FEB 1 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: DOWN $10.95 at $1916,20

SILVER PRICE CLOSED: UP $0.04  to $23.58

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1912.35

Silver ACCESS CLOSE: 23.45

Bitcoin morning price:, 23,794 UP 392 Dollars

Bitcoin: afternoon price: $23,792 UP 390  dollars

Platinum price closing  $1024.05 UP $24.20

Palladium price; closing 1655.05 UP $13.60

END

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

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

CANADIAN GOLD: $2,547.15 DOWN $45.12 CDN dollars per oz

BRITISH GOLD: 1563.73 DOWN 12.90 pounds per oz

EURO GOLD: 1752.52 DOWN 20.80 euros per oz

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: FEBRUARY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,927.800000000 USD
INTENT DATE: 02/01/2023 DELIVERY DATE: 02/03/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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072 C GOLDMAN 98
104 C MIZUHO 31
118 C MACQUARIE FUT 412
132 C SG AMERICAS 89
435 H SCOTIA CAPITAL 241
624 H BOFA SECURITIES 1638
657 C MORGAN STANLEY 10 289
661 C JP MORGAN 4189 654
686 C STONEX FINANCIA 11
690 C ABN AMRO 37
709 C BARCLAYS 16
732 C RBC CAP MARKETS 5 14
737 C ADVANTAGE 1
800 C MAREX SPEC 23 55
880 C CITIGROUP 619
905 C ADM 12 34

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TOTAL: 4,239 4,239
MONTH TO DATE: 11,813

JPMorgan stopped  654/4239

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GOLD: NUMBER OF NOTICES FILED FOR JAN/2023. CONTRACT:   4239 NOTICES FOR 423900  OZ  or  13.185 TONNES

total notices so far: 11,813 contracts for 1,181,300 oz (36.743 tonnes)

 

SILVER NOTICES: 45 NOTICE(S) FILED FOR 225,000 OZ/

total number of notices filed so far this month : 86 for 420,000 oz

 

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END

GLD

WITH GOLD DOWN $10.95

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD

//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 918/50TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 4 CENTS

AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.1 MILLION OZ OF SILVER FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 517.90 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A STRONG SIZED 724 CONTRACTS TO 138,987 AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR  $0.20 LOSS SILVER PRICING AT THE COMEX ON WEDNESDAY.  FOR THE TWO MONTHS, OUR BANKERS HAVE RETURNED TO BEING NET SHORT AND THUS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.20. BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS, AS WE HAD A GIGANTIC SIZED GAIN ON OUR TWO EXCHANGES OF 1558 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 0.0 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 GOOD  ISSUANCE OF EXCHANGE FOR PHYSICALS( 600 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT  0.540. MILLION OZ FOLLOWED BY TODAY’S SMALL QUEUE JUMP OF 0 OZ = .545 MILLION OZ  + 0.0 MILLION OF EXCHANGE FOR RISK//TOTAL STANDING 0.545 MILLION OZ////  V)  HUGE SIZED COMEX OI GAIN/ GOOD EFP ISSUANCE/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –234

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JAN: 

TOTAL CONTRACTS for 2 days, total 996 contracts:   OR 4.980  MILLION OZ PER DAY. (498 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 4.980 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///   53.070 MILLION OZ //FINAL

FEB: 2023:       4.98 MILLION OZ/INITIAL

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 724 DESPITE  OUR $0.20 LOSS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A GOOD  SIZED EFP ISSUANCE  CONTRACTS: 600 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 FEB OF  0.54 MILLION  OZ FOLLOWED BY TODAY’S 0 OZ QUEUE  + /  /// 0 EXCHANGE FOR RISK://NEW STANDING RISES TO   0.545 MILLION OZ   .. WE HAVE A GIGANTIC SIZED GAIN OF 1558 OI CONTRACTS ON THE TWO EXCHANGES

 WE HAD  45  NOTICE(S) FILED TODAY FOR  225,000   OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A GOOD SIZED 6788  CONTRACTS  TO 478,425 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: added + 495 CONTRACTS.

.

 WE HAD A GOOD SIZED INCREASE  IN COMEX OI ( 6783 CONTRACTS) DESPITE OUR   $2.55 LOSS IN PRICE. WE ALSO HAD A SMALL INITIAL STANDING IN GOLD TONNAGE FOR FEB. AT 41.601 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 39,300 OZ //NEW STANDING: 42.426 //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S ) (EFP is the transfer of  contracts immediately to London for potential gold deliveries originating from London). TONNES

YET ALL OF..THIS HAPPENED WITH OUR  $2.55 LOSS IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 8747 OI CONTRACTS (27.20 PAPER TONNES) ON OUR TWO EXCHANGES 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  1964 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 478,425

IN ESSENCE WE HAVE A  STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8747 CONTRACTS  WITH 6783 CONTRACTS INCREASED AT THE COMEX AND 1964 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8747 CONTRACTS OR 125.667 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1964 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (6783) TOTAL GAIN IN THE TWO EXCHANGES 8747 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG  ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR FEB. AT 41.601 TONNES FOLLOWED BY TODAY’S 39,300 OZ QUEUE. JUMP// ///3) ZERO LONG LIQUIDATION //4)    GOOD  SIZED COMEX OPEN INTEREST LOSS// 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

FEB

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB :

3275  CONTRACTS OR 327,500 OZ OR 10.186 TONNES 2 TRADING DAY(S) AND THUS AVERAGING: 1638 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES:10.186   TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  10.186/3550 x 100% TONNES  0.0287% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

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

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247,44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC:  185.59 tonnes // FINAL

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 10.186 TONNES/INITIAL

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  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 VERY STRONG  SIZED 724 CONTRACTS OI TO  138,987 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 600 CONTRACTS

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

MAR  600 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 600 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 724 CONTRACTS AND ADD TO THE  600 OI TRANSFERRED TO LONDON THROUGH EFP’S,

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

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 6.620 MILLION OZ//

OCCURRED DESPITE OUR 20 CENT LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

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

end

5. Other gold/silver commentaries

6. Commodity commentaries//

7/CRYPTOCURRENCIES/BITCOIN ETC

3. ASIAN AFFAIRS

i)THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 0.75 PTS OR .02%    //Hang Seng CLOSED DOWN 113.82 PTS OR 0.52%      /The Nikkei closed UP 55.17 PTS OR 0.20%            //Australia’s all ordinaries CLOSED UP .24%   /Chinese yuan (ONSHORE) closed UP 6.7233 //OFFSHORE CHINESE YUAN UP TO 6.7279//    /Oil DOWN TO 75.91 dollars per barrel for WTI and BRENT AT 82.15   / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 6783 CONTRACTS UP TO 477,930 DESPITE OUR LOSS IN PRICE OF $2.55

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 1964 EFP CONTRACTS WERE ISSUED: :  APRIL 1964 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1964   CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 8747 CONTRACTS IN THAT 1964 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI GAIN OF 6783 CONTRACTS..AND  THIS  VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS  IN PRICE OF $2.55. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:    FEB  (42.426)

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:    20.559 tonnes

FEB 2023: 42.426 tonnes

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $2.55)  //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A VERY STRONG GAIN OF 8747 CONTRACTS ON OUR TWO EXCHANGES 

 WE HAVE GAINED A TOTAL OI  OF 27.20 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR FEB. (41.219 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP  OF  39,300 OZ OR 1.22 TONNES//new standing 42.426 tonnes … ALL OF THIS WAS ACCOMPLISHED WITH OUR FALL IN PRICE  TO THE TUNE OF $2.55.  

WE HAD +495 CONTRACTS  COMEX TRADES ADDED TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 8747 CONTRACTS OR 874700 OZ OR 27.20 TONNES

Estimated gold comex today 240,633//fair//

final gold volumes/yesterday  221,572/// fair

INITIAL STANDINGS FOR  FEB 2023 COMEX GOLD //FEB 2//

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	2909.311 oz Manfra    .
Deposit to the Dealer Inventory in oz	nil oz
Deposits to the Customer Inventory, in oz	NIL oz
No of oz served (contracts) today	4239 notice(s) 423,900 OZ 13.185 TONNES
No of oz to be served (notices)	1827 contracts    182,700 oz 5,683 TONNES
Total monthly oz gold served (contracts) so far this month	11,813  notices 1,181,300 36.743 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	xxx oz

i)Dealer deposits: 0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 0

total deposits: nil oz

 customer withdrawals: 1

i) Out of Manfra 2909.311 oz  

Total withdrawals:  2909.311 oz

total in tonnes: 0.0904  tonnes

Adjustments:1 customer to dealer /HSBC  76,039.974 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR FEBRUARY.

For the front month of FEBRUARY we have an oi of 6066 contracts having lost 1176  contracts. We had 1569 notices

filed yesterday so we gained393 contracts or an additional 39300 oz were queue jumped as these oz will stand for metal at the comex.  We will now gain

in oz standing from this day forth until the conclusion of February. 

March gained 30 contracts to stand at 1987.

April gained 7438 contracts up to 398,992

We had 4239  notice(s) filed today for 423,900 oz 

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  4189  notices were issued from their client or customer account. The total of all issuance by all participants equate to  4239  contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 654  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 FEB. /2023. contract month, 

we take the total number of notices filed so far for the month (11,813 x 100 oz ), to which we add the difference between the open interest for the front month of  (FEBRUARY 6006 CONTRACTS)  minus the number of notices served upon today  4239 x 100 oz per contract equals 1,364,000 OZ  OR 42.426 TONNES the number of TONNES standing in this   active month of January. 

thus the INITIAL standings for gold for the FEB contract month:

No of notices filed so far (11,813 x 100 oz+   (6066 OI for the front month minus the number of notices served upon today (4239)x 100 oz} which equals 1,364,000 oz standing OR 42.426 TONNES in this active delivery month of FEBRUARY..

TOTAL COMEX GOLD STANDING: 42.426 TONNES.  SO JUST LIKE LAST MONTH WE START WITH A LOW INITIAL AMOUNT OF GOLD STANDING BUT THIS WILL GROW AS THE MONTH PROCEEDS TO ITS CONCLUSION. 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

we had one adjustment of 110,631.591 oz Brinks

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  1,807,826.915 OZ   56.23 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,218,743.745 OZ  

TOTAL REGISTERED GOLD:  11,096,423,558 OZ     (345.14 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 11,122,320.187 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,288,597 OZ (REG GOLD- PLEDGED GOLD) 288.91 tonnes//

END

SILVER/COMEX

FEB 2/2023//INITIAL. SILVER CONTRACT FOR FEBRUARY

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	1,144,953.200 oz Brinks CNT JPMorgan Loomis
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	598,699.347 oz Manfra
No of oz served today (contracts)	45 CONTRACT(S)    (225,000 OZ)
No of oz to be served (notices)	23 contracts  (115,000 oz)
Total monthly oz silver served (contracts)	86 contracts  (430,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer deposit

total dealer deposits:  nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 1 deposits into the customer account

i) Into Manfra: 598,699.347 oz

Total deposits:  598,699.3470 oz 

JPMorgan has a total silver weight: 148.279 million oz/291.012 million =50.92% of comex .//dropping fast

  Comex withdrawals: 4

i) Out of Brinks  233,123.04 oz

ii) Out of CNT: 303,996.760 oz

iii) Out of JPMorgan: 597,934.300 oz

iv) Out of Loomis  9899.100 oz

Total withdrawals; 1,144,953.200  oz

adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 32.215 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 291.012 MILLION OZ 

CALCULATION OF SILVER OZ STANDING FOR JAN

silver open interest data:

FRONT MONTH OF FEB/2023 OI:  68   CONTRACTS HAVING LOST  4  CONTRACT(S.).

WE HAD 4 NOTICES FILED YESTERDAY, SO WE GAINED ZERO CONTRACTS OR AN ADDITIONAL NIL OZ OF SILVER WILL

STAND AT THE COMEX.

March LOST 731 CONTRACTS DOWN TO 105,270 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY:45 for  225,000 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 FEBRUARY. we take the total number of notices filed for the month so far at 86 x  5,000 oz = 420,000 oz 

to which we add the difference between the open interest for the front month of FEB(68) and the number of notices served upon today 45 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the FEB./2023 contract month: 86 (notices served so far) x 5000 oz + OI for the front month of FEB (68 – number of notices served upon today (45) x 500 oz of silver standing for the FEB. contract month equates 0.545 million oz  + 0 ( EXCHANGE FOR RISK) = 0.545MILLION 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:114,156// est. volume today//   huge//crooks

Comex volume: confirmed yesterday: 71,338 contracts ( good)

END

GLD AND SLV INVENTORY LEVELS

FEB 2/WITH GOLD $10.95 TODAY: BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.44 TONNEES OF GOLD INTO THE GLD////INVENTORY RESTS AT 918.50 TONNES

FEB 1/WITH GOLD DOWN $2.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.06 TONNES

JAN 31/WITH GOLD UP $6.55 TODAY; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 917.06 TONNES

JAN 30/WITH GOLD DOWN $6.00 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD.//INVENTORY RESTS AT 918.50 TONNES

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: 918.50  TONNES

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

FEB 2/WITH SILVER UP 4 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.11 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 517.90 MILLION OZ

FEB 1/WITH SILVER DOWN 20 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.4 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 519.000 MILLION OZ

JAN 31/WITH SILVER UP 12 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.5 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 520.400 MILION OZ

JAN 30/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 521.900 MILLION OZ.

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 517.90 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

Schiff: Is The Fed Easing Up On The Inflation Fight?

THURSDAY, FEB 02, 2023 – 09:45 AM

Via SchiffGold.com,

Is the Federal Reserve easing off the accelerator on its inflation fight?

The answer depends on whether you believe your eyes or your ears.

Our eyes tell us the Fed is slowing down on rate hikes.

After easing back from a 75 basis point hike in November to a 50 basis point hike in December, the Federal Open Market Committee (FOMC) delivered an even smaller 25 basis point hike at its February meeting. With the most recent rate increase, the target range for the federal funds rate is between 4.5 and 4.75%.

A quarter-percent rate hike was widely anticipated. The mainstream narrative is that inflation has peaked and the central bank is now easing its foot off the accelerator.

But if our eyes tell us the Fed is winding down the inflation fight, the messaging coming from the central bank says the opposite. The FOMC statement said, “Inflation has eased somewhat but remains elevated,” and it signaled additional rate hikes in the future.

The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

As it did in the last two meetings, the FOMC left wiggle room to pivot, saying the committee will continue to take into account “cumulative tightening” and “the lags with which monetary policy affects economic activity and inflation” as it makes future decisions.

During his press conference, Powell repeatedly said “the job is not done,” and emphasized that “It would be very premature to declare victory, or to think that we’ve really got this.” He indicated that the central bank could raise rates a couple more times.

We’ve raised rates four and a half percentage points, and we’re talking about a couple of more rate hikes to get to that level we think is appropriately restrictive. Why do we think that’s probably necessary? We think because inflation is still running very hot.”

Answering another question, Powell said, “It’s our judgment that we’re not yet at a sufficiently restrictive policy stance, which is why we say that we expect ongoing hikes.”

On the other hand, Powell also gave himself some wiggle room, saying that he does see inflation easing.

We can now say I think for the first time that the disinflationary process has started. We can see that and we see it really in goods prices so far.”

Powell continues to insist there is a path for the central bank to bring price inflation down to 2% without causing a significant economic slowdown. He brought up the “strong” labor market several times during his press conference.

Reaction

The markets appear to believe what they’re seeing, not what they’re hearing.

Despite what Powell actually said, the mainstream seemed to read between the lines and initially took the outcome of the FOMC meeting as confirmation that the tightening cycle is nearly over.

Stocks see-sawed after the announcement. The Dow initially sold off before swinging some 170 points to the upside after Powell’s press conference ended. The Dow slid into the close, finishing up 8 points. But the NASDAQ with its more speculative stocks closed up 2% on the day, and the S&P 500 finished up just over 1%.

Gold surged by over $20 and pushed over $1,950 an ounce. The dollar fell, along with bond yields.

All of this indicates that the initial market take was that the Fed is nearly finished raising rates.

Allianz Investment Management senior investment strategist Charlie Ripley told CNBC that the messaging leaned “slightly dovish,” adding that a lack of clarity on future interest rate moves signals the Fed is nearing the end of its rate tightening cycle

The Fed is essentially speaking out of both sides of the mouth as they signaled further increases are appropriate, but also acknowledged they will consider the cumulative amount of tightening in future policy decisions.”

In an interview on Fox Business, Peter Schiff said he heard a lot of economic ignorance coming out of Powell’s mouth. He said the “disinflation” that Powell mentions is “transitory.”

Schiff zeroed in on a comment Powell made claiming consumer expectations cause inflation.

“Inflation is caused by the government,” he said. “It’s caused by the Federal Reserve printing money and Congress spending it.”

Schiff said even if the Fed delivers a couple more 25 basis point hikes, it’s still not enough to slay inflation. He noted that even with the rate hikes, Americans continue to borrow money in order to keep up spending and saving has fallen into the basement.

Peter said he believes we are heading toward a major economic downturn, but even that won’t slay the inflation dragon.

Looking Ahead

No matter what’s going on in the Fed members’ heads, right now, I think the inflation fight will end the moment something breaks in the economy.

And I’m convinced something will break in the economy.

Powell insists there is a path forward that brings inflation down while avoiding a recession. I think that’s wishful thinking or bureaucratic spin. I think it’s a virtual certainty that the economy will spiral into a downturn. And I don’t think it will be short and shallow. I think it will be deep and prolonged.

My pessimism is rooted in the fact that the US economy is addicted to easy money. It is addicted to artificially low interest rates and quantitative easing. You can’t take an addict’s drug away without sending him into withdrawal. The economy can only limp along so long with tighter monetary policy.

Interest rates haven’t been this high since 2007. At that point, the Fed was cutting rates due to the housing bust. The economy couldn’t handle interest rates that high.

Powell and Company have backed themselves into a corner. They just don’t know it yet (or more likely, they haven’t admitted it).

end

Is Gold The Last Freedom Train?

BY TYLER DURDEN

THURSDAY, FEB 02, 2023 – 04:37 PM

Via SchiffGold.com,

Most people believe the Federal Reserve stabilizes the economy and our money. In reality, the central bank incentivized debt and destroys wealth.

Is there a way to sidestep the destructive forces of central banking and fiat money?

T.W. Thiltgen believes there is a freedom train we can escape on – gold.

The following guest post was written by T.W. Thiltgen. The opinions expressed are his and don’t necessarily reflect those of Peter Schiff or SchiffGold.

I pose this question to you so that you can begin to consider that there is currently a macroeconomic problem that is more important than all other problems this country faces.

That macro condition is the relentless destruction of capital throughout the world and the US in particular.

Merriam-Webster Dictionary defines capital as “accumulated possessions to bring in income.”

For our purposes here, I will just call it SAVINGS.

In economics, one of the important identities is S=I or Savings = Investment.

You cannot invest if you have not saved, and you will be able to invest less if your savings fall. This may seem obvious but bear with me.

Your savings can be destroyed by other than your own bad investment decisions. Negative real interest rates (interest rates adjusted for inflation) are the central driver in the destruction of capital for at least the last 14 years from the start of the 2008-2009 collapse.

By keeping interest rates below the rate of inflation, the Federal Reserve has destroyed saving on an unimaginable scale. Even today, US Treasury interest rates are still 3% points below the rate of inflation. And that’s using the government’s numbers. The real inflation rate using the methodology of the 1980s would put today’s inflation rate near 15%. Either of these numbers is disastrous, but taking the average of the number between 7% and 15% or 11 ½ % means that the value (purchasing power) of your savings is being destroyed in a very short number of years. Even if inflation falls back to 3 – 4%, your real inflation-adjusted saving will decline at a rate that will ultimately lower your standard of living.

Forgetting savings for a moment, the reason is because real wages never keep up with inflation. This is why that real disposable income is less today than in the early 1970s. We are now living on capital generated by past generations. We are destroying the seed corn left to us by those previous generations. Unless going forward you as an individual can maintain your inflation-adjusted purchasing power, you are destined to suffer a serious decline in your standard of living, as is the rest of the country.

It will be very difficult to maintain purchasing power because you have to pay taxes on any interest income received even when the purchasing power of the principal and interest you receive back has lower purchasing power than when you bought the CD or Treasury Securities. You are actually paying taxes on phantom profits that you got in return. Are you starting to ask if the title of this article is possibly true?

As negative real interest rates continue, bank deposits and currency are becoming less valuable as a claim on goods and services. There are currently $18 trillion in bank deposits and $2 trillion in fiscal notes (cash). If negative rates continue, it is only a matter of time before holders of these deposits and currency begin to convert them to something else (anything else), rental property, land, gold, art, etc. Nobody will let those $20 trillion lose purchasing power at the rate that is occurring now.

As deposits are withdrawn, the foundation of bank lending will be reduced, causing loans to be called in. This will accelerate the collapse of the economy. If the Federal Reserve tries to stop this loss of deposits by continuing to raise interest rates and thereby giving depositors a real rate of return, then the high interest rates coupled with the massive debt load will make many debt obligations unpayable and a financial disaster much worse than 2008-2009 will occur. And if they give in and print more money when the economy turns down, inflation will explode again.

As you can see from the choices above, the possibilities of a soft landing in the economy, from this situation are VERY LOW.

I would call your attention to a website called usdebtclock.org. I recommend that you go to the site and just stare at the debt clock as it clicks away the solvency of our government, as well as the solvency of corporations, municipalities, and individuals — in REAL TIME.

The entire fabric of our society is being ripped apart because of the rapid increase in debt of all types. In particular, the unfunded liabilities of the US government now total $181 TRILLION (bottom right). Now, look at the upper left at the US national debt of $31 TRILLION. If we were able to keep deficit spending to the same level as growth in GDP, the debt of $31 trillion would be manageable.

The problem for everyone is the unfunded liabilities.

The annual deficit is nearly $1.5 trillion each year now, but unfunded liabilities are rising by over $5 trillion each year. These unfunded liabilities consist of Medicare, Medicaid, prescription drug benefits, military and civilian retirement, and other programs. These unfunded liabilities used to show up in the annual deficit, but the law was changed to accrue them in a separate category so people would not see them.

