GOLD PRICE CLOSED UP $17.80 TO $2038.80
SILVER PRICE UP $.18 TO $22.95
Gold ACCESS CLOSED 2036.00
Silver ACCESS CLOSED: 22.93
Bitcoin morning price:, 50,956 DOWN 952 DOLLARS.
Bitcoin: afternoon price: $51,012 DOWN 896 dollars
Platinum price closing $905.05 UP $2.20
Palladium price; $969.45 UP $14.95
END
SHANGHAI GOLD PREMIUM 43 DOLLARS/COMEX GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
SHANGHAI GOLD (USD) FUTURES – QUOTES
Beginning Monday, April 1, 2024, CME Group settlement data will no longer be accessible through ftp.cmegroup.com and will have a delayed publication time of 12:00 a.m. CT on all cmegroup.com web pages. Learn about alternate ways to access the data in our FAQ.
Last Updated 23 Feb 2024 03:22:40 PM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $2,749.11 UP 19.28 CDN dollars per oz( * NEW ALL TIME HIGH 2,795.90 CDN DOLLARS PER OZ//DEC 1 2023)
*BRITISH GOLD: 1607.05 UP 8.05 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1655.17 BRITISH POUNDS/OZ) OCT 2/2023
*EURO GOLD: 1881.34 UP 11.08 euros per oz //* (ALL TIME CLOSING HIGH: 1903.75 EUROS PER OZ//DEC 1.2023)
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: FEBRUARY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,019.700000000 USD
INTENT DATE: 02/22/2024 DELIVERY DATE: 02/26/2024
FIRM ORG FIRM NAME ISSUED STOPPED
323 C HSBC 265
363 H WELLS FARGO SEC 300
435 H SCOTIA CAPITAL 572
657 C MORGAN STANLEY 61
661 C JP MORGAN 598
686 H STONEX FINANCIA 71
905 C ADM 1
TOTAL: 934 934
JPMorgan stopped 598/934 contracts.
FOR FEB/2024
GOLD: NUMBER OF NOTICES FILED FOR FEB/2024. CONTRACT: 934 NOTICES FOR 93,400 OZ or 2.905 TONNES
total notices so far: 19,896 contracts for 1,989,600 Oz (61.885 tonnes)
FOR FEBRUARY:
SILVER NOTICES NOTICE(S) FILED FOR NIL OZ/
total number of notices filed so far this month : 1294 for 6,420,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
WITH GOLD UP 17.80//
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD//MAKES NO SENSE
INVENTORY RESTS AT 827.81 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 18 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 1.098 MILLION OZ FROM THE SLV/.
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 431.668 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A GOOD SIZED 489 CONTRACTS TO 145,906 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR FALL OF $0.10 IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH SOME SHORT COVERING AS THE PRICE OF SILVER FELL BY A SMALL AMOUNT. WE HAD A HUGE 872 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS
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 THURSDAY NIGHT: 872 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 $0.10), BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUGE SIZED GAIN OF 1153 CONTRACTS ON OUR TWO EXCHANGES BUT WITH A MUCH LOWER PRICE.
WE MUST HAVE HAD:
A HUMONGOUS SIZED 1440 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.535 MILLION OZ (FIRST DAY NOTICE) ACCOMPANYING A STRANGE 89 CONTRACT ISSUANCE FOR EX. FOR RISK FOR 445,000 OZ ON FIRST DAY NOTICE/ FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP TO LONDON //NEW TOTAL LOWERS TO ; 6.975 MILLION OZ
//NEW STANDING FOR SILVER IS THUS 6.975 MILLION OZ
/ GOOD SIZED COMEX OI LOSS/HUMONGOUS SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 872 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A HUGE 202 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF FEB
TOTAL CONTRACTS for 16 days, total 9,802 contracts: OR 49.010 MILLION OZ (612 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 49.010 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. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 41.81 MILLION OZ.
RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 489 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1440 ISSUED FOR MARCH AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR FEB. OF 3.535 MILLION OZ ACCOMPANIED BY FIRST DAY NOTICE OF 445,000 OZ EX. FOR RISK FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP //NEW TOTAL REMAINS AT 6.975 MILLION OZ
NEW STANDING 6.975 MILLION OZ /// WE HAVE A HUGE GAIN OF 2942 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A VERY STRONG SIZED 1440 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH SOME SHORT COVERING FROM OUR SPEC SHORTS ( PRICE OF SILVER FELL) . THE NEW TAS ISSUANCE THURSDAY NIGHT (872) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 0 NOTICE(S) FILED TODAY FOR 0 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 874 CONTRACTS TO 408,043 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW CLOSER TO OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – REMOVED 29 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 874 CONTRACTS) DESPITE OUR $2.10 LOSS IN PRICE//THURSDAY. WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR FEB. AT 49.773 TONNES ON FIRST DAY NOTICE ACCOMPANIED BY FIRST DAY NOTICE : 55,400 OZ EX. FOR RISK //THUS INITIAL STANDING FOR FEB: 51.494 TONNES FOLLOWED BY TODAY’S 1900 OZ QUEUE JUMP //NEW TOTAL OF GOLD STANDING ADVANCES TO: 64.248 TONNES // ALL OF THIS HAPPENED DESPITE OUR $2.10 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 2933 OI CONTRACTS (9.122) PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2059 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 408043
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2933 CONTRACTS WITH 883 CONTRACTS INCREASED AT THE COMEX// AND A FAIR SIZED 2059 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2933 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL SIZED 410 CONTRACTS.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2059 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (874) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2933 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR FEB. AT 49.773 TONNES PLUS FIRST DAY NOTICE OF 1.723 TONNE OZ EX. FOR RISK FOLLOWED BY TODAY’S 1900 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 64.248 TONNES. / 3) ZERO LONG LIQUIDATION // 4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: SMALL T.A.S. ISSUANCE: 410 CONTRACTS//SOME SHORT COVERING AGAIN
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
FEB.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEB. :
TOTAL EFP CONTRACTS ISSUED: 51,513 CONTRACTS OR 5,151,300 OZ OR 160.22 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 3296 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16 TRADING DAY(S) IN TONNES 160.22 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 160.22/3550 x 100% TONNES 4.50% 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. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EX FOR PHYSICAL)
FEB’24: 160.22 TONNES (SHOULD BE A WEAKER ISSUANCE MONTH)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF FEB. WE ARE NOW INTO THE SPREADING OPERATION OF 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 (FEB), 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 FELL BY A FAIR SIZED 489 CONTRACTS OI TO 145,906 AND FURTHER FROM THE 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 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 872 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MARCH 1440 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1440 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 489 CONTRACTS AND ADD TO THE 1440 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 951 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 4.755 MILLION OZ
OCCURRED DESPITE OUR $.10 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//
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 16.52 PTS OR 0.56% //Hang Seng CLOSED DOWN 17.09 PTS OR 0.10% / Nikkei CLOSED FOR HOLIDAY
//Australia’s all ordinaries CLOSED UP 0.43% /Chinese yuan (ONSHORE) closed DOWN 7.1970
//OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2058 /Oil DOWN TO 77.44 dollars per barrel for WTI and BRENT DOWN AT 82.45/ Stocks in Europe OPENED MOSTLY ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN 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 ROSE BY A SMALL SIZED 874 CONTRACTS TO 408,043 DESPITE OUR LOSS IN PRICE OF $2.10 WITH RESPECT TO THURSDAY TRADING. WE ARE GETTING AWFULLY CLOSE TO OUR LOW OI OF 390,000 CONTRACTS
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF FEB..… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 2059 EFP CONTRACTS WERE ISSUED: : APRIL 2059 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2059 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2942 CONTRACTS IN THAT 2059 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 874 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $2.10 THURSDAY 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 THURSDAY NIGHT WAS A SMALL SIZED 410 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/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: FEB (64.248 TONNES) ( ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
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. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 64.248 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $2.10 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN OF 2933 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOWER PRICE. WE HAD TO HAVE HAD ANOTHER EPISODE OF STRONG SHORT COVERING. WE HAD A SMALL T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING . THE T.A.S. ISSUED ON THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 9.122 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR FEB. (49.773 TONNES) ON FIRST DAY NOTICE ALONG WITH AN EXCHANGE FOR RISK FOR 1.7235 TONNES. THIS WAS FOLLOWED WITH TODAY’S 1900 OZ QUEUE JUMP (0.0590 TONNES//NEW TOTAL STANDING 64.248: ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $2.10
WE HAD -REMOVED 9 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 2933 CONTRACTS OR 293,300 OZ OR 9.122 TONNES.
estimated volume today 201,533 poor
final gold volumes/yesterday 158,218 poor
//speculators have left the gold arena
FEB 23 INITIAL FEB GOLD
/ /// THE FEB 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 57,068.020 oz Brinks 1.775 tonnes (1775 kilobars) . |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | 55,780.318 oz HSBC 1.73 tonnes |
| No of oz served (contracts) today | 934 notice(s) 93400 OZ 2/905 TONNES |
| No of oz to be served (notices) | 206 contracts 20600 oz 0.6407 TONNES |
| Total monthly oz gold served (contracts) so far this month | 19,896 notices 1,989,600 oz 61.885 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 deposits:
total dealer deposits: nil oz
total customer withdrawals: 1
i) Out of Brinks: 57,068.6200 oz 1775 kilobars
1.775 tonnes and equal to 1775 kilobars
total withdrawal: 57,068.62 oz
we had 1 customer deposit
i) Into HSBC 55,780.918 oz
Adjustments: 5 all dealer to customer//comex in stress
i) Asahi: 52,336.951 oz
ii) HSBC 1900.23 oz
iii) JPMorgan: 782.561 oz
v) Malca: 20,772.637 oz
iv) Manfra: 1676.939 ooz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR FEB.
For the front month of FEBRUARY we have an oi of 1140 contracts having GAINED 10 contracts. We had 9 notices filed on Thursday, so we GAINED 19 contracts or an additional 1900 oz (0.0590 tonnes) will stand for delivery at the comex.
We also had 554 notices filed under exchange for risk on first day notice for a total of 55,400 oz or 1.723 tonnes to which must be added to the delivery cycle.
Thus initial standing for gold for February is 50.136 tonnes + 1.723 tonnes = 51.859 tonnes. This was followed with today’s QUEUE jump of 1900 oz//New standing 62.525 tonnes + 1.723 tonnes = 64.248 TONNES
March GAINED 794 contracts to stand at 3223
APRIL lost 234 CONTRACTS FALLING TO 317,407.
We had 934 contracts filed for today representing 93,400 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 934 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 698 notice(s) was (were) stopped ( (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the FEB. /2024. contract month, we take the total number of notices filed so far for the month (19,896 x 100 oz ), to which we add the difference between the open interest for the front month of FEB. (1140 CONTRACTS) minus the number of notices served upon today 934 x 100 oz per contract equals 2,008,300 OZ OR 62.466 TONNES + 1.723 Ex for Risk/prior = 64.180 tonnes
thus the INITIAL standings for gold for the FEB. contract month: No of notices filed so far (19,896) x 100 oz + (1140) {OI for the front month} minus the number of notices served upon today (934) x 100 oz which equals 2,010,200 oz (62.525 TONNES) + 54,400 oz (1.723 TONNES) ex. for risk/prior// NEW total standing OR 64.248 TONNES
TOTAL COMEX GOLD STANDING FOR FEB: 64.248 TONNES WHICH IS GREAT FOR AN ACTIVE DELIVERY MONTH IN THE CALENDAR.
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: 1,354,385.502 42.127 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 18,237,040.238 OZ
TOTAL REGISTERED GOLD 8,056,296 (250.58 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,179,456.780 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,702411 oz (REG GOLD- PLEDGED GOLD) 209.47 tonnes
END
SILVER/COMEX
FEB 23/INITIAL
//2024// THE FEB 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 348,550.110 oz Brinks . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 1,140,787.950 oz CNT HSBC |
| No of oz served today (contracts) | 0 CONTRACT(S) (NIL OZ) |
| No of oz to be served (notices) | 12 contracts (60,000 oz) |
| Total monthly oz silver served (contracts) | 1294 Contracts (6,470,000 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 2 deposits customer account:
i) Into CNT 599.753.4600 oz
ii) Inro HSBC: 541,034.490 oz
total customer deposits 1,140,787.950 oz
JPMorgan has a total silver weight: 129.806 million oz/280.972 million or 46.26%
adjustment: 1 customer to dealer
i) Asahi: 1,779,257.600 oz
Comex withdrawals: 1
i) Out of Brinks 348,550.110 oz
total withdrawal: 348,550.110 oz oz
TOTAL REGISTERED SILVER: 46.715 MILLION OZ//.TOTAL REG + ELIGIBLE. 280.972 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF FEB. /2023 OI: 12 CONTRACTS HAVING LOST 109 CONTRACT(S). WE HAD 109 NOTICES FILED ON THURSDAY SO WE LOST 0 CONTRACT OR AN ADDITIONAL NIL OZ OF SILVER CONTRACTS WILL STAND FOR DELIVERY AT THE COMEX
MARCH LOST 9110 CONTRACTS TO 40,735
APRIL SAW A GAIN OF 51 CONTRACTS TO STAND AT 169
MAY SAW A GAIN OF 8466 CONTRACTS UP TO 84,570.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 69,747 good
Comex volume: confirmed yesterday 77,858 good//
To calculate the number of silver ounces that will stand for delivery in FEB. we take the total number of notices filed for the month so far at 1294 x 5,000 oz = 6,470,000 oz
to which we add the difference between the open interest for the front month of FEB. (12) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the FEB/2024 contract month: 1294 (notices served so far) x 5000 oz + OI for the front month of FEB. (12) – number of notices served upon today (0 )x 500 oz of silver standing for the FEB contract month equates to 6.530 MILLION OZ. + .445 MILLION OZ EX. FOR RISK PRIOR//NEW TOTAL 6.975 MILLION OZ
New total standing: 6.975 million oz.
