GOLD PRICE CLOSE: DOWN $17.60 at $1780.85

SILVER PRICE CLOSE: DOWN 0.33 to $23.19

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1780.95

Silver ACCESS CLOSE: 23.30

Bitcoin morning price:, 16,944 DOWN 211 DOLLARS FROM FRIDAY

Bitcoin: afternoon price: $17,091 up 64

Platinum price closing $1001.30 DOWN $24.40

Palladium price; closing 1882.15 DOWN $82.35

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2427.28 DOWN $24.07 CDN dollars per oz

BRITISH GOLD: 1451.61 DOWN 14.08 pounds per oz

EURO GOLD: 1690.37 DOWN 15,58 euros per oz

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,798.100000000 USD
INTENT DATE: 12/09/2022 DELIVERY DATE: 12/13/2022
FIRM ORG FIRM NAME ISSUED STOPPED

099 H DB AG 1
104 C MIZUHO 1
118 C MACQUARIE FUT 19
132 C SG AMERICAS 2
190 H BMO CAPITAL 114
435 H SCOTIA CAPITAL 19
624 H BOFA SECURITIES 36
657 C MORGAN STANLEY 1
661 C JP MORGAN 75
700 C UBS 5
800 C MAREX SPEC 48 5
905 C ADM 3 3

TOTAL: 166 166

COMEX//NOTICES FILED re JPMorgan 75/166

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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT: 166 NOTICES FOR 16,600 OZ or .5163 TONNES

total notices so far: 16,578 contracts for 1,657,800 oz (51.564 tonnes)

SILVER NOTICES: 273 NOTICE(S) FILED FOR 1,825,000 OZ/

total number of notices filed so far this month 3393 for 16,965,000 oz

END

GLD

WITH GOLD DOWN $17.60

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////HUGE CHANGES IN GLD INVENTORY: A DEPOSIT OF 2.31 TONNES OF GOLD INTO THE GLD

INVENTORY RESTS AT 910.41 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.33

AT THE SLV// :/NO CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS!

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 ROSE BY A STRONG SIZED 1034 CONTRACTS TO 123,611 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR CONSIDERABLE $0.77 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY. OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.77 AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A HUGE SIZED GAIN IN OUR TWO EXCHANGES OF 1299 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 DESPITE THE STRONG PRICE RISE OF THE SILVER. // 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 125,000 OZ // V) STRONG SIZED COMEX OI GAIN/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL+25

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 10 days, total 4870 contracts: OR 24.375 MILLION OZ PER DAY. (487 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 24.375 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, 24.375 MILLION OZ INITIAL

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1034 WITH OUR STRONG $0.77 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 290 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 125,000 EFP JUMP TO LONDON //NEW STANDING 23.745 MILLION OZ + EFR = 34.245 MILLION OZ. .. WE HAVE A HUGE SIZED GAIN OF 1299 OI CONTRACTS ON THE TWO EXCHANGES FOR 6.495 MILLION OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.

WE HAD 373 NOTICE(S) FILED TODAY FOR 1,825,000 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 GOOD SIZED 3907 CONTRACTS TO 427,790 AND CLOSER TO 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 41 CONTRACTS.

THE GOOD 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 42 contracts or 4200 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 59.458 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN PRICE OF $8.90 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 6914 OI CONTRACTS (21.632 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3007 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 427,790

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6955 CONTRACTS WITH 3948 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 3007 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6914 CONTRACTS OR 21.51 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3007 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (3907) TOTAL GAIN IN THE TWO EXCHANGES 6955 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 MINOR SHORT SPEC ADDITIONS/// // SOME MAJOR NEWBIE SPEC ADDITIONS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S QUEUE JUMP of 4200 oz// //NEW STANDING 59.458 TONNES///3) ZERO LONG LIQUIDATION //// //.,4) GOOD 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 :

22048 CONTRACTS OR 2,204,800 OZ OR 68.57 TONNES 10 TRADING DAY(S) AND THUS AVERAGING: 2205 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 10 TRADING DAY(S) IN TONNES:68.57 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 68.57/3550 x 100% TONNES 1.94% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

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

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC. 175.62 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)

MAY: 247,44 TONNES FINAL//

JUNE: 238.13 TONNES FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC: 68.57 tonnes Initial

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW NON ACTIVE FRONT MONTH OF NOV. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH SILVER AND GOLD (WILL BE SMALL AS SPREADERS DO NOT PAY ATTENTION TO NOVEMBER)

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV., FOR BOTH GOLD AND SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (NOV), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A HUGE SIZED 1034 CONTRACTS OI TO 123,611 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO.

EFP ISSUANCE 290 CONTRACTS

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

MAR 290 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 290 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1038 CONTRACTS AND ADD TO THE 290 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 1324 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.495 MILLION OZ//

OCCURRED WITH OUR GAIN IN PRICE OF $0.77….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

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

4. Chris Powell of GATA provides to us very important physical commentaries

end

5. Other gold/silver commentaries

6. Commodity commentaries//

7/CRYPTOCURRENCIES/BITCOIN ETC

3. ASIAN AFFAIRS

i)MONDAY MORNING//SUNDAY NIGHT

SHANGHAI CLOSED DOWN 27.91 PTS OR 0.87% //Hang Sang CLOSED DOWN 437.24 OR 2.20% /The Nikkei closed DOWN 53/68 OR 0.41% //Australia’s all ordinaries CLOSED UP 0.48% /Chinese yuan (ONSHORE) closed UP TO 6.9749//OFFSHORE CHINESE YUAN UP TO 6.9970// /Oil DOWN TO 7.73 dollars per barrel for WTI and BRENT AT 75.56 / Stocks in Europe OPENED ALL RED. ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 3907 CONTRACTS UP TO 427,790 WITH OUR THE GAIN IN PRICE..$8.90

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 3007 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 3007 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:3007 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6914 CONTRACTS IN THAT 3007 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED COMEX OI GAIN OF 3907 CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF GOLD $8.90. 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 (59.458)

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. 59.458 tonnes

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $8.90 AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 6914 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD SOME SPEC SHORT ADDITIONS AND ZERO SPEC SHORT COVERINGS.. // WE HAVE GAINED A TOTAL OI OF 21.632 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR DEC. (54.57 TONNES), following our queue jump of 4200 oz//new standing 59.458 tonnes…THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE OF $8.90

WE HAD – 41 CONTRACTS COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 6914 CONTRACTS OR 691,400 OZ OR 21.51 TONNES

Estimated gold volume 101.794// awful//

final gold volumes/yesterday 158,324/ poor

INITIAL STANDINGS FOR DECEMBER 2022 COMEX GOLD //DEC 12

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	192,905.000 oz JPMorgan Manfra 5,000 kilobars and 1000 kilobars.
Deposit to the Dealer* Inventory in oz*	nil oz
Deposits to the Customer* Inventory, in oz*	nil. oz
No of oz served (contracts) today	166 notice(s) 16,600 OZ 0.5163 TONNES
No of oz to be served (notices)	2538 contracts 253,800 oz 7.8942 TONNES
Total monthly oz gold served (contracts) so far this month	16,578 notices 1,657,800 51.564 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:2

i) Out of JPMorgan 160,755.000 oz (5000 kilobars

ii) Out of Manfra; 32,150.000 oz (1000 kilobars)

Total withdrawals: 193,905.000 oz

total in tonnes: 6.000 tonnes

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.

For the front month of DECEMBER we have an oi of 2704 contracts having LOST 3870 contracts

We had 3912 contracts served on Friday, so we gained 42 contracts or an additional 4200 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 gained 20 contracts to stand at 1317

February gained 6948 contacts up to 365,065

We had 166 notice(s) filed today for 16600 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 166 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 75 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 (16,578 x 100 oz , to which we add the difference between the open interest for the front month of (DEC. 2704 CONTRACTS) minus the number of notices served upon today 166 x 100 oz per contract equals 1,911,600 OZ OR 59.458 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 (16,578 x 100 oz+ (2704 OI for the front month minus the number of notices served upon today (166} x 100 oz} which equals 1,911,600 oz standing OR 59.458 TONNES in this active delivery month of DEC..

TOTAL COMEX GOLD STANDING: 59.458 TONNES (A POOR STANDING//COMEX RUNNING OUT OF PHYSICAL TO SERVE UPON OUR LONGS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

we had one adjustment of 110,631.591 oz Brinks

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 o

total pledged gold: 2,034,945.257 OZ 63.29 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 23,296,608.454 OZ

TOTAL REGISTERED GOLD: 11,708,525.43 OZ (364.18 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 11,588,083.018 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,673,580 OZ (REG GOLD- PLEDGED GOLD) 300.88 tonnes//rapidly declining

END

SILVER/COMEX

DEC 12//INITIAL DEC. SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	649,190.209 oz Loomis CNT Brinks Delaware
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	201,189.250 oz HSBC
No of oz served today (contracts)	373 CONTRACT(S) (1,825,000 OZ)
No of oz to be served (notices)	1356 contracts (6,780,000 oz)
Total monthly oz silver served (contracts)	3393 contracts (16,965,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposits: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 1 deposits into the customer account

ii) Into HSBC: 201,189.250 oz oz

Total deposits: 201,189.250 oz

JPMorgan has a total silver weight: 150.706 million oz/299.503 million =50.31% of comex .//dropping fast

Comex withdrawals:

i) Out of CNT: 97,796.020 oz

ii) Out of Loomis: 164,991.469 oz

iii) Out of Brinks: 361,218.490 oz

iv) Out of Delaware 25,184.230 oz

Total withdrawals; 649,190.469 oz

adjustments: dealer to customer

i) Manfra 760,717.160 oz

ii) customer to dealer: Brinks: 493,345.490 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 33,604 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 299.503MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF DEC OI: 1729 CONTRACTS HAVING LOST 80 CONTRACT(S.)

WE HAD 55 NOTICES FILED ON FRIDAY. SO WE LOST ANOTHER 25 CONTRACTS OR 125,000 oz

AS THESE GUYS WERE EFP’d OVER TO LONDON (NO SILVER TO BE FOUND AT THE COMEX)

JANUARY SAW A LOSS OF 18 CONTRACTS DOWN TO 1572 CONTACTS.

FEB> GAINED 2 CONTRACTS TO 101 CONTRACTS

March GAINED 781 contracts DOWN to 108,408 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY:373 for 1,825,000 oz

Comex volumes:3,078// est. volume today// poor

Comex volume: confirmed yesterday: 56,435 contracts ( fair)

To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 3393 x 5,000 oz = 16,965,000 oz

to which we add the difference between the open interest for the front month of DEC( 1729) and the number of notices served upon today 373 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the DEC./2022 contract month: 3393 (notices served so far) x 5000 oz + OI for front month of DEC (1729 – number of notices served upon today (373) x 50070 oz of silver standing for the DEC. contract month equates 23.745 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 7 days for 10.500 million oz. Thus total delivery: 34.245 million oz.

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

Comex volumes:52,622// est. volume today// poor

Comex volume: confirmed yesterday: 48,186 contracts ( poor)

END

GLD AND SLV INVENTORY LEVELS

DEC 12/WITH GOLD DOWN $17.60:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 910.41 TONNES

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: 910.41 TONNES

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

DEC 12/WITH SILVER DOWN 33 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 514.500 MILLION OZ//

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

Schiff: The Biden Economy Is A Mess

MONDAY, DEC 12, 2022 – 10:45 AM

Via SchiffGold.com,

President Joe Biden said Americans are becoming more optimistic about the economy. He said that’s part of the “broad story about the economy we’re building that works for everyone.” Peter Schiff has a different take on the economy. He recently appeared on The Megyn Kelly Show to talk about it.

Peter pointed out that if Donald Trump were still president, Biden would be criticizing the state of the economy. And he said he thinks the economy is in “horrible shape.”

I think that’s one of the reasons President Biden is so unpopular. Because I think a lot of the people who are struggling in this economy, in part, blame the president. He’s not solely responsible, but he certainly hasn’t done anything to help. Everything he’s done has actually taken a bad situation and made it worse.”

Americans are clearly struggling. Peter noted the plunging savings rate and skyrocketing credit card debt.

Americans have blown through all their stimulus money, and now they’re pretty much broke. If you look at credit card debt, it’s at an all-time record high. So, Americans are struglling to put food on the table and to pay the electric bill.”

On an annual basis, real average hourly earnings decreased by 2.8% from October 2021 to October 2022 (seasonally adjusted). It was the 19th consecutive month of declining real wages on an annual basis. Peter said it’s even worse than that because the CPI is understating the extent of rising prices.

I think the actual inflation rate is about double what the government will admit to. And that means that the real decline in wages is much greater, which explains why so many people are now moonlighting. A record number of Americans have two and three jobs. In fact, you have more Americans than ever who are working two full-time jobs. Most people don’t want multiple jobs. They would prefer to be able to support themselves and their family on one job. But unfortunately, in the Biden economy, that’s not possible.”

This is precisely why the government’s job numbers don’t add up.

But why is the unemployment rate so low? Peter said a lot of people who aren’t working aren’t counted as “unemployed.”

We have over 100 million working-age Americans who are no longer in the labor market. … I think if you objectively measured the unemployment rate and included all the people who are not working but who would be working if they believed they could find a job, or who have settled for a part-time job when they’d prefer a full-time job, I’m sure the actual unemployment rate is in double-digits.”

Peter said he thinks the US economy is already in a recession. The Fed’s interest rate hikes are part of the reason why.

I think the recession is going to get a lot worse. Now, that doesn’t mean the Fed shouldn’t be raising rates. They should be. They should have raised them a lot more than they have. The problem is they never should have cut them. That was the mistake — it was cutting rates. Raising them back up is really just an acknowledgment of that mistake. But what happens is when the Fed raises rates, it uncovers all of the problems that it created when it reduced rates. Because when it slashed interest rates to zero, it inflated a bubble economy, and it inflated it with inflation. Quantitative easing was inflation.”

Now, we’re experiencing the consequences of that inflation in the form of rising prices. Peter said he thinks prices still have a long way to run up and that’s why the recession is going to get worse.