Why? you may ask.

The justification was that they were not REAL LIABILITIES because they never actually have to be paid. Only interest on the national debt has to be paid. Because the total amount of the US debt plus US unfunded liabilities is so great that what can’t be paid, won’t be paid and the people writing the law KNEW IT.

After you have spent a few hours over a week’s time looking at each item in the debt clock and looking at the speed of increase, you decide what the end result will be. Then start to envision the value of our US fiat money, whether it be a currency, bank deposits or government bills, notes, or bonds.

If interest rates in the US continue to stay higher than those of other countries, as is the case now, the US dollar will continue to strengthen over time relative to other fiat currencies. (But all fiat currencies are falling versus gold.) What a wonderful opportunity this presents to holders of fiat US dollars. It allows them to convert them to “real money” — gold and also silver. This is an opportunity that citizens of other countries do not have as gold has already risen in terms of their currencies, as their values relative to the US dollar have fallen.

Gold is now one of the best-performing assets, as bonds, as well as stocks, are down substantially in 2022. When this conversion occurs, not if, not only will gold outperform other asset classes but the derivatives of gold such as gold mining shares will also.

Most investors and traders are moving in and out of stocks and bonds in order to garner a profit. Over time, most never realize a real return over inflation, brokerage fees, management fees, and taxes. Those who do not believe me simply have not looked at the data. Most investors look at nominal dollars and don’t factor in inflation and the opportunity costs of not considering other investments such as a business, farmland, or a host of others.

In my opinion, the goal of anyone who has “savings” is to have those savings retain purchasing power over time. You have earned it and paid income tax on it. Now you need to make sure those savings retain purchasing power.

I believe that everyone who has savings should convert some of those savings to real money — gold.

As J.P. Morgan said, “Gold is money, everything else is credit.”

What he was saying is that gold is money that is no one else’s liability. Gold is money par excellence. Gold is the best money because it has the highest stocks to flow of any commodity. Gold is not an investment, it is MONEY.

Once you have an allocation to REAL MONEY, you can now invest (i.e. speculate) in other areas, comfortable that in an inflationary or deflationary crash, you will survive financially. Gold is the only money that has retained its purchasing power over the last 5,000 years.

By converting part of your savings to gold at least you will have some portion of your savings that will not lose purchasing power. In addition, you will be able to survive a complete collapse in the monetary system.

If you have studied the debt clock at length and have come to the conclusion that, “everything is going to work out OK,” then you probably have the “Normalcy Bias”.

Normalcy bias is what keeps people from leaving their homes when a hurricane is coming or a fire is close to their property. What they are thinking is it has never hit here or burned near here, therefore it will be OK this time.

I will leave you with what Alan Greenspan the past Chairman of the Federal Reserve, said about deficit spending and gold. After reading you can see John Exter’s pyramid that shows what dies first as everything eventually flows to Real Money — gold.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other goods and thereafter declined to accept checks as payments for goods bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

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

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

USAGold’s February ‘News & Views’ notes gold’s return as a reserve currency

Submitted by admin on Wed, 2023-02-01 09:56Section: Daily Dispatches

10a ET Wednesday, February 1, 2023

Dear Friend of GATA and Gold:

USAGold’s “News & Views” letter for February is published today and among its many short and sweet observations, maybe the most important one is that gold is returning as an international reserve currency, making it a compelling option for ordinary investors.

The February edition of “News & Views” is posted at USAGold here:

NV#1050FEB2023

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

end

As Turkey witnesses a huge inflation in their country, its citizens are buying gold hand over fist

(Bloomberg News)

Amid soaring inflation, Turkey’s government and people hurl themselves into gold

Submitted by admin on Wed, 2023-02-01 10:05Section: Daily Dispatches

Gold as Inflationary Hedge Makes Turkey World’s Biggest Buyer

ByKerim Karakaya and Beril Akman
Bloomberg News
Tuesday, January 31, 2023

Turkey was the biggest buyer of gold among central banks last year, with households also rushing to buy the commodity to shield from geopolitical uncertainty and rampant inflation.

The central bank’s gold reserves were at the highest level on record, the World Gold Council said in a report today. The official figure was 542 tonnes, up by 148 tonnes

Demand for jewelery in the country also increased and jumped 32% year-on-year in the last quarter of 2022. “Despite the rise in the local gold price during 4Q, soaring consumer inflation brought the investment motive to the fore,” the gold council said. 

Turkey has stepped up its ambitions to produce more gold than the existing average of 35 tonnes annually over the last five years, President Recep Tayyip Erdogan said last week. “Together with oil, gold is one of the most imported items,” he said during the opening of a new gold mine facility in the country’s west.

“We have the reserves to meet at least half of the demand in this area.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-01-31/gold-as-inflationary-hedge-makes-turkey-world-s-biggest-buyer

END

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

State Department Engages with Gold Industry to Discuss Sanctions

FEBRUARY 1, 2023

Yesterday, Ambassador James O’Brien, Head of the Office of Sanctions Coordination, led an interagency discussion with leading companies and associations across the gold sector. The meeting focused on the importance of the gold industry’s robust implementation of Russia-focused sanctions and of applying broader due diligence standards, including to Russia-backed actors, such as the Wagner Group, around the globe. The United States remains committed to imposing economic consequences on Russia for its unprovoked war in Ukraine and destabilizing activities across Africa. The meeting also focused on the role gold plays in supporting other regimes of concern, including in Latin America and Africa, and illicit networks, as well as how the industry can mitigate the role of malign actors while also supporting economic development programs, with a focus on labor and human rights.

-END-

end

5.IMPORTANT COMMENTARIES ON COMMODITIES: orange juice

ORANGE JUICE

Orange juice prices rise amid a supply squeeze

(zerohedge)

Orange Juice Futures Hit New Record High Amid Supply Squeeze

WEDNESDAY, FEB 01, 2023 – 06:25 PM

OJ futures have hit a new high, surging 10 cents or 4.56% to $2.292/lb, surpassing the 2016 record of $2.2585, due to limited supply.

The USDA predicts Florida’s citrus production will reach 44.5 million boxes this year, which could result in the state’s smallest orange harvest since 1945. This is due to “greening disease” and hurricane damage in Florida’s citrus groves.

Recall we have closely followed the squeeze in supplies:

• Orange Juice Prices Could “Increase Substantially” As Hurricane Pummels Florida’s Top Citrus Grow Region
• Orange Juice Futures Limit Up On Global Supply Squeeze

The domestic shortage has led domestic companies to seek out new supplies in Mexico and Brazil. WSJ reported a gallon of orange juice has risen above $6 in some US supermarkets.

Besides orange juice, egg prices are also soaring. People aren’t thrilled about rapid food inflation. 

I almost put the Orange Juice back at Walmart today. These prices are out of hand. #DoBestByEveryBody #Inflation— Darryl R Ware II (@DarrylRWareII) January 31, 2023

It’s 5.00 for orange juice, 3.50 for eggs. Let’s focus on the important issues, not the fantasy that America will be “all electric” anywhere in our lifetimes. But good job on other stuff you’re doing. Keep up the support for Ukraine and reducing gas prices.— Corey (@elbrynncanticle) January 30, 2023

Maybe is a Republican strategy to put you down let’s say there is around 10 people dead at day because weapons rights
prices of food eggs $10:00
Bread $6:00
Coffee cream $9:00
Milk $$7:00
Frozen orange juice $ $8:00
Please we don’t want to mention the prince of chicken,fish,Beef— ALICIA M Blay Casal Franco Rivero (@ALICIAMBlayCas1) January 29, 2023

end

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

END

.

1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP TO 6.7235

OFFSHORE YUAN: 6.7279

SHANGHAI CLOSED UP 0.75 PTS OR .02%

HANG SENG CLOSED DOWN 113.82 PTS OR 0.52% 

2. Nikkei closed UP 55.17 PTS OR 0.20%  

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX DOWN TO  101.00Euro FALLS TO 1.0988 DOWN 25 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.492!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 128.43/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 UP CHINESE YUAN:   UP-//  OFF- SHORE: UP

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 DOWN for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.208%***/Italian 10 Yr bond yield FALLS to 4.111%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.217…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.204//

3j Gold at $1954.60//silver at: 24.41  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  16/100        roubles/dollar; ROUBLE AT 70.04//

3m oil into the 75 dollar handle for WTI and  82 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 128.43/10 YEAR YIELD AFTER BREAKING .54% FALLS TO .492% 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 0.9095– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9992 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: 3.382% DOWN 2 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.549 DOWN 0 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,82…

GREAT BRITAIN/10 YEAR YIELD: 3.31415% DOWN 16 BASIS PTS

end

i.b  Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

“The More He Talked, The More Dovish He Was”: Futures, Global Stocks Surge As Powell Steamrolls Bears

THURSDAY, FEB 02, 2023 – 08:15 AM

Global markets rose, with US futures solidly in the green as tech stocks were set to extend their rally on Thursday, lifted by Powell’s comments on inflation and Meta surging 20% in US premarket trading after the social-media giant’s earnings and buyback news. Summarizing yesterday’s market moving FOMC decision and presser, Goldman said that even though the “FOMC Statement was Hawkish: kept ‘ongoing’ and ‘appropriate’, however “more importantly presser was dovish: 1) Powell’s disinflation language (“we can say the disinflation process has started”, something that’s “welcome, encouraging, and gratifying”) and 2) the fact Powell didn’t warn markets RE easing financial conditions in the last few weeks.” In kneejerk reaction bears everywhere were steamrolled as Powell triggered a marketwide short squeeze.

Nasdaq futures were up 1.3% at 7:45 a.m. ET after the tech-heavy index jumped 2% during the previous session and closed at its highest level since September; the Nasdaq 100 is up 13% this year, having posted the best monthly gain since July in January. The recovery follows last year’s 33% slump, which was the worst since the 2008 global financial crisis. S&P futures added another 0.4% to yesterday’s surge, which pushed spoos to 4152, the highest since August as the consensus bearish trade (JPM, MS, GS, BofA are all bearish) gets steamrolled.

In premarket trading, it was all about Meta, whose gain of about 20% – the biggest one-day surge in the stock since 2013 – represents about 75 points in Nasdaq 100 futures’ advance, or about three quarters of the rise as the social media giant posted quarterly sales that topped estimates and boosted its stock-buyback authorization. If the gains hold, Meta will more than double its market value since a Nov. 3 low. The owner of Facebook is the best performer in the S&P 500 Index since the stock’s recent November 3 closing low of $88.91, and is poised to more than double in value since then. Shares of social-media companies such as Snap Inc. and other tech companies such as Alphabet Inc. gained in US premarket today. The Google parent, Apple and Amazon.com Inc. are among tech giants reporting results today. Here are some other premarket movers:

• Bank stocks are higher in premarket trading Thursday amid a broader rally by risk assets following the Federal Reserve’s interest-rate decision. In corporate news, Citigroup’s wealth arm has stopped accepting securities of Gautam Adani’s group of firms as collateral for margin loans. Meanwhile, Bank of America’s global mining head Omar Davis, one of the most senior bankers covering the sector, is retiring
• Carvana jumped as much as ~31%, putting the used car dealer on course for its sixth session of straight gains amid the rally in riskier assets.
• Shares in companies exposed to cryptocurrencies gained as Bitcoin held at its highest level since last August.

The euphoric mood was set by Powell’s comment Wednesday that the “disinflation process has started” suggesting that the aggressive tightening cycle is starting to reduce the pace of price growth, even as he warned of a “couple” more hikes to come. Positioning in US swaps markets assumes the Fed is getting closer to cutting rates as traders bet that economic conditions are likely to keep it from the additional rate increases that policy makers still anticipate.

“The more he talked, the more dovish he was,” Charles-Henry Monchau, chief investment officer at Banque Syz, said of Powell’s briefing. “It’s possible we’ll continue to see a series of volatility, but definitely the conditions seems to be more risk-on than last year,” he said on Bloomberg Television.

That said, some bears were stuck in denial: “Markets heard what they wanted to hear from the Fed,” said Veronique Riches-Flores, economist and founder of RichesFlores Research. “Markets will likely surf on this wave in the short term and it’s a good environment for risk assets.”

“Moving forward though there will likely be a lot of volatility around key indicators, such as the jobs data on Friday,” she said. “At one stage, if the data shows the economy is really resilient, investors will need to anticipate that Powell will need to take back control and that can lead to even more volatility.”

European stock also rose, tracking Wednesday’s gains on Wall Street after the Fed downshifted to a 25bps rate increase and noted inflation had eased somewhat. The Stoxx 600 was up 0.8% with tech, real estate and retail the best performing sectors. Here are some of the biggest European movers:

• Shell shares rise as much as 2.2% in London after the oil major launched a $4 billion share buyback, and posted full-year results that showed a record performance in 2022
• Banco Santander shares jump as much as 4.3% after the Spanish lender beat estimates, and offered positive guidance that analysts said could lead to further consensus upgrades
• Telecom Italia shares jump as much as 14%, the most intraday since November 2021, after KKR made a non-binding offer for a stake in the phone company’s multi-billion-euro network
• Dassault Systemes shares gain as much as 5.4%, the biggest intraday climb since November, after the software company’s FY constant-currency sales growth forecast topped estimates
• Siemens Healthineers gains as much as 6.8% as analysts flag solid order book momentum at the medtech group, offsetting a miss to first-quarter Ebit
• Telenor shares gain as much as 6.8%, the biggest intraday climb since March 2020, after the telecom operator’s guidance for Ebitda growth in Nordic markets beat analyst expectations
• Infineon shares jump as much as 8.8%, the most since March, after the chipmaker lifted its full-year margin forecast and kept its revenue outlook while factoring in a weaker dollar
• ING shares drop as much as 8.2% in early trading as analysts said the lack of a new buyback announcement and some areas of weakness in the Dutch lender’s results offset a profit beat
• Electrolux shares drop as much as 11% with analysts saying the appliances manufacturer’s update was much worse than anticipated
• Roche falls as much as 1.4% after a cautious outlook weighed on an overall weak quarterly report from the Swiss pharmaceutical giant
• Deutsche Bank shares drop 5.3%, most in four months, after the German lender’s earnings missed estimates. JPMorgan analysts say lack of buyback guidance also weighed

Asian stocks advanced as the Federal Reserve chair said efforts to quell inflation are making progress, supporting risk sentiment.  The MSCI Asia Pacific Index climbed as much as 1% before paring more than half of the advance. Interest-rate sensitive tech stocks led gains, with TSMC, Samsung and Baidu giving among the biggest boost to the gauge.  Tech-heavy benchmarks including Taiwan and South Korea led a rally in the region, while measures in Japan were mixed as the yen strengthened against the dollar. Key gauges in Hong Kong and Singapore fell, while Adani Group shares dragged on Indian benchmarks.

Investors cheered remarks by Jerome Powell that price pressures have started to ease, even as the Fed chair also said more interest-rate hikes are in store after delivering a quarter percentage-point rate increase. The dollar extended its fall following the Fed’s decision, helping boost foreign inflows to Asian equities.  “Markets are really charting out their own path right now, looking at what inflation has been doing,” Charu Chanana, a senior markets strategist at SAXO Capital Markets, said in an interview with Bloomberg TV, adding that she would be more careful about risks ahead.  “Even though Chair Powell highlighted dis-inflationary pressures that are there, we are potentially looking at inflation really being a monster,” she said.   The key Asian stock index briefly touched its highest level since April after climbing some 27% from its October trough amid euphoria over China’s reopening and growing bullish calls on Asia. The gauge has outperformed the S&P 500 Index by about two percentage points so far this year. 

Japanese equities ended mixed, bucking a broader rally in global stocks, as the Federal Reserve’s slower pace of rate hike strengthened the yen.  The Topix Index fell 0.4% to 1,965.17 as of market close, while the Nikkei advanced 0.2% to 27,402.05. Toyota Motor Corp. contributed the most to the Topix Index decline, decreasing 1.2%. Out of 2,164 stocks in the index, 608 rose and 1,462 fell, while 94 were unchanged. “Powell’s acknowledgment of a slowdown in inflation while mentioning that the labor market is strong were well received,” said Takashi Ito, a senior strategist at Nomura Securities. Still, Japanese stocks are unlikely to rise as much as US peers as the yen strengthened. 

Stocks in India were mostly higher on Thursday as investors looked beyond the rout in Adani Group shares, while companies continued to report strong earnings performance.  All but one of the 10 companies related to the Adani Group declined as a week-long selloff in the diversified conglomerate’s shares stretched to $108 billion. On Wednesday, the group’s flagship firm Adani Enterprises, abruptly scrapped its fully-subscribed $2.4 billion follow-on stock sale plan amid carnage in its shares. It was the worst performer on Thursday, falling 27%, while three firms extended slide by 10% each.  The S&P BSE Sensex rose 0.4% to 59,932.24 in Mumbai, while the NSE Nifty 50 Index was little changed. For the week, the Sensex is up 1% while the Nifty is steady, dragged by some of Adani companies and insurers, which have come under pressure following changes to India’s tax rules for the sector. Even as the carnage in Adani shares has dampened sentiment, investors are starting to focus on companies’ earnings performance and growth outlook. Tata Consumer was the latest to report higher-than-expected profit for the December quarter while mortgage lender HDFC and jewelry maker Titan’s earnings met the consensus view

The Dollar Index fell 0.1% following the Fed rate decision and after Chairman Jerome Powell said the central bank has made progress in its battle against inflation, while the Norwegian krone and British pound are the weakest among the G-10 currencies.  “The slowdown in the pace of Fed tightening to 25bps underlines the fact that the risk reward balance for central banks fighting the inflation threat is changing and after the aggressive action last year and the signs of easing inflation, greater caution in tightening policy is feasible,” MUFG analysts write in a note, adding that policy announcements from the ECB could highlight a policy divergence between the central banks. “The greater caution by the ECB last year means it has more work to do and that should be on show today with a 50bp hike coupled with still a hawkish message of more work to do to reach a level of policy consistent with price stability,” they add

• EUR/USD rose as much as 0.4% to 1.1033, extending gains for the third day before the ECB is expected to hike rates and warn that it will maintain its position that more aggressive rate rises are in store. A more hawkish policy stance by the ECB compared with the Fed suggest that investors are likely to focus on rate differentials, which could push EUR/USD towards 1.15 in the coming months
• USD/JPY slips 0.1%, after falling around after the Fed announcement
• EUR/SEK hovers near 11.4 hit earlier in the week, its strongest since March 2020. The Swedish krona has come under selling pressure over the past two weeks amid growing concerns about Sweden’s sluggish growth and a deteriorating housing market due to higher inflation.

In rates, Treasuries were richer across belly of the curve, broadly holding Wednesday’s post-Fed move along with stocks. US yields richer on the day by up to 1.5bp across belly of the curve, the 10Y trading at 3.38% after closing around 3.42%; gilts had brief setback after Bank of England decision, followed by new yield lows for 10-year sector, richer by 16bp on the day (as reported earlier, Bank of England delivered a 50bp rate hike as expected with a vote split of 7-2 for a hike to 4%; statement said that inflation risks were skewed significantly to the upside). In Europe, focus now shifts to ECB rate decision at 8:15am New York time and President Christine Lagarde’s press conference.  Three-month dollar Libor +0.99bp at 4.80614%. US economic data slate includes January Challenger job cuts (7:30am), 4Q nonfarm productivity, initial jobless claims (8:30am) and December factory orders (10am)

In commodities, WTI trades around session lows under USD 76.50/bbl (vs a USD 77.24/bbl high) while its Brent counterpart sits under USD 82.75/bbl (vs a USD 83.61/bbl high). Shell CEO sees continued appetite for gas in China, too early to say if the European energy crisis over. Adds, gas business can keep growing next year. Spot gold is holding onto gains above the $1950/oz mark with the 19th April peak at USD 1981/oz ahead while LME Copper reclaimed USD 9.1k/T after slipping below the mark on Wednesday.

Looking to the day ahead now, and the main highlights will be the ECB and BoE policy decisions, along with the subsequent press conferences from President Lagarde and Governor Bailey. Otherwise, US data releases include the weekly initial jobless claims, December’s factory orders, and the preliminary reading of nonfarm productivity in Q4. Lastly, earnings releases include Apple, Amazon and Alphabet.

Market Snapshot

• S&P 500 futures up 0.4% to 4,150.25
• STOXX Europe 600 up 0.6% to 456.03
• MXAP up 0.2% to 169.87
• MXAPJ up 0.3% to 557.20
• Nikkei up 0.2% to 27,402.05
• Topix down 0.4% to 1,965.17
• Hang Seng Index down 0.5% to 21,958.36
• Shanghai Composite little changed at 3,285.67
• Sensex up 0.4% to 59,945.83
• Australia S&P/ASX 200 up 0.1% to 7,511.65
• Kospi up 0.8% to 2,468.88
• German 10Y yield little changed at 2.26%
• Euro little changed at $1.0994
• Brent Futures little changed at $82.82/bbl
• Gold spot up 0.2% to $1,954.63
• U.S. Dollar Index little changed at 101.17

Top Overnight News from Bloomberg

• The dollar has had its worst start to the year since 2018, and chances are the losses may deepen with some help from the European Central Bank on Thursday.
• Currency option investors are looking for the Bank of England’s rate decision to have a bigger near-term impact on the pound than European Central Bank’s move later Thursday will have on the euro.
• Traders who’ve shrugged off Federal Reserve Chair Jerome Powell’s repeated warnings that interest rates will remain elevated this year will have their wagers tested again within weeks by key economic data.
• European stocks climbed with US equity futures, building on Wall Street’s advance after Federal Reserve Chair Jerome Powell said the central bank had made progress in its battle against inflation.
• Bank of Japan Deputy Governor Masazumi Wakatabe signaled there will be no policy change next month shortly before the end of his term and warned against further adjustments to the central bank’s yield curve control program.
• The Bank of Japan may be able to step toward normalizing policy this year by achieving its sustainable inflation target, according to Takatoshi Ito, an ally of Haruhiko Kuroda and a contender to replace him in April.
• Investors are readying for the final stretch in the race to replace Bank of Japan Governor Haruhiko Kuroda, a decision that could whipsaw markets from the yen to Treasuries.
• North Korea’s Foreign Ministry said the door remains shut for talks with the US on winding down its atomic arsenal, setting the stage for renewed provocations by pledging to respond to what it saw as threats from Washington.

More detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly higher in the aftermath of the FOMC meeting where the Fed slowed the pace of rate increases and Fed Chair Powell provided a slew of two-sided remarks in which he pointed to a couple more rate hikes to get to an appropriately restrictive stance but noted they are not very far from that level and acknowledged that the disinflationary process had begun. ASX 200 was led by outperformance in gold miners and tech but with gains limited by weakness in other commodity-related sectors and after mixed data. Nikkei 225 notched marginal gains with earnings releases driving the best and worst performing stocks and the 27,500 level continued to elude the index. Hang Seng and Shanghai Comp. initially gained although price action was then choppy after the HKMA raised rates in lockstep with the Fed and the PBoC continued its substantial post-holiday liquidity drain.

Top Asian News

• Hong Kong Monetary Authority raised its base rate by 25bps to 5.00%, which was as expected and in lockstep with the Fed.
• Australia-China trade discussions have the Australian PM Albanese “anticipating” a Beijing visit in 2023, via SCMP citing sources; adding, next steps amid the easing of tensions will see Trade Minister Farrell visiting Beijing prior to the PM. Subsequently, Chinese Commerce Minister Wentao and Australian Trade Minister Farrell will hold talks next week via video link, via Global Times.
• Maker of $555,000 Flying Motorbikes to Begin Trading on Nasdaq
• StanChart, HSBC Slip as Goldman Says Rates Boost Played Out
• Kuroda Ally Ito Sees Chance of BOJ Starting Unwinding in 2023
• Ex-BOJ Deputy Gov Nakaso Says to Serve on APEC Advisory Body
• Gold Rises to Nine-Month High as Fed Signals End to Rate Hikes

European bourses are benefitting from post-FOMC tailwinds with heavyweight earnings reports bolstering performance in the Tech, Telecoms and Energy sectors, Euro Stoxx 50 +1.1%. Stateside, futures are firmer across the board with action more contained vs European peers, ES +0.4%, with the exception of the NQ +1.3% which outperforms post-META. Meta Platforms Inc (META) – The social media bellwether surged over 20% afterhours after Q4 results, where although EPS missed expectations, revenue topped estimates, as did DAUs for the group, while advertising revenue was also above the consensus view, and it boosted its buyback by USD 40bln. +19% in pre-market trade

Top European News

• France’s Le Maire Expects Lawmaker Majority for Pension Reform
• Lagarde May Further Fuel Euro’s Bullish Run: ECB Cheat Sheet
• European Stocks Climb Before ECB as Fed Fuels Inflation Optimism
• Swedish Home Developer Bonava Slumps as Sales Drop Sparks Cuts
• European Gas Prices Mixed With Focus on Demand, LNG Shipments
• German VDMA: 2022 engineering orders -4% YY, Domestic -5% Foreign -4%.

FX

• The DXY has reclaimed and marginally extended above the 101.00 mark to a current 101.23 peak, after printing a fresh YTD trough at 100.81 post-Fed, to the modest detriment of peers ex-NZD.
• NZD has reclaimed some of yesterday’s lost ground against the AUD in wake of mixed data releases for Australia overnight.
• USD/CAD is contained near 1.32 pre-data while the EUR is essentially unchanged near 1.10 ahead of the ECB.
• In slight contrast, GBP has been erring lower and currently resides at the lower-end of 1.2319-1.24 parameters pre-BoE, with EUR/GBP firmly above 0.89 given the differing conviction levels on the magnitude and guidance between the BoE and ECB.
• PBoC set USD/CNY mid-point at 6.7130 vs exp. 6.7142 (prev. 6.7492)
• Brazil Central Bank maintained the Selic rate at 13.75%, as expected. BCB will remain vigilant and assess if the strategy of maintaining the Selic rate for a sufficiently long period will be enough to ensure the convergence of inflation, while it will not hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected and noted that despite some recent moderation, consumer inflation and measures of underlying inflation are above the range compatible with meeting the inflation target.

Fixed Income

• USTs have seemingly paused for breath after Wednesday’s rally with upside in EGBs also exhausted for the time being pre-ECB and perhaps to digest hefty issuance from France and Spain.
• Currently, USTs are contained in 115.10-18 parameters while Bunds are at the lower end of a 137.00-62 band.
• In contrast, Gilts continue to climb and have been within 20 ticks or so of 106.00 with the associated yield at 3.20% ahead of the BoE and the potential for a lessening to tightening guidance.

Commodities

• Crude benchmarks are in close proximity to the unchanged mark after paring back modest overnight gains amid a slight bounce in the USD with newsflow elsewhere limited.
• WTI trades around session lows under USD 76.50/bbl (vs a USD 77.24/bbl high) while its Brent counterpart sits under USD 82.75/bbl (vs a USD 83.61/bbl high).
• Shell (SHEL LN) CEO sees continued appetite for gas in China, too early to say if the European energy crisis over. Adds, gas business can keep growing next year.
• Spot gold is holding onto gains above the USD 1950/oz mark with the 19th April peak at USD 1981/oz ahead while LME Copper reclaimed USD 9.1k/T after slipping below the mark on Wednesday.

Geopolitics

• North Korean state media said the US and allies’ military drills have pushed the situation to an extreme red line and that US drills threaten to turn the peninsula into a huge war arsenal, according to Reuters and SCMP. Furthermore, the White House said it rejects the notion that US joint military exercises in the region serve as a provocation for North Korea and said the US has no hostile intent towards North Korea, while it seeks serious diplomacy and will work with allies to fully enforce UN Security Council resolutions aimed at limiting North Korean weapons programs.
• Russian Foreign Minister Lavrov says will ensure that events organised by the West for the anniversary of the special operation in Ukraine will not be the only thing to attract world attention.
• Russian President Putin to speak on Thursday at a “celebratory concert” in Volgograd, via NY Times.
• Russian Foreign Minister Lavrov says that Moldova could become the new “anti-Russian” project after Ukraine. Adds, our relations with China are stronger than a military alliance, there is no limit.

US Event Calendar

• 07:30: Jan. Challenger Job Cuts 440% YoY, prior 129.1%
• 08:30: Jan. Initial Jobless Claims, est. 195,000, prior 186,000
• 08:30: Jan. Continuing Claims, est. 1.68m, prior 1.68m
• 08:30: 4Q Nonfarm Productivity, est. 2.4%, prior 0.8%
• 08:30: 4Q Unit Labor Costs, est. 1.5%, prior 2.4%
• 10:00: Dec. Factory Orders, est. 2.3%, prior -1.8%
• 10:00: Dec. Factory Orders Ex Trans, est. 0.2%, prior -0.8%
• 10:00: Dec. Durable Goods Orders, est. 5.6%, prior 5.6%
• 10:00: Dec. -Less Transportation, est. -0.1%, prior -0.1%
• 10:00: Dec. Cap Goods Orders Nondef Ex Air, prior -0.2%
• 10:00: Dec. Cap Goods Ship Nondef Ex Air, prior -0.4%

DB’s Jim Reid concludes the overnight wrap

An FOMC meeting that was going as expected turned into a major positive event for both bonds and equities last night once Powell’s press conference developed. Next stop the ECB and the BoE today and then 12% of the S&P 500 reporting after the bell (Apple, Alphabet and Amazon) before payrolls tomorrow.

Reviewing the Fed now and the expected +25bps hike was accompanied by a statement where the FOMC said they anticipate, ”that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.” In a shift from previous statements, the Fed said that inflation “has eased somewhat but remains elevated,” as well as saying that future increases of the policy rate will be dependent on a number of factors including the “cumulative tightening” of monetary policy rather than the “pace” of tightening as it had said before. Markets initially grabbed on to the idea that there would still be multiple more rate hikes, with the S&P 500 and US 10yr yields down -0.8% and -2.0bps, respectively, as Chair Powell’s press conference started.

During Chair Powell’s press conference, equities started turning higher when the Chair said that the, “disinflation process has started.” Chair Powell also did not actively talk down risk markets when asked if financial conditions were too easy, by saying that the focus is “not on short-term moves but on sustained changes.” Powell also did not push back on markets pricing in rate cuts this year, saying that it reflects views that inflation will ease faster than the Fed expects. So whether it was Powell’s intention or not, the market takeaway was biased towards the Fed being relaxed about loosening financial conditions and that cuts could happen if inflation behaved as the market expects it too. See our economists’ review of the FOMC here. They still expect two more 25bps hikes in March and May, with the latter being a little more debatable.

By the close, the S&P had rallied 2.0% off the day’s lows to finish up +1.05% after trading in a 2.7% intraday range. The gains were led by semiconductors (+5.3%), autos (+3.9%), transports (+2.1%) and software (+1.9%), meaning the Nasdaq outperformed, having rallied 2.75% off the lows to end up +2.00%. Those moves took the S&P 500 and Nasdaq to their highest levels since late September. US 10yr yields fell -9.0bps to 3.417% (with yields remaining fairly stable overnight) while the more policy-sensitive 2yr yields were down -9.5bps on the day after being up +5.4bps on the FOMC statement release before rallying as the press conference began. In terms of fed futures, the market is pricing in a terminal rate of 4.89% in June, which was down -2.4bps on the day, as well as 41.1bps of rate cuts by the January ‘24 meeting, down around 8bps from the previous day.

After the close, equities saw further good news with Meta seeing shares spiking +20.16% in after-hours trading on the back of news of a $40bn boost to the company’s share buyback plan as well as outperforming on revenues and higher user engagement. Against that backdrop, in overnight trading, US stock futures are adding gains with those on the S&P 500 (+0.28%) and NASDAQ 100 (+0.91%) marching higher. Meanwhile, the US dollar (-0.32%) is extending its decline this morning, trading at 100.90 – its lowest level since April 2022 amid risk appetite spurred by easing rate-hike expectations.

Moving on to Asia, those overnight gains in US equities are also reverberating across regional markets with the KOSPI (+0.85%), Hang Seng (+0.41%), the Nikkei (+0.18%), the Shanghai Composite (+0.29%) and the CSI (+0.06%) all trading moderately higher.

In early morning data, South Korea’s CPI rose to a 3-month high of +5.2% y/y in January (v/s +5.0% expected), compared to a +5.0% rate seen in December, thus keeping open the possibility of additional policy tightening despite the nation’s economy weakening.

It might seem like ancient history now, but before the Fed took centre-stage, we got a few challenging data prints earlier in the day. First was the ISM manufacturing, where the headline slightly underwhelmed at 47.4 (vs. 48.0 expected), but the prices paid indicator rose for the first time since March with an increase to 44.5 (vs. 40.4 expected). There was a notable warning from the new orders component however, which fell to just 42.5, and has normally meant that a recession had either begun or was just months away. Indeed, you’ve got to go all the way back to 1952 for the last time the new orders component was that low and a recession was still more than a year away.

Alongside that, the latest JOLTS report pointed to a significantly tighter labour market than expected, with job openings in December at a 5-month high of 11.012m (vs. 10.3m expected). That also takes the number of job vacancies per unemployed worker up to 1.92, which again is the highest since July. In the meantime, the quits rate (which is strongly correlated with wage growth) remained at 2.7%, which is the same as it’s been throughout most of H2 last year.

The Fed may be out of the way now, but attention will remain on central banks today with the ECB decision at 13:15 London time. It’s widely anticipated that they’ll deliver another 50bps hike, which would take the deposit rate up to a post-2008 high of 2.5%. But the bigger question is what the ECB will signal going forward, with officials debating whether they should maintain the 50bps pace or downshift to 25bps at the next meeting in March. In their preview (link here), our European economists are expecting President Lagarde to say that “interest rates will continue to rise significantly at a steady pace”, and reiterate the meting-by-meeting, data-dependent approach.

The other big thing to look out for from the ECB will be any details about quantitative tightening, particularly given the last meeting statement said we’d get “the detailed parameters for reducing the APP holdings” at today’s meeting. For those looking for more on QT, our economists and strategists have also released a primer (link here).

Ahead of all that, yesterday saw the release of the Euro Area flash CPI print for January. That showed headline inflation coming down by more than expected to 8.5% (vs. 8.9% expected), which is its third consecutive monthly decline. However, the more concerning detail was that core inflation held steady at its record 5.2%, rather than falling back a touch as the consensus had expected. One thing to note is that we don’t have actual data for Germany (the Euro Area’s biggest economy) because of the data processing issues, so estimates are being used there. So we might see some more attention than usual on the final number on February 23.

Against that backdrop, European markets put in a steady performance before the Fed’s decision, with the STOXX 600 down just -0.03%. Bank stocks continued to outperform as well, with the STOXX Banks up a further +1.12%, bringing their YTD gains to +17.22%. Sovereign bonds also held steady, with yields on 10yr bunds (-0.2bps), OATs (+0.1bps) and gilts (-2.5bps) seeing little movement as well. Italian BTPs were the one underperformer on the day, with yields up +14.2bps as inflation data was hotter than expected. Incidentally, the decline in Treasury yields meant that the spread of 10yr Treasuries over 10yr bunds fell to its tightest level since September 2020 at 112.7bps, which is in line with our rates strategists’ call for a tighter 10yr UST-Bund spread. They’ll likely be a bit of re-wideneing this morning as Bunds follow the US story but then the ECB will be pivotal.

Given all that’s happening at the moment, the Bank of England’s decision today is unlikely to get as much attention as usual, but the consensus and our own economists are similarly expecting a 50bp hike. That would take Bank Rate up to 4%, and we should also get the MPC’s updated forecasts, which our economists’ preview (link here) expects to show a dramatically improved economic outlook. In terms of the forward guidance, they think the MPC will signal that “some further modest tightening may be appropriate in the coming months depending on the economic outlook”. After today’s 50bp move, they’re expecting another couple of 25bp moves in March and May that would take the terminal rate to 4.5%.

To the day ahead now, and the main highlights will be the ECB and BoE policy decisions, along with the subsequent press conferences from President Lagarde and Governor Bailey. Otherwise, US data releases include the weekly initial jobless claims, December’s factory orders, and the preliminary reading of nonfarm productivity in Q4. Lastly, earnings releases include Apple, Amazon and Alphabet.

end

AND NOW NEWSQUAWK (EUROPE/REPORT)

US futures steady though NQ outperforms post-Meta, BoE, ECB & key earnings due – Newsquawk US Market Open

THURSDAY, FEB 02, 2023 – 06:19 AM

• European bourses are benefitting from post-FOMC tailwinds with heavyweight earnings reports bolstering performance; US futures are more contained overall.
• However, the NQ is the standout outperformer post-META, +19% pre-market.
• The DXY has reclaimed and marginally extended above the 101.00 mark to a current 101.27 peak, after printing a fresh YTD trough at 100.81 post-Fed, to the modest detriment of peers.
• USTs have seemingly paused for breath after Wednesday’s rally with upside in EGBs also exhausted for the time being pre-ECB and perhaps to digest hefty issuance while Gilts continue to rally.
• Crude benchmarks are in close proximity to the unchanged mark after paring back modest overnight gains amid a slight bounce in the USD.
• Looking ahead, highlights include US IJC & Factory Orders, BoE & ECB Policy Announcements and Press Conferences. Earnings from Amazon, Apple, Alphabet, Ford, Merck, Bristol-Myers & Qualcomm.

View the full premarket movers and news report.

Or why not try Newsquawk’s squawk box free for 7 days?

EUROPEAN TRADE

EQUITIES

• European bourses are benefitting from post-FOMC tailwinds with heavyweight earnings reports bolstering performance in the Tech, Telecoms and Energy sectors, Euro Stoxx 50 +1.1%.
• Stateside, futures are firmer across the board with action more contained vs European peers, ES +0.4%, with the exception of the NQ +1.3% which outperforms post-META.
• Meta Platforms Inc (META) – The social media bellwether surged over 20% afterhours after Q4 results, where although EPS missed expectations, revenue topped estimates, as did DAUs for the group, while advertising revenue was also above the consensus view, and it boosted its buyback by USD 40bln. +19% in pre-market trade
• Click here and here for a recap of European earnings, which include Shell, Infineon, BT, Santander, Deutsche Bank, ING & more.
• Click here for more detail.

FX

• The DXY has reclaimed and marginally extended above the 101.00 mark to a current 101.23 peak, after printing a fresh YTD trough at 100.81 post-Fed, to the modest detriment of peers ex-NZD.
• NZD has reclaimed some of yesterday’s lost ground against the AUD in wake of mixed data releases for Australia overnight.
• USD/CAD is contained near 1.32 pre-data while the EUR is essentially unchanged near 1.10 ahead of the ECB.
• In slight contrast, GBP has been erring lower and currently resides at the lower-end of 1.2319-1.24 parameters pre-BoE, with EUR/GBP firmly above 0.89 given the differing conviction levels on the magnitude and guidance between the BoE and ECB.
• PBoC set USD/CNY mid-point at 6.7130 vs exp. 6.7142 (prev. 6.7492)
• Brazil Central Bank maintained the Selic rate at 13.75%, as expected. BCB will remain vigilant and assess if the strategy of maintaining the Selic rate for a sufficiently long period will be enough to ensure the convergence of inflation, while it will not hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected and noted that despite some recent moderation, consumer inflation and measures of underlying inflation are above the range compatible with meeting the inflation target.
• Click here for more detail.

FIXED INCOME

• USTs have seemingly paused for breath after Wednesday’s rally with upside in EGBs also exhausted for the time being pre-ECB and perhaps to digest hefty issuance from France and Spain.
• Currently, USTs are contained in 115.10-18 parameters while Bunds are at the lower end of a 137.00-62 band.
• In contrast, Gilts continue to climb and have been within 20 ticks or so of 106.00 with the associated yield at 3.20% ahead of the BoE and the potential for a lessening to tightening guidance.
• Click here for more detail.

COMMODITIES

• Crude benchmarks are in close proximity to the unchanged mark after paring back modest overnight gains amid a slight bounce in the USD with newsflow elsewhere limited.
• WTI trades around session lows under USD 76.50/bbl (vs a USD 77.24/bbl high) while its Brent counterpart sits under USD 82.75/bbl (vs a USD 83.61/bbl high).
• Shell (SHEL LN) CEO sees continued appetite for gas in China, too early to say if the European energy crisis over. Adds, gas business can keep growing next year.
• Spot gold is holding onto gains above the USD 1950/oz mark with the 19th April peak at USD 1981/oz ahead while LME Copper reclaimed USD 9.1k/T after slipping below the mark on Wednesday.
• Click here for more detail.

NOTABLE HEADLINES

• German VDMA: 2022 engineering orders -4% YY, Domestic -5% Foreign -4%.

NOTABLE DATA

• German Trade Balance, EUR, SA (Dec) 10.0B vs. Exp. 9.2B (Prev. 10.8B, Rev. 10.9B)
• German Imports MM SA (Dec) -6.1% vs. Exp. -0.8% (Prev. -3.3%, Rev. -3.2%); Exports MM SA (Dec) -6.3% vs. Exp. -3.3% (Prev. -0.3%, Rev. 0.1%)

NOTABLE US HEADLINES

• US House Speaker McCarthy said he had a good first meeting with US President Biden and they agreed to continue the conversation, while he added they both had different perspectives but he thinks they can find common ground and he told President Biden he would like to reach an agreement well before the deadline. Furthermore, the White House said President Biden welcomes separate discussions with congressional leaders about how to reduce the deficit and control national debt while continuing to grow the economy.
• Click here for the US Early Morning note.

GEOPOLITICS

• North Korean state media said the US and allies’ military drills have pushed the situation to an extreme red line and that US drills threaten to turn the peninsula into a huge war arsenal, according to Reuters and SCMP. Furthermore, the White House said it rejects the notion that US joint military exercises in the region serve as a provocation for North Korea and said the US has no hostile intent towards North Korea, while it seeks serious diplomacy and will work with allies to fully enforce UN Security Council resolutions aimed at limiting North Korean weapons programs.
• Russian Foreign Minister Lavrov says will ensure that events organised by the West for the anniversary of the special operation in Ukraine will not be the only thing to attract world attention.
• Russian President Putin to speak on Thursday at a “celebratory concert” in Volgograd, via NY Times.
• Russian Foreign Minister Lavrov says that Moldova could become the new “anti-Russian” project after Ukraine. Adds, our relations with China are stronger than a military alliance, there is no limit.

CRYPTO

• Bitcoin remains firmer on the session but is towards the lower-end of day’s range after pulling back from a shortlived eclipse of USD 24k.

APAC TRADE

• APAC stocks traded mostly higher in the aftermath of the FOMC meeting where the Fed slowed the pace of rate increases and Fed Chair Powell provided a slew of two-sided remarks in which he pointed to a couple more rate hikes to get to an appropriately restrictive stance but noted they are not very far from that level and acknowledged that the disinflationary process had begun.
• ASX 200 was led by outperformance in gold miners and tech but with gains limited by weakness in other commodity-related sectors and after mixed data.
• Nikkei 225 notched marginal gains with earnings releases driving the best and worst performing stocks and the 27,500 level continued to elude the index.
• Hang Seng and Shanghai Comp. initially gained although price action was then choppy after the HKMA raised rates in lockstep with the Fed and the PBoC continued its substantial post-holiday liquidity drain.

NOTABLE ASIA-PAC HEADLINES

• Hong Kong Monetary Authority raised its base rate by 25bps to 5.00%, which was as expected and in lockstep with the Fed.
• Australia-China trade discussions have the Australian PM Albanese “anticipating” a Beijing visit in 2023, via SCMP citing sources; adding, next steps amid the easing of tensions will see Trade Minister Farrell visiting Beijing prior to the PM. Subsequently, Chinese Commerce Minister Wentao and Australian Trade Minister Farrell will hold talks next week via video link, via Global Times.