There are 46.715 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!
FEB23/WITH GOLD UP $17.80 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD.//INVENTORY RESTS AT 827.81 TONNES
FEB22/WITH GOLD DOWN $2.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD://INVENTORY RESTS AT 829.82 TONNES
FEB21/WITH GOLD DOWN $5.30 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.59 TONNES OF GOLD OUT OF THE GLD///INVENTORY RESTS AT 29.82 TONNES
FEB20/WITH GOLD UP $16.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 837.89 TONNES
FEB16/WITH GOLD UP $8,60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 837.31 TONNES
FEB15/WITH GOLD UP $11.70 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB14/WITH GOLD DOWN $2.75 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB13/WITH GOLD DOWN $20.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB12/WITH GOLD DOWN $4.80 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 841.92 TONNES
FEB9/WITH GOLD DOWN $8.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG DEPOSIT OF 1.44 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 843.66 TONNES
FEB8/WITH GOLD DOWN $2.70 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.47 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 842.22 TONNES:
FEB7/WITH GOLD UP $0.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 847.69 TONNES:
FEB6/WITH GOLD UP $8.50 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / //://INVENTORY RESTS AT 851.73 TONNES:
FEB5/WITH GOLD DOWN $9.85 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF .58 TONNES OF GOLD INTO THE GLD// / //://INVENTORY RESTS AT 851.73 TONNES:
FEB 2/WITH GOLD DOWN $17.95 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF .58 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:
FEB 1/WITH GOLD UP $5.00 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:
JAN 31/WITH GOLD UP $16.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 852.88 TONNES:
JAN 30/WITH GOLD UP $6.50 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 854.89 TONNES:
TOTAL IN LAST 18 DAYS WITHDRAWAL OF 14.12 TONNES
JAN 29/WITH GOLD UP $8.70 TODAYHUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.88 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 856.05 TONNES
JAN 26/WITH GOLD DOWN $0.10 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 25/WITH GOLD UP $2.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 24/WITH GOLD DOWN $9.75 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 23/WITH GOLD UP $3.95 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD/ //://INVENTORY RESTS AT 858.93 TONNES
JAN 22/WITH GOLD DOWN $6.00 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD/ //://INVENTORY RESTS AT 860.95 TONNES
JAN 19/WITH GOLD UP $8.15 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD //://INVENTORY RESTS AT 862.10 TONNES
JAN 18/WITH GOLD UP $14.85 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.30 TONNES OF GOLD FROM THE GLD//://INVENTORY RESTS AT 862.10 TONNES
JAN 17/WITH GOLD DOWN $23.25 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .549 TONNES OF GOLD INTO THE GLD.;//://INVENTORY RESTS AT 864.40 TONNES
JAN 12/WITH GOLD UP $31.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A MASSIVE WITHDRAWAL OF 4.61 TONNES OF GOLD FROM THE GLD//://INVENTORY RESTS AT 864.99 TONNES
GLD INVENTORY: 827.81 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
FEB 23/WITH SILVER UP 18 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.098 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 431.668 MILLION OZ
FEB 22/WITH SILVER DOWN 10 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV
// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 21/WITH SILVER DOWN 28 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 2.348 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 20/WITH SILVER DOWN 33 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 3.385 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 435.008 MILLION OZ
FEB 16/WITH SILVER UP 53 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.235 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 438.393 MILLION OZ
FEB 15/WITH SILVER UP 56 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 14/WITH SILVER UP 24 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 13/WITH SILVER DOWN 60 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL WITHDRAWAL OF 0.504 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 12/WITH SILVER UP 14 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 1.921 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 438.119 MILLION OZ
FEB 9/WITH SILVER DOWN 4 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL DEPOSIT OF 600,000 OZ INTO THE SLV: SLV INVENTORY RESTS AT 440.040 MILLION OZ
FEB 8/WITH SILVER UP 29 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 439.994 MILLION OZ
FEB 7/WITH SILVER DOWN 18 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 4.04 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 439.994 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 6/WITH SILVER UP 11 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 5/WITH SILVER DOWN 32 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.345 MILLION OZ FROM THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 8 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 2/WITH SILVER DOWN 50 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.58 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.489 MILLION OZ//LAST 7 DAYS: 14.105 MILLION OZ WITHDRAWAL
FEB 1/WITH SILVER UP 7 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.19 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.947 MILLION OZ//LAST 6 DAYS: 10.3018 MILLION OZ WITHDRAWAL
JAN 31/WITH SILVER DOWN 8 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.7438 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 440.137 MILLION OZ//LAST 5 DAYS: 9.1118 MILLION OZ WITHDRAWAL
JAN 30/WITH SILVER DOWN 5 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.876 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 442.699 MILLION OZ//LAST 4 DAYS: 7.368 MILLION OZ WITHDRAWAL
JAN 29/WITH SILVER UP $.37 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.105 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 444.575 MILLION OZ
JAN 26/WITH SILVER DOWN $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.556 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 446.680 MILLION OZ
JAN 25/WITH SILVER UP $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.831 MILLION OZ INTO THE SLV(FAIRY TALES) // /
INVENTORY RESTS AT 448.236 MILLION OZ
JAN 24/WITH SILVER UP $0.44 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER DEPOSIT OF 1.375 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 450.067 MILLION OZ
JAN 23/WITH SILVER UP $0.21 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 16.201 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 448.694 MILLION OZ
JAN 22/WITH SILVER DOWN $0.45 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ
JAN 19/WITH SILVER DOWN $0.11 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ
JAN 18/WITH SILVER UP $0.13 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 432.951 MILLION OZ
JAN 17/WITH SILVER DOWN $0.38 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 779,000 OZ FROM THE SLV.: // //INVENTORY RESTS AT 433.500 MILLION OZ
JAN 16/WITH SILVER DOWN $0.08 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ
JAN 12/WITH SILVER UP $0.62 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ
CLOSING INVENTORY 431.668 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
end
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
END
END
3. CHRIS POWELL//GATA GOLD COMMENTARIES: daily Dispatches
Ted Butler: Locked and loaded
Submitted by admin on Thu, 2024-02-22 21:54 Section: Daily Dispatches
By Ted Butler
SilverSeek.com
Thursday, February 22, 2024
We have now reached the point in silver (and gold) where it is difficult for me to see how prices don’t quickly explode.
Everything I look at, from a physical supply/demand perspective to the paper positioning set up on the Comex, tells me we are at the point where only an upward price surge makes any sense.
.
Yes, I am well aware of the thoroughly corrupt behavior of the collusive commercials on the Comex and how their manipulative success over the past 40 years makes it nearly impossible to pinpoint in advance the exact moment such a long-term scam and fraud will come to an end.
But recent developments scream out to me that the manipulation’s end is at hand. …
… For the remainder of the analysis:
https://silverseek.com/article/locked-and-loaded
*
Locked and Loaded
February 22, 2024
Ted Butler
We have now reached the point in silver (and gold) where it is difficult for me to see how prices don’t quickly explode. Everything I look at, from a physical supply/demand perspective to the paper positioning set up on the COMEX, tells me we are at the point where only an upward price surge makes any sense. Yes, I am well-aware of the thoroughly corrupt behavior of the collusive commercials on the COMEX and how their manipulative success over the past 40 years makes it nearly impossible to pinpoint in advance the exact moment such a long-term scam and fraud will come to an end – but recent developments scream out to me that the manipulation’s end is at hand.
First, I would like to distinguish between silver and gold. While I have rarely seen gold in as bullish a physical supply/demand and COMEX positioning set up as it is now and fully expect it to momentarily surge higher, gold is a very different market from silver. For one thing, the amount of gold in the world and the gold market in general is vastly larger than in silver – almost to the point of making a legitimate comparison of the two metals unrealistic. In dollar terms, the amount of gold in the world is some hundred times larger than the amount of silver, and I’m not aware of any other comparison between any two items similarly mismatched in size being attempted to be measured. It would be like trying to compare the GDP of the US, close to $25 trillion, with the GDP of Portugal or New Zealand, each of which is around $250 billion. I fully understand the long history that invites the gold/silver comparison; it’s just that the actual circumstances of each metal have changed over the decades and last century.
While I do admit that gold’s actual supply/demand fundamentals are tighter than I’ve seen previously, that’s a far cry from being in a deepening physical shortage brought about by industrial consumption overwhelming current physical supply, as is the case in silver. Simply put, gold is not an industrial commodity, while silver is. Only an industrial or consumable commodity can find itself in a genuine physical shortage. Plus, since there is a hundred times more gold in the world than silver in dollar terms, common sense would suggest in any serious upsurge in price, the smaller item (silver) would likely surge much more in percentage terms and that’s what past price surges in the two metals have indicated. Bottom line, I’m expecting gold to surge by hundreds of dollars per ounce, while I expect silver to surge by (many) tens of dollars per ounce.
One thing that does definitely unite gold and silver is that both are primary investment assets, in fact, gold is a pure investment asset. Silver, of course, is both an investment asset plus an industrial commodity – the only true commodity with such a dual demand profile. The fact that it has been silver’s industrial demand that has created the current physical shortage doesn’t mean silver’s investment demand won’t kick in. It means that when silver’s investment demand does kick in, it is bound to have an outsized impact on price – for the simple reason that silver’s industrial demand has already depleted much of the metal that investment demand would seek to buy. Plus, it’s a well-known fact that collective investment demand grows on higher, not lower prices. This can be readily observed in the extreme collective investment demand in a few high-tech stocks (the magnificent 7), and the historic concentration these stocks represent in overall stock ownership.
Further illustrating silver’s highly unusual dual demand profile is that several readers had sent me copies of a recent article on Zerohedge concerning the historic run up in cocoa prices being due to a deepening physical shortage between consumption and supply, which seemed to mirror the current circumstances in silver. Before I try to explain the difference between cocoa and silver, I must disclose a previous personal experience with cocoa more than 40 years ago, before I picked up the silver “bug”. Back in the day, I had arranged (as a commodity broker) to accept physical delivery of a large quantity of cocoa (more than 100 contracts, as I recall) on behalf of a client, as part of a “cash and carry” spread transaction, where the actual deliveries would be re-delivered the following delivery month. I did insure with the delivery department, many times, that there would be no problems in re-delivering the cocoa accepted for delivery and received such assurances and financing commitments. Then, a few days before re-delivery was to take place, I received a call from the re-delivery clerk that the client’s cocoa had worms and couldn’t be re-delivered. The whole thing became a mess, legal and otherwise and as a result, no pun intended, whenever the subject of cocoa comes up, it leaves me with a bad taste.
And I also recall, separately, a famous passage in a book by George Goodman (writing under the pseudonym Adam Smith), where he described a similar bad personal experience with cocoa to the point as whenever the word even came up, he had to go lie down someplace quiet, until the thought of cocoa went away. My memories aren’t quite so harsh and while I don’t doubt that the developing physical shortage in cocoa is, indeed, driving prices higher, I would take the opportunity to point out that cocoa, unlike silver, has little true intrinsic investment demand. No doubt there is speculation in cocoa futures contracts and other derivatives, but cocoa is not about to become a primary and everyday investment asset – as silver already is such an investment asset. True, investment demand for silver has yet to kick in forcefully, but at some yet to be determined higher price, it appears unavoidable that silver investment demand will become the dominant price force.
Another of the differences between silver and gold is that I’m not aware of any behind-the-scenes potential regulatory controversies in gold, where I know some to exist in silver, not the least of which is the question of possible double-counting in recorded silver bullion inventories. Yes, I do believe gold bullion inventories have been shifting from West to East (same as in silver), but I am unaware of any allegations of double-counting in gold inventories. We are now past the 14-week mark since I wrote to the CFTC and S.E.C. on the matter of possible double-counting in the silver inventories held in SLV and in the COMEX warehouses. The S.E.C. responded in two weeks (to my congressman), although it avoided any acknowledgement as to whether there was double-counting or not. But the CFTC has avoided any response. In a follow up with my congressman’s office yesterday, I was told that they did hear from the CFTC and that the agency was “working on a response”. Hello – working on? The question is as simple as it gets – the recorded silver inventories in question are separate or there is double-counting, so there is nothing to “work on”.
And considering the sharp selloff that started in silver in the wee hours Sunday evening into Monday’s Presidential Day holiday, which has continued through today, there can be little doubt that the selloff was just another case of collusive commercial price rigging on the COMEX to induce managed money selling – in order to enable the commercials to buy. As such it does two things, improve the COMEX positioning market structure from what it was on Friday and also increase the ugly perception that the CFTC is delaying any comment on the question of inventory double-counting until the crooked commercials have positioned themselves as favorably as possible. Somewhat perversely, the CFTC openly siding with the commercials on this recent price-rigging to the downside only enhances my thoughts that we are locked and loaded for the upside, with any additional managed money selling only adding more rocket fuel for the coming price blast higher.
As can be inferred from the even greater price carnage in the shares of the silver miners, we are at the point where lower silver prices are blatantly in the beyond overkill category. With every sign of a deepening physical shortage more obvious daily, the continued suppressed silver prices are now threatening to destroy much needed future supplies. Even for me, who has complained about a COMEX-induced silver price suppression for nearly four decades, witnessing the current circumstances of future silver mining supplies being severely undermined is other-worldly. In such circumstances, it is inconceivable to me that the primary federal commodities regular would sit by and allow the “ seed corn” (future silver mine supplies) to be destroyed or prevented from coming into existence in a scam and fraud as obvious as what is occurring on the COMEX. Yet, here we are. It has become so stunningly obvious that silver prices are artificially depressed by the COMEX manipulation that far from any expected reaction from the federal agency primarily tasked with preventing such an overt price manipulation, instead we find the agency fumbling and stumbling in attempting to answer a simple question about inventory double-counting.