More consumer income is going to be diverted to necessities like food, energy, rent, insurance, things like that, and interest rates are going to have to keep rising. And that’s also going to take a lot of purchasing power out of the economy because people have to service their debt. If you’re spending money paying interest on money you borrowed to buy stuff in the past, you have less money left over to buy stuff in the present and in the future. That’s what helps bring about a more severe recession.”

Peter said he thinks we’ll see a significantly weakening dollar as markets come to terms with the fact that inflation is here to stay. He also said he thinks the Fed will go back to quantitative easing when the economy gets so bad that it creates a financial crisis.

In this interview, Peter and Megyn also talk about cryptocurrency, Sam Bankman-Fried, FTX, the NFT craze, Elon Musk, Tesla, and Twitter.

2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:

end

LAWRIE WILLIAMS:

LAWRIE WILLIAMS: Gold and silver nervous ahead of FOMC and CPI but they shouldn’t be

Last week both gold and silver prices looked as though they might have been going to climb upwards through previously hard-to-cross barriers, but in gold’s case this was not to be, although silver has so far been able to hang on to its plus $23 level although it has fallen slightly more than gold in percentage terms . For whatever reason, after breaching the $1,800 level to the upside by a few dollars, gold was not allowed to stay there at the week’s close and was bought down to $1,797.90. We had half suspected that it might regain $1,800 at the start of the current week in Asian or European trade but this was not to be, presumably the markets having been spooked by Friday’s PPI rather poor inflation figures suggesting that despite other readings to the contrary, the inflation menace may not yet have peaked after all, possibly putting any relaxation of the U.S. Federal Reserve’s interest rate relaxation policy at risk.

However, the CME’s Fedwatch Tool is still predicting that the Fed will reduce its interest rate rise at this week’s FOMC meeting to 50 basis points, rather than the 75 basis points it has imposed at the previous four such meetings by 72.3: 27.7 – a very strong margin – but this could change with a decidedly adverse showing from tomorrow’s Consumer Price Index (CPI) data report which is due out concurrent with the first day of the FOMC deliberations.

U.S. equities and cryptocurrencies are also, if anything, a little lower than they were at the end of last week, but not as much so as Asian and European equities, some of them having made small recoveries in today’s trade. Warnings abound though of likely falls ahead as economies everywhere do seem to be headed into recessionary periods – a point we have been making in the past and will, no doubt, continue to do so as long as the current inflationary tendency continues to persist with a potentially adverse impact on global economies.

Again, as we have noted in previous articles, counters to the equities downturns may be seen in the better gold and silver producer stocks which should be capable of mining their product at a comfortable profit at current bullion price levels. Most Tier 1 gold miners, for example, can probably mine their gold at an all-in cost of around $1,200 an ounce as against a current metal price of nearer $1,800 an ounce, which is likely to move higher if we are correct in our precious metals price projections. Gold and silver stocks have been significantly underperforming the respective metal prices, which should give the better ones significant leverage too as they come back into favour.

Our view on Tuesday and Wednesday’s FOMC meeting is not to expect any surprises. It would need a truly disastrous Consumer Price Index (CPI) data release tomorrow to deter the Fed from the slight relaxation in its interest rate raising agenda to the 50 basis points it has been pointing to. That would probably be the positive that gold requires to get it back on the plus $1,800 track – although on past performance it may take it a few days to get there. When it does don’t be too surprised to see silver, with its strong fundamentals, break through $24 as well. This week’s FOMC meeting could provide the fillip precious metals need to drive them to the next phase. But then Fed chair Powell’s post meeting summary and forecast could provide something of a dampener. Only time will tell.

12 Dec 2022

3. Chris Powell of GATA provides to us very important physical commentaries//

Another JPMorgan gold trader convicted

(Bloomberg News)

Ex-JPMorgan gold trader found guilty in spoofing trial

Submitted by admin on Fri, 2022-12-09 17:22Section: Daily Dispatches

By Joe Deaux and Kim Chipman
Bloomberg News
Friday, December 9, 2022

Former JPMorgan Chase & Co. gold and silver trader Christopher Jordan today was convicted of wire fraud affecting a financial institution by a federal jury in Chicago, the latest win for U.S. prosecutors in their crackdown on illegal “spoofing” trades and market manipulation.

Jordan was found guilty after a four-day trial in the same courthouse where two of his more senior colleagues on the JPMorgan precious-metals desk were convicted in August on spoofing-related charges for deceptive buy and sell orders. Jordan worked at the bank from 2006 to late 2009.

While his deceptive trades occurred before spoofing was made a crime in 2010, he used the same technique by placing large orders he never intended to execute and quickly canceled so he could make trades on the other side of the market, prosecutors said.

It was part of a “scheme to rig gold and silver markets in his favor,” Assistant U.S. Attorney Lisa Beth Jennings said in her closing statement. “The spoof orders the defendant placed tricked other traders” and were intended to deceive the market about supply and demand, she said. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-12-09/ex-jpmorgan-gold-trader-found-guilty-of-fraud-in-spoofing-trial

END

Deutsche bank sees to re enter the LBMA

(Bloomberg)

Deutsche Bank seeks to rejoin key gold trading club in London

Submitted by admin on Fri, 2022-12-09 21:26Section: Daily Dispatches

By Eddie Spence and Steven Arons
Bloomberg News
Friday, December 9, 2022

Deutsche Bank has applied to rejoin the London Bullion Market Association — the world’s foremost standard setter for gold trading — as the German lender seeks to expand its trading unit.

The LBMA application “brings us into line with other banks that offer precious metal services,” Deutsche Bank said in a statement today. “It reflects the careful growth of our precious metals business in recent years, and growing client demand for our services.”

The move, potentially cementing the bank’s status in precious metals, is part of trading head Ram Nayak’s effort to maintain momentum at Deutsche Bank’s fixed-income business. Nayak’s unit has been the lender’s biggest growth driver over the past three years and key to Chief Executive Officer Christian Sewing’s turnaround strategy. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-12-09/deutsche-bank-seeks-to-re-join-key-gold-club-amid-trading-push

END

China pledges to boost yuan use in energy markets after Xi’s Saudi visit

(SCMP/GATA)

China boosts yuan in energy markets as Xi ends Saudi visit

Submitted by admin on Sat, 2022-12-10 08:00Section: Daily Dispatches

By Teddy Ng
South China Morning Post, Hong Kong
Saturday, December 10, 2022

China pledged to step up development aid and ramped up its efforts to promote the use of the Chinese yuan in energy markets as Chinese President Xi Jinping wrapped up his trip to Saudi Arabia.

Beijing also offered to train 1,500 police and cybersecurity officials as part of its efforts to expand security cooperation and to increase the Gulf states’ participation in Chinese space projects.

As part of the visit, Xi attended two summits on Friday – one a gathering of the six-member Gulf Cooperation Council (GCC) and the other a broader China-Arab leaders’ meeting.

As part of China’s ongoing drive to bolster its position in the Middle East, state news agency Xinhua also reported that Vice-Premier Hu Chunhua would be visiting the United Arab Emirates and Iran in a four-day trip starting today.

The summits, held amid growing friction between the United States and Saudi Arabia over oil production and human rights, saw both sides vowing to strengthen “solidarity” and “refraining from using or threatening to use force in international relations.”

The visit also came at a time of growing uncertainty in the energy market — partly as a result of the impact of Russia’s war in Ukraine — leading to adverse economic effects such as rising inflation in many countries. Saudi Arabia has rejected Washington’s call to raise oil production, which added to tensions facing the two nations.

A joint statement released after the China-Arab summit stressed the need to avoid “excluding major energy sources,” which could have an impact on developing countries.

But Xi told the Gulf summit that there should be a new paradigm for energy cooperation, and tried to boost the role of the yuan as a currency for trading in oil and gas — a move that could weaken the global dominance of the US dollar if successful.

“China will continue to import large quantities of crude oil on a long-term basis from GCC countries, and purchase more LNG,” he said. “The Shanghai Petroleum and Natural Gas Exchange platform will be fully utilised for yuan settlement in oil and gas trading.” …

… For the remainder of the report:

https://www.scmp.com/news/china/diplomacy/article/3202831/china-pushes-boost-role-yuan-global-energy-markets-xi-jinping-wraps-saudi-arabia-visit

END

Egyptians are having a gold buying mania as their Egyptian pound collapses

(Middle east eye/GATA)

Gold-buying mania in Egypt as national currency loses value

Submitted by admin on Sat, 2022-12-10 12:20Section: Daily Dispatches

From Middle East Eye, London
Saturday, December 10, 2022

Egyptians are hoarding as much gold as they can, trying to protect their savings, as their national currency continues to lose value against foreign currencies.

The stampede for gold has raised its price in the local market sharply, enticing specialists to warn against what might turn into a gold price bubble.

Gold is now priced in relation to the exchange rate of the U.S. dollar in the parallel, not in the official, market, independent economist, Mamdouh al-Wali, told Middle East Eye. “Speculation is very high, raising uncertainties about the price of this metal and other commodities in the future,” he said. …

… For the remainder of the report:

https://www.middleeasteye.net/news/egypt-gold-buying-mania-national-currency-loses-value

END

Crypto investors pulling their money out as fast as they can after the FTX fiasco

(LOndon’s financial times)

Crypto investors withdraw record amounts from exchanges

Submitted by admin on Sun, 2022-12-11 09:42Section: Daily Dispatches

By Nikou Asgari
Financial Times, London
Sunday, December 11, 2022

Investors are pulling record levels of bitcoin from crypto exchanges as the collapse of Sam Bankman-Fried’s FTX stirs fears over the safety of their assets.

FTX, once the darling of the crypto industry, filed for bankruptcy protection in mid-November after an $8 billion hole emerged in its balance sheet.

New chief executive John Ray described a lack of basic risk management and Bankman-Fried has admitted to poor internal controls. The rapid descent of FTX has alarmed investors who keep and trade their assets on other centralised crypto exchanges, leading to record levels of withdrawals of bitcoin, the most widely-traded crypto token.

FTX failed last month with potentially more than 1 million creditors, including many who had left assets on the exchange.

Last month investors pulled 91,363 bitcoin, worth a total of close to $1.5 billion based on the November average price of around $16,400, from centralised exchanges including Binance, Kraken, and Coinbase. That marked the largest bitcoin outflow on record, according to data from CryptoCompare.

It is unclear whether the coins are being sold or moved to private wallets. …

… For the remainder of the report:

https://www.ft.com/content/168f2074-716c-48ef-8564-cdf740d23e4b

END

GOLD/SILVER

/4. OTHER PHYSICAL SILVER/GOLD COMMENTARIES

5. Commodity commentaries//IRON ORE

END

6/CRYPTOCURRENCIES/BITCOIN ETC

This is a huge story!! The largest crypto exchange Binance has its audit fail and not even its auditor would vouch for it

(Mish Shedlock/Mishtalk)

Binance’s Alleged Crypto Audit Failed, Not Even Its Auditor Would Vouch For It

MONDAY, DEC 12, 2022 – 08:55 AM

Authored by Mike Shedlock via MishTalk.com,

Binance says an audit shows proof of reserves of customer funds. But its auditor will not vouch for the reserves nor the methodology demanded by Binance…

“CZ” Image likeness courtesy of Coin Telegraph article below

Binance’s Proof of Reserves Statement

When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users assets 1:1, as well as some reserves.

When a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed. It is important to note that this does not include Binance’s corporate holdings, which are kept on a completely separate ledger.

What this means in actual terms is that Binance holds all user assets 1:1 (as well as some reserves), we have zero debt in our capital structure and we have made sure that we have an emergency fund (SAFU fund) for extreme cases.

The above Proof of Reserves Claim is interesting. If you have assets 1:1 then you should not need an emergency fund for extreme cases.

Audit by Whom?

The pseudo audit was by Mazars, a mid-tier global accounting firm according to the Wall Street Journal.

Its U.S. arm Mazars USA previously worked for former President Donald Trump’s company. Earlier this year Mazars USA said it would withdraw from its work for Mr. Trump’s company and could no longer stand by financial statements it had previously prepared.

Binance didn’t specify which of Mazar’s offices would be doing the verification of the reserves. A Mazars spokesman declined comment.

Mystery Finances

After the collapse of Crypto exchange FTX, Binance Is Trying to Calm Investors, but Its Finances Remain a Mystery.

Mazars said it performed its work using “agreed-upon procedures” requested by Binance and that “we make no representation regarding the appropriateness” of the procedures.
The report didn’t show total assets or total liabilities. Rather, its scope was limited only to bitcoin assets and bitcoin liabilities. Binance said it would begin releasing information about other crypto tokens in the coming weeks.
“It’s important for us to show users that the coffers are not bare, like at FTX,” said Binance’s chief strategy officer, Patrick Hillmann.
In an interview, Binance’s Mr. Hillmann said the Mazars letter covered all the bitcoin assets and bitcoin liabilities for the company’s Binance.com exchange—although the Mazars letter itself didn’t say this.
During the interview, Mr. Hillmann also at times referred to the work performed by Mazars as an “audit.” Asked about the appropriateness of Binance’s use of the term “audit” in the news release and elsewhere, Mr. Hillmann said: “We’re talking about a review of our assets in custody.” He also said: “I would just say we’re parroting others’ descriptions of this as an independent audit.”
Other basic information about Binance is lacking. Mr. Hillmann said he couldn’t provide the name of Binance’s ultimate parent company because Binance over the past year and a half has been in the process of a broad corporate reorganization.

First Rule in Truth Telling

The first rule in telling the truth is “Don’t lie”.

The second rule in truth telling is to not sound like you are hiding something. This is especially important when overall trust is in the gutter anyway.

This was not an independent audit. Mazars did not describe it that way and the company would not certify the methodology it used. Heck, neither Mazars nor Binance disclosed the precise methodology.

Who was Hillmann parroting in describing the procedure as a audit? Sadly no one asked, but my bet is Hillman was parroting himself or someone else at Binance.

Nor would Binance disclose its parent company due to a 1.5 year reorganization. WTF?

