JANUARY 27//GOLD CLOSED DOWN $0.85 TO $1929.15//SILVER CLOSED DOWN 42 CENTS TO $23.50//PLATINUM CLOSED DOWN $7.50 TO $1014.60 WHEREAS PALLADIUM FARED MUCH WORSE DOWN $56.20 TO $1620.00//TWO ESSENTIAL VIEWS: 1) ANDREW MAGUIRE KINESIS IN THE VAULT AND 2) ALASDAIR MACLEOD//COVID UPDATES: VACCINE IMPACT/DR PAUL ALEXANDER//SLAY NEWS//PAY SPECIAL ATTENTION TO PROJECT VERITAS EXPOSING PFIZER TO CRIMES AGAINST HUMANITY//PENDING HOMES SALES PLUMMET FOR THE YEAR//SCARAMUCCI’S HEDGE FUND SKYBRIDGE UNDERGOING MASSIVE REDEMPTIONS AS DOES BLACKSTONE’S BREIT//SWAMP STORIES FOR YOU TONIGHT//
435 H SCOTIA CAPITAL 37 523 C INTERACTIVE BRO 1 624 H BOFA SECURITIES 166 657 C MORGAN STANLEY 11 661 C JP MORGAN 104 6 737 C ADVANTAGE 7 25 880 H CITIGROUP 167 905 C ADM 32
TOTAL: 278 278 MONTH TO DATE: 6,606
JPMorgan stopped 6/278
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GOLD: NUMBER OF NOTICES FILED FOR JAN/2023. CONTRACT: 278 NOTICES FOR 27,800 OZ or 0.8647 TONNES
total notices so far: 6606 contracts for 660,600 oz (20.547 tonnes)
SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000 OZ/
total number of notices filed so far this month : 1020 for 5100,000 oz
END
GLD
WITH GOLD DOWN $0.85
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
//NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 919.37 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER DOWN 42 CENTS
AT THE SLV// :/NO CHANGES IN SILVER INVENTORY AT THE SLV:
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 521.9 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 HUGE SIZED 1280 CONTRACTS TO 136,370 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE HUGE GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY $0.08 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. FOR THE PAST MONTH, OUR BANKERS HAVE RETURNED TO BEING NET SHORT AND THUS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.08. AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A MONSTROUS SIZED GAIN ON OUR TWO EXCHANGES OF 2120 CONTRACTS. AS WELL, WE HAD 0 NOTICES FOR EXCHANGE FOR RISK TRANSFER (0 OZ. ) AS THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 7.25 MILLION OZ. WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE . WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.
WE MUST HAVE HAD: A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS( 840 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4,055. MILLION OZ FOLLOWED BY TODAY’S QUEUE. JUMP OF 10,000 OZ//NEW STANDING 5.10 MILLION OZ + 7.25 MILLION OF EXCHANGE FOR RISK//TOTAL STANDING 12.350 MILLION OZ//// V) HUGE SIZED COMEX OI GAIN/ STRONG EFP ISSUANCE/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –1094
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JAN. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JAN:
TOTAL CONTRACTS for 18 days, total 10,509 contracts: OR 52.545 MILLION OZ PER DAY. (583 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 52.545 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, 61.395 MILLION OZ FINAL
JAN 2023/// 52.545 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1280 DESPITE OUR TINY $0.08 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE CONTRACTS: 840 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 JAN OF 4.055 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ. JUMP / //NEW STANDING RISES TO 5.100 MILLION OZ + EFR 7.25 MILLION = 12.35 MILLION OZ. .. WE HAVE A GIGANTIC SIZED GAIN OF 3214OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A HUGE SIZED 14,970 CONTRACTS TO 492,098 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 -705 CONTRACTS.
.
WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI ( 14,970 CONTRACTS) WITH OUR STRONG $11.55 LOSS IN PRICE. WE ALSO HAD A SMALL INITIAL STANDING IN GOLD TONNAGE FOR JAN. AT 2.1710 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 102 CONTRACTS OR 10,200 OZ //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S ) (EFP is the transfer of contracts immediately to London for potential gold deliveries originating from London). NEW STANDING 20.575 TONNES
YET ALL OF..THIS HAPPENED WITH OUR $11.55 LOSS IN PRICEWITH RESPECT TO THURSDAY’S TRADING
WE HAD A VERY STRONG SIZED LOSS OF 11,178 OI CONTRACTS (32.575 PAPER TONNES) ON OUR TWO EXCHANGES WITH THE MAJORITY OF THE LOSS DUE TO COMMENCEMENT OF SPREADER LIQUIDATION…..
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3792 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 492,803
IN ESSENCE WE HAVE A VERY STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,178 CONTRACTS WITH 14,970CONTRACTS DECREASED AT THE COMEX AND 3792 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 11,178 CONTRACTS OR 34.765 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3792 CONTRACTS) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI (14,970) TOTAL LOSS IN THE TWO EXCHANGES 11,178 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) SMALL INITIAL STANDING AT THE GOLD COMEX FOR JAN. AT 2.1710 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 10,200 OZ /NEW STANDING 20.575 TONNES///3) ZERO LONG LIQUIDATION //4) HUGE SIZED COMEX OPEN INTEREST LOSS WITH THE MAJORITY OF THAT LOSS DUE TO INITIATION OF SPREADER LIQUIDATION// 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
JAN
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JAN :
70,487 CONTRACTS OR 7,048,700 OZ OR 219.244 TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 3916 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 18 TRADING DAY(S) IN TONNES:219.244 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 219.244/3550 x 100% TONNES 6.16% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247,44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
JAN 2023: 219.244 TONNES INITIAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF FEB. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH GOLD (
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 ACTIVE DELIVERY MONTH OF FEB., FOR BOTH GOLD:
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 GIGANTIC SIZED 1280 CONTRACTS OI TO 136,370 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 840 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAR 840 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 840 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 168 CONTRACTS AND ADD TO THE 840 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GIGANTIC SIZED GAIN OF 2120 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 10.600 MILLION OZ//
OCCURRED WITH OUR 8 CENT GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
4. Chris Powell of GATA provides to us very important physical commentaries
end
5. Other gold/silver commentaries
6. Commodity commentaries//CORN
7/CRYPTOCURRENCIES/BITCOIN ETC
3. ASIAN AFFAIRS
i)FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED //Hang Seng CLOSED /The Nikkei closed UP 19.81 PTS OR 0.07% //Australia’s all ordinaries CLOSED UP 0.28% /Chinese yuan (ONSHORE) closed //OFFSHORE CHINESE YUAN DOWN TO 6.7571// /Oil UP TO 82.68 dollars per barrel for WTI and BRENT AT 88.56 / Stocks in Europe OPENED ALL MIXED ONSHORE YUAN TRADING XXXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING UP AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 C CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GIGANTIC SIZED 14,265 CONTRACTS UP TO 492,803 WITH OUR LOSS IN PRICE OF $11.55
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON-ACTIVE DELIVERY MONTH OF JAN… 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 3792 EFP CONTRACTS WERE ISSUED: ;: , . 0 FEB: 3792 APRIL & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3792 CONTRACTS
WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 11,178 CONTRACTS IN THAT 3792LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A HUGE SIZED COMEX OI LOSS OF 14,970 CONTRACTS..AND THIS VERY STRONG SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $7.55. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG. TODAY MOST OF THE COMEX LOSS WAS DUE TO THE COMMENCEMENT OF SPREADER LIQUIDATION (A CRIMINAL EVENT BUT WHO IS WATCHING) .
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING Jan (20.575)
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
Dec. 64.541 tonnes(TOTAL THIS YEAR 656.076 TONNES
JAN/2023: 20.575 tonnes
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT fell $11.55) //// AND WERE SOMEWHAT SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A VERY STRONG LOSS OF 11,178 CONTRACTS ON OUR TWO EXCHANGES // WE HAVE LOST A TOTAL OI OF 32.575 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JAN. (2.1710 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 10,200 oz OR 0.3172 TONNES… ALL OF THIS WAS ACCOMPLISHED WITH OUR FALL IN PRICE TO THE TUNE OF $11.55.
WE HAD – 705 CONTRACTS COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET LOSS ON THE TWO EXCHANGES 11,178 CONTRACTS OR 1,117,800 OZ OR 34.768 TONNES
Estimated gold comex today 289,296//good//
final gold volumes/yesterday 361,951///very strong
FINAL STANDINGS FOR JAN 2023 COMEX GOLD //JAN 27//
Total monthly oz gold served (contracts) so far this month
6606 notices 660,600 20.547 TONNES* *new record for a January
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
xxx oz
i)Dealer deposits: 0
total dealer deposit: nil oz
No dealer withdrawals
Customer deposits: 0
total deposits: nil oz
customer withdrawals: 0
Total withdrawals: nil oz
total in tonnes: 0.0000 tonnes
Adjustments:0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JANUARY.
For the front month of JANUARY we have an oi of 278 contracts having gained 101 contracts
We had 1 notice served on Thursday, so we gained 102 contracts or an additional 10200 oz(0.3172 tonnes) will stand for delivery in this
very non active delivery month of January. (queue jump)
February lost a massive 51,085 contacts to 70,417 (looks like Feb. is going to have around 70 tonnes of gold to be delivered upon)
March gained 303 contracts to stand at 1583.
April gained 33,934 contracts up to 351,895
We had 278 notice(s) filed today for 27800 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 278 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 6 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 JAN. /2023. contract month,
we take the total number of notices filed so far for the month (6606 x 100 oz , to which we add the difference between the open interest for the front month of (JANUARY 278 CONTRACTS) minus the number of notices served upon today 278 x 100 oz per contract equals 660,600 OZ OR 20.575 TONNES the number of TONNES standing in this non active month of January. This is a new record for gold standing in the month of January.
thus the INITIAL standings for gold for the JAN contract month:
No of notices filed so far (6606 x 100 oz+ (278 OI for the front month minus the number of notices served upon today (278)x 100 oz} which equals 660,600 oz standing OR 20.575 TONNES in this NON active delivery month of JAN..
TOTAL COMEX GOLD STANDING: 20.575 TONNES (A HUGE STANDING FOR METAL AND A NEW RECORD FOR ANY JANUARY MONTH )//COMEX RUNNING OUT OF PHYSICAL TO SERVE UPON OUR LONGS.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,313,251.375 OZ
TOTAL REGISTERED GOLD: 11,020,384.584 OZ (342.78 tonnes)..dropping fast
TOTAL OF ALL ELIGIBLE GOLD: 11,292,866.891 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,110,349 OZ (REG GOLD- PLEDGED GOLD) 283.37 tonnes//rapidly declining
END
SILVER/COMEX
JAN 27/2023//FINAL JAN. SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
nil
No of oz served today (contracts)
8 CONTRACT(S) (40,000 OZ)
No of oz to be served (notices)
0 contracts (nil oz)
Total monthly oz silver served (contracts)
1020 contracts (5,100,000 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 0 deposits into the customer account
Total deposits: nil oz
JPMorgan has a total silver weight: 149.388 million oz/292.767 million =50.99% of comex .//dropping fast
Comex withdrawals: 0
Total withdrawals; nil oz
adjustments: 3all dealer to customer
i) 45,374.630 JPMorgan
ii) 4,915.300 oz Loomis
iii) 85,124.750 oz Manfra
the silver comex is in stress!
TOTAL REGISTERED SILVER: 32.924 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 292,.767 MILLION OZ
CALCULATION OF SILVER OZ STANDING FOR JAN
silver open interest data:
FRONT MONTH OF JAN/2023 OI: 8 CONTRACTS HAVING LOST 5 CONTRACT(S.). WE HAD 7 NOTICES
FILED ON THURSDAY SO WE GAINED 2 CONTRACT(S) OR AN ADDITIONAL 10,000 OZ WILL STAND OVER HERE
FEB> GAINED 4 CONTRACTS TO 133 CONTRACTS
March GAINED 371 CONTRACTS DOWN TO 108,386 contracts
TOTAL NUMBER OF NOTICES FILED FOR TODAY:8 for 40,000 oz
Comex volumes// est. volume today 64,787//fair
Comex volume: confirmed yesterday: 90,260 contracts ( very strong)
To calculate the number of silver ounces that will stand for delivery in JANUARY. we take the total number of notices filed for the month so far at 1020 x 5,000 oz = 5,100,000 oz
to which we add the difference between the open interest for the front month of JAN(8) and the number of notices served upon today 8 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JAN./2023 contract month: 1020 (notices served so far) x 5000 oz + OI for the front month of JAN (8 – number of notices served upon today (8) x 500 oz of silver standing for the JAN. contract month equates 5.100 million oz + 7.25 MILLION OZ ( EXCHANGE FOR RISK) = 12.350MILLION OZ//(TOTAL OZ OF SILVER STANDING).
the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44
Comex volumes:52,938// est. volume today// fair
Comex volume: confirmed yesterday: 96,020 contracts ( very good/excellent)
END
GLD AND SLV INVENTORY LEVELS
JAN 27/WITH GOLD DOWN $0.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 919.37 TONNES
JAN 26/WITH GOLD DOWN $11.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.03 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 919.37 TONNES
JAN 25/WITH GOLD UP $7.55 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .28 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 917.34 TONNES
JAN 24/WITH GOLD UP $7.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.06 TONNES
JAN 23/WITH GOLD UP $0.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.63 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 917.06 TONNES
JAN 20/WITH GOLD UP $4.75 TODAY;BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 912.43 TONNES
JAN 19/WITH GOLD UP $16.95 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES INTO THE GLD///INVENTORY RESTS AT 910.98TONNES
JAN 18/WITH GOLD DOWN $1.95 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.9 TONNES FROM THE GLD////INVENTORY RESTS AT 909.24 TONNES
JAN 17/WITH GOLD DOWN $11.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.14 TONNES
JAN 13/WITH GOLD UP $22.90 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD///INVENTORY RESTS AT 912.14 TONNES
JAN 12/WITH GOLD UP $20.55 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 912.43 TONNES
JAN 11/WITH GOLD UP $1.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.17 TONNES
JAN 10/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 915.33 TONNES
JAN 9/WITH GOLD UP $ 8.60 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD//.//INVENTORY RESTS AT 915.33 TONNES
JAN 6/WITH GOLD UP $28.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 916.77 TONNES
JAN 5/WITH GOLD DOWN $17.05 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES FORM THE GLD////INVENTORY RESTS AT 916.77 TONNES
JANUARY 4/WITH GOLD UP $32.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.64 TONNES
JAN 3/WITH GOLD UP $20.00 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD:STRANGE: A WITHDRAWAL OF .87 TONNES FORM THE GLD////INVENTORY RESTS AT 917.64 TONNES
DEC 30/WITH GOLD UP $.80 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 918.51 TONNES
DEC 29//WITH GOLD UP $8.35 TODAY:; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 918.51 TONNES
DEC 28/WITH GOLD DOWN $6.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 5.50 TONNES INTO THE GLD..//INVENTORY REST S AT 918.51 TONNES
DEC 27/WITH GOLD UP $18.15 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 913.01 TONNES
DEC 23/WITH GOLD UP $19,15 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 913.88 TONNES/
DEC 22/WITH GOLD DOWN $29.35 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 913.88 TONNES
DEC 21/WITH GOLD FLAT TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 913.88 TONNES
DEC 20/WITH GOLD UP $27.05: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.73 TONNES INTO THE GLD////INVENTORY RESTS AT 912.14 TONNES
DEC 19/WITH GOLD DOWN $2.10: HUGE CHANGES IN GOLD INVENTORY AT THE GLD> A BIG WITHDRAWAL OF 3.47 TONNES FROM THE GLD//INVENTORY RESTS AT 910.41 TONNES
DEC 16/WITH GOLD UP $12.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES INTO THE GLD//INVENTORY RESTS AT 913.88 TONNES
DEC 15//WITH GOLD DOWN $31.00: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 911.56 TONNES
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
GLD INVENTORY: 919.37 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JAN 27/WITH SILVER DOWN 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 521.900 MILLION OZ//
JAN 26/WITH SILVER UP 8 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 900,000 OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 521.900 MILLION OZ//
JAN 25/WITH SILVER UP 19 CENTS TO TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.3 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 521.000 MILLION OZ
JAN 24/WITH SILVER UP 21 CENTS TODAY: WHAT!! A MASSIVE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 20 MILLION OZ INTO THE SLV/( OCCURRED (LATE LAST NIGHT)//INVENTORY RESTS AT 518.70 MILLION OZ//
JAN 23/WITH SILVER DOWN 40 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.4 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 498.7 MILLION OZ//
JAN 20.WITH SILVER UP 9 CENTS TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 750,000 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 497.300 MILLION OZ
JAN 19/WITH SILVER UP 24 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 498.05 MILLION OZ
JAN 18/WITH SILVER DOWN 41 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 8.15 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 498.05 MILLION OZ///
JAN 17/WITH SILVER DOWN 35 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 506.200 MILLION OZ//
JAN 13/WITH SILVER UP 46 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.5 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 506.200 MILLION OZ//
JAN 12/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 508.700 MILLION OZ/
JAN 11/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 508.700MILLION OZ
JAN 10/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 509.65 MILLION OZ
JAN 9/WITH SILVER DOWN 9 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 509.65 MILLION OZ//
JAN 6/WITH SILVER UP 54 CENTS TODAY;BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.20 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 509.65 MILLION OZ//
JAN 5/WITH SILVER DOWN 50 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.10 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 505.45 MILLION OZ//
JAN 4/WITH SILVER DOWN 26 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.3 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 506.55 MILLION OZ/
JAN 3/WITH SILVER UP 24 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: STRANGE: A WITHDRAWAL OF 1.2 MILLION OZ FROM THE SLV//////INVENTORY RESTS AT 507.85 MILLION OZ/
DEC 30/WITH SILVER DOWN 21 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 509.050 MILLION OZ
DEC 29/ WITH SILVER UP $0.63 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 509.050 MILLION OZ
DEC 28//WITH SILVER DOWN 46 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.715 MILLION OZ INTO THE SLV///..INVENTORY RESTS AT 509.050 MILLION OZ
DEC 27/WITH SILVER UP 34 CENTS TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV/A WITHDRAWAL OF 550,000 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 507.350 MILLION OZ//
DEC 23/WITH SILVER UP 29 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT507.900 MILLION O//
DEC 22/WITH SILVER DOWN 53 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 507.90 MILLION OZ//
DEC 21/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.0 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 507.90 MILLION OZ//
DEC 20/WITH SILVER UP 105 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:: A DEPOSIT OF 700,000 OZ INTO THE SLV///INVENTORY RESTS AT 509.90 MILLION OZ//
DEC 19/WITH SILVER DOWN 13 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.05 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 509.20 MILLION OZ//
DEC 16/WITH SILVER UP 2 CENTS; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.85 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 508.15 MILLION OZ//
DEC 15/WITH SILVER DOWN 78 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF EXACTLY 2.00 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 510.000 MILLION OZ
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.
CLOSING INVENTORY 521.900 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
end
2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:
AS WEST, DEBT and STOCKS IMPLODE, EAST GOLD and OIL WILL EXPLODE
Egon von Greyerz January 27, 2023
“The risk of over-tightening by the European Central Bank is nothing less than catastrophic” says Prof Kenneth Rogoff.
At Davos he also said: “Italy is extremely vulnerable. But this could pop anywhere. Global debt has gone up massively since the pandemic: public debt, corporate debt, everything.”
Rogoff believes that it is a miracle that the world averted a financial crisis in 2022, but the odds of a major accident are shortening as the delayed effects of past tightening feed through.
As Rogoff said: “We were very fortunate that we didn’t have a global systemic event in 2022, and we can count our blessings for that, but rates are still going higher and the risk keeps rising.”
But lurking in the murkiness is also the global financial assets/liabilities which is almost $500 trillion including the shadow banking system at 46% of the total. The shadow banking sector includes pension funds, hedge funds and other financial institutions which are largely unregulated.
Shadow banking is not subject to the normal mark-to-market rules. Thus no one knows what the real position or losses are. This means that central banks are in the dark when it comes to evaluation of the real risks of the system.
Clearly, I am not the only one harping on about the catastrophic global debt/liability situation.
And no one knows the extent of total global derivatives. But if they have grown in line with debt and also with the shadow banking system, they could easily be in excess of $3 quadrillion.