To be sure, if I were expecting the CFTC to ever ride to the rescue in any way in ending the COMEX silver manipulation, except in an unintended way, I would need my head examined. This regulator has demonstrated in no uncertain terms it has no interest in interpreting commodity law as it should be interpreted. On the other hand, by allowing the price suppression to last as long as it has, the CFTC has, effectively, done just that, namely, brought about the very circumstances from which silver prices must explode. There is no more powerful an economic equation than the law of supply and demand and under that law, no greater price force than a physical shortage in any commodity. This is now apparent in cocoa and soon will also be apparent in silver, with the price reaction in silver greatly amplified with the inevitable investment demand, currently missing. I can say that as an American citizen and taxpayer, as much as I now view the CFTC as being nearly-powerless in counteracting the coming price force of the physical silver shortage, I am also dis-heartened and ashamed by the decades of malfeasance by the agency – despite me trying to warn it about silver on countless occasions. But, in a very real sense, this is all water under the bridge and the arrival of the physical silver shortage changes everything – as it signals the start of brand-new era, one in which, quite literally, no one has ever experienced.
As far as what to expect in Friday’s new Commitments of Traders (COT) report, all I can say is what a difference a day makes. Had you asked me on Friday of my expectations for the new report, my answer would have been around trying to quantify the amount of deterioration (managed money buying and commercial selling) had taken place in silver, based upon the quite sharp price rally into week’s end. Since then, however, the pronounced price weakness into yesterday’s cutoff for the reporting week would appear to have offset much of the prior deterioration through Friday. At this point, I am not sure at all what the new report will reveal. I do know, of course, that the prior weeks’ reports were quite bullish in both silver and gold, so I’m fairly sure all of the increasingly bullish market structures in both silver and gold couldn’t have become close to being undone, regardless of what Friday’s report indicates.
My “locked and loaded” evaluation of the current state of the market in silver and gold is made with the full knowledge of potential further price weakness, such as seen today, although I am encouraged by the quite-low trading volumes, which I believe suggest a drying up of managed money selling. Just to be as clear as possible, it’s not particularly important – apart from what it does emotionally and financially on a short-term basis – how many additional low volume price slices the commercial crooks can pull off in the very short-term. What matters most is the nature of the coming silver price explosion, which promises to be monumental in terms of both price force as well as how quickly it unfolds. Try as I might, I just can’t envision the termination of the 40-year-old COMEX silver price manipulation occurring under any ordinary two steps up, one step back price scenario. Forty years of artificial price suppression simply cannot be resolved with what would be considered “normal” price action. The end of such a long-term price manipulation must be commensurate with the longevity and severity of the body and nature of the manipulation.
Ted Butler
February 22, 2024 (originally sent to subscribers on Feb 21, 2024)
* *
The Worst Time for Yet Another Grotesque Stock Bubble
Egon von Greyerz
February 22, 2024
In this critically important Gold Matters discussion, VON GREYERZ principals, Egon von Greyerz and Matthew Piepenburg, place the enormous risks of the current U.S. equity bubble within the much-needed context of unprecedented global economic factors.
Egon opens the discussion with a brief review of the unprecedented string-cite of global geopolitical, social, economic and debt risks. From a preventable and escalating land war in the Ukraine to conflicts in Gaza and the broader Arab world to nose-bleed global debt levels in the backdrop of now undeniable social tensions and de-dollarization, the need to be realistic rather than just “negative” is of common-sense importance. As we head into a year already marked by such massive fissures, any attempt to gloss over these facts with an S&P making record highs would be missing the forest for the trees. In fact, the current U.S. bubble is far more of a dangerous rather than safe indicator when placed into needed context.
Toward this end, Matt speaks to something all-too familiar, having managed a hedge fund as well as a family office during prior asset bubbles. Matt gives particular attention to the overt risk indicators of the current S&P bubble, which teeters on the twin edge of unprecedented concentration and over-valuation metrics.
Matt’s perspective is not theoretical, but hands-on, as he explains how the current asset bubble, like the dot.com bubble of 2000, is in fact driven by the same fundamentals. He compares the Magnificent 7 to equally profitable and “good” names like the Microsoft, Cisco and Qualcomm of 1999-2000, noting that such otherwise profitable companies rising on margin growth eventually experience inevitable contraction in net income once price, volume and cost advantages trend negatively. No one, of course, can time such shifts, but “this time is NOT different,” as all such bubbles end the same: They pop.
What makes the current bubble (AI mania) so much more dangerous, however, is that it is led by 5-7 names, and when they mean-revert, as all over-valued companies do, there’s nothing left to prop the S&P. In short, when these names fall, everything falls with it, and this time around, the entire global economy is already on its knees. This is bad.
Egon closes the conversation with his own, and equally hands-on, perspective of investing through asset cycles and bubbles, offering needed insights on the risks, as well as lessons, of prior manias. Naturally, the conversation turns to real money and real assets, namely the far less “maniacal” gold. As the foregoing risks continue their exponential growth, gold rewards the far-sighted investor in obvious ways not otherwise understood by speculators. Matt, though not averse to the speculative mind-set, warns of the seductive appeal of chasing (and buying tops) and makes an equally straightforward case for gold in a world losing perspective.
end
4. OTHER GOLD COMMENTARIES/PODCASTS//ANDREW MAGUIRE LIVE FROM THE VAULT; NO 161
Episode 161
Posted 23rd February 2024
40 Million ounces of COMEX gold vaporised!
In this week’s episode of Live from the Vault, Andrew Maguire tackles a burning question from a US-based bullion dealer: is it possible that the Federal Reserve could try and confiscate your hard-earned gold savings?
The precious metals expert provides an update on the effects of Bitcoin ETFs on the gold price and comments on the strong geopolitically-driven demand for precious metals. Finally, Andrew shares some very good news for Silver Stackers.
https://kinesis.money/live-from-the-vault/40m-ounces-gold-vaporised/
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES /
END
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.1970
OFFSHORE YUAN: DOWN TO 7.2058
SHANGHAI CLOSED UP 16.52 PPTS OR 0.56%
HANG SENG CLOSED DOWN 17.09 PTS OR 0.10%
2. Nikkei closed
3. Europe stocks SO FAR: MOSTLY ALL GREEN
USA dollar INDEX DOWN TO 103.71 EURO RISES TO 1.0838 UP 13 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.711 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 150.48/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 +2.410***/Italian 10 Yr bond yield DOWN to 3.868* /SPAIN 10 YR BOND YIELD DOWN TO 3.322…**
3i Greek 10 year bond yield DOWN TO 3.343
3j Gold at $2027.55 silver at: 22.76 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 0 /100 roubles/dollar; ROUBLE AT 92.85//
3m oil into the 77 dollar handle for WTI and 82 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 150.48// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.711% 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 0.8783 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9521 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: 4.313 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.460 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.711 UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 31.09…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 1 BASIS PTS AT 4.1350
end
2.a Overnight: Newsquawk and Zero hedge
Futures Flat After Nvidia Sparks Biggest Rally In Over A Year
FRIDAY, FEB 23, 2024 – 08:34 AM
US equity futures were poised for a muted end to the week after Thursday’s blowout rally which sent the S&P over 2.1% higher, its biggest one-day gain since Jan 2023, after Nvidia’s blowout earnings rekindled global euphoria about artificial intelligence (even as Google demonstrated just how racist and useless it actually is) and pushed the S&P to its highest close on record, while also sending European and Japanese markets to all time highs. At 8:00am, S&P 500 futures were unchanged while Nasdaq 100 contracts slipped 0.2% – even as NVDA rose above $800 to sport a $2 trillion market cap – after soaring 3% yesterday. Treasury yields dropped with the 10Y sliding 3bps to 4.30% and the dollar extending its losses, as oil and bitcoin also reversed recent gains. The US economic data calendar is empty for the session, while no Federal Reserve members are scheduled to speak
In premarket trading, Nvidia rose 2.1% extending Thursday’s 16% jump, and set to surpass a $2 trillion market cap when it opens. Block was quoted 13% higher as the payments technology company’s results and outlook beat estimates. Intuitive Machines was set for a 45% surge after the startup’s spacecraft landed on the Moon. By contrast, Booking Holdings gave a disappointing forecast and reported headwinds from the war in Israel, sending its shares down 8.5%. Here are some other notable permarket movers:
- Applied Optoelectronics sinks 37% after the maker of fiber-optic networking products posted a surprise drop in revenue in the fourth quarter.
- Block Inc. rallies 16% after the payments technology company raised its forecast for adjusted Ebitda for 2024.
- Booking Holdings slips 8.1% after giving a disappointing forecast for travel reservations and gross bookings, with the war in Israel and currency fluctuations weighing on results.
- Carvana soars 30% after the used-car retailer topped Wall Street’s profit expectations in the final months of 2023 and said it expects improved earnings this quarter.
- Fluence Energy advances 7.6% as JPMorgan raises its recommendation on the energy-storage company to overweight, saying Thursday’s selloff triggered by a short report was overdone.
- Maravai LifeSciences climbs 30% after its revenue outlook for the year topped the average analyst estimate.
- MercadoLibre falls 6.7% after recording earnings per share for the fourth quarter that fell short of Wall Street’s estimates for the e-commerce company.
With S&P futures trading around 5,100 Investors are taking a breather after two rampy weeks as they weigh optimism about corporate earnings and US economic resilience against elevated valuations and hawkish signals from the Federal Reserve.
“We continue to remain of the view that the secular bull market remains firmly intact,” said strategist Mathieu Racheter at Julius Baer. “While the risk of a short-term market pullback has increased, as several sentiment and positioning indicators have shot up above the historical normal levels again, we would use any weakness as opportunity to increase the exposure to equities.”
“The speed of the tech rally has left investors wondering whether to take profits,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “While we see merit in re-balancing portfolios, we believe that retaining strategic exposure to US large-cap technology is important, and the rise in tech stocks could go further still.”
The Stoxx Europe 600 index rose 0.1% and was headed for a fifth weekly gain, amid mixed earnings after also closing at a record on Thursday. The automotive and chemicals sectors the biggest outperformers, the latter on German chemicals giant BASF’s latest results. The telecommunications subindex is the worst performer after Deutsche Telekom reported disappointing earnings. UK-based lender Standard Chartered Plc climbed more than 8% after unveiling a profit beat and share buyback. German insurer Allianz SE declined after non-life insurance earnings missed analysts’ expectations. Deutsche Telekom AG, Europe’s largest telecommunications operator, slipped after a miss in non-US earnings.Here are the most notable European movers:
- Standard Chartered rises as much as 8.4% following the bank’s fourth-quarter adjusted pretax profit beat, with analysts highlighting lower loan losses as well as a $1 billion buyback
- BASF climbs as much as 4.0% after announcing deepened cost cuts and releasing results that pointed to a future rebound in earnings, with som analysts reckoning the weakness in volumes has bottomed out
- Italian banking stocks climb in Milan trading on renewed speculation of possible consolidation in the industry, after newspaper Il Foglio reported that unnamed investment banks are studying the sector
- Magyar Telekom jumps as much as 4.4% to highest since 2009 after Hungary’s largest telecommunications company issued strong guidance especially for Ebitda AL, a key metric in the sector, Erste says
- Mercedes-Benz shares rise as much as 2.3%, building on Thursday’s gains, after Barclays upgraded the German carmaker to overweight in light of the “compelling” increase in shareholder returns
- Deutsche Lufthansa shares fall as much as 4.8%, the biggest intraday drop since December, after the group reshuffled its executive board, with the exit of its CFO seen as a negative
- Allianz falls as much as 3.8%, the most since May, as underlying weaknesses in the German insurance group’s fourth-quarter result overshadowed a profit jump and higher dividends
- Hensoldt falls as much as 8.7% after releasing results that failed to inspire enthusiasm. Oddo analysts say the company’s unchanged guidance could have disappointed investors
- Deutsche Telekom shares fall as much as 2.6% after the telecom operator reported Ebitda slightly below estimates, a result of lower rental sales registered in the group headquarters segment, according to analysts
- Trainline shares fall as much as 2.7% after the train ticketing platform was downgraded to neutral by UBS, citing a lack of near-term catalysts, even as the long-term prospects for the firm look solid
The Bloomberg Dollar Spot Index extended declines into a fifth day, on course for the first weekly drop in 2024. Almost all developed-nation peers advanced on Friday, with the exception of Norwegian krone, which is the most volatile G-10 currency this week and under-performs peers. The Australian and New Zealand dollars briefly gave up gains following Waller’s comments before bouncing back after China reported slower declines in home prices in January. Fed Governor Christopher Waller said January’s jump in consumer prices warrants caution in deciding when to start cutting interest rates. That’s after Fed Vice Chair Philip Jefferson and Governor Lisa Cook made clear they want more evidence that inflation is headed back to their 2% target before lowering borrowing costs.
Earlier in the session, Asian stocks were on track for a fifth straight week of gains as investors took heart from Beijing’s recent market rescue efforts, which have spurred a strong rebound in Chinese shares. The MSCI Asia Pacific Index was set for a 1.3% increase this week and headed for its longest winning streak in a year. Trading on Friday was largely range bound as Japan was shut for a holiday after surpassing a historical high reached more than three decades ago. The upbeat sentiment in Asia comes as Chinese authorities took further steps to restore investor confidence, including restrictions on equity net sales, stock purchases by state funds and a clampdown on quant trading. Chinese stocks as a result posted their longest run of gains since July 2020 in the mainland, while a measure in Hong Kong edged closer to erasing losses this year.
In rates, treasuries are slightly cheaper across the curve with losses led by the front and belly, adding to recent flattening pressure seen on 2s10s and 5s30s spreads. Treasuries are cheaper by up to 2bp across the 2-year out to the 7-year sector with 2s10s, 5s30s spreads flatter by 0.3bp and 1.2bp on the day; 10-year yields drop by 2bps to 4.305%, with bunds and gilts slightly outperforming in the sector. Friday’s US session is set to be quiet for scheduled events, with the focus on potential deal hedging by corporates and supply pressure ahead of Monday’s Treasury auction. According to Bloomberg, the dollar issuance slate is empty and follows Thursday’s five-deal $19.7b calendar led by AbbVie pricing $15b across seven tranches. Issuers paid less than 1 basis point in new issue concessions, with deals nearly five times oversubscribed on average. Monday’s session is expected to be active, which could warrant some deal-related hedging flows for Friday’s session. Solventum is a candidate for either Friday or Monday, contemplating a deal in the context of $7bn with proceeds earmarked to fund a payment to 3M. Monday also sees a US double auction of 2- and 5-year notes for combined $127b
In commodities, oil prices decline, with WTI falling 1.3% to trade near $77.60. Spot gold falls 0.3%.