Potential Kiting

Binance is receiving flak from the crypto community after moving $2.7 billion out of its proof-of-reserves wallet. The exchange responded, saying the move was to a TRX cold wallet.

The procedure was even more bizarre because it comes on the heels contradictory statements by Binance CEO Changpeng “CZ” Zhao.

“If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.”

Binance CEO Explains 127K BTC Transfer

Please consider the Coin Telegraph Binance CEO Explains 127K BTC Transfer.

A few weeks ago, CZ declared that it’s bad news when exchanges move large amounts of crypto to prove their wallet address.

Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to its CEO, Changpeng “CZ” Zhao.

“The auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change.”

Wait! What?

CZ says it’s bad news when exchanges move large amounts of crypto to prove their wallet address.
CZ Moves 127,000 Bitcoins
CZ says the auditor demanded this but Mazars, the alleged auditor, does not call it an audit.
Mazars would make no representation regarding the “appropriateness” of the procedures.
Mazars said the “agreed-upon procedures” were requested by Binance not by Mazars.

Not to worry

1 BTC = 1 BTC
127,000 BTC = 127,000 BTC (unless they have been counted multiple times)

Meanwhile please note Global Squabbles Erupt Around the World Over the Remaining Crypto Assets of FTX

* * *

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END

Bankman-Fried Faces Senate Subpoena After Refusing To Attend Wednesday Hearing

MONDAY, DEC 12, 2022 – 11:35 AM

Having been asked so nicely by Maxine Waters (a recipient of his donations), and agreed, to virtually-attend tomorrow’s Congressional hearing about the collapse of FTX, Sam Bankman-Fried has made it clear he will not be attending Wednesday’s Senate Banking Committee hearing on the same topic.

Specifically, Bloomberg reports that the former FTX CEO said he is “currently not scheduled” to attend the Senate Banking Committee’s hearing on Dec. 14.

The founder of bankrupt exchange said on a Twitter Space on Monday that he’s “open and willing” to having a conversation with the chair about the hearing if his attendance is deemed important.

Glad @SBF_FTX will appear on 12/13, but @SenSherrodBrown & I also expect you at @SenateBanking/@BankingGOP the next day.https://t.co/azJla1ejUC— Senator Pat Toomey (@SenToomey) December 9, 2022

Last week saw, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse.

“Sam Bankman-Fried’s counsel did not respond by the stated deadline. We believe it’s important that Bankman-Fried show he is willing to provide transparency and accountability to the American people by providing testimony,” said Senators Brown and Toomey.

“We will continue to work on having him appear before Congress as detailed in Wednesday’s letter.”

So we suspect subpoenas will be incoming very soon.

end

New FTX CEO Admits “Commingling Of Assets”, Blasts SBF As “Grossly Inexperienced & Unsophisticated” In Prepared Remarks

MONDAY, DEC 12, 2022 – 01:51 PM

The new CEO of FTX, John J. Ray III, has released his prepared remarks ahead of tomorrow’s Congressional hearing.

He largely reiterated his previous comments about a total lack of governance when Sam Bankman-Fried ran the company:

“…never in my career have I seen such an utter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever.”

Additionally, he blamed the failure of the crypto exchange on the lack of experience among prior management:

“FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets.”

Finally, and most notably, Ray outlines some of the unacceptable management practices at the FTX Group identified so far include:

The use of computer infrastructure that gave individuals in senior management access to systems that stored customer assets, without security controls to prevent them from redirecting those assets;
The storing of certain private keys to access hundreds of millions of dollars in crypto assets without effective security controls or encryption;
The ability of Alameda, the crypto hedge fund within the FTX Group, to borrow funds held at FTX.com to be utilized for its own trading or investments without any effective limits;
The commingling of assets;

And it is that final one that is a major problem for Sam Bankman-Fried as he has claimed multiple times he was not aware of any commingling of funds and now it appears Ray has proof (or why would he say so under oath). That is a crime – pure and simple.

Read the full prepared remarks here…

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

ONSHORE YUAN: UP TO 6.9749

OFFSHORE YUAN: 6.9770

SHANGHAI CLOSED DOWN 27.91 PTS OR 0.87%

HANG SANG CLOSED DOWN 437.24 OR 2.20%

2. Nikkei closed DOWN 58.69 PTS OR 0.41%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX DOWN TO 104.42 Euro FALLS TO 104.42 DOWN 6 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.249!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.91/JAPANESE YEN COLLAPSING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN: UP-// OFF- SHORE: UP

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

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

3g Oil DOWN for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +1.872%***/Italian 10 Yr bond yield RISES to 3.801%*** /SPAIN 10 YR BOND YIELD RISES TO 2.917…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.93//

3j Gold at $1789.75//silver at: 23.40 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 54/100 roubles/dollar; ROUBLE AT 62.87//

3m oil into the 70 dollar handle for WTI and 75 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 136.91 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 0.9322– 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: 3.534% DOWN 3 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.512% DOWN 4 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,64…

GREAT BRITAIN/10 YEAR YIELD: 3.142%

end

Overnight: Newsquawk and Zero hedge:

FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

AND NOW NEWSQUAWK (EUROPE/REPORT)

Contained & cautious trade with catalysts limited ahead of US supply – Newsquawk US Market Open

MONDAY, DEC 12, 2022 – 06:23 AM

European bourses are under modest pressure, Euro Stoxx 50 -0.2%, as the cautious APAC tone continues but with magnitudes limited given the lack of newsflow.
USD’s initial extension faded with the index drifting within 105.23-104.72 parameters, peers mixed but generally rangebound.
EGBs & Gilts have meandered to fresh intra-day peaks, though newsflow and drivers behind the upside are essentially non-existent.
Crude benchmarks are under modest pressure, with both volumes and newsflow limited ahead of an action-packed week of macro risk events.
Looking ahead, highlights include Fed’s Bostic & US supply.
Click here for the Week Ahead preview

EUROPEAN TRADE

EQUITIES

European bourses are under modest pressure, Euro Stoxx 50 -0.2%, as the cautious APAC tone continues but with magnitudes limited given the lack of newsflow.
Stateside, futures are firmer across the board though again only modestly so, ES +0.2%.
In Europe, sectors are lower across the board.
Click here for more detail.

FX

USD‘s initial extension faded with the index drifting within 105.23-104.72 parameters, peers mixed but generally rangebound.
EUR, CHF & GBP outperform and are taking advantage of the Dollar’s drift, with EUR/USD above 1.055+ and Cable testing 1.23.
CAD lags as petro-FX once again takes a hit as the benchmarks slip and ahead of commentary from BoC’s Macklem.
PBoC set USD/CNY mid-point at 6.9565 vs exp. 6.9564 (prev. 6.9588)
Czech President said he will appoint new members of the central bank board on December 14th, according to Reuters.
Click here for more detail.

Notable FX Expiries, NY Cut:

EUR/USD: 1.0380-90 (1.06BN), 1.0420-25 (637M), 1.0500-10 (1.6BN), 1.0550 (381M), 1.0565 (270M), 1.0600-10 (598M)
Click here

FIXED INCOME

EGBs & Gilts have meandered to fresh intra-day peaks, though newsflow and drivers behind the upside are essentially non-existent.
Bunds nearing 141, Gilts surpassing 106.00 while USTs are near their respective peak, limiting the concession for upcoming 3 & 10yr supply.
Click here for more detail.

COMMODITIES

Crude benchmarks are under modest pressure, with both volumes and newsflow limited ahead of an action-packed week of macro risk events.
Currently, WTI and Brent are lower by around USD 0.30/bbl and remain in proximity to the YTD lows of USD 70.08/bbl and USD 75.11/bbl respectively.
Saudi Energy Minister said will insist that all OPEC+ members participate in decisions and that they will not hesitate to act according to their development programs, while he also noted that OPEC+ managed to live with all challenges including geopolitics and that the latest developments proved the OPEC+ decision right, according to Reuters.
Saudi’s Foreign Minister said OPEC+ have a consistent policy to maintain a stable market and that only they can ensure sufficient investment and capacity is fair prices for consumers and producers, while he also stated that ‘all bets are off’ if Iran gets an operational nuclear weapon and that states in the region will look towards how they can ensure their own security, according to Reuters.
Russia’s Kremlin said President Putin held a call with Turkish President Erdogan in which they had detailed discussions on expanding cooperation in various fields and discussed joint energy projects, particularly in the gas sector, while they exchanged opinions on the creation of a regional gas hub in Turkey, according to RIA and Interfax.
Turkish maritime authority said four oil tankers which provided necessary letters will pass the Istanbul strait on Monday and that one Russian oil tanker provide documents which will pass through the Bosphorus strait southbound, while five oil tankers could not provide documents and were removed from Turkish waters via the Dardanelles strait, according to Reuters.
BofA says Brent could rebound to USD 90/bbl on account of a Fed pivot and China reopening, via Reuters.
China National Offshore Oil Corp. (CNOOC) sees China energy demand rebounding next year as the rollback of COVID restrictions helps the economy recover, Bloomberg reports
Spot gold and silver are modestly pressured as the overall tone turns incrementally more constructive, though remains cautious overall.
Click here for more detail.

NOTABLE EUROPEAN HEADLINES

UK PM Sunak has put the Northern Ireland Brexit protocol bill on ice until the new year after private talks with Brussels paved the way for a new deal by February, according to The Times.
ECB says 2023 supervisory priorities include scrutiny of credit risk and funding diversification.
Fitch affirmed the Bank of England at AA-; Outlook Negative on Friday.

NOTABLE DATA

UK GDP Estimate MM (Oct) 0.5% vs. Exp. 0.4% (Prev. -0.6%); YY (Oct) 1.5% vs. Exp. 1.4% (Prev. 1.3%)
UK Rightmove House Prices MM (Dec) -2.1% (Prev. -1.1%); YY (Dec) 5.6% (Prev. 7.2%)

NOTABLE US HEADLINES

US Treasury Secretary Yellen said there is a risk of a recession but it certainly isn’t something to bring inflation down, while she thinks there will be a substantial reduction in inflation in the year ahead and she sees much lower inflation by year-end 2023, according to a CBS 60 Minutes interview.
Click here for the US Early Morning Note.

CRYPTO

Apollo held talks on buying claims from FTX clients, according to The Block.

GEOPOLITICS

RUSSIA-UKRAINE

Russian Embassy in London said allegations regarding Iranian military supplies to Russia are unrealistic and said western military aid to Ukraine is used to launch terrorist attacks against civilian targets, according to Al Jazeera.
UK Foreign Secretary Cleverly said any peace talks regarding Ukraine cannot just be a fig leaf for Russian rearmament and that they are not seeing anything on the Russian side to give him confidence Russian President Putin would enter peace talks in good faith, according to Reuters.
White House said US President Biden highlighted how the US is prioritising efforts to strengthen Ukraine’s air defence during a call with Ukrainian President Zelensky, according to Reuters.
Turkish President Erdogan said he discussed with Russian President Putin the grain deal, energy and the fight against terrorism, while Erdogan said during the call that efforts should start for exports of foodstuffs and commodities via the Black Sea grain corridor, according to Reuters.
Senior official in eastern Ukraine claimed that Ukrainian forces attacked a hotel where members of Russia’s private Wagner military group were based and killed many of them, according to a report by Reuters which added that it cannot be verified and that some Ukrainian media cited local officials stating that the hotel had been closed for some time.
EU is to appoint a sanctions envoy to crackdown on the circumvention of measures against Russia, via FT citing sources; to be confirmed on Tuesday, David O’Sullivan reportedly to be appointed.

OTHER

Serb protesters in northern Kosovo blocked main roads for a second day on Sunday and had exchanged gunfire with police as tension rose following the arrest of a former Serb policeman. Furthermore, Serbian President Vucic said Serbia will ask the NATO peacekeeping mission in Kosovo to allow it to deploy Serbian military and police troops in Kosovo, according to Reuters.

APAC TRADE

EQUITIES

APAC stocks began the week with mild losses following the subdued performance last Friday on Wall Street and with participants bracing for this week’s slew of risk events including US CPI, FOMC meeting and various other central bank rate decisions.
ASX 200 was led lower by underperformance in utilities, metal miners and the materials sectors although the downside is limited by a slight reprieve in energy.
Nikkei 225 declined following hot PPI data and a contraction in BSI Large Manufacturing Conditions.
Hang Seng and Shanghai Comp were pressured despite a further easing of COVID restrictions, which has spurred concerns of a potential jump in cases, while property and tech stocks were the worst hit with the latter not helped by reports of the US asking Japan to join its ban on China chip exports.

NOTABLE ASIA-PAC HEADLINES

China lifted tough pandemic restrictions on transport workers whereby long-haul truckers will no longer have to work on “closed loop arrangements” which had subjected them to long quarantines, while they will also not have to undergo constant PCR testing, according to FT.
Global Times’s Hu Xijin said the epidemic in Beijing is severe and many people he knows are infected but with all mild symptoms and it doesn’t matter how many are infected in the next two weeks as the key will be whether there will be many deaths. Hu also stated the number of COVID deaths in China will definitely increase but it should not be around 2mln. Furthermore, Hu noted the vaccination rate in the mainland is high and the death rate will not be as high as in Hong Kong and Taiwan, while he added that the virus is weakening.
Chinese authorities are cracking down on price gouging of medical supplies and drugs as they seek to ensure supplies flow smoothly amid fears of a large outbreak after the easing of COVID-19 restrictions, according to Reuters.
China’s Ministry of Finance announced on Friday that they are to issue CNY 750bln of special treasury bonds on Monday to bolster its economy, according to Xinhua.
China’s Xinjiang region launched measures to boost the recovery of its winter sports and tourism industries, according to Global Times.
Chinese Commerce Ministry said Vice Premier Hu Chunhua will visit UAE and Iran from Sunday to Wednesday, according to Reuters.
US announced on Saturday that a delegation of senior officials on Asia-Pacific affairs will visit China soon, according to Global Times.
US asked Japan to ban China chip exports, according to Kyodo.

