GOLD PRICE CLOSE: DOWN $6,20 at $1807.40

SILVER PRICE CLOSE: UP 0.07 to $23.85

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1807.90

Silver ACCESS CLOSE: 23.92

Bitcoin morning price:, 17,890 UP 119 DOLLARS

Bitcoin: afternoon price: $17,825 up 184

Platinum price closing $1031.85 DOWN $4.40

Palladium price; closing 1918,35 DOWN $17.05

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: $2448.07 DOWN $4.90 CDN dollars per oz

BRITISH GOLD: 1454.50 DOWN 9.95 pounds per oz

EURO GOLD: 1694.55 DOWN 10.25 euros per oz

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,813.900000000 USD
INTENT DATE: 12/13/2022 DELIVERY DATE: 12/15/2022
FIRM ORG FIRM NAME ISSUED STOPPED

104 C MIZUHO 1
118 C MACQUARIE FUT 14
132 C SG AMERICAS 1
190 H BMO CAPITAL 85
435 H SCOTIA CAPITAL 41
624 H BOFA SECURITIES 19
657 C MORGAN STANLEY 1
661 C JP MORGAN 39
685 C RJ OBRIEN 5
700 C UBS 2
800 C MAREX SPEC 54 4
880 C CITIGROUP 21
905 C ADM 1

TOTAL: 144 144

COMEX//NOTICES FILED re JPMorgan 39/144

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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT: 144 NOTICES FOR 14400 OZ or 0.4479 TONNES

total notices so far: 18,792 contracts for 1,879,200 oz (58.451 tonnes)

SILVER NOTICES: 133 NOTICE(S) FILED FOR 665,000 OZ/

total number of notices filed so far this month 3548 for 17,740,000 oz

END

GLD

WITH GOLD DOWN $6.20

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 INTO THE GLD

INVENTORY RESTS AT 912.72 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $0.07

AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS! A LOSS OF 1.7 MILLION OZ FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 512.000 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 GIGANTIC SIZED 3064 CONTRACTS TO 125,555 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 $0.59 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY. OUR SHORTERS/HFT WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.59 AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD AN ATMOSPHERIC SIZED GAINED IN OUR TWO EXCHANGES OF 4309 CONTRACTS. AS WELL WE HAD EXCHANGE FOR RISK TRANSFER OF 0 CONTRACTS. WE HAD HUGE ATTEMPTED SPEC SHORT COVERINGS OF THEIR SHORTFALL. .WE PROBABLY HAD ZERO SHORT ADDITIONS WITH 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 HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 23 .24. MILLION OZ FOLLOWED BY TODAY;S QUEUE JUMP TO LONDON of 165,000 OZ // V) HUGE SIZED COMEX OI GAIN/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL —329

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 12 days, total 6568 contracts: OR 32.840 MILLION OZ PER DAY. (547 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 32.840 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, 32.84 MILLION OZ INITIAL

RESULT: WE HAD AN ATMOSPHERIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4309 WITH OUR STRONG $0.59 GAIN IN SILVER PRICING AT THE COMEX// TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A GIGANTIC SIZED EFP ISSUANCE CONTRACTS: 1245 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 165,000 QUEUE JUMP //NEW STANDING 23.930 MILLION OZ + EFR = 34.443 MILLION OZ. .. WE HAVE AN ATMOSPHERIC SIZED GAIN OF 4309 OI CONTRACTS ON THE TWO EXCHANGES FOR 7.3190 MILLION OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.

WE HAD 133 NOTICE(S) FILED TODAY FOR 665,000 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 HUGE SIZED 12,901 CONTRACTS TO 437,040 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 296 CONTRACTS.

THE HUGE SIZED INCREASE IN COMEX OI CAME WITH OUR STRONG 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 120 contracts or 12,000 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 59.539 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN PRICE OF $32.75 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A GIGANTIC SIZED GAIN OF 17,849 OI CONTRACTS (55.517 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4652 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 437,336

IN ESSENCE WE HAVE A GIGANTIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 17,553 CONTRACTS WITH 12,901 CONTRACTS INCREASED AT THE COMEX (SHORT SPECULATORS FAILING TO GET OUT OF THEIR MESS) AND 4652 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 17,553 CONTRACTS OR 54.59 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4652 CONTRACTS) ACCOMPANYING THE GIGANTIC SIZED GAIN IN COMEX OI (12,901) TOTAL GAIN IN THE TWO EXCHANGES 17,553 CONTRACTS. WE NO DOUBT HAD 1) ATTEMPTED SPECULATOR SHORT COVERINGS WITH SMALL SUCCESS// CONTINUED GOOD BANKER ADDITIONS BUT THEY ALSO SUPPLIED THE NECESSARY PAPER SHORT. WE HAD SOME SHORT SPEC ADDITIONS/// // HUGE NEWBIE SPEC ADDITIONS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S QUEUE JUMP of 12,000 oz// //NEW STANDING 59.885 TONNES///3) ZERO LONG LIQUIDATION //// //.,4) GIGANTIC SIZED COMEX OPEN INTEREST GAIN 5) GOOD 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 :

27,800 CONTRACTS OR 2,780,000 OZ OR 86.465 TONNES 12 TRADING DAY(S) AND THUS AVERAGING: 2317 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAY(S) IN TONNES:86.465 TONNES

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

THUS EFP TRANSFERS REPRESENTS 86.465/3550 x 100% TONNES 2.43% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:. 276.50 TONNES (STRONG AGAIN/

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

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC. 175.62 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

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

APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)

MAY: 247,44 TONNES FINAL//

JUNE: 238.13 TONNES FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC: 86.465 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 3064 CONTRACTS OI TO 125,555 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 1245 CONTRACTS

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

MAR 1245 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1245 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 3393 CONTRACTS AND ADD TO THE 1245 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF 4309 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 21.5435 MILLION OZ//

OCCURRED WITH OUR GAIN IN PRICE OF $0.59….. 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)WEDNESDAY MORNING//TUESDAY NIGHT

SHANGHAI CLOSED UP 0.20 PTS OR 0.01% //Hang Sang CLOSED UP 77,25 OR 0.39% /The Nikkei closed UP 201.36 OR 0.72% //Australia’s all ordinaries CLOSED UP 0.67% /Chinese yuan (ONSHORE) closed UP TO 6.9499//OFFSHORE CHINESE YUAN UP TO 6.9554// /Oil UP TO 76.11 dollars per barrel for WTI and BRENT AT 81,25 / Stocks in Europe OPENED MOSTLY 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 VERY STRONG SIZED 12,901 CONTRACTS UP TO 437,040 WITH OUR THE GAIN IN PRICE..$32.75

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE -ACTIVE DELIVERY MONTH OF DEC… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4652 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 4652 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:4652 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 GIGANTIC SIZED TOTAL OF 17,553 CONTRACTS IN THAT 4652 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A HUGE SIZED COMEX OI GAIN OF 12,901 CONTRACTS..AND THIS GIGANTIC SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF GOLD $32.75. 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 (59.885)

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. 59.885 tonnes

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $32.75) //// ( AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GIGANTIC GAIN OF 17,849 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD SOME SPEC SHORT ADDITIONS AND ZERO SPEC SHORT COVERINGS.. // WE HAVE GAINED A TOTAL OI OF 55.517 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR DEC. (54.57 TONNES), following our queue jump of 12,000 oz//new standing 59.885 tonnes…THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE OF $32.75

WE HAD – 296 CONTRACTS COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 17,553 CONTRACTS OR 1,755,300 OZ OR 54.59 TONNES

Estimated gold volume 98,742// poor//

final gold volumes/yesterday 242,313/ fair to good

INITIAL STANDINGS FOR DECEMBER 2022 COMEX GOLD //DEC 14

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	32.15 oz Brinks 1 kilobar .
Deposit to the Dealer* Inventory in oz*	nil oz
Deposits to the Customer* Inventory, in oz*	4276.750 oz Brinks
No of oz served (contracts) today	144 notice(s) 14400 OZ 0.4479 TONNES
No of oz to be served (notices)	461 contracts 46,100 oz 1.433 TONNES
Total monthly oz gold served (contracts) so far this month	18,792 notices 1,879,200 58.451 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: 1

i)Into Brinks 32.15 oz

i kilobar

total deposits 32.15 oz

customer withdrawals:1

i)Brinks: 4276.750 oz

Total withdrawals: 4276.75 oz

total in tonnes: .133 tonnes

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.

For the front month of DECEMBER we have an oi of 605 contracts having LOST 1958 contracts

We had 2078 contracts served on Tuesday, so we gained 120 contracts or an additional 12,000 oz will stand for gold at the COMEX. We will gain in gold tonnage from this day forth.

The comex is running out of physical gold to serve our good friends over in London

JANUARY LOST 11 contracts to stand at 1315

February GAINED 12,043 contacts up to 373,351

We had 144 notice(s) filed today for 14,400 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 144 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 39 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 (18,792 x 100 oz , to which we add the difference between the open interest for the front month of (DEC. 605 CONTRACTS) minus the number of notices served upon today 144 x 100 oz per contract equals 1,925,300 OZ OR 59.885 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 (18,792 x 100 oz+ (605 OI for the front month minus the number of notices served upon today (144} x 100 oz} which equals 1,925,300 oz standing OR 59.885 TONNES in this active delivery month of DEC..

TOTAL COMEX GOLD STANDING: 59.885 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: 2,091,091.771 OZ 65.04 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 23,300,853,953 OZ

TOTAL REGISTERED GOLD: 11,713,540.992 OZ (364.34 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 11,587,312,961 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,622,469 OZ (REG GOLD- PLEDGED GOLD) 299.29 tonnes//rapidly declining

END

SILVER/COMEX

DEC 14//INITIAL DEC. SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	2,078,240.190 oz CNT Brinks
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	579,692.685 oz CNT
No of oz served today (contracts)	133 CONTRACT(S) (655,000 OZ)
No of oz to be served (notices)	1238 contracts (6,190,000 oz)
Total monthly oz silver served (contracts)	3548 contracts (17,740,000 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

i) Into CNT: 579,692.685 oz

Total deposits: 579,692.685 oz

JPMorgan has a total silver weight: 150.778 million oz/297.980 million =50.62% of comex .//dropping fast

Comex withdrawals:2

i) Out of CNT: 599,904.790 oz

ii) Out of Brinks: 1,478,335.400 oz

Total withdrawals; 2,078,240.190 oz

adjustments: 3

ii) customer to dealer: Delaware 49,656,508 oz

and

HSBC 25,735.154 oz

dealer to customer: Loomis 4938.500 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 33,684 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 297.980MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF DEC OI: 1371 CONTRACTS HAVING GAINED 11 CONTRACT(S.)

WE HAD 22 NOTICES FILED ON TUESDAY. SO WE GAINED A SMALL 33 CONTRACTS OR 165,000 oz

AS A QUEUE JUMP.

JANUARY SAW A GAIN OF 49 CONTRACTS UP TO 1615 CONTACTS.

FEB> GAINED 4 CONTRACTS TO 105 CONTRACTS

March GAINED 2672 contracts UP to 110,269 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 133 for 665,000 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 3648 x 5,000 oz = 17,740,000 oz

to which we add the difference between the open interest for the front month of DEC(1371) and the number of notices served upon today 133 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the DEC./2022 contract month: 3548 (notices served so far) x 5000 oz + OI for front month of DEC (1371 – number of notices served upon today (133) x 500 oz of silver standing for the DEC. contract month equates 23.930 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 8 days for 10.500 million oz. Thus total delivery: 34.443 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:37,982// est. volume today// poor

Comex volume: confirmed yesterday: 77,222 contracts ( good)

END

GLD AND SLV INVENTORY LEVELS

DEC 14/WITH GOLD DOWN $6.20: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 912.72 TONNES

DEC 13/WITH GOLD UP $32.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES INTO THE GLD///INVENTORY RESTS AT 910.41

DEC 12/WITH GOLD DOWN $17.60: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.09 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: 912.72 TONNES

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

DEC 14/WITH SILVER UP 7 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.7 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 512.000 MILLION OZ//

DEC 13/WITH SILVER UP 59 CENTS: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 600,000 OZ FROM THE SLV////INVENTORY RESTS AT 513.900 MILLION OZ//

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 512.000 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

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

Pam and Russ Marten (WallStreet on Parade)

An Insider Blows the Whistle on How the Fed Has Allowed Crypto to Invade Federally-Insured Banks

By Pam Martens and Russ Martens: December 14, 2022 ~ Katie Cox worked for the Federal Reserve for 32 years, the last two decades of which were spent overseeing complex proposals for bank mergers. She left the Fed in 2020. Last Wednesday Katie Cox penned a shocker of a column for American Banker. She opened with this: “Suppose you’re a crypto company that wants to own a bank approved to engage in digital-asset activities. Here’s the fast-track way you might achieve that, while complying with rules in place since August: Go buy a bank, any bank. Convert your bank to a Federal Reserve member bank, meaning that your bank’s federal supervisor will now be the Fed, not the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corp. Wait a little bit, maybe six months. Then send the Fed a letter notifying it that your bank is going … Continue reading →

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Sam Bankman-Fried Quietly Bought an SEC-Registered Stock Trading Operation; There Are Big Questions as to What’s Happening with Customer Accounts

By Pam Martens and Russ Martens: December 13, 2022 ~ Yesterday, just hours before Sam Bankman-Fried was arrested in the Bahamas at the request of Damian Williams, the U.S. Attorney for the Southern District of New York, Wall Street On Parade learned that Bankman-Fried had been allowed to purchase an SEC-registered retail brokerage firm in August of last year. The brokerage firm at that time was called RJL Capital Group and was based in Staten Island, New York. Bankman-Fried changed the firm’s name to FTX Capital Markets LLC and moved its headquarters to Broad Street in the financial district in lower Manhattan. According to Wall Street’s self-regulator, FINRA, FTX Capital Markets was licensed to conduct retail stock trading in 32 states. FINRA further notes that the firm’s SEC registration is “pending withdrawal” as of December 5 and all 32 state licenses are listed as “Termination Requested.” It is not clear if … Continue reading →

end

LAWRIE WILLIAMS:

12 Dec 2022

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

Waltzek interviews Bill Murphy of GATA

(GATA)

GoldSeek Radio’s Waltzek interviews GATA Chairman Murphy as metals rise

Submitted by admin on Tue, 2022-12-13 11:28Section: Daily Dispatches

11:25a ET Tuesday, December 13, 2022

Dear Friend of GATA and Gold:

GoldSeek Radio’s Chris Waltzek today interviews GATA Chairman Bill Murphy, who explains why he sees the monetary metals sector turning upward and cryptocurrency investors gaining interest in the metals. The interview is 11 minutes long and can be heard at GoldSeek’s companion site, SilverSeek, here:

https://silverseek.com/article/goldseek-radio-nugget-bill-murphy-and-away-gold-and-silver

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

END

GOLD/SILVER

/4. OTHER PHYSICAL SILVER/GOLD COMMENTARIES

end

5. Commodity commentaries//IRON ORE

END

6/CRYPTOCURRENCIES/BITCOIN ETC

Bankman denied bail and remains in custody in the Bahamas.

(zerohedge)

“Risk Of Flight Too Great” – Bankman-Fried Denied Bail, Remanded To Custody

TUESDAY, DEC 13, 2022 – 05:02 PM

Update (1700ET): Following his arrest last night, with its expectations of an imminent deportation, Sam Bankman-Fried told a Bahamian judge at an arraignment Tuesday that he wouldn’t waive his right to an extradition hearing.

A defense lawyer said Bankman-Fried planned to fight being sent to the US.

Counsel for SBF has requested bail be set at $250,000.

Manhattan US Attorney Damian Williams called the case “one of the biggest financial frauds in American history” and said the investigation of the alleged scheme is “very much ongoing.”

Which may explain why presiding judge JoyAnn Ferguson-Pratt denied SBF’s bail application, highlighting his “risk of flight” and ordered the crypto executive to be held in custody at the Bahamas Department of Corrections until Feb. 8.

The case has been adjourned to the said date.

* * *

The US Securities and Exchange Commission said it will file charges against FTX founder Sam Bankman-Fried on Tuesday relating to violations of securities law, accusing him of “orchestrating a scheme to defraud equity investors in FTX” and seeking to ban him from the cryptocurrency industry.

“We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” said SEC Chair Gary Gensler

The SEC made the announcement on Monday, shortly after Bahamian authorities arrest Bankman-Fried, the US Attorney’s Office Southern District of New York confirmed.

The SEC has charged Bankman-Fried with violating the anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC’s complaint seeks injunctions against future securities law violation that prohibits Bankman-Fried from participating in the issuance, purchase, offer, or sale of any securities except for his own personal account.

Here are some of the wildest accusations from the SEC’s 28-page filing:

SBF improperly diverted assets to his privately held crypto hedge fund:

Unbeknownst to those investors (and to FTX’s trading customers), Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.

Throughout this period, Bankman-Fried portrayed himself as a responsible leader of the crypto community. He touted the importance of regulation and accountability. He told the public, including investors, that FTX was both innovative and responsible. Customers around the world believed his lies, and sent billions of dollars to FTX, believing their assets were secure on the FTX trading platform. But from the start, Bankman-Fried improperly diverted customer assets to his privately-held crypto hedge fund, Alameda Research LLC (“Alameda”), and then used those customer funds to make undisclosed venture investments, lavish real estate purchases, and large political donations.

