DEC 11/RAID ON OUR GOLD AND SILVER CONTINUES TODAY: GOLD CLOSED DOWN $21.20 TO $1978.80 //SILVER CLOSED DOWN 19 CENTS TO$22.78/PLATINUM WAS UP $0.95 TO $914.75 WHILE PALLADIUM CLOSED DOWN $11.40 TO $964,35// GOLD COMMENTARIES TODAY FROM PETER SCHIFF AND TED BUTLER//UPDATES ON ISRAEL VS HAMAS WAR//COVID UPDATES/VACCINE INJURY UPDATES//DR PAUL ALEXANDER/SLAY NEWS/ETC//
323 C HSBC 74 363 H WELLS FARGO SEC 32 435 H SCOTIA CAPITAL 4 657 C MORGAN STANLEY 5 661 C JP MORGAN 83 686 C STONEX FINANCIA 1 690 C ABN AMRO 1 700 C UBS 4 732 C RBC CAP MARKETS 8 737 C ADVANTAGE 7 7
TOTAL: 113 113 MONTH TO DATE: 12,546
JPMorgan stopped 83/113 contracts.
FOR DEC.:
GOLD: NUMBER OF NOTICES FILED FOR DEC/2023. CONTRACT: 113 NOTICES FOR 11300 OZ or 0.3514 TONNES
total notices so far: 12,546 contracts for 1,254600 oz (39.023 tonnes)
FOR DEC:
SILVER NOTICES 0 NOTICE(S) FILED FOR NIL OZ/
total number of notices filed so far this month : 2545 for 12,725,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES
GLD
WITH GOLD DOWN $21.20 CENTS//
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 880.55 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN 19 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 434.738 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 198 CONTRACTS TO 136,799 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GIGANTIC $0.80 LOSS IN SILVER PRICING AT THE COMEX ON FRIDAY. WE HAD A CONSIDERABLE LONG LIQUIDATION AS WELL AS HUGE T.A.S. LIQUIDATION WITH CONSIDERABLE SHORT COVERING AT THE COMEX SESSION. WE HAD A MEGA GIGANTIC 2408 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 2408 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.80), AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS AS WE HAD A GIGANTIC SIZED LOSS OF 2237 OI CONTRACTS ON OUR TWO EXCHANGES.
WE MUST HAVE HAD:
A GIGANTIC SIZED 1175 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 18.755 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 23,500 OZ E.F.P. JUMP TO LONDON + 0 CONTRACTS OF EX. FOR RISK FOR 0 MILLION OZ EX. FOR RISK //NEW TOTAL STANDING 18.160 MILLION OZ.+ 4.5 MILLION EX. FOR RISK/PRIOR= NEW TOTAL OF 22.660 MILLION OZ
//NEW STANDING FOR SILVER IS THUS 22.660 MILLION OZ
//SMALL SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) MEGA HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 2408 CONTRACTS)/
0 SIZED EX.FOR RISK =0 MILLION OZ//NEW TOTAL FOR EX. FOR RISK + 4.5 MILLION OZ.
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – REMOVED 162 CONTRACTS (the cme will no longer provide preliminary no to be except through a paywall)
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS DEC. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF DEC:
TOTAL CONTRACTS for 7 days, total 5836 contracts: OR 29.180 MILLION OZ (972 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 29.180 MILLION OZ
LAST 23 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
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 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
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 29.180 MILLION OZ//THIS IS GOING TO BE A STRONG ISSUANCE OF EFP’S FOR THIS MONTH.
RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 198CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.80 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A GIGANTIC EFP ISSUANCE CONTRACTS: 1175 ISSUED FOR FEB AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR DEC. OF 18.755 MILLION OZ FOLLOWED BY TODAY’S 235,000 OZ E.F.P. JUMP TO LONDON /NEW TOTAL STANDING 18.160 MILLION OZ//+ 0 MILLION EX. FOR RISK + 4.5 MILLION OZ EXCHANGE FOR RISK/PRIOR//NEW TOTAL 22.660 MILLION OZ.
NEW STANDING 22.660 million OZ /// WE HAVE A HUGE SIZED GAIN OF 1373OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUGE SIZED 2408CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY RAID COMEX SESSION. THE NEW TAS ISSUANCE FRIDAY NIGHT (2408) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 0 NOTICE(S) FILED TODAY FOR NIL OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 4752CONTRACTS TO 480,359 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – REMOVED 107 CONTRACTS
WE HAD A GOOD SIZED DECREASE IN COMEX OI ( 4645 CONTRACTS) WITH OUR $31.80 LOSS IN PRICE//FRIDAY. WE ALSO HAD A RATHER LIGHT INITIAL STANDING IN GOLD TONNAGE FOR DEC.. AT 44.914 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 5300 OZ QUEUE JUMP + 0 ISSUANCE OF EX. FOR RISK CONTRACTS // TOTAL GOLD STANDING FOR DEC SO FAR INCREASES TO 46.354 TONNES // ALL OF..THIS HAPPENED WITH OUR $31.80 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A SMALL SIZED LOSS OF 489OI CONTRACTS (1.5209)PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4156CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 480,466
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 596 CONTRACTS WITH 4752 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 4156EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 596 CONTRACTS OR 1.854 TONNES. WE HAD 0 CONTRACTS EXCHANGE FOR RISK FOR 0.0 TONNES/EX FOR RISK PRIOR = 4.634 TOTAL EX. FOR RISK TONNES//NEW TOTAL STANDING 41.720 TONNES + 4.634 TONNES= 46.354 TONNES.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GIGANTIC 5475 CONTRACTS.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4156CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (4645) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 596 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 44.914 TONNES FOLLOWED BY TODAY’S 5300 OZ QUEUE JUMP + 4.634 TONNES EX. FOR RISK PRIOR//NEW STANDING 46.354 TONNES / / 3) CONSIDERABLE LONG LIQUIDATION AND HUGE TAS LIQUIDATION WITH PROBABLE SHORT LIQUIDATION AT THESE LOWER PRICES 4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 5475 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
DEC
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC. :
TOTAL EFP CONTRACTS ISSUED: 32,202 CONTRACTS OR 3,220,200 OZ OR 100.167TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 4600 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAY(S) IN TONNES 100.167 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 100.167/3550 x 100% TONNES 2.81% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( 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
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 100.167 TONNES. THIS MONTH MAY TURN INTO A WHOPPER OF E.F.P. ISSUANCE
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 DEC. WE ARE NOW INTO THE SPREADING OPERATION OF 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 NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), 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.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
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 SMALL SIZED 198CONTRACTS OI TO 136,799 AND FURTHER 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. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1175 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MARCH 1175 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1175 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 360 CONTRACTS AND ADD TO THE 1175 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1373CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 6.865 MILLION OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 21.88 PTS OR 0.74% //Hang Seng CLOSED DOWN 132.83 PTS OR 0.81% /The Nikkei CLOSED UP 483.04 PTS OR 1.50% //Australia’s all ordinaries CLOSED UP 0.06 % /Chinese yuan (ONSHORE) closed DOWN AT 7.1764 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1909 /Oil UP TO 70.83 dollars per barrel for WTI and BRENT DOWN AT 75.71/ Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 4752 CONTRACTS TO 480,359 DESPITE OUR HUGE LOSS IN PRICE OF $31.80 WITH RESPECT TO FRIDAY TRADING. WE MUST HAVE HAD STRONG LONG SPEC LIQUIDATIONS IN THE SESSION.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF DEC..… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 4156 EFP CONTRACTS WERE ISSUED: : FEB 4156 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4156CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 596 CONTRACTS IN THAT 4156LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 4752 COMEX CONTRACTS..AND THIS SMALL LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE LOSS IN PRICE OF $31.80//FRIDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A HUGE SIZED 5423 CONTRACTS. THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE)//.
// WE HAVE A LIGHT AMOUNT OF GOLD TONNAGE STANDING: DEC (46.354 TONNES) ( ACTIVE MONTH)
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. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
DEC. 41.720 + 4.634 TONNES OF EXCHANGE FOR RISK = 46.354 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $31.80) //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD A SMALL SIZED LOSS OF596 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A HUGE T.A.S. LIQUIDATION ON THE FRONT END OF FRIDAY’S TRADING . THE T.A.S. ISSUED ON FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. WE ALSO EXPERIENCED SOME SPECULATOR SHORT COVERING
WE HAVE LOST A TOTAL OI OF 1.854PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR DEC. (44.914 TONNES) ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 5300 OZ QUEUE JUMP (FOR 0.1648 TONNES)//NEW TOTAL STANDING FALLS TO 41.720 + 4.634 TONNES EXCHANGE FOR RISK : NEW TOTAL 46.354 TONNES../ ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $31.80
WE HAD REMOVED –107 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET LOSS ON THE TWO EXCHANGES 596 CONTRACTS OR 59,600 OZ OR 1.854 TONNES.
Total monthly oz gold served (contracts) so far this month
12,546 notices 1,254,600 oz 39.023 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
x
0 dealer deposit:
total dealer deposits: nil oz
customer deposits: 0
i
total customer deposits: nil oz
we had 1 customer withdrawal
i) manfra: 289.359 oz (9kilobars)
total withdrawals 289.359 oz
Adjustments; 1
i) Manfra: customer to dealer: 7408.979 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DEC.
For the front month of DECEMBER we have an oi of 980 contracts having GAINED 50 contracts. .We had 3
contracts served upon FRIDAY, so we GAINED or an additional 53 CONTRACTS OR 5300 OZ (0.1648 tonnes) will stand for delivery at the comex
JAN. LOST 344 contracts FALLING TO 3302 contracts.
FEB LOST 5815 CONTRACTS FALLING TO 382,4365
We had 113 contracts filed for today representing 11,300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 113 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 83 notice(s) was (were) stopped ( received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the DEC. /2023. contract month, we take the total number of notices filed so far for the month (12,546 x 100 oz ), to which we add the difference between the open interest for the front month of DEC. (980 CONTRACTS) minus the number of notices served upon today 113 x 100 oz per contract equals 1,341,300 OZ OR 41.720 TONNES + 4.634 TONNES EX. FOR RISK ISSUED/PRIOR/ (FOR DELIVERY HERE) = 46.354 TONNES.
thus the INITIAL standings for gold for the DEC.contract month: No of notices filed so far (12,546) x 100 oz + (980) {OI for the front month} minus the number of notices served upon today (113) x 100 oz) which equals 1,341,300 oz standing OR 41.720 TONNES + 4.634 tonnes of ex. for risk = 46.354 TONNES
TOTAL COMEX GOLD STANDING FOR DEC: 46.354 TONNES WHICH IS LIGHT FOR THE BIGGEST ACTIVE DELIVERY MONTH IN THE CALENDAR. THEY PROBABLY KNOW THAT NO REAL GOLD IS PRESENT AT THE COMEX.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 20,074,059.747 OZ
TOTAL REGISTERED GOLD 10,267,380.854 (319.358 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,806,668,893 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,708,031 oz (REG GOLD- PLEDGED GOLD) 270,85 tonnes
END
SILVER/COMEX
DEC 8
//2023// THE DEC 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
8651,350 oz CNT Brinks
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
2811.126 oz
Delaware
No of oz served today (contracts)
0 CONTRACT(S) (NIL OZ)
No of oz to be served (notices)
1087 contracts (5.435,000 oz)
Total monthly oz silver served (contracts)
2545 Contracts (12,725,000 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 deposit: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i)Into Delaware: 2811.126 oz
total customer deposit 2811.126 oz
JPMorgan has a total silver weight: 133.841 million oz/267.536 million or 49.81%
Comex withdrawals 2
i) Out of CNT: 7155.150 oz
ii) Out of Brinks 996.200 oz
total withdrawals 8151.350 oz
adjustments: 0
TOTAL REGISTERED SILVER: 44.913 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.536 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF DEC /2023 OI: 1087 CONTRACTS HAVING LOST 82 CONTRACT(S).
WE HAD 35 CONTRACTS SERVED ON FRIDAY, SO WE LOST 47 CONTRACT OR 235,000 OZ WERE
E,F,P, JUMPED TO LONDON WHERE THEY WILL TAKE DELIVERY OF SILVER ON A T + 2 BASIS OVER ON THAT SIDE OF THE POND.
JAN GAINED 1 CONTRACTS UP TO 1938 CONTRACTS
FEB LOST 4 CONTRACTS TO STAND AT 68
MARCH LOST 892 CONTRACTS TO 115,534 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 56,674,// fair
Comex volume: confirmed yesterday 92,402 strong
To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 2545 x 5,000 oz = 12,725,000 oz
to which we add the difference between the open interest for the front month of DEC. (1087) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the DEC/2023 contract month: 2545 (notices served so far) x 5000 oz + OI for the front month of DEC. (1087) – number of notices served upon today (0 )x 500 oz of silver standing for the DEC contract month equates to 18.160 MILLION OZ. to which we add 0 million oz of exchange for risk today and then add prior exchange for risk of 4.5 million oz. New total standing: 22.66 million oz.
There are 44.913 million oz of registered silver.
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
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
DEC11/WITH GOLD DOWN $21.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD:. // / / //
/// INVENTORY RESTS AT 880.55 TONNES
DEC 8/WITH GOLD DOWN $30,80 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD:. // / / // A WITHDRAWAL OF .28 TONNES OF GOLD FROM THE GLD/// INVENTORY RESTS AT 880.55 TONNES
DEC 7/WITH GOLD DOWN $.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD:. // / / // // INVENTORY RESTS AT 880.83 TONNES
DEC 6/WITH GOLD UP $11.70 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.29 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 880.83 TONNES
DEC 5/WITH GOLD DOWN $5.85 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.30 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 881.12 TONNES
DEC 4/WITH GOLD DOWN $43.15 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.31 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 878.82 TONNES
DEC 1/WITH GOLD UP $32.05 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 876.51 TONNES
NOV 30/WITH GOLD DOWN $8.70 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 878.53 TONNES
NOV 29/WITH GOLD UP $7.20 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD. // / / // // INVENTORY RESTS AT 880.55 TONNES
NOV 28/WITH GOLD UP $26.45 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: // / / // // INVENTORY RESTS AT 882.28 TONNE
NOV 27/WITH GOLD UP $9,85 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: // / / // // INVENTORY RESTS AT 882.28 TONNES
NOV 24/WITH GOLD UP $11.20 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD// / / // // INVENTORY RESTS AT 882.28 TONNES
NOV 22/WITH GOLD DOWN $8.45 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD / / // // INVENTORY RESTS AT 883.43 TONNES
NOV 21/WITH GOLD UP $21.65 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD / / // // INVENTORY RESTS AT 883.43 TONNES
NOV 20/WITH GOLD DOWN $4.15 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A MAMMOTH DEPOSIT OF 12.98 TONNES INTO THE GLD:/ / // // INVENTORY RESTS AT 883.43 TONNES
NOV 17/WITH GOLD DOWN $1.85 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 16/WITH GOLD UP $22.70 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 15/WITH GOLD DOWN $1.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 870.45 TONNES
NOV 14/WITH GOLD UP $16.35 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:/ / // //A DEPOSIT OF 2.3 TONNES OF GOLD INTO THE GLD// INVENTORY RESTS AT 870.45 TONNES
NOV 13/WITH GOLD UP $12.00 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD:/ / // //A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD// INVENTORY RESTS AT 868.15 TONNES
NOV 10/WITH GOLD DOWN $30.70 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 867.28 TONNES
NOV 9/WITH GOLD UP $12.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / // // INVENTORY RESTS AT 867.28 TONNES
NOV 8/WITH GOLD DOWN $14.95 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A MASSIVE DEPOSIT OF 4.04 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 867.28 TONNES
NOV 7/WITH GOLD DOWN $14.70 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 4.33 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 863.24 TONNES
NOV 6/WITH GOLD DOWN $9.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD/ / // // INVENTORY RESTS AT 863.24 TONNES
NOV 3/WITH GOLD UP $5.75 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / // // INVENTORY RESTS AT 861.51 TONNES
NOV 2/WITH GOLD UP $6.55 TODAY:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD/ // // INVENTORY RESTS AT 861.51 TONNES
NOV 1/WITH GOLD DOWN $6.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 859.49 TONNES
OCT 31/859.49 TONNES//
OCT 30/WITH GOLD UP $7.80 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 861.80 TONNES
OCT 27/WITH GOLD UP $1.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD // // INVENTORY RESTS AT 861.80 TONNES
OCT 26/WITH GOLD UP $2.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD// // INVENTORY RESTS AT 861.80 TONNES
OCT 25/WITH GOLD UP $9.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD:/: //: // INVENTORY RESTS AT 860.07 TONNES
GLD INVENTORY: 880.55 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
DEC 11/WITH SILVER DOWN 19 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/: A ////INVENTORY RESTS AT 434.735 MILLION OZ
DEC 8/WITH SILVER DOWN 80 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.648 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 434.735 MILLION OZ
DEC 7/WITH SILVER DOWN 15 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/: // //://// //INVENTORY RESTS AT 433.090 MILLION OZ
DEC 6/WITH SILVER DOWN 25 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/: // //://// //INVENTORY RESTS AT 433.090 MILLION OZ
DEC 5/WITH SILVER DOWN 34 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 0.305 MILLION OZ FROM THE SLV// //://// //INVENTORY RESTS AT 433.090 MILLION OZ
DEC 4/WITH SILVER DOWN 90 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 0.7333 MILLION OZ FROM THE SLV// //://// //INVENTORY RESTS AT 433.395 MILLION OZ
DEC 1/WITH SILVER UP 15 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 1.923 MILLION OZ FROM THE SLV// //://// //INVENTORY RESTS AT 434.128 MILLION OZ
NOV 30/WITH SILVER UP 20 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV/ //://// //INVENTORY RESTS AT 436.051 MILLION OZ
NOV 29/WITH SILVER UP 15 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 4.122 MILLION OZ FROM THE SLV// //://// //INVENTORY RESTS AT 436.051 MILLION OZ
NOV 28/WITH SILVER UP 64 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV //://// //INVENTORY RESTS AT 440.173 MILLION OZ
NOV 27/WITH SILVER UP 32 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV //:////A WITHDRAWAL OF 1,008,000 OZ FROM THE SLV. //INVENTORY RESTS AT 440.173 MILLION OZ
NOV 24/WITH SILVER UP 70 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV //:////A WITHDRAWAL OF 549,000 OZ FROM THE SLV. //INVENTORY RESTS AT 441.181 MILLION OZ
NOV 22/WITH SILVER DOWN 21 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV //://// //INVENTORY RESTS AT 441.730 MILLION OZ
NOV 21/WITH SILVER UP 32 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.794 OZ FROM THE SLV//://// //INVENTORY RESTS AT 441.730 MILLION OZ
NOV 20/WITH SILVER DOWN 26 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1,824,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 438.936 MILLION OZ
NOV 17/WITH SILVER DOWN 6 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1,832,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 437,104 MILLION OZ
NOV 16/WITH SILVER UP 38 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 778,000 OZ FROM THE SLV//://// //INVENTORY RESTS AT 440.768 MILLION OZ
NOV 15/WITH SILVER UP 39 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV://// //INVENTORY RESTS AT 441.587 MILLION OZ
NOV 14/WITH SILVER UP 78 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 183,000 OZ INTO THE SLV ////// //INVENTORY RESTS AT 441.587 MILLION OZ
NOV 13/WITH SILVER UP 5 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: ////// //INVENTORY RESTS AT 441.364 MILLION OZ
NOV 10/WITH SILVER DOWN 59 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .733 MILLION OZ INTO THE SLV////// //INVENTORY RESTS AT 441.364 MILLION OZ
NOV 9/WITH SILVER UP 17 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
NOV 8/WITH SILVER UP 13 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
NOV 7/WITH SILVER DOWN 59 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
NOV 6/WITH SILVER DOWN 6 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: //// //INVENTORY RESTS AT 440.631 MILLION OZ
NOV 3/WITH SILVER UP 41 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.638 MILLION OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 440.631 MILLION OZ
NOV 2/WITH SILVER UP 11 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.924 OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 439.993 MILLION OZ
NOV 1/WITH SILVER DOWN 11 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 916,000 OZ OF SILVER FROM THE SLV///// /// /INVENTORY RESTS AT 441.917 MILLION OZ
OCT 31/442.833 MILLION OZ///INVENTORY
OCT 30/WITH SILVER UP 46 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV: /// /// /INVENTORY RESTS AT 443.750 MILLION OZ
OCT 27/WITH SILVER UP 3 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 641,000 OZ FROM THE SLV/// /// /INVENTORY RESTS AT 443.750 MILLION OZ
OCT 26/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ /// /INVENTORY RESTS AT 444.391 MILLION OZ
OCT 25/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ /// /INVENTORY RESTS AT 444.391 MILLION OZ
According to the latest non-farm payroll report from the Bureau of Labor Statistics (BLS) the US economy added 199,000 new jobs in November and the unemployment rate dropped to 3.7%. This was widely viewed as a “strong” jobs report. According to one mainstream analyst, the November employment data “portrays an economy that is easing toward a soft landing and is not on the brink of a recession.”
The mainstream is treating this as a “just right” jobs report. It wasn’t strong enough to scare the Federal Reserve into hiking rates. On the other hand, it was not weak enough to raise recession worries. Peter called it a “Goldilocks fairytale.”
Wall Street likes to pretend that everything is Goldilocks, but they forget how the story ends when the bears come back. But the bears are going to come and they’re going to eat Goldilocks’s porridge or Goldilocks.”
Despite all the hype, Peter said, “This is not a good number.”
But there was plenty of hype. The stock market closed up. The dollar ended up on the week. About the only thing that got whacked was gold. It got hammered down to just under $2,000 before recovering to slightly above that level. As Peter mentioned in his previous podcast, $2,000 appears to be the new support level, but he said gold could slide a little further on Monday and Tuesday.
Now, we might not. We might jump up. I don’t think there’s enough downside risk here for anybody to be concerned. … I would be more concerned about missing the upside than trying to buy the absolute bottom of a correction.”
Peter pointed out that the ADP private payroll data released earlier in the week came out worse than expected. So, who are you going to believe?
The estimate for the ADP report was 123,000 new private sector jobs and the number came in at 103,000. Inside that number, the economy lost 15,000 manufacturing jobs.
Those are good jobs. Those are the productive jobs that we need, and they have higher pay. Probably, the people who lost those manufacturing jobs, well, maybe they got a couple of part-time jobs working in a restaurant or in a hotel, or doing something to replace the paycheck that they lost. But they need two or three jobs, and that’s the story of this so-called strong labor market — people replacing good jobs with multiple bad jobs.”
The ADP report also showed a drop in leisure and hospitality jobs. That sector has driven recent job growth.
That set the stage for the BLS report and probably made people think it was going to be disappointing.
It’s important to point out that the BLS revised down the prior two months by about 35,000 jobs. In fact, the agency has revised every report this year down after the fact except for one.
So, to take this month at face value, because we beat by 19,000 jobs, and say, ‘Hey look! We created more jobs than we thought.’ — It’s very likely that by next month, they’re going to revise this month’s number lower. And so, it wouldn’t have been a beat. It would have been a miss. But no one’s going to care because they’re going to be focusing on the December number, which may be another beat that gets revised to a miss in January that nobody cares about because everybody forgot about December and now they’re looking at January.”
Of the 199,000 jobs the BLS claims the economy created, about 24% were auto workers and motion picture workers returning to their jobs after strikes.
Were these jobs really created? No. The jobs were there. It’s just that the people who had the jobs were on the picket lines instead of the production lines or whatever they’re doing in motion pictures.”
Of the rest of the jobs, 82% were in the healthcare and government sectors.
We don’t want government jobs! First of all, where is the government getting the money to pay all of these workers? They’re borrowing it! … These are not productive jobs. What are these government workers going to do with their paychecks? Well, thet’re going to buy stuff that they didn’t help produce and push up the price.
And there is a limit on how many healthcare workers the economy can support.
Healthcare is already bloated. We already spend way too much money. You know, a lot of the health care workers are just handling paperwork that has to do with insurance. And we have an excess amount of insurance because we have an excess amount of government involvement.”
The manufacturing sector reported a 28,000 job gain. But 30,000 auto workers returned to work. In other words, the economy shed 2,000 manufacturing jobs.
The government numbers reported an additional 40,000 jobs in leisure and hospitality. The ADP reported a loss in this job category.
They’re talking about the same month. They can’t both be right. And neither of them are probably right. That’s why these numbers don’t even mean anything. That is the whole point.”
And yet so many people spend so much time and energy obsessing over these numbers.
Of course, the government wants to give you good news. So, it’s not a big surprise when the government gives you good news. The whole thing is rigged anyway. The media, the government, it’s all a bunch of propaganda.”
Peter pointed out that most of the people fixated on the jobs numbers don’t understand what’s going in in the broader economy.
None of these numbers are going to matter when we have a huge crisis and all of a sudden it hits the fan. We basically started a financial crisis in March. And if the Fed hadn’t made the mistake of backstopping the whole thing and kicking the can down the road, who knows where we’d be right now.
2,c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens, John Rubino
3. CHRIS POWELL//GATA GOLD COMMENTARIES:
James Hanson: Finding a home for paper gold again
Submitted by admin on Sun, 2023-12-10 08:22Section: Daily Dispatches
8:22a :Sunday, December 10, 2023
Dear Friend of GATA and Gold:
James Hanson, who recently retired as a financial analyst for the U.S. Federal Deposit Insurance Corp., has written an essay showing how U.S. regulators long have been striving to obscure the positions taken in gold derivatives by U.S. banks.
Hanson writes: “Manufactured prices of commodities devoid of fair price discovery cause misallocations of resources and penalize industry, employees, investors, and taxpayers. Furthermore, condoning obfuscation of gold as commodity activity can result in disruptions of supply chains, such as the ‘aluminum shuffle’ or ‘copper as bullion’ classification by the Office of the Comptroller of the Currency to permit banks to escape position limits.”
The result is to make it nearly impossible for the world to see what the U.S. government and its agents are doing to undermine a currency competing with the U.S. dollar.
Hanson’s analysis is titled “Finding a Home for Paper Gold Again” and is posted in PDF format here:
Submitted by admin on Sat, 2023-12-09 14:51 Section: Daily Dispatches
2:52p ET Saturday, December 9, 2023
Dear Friend of GATA and Gold:
In a 35-minute video, Peak Prosperity’s Chris Martenson explains how central banks can manipulate the prices of all futures contracts in the United States — commodity, financial, and agricultural — through the Chicago Mercantile Exchange’s “Central Bank Incentive Program,” which provides central banks and related institutions with volume trading discounts for trading futures secretly. The CME operates all major futures markets in the United States.
Martenson notes that while the program nominally excludes the U.S. central bank, the Federal Reserve, this exclusion is essentially meaningless, insofar as the Federal Reserve commonly has currency swap lines with other central banks, which presumably can use the “Central Bank Incentive Program” to execute trades for the Fed with the Fed’s money.