Cultures don’t die overnight, but the US has been in decline since at least the Vietnam war in the 1960s. Interestingly, the US has not had a real Budget surplus since the early 1930s with a handful of years of exception.
But when you, like the US, live on borrowed time and borrowed money, it becomes increasingly difficult to keep up appearances. In 1971, the pressures on the US economy and currency became too great. Thus Nixon closed the Gold Window with the dollar having lost over 98% in real terms since then. This is of course a total catastrophe and a guarantee that the remaining 2% fall to ZERO will come in the near term future, whether it takes 5 or 10 years for the dollar to reach oblivion. Remember that the final 2% is 100% from today!
The US, EU and Japan have now reached the stage when no one wants their debt. So sovereign debt of these nations is no longer a question of “passing the parcel” but keeping the parcel. When every third party holder of these debts is a seller, who will buy?
These three countries will end up holding their own debt. Japan already holds over 50% of its debt. Before the Western Ponzi scheme comes to an end, these three nations will virtually hold 100% of their own debt. At that point, the bonds will be worthless and interest rates will have reached infinity. Not a pretty prospect!
US – PERFECT RECIPE FOR DISASTER
The final phase of all empires always includes excessive deficits and debts, inflation, a collapsing currency, decadence and war. And the US qualifies perfectly in all those categories.
Ernest Hemingway stated it superbly: The first panacea of a mismanaged nation is inflation of the currency; the second is war. Both bring temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.
The US has failed in every war since the Vietnam war, including the Yugoslav Wars, Afghanistan, Iraq, Syria and Libya. The results have been massive casualties and destruction of the countries, often leading to economic misery, anarchy and terrorism.
The Ukrainian war is not between Ukraine and Russia but between the US and Russia as I discussed in a previous article (Link). The clear proof that there is no desire for peace from the US is that they are sending money and weapons to Ukraine in the $100s of billions and “encouraging” an increasingly suffering Europe to do the same. But they are not sending any peace negotiators to Russia in an attempt to end the war. This is very ominous.
The geopolitical situation is now on a knife edge with two major nuclear powers fighting about a relatively insignificant country. This is how major wars normally start.
Let us hope that the current conflict does not lead to a major nuclear war since that would be the end of the world. Thus not worth to speculate about the outcome of this high risk scenario.
But the economic war and the collapse of the US dominated financial system is not just inevitable but also catastrophic for the Western economies.
A COMMODITY DOMINATED WORLD
As the hegemony of the US is coming to an end, the dominance of the decadent West is moving quickly to the East and South. Commodity based countries like the enlarged BRICS will dominate for the next few decades and probably longer. Oil and gas will form the base of this shift but also many other commodities including gold which is now starting a new era.
It is likely that 2023 will be the first year of many when we will see a strong rise in gold just like 2000 – 2011 which saw a 7.5X gain.
The end of the Western debt based cycle and the rise of the Eastern and Southern commodity cycle is well illustrated in the graph below
OIL, GOLD TO GO UP 9X AGAINST STOCKS
The S&P Commodity Index relative to Stocks has recently made a 50 year low. Just to return to the mean, the index would need to go up 4X. But when long term cycles turn up from a historical low, they tend to trend higher and longer than anyone expects. So a move past the 1990 high of 9 is very likely. This would mean that commodities, and especially oil and gold, relative to stocks would move up more than 9X!
This 9X move would obviously involve a combination of falling stocks and rising commodity prices.
The expected move of the index confirms the shift from the West, based on an unsound and debt infested system, to the East & South, based on commodities.
Much of this move is based on the fossil fuels of the countries involved – to the chagrin of the climate movement zealots.
In today’s woke world, there is a tendency to believe that we can change all the laws of nature and science. This is the case both in the economy and climate. Bankers and governments are confident that they can create permanent prosperity by printing worthless pieces of paper believing that these represent real and lasting value and wealth.
Well surprise, surprise, these people will soon have the shock of a lifetime as all that printed money returns to its intrinsic value of ZERO.
A debt based economy eventually becomes a self-fulfilling prophecy.
The higher the debt, the more the debt needs to grow in a never ending vicious circle. In the end the debt cycle becomes a perpetual motion Ponzi scheme……. UNTIL IT ALL CRASHES!
The debt feeds on itself and the more that is issued, the more needs to be issued. As inflation rises, the escalating interest cost on the debt leads to more debt. Next is defaults, both private and foreign. Then the $2-3 quadrillion derivatives, a great part of which is in the shadow banking system, comes under pressure. This leads to massive further debt creation by the Fed and other central banks, desperately trying to save the system.
This will eventually lead to what von Mises called: “…. a final and total catastrophe of the currency system involved.”
But remember that we are here talking about the Western financial system. The economic sun in the East will rise strongly and eventually be the guiding light for the world economy.
The debt based US and West will to quote Hemingway decline “first gradually and then suddenly.” So due to the $2+ quadrillion size of the problem, the biggest part of the decline is unlikely to take more than 10 years and it could be a lot faster, especially at the end.
But the climate zealots
will have to wait to 2050 to learn that through their actions they didn’t manage to limit the increase in temperature to 1.5 degrees. But with a lot of luck, climate cycles might be on their side and make the weather much colder.
Personally I believe that cycles determine the climate and not humans.
The climate cycle graph below covering 11,000 years shows that there has been numerous periods with warmer temperatures than currently. At the peak of the Roman Empire 2000 years ago, Rome had a tropical climate.
Fossil fuels produce 83% of the world’s energy today. According to forecasts this percentage is unlikely to come down significantly in the next 50 years.
Partly due to the increased cost of producing energy, fossil fuel production will fall by 26% by 2048. Increases in nuclear and renewables will not compensate for this decline.
If the world stops using fossil fuels, the world economy would totally collapse. Sadly the climate activist movement does not seem to worry about such disastrous consequences.
So it seems fairly clear that for a very long time, the world will be dependent on fossil fuels in order for the economy and population not to collapse.
For the above reasons, the commodity based countries will soon dominate the world and that for a very long time.
The constellations of commodity rich nations are forming rapidly.
Firstly we have the BRICS countries which currently consist of Brazil, Russia, India, China and South Africa. Many countries are in the process of joining BRICS including Saudi Arabia, Iran, Algeria, Argentina and Turkey.
It is the enlarged BRICS aim to bypass the dollar and create their own trading currency.
Many talk about the Petroyuan replacing the Petrodollar but what would everyone do with the Chinese currency since it isn’t freely convertible. Better then to have a currency linked to several commodity countries like Special Drawing Rights. This would create more stability and usability. The Credit Suisse analyst Pozsar calls this Bretton Woods III.
There is also the EAEU or Eurasia Economic Union with Russia leading plus China, India, Iran, Turkey and UAE involved.
The SCO – the Shanghai Cooperation Organisation headquartered in China is also an important force. The SCO is a political, economic, international security and defence organisation. It includes many Eurasian nations like China, Russia, Uzbekistan, Kazakhstan etc.
All the economies involved in this important development are commodity based. For example, commodities are 30% of Russian GDP. Their target is to expand gold mining to 3% of GDP and become the biggest gold producer in the world.
Russia has the world’s largest commodity reserves at $75 trillion and produces 11 million barrels of oil per day. Russian friendly provinces produce another 14M totalling 25M. China produces 5m barrels and the Middle East Oil going through the Strait of Hormuz is 22M barrels. So in a conflict with the US, Russia, China and Iran could decide to close the Strait of Hormuz which means they would have control over 50% of global oil supply. As Goldman Sachs has stated, oil would then be in the $1000s.
If we take Russia, Iran and Venezuela, they control 40% of the global oil supply.
The point I am making is that these various constellations of commodity countries will be the dominant economic power of the future as the US and Europe decline.
So for Russia, gold and oil are two strategic commodities which will play an important role not just for Russia but for all of these Eastern/Southern countries.
And no one should believe that the US and European sanctions are working. Russia and Iran are selling oil and gas to China at a discount. China then exports this, including refined products, to Europe at premium.
So the sanctions are a farce which totally kills the European economy.
Interestingly, the relationship between yellow gold and black gold has been stable for decades as this chart shows:
GOLD / OIL RATIO 1950 – 2023
GOLD – THE VITAL WEALTH PRESERVATION ASSET FOR 2023 AND BEYOND
Gold was the best performing asset class in 2022 but the investment world didn’t notice since it is hanging on to the declining bubble assets of stocks, bonds and property.
Let’s look at gold’s performance in various currencies in 2022:
The chart shows gold up 15% against Swedish Kroner on the right and for example up 11.6% in pounds, 6% in Euros and virtually unchanged in US$.
Bearing in mind that most asset markets, including bonds, have fallen by 20-30%, this is an outstanding performance by gold.
But no one must believe that gold is going up. All gold does it to reflect the total mismanagement of most economies. The chart above should be turned upside down to reflect the loss of purchasing power of all paper money.
As has been the case since 1971, this trend of falling currencies will continue but not at the same steady pace.
With the debt infested Western economies collapsing, their currencies will implode one after the other.
So please firstly acquire as much physical gold as you can afford and then some more.
And when you own your gold, don’t measure the value in collapsing currencies. Just measure your gold in ounces, kilos or grammes.
Also please don’t keep it in the country where you live, especially if that country has a tendency to grab assets. I don’t need to tell you which countries you can’t trust. The problem is, there are not many you can trust.
BEWARE – A GOLD CUSTODIAN DISAPPEARED WITH CLIENTS’ METALS
Also if you store your gold with a gold custodian, ensure that only you can release it by having the Warehouse Receipt in your name. A custodian gold company disappeared last year with the major customer assets in spite of the gold being stored with a major vault company. The weakness was that the gold company could release the gold without the client’s approval. This is not an acceptable way to store your wealth preservation asset.
Finally remember that gold is not just your most important wealth preservation asset but can also be beautiful.
TUTANKHAMUN’S DEATH MASK 1327 BC
END
3. Chris Powell of GATA provides to us very important physical commentaries//
THIS IS A MUST MUST READ. THIS IS THE SCENARIO THAT WE HAVE BEEN TELLING YOU WHAT IS HAPPENING BEHIND THE SCENES WITH RESPECT TO GOLD.
THIS IS IDENTICAL TO WHAT ANDREW MAGUIRE HAS BEEN TELLING US
ALASDAIR MACLEOD…
Alasdair Macleod: Russia’s intentions are clarifying
Submitted by admin on Thu, 2023-01-26 11:14Section: Daily Dispatches
By Alasdair Macleod GoldMoney, Toronto Thursday, January 26, 2023
We have confirmation from the highest sources that Russia and the Shanghai Cooperation Organisation are considering using gold for pan-Asian trade settlements, fully replacing dollars and euros.
In an article written for Vedomosti, a Moscow-based Russian newspaper published on December 27, Sergey Glazyev, a prominent economic adviser to Russian President Vladimir Putin who is heading up the Eurasian Economic Union committee charged with devising a replacement for dollars in trade settlements, sent a very clear signal to that effect. It appears he will drop earlier plans to design a new commodity-linked trade currency because it has been superseded
Furthermore, increasing numbers of nations have joined or have applied to join the SCO as dialog members, including Saudi Arabia and other important Gulf Cooperation Organisation members. The economic benefits of discounted energy, China’s investment capital, and sound money are the ingredients for a new, Asia-wide industrial revolution, while the economies of the Western alliance sink under rising prices, rising interest rates, collapsing financial markets, and collapsing currencies.
While it will mark the end of the road for the Western alliance and its fiat currencies, Putin must be careful not to take the blame. Now that the alliance is racking up tanks and other equipment for the Ukrainians, they are actively promoting a new battle, with NATO getting almost directly involved. It is that action that will drive up commodity prices, undermine Western financial markets, undermine government finances, and ultimately collapse their currencies.
Putin is likely to use NATO’s impetuous action in defence of Ukraine as cover for securing Russia’s future as an Asian superstate, which will be the West’s undoing. …
Manly guesses by the crooked Deutsche bank wants to come back to the LBMA. The correct answer is the first; powerful European interests want a seat at the gold table.
(Ronan Manly)
Ronan Manly: Longtime gold market crook Deutsche Bank wants back in the LBMA
Submitted by admin on Thu, 2023-01-26 21:39Section: Daily Dispatches
9:39p ET Thursday, January 26, 2023
Dear Friend of GATA and Gold:
Bullion Star researcher Ronan Manly reports tonight that nine years after exiting the London Bullion Market Association in a storm of corruption and market rigging, Deutsche Bank proposes to return.
Manly wonders whether it’s because “powerful European interests want a seat at the gold table” or because the crooked bank thinks it can make money there again.
Manly’s analysis is headlined “Nine Years After Fleeing in Panic, the Infamous Deutsche Bank Is Returning to the LBMA” and it’s posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.or
4. Other gold/silver commentaries
This is a must must view:
Episode 107
1 day ago
Russia to Price Silver in Gold Grams?
In this week’s Live from the Vault, Andrew Maguire reports on the accelerating adoption of a gold benchmark price for silver and commodity trades between nations, while examining the main drivers behind the current gold price rally.
The lifelong wholesaler reflects on the global implications of Russia’s plan to launch its own gold-pegged stablecoin, evaluating its potential to undermine the role of fiat currencies in foreign trade transactions.
END
5.IMPORTANT COMMENTARIES ON COMMODITIES:COPPER
.
end
6.CRYPTOCURRENCY COMMENTARIES/
END
.
1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//FRIDAY MORNING.7:30 AM
ONSHORE YUAN: XXX TO CLOSED
OFFSHORE YUAN: 6.7571
SHANGHAI CLOSED
HANG SENG CLOSED
2. Nikkei closed UP 19.81 PTS OR 0.07%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 101.75 Euro FALLS TO 1.0873 DOWN 21 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.480!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 129.86/JAPANESE YEN RISING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK.
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE YUAN: XX-// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese 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 +2.2480%***/Italian 10 Yr bond yield RISES to 4.208%*** /SPAIN 10 YR BOND YIELD RISES TO 3.254…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 4.253//
3j Gold at $1931.60//silver at: 23.67 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 14/100 roubles/dollar; ROUBLE AT 69.40//
3m oil into the 82 dollar handle for WTI and 88 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 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 129.86/10 YEAR YIELD AFTER BREAKING .54% RISES TO .480% ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9220–as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0025 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: 3.546% UP 6 BASIS PTS…GETTING DANGEROUS
USA 30 YR BOND YIELD: 3.671 UP 4 BASIS PTS//
USA DOLLAR VS TURKISH LIRA: 18,81…
GREAT BRITAIN/10 YEAR YIELD: 3.369 % UP 5 BASIS PTS
end
i.b Overnight: Newsquawk and Zero hedge:
FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Drop After Horrific Intel Guidance, Brace For PCE Data
FRIDAY, JAN 27, 2023 – 08:07 AM
US futures dropped after yesterday’s meltup, led lower by semiconductor stocks and traded in a tight range on Friday after a catastrophic earnings report and guidance from (former?) chip giant Intel, while investors awaited key inflation figures for clues on what the Fed will do next week. Nasdaq 100 futs were down 0.3% by 7:30 a.m. ET while S&P 500 futures dropped 0.2%.
Europe’s Stoxx 600 index was 0.1% higher, building on its 0.4% gain from Thursday. The Bloomberg Dollar Spot index was modestly higher, while most Group-of-10 currencies remained under pressure amid muted trading. Treasuries were on the back foot, mirroring moves in German and UK bond markets. Oil and gold rose, while Bitcoin fell for a second-straight day. Focus today will be on the latest reading of the core personal consumption expenditures index, the Fed’s preferred inflation data.
Before the Intel report on Thursday, the S&P 500 index achieved its highest close in more than a month and the Nasdaq 100 rose 2% to a four-month high. Yesterday’s rally began with Tech earnings and then accelerated with macro data both a showing a resilient economy but one whose metrics are approaching Fed-preferred levels. Yesterday’s 7Y auction was strong, making 8 of 8 auctions this year where demand was strong enough to move yields lower.
Data on Thursday also showed US gross domestic product expanded at a faster-than-forecast pace into the end of 2022. That encouraged hopes the world’s biggest economy can achieve a soft landing, but could temper expectations of a Federal Reserve pivot towards rate cuts later this year. “Stronger data may negate the argument for recession, but then, it means the Fed has to be more hawkish,” Boardman-Weston said. “Markets are in a bit of a Catch-22.”
“You are seeing more and more companies turn cautious about the earnings outlook,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management. “If there is a recession, earnings will have to decline and price-to-earnings ratios have to come down.”
Another dampener was the continued rout in companies linked to Indian billionaire Gautam Adani. His corporate empire has shed some $50 billion of market value in less than two sessions following an explosive report from short seller Hindenburg. The losses dragged India’s Nifty 50 index to three-month lows.
In premarket trading, Intel shares plunged 11% after the chipmaker issued one of its weakest ever quarterly forecasts as a slump in personal-computer sales hits the business. Analysts say they were surprised by the magnitude of the weakness in the forecast. Visa shares rise as much as 1% in US premarket trading after the payments company’s earnings beat expectations, prompting analysts to raise their targets on the stock in the hope that the firm will be able to weather a weaker economic environment as travel rebounds and foreign exchange pressures ease. Bank stocks were lower in premarket trading, putting them on track to snap a two day winning streak. In corporate news, Wells Fargo kept Chief Executive Officer Charlie Scharf’s pay at $24.5 million for 2022. Meanwhile, South Korea’s financial regulator has fined US-based Citadel Securities almost $10 million over its use of high-frequency trades that allegedly disrupted the market. Here are some more notable premarket movers:
Buzzfeed shares jump as much as 28% in US premarket trading, set to extend yesterday’s 120% rally on the digital-media firm’s plans to use OpenAI.
Eastman Chemical’s results missed expectations and the chemicals group’s outlook implies an improvement across 2023 that may be viewed as ambitious, analysts say. Eastman shares fell 3% in extended trading after the update.
Hasbro shares sink as much as 5.3% in US premarket trading after the toy and game maker reported weaker 4Q sales that fell short of analyst estimates. Jefferies says the quarter is just a “painful period” in the firm’s transformation, which will see it cut 1,000 jobs and reshuffle management. Truist Securities says the results raise concerns around the firm’s ability to grow in 2023.
L3Harris outpaced estimates in its 4Q results and its outlook is good enough to match low expectations, analysts say. Shares in the aerospace and defense group rose 3% in after- hours trading.
KLA Corp shares declined 5.5% in extended trading on Thursday after the semiconductor capital equipment company gave a third-quarter revenue forecast that was below expectations at the midpoint.
Despite Friday’s weakness, US stocks remain on track for their best month since July, while the Nasdaq 100 is on course for its fourth straight week of gains – its longest such streak since mid-August – as investors bet signs of easing inflation will prompt the Fed to ease the pace of rate hikes. While the Fed is set to hike interest rates by 25 basis points next week — shifting away from last year’s bigger moves — hopes for end-2023 rate cuts are “a step too far” and may end up being frustrated, according to Erick Muller, head of product and investment strategy at Muzinich & Co. Ltd.
“We will probably see the Fed say ‘we are entering the final phase but listen carefully guys: we will continue to raise rates,” Muller said. “A lot of volatility in rates will depend on the path of inflation from here.”
Victoria Scholar, head of investment at Interactive Investor, said Friday’s declines also suggested some profit taking after the strong run of gains. “On top of that, there’s growing caution ahead of the PCE price index, which could provide some clues into the US inflation outlook at the Fed’s next move,” she said. Meanwhile, a note from Bank of America showed investors continued to prefer non-US equities in the week through Jan. 25. European stock funds had $3.4 billion of inflows, the note said citing EPFR Global data, while US funds saw just $300 million.
