Powell pivots on future interest cuts sends gold/silver screaming higher in the access market!

GOLD PRICE CLOSED:  UP $3.95 TO $1982.15

SILVER PRICE CLOSED: DOWN 8 CENTS   AT $22.67

Access prices: closes 4: 15 PM

Gold ACCESS CLOSED 2024.00

Silver ACCESS CLOSED: 23.79

DEC 12

London Fixings…

Shanghai Gold Benchmark Price

USD  oz  gram  kilo  tola 

AM2023.90

PM2031.37

Historical SGE Fix

SHANGHAI GOLD PREMIUM OVER NY: 52 DOLLARS

Bitcoin morning price:, 41,192  UP 92 DOLLARS

Bitcoin: afternoon price: $42,805 UP 1705 dollars

Platinum price closing  $920.15 UP  $5.20

Palladium price;     $965.95 UP $1.60

END

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

I will now provide gold in Canadian dollars, British pounds and Euros

4: 15 PM ACCESS

*CANADIAN GOLD: $2,733.14 UP $43.20 CDN dollars per oz( * NEW ALL TIME HIGH 2,795.90 CDN DOLLARS PER OZ//DEC 1 272023)

*BRITISH GOLD: 1603,24 UP 26.97 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17 BRITISH POUNDS/OZ) OCT 2/2023

*EURO GOLD: 1860,24 UP 27.86 euros per oz //* (ALL TIME CLOSING HIGH: 1903.75 EUROS PER OZ//DEC 1.2023)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: DECEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,977.800000000 USD
INTENT DATE: 12/12/2023 DELIVERY DATE: 12/14/2023
FIRM ORG FIRM NAME ISSUED STOPPED

---

657 C MORGAN STANLEY 1
657 H MORGAN STANLEY 5
661 C JP MORGAN 11
690 C ABN AMRO 5 2
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 7 2

---

TOTAL: 17 17
MONTH TO DATE: 12,636

JPMorgan stopped 11/17 contracts.

FOR DEC.:

GOLD: NUMBER OF NOTICES FILED FOR DEC/2023. CONTRACT:  17 NOTICES FOR 1700 OZ  or  0.05287 TONNES

total notices so far: 12,636 contracts for 1,263,600  oz (39.303 tonnes)

FOR  DEC:

SILVER NOTICES  119 NOTICE(S) FILED FOR 595,000 OZ/

total number of notices filed so far this month : 2787 for 13,935,000 oz

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END

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES

GLD

WITH GOLD UP $3.95//

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : / HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD/

INVENTORY RESTS AT 875,54 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER DOWN 8  CENTS  AT  THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 10.326 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 444.470 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A SMALL SIZED 42 CONTRACTS TO 134,281 AND FURTHER FROM  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR TINY  $0.05 LOSS  IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD A LITTLE LONG LIQUIDATION WITH CONSIDERABLE T.A.S. LIQUIDATION (WITH SOME SHORT COVERING) AT THE COMEX SESSION.  WE HAD A  GIGANTIC 922 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 TUESDAY NIGHT: 922 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 $0.05), BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A SMALL SIZED GAIN OF 276  OI CONTRACTS ON OUR TWO EXCHANGES. 

WE  MUST HAVE HAD:

A SMALL SIZED 130  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  5000 OZ QUEUE JUMP  + 0 CONTRACTS OF EX. FOR RISK FOR 0 MILLION OZ EX. FOR RISK //NEW TOTAL STANDING 18.155 MILLION OZ.+ 4.5 MILLION EX. FOR RISK/PRIOR= NEW TOTAL OF 22.655 MILLION OZ

//NEW STANDING FOR SILVER IS THUS 22.655 MILLION OZ 

//SMALL SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI)   HUGE  SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 922 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 104 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 9 days, total 6496 contracts:   OR 32.486 MILLION OZ  (795 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  32.486 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. 32.486 MILLION OZ//THIS IS GOING TO BE A STRONG ISSUANCE OF EFP’S FOR THIS MONTH.

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 42  CONTRACTS WITH OUR  LOSS  IN PRICE OF  $0.05 IN SILVER PRICING AT THE COMEX//TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  EFP ISSUANCE  CONTRACTS: 130  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 5,000 OZ QUEUE JUMP /NEW TOTAL STANDING 18.150 MILLION OZ//+ 0 MILLION EX. FOR RISK + 4.5 MILLION OZ EXCHANGE FOR RISK/PRIOR//NEW TOTAL 22.655 MILLION OZ. 

NEW STANDING  22.655 million OZ   /// WE HAVE A SMALL SIZED GAIN OF 172 OI CONTRACTS ON THE TWO EXCHANGES WITH THE TINY LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A   HUGE SIZED 922 CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED   DURING THE TUESDAY  COMEX SESSION.   THE NEW TAS ISSUANCE TUESDAY NIGHT  (922) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 119  NOTICE(S) FILED TODAY FOR 595,000  OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG  SIZED 3550 CONTRACTS  TO 469,939 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  -removed  180 CONTRACTS

WE HAD A FAIR SIZED DECREASE  IN COMEX OI ( 3550 CONTRACTS) WITH OUR  $0.60 LOSS IN PRICE//TUESDAY. 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 1700 OZ QUEUE JUMP  + 0 ISSUANCE OF EX. FOR RISK CONTRACTS    // TOTAL GOLD STANDING FOR DEC SO FAR INCREASES TO 46.307 TONNES // ALL OF..THIS HAPPENED WITH OUR $0.60 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S TRADING. WE HAD A TINY SIZED GAIN  OF 377  OI CONTRACTS (1.173) PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3727 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 470,119

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 197 CONTRACTS  WITH 3350  CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 3727 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 197 CONTRACTS OR 19700 OZ (0.6127 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 41.673 TONNES + 4.634 TONNES= 46.307 TONNES.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED):  A  GIGANTIC 5283 CONTRACTS. 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3727 CONTRACTS) ACCOMPANYING THE  FAIR SIZED LOSS IN COMEX OI (3353) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 197 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 1700 OZ QUEUE JUMP  + 4.634 TONNES EX. FOR RISK PRIOR//NEW STANDING 46.307 TONNES / / 3) CONSIDERABLE LONG LIQUIDATION AND  CONSIDERABLE TAS LIQUIDATION WITH PROBABLE  SHORT LIQUIDATION AT THESE LOWER PRICES   4)  SMALL SIZED COMEX OPEN INTEREST GAIN/ 5)    STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  HUGE T.A.S.  ISSUANCE: 5283 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: 40,280 CONTRACTS OR 4,028,000 OZ OR 125.287 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 4476 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES  125.287 TONNES

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

THUS EFP TRANSFERS REPRESENTS  125.287/3550 x 100% TONNES  3.52% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE//

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. 125.287 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 42  CONTRACTS OI TO  134,281 AND CLOSER TO 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  130  CONTRACTS

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

MARCH  130  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  130  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 42 CONTRACTS AND ADD TO THE 130  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 172 CONTRACTS

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 0.86 MILLION OZ 

OCCURRED WITH OUR HUGE  $0.05 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

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//

WEDNESDAY MORNING/TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 34.68 PTS OR 1.15%  //Hang Seng CLOSED DOWN 145.75 PTS OR 0.89%           /The Nikkei CLOSED UP 82.65 PTS OR 0.25% //Australia’s all ordinaries CLOSED UP 0.31 %   /Chinese yuan (ONSHORE) closed DOWN AT 7.1775   /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1915 /Oil DOWN TO 68.90 dollars per barrel for WTI and BRENT  DOWN AT 73.45/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA
outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A FAIR SIZED 3530  CONTRACTS  TO  469,939 WITH OUR SMALL LOSS IN PRICE OF $0.60 WITH RESPECT TO TUESDAY TRADING. WE MUST HAVE HAD MINOR 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 3727  EFP CONTRACTS WERE ISSUED: :  FEB 3727 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3727 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY SIZED TOTAL OF 197  CONTRACTS IN THAT 3727 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A  FAIR SIZED LOSS OF 3530 COMEX  CONTRACTS..AND  THIS TINY GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR TINY  LOSS IN PRICE OF $0.60//TUESDAY 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 TUESDAY NIGHT WAS A HUGE SIZED   5283 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  (46.307 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

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 41.673 + 4.634 TONNES OF EXCHANGE FOR RISK =  46.307 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $0.60) //// AND WERE SUCCESSFUL IN KNOCKING  SOME  SPECULATOR LONGS AS  WE HAD A TINY SIZED GAIN OF 197 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A HUGE T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING .   THE T.A.S. ISSUED ON TUESDAY 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 GAINED A TOTAL OI OF 0.6127 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR DEC. (44.914 TONNES) ON FIRST DAY NOTICE, FOLLOWED BY TODAY’S 1700 OZ QUEUE JUMP   (FOR 0.05287 TONNES)//NEW TOTAL STANDING FALLS TO 41.673 +  4.634  TONNES EXCHANGE FOR RISK : NEW TOTAL 46.307 TONNES../ ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE  TO THE TUNE OF $0.60  

WE HAD -removed 180 CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)

NET GAIN ON THE TWO EXCHANGES 197  CONTRACTS OR 19700 OZ OR 0.6127 TONNES.

Estimated gold volume today:// 151,553 poor

final gold volumes/yesterday  167,771 poor

//speculators have left the gold arena

DEC 13

/ /// THE DEC.  2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	nil           .
Deposit to the Dealer Inventory in oz	nil
Deposits to the Customer Inventory, in oz	nil oz
No of oz served (contracts) today	17  notice(s) 1700 OZ 0.05287 TONNES
No of oz to be served (notices)	762  contracts    76200 oz 0.2370 TONNES
Total monthly oz gold served (contracts) so far this month	12,636 notices 1,263,600  oz 39.303 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

we had  0 customer withdrawals

Adjustments; 1 CUSTOMER TO DEALER /DELAWARE 497.130 OZ

2. DEALER TO CUSTOMER BRINKS: 4726.197 OZ

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DEC.

For the front month of DECEMBER we have an oi of 779  contracts having LOST 56 contracts. .We had 73

contracts served upon TUESDAY, so we GAINED or an additional 17 CONTRACTS OR 1700 OZ (0.05877 tonnes)  will  stand for delivery at the comex 

JAN. LOST 121 contracts FALLING TO 3138 contracts.

FEB LOST  4598 CONTRACTS FALLING TO 369,267

We had  17 contracts filed for today representing  1700    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  17   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 11 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 (12,636 x 100 oz ), to which we add the difference between the open interest for the front month of  DEC. (779  CONTRACTS)  minus the number of notices served upon today  17 x 100 oz per contract equals  1,339,800 OZ  OR 41.673 TONNES + 4.634 TONNES EX. FOR RISK ISSUED/PRIOR/ (FOR DELIVERY HERE) = 46.307 TONNES. 

thus the INITIAL standings for gold for the DEC. contract month:  No of notices filed so far (12,636) x 100 oz +  (779) {OI for the front month} minus the number of notices served upon today (17)  x 100 oz) which equals  1,339,800 oz standing OR 41.673 TONNES + 4.634 tonnes of ex. for risk = 46.307 TONNES

TOTAL COMEX GOLD STANDING FOR DEC: 46.307 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.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,559,349.955  OZ   48.50 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD:  20,074,059.747 OZ  

TOTAL REGISTERED GOLD 10,264,151,787  (319.258  tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,810,907.960 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,704.802 oz (REG GOLD- PLEDGED GOLD) 270,75 tonnes

END

SILVER/COMEX

DEC 12

//2023// THE DEC 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	731M173.352 oz BRINKS DELAWARE JPM .
Deposits to the Dealer Inventory	NIL OZ
Deposits to the Customer Inventory	6271.922oz DELAWARE
No of oz served today (contracts)	119  CONTRACT(S)    (595,000  OZ)
No of oz to be served (notices)	962 contracts  (4,810,000 oz)
Total monthly oz silver served (contracts)	2787 Contracts  (13,935,000 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:

Customer deposits: 1

i) Into Delaware: 6271.922 oz

total customer deposits:  6271.922   oz

JPMorgan has a total silver weight: 133.190  million oz/267.905 million  or 49.81%

Comex withdrawals 3

we had  3 customer withdrawals

i) out of Brinks 600,134.02 oz

ii) Out of JPMorgan: 100,009.200 oz

iii) Out of Delaware 31,030.132 oz

total withdrawals: 731,173.352 oz

Adjustments; 1 dealer to customer Asahi: 1,200,801.780 oz

2 customer to dealer Manfra: 574,881.820 oz

TOTAL REGISTERED SILVER: 44.886 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.905 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:

silver open interest data:

FRONT MONTH OF DEC /2023 OI: 963  CONTRACTS HAVING LOST 122  CONTRACT(S).

WE HAD 123 CONTRACTS SERVED ON TUESDAY, SO WE GAINED 1 CONTRACT OR 5,000 OZ WERE

QUEUE JUMPED TAKING DELIVERY AT THE COMEX.

JAN LOST 62 CONTRACTS DOWN TO 1898 CONTRACTS

FEB GAINED 38 CONTRACTS TO STAND AT 280

MARCH GAINED 18 CONTRACTS TO 112,168 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 119 for 595,000  oz

Comex volumes// est. volume today   63,624// fair

Comex volume: confirmed yesterday 57,347 fair

To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 2787 x  5,000 oz = 13,935,000 oz 

to which we add the difference between the open interest for the front month of DEC. (963) and the number of notices served upon today 119 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the DEC/2023 contract month:  2787 (notices served so far) x 5000 oz + OI for the front month of DEC. (963) – number of notices served upon today (119 )x 500 oz of silver standing for the DEC  contract month equates to 18.155 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: 22.655 million oz.

There are 45.512 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!

DEC13/WITH GOLD UP $3.90  TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD:. /A WITHDRAWAL OF 2.89 TONNES FROM THE GLD// INVENTORY RESTS AT 875,65 TONNES

DEC12/WITH GOLD DOWN $0.60  TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD:. /A WITHDRAWAL OF 2.01 TONNES FROM THE GLD// INVENTORY RESTS AT 878.54 TONNES

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:HUGE 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: 878.54 TONNES

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

DEC  13/WITH SILVER DOWN 8 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 10.326 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 444.470 MILLION OZ

DEC  12/WITH SILVER DOWN 5 CENTS TODAY:BIG CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 594,000 OZ FROM THE SLV////INVENTORY RESTS AT 434.144 MILLION OZ

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

CLOSING INVENTORY 444.470 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Jim Grant: We’ve Yet To Feel The Full Consequences Of The “Era Of Free Money”

WEDNESDAY, DEC 13, 2023 – 03:05 PM

Via SchiffGold.com,

In a recent interview with Forbes, economic commentator and historian Jim Grant warned that we haven’t fully felt the inevitable fallout from the “free money era.”

I think that the consequences of more or less 10 years of proverbially free money are going to play out in the credit markets.”

Grant traces the root of today’s problems back to 2008 when the Federal Reserve became “completely irrational.”

The central bank pumped trillions of liquidity into the economy with three rounds of quantitative easing. During the pandemic, the Fed doubled down on this extraordinary monetary policy. It also slashed interest rates to zero in 2008 and held them there for nearly a decade. This loose monetary policy caused all kinds of distortions and malinvestments in the economy and incentivized massive levels of debt.

For instance, hundreds of “zombie corporations” stayed afloat by taking out cheap loans in the easy money era. Now these firms face the pressure of rising interest rates. Grant said, “Assets may face the consequences of that yet.”

It could be that the accumulation of errors in lending and an allocation of credit that were brought on by the invitation to lend indiscriminately—that is to say the 0% rate regime—was an open invitation to overdo it in credit.”

According to S&P Global, there were 516 corporate bankruptcies through September. That was more than any full year since 2010.

Almost every mainstream financial analyst believes that the Federal Reserve will begin cutting interest rates early in 2024, despite the fact Fed officials insist rates need to stay higher for longer. But Grant thinks that interest rates will stay higher for longer no matter what the Fed does, and he believes we are in the early stages of a generational bear market in bonds. He told Forbes he bases this on a historical reading of monetary policy.

The phrase would be higher for much, much, much, much longer—but we have to underscore and italicize the conditional—if past is prologue.”

Grant pointed out to the Forbes interviewer that except for a few brief blips, interest rates continuously trended down between 1981 and 2023. But in the 40 years before that, they generally trended higher.

It is the historical track record, it is the pattern, that interest rates exhibit a tendency to trend over generation-long intervals. We seem to have hit some major point of demarcation with interest rates in 2020 and ‘21.”

But Grant said we shouldn’t expect a straight line up. He said if a recession hits, there could be a “substantial” but temporary pullback in interest rates.

Grant is describing a long-term trend of high inflation, low economic growth and high interest rates — in a nutshell — stagflation.

Some argue that technological advances will have a deflationary effect and mitigate the impacts Grant worries about. He conceded that technology tends to be deflationary, but pointed out there have been other historical periods of rapid technological advancement and and high inflation – specifically the 1970s.

I don’t know how to compare the intensity of the technological progress of the 1930s versus the 1970s. But both were marked by terrific improvements in productive technology and one featured deflation, the other mighty inflation.”

Grant tempered his forecast with a word of caution.

“We know how rich we would all be if past were dependably and truly prologue – especially the historians who, as it is, have so little money,” Grant told Forbes, adding that this means experts should “proceed cautiously” when forecasting.

2,c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens, John Rubino

3. CHRIS POWELL//GATA GOLD COMMENTARIES:

Chinese pay premium prices for gold as economic outlook dims

Submitted by admin on Tue, 2023-12-12 22:57Section: Daily Dispatches

By Momoka Matsumoto, Noriyuki Doi, and Hiroki Masuda
Nikkei, Tokyo
Wednesday, December 13, 2023

Strong demand in China has pushed the price of gold there above an international benchmark as investors worry about the economy and currency.

New York gold futures touched a record high of more than $2,100 per troy ounce this month and have hovered around $2,000 since then.

 Speculation that U.S. interest rate cuts are coming closer is one driver of the gold rally, but China is another.

A clear indication of the increased demand is the spread, or premium, shown by gold prices in China over the spot price in London, which is measured in dollars per troy ounce.

The spot price on the Shanghai Gold Exchange was around 470 yuan ($65) per gram as of Tuesday morning. That translates to a roughly $40 premium.

Gold prices in China were mostly below the international benchmark from the start of the year until early August but have since climbed into premium territory. …

… For the remainder of the report:

https://asia.nikkei.com/Business/Markets/Commodities/Chinese-pay-premium-prices-for-gold-as-economic-outlook-dims

end

4. OTHER GOLD/SILVER //COMMENTARIES//PODCASTS…

5 a. IMPORTANT COMMENTARIES ON COMMODITIES 

END

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

end

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

ONSHORE YUAN:   CLOSED UP AT 7.1775

OFFSHORE YUAN: UP TO 7.1915

SHANGHAI CLOSED  DOWN 34.68 PTS OR 1.15%

HANG SENG CLOSED DOWN 145.75 PTS OR 0.89%

2. Nikkei closed  UP 82.65  PTS OR 0.25%

3. Europe stocks   SO FAR:   ALL GREEN 

USA dollar INDEX UP  TO  103.55 EURO FALLS TO 1.0788 DOWN 10 BASIS PTS

3b Japan 10 YR bond yield:FALLS TO. +.689 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.65/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 UP /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 DOWN for WTI and DOWN  FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.1835***/Italian 10 Yr bond yield DOWN to 3.948** /SPAIN 10 YR BOND YIELD DOWN TO 3.186…**

3i Greek 10 year bond yield DOWN TO 3.378

3j Gold at $1981.35 silver at: 22.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 68 /100        roubles/dollar; ROUBLE AT 89.82//

3m oil into the  68  dollar handle for WTI and 73  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 145,65//  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.689% 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 0.8757 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9447 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: 4.183 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.282  DOWN 2 BASIS PTS/

USA 2 YR BOND YIELD:  4.716 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 29.06…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 7  BASIS PTS AT 3.8955

end

2.a  Overnight:  Newsquawk and Zero hedge

Futures Steady Ahead Of Last Fed Decision Of 2023

WEDNESDAY, DEC 13, 2023 – 08:22 AM

S&P 500 futures continued to grind to fresh 2023 highs, quickly approaching all-time highs ahead of the Federal Reserve’s last interest rate decision for 2023, after Tuesday’s cash close was at highest level since January 2022. As of 7:45am ET, S&P futures rose 0.12% while Nasdaq futures continued their relentless ascent, adding another 0.2% as investors looked ahead to the Federal Reserve’s interest-rate decision, bracing for any warnings from Chair Jerome Powell that market expectations of policy easing are overdone (our full FOMC preview is here). European stocks are also ahead, with the Stoxx 600 rising 0.2%. Asian stocks fell, with Chinese equities leading declines on disappointment over a lack of more stimulus from a key economic leadership meeting, while European stocks rose, with the Stoxx 600 rising 0.2%, and touching fresh 2023 highs. Sterling tumbled after UK GDP printed -0.3%, contracting more than the lowest consensus estimate while the Bloomberg Dollar Index rose 0.2%. oil prices are little changed, with WTI trading near $68.70. Spot gold rises 0.1%.Bitcoin traded just above $41,000. Today’s macro focus is on PPI and the Fed. The Fed is expected to make no changes to its policy, Powell is expected deliver a hawkish press conference, and for the dot plot decline by 50bps. For markets the keys will be the dot plot and whether Powell discusses a pathway for cuts.