As a result, Martenson notes, world markets are hardly markets at all.
This is another issue ripe for investigation by financial journalism should it ever reappear on Earth.
Martenson’s analysis is headlined “Central Bank Hanky Panky” and can be viewed at Peak Prosperity here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
Ted Butler: What happened?
Submitted by admin on Sat, 2023-12-09 08:45Section: Daily Dispatches
By Ted Butler SilverSeek.com Wednesday, December 6, 2023
Of course I’m referring to the wild price ride in gold and silver from Friday’s near all-time price high in gold to Sunday evening’s initial blast to the upside of as much as $60, to a selloff of $120 and to where gold closed trading yesterday lower by more than $50 from where it closed on Friday.
Silver fared even worse, up barely 50 cents at the price highs Sunday evening, only to finish yesterday down $1.30 from Friday’s close (and even lower today).
Given the unusual price volatility, there were countless stories seeking to explain what happened. Please accept this as my explanation.
As always, the price volatility was the direct result of paper positioning on the Comex, no more, no less — albeit more extreme than usual.
As described in the weekly review, from the price lows of early October, gold had rallied by $220 and silver by $4.25 into Nov 28 (the latest commitment-of-traders report), driven higher by the buying of 140,000 net gold contracts (14 million ounces) and 29,000 net silver contracts (145 million ounces) by the managed money traders (technical funds). Continued managed money buying from Nov 28 through last Friday undoubtedly drove gold and silver prices higher into Friday’s even higher close. …
This article was written on Wednesday, December 6, 2023.
Of course, I’m referring to the wild price ride in gold and silver from Fridays near all-time price high in gold, to Sunday evening’s initial blast to the upside of as much as $60, to a selloff of $120 and to where gold closed trading yesterday lower by more than $50 from where it closed on Friday. Silver fared even worse, up barely 50 cents at the price highs Sunday evening, only to finish yesterday down $1.30 from Friday’s close (and even lower today).
Given the unusual price volatility, there were countless stories seeking to explain what happened. Please accept this as my explanation. As always, the price volatility was the direct result of paper positioning on the COMEX, no more, no less – albeit more extreme than usual. As described in the weekly review, from the price lows of early October, gold had rallied by $220 and silver by $4.25 into Nov 28 (the latest COT report), driven higher by the buying of 140,000 net gold contracts (14 million oz) and 29,000 net silver contracts (145 million oz) by the managed money traders (technical funds). Continued managed money buying from Nov 28 through last Friday undoubtedly drove gold and silver prices higher into Friday’s even higher close.
As price trend followers, it is natural and customary for the managed money technical fund traders to buy on rising prices (they sell on falling prices). No doubt that they bought heavily into Friday’s sharp rally in gold, as the close to near all-time price highs is about the strongest buy signal a technical fund can get. Therefore, it was no surprise that these traders were geared up and in position to buy even more as soon as the COMEX (Globex) trading opened Sunday evening at 6 PM EST. And buy they did, quickly driving gold prices higher by more than $60 to $2152.
Of course, what the managed money traders were buying hand over fist in early trading Sunday evening wasn’t actual gold or silver, but were COMEX futures contracts and being derivatives contracts, there had to be an equal number of derivatives contracts sold (also hand over fist) to satisfy the managed money buying. Those sellers were the principal counterparties of the managed money traders – the commercials. Since the one category of commercials (the raptors) were holding a net long position down to only 7400 net long contracts on Nov 28, it is simple to conclude that the 20,000 or more new long contracts purchased in early Sunday evening trading by the managed money traders were new short sales by the commercials as a whole.
Early Sunday evening, before prices began to fall, I would estimate that the managed money buying since early October had reached at least 160,000 net gold contracts (16 million oz) and the total commercial net short position had reached at least 240,000 contracts (24 million oz), with practically all those short contracts held by just the 8 largest commercial shorts – the largest levels in a year and a half.
At this point, the question of whether we were going into Izzy’s full pants down premise of the commercials failing to contain prices for the first time ever and then to begin buying back shorts sending prices even more sharply (and uncontrollably) higher or whether the commercials could turn prices back down became critical. It quickly became obvious that the commercials were still in full and manipulative control and soon it was the managed money traders in panic and full retreat – yet again.
I’m sticking to the price action in gold, even though silver was manhandled by the commercials even more to the downside, as befitting it being the most manipulated market in the world. I can assure you that the intentional commercial inducing of the managed money traders to buy the maximum number of COMEX gold and silver contracts right up to the peak of prices early Sunday evening and the subsequent pulling of the plug on prices to then induce managed money selling is the full and complete explanation for the wild price action just witnessed. It had nothing to do with the dollar, interest rates, inflation, the deep state’s plan to enslave us all or the 49ers trashing of the Eagles. It’s what the crooked and collusive COMEX commercials always do.
Backing up what I contend is the only true version of what actually happened is the sharp drop in total open interest in both gold and silver when all the dust settled. Both on Monday and yesterday, total open interest in both COMEX gold and silver contracted sharply from the close of trading on Friday, with total gold open interest falling by 22,000 contracts and silver by 5700 contracts from Friday’s close. What this means is that everyone of what I would estimate to have been the 20,000+ new gold contracts bought by the managed money traders early Sunday evening and sold short by the commercials were all liquidated or closed out with losses to the managed money traders and profits to the commercials of as much as $100 or so, some $200 million in total.
Not only were the new buys early Sunday evening so costly to the managed money traders (and profitable to the commercials), since the price declines persisted into Tuesday, there can be no doubt additional losses were taken by the managed money traders which went on to sell long positions established last week – otherwise, there wouldn’t have been such sharp declines in total open interest Monday and yesterday.
Therefore, the only explanation for what the heck happened from the close of trading on Friday through yesterday’s close was the highly-deliberate positioning of futures contracts on the COMEX, in which the collusive commercials, once again, tricked the managed money traders into first buying high, only to then sell lower a short while later. While some may be quick to credit the commercials as being astute traders – always selling high and then buying low – a slightly deeper review would reveal that this is at the core of the long-term price manipulation on the COMEX in gold, but particularly in silver, and that is illegal under US commodity law. Please let me explain (again).
Since the managed money traders are openly acknowledged as being speculators and their excessive buying and selling is what causes prices to rise and fall, it’s easy to cast their pronounced buying and then selling these past few days as excessive speculation – which is clearly against US commodity law and the regulators, both the federal regulators, the CFTC, and the designated industry self-regulator, the CME Group, Inc., have been beyond negligent in not cracking down on the excessive speculation by the managed money traders.
The reason for the regulatory negligence in the case of the CFTC, is because to come out now and label the speculative trading by the managed money traders as excessive after 4 decades would make the agency look really bad. In the case of the CME Group, excessive speculation by the managed money traders brings great profits to the organization and no explanation is required as to why it looks the other way.
But as clear as the managed money trading being excessive speculation may be, it’s what the commercials are doing that is even worse. Although many still mistakenly believe that the commercials (largely banks and financial institutions) are somehow legitimately hedging in their counterparty positioning against the managed money traders – that’s nonsense. The truth is that the commercials are speculating every bit as much as the managed money traders are speculating. The commercials sell when the managed money traders buy and buy when the managed money traders sell to make speculative profits. Hedging has nothing to do with it.
Both the managed money traders and the commercials are engaging in excessive speculation, strictly against the law, with greater blame having to be leveled against the commercials because they are clearly tricking the managed money traders into and out from positions and not vice versa – all while the CFTC and CME Group, pretend all is well. All isn’t well, as the real losers are everyone outside the private COMEX betting game, which have to live with the artificial prices determined on the COMEX – particularly in silver.
None of this is new and I don’t intend to spend the rest of this article further describing what just happened. Clearly, the collusive COMEX commercials just won a significant price battle and may very well succeed in a further downside flush out below all the key moving averages. That’s not a prediction, just an observation based upon what I (and most of us) have witnessed over the past 40 years. Regardless, I want to look ahead and describe what I see as inevitable in silver and the price war that has raged for decades. Conditions in the physical silver market have continued to deepen and that, and that alone, assures the outcome of the price war as being sharply higher prices.
While it is undeniable that COMEX paper positioning has set prices for the past 40 years, it is the deepening physical silver shortage that will determine prices in the end, and from everything I see, the end can’t be that far away. The 40-year suppression of silver prices has so altered demand (higher) and supply (lower), that even the Silver Institute now acknowledges that the entire annual world mine supply is needed for industrial (non-investment) demand and then some, leaving no new mine supply available for investment. This is a circumstance unprecedented in modern history.
Over the past three years, the growing physical shortage in silver (more demand than supply) has resulted in a dramatic reduction in recorded world inventories. Each week, I highlight the shrinkage in the two largest stockpiles of recorded silver inventories in the world, the COMEX warehouses and in SLV, the largest silver ETF. Together, these two stockpiles represent fully-half (700 million oz) of all the total recorded silver inventories of just under 1.3 billion oz.
Three years ago, the combined silver holdings in the COMEX warehouses and in SLV amounted to 1.1 billion oz, out of the then total recorded inventories of 1.7 billion oz (as of Feb 2, 2021). What I haven’t discussed until now is the rate of reduction or shrinkage in recorded world silver inventories. While it is true that both total world silver inventories and the combined holdings in the COMEX warehouses and in SLV have both declined by 400 million oz through today from three years ago, 350 million oz of the decline occurred over the two years at the end of last year, 2022 and with 50 million oz occurring over the balance of this year.
Clearly, the rate of decline in world recorded silver inventories has slowed dramatically this year, despite what the Silver Institute describes as perhaps the tightest supply/demand situation ever in silver and with other reports from them pointing to sharply growing industrial demand for silver for as far as the eye can see. What could possibly explain the sharp reduction in the rate of decline in the level of recorded silver inventories in the face of what can only be termed ever-greater industrial demand and stagnant to shrinking supply?
The answer to this question is behind what led me to speculate early this year that the combine silver inventories in the COMEX and in SLV, then close to 750 million oz had reached bed-rock bottom levels because it was likely that those remaining inventories were owned by investors that were unlikely to sell at current (or lower) prices. I was both right and wrong. Wrong in that we did fall another 50 million oz to this point, but right that the rate of decline would be sharply reduced. After declining by 350 million oz over the prior two years into the end of 2022, an annual rate of 175 million oz; the rate of decline has fallen to 50 million oz this year.
The reasoning behind my speculation that we were at or close to the bed-rock level of how far recorded silver inventories could fall appears validated, even if my speculation about the actual levels of the inventory shrinkage being off. I guess it comes down to whether those that own the silver on the COMEX and in SLV (and in the other silver ETFs) have any say with when and at what price they will be willing to sell their silver. I believe the actual owners have a lot of say and they are demonstrating an extreme reluctance to parting with their silver at the current ultra-suppressed prices, as seems extremely logical to me.
Therefore, the rate of decline in recorded silver inventories should continue to abate, just as it has done this year. My point is that while the collusive and crooked COMEX commercials may have more price-rigging intentions to induce additional managed money selling, at some point soon that price-rigging will run into the wall of the physical silver shortage reality. And please keep in mind that my dissertation on whatever the actual rock-bottom level of COMEX and SLV silver inventories may be is central to my still-unanswered question of the S.E.C. and CFTC about possible double-counting in these two holdings – a question requiring little more than a phone call to JPMorgan and maybe a minute or two.
As far as what this week’s new COT report will indicate as of yesterday’s cutoff, while I can’t venture a prediction because of the extremely bifurcated price action over the reporting week, I can say something with certainty (and as described above). The managed money traders were massive buyers of new gold longs (less so in silver) early Sunday evening, with the collusive commercials selling short every contract the managed money traders bought. Shortly thereafter, once the managed money traders bought all the gold contracts they could, the commercials then rigged prices lower and turned the managed money traders into massive sellers (which the commercials then bought at prices sharply lower).
How this gets portrayed in Friday’s new COT report is less certain because the report will include managed money buying through last Friday from the previous week’s Tuesday cutoff. There are just too many variables and moving parts to make an accurate prediction for this week’s new report, notwithstanding my certainty about what actually transpired from Sunday evening through yesterday’s close.
And I must admit to a real sense of disappointment by the comments of those analysts that I do believe understand what I’ve described but continue to refuse to acknowledge the blatant manipulation that is the essence of COMEX trading. This scam would have ended long ago, had more dared to speak up about what has transpired for decades
The year is ending with a significant level of optimism among investors, focusing on an expected string of rate cuts from the Fed and an estimated economic soft landing.
However, a soft landing is a very rare event.
Since 1975, there have been nine rate hike cycles, and seven of them ended in a recession.
Why? We must understand that the concept of “landing” that the Federal Reserve repeats constantly is exactly that: a recession. A soft landing is a significant decline in the aggregate money supply, which entails lower credit and access to capital for families and businesses. There is no other way to lower inflation, which the extraordinary and unnecessary increase in the money supply in 2020 caused.
Why did we have no inflation between 2008 and 2019? Richard Burdekin explained it in his paper, “The US Money Explosion of 2020: Monetarism and Inflation (Scientific Research, Modern Economy, Vol. 11, Nov. 2020)”.
“The lack of inflation after 2008 certainly cannot be taken as proof that money no longer matters. Although a declining velocity of circulation did play some role, the key point is that the decline in the money multiplier largely offset the enormous increase in base money.”
Burdekin goes on to explain that:
“inflationary consequences remained minimal, however, owing to the soaring excess reserve ratios that greatly constrained the overall money supply increase at this time. By contrast, absent such extraordinary increases in bank reserve holdings, the initial consequences of the 2020 expansion differ markedly from the 2008–2009 case. Between February 2020 and September 2020, the monetary base rose from $3454.5 billion to $4880.4 billion, while M2 rose from $15,446.9 billion to $18,647.9 billion.”
The increase in money supply (M2) reached a massive 20.7% between February and September 2020.
Since then, accumulated inflation in the United States has exceeded 20%, and rate hikes, added to a reduction of the balance sheet of the major central banks, have been the answer to containing the rise in prices.
Inflation is coming down, but not as fast as it would have done considering the decline in money supply added to the increase in rates. The main reason is that fiscal policy, for the first time in decades, is moving in the opposite direction of monetary policy. And this is likely to create significant problems in the future.
Money-supply growth has been negative for twelve months, and the year-to-date decline stands at -4.5%. The reason why the economy is not showing significant negative effects from the first decline in money supply since the 1930s is because the amount of liquidity injected in 2020–21 was so enormous that there is a lag effect as savings are consumed, and the accumulated money growth effect keeps credit conditions relatively loose.
The problem is that inflation remains elevated. According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) in October rose 3.2% over the previous 12 months, while the core CPI rose 4.0% over the year. With the continued decline in monetary aggregates, the CPI’s measure of inflation should already be below 2.0%. Government spending and massive consumption of newly created units of currency are keeping inflation above where it should be.
If next year we see rate cuts and money supply growth, accumulated inflation from 2019 will likely surpass 23%, when it stands at 20.3% in the latest figure.
The massive destruction of the purchasing power of the currency continues.
Gold is now the only real defense against the loss of the purchasing power of fiat currencies. Bitcoin may have risen in 2023, but it is uncomfortably correlated with equities and bonds. However, anyway we look at it, the market understands that 2024 will bring some form of additional destruction of the value of our currency. Considering that risk, it is not a surprise to see that central banks have reached a record figure of purchases of gold in the first three quarters of 2023, surpassing the 800-tonne level. This record figure of gold purchases by central banks, a 14% increase from the 2022 level, reflects the need to strengthen and diversify their reserve base, reducing the exposure to sovereign debt, which has created net losses in the past two years, and increasing the holdings of an asset, gold, that guarantees stability and rising purchasing power over time.
Bitcoin, stocks, and bonds are all directly correlated with the expectations of a larger money supply and lower rates, but none of them are effective ways to offset the constant and inevitable destruction of currencies. Considering that central banks are looking to impose their own digital currencies, gold proves again that it is an essential asset in a portfolio where investors try to escape the collapse of money as we know it.
2023 has not been a sign of the success of central bank policies but a confirmation of their failure. Central banks have failed to comply with their target of price stability, while investors seem to find 3-4% acceptable if they receive the dose of monetary laughing gas they want.
The problem in 2024 is that soft landings are rare, that monetary contraction and rate hikes will show their true impact with the typical lag of twelve to fourteen months since the last hike, and that the federal government’s fiscal policy will continue to drive deficits and debt higher, which means consuming more newly created units of currency and debasing our salaries and savings. If the threat of central bank digital currencies is confirmed, gold will prove again its quality as a reserve of value and means of payment, but it is also likely to show that it is one of the few assets that protects investors in a recession.
Additionally, data from the statistics resource CoinGlass had cross-crypto long liquidations for the day stood at over $400 million.
And then another leg lower as US Senator Elizabeth Warren introduced legislation to address her concerns surrounding the alleged misuse of digital currencies in illicit activities, citing money laundering, drug trafficking, sanctions evasion, and more.
Which smashed BTC down to test support just above $40,000…
As Nik Hoffman reports at BitcoinMagazine, the bill, supported by a coalition within the Banking Committee, marks a significant push for increased oversight and regulation within the Bitcoin and cryptocurrency sphere. Citing risks associated with cryptocurrencies, Senator Warren stressed that digital currencies are used as an avenue for criminal activities, and that must be addressed through stringent regulatory frameworks.
“The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Warren. “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
Senator Warren’s bill aims to mandate stricter reporting requirements by extending the Bank Secrecy Act (BSA) responsibilities, including Know-Your-Customer (KYC) requirements, file reports on “transactions involving unhosted wallets”, and more. All in attempt to close “loopholes and bring the digital asset ecosystem into greater compliance.”
This bill is endorsed by Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center, and National Consumers League.
The proposed legislation comes at a time when the popularity and adoption of Bitcoin has surged worldwide, particularly in the United States. As next month, the Securities and Exchange Commission (SEC) will have to make a decision on whether to approve the US’s first spot Bitcoin exchange traded fund (ETF) or not, which if approved, could see massive institutional and retail demand for BTC.
Last Thursday, Senator Warren went live on CNBC claiming that North Korea is using Bitcoin and crypto to fund nearly half of its nuclear weapons program.
Take miners or validators as an example. these entities passively add transaction data to the blockchain. while they can exclude known sanctioned addresses, they are structurally incapable of “knowing” the identity of every user. It would be impossible for miners or validators to perform KYC on every public blockchain transactor. indeed, it cannot even be said that these entities even have a “customer” to “know.”
Warren’s bill also seeks to impose the bank secrecy act on non-custodial wallets, many of which are free and open source. to be clear, there is no such thing as “unhosted” digital wallets – these are just wallets.
Requiring non-custodial open-source software to perform bank-like compliance is *the big attack* bitcoin’s enemies have always threatened. it’s impossible for bitcoin core, for example, to comply with this, so it amounts to an effective ban of bitcoin in the USA.
These rules effectively ban crypto in america, and they fundamentally undermine the core innovation itself — P2P digital cash. if you believe humans should have the right to transact without an intermediary, you must oppose this bill. call your senators! this is the big fight!
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1764
OFFSHORE YUAN: DOWN TO 7.1909
SHANGHAI CLOSED UP 21.88 PTS OR 0.74%
HANG SENG CLOSED DOWN 132.88 PTS OR 0.81%
2. Nikkei closed UP 483.04 PTS OR 1.50%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 103.77 EURO RISES TO 1.0759 UP 7 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +.761 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.40/JAPANESE YEN NOW 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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN// OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.2600***/Italian 10 Yr bond yield UP to 4.057** /SPAIN 10 YR BOND YIELD UP TO 3.287…**
3i Greek 10 year bond yield DOWN TO 3.408
3j Gold at $1994.00 silver at: 22.97 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 1 AND 0 /100 roubles/dollar; ROUBLE AT 90.88//
3m oil into the 70 dollar handle for WTI and 75 handle for Brent/
3n Higher foreign deposits moving out of China// 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 144,33// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.770% STILL 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 0.8811 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9481 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: 4.277 UP 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.353 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.758 UP 3 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 28.99…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 6 BASIS PTS AT 4.104
end
2.a Overnight: Newsquawk and Zero hedge
Futures Flat As Yields Jump And Yen Plunges
MONDAY, DEC 11, 2023 – 08:19 AM
US equity futures are flat while global markets posted only modest moves at the start of a busy week of economic data and central bank meetings that will test optimism among investors that interest rates will soon head lower. As of 7:55am ET, S&P500 futures contracts fell just under 0.1%, off the session’s lows, while Nasdaq futures were also modestly lower. The dollar is higher, while 10Y yields are rapidly reversing all recent declines and up again on Monday, hitting a 1-week high of 4.28%; in commodities oil is recovering from the market’s longest weekly losing streak in five years while crypto tokens are swinging violently as Bitcoin drops back toward $40,000. Keep an eye on retailers following the weekend news of an LBO bid for Macy’s: XRT is up almost 16% from its Oct lows and sits about 11% from its 52-week high. Today’s macro data focus is the Fed’s 1-year inflation expectation; it may reflect similar optimism as the Univ of Michigan data which saw 1-year expectations fall from 4.5% to 3.1%.
In premarket trading, cryptocurrency-linked stocks fall on Monday as Bitcoin extends losses for a third consecutive session, its longest losing streak this month. Hive Digital Technologies -7.6%, Cipher Mining -4.1%, Terawulf -7.1%, Bitfarms -6.6%, Cleanspark -5.0%, Marathon Digital -5.0%, Riot Platforms -4.7%, Hut 8 Mining -4.8%, Coinbase Global -3.3% and MicroStrategy -3.2%. Macy’s jumped 22% on reports it had receives a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management. Occidental Petroleum dropped after reaching a deal to acquire Texas shale driller CrownRock for about $12 billion. Nike, Snap and Pinterest all rose after analyst upgrades. Here are some other notable premarket movers:
Cigna shares rise 12% after the US insurer’s plans of an additional $10 billion in buyback after calling off its pursuit of Humana Inc. Analysts were positive on Cigna’s decision and Jefferies upgraded its rating on the stock.
DoorDash and MongoDB shares rise as the stocks are set to be added to the tech-heavy benchmark Nasdaq 100 Index, among other names. DoorDash +2.0%, MongoDB +1.8%
HP Inc. shares jump 1.8% as Evercore ISI lifts its recommendation on the computer maker to outperform from inline, citing an expected recovery in the PC market in 2024.
Pinterest shares rise 3.5% after the social media company is upgraded to outperform from sector perform at RBC Capital Markets on its potential to benefit as it develops ways to better capture the impulse spending chunk of digital advertising.
Sea ADRs slump 8.9% after ByteDance’s TikTok agreed to combine its Indonesian e-commerce business with GoTo’s Tokopedia and take control of the merged operation, fueling concerns over increased competition for the online market place.
Alibaba ADRs fall 2.0%; the Chinese internet company owns Lazada, another e-commerce platform that operates in Indonesia. Alibaba’s international e-commerce arm, which includes Lazada, was the company’s fastest-growing unit in quarter ending September.
Snap shares rise 5.1% after the maker of the Snapchat app is upgraded to overweight from equal-weight at Wells Fargo, with a new Street-high price target. Analysts see a positive growth inflection for Snap as efforts to revamp its advertising business bear fruit.
Stellantis shares fall 0.3% after the company received its only sell-equivalent rating as Wells Fargo starts coverage of the automaker at underweight, reflecting its cautious sector stance heading into 2024.
The biggest mover in an otherwise quiet Monday came out of Japan, where the currency plunged 1% as traders dialed back bets that the negative-rate holdout would go into positive territory any time soon. That’s after Bloomberg reported citing “people familiar with the matter” that Bank of Japan officials have yet to see enough evidence of wage growth that would support sustainable inflation, just as we said would happen.
The Japanese yen has become the worst performing G10 currency this year. Meanwhile, over in China, much of the conversation has been around the weekend’s worse-than-expected deflation numbers, which have deepened fears around whether Beijing can revive demand in the economy. That’s weighing on the outlook for iron ore. Meanwhile,
As mentioned above, Macy’s received a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management. The take-private offer of $21 a share is a bet that the troubled retailer can execute its turnaround better away from the scrutiny of public markets. The shares are surging as much 22% in pre-market trading. One deal that’s fallen apart is Cigna’s mega combination with Humana — a deal that would have been one of the largest of the decade. Cigna is walking away from talks after struggling to agree on a price, particularly after a drop in Cigna’s shares. The insurer now plans a “significant” increase of its stock buybacks, according to a statement on Sunday where it refrained from mentioning the talks with Humana.
Deals aside, it is shaping up as a busy week with traders looking ahead to US inflation figures on Tuesday, a Federal Reserve policy decision Wednesday and retail sales numbers Thursday. Policy decisions at the European Central Bank and Bank of England add to a crowded calendar.
“This should also be the last busy week for the year after which we enter into the holiday illiquidity period,” said Mohit Kumar, chief European economist at Jefferies International. “Even though central banks are likely to push back on rate cuts, we do not see a sharp rise in rates which would derail the upward momentum.”
Oppenheimer CIO John Stoltzfus on Monday joined Fundstrat Global Advisors LLC’s Tom Lee in making the most bullish forecast, predicting a record high of 5,200 points for the US benchmark by the end of 2024. That’s about 13% higher than current levels. A Citigroup Inc. team led by Scott Chronert sees the gauge climbing to around 5,100.
Mark Haefele, chief investment officer at UBS Global Wealth Management, is among those who are more cautious. “US economic data will need to walk a fine line in the coming months to sustain the recent rally,” he said. “While we expect stocks to sustain recent gains and advance modestly higher in 2024, equity markets are already pricing in plenty of good news.” He sees the S&P 500 ending 2024 at 4,700. As a reminder, Wall Street analysts’ forecasts for the coming year are virtually always wrong.
European stocks are little changed, hovering near their highest since February 2022. Industrial, construction and media shares outperform while food & beverage names fall. Here are some of the biggest movers on Monday:
Schibsted gains as much as 17% after the Norwegian classified advertising and media firm entered a non-binding agreement to sell its news operations to its largest shareholder, a deal described by an analyst as “healthy financially”
BioArctic rises as much as 16%, hitting a two-month high, after Goldman Sachs initiated coverage on the Swedish biopharma company with a buy rating, calling it “very strongly positioned”
MorphoSys gains as much as 15% after the German biotech firm said a late-stage study showed its pelabresib drug in combination with ruxolitinib improved all four hallmarks of myelofibrosis
Ionos shares gain as much as 5.3% after JPMorgan raised its rating on the webhosting firm to overweight, citing signs of stabilization in the cloud industry and potential pricing upside
ITM Power rises as much as 7.5% after signing a capacity reservation agreement with a subsidiary of Shell. Analysts welcomed the news and said it validates ITM’s technology
Encavis shares fall as much as 7.1% after Morgan Stanley cut the utilities firm to underweight within its relative rating system.