DATA RECAP

Japanese Business Survey Index* (Q4) -3.6% (Prev. 1.7%)
Japanese Corp Goods Price MM (Nov) 0.6% vs. Exp. 0.5% (Prev. 0.6%)
Japanese Corp Goods Price YY (Nov) 9.3% vs. Exp. 8.9% (Prev. 9.1%)

i)MONDAY MORNING// SUNDAY NIGHT

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

JAPAN

END

3c CHINA /

CHINA/COVID

Finally a top Chinese medical advisor admits that Omicron is no more dangerous than the flu…yet they want more vaccinations???

(zerohedge)

China’s Top Medical Advisor Says Omicron No More Dangerous Than The Flu

SUNDAY, DEC 11, 2022 – 10:00 PM

About a year ago, the nation was on the verge of another lockdown when a tidal wave of Omicron infections prompted those who use masks alone… in their car… with their windows down, to hyperventilate that covid is about to kill several million more Americans, and anyone who suggested that this was nothing more than the flu was promptly suspended from twitter most likely by this guy, er gal: Melissa Ingle.

… deplatformerd demonetized and canceled.

So it was with great shock that we read today that once again, all those “conspiracy theorists” were dead on: according to Chinese officials, who have continued to downplay the risks of Covid-19 as the country’s idiotic covid zero restrictions are further eased after the economy ground to a halt following two years of lockdowns, with a top medical adviser saying the fatality rate from the omicron variant of the virus is in line with influenza.

Echoing what so many mouth-breathing rednecks said for most of the past year – at least according to their far more intelligent (in their own opinion) big-city dwelling liberal peers all of whom have at least one and more mental disorders, the death rate from omicron is around 0.1%, similar to the common flu, and the infection rarely reaches the lungs, Zhong Nanshan was quoted in an interview with state news agency Xinhua. Most people recover from the variant within seven to 10 days, he said.

Zhong’s comments follow the government’s latest line on the coronavirus, which – two weeks after sporadic violent protests nearly sunk the Xi regime – has been suddenly talking down the disease’s dangers as China moves toward exiting its Covid Zero policy. The nation reported 10,514 local infections for Saturday, more than 20% lower than Friday. Doubts have been raised about the accuracy of case numbers because fewer people are being tested, but one could say the same about the numbers on the way up.

But one thing is certain: China’s covid slowdown is history.

Still, China is not in the clear just yet: on Saturday, Zhong was quoted saying that there’s an “urgent need” to increase booster-shot rates as travel during upcoming holidays will raise the risk of a large-scale spread.

“It’s unlikely people will stay put for the 2023 Lunar New Year holiday so I advise those who will travel home to get booster shots so that even if they are infected, symptoms will be mild,” he said.

The Lunar New Year holiday runs from Jan. 21 to Jan. 27 but usually lasts about 40 days as people take off before and after the official break. Hundreds of millions of Chinese return to their home provinces for family reunifications during New Year.

China issued a plan on Sunday to enhance capacity of county-level medical facilities to better protect people living in rural areas from Covid. It requested such hospitals to boost their intensive care unit capacity by the end of December. Medical staffers from pediatrics and other units need to receive training on how to look after patients in ICU, according to the plan.

Separately, in a Sunday commentary, the Communist Party’s flagship People’s Daily said local governments have swiftly put into practice the 10 new Covid measures announced by the National Health Commission last week, including a reduction of mass testing and loosening of quarantine rules. Regions including Chongqing, and cities in Liaoning, Shandong and Guangdong have urged schools to resume offline teaching, the paper reported separately.

These new measures will pave the way for China to further optimize Covid controls in the future and eventually claim victory over the outbreak, the commentary said.

But back to the main topic, the end of covid in China, state-backed tabloid Global Times on Sunday cited Zeng Guang, a former chief epidemiologist at the Chinese Center for Disease Control and Prevention, as saying that suggestions for China to downgrade its Covid control from the top Category A to Category B has gained momentum in the scientific world.

Once Chinese scientists have reached a consensus that variations of the coronavirus continue to be less dangerous, China will downgrade its Covid control at the right time, Zeng said. China currently classifies Covid-19 as a Category-B disease, but is controlling it as a Category-A disease.

China’s road to reopening could be “bumpy,” which coupled with the scenario of a mild recession in Europe and the US may lead to a tougher economic climate, Goldman Sachs Group Inc. President John Waldron said via video link at Shanghai’s Bund Summit on Saturday.

“That will obviously have some negative implications for growth,” Waldron said, in remarks that underscore how lenders are gauging the impact of China’s pivot from a Covid Zero policy.

CHINA/SAUDI ARABIA

Full text of Xi’s signed article on Saudi media

America is in the rear view mirror. So is the West at large. When people like Merkel admit that they entered into the Minsk accords to buy time to train and arm the Ukraine to attack Russia as a NATO/American proxy thinking nations ask themselves about what such countries have become. Because in global relationships such actions do not build trust or confidence or preferred dialogue; the relationship is only financial and transactional.
The West is faltering in its’ ability to project warmth in relationships over that of others who appear to speak and act different. One should not think that Africa is not incensed that free fertilizer supplied by Russia is being denied to them by the West. This is not the way to build relationships. And WEF/ Gates depopulation agendas clearly send the wrong message. Losing Russia for raw materials is dumb but to lose Africa is stupidity is the arrogance of fools.

http://en.qstheory.cn/2022-12/08/c_837573.htm

Cheers
Robert

4/EUROPEAN AFFAIRS/UK AFFAIRS//

EUROPE/HOLLAND

They are totally nuts in Holland as the Dutch government attempts to forcibly close 3,000 farms. They are trying to comply with the “green” agenda.

This will break Holland as the farmers there are very efficient

(zerohedge)

Dutch Gov’t Attempts To Forcibly Close 3,000 Farms To Comply With ‘Green’ Agenda

SUNDAY, DEC 11, 2022 – 08:45 AM

Dutch farmers protesting for months over the government’s radical ‘green’ plan to slash nitrogen emissions by 50% – 95% could soon face forced buyouts of their land.

“For agricultural entrepreneurs, there will be a stopping scheme that will be as attractive as possible,” Christianne van der Wal, nitrogen minister, recently said in the Dutch parliament. The Dutch government plans to purchase 3,000 “peak polluter” farms via a €24.3 billion ($25.6 billion) fund.

Van der Wal said farmers would be offered 100% value for their land, but if voluntary efforts fail, farmers will face forced buyouts.

The country is attempting to reduce nitrogen pollution and will make farm purchases if not enough landowners accept buyouts. She added: “There is no better offer coming.”

So, how did this happen? As we explained over the summer, farmers were livid with the Dutch government for following through with their green agenda to reduce nitrogen emissions on farms. Many of these folks took to the streets with their tractors and pitchforks and demanded the government reverse course on crushing the country’s agriculture industry.

The Dutch government began implementing new rules on nitrogen activity on farmers and farm buildings as early as 2019. That halted the expansion of dairy, pig, and poultry operations for the last several years, which are significant sources of nitrogen pollution.

One Dutch farmer spoke with ‘Fox & Friends Weekend’ to discuss the pressure from the government and their move to close down thousands of farms.

“I don’t know what we can expect. For my own family, I hope that one of my sons can continue farming if he wants,” Dutch Farmer Geertjan Kloosterboer said.

The Netherlands is trying to reduce emissions and follow through with a green agenda, but it could jeopardize the nation’s food supply and put the world’s supply at risk. Recent data shows the country, which is the size of Maryland, is the world’s second-largest exporter of agricultural products by value behind the US.

Their centrality in the global food supply is indisputable, and so-called green politicians want to destroy the industry in the name of climate change.

It seems like the protests aren’t going away anytime soon.

Just imagine if the Biden administration attempted such a land grab Stateside…

END

EUROPE/TARGET 2

A must read.

Target 2 imbalances increase again

(Mish Shedlock/Mishtalk)

Eurozone Target2 Economic Imbalances Soar, This Money Can’t Be Paid Back

MONDAY, DEC 12, 2022 – 03:30 AM

Authored by Mike Shedlock via MishTalk.com,

Let’s check in on Target2 balances in the Eurozone and who owes whom money…

Target 2 balances from the ECB, numbers and caption by Mish

TARGET2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.

The Target2 Lead Chart is courtesy of the ECB. It shows Target 2 creditor and debtor nations.

Tatget2 is one of the fundamental flaws of the Eurozone.

Primary Creditors and Debtors

Target2 surpluses to the tune of €1.23 trillion continue to mount in Germany.
Tiny Luxembourg is somehow a €303 billion creditor.
The largest Target2 deficit nations are Italy at €670 billion, Spain at €484 billion, the ECB itself at €339 billion, and Greece at €106 billion.

The ECB’s imbalance is related to its bond manipulation schemes to keep interest rates down in Italy, Spain, Greece, and the peripheral Eurozone countries in general.

Capital Flight

Capital flight is one component of Target2 imbalances.

On the likely assumption that Italian banks are insolvent, no one in their right mind should have money in Italian banks.

Recall the capital controls imposed by the ECB on Greece and Cyprus after bank failures in those countries. Anyone who had money in a bank in Germany had full access to it. Anyone who had money in a Greek bank didn’t.

It’s increasing likely that corporations and wealthy individuals do not trust Italian banks, nor should they.

Unsecured Debt

Unsecured debt is another component of Target2. The ECB assumption is that these debts will be paid back. No one explains how.

The ECB also treats all sovereign bank debt within the Eurozone as equal, and with no risk.

The market disagrees and so do I.

ECB vs Fed

In the US there is one Central Bank. There is a single 10-year government bond.

The Eurozone has the ECB to set interest rate policy, but each nation has its own central bank.

If all Eurozone sovereign debt was indeed equal, then 10-year yields in Italy and Germany would be the same.

Instead, the 10-year rates in Germany and Italy are 1.94% and 3.80% respectively. Huge country-to-country differences are despite massive intervention by the ECB to equalize rates.

Target2 is a kluge payment system that tries to make things fit but does not quite succeed.

It is difficult to say how much of the imbalances are capital flight, debt, and knock-on effects of ECB manipulations.

However, we can see the imbalances grow nearly every month, wondering when and how it finally matters.

* * *

Please Subscribe to MishTalk Email Alerts.

end

5.UKRAINE RUSSIA//

RUSSIA//UKRAINE/ODESSA

Odessa plunged into darkness after drone attacks

(zerohedge)

Ukraine’s Odesa Plunged Into Darkness After ‘Kamikaze Drone’ Attacks

SUNDAY, DEC 11, 2022 – 11:00 AM

Over 1.5 million people in the southern Ukrainian city of Odesa are without power following Saturday nighttime “kamikaze drones” pummeling electricity infrastructure in the region, also as blackouts continue surrounding the capital of Kiev and other cities.

“As of now, the city is without electricity,” the Ukrainian presidency’s office said of Odessa. “The situation remains difficult, but is under control,” spokesman Kyrylo Tymoshenko said, but while acknowledging that hospitals and maternity wards do have access to electricity at this point.Odesa plunged into darkness, via Reuters

“As a result of the strike, there is no electricity in almost all districts and communities of our region,” Maksym Marchenko, governor of the Odesa region said while pointing to suicide drones as the chief Russian weapon in the fresh attacks.

Starting Friday, the Ukrainian government said Odesa and southern regions were in the midst of suffering the worst and most sustained power outages due to the latest wave of major Russian aerial attacks. The biggest of these attacks started Monday and particularly targeted much of the south and its power grid.

National grid operator Ukrenergo said “Because of damage caused by missile strikes to power plants and the high-voltage network, the system has a significant shortage of electricity.”

According to the latest on Sunday:

The situation has been made worse by severe frost, rain, snow and strong winds, which are causing wires to ice over in western regions.

But the east, where fighting has been fiercest, is suffering most. Zaporizhzhia governor Oleksandr Starukh said: “There is a lack of energy – up to a third of what is needed.”

Russian President Vladimir Putin has meanwhile accused the Ukrainians of waging their own cross-border attacks on Russia’s own energy and resources, alleging in a speech days ago its forces sabotaged power lines rom the Kursk nuclear power plant, as well as cutting off water supplies to Russian-controlled Donetsk, which he called an attempt at “genocide”.

Also last week, Ukrainian authorities said that Russian forces have continued to play a game of nuclear chicken due their installing multiple rocket launchers at the shut-down Zaporizhzhia nuclear power plant.

end

Not good: Pentagon gives its tacit support for Ukrainian drone attacks deep inside Russia

(Dave Decamp/Antiwar.com)

Pentagon Gives Tacit Support For Ukrainian Drone Attacks Deep Inside Russia

MONDAY, DEC 12, 2022 – 08:14 AM

Authored by Dave DeCamp via AntiWar.com,

The Pentagon has given its tacit endorsement of Ukrainian attacks inside Russian territory and no longer fears such operations could lead to a “dramatic” Russian escalation, The Times reported on Friday, citing unnamed US defense officials. The US position appears to only be based on the fact that up to this point, Russia hasn’t responded to attacks on its territory with nuclear weapons or by attacking NATO countries.

The Times report reads: “Moscow’s revenge attacks have to date all involved conventional missile strikes against civilian targets. Previously, the Pentagon was warier of Ukraine attacking Russia because it feared the Kremlin would retaliate either with tactical nuclear weapons or by targeting neighboring NATO nations.”Large fires at the Transneft Bryansk-Druzhba facility in Bryansk, about 70 miles from the Ukrainian border, believed have resulted from a Ukrainian cross-border operation, via The Telegraph.

The report came after Ukrainian drone attacks hit Russian air bases deep inside Russian territory, including one that killed three Russian soldiers and damaged two Russian bombers. Following the attacks, Russian missiles pounded Ukrainian energy infrastructure, worsening the already dire situation for millions of Ukrainian civilians who are without power and heat in freezing temperatures.

Russia didn’t start launching large-scale attacks on Ukrainian energy infrastructure until October, after the truck bombing of the Kerch Bridge, which connects Crimea to the Russian mainland. US officials previously said that they support Ukrainian attacks on Crimea.