DATA RECAP

• South Korean CPI MM (Jan) 0.8% vs. Exp. 0.5% (Prev. 0.2%); YY (Jan) 5.2% vs. Exp. 5.0% (Prev. 5.0%)
• Australian NAB Business Confidence (Q4) -1 (Prev. 9)
• Australian Building Approvals (Dec) 18.5% vs. Exp. 1.0% (Prev. -9.0%, Rev. -8.8%)

1.c THURSDAY/  WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 0.75 PTS OR .02%    //Hang Seng CLOSED DOWN 113.82 PTS OR 0.52%      /The Nikkei closed UP 55.17 PTS OR 0.20%            //Australia’s all ordinaries CLOSED UP .24%   /Chinese yuan (ONSHORE) closed UP 6.7233 //OFFSHORE CHINESE YUAN UP TO 6.7279//    /Oil DOWN TO 75.91 dollars per barrel for WTI and BRENT AT 82.15   / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA

2B JAPAN

JAPAN/

3c CHINA /

CHINA/

end

4/EUROPEAN AFFAIRS/UK AFFAIRS//

UK//BANK OF ENGLAND

Bank of England, as expected raises its rate by 50 basis points and then signals pause at its lower rate of 4%.  The pound dumps on the news of the pausing

(zerohedge)

Pound Tumbles After BOE Hikes 50bps In 7-2 Vote, Signals Pause At Lower Rate Of 4%

THURSDAY, FEB 02, 2023 – 07:26 AM

In the first of two big central bank decisions today, moments ago the Bank of England hiked by 50bps – as expected – raising the overnight rate for a 10th time to 4%…

… in a 7-2 vote (the two doves on the committee Swati Dhingra and Silvana Tenreyro voted for no hike) which was a two-way split and not a repeat of December’s bizarro three-way.

Looking at the statement, the Committee continued to judge that the risks to inflation are skewed “significantly to the upside”

At the same time the committee dropped language in its statement saying it could act “forcefully” in future, adding that further rate rises would only be needed if there were new signs that inflation would stay too high for too long, i.e., this was struck down: “the Committee continues to judge that if the outlook suggests more persistent inflationary pressures, it will respond forcefully, as necessary.”

The BOE also said that If there “were to be evidence of more persistent pressures, then further tightening in monetary policy would be required” vs the previous comment that a “majority” of the Committee judges that further increases in Bank Rate may be required for a sustainable return of inflation to target.

The new statement, which makes further increases conditional on bad inflation news, suggests interest rates might peak at the new rate of 4%, lower than the 4.5% expected by financial markets.

Discussing the economy, the statement said that:

• Both private sector regular pay growth and services CPI inflation have been notably higher than forecast in the November Monetary Policy Report.
• Labor market remains tight and domestic price and wage pressures have been stronger than expected suggesting risks of greater persistence in underlying inflation
• Some survey indicators of wage growth have eased, alongside a gradual decline in underlying output
• The increases in Bank Rate since December 2021 are expected to have an increasing impact on the economy in the coming quarters.

Looking at the BOE’s MPR Forecasts, the 2023 inflation forecast was revised down, while 2023 growth view was revised up.

• Says in projections conditioned on the alternative assumption of constant interest rates at 4%. the unemployment rate rises by slightly more in the medium term than in the MPC s forecast conditional on market rates
• In projections conditioned on the alternative assumption of constant interest rates at 4%. CPI inflation is projected to be 0.8% and 0.2% in two years’ and three years’ time respectively, slightly lower than the Committee’s forecasts at the same horizons conditioned on market rates.

GDP Growth Forecasts:

• 2022 GDP 4.0% (prev. 4.25%)
• 2023 GDP -0.5% (prev.-1.50%)
• 2024 GDP -0.25% (prev-1.00%)
• 2025 GDP 0.25%(prev. 0.50%)

Unemployment Rate Forecasts:

• 2022 Unemployment Rale 3.75% (prev. 3.75%)
• 2023 Unemployment Rale 4.5% (prev. 5.00%)
• 2024 Unemployment Rale 4.75% (prev. 5.75%)
• 2025 Unemployment Rale 5.25% (prev. 6.50%)

CPI Inflation Forecasts:

• 2022 CPI: 10.75% (prev. 10 75%)
• 2023 CPI: 4.00% (prev. 5.25%)
• 2024 CPI: 1.50% (prev. 1 50%)
• 2025 CPI: 0.50% (prev. 0 00%)

Since a 50 basis-point hike wasn’t fully priced in, the news offered some support to sterling at least initially. Yet it’s mostly the comments on inflation persistence and the vote split that sent the UK currency higher on knee-jerk flows. Cable briefly erased losses and now stands 0.2% lower on the day at 1.2348; it fell as much as 0.5% to 1.2311 before the policy decision.

Still not everyone was convinced the BOE decision was purely hawkish, with Vanda’s Vitaj Patel noting that while the headlines are hawkish, the “key word in the statement is “IF there is more persistent price pressures… further tightening will be required”. I think that’s a pause & pivot from the BoE. Not entirely clear though. Presser will tell us more $GBP”

And indeed, after the initial hawkish reaction, markets realized that there was no attempt by the BoE to suggest that financial markets were misguided in expecting interest rate cuts later this year (not very much unlike Powell yesterday), even as the committee made it clear it needed to see evidence that underlying inflation was coming down and it was not yet declaring victory.

As a result, after initially spiking, cable has since dumped to session lows with markets starting to price in the possibility that the BOE’s hiking cycle is now over.

EUROPE/ECB

ECB raises rates by 50 basis points and expects another 50 basis points in March and then that will do it.

(zerohedge)

ECB Hikes 50bps As Expected, Issues Dovish Forward Guidance, Unveils Climate QE

THURSDAY, FEB 02, 2023 – 08:41 AM

In a mirror image of the dovish BOE earlier this morning, which hiked 50bps but signaled that its tightening cycle may well be over sending sterling and gilt yields sliding, moments ago the ECB, which continues to believe erroneously that if only it can crash the European economy it will somehow have control over Russian commodity prices, hiked interest rates by 50bps, as expected.

Also in a dovish twist of forward guidance, the central bank also said intends to hike another 50bps in March, and only then will it “evaluate the subsequent path of its monetary policy.” This is actually dovish because in December’s press conference Lagarde flagged that we could see as many as three more 50bp hikes… not any more. Here is the statement:

“In view of the underlying inflation pressures, the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy. Keeping interest rates at restrictive levels will over time reduce inflation by dampening demand and will also guard against the risk of a persistent upward shift in inflation expectations. In any event, the Governing Council’s future policy rate decisions will continue to be data-dependent and follow a meeting-by-meeting approach.”

Compare this to December, when the ECB expected “to raise [rates] significantly further, because inflation remains far too high and is projected to stay above the target for too long”. It also said that “rates will still have to rise significantly at a steady pace” and future decisions will “be data-dependent and follow a meeting-by-meeting approach ” In December its outlook was “euro area economy may contract in the current quarter and the next quarter, owing to the energy crisis, high uncertainty, weakening global economic activity and tighter financing conditions.” adding that “a recession would be relatively short-lived and shallow ” Ahead “growth [was] projected to recover as the current headwinds fade.”

Breaking down the statement, let’s look at Guidance first:

• Governing Council judges that interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive to ensure a timely return of inflation to the 2% medium-term target
• The Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy.
• Governing Council’s future policy rate decisions will continue to be data-dependent and follow a meeting-by-meeting approach

… and QT (as a reminder, in December, the APP portfolio will decline by €15 billion per month on average from the beginning of March until the end of June 2023, and the subsequent pace of portfolio reduction will be determined over time):

• Remaining reinvestment amounts will be allocated proportionally to the share of redemptions across each constituent programme of the APP and, under the public sector purchase programme (PSPP), to the share of redemptions of each jurisdiction and across national and supranational issuers.
• In particular, the remaining reinvestments will be tilted more strongly towards issuers with a better climate performance. Without prejudice to the ECB’s price stability objective, this approach will support the gradual decarbonisation of the Eurosystem’s corporate bond holdings, in line with the goals of the Paris Agreement.

And while it is of secondary important, the most hilarious part in the statement was the ECB’s disclosure of what can only be dubbed Climate QE, to wit:

For the Eurosystem’s corporate bond purchases, the remaining reinvestments will be tilted more strongly towards issuers with a better climate performance. Without prejudice to the ECB’s price stability objective, this approach will support the gradual decarbonisation of the Eurosystem’s corporate bond holdings, in line with the goals of the Paris Agreement.

Yup: just when you thought the idiots in charge of the ECB couldn’t shock us any more, they go ahead and totally redeem themselves.

What happened next?

Well, in wake of the ECB policy announcement, where a 50bp hike was delivered as expected, a marked dovish reaction has been seen given the dialling down of the hawkish language from December. In December’s press conference Lagarde flagged that we could see as many as three more 50bp hike (i.e the February. March and May meetings): however in the February statement the language has now been altered to guide participants towards a 50bp hike in March and thereafter the ECB will “evaluate the subsequent path of its monetary policy.”

Looking at market, the Mar 2023 bund spiked from 137.91 to an eventual session peak of 138.62 with the accompanying 10yr yield dropping from 2.21% to 2.15%. Given the pronounced EGB move, USTs and Gilts have also rallied with USTs at a fresh session high of 115.25.

In FX, the EUR/USD also came under immediate pressure falling from 1.0988 to 1.0961. before trimming back around half of the move as we await further commentary and guidance from President Lagarde and any fresh insights into the ongoing debate between the ECB’s hawks and doves, particularly on core inflation and the possibility for a step-down from 50bp increments to 25bp at a post-March meeting.\

end

Denmark

Denmark sends all its artillery to Ukraine – Nya Dagbladet

Robert Hryniak	10:22 AM (8 minutes ago)
to

With everyone sending their equipment to Ukraine the cupboard is very bare. In the end it will make no difference. Soon there will be no one left to use such equipment.

https://nyadagbladet.se/utrikes/danmark-skickar-allt-sitt-artilleri-till-ukraina/

end

5.UKRAINE RUSSIA//MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE.USA

Poll Shows More Americans Believe ‘Too Much’ Aid Going To Ukraine

WEDNESDAY, FEB 01, 2023 – 07:05 PM

Earlier we quoted former UK Defense Minister Sir Gerald Howarth who posed in a recent television interview: “Are western citizens willing to fight and die for Ukraine?  It’s highly unlikely…”

Opinion polls are continuing to show waning public support for the West’s deepening involvement in the Ukrainians’ fight against Russia, given the obvious fears of sliding toward nuclear confrontation. While the opening months of the invasion last year resulted in 24/7 headlines, and a frenzy of social media posts displaying the Ukrainian flag and pledges of support, this trend has waned, and what many have dubbed “Ukraine fatigue” has long set in.

As billions in US weaponry is being shipped to eastern Europe at unprecedented pace, an increasing number of Americans see the support at taxpayer expense as now ‘too much’.

“About a quarter of Americans, 26 percent, think the U.S. support of Ukraine is too strong, according to a new Pew Research Center poll,” The Hill reports this week. “It is a percentage of people that has steadily grown since the Russian invasion of Ukraine last year and has jumped 6 points since September.”

And in particular more and more Republicans are souring on the record-setting support levels to Ukraine…

“the poll of 5,152 people, with a margin of error of 1.7 percent, found that Republican voters are following along. A total of 40 percent of Republicans and Republican-leaning independents think the U.S. is providing too much support, according to the poll. That is up from 32 percent in September and from nine percent directly after the invasion.”

Further, as The Hill reports of the Pew survey, “In March 2022, Republicans were more likely to see the invasion as a direct threat to the U.S., but now Democrats are more likely to hold that opinion, with 43 percent holding that belief.”

Ukraine news fatigue began setting in by the end of the first two months of war…

You will find more infographics at Statista

Pew also details that it remains mainly Democrats who support Biden’s handling of the invasion: “In the Center’s new survey, about four-in-ten U.S. adults (43%) say they approve of the Biden administration’s response to Russia’s invasion of Ukraine, while about a third (34%) disapprove. About two-in-ten (22%) say they are not sure. Views of the Biden administration’s response have changed little since May 2022, the last time this question was asked.”

Pew finds that “Democrats are more than twice as likely as Republicans (61% vs. 27%) to approve of the Biden administration’s response to the Russia invasion.”

end

/IRAN

Iran states that any military action against it will be deemed a declaration of war

(the cradle)

Any Military Action Against Iran Deemed Declaration Of War: UN Mission

THURSDAY, FEB 02, 2023 – 03:30 AM

Via The Cradle,

The Iranian Permanent Mission to the UN issued a warning following the drone attack on a military facility in Isfahan, saying that any military action by the US against Iran would be regarded as a declaration of war and would be met with reprisal.

“In Iran’s perspective, the use of the military option at any level means US entry into the war. For now, Iran considers such a possibility to be weak,” Iran’s Permanent Mission to the UN told Newsweek on Tuesday.

According to the mission, if the US “miscalculates and launches a war,” it would only be able to hold itself responsible for the “consequences for the region and the globe,” adding that Iran would be able to protect its own interests and defend itself.

Washington has rejected and denied involvement in the Isfahan drone strike, which is also believed to be an Israeli-instigated attack.

“We’ve seen the press reports but can confirm that no US military forces have conducted strikes or operations inside Iran. We continue to monitor the situation but have nothing further to provide,” a Pentagon spokesperson was quoted by the magazine.

This comes after the Iranian Defense Ministry said in a statement on 29 January that air defense troops stopped a drone strike on a military facility in Isfahan. “One of the drones was hit by the … air defense, and the other two were caught in defense traps and blew up … Fortunately, this unsuccessful attack did not cause any loss of life and caused minor damage to the workshop’s roof,” the statement read.

Videos circulating on social media show the moment one of the drones was repelled by the facility’s defense systems, resulting in a blast. The attack “has not affected our installations and mission … and such blind measures will not have an impact on the continuation of the country’s progress,” the statement added.

Meanwhile, The Wall Street Journal reported that Israel used drones to attack an advanced weapons systems factory in Isfahan. The Iranian Defense Ministry offered no information on who it suspected behind the attacks. However, Israel is likely to be the main suspect, as it has in the past been found to be behind many acts of sabotage against the Islamic Republic.

Iran’s foreign minister Hossein Amir Abdollahian condemned a “cowardly drone attack.” Tehran also said it would not halt its progress on a “peaceful nuclear program.”

END

6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

Vaccine//Covid issues: Injuries

CDC Aware Of Reports Of ‘Debilitating Illnesses’ After COVID-19 Vaccination: Official

WEDNESDAY, FEB 01, 2023 – 03:05 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

U.S. Centers for Disease Control and Prevention (CDC) officials are aware of reports of long-lasting problems following COVID-19 vaccination, an official recently disclosed.

“With respect to reports of people experiencing debilitating illnesses, we are aware of these reports of people experiencing long-lasting health problems following COVID vaccination,” Dr. Tom Shimabukuro, director of the CDC’s Immunization Safety Office, said on Jan. 26.

“In some cases, the clinical presentation of people suffering these health problems is variable and no specific medical cause for the symptoms have been found,” Shimabukuro added. “We understand that illness is disruptive and stressful, especially under those circumstances. And we acknowledge these health problems have substantially impacted the quality of life for people and have also affected those around them. And we hope for improvement and recovery, and we will continue to monitor the safety of these vaccines and work with partners to try to better understand these types of adverse events.”

Shimabukuro was speaking during a Jan. 26 Food and Drug Administration (FDA) meeting that discussed COVID-19 vaccine safety and effectiveness.

Dr. Hayley Gans, a pediatrics professor at Stanford University Medical Center, had asked how federal authorities were tracking problems that have cropped up after vaccination and might not be “amenable” to rapid cycle analysis, or one way of monitoring vaccine safety.

Shimabukuro noted that any person, including health care workers, can submit reports of adverse events to the Vaccine Adverse Event Reporting System (VAERS), which the CDC manages, “and we accept all those reports without judging the clinical seriousness or how plausible the adverse event may be with respect to causation.” Other systems also monitor safety beyond the rapid analysis, he added.

“We take vaccine safety very seriously,” Shimabukuro said.

Shimabukuro’s comments are unusual among federal officials, who have been reluctant to connect adverse events with the COVID-19 vaccines.

Brianne Dressen, who was injured by AstraZeneca’s COVID-19 vaccine, said that the response was welcome but wondered whether it was enough.

“This was an unprecedented move but also was a carefully worded response. Instead of a little whisper in an FDA meeting, this really needs to be communicated to the medical community,” Dressen, co-founder of the support group React19, told The Epoch Times in an email. “They have said these very words to us privately so it’s good they are finally leaning in the right direction to start the conversation publicly, but is it too little too late?”

“Injured Americans have been begging these agencies for acknowledgement for over two years. This small utterance should have happened long ago. By now we should be openly discussing and researching these Covid vaccine reactions,” she added.

Few Events Acknowledged

U.S. officials have only acknowledged a handful of serious adverse events as being caused by one or more COVID-19 vaccines.

Johnson & Johnson’s vaccine causes a combination of low platelet levels and blood clotting known as thrombosis with thrombocytopenia syndrome, the CDC says on its website. The Pfizer and Moderna vaccines cause severe allergic shock, or anaphylaxis, as well as a type of heart inflammation called myocarditis.

The CDC and FDA primarily monitor safety by examining data from surveillance systems to see whether adverse events are happening at high rates.

Both agencies have withheld or delayed disclosure of the results of some of the monitoring.

Hundreds of events met the safety signal criteria in VAERS, according to CDC records recently obtained by The Epoch Times. The CDC pointed to studies showing research is being done on some of the signals. It has also said the CDC analyses were done to corroborate results from analyses the FDA performed and that the CDC analyses revealed “no additional unexpected safety signals.” The FDA has refused to release the results from its analyses. A lawsuit was filed for the records on Jan. 26.

Another system, called V-safe, features surveys sent to Americans who received a COVID-19 vaccine. The CDC knew that some serious events like myocarditis could be linked to the vaccines but chose to leave those events off of the surveys, newly disclosed documents showed.

Nicole G., a nurse who was injured by a Pfizer vaccine she received due to a vaccine mandate and asked that her full last name not be used, told The Epoch Times in an email that the CDC did not prioritize patient safety, pointing to the delay in conducting the VAERS analyses and the fact that vaccine recipients were not told about the adverse events authorities were expecting after vaccination.

“The censorship around the COVID vaccine has left us suffering and dying in silence with limited access to treatment,” the nurse said.

While Shimabukuro claimed that “no specific medical cause” was found for some of the injuries after vaccination, doctors have diagnosed Dressen, Nicole, and others with vaccine injuries, and medical literature has linked the vaccines with a range of issues.

Nicole called on the CDC to implement a plan to change the situation. “You need to do more than hope,” she said.

The nurse spoke during the public comment portion of the recent meeting, along with multiple others who said they were left injured by the vaccines.

“The only thing more humiliating than losing my bodily function is your complete disregard for the vaccine injured,” Danielle Baker, one of the speakers, said.

Read more here…

end

Recent Data Shows ‘Stunning Increase’ In Serious Harm Reports In Young Healthy Pilots: Army Lt. Col. Theresa Long

THURSDAY, FEB 02, 2023 – 12:10 PM

Authored by Carly Mayberry via The Epoch Times (emphasis ours),

It’s been a year since four Department of Defense (DOD) whistleblowers found a sudden increase in various diseases in the Defense Medical Epidemiology Database (DMED), which coincided directly with the introduction of COVID-19 vaccinations. Now, new data shows more evidence.

That’s according to Lt. Col.Theresa Long, M.D., MPH, a board-certified aerospace medicine doctor and Army Brigade flight surgeon with specialty training as an aviation mishap investigator and safety officer, who was one of the four whistleblowers. Long’s background has uniquely equipped her to recognize what she described as “unusual diagnoses and alarming trends only after the introduction of the COVID-19 vaccinations.”

Sharp Increase in Serious Harm Reports in Pilots: DOD Data

Long said what she has now found has led her to file yet another whistleblower complaint with Sen. Ron Johnson’s (R-Wis.) office. She described this data as “more alarming DMED data” after she “went back into the ‘fixed’ DMED again to look for signals of harm for Army aviation.”

“What I found was a clear signal, that something in 2021 changed the health of service members,” Long told The Epoch Times. She said these signals were consistent with those in the Vaccine Adverse Event Reporting System (VAERS) reports. But unlike VAERS reports, DMED data showed spikes in the number of diagnoses “made by a healthcare professional within the DOD on service members.”

According to the Military Health System, the DMED provides remote access to a subset of data contained in the Defense Medical Surveillance System (DMSS). The DMSS contains up-to-date and historical data on diseases and medical events (including reportable events) and “is available to authorized users such as U.S. military medical providers, epidemiologists, medical researchers, safety officers or medical operations/ clinical support staff for surveying health conditions in the U.S. military.”

“After querying all pilots across the DOD, for all-cause morbidity and mortality, I found a stunning increase in the number of reportable events, spiking from an average of 226 reportable events a year (2016-2019) to 4,059 reports in 2022,” she explained.

A DOD reportable event is any patient safety event resulting in death, permanent harm, or severe temporary harm—and all require a comprehensive systematic analysis and a follow-on corrective action implementation plan report.

“The point is there is a statistically significant increase in death, permanent harm, or severe temporary harm in young healthy fit pilots,” she continued.

Such injuries were more obviously shown in this population. Because aviation pilots are required to have a superior level of health and fitness, and their health conditions are under more strict monitoring, according to Long.

What spurred Long on to pull this second round of data was when she learned the Federal Aviation Administration (FAA) had quietly made changes to the acceptable parameters of PR intervals (representative of the first part of a heartbeat, measured in seconds or milliseconds) on electrocardiograms of pilots. The FAA didn’t respond with research and data to support their decision, according to Long.

Those actions led to the press release dated Jan. 27, 2023 from Johnson in a letter to the FAA, where he stated the following details:

“Based on data from the Defense Medical Epidemiology Database, the whistleblower [Theresa Long] reported that the total number of disease and injuries [reportable events] in pilots across the DOD was 265 in 2016, 252 in 2017, 164 in 2018, 223 in 2019, 2,194 in 2020, 2,861 in 2021, and 4,059 in 2022.”

Johnson also told The Epoch Times these statistics “raise questions as to whether FAA has seen similar increases in disease and injuries in individuals in the aviation industry.”