And speaking of Europe, the continent’s equity indexes were slightly higher on the day and on course for a weekly gain as earning season continues in earnest. The Stoxx 600 is up 0.1%, led by outperformance in the energy, construction and consumer product sectors. Travel and retail fall. The Stoxx index has gained almost 7% so far, but caution has seeped in as company earnings trickle out. Here are some of the biggest European movers on Friday:
LVMH rose to a fresh record high, up 0.8% in early trading as the market focused on the prospects of the Chinese market reopening for the luxury behemoth rather than its weak 2H operating profit margins
SSAB gains as much as 11% as the Swedish steelmaker’s higher-than-forecast dividend and plans for a buyback offset its 4Q earnings miss, according to analysts
Husqvarna rises as much as 16% after Germany’s Bosch said it would acquire shares in the Swedish lawn-care and outdoor equipment firm, increasing its stake to about 12%
Sainsbury climbs as much as 6.5%, the most intraday since November, after convenience-store operator Bestway Group said it has acquired or agreed to acquire a 3.45% stake in the grocer
JCDecaux gains as much as 6.6% after reporting better- than-expected 4Q revenue, even though the outdoor advertising firm’s China business was hit by a drop in mobility
Adidas rises as much as 2.5% after the sportswear brand was upgraded to buy at Warburg, which said the company’s low starting point will ensure earnings will improve
Hennes & Mauritz drops as much as 7.9%, the most since May, after the clothing retailer reported fourth-quarter gross margin that missed analyst estimates
Remy Cointreau falls as much as 3.2% after the premium spirits maker’s US inventories overshadowed 3Q organic revenue that beat the average estimate
Scor drops as much as 8.2%, the most intraday since July, after Chief Executive Officer Laurent Rousseau resigned less than two years into the role
Vestas pares declines of as much as 5.6% as analysts said external challenges continue to weigh on the firm, but that there are signs of improvements
Earlier in the session, Asian stocks advanced for a sixth straight day, supported by mild risk-on sentiment ahead of US consumer spending data that would offer further clues on the Federal Reserve’s policy path. The MSCI Asia Pacific Index climbed as much as 0.6%, headed for its highest close since April. India’s benchmarks fell the most in the region, dragged by Adani Group shares. Hong Kong’s Hang Seng Index climbed despite increasing restrictions against China’s semiconductor industry. The gains in broader Asia track overnight moves in US markets, where stocks jumped as data showed that America’s economic growth is cooling somewhat and as tech shares rallied. Investors are awaiting data on US personal income and consumption as well as home sales later in the day, among the final set of data the Fed will analyze before setting rates next week.
“The disinflation impulse is likely to stretch further, as has been evident from CPI releases lately, likely continuing to build a case for a 25bps rate hike by the Fed next week,” Saxo Capital Markets strategists wrote in a note. With Friday’s gains, the MSCI Asia gauge is set to cap its fifth weekly advance. Shares in South Korea were among the top gainers in the region while Vietnam’s stock measure jumped in a catch-up rally as traders returned from the Lunar New Year holidays. Mainland markets reopen Monday. Next week is set to be one of the busiest this earnings season in Asia with over 200 companies reporting, according to Bloomberg-compiled data. Traders will assess the impact of higher interest rates and slowing demand on corporate profits in the region, with China’s reopening expected to provide some reprieve
Japanese equities posted modest gains after a tech rally drove peers higher in New York, with investors assessing the implications of the latest economic data including a slowdown in US economic growth. The Topix Index rose 0.2% to close at 1,982.66 in Tokyo, while the Nikkei advanced 0.1% to 27,382.56. Mitsubishi UFJ Financial Group Inc. contributed the most to the Topix Index gain, increasing 2.7%. “US GDP data showed that interest rate hike is slowly taking effect, and concerns about further hikes have receded,”said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
Indian stocks declined for a straight second session on Friday as a selloff in Adani Group shares deepened after a damaging report from a short-seller. The S&P BSE Sensex shed 1.5% in Mumbai as traders returned from a one-day holiday, while the NSE Nifty 50 Index extended its drop to 1.6%. Friday’s drop was biggest single-day plunge since Dec. 23 for both gauges while their two-day slide was most since Sept. 26. For the week the indexes slipped more than 2% each and are more than 6% away from their all-time high level seen early December. The India VIX Index, a measure of volatility expectations, rose 18%, the most since Feb. 24, tracking plunge in the benchmark. S&P BSE AllCap Index, India’s broadest gauge by number of companies, saw 1006 companies declining while 158 advanced. Adani Green Energy, Adani Transmission and Adani Total Gas all slumped 20% in the second trading session after US investment firm Hindenburg Research released a report alleging financial malpractice. The fresh bout of selling happened as market participants evaluated the impact of US short-seller Hindenburg Research’s report on Adani Group, Nishit Master, a portfolio manager with Axis Securities said in note. Markets will likely stabilize over the next few days as investors opt for bargain buying as good stocks with history of free cash flow generation are available at reasonable valuations, he added. Foreign investors have been sellers of Indian shares this month, taking out $1.6 billion through Jan. 24, after net selling $167 million in December.
The Dollar Index is flat ahead of US PCE data later today, trading mixed against its Group-of-10 peers, though currencies largely consolidated recent moves. The yen led gains and the pound and the Swedish krona were the worst performers and the pound underperformed its G10 rivals.
The euro traded in a narrow 1.0866-1.0900 range. Volumes were 60% above recent averages Thursday as traders position for next week’s meetings by the Fed and the ECB. European bonds slipped, led by the belly, and 10-year German yields headed for their biggest weekly increase so far in 2023
The pound and gilts slipped, with the UK currency heading for its first week of losses against the dollar since the start of the year. BOE also meets next week
The yen strengthened after Tokyo inflation data beat estimates, adding to expectations that the Bank of Japan may tweak its ultra-loose monetary policy. Tokyo consumer prices excluding fresh food rose 4.3% y/y in January, fastest pace since 1981; estimate 4.2% gain
New Zealand dollar was steady after paring an earlier advance. Business confidence index rose to -52 in January from -70.2 in December, according to ANZ Bank New Zealand
In rates, treasuries were pressured lower, following losses across core European rates with Italian bonds notably underperforming over the London session. US yields were cheaper by up to 6.5bp across 10-year sector which leads losses on the day, cheapening 5s10s30s fly by 2.6bp and steepening 2s10s by 3bp; in 10-year sector bunds lag by additional 1.5bp on the day while Italian bonds trade 5bp cheaper. US session focus switches to data with US personal spending and PCE deflator expected.
In commodities, oil prices extended gains, benefiting signs of a resilient US economy and China’s continued recovery; WTI added 1.2% to trade near $82.00. Analysts at Goldman Sachs predicted crude prices to head to $100 a barrel later this year from current levels just above $80. Spot gold is little changed at $1,928/oz. Gas markets were pressured as Freeport’s Texas LGN plant has received approval to restart alongside forecasts for elevated European temperatures next week. EU proposed a price cap on Russian premium oil products of USD 100/bbl and USD 45/bbl on discounted oil products, while EU governments are to discuss the proposals today before entry into force on February 5th.
Bitcoin is little changed and holding around the USD 23k mark, with fresh catalysts limited and focus on upcoming key US data.
Looking at the day ahead, data releases from the US include personal income, personal spending and the Fed’s preferrered inflation indicator, the core PCE, as well as December’s pending home sales and the University of Michigan’s final consumer sentiment index for January. Over in Europe, there’s also French consumer confidence for January, the Euro Area money supply for December. Lastly, earnings releases include American Express, Charter Communications and Chevron.
Market Snapshot
S&P 500 futures down 0.3% to 4,061.25
MXAP up 0.4% to 170.70
MXAPJ up 0.2% to 560.17
Nikkei little changed at 27,382.56
Topix up 0.2% to 1,982.66
Hang Seng Index up 0.5% to 22,688.90
Shanghai Composite up 0.8% to 3,264.81
Sensex down 1.5% to 59,300.13
Australia S&P/ASX 200 up 0.3% to 7,493.83
Kospi up 0.6% to 2,484.02
STOXX Europe 600 up 0.1% to 454.54
German 10Y yield little changed at 2.25%
Euro little changed at $1.0884
Brent Futures up 1.4% to $88.67/bbl
Gold spot down 0.1% to $1,927.47
U.S. Dollar Index little changed at 101.84
Top Overnight News from Bloomberg
Back-to-back interest-rate increases of 50 basis points are approaching from the European Central Bank, whose battle with persistent inflation will see it hike borrowing costs until May, according to a Bloomberg survey of economists
The IMF said Sweden might have to require banks to hold more capital and increase funding for the financial regulator, as risks rise in the country’s property sector
Japan and the Netherlands are poised to join the US in limiting China’s access to advanced semiconductor machinery, forging a powerful alliance that will undercut Beijing’s ambitions to build its own domestic chip capabilities, according to people familiar with the negotiations
Nearly a year into an invasion that was supposed to take weeks, Vladimir Putin is preparing a new offensive in Ukraine, at the same time steeling his country for a conflict with the US and its allies that he expects to last for years
Putin demanded his government to come up with a plan for re-jigging Russia’s oil levies in a move to offset the effects from western energy sanctions on the nation’s budget revenues
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded with a positive bias after the mostly strong US data releases, albeit with advances capped as participants also digested earnings including disappointing results from Intel, and firm Tokyo CPI data. ASX 200 was marginally higher on return from holiday with the index propped up by tech and financials. Nikkei 225 lacked decisiveness following firm Tokyo CPI data in which core inflation rose at its fastest pace since 1981 and further added to the pressure for the BoJ to rethink its ultra-easy policy. Hang Seng was choppy and struggled to sustain early gains after data showed a wider contraction in Hong Kong’s exports and with Japan and the Netherlands set to join the US’s chip curbs on China.
Top Asian News
Japan and the Netherlands agreed to join the US on China chip curbs with US, Dutch and Japanese officials set to conclude talks as early as today, while the Netherlands is to expand restrictions on ASML (ASML NA) and Japan will set similar limits on Nikon (7731 JT), according to Bloomberg and Reuters.
Hong Kong Dollar Bears Stage a Comeback as Funding Costs Slide
India Regulator to Study Hindenburg Report on Adani Group: Rtrs
Apple’s iPhone Dominated China Last Quarter Despite Disruptions
European bourses are near unchanged levels, Euro Stoxx 50 +0.3%, though a very mild positive skew is seen in quiet post-earnings newsflow. LVMH slips with attention on lower margins, Intel (-9.5% pre-market) lags after a miss on the headline metrics and a weak market outlook. US futures are lower across the board with the NQ -0.5% lagging post-INTC; focus for the session ahead is firmly on US PCE before next week’s hefty Central Bank docket.
Top European News
UK Chancellor Hunt says the best cut in tax right now would be a cut in inflation, today’s announcement is more of a general plan/guide, will need to wait for budgetary events for further details. Should aim for the most competitive tax regime of any major nation but sound money needs to come first. Need restraint in public spending. Unlikely that we will have the headroom to cut business taxes in March.
7 EU nations Finance Ministers have sent a letter to Trade Commissioner Dombrovskis have pushed back on plans for “permanent or excessive non-targeted subsidies” in response to the US green subsidies/Inflation Reduction Act, via Politico.
IMF Article IV review of Sweden: mild recession likely, 2023 growth -0.3%. HICP expected to moderate to 6.5% in 2023. Strong employment is a positive, should somewhat offset household burden from rates/inflation
Vestas Sees More Pain Ahead for Beleagured Wind Industry
Sainsbury Rises After Bestway Group Buys Stake, May Add More
Libya Says More Deals to Follow Eni’s $8 Billion Gas Investment
Ionos Owners See IPO Proceeds Raising Up to €543 Million
FX
DXY is firmer but somewhat mixed vs peers, with the index sub-102.00 as the JPY outperforms after hot Tokyo CPI.
At best, USD/JPY tested but failed to move below 129.50 to the downside, and remains towards the lower-end of a 129.51-130.26 range.
Overall, EUR, CAD and CHF are little changed awaiting impetus from the afternoon US data docket with specific developments elsewhere limited; pivoting, 1.0880, 1.3320 and 0.92 respectively.
GBP is the main laggard for no obvious/specific reason, Cable has struggled to make any move above 1.24 stick, with EUR/GBP above 0.8800 at best though the move stalled ahead of the 0.8811 21-DMA.
Fixed Income
Core benchmarks have continued to slip despite a limited early-doors bounce/ any positivity from another well-received US auction.
Bunds have given up a handful of touted interim levels during their descent to a 137.09 low, with the associated yield above 2.25%, though shy of the 2.27% 11th January best.
Gilts fell to a 104.30 trough, but remain above recent lows, while the UST decline has seemingly paused for breath above 114.15 ahead of US PCE.
Commodities
WTI and Brent March futures have been moving higher since the European cash equity open, with the former back above USD 82/bbl (vs low USD 81.08/bbl) and the latter north of USD 88.50/bbl (vs low USD 87.55/bbl), in limited fresh newsflow.
Gas markets are pressured as Freeport’s Texas LGN plant has received approval to restart alongside forecasts for elevated European temperatures next week.
EU proposed a price cap on Russian premium oil products of USD 100/bbl and USD 45/bbl on discounted oil products, while EU governments are to discuss the proposals today before entry into force on February 5th.
Strikes at TotalEnergies (TTE FP) sites have been suspended, will be proposed again on January 31st, via CGT Union.
Spot gold is little changed in narrow sub-15/oz parameters with any potential upside capped by the firmer USD, base metals are mixed but contained overall.
Geopolitics
Japan is to impose additional sanctions against Russian individuals and entities, while it will impose an additional export ban on military-related items to Russia as part of sanctions. according to Reuters.
US Event Calendar
08:30: Dec. Personal Income, est. 0.2%, prior 0.4%
Personal Spending, est. -0.1%, prior 0.1%
Real Personal Spending, est. -0.1%, prior 0%
08:30: Dec. PCE Deflator MoM, est. 0%, prior 0.1%
PCE Deflator YoY, est. 5.0%, prior 5.5%
PCE Core Deflator YoY, est. 4.4%, prior 4.7%
PCE Core Deflator MoM, est. 0.3%, prior 0.2%
10:00: Jan. U. of Mich. Sentiment, est. 64.6, prior 64.6
Current Conditions, est. 68.6, prior 68.6
Expectations, est. 62.0, prior 62.0
1 Yr Inflation, est. 4.0%, prior 4.0%; 5-10 Yr Inflation, est. 3.0%, prior 3.0%
10:00: Dec. Pending Home Sales YoY, est. -35.4%, prior -38.6%
Dec. Pending Home Sales (MoM), est. -1.0%, prior -4.0%
11:00: Jan. Kansas City Fed Services Activ, prior -5
DB’s Jim Reid concludes the overnight wrap
I’m relieved to nearly make it to the end of the week in one piece. Whilst my fever has gone I’m still weak and at home there’s 2 sets of penicillin being taken, one perforated ear drum, and a wife who went to bed at just after 7pm last night. In the olden days there would be a big cross on our door. We are supposed to be going to a containment room tonight, where you get locked into a room for an hour and have to find a way out by deciphering all the clues with your team. Sounds like hard work!
Markets deciphered a lot of mixed clues yesterday and, after some cause for concerns, decided that it was easier to shrug it all off and drive equities to fresh 2023 highs. Earnings also helped the mood, to be fair. The S&P 500 closed up +1.10% (YTD highs), just as credit spreads tightened and oil prices recovered from their losses earlier in the week. We still think we are in a positive sweet spot but there was certainly stuff to worry about in the US data yesterday. It depends on whether you saw the glass half full or half empty element of it.
When it came to those data releases, an important one was the Q4 GDP release from the US, which showed the economy grew by an annualised +2.9% at the end of last year (vs. +2.6% expected). That’s certainly some distance from a recession and there was lots of focus on it being above consensus. However, a key point of caution is that 1.5pp of it was attributable to inventory growth, with net exports and the government adding 0.6pp each. Final sales to private domestic purchasers was soft and showed signs of grinding to a halt. So the details weren’t as flattering as the headline number might suggest at first glance. In the meantime though, the report also offered confirmation that inflation was slowing down, with the PCE price index that the Fed targets up by an annualised +3.2% in Q4, the slowest since Q4 2020, whilst core PCE was up +3.9%, the slowest since Q1 2021.
It wasn’t just the GDP release that aided hopes of a soft landing, however, as the weekly initial jobless claims for the week ending January 21 came down to 186k (vs. 205k expected). That’s their lowest level since April, and this isn’t just a blip either, since the 4-week moving average fell beneath 200k for the first time since May. Continuing claims were up to +1,675k (survey +1,658k) though so a bit mixed.
Net, net the market took the more positive side of the ledger though and investors moved to price in slightly more central bank rate hikes over the coming months. For instance, the rate priced in by Fed funds futures for the December meeting was up by +3.8bps to 4.47%. Similarly, the ECB rate priced for December was also up +4.7bps. That led to a noticeable rise in sovereign bond yields, with the 10yr Treasury yield up +5.3bps on the day to 3.495%, followed up by a +3.13bps move overnight in Asia to 3.53%. The US dollar (+0.19%) also advanced into the afternoon before giving back some gains toward the end of the US session. In Europe it was much the same story, with yields on 10yr bunds (+5.8bps), OATs (+7.7bps) and BTPs (+8.6bps) all posting a solid increase as we approach next week’s round of central bank meetings.
More details on that equity rally now. It was a big roundtrip for the S&P 500, which had been up +0.91% in the first 15 minutes of trading, before being down nearly -0.1% on the day just 90 minutes into trading. Once all the data was absorbed risk rallied through the rest of the day right through the European close. In Europe the STOXX 600 came down from its own intraday high of +0.76% to end at +0.42%, but it missed out on the last lag of the rally last night. On a sectoral basis, energy stocks (+3.32%) were the biggest outperformer in the S&P, aided by a +1.89% rise in Brent crude oil prices that took oil back to $87.47/bbl and then another +0.4% higher to $87.82/bbl in early trading in Asia. Megacap tech stocks were another winner, with the FANG+ index up +3.02% to its highest level since September thanks to a surge in Tesla (+10.97%) after its earnings release. However, some of the more defensive sectors like consumer staples (-0.28%) lagged behind the broader index.
Intel was down -9.7% in after-market trading following its earnings announcement. The chipmaker surprised investors by offering a negative earnings forecast for Q1’23 and the lowest quarterly revenue target since 2010. The company has pointed to poor PC sales as the main driver of the expected weakness. Visa was trading +1.1% higher in post-market trading despite seeing purchase volumes rise less than expected in Q4’22, and expectations that higher prices will slow consumer demand. Against that backdrop, US stock futures are indicating a negative start with contracts tied to the S&P 500 (-0.29%), as well as the NASDAQ 100 (-0.61%), ticking down.
Asian equity markets are struggling to gain traction this morning despite that strong tech-led handover from Wall Street overnight. Across the region, the KOSPI (+0.70%) is leading gains with the Nikkei (-0.03%) and the Hang Seng (-0.05%) slightly below the flatline. Elsewhere, markets in China are closed for the Lunar New Year.
In early morning data, Tokyo’s CPI for January came out with an upside surprise as headline inflation advanced to +4.4% year-on-year (vs. +4.0% expected), hitting a four-decade high. It followed a downwardly revised +3.9% increase in the previous month. Meanwhile, the Japanese Yen (+0.15%) is positively responding against the dollar, trading at $130.03 as the stronger inflation data reinforced market expectations that increasing quickening inflation could push the Bank of Japan to move away from its ultra-easy policy.
Looking at yesterday’s other data, US durable goods orders were up by +5.6% in December (vs. +2.5% expected), although excluding transportation they were much as expected at -0.1% (vs. -0.2% expected). Otherwise, new home sales in December came in at an annualised 616k (vs. 612k expected), with a downward revision in November’s figure to 602k (vs. 640k previously). Lastly, the Kansas City Fed’s manufacturing activity index beat expectations at -1 (vs. -8 expected), which is the first increase in that measure in 6 months.
To the day ahead now, and data releases from the US include personal income, personal spending and PCE for December, as well as December’s pending home sales and the University of Michigan’s final consumer sentiment index for January. Over in Europe, there’s also French consumer confidence for January, the Euro Area money supply for December. Lastly, earnings releases include American Express, Charter Communications and Chevron.
.
AND NOW NEWSQUAWK (EUROPE/REPORT)
NQ lags after INTC, -9.5% pre-market, with US PCE Price Index due – Newsquawk US Market Open
FRIDAY, JAN 27, 2023 – 06:32 AM
European bourses are near unchanged levels, Euro Stoxx 50 +0.3%, though a very mild positive skew is seen in quiet post-earnings newsflow.
LVMH slips with attention on lower margins, Intel (-9.5% pre-market) lags after a miss on the headline metrics and a weak market outlook; NQ -0.5% and lagging.
DXY is firmer but somewhat mixed vs peers, with the index sub-102.00 as the JPY outperforms after hot Tokyo CPI.
Core benchmarks have continued to slip despite a limited early-doors bounce/ any positivity from another well-received US auction.