In premarket trading, Tesla dropped 1.4% after announcing an “over the air” fix – which the media has dubbed a recall which it isn’t – for more than 2 million vehicles to fix autopilot safety flaws. Here are some other notable premarket movers:

• Coherent falls as much as 2.4% as Morgan Stanley cuts the recommendation on the semiconductor device company to equal-weight from overweight. The broker says recent stock performance largely captures the near-term upside opportunity from artificial intelligence and machine learning.
• Hertz Global Holdings is down 4% after Oppenheimer cut the recommendation to perform from outperform and removed the price target, saying that the company will face several headwinds in 2024.
• Microsoft jumps as much as 0.6% after Truist Securities initiated coverage on the tech giant with a buy rating, and assigned it a 3-year price target of $600. Target is 60% above Tuesday’s closing price.
• Pfizer tumbles as much as 8.7% after the drugmaker gave an adjusted earnings forecast for 2024 that was below the average analyst estimate. The company also forecasted sales for the 2024 year that missed expectations.
• Roblox rises as much as 1% after Wells Fargo initiated coverage on the stock with an overweight recommendation. The broker notes that the video-game company operates a growing audience platform with advertising upside.
• Take-Two Interactive Software rises as much as 4.3% as Nasdaq said the Grand Theft Auto VI owner’s stock will be added to the Nasdaq-100 Index, with Seagen set to leave.
• Vertex Pharmaceuticals rallies 7.5% after the firm announced positive results from a mid-stage study of an investigational non-opioid drug to treat painful diabetic peripheral neuropathy.
• Xponential Fitness rises 6.5% after Stifel upgrades to buy from hold, saying it likes current risk/reward with the company’s valuation reflecting overly negative short-term sentiment rather than significant fundamental issues.

Today the market’s focus will be on the conclusion of the Fed’s final policy meeting of 2023 later Wednesday. The central bank is widely expected to hold, but the latest US inflation data raised doubts about the likelihood of an aggressive pivot toward policy easing. Indeed, traders are most interest how hard Powell will push back on the record easing of financial conditions observed in November, which sent risk assets across the world soaring and yields tumbling (see our preview here).

“The market doesn’t agree with the Fed about inflation, so I expect some push back from Powell, but no game changer really,” said Francois Rimeu, a strategist at La Francaise Asset Management in Paris. “The train has been in motion for a month and a half and one better not stand in front of it,” he said, referring to the rally in markets on hopes of easing. Indeed, one look at the options market confirms that the market expects nothing but perfection: as spotgamma notes, today’s 4,650 at-the-money straddle is currently just: $25.5 or 54bps, or barely any market response!

With the Fed expected to keep its target rate range steady for the third straight meeting at 5.25% to 5.5%, traders will carefully scrutinize any signals from Powell on the path for policy and the update to its quarterly forecasts. How the Fed frames its outlook for rate policy ending next year and 2025 via its “dot plot” could inject some uncertainty into a market, given that it has run ahead of the central bank’s current forecast.

“It’s unlikely the Fed will pivot to the extent that it aligns with the very optimistic expectation currently priced into the markets,” said Craig Erlam, senior market analyst at Oanda. “That isn’t to say they won’t get there over the next few months.”

Meanwhile, the S&P 500 closed at the highest since January 2022 on Tuesday after rallying about 10% since the last Fed meeting on Nov. 1 – the biggest intermeeting gain since 2009 –  while Treasury yields have tumbled on speculation of more than a full percentage point of rate cuts next year. Markets have slightly trimmed their bets on easing, still projecting four, starting in May.

Europe’s Stoxx 600 index edged higher, rising 0.2% to fresh 2023 highs, with Inditex SA climbing after the Zara owner forecast a stronger gross margin. The pound fell and UK bonds rose as data showed the economy shrank more than expected in October, figures that prompted traders to ramp up bets on Bank of England interest-rate cuts next year. And here is something remarkable: Europe went from 2023 lows to 2023 highs in just over a month.

Here are some of the biggest European movers today:

• BASF rises as much as 4.2% as the German chemicals company gets a double-upgrade from UBS, seeing the sector improving in 2024; UBS also upgrades Arkema, which rises as much as 5.8%
• Entain shares rise as much as 7.5% after CEO Jette Nygaard-Andersen announced her immediate resignation from the gambling giant. Investec sees “an initial victory for activist shareholders”
• Better Collective rises as much as 8.1% after Jefferies initiated coverage of the Swedish digital sports media firm with a buy recommendation, seeing Ebitda estimates triple by 2027
• Paragon Banking Group rises as much as 3.4% after RBC raised stock to outperform, expecting the shares to rise 49% in 2024 on softening of Basel 3.1 regulation and IRB accreditation
• Volution Group rises as much as 6.3% after the ventilation product maker said it will deliver annual earnings ahead of current expectations. Jefferies said the update is “impressive”
• Pagero gains as much as 70% to SEK35.70 and trades just below Vertex public tender offer to acquire information technology solutions company for SEK36 cash per share
• Porsche rises as much as 1.3% while Ferrari falls as much as 2% as HSBC says the latter looks stretched, while the former is attractive in that its “upcoming refresh” has been ignored
• Repsol and Shell shares decline after BNP Paribas Exane downgrades in note to investors. Shell cut after stock outperformance, Repsol on weakening refining
• Nel shares fall as much as 12% after the Norwegian hydrogen technology firm said its customer HyCC had cancelled a 40 MW order, negatively impacting its backlog by €12 million
• B&M European Value Retail drops as much as 8.8% after announcing a share placing at a discount, with JPMorgan saying the stock could come under “significant pressure”
• Energean falls as much as 3.4% after Kerogen Investments No 38 sold shares in the oil and gas company at a discount to the last closing price, according to a regulatory filing
• Storebrand falls as much as 4.7%, the largest drop since May, after the insurer and asset manager announced new targets. Jefferies said the new targets came in shy of the consensus

Earlier in the session, Asian stocks fell with Chinese equities leading declines on disappointment over a lack of more stimulus from a key economic leadership meeting. The MSCI Asia Pacific Index dipped 0.2%, with Tencent and Alibaba among the biggest contributors.

• A gauge of Chinese stocks listed in Hong Kong lost more than 1% after top leaders vowed to make industrial policy their top economic priority next year, a letdown for investors hoping to see more forceful moves to boost consumption and growth. Shares also dropped on the mainland.
• Australia’s ASX 200 was led by strength in healthcare after Sigma shares surged by over 70% shortly after the return from a trading halt and the recent announcement of a merger with Chemist Warehouse, while the energy sector lagged after yesterday’s continued slide in oil prices.
• Japan’s Nikkei 225 was underpinned by an encouraging Tankan survey which mostly beat expectations and showed sentiment amongst Japan’s large manufacturers and non-manufacturers was at the highest since March 2020 and November 1991, respectively.

In FX, the pound slid 0.4% after UK GDP data showed the economy shrank more than expected in October, figures that prompted traders to boost bets on up to 100bps of Bank of England interest-rate cuts next year. The Bloomberg dollar index rose 0.2%; the USDJPY rose 0.1%.

In rates, treasuries edged higher, leaving yields richer by 2bp-3bp across the curve at the start of US session that includes Fed rate decision at 2pm New York time. 10-year yields were around 4.18%, down 2bps on the day with gilts outperforming by 6bps; sharp bull-steepening of gilt curve sets tone for Treasuries ahead of Fed rate decision. Market positioning appears to be long in the front-end of the curve, suggesting that a bear-flattening reaction to Wednesday’s Fed communications is the pain trade. Gilts led gains for most developed sovereign bond markets, sending UK 2-year yields to lowest level since June, as money markets priced in 100bps of Bank of England rate cuts after UK GDP printed below the lowest estimate. UK 10-year yields fell 7bps while the pound drops 0.4%. US economic calendar includes November producer prices.

In commodities, oil prices were little changed, with WTI trading near $68.70; despite today’s stability, oil continues to get hammered and is on track for its 8th consecutive red week which would be the longest since 2015. Spot gold rises 0.1%.

To the day ahead now, and the main highlight will be the Federal Reserve’s policy decision and Chair Powell’s subsequent press conference. Otherwise, we’ll get UK GDP for October, Euro Area industrial production for October, and US PPI for November.

Market Snapshot

• S&P 500 futures up 0.1% to 4,652.25
• STOXX Europe 600 up 0.2% to 473.66
• MXAP down 0.3% to 161.12
• MXAPJ down 0.5% to 499.89
• Nikkei up 0.3% to 32,926.35
• Topix little changed at 2,354.92
• Hang Seng Index down 0.9% to 16,228.75
• Shanghai Composite down 1.2% to 2,968.76
• Sensex little changed at 69,517.47
• Australia S&P/ASX 200 up 0.3% to 7,257.79
• Kospi down 1.0% to 2,510.66
• German 10Y yield little changed at 2.20%
• Euro little changed at $1.0788
• Brent Futures down 0.4% to $72.96/bbl
• Gold spot up 0.1% to $1,981.77
• U.S. Dollar Index little changed at 103.93

Top Overnight News

• China’s top leaders including President Xi Jinping vowed to make industrial policy their top economic priority next year, a letdown for investors hoping to see more forceful stimulus to boost growth. BBG
• A top Chinese housing official pledged to avoid a cascade of debt defaults by property developers, among the strongest commitments yet to cushion an escalating real estate liquidity crisis. BBG
• Argentina’s new libertarian government will devalue the peso by about half, slash public spending and reduce energy and transport subsidies as it battles to contain an economic crisis and spiraling inflation. FT
• Britain’s economy shrank in October, official data showed on Wednesday, raising the risk of a recession and testing the Bank of England’s resolve to stick to its tough anti-inflation line against cutting interest rates from their 15-year high. GDP fell by 0.3% from September, the Office for National Statistics said, adding that exceptionally wet weather might have impacted the data. RTRS
• The COP28 climate talks in Dubai ended in a historic deal that committed the world to a transition away from all fossil fuels for the first time. The president of this year’s UN-sponsored summit, the UAE’s Sultan Al Jaber, brokered an agreement that was strong enough for the US and European Union on the need to dramatically curb fossil fuel use while keeping Saudi Arabia and other oil producers on board. BBG
• Washington expects the most intensive phase of Israel’s war on Hamas in southern Gaza to be scaled back and become more targeted as soon as early January, US officials said. FT
• Guyana will defend itself “by all and any means” as fears mount that neighboring Venezuela’s strongman president Nicolás Maduro will try to annex part of its territory, its vice-president has said. FT
• We expect the FOMC’s median projection to show two cuts next year, as it did in September, and to show the same 125bp of cuts in 2025 and another 100bp of cuts in 2026. Some participants might pencil in more cuts than before in response to the inflation news, but others might hold back to avoid encouraging the market to price too many cuts too soon. GIR
• Tesla filed a recall of more than 2 million vehicles to fix autopilot issues after the NHTSA determined its driver-assistance system doesn’t do enough to prevent misuse. Shares down 2% premarket. BBG

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mixed with participants cautious heading into the FOMC announcement. ASX 200 was led  by strength in healthcare after Sigma shares surged by over 70% shortly after the return from a trading halt and the recent announcement of a merger with Chemist Warehouse, while the energy sector lagged after yesterday’s continued slide in oil prices. Nikkei 225 was underpinned by an encouraging Tankan survey which mostly beat expectations and showed sentiment amongst Japan’s large manufacturers and non-manufacturers was at the highest since March 2020 and November 1991, respectively. Hang Seng and Shanghai Comp were pressured despite the detailing of China’s policy focus for next year and support pledges, as the statement from the Central Economic Work Conference refrained from any major stimulus announcements.

Top Asian News

• China senior party official said China should set fiscal deficit and special local government bonds at appropriate levels in 2024. The official added that the key is to optimise the structure of fiscal expenditure, as well as improve the efficiency of fiscal fund utilisation and policy effectiveness, according to Reuters.
• Australian government’s Mid-Year Economic and Fiscal Outlook sees 2023/24 budget deficit at AUD 1.1bln vs 13.9bln forecast in May, while it sees a budget deficit of AUD 18.8bln in 2024/25 and a deficit of AUD 35.1bln in 2025/26. Furthermore, it forecasts GDP growth at 1.75% in 2023/24, 2.25% in 2024/25 and 2.50% in 2025/26.
• New Zealand passed the law to return the RBNZ to a single inflation mandate, as expected.
• Japanese PM Kishida says the government and the BoJ are in agreement on the goal of achieving economic growth accompanied by wage gains, as well as the need for sustained stable achievement of price target

European equities, Eurostoxx50 (+0.2%) are trading on a firmer footing; though the IBEX 35 underperforms (U/C) amid losses in Repsol (-2.1%). European sectors are mixed with a slight positive bias, though the breadth of the market to the upside is fairly narrow; Chemicals is the clear outperformer, propped up by gains in BASF (+3.4%) and Arkema (+3.6%); Energy lags due to broader losses in crude prices. US equity futures are trading in the green, posting gains similar to their European counterparts, NQ (+0.2%), as attention turns to US PPI and the much-awaited Fed Policy Announcement.

Top European News

• German government has reportedly come to an agreement over the dispute for the 2024 budget, via Reuters citing government sources; German coalition officials to deliver a briefing at 11:00GMT/06:00EST, on the 2024 budget. Furthermore, the Germany government has agreed, at least initially, to not declare an emergency situation which would suspend the debt brake for 2024, according to government sources cited by Reuters
• German economy to contract 0.5% in 2024 due to budget crisis, via IW Economic Institute
• IFW Institute German Forecasts – GDP: 2023 -0.3% (prev. -0.5%), 2024 +0.9% (prev. +1.3%). 2025 +1.2% (prev. +1.5%); Inflation: 2023 5.9%, 2024 2.3%, 2025 1.8%
• ECB’s Villeroy said inflation’s path to 2.4% from 10.6% is impressive while he also commented that Europe needs a plan to deepen its financial and economic unity if it is to emerge from crises affecting its democracy and society.
• HSBC sees S&P 500 2024 year-end price target of 5,000, says a soft-landing scenario could pave the way for further upside
• Goldman Sachs (GS) cuts UK’s 2023 GDP growth forecast to 0.5% (prev. 0.6%); cuts 2024 forecast to 0.6% (prev. 0.7%)
• JP Morgan lowers its 2023 UK GDP forecast to 0.5% from 0.6% with 2024 cut to 0.2% from 0.4%
• UK PM Sunak has seen off a Conservative rebellion over his flagship Rwanda bill but still faces a battle to get it through Parliament, according to the BBC.

FX

• A positive start to the session for the broader Dollar and index with some assistance from a weaker GBP and as the clock ticks down to the FOMC policy announcement.
• Sterling is among the G10 laggards following the dismal GDP data on the eve of the BoE, although the data will likely not have any influence on tomorrow’s decision, where expectations are for the MPC to stand pat.
• The NZD lags in the G10 bunch following the larger NZ current account deficit reported overnight coupled with reports that New Zealand passed the law to return the RBNZ to a single inflation mandate
• PBoC set USD/CNY mid-point at 7.1126 vs exp. 7.1717 (prev. 7.1163).
• Argentina’s Economy Minister Caputo said that they will move forward with eliminating taxation on exports and will reduce energy and transport subsidies, while he announced FX rate will weaken to 800 pesos per dollar. Argentina’s Economy Ministry also stated the Central Bank will announce measures related to monetary policy, interest rate and debt on Wednesday.

Fixed Income

• USTs are essentially unchanged heading into the FOMC announcement with yields incrementally lower across the curve.
• Bunds are a touch firmer, holding towards the midpoint of 135.07-135.41 parameters and as such within Tuesday’s 134.80-135.60 bounds; awaiting clarity on the 2024 German budget.
• Once again, Gilts buck the trend having gapped higher from Tuesday’s 98.73 close to a 99.02 open before extending in short order to the current 99.48 session high, driven by soft October growth data.
• UK sells GBP 2bln 3.75% 2053 Gilt: b/c 2.70 (prev. 2.34x), average yield 4.43% (prev. 4.664%) & tail 0.5bps (prev. 1.5bps)
• Italy sells EUR 6bln vs exp. EUR 5-6bln 3.85% 2026 & 4.00% 2030 BTP; EUR 3bln 3.85% 2026: b/c 1.56x (prev. 1.54x) & gross yield 3.24% (prev. 3.75%); EUR 3bln 4.00% 2030: b/c 1.54x (prev. 1.50x) & average yield 3.63% (prev. 4.21%)

Commodities

• WTI Jan and Brent (U/C) Feb futures are essentially flat after being softer at the beginning of the session, futures initially trundled lower in APAC hours with little by way of fresh fundamentals in the European session to shift sentiment for the complex.
• Spot gold remains flat ahead of today’s risk events, with the yellow metal contained to a USD 1,972.78-82.59/oz parameter.
• Base metals are mostly softer as the Dollar remains firm and risk remains cautious in the run-up to the FOMC decision.
• COP28 draft text was published which didn’t include the words ‘phase out’ but called on parties to accelerate efforts towards a phase-down of unabated coal power, according to Reuters.
• Chilean copper miner Antofagasta (ANTO LN) and workers at the Centinela mine extend talks to allow workers to vote on a new contract offer, according to the union cited by Reuters.
• Azerbaijan oil output at 27.6mln tons between Jan-Nov (vs 25.3mln between Jan-Oct), according to the Energy Ministry cited by Reuters
• Gulf Keystone Petroleum says there remains no official timeline for reopening of Iraq-Turkey pipeline
• OPEC to issue monthly oil market report at 12:23GMT (07:23 EST)

Geopolitics: Israel/Middle East

• UN General Assembly voted overwhelmingly to adopt a resolution demanding an immediate humanitarian ceasefire in Gaza, the immediate and unconditional release of all hostages and ensuring humanitarian access, in which the resolution passed by a majority vote of 153 in favour vs 10 against and 23 abstentions.
• Israeli PM Netanyahu said he would block the Biden administration’s post-war plan to have the Palestinian Authority take over Gaza, according to WSJ. It was separately reported that US President Biden said the government in Israel is making it very difficult for the world and that PM Netanyahu has to change his government.
• Houthi officials commented via social media platform X that vessels navigating through the Red Sea should not turn off radios and must respond to Houthi orders, while vessels navigating through the Red Sea were advised not to travel towards “occupied Palestine”.
• A source noted via social media platform X that there were reports of casualties following an Israeli airstrike in southern Lebanon.
• UK Maritime Organisation has received report of an incident in the vicinity of Bad El Mandeb, Yemen. Authorities are investigating. Report issued at 05:30GMT, incident time 03:45GMT; subsequently another report of an incident approximately 90mn South of AL DUQM (off the coast of Oman); Authorities are investigating
• “The Houthis targeted a Marshall Islands-flagged oil tanker coming from India and heading towards the Suez Canal with an armed crew on it”, according to Al Jazeera citing AP

Other

• US President Biden said Russian President Putin has failed to subjugate Ukraine and is banking on the US failing to deliver for Ukraine, while Biden added that he will not walk away from Ukraine and neither will the American people. Biden also stated that his team is trying to find bipartisan compromise on immigration and he confirmed USD 200mln in additional military aid to Ukraine. Furthermore, Biden said National Security Adviser Sullivan will visit Israel and Defense Secretary Austin will also travel to the Middle East, while he responded assertions are being made that there are no hostages in tunnels when asked about reports of Israel flooding Hamas tunnels.
• Ukrainian President Zelensky said the idea of giving up territory to end the war is insane and stated who controls the skies controls the war’s duration, while it was also reported that Zelensky told US senators that Ukraine is considering the conscription of men over the age of 40.

US Event Calendar

• 07:00: Dec. MBA Mortgage Applications, prior 2.8%
• 08:30: Nov. PPI Final Demand MoM, est. 0%, prior -0.5%
  • Nov. PPI Final Demand YoY, est. 1.0%, prior 1.3%
  • Nov. PPI Ex Food and Energy MoM, est. 0.2%, prior 0%
  • Nov. PPI Ex Food and Energy YoY, est. 2.2%, prior 2.4%
• 14:00: Dec. FOMC Rate Decision

DB’s Jim Reid concludes the overnight wrap

The eagle-eyed amongst you will notice that Henry has been on lead EMR duties for 3 of the last 4 days before and after the weekend. Well it’s felt like a lost several days for me as I’ve been as ill as I’ve been for a long time. I’ve still been working but in a near zombie state and not up for early morning starts. The long and short of it is that I still can’t hear due to infections in both ears but at least I’m starting to feel better outside of that. My family are fed up screaming at me to make themselves heard and my wife is fed up of having the subtitles on so we can still watch TV.

Thankfully I haven’t missed too much market drama and the last 24 hours have proved to be quieter than they might had been as the US CPI numbers didn’t rock any boats. The baton will be passed to the Fed tonight for their FOMC meeting. With no surprises in the data, markets have done well on the whole over the last 24 hours, with the S&P 500 (+0.46%) at a fresh 20-month high, whilst the VIX index of volatility fell to a post-pandemic low of just 12.07pts. US Treasuries did sell off after the CPI but still managed to rally on the day. Chinese equities are weaker this morning though as China’s annual economic work conference continued with no silver bullet stimulus packages .

Let’s go through in more detail now. In terms of that inflation data, headline US CPI came in at +0.1% in November (vs. unch. expected), taking the year-on-year reading down a tenth to +3.1%. But even as lower gasoline prices helped push down the headline reading, core CPI was a tenth stronger (as expected) at +0.3%, which left the year-on-year reading for core CPI unchanged at +4.0%. That’s still too fast for the Fed to be comfortable, and even if you look at the past 3 months as a whole, core CPI was still running at +3.4% on an annualised basis. So the Fed are going to need some weaker prints before they can be confident inflation is durably at target. The bulls will look at the fact that rents and OER are still elevated as a reason for optimism as the forward looking indicators suggest these should be heading notably lower. However, so far rental disinflation has disappointed relative to these indicators, as noted by our US economists in their reaction piece here. So whether rents catch-down could be the most important global macro variable in the next few months.