Long noted that in the “post-glitch” DMED, the number of reportable events across the DOD had gone from a four-year average (2016-2019) of 40,813 to 110,000 in 2020 to over 200,000 in 2022.

“Some would ask why the numbers start increasing in 2020, you have to remember the Pfizer/DOD study with 43,448 participants started on July 27, 2020.”

Long emphasized that her opinions do not reflect those of the Army or the DOD.

Looking back, she said it was after being stonewalled for answers regarding adverse events from the COVID vaccine that she began performing queries in the DMED. She wanted to know if what she was seeing within her brigade were isolated anomalies or part of a wider disaster unfolding.

Whistleblowers First Report Discrepancies in DOD Data

It was in January of 2022 when Long, along with two other U.S. military doctors, Dr. Samuel Sigoloff and Special Forces flight surgeon Lt. Col. Peter Chambers, and Army Public Health Officer 1 Lt. Mark Bashaw first blew the whistle on the DOD. Together, they filed the initial whistleblower complaints regarding the DMED data, which showed an inordinate amount of negative health-related conditions related to the vaccine.

The initial DMED data given to Johnson showed a massive rise in cases of anxiety, esophageal cancer, breast cancer, female infertility, miscarriages, HIV, acute myocarditis, and Bell’s palsy among other conditions after the vaccine was mandated for U.S. military members.

Long added that after the DMED data was presented, Moderna, the pharmaceutical and biotechnology company behind one of the COVID-19 vaccinations and its mRNA immune response technology, lost $140 billion of dollars in stock.

Yet, despite the alarming data coming directly from the DOD’s own $42 million medical surveillance database, the department’s official claimed that the discovery of the data was a “data glitch” and proceeded to take the database offline, supposedly “fixing” it.

As reported in The Epoch Times, the DOD claimed that the data in DMED was incorrect for the years 2016-2020, but the 2021 number was not affected. The corrected data saw the data for prior years increased, which made the 2021 data look normal.

After Long handed over the documents to DOD, it took officials 47 days to formulate a response to the data, only to explain it was a surprise to them. 

Based on the previous DOD data, “the cluster of medical conditions represents a dramatic shift in the acuity of medical conditions we normally see,” said Long, noting that the data is “so catastrophic,” at the very least when those numbers came out, the military would reflexively pause everything and investigate.

“They didn’t pause anything and it took them [the DOD] a month to complete their sham investigation.” She said. “It’s a gross indictment and dereliction of duty.”

“We introduce a brand new drug into our very healthy population and the surveillance people aren’t even paying attention to their own $42 million-a-year system?” asked Long, who noted that during her 30 years in the Army, many of which she served as a doctor, she and other colleagues never heard of such a database provided by the system’s contractor Ussiant until 2019. “Don’t you think introducing a drug that was rushed to an entire fighting force would make it a top priority that the surveillance system is working?”

Long also asked why, if the DMED just had a “glitch” during the COVID pandemic, no one is being held accountable for this egregious medical surveillance system failure. Long’s attorney, Todd Callender, noted the DOD failed to produce a single expert IT witness that would testify under oath that the shocking data was just a “glitch.”

“So if the data was that alarming, why didn’t anyone in the Defense Health Agency (DHA) sound the alarm or catch the ‘glitch,’” she continued. “How did they not see this huge spike in serious medical problems?”

Another question arises as to why military doctors like Long have not received any communication regarding this spike in reportable events, which wasn’t just limited to pilots but also general officers and those in the Special Forces.

“I was notified to comb over our inventory after a risk management alert notification alerted me to two defective earplugs found at Fort Sill, Okla.” Long said, “But I can’t even get them to send out an alert saying ‘Hey your pilots might get myocarditis from the vaccine.’”

For this story, The Epoch Times reached out for comment from Director of Defense Lloyd J. Austin, the Office of the Surgeon General, and the U.S. Department of Health and Human Services for comment.

‘I Can’t Un-see the Things I’ve Seen’

These new developments come as more physicians and patients have spoken out about a growing number of vaccine injuries while the science and research literature has simultaneously validated their claims and concerns.

Long said she was not only ignored but received threats against her career after speaking up. That’s because no action was taken on the part of military leaders to fully investigate the number and scope of adverse medical events that she, Sigoloff, Chambers, and Bashaw initially brought to their attention.

“When I found the DOD data, they pulled my credentials and took all my patients off my schedule,” said Long, noting that only left her more time to thoroughly look into the data.

While Long continues to add to her count of personally witnessed vaccine injuries, she also waits for a response from government officials with her latest filing.

Since she first came forward, she has also given testimony to the Idaho Legislature and at the Alaska Medical Freedom Symposium. Appearing recently on Fox News’ Tucker Carlson Tonight, she spoke about the FAA’s change in health requirements that significantly broaden the electrocardiogram range for pilots and allows those with cardiac injury damage to fly.

“In the light of emerging and overwhelming data showing cardiac damage from COVID and COVID vaccines on cardiac muscle, I can’t imagine why they would make this move and I think it’s a question that really should be taken to Dr. Susan Northrup, senior flight surgeon for the FAA,” Long told Carlson.

Read more here…

END

Massive Peer-Reviewed Mask Study Shows ‘Little To No Difference’ In Preventing COVID, Flu Infection

WEDNESDAY, FEB 01, 2023 – 05:45 PM

A massive international research collaboration that analyzed several dozen rigorous studies focusing on “physical interventions” against COVID-19 and influenza found that they provide little to no protection against infection or illness rates.

The study, published in the peer-reviewed Cochrane Database of Systematic Reviews, is the strongest science to date refuting the basis for mask mandates worldwide.

Nearly 60% of South Korea’s population has now tested positive for COVID despite nearly three years of consistent universal masking with overwhelming compliance

When will it be enough for “experts” to admit masks don’t work? pic.twitter.com/LS0JF9niog— Ian Miller (@ianmSC) January 25, 2023

And of course, the CDC still recommends masking in areas with “high” rates of transmission (fewer than 4% of US counties, as Just the News notes), along with indoor masking in areas with “medium” rates of transmission (27%).

Masks are still required in educational institutions in Democratic strongholds such as New York, New Jersey, Massachusetts, Pennsylvania, Washington and California, according to the Daily Mail. Boston Public Schools denied its “temporary masking protocol” in early January was a “mandate,” following a public letter against the policy by student Enrique Abud Evereteze.

South Korea is still requiring masks on public transport and in medical facilities after dropping COVID mandates in most indoor settings, including gyms, Monday, Reuters reported. -Just the News

According to the Cochrane study, which included the work of researchers at institutions in the  U.K., Canada, Australia, Italy and Saudi Arabia, a total of 78 studies were analyzed. Most recent additions to the meta-analysis were 11 new randomized controlled trials.

As unlisted study author Carl Heneghan – who directs the Centre for Evidence-Based Medicine at the University of Oxford noted on Twitter: “Wearing masks in the community probably makes little or no difference to the outcome of influenza‐like illness (ILI)/COVID‐19 like illness compared to not wearing masks.”

Wearing masks in the community probably makes little or no difference to the outcome of influenza‐like illness (ILI)/COVID‐19 like illness compared to not wearing masks (risk ratio (RR) 0.95, 95% confidence interval (CI) 0.84 to 1.09; 9 trials, 276,917 participants— Carl Heneghan (@carlheneghan) January 30, 2023

Harms were rarely measured and poorly reported (very low‐certainty evidence).— Carl Heneghan (@carlheneghan) January 30, 2023

The Danish study had trouble finding a major journal willing to publish its controversial findings that wearing surgical masks had no statistically significant effect on infection rates, even among those who claimed to wear them “exactly as instructed.” 

Mainstream media overlooked red flags in the Bangladeshi mask study, which found no effect for surgical masks under age 50 and a difference of only 20 infections between control and treatment groups among 342,000 adults. -JTN

Bottom line, mask wearing “probably makes little to no difference,” when it comes to influenza-like or COVID-like illnesses, regardless of type of mask used.

2/ LARGE Cochrane Rev (just published 1/30/23) of RCT data ALSO CONFIRMS NO BENEFIT of N95 masks vs. med/surg masks, in either community (n~8K) or HCW (n~8K) settings for prevention of flu-like illness or lab confirmed flu https://t.co/N4TkgI4uUR pic.twitter.com/0DCdYAPo7x— Andrew Bostom, MD, MS (@andrewbostom) January 31, 2023

We’re sure the cult of Fauci will now start insisting peer-reviewed meta-analyses aren’t ‘the science.

END

MSNBC Anchor Hospitalized With Severe Myocarditis, Pericarditis

THURSDAY, FEB 02, 2023 – 02:05 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

An MSNBC anchor revealed in a recent segment that she was hospitalized with heart inflammation in December, leading her to miss work for about a month.

Yasmin Vossoughian said that the health scare started on Dec. 20 when she started to experience chest pains that “waxed and waned over a period of 10 days.” Those pains “continued to get worse” over the coming days, she added.

The anchor, who hosts a weekend program on the left-wing network, said she went to urgent care on Dec. 30 and was told she had acid reflux. A day later, she woke up with severe chest pains and pain in her left shoulder, leading her to believe she was suffering from a heart attack.

Vossoiughian, 44, said she went to the emergency room. Doctors diagnosed her with pericarditis, or inflammation of the lining of the heart. They claimed it was caused by “a literal common cold,” she said.

She added that she doesn’t smoke, she runs several miles per week, does yoga, doesn’t eat meat, and drinks occasionally. “I’m a pretty healthy person,” she said.

After she was admitted to the hospital, she spent several days there before she was released on Jan. 4, Vossoiughian said.

“But that was not the end … three days later, I was readmitted when I felt a flutter in my heart like a butterfly,” she said. Doctors then informed her that she developed myocarditis, inflammation of the heart muscle, and she spent another five days in the hospital.

Vossoiughian then said that it was “just the cold that was doing … all the inflammation in and around my heart.”

Speculation

With Vossoiughian’s confirmation that she suffered pericarditis and myocarditis, there was widespread speculation on social media that it may have been caused by a COVID-19 vaccine or booster. The MSNBC host did not make mention of COVID-19 or vaccines during her segment, and she said her doctors blamed it on the common cold virus.

Both pericarditis and myocarditis are considered side effects of mRNA vaccines manufactured by Pfizer and Moderna, according to the Food and Drug Administration and Centers for Disease Control and Prevention.

But, according to Johns Hopkins University, while rare, myocarditis can be caused “by an infection in the body,” including the common cold, influenza, and COVID-19. Bacterial, fungal, and parasitic infections can also lead to myocardial inflammation.

The Myocarditis Foundation, meanwhile, says that “viral infections are the leading cause of myocarditis,” but it notes that “a wide range of infections, diseases, and substances may cause this condition.”

And the UK National Health Service says that “pericarditis often follows a viral infection, such as a sore throat or cold.”

In 2021, Vossoiughian wrote on social media that she was fully vaccinated for COVID-19. “We are both vaccinated…that was confirmed before this pic!” she said in April of that year. Comcast’s NBCUniversal also mandated that its employees, including those working at MSNBC, get the vaccine before returning to the office in early 2022.

Read more here…

GLOBAL ISSUES;/

 DR PAUL ALEXANDER/DR PANDA

Germany: EXCESS Mortality rising rapidly; why? What occurred in early 2021 & 2022 to coincide with excess mortality rise (36% excess)? vaccine? Federal Health Minister Lauterbach says he was wrong!

You played with fire for you as nations, you idiots, disregarded the evolutionary interplay between the virus and the population immune response; you pressured the virus but did not eliminate it

DR. PAUL ALEXANDERFEB 2

SAVE▷  LISTEN

SOURCE:

https://davidicke.com/2023/02/01/german-health-minister-admits-mistakes-were-made-but-blames-advisors/

‘Lauterbach admits that schools and daycare centers were closed longer than necessary. However, politicians could only follow the level of knowledge available at the time. In retrospect, Federal Minister of Health Karl Lauterbach (SPD) admits that there were mistakes in corona policy.’

This dufus is now saying they had no information in Germany, a first world nation with internet access. That they followed the advisors. Lauterbach now blames advisors.

This is a pure lie, he was just power-drunk and inept and malicious to the German population, and must be investigated as to how much was he compromised to do what he did.

SOURCE:

https://www.tellerreport.com/news/2023-01-30-corona-pandemic–lauterbach–a-lack-of-knowledge-led-to-the-wrong-policy.rJlkp6xH3j.html

end

BREAKING: Secret Australian Government Reports prove COVID Vaccination has caused a shocking 5162% increase in Excess Deaths compared to the year 2020; EXPOSE

The Government of Australia has chosen to ignore the consequences of its actions in coercing the public into getting more and multiple Covid-19 injections, despite the staggering deaths from vaccine

DR. PAUL ALEXANDERFEB 2

SAVE▷  LISTEN

Yes, read all such data with caution yet this adds another piece to the excess deaths puzzle that actually is quite clear now.

SOURCE:

BREAKING: Secret Australian Government Reports prove COVID Vaccination has caused a shocking 5162% increase in Excess Deaths compared to the year 2020

The year 2021 was one of hope and promise for Australia, as the world began to recover from the devastating effects of the Covid-19 pandemic.

And if it were not for a monumental cover-up by the Government of Australia, that hope would have been quickly shattered.

Because secretive Goverment data confirms the first 38 weeks of the year saw a shocking 1,452% increase in excess deaths following the rollout of the Covid-19 injections compared to the same period in 2020.

Unfortunately, as the months passed, the situation only worsened.

By 2022, the nation was hit by a devastating blow, with a shocking 5,162% increase in excess deaths in the first 38 weeks of the year following the repeat rollout of the Covid-19 injections compared to the first 38 weeks of 2020, at the alleged height of the pandemic.

The death toll is staggering, and the nation should be reeling.’

‘Secretive data on deaths and excess deaths in Australia has been handed to the Organisation for Economic Co-Operation and Development (OECD) by the Australian Bureau of Statistics.

And that data reveals the following…

Australia suffered 11,068 excess deaths in 2021 and then a shocking 22,730 excess deaths by week 38 of 2022. This is in stark contrast to 2020, when only 1,306 excess deaths were recorded during the alleged height of the Covid pandemic and prior to the rollout of the Covid injections.

Source Data

This means Australia suffered a shocking 1,640% increase in excess deaths in just 38 weeks throughout 2022 compared to 53 weeks throughout 2020.

But if we compare the data available on excess deaths in 2022 against the first 39 weeks of 2020 and the first 39 weeks of 2021, we are able to reveal the true severity of the situation in Australia.

As we know, Australia suffered a shocking 22,730 excess deaths by week 38 of 2022.

But according to the same data provided by the Australian Bureau of Statistics to the Organisation for Economic Co-Operation and Development (OECD), Australia suffered 6,706 excess deaths by week 38 of 2021, and only 432 excess deaths by week 38 of 2020.

Source Data

This means Australia suffered a shocking 1,452% increase in excess deaths in the first 38 weeks of 2021 following the rollout of the Covid-19 injections compared to the first 38 weeks of 2020, at the alleged height of the Covid-19 pandemic, and prior to the rollout of a single Covid-19 injection.  

But the above numbers pale in comparison to the tragic situation that unfolded throughout 2022.

Source Data

Australia suffered a shocking 5,162% increase in excess deaths in the first 38 weeks of 2022 following the repeat rollout of the Covid-19 injections compared to the first 38 weeks of 2020, at the alleged height of the Covid-19 pandemic, and prior to the rollout of a single Covid-19 injection.  

These aren’t independent estimates. They are official Government of Australia authorized figures. And further figures published by the UK Government strongly suggest Covid-19 vaccination is the biggest contributing factor to this huge rise in excess deaths across Australia.

The very thing that you were told would end the alleged pandemic and put a stop to the alleged huge rise in deaths across the world in 2020, has ended up having the opposite effect.

Instead of reducing deaths, COVID vaccination has increased deaths exponentially.

The figures that prove this can be found in a report titled ‘Deaths by Vaccination Status, England, 1 January 2021 to 31 May 2022‘, and it can be accessed on the ONS site here, and downloaded here.

Table 2 of the report contains the monthly age-standardised mortality rates by vaccination status by age group for deaths per 100,000 person-years in England up to May 2022.

And that table reveals that mortality rates per 100,000 are lowest among the unvaccinated in every single age group.

The following two charts show the monthly age-standardised mortality rates by vaccination status for non-Covid-19 deaths in England between January and May 2022 for each age group –

Source Click to Enlarge

Source Click to Enlarge

(You can read a full investigation of the above figures broken down by age group here.)

These figures prove that the Covid-19 vaccines are not effective and are causing side effects so severe that they are resulting in increased mortality.

This should be of serious concern to everyone, especially those who have been vaccinated.

And it should be on the front page of every newspaper, and the main topic of discussion on every news channel.

The science is definitive, and authorities and Governments should withdraw the Covid-19 vaccines from future use with immediate effect.

If they do not do this then they are proving to the public that they have an ulterior motive to reduce the world’s population.

Because this is precisely what will happen if the repeat rollout of these experimental and dangerous injections is allowed to continue.’

end

BOOM Again! Dr. Peter McCullough (TWC) wins in court against the malicious Baylor Scott and White Health System Texas! I am so happy for the leader of the Freedom movement, deserving of a Nobel Prize!

The Wellness Company’s Dr. Peter McCullough Vindicated in Court Baylor Scott and White Health System Against Dr. McCullough Dismissed

DR. PAUL ALEXANDERFEB 1

SAVE▷  LISTEN

 NEWS RELEASE

  The Wellness Company’s Dr. Peter McCullough Vindicated in Court

 Baylor Scott and White Health System Against Dr. McCullough Dismissed

 (Dallas, TX) -A 2021 lawsuit filed by Baylor Scott and White Health system against world-renowned internist, cardiologist, and COVID-19 expert Dr. Peter A. McCullough, MD, MPH, has been dismissed by the 191st Judicial District Court, Dallas County, Texas. Associate Judge Tahira Khan Merritt granted the nonsuit and dismissed with prejudice all claims asserted or that could have been asserted in the case.

In response, Dr. McCullough issued the following statement,

“This is a strong victory for freedom of speech and fair balanced publication and media presentation of clinical data as it has emerged over the course of the pandemic crisis. My analyses and conclusions have been accurate, consistent, and have always been my own, not those of any institution.”

END

Report 48 (Dr. Naomi Wolf): VAERS – 76% of Vaccine-Related Miscarriages from the Past 30 Years Occurred Once Pregnant Women Started Receiving COVID-19 Vaccines; Maria Ziminsky and Linnea Wahl, Team 5

If you are pregnant, you are more likely to lose your baby in a miscarriage if you receive a COVID-19 vaccine than if receive measles, mumps, flu, tetanus, or any other vaccine (CDC’s VAERS database)

DR. PAUL ALEXANDERFEB 1

SAVE▷  LISTEN

SOURCE:

Report 48: VAERS – 76% of Vaccine-Related Miscarriages from the Past 30 Years Occurred Once Pregnant Women Started Receiving COVID-19 Vaccines

‘If you are pregnant, you are more likely to lose your baby in a miscarriage if you receive a COVID-19 vaccine than if you receive measles, mumps, flu, tetanus, or any other vaccine. This and other alarming facts about risks to babies of vaccinated mothers comes from the U.S. government’s own Vaccine Adverse Event Reporting System (VAERS).

end

Please read..important

URGENT: Molnupiravir made by Merck is driving mutations of COVID virus and mutations are likely infections and can be lethal! see pre-print by Sanderson et al.

Molnupiravir functions by causing mutations in COVID genome & thus preventing replication & it is actually driving transmissible mutations

DR. PAUL ALEXANDERFEB 2

SAVE▷  LISTEN

We told these idiots at CDC, FDA & NIH this the day the drug came onto market, similar to the failed ‘rebound COVID’ Paxlovid by Pfizer. We told them it will be mutagenic & here we go!

SOURCE:

https://www.medrxiv.org/content/10.1101/2023.01.26.23284998v2

‘It is possible that some patients treated with molnupiravir might not fully clear SARS-CoV-2 infections, with the potential for onward transmission of molnupiravir-mutated viruses…find that a specific class of long phylogenetic branches appear almost exclusively in sequences from 2022, after the introduction of molnupiravir treatment, and in countries and age-groups with widespread usage of the drug…show that its signature, with elevated G-to-A and C-to-T rates, largely corresponds to the mutational spectrum seen in these long branches. Our data suggest a signature of molnupiravir mutagenesis can be seen in global sequencing databases, in some cases with onwards transmission.’

Watch “Pfizer issue a press statement” on YouTube

Milan Sabioncello
to me

end

DR PANDA…

Unvaccinated Silence?

“The unvaccinated must take responsibility—and ask us for our forgiveness.”

DR PANDAFEB 1

SAVE▷  LISTEN

An obscure internet magazine, IQfy, offered a hot take on Pandemic Amnesty. So obscure I thought I was reading the Babylon Bee. They want to know why the unvaccinated didn’t do more to warn the vaccinated about the “dangers of being injected.” And of course, comments are disabled.

They Knew: why didn’t the unvaccinated do more to worn us?

D

The article starts out by framing the vaccinated as the “well intending citizens” that “did the right thing.” Blaming the unvaccinated as they “stood by” and let the “well intending citizens” inject themselves, dose after dose, with rushed mRNA vaccines while saying “nothing at all.”

“Our blood is now on their hands.”

The article continues on urging the unvaccinated to “take responsibility for their actions” calling for each other to come together and find a solution to their self-inflicted crisis.

While well intending citizens lined up, did the right thing, and received their COVID19 vaccinations — now seeming to do more harm than good — their unvaccinated friends stood by and let them do it. Some of them said too little. Some said nothing at all.

Even though they knew what we didn’t.

The article ends with a demand for forgiveness from the unvaccinated, as they have failed to adequately alert the public about potential dangers. If they were to apologize, it’s possible that those who are vaccinated may forgive them.