Both WTI and Brent have been moving higher throughout the European morning, with developments limited but fundamentals remain bullish.
Looking ahead, highlights include US PCE Price Index, Personal Income & Consumption. Holiday in China (Lunar New Year). Earnings include Chevron and AMEX.
Or why not try Newsquawk’s squawk box free for 7 days?
EUROPEAN TRADE
EQUITIES
European bourses are near unchanged levels, Euro Stoxx 50 +0.3%, though a very mild positive skew is seen in quiet post-earnings newsflow.
LVMH slips with attention on lower margins, Intel (-9.5% pre-market) lags after a miss on the headline metrics and a weak market outlook.
US futures are lower across the board with the NQ -0.5% lagging post-INTC; focus for the session ahead is firmly on US PCE before next week’s hefty Central Bank docket.
Intel Corp (INTC) – Q4 adj. EPS 0.10 (exp. 0.20), Q4 revenue USD 14.04bln (exp. 14.45bln); Q4 Client Computing revenue USD 6.63bln (exp. 7.42bln), Q4 Network & Edge revenue USD 2.06bln (exp. 2.21bln), Q4 Mobileye revenue USD 565mln (exp. 435.1mln). CEO said it was seeing the largest inventory correction by customers in Q1, and added that persistent economic headwinds are expected through at least H1 2023, and semi ex-memory is expected to decline around mid-single digits. Sees macro difficulties lasting through H1, adding that consumption of servers in China was weak. Intel will not give annual forecasts for 2023.
DXY is firmer but somewhat mixed vs peers, with the index sub-102.00 as the JPY outperforms after hot Tokyo CPI.
At best, USD/JPY tested but failed to move below 129.50 to the downside, and remains towards the lower-end of a 129.51-130.26 range.
Overall, EUR, CAD and CHF are little changed awaiting impetus from the afternoon US data docket with specific developments elsewhere limited; pivoting, 1.0880, 1.3320 and 0.92 respectively.
GBP is the main laggard for no obvious/specific reason, Cable has struggled to make any move above 1.24 stick, with EUR/GBP above 0.8800 at best though the move stalled ahead of the 0.8811 21-DMA.
Core benchmarks have continued to slip despite a limited early-doors bounce/ any positivity from another well-received US auction.
Bunds have given up a handful of touted interim levels during their descent to a 137.09 low, with the associated yield above 2.25%, though shy of the 2.27% 11th January best.
Gilts fell to a 104.30 trough, but remain above recent lows, while the UST decline has seemingly paused for breath above 114.15 ahead of US PCE.
WTI and Brent March futures have been moving higher since the European cash equity open, with the former back above USD 82/bbl (vs low USD 81.08/bbl) and the latter north of USD 88.50/bbl (vs low USD 87.55/bbl), in limited fresh newsflow.
Gas markets are pressured as Freeport’s Texas LGN plant has received approval to restart alongside forecasts for elevated European temperatures next week.
EU proposed a price cap on Russian premium oil products of USD 100/bbl and USD 45/bbl on discounted oil products, while EU governments are to discuss the proposals today before entry into force on February 5th.
Strikes at TotalEnergies (TTE FP) sites have been suspended, will be proposed again on January 31st, via CGT Union.
Spot gold is little changed in narrow sub-15/oz parameters with any potential upside capped by the firmer USD, base metals are mixed but contained overall.
UK Chancellor Hunt says the best cut in tax right now would be a cut in inflation, today’s announcement is more of a general plan/guide, will need to wait for budgetary events for further details. Should aim for the most competitive tax regime of any major nation but sound money needs to come first. Need restraint in public spending. Unlikely that we will have the headroom to cut business taxes in March.
7 EU nations Finance Ministers have sent a letter to Trade Commissioner Dombrovskis have pushed back on plans for “permanent or excessive non-targeted subsidies” in response to the US green subsidies/Inflation Reduction Act, via Politico.
IMF Article IV review of Sweden: mild recession likely, 2023 growth -0.3%. HICP expected to moderate to 6.5% in 2023. Strong employment is a positive, should somewhat offset household burden from rates/inflation
NOTABLE DATA
EU Money-M3 Annual Growth (Dec) 4.1% vs. Exp. 4.6% (Prev. 4.8%)
EU Loans to Non-Financials (Dec) 6.3% (Prev. 8.4%); Households (Dec) 3.8% (Prev. 4.1%)
NOTABLE US HEADLINES
US House GOP leaders consider extending debt limit to September 30th, according to Bloomberg.
US Treasury Secretary Yellen says the US is in the middle of talks with the EU on the Russian price cap; adds, the US and China have made progress on resolving issues.
Japan is to impose additional sanctions against Russian individuals and entities, while it will impose an additional export ban on military-related items to Russia as part of sanctions. according to Reuters.
CRYPTO
Bitcoin is little changed and holding around the USD 23k mark, with fresh catalysts limited and focus on upcoming key US data.
APAC TRADE
APAC stocks traded with a positive bias after the mostly strong US data releases, albeit with advances capped as participants also digested earnings including disappointing results from Intel, and firm Tokyo CPI data.
ASX 200 was marginally higher on return from holiday with the index propped up by tech and financials.
Nikkei 225 lacked decisiveness following firm Tokyo CPI data in which core inflation rose at its fastest pace since 1981 and further added to the pressure for the BoJ to rethink its ultra-easy policy.
Hang Seng was choppy and struggled to sustain early gains after data showed a wider contraction in Hong Kong’s exports and with Japan and the Netherlands set to join the US’s chip curbs on China.
NOTABLE ASIA-PAC HEADLINES
Japan and the Netherlands agreed to join the US on China chip curbs with US, Dutch and Japanese officials set to conclude talks as early as today, while the Netherlands is to expand restrictions on ASML (ASML NA) and Japan will set similar limits on Nikon (7731 JT), according to Bloomberg and Reuters.
DATA RECAP
Tokyo CPI YY (Jan) 4.4% vs. Exp. 4.0% (Prev. 4.0%)
Tokyo CPI Ex. Fresh Food YY (Jan) 4.3% vs. Exp. 4.2% (Prev. 4.0%); Ex. Fresh Food & Energy YY (Jan) 3.0% vs. Exp. 2.9% (Prev. 2.7%)
Australian PPI QQ (Q4) 0.7% (Prev. 1.9%); YY (Q4) 5.8% (Prev. 6.4%)
New Zealand ANZ Business Confidence (Jan) -52% (Prev. -70.2%); Activity Outlook (Jan) -15.8% (Prev. -25.6%)
1.c FRIDAY/ THURSDAY NIGHT
SHANGHAI CLOSED //Hang Seng CLOSED /The Nikkei closed UP 19.81 PTS OR 0.07% //Australia’s all ordinaries CLOSED UP 0.28% /Chinese yuan (ONSHORE) closed //OFFSHORE CHINESE YUAN DOWN TO 6.7571// /Oil UP TO 82.68 dollars per barrel for WTI and BRENT AT 88.56 / Stocks in Europe OPENED ALL MIXED ONSHORE YUAN TRADING XXXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING UP AGAINST US DOLLAR/OFFSHORE WEAKER
2 a./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA
2B JAPAN
3c CHINA /
CHINA/JAPAN/HOLLAND//USA
This is really hurting the Chinese economy as they cannot get certain types of high grade semi conductor chips
(zerohedge)
Netherlands, Japan, US Reach Agreement To Throttle China’s Chip Ambitions As Tech War Heats Up
FRIDAY, JAN 27, 2023 – 01:44 PM
The Biden administration could soon get the Netherlands and Japan to join the US in limiting China’s access to advanced semiconductor machinery, undermining Chinese leader Xi Jinping’s ambitions to become a dominant superpower.
According to Bloomberg, US, Dutch and Japanese officials wrapped up talks today on new guidelines for what type of chip-making equipment can be exported to China. Negotiations are closed doors, and there is no plan for a public announcement of restrictions.
The Netherlands will likely curb exports of ASML Holding NV’s ultraviolet lithography machines that produce advanced chips to China. Japan will likely embrace similar limits for Nikon Corp.
Sources told Reuters that a deal between Dutch and US officials could be reached in several days. Without Japanese or Dutch cooperation, the Biden administration’s move to curb China’s ability to produce high-tech chips for military applications would be limited.
On Oct. 7, President Biden unveiled a sweeping set of export controls that ban Chinese companies from purchasing advanced chips and chip-making equipment without a license.
“We have been in discussion with the United States and other countries regarding the export-control regime,” Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and Industry, told Reuters on Friday.
“We will implement any measures in accordance with our Foreign Exchange Law and through international cooperation,” he added.
Last fall, Mark Williams and Zichun Huang, analysts at Capital Economics, wrote in a report, “the US moves are a major threat to China’s technological ambitions.” The analysts noted that the global semiconductor industry is “almost entirely” dependent on the US.
What’s very clear is the US-China tech war is accelerating.
end
4/EUROPEAN AFFAIRS/UK AFFAIRS//
GERMANY/
It took them long enough: now the German public now favours nuclear power
(zerohedge//Kimani/Oil Price.com))
In Unexpected Swing, Germany’s Public Now Favors Nuclear Power
The energy crisis in Europe has changed the public opinion in Germany on nuclear power.
The German Green Party and Social Democrats have long supported a move away from nuclear energy.
Nuclear energy is seen as a preferable energy source to a fall back to burning coal.
For decades, Germany has maintained a love-hate relationship with nuclear power. Currently, Germany has three existing nuclear reactors that produce ~6% of the country’s power supply, a far cry from the 1990s when 19 nuclear power plants produced about a third of the country’s electricity supply.
The genesis of the current state of affairs can be traced back to 1998 when a new center-left government consisting of the Greens party and Social Democrats started demanding that the country moves away from nuclear power, a long-held objective of the Greens. The Greens became prominent in the 1980s after they started rallying against the dangers of nuclear energy and nuclear weapons against the backdrop of the Cold War. Indeed, the last new nuclear plants to be built in Germany date back to 2002 after which plans were put in place to phase out all existing plants over the next few decades.
However, the tide turned again in 2010 after a coalition of the liberal Free Democratic Party and the conservative Christian Democrats rose to power and extended the use of nuclear energy in Germany by up to 14 years. But alas, the newfound love for nuclear power was not to last: a year later, explosions and meltdowns at the Fukushima nuclear power plant in Japan soured the public’s mood on nuclear power and forced Germany to do another about-face on this policy. Berlin then returned to the original plan for a nuclear phaseout by the end of 2022.
But Russia’s war in Ukraine is forcing a rethink of energy security not only in Germany but also by the entire continent. Up until last year, Germany and Russia were major energy partners, with the latter providing the country with the majority of its oil and natural gas. But Russia’s war has led to Europe and Germany scrambling for alternative supplies as winter looms. Germany is now rethinking its nuclear phaseout strategy, and the public is falling in line.
“We will need more electric power in the future. That’s a fact. And 6% can be a lot to miss when there is nothing new [to replace it]. We’d be losing 6% when we really will need more,” German Chancellor Olaf Scholz has told Deutsche Welle. Previously, the majority of the public was in favor of the nuclear phaseout in the aftermath of the Fukushima disaster; now over 80% are in favor of extending the lifespan of Germany’s existing nuclear reactors.
Nuclear energy is seen as a preferable energy source to a fall back to burning coal. According to Dutch-based anti-nuclear group WISE, nuclear plants produce 117 grams of CO2 emissions per kilowatt-hour, much lower compared to burning lignite which emits over 1,000 grams of CO2 per kilowatt-hour.
Back To Coal
But limiting greenhouse gas emissions is hardly a top priority for energy-starved Europe. According to a report by the Observer Research Foundation, energy supply disruptions triggered by Russia’s war on Ukraine took LNG prices even higher leaving coal as the only option for dispatchable and affordable power in much of Europe, including the tough markets of Western Europe and North America that have explicit policies to phase out coal.
According to the Washington Post, coal mines and power plants that closed 10 years ago have begun to be repaired in Germany. In what industry observers have dubbed a “spring” for Germany’s coal-fired power plants, the country is expected to burn at least 100,000 tons of coal per month by winter. That’s a big U-turn considering that Germany’s goal had been to phase out all coal-generated electricity by 2038.
Other European countries such as Austria, Poland, the Netherlands and Greece have also started restarting coal plants.
Meanwhile, China’s coal imports have been surging as power generators increased purchases to provide for peak summer electricity demand. China has the largest number of operational coal power plants with 3,037 while Germany, the largest economy in the EU has 63.
The situation has led to soaring global coal consumption that could reach levels we haven’t seen in a decade, though there will be a limit to growth considering that investment in any new coal-powered plants has stalled. But that only makes the coal market tighter, pushing the energy source into an outperforming category.
Thermal coal, which is the variety used to generate power, has seen a 170% rise in price since the end of 2021–most of those gains made following Russia’s invasion of Ukraine.
end
EUROPE/PAKISTAN
Pakistan has the 2nd worst finances in the world behind Lebanon. Now the entire country cannot afford power
(OilPrice.com)
Europe’s Energy Crisis Leaves Almost All Of Pakistan Without Power
Pakistan faced an almost nationwide power outage on Monday.
A significant energy shortage is one of the main drivers of the nation’s current economic crisis.
The energy crisis in Europe has made Pakistan vulnerable to high fuel prices.
The long-awaited winter energy crisis has finally hit…but it wasn’t in Europe after all. On Monday, almost the entirety of Pakistan was left without power when a misguided energy saving strategy by the government backfired. Runaway inflation, a severely weakened currency, and rapidly emptying foreign exchange reserves have left Pakistan on the brink of economic collapse. The country of 230 million people is plagued by overdue energy payments, and was seeking to cut costs by lowering energy use when the plan went off the rails, leaving people across the country without power or water for more than 12 hours.
Pakistani officials had planned to save on energy costs by turning off electricity across the country overnight. Nighttime has the lowest usage hours for energy in Pakistan, where winters are relatively mild. The problem came when technicians tried to reboot the electric system in the morning, and found out that the infrastructure wasn’t capable of booting up the entire nation’s energy grid all at once. Major cities, including the capital city of Islamabad, as well as smaller cities and towns across the country were left in the dark for 15 hours on Monday, lasting into the night.
“As an economic measure, we temporarily shut down our power generation systems” Sunday night, Energy Minister Khurram Dastgir told local media.
He went on to explain that when engineers tried to turn the systems back on, a “fluctuation in voltage” occurred, which “forced engineers to shut down the power grid” stations altogether.
Millions of people were left without drinking water as electric-powered pumps failed. While some schools and hospitals were able to turn to backup generators, many were left without power entirely throughout the day. Pakistani authorities went as far as deploying additional police at markets around the country as the sun went down, for extra security in the darkness.
This isn’t the first time that Pakistan has suffered from widespread blackouts. Reporting from the Associated Press noted that Monday’s outage was “ reminiscent of a massive blackout that occurred almost exactly two years ago, in January 2021, attributed at the time to a technical fault in Pakistan’s power generation and distribution system.” This week’s blackout has catalyzed pre-existing nationwide distrust of the government’s tactics and capacities, and stoked fears and outrage about the government’s handling of the nation’s economic crisis.
A significant energy shortage is one of the main drivers of the nation’s current economic crisis. Pakistan’s high level of dependence on imports of foreign fossil fuels to keep the lights on has left the country “acutely vulnerable to to hikes in global oil and gas prices.” This has led to devastating consequences for the cash-strapped country as the energy war between Europe and Russia has caused widespread market volatility and driven energy costs up to painful levels.
According to the Asian Development Bank, Pakistan imports “nearly a third of its energy resources in the form of oil, coal, and liquefied natural gas (LNG).” Pakistan’s own Dawn Newspaper slammed the government this week for its ‘self-inflicted’ economic crisis based on “unsustainable energy policies — price and availability — coupled with constant currency volatility,” which it says “have kept the country’s export potential capped.”
Indeed, experts say that the nation has barely enough left in its coffers for one more month of crucial energy and fuel imports. The International Monetary Fund (IMF) is currently discussing how to mitigate the crisis unfolding in Pakistan, starting with softening some conditions for a proposed $6 billion bailout, which the government fears will only fuel inflation. It would come on the heels of another $1.1 billion in IMF aid given to Islamabad in August. “Since then,” Associated Press reports, “discussions between the two parties have oscillated due to Pakistan’s reluctance to impose new tax measures.”
While there has been no shortage of mismanagement on the part of the Pakistani government, this problem is not just a Pakistani problem. Far from it. Economists and development experts have been warning for months that Europe would not be the real victim of the European energy crisis. Rather, it is the import-dependent and cash-poor countries in the developing world that will suffer the most. The International Energy Agency cautioned that as Europe has managed to stay afloat through a mild winter, for the rest of the world, the crisis is just beginning. Following in Pakistan’s footsteps, oil-importing nations in Africa, Asia and Latin America will be extremely hard-hit, as fuel prices continue to batter their relatively weak currencies.
end
Really stupid of German’s new minister stating that they are at war with Russia
(zerohedge)
“Madness”: France, Croatia Deny ‘West At War With Russia’ After German Foreign Minister Sparks Outrage
FRIDAY, JAN 27, 2023 – 09:50 AM
On Tuesday, German Foreign Minister Annalena Baerbock ignited a firestorm of debate when she stated that Western allies are fighting a war against Russia – causing many to suggest that she essentially ‘declared war’ on Russia, and contradicting the official stance by saying the quiet part out loud.Annalena Baerbock, Berlin, Germany, 6/8/2018
“And therefore I’ve said already in the last days – yes, we have to do more to defend Ukraine. Yes, we have to do more also on tanks,” she during a Tuesday keynote address at the Parliamentary Assembly of the Council of Europe in Strasbourg, France – adding “But the most important and the crucial part is that we do it together and that we do not do the blame game in Europe, because we are fighting a war against Russia and not against each other.“
END
5.UKRAINE RUSSIA//MIDDLE EASTERN AFFAIRS
SAUDI ARABIA/USA/PETRODOLLAR SCHEME
A huge story: as we have outlined to you on several occasions these past few weeks: the dollar collapse is now in motion. Saudi Arabia now signals the end of the petrodollar scheme
(//Brandon Smith)
A Dollar Collapse Is Now In Motion, Saudi Arabia Signals The End Of ‘Petro’ Status
The decline of a currency’s world reserve status is often a long process rife with denials. There are numerous economic “experts” out there that have been dismissing any and all warnings of dollar collapse for years. They just don’t get it, or they don’t want to get it. The idea that the US currency could ever be dethroned as the defacto global trade mechanism is impossible in their minds.
One of the key pillars keeping the dollar in place as the world reserve is its petro-status, and this factor is often held up as the reason why the Greenback cannot fail. The other argument is that the dollar is backed by the full force of the US military, and the US military is backed by the US Treasury and the Federal Reserve – In other words, the dollar is backed by…the dollar; it’s a very circular and naive position.
These sentiments are not only pervasive among mainstream economists, they are also all over the place within the alternative media. I suspect the main hang-up for liberty movement analysts is the notion that the globalist establishment would ever allow the dollar or the US economy to fail. Isn’t the dollar system their “golden goose”?
The answer is no, it is NOT their golden goose. The dollar is just another stepping stone towards their goal of a one-world economy and a one-world currency. They have killed the world reserve status of other currencies in the past, why wouldn’t they do the same to the dollar?
Globalist white papers and essays specifically outline the need for a diminished role for the US currency as well as a decline in the American economy in order to make way for Central Bank Digital Currencies (CBDCs) and a new global currency system controlled by the IMF. I warned about this years go, and my position has always been that the derailment of the dollar would likely start with the end of its petro status.
In 2017 I published an article titled ‘Saudi Coup Signals War And The New World Order Reset’. I noted at the time that the sudden power shift over to crown prince Mohammed Bin Salman indicated a change in Saudi Arabia’s relationship to the US. I stated that:
“To understand how drastic this coup has been, consider this — for decades Saudi Kings maintained political balance by doling out vital power positions to separate, carefully chosen successors. Positions such as Defense Minister, the Interior Ministry and the head of the National Guard. Today, Mohammed Bin Salman controls all three positions. Foreign policy, defense matters, oil and economic decisions and social changes are now all in the hands of one man.”