Bankman-Fried then exempted his crypto hedge fund, Alameda, from risk mitigation procedures:

He told investors and prospective investors that FTX had top-notch, sophisticated automated risk measures in place to protect customer assets, that those assets were safe and secure, and that Alameda was just another platform customer with no special privileges. These statements were false and misleading. In truth, Bankman-Fried had exempted Alameda from the risk mitigation measures and had provided Alameda with significant special treatment on the FTX platform, including a virtually unlimited “line of credit” funded by the platform’s customers.

While he spent lavishly on office space and condominiums in The Bahamas, and sank billions of dollars of customer funds into speculative venture investments, Bankman-Fried’s house of cards began to crumble.

Here’s how he diverted funds:

Bankman-Fried diverted FTX customer funds to Alameda in essentially two ways: (1) by directing FTX customers to deposit fiat currency (e.g., U.S. Dollars) into bank accounts controlled by Alameda; and (2) by enabling Alameda to draw down from a virtually limitless “line of credit” at FTX, which was funded by FTX customer assets.

As a result, there was no meaningful distinction between FTX customer funds and Alameda’s own funds. Bankman-Fried thus gave Alameda carte blanche to use FTX customer assets for its own trading operations and for whatever other purposes Bankman-Fried saw fit.

SBF had a secret ‘fiat@ account with a negative $8 billion balance’:

Bankman-Fried directed FTX to have customers send funds to North Dimension in an effort to hide the fact that the funds were being sent to an account controlled by Alameda.

Alameda did not segregate these customer funds, but instead commingled them with its other assets, and used them indiscriminately to fund its trading operations and Bankman-Fried’s other ventures.

This multi-billion-dollar liability was reflected in an internal account in the FTX database that was not tied to Alameda but was instead called “fiat@ftx.com.” Characterizing the amount of customer funds sent to Alameda as an internal FTX account had the effect of concealing Alameda’s liability in FTX’s internal systems.

Here’s how ‘fiat@ftx.com‘ was ‘lost’ in the shuffle:

In 2022, FTX began trying to separate Alameda’s portion of the liability in the “fiat@ftx.com” account from the portion that was attributable to FTX (i.e., to separate out customer deposits sent to Alameda-controlled bank accounts from deposits sent to FTX-controlled bank accounts). Alameda’s portion — which amounted to more than $8 billion in FTX customer assets that had been deposited into Alameda-controlled bank accounts — was initially moved to a different account in the FTX database.

However, because this change caused FTX’s internal systems to automatically charge Alameda interest on the more than $8 billion liability, Bankman-Fried directed that the Alameda liability be moved to an account that would not be charged interest. This account was associated with an individual that had no apparent connection to Alameda. As a result, this change had the effect of further concealing Alameda’s liability in FTX’s internal systems.

SBF has claimed in interviews he ‘wasn’t aware’ of how illiquid Alameda’s collateral had become, yet according to the SEC:

Bankman-Fried was well aware of the impact of Alameda’s positions on FTX’s risk profile. On or about October 12, 2022, for example, Bankman-Fried, in a series of tweets, analyzed the manipulation of a digital asset on an unrelated crypto platform. In explaining what occurred, Bankman-Fried distinguished between an asset’s “current price” and its “fair price,” and recognized that “large positions – especially in illiquid tokens – can have a lot of impact.”

Bankman-Fried asserted that FTX’s risk engine required customers to “fully collateralize a position” when the customer’s position is “large and illiquid enough.” But Bankman-Fried knew, or was reckless in not knowing, that by not mitigating for the impact of large and illiquid tokens posted as collateral by Alameda, FTX was engaging in precisely the same conduct, and creating the same risk, that he was warning against.

SEC charged Bankman-Fried for orchestrating a scheme to defraud equity investors in FTX Trading Ltd. (FTX). The regulatory body noted that the former CEO concealed his “diversion of FTX customers’ funds to crypto trading firm Alameda Research while raising more than $1.8 billion from investors.”

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

Plaintiff: SECURITIES AND ) EXCHANGE COMMISSION,

Defendant: SAMUEL BANKMAN-FRIED Plaintiff Securities and Exchange Commission (the “Commission”), for its complaint against Defendant, Samuel Bankman-Fried (“Bankman-Fried”), alleges as follows:

SUMMARY

1. From at least May 2019 through November 2022, Bankman-Fried engaged in a scheme to defraud equity investors in FTX Trading Ltd. (“FTX”), the crypto asset trading platform of which he was CEO and co-founder, at the same time that he was also defrauding the platform’s customers. Bankman-Fried raised more than $1.8 billion from investors, including U.S. investors, who bought an equity stake in FTX believing that FTX had appropriate controls and risk management measures. Unbeknownst to those investors (and to FTX’s trading customers), Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire.

2. Throughout this period, Bankman-Fried portrayed himself as a responsible leader of the crypto community. He touted the importance of regulation and accountability. He told the public, including investors, that FTX was both innovative and responsible. Customers around the world believed his lies, and sent billions of dollars to FTX, believing their assets were secure on the FTX trading platform. But from the start, Bankman-Fried improperly diverted customer assets to his privately-held crypto hedge fund, Alameda Research LLC (“Alameda”), and then used those customer funds to make undisclosed venture investments, lavish real estate purchases, and large political donations.

3. Bankman-Fried hid all of this from FTX’s equity investors, including U.S. investors, from whom he sought to raise billions of dollars in additional funds. He repeatedly cast FTX as an innovative and conservative trailblazer in the crypto markets. He told investors and prospective investors that FTX had top-notch, sophisticated automated risk measures in place to protect customer assets, that those assets were safe and secure, and that Alameda was just another platform customer with no special privileges. These statements were false and misleading. In truth, Bankman-Fried had exempted Alameda from the risk mitigation measures and had provided Alameda with significant special treatment on the FTX platform, including a virtually unlimited “line of credit” funded by the platform’s customers.

4. While he spent lavishly on office space and condominiums in The Bahamas, and sank billions of dollars of customer funds into speculative venture investments, Bankman-Fried’s house of cards began to crumble. When prices of crypto assets plummeted in May 2022, Alameda’s lenders demanded repayment on billions of dollars of loans. Despite the fact that Alameda had, by this point, already taken billions of dollars of FTX customer assets, it was unable to satisfy its loan obligations. Bankman-Fried directed FTX to divert billions more in customer assets to Alameda to ensure that Alameda maintained its lending relationships, and that money could continue to flow in from lenders and other investors.

5. But Bankman-Fried did not stop there. Even as it was increasingly clear that Alameda and FTX could not make customers whole, Bankman-Fried continued to misappropriate FTX customer funds. Through the summer of 2022, he directed hundreds of millions more in FTX customer funds to Alameda, which he then used for additional venture investments and for “loans” to himself and other FTX executives. All the while, he continued to make misleading statements to investors about FTX’s financial condition and risk management. Even in November 2022, faced with billions of dollars in customer withdrawal demands that FTX could not fulfill, Bankman-Fried misled investors from whom he needed money to plug a multi-billion-dollar hole. His brazen, multi-year scheme finally came to an end when FTX, Alameda, and their tangled web of affiliated entities filed for bankruptcy on November 11, 2022.

The first thing to note in the rap sheet is the date, “From at least May 2019 . . .”, by which the SEC means FTX’s entire existence. It was around May 2019 that SBF bought the FTX.com domain and the first fundraising announcement didn’t drop until August of that year.

Additionally SEC Chair Gary Gensler, warned:

“The alleged fraud committed by Mr. Bankman-Fried is a clarion call to crypto platforms that they need to come into compliance with our laws.”

Grewal said the charges will be filed publicly “tomorrow” on Dec. 14 at the Southern District of New York.

end

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

ONSHORE YUAN: UP TO 6.9499

OFFSHORE YUAN: 6.9554

SHANGHAI CLOSED UP 0.20 PTS OR 0.01%

HANG SANG CLOSED UP 77.25 OR 0.39%

2. Nikkei closed UP 201.36 PTS OR 0.72%

3. Europe stocks SO FAR: MOSTLY RED

USA dollar INDEX DOWN TO 103.48 Euro RISE TO 103.48 DOWN 9 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.248!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 135.09/JAPANESE YEN COLLAPSING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +1.9780%***/Italian 10 Yr bond yield RISES to 3.901%*** /SPAIN 10 YR BOND YIELD RISES TO 3.01…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.042//

3j Gold at $1807.65//silver at: 23.68 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 86/100 roubles/dollar; ROUBLE AT 63.71//

3m oil into the 76 dollar handle for WTI and 81 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 135.09 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 0.9277– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9878 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.508% UP 1 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.556% UP 3 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,65…

GREAT BRITAIN/10 YEAR YIELD: 3.3410%

end

Overnight: Newsquawk and Zero hedge:

FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Gyrate Ahead Of Final Fed Decision Of 2022

WEDNESDAY, DEC 14, 2022 – 08:05 AM

US equity futures were little changed ahead of the final Federal Reserve policy decision of 2022 as traders fretted whether cooler-than-expected inflation will justify smaller rate hikes. Contracts on the S&P 500 and Nasdaq 100 traded on either side of the unchanged line by 730am ET. The underlying benchmarks surged in early trading on Tuesday after the latest CPI data showed a US inflation posted the smallest monthly advance in more than a year, indicating the worst of inflation has likely passed; all gains were subsequently pared however with the S&P closing little changed (See “What Was Behind Today’s Drift Lower In Stocks“). Treasuries and bitcoin rallied, while the dollar slipped.

In premarket trading, Tesla shares fell as much as 1.5%, after Goldman Sachs slashed its price target on the electric-vehicle maker by almost a quarter, with the broker lowering estimates to reflect “softer” supply and demand. Charter Communications, the second-largest US cable TV provider, fell more than 7% in early trading after saying it will spend $5.5 billion to bring higher-speed broadband connections to customers, sparking concerns its capital-spending plan may crimp cash flow. Higher capital expenditure and lower cash flow create near-term uncertainty, yet expanding the footprint could fuel subscriber growth, Bloomberg Intelligence analysts said. Here are other notable premarket movers:

Marriott International shares decline 1.3% on low volumes as Citi cut its recommendation on the stock to neutral from buy and downgraded a slew of other names in the REITs and Lodgings sectors
Lennar rises 1.3% and PulteGroup climbs 1.5% as Barclays upgraded both stocks to overweight, turning positive on the US homebuilder sub-sector.
KeyBanc recommends adding exposure to areas that offer secular growth, relatively stable demand drivers, and/or improving cyclical growth in REIT sector note in which it upgraded EastGroup Properties (EGP US) and Physicians Realty Trust (DOC US) and downgraded five stocks.
Keep an eye on Stryker as its price target has been hoisted to a Wall Street-high at Cowen, which says there is positive underlying momentum heading into the fourth quarter.
Apple analysts say that the iPhone maker will face minimal impact if it chooses to allow third-party app stores in Europe, as consumers like the current setup and the region accounts for a very small portion of total App Store revenue.

While the Federal Open Market Committee is widely expected to raise rates by 50 basis points, traders will be parsing Chair Jerome Powell’s comments for clues about future decisions, when hikes will stop and whether a rate cut is possible next year. As a reminder, Fed-dated OIS contracts are pricing in a 50bp move for the Fed policy decision and a peak policy rate around 4.83% in May; the dot plot is expected to indicate a 4.9% peak in 2023, corresponding to a 5% upper bound for fed funds rate target band (read our full preview here). The tricky part for Powell , according to Bloomberg, will be convincing investors that this isn’t a dovish pivot and that officials won’t prematurely end their assault against inflation. Stocks have partially erased last week’s slump on bets the Fed will moderate its aggressive tightening as prices cool.

“The question is, with inflation still at generational highs, will the Fed walk through that door?” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “After an initially high-spirited response, the relatively muted reaction for stocks is likely attributable to pre-risk event positioning, prevailing bearish growth sentiment, technical factors and the devil in the details.”

“The market is now pricing in an aggressive rate-cutting cycle right after we’ve reached the peak rate and I think that’s the unrealistic case,” Max Kettner, chief multi-asset strategist at HSBC Holdings Plc, said in an interview with Bloomberg Television. “What’s really unrealistic is we’ll get some kind of Goldilocks outcome where the Fed will be able to immediately cut rates after they’ve reached the peak rate without having to hold it there for really a sustained period of time.”

Meanwhile, Mark Haefele, chief investment officer at UBS Global Wealth Management, said investors should brace for challenges even as inflation eases: “The rally in the S&P 500 since mid-October has moved too quickly to price in good news,” Haefele wrote in a note. “We have preferred to hedge downside risk with options, rather than reducing our allocation to equities. We continue to favor a more defensive stance when adding exposure.”

After rising from 2019 to 2021, the S&P 500 and Nasdaq 100 are each poised for the worst year since 2008 as 2022 was marked by interest rate hikes, recession fears and the war in Ukraine. Next year is unlikely to bring relief, as strategists generally expect the S&P 500 to end 2023 relatively unchanged from current levels… which likely means the US economy will crater, the Fed will capitulate, and stocks will close double digits percent higher.

In European stocks, travel, miners and tech are the worst performers as all sectors fall, barring energy. Euro Stoxx 50 drops 0.7%. Here are the most notable European movers:

Hensoldt rises as much as 4.5% before paring gains after the German sensor and radar maker raised its short and medium-term targets.
Va-Q-tec shares rises as much as 4.5% to €25.35 after EQT Private Equity announced a voluntary public takeover offer for the German insulation company at an offer price of €26/share.
Stadler Rail gains as much as 2.7% after the company signed a EU2.3b deal with Railways of Kazakhstan to supply 537 sleeper and couchette coaches, including a 20-year service contract.
Volution Group rises as much as 3.6% after producing what Jefferies describes as an “encouraging” trading update with all geographies outperforming respective forecasts.
AB Science shares fall as much as 34% after the company said Canada’s drug regulator is seeking additional information on AB Science’s application for approval of masitinib as a treatment for amyotrophic lateral sclerosis.
Colruyt shares slump as much as 17%, to the lowest since July 2004, after the Belgian retailer reported results that missed estimates.
Synlab falls as much as 9.7%, the most in a month, after Deutsche Bank downgraded the German laboratory diagnostic services company to hold from buy, due to uncertainties surrounding margin pressure going forward.
Watches of Switzerland shares drop as much as 7.3%, the most since Sept. 29, after the watchmaker reported 1H results and maintained its guidance for the year.

Earlier in the session, Asian stocks gained as markets cheered a softer US inflation print ahead of the Federal Reserve’s policy decision, while Chinese shares eked out small gains amid Covid disruptions. The MSCI Asia Pacific Index rose as much as 0.9% Wednesday, led by technology shares. Most markets in the region were in the green, with Taiwan and South Korea leading the advance. Gauges in China and Hong Kong closed higher after a volatile trading session. The nation planned to proceed with a closely watched economic policy meeting in Beijing this week, opting not to postpone the gathering as Covid infections surge across the capital. The lower-than-expected readings in both US headline and core inflation bode well for a slowdown in the Federal Reserve’s monetary tightening. Investors will closely monitor the decision later Wednesday and Chair Jerome Powell’s comments for more clues on its future path.

“If the Fed does indeed pause in the months ahead — and with labor market still quite strong — there is some hope now that the US economy may manage to avoid a hard landing,” said Chetan Seth, Asia Pacific equity strategist at Nomura. “This optimism from US will be good news also for some parts of Asian equity space that are exposed to US/global growth such as tech-hardware/semi/memory areas.”

Japanese stocks climbed, following US peers higher, as US CPI data showed a deceleration in inflation. The Topix Index rose 0.6% to 1,977.42 as of market close in Tokyo, while the Nikkei advanced 0.7% to 28,156.21. Sony Group Corp. contributed the most to the Topix Index gain, increasing 1.5%. Out of 2,164 stocks in the index, 1,499 rose and 551 fell, while 114 were unchanged. “US inflation has weakened slightly, but Japanese equities are not moving as aggressively, considering that the easing of US monetary policy might also lead to a stronger yen,” said Tetsuo Seshimo, a portfolio manager at Saison Asset Management.

Australian stocks rose with the S&P/ASX 200 index higher 0.7% to close at 7,251.30, rising for a second session, boosted by strength in mining and energy shares. The advance comes as investors weighed a slowdown in US inflation ahead of the Federal Reserve’s policy decision. In New Zealand, the S&P/NZX 50 index fell 0.1% to

In FX, the Bloomberg Dollar Spot Index fell by 0.3% and the greenback weakened against most of its Group-of-10 peers.

In the UK, the pound traded near the strongest level since June. Inflation in the country fell from a 41-year high in November, raising the possibility that the worst of the cost-of-living squeeze is over. Consumer prices rose 10.7% from a year earlier, the Office for National Statistics said Wednesday, down from 11.1% in October. Economists expected a rate of 10.9%.
The euro rose to a day high of $1.0665 and euro-zone sovereign yield curves bear steepened after Germany’s federal government said it plans to issue a record €539 billion in federal debt next year to help fund generous aid for households and companies hit by the energy crisis
Sweden’s krona was flatlined against the euro but rose against the dollar. Sweden’s inflation rate also came in lower than expected in November
The yen outperformed all G-10 peers following a report that Bank of Japan officials see the possibility of having a policy review next year
The New Zealand dollar was the worst performer. Reserve Bank of New Zealand Deputy Governor Christian Hawkesby said the central bank has “more work to do” to curb inflation. New Zealand faces a recession next year amid a global economic slowdown and as the central bank raises interest rates to curb inflation, the government said

In rates, Treasuries curve extends Tuesday’s steepening move with 2s10s, 5s30s spreads wider by 3.5bp and 4.5bp on the day with the 2-year yield dropping 4bps to 4.180%. Front-end and belly yields are richer by 3bp-4bp as ahead of Fed rate decision, revised summary of economic projections and Chair Powell press conference. US 10-year around 3.50% is slightly richer vs Tuesday’s close, outperforming bunds and gilts by 7bp and 3bp in the sector following wider steepening moves across the German and UK curves. European bonds lag led by Italian debt after the EU said Italy’s progress on key fiscal reforms has been insufficient. Italian bonds lag Treasuries by 12bp in 10-year sector, leading losses across the European rates complex. Gilts twist-steepened, shaving 6bps off the 2-year yield to 3.402%, after UK inflation dipped from a 41-year high in November.