IQfy @IQfy_

The unvaccinated must take responsibility—and ask us for our forgiveness. We may just give it to them. Because we are good people. We took those injections because it was the right thing to do—until it wasn’t. iqfy.comThey knew: why didn’t the unvaccinated do more to warn us?The unvaccinated knew what we didn’t. Some of them said too little. Most said nothing at all. A lot of blood is now on their hands….9:47 AM ∙ Jan 24, 2023424Likes209Retweets

This article is crazy! We didn’t have any type of insider knowlege that told us not to take these mRNA vaccines. We ‘followed the science’. The ‘anti-vaxers’ I know have been screaming from the rooftops since the rollout, navigating social media bans, medical disinformation boards, authoritative governments, etc, risking their friends, family and even careers to warn people.

So sure let’s not blame the CDC, WHO, Dr. Fauci, your local public health authority or anyone else who forced you to get vaccinated. Let’s blame the unvaccinated from withholding ‘secret’ information from you. You choose to ignore us, to silence us, to ban us and to censor us.

And no you will not be receiving an apology from me. I will not apologize for ‘doing my own research’. Accessing countless medical and scientific studies that show mRNA vaccines never worked or were safe. Or advocating for personal choice and no tyranny. I will not apologize for objecting to show a paper card to eat at a restaurant or board an airplane.

We did not lead the sheep to slaughter.

Thanks for reading everyone! Dr. Panda

VACCINE IMPACT

World War III has Started: The War of Private Militaries? Russia Private Military Group Recruits Americans February 1, 2023 4:06 pm I have been reporting since last year (2022) that World War III has already started, even as the corporate media tries to portray the fighting in Ukraine as a war only between Russia and Ukraine. James Rickards of the Daily Reckoning has recently published an excellent piece explaining the rationale of why World War III has already started, by comparing it to World War I and World War II and how those wars started. But first, watch this excellent report published today by Greg Reese which gives a historical perspective on the United States that you will not see in the corporate media, and then a video promo published by the Wagner Group, a private military organization with ties to Russia, where they are now actively recruiting Americans to join their group to fight for Russia. Read More…

VACCINE INJURY/

SLAY NEWS//

The latest reports from Slay News

Hunter Biden’s Ukraine Biolabs Received Millions in Tax Dollars from DODHunter Biden’s biolabs in Ukraine have received tens of millions in U.S. tax dollars from the Department of Defense (DOD) to carry out disturbing experiments, according to bombshell government spending data.READ MORE

‘Boosted’ 6-Year-Old Girl Dies SuddenlyA 6-year-old girl has tragically died suddenly in Ohio, according to reports.READ MORE

Philadelphia Eagles Player Arrested on Rape, Kidnapping Charges Days before Super BowlPhiladelphia Eagles offensive lineman Josh Sills has been arrested just days before the Super Bowl, according to reports.READ MORE

NFL Legend Tom Brady Announces He Is ‘Retiring for Good’ This TimeFootball legend Tom Brady has announced that he is retiring from the NFL “for good” this time after a record-setting career.READ MORE

Bette Midler Crosses Line by Calling Police Officers ‘Sadists,’ Gets Shut Down by Family Members of CopsHollywood star Bette Midler crossed a line when she took to social media to trash police officers. In a post on Twitter, Midler blasted cops as “sadists” and “cruel.” However, Midler was promptly shut down by families of the brave, underappreciated men and women who put their lives on the line every day to keep us safe. She said: “Who …READ MORE

Britney Spears Accuses Alyssa Milano of ‘Bullying’ Her: ‘We Are Supposed to Be Rooting for One Another’Pop star Britney Spears has slammed Alyssa Milano and accused the Hollywood leftist of “bullying” her.READ MORE

FBI Searches Biden’s Beach House for Classified DocumentsFBI agents have been searching Democrat President Joe Biden’s Delaware beach house for classified documents, according to reports.READ MORE

Republicans Push for Stricter Controls on Exports to ChinaRepublicans are pushing for stricter controls on exports to China, citing lax enforcement of current measures.READ MORE

‘Dr. Phil’ Ends Incredible Run on Daytime TV as McGraw Plans to Launch Primetime Project in 2024“Dr. Phil,” the syndicated talk show hosted by Dr. Phil McGraw, is coming to an end after an amazing run of 21 years on daytime TV.READ MORE

Damar Hamlin Issues Challenge to LeBron James and Tom Brady: ‘CPR Saved My Life and Could Easily Save Yours’Damar Hamlin is challenging LeBron James, Michelle Obama, and Tom Brady to join him in promoting a campaign to spread CPR awareness and training.READ MORE

Kevin McCarthy: Republicans Have Enough Votes to Remove Ilhan Omar from Foreign Affairs CommitteeRepublican Speaker Kevin McCarthy (R-CA) has revealed that the GOP now has enough votes to remove radical Democrat Rep. Ilhan Omar (D-MN) from the House Foreign Affairs Committee.READ MORE

Nikki Haley to Launch 2024 Presidential Campaign, Run against Trump for GOP NominationFormer South Carolina Gov. Nikki Haley is about to launch her 2024 presidential campaign and will run against President Donald Trump for the Republican nomination, according to reports.READ MORE

Corporate Media Outlets to Stop Using ‘Objectivity’ Because It’s ‘Racist’Major corporate media outlets have announced that they will no longer use “objectivity” in reporting because it is now, apparently, considered to be “racist.”READ MORE

MICHAEL EVERY/RABOBANK

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

8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.

END

INDIA

India set to crank up coal power to meet soaring demand for electricity

(Paraskova/OilPrice.com)

India Set To Crank Up Coal Power To Meet Soaring Demand

WEDNESDAY, FEB 01, 2023 – 08:05 PM

Authored by Tsvetana Paraskova via OilPrice.com,

India will see its power generation from coal increase in the coming year as authorities plan to have coal-fired units maximize electricity production from imported coal to meet rising demand, government sources told Reuters on Monday.

The government of India, where coal still generates around 70% of electricity, plans to use an emergency law to have more coal-fired power generation this summer, expecting record demand, according to Reuters’ sources.

Indian coal power plants that have relied on imported coal have not run at full capacity recently because they cannot compete with those using cheaper domestic coal supply. Last year, coal prices globally surged to a record as the EU banned Russian coal imports in August, and the coal trade flows changed, while energy security has been a priority over climate pledges for many developing nations.

India’s government expects coal-fired power plants to use 8% more coal in the next financial year between March 2023 and March 2024, as demand is set to continue rising thanks to growing economic activity and unpredictable weather, according to Reuters.

The emergency law is being invoked after Maharashtra and Gujarat, the western Indian states that host the majority of the industry, asked for emergency measures to ensure power supply, Reuters’ sources say.

Last June, the largest power-generating company in India, state giant NTPC Ltd, said it could increase its coal-generation capacity as it prioritizes energy security after power outages in the spring.

The coal phase-out in India is “going to take 2-3 decades, if not more,” NTPC’s chairman Gurdeep Singh said at the time.

India’s coal minister said at the end of 2022 that the country has no intention of ditching coal from its energy mix any time soon. Addressing a parliamentary committee, Coal Minister Pralhad Joshi said that coal would continue to play an important role in India until at least 2040, referring to the fuel as an affordable source of energy for which demand has yet to peak in India.  

end

INDIA/ADANI

Contagion spreads as Citibank halts margin loans on Adani debt.

(zerohedge)

Adani Contagion Spreads As Citi Halts Margin Loans On Debt

THURSDAY, FEB 02, 2023 – 08:55 AM

Indian billionaire Gautam Adani’s corporate empire is crumbling. A deeper selloff forced Adani Enterprises Ltd. to pull a stock sale in the final minute. Two banks have rejected bonds tied to Adani companies as collateral for client trades. And the turmoil has pushed MSCI India Index to the brink of a technical correction. 

Adani Enterprises plunged 27% on Thursday in Mumbai trading after it was revealed late Wednesday that it abandoned a $2.4 billion follow-on share sale. Today’s losses added to a 28% tumble in the previous session.

The decision to pull the share offering comes as more than $100 billion in market cap has been wiped out in Adani group’s stocks following a scathing report from Hindenburg Research last Tuesday. Dollar bonds tied to the companies are also plunging into the distressed territory, raising the risk of default. 

Yesterday, Bloomberg reported that Credit Suisse designated a zero lending value for bonds sold by Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Electricity Mumbai. Now Citi’s wealth management arm has done the same. 

The meltdown in Adani shares has significant implications for Indian stocks:

“This is potentially a bigger problem for Indian equities, which have done so well during the pandemic as China pursued its Covid Zero policy.”

“The long-term ramifications could be quite negative,” said Peter Garnry, head of equity strategy at Saxo Bank A/S in Hellerup, Denmark. 

Bloomberg added: 

The implosion of the Adani companies, which accounted for almost one out of every $10 invested in Indian stocks at the group’s peak in September, has provided a catalyst for investors complaining about the nation’s expensive valuations to trim their holdings. The fallout is likely to make it harder for other Indian corporations to raise funds, put them under increased regulatory scrutiny, while also testing the faith voters have in Prime Minister Narendra Modi.

The turmoil has helped push MSCI India Index to the brink of a technical correction. 

Meanwhile, global funds have yanked a net $2 billion out of Indian equities in the three days through Tuesday. Funds are selling now, and asking questions later. 

“The Adani-related headlines are generating a high level of negative attention, which could dampen investor appetite for Indian stocks,” said Jian Shi Cortesi, who manages China and Asia equity funds at GAM Investment Management in Zurich.

One major risk we see is the deterioration in access to financing for Adani companies, some of which are highly leveraged. 

Even after the latest slide in Adani group shares, Bloomberg Intelligence’s Nitin Chanduka believes there is more downside ahead.

end 

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM

EURO VS USA DOLLAR:1.0988  DOWN  .0025

USA/ YEN 128.93 DOWN  0.159/NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2283  DOWN   0.01031

 Last night Shanghai COMPOSITE CLOSED UP 0.75 PTS OR .02% 

 Hang Sang CLOSED DOWN 113.82 PTS OR 0.52% 

AUSTRALIA CLOSED UP 0.24%  // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL GREEN

2/ CHINESE BOURSES / :Hang SANG CLOSED  DOWN 113.82 PTS OR 0.52%

/SHANGHAI CLOSED UP 0.75 PTS OR .02% 

AUSTRALIA BOURSE CLOSED UP .24% 

(Nikkei (Japan) CLOSED UP 19.77 PTS OR 0.07%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1953.00

silver:$24.40

USA dollar index early THURSDAY morning: 101.00 DOWN 3  BASIS POINTS from WEDNESDAY’s close.

 THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.891% DOWN 30  in basis point(s) yield

JAPANESE BOND YIELD: +0.489% UP 1 AND 2/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.021%// DOWN 30  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.861 DOWN 42   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.065 DOWN 19 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0918 DOWN 0.0096 or  96 basis points//

USA/Japan: 128.461  DOWN 0.147 OR YEN UP 15  basis points/

Great Britain/USA 1.2258 DOWN .01290 OR 129 BASIS POINTS //

Canadian dollar DOWN .0048 OR 48 BASIS pts  to 1.3318

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP ..(6.7324) 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.7356

TURKISH LIRA:  18.81  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.489…VERY DANGEREOUS

Your closing 10 yr US bond yield DOWN 4 IN basis points from WEDNESDAY at  3.358% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.518 DOWN 3 in basis points 

Your closing USA dollar index, 101.46 UP 43  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  THURSDAY: 12:00 PM

London: CLOSED UP 58.70 PTS OR  0.76%

German Dax :  CLOSED UP 336.07 POINTS OR 2.21%

Paris CAC CLOSED UP 104.88 PTS OR 1.48% 

Spain IBEX   UP 135.80 POINTS OR 01.45%

Italian MIB: CLOSED  UP 407.91  PTS OR  1.53%

WTI Oil price 75.93   12: EST

Brent Oil:  82.17  12:00 EST

USA /RUSSIAN ///   DOWN TO:  70.46/ ROUBLE DOWN 0 AND 26/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.065

UK 10 YR YIELD: 3.028  DOWN 28 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0911  DOWN 0.0100    OR 100 BASIS POINTS

British Pound: 1.2236 DOWN   .0150  or  150 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.005% DOWN 18 BASIS PTS

USA dollar vs Japanese Yen: 128,69   UP 0.080////YEN  DOWN 8 BASIS PTS//

USA dollar vs Canadian dollar: 1.3323 UP .0050 (CDN dollar, DOWN 50 basis pts)

West Texas intermediate oil: 75.81

Brent OIL:  81.93

USA 10 yr bond yield UP 0 BASIS pts to 3.400%

USA 30 yr bond yield UP 1 BASIS PTS to 3.554%

USA dollar index:101.54 UP 51  BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 18.82

USA DOLLAR VS RUSSIA//// ROUBLE:  70.46  DOWN  0 AND  26/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 39.22 PTS OR 0.12% 

NASDAQ 100 UP 440.04 PTS OR 3.56%

VOLATILITY INDEX: 18.68 UP 0.81 PTS (4.53)%

GLD: $177.87 DOWN 3.80 OR 2.09%

SLV/ $21.57 DOWN .51 OR 2.31%

end)

USA TRADING TODAY IN GRAPH FORM

Central Bank ‘Pause’ Panacea Prompts Massive Stock Short-Squeeze, Buying-Panic In Bonds

BY TYLER DURDEN

THURSDAY, FEB 02, 2023 – 04:02 PM

Tl;dr: Markets melted up after the following folding foursome:

• Fed‘s Powell says “disinflation” 13 times
• BOC pausing
• BOE pausing
• ECB one more and done, turns to “climate QE”

Most notably, Powell’s “pussying out” of pushing back against market euphoria, drove US financial conditions to their ‘loosest’ since Jackson Hole… where he warned “more pain is coming”, and most presciently to today’s actions: “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.”

Source: Bloomberg

The market continued to shift Fed rate trajectory expectations in a dovish direction…

Source: Bloomberg

And that ripped stocks higher with Nasdaq leading the charge on the day (but we note that The Dow slipped lower on the day). Stocks all reversed lower together at 1400ET (no obvious catalyst), but the last hour saw the bid return with Nasdaq up over 3% (and The Dow desperately trying to end green)…

From the start of Powell’s presser, Nasdaq is up almost 6%…

The Nasdaq came within a few ticks of being up 20% (a new bull market) from the December lows…

The P/E for the S&P (and Tech stocks) are at their highest since April…

Source: Bloomberg

“Most Shorted” stocks were up a stunning 13% from the start of the Powell presser yesterday as the short-squeeze continued through the cash open today. The basket reached all the way up to its post-Nov-CPI squeeze highs before rolling over a little late on…

Source: Bloomberg

Powell achieved the most-impressive short-squeeze yet of this tightening cycle…

Source: Bloomberg

Growth stocks are dominating Value stocks as an ‘easier’ Fed is eyed as imminent (fascinating that the Value/Growth pair reached all the way up to the moment when The Fed last unleashed its easy money spigot)…

Source: Bloomberg

There is no fear anymore apparently as the put-call ratio has collapsed…

Source: Bloomberg

With put volume plunging…

Source: Bloomberg

And no demand at all for downside protection as put vols crashed relative to call vols (upside crash demand jumps)…

Source: Bloomberg

VIX notably decoupled from stocks today, rising up near 19 as stocks rallied…

Source: Bloomberg

As Bloomberg’s Cameron Crise noted, at one point, the SPX was up more than a percent and the VIX was up more than a vol. On a closing basis, that has only happened 16 times since the inception of the VIX in 1990. And on those occasions, the equity market has tended to decline over the ensuing month. The numbers since the Covid era, representing the modern market environment, are even more negative; on average, the SPX has tumbled 2.37% in the week after twin 1% rises.

Yesterday’s Treasury bid extended gains with yields down across the curve and the belly outperforming (5Y -4bps, 2Y and 30Y -1.5bps) but yields reversed higher after Europe closed…

Source: Bloomberg

The 2Y Yield plunged back towards 4.00%, reaching its lowest since October…

Source: Bloomberg

Jay Powell’s favorite yield curve indicator plunged to its most inverted ever…

Source: Bloomberg

Christine Lagarde’s even easier-sounding press conference prompted a bloodbath for EU sovereign bond bears with yields collapsing everywhere…

Source: Bloomberg

And perhaps most notably, the core 10Y Bund yield crashed by the most since 2011…

Source: Bloomberg

Additionally, US Mortgage rates have tumbled for the 4th straight week to the lowest since Sept 2022…

Source: Bloomberg

The dollar retraced a lot of yesterday’s drop after the ECB was more dovish than The Fed…

Source: Bloomberg

With the Euro roundtripping the move too, ending notably lower today…

Source: Bloomberg

Bitcoin was once again rejected at $24k…

Source: Bloomberg

Gold ended the day lower – erasing all of yesterday’s gains – despite an even more dovish ECB after yesterday’s dovish Fed

And despite the exuberance about The Fed being ‘one and done’, oil prices tumbled again with WTI back to a $76 handle…

Finally, broadening participation and brightening prices improve the probability that October’s low is the one that sticks for US large-cap equities, yet signs of excessive optimism started to emerge with the January rally, Bloomberg Intelligence strategists Gina Martin Adams and Michael Casper said in a note Thursday.

The BI Market Pulse index continued its climb further into manic territory, signaling elevated risk-taking and more-volatile equity markets likely in the short term.

And as Nomura’s Charlie McElligott noted, the panic-grab into stocks yesterday was among the most aggressive ever…

…and historically, in the short-term, has not ended well.

END

EARLY MORNING TRADING/

EARLY AFTERNOON TRADING//

END

ii) USA DATA

The true picture of the labour market

(must read)

(zerohedge)

Spot The Odd One Out (Jobs Edition)

THURSDAY, FEB 02, 2023 – 08:17 AM

While ‘soft’ survey data (and hard industrial data) have disappointed recently, the last few months have seen an oddly positive surge in labor market indications, serially outperforming analysts’ expectations…

Source: Bloomberg

From initial claims (near record lows) to JOLTS (near record highs) to ADP (slowing pace of job additions but “because of the weather”) and of course BLS (which refuses to stop trending higher), establishment indications of the labor market are anything but what The Fed wants to see from its mammoth rate-hikes… especially in the face of massive layoffs that have spread from some of the larger tech companies to more industrial (FedEx as the latest example).

For example, this morning’s initial claims print tumbled to its lowest since April 2022 (near its record lows)…

Completely decoupling from the ‘tightening monetary policy plan’ of The Fed…

Kentucky and California (you mean where all the major layoffs have been concentrated?) saw the largest drop in jobless claims while Georgia and New York saw the biggest jump in jobless claims last week…

All of which is a long-winded way to get to a discussion of today’s labor market data, from Challenger, Gray & Christmas which showed US employers in January announced the most job cuts since 2020.

Businesses reported 102,943 cuts in the month, more than twice those announced in December and up 440% from January 2022. The technology sector made up 41% of the planned reductions…

For some context, can you see the odd one out in the chart below…

“We’re now on the other side of the hiring frenzy of the pandemic years,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, Inc., said in a statement.

“Companies are preparing for an economic slowdown, cutting workers and slowing hiring.”

There is one caveat to all this real world carnage, these laid off workers are receiving solid severance packages (during which they cannot claim jobless benefits), but remember these are the highest-paid employees of the stack… if/when they stop spending, who do you think takes the hit and at what scale…

So, if you want to believe in the B(L)S, that’s fine, but as even Goldman Sachs admitted recently, both claims and JOLTS data is misrepresenting the underlying economic reality in an overly cheerful manner.

While the world and his pet rabbit is now sold (by Powell) on ‘peak Fed’, we wonder at what point does the establishment unleash the real picture of the labor market, that will then ‘allow’ The Fed to shift tone from ‘higher for longer’ to ‘shit, we need rate-cuts or the world will end?’

Maybe the market is on to something after all…

Or has the world changed?

Cough… ChatGPT… cough

END

Core US Factory Orders Tumble In December As ISM Manufacturing Plunges

THURSDAY, FEB 02, 2023 – 10:08 AM

Following November’s slump (-1.8% MoM – the biggest drop since the COVID lockdowns), and despite weakening ISM Manufacturing data, analysts expected US Factory Orders to rebound strongly (+2.3% MoM) in December. However, while it did rebound, it rose ‘only’ 1.8% MoM in December (best since Jan 22)…

Source: Bloomberg

So we swing from biggest drop since April 2020 to best rise since Jan 2022?

However, the pain was in the core, which tumbled 1.2% MoM (having basically weakened for 6 straight months) leaving the YoY growth at 3.99% – the weakest since Feb 2021…

This leaves the total core factory orders at its weakest since Feb 2022…

All because of one-off surge in plane orders… it seems people are once again dying to fly the Boeing MAX…

There’s just one thing with that headline orders print…

Source: Bloomberg

WTF is going on with the actual manufacturers who are being surveyed by ISM and S&P Global as that survey data is collapsing?

END

iii) USA ECONOMIC NEWS

Interesting: two insurance companies stop providing coverage to owners of Hyundai and Kia cars because of lack of anti theft devices

(EpochTimes)

Two Insurance Companies Stop Providing Coverage For Hyundai And Kia Car Models

WEDNESDAY, FEB 01, 2023 – 10:05 PM

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

Top insurers State Farm and Progressive are refusing to provide insurance coverage for certain models made by South Korean car firms Kia and Hyundai, with reports claiming that the vehicles are easier to steal due to a lack of proper anti-theft technology like electronic immobilizers.

“State Farm has temporarily stopped writing new business in some states for certain model years and trim levels of Hyundai and Kia vehicles because theft losses for these vehicles have increased dramatically,” the insurer said in a statement to CNN. “This is a serious problem impacting our customers and the entire auto insurance industry.”

Meanwhile, Progressive claimed that certain car models of the brands have seen theft rates more than triple in the past year. “In some markets, these vehicles are almost 20 times more likely to be stolen than other vehicles,” the insurance company said in a statement to the outlet.

Due to the “explosive increase” in theft of these cars, Progressive finds it “extremely challenging” to offer insurance to such vehicles. As such, the company has raised insurance rates and restricted the sale of insurance policies in some regions for certain Hyundai and Kia models.

To individuals of these cars who have already taken a policy at the company, Progressive is continuing to provide insurance. Neither firm has revealed which states or cities have been affected by their policy decisions.

The Epoch Times has reached out to State Farm and Progressive for comment.