With the CPI generally a bit stronger than expected, that built on the narrative from the jobs report on Friday, and investors moved to dial back the chance of near-term rate cuts again. For instance, the chance of a cut as soon as March was down to 43%, the lowest in two weeks having peaked at 76% on December 5. In turn, sovereign bond yields saw a decent turnaround following the release, with yields on 10yr Treasuries ending the day down -3.2bps at 4.20%, having been as low as 4.14% just before the CPI came out. Similarly, there was a sharp reversal at the front-end, but with the 2yr yield ending the day up +2.2bps at 4.73%. Overnight, 10yr yields are down half a basis point.

At the long-end, the post-CPI bond sell-off saw a partial reversal after a well-digested 30yr Treasury auction at 1pm EST. T he auction saw bonds issued just below (-0.3bps) the pre-sale yield with a solid share of indirect bids (68.5% vs 64.4% average over the last 4 auctions). The 10yr yield had been trading flat on the day just before the auction, but 10yr and 30yr yields rallied by 3-4bps immediately after.

So now the CPI and auctions are out of the way, the stage is clear for the Fed’s latest policy decision today, where they’re widely expected to leave rates unchanged for a third consecutive meeting. As a result, the focus is likely to be on the latest dot plot for where they see rates moving over the next couple of years. Our US economists think it will only show 50bps of cuts in 2024, which would be a direct challenge to market expectations, since futures are currently pricing in 109bps of cuts by the December 2024 meeting. Apart from that, the focus will be on what Chair Powell says in the press conference, particularly if there’s any potential timeline for reducing rates. However, our economists believe that Powell will stop short of declaring the tightening cycle as over, likely restating that “We are prepared to tighten policy further if it becomes appropriate to do so.” See their full preview here.

With all that to look forward to, risk assets posted steady gains yesterday, with the S&P 500 (+0.46%) rising to a new 20-month high. The gains were fairly broad, but led by tech stocks with the NASDAQ (+0.70%) and Magnificent Seven (+0.86%) outperforming. The equity rise came as the VIX index (-0.6pts) fell to a post-pandemic low of 12.1pts, whilst Bloomberg’s index of US financial conditions reached its most accommodative level since the Fed began hiking rates last year. So there’s plenty of optimism going into the decision tonight.

By contrast in Europe, there was more of a small risk-off picture, with the S TOXX 600 (-0.21%) coming off its 22-month high from the previous session. There was also a sharper move lower for sovereign bond yields, with those on 10yr bunds (-4.4bps), OATs (-5.3bps) and BTPs (-6.1bps) all falling back. That was most pronounced for UK gilts (-11.1bps), which followed the release of UK labour market data, which showed that growth in average weekly earnings (excluding bonuses) was down to +7.3% over the three months to October (vs. +7.4% expected), which is the lowest it’s been in 6 months. Moreover, the number of vacancies continued to decline, falling to 949k in the three months to November, which is the lowest in over two years.

In the commodities space, oil prices fell to their lowest in five months, with a higher estimate of US oil production this year and a jump in shipments of Russian crude adding to oversupply concerns. Brent crude was down -3.67% to $73.24/bbl and WTI down -3.80% to $68.61/bbl. Oil is currently on track to record its eighth weekly decline in a row, which would be the longest down streak since 2015 .

Asian stock markets are mostly lower this morning led by China after no new firm policy measures were announced at the annual economic work conference. See our economist’s interpretation here. As a result the CSI (-0.92%), Hang Seng (-0.74%) and Shanghai Composite (-0.48%) are on the weaker side and joined by the KOSPI (-0.61%). The Nikkei (+0.11%) is just holding onto gains and S&P 500 (+0.15%) and NASDAQ 100 (+0.18%) futures are also ticking higher.

Early morning data showed that business confidence at large manufacturers in Japan improved in the three months to December for a third straight quarter, coming in at 12.0 (v/s +10.0 expected) compared to the prior reading of +9.0. At the same time, the large Non-Manufacturing Outlook for Q4 came in at 24.0 (v/s +25.0 expected) versus 21.0 previously.

In emerging market news overnight, Argentina announced a 54% devaluation of its official exchange rate to 800 pesos per US dollar. The move comes two days after libertarian Javier Milei was sworn in as President amid a package of measures that also includes major spending cuts. This brings the total devaluation of the peso to 78% year-to-date, and moves it closer to the unofficial blue dollar exchange rate which has been at about 1000 recently .

Looking at yesterday’s other data, the NFIB’s small business optimism index from the US fell to 90.6 in November (vs. 90.7 expected). Interestingly, the net percentage expecting credit conditions to ease was down to -11%, which is the lowest since December 2012. Elsewhere, the German ZEW survey picked up relative to November, with the expectations component at a 9-month high of 12.8 (vs. 9.5 expected), and the current situation ticked up to a 4-month high of -77.1 (vs. -76.0 expected). This tends to be correlated to the DAX so given the recent all time high on the index that would help explain the move even with the recent concern about German growth in 2024.

To the day ahead now, and the main highlight will be the Federal Reserve’s policy decision and Chair Powell’s subsequent press conference. Otherwise, we’ll get UK GDP for October, Euro Area industrial production for October, and US PPI for November.

END

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Equities firmer, GBP dips post GDP data & DXY bid ahead of Fed Policy Announcement – Newsquawk US Market Open

WEDNESDAY, DEC 13, 2023 – 05:51 AM

• European equities and US Equity futures are firmer awaiting the Fed Policy Announcement
• Dollar is bid to the detriment of G10 pairs; Kiwi underperforms following the larger NZ current account deficit; Pound lags amid dismal GDP data
• Gilts gap higher post-data though benchmarks await the FOMC & German fiscal clarity
• Crude teeters around the unchanged mark having spent much of the European session in the red; Base metals are mostly softer awaiting the Fed
• Looking ahead US MBA, PPI, NZ GDP, Fed & BCB Policy Announcement, Fed Chair Powell at the FOMC Press Conference

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EUROPEAN TRADE

EQUITIES

• European equities, Eurostoxx50 (+0.2%) are trading on a firmer footing; though the IBEX 35 underperforms (U/C) amid losses in Repsol (-2.1%).
• European sectors are mixed with a slight positive bias, though the breadth of the market to the upside is fairly narrow; Chemicals is the clear outperformer, propped up by gains in BASF (+3.4%) and Arkema (+3.6%); Energy lags due to broader losses in crude prices.
• US equity futures are trading in the green, posting gains similar to their European counterparts, NQ (+0.2%), as attention turns to US PPI and the much-awaited Fed Policy Announcement.
• Click here and here for the sessions European pre-market equity newsflow, including earnings.
• Click here for more details.

FX

• A positive start to the session for the broader Dollar and index with some assistance from a weaker GBP and as the clock ticks down to the FOMC policy announcement.
• Sterling is among the G10 laggards following the dismal GDP data on the eve of the BoE, although the data will likely not have any influence on tomorrow’s decision, where expectations are for the MPC to stand pat.
• The NZD lags in the G10 bunch following the larger NZ current account deficit reported overnight coupled with reports that New Zealand passed the law to return the RBNZ to a single inflation mandate
• PBoC set USD/CNY mid-point at 7.1126 vs exp. 7.1717 (prev. 7.1163).
• Argentina’s Economy Minister Caputo said that they will move forward with eliminating taxation on exports and will reduce energy and transport subsidies, while he announced FX rate will weaken to 800 pesos per dollar. Argentina’s Economy Ministry also stated the Central Bank will announce measures related to monetary policy, interest rate and debt on Wednesday.
• Click here for more details.
• Click here for the Option Expires for the NY Cut.

FIXED INCOME

• USTs are essentially unchanged heading into the FOMC announcement with yields incrementally lower across the curve.
• Bunds are a touch firmer, holding towards the midpoint of 135.07-135.41 parameters and as such within Tuesday’s 134.80-135.60 bounds; awaiting clarity on the 2024 German budget.
• Once again, Gilts buck the trend having gapped higher from Tuesday’s 98.73 close to a 99.02 open before extending in short order to the current 99.48 session high, driven by soft October growth data.
• UK sells GBP 2bln 3.75% 2053 Gilt: b/c 2.70 (prev. 2.34x), average yield 4.43% (prev. 4.664%) & tail 0.5bps (prev. 1.5bps)
• Italy sells EUR 6bln vs exp. EUR 5-6bln 3.85% 2026 & 4.00% 2030 BTP; EUR 3bln 3.85% 2026: b/c 1.56x (prev. 1.54x) & gross yield 3.24% (prev. 3.75%); EUR 3bln 4.00% 2030: b/c 1.54x (prev. 1.50x) & average yield 3.63% (prev. 4.21%)
• Click here for more details.

COMMODITIES

• WTI Jan and Brent (U/C) Feb futures are essentially flat after being softer at the beginning of the session, futures initially trundled lower in APAC hours with little by way of fresh fundamentals in the European session to shift sentiment for the complex.
• Spot gold remains flat ahead of today’s risk events, with the yellow metal contained to a USD 1,972.78-82.59/oz parameter.
• Base metals are mostly softer as the Dollar remains firm and risk remains cautious in the run-up to the FOMC decision.
• COP28 draft text was published which didn’t include the words ‘phase out’ but called on parties to accelerate efforts towards a phase-down of unabated coal power, according to Reuters.
• Chilean copper miner Antofagasta (ANTO LN) and workers at the Centinela mine extend talks to allow workers to vote on a new contract offer, according to the union cited by Reuters.
• Azerbaijan oil output at 27.6mln tons between Jan-Nov (vs 25.3mln between Jan-Oct), according to the Energy Ministry cited by Reuters
• Gulf Keystone Petroleum says there remains no official timeline for reopening of Iraq-Turkey pipeline
• OPEC to issue monthly oil market report at 12:23GMT (07:23 EST)
• Click here for more details.

NOTABLE EUROPEAN HEADLINES

• German government has reportedly come to an agreement over the dispute for the 2024 budget, via Reuters citing government sources; German coalition officials to deliver a briefing at 11:00GMT/06:00EST, on the 2024 budget. Furthermore, the Germany government has agreed, at least initially, to not declare an emergency situation which would suspend the debt brake for 2024, according to government sources cited by Reuters
• German economy to contract 0.5% in 2024 due to budget crisis, via IW Economic Institute
• IFW Institute German Forecasts – GDP: 2023 -0.3% (prev. -0.5%), 2024 +0.9% (prev. +1.3%). 2025 +1.2% (prev. +1.5%); Inflation: 2023 5.9%, 2024 2.3%, 2025 1.8%
• ECB’s Villeroy said inflation’s path to 2.4% from 10.6% is impressive while he also commented that Europe needs a plan to deepen its financial and economic unity if it is to emerge from crises affecting its democracy and society.
• HSBC sees S&P 500 2024 year-end price target of 5,000, says a soft-landing scenario could pave the way for further upside
• Goldman Sachs (GS) cuts UK’s 2023 GDP growth forecast to 0.5% (prev. 0.6%); cuts 2024 forecast to 0.6% (prev. 0.7%)
• JP Morgan lowers its 2023 UK GDP forecast to 0.5% from 0.6% with 2024 cut to 0.2% from 0.4%
• UK PM Sunak has seen off a Conservative rebellion over his flagship Rwanda bill but still faces a battle to get it through Parliament, according to the BBC.

DATA RECAP

• UK GDP Estimate MM (Oct) -0.3% vs. Exp. 0.0% (Prev. 0.2%); falls in every sector (services, construction & production); Estimate 3M/3M (Oct) 0.0% vs. Exp. 0.1% (Prev. 0.0%); UK GDP Estimate YY (Oct) 0.3% vs. Exp. 0.6% (Prev. 1.3%)
• UK Services YY (Oct) 0.2% vs. Exp. 0.4% (Prev. 1.1%); MM (Oct) -0.2% vs. Exp. 0.0% (Prev. 0.2%)
• UK Manufacturing Output MM (Oct) -1.1% (Prev. 0.1%); YY (Oct) 0.8% vs. Exp. 1.9% (Prev. 3.0%)
• UK Industrial Output MM (Oct) -0.8% vs. Exp. -0.1%; YY (Oct) 0.4% vs. Exp. 1.1% (Prev. 1.5%)
• UK Construction O/P Vol YY (Oct) 1.1% vs. Exp. 1.2% (Prev. 2.8%)
• UK Goods Trade Bal. Non-EU (Oct) -4.828B GB (Prev. -4.45B GB, Rev. -4.45B GB); Goods Trade Balance GBP (Oct) -17.032B GB vs. Exp. -14.3B GB (Prev. -14.288B GB, Rev. -14.288B GB)
• EU Industrial Production MM (Oct) -0.7% vs. Exp. -0.3% (Prev. -1.1%, Rev. -1.0%); YY (Oct) -6.6% vs. Exp. -4.6% (Prev. -6.9%, Rev. -6.8%)
• Swedish Money Market CPIF Inflation 1 Year (Dec) 2.4% (Prev. 2.8%); Swedish Money Market CPIF Inflation 5 Years (Dec) 2.1% (Prev. 2.1%)
• South African CPI MM (Nov) -0.1% vs. Exp. 0.1% (Prev. 0.9%); YY (Nov) 5.5% vs. Exp. 5.6% (Prev. 5.9%)
• South African Core Inflation MM (Nov) 0.2% vs. Exp. 0.1% (Prev. 0.4%); YY (Nov) 4.5% vs. Exp. 4.4% (Prev. 4.4%)

NOTABLE US HEADLINES

• Click here for the US Early Morning Note.

GEOPOLITICS

ISRAEL/HAMAS/MIDDLE EAST

• UN General Assembly voted overwhelmingly to adopt a resolution demanding an immediate humanitarian ceasefire in Gaza, the immediate and unconditional release of all hostages and ensuring humanitarian access, in which the resolution passed by a majority vote of 153 in favour vs 10 against and 23 abstentions.
• Israeli PM Netanyahu said he would block the Biden administration’s post-war plan to have the Palestinian Authority take over Gaza, according to WSJ. It was separately reported that US President Biden said the government in Israel is making it very difficult for the world and that PM Netanyahu has to change his government.
• Houthi officials commented via social media platform X that vessels navigating through the Red Sea should not turn off radios and must respond to Houthi orders, while vessels navigating through the Red Sea were advised not to travel towards “occupied Palestine”.
• A source noted via social media platform X that there were reports of casualties following an Israeli airstrike in southern Lebanon.
• UK Maritime Organisation has received report of an incident in the vicinity of Bad El Mandeb, Yemen. Authorities are investigating. Report issued at 05:30GMT, incident time 03:45GMT; subsequently another report of an incident approximately 90mn South of AL DUQM (off the coast of Oman); Authorities are investigating
• “The Houthis targeted a Marshall Islands-flagged oil tanker coming from India and heading towards the Suez Canal with an armed crew on it”, according to Al Jazeera citing AP

OTHER

• US President Biden said Russian President Putin has failed to subjugate Ukraine and is banking on the US failing to deliver for Ukraine, while Biden added that he will not walk away from Ukraine and neither will the American people. Biden also stated that his team is trying to find bipartisan compromise on immigration and he confirmed USD 200mln in additional military aid to Ukraine. Furthermore, Biden said National Security Adviser Sullivan will visit Israel and Defense Secretary Austin will also travel to the Middle East, while he responded assertions are being made that there are no hostages in tunnels when asked about reports of Israel flooding Hamas tunnels.
• Ukrainian President Zelensky said the idea of giving up territory to end the war is insane and stated who controls the skies controls the war’s duration, while it was also reported that Zelensky told US senators that Ukraine is considering the conscription of men over the age of 40.

CRYPTO

• Bitcoin and Ethereum (+0.2%) are modestly firmer with the former continuing to reside below the USD 42k mark.

APAC TRADE

• APAC stocks traded mixed with participants cautious heading into the FOMC announcement.
• ASX 200 was led by strength in healthcare after Sigma shares surged by over 70% shortly after the return from a trading halt and the recent announcement of a merger with Chemist Warehouse, while the energy sector lagged after yesterday’s continued slide in oil prices.
• Nikkei 225 was underpinned by an encouraging Tankan survey which mostly beat expectations and showed sentiment amongst Japan’s large manufacturers and non-manufacturers was at the highest since March 2020 and November 1991, respectively.
• Hang Seng and Shanghai Comp were pressured despite the detailing of China’s policy focus for next year and support pledges, as the statement from the Central Economic Work Conference refrained from any major stimulus announcements.
• US equity futures (ES +0.1%) sat near the prior day’s best levels after having shrugged off the initial post-CPI wobble.
• European equity futures are indicative of a flat open with Euro Stoxx 50 future unchanged after the cash market closed down 0.1% yesterday.

NOTABLE HEADLINES

• China senior party official said China should set fiscal deficit and special local government bonds at appropriate levels in 2024. The official added that the key is to optimise the structure of fiscal expenditure, as well as improve the efficiency of fiscal fund utilisation and policy effectiveness, according to Reuters.
• Australian government’s Mid-Year Economic and Fiscal Outlook sees 2023/24 budget deficit at AUD 1.1bln vs 13.9bln forecast in May, while it sees a budget deficit of AUD 18.8bln in 2024/25 and a deficit of AUD 35.1bln in 2025/26. Furthermore, it forecasts GDP growth at 1.75% in 2023/24, 2.25% in 2024/25 and 2.50% in 2025/26.
• New Zealand passed the law to return the RBNZ to a single inflation mandate, as expected.
• Japanese PM Kishida says the government and the BoJ are in agreement on the goal of achieving economic growth accompanied by wage gains, as well as the need for sustained stable achievement of price target

DATA RECAP

• Japanese Tankan Large Manufacturing Index (Q4) 12.0 vs. Exp. 10.0 (Prev. 9.0); Large Manufacturing Outlook 8.0 vs. Exp. 9.0 (Prev. 10.0)
• Japanese Tankan Large Non-Manufacturing Index (Q4) 30.0 vs. Exp. 27.0 (Prev. 27.0); Large Non-Manufacturing Outlook (Q4) 24.0 vs. Exp. 25.0 (Prev. 21.0)
• Japanese Tankan Large All Industry Capex Estimate (Q4) 13.5% vs. Exp. 12.4% (Prev. 13.6%
• South Korean Unemployment Rate (Nov) 2.8% (Prev. 2.5%)
• New Zealand Current Account Quarterly (NZD)(Q3) -11.5B vs. Exp. -10.8B (Prev. -4.2B); Current Account Annual -30.6B vs. Exp. -29.5B (Prev. -29.8B)
• New Zealand Current Account/GDP (Q3) -7.6% vs. Exp. -7.5% (Prev. -7.5%)
• China Money Data (November): Aggregate Financing (CNH) : 2.45tln (exp. 2.595tln); M2 Money Supply: 10% Y/Y (exp. 10%); New Yuan Loans (CNH): 1.09tln (exp. 1.3tln)

WEDNESDAY MORNING/TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 34.68 PTS OR 1.15%  //Hang Seng CLOSED DOWN 145.75 PTS OR 0.89%           /The Nikkei CLOSED UP 82.65 PTS OR 0.25% //Australia’s all ordinaries CLOSED UP 0.31 %   /Chinese yuan (ONSHORE) closed DOWN AT 7.1775   /OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.1915 /Oil DOWN TO 68.90 dollars per barrel for WTI and BRENT  DOWN AT 73.45/ Stocks in Europe OPENED ALL GREEN// 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

3 CHINA

CHINA

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

THE NETHERLANDS

Expect to have many of these as militants have entered Europe, Canada and the USA

(Brooke/Remix)

Netherlands Raises Terror-Alert To 2nd-Highest As Officials Warn Of “Substantial” Risk Of Attack

WEDNESDAY, DEC 13, 2023 – 05:00 AM

Authored by Thomas Brooke via ReMix News,

The Netherlands has raised its terror threat to its second-highest level with the country’s National Coordinator for Security and Counterterrorism (NCTV) warning of a “real chance” of a terrorist attack.

In its Terrorist Threat Assessment for the Netherlands report, NCTV announced the threat level had been upped from 3 to 4 which means the threat of attack is “substantial” – it is the highest threat level reached in the country for over four years.

The counter-terrorism agency warned that “the jihadist-inspired terrorist threat to the Netherlands is on the rise” and noted that Islamic extremist groups operating within Europe are “using the war in Gaza to urge sympathizers to carry out attacks in the West.”

“Individuals or small groups within the jihadist movement may feel inspired to commit acts of violence” as a result of increasing tensions in the Middle East that are now being felt among communities in the Netherlands and the wider European continent, its report stated.

NCTV acknowledged that several arrests were made by counter-terrorism police in the Netherlands this year of suspects “intending to carry out an attack with jihadist motives,” and sought to assure the public that these successful preventative measures showed that “European intelligence and security services are able to identify terrorism and thwart attacks”.

However, the report also noted that attacks had already slipped through the net so far this year in France, Germany, Belgium, and the United Kingdom which illustrate “the risks posed by radicalized individuals who are inspired by current events and terrorist organizations”.

The move by the Dutch authorities followed remarks made by the European Commissioner for Home Affairs Ylva Johansson late last month who warned of a “huge risk” of terror attacks in the European Union during the Christmas season.

“With the war between Israel and Hamas, and the polarization it causes in our society, with the upcoming holiday season there is a huge risk of terrorist attacks in the European Union,” Johansson told reporters.

“We saw this recently in Paris,” she said, referring to the German-Filipino tourist stabbed to death near the Eiffel Tower on Dec. 2. The attack left two others injured and was conducted by an Islamist extremist French national of Iranian origin who had already been incarcerated for four years for planning an attack in the Parisian business hub of La Défense in the summer of 2016.

“We saw it earlier as well,” Johansson continued, alluding to the shooting of Swedish nationals in Brussels, and the foiled attack planned by foreign nationals in Germany earlier this month who aimed to ram a truck into attendees of the Christmas markets in Cologne.

…

Read more here.