To the day ahead now, and the main highlight will be the Federal Reserve’s policy decision and Chair Powell’s subsequent press conference. We’ll also hear from the ECB’s Elderson. On the data side, we’ll get the UK CPI reading for November and Euro Area industrial production for October.

Market Snapshot

S&P 500 futures little changed at 4,021.25
STOXX Europe 600 down 0.5% to 440.28
MXAP up 0.9% to 160.16
MXAPJ up 1.0% to 520.22
Nikkei up 0.7% to 28,156.21
Topix up 0.6% to 1,977.42
Hang Seng Index up 0.4% to 19,673.45
Shanghai Composite little changed at 3,176.53
Sensex up 0.3% to 62,729.76
Australia S&P/ASX 200 up 0.7% to 7,251.30
Kospi up 1.1% to 2,399.25
German 10Y yield little changed at 1.96%
Euro up 0.2% to $1.0652
Brent Futures little changed at $80.70/bbl
Brent Futures little changed at $80.71/bbl
Gold spot down 0.1% to $1,809.07
U.S. Dollar Index down 0.14% to 103.84

Top Overnight News from Bloomberg

The Federal Reserve is poised to moderate its aggressive tightening on Wednesday while signaling that interest rates will ultimately go higher than previously forecast
The SNB will almost certainly raise interest rates this week, but economists are split three ways on how aggressively officials will act to tame inflation that’s the lowest in the OECD. While a large majority of forecasters anticipate a half-point hike on Thursday to reach 1%, Bloomberg’s survey also shows predictions for a larger or smaller step by the central bank led by President Thomas Jordan
ECB policymakers’ primary lever to rein in soaring prices remains interest rates, with a half-point hike expected at Thursday’s Governing Council meeting. But President Christine Lagarde and her colleagues have also promised the “key principles” for so-called quantitative tightening, which is expected to kick off early next year
New inflation forecasts to be presented by the ECB on Thursday are set to show readings above 2% through 2025, Reuters reported, citing one person familiar with the prediction
The theme of selling volatility across the major currencies’ curves remains intact, and got another boost from the latest US CPI data, yet overnight volatility in the euro remains near the upper end of its range this year
EU policymakers agreed to raise €20 billion ($21.3 billion) from the region’s carbon market to help finance the bloc’s strategy to wean itself off Russian natural gas, in a deal that is set to involve the use of some permits currently withdrawn from the system
China will stop releasing comprehensive data on new Covid cases after the dropping of mandatory testing meant the numbers no longer reflected reality
Chinese leaders are planning to proceed with a closely watched economic policy meeting in Beijing this week, opting not to postpone the gathering as Covid infections surge across the capital, according to people familiar with the matter

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks took impetus from the gains across global peers following the softer-than-expected US CPI data but with upside capped ahead of the slew of central bank decisions beginning with the FOMC later today. ASX 200 was led by strength in tech and commodity-related stocks amid the lower yields and a softer dollar. Nikkei 225 climbed back above the 28,000 level albeit with further upside limited after mixed BoJ Tankan and Machinery Orders data in which the large manufacturers’ sentiment index declined to its lowest since March 2021. Hang Seng and Shanghai Comp were mildly positive as China plans to allocate over CNY 1tln to bolster its semiconductor industry and amid further reopening headlines, although cases were said to be increasing rapidly in Beijing and China postponed its economic policy meeting that was set to begin on Thursday amid surging cases.

Top Asian News

China is to offer a second booster and the National Health Commission said the second COVID vaccine booster dose can be given to high-risk groups and elderly people over 60 years old. It was also separately reported that China’s health authority said it will stop reporting asymptomatic cases from today, according to Reuters.
China’s retreat from zero-COVID policy has reportedly sparked a wealth management product sell-off with fund managers forced to sell holdings amid a wave of redemptions, according to FT.
China’s stats bureau cancelled the December 15th press conference on November economic data and will release the data online, according to Reuters.
US is to add more than 30 Chinese companies to its trade blacklist as early as this week, according to Bloomberg citing a source familiar with the matter.
Japan’s ruling LDP tax panel chief said senior officials agreed to raise corporate tax, tobacco tax and income tax as sources of funding the defence budget. It was later reported that Japan’s government is to tap the FX reserves special account for JPY 3.1tln in defence spending boost, according to a government draft cited by Reuters.
China has decided against postponing its key economic policy meeting, via Bloomberg; subsequently, Reuters citing sources reports that this will occur between December 15th-16th.
China is reportedly asking some large banks to purchase bonds after recent slump to stabilise the domestic bond market, Bloomberg reports.
China’s NBS says domestic demand recovery is insufficient, via Bloomberg citing Radio; adds, the economic recovery can maintain momentum.

European bourses are under pressure across the board, Euro Stoxx 50 -0.7%, as the CPI-induced upside wanes ahead of the FOMC & Powell thereafter. Stateside, US futures are softer though comparably more contained, ES -0.1%, in a paring of the inflation move. A paring which has been attributed to various factors including it being a function of traders getting ahead of market pricing, while others cited valuations, technical factors and profit-taking.

Top European News

New ECB forecasts will put inflation comfortably above 2% in 2024 and just above in 2025, according to a Reuters source. Reuters polling pencilled in 2023 inflation at 6%, 2024 at 2.3% and 2025 at 1.9%
UK Chancellor Hunt said they will be announcing the details of further energy support for businesses very shortly, according to Reuters.
8/9 members of The Times’ Bank of England shadow MPC believe the BoE should raise rates by 75bps (vs. consensus of a 50bps move) with just one member opting for 50bps.

USD has continued to slip with the index down to 103.66 at worst, nearing Tuesday’s 103.57 trough to the benefit of most G10 peers.
The JPY outperforms with USD/JPY dropping below 135.00 to a 134.61 low in wake of BoJ sources, while we are back to this level now the initial move pared given it seemingly echoes recent commentary from Tamura.
EUR was already benefitting from the USD move but has derived further impetus from ECB sources indicating CPI to remain above target in 2024, with EUR/USD above 1.0670 at best.
Sterling slipped in wake of softer CPI though Cable has more than recovered since to an, unsuccessful, test of 1.24 on multiple occasions.
Kiwi fails to benefit from the USD action post-data, with AUD upside and unusually large NZD/USD OpEx perhaps factoring.
BoJ sees the possibility of conducting a review in 2023, according to Bloomberg sources.
Czech Central Bank vice governor Mora would support 25bps rate increase if a majority could be found, would be in favour of 50-75bps increase, according to fintag.cz.
PBoC set USD/CNY mid-point at 6.9535 vs exp. 6.9556 (prev. 6.9746)

Fixed Income

Bunds under marked pressure given a sizeable 2023 issuance remit and subsequent hawkish ECB source reports; with the benchmark sub-140.00 though above Tuesday’s 139.77 low.
A sources piece which also sparked pressure in the periphery and, to a lesser extent, in USTs, though the benchmarks remains marginally firmer overall.
Stateside, focus remains very much on the FOMC and as the session progresses we are seeing long-end yields begin to lift as the associated benchmarks slip further.
German Debt Agency: intends to issue federal securities with a total volume of EUR 539bln in 2023. Total of EUR 274bln to be raised on capital markets in auctions. Further EUR 242bln to be issued on the money market.

Commodities

Crude benchmarks are firmer on the session, with upside just shy of 1.0% at best, though both WTI and Brent remain shy of yesterday’s and by extension recent peaks.
US Energy Inventory Data (bbls): Crude +7.8mln (exp. -3.6mln), Gasoline +0.9mln (exp. +2.7mln), Distillate +3.9mln (exp. +2.5mln), Cushing +0.6mln.
EU gas price cap proposal put the price level at EUR 160-220MWh and EU states were reportedly considering delaying the decision on the gas price cap level.
German Economy Minister said EU countries made progress on technical issues linked to gas price caps, but they are not through yet and it makes sense for EU countries to take some more time to finalise the gas price cap policy. Furthermore, discussions will continue on Monday and it was stated that it might be possible that they reach a solution via a majority vote, while they are said to have reached a 90-95% agreement on the gas price cap issue, but the big and symbolic issues have not yet been resolved.
Czech Industry Minister said they proposed a revision in February to assess the gas price cap’s impact and proposed a gas price cap excluding OTC contracts, while the price level for triggering the gas price cap is the only open issue for next Monday.
EU Energy Commissioner said Europe is not out of the danger zone regarding energy supplies.
IEA Monthly Oil Market Report: raises 2022 oil demand growth estimate by 140k BPD to 2.3mln BPD, 2023 raised by 100k BPD to 1.7mln BPD.
FT writes that “Traders are warning that thin volumes and erratic trading have disconnected the price of nickel on the London Metal Exchange from the rest of the global market”.
Spot gold and silver are little changed overall, failing to derive any real traction from the general pullback in equity performance; holding steady above the USD 1800/oz mark and as such is well within Tuesday’s USD 1778-1824/oz range.

US Event calendar

07:00: Dec. MBA Mortgage Applications +3.2%, prior -1.9%
08:30: Nov. Import Price Index MoM, est. -0.5%, prior -0.2%; YoY, est. 3.2%, prior 4.2%
08:30: Nov. Export Price Index MoM, est. -0.5%, prior -0.3%; YoY, est. 5.7%, prior 6.9%
08:30: Nov. Import Price Index ex Petroleu, est. -0.5%, prior -0.2%
14:00: Dec. FOMC Rate Decision (Lower Bound, est. 4.25%, prior 3.75%; Upper Bound, est. 4.50%, prior 4.00%)

DB’s Jim Reid concludes the overnight wrap

A bit of personal news. I was honoured to be announced as DB’s Global Head of Macro Research yesterday to go along with my existing responsibilities. I will now have the regional economists reporting into me and I look forward to working with them all. My good friend Peter Hooper will become the Vice-Chair of DB Research and will continue to use his wealth of experience and connections to enhance DB research in this prestigious position. Congrats to Peter. Anyway, I may regret saying this but I’m very keen to hear from all our readers what you think works well and doesn’t work well in economic research. Not just at DB but across the street. Formats, style, content etc. etc. Any comments or suggestions will be gratefully received. My golf club jokes that any suggestions to the committee about how to run the club and course are very welcome and can be put in the member’s feedback box. The snag is that this box is kept on a small island in the middle of the big lake on the 10th hole.

The market playbook yesterday almost worked as perfectly as a slight draw into a tucked away pin at the back left of the green. However you would have had to get out of the position by 10am NY time to benefit most and avoid turning an eagle into a lowly birdie. That would have taken some discipline and luck. This week we’ve been highlighting the slightly below consensus DB CPI forecast, how big CPI/FOMC day moves have been all year, and how much S&P 500 single day maturity event risk hedging there has been ahead of the CPI and FOMC. This option hedging would have to be unwound with buying of the market as long as you didn’t get a much worse inflation print.

At just before 10am NY time the S&P 500 was +2.74%, and 2yr and 10yr yields had fallen -21.6bps and -18.8bps respectively, and all looked to be going to script. However, by the close this had mellowed to +0.73%, -15.7bps and -11.0bps respectively. Option hedging seems to be high again today around the FOMC so we could see another day of volatility as positions ultimately need to be squared post the event. Our equity strategists continue to be convinced that the set up is broadly bullish risk.

On the specifics of the report, there was plenty of good news, as monthly core CPI fell to its lowest in 15 months, and it also marked the first time in nearly 3 years that we’ve had two downside surprises on headline CPI in a row. In terms of the details, monthly CPI came in at +0.1% in November (vs. +0.3% expected), which in turn took the year-on-year reading down to +7.1% (vs. +7.3% expected). Now obviously 7.1% is still a very high number, but that’s the lowest print of 2022 so far and it’s also the 5th consecutive decline since its +9.1% peak back in June. At the same time, we had some positive news on core CPI, with the monthly print surprising on the downside as well at +0.2% (vs. +0.3% expected), which took the year-on-year measure down to +6.0% (vs. +6.1% expected).

If you were looking for points of caution, one is that the stickier prices in the consumer basket were still rising at a decent rate. They tend to change relatively slowly and are better correlated with future inflation. For instance, the Atlanta Fed break down the CPI report into a “flexible CPI” and “sticky CPI” print, and found that monthly sticky CPI was still running at +5.5% on an annualised basis in November. Another thing to remember is that for the same month as the CPI, wage pressures were still very strong, as we heard in the jobs report earlier in the month.

Nevertheless, with inflation surprising on the downside once again, investors moved to price in a much more dovish path for the Federal Reserve over the coming months. There’s little doubt that they’ll be moving by 50bps at today’s meeting, but futures moved to price in a significantly higher chance that they’ll downshift further to 25bps at the February meeting. Indeed, the odds of a 50bp hike in February fell from 54.9% to 34.2% after the CPI. Beyond that, the terminal rate expected in May came down by -12.5bps on the day, and is now seen at 4.86%. And looking deeper into next year, the rate priced in by December 2023 came down by -17.0bps to 4.38%.

As investors priced in fewer rate hikes, and as discussed earlier, Treasuries rallied across the yield curve, with the 10yr yield down by -11.0bps on the day to 3.50%. That was mainly driven by a decline in real yields, which fell by -7.7bps to 1.25%. As we mentioned earlier, those figures were much larger intraday, but turned around when the 30yr Treasury (-3.9bps) had a poorly received auction much like the 10yr auction the day before. The auction wasn’t set up for much success after the huge intraday rally but the large tail still helped reverse sentiment intraday. This morning in Asia, yields on 10yr USTs (-0.73 bps) have dropped below 3.50%.

When it came to FX, the prospect of a more dovish Fed meant that the dollar index (-1.09%) weakened once again, hitting its lowest level in nearly 6 months. For equities the fall from the peak was put down to the next risk event being the Fed today, where the Chair could try to take some shine off the optimistic CPI report and guide toward a more restrictive policy path. What gains survived were driven by the cyclical sectors, along with real estate. The large rate-sensitive tech names held on to decent gains as well given the net move in duration, with the FANG+ outperforming up +1.91% and the Nasdaq not far behind at +1.01%.

With the CPI release now out of the way, attention today will turn to the Fed’s policy decision, which is out at 19:00 London time. In terms of what to expect, both economists and investors are widely predicting that the Fed will downshift their hikes to a 50bps pace, coming down from the 75bps moves at the last four meetings. Those expectations were cemented by Fed Chair Powell, who said in a speech a couple of weeks ago that “the time for moderating the pace of rate increases may come as soon as the December meeting.”

Given the decision itself is widely expected, more attention will likely be on the press conference from Fed Chair Powell, as well as the release of the latest dot plot, which will give a signal on future policy over the coming years. Our US economists expect the FOMC will pencil in a dot of 5.1% for the federal funds rate by end-2023 (maybe a bit more of a risk after yesterday), up from 4.6% back in September. In addition, they see this round of forecasts pointing to a bumpier landing for the economy than before, with the unemployment rate rising to 4.6% in 2023 and 2024 (having been at 4.4% in the September projections). See their full preview here for more.

Those overnight moves seen on Wall Street are also echoing across Asian equity markets this morning as softer-than-expected US inflation data is buoying sentiment. The KOSPI (+0.91%) is leading gains followed by the Nikkei (+0.76%), the Hang Seng (+0.69%), the CSI (+0.21%) and the Shanghai Composite (+0.13%). Outside of Asia, US stock futures are indicating a positive start with contracts on the S&P 500 (+0.29%) and the NASDAQ 100 (+0.31%) moving upwards ahead of the Fed’s decision.

Early morning data showed that sentiment at Japan’s large manufacturers slightly deteriorated in Q4, with the Bank of Japan’s Tankan survey coming in at +7 against the previous quarter’s reading of +8 while the index for large non-manufacturers rose to +19 from +14 in the preceding quarter.

Over in Europe the focus is increasingly turning to tomorrow’s ECB meeting, but markets traded in a fairly similar pattern to the US ahead of that. The major equity indices all made solid gains after paring back their post-CPI surge, and the STOXX 600 came down from an intraday high of +2.32% to close up +1.29%. For sovereign bonds it was the same story, although the gains were far smaller than for Treasuries, with yields on 10yr bunds (-1.5bps), OATs (-0.8bps) and BTPs (-3.1bps) all moving lower.

The one big exception to this pattern were UK gilts, however, with 10yr yields up by +9.9bps on the day, which is substantial when you consider that 10yr Treasuries outperformed by 20.5bps. That followed labour market data which showed year-on-year nominal wage growth (ex bonuses) grew by +6.1% in the three months to October. With the exception of the pandemic, that’s the strongest that’s been since data begins in 2001, and investors moved to price in a more hawkish policy stance from the BoE over the months ahead.

There wasn’t much else on the data front, but we did get the ZEW survey from Germany for December, with the expectations reading up by more than expected to -23.3 (vs. -26.4 expected). That’s the strongest reading since February, and adds to the picture of growing optimism around the European economy, even if that’s relative to incredibly bad expectations previously. Otherwise in the US, the NFIB’s small business optimism index for November rose to 91.9 (vs. 90.5 expected).