The rise of MBS was backed by the Public Investment Fund (PIF), a fund comprised of trillions of dollars supplied by globalists within Carlyle Group (Bush family, etc.), Goldman Sachs, Blackstone and Blackrock. MBS garnered the favor of the globalists for one specific reason – He openly supported their “Vision For 2030”, a plan for the dismantling of “fossil fuel” based energy and the implementation of carbon controls. Yes, that’s right, the head of Saudi Arabia is backing the eventual end of oil based energy, and part of that includes the end of the dollar as the petro currency.
In exchange for their cooperation, the Saudis are being given access to ESG-like funding as well as access to AI advancements and the so-called “digital economy.” It sounds crazy, but there is much talk of AI developments to cure numerous health problems and extend lifespan. With those kinds of promises, it’s not surprising that Saudi elites would be willing to dump the dollar and even oil.
In 2017 I noted that:
“I believe the next phase of the global economic reset will begin in part with the breaking of petrodollar dominance. An important element of my analysis on the strategic shift away from the petrodollar has been the symbiosis between the U.S. and Saudi Arabia. Saudi Arabia has been the single most important key to the dollar remaining as the petrocurrency from the very beginning.”
I believed that the threat to petro status would ultimately be spurred on by a proxy war between East and West:
“World economic war is the real name of the game here, as the globalists play puppeteers to East and West. It is a geopolitical crisis they will have created to engineer public support for a solution they predetermined.”
Back then I thought that such a proxy war would be initiated in the Middle East, possibly in Iran. However, it’s clear that Ukraine is the powderkeg the globalists have chosen, at least for now, with Taiwan being the next shoe to drop.
In the years since I made these predictions the relationship between Saudi Arabia, Russia and China has grown very close. Arms deals and energy deals are becoming a mainstay of trade and this has led to a quiet but steady distancing of the Saudis from the dollar. This past week, the dominoes were set in motion for dollar collapse when Saudi Arabia announced at Davos that they are now willing to trade oil in alternative currencies.
In response, Xi Jinping pledged to ramp up efforts to promote the use of the Chinese yuan in energy deals. This falls in line with another article I wrote in 2017 titled ‘The Economic End Game Continues,’ in which I described how conflict with Eastern nations (China and Russia) would be exploited to create a catalyst for the end of the dollar’s petro status.
The importance of the Saudi announcement cannot be overstated; this is the beginning of the end of the dollar. The dollar’s world reserve status is largely dependent on its petro-status. Without one, you cannot have the other. This is almost the exact same dynamic that led to the implosion of the British Sterling decades ago as the global petro currency which resulted in the rise of the dollar to take its place.
This time, though, it will not be a single foreign currency that takes on the role of world reserve, it will be a basket currency system controlled by the IMF called Special Drawing Rights, along with a single global digital currency that is yet to be named but is now under development.
The consequences of the loss of reserve status will be devastating to the US economy. It is the only glue holding our system together – The ability to defer inflation by exporting it overseas is a superpower only the US enjoys. The Fed can print money perpetually if it wants to in order to fund the government or prop up US markets, as long as foreign central banks and corporate banks are willing to absorb dollars as a tool for global trade. If the dollar is no longer the primary international trade mechanism, the trillions upon trillions of dollars the Fed has created from thin air over the years will all come flooding back to the US through various avenues, and hyperinflation (or hyperstagflation) will be the result.
This dynamic is already in play, as foreign holders of US debt and dollars have been dumping them at record pace since 2017. The process continues at a time when the Federal Reserve is cutting it’s balance sheet and raising interest rates, which means there is no longer a buyer of last resort.
This may be why multiple foreign central banks have renewed their purchases of gold reserves and are once again stockpiling precious metals. They seem to be well aware of what is about to happen to the dollar, while the American public is kept in the dark.
The effects of the decline of the dollar may not be immediately felt, or become obvious for another year or two. What will happen is consistent inflation on top of the high prices we are already dealing with. Meaning, the Federal Reserve will continue to hold interest rates higher and prices will barely budge or they may climb in spite of monetary tightening. Even in the face of a major recessionary contraction, which I predict will be triggered starting in April, prices will STILL remain higher.
All the while the mainstream media and government economists will say they have “no idea” why inflation is so persistent, and that “nobody could have seen this coming.” Some of us saw it coming, but only because we accept the reality that the dollar’s days are numbered.
* * *
If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch. Learn more about it HERE.
end
RUSSIA/UKRAINE/WAR UPDATES
War update – by Aleks – Black Mountain Analysis
Robert Hryniak
1:42 PM (15 minutes ago)
to
One of the better insights to what has happened and what will happen excluding nuclear war. Russia has already clearly sent the message and will not make another warning if DU shells are used. It will simply strike. Neocons are basically cowards and are delusional with hatred that prevents them from using common sense. This is the biggest threat because they ignore warnings and consider vassals as disposable. So the loss of German tank manufacturing is good thing because they can buy US tanks. This is their logic and it should not be ignored that a byproduct win is a destroyed European war machine that can be rebuilt. People in the equation do not matter, as they will sacrifice allies without regard if there is a gain. The infamous words of Nuland are a stark reminder “fuck the EU”. Poland would do well to remember. As it is on the ground in Ukraine, it is obvious that loses of certain city nodes are a preparation for a wider ground offensive to start soon. And since both sides are committed the window to get off i a closing window for America which is getting smaller. As for Russia, it will go all the way and that needs to be understood.
Israeli occupation forces killed nine Palestinians and injured at least twenty on Thursday during violent raids in the occupied city of Jenin and its refugee camp.
The raids began on the evening of January 25 and persisted into January 26, in what is being described as “one of the deadliest days” in the West Bank since last year.Incursion aftermath, via BBC
According to the Palestinian Prisoners Club (PPC), several have been detained throughout the raids and transferred for interrogation by Israel’s security service. As a result of the incursions, intense clashes broke out between Israeli troops and resistance fighters, several of whom sustained bullet wounds.
An elderly woman has also been reported among the dead, according to security officials. Eyewitnesses have referred to the situation as a “massacre.”
The Israeli army cut off the power supply to the Jenin camp, while also blocking journalists and ambulance teams from entering. Health officials have said that injuries are continuing to accumulate.
“There is an invasion that is unprecedented in the past period, in terms of how large it is and the number of injuries … The ambulance driver tried to get to one of the martyrs who was on the floor, but the Israeli forces shot directly at the ambulance and prevented them from approaching him,” Wissam Baker, head of Jenin’s public hospital, told media.
Despite centering around Jenin and its camp, the Israeli raids also targeted several homes and refugee camps across the West Bank, including Ramallah’s Al-Amari camp and Jerusalem’s Shuafat camp, as well as the towns of Silwan, Sur Baher, Al-Tur, and Al-Isawiya.
In response to the Israeli aggression, the Palestinian resistance managed to down a drone as it was flying over the Jenin refugee camp.
According to reports, an Israeli soldier was killed and another injured in the confrontations. Another report says that the Jenin Brigade of the Palestinian Islamic Jihad (PIJ) resistance movement detonated an explosive device inside an Israeli military jeep, resulting in “casualties in their ranks.”
“The military operation in Jenin was launched after intelligence from the Shin Bet about the Palestinian Islamic Jihad movement’s intention to carry out a major operation against Israeli targets … the operation aimed to arrest a prominent member of the movement,” Israeli media reported.
The military ended up withdrawing from Jenin, however, the injury toll is expected to rise.
end
THEN LATE TODAY:
(THE GUARDIAN)
Seven Israelis killed leaving synagogue in East Jerusalem
Gunman waited until Shabbat prayers ended before opening fire on people in worst terrorist attack on Israelis in years
The Magen David Adom ambulance service said at least three more are understood to be in critical condition. Photograph: Ronen Zvulun/Reuters
Seven Israelis have been shot and killed as they left a synagogue in East Jerusalem, in the latest episode of spiralling violence across Israel and the occupied Palestinian territories over the past two days.
A gunman in a car waited on Friday night until Shabbat prayers ended at a synagogue in Neve Yaakov, an Israeli settlement in occupied East Jerusalem, before opening fire on people as they left the building, a preliminary Israeli police probe said.
The Magen David Adom ambulance service said medics declared seven people dead at the scene. At least three more are understood to be in critical condition.
The as-yet unidentified attacker was “neutralised” police said. Unconfirmed Palestinian media reports said the gunman was an East Jerusalem Palestinian from the nearby neighbourhood of Shuafat.
The United States strongly condemned the attack which came ahead of a visit by Secretary of State Antony Blinken. “This is absolutely horrific,” State Department spokesman Vedant Patel told reporters.
“We condemn this apparent terrorist attack in the strongest terms. Our commitment to Israel’s security remains ironclad, and we are in direct touch with our Israeli partners.”
“We stand with the Israeli people in solidarity,” he said.
The raid targeting Islamic Jihad militants in the Jenin refugee camp, in the north of the Palestinian territory, triggered tit-for-tat rocket fire between the Gaza Strip and Israel in the early hours of Friday and sparked fears of a wider escalation in the decades-long conflict.
Friday prayers at Jerusalem’s holy al-Aqsa mosque in the Temple Mount complex – often a catalyst for violence – passed without incident before the evening shooting.
Last year was the bloodiest year on record in Israel and the Palestinian territories since 2004, with about 250 Palestinians in the West Bank and 30 Israelis killed. Another 49 Palestinians died in the Gaza Strip in a three-day surprise Israeli bombing campaign in August.
So far this month, 31 Palestinians have been killed.
Why Some People Never Become Infected With COVID-19
With the ongoing surge of COVID-19 infections in China, many are shocked by its scale and worried about a potential new wave hitting the rest of the world.
Let’s take a close look into the factors that affect our antiviralimmunity, and how to better protect yourself if another wave hits where you live.
Looking at pandemics throughout history, one can’t ignore the impact of the Black Death, which swept across Europe and reduced the population by more than half in some areas. Yet, some people never got sick.
Cholera assailed Europe, but some people stayed uninfected, even though they ate the same contaminated food and drank the same tainted water.
Some doctors and nurses dedicated their lives to the leprous tribes, and yet they never contracted the bacterial infection.
Two human challenge trials were done during the 1918 Spanish flu by two independent groups of doctors in Boston and San Francisco with 62 and 50 healthy volunteers, respectively. Regardless of how many aggressive means were taken to try to infect people (even dropping mucus or bodily fluids from flu patients into the healthy volunteers’ eyes, noses, or throats), none of the participants became infected.
During the COVID-19 pandemic, a SARS-CoV-2 human challenge study published in Nature in 2022 found that of the 36 healthy volunteers inoculated with the SARS-CoV-2 virus intranasally, only a little more than half became infected with mild symptoms, and the other half remained uninfected. Two were excluded from the per-protocol analysis, so the experiment went on with 34 participants.
These experiments show that some people just don’t get infected.
Viruses ‘See’ People With Weakened Immunity
While people may look similar on the outside, we look very different in the microscopic world of viruses. Our immune systems look different, too.
The immune system we were born with is a sophisticated design. It has layer upon layer of defenses and acts like an army protecting us 24/7 against various viruses and bacteria.
Viruses need suitable cells to hijack so they can replicate. If a person’s cells are in a good antiviral state, there’s no soil for the virus to spread its roots, so to speak, so that person won’t become infected.
This substance is called interferon. It interferes with the replication of the virus, breaking down its protein, enzymes, and RNA so that the virus can’t survive in these cells.
Going deeper, there are a variety of immune cells, such as natural killer (NK) cells, macrophages, and lymphocytes. Each cell is like a special soldier possessing special skills to fight viruses.
Even if you become infected, if your immune system is strong, you will suffer only mild illness and quickly recover.
Research published in the journal Scientific Reports of Nature proves that at the early stage of infection, the more interferon that’s present, the lower the incidence of developing severe symptoms of COVID.
On the contrary, if a person has poor antiviral immunity, the virus is more likely to infect cells, replicate, and establish a devastating presence in the person’s body.
2 States of Immunity
There are generally two distinct states of immune response—one healthy and effective, the other not.
The first state is the antiviral state. It’s characterized by strong antiviral immunity from immune cells that can secrete interferons to eradicate viruses. The second is the systemic chronic inflammation state. This state makes people susceptible to viral infections.
A study published in Nature Medicine summarizes the causes of chronic inflammation and its consequences. Some of the most common factors are physical inactivity, obesity, a poor diet, social isolation, psychological stress, and poor sleep.
When we talk about strengthening immunity, people often think about improving nutrition or developing antibodies.
Those factors are important; boosting nutrition and adding exercise to one’s regimen will certainly help. At the same time, there are other internal ways to enhance our ability to fight viruses.
Everyone has emotions, thoughts, characteristics, and different mental states. People think that our thoughts are intangible, but they do, in fact, have material effects. Science has proved this point already. Depression, anxiety, stress, anger, and fear all have widespread and well-documented physiological effects. They can affect essential aspects of our biochemistry, from hormone production, to our perception of pain. Positive emotions also have an effect, though it can be mixed.
In psychology, there are two broad concepts of happiness: hedonic and eudaimonic. Hedonic refers to the happiness gained through a pleasurable experience such as eating a tasty meal. Eudaimonic refers to happiness that comes from achieving purpose and meaning, such as raising a child. Hedonic happiness is often fleeting and may leave us pursuing more of the stimulus that caused it, such as tasty foods, or indulgences such as watching movies or drinking alcohol. Eudaimonic happiness is often more lasting because it’s derived from more substantial experiences or aspects of our own character.
A 2013 study published in PNAS, a top-ranked journal, discovered that people who were inclined to pursue justice and noble goals (eudaimonic) had higher interferon gene expression, higher ability to produce antibodies, and significantly lower expression of chronic inflammatory genes.
Furthermore, according to a Harvard University and the University of California–Berkeley study published in Current Opinion in Psychology in 2015, people with honest hearts are less prone to viral infections. That’s because the cortisol responsiveness of liars is significantly higher than that of truth-tellers. And the higher the cortisol responsiveness, the easier it is for the stress hormone levels in the body to rise.
Corticosteroids and cortisol have an inhibitory effect on immune cells and suppress the body’s ability to fight viruses. Therefore, dishonest behavior will lead to a decline in antiviral ability.
A study was conducted by the Rush Alzheimer’s Disease Center in the Departments of Behavioral Sciences and Neurological Sciences at the Rush University Medical Center in Chicago on the important determinant of health outcomes and mortality in community-dwelling elderly persons in the United States.
Researchers found that having a stronger sense of purpose in life effectively prevents lethal events. A person with a high score on the purpose in life measure had a 43 percent reduced risk of mortality compared to a person with a low score. Thus, developing and refining people’s sense of purpose can protect health and potentially save lives.
The scientific evidence supports that our thoughts, mindsets, and moral standards can affect the genes and functions of immune cells, affect hormone levels, and impact holistic antiviral immunity.
As a whole, our thoughts can contribute to whether or not we are infected in an epidemic, or whether or not we will be seriously ill after we are infected.
In traditional cultures, people who are kind, altruistic, honest, and have a calm heart and humble attitude are normally healthier. Now we understand that it’s because they produce high levels of interferon, strong NK cell function, and strong antiviral immunity. Such people are less susceptible to viral infections.
People with these qualities usually have a stable mind and better mental health and don’t easily become anxious, depressed, or have negative and intense emotions.
I have a friend who has faith, is kind, often volunteers to help others, and has been in the COVID ward every day throughout the pandemic. This friend has never been infected with COVID-19. I also have many other friends similar to her who have remained uninfected during the pandemic, too.
Throughout the recent COVID surge in China, there have been an unusual number of high-profile Chinese officials who have died of suspected COVID-19 infections. As high-ranking officials in China, they enjoy state-of-the-art medical care and have first-class food, nutrients, and dietary supplements. So why have they been dying during this wave?
We all know about the fake news and deceitful propaganda in China, including the cover-up and concealment of COVID-19 data, the suppression of whistleblowers, and the suppression of people who dare to speak the truth.
The high-ranking officials in China—not all, but many of them—didn’t share the truth with people. They either executed the cover-up or helped with the cover-up. From a biological perspective, their bodies’ stress hormone levels may be much higher than people who don’t bear the stress of dishonesty. If they lived in that state constantly, the chronically elevated stress hormones would have done great damage to their immunity.
These officials don’t put the well-being of the Chinese people before profits or power. Therefore, the interferon gene expression level of their immune cells is expected to be lower than that of people who care for others.
If these officials were to have had more virtuous minds and kinder hearts, they might have been less prone to viral infections or at risk for severe disease.
There is a Chinese traditional saying: “Illnesses are caused by 70 percent mental and 30 percent physical.” During the pandemic, it’s not only important to keep a good physical state, but to also keep a kind and virtuous mindset to aid your immune system.
Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times. Epoch Health welcomes professional discussion and friendly debate. To submit an opinion piece, please follow these guidelines and submit through our form here.
CANADA
Wow! this was quite a scene in Hamilton, Ontario (my home town). Trudeau visited an eatery on King Street where he was swarmed by angry mandate protesters.
You have to see this!!
Justin Trudeau Called A Tyrant As He Is Swarmed By Angry Mandate Protesters
THURSDAY, JAN 26, 2023 – 12:35 PM
The anger is starting to spill over. After years of what many in the Canadian public now regard as useless covid mandates and draconian vaccine requirements, the tiny median Infection Fatality Rate of the virus has left people wondering what the point of it all was?
Numerous western governments have been exposed for hiding contrary scientific indicators and exaggerating the pandemic threat, and the underlying suspicion is that covid was exploited as a tool for a global power grab by political elitists. Not only that, but concerns are also growing over the rising number of excess deaths in North America, Europe, Australia, etc. which started not long after the widespread introduction of the experimental mRNA covid vaccines.
Canada under PM Justin Trudeau faced an aggressive campaign against basic liberties.
And, as facts and evidence about covid continue to bleed into the mainstream, events like this swarm of protesters following Trudeau to a restaurant in Ontario are liable to become commonplace.
Dr. Michael Kirk Moore, the owner of the Plastic Surgery Institute of Utah in Midvale, has been charged with conspiracy to defraud the United States and the Centers for Disease Control and Prevention (CDC), according to court documents (pdf).
Moore’s office manager Kari Burgoyne, receptionist Sandra Flores, neighbor Kristin Andersen, and the Plastic Surgery Institute are also charged in the case.
The defendants are accused of running a vaccine scheme out of the physician’s business.
Moore and Andersen were allegedly members of a “private organization seeking to ‘liberate’ the medical profession from government and industry conflicts of interest,” the documents state.
In May 2021, Moore signed an agreement with the CDC to administer COVID-19 vaccines and vaccination cards. Court documents claim that Moore and Burgoyne then ordered “hundreds of doses of COVID-19 vaccines,” which they began receiving at the plastic surgery center in October 2021.
Working the Plan
After receiving the vaccine doses, the doctor and three others started notifying “fraudulent vax card seekers” that they could “receive fraudulently completed COVID-19 Vaccination Record Cards from the Plastic Surgery Institute without having to receive a COVID-19 vaccine,” the documents state.
Those seeking fraudulent vaccination cards were required to pay $50 cash or make a $50 donation to Moore and Andersen’s private organization.
Burgoyne allegedly managed the “day-to-day logistics of the scheme,” while Andersen handled the screening process. Once a person was successfully screened and had made their $50 payment, Andersen would send them forms to complete.
“Flores and other employees would then provide the Fraudulent Vax Card Seekers with the completed COVID-19 Vaccine Record Cards without administering any COVID-19 vaccine to them,” the document reads.
The group also gave fake vaccines to children when requested by the minors’ parents.
“Dr. Moore, Burgoyne, and Flores also arranged, at times, to administer or have others administer saline shots to minor children at the request of their parents so that the minor children would think they were actually receiving a COVID-19 vaccine,” according to the document.
The names of the fraudulent vaccination card seekers were uploaded to the Utah Statewide Immunization Information System.
Between Oct. 15, 2021, and Sept. 6, 2022, the Plastic Surgery Institute allegedly received about 2,200 doses of the vaccine and destroyed nearly 2,000 of them at a value of more than $28,000. The doses were destroyed “usually by drawing them from the bottle and then squirting them down the drain from a syringe.”
At least 1,937 fraudulent vaccination cards were allegedly sold at $50 each for a total of $96,850. The vaccination cards and the vaccine doses amounted to a combined value of nearly $125,000.
Undercover Agents
The scheme fell apart when an undercover agent managed to complete the “referral only” process and acquire a fake vaccination card.