The Times report said that the US doesn’t want to publicly give Ukraine the greenlight to attack targets inside Russia. In public comments, US officials have said they are not “encouraging” or “enabling” Ukrainian strikes inside Russian territory. But a US defense official said that it’s up to Ukraine where they attack and that they have limited restrictions on using US-provided weapons.

“We’re not saying to Kyiv, ‘Don’t strike the Russians [in Russia or Crimea].’ We can’t tell them what to do. It’s up to them how they use their weapons,” the official said. “But when they use the weapons we have supplied, the only thing we insist on is that the Ukrainian military conform to the international laws of war and to the Geneva conventions.”

The official’s comments appear to mark a shift in US policy as the Biden administration previously sought “assurances” from Ukraine that it wouldn’t use the HIMARS rocket launch systems to hit Russian territory. National Security Council spokesman John Kirby made similar comments in public last week.

“When we give them a weapon system, it belongs to them, where they use it, how they use it, how much ammunition they use to use that system. I mean, those are Ukrainian decisions, and we respect that,” Kirby said. So far, there has been no confirmation of Ukraine using US weapons to hit targets inside Russian territory. Russia said Ukraine used modified Soviet-made drones to launch the attacks last week that hit Russian air bases hundreds of miles from the Ukrainian border.

But The Times report said that with the US now tacitly backing Ukrainian attacks inside Russia, the Biden administration will be more likely to provide longer-range weapons that Ukraine has been seeking. “Nothing is off the table,” a senior US official said.

Ukraine has been asking for the Army Tactical Missile Systems, or ATACMS, which have a range of about 190 miles and can be fired from the HIMARS systems, although The Wall Street Journal recently reported that the US modified the HIMARS it sent to Ukraine so they can’t fire munitions with a range of greater than 50 miles.

While the US might no longer fear escalation, Russian officials have strongly warned against the US sending longer-range weapons to Ukraine. NATO Secretary-General Hens Stoltenberg acknowledged on Friday that there’s a “real possibility” of a war between the alliance and Russia, which could quickly turn nuclear, but insisted the West should keep arming Ukraine despite the risk.

end

Kosovo Urges NATO Intervention As Serbia Border Tensions Explode, Gunfire Exchanged

MONDAY, DEC 12, 2022 – 10:25 AM

Kosovo is urging NATO intervention after weekend border tensions with Serbia have exploded into clashes, resulting in rare exchanges of gunfire at the border. Serbians starting days ago began setting up barricades on main roads along the Kosovo-Serbia border, creating gridlock and chaos in the northern Kosovo region.

For months there have been on-and-off clashes between Kosovar police and what Kosovo’s prime minister Albin Kurti has called “criminal gangs” of Serb nationals who are seeking to restrict “freedom of movement”. Central to the conflict is Kosovo’s enforcement of a hugely controversial law banning Serbian license plates on vehicles. Border crossing, via EPA-EFE

BBC reports tensions have exploded into armed conflict between police and Serbian groups: “Kosovo police said they had come under fire in different locations close to a lake bordering Serbia late on Saturday, with officers returning fire in self-defense,” according to the report.

“Kosovo deployed police to majority-Serb areas – which do not recognize the Kosovo government in the capital Pristina – at the end of last week,” BBC continues.

The catalyst for this latest flare-up in border tensions was the arrest of a popular former Serb policeman Dejan Pantic by Kosovo. Amid some of the weekend mayhem, a stun grenade was thrown at a EULEX car (which stands for the European Union mission in Kosovo) but didn’t result in injuries.

Kosovo has accused the Serbian ex-police officer who is now in detention is “of committing terrorist acts and attacking the constitutional order.”

Serbia reportedly increases its military presence along its border with Kosovo, as Serbian protesters blocked roads in northern Kosovo for a second day pic.twitter.com/ItB635lKNb— TRT World Now (@TRTWorldNow) December 12, 2022

During a Sunday press conference Kosovo PM Kurti asked the Kosovo Force (KFOR), a NATO-led international peacekeeping force, to intervene by sending peacekeeping troops to quell the violence. About 6% of Kosovo’s population of 1.8 million is Serbian.

BBC points out in reference to the 4,000 multinational troops that make up the KFOR presence for the last two decades since the end of the major Yugoslav Wars:”The authorities in Belgrade rely on KFOR to guarantee the safety of Kosovo-Serbs. They fear a repeat of the violence in 2004 which resulted in the deaths of more than a dozen Serbs, hundreds more injuries and the displacement of thousands of Serb families.”

The peacekeeping force presence has also long prevented the Serbian Army from any offensive measures inside Kosovo, which controversially was recognized as a country under the George W. Bush administration.

Meanwhile, European diplomats are scrambling for a peaceful resolution to the crisis, given the persistent risk that border clashes could spiral into major conflict.

“I know that two parties are willing to deescalate and I am strongly calling to the two of them to do it, but in this case I am in touch with [Kosovo’s] Prime Minister [Albin] Kurti, Miroslav Lajcak is in touch with President [Aleskandar] Vucic in Serbia,” Borrell said at the EU Foreign Affairs Council in Brussels.

The EU foreign policy chief further urged Serbian President Aleksandar Vucic and Kosovo PM Kurti to urgently pursue dialogue over escalation.

During a Serbian national security council convened under Vucic on Sunday, he said he would mull a request for national forces to be sent to Kosovo to protect the Serb minority. While unlikely, such a confrontation would likely spark war.

Below: Map, Serbia has for centuries going back to medieval times considered Kosovo to be its national and spiritual heartland…

6 GLOBAL ISSUES//COVID ISSUES//VACCINE ISSUES

Vaccine//Covid issues: Injuries

GLOBAL ISSUES

PAUL PAUL ALEXANDER

Open in app or online “Everybody Knew CV-19 Vax Was a Criminal Bioweapon – Karen Kingston”; Kingston says documents with the drug makers, FDA and CDC listed the deadly and debilitating “side effects” of the injections.Kinston: “Common side effects should be muscle aches, headaches, fever & pain. With these injections, common side effects are Guillain-Barre, . . . inflammation of your brain and your spinal cord…”DR. PAUL ALEXANDERDEC 11 SAVE ▷ LISTEN ‘“Kinston shows that vaccine makers gave a list to the FDA of “side effects” or “possible adverse event outcomes” from the injections. Kinston says, “Common side effects should be muscle aches, headaches, fever and pain. With these injections, common side effects are Guillain-Barre, . . . inflammation of your brain and your spinal cord, meningitis, stroke, narcolepsy, anaphylaxis, heart attack, myocarditis, pericarditis, auto immune disease, death, pregnancy and birth outcomes, fetal injuries, fetal mutations, spontaneous abortion. . . and vaccine enhanced disease. . . . So, they knew this was not mild side effects. . . . This is not me speaking. This is literally their documents. . . .This information is just the tip of the iceberg, which show how really sick and perverse these CV19 injections are.”This lady exudes confidence and temerity, just strength that most males do not have, especially republican males in the US House and Senate. Democrats do not suffer from a strength issue, they have most of their strength in the evil column. Lots of that, hell bent on destroying America.SOURCE:
https://usawatchdog.com/everybody-knew-cv-19-vax-was-a-criminal-bioweapon-karen-kingston/Order via this LINK

Gibbons et al.: “Association between vitamin D supplementation and COVID-19 infection and mortality”; Vitamin D2 and D3 fills were associated with reductions in COVID-19 infection of 28% and 20%

respectively [(D3 HR = 0.80, [95% CI 0.77, 0.83]), D2 HR = 0.72, [95% CI 0.65, 0.79]]. Mortality within 30-days of COVID-19 infection was similarly 33% lower with Vitamin D3 and 25% lower with D2

DR. PAUL ALEXANDERDEC 10

SAVE ▷ LISTEN

SOURCE:

https://pubmed.ncbi.nlm.nih.gov/36371591/

‘Vitamin D deficiency has long been associated with reduced immune function that can lead to viral infection. Several studies have shown that Vitamin D deficiency is associated with increases the risk of infection with COVID-19. However, it is unknown if treatment with Vitamin D can reduce the associated risk of COVID-19 infection, which is the focus of this study.

In the population of US veterans, we show that Vitamin D2 and D3 fills were associated with reductions in COVID-19 infection of 28% and 20%, respectively [(D3 Hazard Ratio (HR) = 0.80, [95% CI 0.77, 0.83]), D2 HR = 0.72, [95% CI 0.65, 0.79]]. Mortality within 30-days of COVID-19 infection was similarly 33% lower with Vitamin D3 and 25% lower with D2 (D3 HR = 0.67, [95% CI 0.59, 0.75]; D2 HR = 0.75, [95% CI 0.55, 1.04]).

We also find that after controlling for vitamin D blood levels, veterans receiving higher dosages of Vitamin D obtained greater benefits from supplementation than veterans receiving lower dosages. Veterans with Vitamin D blood levels between 0 and 19 ng/ml exhibited the largest decrease in COVID-19 infection following supplementation.

Black veterans received greater associated COVID-19 risk reductions with supplementation than White veterans. As a safe, widely available, and affordable treatment, Vitamin D may help to reduce the severity of the COVID-19 pandemic.’

end

TROUBLING: “42% of Gen Z diagnosed with a mental health condition, survey reveals”; Gen Z young adults started dealing with mental health problems immediately following the start of the pandemic 2020

A range of these issues were largely identified during the middle of the COVID-19 pandemic. Benjamin Fearnow

DR. PAUL ALEXANDERDEC 10

SAVE ▷ LISTEN

SOURCE:

https://studyfinds.org/gen-z-mental-health-condition/

‘Nearly 90 percent of Gen Z respondents believe their generation is not set up for success and 75 percent feel they are at a disadvantage in comparison to previous generations (like baby boomers or Gen X) who are at least 42 years-old in 2022. This latest poll portrays Gen Z as overwhelmingly cynical about the post-pandemic world and what role they may one day play in it.’

Open in app or online IT’S the VACCINE, stupid!!! BQ.1.1 & BQ.1 (63%) now replaces BA.5 sub-variant (14%) as the new dominant clade; REMEMBER, IT’S the VACCINE & not the virus! once you keep using a non-neutralizingv
accine such as these COVID ineffective ones that do not stop infection, replication, or transmission, then they will place sub-optimal immune pressure on the antigen & select for infectious variants!
DR. PAUL ALEXANDERDEC 9 SAVE ▷ LISTEN

Basic immunology tells us that any sub-optimal pressure (population immunity pressure) on the target antigen will drive emergence of variants. Those doing this e.g. Fauci, CDC, NIH, Pfizer etc. know this. IMO this insanity of a gene injection therapy vaccine and its rollout is pure madness! Designed to fail!!Order via this LINK
SOURCE:A
https://covid.cdc.gov/covid-data-tracker/#variant-proportions

This is basic immunology and virology. 101. These people doing this know exactly what they are doing. This has to be by design, they cannot be that stupid. This pandemic will NEVER end, the new bi-valent booster will drive more variants. The good news is that there is far less uptake and it seems the public has understood the fraud and lethality of these COVID mRNA gene injections (all of the platforms that induce spike protein as the target antigen). Never ever give you healthy child these gene injections, they have statistical zero risk, near zero if not zero, of severe outcome and death from COVID infection.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//

Study: India’s 2021 COVID-19 Vaccine Campaign Caused Approximately 3.7 Million Deaths

December 9, 2022 3:21 pm

A new study published by Denis Rancourt claims that “India experienced a unique, sudden, unprecedented and extraordinarily large excess all-cause mortality event in April-July 2021,” and that “after an overview of four recently published studies that have quantified the April-July 2021 excess all-cause mortality event, we give ten numbered arguments as to why we conclude that the extraordinary mortality event was caused by India’s vaccine rollout in its early stages. Therefore, it appears that the early rollout of the vaccine in India in April-July 2021 was devastating, causing the deaths of approximately 3.7 million residents, approximately 350 million doses of the vaccine are administered.”

Bloodless Medicine and Surgery: The Case AGAINST Blood Transfusions

December 10, 2022 6:10 pm

I used to think that religious groups, like the Jehovah’s Witnesses, were the only ones against blood transfusions. But did you know that blood transfusions are a fairly recent medical practice, mainly becoming popular with the start of allopathic medicine and the pharmaceutical industry in the 1800s here in the U.S.? How did the human race survive for thousands of years before that without blood transfusions? I was actually surprised to learn that there are mainstream medical facilities in the U.S. that practice “Patient Blood Management” and discourage the use of blood transfusions, due to the risk of contaminated blood, long before the current COVID vaccine blood contamination controversy. There are actually hospitals and doctors in the U.S. who perform surgeries today, even open heart surgeries, without using blood transfusions. One of those hospitals is Englewood Hospital and Medical Center in Englewood, New Jersey, which claims to be the first hospital in the U.S. to offer bloodless surgeries and medicine. They claim that the scientific data supports the practice of bloodless medicine and surgery with much better patient outcomes than patients who receive blood transfusions. They have produced a 53-minute documentary about how Englewood progressed from offering bloodless medicine and surgery only for specific groups of people requesting it, in this case the Jehovah’s Witnesses, to making it the standard care of practice for ALL patients, because science and ethics demanded it. They have now trained many doctors from around the world, and other hospitals and medical centers in the U.S. now also offer bloodless medicine and surgery.

America’s Holocaust: 2nd Year Anniversary of President Trump Forcing the FDA to give Emergency Use Authorization to the Pfizer COVID-19 Experimental Shot

December 11, 2022 6:50 pm

Today, December 11, 2022, marks the 2nd year anniversary of the day the Pfizer COVID-19 shot was authorized for distribution by an Executive Order from President Donald Trump after the FDA gave it an emergency use authorization against the advice of thousands of doctors and scientists. The FDA was actually reluctant to authorize it so fast, but President Trump threatened to fire Dr. Stephen Hahn, who was the Commissioner of the FDA at the time, if he did not approve the shots according to Trump’s timeline. This is the day America’s Vaccine Holocaust began, and the pro-Zionist Evangelical Christians are working hard to get Mr. Trump re-elected, as they blame Anthony Fauci and everyone else besides Trump for the millions of Americans who have suffered and died from these shots. Here is a video I created to help people not forget what happened 2 years ago.