AND NOW NEWSQUAWK (EUROPE/REPORT)

CPI-induced upside continues to wane pre-FOMC; USD/JPY & Bunds dented post-sources – Newsquawk US Market Open

WEDNESDAY, DEC 14, 2022 – 06:38 AM

European bourses are under pressure across the board, Euro Stoxx 50 -0.7%, as the CPI-induced upside wanes ahead of the FOMC & Powell thereafter
USD has continued to slip with the index down to 103.66 at worst, nearing Tuesday’s 103.57 trough to the benefit of most G10 peers.
JPY outperforms with USD/JPY dropping below 135.00 to a 134.61 low in wake of BoJ sources
Bunds under marked pressure given a sizeable 2023 issuance remit and subsequent hawkish ECB source reports; with the benchmark sub-140.00
Crude benchmarks are firmer on the session, though remain within Tuesday’s and by extension recent parameters; IEA OMR raised demand forecasts
Looking ahead, highlights include US Export/Import Prices, FOMC Policy Decision & Press Conference.
Click here for the Week Ahead preview

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EUROPEAN TRADE

EQUITIES

European bourses are under pressure across the board, Euro Stoxx 50 -0.7%, as the CPI-induced upside wanes ahead of the FOMC & Powell thereafter.
Stateside, US futures are softer though comparably more contained, ES -0.1%, in a paring of the inflation move.
A paring which has been attributed to various factors including it being a function of traders getting ahead of market pricing, while others cited valuations, technical factors and profit-taking.
Click here for more detail.

FX

USD has continued to slip with the index down to 103.66 at worst, nearing Tuesday’s 103.57 trough to the benefit of most G10 peers.
The JPY outperforms with USD/JPY dropping below 135.00 to a 134.61 low in wake of BoJ sources, while we are back to this level now the initial move pared given it seemingly echoes recent commentary from Tamura.
EUR was already benefitting from the USD move but has derived further impetus from ECB sources indicating CPI to remain above target in 2024, with EUR/USD above 1.0670 at best.
Sterling slipped in wake of softer CPI though Cable has more than recovered since to an, unsuccessful, test of 1.24 on multiple occasions.
Kiwi fails to benefit from the USD action post-data, with AUD upside and unusually large NZD/USD OpEx perhaps factoring.
BoJ sees the possibility of conducting a review in 2023, according to Bloomberg sources.
Czech Central Bank vice governor Mora would support 25bps rate increase if a majority could be found, would be in favour of 50-75bps increase, according to fintag.cz.
PBoC set USD/CNY mid-point at 6.9535 vs exp. 6.9556 (prev. 6.9746)
Click here for more detail.

Notable FX Expiries, NY Cut:

NZD/USD: 0.6400 (1.02BN), 0.6425 (1.15BN)
USD/CAD: 1.3560 (1.1BN)
Click here

FIXED INCOME

Bunds under marked pressure given a sizeable 2023 issuance remit and subsequent hawkish ECB source reports; with the benchmark sub-140.00 though above Tuesday’s 139.77 low.
A sources piece which also sparked pressure in the periphery and, to a lesser extent, in USTs, though the benchmarks remains marginally firmer overall.
Stateside, focus remains very much on the FOMC and as the session progresses we are seeing long-end yields begin to lift as the associated benchmarks slip further.
German Debt Agency: intends to issue federal securities with a total volume of EUR 539bln in 2023. Total of EUR 274bln to be raised on capital markets in auctions. Further EUR 242bln to be issued on the money market.
Click here for more detail.

COMMODITIES

Crude benchmarks are firmer on the session, with upside just shy of 1.0% at best, though both WTI and Brent remain shy of yesterday’s and by extension recent peaks.
US Energy Inventory Data (bbls): Crude +7.8mln (exp. -3.6mln), Gasoline +0.9mln (exp. +2.7mln), Distillate +3.9mln (exp. +2.5mln), Cushing +0.6mln.
EU gas price cap proposal put the price level at EUR 160-220MWh and EU states were reportedly considering delaying the decision on the gas price cap level.
German Economy Minister said EU countries made progress on technical issues linked to gas price caps, but they are not through yet and it makes sense for EU countries to take some more time to finalise the gas price cap policy. Furthermore, discussions will continue on Monday and it was stated that it might be possible that they reach a solution via a majority vote, while they are said to have reached a 90-95% agreement on the gas price cap issue, but the big and symbolic issues have not yet been resolved.
Czech Industry Minister said they proposed a revision in February to assess the gas price cap’s impact and proposed a gas price cap excluding OTC contracts, while the price level for triggering the gas price cap is the only open issue for next Monday.
EU Energy Commissioner said Europe is not out of the danger zone regarding energy supplies.
IEA Monthly Oil Market Report: raises 2022 oil demand growth estimate by 140k BPD to 2.3mln BPD, 2023 raised by 100k BPD to 1.7mln BPD.
FT writes that “Traders are warning that thin volumes and erratic trading have disconnected the price of nickel on the London Metal Exchange from the rest of the global market”.
Spot gold and silver are little changed overall, failing to derive any real traction from the general pullback in equity performance; holding steady above the USD 1800/oz mark and as such is well within Tuesday’s USD 1778-1824/oz range.
Click here for more detail.

NOTABLE EUROPEAN HEADLINES

New ECB forecasts will put inflation comfortably above 2% in 2024 and just above in 2025, according to a Reuters source. Reuters polling pencilled in 2023 inflation at 6%, 2024 at 2.3% and 2025 at 1.9%
UK Chancellor Hunt said they will be announcing the details of further energy support for businesses very shortly, according to Reuters.
8/9 members of The Times’ Bank of England shadow MPC believe the BoE should raise rates by 75bps (vs. consensus of a 50bps move) with just one member opting for 50bps.

NOTABLE DATA

UK CPI YY (Nov) 10.7% vs. Exp. 10.9% (Prev. 11.1%); MM (Nov) 0.4% vs. Exp. 0.6% (Prev. 2.0%)
UK Core CPI YY (Nov) 6.3% vs. Exp. 6.5% (Prev. 6.5%); MM (Nov) 0.3% vs. Exp. 0.5% (Prev. 0.7%)
German IFO sees 2022 German GDP at 1.8% (vs. prev. view of 1.6%) 2023 seen at -0.1% (vs. prev. view of -0.3%).
Swedish CPIF Ex Energy YY (Nov) 8.0% vs. Exp. 8.1% (Prev. 7.9%); MM (Nov) 0.2% vs. Exp. 0.3% (Prev. 0.9%)

NOTABLE US HEADLINES

US Congress negotiators said they reached a deal on government funding through end-September 2023, according to Reuters.
US Deputy Treasury Secretary Adeyemo is reportedly favoured to succeed Brian Deese as the top White House economic adviser, according to Bloomberg
Click here for the US Early Morning Note.

CRYPTO

Binance CEO said things seem to have stabilised and that deposits are coming back in.

GEOPOLITICS

Blasts were heard in the Ukraine capital of Kyiv, according to witnesses cited by Reuters, while Mayor Klitschko also said blasts hit the city centre and that explosions were heard in downtown Kyiv.
US is finalising the approval to send its Patriot missile defence system to Ukraine, according to Reuters citing US officials. It was separately reported that the US Commerce Department issued a temporary denial order suspending export privileges of three people and two companies for 180 days for unauthorised exports to Russia.
Kremlin, asked about possible deliveries of US-made Patriot Air Defence systems to Ukraine, says these are a lawful target for Russian armed forces.

APAC TRADE

EQUITIES

APAC stocks took impetus from the gains across global peers following the softer-than-expected US CPI data but with upside capped ahead of the slew of central bank decisions beginning with the FOMC later today.
ASX 200 was led by strength in tech and commodity-related stocks amid the lower yields and a softer dollar.
Nikkei 225 climbed back above the 28,000 level albeit with further upside limited after mixed BoJ Tankan and Machinery Orders data in which the large manufacturers’ sentiment index declined to its lowest since March 2021.
Hang Seng and Shanghai Comp were mildly positive as China plans to allocate over CNY 1tln to bolster its semiconductor industry and amid further reopening headlines, although cases were said to be increasing rapidly in Beijing and China postponed its economic policy meeting that was set to begin on Thursday amid surging cases.

NOTABLE ASIA-PAC HEADLINES

China is to offer a second booster and the National Health Commission said the second COVID vaccine booster dose can be given to high-risk groups and elderly people over 60 years old. It was also separately reported that China’s health authority said it will stop reporting asymptomatic cases from today, according to Reuters.
China’s retreat from zero-COVID policy has reportedly sparked a wealth management product sell-off with fund managers forced to sell holdings amid a wave of redemptions, according to FT.
China’s stats bureau cancelled the December 15th press conference on November economic data and will release the data online, according to Reuters.
US is to add more than 30 Chinese companies to its trade blacklist as early as this week, according to Bloomberg citing a source familiar with the matter.
Japan’s ruling LDP tax panel chief said senior officials agreed to raise corporate tax, tobacco tax and income tax as sources of funding the defence budget. It was later reported that Japan’s government is to tap the FX reserves special account for JPY 3.1tln in defence spending boost, according to a government draft cited by Reuters.
China has decided against postponing its key economic policy meeting, via Bloomberg; subsequently, Reuters citing sources reports that this will occur between December 15th-16th.
China is reportedly asking some large banks to purchase bonds after recent slump to stabilise the domestic bond market, Bloomberg reports.
China’s NBS says domestic demand recovery is insufficient, via Bloomberg citing Radio; adds, the economic recovery can maintain momentum.

DATA RECAP

Japanese Tankan Large Manufacturing Index (Q4) 7 vs. Exp. 6 (Prev. 8); Outlook (Q4) 6 vs. Exp. 6 (Prev. 9)
Japanese Tankan Large Non-Manufacturing Index (Q4) 19 vs. Exp. 17 (Prev. 14); Outlook (Q4) 11 vs. Exp. 16 (Prev. 11)
Japanese Tankan Large All Industry Capex Estimate (Q4) 19.2% vs. Exp. 20.9% (Prev. 21.5%)
Japanese Machinery Orders MM (Oct) 5.4% vs. Exp. 2.6% (Prev. -4.6%); YY (Oct) 0.4% vs. Exp. 2.6% (Prev. 2.9%)

WEDNESDAY//TUESDAY NIGHT

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

JAPAN/

END

3c CHINA /

CHINA/

China;s shipyards rake in record LNG tanker orders amid the Russian sanctions

(zerohedge)

China Shipyards Rake In Record LNG Tanker Orders Amid Russia Sanctions

TUESDAY, DEC 13, 2022 – 05:45 PM

Chalk up another way that China is benefitting from Western sanctions against Russia.

First we saw China seize the opportunity to buy Russian oil at a steep discount. Now, China’s shipyards are racking up record orders for liquefied natural gas (LNG) tankers as world markets adjust to supply disruptions caused by the sanctions regime.

In 2022, China has scored 45 LNG tanker orders — quintupling the country’s tally from last year. Having assembled only 9% of the world’s existing LNG tankers, China captured 30% of this year’s orders and now accounts for 21% of global orders on the books, Reuters reports. That’s about $60 billion in business.

China’s growing presence in this speciality shipbuilding market represents demand spilling over from South Korea, which has long dominated the LNG tanker category. Hudong-Zhonghua Shipbuilding accounts for 75% of China’s 2022 orders. Membrane LNG tankers don’t have conspicuous ball-shaped tanks on their decks like earlier-generation spherical-tank models (Baird Maritime)

South Korean shipbuilders have been deluged with orders for ships that will be used to transport gas from Qatar’s North Field expansion. That will bring huge growth in Qatar’s production capacity — to the extent that QatarEnergy’s CEO in October said his company will, within the next five to ten years, surpass Shell as the world’s largest natural gas trader. In that endeavor, Qatar is itself capitalizing on Europe’s drive to replace Russia’s pipeline gas with shipborne imports.

Building modern, membrane LNG tankers is a highly technical process that requires certification by Gaztransport & Technigaz (GTT), a the French company that holds the patents and licenses its designs to shipyards. The need for precision — as hundreds of workers painstakingly laser-weld seams inside 40-meter-tall LNG tanks — translates into build times of up to 30 months. A look inside a GTT-designed LNG membrane tank interior (LTT via Offshore Energy)

Some of the tanker demand is coming from China itself. SIA Energy’s Li Yao tells Reuters that China will need some 80 LNG tankers to haul 20 million tons of gas a year just from the United States.

END

CHINA

With zero COVID policy gone, China air travel deman soars

(zerohedge)

China Air Travel Demand Soars As Zero Covid Eases

TUESDAY, DEC 13, 2022 – 11:45 PM

Beijing’s abrupt end to zero Covid policies that shuttered factories and cities and crushed economic growth in the world’s second-largest economy has produced at least one of the first signs of green shoots: Air travel rebound.

Chinese aviation data company VariFlight reported domestic flight activity soared to 65% of pre-pandemic levels Monday, from only 22% on Nov. 29, according to Bloomberg. Thousands of flights are returning to the skies as air travel demand rebounds ahead of Lunar New Year next month.

Surging air travel demand is expected to increase airfare prices for top travel spots such as major cities from Beijing to Shanghai and the resort island of Hainan. Dialing back strict pandemic control measures that will boost air travel comes ahead Lunar New Year, which before Covid, was the world’s biggest mass migration event.

“If you look at around the world, air ticket prices are materially higher than in 2019.

“But when you look at China’s domestic air tickets, even into the third quarter of 2022, it’s about 15% lower than that of 2019,” Parash Jain, head of transport research for Asia Pacific at HSBC Holdings Plc., said in an interview with Bloomberg Television on Monday.

Guo Lechun, an analyst with the online travel website Qunar, expects Lunar New Year bookings to reach the highest levels in three years or about 80% of pre-pandemic levels.

“Ctrip.com said air travel searches jumped 900% on Dec. 7, the day the government announced the dismantling of most Covid restrictions, including mass testing and snap lockdowns,” Bloomberg said, adding searches on travel websites exploded hours after Beijing eased zero Covid policies.

But with the easing of zero Covid, there has been a sharp increase in China’s Covid infections. There are risks that at least one million Chinese people are at risk of dying from Covid this winter, according to Financial Times.

S&P Global Commodity Insights expects jet fuel demand to rise as domestic travel flourishes. Reopening China will certainly involve increased crude and refined imports in the coming months (remember what Goldman said …), perhaps putting a floor in energy prices unless the global economy slides into recession in 2023.

end

4/EUROPEAN AFFAIRS/UK AFFAIRS//

EUROPE

idiots!! EU reaches deal to impose the world’s first carbon border tariff

(zerohedge)

EU Reaches Deal To Impose World’s First Carbon Border Tariff

WEDNESDAY, DEC 14, 2022 – 04:15 AM

The European Union’s path to decarbonization might soon include a carbon dioxide emissions tariff on imported goods from countries considered climate abusers, which will attempt to upend global trade towards a ‘greener’ future.

After all-night negotiations, EU governments and the European Parliament struck a deal on key parts of the “Carbon Border Adjustment Mechanism” (CBAM) that is set to be phased in by the second half of 2023. The new measure will be the first of its kind, imposing CO2 emissions taxes on imports such as cement, steel, aluminum fertilizers, electricity production, and hydrogen.

CBAM intends to protect Europe’s domestic manufacturing industry from competitors in countries that have yet to regulate carbon-dioxide emissions and will attempt to force countries to set prices on carbon — either through a tax or by a cap-and-trade system.

“CBAM will be a crucial pillar of European climate policies. It is one of the only mechanisms we have to incentivise our trading partners to decarbonize their manufacturing industry.” Mohammed Chahim, European Parliament’s lead negotiator on the law, said in a statement.

Currently, the EU provides free CO2 permits for domestic industries to safeguard them from foreign companies, but that will be phased out once the carbon border tariff kicks in next year.

Brussels said some countries could be exempted from the carbon border tariff if they have matching green policies to the EU. It was suggested that the US could sidestep the tax.

Pascal Canfin, chair of the EU Parliament’s environment committee, told reporters, “Of course, CBAM will have an impact on our trade partners because it’s designed to … It’s important that the EU leads on the connection between climate and trade policies.”

The preliminary agreement among the EU negotiators will need the endorsement of ministers and the entire parliament before enforcement.

The carbon border tariff is just another tax by the government under the guise of saving the planet from climate change. Has anyone told these politicians the climate has been changing for millions of years? Somehow the EU believes slashing emissions by 55% in the next seven years will save the world.

And the tariff will likely have criticism from countries, including China, one of Europe’s top trading partners…

end

5.UKRAINE RUSSIA//GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

UKRAINE/RUSSIA

Not good: Kiev seizes the assets of the Russian orthodox clerics

(Anzalone/Libertarian Institute)

Kyiv Seizes Assets Of Russian Orthodox Clerics

WEDNESDAY, DEC 14, 2022 – 03:30 AM

Authored by Kyle Anzalone via The Libertarian Institute,

Ukraine has ratcheted up its campaign against a branch of the Eastern Orthodox church with ties to Russia. On the order of President Volodymyr Zelensky, seven senior clerics from the Russian Orthodox church will have their assets seized and face bans on a range of economic and legal activities.

During his nightly video address on Sunday, the Ukrainian president said “by decision of the National Security and Defense Council of Ukraine, sanctions were applied against seven people,” adding that his administration is “doing everything to ensure that the aggressor state does not have a single string of Ukrainian society to pull.”St. Michael’s Golden-Domed Monastery in Kiev, Ukraine. Wikipedia image

According to Reuters, the new penalties mean that the seven clerics will have “their assets seized and are subject to a ban on a range of economic and legal activities as well as a de facto travel ban.”

