate trading before and possibly after the NYSE open. After the reaction to the release of the PPI report, a critical mass of traders should realize that the Fed’s decision to lift rates by 50 bps on Wednesday is a fait accompli that has been widely forecasted and expected by the market.
Traders will play for the usual Friday rally. ESZs are -2.50 and USZs are +10/32 at 20:20 ET.
Expected econ data: Nov PPI 0.2% m/m & 7/2% y/y, Core PPI 0.2% m/m & 5.9% y/y; Oct Wholesale Inventories 0.8% m/m, Sales 0.3% m/m; Dec UM Sentiment 56.9, Current Conditions 58.8, Expectations 54.5, 1-year Inflation 4.9%
The Big Guy, actually his Team Obama handlers, swapped WNBA star Brittney Griner, imprisoned in Russia on drug charges, for Victor Bout AKA “The Merchant of Death,” an arms dealer that was convicted of selling weapons to terrorists that intended to kill Americans.
@ClayTravis: Joe Biden traded a guy called “The Merchant of Death,” for a WNBA player. And left a US marine behind in Russian prison in the process. Biden’s a complete and total disaster on everything.
@charliekirk11: I’m glad Britney Griner has been released, but a pot smoking, America-hating WNBA player… for Viktour Bout, an international arms dealer? Someone got smoked in the negotiations, and it wasn’t the Russians. U.S. Marine Paul Whelan should have been the Biden Regime’s higher priority, that’s a fact. But under no circumstances should an international arms dealer who targeted US citizens, the MERCHANT OF DEATH Viktor Bout, have been released. This is pure idiocy.
@seanmdav: You left a Marine to rot so you could get Twitter likes for freeing a celebrity who hates America.
Biden had a ‘painful’ decision to make to secure Griner’s release. He made it. – Politico Along with her sports fame, the fact that she was a gay, Black woman heapedimmense pressure on the Biden administration to get her stateside… https://sports.yahoo.com/very-painful-decision-biden-chose-183209178.html
WH Press Sec KJP denied that Saudi Arabia brokered the deal to swap Greiner for the arms dealer; but then admits that Saudi Arabia discussed ‘wrongfully detained Americans’ with Russian officials. https://twitter.com/TPostMillennial/status/1600916007505506305
Biden Explains Why He Swapped Russian ‘Merchant of Death’ For WNBA Star During his announcement from the White House, with Griner’s family present, Biden spent a lot of time defending his administration from widespread accusations that Griner’s release was prioritized because of her famewhile at the same time other detained Americans were left behind. “This was not a choice of which American to bring home,” Biden said while vowing to continue working on freeing detained US Marine veteran Paul Whelan. 61-year old teacher Marc Fogel is also languishing in Russian prison… “It took nearly 10 years for US to apprehend Viktor Bout, and close to 3 more years to convict him for terrorism and arms trafficking. Allegedly, thousands of civilians in multiple African countries, were injured and killed by weapons supplied by Bout. Fair trade for Griner?” https://www.zerohedge.com/political/watch-live-biden-explains-why-he-swapped-russian-merchant-death-wnba-star
Biden slammed for swapping Russian ‘Merchant of death’ for WNBA’s Griner: ‘Most lopsided trade in history’ – Sports journalist Jason Whitlock wondered if the trade was ‘one of the lowest points in US foreign policy history’… As Fox News Digital reported, the Biden team had originally requested Griner and Whelan released for Bout, but that fell through…Former CIA member John Sipher tweeted, “While it’s nice that Griner is home, we need to be honest. This is playing Putin’s game. Bout was an actual criminal charged through a credible legal process recognized around the world. Griner was a hostage taken in order to extort us.”… https://www.foxnews.com/media/biden-slammed-swapping-russian-merchant-death-wnbas-griner-most-lopsided-trade-history
‘Teachers are at least as important as basketballers’: What US teacher jailed in Russia Marc Fogel said when he first heard about Brittney Griner prisoner swap plan – after family begged Joe Biden not to forget about him – Marc Fogel was detained by Moscow after his arrest for possession of marijuana in August last year… https://www.dailymail.co.uk/news/article-11517109/Biden-urged-not-forget-teacher-jailed-Russia.html