Lonza shares fall as much as 4.1% as RBC double-downgraded the Swiss pharmaceutical supplier to underperform, giving the stock its only negative analyst rating. The lack of growth guidance at Lonza’s recent CMD means the broker’s “confidence is knocked”
Encavis falls as much as 7.1%, ERG drops as much as 4.6% and Endesa slides as much as 1% as Morgan Stanley cuts the European utilities to underweight within its relative rating system
Earlier in the session, Asian stocks extended declines led by weakness in China following Friday’s Politburo meeting and deflation fears. Japanese stocks rallied, tracking gains in the US last week. The MSCI Asia Pacific Index fell as much as 0.4%, with Alibaba, Tencent and Meituan among the biggest drags. Hong Kong-listed China stocks led the declines, followed by those in the mainland after worse-than-expected inflation data over the weekend and some disappointment over a Politburo meeting. The Philippines benchmark also declined.
Hang Seng and Shanghai Comp were pressured amid weakness in tech and property, while the data over the weekend showed a larger-than-expected decline in China’s consumer inflation and factory gate prices which suggests weak domestic demand.
Nikkei 225 gained following a pushback on recent BoJ speculation in which a source report on Friday noted recent comments by BoJ Governor Ueda were taken out of context and there was no intention to signal anything about the timing for a policy change.
Australia’s ASX 200 just about kept afloat as outperformance in the energy sector atoned for the lacklustre mood in metal miners and tech.
India stocks closed at a new high as sentiment remained upbeat amid buying from foreign investors and strong economic growth. The S&P BSE Sensex rose 0.1% to 69,928.53 in Mumbai, while the NSE Nifty 50 Index advanced by a similar magnitude. The MSCI Asia Pacific Index was down 0.1%. Gains in the benchmarks were driven by index heavyweights ICICI Bank, ITC and TCS. Resumptions of buying by global funds since beginning of November have driven local shares to record high with net purchases by the cohort surging to over $5 billion in that period.
“Downward momentum is still intact, because there is a gap between the policy and the execution, which is hindering its efficacy, thus no helping to turnaround confidence,” said Raymond Chen, fund manager at ZiZhou Investment Asset management. “With the pessimism prevailing, any negative such as the CPI drop will lead to further losses.”
In FX, the Japanese yen extended declines on reports the Bank of Japan see little need to rush into scrapping negative rates. USD/JPY rises over 1% to trade around 146.50. The Bloomberg Dollar Spot Index rose 0.1%.
In rates, treasuries declined, pushing US 10-year yields up 4bp to 4.27%, extending an 8 bps rise Friday on a stronger-than-expected US jobs report. Swaps traders scaled back bets on how much the Fed will cut rates next year, pricing in about 110 bps of easing, down from more than 120 bps. US inflation data is due Tuesday followed by the Federal Reserve’s policy meeting Wednesday and retail sales numbers Thursday.
In commodities, oil prices reversed an earlier gain to trade lower. WTI falls 0.8% to trade near $70.60. Spot gold is down 0.6%. Bitcoin drops 3.2%.
It is a busy week, with several central banks announcing their last decision for 2023 as well as CPI and retail sales data in the US, not to mention a triple witching opex this friday, but the US Calendar is relatively quiet to start the week with just the NY Fed consumer survey’s 1-Yr Inflation Expectations on deck.
Market Snapshot
S&P 500 futures little changed at 4,608.50
MXAP down 0.1% to 160.91
MXAPJ down 0.3% to 499.39
Nikkei up 1.5% to 32,791.80
Topix up 1.5% to 2,358.55
Hang Seng Index down 0.8% to 16,201.49
Shanghai Composite up 0.7% to 2,991.44
Sensex up 0.2% to 69,942.05
Australia S&P/ASX 200 little changed at 7,199.04
Kospi up 0.3% to 2,525.36
STOXX Europe 600 little changed at 472.70
German 10Y yield little changed at 2.26%
Euro little changed at $1.0763
Brent Futures little changed at $75.85/bbl
Gold spot down 0.5% to $1,994.02
US Dollar Index little changed at 104.10
Top Overnight News
China’s consumer prices fell 0.5% year on year in November, the sharpest decline in three years as the world’s second-largest economy grapples with worsening deflation. Consumer prices dropped by more than the 0.2% decline forecast by a Bloomberg survey of economists and exceeded October’s fall of 0.2%. FT
China’s state health insurance system has lost tens of millions of subscribers, as higher costs have put one of the world’s largest healthcare schemes out of reach for many people already struggling in a post-pandemic economic downturn. FT
BOJ officials see little need to rush into scrapping the world’s last negative interest rate this month as they have yet to see enough evidence of wage growth that would support sustainable inflation, according to people familiar with the matter. BBG
Israel’s national security adviser has warned that Israel “can no longer accept” the presence of Hizbollah forces on its northern border, and said it will have to “act” if they continue to pose a threat. Tensions between Israel and the powerful Iran-backed Lebanese militant group have been running high since the war between Israel and Hamas erupted two months ago, with repeated bouts of cross-border fire. FT
Supply-chain constraints have eased and manufacturers’ staffing has improved, executives and economists say, helping get production lines humming again and helping push down prices. Overall, prices for durable goods—long-lasting items such as consumer electronics—have fallen on a year-over-year basis for five straight months, according to the Commerce Department. For some product categories such as televisions, prices are lower now than before the pandemic, according to Circana, a firm that tracks consumer goods. Grocery and clothing prices have continued to move higher, the Commerce Department data show. WSJ
Recent inflation data have been an encouraging surprise even to our optimistic expectations, and our forecast path for year-on-year core PCE inflation has fallen somewhat as a result. Healthy growth and labor market data suggest that insurance cuts are not imminent, and with core CPI likely to print near 27bp on Tuesday and wage growth still too high we do not think that normalization cuts in response to a decline in inflation are either. But the better inflation news does suggest that normalization cuts could come a bit earlier than our previous forecast of 2024Q4. We are therefore pulling our forecast of the first cut forward to 2024Q3. GIR
OpenAI leaders warned of abusive behavior before Sam Altman’s ouster. The senior employees described Altman as psychologically abusive, creating chaos at the artificial-intelligence start-up — complaints that were a major factor in the board’s abrupt decision to fire the CEO. WaPo
Google’s new Gemini AI model is getting a mixed reception after its big debut, but users may have less confidence in the company’s tech or integrity after finding out that the most impressive demo of Gemini was pretty much faked. Tech Crunch
Cigna abandoned its pursuit of a tie-up with Humana that would have created a roughly $140 billion giant in the health-insurance industry (CI instead will add $10B to its buyback authorization, taking the total to $11.3B). WSJ
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after recent data releases including stronger-than-expected jobs data from the US and worsening deflation in China, while this week’s upcoming risk events, including US CPI data and a slew of central bank updates, added to the cautious mood. ASX 200 just about kept afloat as outperformance in the energy sector atoned for the lacklustre mood in metal miners and tech. Nikkei 225 gained following a pushback on recent BoJ speculation in which a source report on Friday noted recent comments by BoJ Governor Ueda were taken out of context and there was no intention to signal anything about the timing for a policy change. Hang Seng and Shanghai Comp were pressured amid weakness in tech and property, while the data over the weekend showed a larger-than-expected decline in China’s consumer inflation and factory gate prices which suggests weak domestic demand. US equity futures were lacklustre was participants braced for the looming risk events. European equity futures are indicative of a flat/firmer open with Euro Stoxx 50 future +0.1% after the cash market closed up 1.1% on Friday.
Top Asian News
China’s Industry Minister met with the Saudi Investment Minister and said that China is willing to cooperate with Saudi Arabia on new energy vehicles, aviation, photovoltaics and AI, according to Reuters.
Japanese PM Kishida plans to replace Industry Minister Nishimura, Chief Cabinet Secretary Matsuno and ruling party policy chief Haguida, while it was later reported that PM Kishida said he wants to consider appropriate measures at an appropriate time when asked about a cabinet reshuffle, according to Reuters.
China’s Industry Ministry says over 90% of existing NEV models would continue to enjoy purchase tax breaks as part of new technical requirements
European equities are mixed, Eurostoxx50 (U/C) with the FTSE 100 (-0.4%) the clear underperformer, hampered by losses in Basic Resources after Chinese inflation metrics on Saturday, which showed deeper deflation in both CPI and PPI. European sectors are mixed with the breadth of the market to the upside fairly narrow. Healthcare is lifted by Roche (+3.2%). US equity futures are flat/mixed, with markets ultimately lacking direction as markets await US CPI tomorrow ahead of the FOMC meeting on Wednesday; NQ (-0.2%) marginally lags with fresh fundamentals light.
Top European News
A split within the UK government regarding migration policy widened as PM Sunak braces for a crucial week ahead which includes a vote on the Rwanda bill and a grilling in the UK Covid inquiry, according to FT.
Goldman Sachs sees the first BoE rate cut in August 2024, with the pace of reductions faster than previously forecast, according to Bloomberg.
Public sector workers in Germany’s federal states agreed on a wage deal with employers, according to Reuters citing the Verdi union.
German government spokesperson says budget talks are at an advance stage, have cleared many issues
FX
DXY is off to a strong start to the week, with the index holding above 104.00 for most of the European session after edging higher from a 103.92 APAC low, before seeing a boost via JPY weakness following BoJ sources.
The JPY is the marked laggard this morning following reports that the BoJ is said to see little need to end negative rates in December, according to Bloomberg citing sources; which took USD/JPY to a 146.45 peak.
GBP & EUR stand as the very modest G10 outperformers, with specifics light ahead of their policy announcements on Thursday.
AUD, NZD, CAD are also modestly softer but to varying degrees amid the overall cautious mood in markets, whilst the Antipodeans feel some headwinds from Chinese inflation data.
BoJ said to see little need to end negative rates in December, via Bloomberg citing sources; intends to come to a decision based on data up to the last minute. Lacks proof of sustainable inflation. Not yet seen sufficient evidence of wage growth which would support sustainable inflation; officials view the potential cost of waiting for more data as not very high.
PBoC set USD/CNY mid-point at 7.1163 vs exp. 7.1690 (prev. 7.1123).
Fixed Income
Core benchmarks began the morning under modest pressure, with catalysts in European hours somewhat limited initially and the follow-through from Chinese deflation dissipating and only a short-lived boost from BoJ sources.
USTs are contained, but with a slight negative bias and modest upside at the short end of the curve – action which occurs without US-specific catalysts, but with participants cognisant of early US supply given Wednesday’s FOMC.
Bunds are holding around 134.70 with nothing specific on the agenda today but domestic participants are focused on German fiscal talks as weekend negotiations on the 2024 budget ended without agreement.
Once again, Gilts are the standout laggard as expectations continue to trim from dovish extremes ahead of Thursday’s BoE announcement.
Commodities
WTI and Brent futures edged higher overnight with the momentum somewhat petering out in early European hours, despite a lack of pertinent newsflow. As such, benchmarks are now in the red by circa. USD 0.50/bbl, but well within recent parameters.
Spot gold is on a softer footing amid a firmer Dollar and in a week littered with G10 central bank events; base metals are mixed amid the broader cautious tone coupled with the downbeat Chinese inflation data over the weekend.
OPEC Secretary General Al-Ghais said at COP28 that they need an all-energies and all-technologies approach, while he added that realistic approaches are needed to tackle emissions, according to Reuters.
UN climate chief Stiell said at COP28 that the areas where options need negotiating have narrowed and they must clear blockages to get a deal, while Stiell added everything is on the table and everyone is focused on getting an outcome in the next 24 hours.
Sellers of sanctioned oil from Iran and Russia are said to be hiking prices to China after Venezuelan crude spiked following the suspension of US sanctions, according to trade sources cited by Reuters
Geopolitics: Israel/Hamas/Middle East
Israeli PM Netanyahu said Israel will continue the war to eliminate Hamas and achieve its objectives, while he added that countries cannot both support Israel’s elimination of Hamas whilst pressing it to end the Gaza war prematurely, according to Reuters.
Israeli PM Netanyahu spoke with Russian President Putin on Sunday and voiced disapproval of Russian statements against Israel at the UN and Russia’s dangerous cooperation with Iran, while he also told Putin that any country would have responded as Israel has to the Hamas attack, according to Reuters.
Israel’s National Security Adviser Hanegbi suggested Israel may have to go to war against Hezbollah once Hamas is defeated and said it could no longer dare to tolerate the danger of the prevailing situation in the north with Hezbollah’s forces at the border, according to The Times of Israel.
Al Jazeera reported heavy Israeli raids and artillery shelling on Khan Younis in the southern Gaza Strip, via social media platform X.
Israeli national security advisor says the country ‘can no longer accept’ Hezbollah’s presence on the northern border, according to The Spectator Index.
Hezbollah lawmaker Fadallah said Israeli air strikes in south Lebanon mark a new escalation and Israeli escalation will not deter Hezbollah from continuing to defend Lebanon and supporting Gaza. Furthermore, Hezbollah is said to be responding to Israeli escalation with new types of attacks whether in the nature of weapons or targeted sites, according to Reuters.
US Secretary of State Blinken said it is imperative that Israeli military operations protect Palestinian civilians and that durable, sustainable peace must follow the military operations. Blinken also said durable peace must lead to a Palestinian state, according to CNN.
Qatar’s PM said talks for a fresh Gaza pause are ongoing and Qatar will continue to pressure Israel and Hamas to continue a truce despite narrowing chances, while he added that the entire generation in the Middle East is at risk of being radicalised because of the Gaza war.
Yemen’s Houthi military spokesman said they warn all shipping companies against cooperating with Israel and said if Gaza does not receive the food and medicine it needs, all ships in the Red Sea bound for Israel ports will become a target for their armed forces regardless of their nationality, according to Reuters.
Jordan’s Foreign Minister said Israel is implementing a systematic policy to push Gazans out of the enclave beyond eliminating Hamas, while an Israeli government spokesperson called Jordan’s allegation that Israel wants to expel Gazans ’outrageous and false’.
UN General Assembly is likely to vote on Tuesday on demanding an immediate humanitarian ceasefire in Gaza, according to diplomats cited by Reuters.
Iraqi Kataeb Hezbollah militia said jihad operations against US forces will continue until the last US soldiers exit Iraq, while the Iran-aligned group added that an attack on US interests on Friday was just the beginning of a new engagement although they didn’t claim responsibility for the attack.
Syria’s air defence intercepted Israeli rockets fired on Damascus surroundings, according to state media.
A Swede jailed in Iran faces charges of acts against national security and spying for Israel, while the Swede also faces the charge of corruption on earth which can carry the death penalty, according to ISNA news agency.
Geopolitics: Other
US President Biden invited Ukrainian President Zelensky to the White House for a meeting on Tuesday and Zelensky was also invited to address US Senators on Tuesday at 14:00GMT/09:00EST, while Zelensky’s office said he will concentrate on defence cooperation and unity in his US visit, according to Reuters.
Russian Foreign Minister Lavrov said the West’s 500-year domination of the world is coming to an and that the West has ignored everything that happened in Ukraine before February 2022, while he added that Russia has become stronger due to the conflict in Ukraine.
Philippines Coast Guard said supply vessels were water cannoned and rammed by Chinese Coast Guard vessels in the South China Sea. Furthermore, Philippines President Marcos said aggression and provocations by China’s coastguard and maritime militia have only further steeled determination to defend and protect the nation’s sovereignty, while Philippines Foreign Ministry spokesperson said they are utilising all forms of diplomatic actions available and the Chinese ambassador had been summoned, according to Reuters.
US State Department said China interfered with lawful Philippine maritime operations and China has no lawful maritime claims to waters around the Second Thomas Shoal. US State Department said it stands with Philippine allies in the face of these dangerous and unlawful actions, as well as reaffirmed Article IV of the 1951 US-Philippines Defense Treaty.
China’s Coast Guard said Japanese ships intruded into the territorial waters of the Senkaku/Diaoyu Islands on December 9th.
White House National Security Adviser Sullivan travelled to South Korea to meet with Japanese and South Korean counterparts and had an extended discussion on deepening ties between Russia and North Korea, while the US has confidence shared by Japan and South Korea that North Korea is supplying weapons to Russia being used in the battlefield in Ukraine. Sullivan also commented that North Korea is irresponsible to walk away from the inter-Korean agreement and that the US and South Korea are preparing for all scenarios. Furthermore, it was reported that the US, Japan and South Korea reached an agreement on expanding their security partnership, according to Reuters.
A US fighter jet crashed in South Korea during drills, while North Korea denounced South Korea and the US for staging joint military drills and called it a “futile” provocative act that will only hasten the South’s destruction, according to Yonhap.
US Event Calendar
11:00: Nov. NY Fed 1-Yr Inflation Expectations, prior 3.57%
DB’s Jim Reid concludes the overnight wrap
In the first half of my career, this week would have been a full week of client Xmas lunches that would have started around midday and with no fixed end point. That really does feel like a different lifetime ago now. Anyway, I wouldn’t have been very good company this week as I’m currently suffering from ear infections in both ears and I can’t hear a thing out of either side. I’m almost totally deaf. It’s been a bit of a brutal few days with no signs that it’s over yet.
There’ll be no resting place in markets either, as it’s hard to see how the week could be much busier given we have the following highlights. Today sees a 3yr and 10yr US Treasury auction plus the NY Fed’s Survey of Consumer Expectations. Tomorrow sees the all-important US CPI and a 30yr Treasury auction (after a very bad one last month). Wednesday sees a fascinating FOMC meeting and US PPI. Thursday sees US Retail Sales and policy meetings from the ECB, SNB and BoE. Finally, Friday brings the latest global flash PMIs and China’s main monthly data dump. There are plenty of other releases but these are likely to be the primary market moving events. For a full list, see the day-by-day calendar of events at the end as usual.
It’s a toss up as to whether the FOMC or the US CPI will be the most important event of the week. Given that CPI tomorrow could shape the FOMC, let’s start there. For headline, the consensus thinks we’ll be flat MoM, the same as last month (DB expect +0.07%), helped by gas prices being down -8% since October. For core, the consensus is at +0.3% MoM with DB at +0.27% (last month +0.23%). All these estimates would lead YoY to be 3.1% (-0.1pp) for the headline and 4.0% (unch) for core. For core, that would push the 3m and 6m annualised rate down one-tenth and three-tenths respectively to 3.3% and 2.8%. Our economists point out this would be the first time that the 6m measure has been below 3% for since March 2021 .
That will then set up the FOMC the following day and it will be interesting to see how Powell and the committee play it. Markets have got way ahead of the Fed in terms of pricing cuts for next year, so do they try to rein them in or acknowledge the direction of travel? The Fed is still likely to be more of a slow oil tanker than a speedboat but will probably acknowledge that barring a unexpected surprise, the hiking cycle is over but will conclude that it’s premature to talk about cuts at the moment. The dot plot will likely show 50bps of cuts by YE 24, which would leave the end-2024 dot 25bps lower than it was in September. See our US economist’s preview here, where they go through their expectations for the growth, unemployment and inflation forecasts in the SEP as well.
Central banks will stay in focus on Thursday, since the ECB will be making their latest policy decision that day. Our European economics team expect them to hold rates, but their preview note here highlights several factors that might tilt the ECB in a more dovish direction going forward. They now see the central bank cutting rates from April, with a risk of an earlier cut in March. They currently expect 150bps of cuts in 2024. The BoE are also expected to hold on Thursday with our economist’s preview here. Ahead of the decision, there will be the labour market data (tomorrow) and the monthly UK GDP report (Wednesday). Finally, our strategists see the SNB shifting to a dovish policy bias and expect the first rate cut in March (more here).
Over the weekend, Chinese CPI came in at -0.5% for November, which was below the -0.2% expected and is the biggest year-on-year decline in the CPI for three years. PPI also fell to -3% (vs. -2.8% expected). As a result, Chinese equities are struggling this morning, with the CSI 300 (-0.59%) and the Shanghai Comp (-0.26%) both losing ground. Moreover, the Hang Seng (-1.72%) has continued to underperform, and is currently at a 13-month low, having now lost -18.84% on a YTD basis. That said, other equity indices in Asia have managed to advance, with the KOSPI (+0.12%) posting a modest increase, whilst the Nikkei (+1.47%) has seen a strong bounceback. That comes as i nvestors have downgraded the likelihood of a policy adjustment from the BoJ at next week’s meeting, with markets only pricing an 8% chance that they end their negative interest rate policy (down from a peak of 45% last Thursday) .
Elsewhere, US equity futures are indicating a negative start with those on the S&P 500 (-0.09%) and the NASDAQ 100 (-0.30%) both lower. Meanwhile, yields on the 10yr USTs (+1.5bps) have slightly pulled upwards, standing at 4.24% as we go to print.
Looking back at last week, the S&P 500 posted a 6th consecutive weekly gain for the first time since the pandemic, after US jobs report cemented the soft landing narrative, although it did push back on the growing speculation about rate cuts. The headlines showed nonfarm payrolls were up by +199k (vs +185k expected) and the unemployment rate fell back to 3.7% (vs 3.9% expected). The average hourly earnings did rise to a monthly 0.4% (vs 0.3% expected) for the first time since July however, so that’ll be one to keep an eye on in terms of its implications for inflation. Nevertheless, there was more good inflation news on Friday from the University of Michigan’s survey for December. It showed both 1yr and 5-10yr inflation expectations surprising to the downside, falling to 3.1% (vs 4.3% expected) and 2.8% (vs 3.1% expected) respectively.
That resilience in the jobs report was very positive for risk assets, helping the S&P 500 to rise +0.41% on Friday, and leaving the index with a 6th consecutive weekly advance, with a +0.21% gain. The NASADQ just outperformed over the week, up +0.69% (and +0.45% on Friday), led by megacap tech stocks. In the meantime, US HY spreads tightened for a 7th consecutive week, falling -14bps (-4bps Friday) to their tightest level in over 18 months, at 360bps .
One effect of the jobs report was it raised the bar for a dovish pivot by the Fed, and expectations for rate cuts next year were dialled back. For instance, Fed funds futures pared back the cuts expected by the December 2024 meeting to 111bps, down from 134bps at the beginning of the week (and 125bps as of Thursday). In turn, that helped US 10yr Treasury yields jump +7.7bps on Friday, erasing their earlier declines to finish the week up +3.0bps. 2 yr yields saw the larger rise, up +18.2bps on the week (and +12.5bps on Friday), whilst the 30yr yield was up +4.8bps on Friday but were down -8.5bps over the five days. So a sizeable curve inversion playing out as investors remain more sanguine on long-term inflation prospects, but with data questioning the prospects for imminent cuts. And as investors priced out cuts for next year, the US Dollar index also rallied +0.45% on Friday, and +0.72% on the week .
Over in Europe, sovereign bonds followed the US market on Friday, with 10yr bund yields up +8.6bps but down -8.5bps for the week. There were several milestones for equities too, and the German DAX hit another record high, up +2.21% on the week (+0.78% on Friday), as a more sanguine inflation outlook continues to support investor sentiment. The STOXX 600 rose +1.30% last week (+0.74% on Friday).
In Japan, speculation mounted last week that the BoJ could soon be ending its negative interest rate policy following recent comments from central bank officials. That helped the Japanese yen strengthened +1.29% against the US dollar last week, although it trimmed those gains on Friday (-1.16%) as that speculation diminished again. The Nikkei fell -3.36% last week, and -1.68% on Friday, with matters not helped by weak growth data that showed that GDP contracted at an annualised pace of -2.9% in Q3.
Finally in commodities, oil gained on Friday, with the broader risk-on sentiment added to by news of the US government purchasing another 3m barrels for the Strategic Petroleum Reserve and by calls from Russia and Saudi Arabia on all OPEC+ members to join the voluntary cuts announced at the November OPEC+ meeting. Brent climbed +2.42% on Friday to $75.84/bbl, but still posted a 7th consecutive weekly decline (-3.85%) as supply remains strong and scepticism remained over the nature of the OPEC+ voluntary cuts. WTI crude rose +2.73% on Friday to $71.23/bbl (but was -3.83% on the week).
END
European bourses mixed, US Futures in the red, DXY flat & JPY sinks post BoJ sources – Newsquawk US Market Open
MONDAY, DEC 11, 2023 – 06:02 AM
European equities are mixed/flat alongside US equity futures; the FTSE 100 lags, hampered by Basic Resources
DXY is around flat; JPY significantly underperforms after BoJ sources, USD/JPY up to 146.45
BoJ is said to see little need to end negative rates in December, via Bloomberg citing sources; intends to come to a decision based on data up to the last minute. Lacks proof of sustainable inflation.
Bunds post modest gains whilst Gilts lag in a continuation of last week’s slight divergence, USTs bear-flatten
Crude dips after edging higher overnight with spot Gold also softer
Looking ahead, US Employment Trends, US NY Fed Survey of Consumer Expectations, Chinese M2 Money Supply, FDI, Speech from RBA’s Bullock, Supply from US.
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EUROPEAN TRADE
EQUITIES
European equities are mixed, Eurostoxx50 (U/C) with the FTSE 100 (-0.4%) the clear underperformer, hampered by losses in Basic Resources after Chinese inflation metrics on Saturday, which showed deeper deflation in both CPI and PPI.
European sectors are mixed with the breadth of the market to the upside fairly narrow. Healthcare is lifted by Roche (+3.2%).
US equity futures are flat/mixed, with markets ultimately lacking direction as markets await US CPI tomorrow ahead of the FOMC meeting on Wednesday; NQ (-0.2%) marginally lags with fresh fundamentals light.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
DXY is off to a strong start to the week, with the index holding above 104.00 for most of the European session after edging higher from a 103.92 APAC low, before seeing a boost via JPY weakness following BoJ sources.
The JPY is the marked laggard this morning following reports that the BoJ is said to see little need to end negative rates in December, according to Bloomberg citing sources; which took USD/JPY to a 146.45 peak.
GBP & EUR stand as the very modest G10 outperformers, with specifics light ahead of their policy announcements on Thursday.
AUD, NZD, CAD are also modestly softer but to varying degrees amid the overall cautious mood in markets, whilst the Antipodeans feel some headwinds from Chinese inflation data.
BoJ said to see little need to end negative rates in December, via Bloomberg citing sources; intends to come to a decision based on data up to the last minute. Lacks proof of sustainable inflation. Not yet seen sufficient evidence of wage growth which would support sustainable inflation; officials view the potential cost of waiting for more data as not very high.
PBoC set USD/CNY mid-point at 7.1163 vs exp. 7.1690 (prev. 7.1123).
Core benchmarks began the morning under modest pressure, with catalysts in European hours somewhat limited initially and the follow-through from Chinese deflation dissipating and only a short-lived boost from BoJ sources.
USTs are contained, but with a slight negative bias and modest upside at the short end of the curve – action which occurs without US-specific catalysts, but with participants cognisant of early US supply given Wednesday’s FOMC.
Bunds are holding around 134.70 with nothing specific on the agenda today but domestic participants are focused on German fiscal talks as weekend negotiations on the 2024 budget ended without agreement.