The vast majority of Ukrainians belong to the Eastern Orthodox Church, with many worshiping in parishes that take direction from the Moscow Patriarchate. On December 1, Zelensky announced that Kiev would attempt to expel all religious institutions with ties to Russia, arguing the move would make it “impossible for religious organizations affiliated with centers of influence in the Russian Federation to operate in Ukraine.”

The president went on the claim that the Russian Orthodox Church poses a threat to Ukrainian culture, saying “we will never allow anyone to build an empire inside the Ukrainian soul.”

He additionally denounced Ukrainians who continue to attend the allegedly Russia-controlled parishes as succumbing to “the temptation of evil.”

Kiev has conducted a series of raids on Russian Orthodox parishes and claims to have uncovered clerics attempting to subvert the Ukrainian government, though has provided little evidence to support its assertions.

Nonetheless, Kiev sanctioned 10 top clerics of the church last week, suggesting they threatened “the sovereignty and territorial integrity of Ukraine.”

end

RUSSIA/UKRAINE:

This is not good Russia plans to knock out all patriot missile defense shields if implemented.

(zerohedge)

Kremlin Vows To Take Out Patriot Batteries If US Sends To Ukraine

WEDNESDAY, DEC 14, 2022 – 08:40 AM

Russia has responded Wednesday to the prior day report from Pentagon sources that the Biden administration is finalizing plans to send Patriot anti-air defense missiles to Ukraine, in what will constitute the longest range defense systems transferred from the West to date.

“The Kremlin said on Wednesday that U.S. Patriot missile defense systems would be a legitimate target for Russian strikes against Ukraine, should the United States authorize them to be delivered to support Kyiv,” Reuters reports.

UK inflation falls from 41-year high

After CPI, Fed more ‘comfortable’ slowing pace of rate hikes – Economist

The Russian military has long sought to target both Western arms depots inside Ukraine, as well as inbound shipments traversing the country, which is part of the reason why early on in the invasion it heavily targeted the national rail network.

Deputy chairman of the Security Council of Russia Dmitry Medvedev posted the following warning statement directed at the US to his Telegram account (machine translation):

“If, as Stoltenberg hinted, NATO supplies Kyiv fanatics with Patriot complexes along with NATO personnel, they will immediately become a legitimate target of our Armed Forces. I hope the Atlantean impotents understand this.”

As for potential delivery of Patriot systems, The Washington Post reports according to the latest, “The plan is not yet approved by President Biden orDefense Secretary Lloyd Austin, but itcould be soon, the officials said, speaking on the condition of anonymity to detail sensitive internal deliberations.”

An initial CNN report said approval could come as early as this week, but it could take a significant amount of time to train the Ukrainians on the sophisticated Patriots’ operation. Training would likely occur in Germany and could take months.

The Washington Post notes further that the “Patriot-launched missiles can fly to altitudes as high as 79,000 feet, with an operational range, depending on the type of munition used, from a dozen to 100 miles, for use against ballistic and cruise missiles, as well as aircraft. It was not clear what kind of munitions the Pentagon will propose supplying.”

Ukraine now gets US Patriot missiles that cost the US taxpayer $3 million per missile to shoot down $30,000 Russian drones. The Russians can fire 100 drones for each US Patriot missile. The Pentagon strategists call this ‘unbalancing Russia’. pic.twitter.com/33kHrTEYk1— Kim Dotcom (@KimDotcom) December 14, 2022

Range largely depends on the specific missile munition used, and it’s possible the Pentagon could limit ranges – as it reportedly did with HIMARS recently shipped to Ukraine, in order to prevent its systems being used by the Ukrainians to strike inside of Russia.

end

Drones pummel Kiev. Dozens shot down

(zerohedge)

Iran-Made Drones Pummel Ukraine’s Capital, With Over A Dozen Shot Down

WEDNESDAY, DEC 14, 2022 – 10:10 AM

Multiple blasts rocked the Ukrainian capital on Wednesday morning in a predawn raid, sending residents across Kiev into bomb shelters and underground metro stations as air sirens blared. The sirens rang out while the attack occurred for over half an hour as drones hovered under the cover of darkness.

Ukrainian officials said air defense systems were activated against the inbound suicide drones, and claimed to have shot down a total of 13. Mayor Vitali Klitschko identified them as Shahed drones which reportedly targeted the city’s energy infrastructure. ‘comfortable’ slowing pace of rate hikes – Economist

Klitschko cited explosions in the central Shevchenkivskyi district, with resulting damage to two administrative buildings, but no casualties have been reported. It was the first significant Russian assault on the capital in days.

Ukrainian air force spokesman Yuriy Ihnat said in the attack aftermath that “The air defenses worked well,” detailing that “Thirteen (drones) were shot down.” President Zelensky in follow-up told his forces: “Well done, I am proud,” in a brief video message hailing the performance of the air defense units.

These attacks are expected to hasten Biden administration decision-making surrounding whether to send Patriot anti-air missile defense systems to the Ukrainians, marking a significant escalation with Russia. However, even if Patriots for Ukraine are approved, it’s likely to take multiple months for them to deploy on the battlefield, given also the Ukrainians would have to be trained on their operation.

Heavy fighting has continued to unfold this week in Bakhmut in Donetsk Oblast.

Meanwhile, the UK is joining US-led efforts to disrupt the Iran to Moscow weapons pipeline amid these ongoing drone assaults on Ukrainian cities.

The UK’s Foreign Commonwealth and Development Office (FCDO) announced Tuesday new sanctions on both Russian and Iranian military commanders. “Intentionally directing attacks against civilians and civilian objects is a serious violation of international humanitarian law. Those responsible must be held to account,” a statement said.

Via Al Jazeera: The latest waves of aerial attacks over the last month have appeared to target primarily the national energy grid as Ukraine heads into a frigid winter…

Foreign Secretary James Cleverly said this was in response to Tehran “striking sordid deals” with Moscow “in a desperate attempt to survive” – detailing further that it is Iranian-manufactured drones continuing to play a “central role” in Russian attacks on Ukrainian cities and energy infrastructure.

6/GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

Vaccine//Covid issues: Injuries

Musk is now going after Fauci and the damaging vaccines:

(zerohedge)

White House Flips Out After Musk Says Fauci-Funded Research “Killed Millions”

TUESDAY, DEC 13, 2022 – 03:49 PM

The White House says recent comments made by Elon Musk about Anthony Fauci are “dangerous” and “disgusting.”

“They are disgusting, and they are divorced from reality, and we will continue to call that out and be very clear about that,” said White House Press Secretary Karine Jean-Pierre in a Monday presser, before praising Fauci’s public handling of the Covid-19 pandemic.

Over the weekend, Musk tweeted: “My pronouns are Prosecute/Fauci,” eliciting widespread shrieks from the collective, including astronaut Scott Kelly, who said “Elon, please don’t mock and promote hate toward already marginalized and at-risk-of-violence members of the #LGBTQ+ community.”Scott Kelly: astronaut, defender of pronouns.

“Furthermore, Dr Fauci is a dedicated public servant whose sole motivation was saving lives,” he added.

Bitch please

“I strongly disagree,” Musk replied to the left-wing brother-in-law of former Arizona congresswoman, Gabby Giffords.

“Forcing your pronouns upon others when they didn’t ask, and implicitly ostracizing those who don’t, is neither good nor kind to anyone,” he added.

“As for Fauci, he lied to Congress and funded gain-of-function research that killed millions of people. Not awesome imo.”

Fauci indeed funded gain-of-function research – offshoring it to Wuhan, China after the Obama administration banned it in 2014.

What’s more, House Republicans think he may have been involved in a cover-up.

“We write to request a transcribed interview of Dr. Anthony Fauci, Director, U.S. National Institute of Allergy and Infectious Diseases (NIAID). Excerpts of emails we are making public today (see enclosed Appendix I) reveal that Dr. Fauci was warned of two things: (1) the potential that COVID-19 leaked from the Wuhan Institute Virology (WIV) and (2) the possibility that the virus was intentionally genetically manipulated. It is imperative we investigate if this information was conveyed to the rest of the government and whether this information would have changed the U.S. response to the pandemic,” reads a January, 2022 letter from Reps. James Comer and Jim Jordan to HHS Secretary Xavier Becerra.

end

Robert H; a must read!!

What a disaster for humanity

Not all the lots are the same nor do they all damage the as the length of time the vaccinations were not kept cold reduces them to mush. However i have friends who are suffering as a result and some friends have died unexpectedly, usually with a short time to receiving these shots. It is almost like Russian roulette, where the gamble is your life. And it is just as clear that a number of people have suffered side effects that haunt. So is any wonder why now people from all walks of life have little faith in big Pharma or even governments who push this nonsense without understanding themselves what they are doing. Even big corporations have found that the health and well being of their employees has suffered leaving gaps and employment issues affecting profits. So called Health Officers have badly failed in pursuit of their moral duty to populations they serve and are as accountable as big Pharma. The reality of drugstores looking like something expected in the third world in availed cold medicines or something as simple as baby aspirin or baby formula speaks volumes about the failures of provision of basic necessities, we took for granted. Seeing stories of hospitals over whelmed with children suffering is not just sad but a embarrassment for nations and structures who have failed their citizens, deserving no respect or consideration.
Those vaccinated who have suffered little or not at all are the fortunate ones as are those who refused to swallow the rubbish spewed for profit and have paid a price by abstaining. So as new Vaccination Passports are pushed by agendas of the organizations like the WEF and WHO we should expect that a greater percentage of the population will resist with all that means, with more societal divides and repercussions.

https://www.theepochtimes.com/health/people-died-from-mrna-vaccine-damaged-hearts-new-peer-reviewed-german-study-provides-direct-evidence_4919662.html

Cheers
Robert

end

GLOBAL ISSUES

PAUL ALEXANDER

The importance of zinc and RNA polymerase in the killing of the COVID 19 virus and why ivermectin works

a must view:

RNA dependent RNA polymerase (RdRp) enzyme is critical to the replication of genetic material in single strand RNA virus (ssRNA viruses); Dr. Zelenko reminded us this; RdRp impacted by zinc ionophores

RdRp needed for viral genetic material replication (COVID virus needs it) but zinc negatively impacts RdRp; yet zinc cannot enter cells, needs zinc ionophores like IVERMECTIN or HYDROXYCHLOROQUINE

DR. PAUL ALEXANDERDEC 13

SAVE ▷ LISTEN

Viruses such as COVID virus (all strains and sub-variants), RSV, influenza, Ebola, Hanta, and Marburg can be positively impacted by the use of zinc ionophores like ivermectin and hydroxychloroquine. As well as Quercetin.

Those in government and CDC and NIH and FDA and Fauci et al. all know this. Doctors know this too and it is criminal what they did denying early treatment with these drugs. People died needlessly.

end

Dr. Zev Zelenko deserves a Nobel Prize for what he gave to us and taught us.

See this wonderful potent stack by ‘The Farm’. I took input from this.

The Farm

Why Ivermectin Will Cure The Next Pandemic

One of Dr. Zelenko’s wonderful parting gifts (God rest his soul) was that he gave us solutions to problems he knew we would eventually have. In light of the latest (lightly covered) tabletop exercise …

end

Vaccinated have a 26% higher mortality rate in the UK

Dr Panda/Dr Alexander

Vaccinated Have 26% Higher Mortality Rate

From UK Government Data Presented to U.S. Senator Ron Johnson

DR PANDADEC 13

SAVE ▷ LISTEN

U.S. Senator Ron Johnson (Wisconsin) is holding roundtable discussions with experts and medical professionals on COVID-19 vaccine efficacy and safety. The discussions feature prominent doctors such as Dr. Peter McCullough, Dr. Robert Malone and Dr. Ryan Cole.

At the latest roundtable meeting titled “COVID-19 Vaccines: What They Are, How They Work and Possible Causes of Injuries” they featured Josh Sterling, a highly-acclaimed insurance analyst and founder of “The Insurance Collaboration to Save Lives.” Sterling says “the best statistics we have” and “the one chart that tells the entire story” all point to higher mortality rates in those who took COVID-19 mRNA vaccines.

You can find the clip of the video here.

He pointed to UK government data which, until recently, broke down mortality by vaccination status. The last available dataset, shows the people in the UK who took the vaccine have a 26% higher mortality rate than the unvaccinated. The people under the age of 50 who took the vaccine have a 49% higher mortality rate. The people who took only one dose of the vaccine have an astonishing 145% higher mortality rate than the unvaccinated.

Upgrade to paid

Why is there such a higher mortality rate in persons who took only one dose?

Josh explains that the people who took the first dose and stopped were the ones who were disproportionately harmed from the start. They most likely were the ones who experienced mild or moderate side effects. They conclude if you were mild or moderately harmed by the first dose of the vaccine and decided not to continue, statistically, you have a 145% higher chance of mortality, at least as it stands today – without any treatments, cures or interventions.

How does this data apply to the United States?

If you took the UK data and applied it to the United States (without any adjustments) that ends up being 600,000 extra vaccine-induced excess deaths per year. Yikes!

Stirling also said these are “the best statistics we have … at least through today, maybe it will get better,” but at this point, “we’ve got to assume this is now the baseline. There’s going to be 145% higher mortality.”

Senator Johnson found the single-dose statistics “pretty interesting” saying almost everyone knows someone who had a severe reaction to the first dose and didn’t take a second one.

Not really important but I’d like to add while doing research on “The Insurance Collaboration to Save Lives” Google was no help only providing propaganda on vaccines. Duck Duck Go had the result I needed at number 1 (not endorsing Duck Duck Go).

Thanks for reading everyone!

DEVASTATING! AWFUL: Six Year Old CANADIAN Girl DIES After Suffering MASSIVE Stroke, we suspect vaccine induced and messages from close people say so, MUST be investigated, it has begun!

Our hearts break for we told them so, just one death is too much and if it was due to the shot, Trudeau must answer. For he and his lockdown vaccine lunacy & his Njoo and Tam have deranged the society

DR. PAUL ALEXANDERDEC 14

SAVE ▷ LISTEN

SOURCE:

AWFUL: Six Year Old Girl DIES After Suffering MASSIVE Stroke, What Is The….

end

This is big!!

Premier Danielle Smith of Alberta, this lady is showing what real guts and strength is & love of nation; “The now-passed Sovereignty Act intends to prevent ‘unconstitutional’ federal government

overreach into matters of provincial jurisdiction. “Including but not limited to “firearms, energy, natural resources and COVID healthcare decisions.”; please lend Trudeau some stones Premier Smith!

DR. PAUL ALEXANDERDEC 14

SAVE ▷ LISTEN

What a class act! Huge respect for this lady! She shows gonads for all the men in the opposition and even her party! I tell you, when I was on the front line in the Canadian Trucker convoy and US convoy, each time I looked at the lines, the protests, those in the cold marching, sacrificing, who did I see? I saw women first, in the front, being beaten too, and men sprinkled in the back. It was Canadian and US women on the frontline fighting to protect their babies from the fraud lethal COVID injection. Huge praise! Smith is one I have great admiration for! Trudeau should ask her to burrow some stones for he has none and she gots lots to lend! Even half a stone, something, for the eunuch in him is hobbling his decision-making.

SOURCE:

https://www.lifesitenews.com/news/alberta-passes-sovereignty-act-despite-backlash-from-leftists-mainstream-media/?utm_source=digest-canadian-2022-12-14&utm_medium=email

Long live Canada!!! Great nation and peoples! Hopefully she can be saved! Trudeau and Doug Ford and Jason Kenney did tremendous damage!

end

This is big!!

Open in app or online BOOM BOOM! DeSantis Announces Florida Grand Jury Investigation to Hold Vaccine Manufacturers Accountable; grand jury will investigate the potentially dangerous & deadly side effects the mRNA injection

Ladapo and DeSantis strikes again, at the jugular! And you woke-ists out there, you putrid fecal media, you know I mean jugular strike figuratively, but anything to give you the vapors & derangement

DR. PAUL ALEXANDERDEC 13
SAVE ▷ LISTEN
You media, you know I despise and loathe and hate you as much as you hate me, when you decide to hug me with kisses, I will hug with kisses, until then, you remain a putrid fecal bottom-dweller bunch.A

Hang them high, if the grand jury and any legal inquiry finds that vaccine makers and their CEOs Bourla and Bancel etc. caused lives to be lost, hang them high! Only after proper legal inquiries and a judge proclaims judgement and if it rises to the death penalty, then hang them all high! All who caused lives to be lost in the pandemic response, and I mean medical doctors too. I mean anything and anyone who caused loss of life and profited.Yes, hang them high! Publicly!
SOURCE

:https://www.theflstandard.com/desantis-announces-florida-grand-jury-investigation-to-hold-vaccine-manufacturers-accountable/‘

TALLAHASSEE, FLORIDA — Today, Governor Ron DeSantis announced that the State of Florida is impaneling a grand jury to review evidence to hold COVID-19 vaccine manufacturers accountable under Florida law.“Today, I’m announcing a petition with the Supreme Court of Florida to impanel a statewide grand jury to investigate any and all wrongdoing in Florida with respect to the COVID-19 vaccines. We anticipate that we will get approval for that,” Governor DeSantis stated at a roundtable conference with medical professionals and vaccine injured citizens.Speaking alongside Florida’s Surgeon General, Dr. Joseph Ladapo, the governor said the grand jury will investigate the potentially dangerous and deadly side effects of the mRNA injections to hold the manufacturers accountable.’