Herschel Walker just wrote Donald Trump’s political obituary It is time for Donald Trump to step away from politics Having suffered the rare humiliation of failing to win a second term in the Oval Office, and having cost his party a majority in the senate – three times – it is time for Donald Trump to step away from politics. It is the right thing to do for his party, for the country, and for himself. Mr. Trump will not win another election.His most glaring political strength today is his ability to energize Democrats, causing not only historic turnout but attracting gushers of campaign cash – for the opposition… As of mid-November, Democrat Raphael Warnock had outspent Republican Herschel Walker $126 million to $48.5 million… In Pennsylvania, Arizona, New Hampshire and numerous other races, Trump-endorsed candidates lost the fund-raising battle by huge margins… The president was unpopular going into the midterms, and remains so. Many of his party’s candidates chose not to campaign with the incumbent, aware that making any race a referendum on the White House would not go well. The midterms were, instead, a referendum on the increasing unpopularity of Mr. Trump… Few are shocked that Herschel Walker lost the Georgia senate race to Raphael Warnock. Walker… had been hand-picked by Trump not because he could run a winning race, but because he was willing to back the former president’s claim that the 2020 election had been “stolen.”.. https://www.foxnews.com/opinion/herschel-walker-wrote-donald-trump-political-obituary
@AnnCoulter: With Herschel Walker…Trump picked him. Why? Because Walker had played for Trump’s United States Football League and was a contestant on “Celebrity Apprentice.” That’s how Trump picks candidates. He knows the guy… The former president is now responsible for losing three successive Senate seats in the state of Georgia. That’s in addition to losing 40 House seats in the 2018 midterms, losing the presidential election in 2020, and losing seat after seat in this year’s midterms — a year that should have been a Republican sweep. Instead of crime, the border and inflation, Trump demanded that GOP candidates fixate on his “stolen” election… Another focus of Trump’s rage was Georgia Secretary of State Brad Raffensperger… He’s the guy Trump called after the 2020 election, demanding that he produce another 11,780 Trump votes. Raffensperger won his primary this year by nearly 20 points. I think the voters were trying to send a message: Please just give us a normal Republican. Trump: Message not received! Kemp and Raffensperger each won their reelections this year by 8 points. So we know the Trump price: 8 points. Trying to save Walker turned an election that should have been a cake walk into the most expensive race in the country — money that Republicans really could have used elsewhere. Naturally, Trump refused to give Walker’s campaign any of that money he stole from small-dollar donors… Aren’t you getting tired of losing? https://t.co/v1CXHv278N
The GOP’s Political Consultant Problem Whether it’s a month of harvesting (and curing) ballots thanks to early voting, or going door-to-door filling out ballots for huge swaths of unlikely voters, Democrats know that turning out ballots is more important than turning out votes. They don’t have to rely on generating traditional Election Day enthusiasm through distributing campaign mailers or running TV ads… For years, millions of dollars in grassroots donations have gone to prop up GOP candidates, only to end up in the pockets of the political consultant class. Back during the 2012 presidential election, 10 of the consulting firms behind the effort to get Mitt Romney to the White House grossed a combined $1 billion in the process. In the 2014 election cycle, the same consultants reaped more than $19.6 billion. “Big money campaign consultants on the GOP side are in the business of losing,” former Kansas Congressman Tim Huelskamp told The Federalist. “Investing in the ground game makes campaign consultants almost no money — arguably it costs them money. On the other hand, hundreds of millions of ads put 10-15 percent of that total in hand of the media buyers/consultants – and upwards of 30-50 percent of campaign mailers typically are profit.”… https://thefederalist.com/2022/11/18/the-gops-political-consultant-problem/?s=02
Woke NJ Military Goes after Local Mom For the past 2 years parents have witnessed New Jersey schools going overboard in the name of “Diversity, Equity and Inclusion.” When the schools start decorating the entrance of the local elementary school with children’s art that displays the virtues of being “POLYSEXUAL”, you know things have just gone too far… Suddenly, our United States military became heavily entangled in this scandal. A high ranking official, Lieutenant Colonel Christopher Shilling, stated that the Joint Base (McGuire, Fort Dix and Lakehurst) leadership is now working with local law enforcement to ensure the “safety” of the entire community. Lt. Col. Shilling seems to imply Angela Reading has endangered the entire community by being a concerned parent/whistle blower and informing parents as to what is being displayed in the entranceway of the elementary school. Many parents, who have learned about the inappropriate posters created by the 4th – 6th graders, have posted to Facebook because it is so alarming… Additionally, Lt. Col. Shilling is putting a target on the back of Angela and her minor child by speaking on behalf of the military, against her and revealing the grade of her child. This incompetent action made by a military official concerned Angela Reading so much that she pulled her children from the school yesterday with no plans to return. She feels as though Lt. Col. Shilling has now endangered all kids in North Hanover Township with his reckless and aggressive behavior… After releasing official “joint investigation information”, attacking Angela Reading in multiple posts, then sharing a petition against her, Lieutenant Colonel Shilling decided to change the name on his Facebook account to “Chris Topher.”… Is the United States Military now targeting moms who use their First Amendment right to speak out on matters of public and political concern regarding their kids?… https://chaosandcontrol.substack.com/p/nj-military-supports-the-sexualization