Once again, Gilts are the standout laggard as expectations continue to trim from dovish extremes ahead of Thursday’s BoE announcement.
WTI and Brent futures edged higher overnight with the momentum somewhat petering out in early European hours, despite a lack of pertinent newsflow. As such, benchmarks are now in the red by circa. USD 0.50/bbl, but well within recent parameters.
Spot gold is on a softer footing amid a firmer Dollar and in a week littered with G10 central bank events; base metals are mixed amid the broader cautious tone coupled with the downbeat Chinese inflation data over the weekend.
OPEC Secretary General Al-Ghais said at COP28 that they need an all-energies and all-technologies approach, while he added that realistic approaches are needed to tackle emissions, according to Reuters.
UN climate chief Stiell said at COP28 that the areas where options need negotiating have narrowed and they must clear blockages to get a deal, while Stiell added everything is on the table and everyone is focused on getting an outcome in the next 24 hours.
Sellers of sanctioned oil from Iran and Russia are said to be hiking prices to China after Venezuelan crude spiked following the suspension of US sanctions, according to trade sources cited by Reuters
A split within the UK government regarding migration policy widened as PM Sunak braces for a crucial week ahead which includes a vote on the Rwanda bill and a grilling in the UK Covid inquiry, according to FT.
Goldman Sachs sees the first BoE rate cut in August 2024, with the pace of reductions faster than previously forecast, according to Bloomberg.
Public sector workers in Germany’s federal states agreed on a wage deal with employers, according to Reuters citing the Verdi union.
German government spokesperson says budget talks are at an advance stage, have cleared many issues
DATA RECAP
UK Rightmove House Price Index MM (Dec) -1.9% (Prev. -1.7%); YY -1.1% (Prev. -1.3%)
Norwegian Consumer Price Index MM (Nov) 0.5% vs. Exp. 0.7% (Prev. 1.0%); YY 4.8% vs. Exp. 4.9% (Prev. 4.0%)
Norwegian Core Inflation YY (Nov) 5.8% vs. Exp. 6.0% (Prev. 6.0%); Norwegian Core Inflation MM (Nov) -0.2% vs. Exp. -0.1% (Prev. 0.6%)
NOTABLE US HEADLINES
US President Biden says over the coming years, the Commerce Department will award billions to boost chip manufacturing and R&D, according to Reuters
Israeli PM Netanyahu said Israel will continue the war to eliminate Hamas and achieve its objectives, while he added that countries cannot both support Israel’s elimination of Hamas whilst pressing it to end the Gaza war prematurely, according to Reuters.
Israeli PM Netanyahu spoke with Russian President Putin on Sunday and voiced disapproval of Russian statements against Israel at the UN and Russia’s dangerous cooperation with Iran, while he also told Putin that any country would have responded as Israel has to the Hamas attack, according to Reuters.
Israel’s National Security Adviser Hanegbi suggested Israel may have to go to war against Hezbollah once Hamas is defeated and said it could no longer dare to tolerate the danger of the prevailing situation in the north with Hezbollah’s forces at the border, according to The Times of Israel.
Al Jazeera reported heavy Israeli raids and artillery shelling on Khan Younis in the southern Gaza Strip, via social media platform X.
Israeli national security advisor says the country ‘can no longer accept’ Hezbollah’s presence on the northern border, according to The Spectator Index.
Hezbollah lawmaker Fadallah said Israeli air strikes in south Lebanon mark a new escalation and Israeli escalation will not deter Hezbollah from continuing to defend Lebanon and supporting Gaza. Furthermore, Hezbollah is said to be responding to Israeli escalation with new types of attacks whether in the nature of weapons or targeted sites, according to Reuters.
US Secretary of State Blinken said it is imperative that Israeli military operations protect Palestinian civilians and that durable, sustainable peace must follow the military operations. Blinken also said durable peace must lead to a Palestinian state, according to CNN.
Qatar’s PM said talks for a fresh Gaza pause are ongoing and Qatar will continue to pressure Israel and Hamas to continue a truce despite narrowing chances, while he added that the entire generation in the Middle East is at risk of being radicalised because of the Gaza war.
Yemen’s Houthi military spokesman said they warn all shipping companies against cooperating with Israel and said if Gaza does not receive the food and medicine it needs, all ships in the Red Sea bound for Israel ports will become a target for their armed forces regardless of their nationality, according to Reuters.
Jordan’s Foreign Minister said Israel is implementing a systematic policy to push Gazans out of the enclave beyond eliminating Hamas, while an Israeli government spokesperson called Jordan’s allegation that Israel wants to expel Gazans ’outrageous and false’.
UN General Assembly is likely to vote on Tuesday on demanding an immediate humanitarian ceasefire in Gaza, according to diplomats cited by Reuters.
Iraqi Kataeb Hezbollah militia said jihad operations against US forces will continue until the last US soldiers exit Iraq, while the Iran-aligned group added that an attack on US interests on Friday was just the beginning of a new engagement although they didn’t claim responsibility for the attack.
Syria’s air defence intercepted Israeli rockets fired on Damascus surroundings, according to state media.
A Swede jailed in Iran faces charges of acts against national security and spying for Israel, while the Swede also faces the charge of corruption on earth which can carry the death penalty, according to ISNA news agency.
OTHER
US President Biden invited Ukrainian President Zelensky to the White House for a meeting on Tuesday and Zelensky was also invited to address US Senators on Tuesday at 14:00GMT/09:00EST, while Zelensky’s office said he will concentrate on defence cooperation and unity in his US visit, according to Reuters.
Russian Foreign Minister Lavrov said the West’s 500-year domination of the world is coming to an and that the West has ignored everything that happened in Ukraine before February 2022, while he added that Russia has become stronger due to the conflict in Ukraine.
Philippines Coast Guard said supply vessels were water cannoned and rammed by Chinese Coast Guard vessels in the South China Sea. Furthermore, Philippines President Marcos said aggression and provocations by China’s coastguard and maritime militia have only further steeled determination to defend and protect the nation’s sovereignty, while Philippines Foreign Ministry spokesperson said they are utilising all forms of diplomatic actions available and the Chinese ambassador had been summoned, according to Reuters.
US State Department said China interfered with lawful Philippine maritime operations and China has no lawful maritime claims to waters around the Second Thomas Shoal. US State Department said it stands with Philippine allies in the face of these dangerous and unlawful actions, as well as reaffirmed Article IV of the 1951 US-Philippines Defense Treaty.
China’s Coast Guard said Japanese ships intruded into the territorial waters of the Senkaku/Diaoyu Islands on December 9th.
White House National Security Adviser Sullivan travelled to South Korea to meet with Japanese and South Korean counterparts and had an extended discussion on deepening ties between Russia and North Korea, while the US has confidence shared by Japan and South Korea that North Korea is supplying weapons to Russia being used in the battlefield in Ukraine. Sullivan also commented that North Korea is irresponsible to walk away from the inter-Korean agreement and that the US and South Korea are preparing for all scenarios. Furthermore, it was reported that the US, Japan and South Korea reached an agreement on expanding their security partnership, according to Reuters.
A US fighter jet crashed in South Korea during drills, while North Korea denounced South Korea and the US for staging joint military drills and called it a “futile” provocative act that will only hasten the South’s destruction, according to Yonhap.
CRYPTO
Bitcoin, -4.95%, remains subdued after its recent rally, though has climbed back above the USD 42k level after losing it in early trade.
APAC TRADE
APAC stocks traded mixed after recent data releases including stronger-than-expected jobs data from the US and worsening deflation in China, while this week’s upcoming risk events, including US CPI data and a slew of central bank updates, added to the cautious mood.
ASX 200 just about kept afloat as outperformance in the energy sector atoned for the lacklustre mood in metal miners and tech.
Nikkei 225 gained following a pushback on recent BoJ speculation in which a source report on Friday noted recent comments by BoJ Governor Ueda were taken out of context and there was no intention to signal anything about the timing for a policy change.
Hang Seng and Shanghai Comp were pressured amid weakness in tech and property, while the data over the weekend showed a larger-than-expected decline in China’s consumer inflation and factory gate prices which suggests weak domestic demand.
US equity futures were lacklustre was participants braced for the looming risk events.
European equity futures are indicative of a flat/firmer open with Euro Stoxx 50 future +0.1% after the cash market closed up 1.1% on Friday.
NOTABLE HEADLINES
China’s Industry Minister met with the Saudi Investment Minister and said that China is willing to cooperate with Saudi Arabia on new energy vehicles, aviation, photovoltaics and AI, according to Reuters.
Japanese PM Kishida plans to replace Industry Minister Nishimura, Chief Cabinet Secretary Matsuno and ruling party policy chief Haguida, while it was later reported that PM Kishida said he wants to consider appropriate measures at an appropriate time when asked about a cabinet reshuffle, according to Reuters.
China’s Industry Ministry says over 90% of existing NEV models would continue to enjoy purchase tax breaks as part of new technical requirements
DATA RECAP
Chinese CPI MM (Nov) -0.5% vs. Exp. -0.1% (Prev. -0.1%); YY -0.5% vs. Exp. -0.1% (Prev. -0.2%)
Chinese PPI YY -3.0% vs. Exp. -2.8% (Prev. -2.6%)
END
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 21.88 PTS OR 0.74% //Hang Seng CLOSED DOWN 132.83 PTS OR 0.81% /The Nikkei CLOSED UP 483.04 PTS OR 1.50% //Australia’s all ordinaries CLOSED UP 0.06 % /Chinese yuan (ONSHORE) closed DOWN AT 7.1764 /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1909 /Oil UP TO 70.83 dollars per barrel for WTI and BRENT DOWN AT 75.71/ Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/ //
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
Yen Plummets On Report BOJ Will Not Hike Rates Any Time Soon
MONDAY, DEC 11, 2023 – 09:45 AM
Last week, when the yen saw its biggest one-day gain in years amid a burst of speculation that the BOJ would hike rates as soon as this month, which in turn triggered a cascading short squeeze that sent the USDJPY as much as 550 pips on Thursday, we were amused for two reasons: i) more than half a year of JPY carry had just gotten wiped out, and ii) there was no way that the BOJ – which is absolutely terrified of what will happen to the $20 trillion yen carry trade if NIRP is ended – would unleash the biggest change to Japanese monetary policy in decades at a time when FX liquidity is already dismal, thus sparking untold financial destruction. That said, we certainly took advantage of the market’s stupidity to close out our top premium subscriber trade, a USDJPY short, at a solid profit.
And so, in a preview of what was to come, we warned readers that the yen would “come storming right back after the Nikkei leaks that there will be no BOJ rate hike.“
Fast forward just a few days to today, when that is precisely what happened when a flashing red headline (only from Bloomberg not the Nikkei) confirmed what we already knew:
*BOJ IS SAID TO SEE LITTLE NEED TO END NEGATIVE RATE IN DECEMBER
As one can surmise from the headline, which hit just after 2am ET this morning, Bloomberg reports that according to “people familiar with the matter”, most likely Ueda himself who was suddenly facing an even more brutal market reaction after disappointment next week, Bank of Japan officials – who clearly did not anticipate the market’s furious reaction to their dovish comments from last week – now see “little need to rush into scrapping the world’s last negative interest rate this month” as they have yet to see enough evidence of wage growth that would support sustainable inflation. Indeed, this is something we first pointed out first late last week…
… but instead of thinking rationally, the market continues to jerk around driven only by technicals and liquidity.
In any case, stagnant nominal wages (and certainly record low real wages) are an indication the central bank is “likely to keep its monetary stimulus settings unchanged at a two-day policy meeting ending Dec. 19, despite recent market speculation that the negative rate may be scrapped as soon as the December meeting.” And just in case the messaging is not clear, Bloomberg went on to say that “BOJ officials view the potential cost of waiting for more information to confirm solid wage growth as not very high.”
In other words, not only will there not be a rate hike in December, there may not be a rate hike ever, because by the time Japan will have the results of the annual spring wage negotiations, the Fed and the rest of central banks will already be cutting rates as the world heads for another brutal recession, and the last thing whoever is Japan’s PM at that point – because it certainly won’t be Kishida and his record low approval rating – will want to do is hike rates and end his (because in DEI-friendly Japan there are no women Prime Ministers) career short.
A further near-term decline of the yen (because a long-term decline is so assured, nobody even bothers to discuss it) would depend on how the Federal Reserve characterizes its policy outlook when the Open Market Committee meets on Wednesday and on the details from next week’s BOJ meeting.
The report about the BOJ has further removed the possibility of an early elimination of negative interest rates, said Fukuhiro Ezawa, head of financial markets in Tokyo at Standard Chartered Bank. “But in order to see dollar-yen above 147, it will be necessary to confirm there is nothing in the FOMC dot chart or the BOJ meeting,” Ezawa said.
After odds of a December hike rose as high as 50% last week, on Monday, markets got a hard dose of reality as they priced in just an 8% chance of a December hike and a 46% likelihood of a move by the end of January (this will plunge too in the next few weeks). Policy normalization was fully priced in by the end of April. Good luck with that.
In response to the news, the yen extended losses to more than 1%, rising as high as 146.5 per dollar level…
… and will rise much higher in coming weeks and months as it becomes clear that the BOJ never had any intentions of actually rising rates even if it means bone-crushing inflation.
end
3 CHINA
CHINA
end
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ITALY/MILAN
ROBERT H
So sad, but Europe will experience much worse in months to come.
RadioGenoa on X: “This morning soup kitchen in Milan. These people are guilty, they are Italians and Europeans. If they were illegal immigrants they would stay in houses/hotels with food, Wi-Fi and pocket money paid for with our taxes. This is the reality, don’t be afraid to say it and write it. https://t.co/VcLkqtxSRB” / X
END
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS/SATURDAY
Hamas hostage Sahar Baruch killed in Gaza captivity, family confirms
Sahar Baruch stayed behind in a burning shelter to try and save his brother before being kidnapped, according to family members.
By JOANIE MARGULIESDECEMBER 9, 2023 13:17Updated: DECEMBER 9, 2023 14:18
Sahar Baruch was a 25-year-old engineering student killed in Hamas captivity.(photo credit: Hostages and Missing Families Forum)
Sahar Baruch, 25, was killed in Hamas captivity in Gaza after being kidnapped on October 7, according to a joint statement from his community, Kibbutz Be’eri, and the Hostages and Missing Families Forum.
Baruch’s brother, Idan, was murdered by Hamas during the October 7 massacre. Sahar was considered missing for weeks, until his family received the message that he was being held captive by Hamas.
On Friday, Hamas terrorists released a propaganda video showing Sahar Baruch’s body, claiming that the captive Kibbutz Be’eri resident was killed during an IDF operation to free hostages. The IDF denies those claims and has confirmed that Baruch was murdered by Hamas terrorists.
When the IDF spokesman spoke publicly about the incident, he did not mention nor confirm Baruch’s death but did confirm that two soldiers were seriously injured during the operation in question.
The IDF’s operations to locate and rescue the abductees, both surviving and murdered, require a combination of operational efforts and intelligence. Rescue operations are requiring the service of multiple security organizations to collect data about the captives, Israeli media reported.
The destruction caused by Hamas Militants in Kibbutz Be’eri, near the Israeli-Gaza border, in southern Israel, October 14, 2023. (credit: ERIK MARMOR/FLASH90)
IDF representatives are in regular contact with the families of the abductees and update them with any verified information about their loved ones. “The terrorist organization Hamas is trying and will try to produce psychological terror. Spreading unverified rumors and facts must be avoided,” they said in a statement.
His family, including parents Tami and Roni, and siblings Guy and Niv, are demanding the return of his remains in any future hostage return deal.
Sahar Baruch’s legacy
The late Baruch was an electrical engineering student at Ben-Gurion University, his family told Israeli media. “Sahar was at home with his brother Idan at his mother’s house, they woke up in the morning like the rest of us from alerts and the explosions,” his aunt said in an interview with Israeli media. “They entered and closed themselves in the mamad but couldn’t close the door, so they closed it with a closet. When the fire started, three grenades were thrown into the mamad – Idan was hit and Sahar treated him for hours.”
She added, “When the house started to burn and it was already too hot to stay in the house, they decided to jump out,” she added. “In the beginning, Idan jumped and probably near that he was shot and killed. Sahar stayed behind for a few more minutes to bring him the inhaler because Idan was asthmatic. For more than two weeks we did not know what happened to him and then some information was received that he was not in Israeli territory.”
She also added that he was about to start his new university year, saying, “He was supposed to start the school year, he was already registered and on the Wednesday after the disaster we were supposed to go to Be’er Sheva to choose an apartment.”
END
DETAILS ON ISRAELI ATTACKS AGAINST HAMAS/KHAN YOUNIS
SATURDAY
(TIMES OF ISRAEL)
IDF attacked from UN school amid fierce battles; hostage Sahar Baruch killed in Gaza
Hamas again fires rockets at Israel from within the humanitarian zone, some target Tel Aviv, others fall short in Gaza; IDF toll in ground op at 93
This handout photo from the Israel Defense Forces on December 9, 2023, shows Israeli soldiers in the Gaza Strip. (Israel Defense Forces)
Israeli forces fought a string of battles with Hamas terrorists in northern Gaza on Saturday as they pressed ahead with the ground offensive, with troops being attacked in at least two instances from within schools, the military said.
Amid the continued fighting, Kibbutz Be’eri announced that its resident Sahar Baruch, who was kidnapped and taken hostage in Gaza on October 7, had been murdered while in captivity.
The statement did not detail how and when the 25-year-old died, but it came a day after Hamas released a propaganda video purporting to show his body.
“We demand the return of his body as part of any hostage deal. We won’t stop until everyone is home,” said a statement from the kibbutz, one of the worst hit communities in the October 7 assault on southern Israel, when terrorists stormed across the border, killing some 1,200 people, mostly civilians in their homes and at a music festival, and taking some 240 hostages.
Baruch, a Ben-Gurion University engineering student was with his grandmother, Geula Bachar, as well as his brother, Idan Baruch, 20, a soldier in the IDF’s Education Corps.
He ran back into his grandmother’s burning house to look for an inhaler for his brother.
Sahar Baruch was taken captive by Hamas terrorists on October 7, 2023 from Kibbutz Be’eri. (Courtesy)
Idan Baruch was fatally shot when he left the burning house, which he ran from because he was asthmatic and couldn’t breathe in the smoke. He and his grandmother were both killed by the terrorists, while Sahar was taken hostage to Gaza.
It is believed that 138 hostages remain in Gaza, although in recent days the IDF has confirmed the deaths of 18 of the hostages held by Hamas, due to new intelligence and findings obtained by troops operating in Gaza.
A further 105 civilian hostages were released from Hamas captivity in Gaza during a week-long truce: 81 Israelis, 23 Thai nationals and one Filipino. In exchange, Israel released 240 Palestinian security prisoners, all women and minors.
Earlier, four hostages were released, one hostage was freed, and two bodies were recovered.
On Friday, the IDF announced that two soldiers were seriously wounded in a failed attempt to rescue further hostages. It also said that so far 93 soldiers had been killed in the ground offensive.
Israeli soldiers carry the coffin of Master Sgt. (res.) Gal Meir Eisenkot, son of war cabinet minister and former IDF chief of staff Gadi Eisenkot, during his funeral in Herzliya on December 8, 2023. (Avshalom Sassoni/Flash90)
Following the breakdown of the truce, the IDF resumed its ground offensive in Gaza aimed at destroying Hamas and securing the return of all the hostages. Troops have continued to tighten their hold on northern Gaza cities, but also pushed into Khan Younis in southern Gaza with recent days seeing some of the heaviest fighting of the war.
Overnight the military said there had again been fierce clashes in the north, with the fighting showing how deeply entrenched the terrorists are inside the civilian fabric of Gaza.
At least two of the clashes took place inside a mosque and schools, including one run by the United Nations.
The IDF said Saturday that troops of the Kfir Infantry Brigade encountered a Hamas cell in a school in Gaza City’s Shejaiya neighborhood. The troops killed the gunmen and later found weapons and military equipment inside the classrooms.
Troops of the Armored Corps operating with the Paratroopers Brigade found and destroyed a tunnel shaft in Shejaiya, which the IDF says was part of a “wide” tunnel network. Another tunnel shaft in the area had an elevator, according to the IDF.
An Israeli fighter jet releases flares as it flies over the Gaza Strip, as seen from southern Israel, Dec. 9, 2023. (AP Photo/Leo Correa)
The IDF said troops of the Golani Brigade identified a number of Hamas operatives with anti-tank missiles approaching them in Shejaiya. The soldiers called in an airstrike, and a combat helicopter killed the operatives, the IDF said.
In Beit Hanoun, the IDF says the 5th Reserve Infantry Brigade came under fire by Hamas operatives shooting from a mosque and a UNRWA school.
The army also released footage showing soldiers finding a sniper rifle and ammunition hidden inside a large teddy bear during searches of a school in the Gaza Strip .In another nearby school, the IDF says the troops found weapons hidden inside bags bearing the UNRWA logo.
The IDF also said that Hamas has continued to fire rockets from a “humanitarian zone” established in southern Gaza’s al-Mawasi area. It said that yesterday at 6 p.m. “Hamas terrorists launched numerous rockets into Israel from the designated humanitarian zone.”
That rocket fire targeted Tel Aviv.
Another four rockets were fired from the al-Mawasi area at 1:56 p.m. and 2:16 p.m., but “landed in the Gaza Strip and endangered many citizens in Gaza,” the IDF said. “This is further proof that Hamas exploits the IDF’s humanitarian zone for terrorist activity.”
The IDF published an illustrative graphic showing the locations of the rocket launches from al-Mawasi, as well as an image showing a rocket launcher.
An image distributed by the IDF explaining Hamas rocket launches from humanitarian zones in south Gaza, released December 9, 2023 (Israel Defense Forces)
The humanitarian zone in al-Mawasi is an area designated by the IDF as safe for civilians within the Gaza Strip.
Rocket fire from the Gaza Strip at Israel has continued from other locations of southern and central Gaza in recent days, in areas where the IDF is not operating on the ground.
The army also said it carried out a series of airstrikes across the Strip against Hamas targets.
Residents reported airstrikes and shelling in Gaza’s north and south Saturday, including the city of Rafah, which lies near the Egyptian border.
The main hospital in the central city of Deir al-Balah received 71 dead and 160 wounded over the past 24 hours, the Hamas-run health ministry said Saturday morning. In the southern city of Khan Younis, 62 dead and another 99 wounded were taken to Nasser Hospital in the past 24 hours, the ministry said. The numbers, like all the figures released by Hamas, could not be verified.
The overall Palestinian death toll in Gaza has surpassed 17,400, the majority of them women and children, according to the health ministry in the Hamas-controlled territory, whose counts do not differentiate between civilians and combatants, nor those killed by the hundreds of rockets fired at Israel that have fallen short in Gaza. Israel has said that it believes it has killed more than 5,000 terrorists so far.
Firefights battle flames in a building hit by an Israeli strike in Khan Yunis in the southern Gaza Strip on December 9, 2023. (Photo by AFP)
Israel holds Hamas responsible for civilian casualties, accusing the terrorists of using civilians as human shields, and says it’s made considerable efforts with its evacuation orders to get civilians out of harm’s way.
The latest fighting came a day after the United States vetoed a United Nations resolution demanding an immediate humanitarian cease-fire in Gaza, despite it being backed by the vast majority of Security Council members and many other nations. The vote in the 15-member council was 13-1, with the United Kingdom abstaining.
Despite growing international pressure, the Biden administration remains opposed to an open-ended ceasefire, arguing it would enable Hamas to continue posing a threat to Israel. Officials have expressed misgivings in recent days about the rising civilian death toll and dire humanitarian crisis, but have not pushed publicly for Israel to wind down the war, now in its third month.
Palestinians at the site of an Israeli air strike in Khan Yunis, in the southern Gaza Strip, on December 9, 2023 (Atia Mohammed/Flash90)
“We have not given a firm deadline to Israel, not really our role,” deputy national security adviser Jon Finer told a security forum a day before the US veto in the UN Security Council. “That said, we do have influence, even if we don’t have ultimate control over what happens on the ground in Gaza.”
Nevertheless, reports have emerged that the US wanted Israel to wrap up this stage of its offensive by the end of the year.
Israeli officials have indicated that the military needs another three to four weeks to complete its current offensive in southern Gaza’s Khan Younis and a similar amount of time after that to wrap up the first stage of the war against Hamas.
After Israeli forces eliminated a Hamas cell the Gaza City neighborhood of Shejaia, they located a tunnel shaft inside of a classroom, the IDF said.
By SAM HALPERNDECEMBER 9, 2023 00:22Updated: DECEMBER 9, 2023 13:34
The IDF rips open a teddy bear filled with ammunition and a sniper rifle on December 8, 2023(photo credit: IDF SPOKESPERSON’S UNIT)
Israeli forces on Saturday found a teddy bear packed with ammunition and a hidden sniper rifle, the IDF said.
As part of the 551st Brigade’s operations across the Gaza Strip, the teddy bear packed with weaponry was discovered during a raid of a school used by Hamas for terror purposes. In addition, more weaponry hidden in classrooms was found in UNRWA bags in an adjacent school.
The IDF said it located a Hamas tunnel shaft inside of a classroom in Shejaia. December 8, 2023. (credit: IDF)
The IDF engaged in close-quarters fighting with a Hamas terror cell in the area of a school compound in the Gaza City neighborhood of Shejaia, the IDF said on Friday evening.
According to the Israeli military report, the fighting took place between the Hamas fighters and soldiers of the 74th Battalion of the army’s 188th Brigade along with LOTAR special forces, an elite counterterrorism unit.
The IDF said that despite an attempt by Hamas to bait the IDF personnel into an ambush, the Israeli forces successfully eliminated the Hamas attackers.
The IDF operates in the Gaza City neighborhood of Shejaia. December 8, 2023. (Credit: IDF)
A subsequent search of the school area revealed a tunnel shaft inside of a classroom, the IDF added, stating that the discovery adds to the evidence that Hamas abuses civilian areas by using them to shelter its terror activities.
The IDF has been emphasizing the point that the discoveries it had been making in Gaza italicize Hamas’s practice of using civilian areas for military purposes in recent operational updates.Advertisement
The IDF said it located a Hamas tunnel shaft inside of a classroom in Shejaia. December 8, 2023. (credit: IDF)
Terrorist activities in the school
Further, Israel has reported finding evidence of terror activities in schools numerous times in the past. As recently as Thursday, the IDF shared images of what it claims is a tunnel shaft located in a school.
The Israeli military went on to say that a special squad from within the LOTAR special forces unit has been operating alongside the 188th Brigade for the first time within the Gaza Strip.
The squad reportedly contains snipers as well as soldiers who specialize in both demolitions and breaching. These soldiers have been active in elite units since the start of the Gaza war.
Jerusalem Post Staff contributed to this report.
END
SATURDAY/TIMES OF ISRAEL
IDF hits Hamas hard in Khan Yunis, mosque identified as terrorist hub
The IDF conducted widespread activities in the area of Khan Yunis over the previous 24 hours.