VACCINE IMPACT//

Biden’s DOJ Arrests Bankman-Fried in Unprecedented Move to Prevent Him from Incriminating Himself Before Congress

December 13, 2022 3:19 pm

Within one day the entire narrative surrounding the downfall of Billionaire Crypto King Sam Bankman-Fried has gone from “why hasn’t this guy been arrested yet,” to “what is the government afraid he is going to reveal?” Who all is this guy connected to, and just how far does the corruption spread? Yesterday, one day before he was scheduled to appear in Congress before Maxine Waters, the DOJ issued an arrest warrant and authorities in the Bahamas, finally, arrested Bankman-Fried. But now he can’t testify before Congress. According to criminal defense attorney Jonathan Turley, this is unprecedented. Never before has the plaintiff in a criminal case, in this case the U.S. Department of Justice, intervened to prevent a defendant from testifying before Congress where he would have undoubtedly incriminated himself and made their case a slam dunk. I think this bizarre story has now gone from “will he be arrested” to “will he be suicided away, like Jeffrey Epstein, to protect the guilty?”

One Nation Under Blackmail: The Sordid Union Between Intelligence and Crime that Gave Rise to Jeffrey Epstein

December 13, 2022 9:02 pm

Investigative journalist Whitney Webb was recently interviewed on the Jimmy Dore show discussing her new 2-volume book: One Nation Under Blackmail: The Sordid Union Between Intelligence and Crime that Gave Rise to Jeffrey Epstein. This interview is quickly going viral, and for good reason. This is one you are going to want to watch. Whitney reveals how organized crime began working for U.S. Military intelligence during World War II, and even developed their own organized crime syndicate that worked together with the U.S. Government. This syndicate was based on ethnic criminal groups, such as the Irish, Italian, and Jewish mobs. Sexual blackmail was their modus operandi, and they continued working with U.S. Intelligence after the war, as the CIA was formed. You will most likely hear shocking things in this interview you have not heard before, and Whitney claims it is all documented (I have not read the books yet). During this interview she explains that Jeffrey Epstein’s pedophilia operation was not an anomaly, but is a regular mode of business that still operates today. She also explains how Epstein’s public crimes are all about child sex trafficking, but that he allegedly ran a separate operation where he groomed girls who became young women who were then sold off to the rich and famous. She briefly discusses Epstein’s relationship with Donald Trump back in the 1990s, and states that there is alleged evidence that Epstein provided Trump with two high profile girlfriends at the time, one of whom became his wife (Melania) and eventually the First Lady of the United States. Another bombshell she throws out is that she found a “mainstream media” article from 2001 that documents how Jeffrey Epstein gained most of his wealth from three men: Leslie Wexner, Donald Trump, and Bill Gates. This is most definitely one interview you are going to want to watch. The last thing Whitney Webb says at the end of the interview is: “If any of this stuff sounds crazy to people, I would encourage you to read the books. I have exhaustively footnoted everything. There’s a source for everything I say. You can go and check this out for yourself. Please, fact check me all you want.” I can’t even begin to explain how valuable this is, because for the past few years the major datafeeds that feed the search engines, including privacy-based search engines like Duckduckgo.com, are owned primarily by Google and Microsoft, and they have been rewriting the algorithms on many searches to only show you what they want you to find. That doesn’t mean it isn’t still out there on the Internet. It just means it is a lot more difficult to find it today, here at the end of 2022. So in this case, with one of the most researched journalists and experts on Jeffrey Epstein and the pedophile sex trafficking networks among the rich and powerful, showing you where to go to find the things she discusses in her book, and in this interview, that is VERY valuable information.

3rd journalist

https://www.marca.com/en/world-cup/2022/12/12/6397ad47ca47414c7b8b45f1.html

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MICHAEL EVERY/RABOBANK

Michael Every on the day’s most important events:

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

The idiotic price cap initiated by Europe will be a complete failure as Russia responds

(Paraskova/OilPrice.com)

A Peek At Russia’s Response To The G7 Oil Price Cap

WEDNESDAY, DEC 14, 2022 – 06:30 AM

By Tsvetana Paraskova of OilPrice.com

Russian authorities have drafted a decree banning the sale of Russian crude oil to buyers part of the Price Cap Coalition or if the purchase is limited by the G7/EU price cap, as a measure to counter the $60 a barrel price ceiling set by the West, Russian daily Vedomosti reported on Tuesday, quoting a source with knowledge of the draft and government sources.

The EU banned from December 5 maritime transportation services from shipping Russia’s crude oil to third countries if the oil is bought above the price cap of $60 per barrel, and imposed an embargo on seaborne imports of Russian oil into the EU.

The draft presidential decree, whose details will be formulated by the Russian government, bans Russian firms from selling crude oil if the contract specifies a member of the Price Cap Coalition as a customer, or if the contract specifies a price cap as a condition for the sale, according to Vedomosti’s sources.

The decree is expected to ban such sales from Russia by July 1, 2023, with a possibility of an extension, the sources say.

During a briefing with reporters on Monday, Kremlin spokesman Dmitry Peskov said that the decree would be published “in the coming days.”

Moscow says the price cap artificially limits prices in a non-market mechanism it will not accept.

By the end of this year, Russia expects to have legislation prepared that will ban Russian companies from selling oil to countries part of the Price Cap Coalition, Russia’s Deputy Prime Minister Alexander Novak said last week.

Also last week, Kremlin’s spokesman Peskov said that Russia was preparing a response to the EU embargo and the price cap.

Moscow claims the price cap will not seriously hit its oil production and economy. Russia’s oil production will not fall off a cliff now that the EU-G7 price cap on Russian crude has come into effect, Russia’s First Deputy Energy Minister Pavel Sorokin said last week.

“Most markets are available for our oil based on adequate market principles, while any fluctuations in oil production that may occur, are not critical and will not exceed those registered in the spring,” Sorokin told reporters in Moscow today, as carried by Russian news agency TASS.

Russian oil output dipped in the spring immediately after the Russian invasion of Ukraine, but later stabilized by June. Still, Russia is estimated to have been around 1 million barrels per day (bpd) below its OPEC+ oil production quota since then.

8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.

END

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

EURO VS USA DOLLAR: UP .0025 AT 1.0648

USA/ YEN 135.09 DOWN 0.553/NOW TARGETS INTEREST RATE AT .25% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES//

GBP/USA 1.2387 UP 0.0031

Last night Shanghai COMPOSITE CLOSED UP 0.20 PTS OR 0.01%

Hang Sang CLOSED UP 77.25 POINTS OR 0.39%

AUSTRALIA CLOSED UP 0.67% // EUROPEAN BOURSE: MOSTLY RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY RED

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 77.25 PTS OR 0.39%

/SHANGHAI CLOSED UP 0.20 PTS OR 0.01%

AUSTRALIA BOURSE CLOSED UP 0.67%

(Nikkei (Japan) CLOSED UP 201.36 OR 0.72%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1807.00

silver:$23.66

USA dollar index early TUESDAY morning: 103.48 DOWN .09 POINTS from TUESDAY’s close.

WEDNESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.88% UP 5 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: 2.97%// UP 4 in basis points yield

ITALIAN 10 YR BOND YIELD 3.86 UP 7 points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +1.935% UP 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.0659 UP .0036 or 36 basis points//

USA/Japan: 134.83 DOWN 0.7551 OR YEN UP 76 basis points/

Great Britain/USA 1.2421 UP .0067 OR 67 BASIS POINTS //

Canadian dollar DOWN .0004 OR 4 BASIS pts to 1.3553

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED ..DOWN) AT 6.9506

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.9666

TURKISH LIRA: 18.63 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.249

Your closing 10 yr US bond yield DOWN 1 IN basis points from TUESDAY at 3.490% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.552 UP 3 in basis points

Your closing USA dollar index, 103.33 DOWN 0.24 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 WEDNESDAY: 12:00 PM

London: CLOSED DOWN 6.96 PTS OR 0.09%

German Dax : CLOSED DOWN 37.69 POINTS OR 0.26%

Paris CAC CLOSED DOWN 14.19 PTS OR 0.21%

Spain IBEX CLOSED UP 32.90 OR 0.40%

Italian MIB: CLOSED DOWN 63.01 PTS OR 0.26%

WTI Oil price 77.22 12: EST

Brent Oil: 82.59 12:00 EST

USA /RUSSIAN /// DOWN TO: 63.99/ ROUBLE DOWN 1 AND 14/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.935

UK 10 YR YIELD: 3.3420 UP 9 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0665 UP .0044 OR 44 BASIS POINTS

British Pound: 1.2414 UP .0060 or 60 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.3460% UP 3 BASIS PTS

USA dollar vs Japanese Yen: 135.32 DOWN 0.264/YEN UP 26 BASIS PTS//

USA dollar vs Canadian dollar: 1.3557 DOWN 0.0001 (CDN dollar, UP 1 basis pts)

West Texas intermediate oil: 77,43

Brent OIL: 82.79

USA 10 yr bond yield DOWN 1 BASIS pts to 3.494%

USA 30 yr bond yield up 1 BASIS PTS to 3.531%

USA dollar index:103.64 DOWN 1.12 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 18.63

USA DOLLAR VS RUSSIA//// ROUBLE: 63.99 down 1 AND 14/10 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 142.29 PTS OR 1.22%

NASDAQ 100 DOWN 93.28 PTS OR 0.79%

VOLATILITY INDEX: 21.33 DOWN 1.22 PTS (5.41)%

GLD: $168.12 DOWN 0.39 OR 0.23%

SLV/ $21.83 UP $163 OR 0.73%

end)

USA trading day in Graph Form

Another Big Reversal FOMC Day: Markets Call Hawkish Fed’s Bluff

WEDNESDAY, DEC 14, 2022 – 04:00 PM

The day started off with a drop in import and export price inflation. But that was just a side-show as stocks limped higher into the main event.

Then The Fed and Powell’s presser smashed the vase of fantasy on the ground of reality with a hawkish statement and projections and an even more hawkish Powell.

POWELL: LABOR MARKET REMAINS EXTREMELY TIGHT
POWELL: A RESTRICTIVE POLICY STANCE LIKELY NEEDED FOR SOME TIME
POWELL: NEED SUBSTANTIALLY MORE EVIDENCE OF LOWER INFLATION
POWELL: FED STILL HAS SOME WAYS TO GO ON RATE HIKES
POWELL: STANCE ISN’T YET RESTRICTIVE ENOUGH EVEN W/ TODAY’S MOVE
POWELL: NO RATE CUTS UNTIL CONFIDENT INFLATION MOVING TOWARD 2%
POWELL: WILL HAVE TO HOLD RESTRICTIVE RATES FOR SUSTAINED TIME

All of which sent rate-hike expectations surging, but they gave back some of that hawkishness as Powell spoke…

Source: Bloomberg

The market is now pricing in rates being lower than current rates by Jan 2024…

Source: Bloomberg

The market is not buying what The Fed is selling…

Source: Bloomberg

The markets did their usual thing – jerking one way on the statement, then swinging all the way during the press conference which was as usual full of contradictions…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1603105109025619970&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fmarkets-swing-wildly-hawkish-powell-pummels-pause-narrative-then-opens-door&sessionId=e3c226c999923ab517db8d700c644e2a1dd139cf&siteScreenName=zerohedge&theme=light&widgetsVersion=a3525f077c700%3A1667415560940&width=550px

…but markets grabbed on the remote possibility of The Fed adjusting its inflation target: Bloomberg’s David Wilcox explained:

“At the presser, Powell slaps down any notion of rethinking the 2% inflation target any time in the foreseeable future. Implicitly, he leaves open the possibility of revisiting the target down the road — perhaps at the next ‘framework review’ due to be concluded in about 2025, or perhaps the one after that. In other words, not until WAY down the road.”

Neil Dutta at Renaissance Macro agreed:

Powell even saying that there could be a “longer-run project” in looking at the inflation target is “dovish”

And that, along with Powell saying that we are ‘getting close to sufficiently restrictive rates level” seemed to reverse everything. The Dollar spiked as everything else dumped initially; then Powell started speaking and the dollar dropped and everything else rebounded…

Simply put – the market is calling The Fed’s hawkish bluff.

Stocks ended lower after dumping and pumping. Nasdaq underperformed (swinging from +1% to -1.5%) but the moves by the close were not by any means significant…

The S&P started the day back above the 200DMA, but fell back below it on the FOMC…

Treasury yields mostly ended the day lower in yields, despite spiking initially on the FOMC statement. The short-end notably underperformed however (2Y +2bps, rest of curve down 1-2bps)…

Source: Bloomberg

Which flattened the yield curve significantly…

Source: Bloomberg

The odds of a 50bps hike in Feb popped and dropped (now at just 25%), while the odds of a March 25bps hike rose to 60%. There’s a 76% chance that The Fed will not hike in May…

Source: Bloomberg

The dollar initially rebounded on the FOMC statement then reversed on Powell’s comments…

Source: Bloomberg

Bitcoin ramped back above $18,000 ahead of The Fed then was slapped back below it…

Source: Bloomberg

A huge crude build knocked oil prices (briefly), but the machines wanted it higher and so WTI topped $77 (one week highs)…

Gold initially tumbled on the FOMC statement then bounced back…

Finally, and perhaps most notably today, Powell was asked about the decoupling between financial conditions and the tightening of policy rates…

Source: Bloomberg

His response was and umm-ahh but he finally admitted that it is important that financial conditions reflect policy restraint.

“The Fed’s actually pretty hawkish here,” Former Federal Reserve Bank of New York President Bill Dudley says. He also draws attention to that (diplomatically phrased) comment from Powell at the start about the need for financial conditions to reflect Fed tightening action.

“If markets ease financial conditions, the implicit notion there was that just means we’re going to have to do more to make financial conditions tight.”

So what do you think that means for credit spreads, stock prices, and bond yields?

EARLY MORNING TRADING//FOMC

FOMC Hikes By 50bps, Hawkishly Signals Rates Will Go Higher-For-Longer

WEDNESDAY, DEC 14, 2022 – 02:04 PM

Tl;dr: Fed hiked rates by 50bps as expected but signaled, through its projections, that it will hike rates higher than the market expects and hold those rates higher for longer. Furthermore, the projections for economic growth, employment, and inflation all suggest The Fed expects a recession.

Fed rate expectations are notably more hawkish than the market’s…

With the market expecting rates to be lower than current levels by January 2024…

* * *

Since the November 2nd (dovish) FOMC statement and (hawkish) press conference chaos, gold and bonds have dramatically outperformed, stock have rallied as the dollar and crypto tumbled…

Source: Bloomberg

Most notably, despite Powell’s extremely hawkish press conference (which sent rate-hike expectations higher), the overall expectations of the trajectory of Fed rate has dived dovishly since the last FOMC. Note the terminal rate has dived from 5.20% to below 4.80%…

Source: Bloomberg

This has completely decoupled the market from The Fed’s dot-plot expectations for the rate-trajectory from here (with the market considerably more dovish)…

Source: Bloomberg

Note we will get a new dotplot today.

The market is pricing in around 6 rate-cuts from mid-2023 to end-2024…

Source: Bloomberg

Finally, and perhaps most importantly for Powell, we note that financial conditions have eased dramatically since the last FOMC, now at their ‘easiest’ since June (225bps of rate-hikes ago!)…

Source: Bloomberg

The market has fully priced-in a 50bps hike today but since the CPI print, February and March expectations have dovishly dropped (27% odds of 50bps in Feb and 48% of 25bps hike in March)…

Source: Bloomberg

So, the primary points of uncertainty are:

(i) how high DOTS move, 25bps – 50bps. Bond markets are pricing a ~4.8% terminal rate effectively achieved at the March 2023 FOMC meeting

(ii) the degree of hawkishness of Powell’s press conference. Investors are wondering if Powell delivers Jackson Hole (SPX -3.4%) or more like Brookings/Nov 30 (SPX +3.1%). It may be the case that Powell focuses on the length of time Fed Funds will remain elevated rather than pace or level.

So what did the FOMC say?

The Fed hiked rates by 50bps as expected, adding that “ongoing” rate-hikes are likely anticipated.

And even more hawkishly, The Fed’s new dotplot signals a median forecast of 5.1% in 2023 (more hawkish than expected), dropping to 4.1% in 2024. Additionally note that one Fed member expects 5.50-5.75% in 2025!

Which is even more hawkishly decoupled from the market’s dovish expectations…

While we had a unanimous vote today, there’s clearly a whole lot of division over expectations for policy in 2023.

With 7 of the 19 forecasters seeing a policy rate of above 5.25% next year, that’s a sizable minority.

The 2023 Median ‘Dot’ continues to hawkishly rise, decoupling from the market…

Fed projections see weaker economy in 2023; higher unemployment rates, more inflation and 50bps higher Fed funds rate.

Notably, a majority of FOMC participants now see core PCE decelerating to 3.5% at the end of 2023, significantly higher than the projection of 3.1% in the September forecast round.

Somebody is going to have to fold here…

As Bloomberg’s Chris Anstey notes, looking at the median forecasts for economic growth and the jobless rate, Fed policymakers are basically predicting a recession.

A 0.5% gain for GDP in the fourth quarter of next year compared with the current quarter could easily incorporate two or three quarters of contraction.

And the jobless rate rising by almost 1 percentage point — that’s an outlook that is pretty consistent with a recession.

So Powell may say they’re still hoping for a softish landing. But basically the Fed is projecting a recession.

Now all eyes and ears are on Powell to see if he flips the script once again.