Looking to the day ahead, we have UK February GfK consumer confidence, Germany Q4 private consumption, government spending and capital investment, and the February ifo survey, as well as the ECB’s Consumer Expectations Survey. The US economic data calendar is empty for the session; we also hear from the Fed’s Waller, the ECB’s Schnabel, and the BoE’s Greene.
Market Snapshot
- S&P 500 futures little changed at 5,092.75
- STOXX Europe 600 little changed at 495.25
- MXAP little changed at 172.84
- MXAPJ little changed at 528.43
- Nikkei up 2.2% to 39,098.68
- Topix up 1.3% to 2,660.71
- Hang Seng Index down 0.1% to 16,725.86
- Shanghai Composite up 0.6% to 3,004.88
- Sensex little changed at 73,119.16
- Australia S&P/ASX 200 up 0.4% to 7,643.59
- Kospi up 0.1% to 2,667.70
- German 10Y yield little changed at 2.48%
- Euro little changed at $1.0820
- Brent Futures down 1.2% to $82.67/bbl
- Gold spot down 0.3% to $2,018.05
- US Dollar Index little changed at 104.02
Top Overnight News
- China’s housing crisis is getting worse, w/Dec new home prices in 70 major cities falling 1.24% Y/Y in Jan (vs. -0.89% in Dec) while secondhand prices sank even more. WSJ
- Constrained on all sides, China’s central bank is aiming to squeeze more value out of its policy actions by catching markets unaware with surprise easing aimed at putting a floor under the struggling economy. A record cut to a key lending rate earlier this week announced by the People’s Bank of China was just the latest unexpected move since Governor Pan Gongsheng took office last summer. At a press briefing last month, he shocked with an outsized cut to banks’ reserve requirement ratio. BBG
- A bill in the U.S. Congress targeting Chinese biotech companies may end up being more “narrowly tailored”, the U.S. lawmaker who proposed it said on Friday, adding that he was cautiously optimistic something could be passed this year. RTRS
- The US and China are discussing new debt plans to prevent a wave of EM sovereign defaults, in potentially their biggest joint economic cooperation in years, people familiar said. Any plan — which may include extending loan periods before defaults — may require buy-in from private creditors. BBG
- ECB Governing Council member Robert Holzmann said he doesn’t see reductions in interest rates coming before the US — suggesting he reckons any move by policymakers in Frankfurt may still be some way off. BBG
- Fed officials (Waller, Jefferson, Cook) signal rate cuts will arrive eventually (and likely this year), but additional disinflationary evidence will be required first. BBG
- Prime Minister Benjamin Netanyahu has finally unveiled Israel’s plans for Gaza after hostilities end in the enclave, submitting to his war cabinet a formal proposal that directly contradicts the objectives of the US. FT
- Comments this week from Fed officials and the minutes to the January FOMC meeting suggest that the first rate cut is unlikely to come as early as our previous forecast of the May meeting. We have therefore dropped our forecast of a May cut and now expect 4 cuts total in 2024 (vs. 5 previously) in June, July, September, and December, followed by 4 more cuts in 2025 (vs. 3 cuts previously), to the same terminal rate of 3.25-3.5%. GIR
- Intuitive Machines leapt premarket after becoming the first private firm to land a robotic spacecraft intact on the moon. NASA paid almost $118 million for the mission that ended a string of failures. BBG
- Mutual fund cash allocations are nearing record lows. Mutual fund PMs can express directional views on the forward path of equities through the share of their assets they choose to hold in cash. Mutual funds continued to deploy cash reserves into the equity market in 4Q23, cutting their allocation to cash from 1.9% to 1.7% of assets. Fund cash allocations now stand just 20 bp above their all-time low of 1.5% reached in December 2021. GIR
Earnings
- Standard Chartered (2888 HK / STAN LN) – FY23 (USD): adj. Pretax 5.7bln (exp. 5.89bln, prev. 4.76bln Y/Y), adj. Op Revenue 17.4bln (exp. 18.6bln, prev. 16.3bln Y/Y). Announces USD 1bln share repurchase. Guides initial FY24-26 op. income growth at the top of the range +5-7%. Underlying profit before tax rose 27% Y/Y to 5.7bln, NII rose 23% Y/Y to 9.6bln, Q4 adj. pretax 1.08bln (exp. 989.6mln), Co. announces USD 1bln buyback. (Newswires) Index Weightings: FTSE 100 (0.8%). Shares +8.1% in European trade
- Allianz (ALV GY) – Q4 (EUR): Adj. EPS 6.00 (exp. 5.69, prev. 4.99 Y/Y), Op. 3.77bln Y/Y (prev. 3.96bln Y/Y). Guides initial FY24 Op. 13.8-15.8bln. Proposes to increase FY dividend to EUR 13.80 (exp. 12.08, prev. 11.40), announces buyback programme of up to EUR 1bln, to be conducted between March 2024 and year-end. Regular dividend payout ratio increased to 60% (prev. 50%). This new dividend policy shall already apply to the dividend for fiscal year 2023 (Newswires) Index Weightings: DAX (7.9% – third largest), Euro Stoxx 50 (3.0%), Stoxx 600 (1.0%) Shares -3.2% in European trade
- BASF (BAS GY) – Q4 (EUR): Revenue 15.9bln (exp. 16.2bln). Adj. EBIT 292mln (exp. 398mln). Sees 2024 operating profit between EUR 13.8-15.8bln (exp. 15.48bln). Guides FY24 EBITDA 8-8.6bln, FCF 0.1-0.6bln. Proposes dividend of EUR 3.40/shr for FY23. Targeting cost-saving plans of up to EUR 1bln by the end of 2026. (Newswires) Index Weightings: DAX 40 (3.6%), Euro Stoxx 50 (1.4%), Stoxx 600 (0.4%) Shares +0.5% in European trade
- Deutsche Telekom (DTE GY) – Q4 (EUR): Adj. Net 1.83bln (exp. 1.63bln), Adj. EBITDA 10.06bln (exp. 10.1bln), Revenue 29.4bln (exp. 28.5bln). Guides initial FY24 EPS > 1.75 (exp. 1.84), Adj. EBITDA 42.9bln. (Newswires) Index Weightings: DAX 40 (6.2%), Euro Stoxx 50 (2.3%), Stoxx 600 (0.8%) Shares -2.7% in European trade
A more detailed look at global markets courtesy of Newsquawk
APAC stocks mostly benefitted amid tailwinds from the tech-led surge in the US on the NVIDIA wave as its shares surged over 16% and its market cap increased by a record USD 277bln. ASX 200 finished higher with gains led by outperformance in tech, consumer stocks and financials. KOSPI kept afloat with South Korea to execute a record KRW 398tln budget in H1 to prop up domestic demand. Hang Seng and Shanghai Comp. were mixed with the tech sector facing headwinds from ongoing trade-related frictions, while the mainland was indecisive as participants digested the PBoC’s liquidity injection, CSRC’s denial of regulatory measures, and the latest Home Price data which showed a steeper Y/Y fall in property prices.
Top Asian News
- US and China are in talks over innovative emerging market debt plans to prevent a surge in defaults.
- China has reportedly turned to private firms to hack an array of foreign governments and organisations, while files indicate China infiltrated the cyberinfrastructure and collected data of government departments in Malaysia, Thailand and Mongolia, according to FT citing a large data leak from Shanghai Anxun Information Technology.
- China’s Embassy in the UK commented regarding UK sanctions on Chinese companies in which it stated that sanctions against relevant companies are ‘unilateral actions that have no basis in international law’ and it is firmly opposed to them, while it would like to inform the British side that any act that undermines China’s interests will be resolutely countered by the Chinese side, according to Reuters.
- US export curbs on China won’t extend to legacy chips which generally refers to 28-nanometer and older-generation semiconductors, according to US official cited by Nikkei.
- US lawmakers urged Volkswagen (VOW3 GY) to halt operations in Xinjiang after vehicles with Chinese components were held at US customs.
- Chinese commercial banks sold a net USD 9.8bln of FX in Jan (vs net sale of USD 4.3bln in Dec), according to FX regulator.
- China’s CSRC vows to crack down on market manipulation and insider trading, will step up onsite inspection of listing candidates.
- Fitch on China says it believes rate cuts will deliver only a minor boost to economic activity.
- Chinese Cabinet meeting says they are to study measures to attract and utilise foreign investment on a larger scale; to study measures to prevent and resolve local debt risks
European bourses, Stoxx600 (+0.1%), have not deviated much from levels seen at the open, with trade fairly tentative after the prior day’s strength. The FTSE MIB (+0.6%) is the exception, lifted by continued strength in the Italian banking sector. Sectors are mixed; Chemicals take the top spot, lifted by post-earning strength in BASF (+0.5%). Autos build on the prior day’s gains after Barclays upgraded Mercedes Benz (+1.5%). Telecoms is the clear laggard, hampered by Deutsche Telekom’s (-1.7%) results. US Equity Futures (ES -0.1%, NQ -0.2%, RTY -0.6%) are subdued, paring back some of the pronounced strength in the prior session. Nvidia soared as much as 16% in the prior session and is higher by 1.8% in the pre-market.
Top European News
- ECB’s Holzmann says the main risk to rake cuts is Red Sea tensions, via Bloomberg TV; Some wage increases have been quite high. Better to cut later and faster than too early. ECB hopes for cuts but have been wrong before. Does not see circumstances for the ECB to cut before the Fed.
- ECB’s Schnabel says monetary policy has had a weaker impact on dampening demand for services
- ECB’s Nagel says it is too early to cut rates even if a move appears tempting; will only get a key price pressure in Q2, then “we can contemplate cut in interest rates”; price outlook is not yet clear enough. Period of rapid inflation is over, and some setbacks ahead are possible. Inflation, including “hard core” will remain markedly higher than 2% in coming months.
- ECB Consumer Inflation Expectations Survey (Jan) – 12-months ahead 3.3% (prev. 3.2%); 3-year ahead 2.5% (prev. 2.5%)
- UK Ofgem Energy Price Cap (GBP): 1,690 (exp. 1,656; prev. 1,928), -12.3% (exp. -14%) for dual-fuel households.
FX
- DXY is pivoting around the 104.00 mark within a 103.85-104.01 range and contained within yesterday’s 103.43-104.12 parameters.
- Uneventful trade for EUR/USD with the pair sandwiched between its 100DMA at 1.0811 and 200DMA at 1.0826. IFO did little to move the dial, whilst ECB inflation expectations posted a modest uptick for the 1yr reading.
- Hawkish Fed rhetoric has seen the JPY lose further ground to the dollar with focus on a potential test of the recent YTD peak at 150.88. Such a move could prompt verbal jawboning from Japanese officials.
- NZD is the marginal laggard across the majors following soft retail sales overnight. AUD is trivially firmer vs. the USD with the pair supported via favourable risk dynamics.
- PBoC set USD/CNY mid-point at 7.1064 vs exp. 7.2008 (prev. 7.1018).
Fixed Income
- Once again, initial leads were bearish with EGBs veering lower throughout the morning. The German Ifo release which printed alongside the latest ECB Consumer Inflation survey, saw a slight increase in the 12-month view. Reaction to the data was hawkish, but not sufficient to trigger a test of 132.00.
- USTs are following their European peers with the pressure resulting in a slight uptick in pricing for the Fed, but very close to the Fed’s own view; currently near lows at 109-10.
- Gilt price action is in-fitting with Bunds with specifics light so far. Overall bearish action has pressured Gilts to a 97.10 trough.
- Italy sells EUR 4bln vs exp. EUR 3.5-4bln 3.20% 2026 BTP Short Term and EUR 0.5-1.0bln 1.50% 2029 & EUR 2.55% 0.25-0.5bln 2041 BTPei.
Commodities
- A weak session for crude prices this morning despite a lack of fresh or clear fundamental drivers, although sentiment has been gradually coming off best levels this morning; Brent Apr dipped back under USD 83/bbl.
- Precious metals also see broad weakness, despite a relatively contained Dollar and quiet news flow, whilst risk appetite has been waning from best levels in recent trade; XAU holds around USD 2020/oz; base metals are lower across the board.
- QatarEnergy is due to make an announcement on Sunday that will have “a significant impact” on the industry, according to Reuters sources; details light
Geopolitics: Middle East
- US charged four mariners from an Arabian sea vessel transporting suspected Iranian-made advanced conventional weapons.
- “Israeli Foreign Minister: We will not be patient for a longer period in order to reach a diplomatic solution on the Lebanese front”, according to Sky News Arabia
Geopolitics: Other
- China’s envoy for Korean Peninsula affairs told US’s North Korea affairs official that China will continue to play a constructive role in promoting the political settlement of issues concerning the Korean Peninsula and said all parties concerned should acknowledge the core of the Korean Peninsula issue, as well as address their concerns through balanced and meaningful dialogue, according to Reuters.
US event calendar
- Nothing major scheduled
Central Bank speakers
- Nothing major scheduled
DB’s Jim Reid concludes the overnight wrap
We’ve been discussing in recent days how Nvidia earnings was the main macro event of the week and how options were pricing in a 10.5% move in either direction in the 24-hours post earnings. This made me a bit nervous we were overselling the event but the reality is we undersold it as post earnings the company surged +16.40% yesterday, a phenomenal performance for one of the biggest companies in the world. There is no doubt it transformed the mood of the whole global risk market as well. Pretty much every global asset class is influenced by these seven stocks, something we tried to get across in our chart book.