A second agent went through the process and then asked Flores if his children could also receive a similar vaccine record card.
Flores “wrote on a Post-it note that ‘with 18 & younger, we do a saline shot,’ indicating that minors could receive saline shots and obtain the cards without receiving the vaccine,” the court papers say.
Also, 30.5% increase in deaths week ending Jan 13th 2023 over Jan 13th 2022; 16% rise in deaths week ending Jan 13th 2023 over Jan 6th 2023; why? Can excess death be due to COVID vaccine & boosters?
The data has been stable that highly vaccinated nations (over low vaccine uptake nations) have reported much higher infections, re-infections, hospitalizations, and deaths post COVID gene injection. Very elevated excess mortality, at times above 15%. Yet while COVID virus took the lives of elderly high-risk persons in 2020, the lethality had lessened for 2021 and for 2022. And we are seeing not elderly, but younger persons dying in 2022 and already 2023. Why? What can be killing younger persons when the virus does not kill them, and is not killing older persons?
Are the surges in deaths linked to the roll-out of the gene injections as well as boosters? See UK excess mortality graph below. See South Africa’s infection (and Japan’s), deaths, and vaccine uptake, as well as excess mortality today as a comparison (graph below). Note South Africa is one of the nations that took least vaccine yet had no issue with omicron etc. Is it the vaccine, stupid? Japan is finding it out the hard way as it took among the highest vaccine globally.
It’s the vaccine, stupid, it’s the vaccine!
It is clear that risk of death has been escalating in highly vaccinated nations, so what is going on? Where is the protection from the COVID gene injection vaccines? Was Dr. Geert Vanden Bossche correct all along that we will see severe effects in nations that vaccinate heavily and rapidly, not allowing for training of innate immune systems?
See UK and Wales 2023 weekly data here.
We see a 19.5% rise in week ending Jan 13th 2023 over 5-year average; also, 30.5% increase in deaths week ending Jan 13th 2023 over Jan 13th 2022; 16% rise in deaths week ending Jan 13th 2023 over Jan 6th 2023 (17, 381 versus 14,983):
Of 17,604 deaths by cause below: and only 654 listed as ‘due’ to COVID, then what has caused the deaths week ending Jan 13th 2023? In this era of COVID gene injection and boosters. What? Is it deaths now due to delayed treatments during lockdowns? Or how people were treated in the medical system? Could be it due to the impact of the COVID injections?
So no money for US soldiers but money for corrupted drag President Ukraine’s slush fund kick back MONEY LAUNDERING democrat (& republican) scheme? Is this how it is? $ for illegals but 0 for soldiers?
We have some illegals behaving like predators on our society, killing and raping our people after we let them in (well Biden and Obama let them in, and Bush), and many are thieves, rapists, and did I say murderers? They can get free money and laptops and flat screens and Obama phones and money, huge money and our soldiers cannot? They can get free healthcare and our people cannot?
Many good people in the illegal mix but many, I argue most are not who you want in your country and don’t give me the crap about who will do the lawn cutting etc. We need to punish not just the illegals but also the business owners who hire them. Take all their money. Jail them!
Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
You come up in my house and raping me? Why don’t you stay in the shit hole you come from, stay in the shit hole, you belong there! Don’t come in someone’s home, they opened it up and let you in, and you turn around and rape and murder us?
That marked the highest number of excess deaths since the week ending Feb 12, 2021, when the U.K. was in the midst of its second wave of COVID-19 infections and vaccinations had just begun; vaccine??
‘According to data from the Office for National Statistics, 17,381 deaths were registered in England and Wales during the seven days ending Jan 13, which is 2,837 more deaths than the average for this time of year.
That marked the highest number of excess deaths since the week ending Feb 12, 2021, when the U.K. was in the midst of its second wave of COVID-19 infections and vaccinations had just begun.’
The motion to cease boosters in those under 50 came after British MPs called for an investigation into the rising death rates in Britain, as a significantly higher number of deaths than usual have been recorded each week.
According to data from the Office for National Statistics, 17,381 deaths were registered in England and Wales during the seven days ending Jan 13, which is 2,837 more deaths than the average for this time of year.
That marked the highest number of excess deaths since the week ending Feb 12, 2021, when the U.K. was in the midst of its second wave of COVID-19 infections and vaccinations had just begun.
During that week, 37% of deaths recorded were attributed to COVID. However, coronavirus has recently accounted for only 5% of total deaths, indicating that other factors may be contributing to the high mortality rate.’
Once again, it is the women who stand up and the men pull fuzz balls from their navels and gaze around. Thank God for strong women who when I was part of the Canadian trucker convoy and US were on the front lines more than men, shame on the men around us, preening.
I cannot find more updated data from UK so what do you think? What happened in UK from peak in July 2021 when women were getting their COVID gene injections & boosters? 15.3% drop June to June
See second column from left, does this data look normal to you? There is an over 15% decline June 2021 to June 2022, absolute numbers. Do you see it (43,723 to 37,037)? What can you think of in UK (as in other western nations) that is associated with this steady decline in women giving birth? What was uniformly applied in western nations and at the same time?
Earlier in the month we shared the California “Physician Misinformation Bill” and how it would allow the state’s medical board to “take action” against doctors who spread misinformation or disinformation related to COVID-19.
It’s a bad time to be a doctor in California. AB-2098 has officially gone into effect. The bill allows the state’s medical board to “take action” against doctors who spread misinformation or disinformation related to COVID-19. Calling it “unprofessional conduct…
U.S. District Judge William Shubb on Wednesday ruled that the “consensus” on COVID is so vague and ill-defined that the physician plaintiffs are “unable to determine if their intended conduct contradicts the scientific consensus, and accordingly ‘what is prohibited by the law.'”
The Sacramento Bee reports that Shubb called the misinformation definition “nonsense” in a hearing Monday. The judge said doctors were familiar with following a “standard of care” but not a “contemporary scientific consensus,” a term he called “unconstitutionally vague” and “grammatically incoherent.”
Exact reported deaths being 278,000 (95% CI 217,330–332,608); this is incredible & this is not in the legacy media? CNN, NBC, MSNBC? Somebody? Fauci, Walensky? At least Jha will address? CRICKETS?
This study must not be taken as definitive and must be repeated and validated but it adds another piece of evidence that there is something definitely and dangerously wrong with these COVID gene injections. The proper post-vaccine surveillance (adverse event reporting and data safety monitoring boards etc.) as to safety of these gene injections have not been carried out and safety was not properly studied in the legacy trials.
Key finding:
‘Estimates from the survey indicate that through the first year of the COVID-19 vaccination program there may be as many as 278,000 vaccine induced fatalities (upper limit 332,000) and up to a million severe adverse events. The analyses offer new evidence that the health experiences with the COVID-19 illness and vaccination within social circles play an important role in the decision to be vaccinated.’
Using this figure of 332,000 deaths (upper limit), with an estimated 250 million Americans having had at least one shot (https://usafacts.org/visualizations/covid-vaccine-tracker-states), then this means one out of every 750 who take the vaccine dies due to the COVID gene injection. Yes, that is how many conservatively are killed by the COVID gene injection and we have not used 2022 data.
If this data is correct and validated with repeat examination and improved methodology rigor, if we include deaths due to the vaccine for 2022 and already accumulating for 2023 (and handicap the projection by 50%), conservatively, we can extrapolate that to be over 500,000 (over half a million deaths). I have been conservative here and the extrapolation can be even higher.
How come then the CDC lists deaths to be only 8,000 to 10,000 in its VAERS database that is supposed to detect deaths and document it? Is the CDC purposely misleading and deceiving the public with it’s reporting of COVID vaccine related deaths and adverse effects? We need to know this and we need Dr. Rochelle Walensky to give us a proper and full accounting.
In short, the ‘primary aim of this work is to identify the factors associated by American citizens with the decision to be vaccinated against COVID-19.’ And so the survey was seeking information on how things worked out post COVID gene injection.
An ‘online survey of COVID-19 health experiences was conducted. Information was collected regarding reasons for and against COVID-19 inoculations, experiences with COVID-19 illness and COVID-19 inoculations by survey respondents and their social circles. Logit regression analyses were carried out to identify factors influencing the likelihood of being vaccinated.’
Further results:
‘Those who knew someone who experienced a health problem from COVID-19 were more likely to be vaccinated (OR: 1.309, 95% CI 1.094–1.566), while those who knew someone who experienced a health problem following vaccination were less likely to be vaccinated (OR: 0.567, 95% CI 0.461–0.698).
34% (959 of 2840) reported that they knew at least one person who had experienced a significant health problem due to the COVID-19 illness.
Similarly, 22% (612 of 2840) of respondents indicated that they knew at least one person who had experienced a severe health problem following COVID-19 vaccination. With these survey data, the total number of fatalities due to COVID-19 inoculation may be as high as 278,000 (95% CI 217,330–332,608)’
The researcher was disclosive by indicating possible limitations and the reader must bear these in mind as you interpret these survey findings. Survey results are often fraught with bias especially due to responder bias etc. In any event:
‘The limitations of the study are threefold: (1) The sample of 2840 respondents is small; (2) reported COVID-19 illnesses and COVID-19 vaccine adverse events are not diagnosed in a clinical setting; and (3) health survey responses are biased.’
Note survey statistical methods of adjustment:
Logistic regression was used to identify factors associated with the chance of being vaccinated with at least one shot. The two primary independent variables of interest were: (1) knowing someone who suffered from the COVID-19 disease; and (2) knowing someone who has been injured by the COVID-19 vaccine. Adjustments were made for the following confounders: age, sex, political affiliation (Democrat, Republican, Independent), degree of urbanization using respondents’ self-assessment of whether they live in urban, suburban or rural areas, race (Caucasian, African American, Hispanic, Asian, Native American/Pacific Islander, Other), educational attainment as defined by the US Census [11], sources of information about COVID-19 (mainstream news, alternative news/other, peer-reviewed scientific literature, official government sources), COVID-19 illness problems in social circles, and COVID-19 inoculation problems in social circles. Social circles, as defined in the survey, include “family, friends, church, work colleagues, and social networks”. Among those in social circles who experienced health problems, respondents were asked to provide a description of the person they know best.’
Dr. Jordon Trishton Walker goes mandingo in the restaurant on Veritas; in some respects I feel sorry for this guy & this gets more bizarre by the second
James O’Keefe of Project Veritas was assaulted after attempting to speak with Jordon Trishton Walker, Pfizer’s Director of R&D Strategic Operations, who was recorded discussing the company’s efforts to “mutate” COVID through “Directed Evolution” to anticipate new strains for their COVID-19 vaccine.
Walker now claims he said lied about Pfizer’s directed evolution saying it was a lie he told to impress someone on a date.
“I’m literally a liar. I was trying to impress a person on a date. By lying.”
“I was just lying to a person to impress them on a date.”
“I was on a third date with a man and like normal people, you lie to impress a date…”
He also claimed not to be a scientist.
“I’m just someone who’s working in a company that’s trying to literally help the public.”
“I’m not even a scientist by background…”
Walker, the highly educated ‘scientist’, continues to lose control of himself and smashes an iPad, which he probably thought contained the video recordings.
At the end of the video, O’Keefe had left the restaurant. Walker ran outside and jumped in front of a black SUV to block it until the police arrived. One problem… it wasn’t the right car.
If you missed the first part of this yesterday, Project Veritas released a video on Wednesday night that showed a Pfizer executive, Jordon Triton Walker, claiming Pfizer is exploring ways to “mutate” SARS-CoV-2, a process they call “directed evolution” a/k/a Gain of Function, to preempt the creation of new vaccines. I covered it in more detail in yesterday’s Substack article.
Interesting how his first thought after James O’Keefe shows up is that he’s lying. In the first video, he gives somewhat detailed and believable explanations of this ‘directed evolution’.
Is this guy lying? Is Pfizer conducting its own gain-of-function experiments just to make vaccines?
The IRR (95% CI) of myocarditis-pericarditis following the first dose was 2.6 (2.2– 2.9); An increased incidence of acute kidney injury (AKI) was observed following the first (1.6 (1.5– 1.6))
This is cause to celebrate, the researchers stated : “Pfizer BNT162b2 was not found to be associated with most of the AESIs investigated, providing reassurances around the safety of the vaccine.”
You do know I am joking, right?
Do you believe this garbage, if you look at the tables below (second column from the right, focus on the 95% CI and that the interval does NOT include 1.0 which is the line of no effect (no difference)), it is clear it is linked to acute kidney injury, myocarditis and pericarditis, venous thrombosis, and thrombocytopenia. Yet based on their writing, we should jump for joy, as only 4 of the very serious adverse effects are strongly linked to the COVID mRNA shot. Thank God. Tongue in cheek of course.
Yet just look at the risk for the 5-19 year olds for myocarditis-pericarditis. Off the wall!
This is the insanity we live today with this fraud corrupted medical research writing.
‘Using national electronic health records, the observed rates of AESIs within a risk period (0-21 days) following vaccination were compared to the expected rates based on background data (2014 – 2019). The incidence rate ratio (IRR) for each AESI was estimated with 95% confidence intervals (CI) and adjusted by age.
The IRR (95% CI) of myocarditis-pericarditis following the first dose was 2.6 (2.2– 2.9) with a risk difference (95% CI) of 1.6 (1.1– 2.1) per 100,000 persons vaccinated and was 4.1 (3.7– 4.5) with a risk difference of 3.2 (2.6– 3.9) per 100,000 persons vaccinated following the second dose. The highest IRR was 25.8 (95% CI 15.6– 37.9) in the 5-19 years age group, following the second dose of the vaccine, with an estimated 5 additional myocarditis-pericarditis cases per 100,000 persons vaccinated.
An increased incidence of acute kidney injury (AKI) was observed following the first (1.6 (1.5– 1.6)) and second (1.7 (1.6– 1.7)) dose of BNT162b2 (Pfizer).’
Look at tables below at the risk for the 5-19 year olds for myocarditis-pericarditis, especially for second dose:
VACCINE IMPACT
Russia Laughs as NATO Decides to Send Tanks to Ukraine
January 26, 2023 2:49 pm
I have been watching with great interest how some factions in the German government have been hesitating to agree to send tanks to Ukraine for this past week or so. Were the Germans finally figuring out that the United States is not their friend, and that there is no advantage to Germany to continue supporting Ukraine in their fight against Russia? Even if many people in Germany have now figured this out, in the end, the Globalists, in this case the Defense Contractors, won the day and convinced Germany to send tanks to Ukraine, as will the United States. So here is the Russian perspective as to what this means, and if one understands that the real winners in this Ukraine War are the Wall Street Billionaires and bankers who are invested in the companies who make these tanks as well as other weapons of mass destruction that can only be used up in a real war, then the Russian perspective seems very plausible, as they make plans to blow up and burn all these tanks. This will then release even more funding for the war to replace these tanks.
Pfizer Director Caught on Camera Admitting Pfizer Controls the U.S. Government
January 26, 2023 3:51 pm
Project Veritas released a new video yesterday where one of their undercover reporters recorded a conversation with Jordon Trishton Walker, an alleged “Pfizer Director of Research and Development, Strategic Operations – mRNA Scientific Planner.” Everyone in the Alternative Media who has covered this, at least the articles I have seen, have concentrated on Walker’s statements regarding how Pfizer is experimenting with the idea of “Directed Evolution,” which Project Veritas and others claim is the same thing as “gain of function.” I almost was not even going to cover this video, because for one thing, I do not approve of Project Veritas’s use of lies and deception to trap someone. Walker clearly asks the “reporter” to promise him not to tell anyone this, and you can clearly see in the video that the interviewer gives him a fist bump in an affirmative reply. Secondly, as hard as this interviewer tried to get Walker to admit that Pfizer was already working on a method to make variants of the COVID virus more virulent, Walker repeatedly stated that this was just an idea that had been discussed, and that they had no idea whether or not it would work. Perhaps that is why Project Veritas felt the need to bring in one of the new Superstar Pro-Vaccine doctors to give his opinion about how bad this was. In the end, I did decide to give this interview some exposure on our network, not because of the claims that Pfizer could develop a lab version of a new deadly COVID virus variant, but because Walker admitted that Pfizer controls the U.S. Government health agencies that approve their drugs, and that this is “bad” for the American public, but good for business for the pharmaceutical companies. We all already knew this was true, of course, but to get someone within Pfizer to admit this was true, is really quite damaging, and could potentially be used in a court of law if one could find an honest judge somewhere that would have the courage to rule against the criminal activities of Pfizer.
Europe is buying more diesel from the United States and Saudi Arabia in preparation of the EU ban on seaborne imports of Russian refined products, yet Europe still remains the biggest buyer of Russian diesel, data compiled by Anadolu agency showed on Thursday.
The EU will ban – effective February 5 – seaborne imports of Russian refined oil products and around 1 million barrels per day (bpd) of Russian diesel, naphtha, and other fuels need to find a home elsewhere if Moscow wants to continue getting money for those products.
More than half of those Russian fuel exports to the EU are diesel. Ahead of the embargo set to kick in in ten days, Europe continues to be the biggest buyer of Russian diesel, and it has been stocking up on Russian supply in recent months ahead of the ban.
In December, for example, Russia’s diesel exports surged to a multi-year high of 1.2 million bpd, of which 720,000 bpd was destined for the EU, according to estimates in the latest Oil Market Report by the International Energy Agency (IEA).
Europe is still estimated to import large volumes of diesel, of around 600,000 bpd, weeks before the embargo comes into effect. After February 5, the diesel markets and the product flows globally are set to change, with Russia looking to place its refined products elsewhere and Europe hauling in more supply from the United States, the Middle East, and Asia, analysts say.
This month, Europe is expected to receive the highest volumes of diesel and gasoil from the U.S. in two years, per Vortexa data cited by Argus.
“Europe will enter the post-Russian diesel world relatively well supplied. A rush for Russian diesel imports in Q3 2022 combined with a warmer European winter and well supplied natural gas has softened the diesel supply shock and panic buying witnessed in October 2022,” Pamela Munger, Senior Market Analyst at Vortexa, wrote in an analysis last week.
“Unlike the crude markets, where many European refiners started in advance of the Russian crude ban by testing non-Russian crudes, the cessation of diesel exports to its core markets could have significant impact on Russia’s energy flows, possibly shutting in refinery operations as Russia looks toward only a few regions for export outlets.”
8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.
INDIA/
India’ Adani group witnesses it’s stock crash bringing down the Indian markets. This is after the very reliable Hindenburg report showing massive fraud
in the company. We promised you that Adani is the next Madoff
(zerohedge)
Adani Group Stocks Crash, Dragging Down Indian Markets; Bill Ackman Says Hindenburg’s Report “Credible”
FRIDAY, JAN 27, 2023 – 07:51 AM
India’s richest man, Gautam Adani, Founder and Chairman of the Adani Group, watched more of his corporate empire implode on Friday, with over $50 billion in market capitalization wiped out in two trading sessions following a report by US short-seller Hindenburg Research.
Adani Enterprises plunged 18.5% on Friday, closing at 2,761 rupees. Shares slid below 3,276 rupees, a level at which investors were allocated shares in a recent equity sale. Other units like Adani Green Energy Ltd. and Adani Total Gas crashed by a daily limit of 20%. Sellers were out in force as daily volumes exceeded three-month averages.
Hindenburg issued the short report late Tuesday night, claiming Adani Group conducted a “brazen stock manipulation and accounting fraud scheme over the course of decades.”
Turmoil spilled into the broader main equity index of the country. NSE Nifty 50 Index sank to its lowest levels since Oct. 21.
“It seems like there might be more downside and this report can become a big legal issue as it is causing reputational damage too,” Sameer Kalra, founder of Target Investing in Mumbai, told Bloomberg.
On Thursday, Adani Group’s legal team released a statement that said it’s exploring legal action against Hindenburg for its “maliciously mischievous, unresearched” report.
Hindenburg released the report as Adani Enterprises was preparing to attract more investors for its share sale. The transaction would be India’s largest-ever primary follow-on public offering.
Joining Hindenburg’s party is Pershing Square’s Bill Ackman. He tweeted late Thursday night that the short report on Adani Group companies was “highly credible and extremely well researched.”
“Adani’s response to Hindenburg Research is the same as Herbalife’s response to our original 350-page presentation,” Ackman tweeted, referring to his short-selling campaign against Herbalife Nutrition Ltd. five years ago.