END

UK

With high interest rates, the UK economy contracted badly in October. Expect a 100 basis point cut in Bank of England interest rate

(zerohedge)

Traders Fully Price-In 100bps Of BoE Rate-Cuts After UK GDP Plunges In October

WEDNESDAY, DEC 13, 2023 – 08:05 AM

The UK economy shrank significantly more than expected (-0.3% MoM – below the worst economist’s expectations) in October with activity declining in all major sectors…

Source: Bloomberg

Activity decreased by 0.2% MoM in services, 0.8% MoM in production, and 0.5% MoM in construction.

Declines in services output were led by a contraction in the information and communication industry, while consumer facing services saw a smaller contraction (-0.1%mom).

Weakness in production activity was driven principally by broad-based declines in manufacturing output.

Wet weather was reported to have weighed on output in construction, retail, and recreation.

As a result of today’s print, Goldman revised down their Q4 tracking estimate to +0.1%qoq (not annualised) from +0.2% previously, and lowered their annual growth forecast for 2023 to +0.5% (from +0.6% previously) and for 2024 to +0.6% (from +0.7% previously).

It marks a sharp reversal from slightly better than expected figures for much of this year and adds to the impression that Britain is stuck in a long-running stagnation.

“2023 UK GDP figures paint a picture of sluggishness, bleakness, and lackluster economic performance,” said Douglas Grant, CEO of Manx Financial Group.

It also suggests Prime Minister Rishi Sunak’s beleaguered Conservative government is facing a bleak economic backdrop for a general election expected to be held next year.

“These grim figures show the UK is dangerously close to recession,” said Paul Nowak, general secretary of the Trades Union Congress.

“The red warning lights should be flashing. The UK is stuck in a rut and the Tories have no plan for getting us out of it.”

Chancellor of the Exchequer Jeremy Hunt suggested a sputtering economy is necessary to rein in inflation, also a key goal of the government.

“It is inevitable GDP will be subdued whilst interest rates are doing their job to bring down inflation,” Hunt said in a statement.

“But the big reductions in business taxation announced in the Autumn Statement mean the economy is now well placed to start growing again.”

The result of this major disappointment is that traders have now fully priced in 100bps of rate-cuts in 2024 by the BoE…

Source: Bloomberg

However, as we noted earlier, BOE Governor Andrew Bailey faces a serious predicament.

Headline inflation is still around 5%, core inflation within reach of 6% and services inflation not too far from 7%.

While data this week showed weekly earnings growth slowed, the reality is that it is still above 7%.

Those aren’t numbers screaming “2% inflation is here,” so the right question for the markets to ask isn’t really how many times the BOE will be able to cut rates in 2024, but whether it can avoid tightening more.

While headline inflation came in at 4.6% for October, each of the three prints before that was 6.7% or higher.

Those are not numbers that suggest the disinflationary process in the UK is clear and well embedded – unlike the case in the US and the euro zone.

“While some market participants may be tempted to front load rate cuts in 2024, we think that the BOE would await more evidence that UK inflation in particular has continued to fall before discussing any easing measures,” said Valentin Marinov, head of G10 FX strategy at Credit Agricole CIB.

Finally, we can’t help but find the irony in blaming wet weather in England for a weak economy.

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/

Ten IDF soldiers, including battalion commanders, killed in Gaza battle

About 350 terrorists have been killed in Shejaia, and the military believes it will have most of the area clear of Hamas’s major forces by the weekend.

By YONAH JEREMY BOB

Ten of the fallen IDF soldiers in Shejaia fighting, published on December 13, 2023(photo credit: The Jerusalem Post)

Although the general battle of Shejaia in northern Gaza is going well for the IDF – about 350 terrorists have been killed – and the military believes it will have most of the area clear of Hamas’s major forces by the weekend, around 4:30 p.m. on Tuesday, IDF forces were hit by a multi-round ambush in inner-Shejaia.

Ten were killed and six wounded.

A mix of IDF units 53 and 51, including both Golani and engineering personnel were looking to clear a certain structure and its surrounding areas when they came under a mix of gunfire and improvised explosives.

It is unclear whether the initial explosives were thrown or set off remotely.

The names of the IDF’s fallen heroes:

– Lt. Col. Tomer Grinberg, 35 years old, Malmog, commander of the 13th Battalion, Golani Brigade, was killed last night in a battle in the northern Gaza Strip.

-Colonel Yitzhak Ben Bassat, 44 years old, commander of the 11th Reserve Commando Brigade, was killed last night in a battle in the northern Gaza Strip.

– Major Roei Meldasi, 23 years old, from Afula, a company commander in the 13th Battalion, Golani Brigade, was killed last night in a battle in the northern Gaza Strip.

– Major Moshe Avram Bar-On, 23 years old, from Ra’anana, a company commander in the 51st Battalion, Golani Brigade, was killed last night in a battle in the north of the Gaza Strip.

– Sergeant Achia Daskal, 19 years old, from Haifa, a fighter in the 51st Battalion, Golani Brigade, was killed last night in a battle in the northern Gaza Strip.

– Captain Liel Hayo, 22 years old, from Shoham, a platoon commander in the 51st Battalion, Golani Brigade, was killed last night in a battle in the northern Gaza Strip.

– Major Ben Shelly, 26 years old, Makdaron, commander of a platoon of fighters in the Special Rescue Tactical Unit (669), was killed last night in a battle in the northern Gaza Strip.

– Major Rom Hecht, 20 years old, from Givatayim, a fighter in the Special Rescue Tactical Unit (669), fell last night in a battle in the northern Gaza Strip.

– Sergeant Oriya Yaakov, 19 years old, from Ashkelon, a fighter in Battalion 614, the School of Combat Engineering, was killed yesterday in a battle in the north of the Gaza Strip.

-Sargeant Eran Aloni, 19 years old, a fighter in the 51st Batallion, Golani Brigade, was killed last night in a battle in the northern Gaza Strip.

Jerusalem Post Staff contributed to this report.Go to the full article >>END

Ten soldiers, including two senior officers, killed in Gaza fighting and deadly ambush

9 troops of Golani Brigade, Air Force’s Unit 669, killed in one of the deadliest incidents of ground offensive so far, taking toll to 115; combat engineer killed in separate clash

By EMANUEL FABIAN Today, 11:44 am  10

Soldiers killed fighting against Hamas in the northern Gaza Strip on December 12, 2023: Top: L-R: Maj. Roei Meldasi, Lt. Col. Tomer Grinberg, Sgt. Achia Daskal, Maj. Moshe Avram Bar On, Cpt. Liel Hayo; bottom: Staff Sgt. Oriya Yaakov, Sgt. First Class Rom Hecht, Maj. Ben Shelly, Sgt. Eran Aloni, and Col. Itzhak Ben Basat. (Courtesy; combo image: Times of Israel)

Ten Israel Defense Forces soldiers, including two senior commanders and several officers, were killed in heavy fighting in Gaza, the army said Wednesday, bringing the death toll in the ground offensive to 115.

Nine of the soldiers were killed in a battle in the heart of Shejaiya, one of the deadliest single encounters since troops pushed into the Strip.

The IDF named those killed in the battle in Shejaiya as Col. Itzhak Ben Basat, 44, head of the Golani Brigade’s commander’s team, from Sde Ya’akov; Lt. Col. Tomer Grinberg, 35, the commander of the Golani Brigade’s 13th Battalion, from Almog; Maj. Roei Meldasi, 23, a company commander in the 13th Battalion, from Afula; Maj. Moshe Avram Bar On, 23, a company commander in the Golani Brigade’s 51st Battalion, from Ra’anana; Cpt. Liel Hayo, 22, a platoon commander in the 51st Battalion, from Shoham; Sgt. Achia Daskal, 19, a soldier in the 51st Battalion, from Haifa; Sgt. Eran Aloni, 19, of the 51st Battalion, from Ofakim. Maj. Ben Shelly, 26, a squad commander in the Israeli Air Force’s Unit 669, from Kidron; and Sgt. First Class Rom Hecht, 20, of Unit 669, from Givatayim.

Ben Basat is the most senior IDF officer to have been killed in the ground offensive against Hamas.

Staff Sgt. Oriya Yaakov, 19, of the Combat Engineering Corps’ 614th Battalion, from Ashkelon, was killed in a separate incident in northern Gaza. The army said another three soldiers were seriously wounded.

The Times of Israel was told that according to an initial investigation, on Tuesday evening infantry soldiers from the Golani Brigade, working together with armor and engineering forces, were carrying out search operations in the kasbah, or the heart of Shejaiya, long seen as one of the most heavily fortified Hamas strongholds in northern Gaza.

This handout photo distributed by the Israel Defense Forces on December 13, 2023, shows troops operating in the Gaza Strip amid the war against Hamas. (Israel Defense Forces)

The initial force of four soldiers entered a cluster of three buildings — believed to have been abandoned — surrounding a courtyard, to carry out searches and found the entrance of a tunnel. As the troops entered one of the buildings, Hamas terrorists ambushed them, hurling grenades, detonating an explosive device, and opening fire on them.

All four soldiers were hit by the explosive inside the building, as gunfire continued from outside the structure.

At this stage, a second group of troops outside tried to reach them, but contact with the officer of the force was lost. Local commanders then initiated emergency procedures amid fears the soldiers could have been captured.

Several senior Golani officers immediately led forces to the area, including Ben Bassat, who led the rescue operation, Grinberg, of the 13th Battalion, and two other battalion commanders, who set up a perimeter to give the rescue force cover.

Grinberg led a flanking movement from the north, while the commander of the Golani’s reconnaissance battalion made a similar move from the south, and the commander of the 188th Armored Brigade’s 53rd Battalion did so from another angle.

During the rescue attempts the forces were under continuous gunfire from terrorists inside the buildings, who also threw grenades and set off several more large blasts.

The rescue force reached the initial group of four soldiers but found that they had all been killed. During this battle two soldiers from the Air Force’s elite Unit 669 search and rescue team were killed as they tried to break into the compound.

At that stage, Grinberg’s force came under massive fire from a second building. Troops responded, including by firing a shoulder-launched missile into the building which apparently detonated several other explosives inside and blew up the entire building.

The military believes Hamas’s Shejaiya battalion’s command and control is largely disrupted, and the terror group is operating in the area in a less organized manner, with smaller squads of terrorists. The military did not give an indication of how many operatives were killed in the fight. Hamas has not made any statements about the battle.

This handout photo distributed by the Israel Defense Forces on December 13, 2023, shows troops operating in the Gaza Strip amid the war against Hamas. (Israel Defense Forces)

The deadly incident continues the Golani Brigade’s bitter connection with Shejaiya.  During the 2014 Gaza war, seven brigade soldiers were killed when their APC was hit in fighting in Shejaiya.  The remains of one of the seven, Sgt. Oron Shaul, were captured by Hamas and are still in their hands.

Grinberg’s 13th Battalion has also been one of the hardest hit units during the October 7 Hamas onslaught, when some 3,000 terrorists overran IDF bases and communities in southern Israel, killing some 1,200 people, most of them civilians, and taking a further 240 hostage.

The battalion lost 41 soldiers that day. Nevertheless, they have been involved in some of the heaviest fighting since the launch of the ground operation aimed at freeing the hostages and destroying Hamas’s military force in the Strip.

In early November, the IDF released audio of Grinberg speaking to Lt. Col. Salman Habaka, the commander of the 188th Armored Brigade’s 53rd Battalion, shortly before Habaka was killed during fighting in the Gaza Strip.

Lt. Col. Tomer Grinberg embraces his daughter, Arbel, in July 2023. (IDF Spokesperson)

Habaka had assisted the Grinberg’s battalion during a fierce overnight clash, in which troops managed to fend off a Hamas ambush.

“Can I help you with something? Immediate extraction? Over,” Habaka is heard saying over the radio to Grinberg.

Grinberg asks Habaka to keep his forces in the area to cover them, in order to deploy more troops out of their armored vehicles amid the battle. “I rescued you, now you’ve come to help me. Over,” Grinberg says.

Habaka was killed later that night during clashes with Hamas gunmen.

Ben Basat, who was in the middle of retiring from the IDF but decided to remain when the war broke out, was the most senior officer to have been killed in the ground offensive against Hamas. He previously served as head of the Yiftah Brigade, a reserve commando unit, and before that as the head of the Paran Regional Brigade.

Grinberg is the eighth IDF lieutenant colonel killed since Oct. 7, and Ben Basat is the fifth colonel.

Col. Itzhak Ben Basat (Courtesy)

Recent days have seen intense battles in northern Gaza, particularly in the Jabalya and Shejaiya neighborhoods. There has also been fierce fighting as forces have pushed into Khan Younis, the Strip’s second city in the south.

Despite the bitter results of Tuesday’s battle, the military believes it is in the final stages of clearing Hamas from Shejaiya, which lies closest to the border with Israel and where the terror group was believed to have its strongest fortifications and stationed a major force.

The army has also said that has no alternative but to send ground troops and engineering forces into the dense warren of alleys and tunnels in order to completely destroy Hamas’s infrastructure and that airstrikes alone were not sufficient.

Illustrating the intense close combat fighting, the IDF released a video Tuesday showing a reservist of the Combat Engineering Corps’ elite Yahalom unit killing two Hamas operatives in an apartment in Shejaiya.

The clip from the soldier’s helmet camera shows him killing the first Hamas gunman in a brief exchange of fire, before a grenade is hurled at him.

The soldier, despite being wounded, gets up and rushes at the second operative, killing him from point-blank range.

Also Wednesday, the IDF said it carried out more than 250 strikes in the Gaza Strip over the past day, targeting Hamas operatives and infrastructure belonging to the terror group.

In one incident, the IDF says troops of the Bislamach Brigade and the Border Defense Corps’ 636th Combat Intelligence Collection unit identified a Hamas cell in Shejaiya preparing to fire rockets at Israel.

The soldiers directed an airstrike on the cell, the IDF said, releasing footage of the strike.

The United Nations said Tuesday that its satellite analysis agency UNOSAT had determined that 18 percent of Gaza’s structures had been destroyed since the outbreak of war with Israel.

The estimate is based on an image taken on November 26, the agency said, a 49 percent increase in the total number of structures affected since a previous assessment on November 7.

The Hamas-run health ministry in Gaza has claimed that since the start of the war, more than 18,400 people have been killed, mostly civilians. These figures cannot be independently verified and are believed to include some 7,000 Hamas terrorists, according to Israel, as well as civilians killed by misfired Palestinian rockets. Another estimated 1,000 terrorists were killed in Israel during the October 7 onslaught.

Reports on the intense fighting came a day after the IDF said that it had recovered the bodies of civilian Eden Zacharia and IDF Warrant Officer Ziv Dado, who were taken hostage by Hamas on October 7.

Israeli troops bring the bodies of Eden Zacharia and First Sgt. Ziv Dado back to Israel from the Gaza Strip, in an image published December 12, 2023. (Israel Defense Forces)

The operation to recover the bodies from the Gaza Strip was carried out by the Military Intelligence Directorate’s Unit 504, and the 551st Brigade. They were found in a tunnel deep in the enclave, near the home of Ahmed Ghandour, the former commander of Hamas’s northern Gaza Brigade, who was recently killed in an Israeli strike.

Zacharia, 27, was taken hostage from the Supernova rave near Re’im, It was not immediately clear whether she had died during the attack or at a later date. Dado, 36, a logistics supervisor in the Golani Brigade’s 51st Battalion, was killed during the October 7 onslaught. He already had a funeral held on October 25, having been declared a “fallen soldier held by a terror group.”

After their bodies were brought back to Israel and identified by medical and rabbinical authorities, their families were notified.

During the operation to recover the bodies, Master Sgt. (res.) Gal Meir Eisenkot — the son of war cabinet minister Gadi Eisenkot — and Master Sgt. (res.) Eyal Meir Berkowitz were killed, and other soldiers were wounded.

Gal Eisenkot (L) with his father, then-IDF chief of staff Gadi Eisenkot. (Courtesy)

Defense Minister Yoav Gallant revealed Tuesday that Israeli troops were “operating deep underground” in Gaza, in a statement following an assessment with the 162nd Division and shortly after the return of the bodies was announced.

“These operations are also being carried out above ground, but there is also a deep descent into the depths, to find bunkers, war rooms, communication centers, ammunition depots and meeting rooms,” Gallant said.

“We will see these things in footage in the coming days,” he added.

It is believed that 135 hostages remain in Gaza — not all of them alive — after 105 civilians were released from Hamas captivity during a weeklong truce in late November. Four hostages were released prior to that, and one was rescued by troops. The Israel Defense Forces has confirmed the deaths of 18 of those still held by Hamas, due to new intelligence and findings obtained by troops operating in Gaza.

Times of Israel staff and agencies contributed to this report.

END

ISRAEL/HAMAS

Hamas terrorist hospitalized in Israel after battle with IDF in Gaza – report

By JERUSALEM POST STAFFDECEMBER 13, 2023 13:09Updated: DECEMBER 13, 2023 13:37

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A Hamas terrorist wounded in overnight battles with the IDF in the northern Gaza Strip was hospitalized in Israel and underwent surgery, Channel 13 reported on Wednesday.

The terrorist was hospitalized in the Sharon Medical Center in Petach Tikvah following directives given by the Health Ministry, sources in the hospital told Ynet. The terrorist is reportedly set to be transferred to a military facility.

This is a developing story.

END

LAST NIGHT

Israeli hostage Tal Chaimi murdered in Hamas captivity

By JERUSALEM POST STAFFDECEMBER 13, 2023 20:36

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Tal Chaimi, a resident of Kibbutz Nir Yitzhak, was murdered while being held hostage by Hamas in the Gaza Strip, the kibbutz announced on Wednesday evening.

Chaimi’s body is still being held by Hamas

(TIMES OF ISRAEL)

THIS MORNING.

Family of Gaza hostage Tal Chaimi say they have been told he was killed on Oct. 7

Today, 8:45 pm   4

Tal Chaimi (right), here with his wife Ella, was taken captive by Hamas terrorists on October 7, 2023 from Kibbutz Nir Yitzhak. His family was told on December 13, 2023, that he was killed during the October 7 attack. (Courtesy)

The family of Gaza hostage Tal Chaimi and Kibbutz Nir Yitzhak where he lived announce in a joint statement that authorities have told the family that he was murdered on October 7.

His body is believed to be held by terrorists in the Strip.

Chaimi, 41, married to Ella and father to 9-year-old twins and a six-year-old, was a third-generation member of Nir Yitzhak, and was part of the kibbutz’s rapid response team.

He went out that morning when it appeared that terrorists were infiltrating the kibbutz.

His mother Esti succumbed to cancer three months ago.

end

IDF says troops killed Hamas gunmen who fired at them from school in southern Gaza

By EMANUEL FABIAN Today, 7:03 pm   0

Troops of the 55th Brigade’s Reconnaissance Battalion have killed several Hamas operatives in a school in southern Gaza’s Khan Younis, the IDF says.

It says the forces received intelligence about suspicious activity in the area, and once the Hamas gunmen opened fire at them from the school, the troops raided the complex.

According to the IDF, during the raid, the Hamas operatives opened fire with light arms and launched RPGs. “The troops engaged, waged a battle against the terrorists, and eliminated them,” it says.

A video published by the IDF shows the aftermath of the battle, with the bodies of three Hamas gunmen strewn on the grounds of the school.

The IDF says the troops found underground Hamas infrastructure in the area of the school. The underground complex, along with other observation sites belonging to Hamas in the area, were later destroyed in airstrikes by a fighter jet.

https://platform.twitter.com/embed/Tweet.html?dnt=true&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1734981349537140777&lang=en&origin=https%3A%2F%2Fwww.timesofisrael.com%2Fliveblog_entry%2Fidf-says-troops-killed-hamas-gunmen-who-fired-at-them-from-school-in-southern-gaza%2F&sessionId=bd24db08c4898e2e72c07f4776147d47faf2eb2a&siteScreenName=timesofisrael&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=490px

WEST BANK/ISRAEL

This is why you cannot have the Palestinian authority rule the West Bank and Gaza

(Times of Israel)

Palestinian poll: Support for Hamas has tripled in West Bank, 88% want Abbas to resign

By AGENCIES and TOI STAFF

Palestinian Authority President Mahmoud Abbas, right, and then Palestinian Prime Minister Ismail Haniyeh of Hamas, left, speak as they head the first cabinet meeting of the new coalition government at Abbas’ office in Gaza City, March 18, 2007. (AP Photo/Khalil Hamra

A wartime opinion poll among Palestinians published today shows a rise in support for the Hamas terror group, even in the devastated Gaza Strip, and an overwhelming rejection of Western-backed Palestinian Authority President Mahmoud Abbas, with nearly 90% saying he must resign.

The PA administers parts of West Bank and governed Gaza until a takeover by Hamas in 2007. The Palestinians have not held elections since 2006, when Hamas won a parliamentary majority.

The polls shows 57% of respondents in Gaza and 82% in the West Bank believe Hamas was correct in launching its October 7 onslaught, in which some 1,200 people in Israel, mostly civilians, were murdered and over 240 were taken hostage. A large majority believes Hamas’s claims that it acted to “defend” the Al Aqsa Mosque in Jerusalem and win the release of Palestinian security prisoners. Only 10% say they believed Hamas has committed war crimes, with a large majority saying they did not see videos showing the terrorists committing atrocities.

Overall, 88% want Abbas to resign, up by 10 percentage points from three months ago. In the West Bank, 92% call for the resignation of the octogenarian who has presided over an administration widely seen as corrupt, autocratic and ineffective.

At the same time, 44% in the West Bank say they support Hamas, up from just 12% in September. In Gaza, the terror group enjoys 42% support, up from 38% three months ago.

Support for the PA has declined further, with nearly 60% now saying it should be dissolved.

With survey results indicating a further erosion of the PA’s legitimacy, at a time when there’s no apparent path toward restarting credible negotiations on Palestinian statehood, the default for postwar Gaza is open-ended Israeli control, says pollster Khalil Shikaki.