“What A Way To Finish Off A Year In Which Almost Everyone Got Almost Everything Wrong”

MONDAY, DEC 12, 2022 – 09:35 AM

By Michael Every of Rabobank

The Terrible Twenties and Wonderful News

We are all looking forward to 2023 after another awful year that makes it three in a row in the Terrible, not Roaring, Twenties. As warned, the 2020s have not held the promise of flappers and speakeasys, but the historical replay of the Russian civil war replayed in modern-day Ukraine; a failed German putsch led by right-wingnuts; growing UK labor unrest; and senior members of the Weimar-esque European parliament being arrested with bags of cash following a corruption probe. Yet at this stage, it looks like 2023 will make it four bad years in a row.

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Just wait for the delayed impact of the next big rate hike from the Fed, the BOE, and the ECB this week. What a way to finish off a year in which almost everyone in markets, including central banks, got almost everything wrong.

In 2023, imagine no rate cuts, and maybe even further hikes, even as the economy suffers. Imagine the weather finally turning much colder, as it just has in the UK, and wholesale electricity prices soar to new, insane record levels, as it just did. Imagine governments ramming austerity down everyone’s throat again, “because markets”. Imagine mass strikes as a result – even at the ECB. Imagine unions being railroaded to accept ‘uberfication’, as proposed in the UK, or to take a deal they don’t want, as the railroad unions just had to in the US.

On top, we now have the promise of mass middle-class job layoffs due to technology. Indeed, I come back from two weeks off to discover an AI can now write a perfectly adequate Global Daily! In 2019, I was mocking how badly AIs wrote by quoting a film script for a new John Wick movie in its full glorious comedy; now one can write instructions for removing a peanut-butter sandwich from a VCR in the style of the Old Testament as well as Monty Python, which is where I used to excel.

In short, a swathe of media, communications, PR, and secretarial jobs are about to be automated, taking middle-class incomes with them; and in the creative fields too, where working class participation has already collapsed despite the sector’s professed diversity. As any good sociologist, but no economist, will tell you, radicalising the middle class is how you get from a 1923 failed putsch to a 1933 burning down the Reichstag.

On the other hand, the optimists who tried to sell us on the Roaring Twenties now say 2023 will see central banks slash rates…. despite high and rising core inflation in Europe; and/or that governments will hand over cheques to keep the bread and circus rolling, as many US states already are…. when we know what happens when too much demand meets too little supply; and/or that China is pivoting from Covid Zero, and will opt for more over-production and over-investment stimulus… in which case Western commodity inflation will soar – as will the flow of Chinese goods into global markets already trying to buy fewer of them.

What we need is more supply of more things elsewhere: as @elisabethbraw tweeted yesterday, “The state of the world in a nutshell: German arms makers struggling to make ammunition for Ukraine due to a lack of components from China.” As a result, we are already a decade ahead of the 1920s in the historical trend in the international financial architecture – even if Germany is a deliberate passenger in history this time round.

Taiwanese TSMC’s founder says, “Globalization and free trade are almost dead,” as it shifts production to the US. Fashion brand Mango is the latest to shift production from China; Apple is doing so too. It’s now low-hanging fruit to say what I have done since 2015: that the path were on would lead to global mercantilism. Even Europe has now adopted such policy alongside the US (‘Europe First: Brussels gets ready to dump its free trade ideals’), while the UK is still repeating that Brexit means Brexit, and China never stopped doing it. Oil markets, and indeed commodities in general, are becoming completely politicized, with attempts to impose buyers and sellers cartels, and price caps and floors.

Analysis that can easily be replaced by an AI because it shows very little actual intelligence suggests that such a backdrop means the US dollar is finished rather than about to gain a new lease of life. Forget BIS talk of $65 trillion of off-book dollar derivative liabilities on top of our estimates of $50 trillion of on-book ex-US dollar liabilities against ex-US dollar assets of only $7 trillion. After all, Russia is going to legalize crypto! Moreover, China’s Xi went to Saudi Arabia and shook hands rather than fist-bumped, so oil will soon trade in CNY as well as USD!

These Middle East – Middle Kingdom – Middlebrow arguments are wide of the mark. As pointed out earlier in 2022 in ‘Why Bretton Woods 3 Won’t Work’, oil will remain priced in US dollars. Given the Saudi currency effectively *is* the US dollar there is zero incentive to shift away from it, especially into an illiquid, politicised, now-volatile currency whose assets have plummeted in value recently. What we are likely to see, at best, is *some* portion of Saudi-China trade –where the former runs a huge surplus– priced in dollars, but bilaterally cleared without using dollars, e.g., “We won’t send you the dollars for those widgets, and you don’t bother sending us the dollars for the equivalent amount of oil.”

Dollar weakness we have seen of late is not based on geopolitical shifts, just false hopes of what lies ahead for Europe in particular, as well as happy-clapping from the gang who cried ‘Roaring Twenties!’ – that and Fed swaplines as lifelines in the sea of offshore dollar liabilities.

But if the US focuses on its own middle class again, even if this is via blue-collar production of things, not white-collar production of bad TV and movie scripts, media, and PR, etc., which also means recycling income rather than importing goods —and higher rates for longer— then the dollar will also be going higher, not lower, while net exporting currencies such as the EUR and CNY will be going lower, not higher.

In short, I don’t know what 2023 will hold, but the path towards a return to ‘normal’ of 2% GDP growth and 2% CPI is exceptionally narrow, with very fat tail-risks on either side. Indeed, Philip Marey, using a dynamic Nelson-Siegel approach, has just modelled three Fed scenarios:

If the world evolves according to the FOMC’s projections, the 10-year yield will eventually be on a downward path that in the long run converges to slightly below 2%. (Though Philip still sees no near-term rate cuts.)
If inflation turns out higher and more persistent, the 10-year yield could first rise to 5.4% in 2024 and then fall back to 3.7% in the long run. (Which would make a mess of a whole new swathe of market positions.)
If the economy turns out worse than anticipated by the FOMC and stagnates, the 10-year yield could eventually fall into negative territory. (And if the US is negative, you don’t want to imagine where everyone else will be!)

My own Heath-Robinson/Rube Goldberg methodology says the same: if you got everything wrong in 2022 by thinking things couldn’t really get that terrible then wait until you get a load of 2023; and 2024; and 2025, etc. Sorry, but these really are going to be the Terrible Twenties.

The one upside is the wonderful news today that the US, alongside making a huge breakthrough in AI, has also made a potentially world-changing breakthrough in energy technology. US scientists have reportedly managed to achieve successful nuclear fusion, as opposed to fission, energy generation, which has been a holy grail of unlimited, cheap, green energy since the 1950s. Of course, we have had many false dawns in this area before.

Also, even *if* this is true, and both the climate and energy crisis can be solved, does this mean we solve all other problems simultaneously? Hardly! It just shakes the box in all kinds of new ways.

Would the new technology require new, scarce inputs, in the same way electric vehicles do? Would Russia, suddenly without any geopolitical fossil fuel energy muscle, just disappear quietly with its nuclear arsenal? Would the Saudis and other oil and gas producers, many apparently keen to ‘dump the dollar’, do the same as they face economic ruin? Would the US share its amazing new technology with Europe and China, or retain it for its own advantage? Would there be a military angle, as there was with nuclear fission?

Maybe an AI will say otherwise, and probably most market analysts will argue this news screams “Back to 2%!”, but I am presuming the 2020s will continue to see us grapple with the global metacrisis of what the new world order will look like.

8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.

END

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

EURO VS USA DOLLAR: UP .0035 AT 1.0562

USA/ YEN 136.91 UP 0.374/NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.2284 UP 0.0041

Last night Shanghai COMPOSITE CLOSED DOWN 27.31 PTS OR 0.87%

Hang Sang CLOSED DOWN 437.84 POINTS OR 2.22%

AUSTRALIA CLOSED DOWN 0.48% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 427.87 PTS OR 2.20%

/SHANGHAI CLOSED DOWN 27.91 PTS OR 0.87%

AUSTRALIA BOURSE CLOSED DOWN 0.48%

(Nikkei (Japan) CLOSED DOWN 58.68 OR 0.41%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1791.45

silver:$23.38

USA dollar index early MONDAY morning: 104.42 DOWN .06 POINTS from FRIDAY’s close.

MONDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.86% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +0.249% UP 0 AND 0 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.96%// UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.83 UP 2 points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +1.920% UP 10 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.0535 UP .0008 or 8 basis points//

USA/Japan: 137.55 UP 1.043 OR YEN DOWN 104 basis points/

Great Britain/USA 1.2271 UP .0028 OR 28 BASIS POINTS //

Canadian dollar DOWN .0057 OR 57 BASIS pts to 1.3667

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The USA/Yuan, CNY: closed ON SHORE (CLOSED ..DOWN) AT 6.9775

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9997

TURKISH LIRA: 18.65 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 2 IN basis points from FRIDAY at 3.586% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.565 UP 2 in basis points

Your closing USA dollar index, 104.70 UP .22 PTS ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 27.88 PTS OR 0.37%

German Dax : CLOSED DOWN 51.89 POINTS OR 0.36%

Paris CAC CLOSED DOWN 18.00 PTS OR 0.27%

Spain IBEX CLOSED DOWN 20.20 OR 0.24%

Italian MIB: CLOSED UP 64.74 PTS OR 0.27%

WTI Oil price 73.80 12: EST

Brent Oil: 78.03 12:00 EST

USA /RUSSIAN /// DOWN TO: 62,80/ ROUBLE DOWN 0 AND 37/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.939

UK 10 YR YIELD: 3.232 UP 3 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0533 UP .0006 OR 6 BASIS POINTS

British Pound: 1.2268 UP .0025 or 25 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.204%

USA dollar vs Japanese Yen: 137.298 UP 1.178/YEN DPWM 118 BASIS PTS//

USA dollar vs Canadian dollar: 1.3624 UP 0.0132 (CDN dollar, DOWN 13 basis pts)

West Texas intermediate oil: 73.34

Brent OIL: 78.19

USA 10 yr bond yield UP 5 BASIS pts to 3.617%

USA 30 yr bond yield UP 3 BASIS PTS to 3.577%

USA dollar index:104.64 UP .16 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 18.63

USA DOLLAR VS RUSSIA//// ROUBLE: 62.80 DOWN 0 AND 34/100 ROUBLES

DOW JONES INDUSTRIAL AVERAGE: UP 528.35 PTS OR 1.58%

NASDAQ 100 UP 143.11 PTS OR 1.24%

VOLATILITY INDEX: 24.96 UP 2.13 PTS (9.33)%

GLD: $165.66 DOWN 1.40 OR 0.84%

SLV/ $21.46 DOWN $0.10 OR 0.46%

end)

USA trading day in Graph Form

Stocks Panic-Bid Ahead Of CPI; Bitcoin, Bonds, & Bullion Dumped

MONDAY, DEC 12, 2022 – 04:01 PM

With event risk about as high as it gets this week (just look at the S&P implied vol term structure)…

…today’s market action had a feel of anxiety, FOMO, and low liquidity about it.

Equity markets managed solid gains ahead of tomorrow’s CPI with Dow and Small Caps leading. A sudden late-day burst of excitement started around 1500ET (was CPI leaked) which sent stocks vertical-er. Notably, The Dow and S&P ran up to erase all the loses from Friday’s PPI print and the Nasdaq got within a tick or two…

VIX jumped above 25 intraday…

Treasury yields were higher on the day with the short-end underpeforming (2Y +5bps, 30Y +1.5bps) but they all followed the same pattern of buying bonds in Asia and selling in Europe and US…

Source: Bloomberg

A really ugly 10Y auction – with a huge tail – sparked some chaos around 1300ET – pushing the yields up to their post-payrolls peak…

Source: Bloomberg

Rate-trajectory expectations rose on the day with the terminal rate back up to 5.00%…

Source: Bloomberg

The dollar rollercoastered lower overnight and then higher to close the day green…

Source: Bloomberg

Bitcoin was dumped overnight but managed to scramble back above $17000…

Source: Bloomberg

NatGas prices soared today as colder than expected weather hit the US (and a big freeze struck Europe for the first time this winter)…

US Crude prices jumped on the day, rebounding from a $70 handle to a $74 handle intraday (best day for WTI since 11/4)…

Gold tumbled back below $1800…

Finally, we note that ahead of this week’s CPI and FOMC, the market is pricing in a dramatically different picture than The Fed’s ‘higher for longer’ projections…

Source: Bloomberg

With 185bps of rate-cuts priced in from Jun23 to Dec24…

Source: Bloomberg

Bear in mind that US Financial Conditions are now the same as they were 6 months ago (and The Fed has raised rates significantly since then so that’s not what Powell wants to see)…

Source: Bloomberg

Will Powell push back against this dovishness like last time?

EARLY MORNING TRADING

end

EARLY AFTERNOON TRADING

ii) USA DATA

end

III) USA ECONOMIC STORIES.

The twitter files are the biggest story of the decade and corporate media ignores it

(zerohedge)

The Twitter Files: The Corporate Media Ignores The Biggest Story Of The Decade

MONDAY, DEC 12, 2022 – 05:44 AM

The biggest story of the past decade is not the covid pandemic, the January 6th protests, the war in Ukraine, the BLM riots, or even the stagflationary crisis in the US. Behind these major events is another story, one that connects them all together in a disturbing way. Even more important than the effects of geopolitical and economic chaos is the effect of mass censorship; without the free exchange of information and debate the public remains ignorant. And if the public remains ignorant, crisis events have an increasing potential to explode.

Public perception of national and international affairs is a key determinant of the outcome of disasters and conflicts. This is why governments and elitists from around the world often seek to manipulate the ways in which people digest information. The idea is rather simple – They believe that ‘we the people’ cannot be allowed to come to our own conclusions. They think we cannot be trusted to develop the “proper” viewpoints and we are not smart enough to understand the implications of governmental decisions.