IDF soldiers of the Duvdevan Unit(photo credit: IDF SPOKESPERSON’S OFFICE)
Soldiers from the 12th Battalion of the IDF’s 98th Brigade, along with the air force, raided a Khan Yunis mosque being used by Hamas for military purposes, killing numerous terrorists, the IDF said on Saturday.
During the fighting, an explosive device exploded near the Israeli troops, prompting the brigade’s artillery to launch rapid strikes in the area, the IDF added. Additionally, more terrorists were reportedly eliminated by a combat helicopter after they attempted to attack IDF troops on the roof of the mosque.
The helicopter also targeted terrorists emerging from a tunnel as well as others present in the vicinity.
Ultimately, the mosque, and the infrastructure beneath it, were demolished by an Israeli aircraft, the Israeli military stated.
IDF counters terror activity in Gaza
Previously, on Friday night, fighters from the special forces Maglan unit observed three terrorists who came out of a tunnel before firing an RPG at IDF troops.
An IDF strike on a mosque in Khan Yunis being used by Hamas. December 9, 2023. (Credit: IDF)
IDF personnel responded with small-arms fire, killing the terrorists.
An Israeli UAV, at the direction of ground troops, reportedly subsequently targeted and eliminated additional terrorists in the vicinity and destroyed the entrances to several tunnel shafts.Advertisement
The IDF also said that soldiers of the Duvdevan unit located a Hamas military headquarters on Saturday evening. According to the Israeli military, the structure contained Hamas fighters who were preparing an ambush. The IDF subsequently initiated an attack on the building while a combat aircraft targeted a squad of terrorists nearby.
Soldiers from the Givati Brigade have also been involved in ground operations over the previous day, the IDF said.
Givati soldiers have been working to locate and expose extensive tunnel infrastructure, destroy terror facilities, and recover Hamas’s weapons and ammunition.
On Saturday morning, the brigade directed air force and combat helicopter strikes on terror infrastructure including launching positions for anti-tank guided missiles (ATGMs) and Hamas military hideouts.
end
SATURDAY
Leaked footage apparently shows Hamas gunmen surrendering to IDF in northern Gaza
An apparent Hamas member with his hands up hands over an assault rifle after surrendering to troops in northern Gaza’s Jabaliya, on December 7, 2023. (Social media: used in accordance with Clause 27a of the Copyright Law)
Leaked footage from the northern Gaza Strip earlier today shows an apparent Hamas operative slowly placing an assault rifle on the ground, as dozens of Palestinian men surrendered to IDF troops.
Images had circulated on social media earlier this week showing dozens of men being detained by the IDF. The army’s spokesman later said it was interrogating everyone in the area who had surrendered after the fighting.
Hamas operatives have increasingly been surrendering to the IDF in other areas of Gaza amid the fighting, according to military officials.Leaked footage from the northern Gaza Strip today shows an apparent Hamas operative slowly placing an assault rifle on the ground, as dozens of Palestinian men surrendered to IDF troops.
IDF soldiers operate in the Gaza Strip on December 9, 2023(photo credit: IDF SPOKESPERSON’S UNIT)
Israeli Air Force fighter jets attacked and subsequently destroyed overnight several terrorist targets in Gaza, neutralizing terrorists from both air and ground operations, the IDF said Saturday morning,
Kfir Brigade fighters were confronted by a terrorist squad near a school in Shejaia, in Gaza City. Fighters engaged in a firefight and killed the terrorists, continuing a search within the nearby school. There, the IDF uncovered several weapons in the stockpile.
Kalashnikov-type weapons, AK-47 rifles, grenades, and ammunition were found inside the classrooms.
Coming face-to-face with Hamas terrorists in action
A paratrooper brigade combat team located and destroyed a major tunnel shaft that was part of a large route of tunnels. Another tunnel was storing weapons and was complete with an elevator, according to the IDF.A tunnel shaft discovered in Shejaia, Gaza City, in a photo taken December 9, 2023 (credit: IDF SPOKESPERSON’S UNIT)
Golani forces also identified terrorists armed with anti-tank missiles heading to the same neighborhood.IDF soldiers operate in the Gaza Strip on December 9, 2023 (credit: IDF SPOKESPERSON’S UNIT)
Fighters from the 5th Brigade launched an attack in Beit Hanun against terrorists shooting at IDF forces from a mosque, as well as a UNRWA school building.
Israel’s naval forces also struck terrorist infrastructure and vessels for terrorism.
END
SATURDAY
IDF finds elevator in Gaza tunnel, weapon stockpiles in school
AK-47 rifles, grenades, and ammunition were found inside the classrooms of a school in Shejaia.
IDF soldiers operate in the Gaza Strip on December 9, 2023(photo credit: IDF SPOKESPERSON’S UNIT)
Israeli Air Force fighter jets attacked and subsequently destroyed overnight several terrorist targets in Gaza, neutralizing terrorists from both air and ground operations, the IDF said Saturday morning,
Kfir Brigade fighters were confronted by a terrorist squad near a school in Shejaia, in Gaza City. Fighters engaged in a firefight and killed the terrorists, continuing a search within the nearby school. There, the IDF uncovered several weapons in the stockpile.
Kalashnikov-type weapons, AK-47 rifles, grenades, and ammunition were found inside the classrooms.
Coming face-to-face with Hamas terrorists in action
A paratrooper brigade combat team located and destroyed a major tunnel shaft that was part of a large route of tunnels. Another tunnel was storing weapons and was complete with an elevator, according to the IDF.
A tunnel shaft discovered in Shejaia, Gaza City, in a photo taken December 9, 2023 (credit: IDF SPOKESPERSON’S UNIT)
Golani forces also identified terrorists armed with anti-tank missiles heading to the same neighborhood.
IDF soldiers operate in the Gaza Strip on December 9, 2023 (credit: IDF SPOKESPERSON’S UNIT)
Fighters from the 5th Brigade launched an attack in Beit Hanun against terrorists shooting at IDF forces from a mosque, as well as a UNRWA school building.
Israel’s naval forces also struck terrorist infrastructure and vessels for terrorism.
END
WEST BANK/ISRAEL//SATURDAY
Israeli forces arrest eight terrorists in West Bank raid
Eight wanted terrorists in the West Bank were arrested on Saturday in a joint operation between the IDF, the Shin Bet, and Border police.
Soldiers in the Yehuda Brigade’s 7,018th Battalion, under the direction of the Shin Bet, arrested a terrorist who tried attacking a military post at Kfar Horsa Thursday. He tried to resist arrest by attacking authorities with a knife. Security forces shot and killed him as a result.
A soldier was injured in the process and was transferred to a hospital for medical treatment.
Tens of thousands of shekels were confiscated from the terrorists as well. So far, since the beginning of the war, approximately 2,200 wanted persons have been arrested throughout the Judea and Samaria Division and the Bekaa and Valleys Division, approximately 1,180 of whom are associated with the terrorist organization Hamas.
end
ISRAEL/HAMAS/SUNDAY
Netanyahu: Terrorists are surrendering, this is the beginning of the end of Hamas
In a video statement released Sunday evening, Prime Minister Benjamin Netanyahu called the current phase of the war in Gaza “the beginning of the end of Hamas.”
“In recent days, dozens of Hamas members have surrendered to our forces. They handed over their weapons and presented themselves to our heroic soldiers.
“I say to Hamas terrorists,” the Prime Minister added, “It’s over. Until you die for Sinwar. Surrender– now.”
END
SUNDAY/JERUSALEM POST
Ex-Hamas minister in interrogation video: ‘Crazy people’ led by Sinwar ‘destroyed Gaza’
Former Hamas communications minister Yousef al-Mansi, seen being interrogated by the Shin Bet, in a video published December 10, 2023. (Shin Bet)
The Shin Bet security agency publishes footage showing the interrogation of former Hamas communications minister, Yousef al-Mansi, who appears to heavily criticize the terror group.
“This is a group of crazy people that [Yahya] Sinwar leads. They destroyed the Gaza Strip. Set it back 200 years,” al-Mansi says in translated excerpts provided by the Shin Bet.
In the 14-minute video published by the agency, al-Mansi says, “People in the Gaza Strip say that Sinwar and his group destroyed us. We must get rid of them.”
“I have not seen anyone in the Gaza Strip who supports Sinwar, nobody likes Sinwar. There are people who, day and night, pray that God will free us from him,” he says.
Al-Mansi says Sinwar has “delusions of grandeur,” and that he “feels like he is above everyone else. Acts only as he thinks. He makes decisions without consulting anyone.”
The former Hamas minister says the October 7 attacks are “the opposite of Islam.”
“This is heresy, madness. What they did is unacceptable according to logic, religion or intellect. Those who are responsible for this are Sinwar and his group,” he adds, according to the excerpts.
The agency has not provided further information about when al-Mansi was arrested.
Palestinian men surrender to troops in northern Gaza’s Jabaliya, on December 10, 2023. (Social media; used in accordance with Clause 27a of the Copyright Law)
Tzachi Hanegbi, the head of the National Security Council, says that there will not be further photos circulating online of Gazans surrendering to IDF troops in their underwear.
Such images have circulated online in recent days, sparking concerns about Israel’s arrest procedures.
“It doesn’t serve anything,” Hanegbi says of such images in an interview with Kan radio. “I think that you won’t be seeing images like this in the future.”
Hanegbi says that while requiring those surrendering in Gaza to strip to their underwear is necessary for security means, so “that we can see they don’t have explosive vests… and I hope that we see many such photos of people surrendering without a fight and giving up their weapons, they’ll be checked as needed, but after that will get dressed and that’s how they will be taken — they don’t need to be taken in the way we saw in the first photos.”
The army has not commented on the origin of the footage, which began finding its way online Thursday. But at least some of the photos and videos show evidence of having been taken from army positions, and some have speculated that they were intentionally leaked as part of a campaign to break the morale of Hamas’s fighters
end
SUNDAY/TIMES OF ISRAEL
Netanyahu to Hamas terror operatives: ‘Don’t die for Sinwar — surrender now’
PM says surrender of dozens of terrorists in Gaza sign of ‘beginning of the end’ for terror group; senior IDF officer says signs Hamas breaking don’t mean war will end soon
An apparent Hamas member with his hands up turns in an assault rifle after surrendering to troops in northern Gaza’s Jabaliya, on December 9, 2023. (Social media: used in accordance with Clause 27a of the Copyright Law)
Prime Minister Benjamin Netanyahu on Sunday called on Hamas terrorists to surrender to Israeli troops, urging them not to sacrifice their lives for the terror group’s chief in Gaza, Yahya Sinwar.
The comments followed remarks by Israel Defense Forces Chief of Staff Herzi Halevi that there were signs that Hamas was collapsing, and as several images and videos circulated over the past week of dozens of men, some of them apparently Hamas operatives, surrendering and being detained by Israeli troops inside Gaza.
“In the past few days, dozens of Hamas terrorists have surrendered before our forces. They put down their weapons and turn themselves over to our brave fighters,” Netanyahu said in a video statement.
“It will take more time, the war is still in full force, but this is the beginning of the end of Hamas,” he added. “I say to the terrorists of Hamas: It’s over. Don’t die for Sinwar. Surrender now.”
A senior IDF officer also said Sunday that in recent days the military has identified “signs of Hamas breaking” in the Gaza Strip, as it continued its offensive against the terror group.
“The extent of the destruction and damage creates command and control problems [for Hamas]. There are areas in the Gaza Strip that Hamas no longer controls militarily,” the officer said.
“Despite the achievements, we are not close to the end of the fighting. We continue to operate with great intensity, and work to dismantle entire battalions of Hamas,” he stated, adding that about half of the 24 Hamas battalion commanders have been eliminated in airstrikes and other operations.
Israel launched its military campaign after thousands of Hamas fighters invaded the south of the country on October 7, rampaging through communities and killing some 1,200 people, most of them civilians, and taking another estimated 240 people hostage.
The IDF says it has killed 7,000 Hamas members or allied terrorists as it seeks to destroy the terror group, free the hostages, and ensure such an attack can never occur again. More than 22,000 targets in the Gaza Strip have been struck since the beginning of the war, 3,500 of them since the end of the ceasefire on December it said.
The targets have included Hamas infrastructure, including tunnels, weapons depots, command centers, and rocket launchers, as well as terror operatives.
The IDF said it is currently battling Hamas in northern Gaza’s Jabaliya, Shejaiya, and Beit Hanoun, and in Khan Younis in southern Gaza.
Meanwhile, Hamas’s military spokesperson Abu Obeida warned Sunday that none of the hostages it is still holding would leave the territory alive unless the group’s demands were met.
It was the first time in two weeks that Abu Obeida had released a statement, his silence prompting media speculation that he might have been killed in the fighting.
It is believed that 138 hostages remain in Gaza, although in recent days the IDF has confirmed the deaths of 18 of the hostages held by Hamas, due to new intelligence and findings obtained by troops operating in Gaza.
Protesters gather with signs showing portraits of Israeli hostages held in Gaza since Hamas’s October 7 massacre during a demonstration calling for their release at Hostages Square in Tel Aviv, on December 9, 2023. (AHMAD GHARABLI / AFP)
A further 105 civilian hostages were released from Hamas captivity in Gaza during a weeklong truce: 81 Israelis, 23 Thai nationals and one Filipino. In exchange, Israel released 240 Palestinian security prisoners, all women and minors. Earlier, four hostages were released, one hostage was rescued, and two bodies were recovered.
“Neither the fascist enemy and its arrogant leadership… nor its supporters… can take their prisoners alive without an exchange and negotiation and meeting the demands of the resistance,” Abu Obeida said in a televised broadcast, referring to the release of Palestinian prisoners held by Israel.
Mediator Qatar said on Sunday that efforts to secure a new truce and release more hostages were ongoing, but warned that the relentless Israeli bombardment was “narrowing the window” for a successful outcome.
Obeida said the group would continue to fight Israeli forces.
“We have no choice but to fight this barbaric occupier in every neighborhood, street, and alley,” he said. “The enemy’s holocaust aims to break the strength of our resistance… but we are fighting on our land in a holy battle.”
END
IRAN/HOUTHIS/ISRAEL/USA
(REUTEERS)
By REUTERSDECEMBER 9, 2023 11:57Updated: DECEMBER 9, 2023 12:08
Newly recruited fighters who joined a Houthi military force intended to be sent to fight in support of the Palestinians in the Gaza Strip, march during a parade in Sanaa, Yemen December 2, 2023.(photo credit: REUTERS/KHALED ABDULLAH)
The United States believes that Iran is involved in the planning and execution of drone and missile attacks by Yemen’s Houthi group on Israel and ships in the Red Sea, a senior aide to US President Joe Biden said on Thursday.
The comments by deputy White House national security adviser Jon Finer are among the most explicit to date by a US official alleging Iranian involvement in the Houthi attacks.
Finer spoke hours after the United States imposed new sanctions aimed at throttling what US officials say is Iranian financial support for the Houthi strikes.
The Houthis “would not have the weaponry, would not have the intelligence, would not have the motivation to do this, were it not for the role of the IRGC,” Finer told an Aspen Security Forum conference in Washington, using the acronym for Iran’s Islamic Revolutionary Guard Corps.
“They’re involved in the conduct of these attacks, the planning of them, the execution of them, the authorization of them, and ultimately, they support them,” he continued.
Newly recruited fighters who joined a Houthi military force intended to be sent to fight in support of the Palestinians in the Gaza Strip, march during a parade in Sanaa, Yemen December 2, 2023. (credit: REUTERS/KHALED ABDULLAH)
Iran has denied any involvement in the strikes
The Houthis say they have been staging the attacks against Israel and Israeli ships in the Red Sea in response to the offensive Israel launched against Tehran-backed militant group Hamas in Gaza after its Oct. 7 rampage into Israel.
Washington has said that US warships have downed missiles and drones fired by the Houthis but the Pentagon says it is not clear that the American vessels were actually targeted.Advertisement
US warships also have intercepted attacks on commercial ships that the US military says were linked to multiple nations.
Finer said that the USS. Carney, a destroyer, downed dozens of missiles and drones headed towards Israel early in the Gaza conflict, calling it a “remarkable act of defense of Israeli territory.”
Asked whether US warships in the region were defending Israel, Finer said he did not know the munitions’ ultimate destination. Biden has authorized US naval vessels to down munitions passing in their vicinities, he added.
Sanctions target funds for Houthis
The sanctions announced on Thursday by the US Treasury were part of the US response to the attacks and “enablers of the Houthis’ military capability out of Yemen,” Finer said.
The sanctions targeted 13 individuals and entities for allegedly funneling tens of millions of dollars in foreign currency to the Houthis from the sale and shipment of Iranian commodities.
The US Treasury said in a statement that the IRGC, Iran’s paramilitary and espionage force, backed the scheme involving a complex web of currency exchange houses and firms in multiple countries.
The sanctions freeze all properties and interests in the United States of those targeted and generally prohibit Americans from conducting transactions with them.
The Treasury said that the targeted network involved Said al-Jamal, a key “Iran-based Houthi financial facilitator,” and Bilal Hudroj, who runs a Lebanon-based exchange house, both of whom already are under US sanctions.
Jamal for years has used a web of exchange houses in Yemen and abroad to funnel the proceeds of Iranian commodity sales to the Houthis and the IRGC, the Treasury said, adding that Hudroj has assisted in the remittances to the Houthis.
The entities and individuals hit in the latest sanctions include a jewelry shop and exchange house in Turkey, the Treasury said, as well as exchange houses, shipping agents and individuals in St. Kitts and Nevis, Britain and Russia.
end
sunday
the bird brain Biden tells Israel not to strike the Houthis in Yemen
(DeCamp)
US Tells Israel Not To Strike The Houthis In Yemen
The Biden administration has asked Israel not to respond to recent attacks by Yemen’s Houthis, The Wall Street Journalreported on Thursday.
The Houthis, formally known as Ansar Allah, have fired missiles and drones at Israel in response to the Israeli onslaught in Gaza and have targeted Israeli-linked commercial ships in the Red Sea. US warships have responded to the Houthi attacks and have downed several Houthi missiles and drones in recent weeks.
According to the Journal, the US is concerned an Israeli response could spark a major regional war. US officials told Israel that the US would handle any potential response, although POLITICO reported that the administration is not planning on directly targeting the Houthis, at least for now.
The POLITICO report said the Pentagon has drawn up plans to strike the Houthis, but they have not been presented or recommended to President Biden.
The report said there is a “high-level consensus within the administration that it does not make sense for the US military to respond directly to the Houthis.”
Saudi Arabia has also urged the US not to strike the Houthis over concerns that such an attack could jeopardize the Saudi-Houthi peace process. A ceasefire between the Saudis and the Houthis has held relatively well since April 2022, but a lasting peace deal has not yet been signed.
The US announced sanctions targeting the Houthis on Thursday that target 13 people and firms allegedly involved in the sale and shipment of Iranian commodities. The Treasury Department claims the network has transferred tens of millions of dollars worth of foreign currency to the Houthis.
The US has backed a Saudi-led coalition against the Houthis since 2015 in a brutal war that has killed at least 377,000 people. But it’s rare that the US and the Houthis directly exchange fire.
end
Monday/zerohedge
Israel must be getting close to demolishing them!
(zerohedge)
Hamas Warns No Hostage Will Leave “Alive” If Demands Aren’t Met
MONDAY, DEC 11, 2023 – 04:15 AM
Hamas says it’s ready and willing for another temporary truce and hostage/prisoner deal exchange with Israel, while issuing a new warning Sunday saying that if its demands aren’t met, no hostage would leave the Gaza Strip alive.
“Neither the fascist enemy and its arrogant leadership… nor its supporters… can take their prisoners alive without an exchange and negotiation and meeting the demands of the resistance,” Hamas spokesman Abu Obeida said in a televised broadcast.Via Reuters
Hamas wants more Palestinians held in Israeli prisons to be freed, after it gained the release of 240 Palestinian prisoners and in exchange released 105 captives during the prior week-long truce.
There are believed to still be 137 hostages held somewhere in the Gaza Strip, at a moment fighting rages in both northern and southern urban areas.
“We have no choice but to fight this barbaric occupier in every neighborhood, street and alley,” Obeida said further while boasting that Hamas has taken out 180 Israeli personnel carriers, tanks and bulldozers. “The enemy’s holocaust aims to break the strength of our resistance… but we are fighting on our land in a holy battle.”
But holding out the possibility of another deal, Obeida also said that the “temporary truce proved our credibility.” The death toll has soared since the end of the truce. The Hamas-run Gaza health ministry now says that at least 17,700 people – most of them civilians – have been killed since Oct.7.
Meanwhile, Israeli tanks are reported to have reached the center of the major southern city of Khan Younis, amid reports of some of the heaviest overnight fighting ever seen in this southern area of the Strip.
A senior Israeli defense official has told Axios that the military expects that it will take three to four more weeks to completely secure Khan Younis and wrap up fighting there:
A senior Israeli official said Israeli Defense Forces “have made significant progress” in the northern part of the Gaza Strip, but that the operation in the southern city of Khan Younis, where Israel believes Hamas leadership is located, “has just started.”
Even as world pressure grows, and with the United States being the lone dissenter voting down a Friday UN Security Council draft resolution calling for ceasefire, the Biden administration has refrained from criticism of Israel’s seeming indiscriminate bombing campaign.
Hamas publishes new ground view war video in Khan Younis…
White House deputy national security adviser Jon Finer said days ago there the US is not giving Israel any firm deadline. “This is their conflict. That said, we do have influence, even if we don’t have ultimate control over what happens on the ground in Gaza,” Finer said.
An Israeli man wearing a prayer shawl prays next to houses destroyed by Hamas terrorists in Kibbutz Be’eri, Israel, Oct. 22, 2023 (AP Photo/Ariel Schalit)
ROME — The French, German and Italian foreign ministers are pushing for speedy adoption of new EU sanctions against Hamas for its “atrocious and indiscriminate terror attacks” against Israel on Oct. 7.
“The swift adoption of this sanctions regime will allow us to send a strong political message about the European Union’s commitment against Hamas and our solidarity with Israel,” the three ministers write in a letter to Josep Borrell, the EU’s high representative for foreign affairs.
The letter does not detail possible sanctions, but says it should enable the targeting of Hamas members, affiliated groups and supporters. The ministers said they broadly support a framework that Borrell outlined last week.
Foreign ministers of the 27-member bloc are meeting in Brussels today. The EU on Friday froze the funds and other assets in Europe of the commander general of Hamas’s military wing, Mohammed Deif, and deputy commander Marwan Issa.
RUSSIA
Lt Col Richard Hecht
GLOBAL VACCINE/COVID ISSUES
JDBYD on X: “Lauren Witzke Florida’s Surgeon General Joseph Ladapo has confirmed that fragments of DNA have been detected in COVID mRNA shots. Looks like all those “crazy conspiracy theorists” were right, https://t.co/mWehvDVIK0” / X
Newly Leaked Data Shows Just How Dangerous the COVID Vaccines Are
ROBERT H:
Insanity yes, but why should anyone trust Big Pharma or those who promote their cause?
He does nail what has been done to all of us in one form or another. Since there is something called shedding even those unvaccinated are not fully isolated.
Throughout my lifetime, I have heard people claim that the future will bring better technology and that science will make the world a better place and solve all our problems. Yet, again and again, these promises fail to materialize, and we are perpetually stuck waiting for science’s promised future.
In many cases however, the technology was in fact developed. The problem however was that the technology’s development threatened someone’s ability to make money (or gain power) so the technology was buried and never saw the light of day.
For example, throughout COVID-19 we heard numerous promises that a solution to the pandemic was around the corner (e.g., the miraculous vaccines) yet each time an un-patentable solution (e.g., ivermectin or hydroxychloroquine) was found, the pandemic-industrial-complex ruthless suppressed it to ensure their grift could continue.
Within the field of data, a similar issue exists. The mantra from Silicon Valley which has gradually entered the rest of the culture is that “more data” is the solution to all of our problems. However, once that data gets in the way of someone’s ability to make money, it often never sees the light of day.
In a recent article, I showed how there have been numerous vaccine disasters where a rushed vaccine was developed, the FDA was warned by its own scientists the vaccine was not safe (often due to its rushed production method) and then rather than heed those warnings, the government chose to bring the vaccine to market and have every authority repeat the mantra that the vaccine was “safe and effective.”
Then once Americans began to be injected and data started accumulating showing the vaccine was indeed not safe, the government instead chose to double-down on its position, insisting the vaccine was safe and doing whatever it could to cover up that inconvenient data — all of which also happened with the COVID-19 vaccines.
In each of the past vaccine disasters, the dangers of the vaccine were eventually exposed by the media, before long the unsafe vaccine was pulled from the market, and ultimately, there was some degree of accountability (e.g., the responsible officials had to resign or the victims received financial compensation through the courts).
Seeing that this was not good for business, the vaccine industry in turn adopted a few strategies which radically tilted the deck in their favor:
• Bill Clinton in 1997 legalized direct to consumer pharmaceutical (drug) advertisement (something only otherwise legal in New Zealand). Since most of the pharmaceutical industry’s expenditures are in advertising, this allowed them to become the dominant advertisers on television, and within a few years, the networks stopped being willing to air stories critical of vaccinations, even when the CEO personally supported the story being aired.
Note: The final unsafe vaccine the American media exposed was George W. Bush’s 2002 “emergency” smallpox vaccine (which rapidly ended the program because there were too many injuries in the military). Not long after, in 2006, the incredibly dangerous HPV vaccine entered the market, and despite a deluge of injuries, the American media would not touch it — instead it was exposed by a Danish network in 2015.
• Vaccine manufacturers were exempted from liability for their products — instead vaccine injuries were delegated to a federal compensation program which only allowed a narrow range of injuries to receive compensation. This understandably took away the industry’s motivation to produce safer vaccines.
• The vaccine industry worked with the FDA to create a variety of regulations for “emergency” vaccines which waived both the existing requirements to prove safety or efficacy and the ability to pursue the manufacturers in the legal system (either by directly suing them or though the federal vaccine injury compensation program).
Note: The “compensation” program for the COVID vaccines, according to a 2/21/23 congressional report has thus far not provided compensation to anyone injured by these “emergency” products.
The Vaccine Adverse Event Reporting System
In 1986, an Act was passed by Congress to address the growing problem of vaccine injuries. Many remember this act because it gave legal immunity to the manufacturers through the federal compensation program. However, what’s less appreciated about it is that the activists also were able to force two other provisions into it.
First the Secretary of the Department of Health and Human Services was to appoint a Director and a National Vaccine Advisory Committee that would guide the federal agencies to:
“Develop the techniques needed to produce safe and effective vaccines.
Coordinate and provide direction for safety and efficacy testing of vaccines.
Promote the development of childhood vaccines that result in fewer and less serious adverse reactions than those vaccines on the market [in 1986].