“Israel is stuck in Gaza,” Shikaki tells The Associated Press ahead of the publication of the survey’s results by his Palestinian Center for Policy and Survey Research, or PSR. “Maybe the next [Israeli] government will decide that Netanyahu is not right in putting all these conditions, and they might decide to withdraw unilaterally from Gaza. But the default for the future, for Israel and Gaza, is that Israel is in full reoccupation of Gaza.”

The survey was conducted among 1,231 people in the West Bank and Gaza from November 22 to December 2, with an error margin of 4 percentage points.

end

Hamas Leaders Flee Qatar, Enter Hiding, After Israel Declares They’ll Be Hunted Down

WEDNESDAY, DEC 13, 2023 – 10:15 AM

Following the end of the weeklong Israel-Hamas truce, there were international efforts to revive the Doha-based negotiations, but to no avail. Since then, Israel’s military has only expanded ground operations to the south of the Gaza Strip, where tanks have been seen in the center of Khan Younis amid fierce fighting.

After earlier this month Prime Minister Netanyahu ordered Mossad negotiators home from Qatar, there were still hopes that behind-the-scenes efforts at mediating another temporary truce could be salvaged. But these have been dashed on reports that key Hamas officials involved in the talks have also exited Qatar this week.

“Several Hamas leaders left Qatar for an unknown destination, turning off their phones and not accepting calls, KAN’s Arabic language channel reported citing sources in Doha on Tuesday evening,” The Jerusalem Post writes.

“Additionally, on Tuesday, KAN news reported that Saleh al-Arouri, a senior member of Hamas, left his usual residence in Beirut for Turkey,” the report continues.

Palestinian and other regional sources have also suggested that Hamas officials are fleeing their hideouts abroad, after Israel’s government made clear it would target and hunt down Hamas operatives abroad.

According to The Messenger, “Top Hamas leaders have reportedly left their luxury safe haven in Doha, the Qatari capital, according to a report from Israel’s KAN state radio’s Arabic Service, and may be headed to Algiers or Tehran to evade capture or assassination at the hands of Israel.”

One Palestinian news source said that top Hamas officials, who have for years lived in luxury in Qatar as a kind of government in exile, could no longer have their safety guaranteed. While it remains unconfirmed, Gaza Report details the following: 

More details on this matter: 3 top officials suddenly vacated their offices in Doha and left the country. They took with them their drivers and advisors, and they completely disconnected their phones. Their destination, whether it be Beirut, Algiers, or Tehran is not confirmed.

These developments suggest that there is no connection now with either the political leadership or the Gaza military leadership and any discussions of a ceasefire that were raised by the Israelis recently are not realistic until contact is reestablished.

If accurate, Hamas’ top leadership essentially going “underground” would mean any realistic attempts at peace negotiations would be all but impossible. Qatar and other third party countries have reportedly been pressing for new ceasefire dialogue. Israeli leaders have appeared to shut the door on the possibility for the time being, after Netanyahu pledged to see through his stated goal of completely eradicating Hamas.

Hamas leadership, including top chief Ismail Haniyeh, has long been criticized for staying in luxury hotels abroad while Gazans suffer the effects of their decision-making…

Just last week, Israel signaled it is prepared to take the war on Hamas far beyond the confines of Gaza and the West Bank. The country’s security chief referenced “our Munich” in relation to planned efforts to hunt down notable Hamas operatives residing in foreign states.

“The cabinet has set us a goal, in street talk, to eliminate Hamas. This is our Munich. We will do this everywhere, in Gaza, in the West Bank, in Lebanon, in Turkey, in Qatar,” said Ronen Bar, who is the head of Israel’s domestic security agency Shin Bet. He emphasized, “It will take a few years but we will be there to do it.” Israel has long been known to conduct aggressive and high risk assassination campaigns abroad, especially in Iran of late.

“Our Munich” is in reference to Israeli intelligence’s most famous targeted assassination covert operation in history, in response to the 1972 killings of 11 Israeli Olympic team members. Terrorists belonging to the Palestinian Black September had launched an unprecedented attack on the Munich games. Some eight members of the radical group had breached the Olympic compound and entered the two apartments used by the Israeli team, after which they began executing athletes amid a hostage standoff.

From there began a process on the part of Israeli intelligence to hunt down the Munich killers over a period of several years and spanning different countries. Israeli intelligence had dubbed the covert operation – details of which only became known decades later – as the “Wrath of God”.

Meanwhile, the below is what Israel and its Western allies are worried about in terms of the potential for Hamas or Hamas-inspired terror attacks abroad..

.https://www.zerohedge.com/geopolitical/hamas-leaders-flee-qatar-enter-hiding-after-israel-declares-theyll-be-hunted-down

END

WEST BANK/ISRAEL

(TIMES OF ISRAEL)

Hundreds arrested in an ongoing raid in Jenin

Army says hundreds arrested in ongoing Jenin raid

By EMANUEL FABIAN

The IDF says a military operation in the West Bank city of Jenin is still ongoing after some 30 hours, during which troops have detained hundreds of suspects and seized weapons.

Reservist troops and Border Police officers have so far scanned around 400 buildings in the Jenin refugee camp.

Yesterday, as the operation began, an IDF drone strike killed four Palestinian terror operatives hurling explosives at the troops, the army said.

Palestinian authorities said a fifth man injured in clashes with troops died overnight.

The army says four soldiers were injured by shrapnel following a controlled explosion. They were hospitalized with minor injuries.

According to the IDF, troops have so far detained hundreds of wanted Palestinians for questioning and seized more than 30 weapons, ammunition, and other equipment.

It adds that the forces also destroyed six labs used by local terror groups to manufacture explosive devices, along with numerous explosives, several tunnel shafts, and four war rooms used by operatives to observe IDF operations.

The IDF says troops are also continuing to operate in the Jenin area.

In other areas of the West Bank, the IDF says troops detained 17 wanted Palestinians and seized firearms.

END

LEBANON/NORTHERN ISRAEL

Attacks between Hezbollah and Israel intensifying

(JERUSALEM POST)

IDF says aircraft and tanks struck sites in Lebanon, Syria after rocket attacks on north

By EMANUEL FABIAN Today, 12:25 am  0

The IDF says aircraft and tanks completed a series of strikes in southern Lebanon and Syria in response to rocket attacks on northern Israel earlier.

In Syria, the IDF says it hit Syrian Army infrastructure, including an observation post, and in Lebanon, it says it hit a Hezbollah rocket launcher.

Hezbollah claimed responsibility for several rocket and missile attacks from Lebanon today. Meanwhile three rockets were also fired from Syria, apparently by an Iran-backed group.

כלי טיס וטנקים של צה"ל תקפו לפני זמן קצר מספר תשתיות צבאיות ועמדה צבאית של צבא סוריה בשטח סוריה.

בנוסף מטוס קרב של חיל האוויר תקף לפני זמן קצר תשתית צבאית וכוחות צה"ל תקפו עמדת משגר של ארגון הטרור חיזבאללה בשטח לבנון pic.twitter.com/Z2UjxBn3xB

— צבא ההגנה לישראל (@idfonline) December 12, 2023

END

IRAN/HOUTHIS/ISRAEL/USA//

When will the USA learn:  they must be eliminated to secure goods moving in an orderly fashion

(zerohedge)

US Warship Responds As Houthi Speedboat Terrorizes Several Commercial Vessels In Red Sea

WEDNESDAY, DEC 13, 2023 – 08:45 AM

There’s been a fresh attack on commercial shipping in the Red Sea on Wednesday, which reportedly resulted in a US warship intervening and firing on an inbound drone believed launched by Yemen’s Houthi rebels.

The American warship had responded to reports that the oil and chemical tanker Marshall Islands-flagged Ardmore Encounter had come under attack. The Ardmore Encounter had been traveling north toward the Suez Canal in the Red Sea from India at the time.Ardmore Encounter, via VesselJoin

The vessel, which had a security crew aboard, reported an “exchange of fire” with a speedboat some 55 nautical miles (or just over 100km off Yemen’s main port of Hodeidah, according to emerging Associated Press reporting.

The approaching speedboat claimed to be the Yemeni Navy and ordered the commercial vessel to halt, but a nearby warship identified as a “coalition” naval vessel told the Ardmore Encounter to maintain its course. When the hostile boat approached within 300 meters, it unleashed small arms fire.

During the incident, a responding US warship shot down a suspected Houthi drone which was inbound. According to regional sources and breaking reports, the hostile speedboat is harassing additional commercial vessels in the area: 

Shortly after the tanker incident, Ambrey said, the speedboat approached a Malta-flagged bulk carrier 52 nautical miles off Hodeidah’s shores, adding that it would provide updates as relevant.

Britain’s Maritime Trade Operations (UKMTO) agency says it is closely monitoring the situation after another incident involving armed men on a speedboat making a hostile approach against two additional vessels transiting off Yemen.

This marks at least half a dozen serious attacks against commercial shipping in the Red Sea. Yemen’s Iran-backed Houthis have threatened to close the whole area to shipping due to the ongoing Israeli onslaught in Gaza. The group weeks ago ‘declared war’ on Israel and has sent several ballistic missiles toward Israel.

In some instances, US warships have been able to intercept the missiles, which has also included increased drone launches. 

The US Navy has warned it will continue to act against threats to international shipping in the Red Sea. “These attacks represent a direct threat to international commerce and maritime security,” a recent US military statement said. “They have jeopardized the lives of international crews representing multiple countries around the world.”

END

UKRAINE/RUSSIA

Ukraine has no chance of winning and they should seek peace

(zerohedge)

Backlash Grows Among Ukrainians In Response To Zelensky’s ‘Rose-Tinted’ Speeches

WEDNESDAY, DEC 13, 2023 – 06:55 AM

As Ukraine continues feeling the intense strain of the war with Russia, more cracks have been appearing in terms of government and military unity in Kiev. Extreme doubts about Ukraine’s ability to fight back Russia, and to sustain enough Western support while doing it, have become increasingly obvious to all.

This has led to some rare and significant backlash against the Zelensky administration by some of the Ukrainian populace and even among military officials. As of Tuesday, President Zelensky visited the White House where he stuck by his message of “Ukraine can win”. He at one point in a joint press conference with Biden called the idea of ceding territory to the Russians for the sake of achieving peace “insane”. 

But a Ukrainian official interviewed by Financial Times has said the military and the people are ready for more realism. She pointed to the widening rift being created given the Zelensky administration is needlessly painting a ‘rosier’ picture than everyone knows actually exists on the ground.

Ukrainian Presidential Press Office via AP

“In order for society not to build castles in the air, and to take off its rose-tinted glasses… it is necessary to stop being afraid to speak the truth,” Iryna Zolotar, adviser and head of communications for Ukraine’s former defense minister Oleksii Reznikov, told the publication.

She described a situation where “expectations are overstated and do not correspond to the real state of affairs.” She complained that the public can no longer be fed a message of Ukraine being always “about to win”. 

FT says multiple other officials said something similar – that while an atmosphere of optimism was crucial toward surviving the opening part of the war, continuing to blindly push inaccuracies about the state of the conflict on the public is blowing back negatively…

“But with Ukraine enjoying few military achievements this year and western support faltering, the communications strategy is creating a rift between the presidential administration and military leadership, say officials from the armed forces, former presidential staffers and communication strategists,” FT writes.

Another official connected to the Zelensky administration’s press strategy had this to say: “We need to add more realism… and we have to be as courageous about it as we were on February 24 [2022].”

One former government staffer pointed to the ground truth of “the incredible levels of exhaustion, the suffering of thousands of families, enormous numbers of daily deaths, the tension and doubt.”

The official complained that attempting to hide or cover this up is creating the perception from abroad that “two propagandists” are “fighting propaganda narratives” – in reference to Russia on the other side.

The unspoken truth underlying all of this is that more ‘realism’ would set Kiev down a path toward inevitable negotiations to end the war with Russia. The Kremlin will certainly never give up Crimea, nor will it be willing to let go of the four annexed territories. It’s unlikely that the war will finally come to an end before Ukraine acknowledges this. But this is precisely what Zelensky refuses to contemplate at this point.

END

Lt Col Richard Hecht

A Painful Reminder of the Heavy Price We Pay

Field Notes from Shejaiya

LT. COL. RICHARD HECHTDEC 13

READ IN APP

This morning, the IDF announced that nine soldiers – including a colonel and a lieutenant colonel – were killed yesterday during fierce combat in Shejaiya. This brings the total IDF casualties to 444, including 115 since the start of the ground operation. This particular case is harrowing, both due to the number of people killed and the seniority.

To understand the event, you need to have the context.

But first, if this is your first time reading this, please subscribe to get future updates directly from the Israel Defense Forces.

Subscribed

The Shejaiya Battalion is one of Hamas’ 24 battalions across the Gaza Strip. It belongs to the Gaza City Brigade, the largest of Hamas’ five brigades. Shejaiya has always been known as one of Hamas’ major strongholds in the area, with deep Hamas entrenchment in the heart of this very densely populated neighborhood. The battalion had also been involved specifically in the attacks on Nahal Oz and other nearby communities on October 7th.

While the IDF has been operating in northern Gaza for well over a month, the ground operations against the Shejaiya Battalion have intensified since Hamas breached the humanitarian pause on December 1st. Fighting in this area is incredibly challenging, with troops literally going door-to-door and frequently encountering hiding terrorists or explosive devices.

The IDF has had some major successes, killings hundreds of terrorists, but Hamas terrorists continue to pose a threat to the soldiers operating there.

The IDF’s 36th Division has led this fierce fighting, with the Golani Brigade running point.

Which brings us to yesterday.

Yesterday, while fighting in a multi-building complex in the heart of Shejaiya’s Kasbah, IDF forces came under fire. During the course of the battle, additional forces were called to the area and during the course of the ensuing battle – which lasted many hours and included Hamas use of grenades, light arms fire and IEDs, nine IDF soldiers and officers were killed.

This morning, a local radio station hosted an interview with a grandmother whose grandchildren had been rescued by Lieutenant Colonel Tomer Grinberg, one of the officers killed in action.

This – to me – encapsulates what the last sixty days have included.

A horrific attack, like the one in which the grandchildren’s parents were killed.

Heroic rescues of the children.

Steadfast entry back into the battlefield.

Courage in battle.

Shattering, heartbreaking loss shared by an entire nation.

Us and Them

One thing sticks out for me.

Our most senior soldiers are out their on the front lines. They were there on October 7th and they are in the heart of Gaza today, fighting to bring home our hostages, to restore security. Meanwhile, Hamas leadership hides behind their civilians and in the tunnels under Gaza. They killed and abducted Israeli civilians and now hide behind Gazan civilians. And while we mourn for each and every one of our soldiers, while we feel the heartbreaking loss of the 444 tragic deaths, it only deepens our resolve to rid Israel of the threat. 

May their memory be a blessing to us all. I know that I will be thinking of them when looking at the Hanukah candles being lit tonight. 

Share

Air to Ground

One of the hallmarks of this war has been the incredibly tight-knit collaboration between the Israeli Air Force and ground forces.

For example, yesterday vigilant IDF troops identified a terrorist cell in Shejaiya that was preparing to launch rockets toward Israel. The troops directed an IAF aircraft to strike the terrorist cell and rocket launcher. The video below is the result.

Operational Updates

• IDF forces continue to target Hamas terror targets and infrastructure across the Gaza Strip. Over the last day, ground, air, and naval forces struck over 250 terror targets. Rocket fire from Gaza towards southern communities in Israel continued as well.
• Early this morning, following earlier launches toward Israel earlier today, IDF aircraft and tanks struck a number of military targets belonging to the Syrian Army in Syrian territory. In addition, an IAF fighter jet struck military infrastructure and IDF forces struck a launch post belonging to the Hezbollah terrorist organization in Lebanese territory. Rocket fire on Israel continued from the north, with rockets landing in both Lebanon and Israel. IDF soldiers also struck a number of terrorist cells in different locations along the Lebanese border.
• Yesterday the remains of Eden Zakaria and (CSM) Ziv Dado were brought back to Israel after being recovered by IDF Special Forces. Eden (27) had been taken hostage from the Re’im music festival and Ziv (36) was taken hostage and fell while serving as a logistics supervisor in the Golani Brigade’s 51st Battalion.During the operations that enabled this, two IDF soldiers – (MSG) Gal Meir Eisenkot and (MSG) Eyal Meir Berkowitz – fell in battle.

Here’s to happier tidings.

Share Mission Brief from LTC Richard Hecht (Official IDF Substack)

end

GLOBAL VACCINE/COVID ISSUES

Less Than Half Of German Seniors Took The Flu Shot

WEDNESDAY, DEC 13, 2023 – 02:45 AM

Catching the flu might be a hassle for some, but it can be a life-threatening condition for others.

Small children, people with pre-existing conditions and the elderly are at an increased risk of dying from a serious flu infection. Up to 650 000 people succumb to the disease every year around the globe. In industrialized countries, most of these deaths occur in the age range of 65 and older.

However, as Statista’s Katharina Buchholz reports, knowing this threat, it is surprising how few elderly people are regularly vaccinated against the disease even in more prosperous nations.

In fact, immunization rates vary widely across the globe. The United Kingdom tops the list of the best vaccination rates among OECD nations.

You will find more infographics at Statista

South Korea and the U.S., as well as Chile, New Zealand, the Netherlands and Denmark are also among the group of countries with immunization rates above 70 percent among seniors.

Only 43.3% of German seniors decided to get the jab.

According to data from the OECD, Eastern European countries and Turkey have the lowest rates in the ranking.

One can’t help but wonder if the lies and propaganda surrounding the COVID vaccines will lead to less flu shots in the future.

Nations that vaccinate a lot of older people often do so as a result of government immunization programs directly targeting the elderly.

In Brazil, for example, immunization campaigns have been taking place since 1999, where flu shots are given out for free.

END

DR PAUL ALEXANDER:

Tucker Carlson para: ‘If you convict Trump and keep this shit up prosecuting Trump with the sham BS charges, there will be violence’; I do agree with Tucker, these people best be careful, 45 has an 80

million man standing army, their silence should not be mistaken, they are watching, whatever violative you do to Trump (45) will be done to you DEMS in spades, we will note each

DR. PAUL ALEXANDERDEC 13

READ IN APP

end

‘Harvard’s Board Says President Will Stay, Despite Calls for Her Ouster’; no, wrong, she must be fired, does not matter if she is first black President of Harvard; para calling for genocide of Jews

being in violation of Harvard’s code depends on context she said; “I don’t see a scenario where she survives for the long term, or even the intermediate term,”; I agree with Ackman

DR. PAUL ALEXANDERDEC 13

READ IN APP

‘“At Harvard,” Ms. Stefanik asked Dr. Gay, “does calling for the genocide of Jews violate Harvard’s rules of bullying and harassment? Yes or no?”