To frame the scale of its move yesterday, Nvidia added $277bn to its market capitalisation, making this the biggest single session gain in value of all time, surpassing the $197bn gain by Meta earlier this month. This saw Nvidia shoot back up to fourth place in the ranking of the world’s largest companies by market capitalisation, and the third largest in the S&P 500. Total year-to-date returns for the company now amount to +58.59%, the best out of the entire S&P 500. Nvidia’s year-to-date gains alone are equivalent to nearly 80% of the combined market capitalisation of the two largest listed companies in Europe (Novo Nordisk at $561bn and ASML at $380bn). The Philadelphia Semiconductor Index also partook in the rally closing +4.97%. For more on Nvidia, and the 2024 outlook on semiconductors, see my team’s chartbook from last week here.
The Nvidia-led optimism saw the S&P 500, Nasdaq 100 and Dow Jones indices all hit new all-time highs. The S&P 500 leaped up by +2.11%, its largest gain in over a year, primarily driven by the information technology sector (+4.35%). The gains were clearly concentrated, but the equal weighted S&P 500 still posted a solid +1.03% gain, and the Russell 2000 index of small-cap stocks increased by +0.96%. Within tech, the Mag-7 gained +4.87%, while the broader NASDAQ rose +2.96%, ending the day only a tenth of a percent below its November 2021 highs. Talking of all time highs (ATHs) I did one of my favourite CoTDs yesterday where I looked at 85 countries’ stock markets and showed how far away they were from their ATH in terms of percentage and years. Japan before yesterday was the furthest away at 34 plus years but that record has now been put to one side. For interest the furthest away from ATHs now are Italy, Finland, Portugal, Greece and Cryprus who all last hit their ATH around the 2000 bubble. Then there are 25 countries who last had their ATH around the GFC. You can see more on this in my CoTD here from yesterday. Please email jim-reid.thematicresearch@db.com if you want to be added to the daily chart list.
All global equities benefited yesterday. Indeed European equities enjoyed the risk-on sentiment, as the STOXX 600 rose +0.82%. The German DAX strongly outperformed, jumping +1.47% to another new record, propelled forward by the information technology (+2.83%) and consumer discretionary (+2.82%) sectors. The MSCI EM index increased +0.86%.
It wasn’t just Nvidia that helped the mood yesterday, with data largely supportive on both sides of the Atlantic. In the US, weekly jobless claims at 201k (vs 216k expected) were a boost even if it helped keep yields elevated (see below). Continuing claims also fell more than expected to 1862k (vs 1884k). This reverses the gentle increases from previous weeks, adding to the picture of US economic resilience. Taking the edge off the day’s overarching trends, the US composite PMI modestly fell 0.6 points to 51.4 (vs 51.8 expected), driven by a fall in the services component to 51.3 (vs 52.3 expected). The manufacturing component rose to 51.5 (vs 50.7 expected).
With this overall supportive backdrop, Fed speakers continued to urge caution regarding Fed cuts with Vice Chair Jefferson warning of the risk of “easing too much on improving inflation” after the January “CPI highlight[ed] disinflation is likely to be bumpy.” He still said that it is “likely appropriate to cut later this year” but it was a slightly hawkish message from someone around the center of the FOMC. Philadelphia Fed president Harker made some mixed comments, saying he “would caution anyone from looking for [rates easing] right now and right away” but later suggesting that cuts could come within “a couple of meetings”. Later on, we heard a patient tone from Governor Waller, who noted that there was “no great urgency” to ease policy, as well as from Minneapolis Fed President Kashkari, who said “we still have some work to do” on inflation.
Fed funds futures saw expectations of 2024 rate cuts sink to a new 3-month low of 81.5bps (-5.2bps), which is less than half what priced at the peak on January 12. As a result, 2yr Treasury yields rose +4.6bps to 4.71%, their highest since the December Fed meeting. The softer PMI data saw 10yr Treasuries waver between gains and losses, ultimately finishing the day +0.3bps at 4.32%. Yields saw a bit of volatility, but little lasting impact, around a soft 30yr TIPS auction. This saw bonds issued at a 2.20% real yield, 2.5bps above the pre-sale yield and the highest since 2010 (the last 30yr TIPS auction was back in August).
In Europe, the main release was the preliminary February PMIs, which saw the composite rise 1pt to 48.9 (vs 48.4 expected). This puts the index at an 8-month high, with the overall Euro Area growth outweighing a slump in German manufacturing. This was led by the services PMI, which rose to 50.0 (vs 48.8 expected), its first time out of contractionary territory since July. Adding to this, the publication of the ECB’s January meeting accounts showed officials were of the view that the risk of cutting rates too early was the greater danger relative to holding them steady, particularly with the limited indications of a wage turnaround. This signal of patience came even as there was “increased confidence” that inflation would come back to target and with the accounts flagging the likely lowering of the ECB’s inflation forecast at the March meeting. See our economists’ full take on the accounts here .
Against this backdrop, traders trimmed bets of an ECB cut. The amount of rate cuts expected by the June meeting fell -4.2bps to 25.3bps, so only just pricing in a full rate cut by June. As many as 75bps of cuts had been priced by June back in late December. Off the back of this, the 2yr bund yields rose +5.4bps, even as 10yr bund yields saw a marginal decline (-0.7bps).
In the energy space, strong risk sentiment and lingering supply fears saw Brent crude prices post their highest close since early November (+0.77% to $83.67). In more encouraging news for inflation, month-ahead TTF natural gas prices fell to their lowest since May 2021 (-4.59% to EUR 22.85/MWh) as mild weather and curtailed industrial demand have left Europe with historically high gas storage as it nears the end of winter.
Asian equity markets are relatively quiet after a big week. As I check my screens, the KOSPI (+0.26%) and the S&P/ASX 200 (+0.34%) are trading in the green while Chinese equities alongside the Hang Seng keep on fluctuating in and out of positive territory. Markets in Japan are closed for a public holiday which means no cash Treasury trading. US equity futures are fairly flat.
Now to the day ahead. In terms of data releases, we will have UK February GfK consumer confidence, Germany Q4 private consumption, government spending and capital investment, and the February ifo survey, as well as the ECB’s Consumer Expectations Survey. We will also hear from the Fed’s Waller, the ECB’s Schnabel, and the BoE’s Greene.
.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Commodities clipped & equities slightly softer, awaiting geopolitical updates – Newsquawk US Market Open
FRIDAY, FEB 23, 2024 – 06:10 AM
- European equites are around flat, whilst US futures are slightly softer following the prior day’s strength
- Dollar is flat and around 104.00, JPY is softer following continued hawkish Fed speak
- Bonds are softer but Bunds/Gilts yet to test Thursday’s lows, fleeting hawkish move on Ifo/ECB Consumer survey
- Commodities pressured with catalysts light thus far; White House announces new Russian sanctions
- Looking ahead, ECB’s Schnabel
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EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx600 (+0.1%), have not deviated much from levels seen at the open, with trade fairly tentative after the prior day’s strength. The FTSE MIB (+0.6%) is the exception, lifted by continued strength in the Italian banking sector.
- Sectors are mixed; Chemicals take the top spot, lifted by post-earning strength in BASF (+0.5%). Autos build on the prior day’s gains after Barclays upgraded Mercedes Benz (+1.5%). Telecoms is the clear laggard, hampered by Deutsche Telekom’s (-1.7%) results.
- US Equity Futures (ES -0.1%, NQ -0.2%, RTY -0.6%) are subdued, paring back some of the pronounced strength in the prior session. Nvidia soared as much as 16% in the prior session and is higher by 1.8% in the pre-market.
- Click here and here for the sessions European pre-market equity newsflow, including earnings from Allianz, BASF and more.
- Click here for more details.
FX
- DXY is pivoting around the 104.00 mark within a 103.85-104.01 range and contained within yesterday’s 103.43-104.12 parameters.
- Uneventful trade for EUR/USD with the pair sandwiched between its 100DMA at 1.0811 and 200DMA at 1.0826. IFO did little to move the dial, whilst ECB inflation expectations posted a modest uptick for the 1yr reading.
- Hawkish Fed rhetoric has seen the JPY lose further ground to the dollar with focus on a potential test of the recent YTD peak at 150.88. Such a move could prompt verbal jawboning from Japanese officials.
- NZD is the marginal laggard across the majors following soft retail sales overnight. AUD is trivially firmer vs. the USD with the pair supported via favourable risk dynamics.
- PBoC set USD/CNY mid-point at 7.1064 vs exp. 7.2008 (prev. 7.1018).
- Click here for more details.
FIXED INCOME
- Once again, initial leads were bearish with EGBs veering lower throughout the morning. The German Ifo release which printed alongside the latest ECB Consumer Inflation survey, saw a slight increase in the 12-month view. Reaction to the data was hawkish, but not sufficient to trigger a test of 132.00.
- USTs are following their European peers with the pressure resulting in a slight uptick in pricing for the Fed, but very close to the Fed’s own view; currently near lows at 109-10.
- Gilt price action is in-fitting with Bunds with specifics light so far. Overall bearish action has pressured Gilts to a 97.10 trough.
- Italy sells EUR 4bln vs exp. EUR 3.5-4bln 3.20% 2026 BTP Short Term and EUR 0.5-1.0bln 1.50% 2029 & EUR 2.55% 0.25-0.5bln 2041 BTPei.
- Click here for more details.
COMMODITIES
- A weak session for crude prices this morning despite a lack of fresh or clear fundamental drivers, although sentiment has been gradually coming off best levels this morning; Brent Apr dipped back under USD 83/bbl.
- Precious metals also see broad weakness, despite a relatively contained Dollar and quiet news flow, whilst risk appetite has been waning from best levels in recent trade; XAU holds around USD 2020/oz; base metals are lower across the board.
- QatarEnergy is due to make an announcement on Sunday that will have “a significant impact” on the industry, according to Reuters sources; details light
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- ECB’s Holzmann says the main risk to rake cuts is Red Sea tensions, via Bloomberg TV; Some wage increases have been quite high. Better to cut later and faster than too early. ECB hopes for cuts but have been wrong before. Does not see circumstances for the ECB to cut before the Fed.
- ECB’s Schnabel says monetary policy has had a weaker impact on dampening demand for services
- ECB’s Nagel says it is too early to cut rates even if a move appears tempting; will only get a key price pressure in Q2, then “we can contemplate cut in interest rates”; price outlook is not yet clear enough. Period of rapid inflation is over, and some setbacks ahead are possible. Inflation, including “hard core” will remain markedly higher than 2% in coming months.
- ECB Consumer Inflation Expectations Survey (Jan) – 12-months ahead 3.3% (prev. 3.2%); 3-year ahead 2.5% (prev. 2.5%)
- UK Ofgem Energy Price Cap (GBP): 1,690 (exp. 1,656; prev. 1,928), -12.3% (exp. -14%) for dual-fuel households.
DATA RECAP
- UK GfK Consumer Confidence (Feb) -21.0 vs. Exp. -18.0 (Prev. -19.0)
- Swiss Non-Farm Payrolls (Q4) 5.488M (Prev. 5.465M, Rev. 5.465M)
- German Ifo Expectations New (Feb) 84.1 vs. Exp. 84 (Prev. 83.5); Ifo Business Climate New (Feb) 85.5 vs. Exp. 85.5 (Prev. 85.2); Ifo Current Conditions New (Feb) 86.9 vs. Exp. 86.7 (Prev. 87, Rev. 86.9)
EARNINGS
- Standard Chartered (2888 HK / STAN LN) – FY23 (USD): adj. Pretax 5.7bln (exp. 5.89bln, prev. 4.76bln Y/Y), adj. Op Revenue 17.4bln (exp. 18.6bln, prev. 16.3bln Y/Y). Announces USD 1bln share repurchase. Guides initial FY24-26 op. income growth at the top of the range +5-7%. Underlying profit before tax rose 27% Y/Y to 5.7bln, NII rose 23% Y/Y to 9.6bln, Q4 adj. pretax 1.08bln (exp. 989.6mln), Co. announces USD 1bln buyback. (Newswires) Index Weightings: FTSE 100 (0.8%). Shares +8.1% in European trade
- Allianz (ALV GY) – Q4 (EUR): Adj. EPS 6.00 (exp. 5.69, prev. 4.99 Y/Y), Op. 3.77bln Y/Y (prev. 3.96bln Y/Y). Guides initial FY24 Op. 13.8-15.8bln. Proposes to increase FY dividend to EUR 13.80 (exp. 12.08, prev. 11.40), announces buyback programme of up to EUR 1bln, to be conducted between March 2024 and year-end. Regular dividend payout ratio increased to 60% (prev. 50%). This new dividend policy shall already apply to the dividend for fiscal year 2023 (Newswires) Index Weightings: DAX (7.9% – third largest), Euro Stoxx 50 (3.0%), Stoxx 600 (1.0%) Shares -3.2% in European trade
- BASF (BAS GY) – Q4 (EUR): Revenue 15.9bln (exp. 16.2bln). Adj. EBIT 292mln (exp. 398mln). Sees 2024 operating profit between EUR 13.8-15.8bln (exp. 15.48bln). Guides FY24 EBITDA 8-8.6bln, FCF 0.1-0.6bln. Proposes dividend of EUR 3.40/shr for FY23. Targeting cost-saving plans of up to EUR 1bln by the end of 2026. (Newswires) Index Weightings: DAX 40 (3.6%), Euro Stoxx 50 (1.4%), Stoxx 600 (0.4%) Shares +0.5% in European trade
- Deutsche Telekom (DTE GY) – Q4 (EUR): Adj. Net 1.83bln (exp. 1.63bln), Adj. EBITDA 10.06bln (exp. 10.1bln), Revenue 29.4bln (exp. 28.5bln). Guides initial FY24 EPS > 1.75 (exp. 1.84), Adj. EBITDA 42.9bln. (Newswires) Index Weightings: DAX 40 (6.2%), Euro Stoxx 50 (2.3%), Stoxx 600 (0.8%) Shares -2.7% in European trade
NOTABLE US HEADLINES
- Fed’s Cook (voter) said she would like to have greater confidence that inflation is converging to 2% before beginning to cut the policy rate and believes risks towards achieving employment and inflation goals are moving into a better balance, while she now sees two-sided risks in considering monetary policy. Cook also stated she is weighing the risks of easing policy too soon which could keep inflation high, versus easing too late and harming the economy. Furthermore, she believes the current monetary policy stance is restrictive and sees an eventual rate cut as adjusting policy to reflect a shifting balance of risks.