Read the full Redline of the statement below (virtually unchanged):

EARLY AFTERNOON TRADING

A Stunned Wall Street Reacts To The Unexpectedly Hawkish Fed

WEDNESDAY, DEC 14, 2022 – 02:46 PM

As the first kneejerk reactions to the final Fed statement of 2022 come in, the consensus is clear: after the recent Brookings comments from Powell and yesterday’s CPI miss, few expected the Fed to come out as guns blazing hawkish, as it did, despite shaving off 25bps from it recent 75bps rate hikes (largely the result of the sharp easing in financial conditions over the past two months which the Fed is clearly unhappy with).

The market’s reaction was swift, pushing both terminal rate expectations higher and hawkishly adjusting rate-cut expectations…

Which put together sent the USD higher, while bonds, stocks, and gold all fell in price…

Below are some of the reactions we have gathered so far. We will update this as more come in:

Neil Dutta, head of economics at Renaissance Macro

“A Hawkish Fed. The FOMC Statement statement is notable for how little it has changed from the prior meeting. This remains a hawkish Fed.”

George Concalves, macro strategy at MUFG Securities Americas

“As close to a recession call from the Fed as I can ever recall from SEP forecasts while holding rates at multi-decade highs, this is a Fed that wants to make sure the inflation job is done and won’t relent that quickly. The selloff in Treasuries is a market realizing they were in the wrong Zip code on expectations — they are hiking and market still wasn’t taking it serious. The clustering of dots for 2023 above 5%, with only two below that level, shows an FOMC on the same page to get the job done. They are going until something breaks in the economy, markets or both to get at aggregate demand and reduce wages and cut off the potential for a wage-price spiral, they are not taking chances.”

John Brady, RJ O’Brien

“Hawkish revisions to the inflation forecast with a majority of FOMC participants seeing core PCE decelerating to 3.5% at the end of 2023, versus a projection of 3.1% in the September forecast round.”

Ian Lyngen, BMO Capital Markets

“Using a very approximate fair value calculation for 2-year yields, with a 50bp hike in February and a final 25 bp hike in March, and a 25 bp cut in March 2024 followed by an aggregate 75 bp in additional cuts over H2 ‘24 (meshing with the dotplot), we see 2s as ‘fair’ at 4.69%. Certainly not precise, but context for how far the rally in the front end had run ahead of the meeting.”

Katherine Judge, economist at CIBC Capital Markets:

“The inflation forecast was upgraded for 2023-24, so any good news on the inflation front ahead could cause policymakers to hike by less than shown in these projections.”

Ira Jersey, Bloomberg Intelligence

“The hawkish statement takes back some of Powell’s perceived dovishness at his recent speech. This was not surprising to us, and we think it suggests the recent steepening of the yield curve could once again head toward new cycle lows before the end of hikes. However, I think the market will be cautious before the press conference, where in recent quarters the rates market has seen the bulk of its Fed-meeting-day moves.”

Source: Bloomberg

ii) USA DATA

III) USA ECONOMIC STORIES.

Pay attention to this:

(Ron Paul)

Ron Paul: Mother Of All Economic Crisis Will Lead To “Social Unrest & Violence”

WEDNESDAY, DEC 14, 2022 – 09:01 AM

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Nouriel Roubini, a former advisor to the International Monetary Fund and member of President Clinton’s Council of Economic Advisors, was one of the few “mainstream” economists to predict the collapse of the housing bubble. Now Roubini is warning that the staggering amounts of debt held by individuals, businesses, and the government will soon lead to the “mother of all economic crises.”

Roubini properly blames the creation of a debt-based economy on the near-or-at-zero interest rate and quantitative easing policies pursued by the Federal Reserve and other central banks. The inevitable result of the zero-interest and quantitative easing policies is price inflation wreaking havoc on the American people.

The Fed has been trying to eliminate price inflation with a series of interest rate increases. So far, these rate increases have not significantly reduced price inflation. This is because rates remain at historic lows. Yet the rate increases have had negative economic effects, including a decline in the demand for new homes. Increasing interest rates make it impossible for many middle- and working-class Americans to afford a monthly mortgage payment for even a relatively inexpensive home.

The main reason the Fed cannot raise rates to anywhere near what they would be in a free market is the effect it would have on the federal government’s ability to manage its debt. According to the Congressional Budget Office (CBO), interest on the national debt is already on track to consume 40 percent of the federal budget by 2052 and will surpass defense spending by 2029! A small interest rate increase can raise yearly federal debt interest rate payments by many billions of dollars, increasing the amount of the federal budget devoted solely to servicing the debt.

The federal government’s fiscal picture is made worse by the fact that the Social Security “Trust Fund” will begin to run deficits by 2035 while the Medicare Trust Fund will run deficits by 2028. The looming bankruptcy of the two major entitlement programs, combined with the unwillingness of most in Congress to reduce either welfare or warfare spending, puts the Fed in a bind. If it raises rates to the levels needed to really combat price inflation, the increase in interest payments will impose hardships on individuals and businesses, as well as raise federal interest payments to unsustainable levels. This will cause a major economic crisis including a government default on its debt causing a rejection of the dollar’s world reserve currency status. Also, if the Fed continues to facilitate federal deficits by monetizing the debt, the result will be an economic crisis caused by a collapse in the dollar’s value and rejection of the dollar’s world reserve status.

end

USA/CHINA

Add more firms to the restricted lis. The war with China escalates

(zerohedge)

US Set To Add Chinese Chipmaker And Over 30 Firms To Trade Blacklist

WEDNESDAY, DEC 14, 2022 – 11:11 AM

Bloomberg reported that as soon as this week, the Biden administration could place Chinese chip maker Yangtze Memory Technologies (YMTC) and over 30 other Chinese firms on a trade blacklist that would prevent them from acquiring US semiconductor components.

The action would mark another escalation in the deepening US-China technology war. Washington is trying to crush China’s ability to develop and manufacture advanced chips for military applications.

People familiar with the US Department of Commerce’s move expect YMTC and the 35 other companies could be added to the so-called “Entity List” as early as this week. Once the companies are on the list, US suppliers must apply for special licenses to ship even low-grade items overseas. fter CPI, Fed more ‘comfortable’ slowing pace of rate hikes – Economist

Bloomberg pointed out that Huawei Technologies Co.’s consumer smartphone business was severely impacted after it was placed on the list.

The latest action, whether this week or in the coming month, comes after President Biden and President Xi Jinping held their first in-person meetings at the G20 summit in Bali, Indonesia. Also, the potential action comes two months after the US unveiled harsh export controls on YMTC and 30 other Chinese companies.

On Wednesday, Foreign Ministry spokesman Wang Wenbin said at a regular press briefing that the US has “politicized and weaponized economic cooperation,” adding that Washington’s actions are causing supply chain disruptions. He said Beijing would take steps to protect its chip industry.

More broadly, Washington is negotiating with Japan and the Netherlands in a trilateral deal to prevent companies from selling chipmaking equipment to China. The goal is to slow down the progress of China’s accession as it aims to become the top economic superpower.

USA ECONOMIC ISSUES// SUPPLY ISSUES//DERIVATIVES

Social unrest continues and this will play havoc to the USA with respect to two Peru exports:

1) Fruit

ii) silver production

stay tuned…..

Are Peru’s Exports In Jeopardy As Social Unrest Worsens?

TUESDAY, DEC 13, 2022 – 09:45 PM

Peru’s president was pushed out of power and jailed hours after attempting to close congress and seize extraordinary powers last week. Political chaos spilled over into the streets and sparked social unrest. By Saturday, Peru’s new president, Dina Boluarte, established a moderate cabinet to calm fears, but political and social turmoil spilled over into the new week.

There are increasing concerns in the South American country that instability could spark trade disruptions at major ports. On Monday, Bloomberg titled a note called “Peru’s Political Unrest Puts Global Fruit Supplies in Jeopardy.”

The Peruvian fruit trade with the US has dramatically increased in the last seven years. Fruits such as blueberries and grapes from the South American country end up on supermarket shelves in the US. Any disruption could impact prices or cause shortages.

However, Rabobank International’s David Magana spoke with Bloomberg about the Peruvian fruit trade amid all the chaos. He said:

“The Peruvian fruit industry has become an exporting powerhouse despite political instability.”

Crowds blocked highways and disrupted transportation networks across several metro areas last week. An escalation of political and social turmoil has gained momentum as anti-government protesters blocked roads and stormed the international airport Monday.

There has been no mention of major marine ports blocked, but one could assume some transportation networks are experiencing bottlenecks due to the chaos.

end

SWAMP STORIES

The Legion Of Democratic Doom? Biden Operatives Plan “Swat Force” On Hunter Biden Scandal

TUESDAY, DEC 13, 2022 – 04:45 PM

Authored by Jonathan Turley,

Below is my column in the New York Post on the very public plan to target potential witnesses — and even media — in the Biden influence peddling scandal. It is rare to see such a scorched Earth campaign intentionally made public. When Hillary Clinton’s campaign funded the Steele dossier, it hid its role and even denied the funding when asked by reporters.

This was clearly an effort to not only reveal the plan but to specifically declare the potential targets, including key witnesses, against the Bidens.

Here is the column:

Just when you thought our politics could not get more poisonous, a recent meeting in California suggests the past is mere prelude. The Washington Post, which revealed the powwow, described it as Biden family “allies” planning an offensive to blunt any investigation into the Bidens’ alleged multimillion-dollar influence-peddling schemes.

Republicans will see it more like the gathering of the Legion of (Democratic) Doom. Some of the most controversial political operatives are involved in the all-hands-on-deck effort to protect the Bidens.

The California meeting’s host was none other than Hunter Biden’s friend, agent and lawyer Kevin Morris. After Hunter was placed under investigation for, among other possible charges, tax evasion, Morris reportedly paid off as much as $2.8 million in back taxes for Hunter.

Morris, per The Washington Post, called for a “more aggressive” response to those seeking to investigate the alleged influence peddling. That plan includes hitting critics, such as Fox News, with possible defamation lawsuits. (For full disclosure, I appear as a legal analyst on Fox News.)

The paper also reported Morris “outlined extensive research on two potential witnesses against Hunter Biden — a spurned business partner named Tony Bobulinski and a computer repairman named John Paul Mac Isaac.” “Spurned” is hardly the sole or most relevant description of Bobulinski: The businessman was recruited by the Biden family to manage foreign deals and later directly contradicted President Joe Biden’s claims he knew nothing of those dealings. His testimony could present a serious threat in the coming House investigation in establishing not only the president’s knowledge but his possible receipt of proceeds from the deals.

Morris’ plan could easily be taken as a declaration of all-out war on potential witnesses against Hunter Biden.

What’s most interesting about the piece is why The Washington Post was given such access and such a detailed account. Generally, political operatives lay out scorched-earth campaigns in secret. But someone wanted this campaign to be public before the House can call any witnesses.

For key witnesses like Bobulinski, the message is about as subtle as a two-by-four to the head. The Washington Post is viewed as one of the most pro-Biden newspapers in the country and only recently admitted the Hunter Biden laptop was authentic after pushing the false Russian-disinformation claim. Now the paper is detailing a plan that could create an open season on those who might try to substantiate the Biden family’s influence peddling.

Notably, the article stresses this effort is “operating separately from the White House. [David] Brock said his organization also remains independent of Hunter Biden and his team and is following its own strategy.”

The separation is important to deflect any allegations of witness intimidation. Media and political figures leveled such claims against the Trump White House when impeachment witnesses were attacked in the press. Congressional Democrats denounced criticism of the witnesses as an effort to silence or deter witnesses from coming forward. (For the record, I also criticized the targeting of witnesses against Trump even if it did not constitute chargeable witness intimidation).

Those who view this as a not-so-veiled threat will likely cite the inclusion of David Brock, one of the most controversial and reviled Democratic operatives in Washington.

Long a radical figure closely associated with Hillary Clinton’s campaigns, Brock has repeatedly been at the center of controversial attack campaigns and was most recently tied to news sites criticized as fakes or ploys.

Many see him as the lowest common denominator of Democratic operatives, someone willing to take extreme measures to support Democratic figures and causes. Even Biden senior adviser Neera Tanden allegedly once remarked, “I hope Hillary truly understands now how batshit crazy David Brock is.”

Brock, however, has always given figures like Clinton deniability for direct responsibility for his actions. He described his new group, Facts First USA, as a “SWAT team” designed to “ensure that the media and public do not accept the false narrative that flows from congressional investigations.”

The Post described the meeting as a “glimpse into a sprawling infrastructure that is rapidly, almost frantically, assembling to combat Republicans’ plans to turn Hunter Biden into a major news story when the GOP takes over the House next year.” It also discussed an array of well-known lawyers the Biden family has assembled as well as plans by the White House and Democratic National Committee.

Various Democratic groups plan to attack efforts to disclose the Bidens’ multimillion-dollar efforts by attacking Donald Trump’s family. These include the Congressional Integrity Project, which recently hired Jeff Peck, the chief of staff to Biden when he was a senator. These talking points are already appearing in the media, which are heavily invested in denying any scandal connected to the family.

That’s why the Post article looks like a shot across the bow of any potential witnesses. This is not to say these reporters are knowing agents of this campaign, but Democratic operatives clearly wanted people to know about this alliance.

The article touches all the bases to insulate the Bidens and the Democratic National Committee from responsibility for what Brock and Morris may unleash. However, with the inclusion of former Biden staff and allies, it’s a line that can be quickly lost as investigations heat up. Targeting witnesses like Bobulinski could invite congressional investigators to look more closely at these groups and their funding.

Morris could also be taking a real risk. There are already questions about whether he was acting as counsel, agent or friend in reportedly paying off tax debts for Hunter Biden. Rules of professional ethics demand clarity in legal representation.

Moreover, Morris himself could be called as a witness and face questions over his own role in the scandal and its suppression in the media. That makes orchestrating an aggressive public campaign more problematic if it targets or intimidates other witnesses.

This is, of course, well known to these sophisticated political operatives, which makes the effort to publicize this campaign all the more concerning. House Democrats have blocked efforts to investigate any Biden influence peddling. They will have to take ownership of that refusal if the investigation now establishes a massive and corrupt operation.

But the new campaign is designed to give plausible deniability and comfortable distance from planned attacks on witnesses and commentators. Hunter Biden may have collected millions in selling access and influence, but anyone investigating or accusing the Bidens is now fully warned: Proceed at your own peril.

end

‘Russian Disinformation’ Narrative On Hunter Biden Laptop Story Proved False By Twitter Files, Trump DNI Says

TUESDAY, DEC 13, 2022 – 08:05 PM

Authored by Bill Pan via The Epoch Times (emphasis ours),

The recently publicized internal Twitter communications have proven false the claim that the story around Hunter Biden’s laptop was a part of Russia’s disinformation campaign, former director of national intelligence (DNI) John Ratcliffe said Friday.

“What I said as the DNI in October 2020 was proven true,” Ratcliffe wrote on Twitter. “The IC had zero intelligence supporting a false narrative that the Biden laptop was Russian disinformation. Nobody in the IC had authority to say otherwise.”The Twitter headquarters signage on 10th Street in San Francisco on Nov. 4, 2022. (David Odisho/Getty Images)

Ratcliffe, who served as the nation’s top intelligence official and the principal intelligence adviser to President Donald Trump from 2020 to 2021, shared part of independent journalist Matt Taibbi’s post series, known as “Twitter Files.”

In the multi-post thread, Taibbi used screenshots of email exchanges between company executives to illustrate Twitter’s biased content moderation decisions, including the suppression of the New York Post’s report of the link then-presidential candidate Joe Biden allegedly had with dubious foreign business dealings based on emails retrieved from a laptop once belonged to his son, Hunter.

Twitter’s initial response to the story is to limit its reach, claiming at that time that this was based on the platform’s “Hacked Material Policy” that prohibited users from posting “content obtained through hacking.”

One of those screenshots, according to Taibbi, shows that Yoel Roth, Twitter’s moderation and safety leader until his recent resignation, had been having a “weekly sync with FBI/DHS/DNI” regarding issues with “election security” in the wake of the laptop story.

“Hacked Materials exploded. We blocked the NYP story, then we unblocked it (but said the opposite), then said we unblocked it… and now we’re in a messy situation where our policy is in shambles, comms is angry, reporters think we’re idiots, and we’re refactoring an exceedingly complex policy 18 days out from the election,” wrote one executive who is purportedly Roth.

“Weekly sync with FBI/DHS/DNI re: election security,” the message continued. “The meeting happened about 15 minutes after the aforementioned Hacked Materials implosion; the government declined to share anything useful when asked.”

Roth’s weekly meetings with law enforcement and intelligence officials may have involved separate meetings, where not all of them showed up, Taibbi reported.

“I have to miss the FBI and DHS meetings today, unfortunately,” Roth wrote to a Twitter staffer, indicating that officials of the two agencies weren’t scheduled to meet with him together at once.

None of these messages mentioned anything about Russia, although at that time many commentators, media outlets, and Democrat leaders—notably House Intelligence Committee Chairman Adam Schiff (D-Calif.), claimed that the controversy surrounding Hunter Biden’s laptop was a Russian disinformation plot.

“We know this whole smear on Joe Biden comes from the Kremlin,” Schiff told CNN in October 2020, claiming that it was in Moscow’s interest to keep Trump in the White House. “Clearly, the origins of this whole smear are from the Kremlin, and the president is only happy to have Kremlin help in trying to amplify it.”

Such assertion had prompted Ratcliffe to speak out, accusing the Democrats of trying to “politicize the intelligence.”

“The intelligence community doesn’t believe that because there is no intelligence that supports that. And we have shared no intelligence with Adam Schiff, or any member of Congress,” Ratcliffe said in an interview with Fox Business following Schiff’s comments.