Make or assure improvements in … the licensing, manufacturing, processing, testing, labeling, warning, use instructions, distribution, storage, administration, field surveillance, adverse reaction reporting, and recall of reactogenic lots or batches, of vaccines, and research on vaccines, in order to reduce the risks of adverse reactions to vaccines.”
Note: This has been a longstanding problem with vaccines — hence why the activists insisted something would be done about the hot-lot issue (as the DPT makers did not want to spend a bit more on manufacturing so hot-lots didn’t get out to the public).
Additionally, the Secretary was expected to:
“Within 2 years [of 1986] and periodically thereafter, the Secretary shall prepare and transmit to the Committee on Energy and Commerce of the House of Representatives and the Committee on Labor and Human Resources of the Senate a report describing the actions taken [to make safer vaccines].
Within 3 years [of 1986] complete a review of all relevant medical and scientific information [including the research mentioned above] on the link between DPT [and MMR] vaccination and the following conditions …”
Note: Once this report was completed, the secretary was to submit it to Congress, make it publicly available it and modify the vaccine injury table so those conditions would also be covered by the national vaccine injury compensation program, and then repeat this process at least once every 3 years.
The vaccine industry really did not want to do this, so except for DPT (where outside pressures forced them to), those safer vaccines never got made. In turn, the federal bureaucracy [e.g., the FDA and CDC] got around this law by simply choosing to be non-compliant — something RFK Jr. and Aaron Siri finally proved in 2014 when the H.H.S. admitted in court it had not done much of what the act required.
Note: Since 1986, very few conditions have been added to the table of vaccine injuries that will be covered. For reference, those injuries are: rapid-onset chronic arthritis, thrombocytopenic purpura specific autoimmune disorders and catching measles from the MMR vaccine, intussusception from the rotavirus vaccine, and Guillain-Barré Syndrome from the flu vaccine.
Second, it became mandatory to report vaccine injuries (although in practice this happens less than 10% of the time) and for those reports:
“… all information reported under this section shall be available to the public.”
Note: An exception was made for personally identifying medical information.
This gave birth to VAERS, the system we now use to report adverse reactions to vaccines and independent researchers around the world in turn use to assess the safety of various vaccines.
This provision was put in because those early vaccine safety activists had over and over run into the same problem we still face now — doctors and vaccine manufacturers refused to report the injury (to avoid liability) and the government refused to share any of the information it had demonstrating vaccines were unsafe, which in turn was used to argue there was “no evidence” vaccines were unsafe.
Once VAERS broke their information blockade, the government then switched to doing everything it could to undermine the system, such as:
• Continually attacking its credibility and reliability (and likewise having the scientific establishment fail to do the same).
• Refusing to fix it when solutions were proposed (e.g., in 2010, an AI system was created that detected far more vaccine injuries and concluded VAERS was only identifying 1% of those that were occurring — as you might expect, that system was never adopted).
• Failing to hire the staff needed to run it. This in turn, became a huge problem once the COVID vaccines entered the market (as we went from 50,000 reported injuries a year — which the staff at VAERS could not handle to over 1.7 million from the COVID vaccines).
Note: At the time the COVID vaccines got an emergency use authorization, on a now deleted page [archived here], when explaining how vaccine safety would be monitored, the FDA stated that the U.S. government “has a well-established post-authorization/post-approval vaccine safety monitoring infrastructure that has been scaled up to meet the needs of a large-scale COVID-19 vaccination program,” and specifically listed VAERS as part of that infrastructure.
V-Safe
Since VAERS had many alleged shortcomings (e.g., you had no idea how many people were being sampled by it and you had no idea if the reports were being legitimate), a new system was created for the COVID-19 vaccines to effectively evaluate if they were indeed “safe and effective.” However, before long, vaccine safety advocates noticed two major issues.
First, it was not possible to easily input many of the injuries into V-Safe that were commonly occurring after the COVID-19 vaccines. Second, the public was not given access to the raw data. Instead, we were given curated assessments of the data from “trusted” experts, who not surprisingly, concluded the V-Safe data showed the COVID vaccines were safe.
Fortunately, ICAN was familiar with these tactics and after 463 days of work defeated the CDC in the courts with an appropriately drafted FOIA request. From that data, ICAN discovered that those “trusted” experts lied and V-Safe actually showed numerous red flags with the COVID-19 vaccines (although much of the V-Safe data sadly has still not been made available).
Note: A similar issue exists throughout the pharmaceutical industry as it will repeatedly conduct trials that show their drug or vaccine is quite dangerous, and then concoct a way to hide those dangers from the final trial report.
The industry is able to get away with this because neither the government nor medical profession (both of whom are often taking money from the industry) calls out that behavior and because Big Pharma has successfully lobbied for its trial data to be deemed proprietary and thus permissible to withhold from the public.
Burying Inconvenient Data
In short, as I tried to demonstrate here, and in the first, second and third part of this series, the government has proven time and time again that it will bury data that indicates a vaccine is dangerous or makes the public doubt its declarations that all vaccines are “safe and effective.”
This in effect shows why “more data” is not our salvation as we will only be fed a curated picture of it that shows what the establishment wants us to see — rather than an inconvenient truth which requires us to fix an existing problem and actually make the world a better place.
Note: The one place where data has “made things better” is in marketing — as in that industry, there is a financial incentive to have accurate data as that is needed to maximize sales.
So throughout COVID-19, since the government deliberately withheld almost all the data that the COVID vaccines are harmful, we in turn instead have had to use the following data sources:
• Anecdotal ones (e.g., this Substack started almost two years ago after I decided to publish a log of all the injuries occurring within my personal circle, which included 45 fatal or likely to be fatal vaccine injuries) — These reports tend be reflexively dismissed as “not being credible” but since they are so frequent and so many are seeing them, it has not been possible to gaslight the population into believing they just “random coincidences” (especially since the sudden cardiac deaths in the young was is so unmistakably unusual).
Note: Large polls have likewise shown this. One for example found almost half of Americans believed they were suffering from side effects of the vaccine (with 7% characterizing them as “major”), another found half of Americans believed the vaccines were killing people, and a recent one found a quarter of Americans knew someone they believe had been killed by the vaccine.
• Data from clinical trials — Since it is often quite difficult to clearly untangle what a pharmaceutical does once it gets into the market (as so many other variables get added to the picture), the general consensus is that the risks and benefits of it need to be determined in the controlled environment of a clinical trial.
Unfortunately, as there is often so much money on the line, pharmaceutical companies will inevitably rig their trials to favor of their drug (which is why truly independent studies consistently paint a quite a different picture of each drug). In the case of the COVID vaccines, not only were the trials clearly deceptive but numerous whistleblowers came forward testifying as such. Sadly, their testimonies were almost completely ignored.
Note: Despite all of this, the data on the COVID-19 vaccines was still bad enough that the published data made it clear the vaccines were not safe. This is largely because the one thing which is very difficult to hide (e.g., by reclassifying the event) in a clinical trial is how many people in each group died. As a result, I typically consider the primary metric to judge a trial by its effect on overall mortality.
• Population wide datasets showing a massive increase in deaths and disabilities — Since COVID occurred throughout 2020, whereas the vaccines were introduced at the start of 2021, those datasets frequently make it quite easy to identify the impact of the vaccines.
Note: Ed Dowd’s team has done an excellent job of compiling this data, showing the immense cost it has had for our economy and demonstrating that it is statistically impossible it could have happened by chance.
• Data the government withheld that was obtained through lawsuits — The previously mentioned CDC V-Safe data is one example. Likewise, the documents Pfizer submitted for their FDA approval which ICAN also obtained through the courts is another example.
Note: The “FDA approved” vaccine (Comirnaty by Pfizer) was never actually brought to the market.
This was done so it could be claimed the COVID-19 vaccine was “FDA approved” (and thus possible for various groups to mandate), but simultaneously, for the dangerous vaccine to retain the blanket liability shield its Emergency Use Authorization provides (hence you can only obtain the EUA but not FDA approved Pfizer vaccine). In essence, we have a situation analogous to Schrödinger’s cat.
• Data leaked by whistleblowers — Since the government never will voluntarily disclose data which makes it look bad, data that can only be obtained through leakers inevitably is quite concerning. Similarly, whenever data of this type is requested, the government will always find ways make an unlimited number of excuses to not release that data (e.g., it doesn’t have it or releasing it would violate patient privacy).
Medicare Data
Steve Kirsch has been leading the charge to get the data which will objectively show how safe and effectives the vaccines actually are. Since he has reliably published that information and protected his sources, numerous whistleblowers have contacted him and shared data they risked their livelihoods to obtain.
One of Kirsch’s fundamental principles has been that record level data (raw data) that combines vaccination status with mortality is needed for the world to assess if the vaccines are saving lives or killing people.
Since Medicare has one of the most comprehensive data sources to answer that question (as Medicare tracks when each member is vaccinated and when they die), Kirsch has been working diligently to get that data. Likewise, Medicare was cited by the FDA in the same way VAERS was — as a way to monitor the safety and efficacy of the vaccines.
Note: All the graphs that follow were produced by Steve Kirsch).
First, let’s first look at a typical vaccine:
While it’s not entirely safe (e.g., I’ve admitted an elderly patient to the hospital who suffered a zeta potential collapse from the pneumococcal vaccine), the pneumococcal vaccine is fairly unlikely to kill you, and has a small chance of saving your life from pneumococcal pneumonia. Rather, most of the issues it creates are chronic in nature and take more time to show up.
In turn, if we look at the graph, we notice a few things. First, there is a drop the risk of dying (mortality) immediately after receiving the vaccine. This is a result of the “Healthy Vaccine Effect” which highlights that sick people at risk of dying are less likely to be vaccinated, and for this reason, the brief initial drop in each graph needs to ignored.
Note: The one spike at the very start most likely represents the small portion of patients who have a severe and immediate reaction to the vaccine like the patient I discussed above.
Secondly, the overall risk of dying stays steady after receiving the vaccine, and if anything is slightly reduced (which I believe comes from the vaccine actually doing what is supposed to do). In short, the above graph is representative of a relatively safe vaccine.
Next, lets go to the flu shot, a vaccine I consider to be more problematic and likely to injure you (e.g., I’ve run into far more cases of significant injuries following the flu vaccine):
As you can see, there is a distinct spike (roughly 15%) in death following vaccination before the death rate returns to baseline. Now let’s look at what happens with the COVID-19 vaccines:
Here we instead have a spike that never regresses and instead continues increasing to 30% above baseline. What that seems a bit abstract, it’s a huge deal and provides a concise way to quantify the wave of death we are seeing around us.
Note: Given that that same trend is not seen in the flu or pneuomcoccal vaccines which were given in the same time period, it is difficult to argue anything besides the COVID-19 vaccine could be causing it.
Let’s next look at the death trends from one, two and three COVID vaccines.
Note: The drop off at the end is likely due to the data series being incomplete.
Let’s quickly put all of that together into a chart Steve notated:
New Zealand’s Data
Recently, an insider at New Zealand’s ministry of health provided Steve with records tagged to the individual’s age, time of vaccination, number of vaccinations, and date of death (if applicable). This was extremely useful for untangling what is going on, particularly given that New Zealand has a relative small population (5.2 million people) and is known for having relatively good record keeping.
This data set comprised 4,193,438 vaccination records (approximately 12 million COVID vaccinations have been administered in New Zealand), and was composed of 2,215,730 unique individuals (37,285 of whom died). So in essence, it covered a third of the vaccinations and slightly over half of the population. Let’s see what it found:
This graph again shows that the COVID vaccine dramatically increases your risk of dying (Mortality Risk or “MR”), and sadly, that this effect persists for months afterwards. Likewise, that risk increases as you get more of the vaccines.
This is important because it is both consistent with what we’ve seen throughout the vaccination campaign (the vaccine toxicity increases with each successive dose) and the general laws of toxicology (more doses of a toxin are more likely to kill someone). The next chart is what I consider to be one of the saddest ones:
Throughout my medical career, I have heard a few stories I could never confirm (e.g., from a nurse who had worked at a facility years ago) of an influenza vaccination campaign being followed by a significant number of deaths in the nursing home.
The best explanation I was able to come up with for those events was that the elderly tend to have a poorer physiologic zeta potential (due to declining kidney function) and as a result, they are much less able to tolerate the additional impairment in zeta potential that either an infection (e.g., the flu) or a vaccine can create.
However, while I believed this was an issue, the effects I observed were less overt (e.g., the progressive cognitive decline following the vaccine) rather than overt and life-threatening (e.g., while it happened, it was quite rare I admitted someone to the hospital for a vaccine injury in the pre-COVID vaccine era).
Note:Suzanne Humphries MD, a nephrologist who has done a great deal of important work exposing the dangers of vaccines said her work in this field was started her observation the flu shot would frequently precipitate a kidney injury that required hospitalization or worsen it in a patient who had already been hospitalized for one.
Once the COVID-19 vaccines hit the market, one of the most common stories I heard was an elderly patient who had rapid cognitive decline after the vaccine and then died shortly afterwards. In each case, while the relative was certain it was caused by the vaccine, the death was written off as “Alzheimer’s” or “old age.”
I, in turn, believe much of this resulted from these vaccines being much more toxic than the typical vaccine (e.g., they had a much larger effect on the physiologic zeta potential).
This wave of injuries was particularly depressing to watch, because even when large clusters of deaths occurred at a nursing home following the vaccination no one seemed to want to acknowledge this was a problem and reconsider the vaccinations. Rather, before long, the residents often got boosted.
Note: In addition to numerous examples where this was documented, I know of one worker who witnessed it first hand at their facility but had no avenues to report what he was seeing.
Remarkably enough, in medicine, one of the central dogmas when caring for the elderly is that they are “vulnerable” patients who need to be protected since they often lack the ability to advocate for themselves.
While I completely agree with this (you see many sad cases of the elderly being taken advantage of because they cannot protect themselves), that dogma goes out the window for vaccines because of the widespread belief they are “100% safe and effective.”
In turn, the medical field believes the elderly should always be vaccinated as much as possible regardless of the injuries that occur from doing so or how unclear their consent was to being vaccinated in the first place.
Note: One of the most important things to appreciate about this data is that the deaths are only the tip of the iceberg, and for each death, there are a significantly greater number of chronic and debilitating injuries (e.g., Dowd’s team found there were 10-20 times as many disabilities as deaths).
Replicating the Data
Many of the physician authors I believe have done the best job illustrating the crimes of the pharmaceutical industry have had a common mantra — the data for the drugs we consume must be made public. Yet, over and over this never happens, and those authors in turn are able to show the catastrophic harm that occurs from the data being kept secret.
Conversely, Kirsh’s aim has been to make all the data he has collected be available to the public so everyone can access it and verify his claims (which can be accessed here).
Note: Datasets from a variety of sources are posted in the Wasabi folders. With the spreadsheets containing the NZ data, each column was randomized so that the statistics of the dataset would be maintained, but personally identifying information would not be.
In turn, before publishing this, I attempted to see if I could replicate Kirsch’s findings and see what else I could find within the dataset. Since many graphs have been produced showing an increase in mortality following the vaccine rollout, I decided to see how the deaths in the vaccinated would compare to the total deaths in the population.
Note: If you use the randomized data Steve has provided to create this chart, the sheet you will produce will be very similar but slightly different from this one. Additionally, the peak in deaths is more pronounced if you were to instead make this chart with the elderly.
What all of this data (and others like countless VAERS analyses) have shown is that the COVID vaccines have killed millions of people, and that the majority of those deaths occur months after the shot and predominantly affect the elderly.
If you have a background in data analysis, I would strongly advise you try to look at the data as well, both to confirm for yourself the vaccines are indeed harmful and to see what else you can find in the dataset.
New Zealand’s Data Analyst Goes Public
On November 28th, the chief data analyst for New Zealand (and the source of the above data) decided to go public and disclose what he was uniquely positioned to observe with the vaccination roll-out. Specifically, he found that there was a massive spike in deaths immediately following the vaccines being deployed.
Furthermore, he also shared that in a few instances, hot lots were being given that killed between 4.5% – 21.3% of the recipients and that a few vaccinators had between a 10% – 24% death rate in those they vaccinated, but for some reason did not speak up. His entire presentation can be seen in the video below and helps put into words what it is like to be shouldered with the responsibility he had (while everyone else was staying silent).
Note: An 8 minute shortened version of this video can be viewed in this article.
Conclusion
Ever since I first saw how over the top the efforts were to sell the COVID vaccines, my belief has been that marketing and sales would predict everything which would happen with them. More specifically, each time a market was capped, the rules would be changed so a new market could be opened up. To illustrate:
Initially the vaccines were sold under a scarcity model to get as many people as possible to receive them.
Once the scarcity model stopped working, they were traditionally marketed to the population.
Once that market was capped, bribes (e.g., gift cards) were given to incentivize more people to vaccinate.Note: Many of those bribes were so ridiculous (e.g., drugs, donuts and sex) they made many realize there had to be something wrong with the vaccines.
Once that market was capped soft mandates (e.g., to travel or go to a bar or to a concert) were implemented.
Once that market was capped, hard mandates were implemented (e.g., losing your job or being kicked out of your educational program).
Once that market was capped, they started pushing the vaccine on children.
Once that market was capped, they decided the vaccine actually didn’t fully protect you and boosters were needed.
Once that market was capped, they decided more boosters were needed and eventually that the vaccine would instead become an annual shot.
As I watched this predictable chain of events, I also told many people that once it was clear the vaccines could not be sold anymore, they would begin acknowledging the injuries were real (e.g., Yale recently published a paper on “Post Vaccination Syndrome” which will likely be shared throughout the medical community). This would of course be done so they could pivot to selling proprietary pharmaceutical drugs that could be used to treat the vaccine injuries.
Note: I suspect this new wave of therapeutics will also include monoclonal antibodies to the original spike protein (which Biden took off the market) and complement factor B inhibitors, new anticoagulants and the existing (but expensive) intravenous immunoglobulin therapy.
At this point, all of us believe the healthcare authorities are fully aware of the current disaster and are doing everything they can to cover it up. In turn, we expect a few people will be thrown under the bus to protect the industry so business can essentially continue as usual. I believe things are very close to a tipping point now because:
The majority of the population knows the vaccines are not safe or effective.
More evidence (and leaks) keeps on emerging of the vaccine’s harm.
There is no longer a financial incentive to cover that up and the funding to keep pushing for them to be on the market (since no one will buy them). Rather the incentive is now to pivot to the even more profitable treatment of them.
Getting to this point we are now has taken a lot of work from many dedicated activists, and I want to sincerely thank Steve for the work he’s put into gathering this data. After he informed me of what he was putting together, I realized the importance of it and hence spent the last two weeks compiling this series which could put those leaks into context.
I hope it was helpful for each of you and provided a human face to the immense amount of human suffering which is encapsulated within the abstract data points presented in this article.
A Note From Dr. Mercola About the Author
A Midwestern Doctor (AMD) is a board-certified physician in the Midwest and a longtime reader of Mercola.com. I appreciate his exceptional insight on a wide range of topics and I’m grateful to share them. I also respect his desire to remain anonymous as he is still on the front lines treating patients. To find more of AMD’s work, be sure to check out The Forgotten Side of Medicine on Substack
As we gear up for the cozy season of winter, snuggling under blankets and sipping hot cocoa might be the most appealing thing on our minds. But before we settle in for the colder months, there’s one important thing we shouldn’t forget: vitamin D.
Some of the comments on yesterday’s article reminded me I wanted to send out a reminder about the power of vitamin D a/k/a the ‘sunshine vitamin’.
In January, I wrote about vitamin D’s incredible impact on our health. Well, guess what? It’s even more relevant now as the days get shorter and the sun decides to play hide-and-seek.
Here’s a quick reminder:
Vitamin D is Safe And Effective
A study from Italyfound that vitamin D supplementation has a substantial protective effect against hospitalization and mortality from COVID-19. Specifically:
A whopping 72% reduction in ICU admissions
And a 51% reduction in your risk of death
Vitamin D works better than vaccines, masks, lockdowns, etc. As you can see most cases were mild with a vitamin D level of 30ng/ml. Not the case in people deficient.
Nebraska Prepares to Mandate WEF’s ‘Digital ID’READ MORE…
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MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
For The Market To Be Right, Every Member Of The FOMC Has To Be Wrong
MONDAY, DEC 11, 2023 – 11:25 AM
By Benjamin Picton, senior macro strategist at Rabobank
For Lease Navidad
Following a softish ADP jobs figure last week, the market was poised for a similarly weak print in the much more consequential non-farm payrolls report. Alas, the recent form of virtually no correlation between the two numbers held, and non-farm employment growth in November handily beat the 185,000 consensus estimate to print at 199,000.
The bond market reacted in orthodox fashion. 2-year yields jumped 12.5bps and 10-year yields pumped higher by 7.6bps. Fed Funds futures show the centre of gravity for market-implied probability of rate cuts have been pushed a little further out the yield curve into 2024, but there are still 4.5 cuts priced in before Christmas.
So, the huge disparity between market pricing and the Fed dot plot continues. The dot plot median for 2024 is 5.125%, and the lowest value is 4.375%, while the futures market is suggesting that Fed Funds will finish the year just a touch above 4%. This suggests that every member of the FOMC would have to be wrong (or fibbing) about the likely future path of their policy rate decisions for the market to have it right.
Jerome Powell and other Fed speakers who have been warning traders not to get too carried away with bets on looser policy will be pleased to see some tentative crabwalking back towards the higher for longer meme. You can only huff and puff about hawkish policy stances for so long before you have to actually deliver, or risk losing your credibility. Equity markets were sufficiently unfazed by a firmer than expected labor market to see the Dow Jones rise by 0.36% and the more duration sensitive NASDAQ up by 0.45%. Mr Market says “I do not believe you!” to the Fed.
This week brings the December FOMC meeting (previewed here by Philip Marey), so we will get an updated picture of how determined the Fed is to stick to the higher for longer meme. No-one will be sweating on this meeting more than the commercial real estate sector and the regional banks who loaded up their balance sheets with CRE risk in the go-go years of ever lower policy rates (and money printing). Unrealized losses on held to maturity bond portfolios might be looking a little better since 10-year yields encountered resistance at 5% and subsequently fell by ~80bps, but this might be splitting hairs between disaster and calamity.
The soft-landing becomes important in this context as office fund managers sweat on the double-whammy of refinancing risk and vacancy rates driven higher by the work from home trend that just won’t die. Assets bought off funny-money cap rates don’t make much sense in a normalized free market where supply and demand of credit is determined by free exchange between willing borrowers and lenders. Mispricing is just one negative legacy of interventionist easy money policies. As Walter Bagehot famously put it: “John Bull (or Uncle Sam) can stand many things, but he cannot stand 2% (or 0.25%)”.
Obviously, there are financial stability risks here, and the Fed already demonstrated a willingness to ride to the rescue with new liquidity when similar risks were exposed earlier in 2023. This is the underlying tension between r* (the neutral rate of interest) and r** (the financial stability rate of interest). The Fed is talking about the former, the market is pricing for the latter. Who can blame them if CRE managers are heading towards the holidays saying “for lease Navidad” as all of the white-collar workers telecommute from their living room.
Major Bank CEOs in the USA seem to be well aware of the financial stability risks inherent in such a system. CEOs appearing before a Senate Hearing on December 6th pushed back against the proposed implementation of the Basel III capital framework, which would require banks to hold more capital against the assets on their balance sheets. Critics will say that the resistance is pure self-interest, because lower capital requirements means more leverage and therefore higher potential profits. Another interpretation might be that senior bankers don’t want to be forced to hold a greater volume of debt securities whose value is routinely manipulated by the central bank.
The case could be made that, beyond a certain point, capital requirements that force banks to buy government debt at what can be effectively off-market rates (during periods of yield-curve control, for example) is not only a form of financial repression, but a source of systemic risk in the future. Unfortunately, that future appears to be arriving quickly as interest rates normalize, debts fall due for refinance and bond portfolio’s nurse whopping losses.
The more arcane points of monetary frameworks and financial stability will get a good airing this week because the Fed won’t be the only central bank in action. We also have rates decisions due from the BOE, ECB, SNB, BCB and the Norges Bank. Almost all of these are expected to remain on hold, with the exception of the BCB who are in the midst of a cutting cycle. On Friday our rates team put out a detailed summary of the Bloomberg survey ahead of the ECB meeting this week. The key takeaways were that:
Economists’ expectation for the volume of rate cuts in 2024 has remained at 75bp (albeit that the first cut is now expected in June rather than September) but this is of course now hugely less than market pricing.
A majority now expect that the ECB will bring forward its current commitment to invest bonds maturing under the PEPP until the end of 2024, with the favoured timing being Q2 2024.
-The expectations regarding the ECB’s forecast for 2025 headline and core inflation are almost evenly split between those that expect them to be left unchanged and those that expect downward revisions.
This week will also bring the release of CPI figures for the United States on Tuesday. As always, headline inflation is expected to decline further while core inflation remains resilient. It will be very interesting to see which direction any surprises come, especially after last week’s inflation numbers our of China that showed accelerating deflation for both consumer and producer prices. Hopefully the soft landing survives the week!
END
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE
Yemen’s Houthis have forced a ship bound for Israel to change direction a day after they declared that they would be targeting all vessels bound for Israel in the Red Sea.
Bloomberg reported on the news citing an X statement by the deputy foreign minister of the Houthi government, noting that the account of Hussein al-Ezzi could not be immediately verified.
Per the statement, the Yemeni Navy “forced a ship sailing towards occupied Palestine to change its direction and sail back”
The news comes after on Sunday media reported that the Houthis have vowed to turn any ship sailing to Israel into a target unless humanitarian aid was provided to Gazans.
“If Gaza does not receive the food and medicine it needs, all ships in the Red Sea bound for Israeli ports, regardless of their nationality, will become a target for our armed forces,” military spokesman Yahya Sare’e said in an X thread.
“Out of concern for the safety of maritime navigation, we warn all ships and companies to avoid dealing with Israeli ports,” Sare’e also wrote, adding that “The Yemeni Armed Forces reaffirms its full commitment to the safe continuation of the global trade movement through the Red and Arab Seas for all ships and all countries with the exception of ships affiliated to Israel or transporting commodities to Israeli ports.”
A recent string of missile and drone attacks on vessels in the Red Sea by the Houthi army gave rise to concerns about the security of oil transport through one of the biggest global chokepoints. Last week, the Houthis also said they have started targeting Israel itself, too.
On Wednesday, the Houthis launched “several” ballistic missiles at Israeli military posts in the city of Eilat, Reuters reports, citing a Houthi spokesperson. That statement followed the U.S. Navy’s shooting down of a Houthi drone earlier in the day.