In other words, they believe the exact opposite of what is outlined in the US Constitution. The establishment will give numerous reasons why they need to censor, suppress, spin and misrepresent the facts of any given situation, but in the end the real rationale is that they have a vision for society that is contrary to our foundations. They have appointed themselves the arbiters of reality to see that vision done. As Edward Bernays, the “father of public relations” once stated in his book ‘Propaganda’:

“The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. …We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. …In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons…who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”

This is pure authoritarianism. It’s the stuff of nightmares and revolutions. But for many years now a large subsection of the world has denied such a dynamic exists. It’s “conspiracy theory” and “tinfoil hattery” to claim that a small number of elites work together in secret to control public perception and govern our society from the shadows. After all, where is the proof?

Of course, this kind of argument is a coping mechanism for the mentally deficient. Proof of such secretive governance and control is everywhere these days, but some people prefer willful denial. Take for example the ongoing data drops for what is now being called “The Twitter Files.”

The mainstream media is barely responding to the information dump initiated by Elon Musk. They seem to be far more interested in Donald Trump’s tax records. When they are forced to acknowledge the story, they are hostile, calling the information “boring” or unimpressive. It’s a classic psychological tactic of typical narcissists and criminals – When they get caught, they act indifferent, as if neither the evidence nor their crimes really matter. If getting caught doesn’t matter to them, then their crimes must not be all that bad, right?

The content of these files is astonishing, but at the same time it is true that the conclusions are not surprising.

The files simply confirm almost everything conservative and libertarian commentators have been saying for years; all those “conspiracy theories” about Big Tech censorship of conservatives turned out to be true. Not only that, but the theory that government agencies and officials from the DNC worked with Big Tech to silence and undermine their political opponents was also true.

Twitter has long denied that they “shadow ban” users, but this was a lie. The data shows that small groups within Twitter called “strategic response teams” suppressed up to 200 accounts per day. Usually these were accounts of larger and more influential conservative politicians and celebrities. And, these teams operated in coordination with Democrat officials and agencies like the FBI. In some cases the goal was to mute a particular individual. In other cases the goal was to steer national elections.

Internal Twitter communications show that SRT groups spent most of their time fabricating reasons why certain information was subject to TOS. In other words, if Twitter’s rules were not being violated, they made up new rules.

The exposure of Twitter is the biggest story of the decade because it provides proof of a hidden cabal. It shows the ugly mechanics behind the scenes and exposes a network of elites and their errand boys who were involved in direct operations to destroy the 1st Amendment for the sake of ideological supremacy.

It’s the classic definition of fascism, a definition that Benito Mussolini reiterated when he argued: “Fascism should more properly be called corporatism because it is the merger of state and corporate power.”

And, if this brand of Fascism was happening within the halls of Twitter, then there is little doubt it is also happening at companies like Google/YouTube, Apple, Facebook, etc. Before we had evidence, now we have confirmation.

The corporate media argues over relevance instead of morality because they benefited from the censorship. It’s important to remember that one of the first measures Big Tech companies applied after suppressing the alternative media during the pandemic was to then amplify the corporate media. These companies are floundering with dismal audience numbers and dwindling profits. No one listens to them anymore. Yet, as long as they promote the establishment narrative their opinions and disinformation are given priority on nearly every search engine and social media platform.

Of course they aren’t interested in the Twitter Files, liars are often “bored” by honest commentary and factual information. Also, their continued existence relies on the censorship of their competition in the alternative media.

The bottom line is this: According to the Bill of Rights, it is illegal for agents of the US government to obstruct the free speech of law abiding American citizens. It does not matter if the action is done by using “private businesses” as middlemen. And, if a private business is colluding with government to implement political policy then it is no longer a private business. Twitter was participating in a form of treason, along with the agencies that they cooperated with. It’s a huge story, and one that should lead to punishment for those involved.

end

Dupe Or Designated Defendant? The Criminal Case Against Jack Dorsey

SUNDAY, DEC 11, 2022 – 08:30 PM

Authored by Jonathan Turley via jonathanturley.org,

The latest Twitter disclosures have raised potential legal liability for Twitter and its executives. No one appears more at risk than Twitter’s former CEO Jack Dorsey

It is an ironic turn of events since Dorsey supported the takeover by Elon Musk and has called for all files to be released without filtering. Dorsey has the feel of a “designated defendant,” someone who was pushed forward by others to take any legal hit.

On its face, Dorsey has vulnerability after the latest release. He was repeatedly asked by members of Congress about censoring and shadow-banning, which has now been confirmed in these files.

In September 2018, Dorsey testified under oath and denied what these files appear to now confirm. Rep. Mike Doyle, D., Pa., asked, “Social media is being rigged to censor conservatives. Is that true of Twitter?”

Dorsey responded, “No.”

Doyle then asked “Are you censoring people?”

“No,” Dorsey said.

“Twitter’s shadow-banning prominent Republicans… is that true?” Doyle asked.

Dorsey again said no.

Dorsey was also asked about my prior testimony on private censorship in circumventing the First Amendment as a type of censorship by surrogate. Dorsey and the other CEOs were asked about my warning of a “‘little brother’ problem, a problem which private entities do for the government that which it cannot legally do for itself.” In response, Dorsey insisted that “we don’t have a censoring department.”

It now appears that the entire company was operating as a censoring department. However, there were in fact super-censors. Dorsey did not mention the Strategic Response Team-Global Escalation Team (SRT-GET), which operated above what journalist Bari Weiss described as “a level beyond official ticketing, beyond the rank-and-file moderators following the company’s policy on paper.”

That group reportedly included Vijaya Gadde, head of Legal, Policy and Trust; Yoel Roth, the global head of Trust and Safety; CEOs Jack Dorsey and Parag Agrawal, and others.

Notably, others at the company made similar denials as Dorsey but may not have done so under oath. In 2018, Gadde and head of product Kayvon Beykpour expressly declared, “We do not shadow-ban. And we certainly don’t shadow-ban based on political viewpoints or ideology.”

Even if untrue, lying in public is generally not a crime. However, when you repeat a lie to federal investigators or Congress or the courts, it becomes a federal offense.

The question is whether Dorsey was left in the dark on these decisions. He was reportedly a member of SRT-GET. However, some of the files indicate that these decisions may have been made without his knowledge. That includes the decision on the Hunter Biden laptop scandal, which Dorsey called a “total mistake.”

Dorsey could quibble over the term “shadow-banning” but the question was obviously meant as a follow-up to the inquiry over “rigging” discourse on the platform. He could also stress other answers, where he tied “shadow-banning” to a more subjective notion of political bias. For example, Dorsey also repeated these statements in public, including an appearance with Sean Hannity on Fox, when he was asked if “Twitter has ever been involved in shadow-banning, Dorsey again categorically denied such practices: “We do not shadow-ban according to political ideology or viewpoint.”

For most people, Dorsey’s comments clearly suggested that there was no shadow-banning. However, he could claim that he knew that they were shadow-banning but that they were not doing so “according to political ideology or viewpoint.” That is clearly refuted by the new files showing a hair-triggered censorship system directed against conservative and Republican posters.

The other defense is lack of knowledge but, even if accepted, that will raise the question of whether this was a case of a designated defendant or willful blindness.

In some cases, there is a suspicion that corporations will assign some executive to sign off on compliance or certifications as the fall guy or designated defendant if things go wrong. The chump is often a junior lawyer or executive who takes personal responsibility for certifying a false fact.

Dorsey is clearly no chump or junior executive. The question is then whether this was a case of willful blindness or an attempt by other executives like Gadde or Roth to give him plausible deniability by keeping him in the dark. He then became the public face in unequivocally and confidently denying practices like shadow-banning.

The greatest defense for Dorsey may be found in the Justice Department itself. Any prosecution of Twitter executives could prove a hard sell for Attorney General Merrick Garland, whose department has been repeatedly accused of pronounced political bias.

While Garland has aggressively pursued contempt sanctions against Trump associates, it is not clear if he would prove as aggressive with Democratic allies like Dorsey or other Twitter executives. He could face that question if the House under the GOP pursues perjury or contempt sanctions.

Dorsey once said about Twitter that “It’s really complex to make something simple.” He may now be hoping that his answers before Congress were simple enough to make any prosecution complex.

end

Natural gas soaring on coast to coast winter storm

(zerohedge)

Coast-To-Coast Winter Storm Sends US NatGas Surging

MONDAY, DEC 12, 2022 – 06:55 AM

In what’s forecasted to be the first coast-to-coast major winter storm of the season across the Lower 48, traders have furiously panic bid US natural gas futures due to the prospects of increased heating demand.

On Sunday, wintery precipitation, powerful winds, and heavy rains battered Intermountain West as a powerful storm was set to traverse the rest of the country in the new week. The next stop for the storm is the Plains, South, and Northeast, according to The Weather Channel.

The Week in Numbers: game over for Microsoft?

Heavy mountain snow has already blanketed parts of California’s Sierra. Snow will spread across the high country of Colorado and northern New Mexico today. Then this evening, the system moves into the Northern Plains. By night into Tuesday, heavy snow and strong winds could spark blizzard conditions across eastern Montana, eastern Wyoming, western Nebraska, the Dakotas, and Minnesota.

Later in the week, moisture from the storm and cold air will be in place in the East. However, it’s still early to forecast where snow will fall in the Northeast.

The storm is coupled with a cold blast pouring across the Lower 48 starting Friday. Temperatures are forecasted to dive between Friday and next Wednesday.

Most of the Lower 48 could be well under average temperatures.

Which means heating demand erupts.

And why energy traders are bidding NatGas prices higher this morning. At one point, prices were up 12% to $7.010/mmbtu.

Cold season is in — drawing down on inventories began on Nov. 10 (read: “US Flips Into Withdrawal Season” As NatGas Prices Surge).

Also, Freeport LNG is expected to ramp up exports out of its Texas facility soon, along with cold weather; this could keep a bid under NatGas prices this heating season.

end

Clear signal that the economy is faltering!

(zerohedge)

Morgan Stanley Latest Bank To Slash Bonuses, Asian Bankers Could See 50% Cuts

MONDAY, DEC 12, 2022 – 02:51 PM

Morgan Stanley is the latest in a long line of investment banks that are paring back on bonuses this holiday season. The bank’s Asia banker bonuses could be cut by as much as 50%, a new report from Reuters said this morning.

The conservative tone towards end-of-year paydays for bankers this year stands at stark odds with the record bonus paydays banks were distributing at end of year 2021.

As rates have risen, deal-making has slowed significantly, however. According to Reuters, discussions about bonuses are currently “underway” at the company globally. This means that U.S. and European arms of the bank could follow Asia’s lead in cutting bonuses.

The slashing of bonuses means that overall compensation for bankers in Asia could drop by a stunning average of 30% – not the static job security anyone is looking for in an environment where CPI is at 8%.

Recall, just days ago we noted that Jefferies was also considering slashing bonuses.

Jefferies chief executive Rich Handler and president Brian Friedman penned a memo that went out to employees last week, claiming that due to the bank’s aggressive hiring over the last 3 years, in combination with slumping deals, that bonuses would come in lighter than normal.

The letter said: “As always, we will do the right thing for the long-term success of everyone at Jefferies and to continuously invest in our people and our firm, so we can continue to build and prosper. Let’s just spell it out here: ‘This is going to be a more difficult compensation season at Jefferies, just like it will be for every firm in our industry.'”

It continued: “2019 was a decent year for Jefferies and our industry. Despite Covid, 2020 was a very good year and we all know 2021 was the type of year that comes along very rarely in a finance professional’s career.”

“The firm has made major investments across the board that have allowed us to gain credible market positions that make us more excited about our strategic direction than ever,” the letter says, before delivering the news no one wants to hear during the holiday season.

“But the trade-off for the enhanced research, supercharged technology investment, critical hires for future growth, and expanded global footprint, is that there are many more of us driving our growth, success, and sustainability than we had back in 2019,” the letter adds.

It concluded: “It is also clear that if we are all committed to being together as much as possible in the office, we should also have the ability to selectively and appropriately work from home and have the life flexibility that so many of us need and deserve.”

As we wrote about and covered extensively last year, bonuses in investment banking reached levels only attained prior to the 2008 financial crisis in 2021.

And it doesn’t look like Jefferies and Morgan Stanley are going to be alone this year – Bloomberg noted that analysis by Johnson Associates concluded that “dealmakers working in equity and debt capital markets units are set for a 45% decline in bonuses”.

USA ECONOMIC ISSUES// SUPPLY ISSUES//DERIVATIVES

I agree with her: a must read

(Ellen Brown)

What Does The Fed’s Jerome Powell Have Up His Sleeve?

MONDAY, DEC 12, 2022 – 07:20 AM

Authored by Ellen Brown via EllenBrown.com,

The Real Goal of Fed Policy: Breaking Inflation, the Middle Class or the Bubble Economy?

“There is no sense that inflation is coming down,” said Federal Reserve Chairman Jerome Powell at a November 2 press conference, — this despite eight months of aggressive interest rate hikes and “quantitative tightening.”

The Week in Numbers: game over for Microsoft?

On November 30, the stock market rallied when he said smaller interest rate increases are likely ahead and could start in December. But rates will still be increased, not cut.

“By any standard, inflation remains much too high,” Powell said.

“We will stay the course until the job is done.”

The Fed is doubling down on what appears to be a failed policy, driving the economy to the brink of recession without bringing prices down appreciably. Inflation results from “too much money chasing too few goods,” and the Fed has control over only the money – the “demand” side of the equation. Energy and food are the key inflation drivers, and they are on the supply side. As noted by Bloomberg columnist Ramesh Ponnuru in the Washington Post in March:

Fixing supply chains is of course beyond any central bank’s power. What the Fed can do is reduce spending levels, which would in turn exert downward pressure on prices. But this would be a mistaken response to shortages. It would answer a scarcity of goods by bringing about a scarcity of money. The effect would be to compound the hit to living standards that supply shocks already caused.

So why is the Fed forging ahead? Some pundits think Chairman Powell has something else up his sleeve.