- Fed’s Waller (voter) said data since his last speech on January 16th reinforced his view that they need to verify inflation progress from H2 2023 will continue which means there is no rush to begin cutting rates, while it is appropriate to be patient, careful and methodical given the economy’s strength and recent inflation data. Waller added the recent CPI report serves as a reminder that inflation progress is not assured and it is unclear if the CPI increase is due to seasonal factors and housing costs, or indicates more persistent inflation. Waller also said that more data is needed to determine if the January CPI increase was significant or just noise which means waiting longer before he has enough confidence that starting rate cuts will keep them on the 2% inflation path. Furthermore, he said the start of policy easing and the number of rate cuts will depend on incoming data and believes the committee can wait a little longer before easing monetary policy, as well as warned that cutting too soon could undermine inflation progress and risks considerable harm to the economy.
- Goldman Sachs pushed back its first Fed rate cut forecast to June from May and now only sees 4 cuts this year instead of 5 cuts.
- White House announces more than 500 new sanctions against Russia for its ongoing war in Ukraine and death of Kremlin critic Navalny; will target defense industrial base, procurement networks
GEOPOLITICS
MIDDLE EAST
- US charged four mariners from an Arabian sea vessel transporting suspected Iranian-made advanced conventional weapons.
- “Israeli Foreign Minister: We will not be patient for a longer period in order to reach a diplomatic solution on the Lebanese front”, according to Sky News Arabia
OTHER
- China’s envoy for Korean Peninsula affairs told US’s North Korea affairs official that China will continue to play a constructive role in promoting the political settlement of issues concerning the Korean Peninsula and said all parties concerned should acknowledge the core of the Korean Peninsula issue, as well as address their concerns through balanced and meaningful dialogue, according to Reuters.
CRYPTO
- Bitcoin (-1%) is lower and edges back towards USD 50k.
APAC TRADE
- APAC stocks mostly benefitted amid tailwinds from the tech-led surge in the US on the NVIDIA wave as its shares surged over 16% and its market cap increased by a record USD 277bln.
- ASX 200 finished higher with gains led by outperformance in tech, consumer stocks and financials.
- KOSPI kept afloat with South Korea to execute a record KRW 398tln budget in H1 to prop up domestic demand.
- Hang Seng and Shanghai Comp. were mixed with the tech sector facing headwinds from ongoing trade-related frictions, while the mainland was indecisive as participants digested the PBoC’s liquidity injection, CSRC’s denial of regulatory measures, and the latest Home Price data which showed a steeper Y/Y fall in property prices.
NOTABLE HEADLINES
- US and China are in talks over innovative emerging market debt plans to prevent a surge in defaults.
- China has reportedly turned to private firms to hack an array of foreign governments and organisations, while files indicate China infiltrated the cyberinfrastructure and collected data of government departments in Malaysia, Thailand and Mongolia, according to FT citing a large data leak from Shanghai Anxun Information Technology.
- China’s Embassy in the UK commented regarding UK sanctions on Chinese companies in which it stated that sanctions against relevant companies are ‘unilateral actions that have no basis in international law’ and it is firmly opposed to them, while it would like to inform the British side that any act that undermines China’s interests will be resolutely countered by the Chinese side, according to Reuters.
- US export curbs on China won’t extend to legacy chips which generally refers to 28-nanometer and older-generation semiconductors, according to US official cited by Nikkei.
- US lawmakers urged Volkswagen (VOW3 GY) to halt operations in Xinjiang after vehicles with Chinese components were held at US customs.
- Chinese commercial banks sold a net USD 9.8bln of FX in Jan (vs net sale of USD 4.3bln in Dec), according to FX regulator.
- China’s CSRC vows to crack down on market manipulation and insider trading, will step up onsite inspection of listing candidates.
- Fitch on China says it believes rate cuts will deliver only a minor boost to economic activity.
- Chinese Cabinet meeting says they are to study measures to attract and utilise foreign investment on a larger scale; to study measures to prevent and resolve local debt risks
DATA RECAP
- Chinese New Home Prices MM (Jan) 0.4% (Prev. -0.5%); New House Prices YY (Jan) -0.7% (Prev. -0.4%)
- New Zealand Retail Sales QQ (Q4) -1.9% (Prev. 0.0%); Retail Sales YY (Q4) -4.1% (Prev. -3.4%)
2C ASIA AFFAIRS
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 16.52 PTS OR 0.56% //Hang Seng CLOSED DOWN 17.09 PTS OR 0.10% / Nikkei CLOSED FOR HOLIDAY
//Australia’s all ordinaries CLOSED UP 0.43% /Chinese yuan (ONSHORE) closed DOWN 7.1970
//OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2058 /Oil DOWN TO 77.44 dollars per barrel for WTI and BRENT DOWN AT 82.45/ Stocks in Europe OPENED MOSTLY ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
END
3 CHINA
CHINA/USA
Number Of Chinese Illegally Crossing US-Mexico Border Surges 500 Percent In San Diego Sector
THURSDAY, FEB 22, 2024 – 11:00 PM
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
The number of Chinese nationals entering the United States illegally has surged in recent times, with the latest data from the San Diego sector showing a staggering 500 percent surge so far this year compared to the same period a year ago.
As the nation remains gripped by an illegal immigration crisis of historic proportions, there’s been an exceptionally high increase in the number of Chinese nationals—especially military-aged men—who have unlawfully crossed the U.S.-Mexico border.
Some border patrol officials and others have warned this poses a national security risk because, among those simply seeking a better life, there may be those with links to the Chinese military.
Brandon Judd, the head of the Border Patrol union, recently warned about a sharp rise in the number of military-aged Chinese men crossing the southern border illegally, saying that he believes some of them may be spies working on behalf of China’s communist regime to “infiltrate” the United States.
And now, Jason Owens, the chief of the U.S. Border Patrol (USBP), has revealed that, so far this fiscal year, the San Diego sector has seen over 20,000 apprehensions of Chinese nationals, over five times the number in the comparable period last year.
“In FY24, San Diego Sector has made +140K apprehensions with +20K of them being from China (a more than 500% increase compared to last FYTD),” Mr. Owens wrote in a post on X.
Some analysts say that deteriorating economic conditions in China, as well as human rights abuses and policies such as strict COVID-19 lockdowns, are likely driving the sharp increase in the number of Chinese nationals entering the United States illegally.
Interviews with some of the Chinese border crossers indicate much the same thing, with some blaming an increasingly repressive political climate and dour economic prospects.
However, Mr. Judd and others have suggested that for some—possibly even many—there might be a different motivation.
“Why are we seeing this influx?” he said during a recent interview on “Just the News, No Noise” TV program.
“At best, they’re just coming here for a better life or a better job. At worst, they’re coming here to be part of the Chinese government, and that’s what scares me an awful lot,” he said.
Illegal Immigrants From Adversarial Nations
In January, Border Patrol agents encountered a record number of illegal immigrants (242,587) compared to any previous January.
At the same time, the CPB numbers showed an alarming trend in the number of military-aged Chinese nationals making illegal border crossings.
CBP data shows that Border Patrol agents encountered 5,717 single Chinese adults in January, more than twice the number of any other January on record. In December 2023, that figure rose to a record of 7,581. The total since January 2023 stands at 64,979.
China is designated a “country of particular concern” by the U.S. State Department, while the FBI says that economic espionage and counterintelligence efforts emanating from China’s communist regime are a “grave threat” to America’s economic security.
Mr. Judd said in his interview on the “Just the News, No Noise” TV program that the sharp rise in the number of Chinese nationals crossing the border illegally should be looked into by U.S. law enforcement and the intelligence community.
There are “huge gangs” in the United States linked to Chinese nationals who are involved in drugs, prostitution, and other criminal pursuits, he said.
“They control everything that’s illegal in certain portions of the country,” Mr. Judd said. “We have to look into that. It’s very important that we understand why we are having so many people from China, especially military-aged men.”
‘China’s Shock Troops’
At the beginning of the current fiscal year, Chinese people were the fourth-highest nationality crossing the Darién Gap between Colombia and Panama and heading north toward the United States, after Venezuelans, Ecuadorians, and Haitians, according to The Associated Press.
Gordon Chang, a senior fellow at the Gatestone Institute and author of “The Coming Collapse of China,” wrote in a recent op-ed in The Epoch Times that, of the Chinese migrants making the dangerous trek north from points in Central and South America, “almost all are desperate, seeking a better life for themselves and their children.”
“Some, however, are coming to commit acts of sabotage,” he argued.
Mr. Chang explained that many Chinese nationals fly to Ecuador, which allows them to enter visa-free. Then, they travel to the southern edge of the Darién Gap, a 66-mile stretch of jungle that separates Colombia and Panama, typically crossing on foot. Once they get to the north side, they continue their journey to the United States, often by bus, according to the China expert.
“Some migrants are almost certainly members of China’s People’s Liberation Army (PLA),” Mr. Chang wrote.
“These military-linked migrants, despite their affiliations, have been released into America,” he argued, hinting at yet another negative consequence of the Biden administration’s catch-and-release program, under which asylum-seekers are released into U.S. communities to await asylum hearings.
In February 2023, the influx of Chinese nationals unlawfully entering the United States began to surge compared to historical averages. By summertime, the monthly figures had doubled compared to previous years.
For example, in June 2023, there were 4,117 single Chinese adults encountered by Border Patrol agents nationwide, while in June 2022, that figure was 2,324, and in June 2021, it was 1,854.
It’s estimated that more than 10 million illegal immigrants have crossed the border since President Joe Biden took office.
Republicans have blamed President Biden’s policies for fueling the border crisis, and the GOP-controlled House recently voted to impeach Secretary of Homeland Security Alejandro Mayorkas on two counts related to his management of the border.
GOP lawmakers have called for measures such as ending the Biden administration’s contentious “catch-and-release” policy, expanding expedited removals, renewing border wall construction, and reinstating the Trump-era “Remain in Mexico” policy.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EU
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
ISRAEL HAMAS/RAFAH/USA
OK then Lloyd Austen: you have 11 hostages holed up in Rafah in the tunnels: How should Israel get them to safety?
US defense chief: Israel needs a ‘credible plan’ to ensure civilian safety before entering Rafah
US Secretary of Defense Lloyd Austin spoke with Defense Minister Yoav Gallant yesterday evening about Israel’s operation against Hamas in Khan Younis, the Pentagon says in a readout of the call.
Austin stressed the need to Gallant for a “credible plan to ensure the safety of and support for the more than one million people sheltering in Rafah before any military operations proceed there,” the Pentagon says.
The two also discussed ongoing efforts to secure the release of the hostages still held captive by Hamas, as well as the need to improve access to humanitarian aid for Palestinian civilians, as looting and violence are hindering access to the convoys inside the Strip.
END
ISRAEL/HAMAS//THE DAY AFTER
Netanyahu is correct in his analysis. You cannot have terrorists on your doorstep; And you cannot reward the terrorists with statehood!
The Gaza strip is good land and they could have a terrific economy
(zerohedge)
Netanyahu Finally Presents Gaza Post-War Plan To Cabinet & It’s Sure To Anger Biden Admin
FRIDAY, FEB 23, 2024 – 11:45 AM
On Thursday night, Prime Minister Benjamin Netanyahu presented Israel’s security cabinet with a much anticipated document outlining plans for the ‘day after’ Hamas in the Gaza Strip. He’s repeatedly vowed to not stop the large-scale military operation Gaza until the terror group is completely eradicated – a tall order which some analysts say could take years to actually accomplish – and the question of who will rule Gaza in the aftermath has become a contentious one.
The US has wanted to see West Bank-based Palestinian Authority (PA) eventually take over, but Netanyahu has firmly rejected this as a plausible scenario, calling the PA ‘terror supporters’. Of the new plan presented to top officials, Israeli media writes, “The subsequently publicized document, a one-pager released overnight in Israel, is largely a collection of principles the premier has been vocalizing since the beginning of the war, but it is the first time they have formally been presented to the cabinet for approval.” Many of his ministers want to see Israel simply annex the Strip, however.
A main theme of the document is that Israel will aim to install “local officials” from among Palestinians to administer services for the Gaza Strip instead of Hamas.
They must be completely unaffiliated with Hamas, and further must not be involved with or backed by “countries or entities that support terrorism” (which means especially Qatar or Iran). There is no mention in the proposed plan of whether these might be Palestinian Authority representatives.
Another interesting main point is the establishment of a “de-radicalization plan… in all religious, educational and welfare institutions in Gaza.“
Crucially, the document lays out that “The IDF will continue the war until achieving its goals, which are the destruction of the military capabilities and governmental infrastructure of Hamas and Islamic Jihad, the return of the hostages abducted on October 7, and the removal of any security threat from Gaza Strip long-term.”
The operation will continue until Israeli forces achieve the “complete demilitarization” of the Strip “beyond what is required for the needs of maintaining public order.”
An extensive security buffer zone will also be maintained on the Palestinian side of the Strip’s border “as long as there is a security need for it” – which essentially means an indefinite occupation of this border region.
Overall the document establishes principles which are directly at odds with the Biden administration’s desired outcome of the Strip being handed over to the PA in the future. Biden and his top officials have also voiced support for a two state solution, however which the Netanyahu document denounces as a “reward for terror”.