Also last week, U.S. National Security Adviser Jon Finer said that the possibility of direct U.S. military action against the Houthis was a possibility that was being considered.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
VENEZUELA/
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0759 UP 0.0007
USA/ YEN 146.40 UP 1.560 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2579 UP .0039
USA/CAN DOLLAR: 1.3579 UP .0009 (CDN DOLLAR DOWN 9 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 21.88 PTS OR 0.74%
Hang Seng CLOSED DOWN 132.88 PTS OR 0.81%
AUSTRALIA CLOSED UP 0.06% // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG DOWN 132.88 PTS OR 0.81%
/SHANGHAI CLOSED UP 21.88 PTS OR 0.77%
AUSTRALIA BOURSE CLOSED UP 0.06%
(Nikkei (Japan) CLOSED UP 483.04 PTS OR 1.50%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1995.60
silver:$22.95
USA dollar index early MONDAY morning: 103.73 UP 10 BASIS POINTS FROM FRIDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.1769
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1952)
TURKISH LIRA: 28.99 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.761…VERY DANGEROUS
Your closing 10 yr US bond yield UP 2 in basis points from FRIDAY at 4.270% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.349 UP 2 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.760 UP 4 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 9.58 POINTS or 0.13%
German Dax : CLOSED UP 25.21 PTS OR 0.21%
Paris CAC CLOSED UP 24.98 PTS OR 0.33%
Spain IBEX DOWN 25.40 PTS OR 0.25%
Italian MIB: CLOSED UP 22.65 PTS OR 0.07%
WTI Oil price 71.06 12: EST
Brent Oil: 75.81 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 90.97; ROUBLE UP 0 AND 93//100
GERMAN 10 YR BOND YIELD; +2.26666 DOWN 1 BASIS PTS
UK 10 YR YIELD: 4.115 UP 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0763 UP 0.0012 OR 12 BASIS POINTS
British Pound: 1.2555 UP .0016 or 16 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.1145% UP 5 BASIS PTS//
JAPAN 10 YR YIELD: 0.762%
USA dollar vs Japanese Yen: 145.91 UP 1.346 //YEN DOWN 135 BASIS PTS//
USA dollar vs Canadian dollar: 1.3573 UP 0.0003 CDN dollar DOWN 3 basis pts)
West Texas intermediate oil: 71.44
Brent OIL: 76.10
USA 10 yr bond yield UP 1 BASIS pts to 4.240%
USA 30 yr bond yield UP 1 BASIS PTS to 4.328%
USA 2 YR BOND: UP 0 PTS AT 4.721 %
USA dollar index: 103.70 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 29.00 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.69 UP 1 AND 20/100 roubles
GOLD 1980.70 3:30 PM
SILVER: 22.83 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 156.99 .43% PTS OR 0.63%
NASDAQ DOWN 137.05 PTS OR 0.85%
VOLATILITY INDEX: 12.63 UP .28 PTS (2.27)%
GLD: $183.60 DOWN 2.04 OR 1.10%
SLV/ $20.91 DOWN .19 OR 0.90%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Bitcoin, Big-Tech, & Bullion Dumped Ahead Of CPI
MONDAY, DEC 11, 2023 – 04:00 PM
Today’s calm – before the storm of event-risk-catalysts this week – was anything but.
Bitcoin was clubbed like a baby seal, Black Gold dumped and pumped, ‘Magnificent 7’ stocks stumbled, gold was hammered, and NatGas puked. Bonds were quiet (yields small higher) and the dollar rallied modestly.
All of crypto suffered (with long-liquidations over $450mm)…
Source: Bloomberg
Bitcoin-linked stocks were (expectedly) hammered but the rest of the ‘retail’ faves were left relatively unharmed (for now)…
Source: Bloomberg
The US Majors were all higher on the day ahead of tomorrow’s inflation print with Nasdaq outperforming (Small Caps lagged). The big gains all happened after Europe closed and into 1430ET (margin-call time)
But, while Nasdaq rallied, the biggest of the big-tech (Magnificent 7) stocks tumbled by the most since Oct 26th…
Source: Bloomberg
The wild-chop in “most shorted” stocks continued today…
Source: Bloomberg
Hedgies continued to drift sideways as favorite shorts and longs refuse to breakout…
Source: Bloomberg
Bonds roller-coastered today – ending with yields modestly higher. Bonds were sold overnight and through the 3Y auction but then rallied after the 10Y auction. The long-end underperformed (30Y +2.5bps, 2Y unch)…
Source: Bloomberg
The 2Y yields spiked over 20bps from Thursday night to today’s highs before pulling back a little…
Source: Bloomberg
The dollar managed to hold gains after running stops above last week’s highs and then fading back….
Source: Bloomberg
Oil managed to eke out a small gain today…
…while warm-weather whacked NatGas to 5-month lows before bouncing back today (still down over 5%)…
Spot Gold broke below $2,000, back to three-week lows…
Source: Bloomberg
Finally, since the last FOMC meeting, financial conditions have eased massively (by over 100bps based on Goldman’s FCI)…
Source: Bloomberg
And, as we detailed earlier, there’s a lot of room for disappointment in this week’s FOMC as the market is pricing in the fact that every Fed member has to be wrong about next year…
Source: Bloomberg
Mr Market says “I do not believe you!” to the Fed. Now, what will Powell say back?
MORNING TRADING
end
TUCKER CARLSON
II USA DATA
END
III USA ECONOMIC COMMENTARIES
In January, the budget deficit was 10 billion dollars. By May it was $32 billion. It is now $68 billion.
(EpochTimes)
California Facing Record $68 Billion Deficit, Potential ‘Fiscal Budget Emergency’: Legislative Analyst
A spokesperson for California Gov. Gavin Newsom suggested some of the state’s approximately $24 billion held in reserves could be used to address the growing deficit—an idea analysts agree will be necessary.
“The Governor has maintained strict fiscal responsibility since taking office, building up the state’s reserves to historic levels reaching the maximum allowed by the state constitution to be put in reserves and paying down debts—putting California in a strong position to deal with budget shortfalls,” Erin Mellon, communications director for Mr. Newsom’s office, told The Epoch Times by email Dec. 7.
Budget problems arose after income tax collections dropped 25 percent in the fiscal year 2022–2023—which ended June 30—compared to the year before, according to the report by the Legislative Analyst’s Office.
Moreover, tax receipts typically due in April were delayed until October this year due to federal and state exemptions granted after winter storms impacted the state, which made it difficult for state officials to determine the scale of the deficit earlier to define budget priorities accordingly.
“Federal delays in tax collection forced California to pass a budget based on projections instead of actual tax receipts,” Ms. Mellon said. “Now that we have a clearer picture of the state’s finances, we must now solve what would have been last year’s problem in this year’s budget.”
Noting the unusual dilemma presented by the timing and severity of the decline, analysts said the state has only faced such circumstances during the Great Recession and dotcom bust.
With a $68 billion shortfall for the fiscal year 2024–2025 projected, in addition to $30 billion operating deficits in following years, lawmakers will need to reduce spending, increase revenues, or both to fill the gap.
Cuts will be needed across programs, including education and other core services to resolve the problem. The report identified approximately $8 billion in temporary spending options in 2024–2025 to be considered for funding reductions, according to the report.
Lowering spending on employee compensation, higher education, and judicial systems are solutions utilized in the past to manage budgets, the report said.
Analysts noted that such dire conditions constitute a “fiscal budget emergency,” though the governor is required to make an official declaration to enact austerity measures. Mr. Newsom has not declared such as of press time.
Critics point to a growth in state spending as contributing to the budget issues.
“Governor Newsom and Democrat lawmakers turned a $100 billion surplus into a $68 billion deficit in just 2 years,” Senate Minority Leader Brian W. Jones (R-San Diego) said in a Dec. 7 press release. “Even more alarming, the five-year deficit forecast is an astounding $155 billion, thanks to the overspending Democrats jammed into the last few budgets.”
Financial market uncertainty in 2022 and early 2023—including Silicon Valley Bank’s implosion triggering instability—and higher interest rates are to blame, in part, the report suggests.
Higher borrowing costs slowed the housing market, as average monthly mortgage prices for homes purchased in California increased from $3,500 to $5,400 over the last year, according to the report.
“Overall, the experience of the last few years suggests California’s economy and revenues are uniquely sensitive to Federal Reserve actions,” analysts wrote.
Historically, similar downturns have been followed by years of economic weakness, according to the report.
Calling the situation unique and challenging, the report suggested urgent action to identify potential solutions—emphasizing fewer options will be available if discussions are delayed.
“Given the scale of the budget problem, we suggest the Legislature immediately begin evaluating past spending to find monies that have been committed but not yet distributed,” analysts wrote. “Taking early action on these reductions could increase the choices available to the Legislature.”
Such work is currently underway, with proposed solutions to be introduced once the Legislature reconvenes next year, according to the governor’s office.
Mr. Newsom is expected to announce his budget proposal for the fiscal year 2024–2025 by the Jan. 10 deadline.
“In January, the Governor will introduce a balanced budget proposal that addresses our challenges, protects vital services and public safety, and brings increased focus on how the state’s investments are being implemented, while ensuring accountability and judicious use of taxpayer money,” said Ms. Mellon, spokeswoman for the governor’s office.
One lawmaker said the budget problems are not surprising, created after years of spending increases.
“California’s tax-and-spend majority has joined this governor in budget decisions that are based on unrealistic revenue estimates and budgeting gimmicks,” Sen. Roger Niello (R-Fair Oaks) told The Epoch Times. “Hopefully, the majority will see it is time for a more realistic budget strategy, instead of throwing money at a laundry list of projects that sounds nice on the national television debate stage.”
end
The Price Of Rent Surged 27 Straight Months. Is Relief Finally Coming?
After suffering through a three-year period when rents jumped by 30% or more in many U.S. cities, renters are now starting to enjoy small breaks like this. Rents still aren’t falling by much. But thanks largely to an unusual surge in new building supply, more landlords are offering other enticements to fill up their properties, from a month of free rent to a reduction in fees and deposits.
The deepest discounting is happening in the South and other Sunbelt markets, in cities such as Charlotte, N.C., and Dallas, where there has been more construction than in the rest of the country. Mid-America Apartment Communities, a publicly traded company focused on Sunbelt cities, said in an October earnings call that widespread use of concessions by developers was weighing on how much rent it could charge.
Concessions don’t always reflect a great deal. Some landlords might offer discounts only on rent that was unusually high to begin with. Landlords dangling concessions also often ask tenants to sign 18-month leases. That means units leased in fall or winter months come up for renewal in the spring or summer, when landlords tend to have more pricing power. Tenants could end up paying much higher rents down the line.
The concession trend might also prove short-lived. Permits for new buildings are falling, amid a financing crunch that makes it difficult for developers to put stakes in the ground.
And a for-sale market that remains inaccessible to so many could also prop up rents long term and cut into all the freebies. Coats, the Virginia Beach renter, was readying to buy a home until interest rates shot up last year and prices hovered near record highs.
Is This the Real Deal?
I have doubted every one of these falling rent stories for two years. This one seems a little more solid.
Rather than saying I doubt it. I will change my tune to I just don’t know.
For sure, a half percent on average for 27 straight months doesn’t seem sustainable, but many have been yapping about 1 year lags for about two years.
Seasonality in Play
The Journal caught one key idea with “units leased in fall or winter months come up for renewal in the spring or summer, when landlords tend to have more pricing power. Tenants could end up paying much higher rents down the line.“
National Rent Price vs CPI Rent of Primary Residence
Is the Fourth Time a Charm?
The “falling rent” stories to date have all been wrong due to a combination of factors.
First, they ignored seasonality. Second they have primarily been based on new leases not renewals.
New leases only account for 15 percent of the market according to census data. Judging from the above chart, one might have expected the price of rent to fall at the beginning of 2021, 2022, and 2023.
Many did. Look what happened.
CPI Rent
Rent of primary residence, the cost that best equates to the rent people pay, jumped another 0.5 percent in October.
CPI month-over-month data from the BLS, chart by Mish
People kept telling me rent is falling. I keep saying it isn’t (and the data proves it).
I provide solid evidence that the BLS has been doing no such thing.
Nonetheless, assume inflation slows along with rent. At some point it’s bound to happen.
The key question then becomes: Was inflation transitory or is it the easing that’s transitory?
Please see the above link for my take on inflationary pressures and how long they might last.
end
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM
US Is Lone Veto Of UN Security Council ‘Humanitarian Ceasefire’ Resolution
FRIDAY, DEC 08, 2023 – 05:10 PM
Update(1710ET): The United States on Friday has vetoed an urgent Security Council draft resolution that would have demanded an immediate humanitarian ceasefire in Gaza. The resolution also called for the immediate, unconditional release of all hostages.
The United States was the lone “no”. Here’s a breakdown of the UNSC vote…
In Favor: 13
Against: 1 (US)
Abstain: 1 (UK)
A UN press release stated, “The US vetoed a resolution put forward by the United Arab Emirates and backed by over 90 Member States. There were 13 votes in favor and the United Kingdom abstained.”
Meanwhile, at a moment it appears to be the US/Israel against the world on the question of humanitarian ceasefire…
US vetoes UN Security Council resolution urging an immediate humanitarian ceasefire in Gaza, hours after UN chief said “it is time to act”.
Palestinian envoy to UN decries resolution’s failure as “disastrous”, says Israel’s continued war on Gaza will lead to more atrocities, killings and destruction.
Palestinian Red Crescent says dozens of people killed in Israeli attacks on a house near a hospital in Khan Younis.
At least 17,487 Palestinians killed in Gaza since October 7. In Israel, the revised official death toll stands at about 1,147.
* * *
With the 2024 election fast approaching and Democrat support for Israel’s war on Hamas waning, the Biden administration – which is also trying to sell Congress on handing $14.3 billion in aid to Israel – has been ratcheting up pressure on Prime Minister Benjamin Netanyahu to minimize civilian casualties, recognize and work with the Palestinian Authority, resume peace talks, and commit to not reoccupying Gaza.
The chances of that happening are virtually nil, however, as Netanyahu’s government has made clear that Israel plans to destroy Hamas, retain an open-ended security presence in Gaza, impose a buffer zone to keep Palestinians away from the border, and never recognize the Palestinian Authority.
Despite the clear differences in vision for an endgame to this conflict, Israel knows the Biden administration is nothing more than a paper tiger in a dog mask, despite some 16,000 civilians reported dead by Gaza health authorities.
But as the death toll in Gaza continues to rise, conditions deteriorate, and Biden enters an election year with significant portions of his Democratic base pushing for an end to Israel’s offensive, these differences are likely to grow in the absence of a clear endgame.
Shavit said that tensions could rise if the U.S. at some point concludes that Israel is dragging its feet or ignoring American demands. But for now, “the Americans want Israel to succeed,” he said.
Daniel Levy, a former Israeli peace negotiator who is president of the U.S./Middle East Project, a policy institute that studies the Israeli-Palestinian conflict, said the Americans are unlikely to put their foot down.
He cited what he described as a tepid American response to heavy civilian casualties in southern Gaza as an indicator of what lies ahead.
“Israelis have a sense that their road to run is not endless, but they still feel they have lots of road to run,” he said.
As we noted over the weekend, Biden’s Defense Secretary, former Raytheon board member Lloyd Austin warned that Israel needs to be careful about civilian deaths.
“If you drive them into the arms of the enemy, you replace a tactical victory with a strategic defeat,” he said. “So I have repeatedly made clear to Israel’s leaders that protecting civilians in Gaza is both a moral responsibility and a strategic imperative.”
And on Thursday, US Secretary of State Antony Blinken issued a stern warning, that “civilian casualties remain too high and that Israel must step up its efforts to reduce them.”
Blinken has also called on Israel to allow more humanitarian aid into Gaza.
On Wednesday, UN Secretary-General António Guterres invoked Article 99 of the UN charger, which allows him to raise to the Security Council’s attention “any issue that may aggravate existing threats to the maintenance of international peace and security.”
The letter to the 15-member council – the seventh in the UN’s 78-year history in which Article 99 has been invoked – urged the body to “press to avert a humanitarian catastrophe,” and unite in a call for a full humanitarian ceasefire.
In response, Israeli Foreign Minister Eli Cohen flipped out – calling Guiterres’ tenure “a danger to world peace,” and that the call for ceasefire in Gaza amounted to supporting Hamas and their Oct. 7 terrorist attack on Israel.
The Security Council was expected to hold an emergency meeting at 10AM ET on Friday in New York, after the UAE on Thursday submitted a draft resolution calling for an urgent humanitarian ceasefire which has the support of Arab and Islamic nations.
Is ‘King Bibi‘ sacrificing Israel to save his political career?
As The Cradle noted on Tuesday, while Netanyahu faces international pressure from both allies and adversaries to rethink his strategy, he’s also trying to tamp down a domestic revolt withing his own Likud party – with reports circulating about deposing him through a Knesset vote of no confidence, after which another party member would be selected to lead the government.
Essentially, Netanyahu’s political survival strategy centers on portraying himself as the lone defender against shallow US rhetoric for a two-state solution. Attempting to sidestep responsibility for the occupation state’s failures, Netanyahu now faces a resurgent Benny Gantz in the opposition. Recent Israeli polls predict a significant shift among the wider public, favoring opposition and Arab parties over the current right-wing coalition. Per the polling, a new coalition could be expected to win 79 seats, compared to 41 seats for the parties of the current Likud-far-right government.
Israel’s precarious political situation has Netanyahu resisting any solution, settlement, or exit that could lead to legal consequences for him. He undermines his party by threatening immediate elections post-war if Likud’s internal machinations against him don’t stop – having already refused to step down from his post.
More worrisome yet is that despite Israel’s devastating past war experiences in Lebanon, Netanyahu may view a northern war as his only potential escape route – a way to reshuffle his political fortunes to avoid corruption charges and face his military failures. Why not play Russian roulette with Lebanon when the only other option is a long stretch in a prison cell?
Meanwhile, the clock is ticking on the 2024 US election, and then there’s the matter of the $14.3 billion courtesy (though not by choice) of the US taxpayer.
end
Antisemitism is ‘only rational explanation’ for UN’s Article 99 – Lapid
Antisemitism is the only rational explanation for the UN secretary-general’s use of Article 99 on Israel’s war on Hamas in Gaza, former prime minister Yair Lapid charged on Saturday.
“The UN secretary-genreal hasn’t invoked Article 99 for decades. Not…in Syria…Congo…or Ukraine,” Lapid wrote on X.
END
“Resign In Disgrace!” – Ackman Takes Aim At Harvard President As PhD Plagiarism Allegations Appear
MONDAY, DEC 11, 2023 – 09:30 AM
“It can be, depending on the context.”
Those seven words could be the undoing of Harvard University President Claudine Gay.
They were uttered in response to a question on whether calling for the “genocide of Jews” was against their universities’ codes of conduct.
She has since apologized for her comments in an interview with the Harvard Crimson.
But, the pressure continues to mount as billionaire investor Bill Ackman has her in his crosshairs demanding Gay (and others) “resign in disgrace.” A demand that is gathering momentum after Penn’s President resigned on Saturday.
On Sunday, Ackman penned an open letter to Harvard’s governing boards of directors, where he reiterated his call for Claudine Gay to be removed.
“In her short tenure as President, Claudine Gay has done more damage to the reputation of Harvard University than any individual in our nearly 500-year history,” the Harvard alumnus wrote on X, adding that Gay had “catalyzed an explosion of antisemitism and hate on campus that is unprecedented in Harvard’s history.”
Besides focusing on Gay’s handling of on-campus antisemitism, Ackman’s letter also accused her of presiding over “discriminatory hiring practices at Harvard.”
“The faculty have been told in no uncertain terms that candidates that do not meet DEI criteria will not be considered for certain faculty positions,” he wrote.
Ackman continued:
“Knowing what we know now, would Harvard consider Claudine Gay for the position? The answer is definitively ‘No,'” Ackman said in his X post.
“With this simple thought experiment, the board’s decision on President Gay could not be more straightforward,” Ackman continued.
“First, Gay lifts an entire paragraph nearly verbatim from Lawrence Bobo and Franklin Gilliam’s paper, ‘Race, Sociopolitical Participation, and Black Empowerment,’ while passing it off as her own paraphrase and language,” Rufo reported on his Substack along with journalist Christopher Brunet.
“Though Gay does provide a reference to the original authors, she uses their verbatim language, with a few trivial synonym substitutions, without providing quotation marks,” he reported.
“…Gay repeats this violation throughout the document, again using work from Bobo and Gilliam, as well as passages from Richard Shingles, Susan Howell, and Deborah Fagan, which she reproduces nearly verbatim, without quotation marks.”
Rufo posted screenshots of the comparisons on his X account, arguing the examples are violations of Harvard’s academic integrity policy.
Rufo concludes his post by calling on Harvard’s Board of Overseers to conduct an investigation, arguing “the dissertation is the cornerstone of an academic career, and universities impose demanding standards of academic integrity, with severe consequences for violators.”
Finally, we note that more than 500 faculty members signed a letter to the Harvard Corporation, urging the university’s governing body not to remove Gay, the Harvard Crimson reported on Sunday.
In the letter, the faculty members urged the university “to defend the independence of the university and to resist political pressures that are at odds with Harvard’s commitment to academic freedom, including calls for the removal of President Claudine Gay.”
“The critical work of defending a culture of free inquiry in our diverse community cannot proceed if we let its shape be dictated by outside forces,” they continued.
We wonder how all those supporters will feel about the plagiarism allegations?
END
(JERUSALEM POST)
Silver lining in US college presidents’ testimony – analysis
The comments do not go unchallenged and the challenge is fierce.
By HERB KEINONDECEMBER 11, 2023 21:12Updated: DECEMBER 11, 2023 22:26
Harvard University President Claudine Gay attends a House Education and The Workforce Committee hearing titled “Holding Campus Leaders Accountable and Confronting Antisemitism” on Capitol Hill in Washington, U.S., December 5, 2023.(photo credit: REUTERS/KEN CEDENO)
Call it a sign of the times.
On December 8, two days after the presidents of three prestigious East Coast US universities were unable to tell a Congressional committee that calling for the genocide of Jews on campus violates their schools’ codes of conduct, Stanford University – another elite US school, but this one on the West Coast – issued this statement:
“In the context of the national discourse, Stanford unequivocally condemns calls for the genocide of Jews or any peoples. That statement would clearly violate Stanford’s Fundamental Standard, the code of conduct for all students at the university.”
What is remarkable about this statement is that it had to be issued at all.
Think about that for a minute. One of the world’s top universities has to make it clear that it “unequivocally condemns calls for the genocide of Jews or any people.”
University of Pennsylvania President Liz Magill testifies before a House Education and The Workforce Committee hearing titled ”Holding Campus Leaders Accountable and Confronting Antisemitism” on Capitol Hill in Washington, U.S., December 5, 2023. (credit: REUTERS/KEN CEDENO/FILE PHOTO)
In normal times, who would have thought otherwise? In normal times, who would have any such doubt? But these are abnormal times, and that Stanford felt the need to issue this statement, and that anyone would have any doubt that a university of Stanford’s caliber would not unequivocally condemn calls to kill Jews, is staggering.
But here we are; that is the reality.Advertisement
Since the October 7 massacre and the pro-Palestinian, pro-Hamas demonstrations that came following it with chants like “Intifada, revolution,” “Globalize the intifada,” and “From the river to the sea, Palestine will be free,” it is not a given that these calls for violence against Jews are forbidden on campus.
This became painfully obvious during last week’s testimony by three presidents of elite universities to a congressional committee holding a hearing on campus antisemitism.
When the University of Pennsylvania’s president Liz Magill was asked point-blank whether “calling for the genocide of Jews” goes against the university’s code of standards, she replied that it is “context dependent.”
Stanford had to clarify something that should have been a given – but, as the exchange with Magill showed quite clearly, is not – that these types of calls are a form of harassment of Jews.
But what is also interesting is that Stanford felt the need to publicly clarify its position on this matter. Why did it feel this need? Because of the fierce blowback that resulted when Magill, Harvard University President Claudine Gay, and MIT President Sally Kornbluth said that they had to review the context of those calls to determine whether they would constitute harassment.
This context-dependent argument would be the equivalent of a group of white students marching through Harvard Yard chanting slogans that African American students believe are calls for their murder, and the president conditioning disciplinary action against those demonstrators based on the “context” of their chant and whether it led to concrete action.
Bad news and good news
The congressional testimony was the bad news, evidence of something broken at America’s top universities.
But there was also good news that resulted from the outrageous testimony, and this too needs to be acknowledged and appreciated. The good news has been the pushback.
The good news is that many Americans appear to have been disgusted by this testimony. The good news is that some 20% of US congresspeople, mostly Republicans, but also a smattering of Democrats, signed letters calling for the dismissal of the presidents. The good news is that the White House issued a statement saying “calls for genocide are monstrous and antithetical to everything we represent as a country.”
The good news is that donors with very deep pockets threatened to withdraw money from these schools. The good news is that well-known personalities such as Phillip McGraw, known as TV personality Dr. Phil, have made their voices heard, adamantly renouncing the presidents’ points of view.
The good news is that one president, Magill, was forced to resign, and the other two – especially Gay at Harvard – are under pressure to follow suit.
While it is important to highlight what the presidents said, it is equally important to highlight the fierce reaction to it. If the president’s comments reflect an atmosphere on campus, the blowback also reflects something no less telling – that these positions are rejected by a large part of the American mainstream. There is solace to be found in that.
With the rise of antisemitism in the US, some make exaggerated comparisons to the rise of antisemitism elsewhere and in other times, such as in pre-war Germany. But whereas elsewhere and at other times the governments and much of the public backed and supported that antisemitism, in America, it is being called out by the government, political leaders, and much of the public.
Yes, there is antisemitism in America and a double standard toward Jews and Israel. But when those positions are articulated, there are plenty of people – from the top levels of government down through all different strata of society – who will denounce them and hold those advancing them accountable.
The silver lining in the “it depends on the context” saga of the college presidents is that this type of discourse, and those types of comments, do not go unchallenged and that the challenge is fierce.
Is what Magill and her colleagues said disturbing and alarming? Yes. Does it give a peek into a rot that has seeped into academia in the US? Also yes. But likewise, the reaction to it – the outrage, the uproar, the astonishment, the censure, the calls for resignations – should also be noted.
When looking at Israel and the Jewish people’s current state of affairs, there is plenty to get depressed about – and the testimony of the university presidents is another small reason. But there are also some rays of light in the gloom – the backlash to that testimony among them.
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
end
USA// COVID//VACCINE/
end
SWAMP STORIES
Turley: With Hunter’s Indictment, Democrats Face A Moment Of Maddening Truth
Below is my column in The Hill on the expected formal vote this week on the impeachment inquiry.
The vote is only to continue to look into the allegations that President Joe Biden knew of the influence peddling operation of his family and fostered those efforts. The final line of defense is to acknowledge that this was influence peddling but that Biden was only trying to support his son.
The question for this vote is: how do you know? We have millions raised in what most view as corrupt influence peddling. Many of those payments are now confirmed by the Justice Department in the second Hunter Biden indictment.
Only an investigation will establish the truth on the President’s knowledge and involvement. Yet, for years, Democratic members have opposed any investigation. They now face a moment of truth.