Dr. Gay replied, “It can be, depending on the context.” Pressed by Ms. Stefanik, Dr. Gay added a few moments later, “Antisemitic rhetoric, when it crosses into conduct that amounts to bullying, harassment, intimidation, that is actionable conduct, and we do take action.”

end

SLAY NEWS

The latest reports from Slay NewsPro-Vax Doctor Blows Whistle, Warns Public of Soaring Side EffectsA pro-vax doctor has blown the whistle to warn the public about the soaring cases of side effects she’s seeing from the Covid mRNA injections.READ MORERamaswamy: Green Agenda Globalists Planning to Seize Land from CitizensRepublican 2024 presidential candidate Vivek Ramaswamy has warned the American people that their constitutional rights and freedoms are under threat from green agenda globalists.READ MORESan Francisco Democrat Blames Homelessness on ‘Capitalism’A San Francisco Democrat has claimed that his crime-infested city’s homelessness crisis is caused by “capitalism,” and not by poor local governing.READ MORE‘Woke’ College Fires ‘Professor of Peace’ after ‘Crimes against Humanity’ ExposedOhio’s “woke” Oberlin College has fired its so-called “professor of peace” after allegations of brutal crimes have emerged.READ MOREMedia Matters Accused of ‘Defrauding’ Consumers with ‘Pro-Nazi’ Smear of Elon MuskMissouri’s Republican Attorney General Andrew Bailey has accused leftist propaganda organization Media Matters of “defrauding” consumers with its attacks against Twitter/X and the platform’s owner Elon Musk.READ MOREBiden Vows to Shut Down 60% of America’s Electric PowerDemocrat President Joe Biden’s administration has just vowed to shut down the majority of America’s electric power supply.READ MORETrump Exposes the Democrats’ ‘Newest Hoax’President Donald Trump has exposed what he is referring to as the Democrats’ “newest hoax.”READ MOREGeorgia High School Football Player Dies Suddenly at 17, Just before Big GameA high school football player from Georgia was found dead on Sunday after he tragically died suddenly at just 17 years old.READ MORETop Democrat: Hunter Biden’s Prosecution Is ‘Legally Justified’A top Democrat senator has just expressed his belief that the prosecution of President Joe Biden’s son Hunter is “legally justified.”READ MOREKevin McCarthy Says He’s ‘Willing to Serve in Trump’s Cabinet’ If He Wins in 2024Former House Speaker Kevin McCarthy (R-CA) has said that he wants to join President Donald Trump’s cabinet should he win the U.S. presidency again in 2024.READ MOREWhite House: Biden Bribery Scheme Allegations Are ‘Conspiracy Theories’The White House has claimed that allegations of bribery, influence-peddling, and corruption against Democrat President Joe Biden and his family and nothing more than “conspiracy theories.”READ MOREFauci Declares That He Doesn’t ‘Need’ Church AnymoreFormer top federal health official Dr. Anthony Fauci has declared that he no longer has a “need” for church.READ MORENew CBS Poll Spells Doom for Democrats as Americans Blame Biden for InflationAmericans across the country say that soaring inflation is lowering their standard of living, a new CBS poll shows.READ MORE

EVOL NEWS

WEF: ‘Catastrophic Cyber Event’ Will Trigger ‘Great Reset’ in 2024READ MORE…

LATEST NEWS:

Missouri AG Alleges Soros’s Media Matters Defrauded Public, Launches Probe.Read more…Most Towns In Wyoming Have Already Had Earliest Sunsets Of The YearRead more…Jack Smith Sets Stage for ‘Extraordinary’ SCOTUS Showdown over Trump’s J6 ‘Absolute Immunity’ ClaimsRead more…Missing Secret Service Texts Now Center of Controversy in DOJ’s Trump CaseRead more…Second Gentleman Doug Emhoff Botches Hanukkah Story; Deletes PostRead more…Jack Smith Conducted ‘Chilling’ Search of Donald Trump’s Private Communications for J6 TrialRead more…Missing Secret Service Texts Now Center of Controversy in DOJ’s Trump CaseRead more…White House Refuses to Invite Released Israeli Hostages to Hannukah CelebrationRead more…

LATEST REPORTS FOR NEWS JUNKIESWEF: ‘Catastrophic Cyber Event’ Will Trigger ‘Great Reset’ in 2024The World Economic Forum (WEF) has announced that humanity will be devasted by a “catastrophic cyber event” in 2024 that will pave the way for the “Great Reset” to be ushered in.READ THE FULL REPORTIMF Chief: Good Standard of Living Must Only Be Enjoyed by Wealthy ElitesThe head of the International Monetary Fund (IMF) has called on governments to implement new measures that will ensure only wealthy elites can enjoy a good standard of living.READ THE FULL REPORTJack Smith Conducted ‘Chilling’ Search of Trump’s Private Communications for J6 TrialAccording to a Monday filing, US Department of Justice’s Special Counsel Jack Smith intends to use President Donald Trump’s extracted phone data as evidence in his Jan. 6 trial in Washington D.C. on March 4, the day before Super Tuesday.READ THE FULL REPORTWhite House Refuses to Invite Released Israeli Hostages to Hannukah CelebrationCNN on Monday night delivered an eyebrow-raising report about freed Israeli hostages that were held by the terrorist group Hamas not getting an invitation to a White House Hannukah celebration, despite requests reported to have been made to the Biden administration.READ THE FULL REPORTMissing Secret Service Texts Now Center of Controversy in DOJ’s Trump CaseSpecial counsel Jack Smith’s statement that several work phones used by Secret Service agents “did not contain any recoverable information” has raised new questions about the agency’s claim that text messages sent around the time of the January 6, 2021, Capitol uprising were irretrievably deleted.READ THE FULL REPORT

NEWS ADDICT

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

Powell Won’t Be Yellen’s Sock Puppet Today

WEDNESDAY, DEC 13, 2023 – 11:05 AM

By Michael Every of Rabobank

Wall Street ultimately ignored the US CPI report (stocks closed slightly up, bond yields little changed, the dollar down) because: (i) it’s the Fed today; and (ii) nobody wanted to reverse the Lazarus-like recovery in end-quarter and end-year targets, and bonus and job prospects. The problem was the actual data. In m-o-m terms, CPI was 0.1%, a tick above expectations, core CPI 0.3%, in line, and the Fed’s favorite measure, core services ex-shelter, 0.44%, a slither from rounding up to 0.5%, and 5.28% annualised. Indeed, on a y-o-y basis the prints were 3.1%, 4.0%, and 4.1%. You think the Fed will make aggressive rate cuts within months on the back of that, while unemployment is still so low, and financial conditions are so much easier (i.e., with junk bond issuance leaping again), just “because oil”?

We get to find out today, but don’t be surprised if Powell hawkishly underlines that just because rates are unlikely to go up, doesn’t mean they will go down yet. One of the reasons we can suspect this will be the case is because, yet again, Treasury Secretary Yellen just spoke as if she was still running the Fed, stating “inflation is meaningfully coming down,” she “sees no reason why inflation shouldn’t come down to the Fed’s target,” and “the labor market remains strong, yet cooling.” With his favorite inflation measure picking up again, Powell surely can’t read from the script Yellen wrote for him without looking like a sock puppet; wouldn’t he rather make Yellen look like a magic mushroom?

Not that the Fed looks at the world much, but China has said (again) that it will raise policy support in 2024, which may temper some of the deflation there; Japan’s Tankan today was upbeat, especially in the services sector; ocean carriers think the outlook for global trade is picking up in 2024; and New Zealand house prices are up 12.2% y-o-y again. Imagine how stupid things will get with any deep Fed rate cuts. Then again, that’s precisely why some price for them.

Meanwhile, no sooner had I published yesterday’s Global Daily warning about 2024 risks to inflation from disruption at sea than Yemen’s Houthis attacked a Norwegian vessel. Insurance rates for the Red Sea are already moving up from 0.07% to 0.2% of cargo value: another few attacks like that and it will be shipping that moves.

Then, after finishing an interview in which I underlined that such a geopolitical backdrop means the West will have to adopt a ‘grand strategy’ fusion of higher AND lower rates, and looser AND tighter fiscal policy, as well as free trade AND selective protectionism, and shifts in industrial, labour, education, and defence policy (see here for Europe, with the US proposal to rebuild its merchant marine fleet another), the bipartisan Congressional Select Committee on Strategic Competition Between the United States and Chinese Communist Party released ‘Reset, Prevent, Build’, a strategic proposal for the US to win this “economic competition”.

I don’t expect a market that won’t look at the details of a CPI report to read a 53-page policy document, and it remains just that, not the legislation it calls for. However, there are calls in it that would change the US and global economies and global markets, and not in a way that says ‘rate cuts’.

Pillar One of three is ‘to reset the terms of the US economic relationship with China’, which is “incompatible with the WTO and undermines US economic security” by:

1. Moving China to new tariffs, phased in over a short period of time to give the US economy time to adjust, to restore US economic leverage.
2. Allowing the imposition of tariffs or other restrictions if Chinese products cause or threaten to cause “market disruptions,” even without showing unfair trade practices.
3. Using tariff revenues to build US national security and expand market opportunities globally.
4. USDA and USTR determining alternative market access for agriculture exports that predominately rely on the Chinese market, and Congress considering additional appropriations to offset retaliation for farmers, US exporters, and other workers.

That’s a complete reversal from free-trade to outright mercantile, neo-Hamiltonian economics, and shatters the pattern of international agri commodity flows – but there is much, much more, e.g., an annual assessment from USDA on US dependency on critical agricultural products or inputs that could be exploited by adversaries; ring-fencing the USMCA from Chinese goods; working with likeminded countries to propose new disciplines on non-market economies; amending the Tariff Act of 1930 to reduce the de minimis threshold for duty-free shipments into the US – so no more ordering cheap stuff from China at home; and perhaps providing financial assistance or other substantive support to SMEs or first-time petitioners who are pursuing an unfair trade case against China. This is called trade decoupling.

Next, requirements for large US public companies to disclose key risks related to China and the expected effects of a sudden change in market access; and forcing Treasury to provide monthly reports on US portfolio holdings of foreign securities on the basis of nationality. That leads to Pillar Two (‘To stem the flow of US capital and technology fuelling China’s military modernization and human rights abuses’), that includes: bans on certain investments; Congress giving US investors a one-year period to divest from Chinese entities before taxing investment there at the same rate as ordinary income, while deferring capital gains taxes for investments shifted to strategic sectors and small businesses in the US; giving CFIUS more power; restrictions on Chinese involvement in US R&D; far tighter controls on the export of US tech; and banning TikTok. This is called capital and technology decoupling.

Pillar Three (‘Invest in technological leadership and build collective economic resilience in concert with allies’) includes: federal investment in US innovation; tax incentives for private US investment in key areas; a talent strategy to promote R&D that includes allowing in workers with the right skills from Five Eyes countries, the Quad, and select NATO countries; federal funding for technical education and training in advanced manufacturing, shipbuilding, cybersecurity, and other fields; and directing federal offices and encouraging the private sector not to require four-year college degrees for jobs openings unless absolutely necessary; while supporting displaced workers into robust training and reemployment services. This is called reindustrialisation. (A trend which implies pain for the likes of defiant Hamas-ward University: ironically, its financial-capitalism-hating post-structuralists may now be deconstructed out of future jobs by a US shift away from said financialisation towards production and construction.)

The report also argues for the US to work with allies by moving towards comprehensive bilateral trade agreements, starting with Taiwan, then the UK and Japan – which must include provisions to ensure China is not able to take advantage; a critical mineral Resilient Resource Reserve to insulate the US from price volatility; and domestic, or close-allied, critical mineral and pharmaceutical production, using tax incentives and changes to environmental legislation. This is called a split into walled, ideological trade blocs. (As New Zealand may now join AUKUS, and says it will run a pro-US foreign policy.)

Little of the above is new. However, a *bipartisan* report echoing Bidenomics, Rebuilding American Capitalism of national conservatives, and founded in the US Hamiltonian tradition should be taken as the most likely US path ahead – it’s just a question of how much, and when.  

END

7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

ARGENTINA

“There Is No More Money”: Milei Announces 54% Devaluation Of Argentina Peso As “Shock Therapy” Plan Begins

TUESDAY, DEC 12, 2023 – 09:05 PM

How does a modern country climb out of an insurmountable debt hole, especially if it is already in debt to the IMF and a technical default is not an option (especially since said country has already defaulted nine times).Well, in the case of Argentina which check all of the above boxes, and it has already tried hyperinflation multiple times (like right now for example), the only other option is currency devaluation. Which is precisely what the country’s new president, Javier Milei, announced as the first step of his shock therapy to rescue the insolvent south American nation.

As Bloomberg reports, the new administration weakened the official exchange rate to 800 pesos per dollar, a 54% devaluation, Economy Minister Luis Caputo said in a televised address after the close of local markets on Tuesday. That compares with a 366.5-per-dollar level before the address.

 “There is no more money,” Caputo said repeatedly in the recorded video, adding that Argentina needs to solve its “addiction” to fiscal deficits. If only domestic, US addicts to fiscal deficits were watching.

Other measures announced including halving the number of ministries, cutting transfers to provinces and suspending public works. The government will also reduce subsidies on transport and energy sectors, among others. At the same time, Argentina will boost certain social welfare programs, which in a few years time will surely grow to become the biggest fiscal addiction in the country under whoever is president then.

The dramatic first steps follow a somber inauguration speech on Sunday, when Milei warned that Argentines will have to endure months of pain while he works to pull the country from the economic crisis inherited from his predecessor.  The devaluation is a necessary step since hyperinflation alone won’t fix the country’s debt problem: inflation is already running at more than 140% annually, and prices are expected to jump between 20% and 40% in the months to come, the president said.

The government had closed Argentina’s export registry Monday, a technical step that often foreshadows a currency devaluation or major policy change. The central bank also announced Monday the official currency market would operate with limited transactions — a restriction it said it will lift on Wednesday.

To be sure, nobody was surprised by the announcement, as a devaluation was long seen as inevitable. In the run-up to Milei’s inauguration, markets were signaling a currency drop of about 27% in the first week of the new government, while investment banks like JPMorgan and local private advisory firms suggested it could weaken about 44% . Grocers had already increased prices and banks were offering sharply weaker retail exchange rates hours before the Tuesday announcement. The question now is how many more times the currency will be devalued, and if Venezuela is any indication of what to expect, the answer is “lots.”

Argentina’s previously administrations had for years slowed the peso’s decline in the official market through  currency controls and import restrictions in an attempt to protect dwindling reserves. That hodgepodge of capital controls has spurred at least a dozen exchange rates, hampering business and restricting investment in South America’s second-largest economy. On the campaign trail, Milei pledged to scrap the currency altogether, replacing it with the US dollar, however it now appears that that will be one of the many campaign promises he renegs on.

On Dec. 7, the prior administration had let the peso slip by about 5%, while simultaneously limiting the amount of greenbacks banks could hold in order to prevent them from hoarding dollars. The government had been burning reserves to keep the currency largely steady at 350 per dollar since the August primary vote, when Milei’s surprise showing sent markets into a tailspin. In parallel markets, that rate is about 1,000.

Since being spooked by his emergence in the August primary, investors have changed tack on the firebrand libertarian, cheering on his first steps as president-elect — namely, his decision to pick Wall Street veterans for some of the main cabinet positions while distancing himself from more radical proposals including dollarizing the economy and shuttering the central bank. In many ways, so far Milei is signaling that life under the libertarian will be “more of the same” only this time it will be even more painful (but at least the people have been warned). In any case, as he begins his four-year term, the rally will be put to the test.

And speaking of regime continuity, economy minister Caputo previously served as finance chief in the administration of Mauricio Macri, when he negotiated a $16.5 billion deal with holdout bondholders, allowing Argentina to return to international capital markets (if only for a very brief period of time). During the currency run in 2018, Macri tapped him to take over at the central bank, but he only served for a few months before unexpectedly stepping down amid tensions with the International Monetary Fund.

Finally, for those who are wondering who is really calling the shots in Argentina, Caputo has tapped longtime colleague Santiago Bausili, a Deutsche Bank and JPMorgan veteran, to run Argentina’s central bank.

Like we said, more of the same.

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0788 DOWN  0.0010

USA/ YEN 145.65 UP 0.346  NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2521 DOWN .0048

USA/CAN DOLLAR:  1.3575 DOWN .0010 (CDN DOLLAR  UP 10 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 34.68 PTS OR   1.15%

 Hang Seng CLOSED DOWN  145.75 PTS OR 0.89%

AUSTRALIA CLOSED UP 0.31%  // EUROPEAN BOURSE:  ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG DOWN 145.75 PTS OR 0.89%  

/SHANGHAI CLOSED DOWN 34.68 PTS OR 1.15%

AUSTRALIA BOURSE CLOSED UP 0.31%

(Nikkei (Japan) CLOSED  UP 82.65  PTS OR 0.25%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1981.75

silver:$22.70

USA dollar index early WEDNESDAY  morning: 103.90  UP 4 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 2.942%  DOWN 6  in basis point(s) yield

JAPANESE BOND YIELD: +0.689% DOWN 3 AND  8//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.174 DOWN 6  in basis points yield

ITALIAN 10 YR BOND YIELD 3.930 DOWN 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.21725  DOWN 6  BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  WEDNESDAY  

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

Euro/USA 1.0793 DOWN  0.0005 or 5  basis points

USA/Japan: 145.19 DOWN 0.108 OR YEN UP 11 basis points/

Great Britain/USA 1.2528  DOWN  0.0041  OR 41  BASIS POINTS //

Canadian dollar UP .0012 OR 12 BASIS pts  to 1.3574

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The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (UP) …7.1738

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.1866)

TURKISH LIRA:  29.05 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.689…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 5 in basis points from TUESDAY at  4.158% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.267 DOWN 4  in basis points   ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 4.678 DOWN 5  BASIS PTS.

Your  12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates:  WEDNESDAY: CLOSING TIME 12:00 PM

London: CLOSED UP 5.67  POINTS or 0.09%

German Dax :  CLOSED DOWN 25.69 PTS OR 0.15%

Paris CAC CLOSED DOWN 12.35PTS OR 0.16%

Spain IBEX DOWN 22.60  PTS OR 0.22%

Italian MIB: CLOSED DOWN 46.46 PTS OR 0.15%

WTI Oil price  69.33   12: EST

Brent Oil:  74.29 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  89.94;   ROUBLE UP 0 AND  6//100      

GERMAN 10 YR BOND YIELD; +2.1725 DOWN 6  BASIS PTS

UK 10 YR YIELD: 3.864 DOWN 11  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0874  UP   0.0076   OR 76 BASIS POINTS

British Pound: 1.2613 UP   .0043 or 43 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.8580% DOWN 15 BASIS PTS//

JAPAN 10 YR YIELD: 0.697%

USA dollar vs Japanese Yen: 143.18 DOWN 2.109 //YEN UP 211  BASIS PTS//

USA dollar vs Canadian dollar: 1.3516 DOWN 0.0068 CDN dollar UP 68   basis pts)

West Texas intermediate oil: 69.47

Brent OIL:  74.31

USA 10 yr bond yield DOWN 16  BASIS pts to 4.048%  

USA 30 yr bond yield DOWN 10  BASIS PTS to 4.202%

USA 2 YR BOND: DOWN 24 PTS AT  4.487 %

USA dollar index: 102.63 DOWN 83  BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 28.98 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  90.01 DOWN 0  AND  2/100 roubles

GOLD  2016.40 3:30 PM

SILVER: 23.42  3:30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 512.30 % PTS OR 1.40%

NASDAQ UP 209.12 PTS OR 1.27%

VOLATILITY INDEX: 12.22 UP ,15 PTS (0.15)%

GLD: $187,63 UP 4.14 OR 2.21%

SLV/ $21.77 UP .93 OR 4.46%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM:

Powell “Pivots”, Sends Dow To Record High With Election-Year Rate-Cut Projection

WEDNESDAY, DEC 13, 2023 – 04:00 PM

Did Powell get a ‘Biden-esque’ tap on the shoulder?

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1735028566457258404&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Ffed-signals-mission-accomplished-sparks-market-boom-election-year-rate-cut-bonanza&sessionId=6e45d9c2cfdb876dcff1afeaa796385628d7f142&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

The Dow hit a new record high after The Fed signaled – via its ‘dot plot’ – that it has pivoted from a pause, dovishly delivering what the market was pricing in (and Powell didn’t even get close to trying to walk back the exuberance)…

Fed Chair Powell said absolutely nothing about the massive easing of financial conditions (the tightening of which was the reason for them to pause at the September meeting).

Source: Bloomberg

And then pivoted to a major rate-cut trajectory for 2024 (election year).

• In Sept, 5 Fed members expected three cuts or more
• In Dec, 11 Fed members expect three cuts or more.

Source: Bloomberg

Of course, Powell explained, when asked about the election year:

“We don’t think about political events, we just can’t do that” as he frontloads rate-cuts (from 2025) ahead of 2024 presidential elections.

As The Fed shifted dovishly towards the market, the market shifted even more dovishly – now pricing in 150bps of rate-cuts in 2024 (an election year) – bringing forward the cuts from 2025 (a non-election year)…

Source: Bloomberg

However, amid all the excitement, on a real rate basis, The Fed’s policy restriciveness will be basically unchanged by the end of next year IF their inflation and rate forecasts are met

Bonds ripped higher (in price) with the short-end outperforming (2Y -27bps, 30Y -12bps)

Source: Bloomberg

The 2Y Yield plunged over 30bps from the intraday highs – the largest daily drop since the SVB crisis in March. Other than that, you have to go back to the GFC (2008) to see moves like this…

Source: Bloomberg

Interestingly, 10Y Yields tumbled to 4.00% and found support there (which stalled stocks)…

Source: Bloomberg

The yield curve (2s30s) massively bull-steepened…

Source: Bloomberg

Is 4.00% 10Y the ‘fear’ level that prompts equity bulls to lose faith in the soft-landing/goldilocks narrative? Stocks were on a roll though and closed near their highs with Small Caps up 3.5% and the rest of the majors up around 1%

The Fed triggered the biggest stock-buying program since Nov 2022…

Source: Bloomberg

This was the second biggest short-squeeze in stocks since Nov 2022…

Source: Bloomberg

The Magnificent 7 stocks did not exuberantly participate in the yield-collapse the way you think they should have…

Source: Bloomberg

But retail faves are #winning…

Source: Bloomberg

Meanwhile, over in Homebuilder fantasy-land – new highs as the housing market collapses ‘because, hey, The Fed will slash rates next year, right’… except the only thing that will drive that kind of a massive sudden rate cut is a massive sudden recession… which is not good for homebuilders…

Source: Bloomberg

The dollar puked to late November lows…

Source: Bloomberg

Bitcoin ripped up towards $43,000…

Source: Bloomberg

Gold soared over $40, back above $2,000…

Source: Bloomberg

Oil prices rallied (WTI back above $69) but were relatively subdued compared to the rest of markets…

Finally, VIX remains extremely low, but, as Goldman highlighted today, it should be 5-8 points higher based on recent economic data…

As they said: We believe that index options prices are much lower than they should be; however, volatility tends to decline at this time of the year, making it difficult to recommend buying VIX.

AFTERNOON TRADING//FED //INTEREST RATE ANNOUNCEMENT

Fed “Pause” Continues As ‘Dots’ Signal Major Dovish Drift

Fed Holds Rates Steady, Signals 3 Rate Cuts in 2024

The Federal Reserve kept interest rates unchanged at the conclusion of today’s policy meeting. The decision, which was widely expected, keeps the target range for the federal-funds rate at 5.25-5.50%.

Officials see the central bank keeping monetary policy tighter next year than Wall Street had expected. The median forecast in Federal Open Market Committee members’ latest Summary of Economic Projections has the rate ending 2024 at 4.6%. Investors had expected significantly more cuts in 2024.

Minor changes to the wording of the Fed’s closely watched policy statement could signal the bank is done raising rates.

WEDNESDAY, DEC 13, 2023 – 02:05 PM

Since The Fed’s last meeting (on Nov 1st), the markets have been extreme to say the least. The dollar (and gold) are lower as Bitcoin has soared higher and stocks and bonds both surged…

Source: Bloomberg

For context, that 9%-plus rally in the S&P 500 is the best inter-meeting performance since June-August 2009.

Even more extreme is the fact that the rally in bonds and stocks and decline in the dollar has sparked an almost unprecedented easing of financial conditions since Nov 1st.

Source: Bloomberg

This is particularly noteworthy because The Fed explicitly mentioned the fact that “Tighter financial… conditions…are likely to weigh on economic activity, hiring, and inflation” with the ‘the market is doing The Fed’s job for it’ narrative being espoused by all.

Well, all that good work by The Fed has now been undone!