“It’s funny that some of the people who complain the most about intelligence being politicized are the ones politicizing the intelligence,” he added. “Unfortunately, it is Adam Schiff who said the intelligence community believes the Hunter Biden laptop and emails on it are part of a Russian disinformation campaign.”

end

KING REPORT

The King Report December 14, 2022 Issue 6907

Independent View of the News

  November CPI 0.1% m/m & 7.1% y/y, 0.3% & 7.3% exp, 0.4% & 7.7% in October
November Core CPI 0.2% m/m & 6.0% y/y, 0.3% m/m & 6.1% y/y exp, 0.3% & 6.3% in October

The BLS: The index for shelter was by far the largest contributor to the monthly all items increase, more than offsetting decreases in energy indexes. The food index increased 0.5 percent over the month with the food at home index also rising 0.5 percent. The energy index decreased 1.6 percent over the month as
the gasoline index, the natural gas index, and the electricity index all declined…
https://www.bls.gov/news.release/cpi.nr0.htm

If you’ve been playing along at home, you might have noticed that for the past several months, ESHs and USHs have experienced big moves a few minutes before CPI or NFP have been released. Once again, the November CPI leaked early. ESHs and USHs first jumped higher at 8:24 ET. They exploded higher at 8:28 ET. CPI was released at 8:30 ET. Where is the SEC? Where is the hapless Gary Gensler?

US Downplays Idea of CPI Leak Following Pre-Report Trading (Obvious enough for a US denial!)
BLS spokesperson Cody Parkinson said by mail that while the agency is not aware of any early release, some government officials do routinely receive the data before publication under federal guidelines…
https://finance.yahoo.com/news/us-plays-down-idea-cpi-205925728.html

@lisaabramowicz1: The softer-than-expected read on U.S. consumer-price inflation has caused investors to downgrade their expectations of the terminal Fed funds rate. Traders now see the Fed funds rate to peak at 4.83% in May before dropping to 4.1% by the beginning of 2024.
https://twitter.com/lisaabramowicz1/status/1602684155015430144
    This is the fear of boomerang inflation that keeps inflation higher for longer, albeit well off 40-year highs. As long as households have discretionary income and an ability to spend, there’s still a lot of money that can keep prices elevated & keep businesses hiring.

@LizYoungStrat: Headline CPI came in at 7.1% y/y & 0.1% m/m, below the est of 7.3% & 0.3%. Services CPI (magenta) still increasing but less quickly. Goods CPI (blue) narrowing materially, ditto for Energy (yellow)… https://twitter.com/LizYoungStrat/status/1602670401217339400

The CPI is, of course, a fraud. The BLS has eggs +49.1% y/y. Eggs that we had bought for $1.49 to $1.59 per dozen are now $5.80 to $6.20 per dozen. Shelter, 1/3 of CPI, has been greatly understated.

The NY Fang+ Index soared as much as 5.2%. The Gold Miners ETF, GDX, jumped as much as 5.2%; Silver soared as much as 3.5%; Gold jumped 2.3%. USHs peaked at +2 24/32.

Stocks soared on the NYSE open due to the benign November CPI. However, within 30 minutes of the NYSE open, stocks commenced a tumble. @zerohedge: TICK went from +1951 to -1005

At 9:30 ET, traders bought the tumble. They were wrong. After a modest rally, ESHs sank to new lows. ESHs and stocks started a rally 5 minutes before the European close. It ended at 11:33 ET. ESHs hit 4029.00 at 12:33 ET, -151.00 from the daily high! The DJIA turned negative at 12:15 ET; it hit +707!

After a rebound rally that lasted about 40 minutes, ESHs and stocks went inert until the pre-last hour rally began at 14:40 ET. Right on schedule! Alas, the modest rally ended within 3 minutes. ESHs and stocks sank into the last hour. Another rally began at 15:15 ET. The need to manipulate stuff higher was acute because numerous traders were trapped beaucoup long December calls. The 27-handle ESH manipulation ended at 15:32 ET. Another rally began at 15:44 ET; it ended in 9 minutes. ESHs sank into the close.

What caused the equity tumble on Tuesday?   There was NO news. Either traders were too long and there few organic buyers, or someone has non-public info about the FOMC Communique or Powell’s Presser.

Has Inflation Finally Peaked? Let’s Take a Look…
Looking through the numbers, almost the entire drop came courtesy of falling energy prices and used cars. I might add that the drop in energy is not surprising given that the Biden administration drained the Strategic Petroleum Reserve (SPR) by ~180 million barrels of oil. Practically everything outside of energy and used car prices is still rising… https://t.co/gAz1zJQpRZ

@MichaelMOTTCM: Atlanta Fed data shows that the CORE Sticky 12 Month CPI also INCREASED in November to 6.5% from 6.4% in October, and a new cycle high
https://twitter.com/MichaelMOTTCM/status/1602718459955232768

@townhallcom: BIDEN: “Wages have gone up more than prices have gone up.”
https://twitter.com/townhallcom/status/1602689504309043201

@zerohedge: Biden: wages have increased faster than prices. Actually, prices have increased faster than wages for a record 20 consecutive months (Chart at link) https://twitter.com/zerohedge/status/1602690477375078401
    Biden nearly got oil down to $60: last week, the White House drained 4.7 million barrels from the SPR the largest weekly release since early October. The US SPR now has just 382.3 million barrels…

Biden falsely says he cut national debt by $1.7T — after increasing it $3.7T https://trib.al/QTo1ymf

As we keep harping, because the regime media has allowed and enabled Biden to lie for decades, The Big Guy believes he can keep issuing whoppers with immunity. And he’s largely correct!

Fed Whisperer @NickTimiraos: The November CPI isn’t likely to alter the Fed’s anticipated 50-basis-point hike Wednesday. But two months of moderating price pressures could complicate deliberations over how much more to raise rates early next year and how long to hold them there.
https://www.wsj.com/articles/slowing-inflation-could-intensify-fed-debate-over-when-to-stop-raising-rates-11670947999

Positive aspects of previous session
Equities and bonds surged on the soft November CPI

Negative aspects of previous session
Equities collapsed after early manic buying
Commodities soared; Bonds lost half of their huge rally by the NYSE close

Ambiguous aspects of previous session
How accurate is the NY Fed Household Survey for November?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4037.89
Previous session High/Low: 4100.96; 3993.03

US finalizing plans to send Patriot missile defense system to Ukraine (Another escalation?)
https://www.cnn.com/2022/12/13/politics/us-patriot-missile-defense-system-ukraine/index.html

@DrEliDavid: @elonmusk just reinstated Dr. @RWMaloneMD (co-inventor of mRNA vaccine technology) and Dr. @P McCulloughMD (the most cited cardiologist in the world)…

@P_McCulloughMD: Since Twitter struck me down, I have come back even more powerful, more than @elonmusk can ever know! Let’s join forces to break the psychological-pathological spell of the bio-pharmaceutical complex and get the world back on its axis!

@RWMaloneMD: Well, there are still the usual Twitter trolls tossing old corporate media hit pieces and snark at me. What they do not know is that our lawsuit against the WaPo is progressing, and we are biding our time for many others including the Atlantic and the NYT. Truth is like a lion.

@TomFitton: @ElonMusk is well-positioned to set up an alternative service infrastructure (social media, banking, email, payment processing, etc.) that won’t debank, deplatform, and destroy Americans for First Amendment-protected speech.

Ken Griffin Sues IRS Over Tax Privacy Breach That Also Affected Other Billionaires
Hedge-fund manager seeks damages from government after disclosure of tax records
https://www.wsj.com/articles/ken-griffin-sues-irs-over-tax-privacy-breach-that-also-affected-other-billionaires-11670942150?st=uxxu1jd6gy9y6bb

@gary_weiss: The SEC complaint against Sam Bankman-Fried has “RICO” written all over it. There had to have been others, which means a conspiracy, which means RICO, which means mucho jail time.
Look for unindicted co-conspirators in the indictment unsealed today. https://t.co/co69BGgUVU

NY Post’s @mirandadevine: I hope SDNY is looking hard at the alleged hundreds of millions of dollars from big corporates washed through FTX to the Democrats through various dark money PACS, and whether that, in fact, was the raison d’etre of FTX

@charliekirk11: Why did prosecutors move so aggressively to arrest Democrat super donor, Sam Bankman-Fried, only hours before he was scheduled to testify before Congress, preventing him from making self-incriminating statements that are fully admissible in court?

FTX founder Sam Bankman-Fried was denied bail by a judge in the Bahamas due to heightened flight risk. Sam will remain in Bahaman custody until an extradition hearing on Feb. 8, 2023.

Today – The Fed is expected to hike rates by 50bps and reiterate that while rate hikes are now smaller, they will persist longer and go higher than Wall Street expects and hopes. Unless the Fed Communique and/or Powell’s Press Conference are explicitly more hawkish than expected, the usual suspects will force stuff higher to game the final expiration of 2022 because they are very long December calls.

The odds of a Weird Wednesday were greatly diminished by the weird volatility and reversal on Tuesday.

Expected econ data: Nov Import Prices -0.5% m/m, Export Prices -0.5% m/m; FOMC Communique 14:00 ET, Powell Press Conference 14:30 ET; ESHs are +8.25 and USHs are +2/32 at 20:25 ET.

S&P 500 Index 50-day MA: 3855; 100-day MA: 3931; 150-day MA: 3927; 200-day MA: 4034
DJIA 50-day MA: 32,392; 100-day MA: 32,133; 150-day MA: 31,950; 200-day MA: 32,460

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4529.70 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 3730.35 triggers a sell signal
Daily: Trender is positive; MACD is negative – a close below 3922.22 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3944.88 triggers a sell signal

Republican support for Trump 2024 run collapsing, poll shows – DeSantis, who cruised to reelection Nov. 8, leads Trump by 23 percentage points — 56% to 33% — in a head-to-head primary matchup, the poll shows… (Biden 47%, Trump 40%; DeSantis 47%, Biden 43%)  https://t.co/CgNr2WnfFj

NY Post’s @mirandadevine: This is a devastating poll for Trump v DeSantis. Only one demographic prefers the former POTUS: those earning under $20k. Conservatives, Fox viewers prefer RDS by 20-30 points. If accurate, there will have to be a face-saving exit ramp to minimize fallout.

@bennyjohnson: GOV. DESANTIS: “I am announcing a petition with the Supreme Court of Florida to impanel a grand jury to investigate any and all wrongdoing in Florida with respect to COVID-19 vaccines.”  https://twitter.com/bennyjohnson/status/1602714670837768194

@townhallcom: WATCH: Just before signing the legislation, Jill Biden hands something to Joe Biden, which he promptly eats. (Had to be a med) https://twitter.com/townhallcom/status/1602779687217930241

Biden snaps over ‘f—ing’ age talk as he mulls re-election run: report
The oldest-ever commander-in-chief, who turned 80 last month, has “vented to allies” about how much the topic is discussed in the media as he sizes up a bid for a second term in 2024, Politico reported…
    Poll after poll has shown Biden’s age and health are serious concerns for most voters…
https://nypost.com/2022/12/13/biden-lashing-out-about-how-often-the-media-talks-about-his-age-report/

@julie_kelly2: SHOCKER – This operation is a total fraud–Smith is still in Europe recovering from a bike accident. He is special counsel in name only as DOJ attempts to give impression this is an independent inquiry when in reality Garland/Monaco/Graves calling shots: “Smith takes over a staff that’s already nearly twice the size of Robert Mueller’s team of lawyers who worked on the Russia probe.  A team of 20 prosecutors investigating January 6 and the effort to overturn the 2020 election are in the process of moving to work under Smith.”
    Tom Windom, who’s managing the sprawling J6 criminal investigation from DC US Atty’s office, will move over to Smith’s team.  There is no special counsel office—same DOJ prosecutors under a different name, that’s all.  “Windom and the rest are also expected to move over to the special counsel’s office. Another top prosecutor, JP Cooney, the former head of public corruption in the DC US Attorney’s Office, is overseeing a significant financial probe that Smith will take on.”
https://twitter.com/julie_kelly2/status/1602676345594675200?s=02

Musk Disbands Twitter ‘Trust & Safety’ Council after Inaction on Child Porn
The Trust and Safety Council has been criticized by Musk for not taking action to remove child sexual abuse material from Twitter… After three members of the council resigned in protest over allegations of increased hate speech on the platform on Dec. 8, Musk declared on Dec. 10 that it was “a crime that they refused to take action on child exploitation for years!”
    Former Twitter CEO Jack Dorsey replied to Musk, saying: “This is false.” “No, it is not,” Musk replied, adding: “When Ella Irwin, who now runs Trust & Safety, joined Twitter earlier this year, almost no one was working on child safety.” Musk noted that, unlike Twitter’s former management, he “made it top priority immediately.”…
https://www.zerohedge.com/political/musk-disbands-twitter-trust-safety-council-after-inaction-child-porn

Biden invites anti-police nonbinary drag queen to White House: ‘F— the police’…  to attend the Respect for Marriage Act signing ceremony Tuesday… Cummings once tweeted ‘anyone who thinks drag isn’t for children is wrong’… https://t.co/0dRM9BtDdY  (Why? What are you trying to prove?)

Ex-liberal icon @ggreenwald: There is no now question the Democratic Party no longer believes in free speech either as a societal value or constitutional doctrine. They are increasingly explicit — from @SenMarkey to @RepAdamSchiff — about their belief in uniting state and corporate power to censor:
Polling data is even more alarming. The vast majority of Democrats and liberals support not only Big Tech censorship of the internet, but also *state censorship*, desiring the state, in union with Big Tech, act as official arbiter of truth: a truly radical, dangerous devolution:
https://twitter.com/ggreenwald/status/1602713158161948683

@bennyjohnson: New York Times calls John Fetterman a FASHION icon— Tucker and Hannity’s reaction is just PERFECT (“They hate beauty; because they hate truth… Ugly is beautiful…” https://twitter.com/bennyjohnson/status/1602738037053497344

@JackPosobiec: When Gen. James Oglethorpe founded Savannah in 1733, he banned lawyers from settling in the 13th colony. Georgia was to be “free from that pest and scourge of mankind called lawyers.”

GREG HUNTER REPORT//INTERVIEWING DR BETSY EADS

Tsunami of Vax Deaths Coming in Next Two Years – Dr. Betsy Eads

Tsunami of Vax Deaths Coming in Next Two Years – Dr. Betsy Eads

By Greg Hunter On December 13, 2022 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com

Dr. Betsy Eads has been fighting to get the truth out about the debilitating and deadly CV19 bioweapon injections form the very beginning. The truth is coming out showing Dr. Eads was right all along even though the Lying Legacy Media (LLM) was suppressing her life saving data and analysis. In August, Dr. Eads predicted the human damage from the CV19 bioweapon was going to get far worse, and increasing numbers of vax deaths and injuries show she was right again. Dr. Eads now predicts, “. . . We are in the millions (of vax deaths) in America right now, and I am projecting a tsunami of deaths coming in the next two years. The problem is you cannot turn off this messenger RNA spike protein producing factory mechanism. People are still lockstep getting in line to take boosters, which have 70 million copies of the messenger RNA.

The lies the CDC, FDA, Big Pharma and the LLM told were all designed to get the unsuspecting public to take an experimental vax injection that they all knew was deadly and dangerous. Florida Governor Ron DeSantis is leading his state to hold people accountable for the CV19 vax lies and human destruction. On Tuesday, Governor DeSantis asked for a statewide grand jury to investigate Covid vaccine-related injuries. Is this the beginning of what may turn into a Nuremberg 2.0 for crimes against humanity in which the Germans were held accountable after World War II? Eads says, “DeSantis is going to . . . petition the Florida Supreme Court to convene a grand jury to investigate every case of malpractice or misinformation regarding the Covid vaccine shots. He is going after all those people who did not give informed consent. . . . Florida has a law about giving misinformation regarding side effects of drugs. . . . DeSantis is going after anyone who gave misinformation about Covid vaccines, anyone who harmed anybody or gave misinformation regarding informed consent.”

There were so many lies and misinformation given to get people to take the injections. One of the biggest was the vax was 95% effective and very safe. A total lie on both counts. Eads says, “It was absolutely not ‘safe and effective.’ The numbers from the early Pfizer studies were fudged. It was not 95% effective. It was actually 15% or less effective.”

The lies came from everywhere, and they were paid lies. Dr. Eads says, “The propaganda coming from the media, sports stars and Hollywood were all paid off by Big Pharma to put out misinformation.”

They knew one of the big medical problems for anyone who took the injections was permanent heart damage. Dr. Eads points out, “What’s been all over the news the last month? Sudden cardiac death, sudden death, died suddenly. It is just insane we cannot get this message out through the mainstream media. It is crimes against humanity. These people need to be arrested and tried. . . . We are going to have Nuremberg trials here in America this coming summer. We need to have them now. People are dropping dead now. People need to be held accountable now.”

Dr. Eads also talks about why you need to get Ivermectin whether you are vaxed or unvaxed. She also talks about many other helpful treatments that can help offer some hope for these huge and growing numbers of harmed people caused by the deadly bioweapon injections falsely passed off as vaccines.

There is much more in the 48-minute interview.

Join Greg Hunter as he talks to 25-year veteran Dr. Elizabeth Eads, DO, as she continues to highlight the worsening carnage of the CV19 bioweapon vax.

(https://usawatchdog.com/tsunami-of-vax-deaths-coming-in-next-two-years-dr-betsy-eads/)

After the Interview:

You can follow Dr. Elizabeth (Betsy) Eads on Twitter, or you can follow her on Telegram.

To find out about Impact Health Sharing click here.

Chris Powell	4:55 PM (5 hours ago)
to me

Milan Sabioncello	4:06 PM (6 hours ago)
to me