Adani’s response to @HindenburgRes is the same as @Herbalife’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched. @AdaniOnline response speaks volumes. Caveat emptor. https://t.co/og6DLbPzp5— Bill Ackman (@BillAckman) January 27, 2023
Even before Hindenburg, CreditSights noted months ago that Adani’s conglomerate is “deeply overleveraged” with “stretched balance sheets.” However, the US short seller seems to put a massive spotlight on the group’s corporate governance.
Hindenburg’s newest campaign to take on India’s richest person and roil markets of an entire country is undoubtedly a step up from publishing short reports on small US companies, such as correctly calling the fraud in electric-vehicle maker Nikola.
Here’s something to ponder.
Adani’s debt bubble will probably be the cause of the first Indian financial crisis. They have loans from the largest banks and part of every major mutual fund portfolio. The market will go down with it— T Anurag (@T_Anurag_Nair) January 27, 2023
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS/FRIDAY MORNING 7;30AM
EURO VS USA DOLLAR:1.0873 DOWN .0021
USA/ YEN 129.86 UP 0.044/NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2366 DOWN 0.0048
Last night Shanghai COMPOSITE CLOSED
Hang Sang CLOSED
AUSTRALIA CLOSED UP 0.28% // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL MIXED
2/ CHINESE BOURSES / :Hang SANG CLOSED
/SHANGHAI CLOSED
AUSTRALIA BOURSE CLOSED UP 0.28%
(Nikkei (Japan) CLOSED UP 19.81 PTS OR 0.07%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1930.30
silver:$23.69
USA dollar index early FRIDAY morning: 101.75UP 11 BASIS POINTS from THURSDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED ..(XXX) AT LUNAR HOLIDAY
THE USA/YUAN OFFSHORE: (YUAN CLOSED (down)…. 6.7655
TURKISH LIRA: 18.81 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.479…VERY DANGEREOUS
Your closing 10 yr US bond yield UP 3 IN basis points from THURSDAY at 3.524% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.632 UP 1 in basis points
Your closing USA dollar index, 101.78 UP 14 BASIS PTS ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates FRIDAY: 12:00 PM
London: CLOSED UP 0.17 PTS OR 0.00%
German Dax : CLOSED UP 11.69POINTS OR 0.08%
Paris CAC CLOSED DOWN 2.29 PTS OR 0.03%
Spain IBEX UP 19.60 POINTS OR 0.22%
Italian MIB: CLOSED UP 231.76 PTS OR 0.82%
WTI Oil price 80.10 12: EST
Brent Oil: 86.91 12:00 EST
USA /RUSSIAN /// DOWN TO: 69,46/ ROUBLE DOWN 0 AND 20/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.236
UK 10 YR YIELD: 3.347 up 3 BASIS PTS.
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0868 DOWN .0025 OR 25 BASIS POINTS
British Pound: 1.2393 DOWN .0022 or 22 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.351% UP 3 BASIS PTS
USA dollar vs Japanese Yen: 129.91 UP 0.102////YEN DOWN 10 BASIS PTS//
USA dollar vs Canadian dollar: 1.3302 DOWN .0014 (CDN dollar, UP 14 basis pts)
West Texas intermediate oil: 79.55
Brent OIL: 86.38
USA 10 yr bond yield UP 3 BASIS pts to 3.520%
USA 30 yr bond yield UP 3 BASIS PTS to 3.636%
USA dollar index:101.23 UP 9 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 18.81
USA DOLLAR VS RUSSIA//// ROUBLE: 69.46 DOWN 0 AND 20/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 28.62 PTS OR 0.08%
NASDAQ 100 UP 115.62 PTS OR 0.96%
VOLATILITY INDEX: 18.52 DOWN 0.21 PTS (1.12)%
GLD: $179,22 DOWN 0.25 OR 0.14%
SLV/ $21.68 DOWN .31 OR 1.14%
end)
USA TRADING TODAY IN GRAPH FORM
Massive Short-Squeeze Sparks Surge In Stocks Despite Hawkish Shift In Rates
FRIDAY, JAN 27, 2023 – 04:02 PM
US Macro data surprised to the upside this week (the biggest weekly jump in the macro surprise index since August 2022) helping lift global macro notably higher, sparking hopes for a ‘soft landing‘ (or no landing?)…
Source: Bloomberg
Digging into the data, it is very much the Labor market that is holding up the macro data, as ‘soft’ survey data slumps… (so let’s hope all these mass layoffs don’t ever show up in the official data)…
Source: Bloomberg
However, the ‘soft landing’ narrative pushed Fed rate trajectory expectations hawkishly firmer… Translation – the market has removed 10bps of expected easing from the second half of 2023 in the last week or so….
Source: Bloomberg
But the markets ignored all that and pushed financial conditions to their loosest level since August (dramatically pulling forward expectations for The Fed to pivot to cuts)…
Source: Bloomberg
For context, financial conditions are as loose as they were in June of last year, 100s of bps of Fed Funds rate lower…
Source: Bloomberg
And financial conditions eased thanks in large part to soaring stocks this week. Led by Nasdaq (up 4 weeks in a row) which rallied over 5% (its best week since early Nov)
There was some aggressive selling into the close today which left The Dow almost unchanged (Nasdaq still managed a 1% gain)…
The meltup of the last couple of days was heavily influenced by 0DTE gamma squeezes and good old-fashioned short-squeezes. Today saw ‘most shorted’ stocks soar almost 7% – the biggest short-squeeze day since Nov 10th (3rd biggest short-squeeze day in 18 months)
Source: Bloomberg
For context, unprofitable tech stocks ripped 13% off their lows on Wednesday morning (and are up 30% YTD)…
Source: Bloomberg
The S&P is getting close to a golden cross (50DMA crossing above its 200DMA)…
Nasdaq closed above its 200DMA (at its highest since September)…
TSLA has been up for 6 straight days, rallying over 40% – its biggest such move since July 2020…
VIX was crushed this week to an 18 handle, but we do note that demand for downside protection has picked up as skews have started to accelerate…
Source: Bloomberg
Treasuries were mixed on the week with the long-end outperforming and the belly of the curve weakest (5Y +6bps, 30Y -3bps). Yields tumbled as stocks rallied today however during the US day session…
Source: Bloomberg
The dollar ended the week marginally lower (finding support at the May 2022 lows). NOTE that every day this week the dollar was dumped around the European close…
Source: Bloomberg
Cryptos were mixed this week with Bitcoin outperforming, up around 5% holding above $23,000…
Source: Bloomberg
Ethereum notably underperformed on the week (down around 2-3%), but has been lagging bitcoin significantly for two weeks…
Source: Bloomberg
Gold managed very modest gains this week, the 6th straight weekly gain for the precious metal…
Oil prices fell on the week with WTI back below $80…
NatGas fell for the 6th straight week, with Henry Hub trading at its lowest since April 2021 (bouncing off $3)…
Finally, we wonder do traders really think Jay Powell wants to see LUCID and all the worst stocks of last year (BZFD?) exploding blindly higher on the back of frontrunning The Fed’s potential for a pivot to a cut (not just a pause)…
Source: Bloomberg
Do traders really think The Fed will do that kind of pivot in the face of just a ‘soft landing’?
In fact, as Bloomberg pointed out today, the landing could be a lot harder. Analysts have pointed to diminishing pandemic stimulus cash cushions and a declining saving rate as reasons US consumers could ultimately pull back and tip the economy into recession.
Source: Bloomberg
Spending data show households did indeed cut back on purchases in the last two months of 2022. And at the same time, they started socking away more money throughout the fourth quarter, suggesting Americans may be preparing for tougher times ahead.
And the equity market is definitely not pricing in a harder-landing for the economy (no matter how quickly one believes the pivot would come).
END
EARLY MORNING TRADING/
EARLY AFTERNOON TRADING//
ii) USA DATA
Another indicator that the USA economy is in trouble; pending home sales collapse for the year despite a surge (??) in December
(zerohedge)
Pending Home Sales Suffered Worst Annual Decline Ever In 2022, Despite December Surge
FRIDAY, JAN 27, 2023 – 10:18 AM
While existing home sales slipped to cycle lows in December, new home sales bounced and this morning analysts were surprised to see pending home sales rise 2.5% MoM (against expectations of a 1.0% decline), and November’s decline was revised higher…
Source: Bloomberg
end
III) USA ECONOMIC STORIES
A good indicator as to the collapse of the uSA economy: BREIT still has a backlog of redemption requests
(zerohedge)
Blackstone President Says BREIT Still Has “Backlog” Of Redemption Requests
FRIDAY, JAN 27, 2023 – 06:55 AM
The $68 billion Blackstone Real Estate Income Trust (BREIT) has failed to stem soaring redemption requests from high-net-worth investors, Blackstone President Jonathan Gray told Financial Times in an interview.
Gray said it was “a little early” to say redemption requests of the nontraded real-estate investment trust were slowing.
“We have a backlog from November and December,” he said, adding, “I will say the tone of the conversations with our advisers is much improved.”
Perhaps the conversations with advisers improved after Blackstone sent an email to them with talking points to calm their anxious investors. One money we spoke with said the move by Blackstone to send a Q&A sheet to calm clients was ‘unprecedented.’
Or maybe the ‘buffet style’ bailout of the nontraded real-estate investment trust by the University of California’s endowment has calmed some investors, but redemption requests have yet to subside.
Another money manager with clients in BREIT told us after the UC Investments’ move to purchase $4 billion of the real-estate investment trust that “there is no doubt Blackstone needed a ‘name brand’ to placate nervous investors.”
Since early December, we’ve closely followed the BREIT story and other turmoil to hit the New York investment firm. Recall:
BREIT gives wealthy clients exposure to a portfolio of commercial real estate properties such as apartment buildings, office towers, and warehouses, but how the investment firm structures product on nontradeable markets opens up liquidity risks in periods of economic turmoil.
The ultimate fear is that money managers with clients in BREIT all ask for their cash back at once. Though that hasn’t happened, Blackstone has had enough redemption requests to implement a redemption cap to prevent a further run. This creates a vicious feedback doom loop of anxiety for investors.
end
Scaramucci’s Skybridge suffers massive redemptions. They stop (gate) investors from redemptions, after losing 39% last year.
(zerohedge)
Scaramucci’s Skybridge Suffers Massive Redemptions, Gates Investors After Losing 39% In 2022
FRIDAY, JAN 27, 2023 – 10:45 AM
For those wondering why money-managing entertainer, Anthony Scaramucci, who briefly played Donald Trump spokesman, before aggressively and hilariously turning on his former boss, and has also played a fund-of-funds manager (for a longer period of time), recently decided he needed even more airtime by taking part in a Fox “special forces” reality show, it may have to do with the woeful performance of his SkyBridge Capital (which he came this close to selling to a since-imploded Chinese conglomerate several years ago) which according to Bloomberg lost 39% last year in its biggest funds after wrong-way bets on cryptocurrencies and now-bankrupt FTX, spurring investors to ask the firm to return more than half of their money.
SkyBridge’s largest fund, with $1.3 billion of assets at the end of the third quarter, had one of its worst months of 2022 in November, when FTX declared bankruptcy, Bloomberg reported citing people familiar with its performance.
Investors, who are now limited to making two withdrawal requests each year, asked to pull 60% of the fund’s capital for the Sept. 30 redemption period, but SkyBridge only returned 10%, according to a January regulatory filing. Previously, the firm allowed four redemption requests per year and said it would return as much as 25% of the cash each quarter.
end
Georgia Governor Declares State Of Emergency Over Atlanta Protests, Mobilizes 1,000 National Guard Troops
Georgia Gov. Brian Kemp declared a state of emergency on Jan. 26, allowing up to 1,000 Georgia National Guard troops to be bought in to help deal with violent protests that have broken out in recent weeks, with further demonstrations anticipated over the weekend.
The declaration is effective immediately and will expire on Feb. 9, unless extended by the governor.
Specifically, the state of emergency is being activated owing to “unlawful assemblage, violence, overt threats of violence, disruption of the peace and tranquility of this state, and danger existing to persons and property,” according to the declaration, under which all resources of the state of Georgia will be made available to assist in the ongoing response to the state of emergency.
Kemp, a Republican, declared the emergency following a weekend of protests in downtown Atlanta that quickly turned violent.
Masked rioters lit fireworks in front of the Atlanta Police Foundation, shattering large glass windows and vandalizing walls with anti-police graffiti.
At least three businesses were damaged when bricks and rocks were thrown at properties, according to local reports. In some instances, protesters used hammers to smash windows. A number of police vehicles were also attacked during the protests and at least one was set on fire, according to the reports.
Broken windows at a Wells Fargo branch are seen following a violent protest, in Atlanta, on Jan. 21, 2023. (Alex Slitz/AP Photo)
Protests Turn Violent
“Masked activists threw rocks, launched fireworks, and burned a police vehicle in front of the Atlanta Police Foundation office building,” Kemp’s declaration read. “Georgians respect peaceful protests, but do not tolerate acts of violence against persons or property.”
Six people were subsequently arrested following the weekend demonstrations and given multiple charges, including domestic terrorism.
At a press conference on Jan. 21, Atlanta Mayor Andre Dickens told reporters that some of the individuals had explosives on them.
The protests in Atlanta came in response to the death of Manuel Teran, 26, who was killed on Jan. 18 as authorities attempted to clear a group of demonstrators from an area that is set to be the future Atlanta Public Safety Training Center. Activists have been protesting at the site for months and have dubbed it “Cop City.”
Teran was reportedly helping to lead the protests when he allegedly shot and wounded a Georgia state trooper and was killed when police returned fire, according to a statement from the Georgia Bureau of Investigations.
“Officers gave verbal commands to the man who did not comply and shot a Georgia State Patrol Trooper. Other law enforcement officers returned fire, hitting the man. Law enforcement evacuated the Trooper to a safe area. The man died on scene,” the statement reads.
However, friends of Teran claim that they were peacefully protesting in the area.
This combo of images provided by the Memphis Police Department shows (top L–R) officers Tadarrius Bean, Demetrius Haley, Emmitt Martin III, (bottom L–R) Desmond Mills Jr., and Justin Smith. (Memphis Police Department via AP)
Police Charged in Murder of Tyre Nichols
Kemp’s emergency declaration comes as more protests are widely expected this weekend after the five police officers accused of killing a black man during a traffic stop on Jan. 10 were charged with second-degree murder.
Memphis Police Department officers Tadarrius Bean, Demetrius Haley, Emmitt Martin III, Desmond Mills Jr., and Justin Smith, who are all black and who have since been fired, were accused of beating 29-year-old Tyre Nichols to death during a Jan. 7 traffic stop.
Nichols died of his injuries three days later.
On Thursday, the Shelby County district attorney announced he would release footage of the arrest on Friday after 7 p.m. ET. A lawyer for Nichols’s family, Antonio Romanucci, described the footage as an “unadulterated, unabashed, non-stop beating of this young boy for three minutes,” adding, “he was a human piñata for those police officers.”
Atlanta Police released a statement to multiple media outlets on Thursday afternoon stating that they are “closely monitoring the events in Memphis and are prepared to support peaceful protests in our city.”
“We understand and share in the outrage surrounding the death of Tyre Nichols,” the statement continued. “Police officers are expected to conduct themselves in a compassionate, competent, and constitutional manner and these officers failed Tyre, their communities, and their profession. We ask that demonstrations be safe and peaceful.”
USA ECONOMIC ISSUES// SUPPLY ISSUES//GLOBAL ISSUES//DERIVATIVES
USA COVID//
SWAMP STORIES
This ought to be fun: National Archives misses deadline to send Biden classified documents to the powerful Oversight Committee headed by James
Comer. Strangely the NARA wants to consult the criminal Dept. of Justice first. Comer wants to see what is in those documents
(zerohedge)
National Archives Misses Deadline To Send Biden Materials To House Republicans
Oversight Committee Chairman James Comer (R-Ky.) asked Acting NARA Archivist Debra Steidel Wall in a Jan. 10 letter (pdf) to provide various information related to the classified records by no later than Jan. 24.
The information requested by the lawmaker included all related documents and communications between NARA and the White House, among NARA employees, between NARA and the Department of Justice (DOJ), and between NARA and any outside entities—including Biden’s attorneys—relating to the documents found at the Penn Biden Center for Diplomacy and Global Engagement in Washington.
In a statement to The Washington Examiner on Jan. 24, a committee spokesperson said GOP investigators plan to conduct a transcribed interview with NARA’s general counsel soon, which would provide lawmakers with a more detailed timeline as to how the discovery of the classified documents was handled.
NARA officials didn’t respond by press time to a request by The Epoch Times for comment.
On Jan. 16, Comer accused NARA of failing to be “transparent with the American people” in a post on Twitter, adding that many unanswered questions about the documents remain.
In response to Comer’s Jan. 10 letter, Wall said the agency must first consult with the DOJ before it can hand over information related to the discovery of the Biden classified documents to Republican lawmakers.
“I want to express my commitment to working cooperatively with you and your staff on this and all matters of concern to the Committee on Oversight and Accountability,” Wall wrote in a Jan. 17 letter (pdf) to the lawmaker. “Our desire to provide you with as much information as we can, however, must also be balanced with the need to protect Executive branch equities, particularly as they relate to ongoing criminal law enforcement investigations by DOJ.”
Wall added that the agency must first consult with the DOJ regarding the release of any such records.
After the initial documents were found at the Penn Biden Center in November 2022, a second batch was discovered from Biden’s time in the Obama administration at his residence in Wilmington, Delaware, the White House said.
Additional documents were later found at the property shortly after Attorney General Merrick Garland appointed Robert Hur, a former federal prosecutor in Maryland, as special counsel to investigate whether any person or entity violated the law regarding the handling of the documents.
In a Jan. 22 interview for “Sunday Morning Futures” on Fox News, Comer also took aim at the White House, who he accused of “stonewalling” the Republican-led probe into Biden’s handling of classified documents.
During that interview, the Kentucky lawmaker also said that he would be sending letters to the Secret Service requesting further information regarding the documents, including any type of correspondence, emails, and documentation that could help GOP lawmakers determine who may have had access to the newly discovered documents.
“Hopefully, the Secret Service will work with us, despite the fact that this White House is not,” Comer said.
The White House didn’t respond to a request for comment, although the White House counsel’s office has previously said that the president is committed to operating with the Justice Department’s investigation into the classified documents.
The documents were initially found on Jan. 16 at Pence’s home in Indiana, in the wake of the documents found at Biden’s former office and residence, Greg Jacob, one of Pence’s lawyers, wrote in a letter to NARA.
END
Victor Davis Hanson: The Real Differences Between The Biden And Trump Document Troves
THURSDAY, JAN 26, 2023 – 11:30 PM
Authored by Victor Davis Hanson,
Former President Donald Trump for now certainly seems to have had more documents labeled “classified” at Mar-a-Lago in Florida than did President Joe Biden at his various homes in Delaware.
Yet otherwise, the comparisons between the two cases, contrary to popular punditry, hardly favor Biden.
First, a stranger would face a far greater challenge entering a post-presidential Mar-a-Lago than a pre-presidential Biden home, office, or garage — or who knows where?
Secret service agents and private security were stationed at Mar-a-Lago. Prior to the 2020 presidential election they were not at citizen Biden’s various troves for most of 2017-2020, much less prior to 2009.
Second, we seem to forget that for much of the developing controversy, Biden’s own team was investigating Biden.
On the other hand, the Biden Administration’s Justice Department and the FBI were not just investigating Trump as an outside party, but as a former president — and possible 2024 presidential candidate and opponent of Biden himself.
Remember, the narrative of the first Democratic impeachment of Trump was the allegation that Trump had used his powers of the presidency to investigate Biden and his family, a likely 2020 challenger to Trump’s reelection bid.
Third, no one in a position of government authority had passed judgment on Biden’s alleged security violations.
That was not the case of the still alleged violations of Trump.
Biden, as president, had weighed in, during his own Justice Department’s ongoing investigations of Trump. Indeed, he proclaimed the former president to be guilty: “How could anyone be that irresponsible?” In contrast, he also dismissed the ongoing investigation of himself with “There is no there, there.”
Fourth, Trump is certainly right that as president he had a far more substantial claim of declassification rights than did Biden, who took the papers out either as a senator or vice president.