And with its usual lag, the previous tightening appears to have indeed weighed down macro data…

Source: Bloomberg

The market has pushed dramatically more dovish, pricing in 125bps of rate-cuts next year (from around 75bps at the last Fed meeting)…

Source: Bloomberg

And, as we have been highlighting, this means the market is now pricing in an expectation that every single member of The Fed is wrong (too hawkish) about rates next year…

Source: Bloomberg

Which leads us to the crux of today’s FOMC statement and press conference, which is – just how much will they (hawkishly) push back against the easing of financial conditions or (dovishly) adjust their dots to meet the market’s demand?

As Mohamed El-Erian noted just ahead of the statement:

Fascinating to see markets push yields further down ahead of this afternoon’s announcement/remarks.

Either they are comfortable that there will be a January 2019 repeat or are bluntly ignoring the longstanding mantra of “don’t fight the Fed”.

And so, what did we get?

No change in policy rates as fully expected – the third consecutive meeting in this “temporary pause.”

But, then unleashed the doves in the statement:

• FOMC softens stance toward further hikes by adding one word to the statement, saying officials will consider the extent of “any” additional policy firming that’s needed
• Fed also acknowledges that “inflation has eased over the past year but remains elevated,” and says that economic growth has slowed from the third quarter’s “strong pace”

The dots went uber-dovish, with the median dot suggesting 75bps of cuts next year (consensus was for 50bps). There are 5 Fed officials below that media point (seeing 100bps of cuts)…

Additionally, median projections for inflation tick down in 2024 and 2025, while unemployment forecasts are little changed, indicating Fed officials’ growing confidence they can cool price gains without big job losses.

And now we wait for Powell’s presser, which UBS wittily described as follows:

“The meeting will be followed by Fed Chair Powell delivering the full benefit of his economic insight at the press briefing (this should not take long).

Powell will try to prevent markets from expecting earlier rate reductions.

This task would be a lot easier had Powell not trashed the Fed’s reputation for forward guidance.”

Harsh but fair.

*  *  *

Read the full redline below:

https://www.youtube.com/embed/xFCVVcwIafo-END-Fed Meeting Recap: FOMC Sends Doves (And Gold) FlyingGATA BE IN IT TO WIN IT!

end

TUCKER CARLSON

II USA DATA

PPI plummets to just 2%.  PPI is the forerunner of future inflation

(zerohedge)

Core Producer Price Inflation Tumbles To 2.0% – Near 3 Year Lows

WEDNESDAY, DEC 13, 2023 – 08:40 AM

After collapsing 0.5% MoM in October (the most since April 2020) on the back of plunge in gasoline prices, analysts expect Producer Prices to be unchanged MoM in November and they were spot on (although October was revised up to a 0.4% MoM decline).

Headline PPI YoY declined to +0.9% – the lowest since June.

Source: Bloomberg

Excluding food and energy, the core PPI was cooler than expected, unchanged MoM in November versus expectations of a 0.2% MoM rise. That dragged the Core PPI YoY down to 2.0% – its lowest since January 2021…

Source: Bloomberg

Energy was once again a big driver of the decline…

While Food and Services inched higher MoM…

…thanks to as 58.8% surge in the price of chicken eggs.

Final demand goods:

The index for final demand goods was unchanged in November after dropping 1.4 percent in October. In November, price increases of 0.6 percent for final demand foods and 0.2 percent for final demand goods less foods and energy offset a 1.2-percent decrease in the index for final demand energy.

Product detail: Within final demand goods in November, prices for chicken eggs jumped 58.8 percent. The indexes for fresh fruits and melons, utility natural gas, electric power, and carbon steel scrap also moved higher. In contrast, prices for gasoline fell 4.1 percent. The indexes for processed poultry, industrial chemicals, jet fuel, and liquefied petroleum gas also moved lower.

Final demand services:

The index for final demand services remained unchanged in November, the same as in October. In November, prices for final demand services less trade, transportation, and warehousing edged up 0.1 percent. Conversely, the indexes for final demand trade services and for final demand transportation and warehousing services declined, 0.2 percent and 0.5 percent, respectively. (Trade indexes measure changes in margins received by wholesalers and retailers.)

Product detail: Within the index for final demand services in November, prices for traveler accommodation services rose 4.0 percent. The indexes for deposit services (partial); health, beauty, and optical goods retailing; food and alcohol wholesaling; and apparel, footwear, and accessories retailing also advanced. In contrast, margins for automobile retailing (partial) declined 5.1 percent. The indexes for chemicals and allied products wholesaling, portfolio management, furniture retailing, and truck transportation of freight also fell.

There was some more good news: intermediate PPI, widely seen as a leading indicator to final PPI, remains firmly in deflation…

Source: Bloomberg

This all seems like great news but we remind readers that the swing factor continues to be commodity prices, which in turn depend on how much stimulus China decides on, how much oil OPEC+ will pump and how much crude Biden will quietly dump to keep gas prices low into the election year.

END

III  USA ECONOMIC COMMENTARIES

Lawsuits fly against censorship. First Musk and now many!

(zerohedge)

Ready To Rumble: Lawsuits Against Censorship-Industrial Complex Heat Up After Musk Kicks Open The Floodgates

TUESDAY, DEC 12, 2023 – 05:45 PM

It took the richest man in the world to begin dismantling the censorship-industrial complex; a tightly connected network of government agencies, think tanks, private media platforms, and activist organizations whose goal is to censor, control, and bankrupt free speech platforms under the guise of battling ‘hate speech’ and ‘misinformation’ that run counter to prevailing establishment narratives.

One of these entities, the Center for Countering Digital Hate, is a dark money organization run by an alleged former British intelligence operative.

We know all this because just over a year ago, X (formerly Twitter) owner Elon Musk disseminated the “Twitter Files” to a small group of independent journalists, from which we learned that the Biden administration collaborated with Twitter to censor the Hunter Biden laptop story, ban Donald Trump, and that the FBI essentially had its entire arm up Twitter’s ass in order to shape and control narratives.

We also learned about the aforementioned relationships between the censorship-industrial complex.

Let the games begin!

In August, Musk kicked off what has become several lawsuits against anti-free speech advocates, filing a lawsuit against the Center for Countering Digital Hate, which X has accused of “actively working to assert false and misleading claims encouraging advertisers to pause investment on the platform.”CCDH Director Imran Ahmed

“X is a free public service funded largely by advertisers,” according to a Twitter blog entry. “Through the CCDH’s scare campaign and its ongoing pressure on brands to prevent the public’s access to free expression, the CCDH is actively working to prevent public dialogue.”

In October, Consortium News sued NewsGuard – a company which assigns scores to websites alleging to rank their credibility, for “acting jointly or in concert with the United States to coerce news organizations to alter viewpoints” regarding Ukraine, Russia and Syria, and has impsed a form of “censorship and repression of views” that diverge from US policies and those of its allies. The Biden administration was also named as a defendant in the lawsuit.

Then in November, X filed a lawsuit against Media Matters, after threatening to file a “thermonuclear lawsuit” against the left-leaning activist group “and all those who colluded” with them in a disinformation campaign and advertiser boycott against the social media platform.

The lawsuit, just filed in the U.S. District Court for the Northern District of Texas Fort Worth Division, alleges the organization’s tactics were manipulative and deceptive.

The suit claims:

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.

Following the lawsuit, Texas AG Ken Paxton announced an investigation into Media Matters for potential fraudulent activity.

Last week, the state of Texas, the Daily Wire and The Federalist sued the US State Department for conspiring with Newsguard to censor American media companies, and that the government agency funded censorship technology designed to bankrupt domestic media outlets which have disfavored political opinions. Read the 67-page complaint here.

Let’s get ready to Rumble…

On Nov. 30, streaming video platform Rumble sued two liberal activists who they allege worked in conjunction with Media Matters to lie about their source of ad revenues, thereby causing material damage to their reputation, as well as the destruction of more than $185 million from their market cap – despite the fact that Rumble notified them that they were incorrect.

Nandini Jammi (@nandoodles), Claire Atkin (@catthekin) – founders of “Check My Ads,” and nine anonymous individuals who work for Media Matters and Dewey Square, a “hyper-partisan public affairs agency.”

For example, Jammi was salivating over the opportunity to further demonetize X before Musk’s decision to reinstate Alex Jones to the platform.

And now, Rumble is suing…

Interestingly, Media Matters is accused of similar manipulation as the X lawsuit, namely that they manipulated Rumble’s platform to show Netflix ads next to a user-generated video expressing antisemitic views, which Media Matters staff ‘repeatedly refreshed,’ which caused ‘Rumble’s advertising system to serve different advertisements until Media Matters found one that it could use as fodder for its public pressure campaign.”

“As it turned out, the Media Matters employee engaging in this tactic was the only one to actually view the Netflix ad on the video.”

And so, as the lawsuits against the censorship complex begin to fly, one can’t help but feel that the tide may actually be turning – or at least, said censors will think twice before spouting defamatory claims about platforms that allow divergent opinions.

end

This is what inflation does in the USA:

(zerohedge)

NObamacare? Americans Are Skipping Doctor Visits Due To Costs

TUESDAY, DEC 12, 2023 – 06:25 PM

Twenty-eight percent of U.S. adults were forced to skip or delay medical care in 2022 because they could not afford to pay for it, according to a survey by the Federal Reserve Board.

As Statista’s Anna Fleck reports, this is an increase from the 24 percent in 2021 and the highest share of U.S. adults since before the Affordable Care Act, aka Obamacare, was introduced back in 2014.

You will find more infographics at Statista

Dental care was the most frequently missed form of healthcare, having been skipped due to costs by 21 percent of respondents in the prior 12 months to the survey. It was followed by seeing a doctor or specialist (16 percent), forgoing prescription medicine (10 percent), follow-up care (10 percent), mental health care or counseling (10 percent). Respondents could select multiple answers to this question.

According to the FRB, the increase in the share of people delaying or avoiding medical care is likely at least partly due to high inflation in the U.S., as patients tried to find ways to cut back on expenses. This matches up to the data in the report, which shows that those with a higher family income and more of a buffer zone were less likely to have skipped or delayed medical care. For those with a family income of less than $25,000, 38 percent of adults went without some form of medical care because of the costs, versus just 11 percent of adults making $100,000 or more.

Similarly, family income seems to correlate with reported levels of health. The FRB explains that for those with an income at $25,000 per year or less, 75 percent of respondents said they were in good health. For those earning $100,000 plus, the figure was 91 percent.

Other surveys tell the same tale. For example, Gallup researchers found that there had been a 12 percentage point increase in the share of Americans reporting that they or a family member had postponed medical treatment between 2022 and the year before, bringing the latest figure to 38 percent – the highest level since 2001. In this study, lower-income adults, younger adults and women in the U.S. were more likely than other respondents to say they or someone in their family have delayed care for a serious medical condition. Meanwhile, a 2023 survey by the Commonwealth Fund found that 46 percent of those with low or average incomes had skipped or delayed needed care because of the cost.

end

Portland Officials Propose To Re-Ban Public Drug Use, Governor To Declare “Fentanyl Emergency”

TUESDAY, DEC 12, 2023 – 07:25 PM

Authored by Stephen Katte via The Epoch Times,

Portland’s Central City Task Force (PCCTF) has proposed to restore a ban on illicit drug use in public areas as part of the city’s long-term plan to solve its “most pressing challenges.”

The PCCTF was launched in August to address issues like homelessness, public safety, drug use, and crime in Portland after the Oregon Health Authority warned in May that, on average, three residents are dying every day from an unintended drug overdose.

Task force co-chairs Oregon Gov. Tina Kotek and Dan McMillan, president and CEO of The Standard insurance company, recently released the task force’s action plan of ten priority recommendations for 2024, including banning controlled substances and reducing barriers to prosecuting large drug trades.

The task force said that state lawmakers should restore law enforcement’s ability to prosecute for attempting to deliver illicit drugs to another party based on the amount.

More police and increased “law enforcement responses around the Central City” are also suggested.

Portland passed measure 110, the Drug Addiction Treatment and Recovery Act, in November 2020 with 58 percent voter support. After becoming law, illicit drugs such as fentanyl, methamphetamine, and heroin were decriminalized, allowing small amounts to be carried for personal use.

The city has since been grappling with increased homelessness and substance abuse, both of which critics contend have been exacerbated by Measure 110 and the decriminalization of hard drugs. Portland City Council voted unanimously on Sept. 6 to ban substances such as fentanyl and heroin from being used in public amid the ongoing opioid and public health crisis.

Authorities in Oregon seized tens of thousands of fentanyl pills in Multnomah County back in August, marking the largest illegal drug bust in county history, according to officials. Upon closer inspection of the seized drugs, authorities found 58,000 individual fentanyl pills and 16 pounds of fentanyl powder. Fentanyl, a synthetic opioid, can prove deadly as it is many times more potent than heroin, elevating overdose risk.

Other proposals from the PCCTF to combat the spiraling drug issues facing the city include ramping up existing infrastructure for effective and speedy implementation of a drug public use ban, while also declaring a tri-government fentanyl emergency for Oregon, Multnomah County, and the City of Portland. As part of the proposal, these areas would declare a 90-day emergency on fentanyl and establish a command center led by the state to deal with the ongoing fentanyl crisis.

Gov. Kotek, a Democrat, announced on Dec. 11, after the action plan by the PCCTF was released, that she will declare a statewide fentanyl emergency and expects leaders in both Portland and Multnomah County to do the same, saying that “Times of crisis can lead to a desire for drastic change.”

Between 2020 to 2021, the number of unintentional fentanyl deaths across the state more than doubled from 226 to 508, according to the Oregon Health Authority. Overdoses in the state continued to increase between November 2021 to November 2022, when deaths surpassed the national average by sevenfold, according to the Centers for Disease Control and Prevention.

Ms. Kotek said that confronting the challenges facing the city and the broader state will require “the hope and fortitude of an entire community.”

“We have a set of concrete recommendations, some the first of their kind, others that tap into Portland’s strengths in innovation, collaboration, art, and culture,” she said.

“The reward for a strong start is more work. I am committed to this effort and excited to see this work unfold,” the governor added.

Mr. McMillan also believes solving ongoing issues in the region will require a united effort, an idea that he says the task force has been discussing since day one.

“When the Governor and I convened the task force in late summer, it was under the theory that Portland’s challenges don’t solely rest on the shoulders of government, community, or business and that you need diverse, and sometimes unlikely, partnerships to get big things done,” Mr. McMillan said.

Among the other recommendations by the PCCTF are increasing homeless shelter capacity and deploying more counseling and direct support services for unhoused people. Cosmetic changes are also on the agenda, such as removing plywood barriers and fences erected around federal buildings to protect them from vandalism during the waves of social justice protests that erupted after the in-custody death of George Floyd. Ms. Kotek and McMillan said the use of barriers “sends the wrong signal to visitors.”

A moratorium on new taxes and targeted tax relief has been suggested as well. The PCCTF said that “Portland is the second highest taxed city in the nation; we trail New York City by only a fraction.”

To reduce the tax pressure on residents, the task force is proposing that elected officials agree to a three-year pause, through 2026, on any new taxes and fees.

END

McLayoffs Incoming: McDonalds Embracing Google’s AI For Online Ordering

TUESDAY, DEC 12, 2023 – 07:05 PM

The American worker’s plan to phase themselves out of the job market once and for all is almost complete. At least, that’s what the case looks to be like at McDonald’s. The fast food restaurant, which has already adopted self-serve kiosks in store, is now tapping Google’s AI for its online ordering experience.

In a press release out late last week, McDonald’s said the partnership “is a significant step for McDonald’s in advancing its restaurant technology platform to become the most sophisticated and productive in the industry.”

Because that’s what you look for when you want a hamburger…

Brian Rice, McDonald’s Executive Vice President and Global Chief Information Officer, commented: “We see tremendous opportunity for growth in our digital business and our partnership with Google Cloud allows us to capitalize on this by leveraging our size and scale to build capabilities and implement solutions at unmatched speeds.”

He added: “Connecting our restaurants worldwide to millions of datapoints across our digital ecosystem means tools get sharper, models get smarter, restaurants become easier to operate, and most importantly, the overall experience for our customers and crew gets even better.”

Yeah, and the less minimum wage-making human meat suits we have littering the floors of our kitchen, the more efficient and cheaper things get. After all, AI doesn’t even have to take bathroom breaks! 

The chain says the partnership will help it roll out “significant advancements to its restaurant and customer platforms”. 

” With a consistent approach, McDonald’s expects to deploy innovations with much greater speed and agility. McDonald’s will use edge computing from Google Cloud to power these new platforms, bringing information storage and high powered computing into individual restaurants,” the press release says.

Thomas Kurian, Google Cloud’s Chief Executive Officer, said: “Through this wide-ranging partnership, Google Cloud will help McDonald’s seize on new opportunities to transform its business and customer experiences, empowering restaurants worldwide with the latest technologies for near-term impact.”

“Pairing the iconic brand, size and scale of McDonald’s with Google Cloud’s deep history in AI and technology innovation will redefine how this industry works and what people expect when they dine out,” he continued. 

All of that is nice, but all we’ve been looking for over the last 3 decades is to get no onions on our burger when we specifically ask for no onions. Has AI solved that problem yet?

END

IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM

Lawmakers Introduce Bipartisan Legislation Demanding Harvard, MIT Presidents Resign

TUESDAY, DEC 12, 2023 – 04:40 PM

Update (1640ET): Hours after Harvard announced they won’t fire President Claudine Gay for refusing to condemn antisemitism on campus, as well as being a serial plagiarist, a bipartisan group of four House lawmakers are set to introduce a resolution Tuesday which denounces antisemitism at universities, NBC News reports.Rep. Elise Stefanik, R-N.Y., has teamed up with Democrats to condemn the university presidents’ testimony.Graeme Sloan / Sipa USA via AP

The resolution, first obtained by NBC News, is authored by House GOP Conference Chair Elise Stefanik, R-N.Y.; the three other lead sponsors are Majority Leader Steve Scalise, R-La., and two Jewish American Democrats, Problem Solvers Caucus Co-Chair Josh Gottheimer of New Jersey and Rep. Jared Moskowitz of Florida.

The resolution comes exactly one week after the presidents of Harvard University, the Massachusetts Institute of Technology and the University of Pennsylvania came under fire after they appeared at a House hearing and dodged questions from Stefanik about whether students calling for the genocide of Jews violated school codes of conduct and should be punished.

Over the weekend, Elizabeth Magill, President of UPenn, resigned over her testimony to a House committee in which she refused to commit to an answer. Harvard’s governing body, however, said on Tuesday that Gay would keep her job.

“There is a reason why the testimony at the Education and Workforce Committee garnered 1 billion views worldwide. And it’s because those university presidents made history by putting the most morally bankrupt testimony into the Congressional Record, and the world saw it,” said Stafanik at a press conference earlier in the day.

Rep. Moskwitz of Florida said in a statement that he university presidents failed to answer a “softball” question.

“Does calling for the genocide of Jews count as harassment under their school’s policies?’ That’s not a trick question, and it’s infuriating that these leaders of young people would try to equivocate with some nonsense about ‘it depends on the context,'” said Moskowitz, adding: “Sub out Jews for any other persecuted minority group and they would never have given that answer.”

*end

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

end

USA// COVID//VACCINE/

end

SWAMP STORIES

“You’re Defending Him!” Comer Gets In Heated Spat With WaPo Reporter After Hunter Ditches Deposition

WEDNESDAY, DEC 13, 2023 – 11:56 AM

Update (1156ET):

House Oversight Committee Chairman James Comer got into a heated debate with reporters after Hunter Biden refused to attend a closed-door deposition to face questions over his business dealings, and whether his father Joe Biden was involved with them.

Instead of appearing in accordance with a subpoena, Hunter gave a speech on Capitol Hill in which he said he would testify publicly rather than in a closed depostion.

“But Chairman Comer, do you acknowledge that you haven’t answered that question and that you’ve found no evidence of wrongdoing or criminal conduct?” asked Washington Post congressional investigations reporter Jacqueline Alemany.

“We’ve found some very serious evidence that–” Comer replied, before Alemany cut him off, saying “But Joe Biden–“

To which Comer shot back: “No, no, no, no. The checks. There’s two checks to Joe Biden from his brother that the money to give Joe Biden was influence-peddling. One was through—no, you asked a question. No, no, listen.”

Alemany then tried to argue that the $40,000 check was “law firm money” rather than funds from a Chinese energy firm.

“What do you think? You’re defending him. I mean you’re acting as if—are you positive that that money came from Joe Biden?” Comer shot back. “You’ve raised it. Are you positive? No.”

Watch:

As the Daily Caller reports:

Bank records released by Comer found that Biden received a $40,000 check in September 2017 after the Biden family received money from Chinese business associates. The records show that Hunter Biden, his uncle James and his aunt Sara wired money through several accounts before Sara sent Biden a check as a “loan repayment” less than a month after James Biden’s business relationship with Hudson West III, Hunter’s business venture with CEFC, began.

Ahead of the 2020 presidential election, then-presidential candidate Biden falsely said his son never made money from China. He further said he had never discussed business with son or any of his associates, but it now known he attended two dinners with hs son’s business associates, one with a Russian oligarch in 2014 and another with Burisma executive Vadim Pozharskyi in 2015.

*  *  *

Hunter Biden’s legal team set up a podium on Capitol Hill Wednesday, where the First Son decided to make his case in the court of public opinion, as opposed to appearing in a closed-door deposition by House investigators.

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“Let me state as clearly as I can,” said Hunter. “My father was not financially involved ion my business. Not as a practicing lawyer. Not as a board member of Burisma. Not in my partnership with a Chinese private businessman. Not in my investments at home nor abroad, and certainly not as an artist.”