Meanwhile, Israel’s military has declared it is safe for residents to return to communities which lie within 4km of the Gaza border. The effected 18 border settlements include Zikim, Karmia, Yad Mordechai, Erez, Or Haner, Ibim, Sderot, Nir Am, Gevim, Mefalsim, Sa’ad, Alumim, Reim, Magen, Nir Yitzhak, Shlomit, Naveh and Bnei Netzarim – according to the statement.
END
ISRAEL/.HAMAS/KHAN YOUNIS
WATCH: Terrorist throws grenade at IDF troops, quickly gunned down
Soldiers eliminated terrorists both on the ground and via drone in latest operation.
By JERUSALEM POST STAFFFEBRUARY 23, 202
https://www.jpost.com/israel-hamas-war/article-788532
=jpost&media=3672101&url=https://www.jpost.com/israel-hamas-war/article-788532The Maglan Unit operates in western Khan Yunis. February 23, 2024. (Credit: IDF Spokesperson’s Unit)
Maglan soldiers continued fighting in western Khan Yunis and, in one encounter, engaged in close-quarters combat after a terrorist threw a grenade at them, the IDF stated on Friday. The terrorist was subsequently eliminated.
The Khan Yunis encounters led Israeli troops to strike targets by air and sniper fire in addition to face-to-face ground missions, finding terrorists in hiding places.
Soldiers uncovered terrorist infrastructure within the area, finding weapons such as an AK-47 in a closet, explosives, cartridges, activation devices for explosives, and explosive sets.
Drone uncovers terrorist inside building
Troops used a drone to identify suspected terrorists hiding in a building, locating him before he began shooting at the drone, managing to down the aircraft.
https://www.jpost.com/israel-hamas-war/article-788532
Footage from a drone filming an encounter between IDF Maglan soldiers and a terrorist. February 23, 2024. (Credit: IDF Spokesperson’s Unit)
The terrorist subsequently threw a grenade at the troops, after which the soldiers opened fire on the terrorist, neutralizing him. The troops then conducted a search inside the structure, uncovering an assortment of weapons, the IDF added.
An additional four terrorists, armed with RPGs and AK-47s, were eliminated in a dense area of western Khan Yunis.
end
ISRAEL/GAZA
Israel agrees to release US flour shipment for Gaza after blocking its delivery for one month — official
By JACOB MAGID FOLLOWToday, 12:03 a
Volunteers distribute rations of soup to displaced Palestinians in Rafah in the southern Gaza Strip on February 18, 2024 (Photo by SAID KHATIB / AFP)
Israel has agreed to a new arrangement that will allow for a massive American shipment of flour for Gazan civilians to move forward after far-right Finance Minister Bezalel Smotrich blocked its transfer for over a month, a US official tells The Times of Israel.
Under the new arrangement, the flour capable of feeding 1.5 million Gazans for five months will be ferried into Gaza by the World Food Program, rather than the UNRWA relief agency for Palestinian refugees, the official says.
Prime Minister Benjamin Netanyahu privately informed the Biden administration that Israel approved the shipment in early January. The White House announced the development on January 19, as it came under increasing pressure to do more to address the humanitarian crisis in Gaza.
But more than one month later, the flour has yet to enter Gaza.
File: Palestinian crowds struggle to buy bread from a bakery in Rafah, Gaza Strip, February 18, 2024. (AP Photo/Fatima Shbair)
The shipment arrived at Israel’s Ashdod Port, but Smotrich blocked its transfer to UNRWA, which came under fire last month over allegations that 12 of its staffers participated in the October 7 terror onslaught.
The delay has angered the Biden administration, which has repeatedly noted in recent weeks that Israel the commitments it made to the president.
With the new arrangement finalized, the shipment can move forward immediately, the US official says.
However, even if the flour does make it to Gaza, it is unclear whether it will be distributed to civilians.
Recent days have seen the distribution of humanitarian aid largely ground to a halt due to Hamas police’s refusal to secure the trucks delivering the assistance through Gaza because they have repeatedly come under Israeli fire.
END
ISRAEL/WEST BANK
Risking spat with US, Israel to advance thousands of settler homes after W. Bank attack
Smotrich says over 3,000 units will be green-lit in Ma’ale Adumim, Kedar and Efrat as ‘an appropriate Zionist response’ to terror shooting that’s sure to anger US amid Gaza war
By JACOB MAGID FOLLOW
Today, 1:15 am
A housing project under constraction is seen in the West Bank Israeli settlement of Maale Adumim on June 26, 2023. (AP Photo/Ohad Zwigenberg)
Israel will advance plans for the construction of over 3,000 settlement homes in response to a deadly terror shooting in the West Bank, Finance Minister Bezalel Smotrich announced late Thursday night.
The move is almost certain to cause a rift with the Biden administration, which is already under massive domestic and international pressure over its support for Israel in the latter’s war against Hamas and has viewed Israeli settlement construction as a major impediment to an eventual two-state solution.
Smotrich said in a statement that the decision to advance plans for 2,350 new housing units in Ma’ale Adumim, 300 in Keidar and 694 in Efrat was made during a meeting he held with Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant and Strategic Affairs Minister Ron Dermer. It was the latest demonstration of the influence that the far-right minister holds in Netanyahu’s government, as the premier continues to rely on the support of his Orthodox coalition partners in order to remain in power.
“May every terrorist planning to harm us know that lifting a finger against Israeli citizens will be met with a death blow and destruction in addition to the deepening of our eternal grip on the entire Land of Israel,” Smotrich said, calling the decision “an appropriate Zionist response.”
An Israeli official said the High Planning Subcommittee — the Defense Ministry body under the auspices of Smotrich — will convene in the coming days to advance the settlement construction.
Earlier Thursday, three Palestinian gunmen opened fire near a checkpoint between Jerusalem and the West Bank settlement city of Ma’ale Adumim, killing an Israeli man and wounding 11 others.
Israeli security and rescue forces at the scene of a terror shooting attack at a checkpoint near Ma’ale Adumim in the West Bank, February 22, 2024. (Chaim Goldberg/Flash90)
Far-right ministers reacted to a deadly West Bank terror attack with calls to impose increased restrictions on the Palestinians.
They also pushed for new Israeli construction in the West Bank, as settler leaders often do in response to terror attacks. Some in the movement oppose the policy, though, arguing that it suggests that settlement construction is not as legitimate when it’s carried out irrespective of a terror attack.
Netanyahu’s government has long infuriated the Biden administration over its policies in the West Bank. Last year’s approval of a record number of settlement homes and the expansion of Israel’s footprint in the West Bank led the US to summon Jerusalem’s ambassador in Washington for the first time in over a decade. Unchecked settler violence sparked first-of-their-kind sanctions against Israeli extremists, with additional such penalties slated to be announced in the coming weeks and months, US officials told The Times of Israel earlier this week.
The officials said the Biden administration has also considered revoking the so-called Pompeo Doctrine, which deemed settlements “not per se inconsistent with international law.” The 2019 policy implemented by then-secretary of state Mike Pompeo overturned a 1978 memo by State Department legal adviser Herbert Hansell, which characterized settlements as illegal.
One senior US official speculated on Tuesday — two days before Smotrich’s announcement — that the doctrine could be revoked if Israel takes a significant step to expand its footprint in the West Bank. Notably, Israel had avoided convening the High Planning Subcommittee since the war with Hamas broke out. It last met in June 2023, breaking a record in just six months for most homes advanced in a year — 12,349.
In what may have been an attempt to soften the response from Washington, the three settlements that the top Israeli ministers earmarked for construction — Ma’ale Adumim, Efrat and Kedar — are all located west of the West Bank security barrier in areas perceived to enjoy more consensus Israeli support, as opposed to more isolated settlements dozens of kilometers east of the Green Line.
END
ISRAEL/WEST BANK/JENIN
IDF, Shin Bet confirm drone strike in Jenin that killed Islamic Jihad terrorist
By EMANUEL FABIAN FOLLOWToday, 7:09
The IDF and Shin Bet security agency confirm carrying out a drone strike in the West Bank city of Jenin last night, which they say targeted and killed a Palestinian Islamic Jihad operative who was heading to carry out a terror attack.
The target is identified by the IDF and Shin Bet as Yasser Hanoun, a resident of Jenin, and previously jailed by Israel for his involvement in Islamic Jihad activities.
The joint statement says Hanoun was involved in a large number of shooting attacks in recent months, against IDF troops, army posts, Israeli settlements, and towns over the Green Line.
Recent attacks allegedly carried out by Hanoun included gunfire at the northern kibbutz of Meirav, the settlement of Mevo Dotan, as well as the Salem and Jalamah checkpoints.
“The terrorist was eliminated while en route to carrying out an additional attack,” the IDF says.
The Palestinian Authority health ministry said another 15 people were wounded in the strike on Hanoun’s vehicle in Jenin, including two in critical condition.
כלי-טיס מאויש מרחוק של חיל-האוויר חיסל אמש בפעילות משותפת של צה”ל ושב”כ, את המחבל יאסר חנון. תושב ג’נין, מחבל הג׳יהאד האסלאמי וכלוא לשעבר על רקע מעורבותו בפעילות צבאית מטעם הארגון.
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כלי-טיס מאויש מרחוק של חיל-האוויר חיסל אמש בפעילות משותפת של צה”ל ושב”כ, את המחבל יאסר חנון. תושב ג’נין, מחבל הג׳יהאד האסלאמי וכלוא לשעבר על רקע מעורבותו בפעילות צבאית מטעם הארגון. pic.twitter.com/ymZPVKvCyQ
— Israeli Air Force (@IAFsite) February 23, 2024
end
ISRAEL/HEZBOLLAH
‘We’re running out of patience’: Israel warns UNSC Iran giving weapons to Hezbollah
Iranian shipments to Hezbollah include components for air defense systems, drones, and several different missiles.
By TZVI JOFFREFEBRUARY 23, 20
Foreign Minister Israel Katz warned that Iran has accelerated its shipments of weapons to Hezbollah through Syria since the war in Gaza began, stressing that Israel has an “inherent right…to defend its territory and its citizens” in a letter to the United Nations Security Council on Thursday.
Katz stated that Iran was committing “gross violations” of UNSC resolution 1701, as well as violations of UNSC resolutions 2231 and 1540.
“Over the past months, while Israel is engaged in an ongoing armed conflict on numerous fronts, Iran is accelerating the pace of its weapons transfers to Hezbollah,” wrote the foreign minister. “Iran is doing so by ground, using the porous Syrian-Lebanese border, as well as by air and sea, in violation of UNSCR 1701.”
According to the letter, the shipments include components for air defense systems, drones (including the Shahed-101 and Shahed-136), and several different missiles (including the Mini-Ababil and the 358 anti-aircraft interceptor).
Katz listed several Islamic Revolutionary Guards Corps (IRGC) and Hezbollah units involved in the weapons transfers, as well as several occasions on which shipments were noticed by Israel.
‘Iran is the head of the snake’
The foreign minister responded to reports about the letter in a post on X on Friday, writing, “Iran is the head of the snake. We will not be patient much longer for a diplomatic solution in the north. If the dramatic intelligence information we revealed to the Security Council does not bring about change – we will not hesitate to act.”
end
ISRAEL/HAMAS/GAZA/UNRWA
END..
USA/HOUTHIS/
end
RUSSIA/UKRAINE//USA
Biden Moving To Send Long-Range Ballistic Missiles To Ukraine
THURSDAY, FEB 22, 2024 – 08:40 PM
President Biden has just upped the ante on Ukraine aid while continuing to press House Republicans to approve the gargantuan war spending bill and its $61 billion for Kiev. Even while it’s clear Ukraine forces are being beaten back from the front lines, NBC reports this week that Biden is now closer to approving longer-range missile systems, which are capable of striking deeper into Crimea and Russian territory.
“After months of requests from Ukrainian officials, the Biden administration is working toward providing Ukraine with powerful new long-range ballistic missiles, according to two U.S. officials,” the report says.
The advanced weapon system in question here is the long-range Army Tactical Missile System (ATACMS) with a range of nearly 200 miles, significantly beyond the HIMARS systems which were already long ago provided. The HIMARS in Ukraine’s possession are commonly estimated to reach 50-60 miles.
Ukrainian Foreign Minister Dmytro Kuleba strongly suggested progress was made on the issue during his meeting with Secretary of State Antony Blinken in Munich this weekend. “I just came here from a meeting with Secretary Blinken,” Kuleba had said Saturday. “I spent a very good part of the time arguing in favor of ATACMS.”
A US official told NBC that ATACMS “would allow Ukraine to strike farther inside the Russian-held Crimean Peninsula.”
That Biden administration officials are openly boasting that this would be a motivating factor in providing the long-range missiles takes the world into highly dangerous territory, and stumbling further toward WW3.
The thinking still reflects the claim that Russia seeks to expand the war beyond Ukraine and into Europe. Kiev and its closest allies have been advancing this narrative hard of late, especially while trying to get Washington funds unblocked. For example in the wake of the fall of Avdiivka:
“The era of peace in Europe is over,” Dmytro Kuleba, Ukrainian foreign minister, told those present.
“And every time Ukrainian soldiers withdraw from a Ukrainian town because of the lack of ammunition, think of it not only in terms of democracy and defending the world-based order, but also in terms of Russian soldiers getting a few kilometers closer to your towns.”
Of course, the pro-escalation pundits have been out there pushing this narrative hard…
If Biden is serious about living up to his words, there are 3 steps to take. Send long-range fires like ATACMs and fighter jets to Ukraine now. Seize the billions in Russian assets and get them to Ukraine now. The GOP cannot obstruct these actions, only cowardice can. https://t.co/qkM6NWyba5— Garry Kasparov (@Kasparov63) February 16, 2024
Putin has already long accused the West of supplying the very weapons now more frequently being used to attack inside Russian territory. Missiles, drones, and mortars have been raining down on the Belgorod region for months now, and on oil and industrial facilities. It’s perhaps only a matter of time before a major incident involving direct NATO-Russia hostilities.