Disturbing Story About Woke Military Trying to Silence Concerned Mother Tucker Carlson: “So the military responded to a mom in an elementary school complaining about the sexualization of her own child(6 years old!)? That warranted a military response under Joe Biden?” https://twitter.com/ColumbiaBugle/status/1600677795369132032
@ColumbiaBugle: Tucker Carlson Interviews Mother Who Was Targeted by Military Official for Voicing Concern About Pansexuality Posters at School Tucker: “Were you a little surprised that the U.S. military weighed in on your Facebook post?” Angela: “I was more than surprised, I was scared.” https://twitter.com/ColumbiaBugle/status/1600679522025672704
Mexican Cartel hitman, torture chief disappears from U.S. custody Mexican president expresses bafflement at prisoner’s missing status. The federal Bureau of Prison’s inmate search lists Edgar Valdez-Villareal’s projected year of release as 2056, yet his federal listing also classifies him as “not in BOP custody.” The website does not offer any explanation as to why the Cartel criminal would have been released from custody… https://justthenews.com/government/mexican-cartel-hitman-torture-chief-disappears-us-custody
@bariweiss: 1. A new #TwitterFiles investigation reveals that teams of Twitter employees build blacklists, prevent disfavored tweets from trending, and actively limit the visibility of entire accounts or even trending topics—all in secret, without informing users. 2. Twitter once had a mission “to give everyone the power to create and share ideas and information instantly, without barriers.” Along the way, barriers nevertheless were erected. 3. Take, for example, Stanford’s Dr. Jay Bhattacharya (@DrJBhattacharya) who argued that Covid lockdowns would harm children. Twitter secretly placed him on a “Trends Blacklist,” which prevented his tweets from trending… 4. Or consider the popular right-wing talk show host, Dan Bongino (@dbongino), who at one point was slapped with a “Search Blacklist.” 5. Twitter set the account of conservative activist Charlie Kirk (@charliekirk11) to “Do Not Amplify.” 6. Twitter denied that it does such things. In 2018, Twitter’s Vijaya Gadde (then Head of Legal Policy and Trust) and Kayvon Beykpour (Head of Product) said: “We do not shadow ban.” They added: “And we certainly don’t shadow ban based on political viewpoints or ideology.” 7. What many people call “shadow banning,” Twitter executives and employees call “Visibility Filtering” or “VF.” Multiple high-level sources confirmed its meaning. 8. “Think about visibility filtering as being a way for us to suppress what people see to different levels. It’s a very powerful tool,” one senior Twitter employee told us. 9. “VF” refers to Twitter’s control over user visibility. It used VF to block searches of individual users; to limit the scope of a particular tweet’s discoverability; to block select users’ posts from ever appearing on the “trending” page; and from inclusion in hashtag searches. 10. All without users’ knowledge. 11. “We control visibility quite a bit. And we control the amplification of your content quite a bit. And normal people do not know how much we do,” one Twitter engineer told us. Two additional Twitter employees confirmed. 12. The group that decided whether to limit the reach of certain users was the Strategic Response Team – Global Escalation Team, or SRT-GET. It often handled up to 200 “cases” a day. 13. But there existed a level beyond official ticketing, beyond the rank-and-file moderators following the company’s policy on paper. That is the “Site Integrity Policy, Policy Escalation Support,” known as “SIP-PES.” 14. This secret group included Head of Legal, Policy, and Trust (Vijaya Gadde), the Global Head of Trust & Safety (Yoel Roth), subsequent CEOs Jack Dorsey and Parag Agrawal, and others. 15. This is where the biggest, most politically sensitive decisions got made. “Think high follower account, controversial,” another Twitter employee told us. For these “there would be no ticket or anything.” 16. One of the accounts that rose to this level of scrutiny was @libsoftiktok —an account that was on the “Trends Blacklist” and was designated as “Do Not Take Action on User Without Consulting With SIP-PES.” 17. The account—which Chaya Raichik began in November 2020 and now boasts over 1.4 million followers—was subjected to six suspensions in 2022 alone, Raichik says. Each time, Raichik was blocked from posting for as long as a week. 18. Twitter repeatedly informed Raichik that she had been suspended for violating Twitter’s policy against “hateful conduct.” 