Hyundai, Kia Theft

According to an analysis of 2021 insurance claims by the Highway Loss Data Institute (HLDI), a few models of Hyundai and Kia were found to be the top targets. Among 2015–19 model-year vehicles, the chances of theft claims were twice as common when compared to other manufacturers, HLDI found.

“Car theft spiked during the pandemic,” said HLDI senior vice president Matt Moore, according to a Sept. 22nd post by the nonprofit Insurance Institute for Highway Safety (IIHS). “These numbers tell us that some vehicles may be targeted because they’re fast or worth a lot of money and others because they’re easy to steal.”

“Our earlier studies show that vehicle theft losses plunged after immobilizers were introduced … Unfortunately, Hyundai and Kia have lagged behind other automakers in making them standard equipment.”

Electronic immobilizers prevent criminals from easily breaking in and bypassing a car’s ignition. In 2015, immobilizers were found to be a standard feature among 96 percent of car manufacturers, except for Hyundai and Kia. Among the two brands, only 26 percent of the models were found to have immobilizers.

Wisconsin was one of the worst affected states when it came to the theft of Hyundai and Kia vehicles. In 2021, the amount paid on theft claims per insured vehicle year jumped to over 30 times compared to 2019, according to IIHS.

Insured vehicle year refers to one vehicle insured for a period of one year, two vehicles insured for a period of six months, and so on.

Lawsuits, Company Responses

Both Hyundai and Kia are battling multiple lawsuits for the security failure of their models. Last week, Seattle city attorney Ann Davison filed a lawsuit against the manufacturers at a federal court for failing to install “anti-theft technology” in some of their vehicles, according to a news release on Jan. 25.

“Kia and Hyundai chose to cut corners and cut costs at the expense of their customers and the public. As a result, our police force has had to tackle a huge rise in vehicle theft and related problems with already stretched resources,” said Davison, according to the release.

“Now Seattle taxpayers must shoulder the burden of the increase in theft … Kia and Hyundai need to take responsibility for the public safety hazard that they created.”

In September, MLG Attorneys at Law filed a national class-action lawsuit against Hyundai and Kia, alleging that cars manufactured between 2011 and 2021 by the firms came without an “engine immobilizer,” according to a press release on Sept. 21, 2022.

Read more here…

END

Biggest Rolex online reseller cuts jobs as watch prices continue its downward spiral

(zerohedge)

Biggest Rolex Online Reseller Cuts Jobs As Watch Prices Continue Downward Spiral

THURSDAY, FEB 02, 2023 – 05:45 AM

The prices of luxury items, more specifically pre-owned watches, soared during the early day of the virus pandemic as central banks injected trillions of dollars into the economy. By early 2022, central banks reversed course, tightening monetary conditions, which led to panic in stocks, bonds, and cryptocurrency. In late spring last year, we pointed out that mounting macroeconomic headwinds were beginning to cool luxury watch demand, and ‘boom times’ were over. 

Recall some of our commentary on the watch market throughout last year:

• Investors’ Clock Out’ Of Rolex Bull Market As Demand Cools
• “Boom Time Over”: Rolex Prices Crash In China
• Rolex, Patek, And Audemars Piguet Watch Prices Continue Drop As Crypto Winter Worsens

After double-digit declines in some timepieces, we even asked: Are Rolex Prices About To Bottom?

But that might not be the case as demand continues to sour. The latest sign of worsening trouble for the watch industry is the world’s largest marketplace, Chrono24 GmbH has reduced its workforce by 13%, eliminating about 65 jobs. 

The reductions underscore the losses faced by dealers who purchased expensive watches during an unprecedented price surge in 2021 and early 2022. Since then, values for the most desirable models have plunged on secondary markets and on resale platforms such as Chrono24.

The decline in second-hand prices for the top brands has been linked to rising inflation, slowing economic growth in the US and Europe and the crash in cryptocurrencies. The bursting of the crypto bubble erased paper profits for some investors who had turned to luxury watches as a new speculative asset class.

The supply of previously rare pre-owned watches on secondary markets has also increased significantly, driving down values. –Bloomberg 

Speaking on watch market gyrations, Chrono24’s co-CEO Tim Stracke said:

“We have seen very volatile, you could call it a roller-coaster situation, in the industry,”

Latest data from the Subdial50 index, an index tracking the top 50 most traded second-hand luxury watches on the pre-owned market, has slid nearly 33% in 12 months. 

Some of the watches in Subdial50. 

The secondary luxury watch market might bottom when central banks reverse course, but judging rates markets, the Federal Reserve might not pivot until late ’23, if not next year. 

end

AMAZON AFTER THE BELL

A good indicator as to how the uSA economy is faring:

Amazon Slides After Disappointing AWS Results, Sloppy Guidance

THURSDAY, FEB 02, 2023 – 04:29 PM

With three out of five FAAMG stocks – which of course is now known as GAMMA ever since Facebook’s ignominious rebranding to Meta (at least until the company  quietly changes its name back now that the whole Metaverse farce has blown up in its Metaface) – reporting Q3 results after the close today, investors were keenly looking to Amazon, Apple and Google earnings after the close today, to round out the picture for the (former?) market generals and set the tone for the rest of 2023… or at least until tomorrow’s payrolls report.

Amazon is expected to post sales of $145.8 billion, translating to 6% growth, which would be Amazon’s slowest growth ever for a holiday quarter, and the second lowest in company history. In Q3 2001, during the dot-com bust, sales rose just 0.2% year over year.

Attention will then quickly turn to Amazon Web Services, or the (not so) fast growing cloud unit, which during the most recently reported 12 months, posted about $23 billion in operating income. The rest of the company – online retail to grocery stores and Prime memberships and logistics services – had an operating loss of about $10 billion. As the company’s core business slumps under ballooning costs and slower sales growth, the cloud is bankrolling Amazon.

While Amazon’s cash machine posted the slowest sales growth in its history last quarter, analysts expect more of the same for 2023, pegging AWS revenue growth around 20% for the next few quarters. Amazon dismisses the gloom, saying it’s still early days in a long-term shift away from companies running software on their own servers.

But analysts see challenges ahead. Some big businesses are postponing efforts to move software to AWS data centers, citing the shaky economy. Others are taking a pause after dramatically increasing their spending with AWS and its rivals in 2020 and 2021. UBS analysts recently interviewed about 15 cloud customers and partners of Amazon and Microsoft and came back with a dire read: “This was probably the worst tone that we’ve heard in years.”

Which is why, besides historical performance by AWS, investors will also be closely looking at the company’s outlook. Amazon shares crumbled in October when the company forecast slower sales growth during the holiday quarter. Amazon’s 1Q forecast is a good place to look if shares react violently after the earnings release.

With all that in mind, here is what Amazon just reported for its just concluded quarter:

• Q4 EPS 0.3, missing estimates of 0.13
• Net Sales $149.2B, beating estimates of $145.8B
  • Physical Stores net sales $4.96 billion, +5.7% y/y, beating estimate $4.93 billion
  • Online stores net sales $64.53 billion, -2.3% y/y, missing estimate $65.03 billion
  • Third-Party Seller Services net sales $36.34 billion, +20% y/y, beating estimate $32.48 billion
  • Subscription Services net sales $9.19 billion, +13% y/y, beating estimate $9.01 billion
  • North America net sales $93.36 billion, +13% y/y, beating estimate $90.1 billion
  • International net sales $34.46 billion, -7.5% y/y, beating estimate $33.51 billion
  • And the important one: AWS net sales $21.38 billion, +20% y/y, missing estimate $21.76 billion
• Operating income $2.74 billion, -21% y/y, beating estimate $2.51 billion
• Operating margin 1.8% vs. 2.5% y/y, missing estimate 1.85%
• North America operating margin -0.3% vs. -0.2% y/y, beating estimate -0.34%
• International operating margin -6.5% vs. -4.4% y/y, beating estimate -7.99%
• Fulfillment expense $23.10 billion, +2.9% y/y, beating estimate $23.16 billion
• Seller unit mix 59% vs. 56% y/y, estimate 57%

Bottom line here, Amazon beats expectations for 4Q revenue and operating income, but missed on net income, although some of that is the noise from a valuation markdown of Amazon’s stake in electric vehicle maker Rivian, which prompted AMZN to take a $2.3 billion pre-tax hit in Q4, after the electric vehicle startup fell 44% during the quarter. Amazon owns about 17% of Rivian’s shares (Rivian, which makes a pickup truck marketed toward eco-conscious adventure seekers, as well as delivery vans for Amazon, has struggled to produce vehicles as quickly as it had previously hoped. The company recalled almost all of its vehicles to fix a structural defect, scrapped a joint venture with Mercedes-Benz for a European electric van, and held layoffs.)

And while revenue was solid even as AWS was a modest miss, one possible reason why AMZN stock is confused after hours is because the company’s outlook was again on the weak side, and the company now forecasts the lowest consolidated revenue growth in its history at just over 6%.

• Sees net sales $121.0 billion to $126.0 billion, estimate $125.55 billion
• Sees operating income $0 to $4.0 billion, estimate $3.52 billion

In short: ok earnings, so-so guidance.

Digging into the numbers we find that operating margins shrank further to just 1.8%, down from 2.0% M/M (and down from 2.5% Y/Y) and missing the estimate of 1.85%. In fact as shown below, the only reason this number wasn’t positive is thanks to AWS.

And while the market was not happy with the overall profit margin, it was even less enthused with the profit margin breakdown where one quarter after AWS saw a modest rebound, it has now dropped to the lowest since 2017. At the same time, international operating margin remained negative, with US online sales still unable to turn green. In fact, if it wasn’t for AWS, AMZN would have negative operating income for the 5th quarter in a row.

Focusing on AWS, not only did the closely watched cloud group post a significant drop in profit margins, where it also disappoint was in revenue growth, which rose just 20% Y/Y to $21.378 billion, missing the estimate of $21.76 billion.

These disappointing data points aside, what markets were also focused on is that forecast revenue growth in a range of $121-$126BN (midline at $123.5BN), was below the $125.55BN expected, while the guided revenue growth of just over 6% was the lowest in the company’s history yet.

Commenting on the results, CEO Andy Jassy said “We’re also encouraged by the continued progress we’re making in reducing our cost to serve in the operations part of our Stores business. In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon.”

The market reaction was mixed, and while the stock spiked higher in kneejerk reaction it has since dipped into the red, dropping as much as 6%, before again bouncing although that too may change depending on what Apple reports in a few minutes.

END

 3 B)USA ECONOMIC ISSUES// SUPPLY ISSUES//GLOBAL ISSUES//DERIVATIVES

This is a very important read.  Is the end of the Petrodollar scheme spell trouble for the uSA regime? Answer: slowly yes. But

we must also factor in the 12 trillion eurodollars  held outside the usa.

(zerohedge)

Why The End Of The Petrodollar Spells Trouble For The US Regime

THURSDAY, FEB 02, 2023 – 06:30 AM

Authored by Ryan McMaken via The Mises Institute,

On January 17, the Saudi minister of finance, Mohammed Al-Jadaan, announced that the Saudi state is open to selling oil in currencies other than the dollar. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Al-Jadaan told Bloomberg TV.

If the Saudi regime does indeed embrace substantial trade in currencies other than the dollar as part of its oil-export business, this would signal a shift away from the dollar as the dominant currency in global oil payments. Or measured another way, this would signal the end of the so-called petrodollar.

But how large of a shift is this? With the increasingly frequent Saudi comments about trading in nondollar currencies, we’ve also seen an increasing number of pundits announcing the “collapse” of the dollar or the imminent implosion of the dollar’s currently outsized global power.

Will a shift away from the dollar in the global oil trade really lead to a big relative decline in the dollar? Probably and eventually. But a number of other dominoes would need to fall first, most especially the domino we call “Eurodollars.”

On the other hand, it would be foolish to simply dismiss the potential end of the Saudi preference for the dollar with hand-waving. The end of the petrodollar would indeed weaken the dollar, even if this would not be a mortal blow in itself. Moreover, it is especially foolhardy to ignore the status of the petrodollar because that status also has geopolitical implications. Saudi comments on the dollar signal that the Saudis no longer consider its alliance with the United States to be as important as it has been since the 1970s. What’s not an immediate economic problem for the US regime or the dollar may nonetheless be an immediate geopolitical problem.

In context, probably the best way to look at the potential end of the petrodollar is to see it as one piece of the dollar-based portion of the global economy. Since the 1950s, the dollar has experienced an immense amount of support in terms of global trade and investment and in terms of dollar reserves held by foreigners. This has greatly propped up demand for US debt and for dollars, and this has had enormous disinflationary effects in the domestic US economy. That is, newly created dollars are soaked up by foreigners who both want and need dollars to pay off dollar-denominated debt and to pad bank reserves. But if global dollar dominance truly is in decline, we could potentially expect both higher domestic price inflation and higher interest rates than what Americans have become accustomed to over the past thirty years. In other words, as the dollar declines, the US regime will no longer be able to monetize debt and heap up immense new deficits without fear of high price inflation or falling Treasury prices. The end of the petrodollar is not a reason to panic right now, but it is the latest sign that the US regime’s power via the dollar is being reined in.

What Is the Petrodollar?

The petrodollar is the result of US efforts to secure access to Middle Eastern oil while also lessening the slide of the dollar in the early 1970s.

By 1974, the US dollar was in a precarious position. In 1971, thanks to profligate spending on both war and domestic welfare programs, the United States could no longer maintain a set global price for gold in line with the Bretton Woods system established in 1944. The value of the dollar in relation to gold fell as the supply of dollars increased as a byproduct of growing deficit spending. Foreign governments and investors began to lose faith in the dollar.

In response to these developments, Richard Nixon announced that the US would abandon the Bretton Woods system. The dollar began to float against other currencies. Not surprisingly, this devaluation did not restore confidence in the dollar. Moreover, the US had made no effort to rein in deficit spending. So the US needed to continue to find ways to sell government debt without driving up interest rates. That is, the US needed more buyers for its debt. Motivation for a fix grew even more after 1973, when the first oil shock further exacerbated the deficit-fueled price inflation Americans were enduring.

But by 1974, the enormous flood of dollars from the US into Saudi Arabia, the top oil exporter, suggested a solution. Nixon secured an agreement in which the US would buy oil from Saudi Arabia and provide the kingdom military aid and equipment as well. In return, the Saudis would use their dollars to purchase US Treasurys and help finance US budget deficits.

From a public finance point of view, this appeared to be a win-win. The Saudis would receive protection from geopolitical enemies, and the US would get a new place to unload large amounts of government debt. Moreover, the Saudis could park their dollars in relatively safe and reliable investments in the United States. This became known as “petrodollar recycling.” By spending on oil, the US was creating new demand for US debt and US dollars.

As time went on, thanks to Saudi Arabia’s dominance in the Organization of the Petroleum Exporting Countries (OPEC), the dollar’s dominance was extended to OPEC overall, which meant that the dollar became the preferred currency for oil purchases worldwide.

This petrodollar arrangement proved to be especially important in the 1970s and 1980s, when Saudi Arabia and the OPEC countries controlled more of the oil trade than they do now. It also closely tied US interests to Saudi interests, ensuring US enmity toward the kingdom’s traditional rivals, such as Iran.

The Petrodollar Is a Type of Eurodollar

In terms of its economic role, however, the petrodollar has always just been a type of Eurodollar.

What is a Eurodollar? According to Robert Murphy:

The term Eurodollar actually refers to any US dollar-denominated deposit held at a financial institution outside of the United States, or even a USD deposit held by a foreign bank within the US. It thus has nothing to do with the euro currency, and is not restricted to dollars held in Europe; they are dollar deposits that are not subject to the same regulations as US dollars held by American banks, nor are they guaranteed by FDIC (Federal Deposit Insurance Corporation) protection (and hence they tend to earn a higher rate of return).

The trade in Eurodollars is huge, although it’s difficult to quantify exactly how huge. One estimate puts Eurodollar assets at around $12 trillion. For context, we can consider that all assets in US banks total about $22 trillion. Or put another way, “offshore dollar banking now amounts to about half of the US total.” So, the Eurodollar economy is very large, and this “dollar zone” is also a key component of many of the world’s leading economies, given that half or more of the world economy lies in that zone.

In contrast, in 2020, the petrodollar trade amounted to less than $3.5 trillion annually. That’s not insignificant, of course, but even a sizable reduction in this amount will not on its own cause global demand for the dollar (relative to other currencies) to collapse. With so many trillions in dollar-denominated loans floating around the global economy, the petrodollar remains only a piece of a larger pie.

Nevertheless, we could also conclude that the end of the petrodollar is part of a larger and important trend away from the dollar. The relative size of the Eurodollar market has decreased since 2008, dropping from a peak of 87 percent of the size of the US banking system to under 60 percent. Meanwhile, the share of US dollars in the reserves of foreign central banks has fallen, dropping from 71 percent twenty years ago to 60 percent today. This is a twenty-five year low. Russia, China, and India all have shown interest in freeing the global economy from the dollar.

Even if this trend continues, demand for the dollar will most certainly not disappear next week or next month, or next year. There is still a hoard of trillions of dollars’ worth of dollar-denominated debt in the global economy, and—for now, at least—that means continuing demand for dollars. Moreover, the dollar remains one of the safest currencies to keep on hand, given that the central banks in Japan, Europe, the United Kingdom and China, are hardly embracing “hard money.” Given that the US economy remains enormous, and US Treasurys remain at least as safe as other regimes’ bonds, foreigners will still keep a lot of dollars on hand to buy American assets. This is also true because—in spite of the myth that “America doesn’t make anything anymore”—foreigners also buy US products and services.

This certainly doesn’t mean everything is just fine for the dollar, though. A movement away from the dollar—even in slow motion—will mean a rising cost of living for Americans. With fewer foreigners holding on to dollars, the US regime’s current runaway monetary inflation will create more domestic price inflation. In other words, movement away from the dollar will mean the US regime must engage in less monetization of the nation’s debt if it wishes to avoid runaway inflation. It also likely will lead to a need to pay higher interest rates on US government bonds, and that will mean a need for more taxpayer money to service the debt. It will mean that  it will become more difficult for the US regime to finance every new war, program, and pet project that Washington can think up.

The Geopolitics of the Petrodollar

The more obvious short-term effects of the move away from the petrodollar will be in geopolitics rather than in the currency order. In addition to signaling that it is no longer wedded to the dollar, Saudi Arabia has also recently announced its openness toward Russia and a willingness to join the Brazil, Russia, India, China, and South Africa (BRICS) nations. This shift in strategic interests for Saudi Arabia potentially poses an immediate threat to US strategic interests, in that the US regime has become accustomed to dominating the entire Persian Gulf region through the US’s Saudi ties. A Saudi turn away from the petrodollar will magnify this shift. That will be enough to further threaten the American standard of living, but not enough in itself to end the dollar. After all, the pound sterling did not cease to exist after its own fall from its vaunted position as the preferred global reserve currency. But it did become far less powerful. The dollar is headed in the same direction.

USA COVID//

SWAMP STORIES

What a doorknob!

(zerohedge)

Hunter Biden Admits Infamous Laptop Belongs To Him, Calls For Criminal Probe Into Attempts To ‘Weaponize’ Contents

THURSDAY, FEB 02, 2023 – 10:51 AM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

A lawyer for President Joe Biden’s son, Hunter, urged state and federal agencies in a letter on Feb. 1 to probe what he said were attempts by close allies of former President Donald Trump and others to “weaponize” the contents of a laptop that an electronics repair shop owner says was dropped off at his Delaware store in 2019.

The letters from Hunter Biden’s attorneys mark the first time he and his legal team have publicly acknowledged that it was his personal data found on the laptop.

The letters were sent by Hunter Biden’s lawyer Abbe Lowell to the Delaware attorney general, the Department of Justice’s National Security Division, and the Internal Revenue Service (IRS).

They call for an investigation into former Trump chief strategist Steve Bannon, campaign lawyer and former New York City Mayor Rudy Giuliani, as well as Giuliani’s own lawyer, Robert Costello, and the owner of the Wilmington computer repair shop, John Paul Mac Isaac, who said Hunter Biden dropped a laptop off at his store in April 2019 and failed to return to pick it up.

“We write on behalf of our client, Robert Hunter Biden, to request an investigation into the following individuals for whom there is considerable reason to believe violated various federal laws in accessing, copying, manipulating, and/or disseminating Mr. Biden’s personal computer data,” states the letter (pdf) to the DOJ’s top national security official, Matthew Olsen.

The letter goes on to claim that Mac Isaac “unlawfully accessed Hunter Biden’s personal data” and distributed its contents to “the political enemies of Mr. Biden’s father without Mr. Biden’s consent,” including the New York Post.

It adds that toward the end of the 2020 presidential election campaign, Mac Isaac “chose to work with President Donald Trump’s personal lawyer to weaponize Mr. Biden’s personal computer data against his father, Joseph R. Biden, by unlawfully causing the provision of Mr. Biden’s personal data to the New York Post.”

Data Was ‘Unlawfully Accessed, Manipulated,’ Lawyers Say

“This failed dirty political trick directly resulted in the exposure, exploitation, and manipulation of Mr. Biden’s private and personal information. Mr. Mac Isaac’s intentional, reckless, and likely unlawful conduct allowed for hundreds of gigabytes of Mr. Biden’s personal data, without any discretion, to be circulated around the Internet. Politicians and the news media have used this unlawfully accessed, copied, distributed, and manipulated data to distort the truth and cause harm to Mr. Biden.”

The letter cites potential violations of an array of statutes prohibiting the unauthorized access of a computer or stored electronic communication, as well as the transport of stolen data across state lines and the publication of restricted personal data with the intent to intimidate or threaten.

The letter also states that Mac Isaac also allegedly “shared a copy of the hard drive with Rudy Giuliani, after a tip from Mr. Mac Isaac to one of Mr. Giuliani’s assistants.”

“Mr. Giuliani then distributed a copy to Steve Bannon (on September 28, 2020, Mr. Bannon claimed he had a copy),” the lawyers said. “In addition, Mr. Giuliani, working with his friend and former New York police chief Bernard Kerik, gave a copy of a hard drive to Garrett Ziegler, a former aide to Trump White House official Peter Navarro. On October 11, 2020, Mr. Giuliani provided a copy of Mr. Biden’s computer data to the New York Post.”