Here is the column:
Author Aldous Huxley once said, “you shall know the truth, and the truth shall make you mad.”
Such a moment of madness has arrived in Congress as members prepare to vote on the formal approval of an impeachment inquiry. The second indictment of Hunter Biden shattered long-standing denials and narratives repeated by the White House and members of Congress. What is left in its wake is now plain to the public: corruption.
The vote is not whether to impeach President Biden, but whether members support the investigation into these growing allegations of corruption by the Biden family. According to recent polling, nearly 70 percent of voters (and 40 percent of Democrats) believe that Biden has acted unlawfully or unethically or both. Yet with almost half of the Democratic Party viewing Biden’s conduct as worthy of investigation, it is not clear whether a single Democratic member will vote to look into these allegations.
In September, I testified at the first impeachment inquiry hearing and stated that the evidence had clearly passed the threshold for such an inquiry. While there was no requirement to hold a formal vote to start this process (as the Democrats did with Trump), I encouraged the members to hold such a vote.
Since that hearing, the evidence has only mounted against President Biden.
It is now clear that Biden lied when he maintained as a candidate, and later as president, that he had no knowledge of his son’s business dealings with foreign interests. Even Hunter himself contradicted the president on this claim.
It is also now clear that he lied in denying that his son never made money in China. The indictment confirms massive transfers from Chinese sources.
It is also clear that Hunter was engaged in raw influence peddling. This included threatening at least one Chinese businessman that his father was sitting next to him and would retaliate against him if he did not send millions to the Bidens.
President Biden also lied when he claimed this week that he had not had any “interactions” with his son’s business associates.
There are emails, audiotapes and testimony now disproving that claim.
Millions of dollars flowed to Biden family members through a labyrinth of shell companies and accounts. Hunter Biden sent emails saying that up to half of his income went to his father while they used shared accounts and credit cards for expenses.
Even Biden associates now admit that they were selling “the Biden brand” and influence with Joe Biden. Advocates simply argue that they were merely selling the “illusion” of influence.
It is now time to see if a single Democratic member will stand against corruption and support an inquiry into the president’s role and later cover-up of this corruption. That includes the use of White House staff to spread false claims and attack critics.
One of the false narratives being bandied about is that there is no proof that the influence peddling of Biden’s son and brothers benefited the president himself.
Thus, the argument goes, even though he was the subject of the influence peddling, Joe Biden did not legally or constitutionally benefit from the payments to constitute bribery or other crimes.
That is utter nonsense. The courts have repeatedly found that benefits to family members (far more modest than the millions in this case) can constitute bribery for a politician. That has also been the position of the Justice Department in past cases. Regardless of whether Hunter or his associates were speaking truthfully about handing over percentages of these funds to Joe Biden, he practically and legally benefited from the millions going to his family.
Even if members insist that they are not yet convinced, it makes no sense to insist that there is no direct evidence while opposing efforts to establish such evidence. These members have opposed any investigation into the allegations from the start.
Polling suggests most people believe there was a massive influence peddling operation built around Joe Biden, and that the president lied about not knowing about these deals.
It is now time to get answers directly from the key players, from Hunter Biden to the president himself.
There is more at stake for the members than a Democratic president. The Democratic Party has already embraced censorship and abandoned its long advocacy of free speech. Democrats are now running on the pledge to expand censorship on social media. The question is whether, as a party, it will now vote to shield corruption, even with almost half of Democratic voters calling for answers.
The Democratic Party that I was raised in and supported was more than the party of censorship and corruption. It fought for free speech and good government. There were principles that came before personalities.
That is why we have reached a point of inescapable clarity. There is no principled basis to oppose an investigation into these chilling allegations. Stripped of the false narratives and faux constitutional claims, what remains are raw politics and utter madness.
The only question is, who will step forward on the Democratic side to demand not impeachment but answers?
So let’s call the vote.
end
What took them so long?
(zerohedge_
Missouri Hits Media Matters With Notice Of Investigation, Demands Preservation Of Evidence
MONDAY, DEC 11, 2023 – 02:45 PM
On Monday, Missouri Attorney General Andrew Bailey announced that his office has notified Media Matters of a pending investigation based on claims brought by X and Elon Musk against the Democratic-operative-founded ‘watchdog’ organization accusing them of using fraud to solicit donations from Missourians against its efforts to target X.
“We have reason to believe Media Matters used fraud to solicit donations from Missourians in order to trick advertisers into pulling out of X, the last platform dedicated to free speech in America. Radicals are attempting to kill Twitter because they cannot control it, and we are not going to let Missourians get ripped off in the process,” said Bailey, adding “I’m fighting to ensure progressive tyrants masquerading as news outlets cannot manipulate the marketplace in order to wipe out free speech.”
Media Matters is accused of having “falsely and deceptively manipulated the algorithm on X (formerly known as Twitter) through coordinated, inauthentic behavior.”
Media Matters has opted for new tactics in its campaign to drive advertisers from X. Media Matters has manipulated the algorithms governing the user experience on X to bypass safeguards and create images of X’s largest advertisers’ paid posts adjacent to racist, incendiary content, leaving the false impression that these pairings are anything but what they actually are: manufactured, inorganic, and extraordinarily rare.
Media Matters executed this plot in multiple steps, as X’s internal investigations have revealed.
First, Media Matters accessed accounts that had been active for at least 30 days, bypassing X’s ad filter for new users. Media Matters then exclusively followed a small subset of users consisting entirely of accounts in one of two categories: those known to produce extreme, fringe content, and accounts owned by X’s big-name advertisers. The end result was a feed precision-designed by Media Matters for a single purpose: to produce side-by-side ad/content placements that it could screenshot in an effort to alienate advertisers.
But this activity still was not enough to create the pairings of advertisements and content that Media Matters aimed to produce.
Media Matters therefore resorted to endlessly scrolling and refreshing its unrepresentative, hand-selected feed, generating between 13 and 15 times more advertisements per hour than viewed by the average X user repeating this inauthentic activity until it finally received pages containing the result it wanted: controversial content next to X’s largest advertisers’ paid posts.
In his letter, Bailey also demands that Media Matters preserve all evidence in the case.
“I have reason to believe that your firm’s alleged actions may have violated Missouri consumer protection laws, including laws that prohibit nonprofit entities from soliciting funds under false pretenses. E.g., Mo. Rev. Stat. § 407.020.1. I am especially concerned that Media Matters’ actions, if proven true, have hampered free speech by targeting an expressly pro free speech social media platform in an attempt to cause it financial harm while defrauding Missourians in the process,” the letter continues. “You are thus hereby instructed to preserve all records that may relate to your alleged effort to engage in coordinated, inauthentic behavior on social media platforms in order to generate false statements that were used to solicit charitable contributions under false pretenses.”
On Friday, a 14k stronger than expected Dec. NFP, a 0.1 higher m/m wages than consensus, a 747k increase in ‘Employed,’ and an 8.1 jump in Dec. UM Sentiment stalled the Fed Pivot Express.
Retail -38.4k with Department Stores -19.4k; Motion picture and sound recording industries +17.2k (return from strike?); Health care and social assistance +93.2k with Healthcare +76.8k; Leisure and hospitality +40k; Government +49k with Local Government +32k https://www.bls.gov/news.release/empsit.t17.htm
Unemployment Rate 3.7%, 3.9% expected and prior; Household Survey ‘Employed’ surged 747k!; Unemployed declined 215k: Labor Force Participation Rate 62.8%, 62.7% consensus and prior; Not in Labor Force -352k https://www.bls.gov/news.release/empsit.a.htm
Bank of England boss says jobs data may be out by one millionhttps://t.co/BPbYYq67yf Some experts say discrepancies in data published by the Office for National Statistics (ONS) mean rate-setters are ‘flying blind’ because they lack solid information on how many people are employed..
University Of Michigan Sentiment Dec Prelim: 69.4 (62.0 exp.; 61.3 prior)Current Conditions: 74.0 (68.5 exp.; 68.3 prior)Expectations: 66.4 (57.0 exp.; 56.8 prior)1 Yr Inflation: 3.1% (4.3% est.; 4.5% prior – an unfathomable tumble!)5-10 Yr Inflation: 2.8% (3.1% exp.; 3.2% prior) Editor’s note: There are often surges in consumer sentiment and expectations ahead of Christmas.
Google shares sink following reports that some of their AI demo was fake “So that video demo of Gemini that everyone was kind of going crazy over…It was edited, it was cut to look like it was faster and more capable than it actually is…So I’ve been pressing Google on this. They finally gave me a statement saying this is actually meant to be an illustrative version of what Gemini could be like when it’s finally out and when it finally launches…” https://www.cnbc.com/video/2023/12/08/google-shares-sink-following-reports-that-some-of-their-ai-demo-was-faked.html
Despite Google’s 1.6% decline, Fangs rallied sharply, led by Nvidia +2.1% and Snowflake +1.8%. Apple (195.71 close) is less than 1.3% from its all-time high of 198.23 (7/19/23).
ESZs traded mostly negative but sideways from the Nikkei opening until the jumped 13 handles higher two minutes before the official 8:30 ET December NFP release. Within one minute, ESZs tumbled from 4592.00 to 4561.75. ESZs then steadily rallied until they hit the daily high of 4610.75 at 10:17 ET.
After a decline to 4581.25 at 12:15 ET, ESZs intractably rallied to a new daily of 4613.75 at 15:40 ET. Traders are unremittingly euphoric over equities – and there is too much liquidity in the system! ESZs did a slow retreat of 7 handles into the NYSE close.
Economist @spomboy: As I have been saying from the beginning, this was not a tightening cycle. It was an interest rate shock. And those analyzing it through the lens of prior tightening cycles are missing it. (We have noted this regularly. The Fed is repeated the biggest mistake of the ‘70s pre-Volcker.)
@Geiger_Capital: 4 years since Paul Volcker died. People wonder why he gets so much respect and was so special… He sat before Congress and listened to them scream and yell. They told him he was dangerous, reckless and demanded he resign. His response? Light up another cigar and hike rates. (Actually reduce reserve growth) A common line from BOTH sides was that Volcker’s interest rates were “destroying Middle America”. In hindsight, they all came to realize that he actually saved the lower/middle class.He didn’t care about political backlash or pressure. He did what he knew was right.
Positive aspects of previous session The DJIA, S&P 500 Index and Nasdaq rallied on strong Fang buying and general equity euphoria
Negative aspects of previous session Bonds and gold declined sharply on a re-evaluation of the Fed Pivot The DJTA declined Bitcoin rallied as much as $1040 and hit a high 44,433.75 at 15:58 ET
Ambiguous aspects of previous session Will the DJIA (36,247.87) hit a record high (36,952.65) after the FOMC Communique is released?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4595.89 Previous session S&P 500 Index High/Low: 4609.23; 4574.06
Bloomberg Middle East @middleeast: The Palestinian Authority is working with US officials on a plan to run Gaza after the war is over “We cannot do it alone,” Palestinian Prime Minister Mohammad Shtayyeh sayshttps://t.co/nLYxPO68Ec
@RealEJAntoni: Is anyone paying attention to the glaring problems in the banking sector? Anyone? Or am I alone here? Fed has ZERO plan to deal w/ regionals hemorrhaging cash… (Regional bank deposits dropping)https://twitter.com/RealEJAntoni/status/1733242338460233970
@FaceTheNation: While the macro economy numbers are “going as well as anybody could have predicted,” people “have got to feel it,” White House budget chief @ShalandaYoung46 says. “When the macro economy sees good numbers, that often takes time to trickle through, but we can’t give up.” (Wait! The Big Guy regularly inveighs against ‘trickle down’ economics!)
Today – This is Fed Week; and November CPI is due tomorrow, 0.0% is expected. Stocks usually rally into the FOMC Communique release. So, traders will buy dips and remain gaga for stocks until the FOMC Communique or Powell at his presser punctures the germinating equity bubble.
ESHs are -1.00 (No usual Sunday night buying); USHs are +4/32; and Feb AU is +5.30 at 20:23 ET.
S&P 500 Index 50-day MA: 4387; 100-day MA: 4422; 150-day MA: 4385; 200-day MA: 4299 DJIA 50-day MA: 34,247; 100-day MA: 34,506; 150-day MA: 34,267; 200-day MA: 33,972 (Green is positive slope; Red is negative slope)
S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3919.56 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4315.44 triggers a sell signal Daily: Trender is positive. MACD is negative – a close below 4524.61 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4569.08 triggers a sell signal
Hunter indictment designed specifically to avoid Joe Biden – Turley There are three glaring omissions in the indictment that tend to shield critical payments and conduct that implicate the president. The Burisma-Ukrainian money… Hunter the foreign agent… The unindicted co-conspirator… By focusing on tax evasion alone, Weiss again avoids any direct reference to the focus of the influence-peddling used to raise these millions of dollars. Yet Weiss continues to avoid any need to address the person who was the selling point of the influence peddling… In a scandal with dozens of references to the presidents and millions sent for influence and access, it took a steady hand for Weiss to avoid ever touching on President Biden’s role… https://www.msn.com/en-us/news/opinion/hunter-indictment-designed-specifically-to-avoid-joe-biden/ar-AA1ldoxf
With Hunter’s indictment, Democrats face a moment of maddening truth – Jonathan Turley Author Aldous Huxley once said, “You shall know the truth, and the truth shall make you mad.” The second indictment of Hunter Biden shattered long-standing denials and narratives repeated by the White House and members of Congress. What is left in its wake is now plain to the public: corruption. The vote is not whether to impeach President Biden, but whether members support the investigation into these growing allegations of corruption by the Biden family. According to recent polling, nearly 70 percent of voters (and 40 percent of Democrats) believe that Biden has acted unlawfully or unethically or both. Yet with almost half of the Democratic Party viewing Biden’s conduct as worthy of investigation, it is not clear whether a single Democratic member will vote to look into these allegations… It is now clear that Biden lied when he… that he had no knowledge of his son’s business dealings with foreign interests. Even Hunter himself contradicted the president on this claim. It is also now clear that he lied in denying that his son never made money in China. The indictment confirms massive transfers from Chinese sources… It is also clear that Hunter was engaged in raw influence peddling… https://thehill.com/opinion/criminal-justice/4350910-with-hunters-indictment-democrats-face-a-moment-of-maddening-truth/
@Techno_Fog: Hunter Biden hit with 9 new charges – filed in CA. Includes: Evasion of Taxes, Failure to File/Pay Taxes, False/Fraudulent Tax Return. Indictment details a “four-year scheme” to avoid his $1.4+ million tax obligations and to file false returns. https://twitter.com/Techno_Fog/status/1732936234891084006
Hunter’s charges in LA arrived just days before an impeachment inquiry vote on The Big Guy. With Joey Baby descending further in the polls, as some point Deep Staters with a survival instinct will initiative prophylactic schemes to insure survival or non-prosecution in case a GOP AG appears in early 2025.
@willscharf: I have reviewed the new Hunter Biden indictment. As a former federal prosecutor, and someone who has followed the Hunter saga quite closely for years, here are my initial reactions: (1) Hunter is in a lot of trouble. With the sweetheart deal previously offered to him now off… (3) Joe Biden is a liar…(4) More egg on the media’s face… I want to hear from the journalists who participated in burying these stories, who wrote fake “explainer” pieces on how the Republicans were conspiracy theorists, who lashed out at Trump for attacking Joe over the Hunter scandals. Who decided that getting Joe elected was more important than uncovering the truth. Is that what they taught you in journalism school? https://twitter.com/willscharf/status/1732961193587884495?s=02
Hunter Biden spent a staggering $872K on prostitutes, porn and sex club memberships and took $1.6 M from ATMshttps://t.co/O1KGiNc286
From sex clubs to strippers: Here are the 5 most salacious details from the Hunter Biden indictment: 1. Biden allegedly spent a total of $872,172 on “various women” and “adult entertainment” 2. Biden allegedly failed to identify payments to a stripper and escort as personal expenses, rather than business… 3. Biden allegedly claimed money paid to sexual and romantic partners were wages to reduce tax burden.. 4. Biden allegedly falsely claimed stripper and sex club payments were business expenses… 5. Biden allegedly spent thousands on his business line of credit at a strip club… https://t.co/nta8FXt5sx
@paulsperry_: President Biden’s son Hunter claimed $27,000 in online porn as a biz expense on his tax returns. The fraudulent write-off accounted for 1/5 of all his biz expenses: federal indictment. Yet tax fraud not charged. “The investigation is ongoing,” said Special Counsel Weiss.
Hunter indictment a ‘nuclear bomb for the Bidens,’ as Joe sounds like Clinton during Lewinsky scandal: expertshttps://t.co/g76jXMZpvi
@redsteeze: Worth noting he spent all of this while fighting child support to his daughter in Arkansas. Imagine the Don Jr. news cycle. Just imagine it.
@zerohedge: The DOJ worked on this story for a year…and…Hunter just…published all the evidence in his memoir. https://t.co/ELdViaDvbw
@DavidAsmanfox: A friend, who’s not a bank examiner, asked a wonderfully simple question about all those “loan repayments”: “If it was strictly Hunter and his uncle making the millions and not Joe, why did they need loans from Joe?”
@RNCResearch: Hunter Biden calls @elonmusk a “very damaged human being” and claims Musk is “culpable” in spreading misinformation against him. (Ladies & gentlemen, the smartest guy Joe knows!)
@GOPoversight: IRS WHISTLEBLOWERS WANTED TO INVESTIGATE JOE BIDEN Newly released transcript from the @WaysandMeansGOP hearing with IRS whistleblowers Special Agent Shapley: We were interested in following leads that went to Joe Biden – President Biden – not because he was Vice President, but because in any normal investigation, if you see financial transactions between son and father, and email correspondence going back and forth, text messages, and WhatsApp messages, in every investigation we have ever worked, we would follow those leads to the father…We’ll never know because we weren’t allowed to investigate… https://twitter.com/GOPoversight/status/1733133221385179556?s=02
@jameslynch32: No Ukraine/Burisma related FARA charges in the California indictment bc the strongest evidence for FARA was in DC, where David Weiss and Biden-appointed U.S. Attorney Matthew Graves let the statute of limitations expire for the 2014-15 tax years. https://twitter.com/jameslynch32/status/1732945028249432390?s=02
@VivekGRamaswamy: The timing of the Hunter Biden tax indictment is one more sign that thedeep state is planning to sideline Biden & pick a new puppet for 2024, while using this indictment as a perfect fig leaf to claim that the Trump prosecutions aren’t politically motivated. Kills two birds with one stone.
Jim Jordan to CIA: How Many Hunter Biden Laptop Letter Signatories Were on Your Payroll? “We understand that former intelligence officials often return to the intelligence community under private contract for their previous agencies,” Jordan wrote. “It is vital to the Committees’ oversight to understand whether any of the signatories of the public statement were actively employed by CIA as contractors or consultants at the time they signed the public statement.”… https://thefederalist.com/2023/12/08/jim-jordan-to-cia-how-many-hunter-biden-laptop-letter-signatories-were-on-the-cias-payroll/
Joey Baby had a tough time on Friday speaking and reading his Teleprompter.
Biden Goes Off Rails Again in Bizarre, Rambling Rant About Guns and Some Old Guy From Delaware – Biden: “All these mass murders, not this weekend, but have been because people have picked up, kids have grabbed stuff off of counters … we need to ban assault weapons.”… Then there was this rambling effort to pander to the carpenters in the room, where he claimed the first union to support him were carpenters and had something to do with some old crotchety guy named “McCullough.” He doesn’t explain who he was, apart from some old guy. It doesn’t make a lot of sense. Chances this person is real? Probably not high… https://redstate.com/nick-arama/2023/12/09/biden-goes-off-rails-again-in-bizarre-rambling-rant-about-guns-and-some-old-guy-n2167352
Biden’s popularity has fallen to an all-time low (37%), according to a new approval rating poll from CNN.https://t.co/WYtT7vBTKQ
CBS POLL: “The most important challenge facing the country is inflation, with 7-in-10 Americans disapproving of President Biden’s handling of it. Next, immigration at the border.” https://twitter.com/RNCResearch/status/1733905507675419118
@bud_cann: After an announcement that Hunter Biden has been charged with a mix of nine felonies and serious misdemeanors, the worst White House Press Secretary in history, Karine Jean-Pierre, came out nasty and ready for a fight. She immediately threatened the press with, “I can end this briefing if you’re not going to be respectful”. Less than 15 seconds later she closed her book of prepared lies and walked away. https://t.co/Xj3KDGTIEc
RNC Chair Ronna McDaniel is being slammed again because she scheduled two GOP Presidential Debates with CNN – just before the primaries begin. The outrage forced the RNC to act.
@ABC: The Republican National Committee said it would pause participation in further presidential primary debates, effectively leaving decisions around future debates up to media organizations and the 2024 candidates. https://t.co/pfhXrHxqAD
@charliekirk11: What if the RNC lifted sanctions for CNN to host primary debates because they offered Ronna a job after she’s done burning down the RNC?
@ReOpenChris: POWERFUL ad showing Donald Trump’s cognitive decline using his strongest defender’s own words! These are the kinds of ads that will be running throughout the country ALL DAY LONG if Trump is the nominee. https://t.co/FOqJN1rutd
@CitizenFreePres: Kevin McCarthy hates Republicans. This man was the Republican Speaker. What the hell is this: “When you look at the Democrats, they actually look like America. When I look at my party, we look like the most restrictive country club in America.” https://t.co/KZDnxHlOuX
@MrStevenSteele: This is recent footage of Kevin McCarthy candidly, admitting that he interfered with Republican congressional primary races to elect more women and minorities. Kevin was a primary recipient of Sam Bankman Friedman’s FTX money funnel into DC. Much of this money went into defeating America First/populist candidates in GOP Congressional primaries. Many of these candidates, also happen to be white men. So what Kevin was doing at this NYT event, was playing to this audience by virtue signaling about having worked to elect more women and minorities…While technically true, not the real motivation for his election interference which was ideological… https://twitter.com/MrStevenSteele/status/1733562581216792808
Dem Sen. Fetterman defends ‘reasonable’ border talks as fellow Dems fume The Pennsylvania progressive’s comments follow his staunch support for Israel’s war in Gaza, which has also befuddled some of his typical allies on the left. (It’s the polling, stupid!) https://www.politico.com/live-updates/2023/12/07/congress/fetterman-on-border-00130639
Despite endorsements from Hillary Clinton and Nancy Pelosi, Rep. Sheila Jackson Lee loses (65-34) Houston mayor’s race to Texas state senator (Who ran on law & order) https://t.co/qtSCLQMmkQ Jackson Lee berated staff and told supporters to vote on wrong day during Houston campaign
Soros Nonprofit Bailed Out Violent Criminal Charged in Texas Shooting Spree Shane James, the 34-year-old charged with two counts of capital murder after allegedly gunning down six people and injuring three in Texas this week, was reportedly let out of prison before the killing spree thanks to the George Soros-funded Texas Organizing Project (TOP)… https://t.co/K6X8WCnRm2
@ABC7Chicago: Gangs from South America are breaking into multi-million dollar homes across the country, police departments have reported.
Woman arrested for pouring gasoline, trying to burn down Martin Luther King Jr.’s birth home Police said they have arrested 26-year-old Laneisha Shantrice Henderson and charged her with criminal attempt arson and criminal attempt interference with government property… https://www.wsbtv.com/news/local/police-investigating-after-person-tries-vandalize-martin-luther-king-jrs-home-near-king-center/NEBC6LEK4RABJNRYEKTFV6X7AU/ @Cernovich: Black woman in ANTIFA garb tried burning it down. Media would have covered it wall to wall as white supremacist attack. Be vigilant. The hoaxes and agitprop are going to be on a totally different level in 2024.
We Are Starting to Find Out What Is Beneath the Thin Veneer of Civilization That We Have All Been Taking for Granted – Our society is absolutely teeming with predators, crime rates are soaring all over the nation, millions of Americans are afraid to leave their own homes, and hordes of drug addicts are literally pooping in the middle of our streets whenever they feel like it… In addition to robbing homes, these addicts are constantly smashing into vehicles, and they are one of the biggest reasons why retail theft has soared to unprecedented heights… The nation’s foreign-born population has hit an unprecedented 49.5 million, the largest ever recorded in American history, under President Joe Biden… Decades of incredibly bad decisions have brought us to this point, but even at this late hour our leaders continue to make some of the stupidest decisions imaginable. https://theeconomiccollapseblog.com/we-are-starting-to-find-out-what-is-beneath-the-thin-veneer-of-civilization-that-we-have-all-been-taking-for-granted/
@CatholicArena: MADRID – Catholics are praying the Rosary in the streets of Spain tonight, DEFYING threats from the Socialist government who had threatened to ARREST them for doing sohttps://t.co/AkKq1OwwG6
Woke police madness as Scottish cops get rid of ‘wall of honour’ because it ‘has too many men on it’https://t.co/ejYP0DOMsl
Economic analyst and financial writer David Morgan went against the majority of financial gurus and predicted at the end of 2022 that there was no way the Fed was going to cut interest rates. He was 100% correct! Now, Morgan is, once again, going against the majority and doubling down on that prediction. One big reason the Fed is not about to lower interest rates is the news this week that United Arab Emirates (UAE) is no longer using the US dollar in oil trade. Morgan explains, “The US of A has lost its day in the sun. The US dollar is not only further in its demise on a longer-term basis, but it is being less and less trusted over the globe. When things do reset . . . the clout the US dollar enjoyed is no longer there. I am afraid that is the trend established by UAE saying we do not want to settle in US dollars for oil. . . . This is huge.”
Less demand for dollars means it will be harder to roll over the huge debt the US has for cheap Treasury rates. Morgan says, “Interest rates will have to go up to get more suckers to buy our debt. . . .If the world runs on dollars, and they don’t want to use the dollar anymore, it means the dollar is doomed.”
This brings us to the run to gold that Morgan says has already started. Morgan points out, “There is a run to gold . . . and I can prove it. You have never seen this amount of gold buying in 2022, and it’s carried into 2023 by central banks. What’s the old adage? He who has the gold makes the rules. Central banks have been buying gold at a rate that has not been seen in five decades. So, that shows you the run to gold has begun. This is the smart money moving into gold.”
Morgan sees gold making a new floor at $2,000 per ounce. Morgan also sees gold going up to $2,500 by the end of 2024 and even higher if things really go wrong for the US dollar. Morgan also thinks that silver will follow gold up and not lead this time around as it usually does. Morgan says silver could hit $50 per ounce by the end of 2024 if things get really ugly for the US dollar.
There is much more in the 36-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One on One with David Morgan, founder of “The Morgan Report,” for 12.09.23.
There is lots of free information that will be sent to you if you subscribe to TheMorganReport.com by email. This is totally free, and you will get new analysis and content every week in your mailbox. Did I say it was free? (Just scroll down a bit until you see a box on the right side that says, “Discover How to Build AND Preserve Your Wealth,” and fill in your name and email.)
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