19. But in an internal SIP-PES memo from October 2022, after her seventh suspension, the committee acknowledged that “LTT has not directly engaged in behavior violative of the Hateful Conduct policy.” See here: https://twitter.com/bariweiss/status/1601020845224128512/photo/1 20. The committee justified her suspensions internally by claiming her posts encouraged online harassment of “hospitals and medical providers” by insinuating “that gender-affirming healthcare is equivalent to child abuse or grooming.” 21. Compare this to what happened when Raichik herself was doxxed on November 21, 2022. A photo of her home with her address was posted in a tweet that has garnered more than 10,000 likes. 22. When Raichik told Twitter that her address had been disseminated she says Twitter Support responded with this message: “We reviewed the reported content, and didn’t find it to be in violation of the Twitter rules.” No action was taken. The doxxing tweet is still up. 23. In internal Slack messages, Twitter employees spoke of using technicalities to restrict the visibility of tweets and subjects. Here’s Yoel Roth, Twitter’s then Global Head of Trust & Safety, in a direct message to a colleague in early 2021: https://twitter.com/bariweiss/status/1601023504916172800/photo/1 24. Six days later, in a direct message with an employee on the Health, Misinformation, Privacy, and Identity research team, Roth requested more research to support expanding “non-removal policy interventions like disabling engagements and deamplification/visibility filtering.” 25. Roth wrote: “The hypothesis underlying much of what we’ve implemented is that if exposure to, e.g., misinformation directly causes harm, we should use remediations that reduce exposure, and limiting the spread/virality of content is a good way to do that. 26. He added: “We got Jack on board with implementing this for civic integrity in the near term, but we’re going to need to make a more robust case to get this into our repertoire of policy remediations – especially for other policy domains.” 27. There is more to come on this story, which was reported by @abigailshrier @shellenbergermd @nelliebowles @isaacgrafsteinand the team The Free Press @thefp. Keep up with this unfolding story here and at our brand new website: http://thefp.com https://twitter.com/bariweiss/status/1601008766861815808
In a very rare occurrence, Congress halted the military from continuing a widespread program of CV19 vaccination. Stopping it was part of the NDAA (National Defense Authorization Act) that gave the military $858 billion to spend on its operations. This sort of legislation is unprecedented and clearly shows members of Congress know the CV19 vax is unsafe, deadly, debilitating and is not a vaccine. They also know what is coming in terms of death and injuries from this bioweapon, and I think they are wanting some cover. This is yet another sign the vax hoax is ending. It is being revealed as a genocidal attack on America and the world. Nothing can stop the truth from coming out. Severe repercussions are in store for the people responsible for this murder program.
The so-called “Twitter Files” Elon Musk is leaking out show huge national security concerns. The suppression of the Hunter Biden laptop story by the FBI and Twitter was a huge operation just before the 2020 Election. The laptop contains documented bribes and deals with foreign enemy powers. It was falsely called Russian fake news to discredit it. Shame on the FBI for not acting and gaslighting the public. It is also coming out the government of the United States was suppressing free speech using back door channels in Twitter. This is the biggest First Amendment violation in history, and lawsuits by the hundreds are sure to follow. The coming out party is just getting started.
Everywhere you look this week, you can see the economy not just slowing down–but plunging. Housing is tanking, used car prices are collapsing at the fastest pace on record and unemployment is surging. Meanwhile, the Fed is going to continue raising interest rates to fight inflation and support the U.S. dollar. There is not going to be a “pivot.” Buckle up, it’s going to be a rough 2023!
There is much more in the 55-minute newscast.
Join Greg Hunter of USAWatchdog.com for these stories and more in the Weekly News Wrap-Up for 12.09.22.
bad cattitude
Television broadcast images of former President Pedro Castillo leaving a police station in a car. Officials said he had been accused of the crimes of “rebellion” and “conspiracy” [Gerardo Marin/Reuters]
Police officers stand guard as people gather outside Peru’s Congress in Lima after Castillo said he would dissolve the legislature [Sebastian Castaneda/Reuters]
President Joe Biden buying union votes. / PHOTO: AP
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