“Mr. Biden did not consent to Messrs. Mac Isaac, Giuliani, or Costello providing his computer data to any third parties, including the New York Post,” the lawyers wrote.

The New York Post published the Biden laptop story in the weeks before the 2020 election. At the time, the publication reported that the laptop had been allegedly seized by the FBI and a copy of the files given to Rudy Giuliani’s lawyer, Robert Costello, by Mac Isaac.

The story was quickly suppressed on various social media platforms, including Twitter and Facebook, and many media outlets attempted to play it off as Russian disinformation meant to damage Joe Biden’s presidential campaign.

Mac Isaac noted to the New York Post that the letter was delivered as House Republicans are readying to open probes into Hunter Biden.

“I think with Congress starting investigations next week, it’s a scare tactic,” Mac Isaac said. “The flak is heaviest when you are over the target!”

‘These Facts and Circumstances Merit Further Investigation’

Costello, when asked to comment on behalf of himself and Giuliani, said the letter was a “frivolous legal document” that “reeks of desperation because they know judgment day is coming for the Bidens.”

“We believe that these facts and circumstances merit further investigation as to whether the conduct of Messrs. Mac Isaac, Costello, Giuliani, Bannon, Ziegler, Maxey, and Apelbaum violated federal law,” Lowell concluded in the letter.

The letter does not necessarily mean that federal prosecutors or law enforcement agencies will open an investigation into the claims or take any other actions.

Hunter Biden currently faces an ongoing federal criminal probe into his tax affairs for at least two years.

In a separate letter, Hunter Biden’s attorneys also asked Fox News host Tucker Carlson to immediately retract and apologize for what they said were “false and defamatory statements” he made in a story presented on air.

The story, according to the younger Biden’s lawyers, was about Hunter “paying ‘rent’ to his father, President Joseph Biden, in what Mr. Carlson implied was essentially a money laundering scheme to finance President Biden’s lifestyle prior to his election as President after legitimately defeating Donald Trump and alluding to Mr. Biden having unauthorized access to classified documents because of his presence at President Biden’s house.”

“These statements are false and have no factual support whatsoever,” the lawyers said.

The Epoch Times has contacted a lawyer representing Bannon and representatives of Fox News for comment.

The Associated Press contributed to this report.

THE KING REPORT

The King Report February 2, 2023 Issue 6940Independent View of the NewsStocks, ex-the DJTA, sank early on Wednesday as US economic data exhibited stagflation.Jan ADP Employment Change 106k, 180k expected; 235k prior – impacted by bad weatherADP shows wages soared 7.3% y/y in JanuaryJan S&P US Mfg PMI 46.9, 46.8 expectedJan ISM Mfg 47.4, 48 consensus, 46.8 priorISM Prices Paid 44.5, 40.4 expected, 39.4 priorISM New Orders 42.5, 45.2 priorISM Employment 50.6, 51.4 priorDec JOLTS Job Openings 11.012m, 10.3m expected, 10.458m priorDec Construction Spending -0.4%, unchanged consensus, +0.2% prior  ADP National Employment Report: Private Sector Employment Increased by 106,000 Jobs in January; Annual Pay was Up 7.3% – “In January, we saw the impact of weather-related disruptions on employment during our reference week,” said Nela Richardson, chief economist, ADP.  “Hiring was stronger during other weeks of the month, in line with the strength we saw late last year.”…   One outlier was the information sector, where pay growth decelerated from 7 percent to 6.6 percent. For job changers, pay growth accelerated to 15.4 percent…  https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-106-000-jobs-in-january-annual-pay-was-up-7-3-301736053.html   Mortgage demand took a big step back last week, even after interest rates fell furtherTotal mortgage application volume fell 9% last week compared with the previous week.Even with rates well off their recent highs, applications to refinance a home loan fell 7% for the week and were 80% lower than the same week one year ago.Mortgage applications to buy a home fell 10% for the week and were 41% lower year over year… https://www.cnbc.com/2023/02/01/mortgage-demand-fell-last-week-even-after-interest-rates-fell-further.html   Intel is… making companywide cuts to employee pay, with mid-level workers seeing 5% cuts, senior leaders will see reductions of 10-15% and CEO Pat Gelsinger cutting his base salary by 25%… https://www.msn.com/en-us/money/companies/intel-cutting-employees-pay-trimming-ceo-salary-by-25-in-downturn/ar-AA16YjNK   Bloomberg (@business): Steaks and hamburgers will probably be more expensive in the next few years with US cattle shrinking to its lowest herd since 2014     https://t.co/g9oUwABZCa   ESHs traded sharply lower but mostly flat during Asian trading until 3:30 ET.  A modest spike higher quickly reversed into a decline that persisted until 5:40 ET.  ESHs then rallied 13 handles by 7:20 ET.  ESHs then retreated into the NYSE open due to the disappointing US economic data.   Sellers appeared on the NYSE open, but traders are conditioned to buy the opening dip.  ESHs and stocks bottomed 4 minutes after the 9:30 ET NYSE opening.  ESHs spiked 16 handles in 14 minutes to 4089.75. But this became the session high.  ESHs and stocks then plunged; ESHs hit 4064.75 at 11 ET. The rally for the European close took ESHs to 4081.00 by 11:40 ET.  ESHs and stocks then sank to new daily lows.  Did someone have nonpublic information about the FOMC Communique or Powell’s prepared remarks for the press conference?   After a modest belated Noon Balloon, ESHs rolled over after 12:30 ET and went inert until a modest spike higher near 13:00 ET appeared.  ESHs quickly returned to an inert stage.  At 13:30 ET, the rally for the expected dovish FOMC Communique commenced.   FOMC Communique HighlightsHike rates by the expected 25bps to a 4.5% to 4.75% target range on a 12-0 voteRepeats that ongoing rate hikes will be needed/appropriateInflation has eased somewhat but remains elevatedJobs gains have been robust, unemployment remains lowThe Fed is considering the ‘extent of future increase’ in ratesThe Fed removed references to Covid supply chain woes and Ukraine  Fed Funds futures priced an 85% chance of a 25bps rate hike in March and a 15% chance of a pause – Fed Watch.  In other words, expectations have not materially changed for several months!   ESHs spiked to 4080.00 on the release of the FOMC Communique; but quickly sank to 4052.75.  ESHs rebounded sharply and then sank anew.  All this movement occurred within 3 minutes.  Fangs led the rally.  Traders were getting long for APPL, AMZN, and GOOGL results that are due today.  Eventually, ESHs plodded higher for Powell’s press conference.  But at 14:15 ET, ESHs broke down and went inert.   Powell Press Conference HighlightsStrongly committed to bring inflation down to 2% goalFull effects of tightening have not yet been feltFed has more work to do; more rate hikes are necessaryWill significantly reduce balance sheetThe job market remains “extremely tight” and “remains out of balance”Inflation data show welcome reduction but need “substantially more evidence” of inflation peakIt will take time for Fed hikes to impact inflation and the economyShifting to a slower pace of hikes allows the Fed to assess the impact of hike on the economyHistory strongly warns about halting rate hike too early  ESHs sank to new daily lows after Powell started his remarks.  After his speech ended, ESHs surged.  ESHs went from the daily low of 4048.50 to a daily high of 4106.00 in only 6 minutes.  ESHs hit 4114.50 by 14:44 ET, only 10 minutes after Powell’s prepared remarks ended.   Powell Q&A HighlightsWe see wages moving downQuits are still at an elevated level; job market remains very strongWe did NOT update rate hike estimates at this meeting“Financial conditions have tightened significantly over the last year.” (Biggest Powell lie)There is still more work do to on tightening financial conditionsCore inflation ex-housing is still running hotThe disinflation process has started, but that is only 25% of Core PCEWe need to continue rate hikes because inflation is still running hotServices are still inflating; there is significant uncertaintyNeed a couple more rates hikes for policy to be restrictiveIf economy performs as expected, don’t see rate cut in 2023  ESHs spiked to 4129.00 when Powell said the disinflation process has started.  ESHs then retreated modestly but rallied to 4144.25 at 15:09 ET.  ESHs declined when Powell’s Q&A ended.  ESHs and stocks traded in a small range from 15:15 ET until another rally began at 15:30 ET.  ESHs peaked at 4163.25 with 15 minutes remaining in the session. ESHs then sank 37 handles in 8 minutes.   Schwab’s @KathyJones: Seems like Powell flubbed this one. Meant to send a cautious, hawkish message but ended up doing the opposite.   The past two times that Powell has ‘flubbed’ it, Fed officials in the ensuing weeks issued hawkish rhetoric to reverse financial market euphoria on Powell’s flubbing.    Powell Press Conference transcript: https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20230201.pdf   Old Dominion Freight reported Q4 EPS of 2.92, 2.68 was consensus.  ODFL rallied as much as 11%.  This propelled land transport companies and the DJTA to big rallies.   Positive aspects of previous session Commodities declined sharply and bonds rallied smartly before the FOMC Communique release The DJTA closed +3.75%, was as high as +4.6% Enormous rally during Powell’s Q&A – for no reason!   Negative aspects of previous session Manic speculation permeates the financial markets Precious metals soared; traders will try to push gold to $2000: AU is +20.8% since 11/3 low Bitcoin jumped 3% after Powell’s remarks   Ambiguous aspects of previous session Powell’s remarks eased financial conditions.  Was this an accident, or was it on purpose?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4101.79 Previous session High/Low: 4148.95; 4037.20   @zerohedge: We are getting one mass layoff announcement every 45 minutes now. According to the BLS this translates into record job openings, record low initial jobless claims and record low unemployment.   ‘Little to no difference’: Massive mask meta-study undermines remaining COVID mandates Researchers in “gold standard” collaboration struggle to find benefit from surgical over no masks, or N95 respirators over surgical… https://justthenews.com/nation/science/little-no-difference-massive-mask-meta-study-undermines-remaining-covid-mandates   @StephenMoore: $560 billion of Amer tax dollars were lost to pandemic fraud. Where is the outrage?   GOP @RepJamesComer: Today’s @GOPoversight hearing is a first step in examining the massive waste, fraud, and abuse in COVID-relief programs. Up to $400 billion in unemployment insurance benefits were paid out improperly and that’s just the tip of the iceberg.   Peloton had EPS of -.98, -.67 expected; revenue declined 30% y/y, to $792.7m from $1.13B a year ago. But the stock jumped as much as 28% because cash flow is approaching breakeven.    @CheddarFlow: Lowest premium for an S&P 500 put since January 2022 — Ryan Lemand https://twitter.com/CheddarFlow/status/1620210382252949505   @johnnyszerdi: The 0DTE volume for the $SPX month end mark up was wild yesterday lol.  The degens trading these Zero Days to Expiration (0DTE) options contracts have made up almost 50% of the S&P’s volume since December.  What happens when body builders stop taking steroids? Chart c/o @t1alpha https://t.co/w4hWXbCtRP   Turmoil Lurks Around the Corner 0DTE stands for zero days to options expiration… when one appreciates how brokers hedge options, they then grasp the potential for these options to generate significant volatility in individual stocks and the market.  Before exploring 0DTE options, it’s worth briefly discussing portfolio insurance’s role in Black Monday 1987… As the programs sold, they pushed markets lower, necessitating more portfolio insurance-related selling. Selling begat selling, and a correction turned into an avalanche of panic…    The popularity of 0DTE options is rising precipitously. As the graph below shows, half of the volume of options on S&P 500 futures are 0DTE. That dwarfs the 5-10% share existing before the pandemic…    0DTE options have a similar feature as portfolio insurance; they can significantly intensify market moves… Dealers use a hedging method called delta hedging. An option’s delta estimates how much an option’s value may change for a $1 move up or down in the underlying security… As the price rises or falls, the number of shares they own will change according to the delta… Buying begets buying… https://realinvestmentadvice.com/turmoil-lurks-around-the-corner   0DTE options are effectively the options that Bucket Shops used to exploit, without the knockout feature.  If a stock ticked at a certain price, the option became worthless.  Jesse Livermore exploited this scheme by noticing that when beaucoup bucket shop clients bought an option, the shop operator would force the stock down to the price that invalidated the option.  Jesse would bet with the house.   Meta Platforms Q4 EPS 1.76 (2.26 Exp); Q4 Revs. $32.17B vs. $31.53B Est. META also announces $40 billion increase to buyback program https://cnb.cx/3JttWC5  (META surged 18.5% on the buyback)   In the critical game of Chicken that is being waged, the financial markets became more convinced that Powell is bluffing, so they called and raised their bets on Wednesday.   Powell Folds at The River: Meme Stocks Soar, Yields And Dollar Tank. https://t.co/xZLloCll7a When the first question in the press conference (to paraphrase) was whether Powell was concerned whether the huge rally this year would fuel more inflation, Powell said he wasn’t.  Be careful what you wish for! This led to a ~40% rally in Carvana and a rapid ~4% rally in the Nasdaq.    The US dollar and bond yields tanked immediately in the aftermath.  By folding to the market’s bluff and allowing financial conditions to ease, Powell risks leading the market on. The worst-case reasonable scenario? The stock market is likely to crash if inflation comes roaring back this spring.   Fed officials are adamant that the inflation fight isn’t done. Investors don’t believe them https://t.co/9rlgJclDjN   Today – With the Fed, January performance gaming, and start-of-February upward seasonal biases over, bulls now are dependent on the last batch of Fang earnings: Apple, Amazon, and Google.  Be alert for a late rally because the trio of Fangs report after the NYSE close.   Stocks are egregiously overbought; sentiment is extremely bullish.  For weeks, traders have awaited Fed Day and the final day of Fang Q4 results.  Today is the denouement of weeks of delirious anticipation.  Who will absorb all the long positions?  ESHs are +11.50 at 21:00 ET on Meta’s buyback.   The Street consensus for 2023 is: Falling inflation, a mild recession, and rate cuts by Q3 or Q4.  What could possibly go wrong with this forecast?  How does a mild recession translate into instant rate cuts?  Furthermore, if Team Biden keeps issuing artificially robust NFP and other jobs-related data, how can the Fed cut rates?   Expected economic data: Initial Jobless Claims 195k, Continuing Claims 1.684m; Dec Factory Orders 2.3% m/m, Ex-Trans 0.2%; Dec Durable Goods 5.6% m/m, Ex-Trans -0.1%   Expected earnings: MRK 1.54, COP 2.71, HON 2.50, HSY 1.77, CAH 1.17, BMY 1.73, LLY 1.81, PH 4.63, BDX 2.68, GWW 6.99, F .62, AAPL 1.94, AMZN .17, GOOGL 1.20, CLX .66   S&P 500 Index 50-day MA: 3949; 100-day MA: 3871; 150-day MA: 3922; 200-day MA: 3953 DJIA 50-day MA: 33,654; 100-day MA: 32,403; 150-day MA: 32,330; 200-day MA: 32,343   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3730.35 triggers a sell signal Daily: Trender and MACD are positive – a close below 3966.96 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4037.29 triggers a sell signal   Yesterday, the FBI searched Biden’s Rehoboth home for classified documents. https://justthenews.com/government/white-house/fbi-searches-bidens-delaware-beach-house-report   Fox’s @JacquiHeinrich: NEW from Biden’s personal atty – FBI Rehoboth search is over after about 4hrs. No classified docs were found, but also: “Consistent with the process in Wilmington, the DOJ took for further review some materials and handwritten notes that appear to relate to his time as VP.” (PS – Classified docs at Rehoboth would have been remedied long ago.  Is the DoJ looking at transgressions during Biden’s time as VP?)   NY Post’s @mirandadevine: The FBI is searching President Biden’s Rehoboth beach house for classified documents today – after giving him weeks to, let’s say, “rearrange” things.   Biden says climate change is bigger threat to humanity than nuclear war: ‘We’re going to have a real problem – Biden added that he inherited an “America First” foreign policy which put “America last.” https://www.foxnews.com/politics/biden-says-climate-change-is-bigger-threat-humanity-nuclear-war   @MichaelPSenger: Biden Tuesday: “The COVID emergency will end when the Supreme Court ends it.”  Could someone please explain to the President that that is NOT the role of the Supreme Court? Founding Fathers rolling in their graves… https://t.co/zw59GXgaoS   Biden’s base: Why he won’t end the COVID ’emergency’ for months To recap: The president declared the crisis moment had passed Sept. 18, 2022, when he appeared on “60 Minutes” and said “the pandemic is over.” On Jan. 30, 2023, the White House announced the official “COVID emergency” would come to an end in May 2023. That’s eight months after Biden’s “60 Minutes” claim.  Why May? Well, according to The New York Times, the Biden White House wants “an orderly transition out of the public health emergency.” Welcome to Orwell-ville…    What’s with the three months?… This is not about an emergency, and it hasn’t been for more than a year. This is about the people who have actually gained things from the emergency and who need to be weaned off the unhealthy and society-killing benefits they have reaped since March 2020…    What the Biden people are doing here is trying to provide a soft landing for their government-worker constituent… https://nypost.com/2023/01/31/bidens-base-why-he-wont-end-the-covid-emergency-for-months/amp/   @NewsBecker: Tucker says Democrats are clearing a path for Michelle Obama in 2024: “The current Vice President is totally incompetent and universally loathed. You can’t just ditch her for a white dude. Sorry, that’s not equity. So where do you go from here?” https://twitter.com/NewsBecker/status/1620605149508161536   @Wirepoints: 95% of Chicago homicide victims are minorities. The more lax the city’s crime policies, the more blacks and Hispanics die.  Progressive policies hurt those they’re supposed to help.   @BillFOXLA : An Iranian illegal immigrant arrested by @TxDPS in a human smuggling bust near Del Rio, TX last week was later flagged as a match on the FBI’s terror watchlist, law enforcement sources tell me. He was being smuggled in the trunk of a car w/ 4 other men. @FoxNews    I’m told his name & DOB both matched the watchlist. I first reached out to DHS & ICE requesting comment on this last Thursday. After 5 days, and multiple requests for comment, I was referred to the FBI. The FBI tells me they “decline to comment”.     Here is  @TxDPS  video of the traffic stop that led to the arrest. It’s important to point out that this Iranian national had already evaded Border Patrol and had gotten into the US as a gotaway. He was caught by Texas law enforcement as part of Gov. Abbott’s Operation Lone State https://twitter.com/BillFOXLA/status/1620786021926572032   GOP Sen. @HawleyMO: Now potential terrorists from IRAN are coming across the southern border. But by all means, keep writing blank checks to protect the borders of Ukraine.   JESSE WATTERS: Democrats are dumping Kamala Watters says there seems to be a coordinated effort to remove Kamala from the 2024 ticket https://www.foxnews.com/media/jesse-watters-democrats-dumping-kamala   U.S. House Republicans pursue impeachment of Biden border official http://reut.rs/3WUkwCM   DAVID N. BOSSIE: “President Biden, his cabinet, senior staffers and faceless bureaucrats mistakenly believe they’re all untouchable.”    https://fxn.ws/3YdmoYf   Hunter Biden demands investigations and retractions, opening new front against GOP foes Hunter Biden’s legal team went on the offensive Wednesday, demanding state and federal investigations into the dissemination of his personal material — purported to be from his laptop — and threatening a defamation lawsuit against Fox News’ Tucker Carlson for allegedly failing to correct false statements.     The flurry of letters to the Delaware attorney general, the Department of Justice, the I.R.S. and attorneys for Fox News and Carlson represent an aggressive new strategy for the president’s son … https://www.cbsnews.com/news/hunter-biden-laptop-investigations-retractions-rudy-giuliani-fox-news/   McConnell yanks GOP Sen. Scott from Commerce Committee after failed leadership challenge The Florida senator expressed some incredulity at the decision, pointing to his relevant experience on issues related to the committee’s operations. https://justthenews.com/politics-policy/mcconnell-yanks-gop-sen-scott-commerce-committee-after-failed-leadership-challenge   “Objectivity Has Got to Go”: News Leaders Call for the End of Objective Journalism We previously discussed the movement in journalism schools to get rid of principles of objectivity in journalism. Advocacy journalism is the new touchstone in the media even as polls show that trust in the media is plummeting. Now, former executive editor for The Washington Post Leonard Downie Jr. and former CBS News President Andrew Heyward have released the results of their interviews with over 75 media leaders and concluded that objectivity is now considered reactionary and even harmful. Emilio Garcia-Ruiz, editor-in-chief at the San Francisco Chronicle said it plainly: “Objectivity has got to go.”    Polls show trust in the media at an all-time low with less than 20 percent of citizens trusting television or print media. Yet, reporters and academics continue to destroy the core principles that sustain journalism and ultimately the role of a free press in our society…    MSM has the most to lose from this movement, but, as individual editors, it remains popular to yield to advocates in their ranks. That is what the New York Times did when it threw its own editors under the bus to satisfy the mob… https://jonathanturley.org/2023/02/01/objectivity-has-got-to-go-news-leaders-call-for-end-of-objective-journalism/   US general warns British Army no longer top-level fighting force, defence sources reveal https://t.co/yaIIY72UqF   @Mangan150: Each additional 50 g a day of red meat, a tiny portion, was associated with 19% reduced risk of dementia and 30% reduced risk of Alzheimer’s. https://twitter.com/Mangan150/status/1620800393465978880    Men with the highest intake of phosphatidylcholine had 28% lower risk of dementia.  Eggs are the richest source of phosphatidylcholine.   https://academic.oup.com/ajcn/article/110/6/1416/5540729   GOP Rep Wesley Hunt, who is black, a West Point grad and mechanical engineer, calls out Dems for yelling ‘racism’ “at everything”.  Hunt says this is like the boy calling ‘wolf’ and it diminishes the gravity when real racism is an issue. https://twitter.com/amuse/status/1620904370056605697   Biden Promises to Replace Retiring Quarterback Tom Brady with a Woman of Color https://babylonbee.com/news/biden-promises-to-replace-retiring-quarterback-tom-brady-with-a-woman-of-color

GREG HUNTER REPORT//

Greg Hunter  interviewing .

I will see you tomorrow

Harvey