Watch:

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Watch the entire speech below:

https://youtube.com/watch?v=LBKsQCYwvM0%3Fsi%3DpJ8dbxaU5SNvDinM%26start%3D1

Last week, House Oversight Committee Chairman James Comer and House Judiciary Committee Chairman Jim Jordan warned Hunter that he would face contempt of Congress if he skips out on today’s closed-door deposition, after his lawyer demanded it to “prevent selective leaks, manipulated transcripts, doctored exhibits, or one-sided press statements.”

“Contrary to the assertions in your letter, there is no ‘choice’ for Mr. Biden to make; the subpoenas compel him to appear for a deposition on December 13. If Mr. Biden does not appear for his deposition on December 13, 2023, the Committees will initiate contempt of Congress proceedings,” reads the letter, issued a week after his attorney, Abbe D. Lowell suggested that Hunter should instead be allowed to testify publicly.

Hunter was subpoenaed on Nov. 8 to appear for a deposition before the committee. In response, Comer said: “Hunter Biden is trying to play by his own rules instead of following the rules required of everyone else,” adding “Our lawfully issued subpoena to Hunter Biden requires him to appear for a deposition on December 13.”

Comer and Jordan are investigating extensive evidence that the Biden family was running an international influence peddling scheme, raking in tens of millions of dollars from foreign business partners despite no obvious product or service in exchange.

House lawmakers are also seeking testimony from Hunter’s uncle James Biden, as well as multiple former business associates.

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So, contempt of Congress it is…

END

This is going to hurt the Democrats and certainly delay the March 4 case. The Supreme Court will probably throw out many of the charges.

(zerohedge)

Libs Face Narrative Collapse After Supreme Court Accepts Case That Could Demolish Entire Basis For Jan. 6 Prosecutions

WEDNESDAY, DEC 13, 2023 – 03:25 PM

The US Supreme Court on Wednesday agreed to hear an appeal from a Jan. 6 Capitol riot defendant which will highlight a law used to charge hundreds of people in connection with that fateful day.

The case will decide whether defendant Joseph Fischer can be charged under a 2002 law which stemmed from the Enron collapse which makes it a crime to obstruct or impede an official proceeding (like pulling a fire alarm to delay a vote?). The law has been invoked against Trump, along with 327 Capitol riot defendants – which an appeals court said the government could continue to invoke.

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Under the Corporate Fraud Accountability Act of 2002, anyone who “corruptly— (1) alters, destroys, mutilates, or conceals a record, document, or other object, or attempts to do so, with the intent to impair the object’s integrity or availability for use in an official proceeding; or (2) otherwise obstructs, influences, or impedes any official proceeding, or attempts to do so” is subject to prosecution.

A key word in the provision, “otherwise,” has been key – as nearly every judge overseeing riot-related cases in DC federal court have agreed with government prosecutors that rioters who sought to prevent Congress from certifying Joe Biden’s 2020 victory were “otherwise” obstructing that proceeding. One judge, Carl J. Nichols, ruled that “otherwise” could apply to other kinds of document-tampering.

The US Court of Appeals for the DC Circuit disagreed in a split decision, which will now go to the Supreme Court for review.

“We cannot assume, and think it unlikely, that Congress used expansive language to address such narrow concerns,” wrote Judge Florence Pan, calling Nichols’s ruling a “cramped, document-focused interpretation.”

“We cannot assume, and think it unlikely, that Congress used expansive language to address such narrow concerns,” she wrote. “We must accept, and think it far more likely, that Congress said what it meant and meant what it said.”

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Defense attorneys have argued that such a broad interpretation could put many otherwise law-abiding activists at risk of felony charges, which Judge Gregory Katsas agreed with.

While the riot involved “extreme conduct” not protected by the First Amendment, Katsas wrote, under this interpretation of the law a “peaceful protestor in the Senate gallery” could be convicted of a felony for trespassing while exercising free speech rights. Katsas argued that the law can apply beyond documents but only to people who “hinder the flow of truthful evidence to a proceeding.” -WaPo

The decision to hear the case comes just two days after special counsel Jack Smith asked the Court to fast-track a decision on whether former President Trump is entitled to presidential immunity in his 2020 election interference case. The justices could decide as soon as next week whether to expedite the review.

Democrats aren’t happy

Of course, liberal / establishment news outlets framed it as ‘interference-adjacent’ in terms of the Trump prosecution, and have implied that the timing of the case is intended to help the former president in 2024.

How the Supreme Court defines how the obstruction law can be used related to the Capitol attack could impact hundreds of criminal cases, even the pending case against former President Donald Trump, who is also charged with obstructing an official proceeding. –CNN

* * *

The US Supreme Court added a new complication to the prosecution of Donald Trump for trying to overturn the 2020 presidential election, as the justices agreed to hear an appeal from a Jan. 6 Capitol riot defendant facing a related charge … Ultimately, a ruling favoring Fischer could upend two of the four counts Trump is facing in the case, one of four criminal prosecutions against him. The Supreme Court will hear arguments next year and probably rule by the end of June. –Bloomberg

* * *

Trump has been charged with the same offense as well as others in his federal election interference case. The court’s decision to take up the issue, as well as the timing of its ultimate ruling, could therefore affect his case.

Trump’s lawyers could use the Supreme Court’s involvement as one opportunity to delay his election interference trial, which is scheduled to start in March. Trump is the front-runner in the polls for the Republican presidential nomination, and any delay in his criminal trial in Washington would be to his benefit. –NBC News

* * *

The decision to hear the case will complicate and perhaps delay the start of Mr. Trump’s trial, now scheduled to take place in Washington in March. The Supreme Court’s ultimate ruling, which may not arrive until June, will likely address the viability of two of the main counts against Mr. Trump and could severely limit efforts by the special counsel, Jack Smith, to hold the former president accountable for the violence that his supporters committed at the Capitol. –NY Times

Of course, we know how this will be spun…

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THE KING REPORT

The King Report December 13, 2023 Issue 7038

Independent View of the News

US November CPI 0.1% m/m & 3.1% y/y; 0.0% m/m & 3.1% y/y were expected.  Core CPI 0.3% m/m & 4.0% y/y; 0.2% m/m and 4.0% y/y were expected.  Powell’s preferred CPI component, Services ex-housing, (Super Core) increased 0.5% m/m and 4.1% y/y.   Used cars and trucks +1.6%, after five consecutive monthly decreases; Medical care +0.6%: Shelter +0.4%; Rent and OER +0.5%: Lodging away from home -0.9%; Electricity +1.4%, Utility Gas +2.8%; Gasoline (-6.0%) continues to be the biggest factor in keeping the CPI from jumping much higher.   Gasoline’s CPI weighting is 3.4%.  Ergo, Gasoline reduced CPI by .204 percentage points.   Zero Hedge: The actual index of consumer prices hit a new record high this month – and is up 17.5% since President Biden’s term began (it was up 8% over President Trump’s full four year term)… https://www.zerohedge.com/personal-finance/core-cpi-hotter-expected-used-car-price-rise-offsets-energy-drop   Wall Street shills and their financial media stooges quickly downplayed and spun the worse than expected November CPI Report.  The report was called “mixed” or “largely in line with forecasts.”   Bloomberg Markets (@markets): US inflation report keeps alive Wall Street’s hopes for a 2024 Fed pivot on rates https://t.co/7wtiFL07bB   Those invested in the Fed Pivot narrative knew they had to quickly act to mitigate cognitive dissonance over the CPI report.  Yellen downplayed the CPI report minutes after the NYSE opening.   Yellen: Inflation Is Meaningfully Coming Down    8:46 ET Yellen: Sees No Reason Why Inflation Shouldn’t Come Down to Fed’s Target   8:46 ET Yellen: Rising Real Rates May Impact Fed Decision on Rate Path   8:49 ET Yellen: The US Economy on the Path to a Soft Landing   8:51 ET https://www.forexfactory.com/news/1257053-yellen-inflation-is-meaningfully-coming-down-sees   ESHs traded flat and mostly positive from 19:00 ET until they soared two minutes before the 8:30 ET release of the November CPI Report.  ESHs hit a daily high of 4696.25 at 8:28 ET.  ESHs then tumbled to a daily low of 4662.25 at 9:38 ET.  Then Yellen happened and traders ignored the rebound in inflation and got busy buying stocks.  ESHs hit 4684.25 at 11:05 ET and then traded sideways until a belated Noon Balloon developed at 12:28 ET.  ESHs plodded higher until the commenced a parabolic rally at 14:15 ET.   Near 16:00 ET, the ESH rally went vertical for about 8 minutes.  ESHs then inched higher until they rolled over at 15:30 ET.  A final burst appeared at 15:55 ET.  ESHs and stocks closed at their highs.   Two impactful seasonal factors intensified equity bullishness this week: Buying into the FOMC Communique release (Fed Week buying); and Friday is December expiration for futures and options.   Traders Trim Bets on 2024 Fed-Rate Cuts After Inflation Report Traders trimmed their expectations for the Federal Reserve to aggressively ease monetary policy next year after a report on inflation that was largely in line with forecasts.  Swaps traders now see about 108 basis points of Fed rate cuts in 2024, down slightly from before the data was reported, but still expect the first reduction in May. Benchmark two-year yields, which initially fell in the wake of the release, climbed and the yield curve flattened…  https://finance.yahoo.com/news/traders-trim-bets-2024-fed-145406891.html   @RealEJAntoni: Sticky CPI remains stubbornly high at over twice the 2% target:  (4.7% y/y) https://twitter.com/RealEJAntoni/status/1734628599712371121   @KobeissiLetter: While CPI inflation is at 3.1%, inflation is much higher in many basic necessities: 1. Car Insurance Inflation: 19.2% 2. Transportation Inflation: 10.1% 3. Car Repair Inflation: 8.5% 4. Rent Inflation: 6.9% 5. Homeowner Inflation: 6.7% 6. Food Away From Home Inflation: 5.3% 7. Electricity Inflation: 3.4%     Used car and truck prices increased +1.6% in November, the first monthly increase since May 2023.     It’s also worth noting that we do NOT have deflation, we have disinflation.     While the rate of inflation is DOWN, prices are still RISING.  Affordability is still getting worse.   @YahooFinance: “We are running WWII-era deficit spending at a time where unemployment is below 4%,” Azoria Partners CEO @j_fishback says. “In reality, Democrats and Republicans are part of the same party, which is spend more money that we don’t have to buy things that we don’t need.” https://t.co/wVcxFCgZju   US 30-year bond auction ($21B) results: 4.344% vs. 4.347% WI   USHs jumped from 118 29/32 to 119 16/32 (+16/32) on the solid 30-year auction results.  After a modest retreat, USHs inched high until 13:46 ET and then went inert, like they often due in the afternoon.   Positive aspects of previous session Stocks rallied on Fed Week buying and fervid spinning of the Nov CPI Report Bonds rallied on a good 30-year auction   Negative aspects of previous session Stocks are bubbling up; the DJIA is 374.71 points (1.024%) from its all-time high   Ambiguous aspects of previous session Will the Expiry Week Squeeze intensify after Powell’s presser?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4631.91 Previous session S&P 500 Index High/Low: 4643.93; 4608.09   @JamesOKeefeIII: CEO of IBM @ArvindKrishna admits to using coercion to fire people and take away their bonuses unless they discriminate in the hiring process… After pulling ads from X for ‘racism,’ IBM chief Arvind Krishna says he will fire, demote or strip bonuses from execs who don’t hire enough blacks, Hispanics — or hire too many Asians…     Title VII of the Civil Rights Act makes it illegal for employers to discriminate on the basis of race in the workplace.   https://twitter.com/JamesOKeefeIII/status/1734374423124176944     All of this comes on the heels of IBM canceling advertising on @elonmusk X platform just weeks ago: “IBM has zero tolerance for hate speech and discrimination and we have immediately suspended all advertising on X”… (America First has filed a discrimination complaint against IBM with the EEOC.)      @elonmusk: Extremely concerning and obviously illegal   Today – Sentiment is exceedingly euphoric for equities.  Barring an unexpected rate hike or a hawkish FOMC Communique or hawkish Powell comments, the usual suspects want to perform the final expiry squeeze of 2023.  Though equities rallied on Monday and Tuesday, impact traders tend to hold their fire until the FOMC Communique and Fed Chair presser are out of the way.   Will the Fed acknowledge that financial conditions have greatly eased since October?  Or, is the Fed as consistent as NFL referees with their decisions?   Two huge seasonal factors drove equity bullishness: Buying into the FOMC Communique releases and Friday is December expiration for futures and options.   Expected economic data: Nov PPI 0.0% m/m & 1.0% y/y, Core PPI 0.2% m/m & 2.2% y/y; FOMC Communique 14:00 ET, Powell Press Conference 14:30 ET   ESHs are +6.00 (Fed Day ecstasy!); USHs are +2/32; and Feb AU is +3.00 at 20:20 ET.   S&P 500 Index 50-day MA: 4401; 100-day MA: 4424; 150-day MA: 4392; 200-day MA: 4306 DJIA 50-day MA: 34,367; 100-day MA: 34,531; 150-day MA: 34,305; 200-day MA: 34,008 (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 and MACD are positive  – a close below 4553.84 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4621.15 triggers a sell signal   Biden says Israel ‘starting to lose support’ over indiscriminate bombing of Gaza US President Joe Biden said on Tuesday that Israeli Prime Minister Benjamin Netanyahu needs to change his hardline government and that Israel cannot say no in the future to a Palestinian state, ramping up pressure on the Israelis. Biden’s remarks at a fundraising event for his 2024 re-election campaign was a further sign of growing US concern at Israel’s bombing in Gaza…     Biden specifically mentioned Israel’s far-right politician Itamar Ben-Gvir, who is Israel’s national security minister, and said “this is the most conservative government in Israel’s history.”… https://english.alarabiya.net/News/middle-east/2023/12/12/Biden-says-Israel-starting-to-lose-support-over-indiscriminate-bombing-of-Gaza   President Biden tells crowd ‘I am a Zionist’ at Hanukkah ceremony, condemns silence on antisemitism (Monday) – “I got in trouble, got criticized very badly by the southern part of my state and some of the southern parts of the country, when 35 years ago I said, ‘You don’t have to be a Jew to be a Zionist. And I am a Zionist,'” Biden said… https://www.foxnews.com/politics/president-biden-tells-crowd-zionist-hanukkah-ceremony-condemns-silence-antisemitism   @joelpollak: …Why bash part of the USA at a holiday event? Biden: ‘I‘m a Zionist,‘ but the ‘Southern Parts of the Country‘ Didn‘t Like That (Cuz he’s conditioned to pander & virtue signal?)   After acclaiming his zeal for Zionism on Monday, why did The Big Guy attack Israel to donors on Tuesday?  Probably Team Obama handlers commanded him to do it, or the hamster wheel in his head…   @RNCResearch:  Biden, who was almost an hour late to his own “press conference,” is calling on reporters from his pre-selected list.  He says he’s taking two questions. https://twitter.com/RNCResearch/status/1734698812235739323     Biden is reading his answer to a reporter’s question directly from a script in front of him https://twitter.com/RNCResearch/status/1734699268378648881     Biden, reading directly from a pre-written notecard, says if Republicans don’t drop their push for border security, it’d be “the greatest Christmas gift they could possibly give” Putin https://twitter.com/RNCResearch/status/1734662838470185448     Biden: “We also need Ukraine to make changes to fix the broken immigration system here.   We also need Congress to make the changes to fix the broken immigration system here at home.” https://twitter.com/RNCResearch/status/1734697180496019649   @ByronYork: The Hunter Biden case appears to be the kind of case — high earner evading taxes — that Democrats wanted tens of thousands more IRS agents to pursue.   Harvard board says President Claudine Gay will remain despite calls for her ouster – despite calls for her ousting following her answers about antisemitism before Congress last week as well as allegations she plagiarized parts of her Ph.D. thesis… The board also said it was aware of plagiarism allegations against Gay in October, and an independent review “revealed a few instances of inadequate citation.” Gay did not violate Harvard’s misconduct standards, but she is still requesting corrections to add citations and quotation marks to two articles, the group said… https://t.co/8ywKJlsDUC   Harvard covered up a secret plagiarism probe into president Claudine Gay during antisemitism storm — threatened The Post – Harvard University covered up a high-level investigation into whether its controversial president was a plagiarist — and used an expensive law firm to threaten The Post over our own probe… The Post contacted the university on October 24, asking for comment on more than two dozen instances in which Gay’s words appeared to closely parallel words, phrases or sentences in published works by other academics… The Post was sent the material anonymously…     When The Post brought the allegations to Harvard, Jonathan Swain, its senior executive director of media relations and communications, asked for more time to review Gay’s work.  A day later Swain, who was part of the Biden-Harris transition team and a one-time Hillary Clinton aide, said he would “get back in touch over the next couple of days.”…     But he did not. And two days later, on Oct. 27, The Post was sent a 15-page letter by Thomas Clare, a high-powered Virginia-based attorney with the firm Clare-Locke who identified himself as defamation counsel for Harvard University and Gay… https://nypost.com/2023/12/12/news/harvard-secret-plagiarism-probe-into-president-claudine-gay/   @EdMorrissey: The board has known of Gay’s plagiarism issues since October, they say. Why didn’t the board force Gay to amend these papers at that time? If these aren’t violations of Harvard policies that would result in expulsion for students, why make her go back and edit these at all?   @Cernovich: If you never went to college, it’s hard to appreciate this pass for plagiarism. Every student lived in terror of accidentally not including a quotation mark when quoting a book or paper. “Intent is not a defense,” is what you were told. “Zero tolerance.”   The Harvard Corporation: “In this tumultuous and difficult time, we unanimously stand in support of President Gay.” https://t.co/stSvH4t1BP   @carolmswain (Black author whose work Gay allegedly plagiarized): I rarely get angry, but I am angry right now about the racial double standards that are TEMPORARILY giving #ClaudineGay an opportunity to resign.  White progressives created her and white progressives are protecting her. The rest of us have had to work our rear ends off to achieve success. Some get it handed to them.   @BuckSexton: If such a prominent DEI hire got fired for gross incompetence, it would open the door to professional accountability for others elevated to powerful roles because of DEI.  The Left was never going to allow that.  The DEI elite must be unfireable, or their system crumbles.   How much of the lefts’ Pro-Palestine support is Palestinian concern, and how much is rank antisemitism?   “The things you think about determine the quality of your mind. Your soul takes on the color of your thoughts.” – Marcus Aurelius   @mikepompeo: As secretary of state, MIT canceled my campus speech about the CCP because it “risked offending” Chinese students.  Now these schools justify rampant antisemitism because of a “commitment” to free speech?   @josh_hammer: The problem with the American ruling class isn’t that it exists. Every society has a ruling class.  The problem is that America’s current ruling class is substantively bad: It is unpatriotic, has incentives misaligned with the public good, and is besotted with a ruinous ideology.   @paulsperry_: The Washington Post, which had to retract several false Russiagate stories after winning a Pulitzer, has quietly without explanation removed its entire historic archive from the Lexis-Nexis database. All articles have vanished without a trace.  Not even abstracts remain.

GREG HUNTER 

Death Touch for Global Debt Coming – Steve Quayle

Death Touch for Global Debt Coming – Steve Quayle

By Greg Hunter On December 12, 2023 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com

Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle says just about every aspect of American life is under a new threat from unimaginable debt. There is record credit card debt, an implosion in commercial real estate, millions are delinquent on mortgage payments and car payments and, to top it all off, hundreds of trillions in unpayable derivative debt that Warren Buffett called “weapons of mass destruction” is coming due. It’s all coming to a head in a so-called debt reset we have heard about for years. The mass destruction is coming in the not-so-distant future. Steve Quayle explains, “They may be able to do some shenanigans, but this is the ‘Great Reset.’ This is the takeover and take-down of the global economy, and the dominos are beginning to fall. The mainstream media, which I call the mainstream accessory to genocide, are not reporting this. . . .The question is what is the final touch? In martial arts, it’s called the Dim Mak or death touch. What is the death touch that is going to push the leaning financial Tower of Pisa over? I am telling you it’s going to be the derivative debt. A trillion dollars of credit card debt can never be repaid. Why does our government spend money they cannot even raise in the markets?”

What is going to be destroyed? Quayle says, “Destruction and devastation are coming. We are not just talking about annuities, 401ks, pension plans and everything that is out there that makes people rely on the efforts of crazy people to make sure they have money to live on. Commercial real estate is dying. We don’t have the infrastructure in the retail community or the banking community. . . . By open admission of the globalists, it’s time for the global reset. The global reset is this, I quote the late Brent Scowcroft who said, ‘By consent or by conquest, there will be a New World Order.’. . . This is the intentional destruction of the United States. . . . We are watching the most sinister, most demonic, supernatural evil make these (CV19) bioweapons. . . . We watched the willing submission of the walking dumb bleeps to submit to their own demise because of group think and a bull manure narrative that was nothing but lies. . . . We are dealing with the biggest mass murder in history. . . . We are talking about the biggest global agreement on mass genocide. We are dealing with genocide.”

In closing, Quayle says, “We are watching the complete taking apart of the western financial system based on the Petro-dollar. . . . The insanity now is actually part of the takedown and takeover of the United States. . . . I believe it’s over for the United States. I don’t believe there is a political solution to a spiritual problem.”

Quayle also gives dire warnings of cancellations to credit cards, mortgages, bank accounts and much more that Steve Quayle’s financial sources say is coming soon.

There is much more in the 52-minute interview. Don’t miss the new deals and huge savings which can be found on Sat123.com, BeReady123.com and Prep123.com.
Join Greg Hunter as he talks to radio host, filmmaker and top selling author Steve Quayle who warns of massive banking, financial and debt troubles coming soon for 12.12.23.

Death Touch for Global Debt Coming – Steve Quayle

as a heads up, I will not be doing a commentary on Friday

However I will provide the preliminary oi numbers late on Thursday night.

SEE YOU ON THURSDAY