The Problem with “Demand Destruction”

First, a closer look at the problem. Shrinking demand by reducing the money supply – the money available for people to spend – is considered the Fed’s only tool for fighting inflation. The theory behind raising interest rates is that it will reduce the willingness and ability of people and businesses to borrow. The result will be to shrink the money supply, most of which is created by banks when they make loans. The problem is that shrinking demand means shrinking the economy – laying off workers, cutting productivity, and creating new shortages – driving the economy into recession.

Demand has indeed been shrinking, as evidenced in a November 27 article on ZeroHedge titled: “The Consumer Economy Has Completely Collapsed – ‘It’s A Ghost Town’ for Holiday Shopping Everywhere.” But retailers have cut their prices about as far as they can go. While the rate of increase in producer costs is slowing, those costs are still rising; and retailers have to cover their costs to stay in business, whether or not they have customers at their doors. Rather than lowering their prices further, they will be laying off workers or closing up shop. Layoffs are on the rise, and data reported on December 1 showed that U.S. factory activity is contracting for the first time since the lockdowns of the Covid-19 pandemic.

It is not just activity in shopping malls and factories that has taken a hit. The housing market has fallen sharply, with pending home sales dropping 32% year-over-year in October. The stock market is also sinking, and the cryptocurrency market has fallen off a cliff. Worse, interest on the federal debt is shooting up. For years, the government has been able to borrow nearly for free. By 2025 or 2026, according to Moody’s Analytics, interest payments could exceed the country’s entire defense budget, which hit $767 billion in fiscal 2022. That means major cuts will be needed to some federal programs.

Breaking the “Fed Put”

In the face of all this economic strife, why is the Fed not reversing its aggressive interest rate hikes, as investors have come to expect? Former British diplomat and EU foreign policy advisor Alastair Crooke suggests that the Fed’s goal is something else:

The Fed … may be attempting to implement a contrarian, controlled demolition of the U.S. bubble-economy through interest rate increases. The rate rises will not slay the inflation “dragon” (they would need to be much higher to do that). The purpose is to break a generalized “dependency habit” on free money.

Danielle DiMartino Booth, former advisor to Dallas Federal Reserve President Richard Fisher, agrees. She stated in an interview with financial journalist and podcaster Julia LaRoche:

Maybe Jay Powell is trying to kill the “Fed put.” Maybe he’s trying to break the back of speculation once and for all, so that it’s the Fed – truly an independent apolitical entity – that is making monetary policy, and not speculators making monetary policy for the Fed.

The “Fed put” is the general idea that the Federal Reserve is willing and able to adjust monetary policy in a way that is bullish for the stock market. As explained in a Fortune Magazine article titled “The Stock Market Is Freaking Out Because of the End of Free Money – It All Has to Do with Something Called ‘The Fed Put:’”

For decades, the way the Fed enacted policy was like a put option contract, stepping in to prevent disaster when markets experienced serious turbulence by cutting interest rates and “printing money” through QE [quantitative easing].

… Since the beginning of the pandemic, the Fed had supported markets with ultra-accommodative monetary policy in the form of near-zero interest rates and quantitative easing (QE). Stocks thrived under these loose monetary policies. As long as the central bank was injecting liquidity into the economy as an emergency lending measure, the safety net was laid out for investors chasing all kinds of risk assets.

… The idea that the Fed will come to stocks’ aid in a downturn began under Fed Chair Alan Greenspan. What is now the “Fed put” was once the “Greenspan put,” a term coined after the 1987 stock market crash, when Greenspan lowered interest rates to help companies recover, setting a precedent that the Fed would step in during uncertain times.

But the “free money” era seems to be over:

The regime change has left markets effectively on their own and led risk assets, including stocks and cryptocurrencies, to crater as investors grapple with the new norm. It’s also left many wondering whether the era of the so-called Fed put is over.

Killing the Parasite That Is Killing the Host

The Fed put favors the rich – investors in the stock market, the speculative real estate market, the multi-trillion dollar derivatives market. It favors what economist Michael Hudson calls the “financialized” or “rentier” economy – “money making money,” formerly called “unearned income” – which drives up prices without adding productive value to the “real” economy. Hudson calls it a parasite, which is sucking out profits that should be going toward building more factories and other economic development.

By backstopping the financialized economy, the Fed has been instrumental in widening the income gap of the last two decades, pushing housing prices to heights that are unaffordable for first-time homebuyers, driving up rents and educational costs, and crushing entrepreneurs. DiMartino Booth explains:

Fed policy feeds passive investing … because you don’t have to carefully allocate your resources. You simply have to be long the NASDAQ and sit there with your money. What does that feed? It feeds the monopolization of America. The largest companies, the companies such as Google and Microsoft … if there is a competitor in their world they simply absorb them. They acquire them, which quashes … the entrepreneurial spirit that made this country so great.… If the Fed succeeds, Main Street will be the main winner.

… [T]he trick here is for the Fed to not break anything big, and that’s the delicate balancing act, … if … they can slowly, methodically take the rot out of the system without breaking anything big that forces them to pull back.

The “rot” in the system is particularly evident in the housing market:

Since the financial crisis, there’s been a lot of private equity that’s entered the space and snapped up all these homes and they’re renting them … It’s definitely exacerbated this housing cycle. It’s added an element of speculation because so many of them are all cash buyers. Don’t get me wrong, they’re levered — it is borrowed money — but they’re coming in as all cash buyers, and that I think created a lot of these massive bidding wars …

DiMartino Booth discusses the risk of derivatives contagion using the example of AIG, a giant insurance company brought down by derivatives exposure in 2008:

During the financial crisis … we rescued AIG because we didn’t want to actually see what it looked like on the other side of that cliff had derivatives actually been unwound, and what that contagion might have looked like.… We never tested the derivatives market, so that risk continues to lurk out there…. I’m not a cheerleader for there being some kind of a systemic risk event, and I do hope again that the Fed succeeds in managing this unwind, in seeing risk pulled out of the system, but one company at a time, not something that makes the global financial system implode.

Financial blogger Tom Luongo takes this argument further. He maintains that Fed Chair Powell is out to break the offshore eurodollar market – the speculative, unregulated offshore money market where the World Economic Forum and “old European money” (including mega-funds Blackrock and Vanguard) get the cheap credit funding their massive spending power. That is a complicated subject, which will have to wait for another article; but the principle is the same. Without the backstop of the Fed’s virtually free dollars to satisfy a surge in demand for them, these highly-leveraged dollar investments will collapse. (“Leverage” is an investment strategy that uses borrowed capital to increase potential returns. The risk is that if the investment sours, losses are also increased.)

Pushing “Until Something Breaks”

Whether or not popping these raging speculative bubbles is the goal, the Fed’s interest rate hikes are having that effect. According to a November 25, 2022 article on CNBC.com, “Interest rate hikes have choked off access to easy capital ….” As a result, “Investors have lost roughly $7.4 trillion, based on the 12-month drop in the Nasdaq.”

House prices are also tumbling. The third quarter of 2022 saw the biggest home equity drop ($1.3 trillion) ever recorded. Fortune Magazine quotes Moody’s Analystics: “Before prices began to decline, we were overvalued [nationally] by around 25%. Now, this means prices will normalize. Affordability will be restored.”

In 2021, 25% of all real estate purchases were being made by institutional investors. In the third quarter of 2022, investor buying of homes tumbled 30%. Blackstone, a real estate income trust notorious for buying up homes and turning them into rentals, was reported on December 2 to be limiting withdrawals from its $125 billion property fund as investors rush for the exits. George Cipolloni, portfolio manager at Penn Mutual Asset Management, said the U.S. Federal Reserve’s sharp interest rate increases have not “worked all the way through the economy yet,” and that he expects to see “more Blackstone-type news events coming forward in the next year.”

In May 2022, BlackRock stock (BLK) was down 30% for the year. And by November, the cryptocurrency market cap had plummeted from $3 trillion to $900 billion, with Bitcoin, its largest component, down 77% year-over-year.

Currently featured in the news is the crypto exchange FTX and its 30-year-old billionaire owner Sam Bankman-Fried. FTX was exposed as a Ponzi scheme by the receding tide of dollar liquidity, catching Bankman-Fried and team “swimming naked when the tide went out.” According to Swiss bank UBS’ chief of investment, “FTX’s collapse shows Federal Reserve tightening is crushing speculative assets.” Outing FTX is thought to be only the beginning of a succession of exposures of financial frauds to come.

The Delicate Balancing Act

DiMartino Booth said in a live twitter presentation on December 8, “If Jay Powell breaks the Fed put and takes away the unfair ability of private capital to rape and pillage the system, he will have finally addressed income inequality in America.”

Looked at in that light, breaking the Fed put sounds like a good idea. But can it be done without breaking the whole economy? More reputable establishments than FTX are at risk. Rate hikes seriously impact local retailers and wholesalers. In September, risky leveraged bets brought UK pension funds near to collapse, forcing the Bank of England to reverse course and lower its interest rates. And there is the stress in the U.S. Treasury, which is dealing with an enormous interest tab on its debt.

Other disturbing outcomes are being envisioned. One podcaster posits that the economy is intentionally being driven to collapse, at which point the government will declare a “bank holiday”as Pres. Roosevelt did in 1933. When the banks reopen, he says, we will have a “currency reset” in the form of a central bank digital currency (CBDC). The concern is that it will be a “programmable” currency, one that can be regulated or turned off altogether based on the user’s “social credit” score, as is already happening in China.

Alarmed observers note that the New York Fed recently embarked on a pilot project for a CBDC (Central Bank Digital Currency). But defenders point out that it is a “wholesale” CBDC, used just for transfers between banks, particularly overseas transfers. Settlement times of foreign exchange transactions typically take two days. Project Cedar, the New York Innovation Center’s pilot project, found that settlement for foreign exchange transactions using distributed ledger technology can happen in 10 seconds or less, significantly reducing risks. Whether that technology will be developed and used by the Fed has not yet been determined. DiMartino Booth observes that Powell and other Fed officials have frequently questioned the need for a “retail” CBDC, in which Fed accounts would be opened directly with the public.In a Substack article titled “A Grand Unified Theory of the FTX Disaster,” author and educator Matthew Crawford lays out a darker possibility – that the end goal of the powerful network of players behind the FTX scheme is not just a U.S. CBDC but a “Global Digital Central Bank” run by international powerbrokers. Whether or not the Federal Reserve intended it, aggressive interest rate hikes could expose this sort of parasitic corruption and remove the money machine that is its power source.

Rising from the Ashes

Meanwhile, the supply-side issues inflating the prices of food, energy and other key resources need to be addressed. Those are matters for federal and state legislatures, not the Fed. In the 1930s, a federal financial institution called the Reconstruction Finance Corporation pulled the economy out of the Great Depression, put people back to work, and crisscrossed the country with new infrastructure, including the dams and power lines that brought electricity to rural America. (See my earlier article here.) The government acted quickly and decisively because times were desperate.

A bill for a National Infrastructure Bank modeled on the Reconstruction Finance Corporation is now before Congress, H.R. 3339. For a local government bank, a viable model is the publicly-owned Bank of North Dakota, which pulled that state out of a regional agricultural depression in the 1920s. (See here.) As an iconic Depression-era poster declared, “We can do it!” We just need to roll up our sleeves and get to work.

SWAMP STORIES

end

KING REPORT

GREG HUNTER REPORT//

Cut Interest Rates & Dollar is Done, Toast, It’s Over – David Morgan

Cut Interest Rates & Dollar is Done, Toast, It’s Over – David Morgan

By Greg Hunter On December 10, 2022 In Market Analysis39 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Economic analyst and financial writer David Morgan says do not expect the Federal Reserve to lower interest rates anytime soon. Morgan thinks the Fed is not going to devalue the dollar. Morgan explains, “We need to continue the dollar until the new system is initiated. That’s the point. Yes, it’s about interest rates, that is part of the mechanics about this. The philosophy is we need a dollar in the system as the king when we transition into the new system. Now, there is a debate whether that is true or false. Is this going to be a global currency? Is it going to be a central bank digital currency (CBDC) that is worldwide? Or is it going to be nation states with their own currencies? That has yet to be determined. I think the power behind the Fed wants the dollar to survive, and they are going to make it survive. That means they are going to push interest rate as high as necessary until they can transition to this new system.”

So, what about this so-called Fed “pivot” to lower interest rates to save the day? Forget it. Morgan explains, “Take the converse. Most of my peer group talks about the ‘pivot.’ Meaning, the Fed stops raising interest rates or they get to a level, they pause, and they start to lower them. Anybody who is anybody in the financial markets knows if that is the case, they have basically destroyed the U.S. dollar. It’s done. It’s toast. It’s over. What that means is people will get rid of it as fast as they can. All the dollars overseas will come back and repatriate for anything such as land, Toyotas, Fords–anything. . . . 60% of all printed physical currency (U.S. dollars) is held outside the borders of the United States. The reason for that is two-fold. Number one, it is the reserve currency of the world. The second reason is that it is trusted in countries that continually have currency crises. Argentina has a currency crisis every decade, and you have Turkey, and you have several others including Zimbabwe. What do they use? They use metal and U.S. printed currency. That’s their black market or free market. So, the currency of the U.S. dollar is trusted. . . . If you use the Exter Inverted Pyramid as a model as to how the crash happens, there is a run to the U.S dollar before there is a run to gold. So, I am not surprised to see the dollar so high, but it has backed off some recently. . . . The dollar is trusted at this point in time, and to keep that trust going, we are going to sweeten the deal and keep pushing interest rates up higher and higher. They are saying trust us, trust us, trust us. They are doing it to buy time because everyone knows the system is failing, and they have to do something different.”

Morgan also gives predictions for what is in store in 2023. He talks about why you need gold and silver and why you need it now. Morgan also has predictions for war, real estate, food, unemployment, the vaxed and inflation along with deflation. The unprepared will be struggling way more than the prepared next year. You need to get ready now according to Morgan.

There is much more in the 46-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One on One with David Morgan, founder of “The Morgan Report.”

(https://usawatchdog.com/cut-interest-rates-dollar-is-done-toast-its-over-david-morgan/)

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After the Interview:

There is some free information on TheMorganReport.com.

To get a copy of the Silver Manifesto, click here.

END

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