Fifth, the FBI was not merely asymmetrical in melodramatically raiding the Trump home while allowing Biden lawyers to inspect various Biden stashes. The FBI also leaked the purported contents of the subjects of the Trump classified documents (falsely spreading the lie of “nuclear codes” and “nuclear secrets”) in a way it has not with the Biden cache.
The FBI went so far as to scatter the documents on the floor for a fake news photo-op as if the papers were so messily arrayed when they arrived.
So far, the FBI has come lightly and belatedly to the Biden case without the SWAT team get-up, and only under pressure from the public and the Republican opposition.
Six, Biden did not “self-report.” Biden’s team did not call the relevant government authorities the minute they discovered the classified documents in Biden’s office and home and garage.
In truth, Biden, or someone close to Biden, certainly knew that he or someone close to him had illegally removed classified documents when he left the vice presidency in 2017 — or years earlier as a senator.
For at least the last six years — at least — Biden has felt no compunction to confess to authorities he illegally was in possession of classified documents.
Indeed, the only reason the current troves are coming to light was apparent White House paranoia that the media, the Biden Justice Department, and the special counsel were so fixated on the Trump documents that they likely feared someone might raise the logical question of whether a hypocritical Biden himself might be guilty of exactly the crime for which they were pursuing Trump.
Worse, Biden and his staff knew classified documents were in his possession before the midterms, but deliberately suppressed that information until after the elections were over.
Seventh, Trump’s documents were stored only at one place — Mar-a-Lago, and only for about 19 months. Biden’s were stashed at various locations for nearly seven years, or perhaps over a decade.
There were far more opportunities of time and space for those without security clearances to have access to the Biden documents than to the Trump files.
Eighth, the press has exhaustively speculated, usually wrongly, about how the documents reached Mar-a-Lago and what they contained.
In contrast, no one knows or even asks why Biden took classified documents, what they concerned, or who if any in his family circle had access to them.
Ninth, Trump’s documents did not expose other liabilities of the constantly investigated Trump. The Biden files so far have directed attention to the mysterious tens of millions of dollars in Communist Chinese money that poured into Biden’s think tank at the University of Pennsylvania, the proximity of members of the quid pro quo Biden consortium to these classified papers, and the files’ relevance, if any, to the Biden family’s overseas businesses.
Did Hunter Biden ever consult or view classified documents while living in a home with them? Will there be fingerprint or DNA tests on the documents? If Hunter consulted any of these classified documents, then the Biden presidency is finished.
Tenth, Trump possessed contested documents as a private citizen. Biden’s files under contention involve the current behavior of the president of the United States. Biden ran for office, was elected, and serves as president with the full knowledge that during all this time he unlawfully possessed classified documents.
END
THE KING REPORT
The King Report January 27, 2023 Issue 6936Independent View of the NewsDue to a sharp increase in inventories, US Q4 GDP increased 2.9%; 2.6% was consensus. Inventories contributed 1.46 percentage points to the 2.88% increase in Q4 GDP. Real final sales increased only 0.2%, the lowest reading since the Covid Crisis of Q2 2020. Inflation-adjusted final sales to domestic purchasers increased only 0.8% (+1.5% in Q3). Residential investment plunged 26.7%.
Consumption 2.1%, 2.9% exp; Services spending +2.6%; Goods spending +1.1%; Biz investment -3.7%, the biggest drop since the Covid Crisis in Q2 2020. Trade added 0.56 percentage points to GDP. Full GDP Report and Tables: https://www.bea.gov/sites/default/files/2023-01/gdp4q22_adv.pdf
GDP Price Index +3.5%, 3.2% exp; Core PCE +3.9% as expected. If you deflated GDP by CPI, it would be negative. Why is there such a large discrepancy in government inflation gauges?
@EPBResearch: Consumption plus investment makes up about 88% of real GDP. This strips out government spending, inventory, and exports. This high-level “core” GDP was flat in Q4 and is only 0.6%. So, core GDP is not accelerating and is nearly recessionary. Housing, durable goods consumption, and business equipment investment are about 20% of GDP but this is where all the swings come from. Housing, durable goods, and business equipment continued to decelerate strongly in Q4, falling deeply recessionary at -3.2%. The most narrow but high-powered part of GDP is just housing and durable goods, roughly 14% of real GDP. The contraction in these two sectors is deeply recessionary at -5.5%. So, the cyclical and high-power (leading) elements of the economy continued to decelerate sharply in Q4 while real GDP ticked higher. This means real GDP is supported by non-cyclical or “irregular” factors while the engine of economic growth is in recessionary territory. https://twitter.com/EPBResearch/status/1618618897326047232
@SteveSosnick: IBM missed on cash flows, stock -4%. TSLA 4Q free cash flow $1.42B, est $3.13B. Stock +10%. A company’s investor base can matter more than the numbers. TSLA investors buy the sizzle, $IBM investors demand a steak.
Chevron soared over 4% in early NYSE trading due to its enormous $75B stock buyback announcement and expectations that CVX will report record profits in Q4.
Chevron’s Buyback Plan Draws Biden’s Ire as Pump Prices Climb Chevron is set to report a record $37 billion profit for 2022, more than double its return in the previous year, according to analyst estimates compiled by Bloomberg… “For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it,” White House spokesman Abdullah Hasan said in an emailed statement. “We continue to call on oil companies to use their record profits to increase supply and reduce costs for the American people.” .. https://www.bnnbloomberg.ca/chevron-buyback-plan-draws-biden-s-ire-as-pump-prices-climb-1.1875277
Gas prices could reach $4 by April — ‘maybe sooner’: Analyst https://t.co/7PFLzIIX0g “I think motorists are going to start getting squeezed more so in late February. The next three weeks could be a bit of a mixed bag,” he said. De Haan points to planned breaks in production at refineries as part of the reason for a rise in prices. “We have a pretty heavy amount of refinery turnarounds that is going to start here in the next couple of weeks. That is going to lead to a diminished amount of gasoline supply,”… https://finance.yahoo.com/news/gas-prices-could-reach-4-by-april–maybe-sooner-analyst-193427058.html
Pattern traders are buying gasoline on the propensity for gasoline to rally from late January to May. At this time, refineries reformulate gasoline grades.
EIA: Seasonal demand and specifications for gasoline Historically, retail gasoline prices tend to gradually rise in the spring and peak in late summer when people drive more frequently. Gasoline prices are generally lower in winter months. Gasoline specifications and formulations also change seasonally. Environmental regulations require that gasoline sold in the summer be less prone to evaporate during warm weather… https://www.eia.gov/energyexplained/gasoline/price-fluctuations.php
@JeffSnider_AIP: Why are gasoline prices rising again? There’s no supply. Stocks are way down again and it’s NOT because demand has suddenly become robust (or even normal) …Seriously low gasoline inventories even though gasoline use (supplied) continues to be more like COVID-riddled January 2021 than even close to normal. Lack of supply not soft landing. https://t.co/T56fEHE0g9
@Mayhem4Markets: Hedge funds are now net long stocks for the first time since the first half of 2022… https://t.co/XegdcSEPs7
ESHs sank two minutes before the GDP report was released. Once again, someone is trading on leaked government economic data. ESH then soared from 4037.00 at 8:28 ET to 4068.25 at 9:38 ET. Tesla opened at 161.42, +11.8%. It sank to 154.76 by 10:00 ET.
ESHs sank to 4035.25 by 9:55 ET. The early euphoria due to Tesla dissipated quickly. After a pop to 4060.00 at 10:23 ET, ESHs tumbled to a daily low of 4027.25. The rally for the European close ended at 11:16 ET. ESHs and stocks sank until 11:25 ET. Someone then marked up stuff for the European close.
We all know what happened next because it has been recurring for weeks. ESHs and stocks then rallied robustly in the afternoon. The S&P 500 Index closed at a 7-week high. An opening rally followed by a tumble and then an afternoon rally has occurred almost daily for the past several weeks.
USHs traded higher during Asian trading, peaking at 131 8/32. USHs had a miniscule range of only 6 ticks during Nikkei trading. They retreated after Japan closed. After an A-B-C rally into and just after the European close, USHs tumbled to 130 1/32 at 8:28 ET. They jumped to 130 30/32 by 9:17 ET on the GDP Report because it showed underlying economic weakness. USHs then began a decline that ended near the European close with a new low of 130. After a rally to 131 2/32 at 13:26 ET, USHs sank anew.
US Initial Jobless Claims dropped to 186k (9-month low) from 190k; 205k was consensus. Continuing Claims increased to 1.675m from 1.647m; 1.658m was expected.
U.S. durable-goods orders jump 5.6% — but it’s not as good as it looks A surge in aircraft orders masked widespread weakness in business investment Orders for manufactured goods jumped 5.6% in December because of a flush of new contracts for Boeing passenger planes, but business investment was weak again in another sign of a corroding U.S. economy. If transportation is set aside, new orders fell 0.1% last month. What’s more, a key measure of business investment also declined for the second time in four months…Orders for aircraft leaped 116%… Outside of transportation, new orders declined for the second time in four months and only the third time since 2021. Bookings fell in most other major categories. Business investment, meanwhile, also slipped 0.2% to mark the third drop in four months. The annual rate of growth has slowed sharply in recent months to 5.2% from as high as 11% one year earlier… https://t.co/I7NUnE6fPU
Don’t Make ECB’s Job Harder, Top Economic Adviser Tells Germany Germany must be careful not to undermine the European Central Bank’s inflation fight by taking on unnecessary debt, according to the country’s chief economic adviser… https://t.co/0BwmhMvqTr
@OilandEnergy: U.S. natural gas prices fell below $3 per million British thermal units this week for the first time in two years amid continuing warm weather that started a commodity selloff.https://t.co/gqe1A72gHs
Positive aspects of previous session Another big equity rally after an ugly morning in the USA
Negative aspects of previous session USHs tumbled after Europe opened Energy and industrial commodities rallied sharply
Ambiguous aspects of previous session If stocks soar into the Feb 1 FOMC, what will the Fed do?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Flat; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4045.10 Previous session High/Low: 4061.57; 4013.29
Bill Gates Says China’s Rise Is ‘A Huge Win for The World’ “China is a very innovative country, very important, you know, arguably the number two innovator, but the distance [from the US] is unbelievable.”… He added that “middle income countries, including China and India, need to play a strong role in world governance” as they become richer… https://dailycaller.com/2023/01/25/bill-gates-china-rise-huge-win-world/
@Liz_Wheeler: Pfizer exploring “mutating COVID ourselves” to make it more “potent.” Why? More vaccines would be “cash cow.” Gain of function? He laughs. Govt officials who approve Pfizer drugs & vaccines? Pfizer employee says they’re basically paid off by Pfizer. https://t.co/BvR70iaKhe
@DailyCaller: TUCKER CARLSON: “@Project_Veritas just released…video of a Pfizer Executive bragging…about how his company conducts a kind of Frankenstein science – Manipulating COVID viruses for profit… The public is very interested…but the media are not.” https://twitter.com/DailyCaller/status/1618778850946863104
Hasbro to Cut 15% of Its Workforce after Week Holiday Sales The company also projected… making $1.29 to $1.31 a share compared to the $1.49 analysts were expecting. Sales for the fourth quarter are expected to be down 17% to $1.68 billion… https://www.yahoo.com/now/hasbro-cut-15-workforce-disappointing-213946015.html
After the close, Intel reported Q4 EPS of .10, .19 expected; Revenue of $14.04B, $14.49B expected. Intel forecast Q1Revenue of $10.5B to $11.5B, $13.96B was consensus. Intel tumbled as much as 10.0%.
Today – There are no impact earnings due. So, it will again be a traders’ playground. This implies the same pattern of an opening rally, a decline, and an afternoon surge is likely to occur. Astute traders also know that the proclivity to rally on Friday afternoons will buttress enthusiasm for stocks.
ESHs hit -12.00 at 20:30 ET because Japan reported January Tokyo CPI at 4.4% y/y (4.0% expected) and Core CPI of 4.3% y/y (4.2% expected).
“You can’t get rich in politics unless you’re a crook.” — Harry S. Truman
How Biden went from ‘one of the poorest’ in Congress to a millionaire In 2016, his last year as vice president, “middle-class Joe” reported between $291,000 and about $1 million in assets and income outside his vice presidential salary of $230,700. He also claimed between $780,000 and about $1.6 million in liabilities, according to his 2016 personal financial disclosure form. But Biden’s fortunes rapidly changed between 2017 and 2020, with help from both his son Hunter and his brother James, according to a congressional report. In the year after he left office as vice president in 2017, Biden and his wife, Jill, earned more than $11 million, and raked in $4.6 million the following year, according to Forbes… https://t.co/Ozrp9sY2wz
Graham urges Republicans to work with Biden on judicial nominees (Where has Biden ‘worked with’ Republicans, Lindsey?) The comments suggested a change in approach from that of Senator Chuck Grassley of Iowa, who often spoke out against Biden’s nominees and handed over the leadership position to Graham after hitting a term limit under Republican rules… https://t.co/NQJgHVLg9g
Biden judicial nominee stumped by basic Constitution questions (What say you, Lindsey?) President Biden’s nominee for a federal judgeship in Washington state proved unable to answer simple questions about the Constitution from Sen. John Kennedy (R-La.) during her confirmation hearing. “Tell me what Article V of the Constitution does,” Kennedy asked of Spokane County Superior Court Judge Charnelle Bjelkengren during the Senate Judiciary Committee’s proceedings Wednesday. “Article V is not coming to mind at the moment,” Bjelkengren responded. “How about Article II?” Kennedy pressed. “Neither is Article II,” Bjelkengren blanked, leaving Kennedy scratching his head. Biden nominated Bjelkengren to serve as a federal judge in the Eastern District of Washington… https://nypost.com/2023/01/26/biden-judicial-nominee-stumped-by-questions-about-the-constitution/
@SenTomCotton: Every first-year law student can answer these questions. This person is not qualified to be a federal judge.
TUCKER CARLSON: A look into the strange circumstances around Jeffrey Epstein’s death Despite officials saying Epstein committed suicide, many are not buying it Barr was shocked and upset to hear this. His first reaction, as he recounts it in his memoir, was to worry that some people in America might not buy the idea that Jeffrey Epstein had killed himself… At the time, there was no way that Bill Barr could have known for sure how Jeffrey Epstein died. So, you would think as the attorney general, his first concern would be finding out what actually happened, but instead, his first concern was worry that the public might jump to unapproved conclusions about what happened and, in some ways, Bill Barr was right to worry… “I personally reviewed that video footage,” Barr writes. “It shows conclusively that between the time Epstein was locked in a cell at 7:49 p.m. on the night of Aug. 9 and the time he was discovered the next morning at 6:30, no one entered his tier.” Therefore, Bill Barr explained, we can know for sure that Jeffrey Epstein killed himself… Barr began by claiming that the medical examiner who conducted Epstein’s autopsy ruled his death a suicide, but that is not true. The initial cause of death following the autopsy was not suicide, but “pending,” which is to say unclear. The medical examiner who performed the autopsy could not say how Jeffrey Epstein died. Forensic pathologist Michael Baden, who was also present that day, came away believing Epstein had been murdered. After reviewing more than a thousand suicides by hanging in New York state, Baden later said he couldn’t find a single neck injury, not one, that matched the injury that Epstein sustained… but New York City’s chief medical examiner, Barbara Sampson, who was not present at the autopsy, overruled the judgment of those who were… We called Sampson to ask her, but she hung up on us. Then, there’s the question of the videotape, which Barr cited. Both cameras trained on the door of Jeffrey Epstein’s cell did not work that night famously and to this day, no one has explained why they didn’t work. So, the video footage that Bill Barr said he watched didn’t cover Epstein’s cell, just the entrance to the larger cellblock… So, if Jeffrey Epstein was murdered, he was not murdered by an intruder, someone who came into the tier, he was murdered by someone on his own cellblock, obviously… The Bureau of Prisons refused to provide us with a list of the inmates on Epstein’s tier. It’s not clear how many of them were even interviewed by investigators, despite the fact that some of them were transferred out of the facility shortly after Epstein’s death. That’s a baffling oversight… Excuse me, Mr. Attorney General, it doesn’t matter what the camera outside the tier shows. What matters is what happened inside the tier. Again, obvious and yet, apparently no one at DOJ ever said that to Bill Barr and no one in the media noticed… Epstein was discovered the morning of Aug. 10 by a part-time prison guard called Michael Thomas, who amazingly was the very same guard who discovered him in the fetal position on the floor after his previous falsely reported suicide attempt, but by the time the EMTs arrived, Epstein’s body had been moved to the prison infirmary. That’s a clear violation of federal policy. Who ordered that?… By the time the EMTs arrived, Epstein was clad in a hospital gown. That means that somebody, for some reason, cut away Jeffrey Epstein’s prison uniform and redressed his stiffening corpse in new clothes. Why would anyone do that? Then to make it even stranger, Jeffrey Epstein’s corpse was intubated, air was blown into his lifeless lungs. It’s not clear why… https://www.foxnews.com/opinion/tucker-carlson-look-strange-circumstances-jeffrey-epsteins-death
@MaryMargOlohan: Former Maryland Gov Hogan and Virginia Gov Youngkin called on DOJ in May to enforce clear federal law to protect the justices. Hogan’s office was surprised when DOJ failed to do so. “We thought there would be more urgency,” @riccimike shares. https://t.co/5jIfwKp5tj
WSJ Editorial Board: James Comey’s Crosswise Hurricane A retired FBI agent is arrested for collusion with a Russian oligarch. James Comey may have been right about Russia collusion after all. But instead of the Trump campaign, the alleged culprit was a member of Mr. Comey’s own team at the FBI. In 2016 Mr. Comey appointed veteran agent Charles McGonigal to head the bureau’s counterintelligence efforts in New York, where he was involved in some of the most sensitive work. They included the Crossfire Hurricane investigation into claims that the Trump campaign colluded with Moscow to steal the 2016 election. Mr. McGonigal was arrested Saturday on twin indictments… https://www.wsj.com/articles/charles-mcgonigal-indicted-russia-collusion-james-comey-crossfire-hurricane-fbi-11674685934
NY Times: Barr Pressed Durham to Find Flaws in the Russia Investigation. It Didn’t Go Well. The review by John Durham at one point veered into a criminal investigation related to Donald Trump himself, even as it failed to find wrongdoing in the origins of the Russia inquiry… But after almost four years — far longer than the Russia investigation itself — Mr. Durham’s work is coming to an end without uncovering anything like the deep state plot alleged by Mr. Trump and suspected by Mr. Barr… https://www.nytimes.com/2023/01/26/us/politics/durham-trump-russia-barr.html
Who leaked this to the NY Times? Is it as accurate as its Trump Dossier BS? Does someone have an agenda to slime Durham? If the NY Times is wrong on the Durham probe like they were over the Trump Dossier, will The Slimes offer an apology and discipline people that were wrong?
GOP Sen. @BasedMikeLee: Why did the Director of National Intelligence tell every member of the Senate Intel Committee (Democrats and Republicans alike) that they couldn’t be briefed —even in a classified setting—on the classified documents at issue in the Biden and Trump and investigations?
Dr. Paul Craig Roberts (PCR), former Assistant Treasury Secretary and international award-winning journalist, is the special guest for this week’s Weekly News Wrap-Up. Dr. Roberts gives his deep dive on the three biggest stories of the week. The U.S. and NATO is stumbling towards nuclear war that nobody even mentions. How close are we to a thermal nuclear exchange? The symbolic Doomsday Clock says just 90 seconds from midnight and total global disaster.
The news for the CV19 bioweapon is all bad, and I mean all bad. Dr. Roberts adds to the bad news with new information that says the CV19 injections helped nobody. Dr. Roberts also says the awakening is unstoppable, but will enough people wake up to bring these criminals to justice?
Finally, big news on the economic front about the U.S. dollar no longer being the exclusive currency accepted by the Saudis in exchange for oil. This effectively kills the U.S. dollar’s reserve currency status and thus the buying power. The Lying Legacy Media is not even reporting this huge development that will affect the entire world, especially the U.S. consumer. Is America getting ready to feel a tsunami of inflation? Dr. Roberts says yes. When a former high ranking Treasury official is warning, you should take notice.
There is much more in the 55 min. newscast.
Join Greg Hunter of USAWatchdog.com with special Guest Dr. Paul Craig Roberts for these stories and more for the Weekly News Wrap-Up for 1.27.23.
(@T_Anurag_Nair) January 27, 2023
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