END
RUSSIA/UKRAINE
A total waste of time and effort
(zerohedge0
As US, EU Pile New Sanctions On Russia, WSJ Declares Punitive Measures Already “Failed”
FRIDAY, FEB 23, 2024 – 10:25 AM
The US and EU on Friday are piling on fresh anti-Russia sanctions as the war in Ukraine reaches two years (Saturday marking the date of the invasion) and in the wake of Alexei Navalny’s death in prison last week, which Russia has officially said was due to “natural causes”.
The US Treasury Department on Friday is unveiling over 500 new sanctions on Russia and industries connected to war sector. It’s being hailed the single largest tranche of penalties slapped on Moscow since the war’s start. This included export restrictions imposed on nearly 100 firms or individuals.
“The American people and people around the world understand that the stakes of this fight extend far beyond Ukraine,” President Biden said in a statement which first unveiled the planned sanctions. “If Putin does not pay the price for his death and destruction, he will keep going. And the costs to the United States — along with our NATO Allies and partners in Europe and around the world — will rise.”
Biden has further said the fresh action “will ensure” President Putin “pays an even steeper price for his aggression abroad and repression at home.” Washington has also sought to target individuals and entities connected with Navalny’s imprisonment.
The new Friday statement prepared by the White House additionally stated, “Two years ago, he tried to wipe Ukraine off the map. If Putin does not pay the price for his death and destruction, he will keep going.”
As for “paying the price” – just as Biden issued these words, The Wall Street Journal observed that two years after the invasion, the “biggest ever” sanctions are failing and have failed:
Two years after Russia’s invasion of Ukraine, Western sanctions have failed in their most important task—stopping the Kremlin’s war machine.
Western officials and experts say the financial, economic, military and energy sanctions imposed on Russia since February 2022 have damaged Russia’s economy and arms-production capacity, and will create serious problems for the Kremlin in the coming years. But they acknowledge the restrictions have hit more slowly than they hoped.
The report further acknowledges the merely symbolic nature of the new sanctions: “U.S. officials privately concede that the new measures set to to be announced Friday are likely to land a limited blow.”
Could a future Trump administration make a U-turn on the Russia sanctions as part of potential negotiations to end the war?
🇪🇺🇺🇦 – @ecfr data show Europeans are pessimistic about Ukraine’s ability to win war
• Just 10% of Europeans believe Kyiv will win the war; twice as many think Russia will win
• Trump 2.0 scenario may be greatest risk for Ukraine, as it could entail US U-turn on Russia sanctions pic.twitter.com/C4F5MBwVs1— Agathe Demarais (@AgatheDemarais) February 21, 2024
In tandem, the EU also announced a new round of sanctions. “Today, we are further tightening the restrictive measures against Russia’s military and defense sector,” EU foreign policy chief Josep Borrell stated. “We remain united in our determination to dent Russia’s war machine and help Ukraine win its legitimate fight for self-defense.”
The EU sanctions target 106 more officials and nearly 90 entities that include companies, banks, and government agencies. It marks the 13th package of EU measures thus far in the war.
6.Global Issues//COVID ISSUES/VACCINE ISSUES
US Vaccine Injury Compensation Program Has 10-Year Backlog Of Claims
FRIDAY, FEB 23, 2024 – 06:30 AM
Authored by Megan Redshaw via The Epoch Times (emphasis ours),
It may take more than 10 years for someone injured by a COVID-19 vaccine to receive a decision on whether their claim is eligible for compensation by the government’s vaccine compensation program—if they receive a response at all.
U.S. health officials responded to questions on America’s failing vaccine injury compensation system in a hearing that left the vaccine-injured feeling like addressing the system’s shortcomings is not a priority on Capitol Hill.
As of Jan. 1, there were 12,854 claims filed for injuries caused by COVID-19 countermeasures with the government’s Countermeasures Injury Compensation Program (CICP), including 9,600 related to injuries caused by COVID-19 vaccines. Of the 12,854 claims, 2,214 have been processed, but only 40 claims have been found eligible for compensation.
According to testimony given during a Feb. 15 hearing of the Select Subcommittee on the Coronavirus Pandemic, there’s a backlog of about 10,800 claims. With only 35 employees processing claims at a rate of 2.7 cases per employee per month, it will take about 10 years to process the remaining claims.
“I just don’t think it’s right. I think we need to streamline this process,” Rep. Rich McCormick (R-Ga.) said during the hearing. “We need to speed up this process by about tenfold in order to do our job for the American people.”
According to CICP data, as of Jan. 1, only 11 people have received compensation for their injuries out of 40 COVID-19 claims found eligible for compensation. The average award was a mere $3,700, whereas the average payout under the National Vaccine Injury Compensation Program (VICP) that handles injuries caused by routine vaccines is $490,000.
“If you die or get injured from a COVID-19 vaccine, your average payout is $3,700,” said Rep. Marjorie Taylor Greene (R-Ga.) to U.S. health officials during the hearing.
Vaccine-Injured Community Left ‘Very Disappointed’
The Select Subcommittee on the Coronavirus Pandemic met to discuss the federal government’s post-marketing surveillance of COVID-19 vaccine safety and the process for adjudicating compensation claims in the first session of a multi-part hearing titled “Assessing America’s Vaccine Safety Systems, Part 1.”
Witnesses at the hearing included Dr. Daniel Jernigan, director of the National Center for Emerging and Zoonotic Infectious Diseases at the Centers for Disease Control and Prevention (CDC), Dr. Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, and Cmdr. George Reed Grimes. Dr. Grimes is the director of the Division of Injury Compensation Programs for the Health Resources and Services Administration, the agency of the Department of Health and Human Services (HHS) that oversees both the CICP and VICP.
Prior to the hearing, React19 and the COVID-19 vaccine-injured community were looking forward to Drs. Marks, Grimes, and Jernigan answering tough questions about the failings of the Vaccine Adverse Event Reporting System known as VAERS and the CICP, co-chairman of React19 Dr. Joel Wallskog told The Epoch Times in an email.
React19 is a science-based nonprofit offering financial, physical, and emotional support for more than 30,000 individuals suffering from long-term COVID-19 vaccine injuries.
Dr. Wallskog said the vaccine-injured community was “very disappointed” by the hearing stating that most of the U.S. representatives used much of their allotted time during the hearing to “pontificate” instead of asking tough questions. The questions that were asked “failed to go into any needed detail,” with many representatives engaging in what he called nonconstructive partisan banter.
“There were no in-depth discussions of the failures of the vaccine safety monitoring systems and no discussions of remedies. There were no in-depth discussions of the obvious complete failure of the CICP and no discussion of remedies,” Dr. Wallskog added.
“The testimonies of the witnesses were generic, as they have been in the past.” At one point, a representative “suggested that those injured by the COVID-19 shots were false positives,” which was “truly insulting,” he said.
In an online interview, Dr. Wallskog said he was a physically active, successful orthopedic surgeon forced to leave his practice after experiencing transverse myelitis from his one and only Moderna vaccine. Prior to being vaccinated, Dr. Wallskog experienced an asymptomatic case of COVID-19 but followed CDC guidance and got vaccinated three months later, despite having antibodies indicative of natural immunity.
Dr. Wallskog filed a vaccine injury claim with the CICP in May 2021, received a denial in November 2022, and appealed in December 2022. He has yet to receive a response to his appeal.
How the 2 Vaccine Injury Compensation Programs Work
The CICP and VICP are the U.S. government’s two systems for adjudicating and compensating vaccine-related injuries. However, only the CICP accepts claims related to COVID-19 vaccines.
The CICP was established by the 2005 Public Readiness and Emergency Preparedness (PREP) Act to compensate individuals who “sustain a covered serious physical injury or death as a direct result of the administration or use of a covered countermeasure,” including a vaccine, medication, device, or other item used to diagnose, prevent, mitigate, or treat during a pandemic or epidemic, and provides immunity for manufacturers for the harms caused by their products. People injured by a vaccine covered by the PREP Act can only seek compensation through the CICP.
The VICP was established by the National Childhood Vaccine Injury Act of 1986, based on the U.S. Supreme Court decision in Russell Bruesewitz et al. v. Wyeth et al. that gave vaccine manufacturers, doctors, and other vaccine administrators broad liability protections when a government recommended or mandated vaccine causes permanent injury or death.
The VICP covers injury claims related to 16 common vaccines and involves a unique, no-fault tribunal housed within the U.S. Court of Federal Claims. Payouts, including attorneys fees and pain and suffering damages up to $250,000, are funded by a 75-cent excise tax per vaccine dose paid for by the pharmaceutical companies. The VICP proceedings are often drawn out into contentious expert battles, and the backlog of cases is substantial. Yet the VICP to date has awarded more than $5 billion for vaccine injuries.
It is much harder to get compensation under the CICP. Of the 13,406 claims filed since the program’s inception in 2010, only 0.3 percent of claims have been compensated. People who go through the CICP do not have the protections afforded by the U.S. legal system and only have one year from the time of their injury to file a claim—even if they don’t recognize they’ve been injured until after the one-year period has passed. There is no court, judge, or right to discovery under the CICP. Unlike the VICP, decisions regarding compensation are administratively made by Dr. Grimes’ team of 35 employees.
In establishing the CICP, Congress defined the threshold that must be met for an individual to receive compensation. To be eligible for compensation, the covered countermeasure, such as a COVID-19 vaccine, must have directly caused the covered injury. It cannot just be “temporally associated” with receiving the countermeasure, and the determination is based on “compelling, reliable, valid, medical, and scientific evidence.”
The CICP only pays unreimbursed medical expenses, a portion of lost employment income, and a death benefit. In essence, it is a payer of last resort, covering only what remains unpaid or unpayable by other third parties, such as other government benefits, workers’ compensation, or private insurance. Under the CICP, there are no damages for pain and suffering or attorney fees.
Brianne Dressen, co-chairman of React19, filed a claim with the CICP for her vaccine injury more than two years ago and, like many others, has never received a response. Even so, with an average payout of only $3,700, this doesn’t go very far in helping with Ms. Dressen’s medical expenses related to her injury, which, according to Ms. Greene, total more than $433,000 a year.
Addressing Compensation Failures ‘Is Not a Priority’
According to Dr. Grimes, for COVID-19 vaccines to be added to the VICP’s list of covered vaccines, they must be recommended by the CDC for routine administration in children and pregnant women, an excise tax must be imposed by Congress, and the secretary of HHS must provide a notice to add the vaccine to the VICP. The CDC currently recommends COVID-19 vaccines for children and pregnant women, but Congress has not taken action to impose the excise tax, nor has HHS Secretary Xavier Becerra issued a notice.
“There is no one who knows the failures of both of these programs better than those who stand to benefit or be harmed by them. That is us, the vaccine injured,” Ms. Dressen told The Epoch Times in an email.
“While the white house earmarks $10 billion for COVID vaccine distribution and vaccine confidence, the COVID vaccine injured have been paid $41,000,” Ms. Dressen said. “The numbers speak louder than any of these officials trying to tell us otherwise. Addressing the failures with vaccine injury compensation is not a priority on The Hill.”
According to the latest VAERS data, 1,626,370 adverse events following COVID-19 vaccines were reported between Dec. 14, 2020, and Jan. 26, 2024. This includes 311,196 reports of serious injuries and 37,100 deaths.
“The COVID-19 vaccine-injured community continues to feel abandoned by our health care providers, health care systems, and our federal regulatory agencies. We are dismissed, censored, and ridiculed. Our federal regulatory agencies are tasked with protecting the public. They have failed thousands of Americans injured by these shots,” Dr. Wallskog told The Epoch Times in an email.
Dr. Wallskog said React19 will continue to advocate for all Americans injured by COVID-19 vaccines, regardless of their political affiliations.
“React19 remains committed to giving the COVID-19 vaccine-injured community hope and healing despite this so-called hearing or investigation,” he added. “Rest assured, the COVID-19 shot-injured community should remain confident that React19 will stand with them until we get acknowledgment, adequate medical care, and just compensation.”
GLOBAL ISSUES
MARK CRISPIN MILLER
These numbers tell the awful truth about how many tens of thousands MORE “died suddenly” in 2021 than died in 2020 (an ever-rising spike that “our free press” keeps blacking out)
Legacy.com—the “world’s largest” archive of obituaries that anyone can read—now tells us precisely what the government-and-media don’t want us all, or anyone, to know
| Mark Crispin MillerFeb 23 |
The writing’s on the wall (if you can bear to read it), so there’s no hiding it, as this new Substack (below) makes very clear.
Read it before or after reading this piece in OffGuardian:
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Why is the ONS suddenly changing the “excess deaths” numbers?
February 21, 2024
DR PAUL ALEXANDER
Why would 49-year old Efeso Collins, the New Zealand Politician Who Pushed for Mass COVID mRNA technology Vaccination Die Suddenly After Collapsing at Charity Run? Why? In this era of DIED SUDDENLY,
following taking the Bourla Bancel Weissman et al. mRNA technology vaccine, shoul;d we not question the mRNA vaccine from Moderna, Pfizer, BioNTech? Another one bites the dust, so to speak, needlessly
| DR. PAUL ALEXANDERFEB 22 |
We need to ask Malone or Kariko or Weissman or Bourla etc. who will come forward to explain what their mRNA technology is doing to cause these deaths…can one of them come forth and help us, its been 3 years of just bullshit circular deflect talk, of preening and talk shows, can one of them tell us the truth now? The evidence is clear they brought us DEATH….
SLAY NEWS
| The latest reports from Slay News |
| Canada Backs Bill Gates’ Scheme to Block the SunThe Canadian government has announced that the country will be investing millions of dollars in taxpayer money into a scheme championed by Bill Gates that seeks to “fight climate change” by blocking out the Sun.READ MORE |
| Corporate Media Calls for Bans on Public Eating Meat to ‘Address Climate Change’: ‘Cows Are the New Coal’Corporate media outlets are ramping up their attacks on the food supply by promoting the globalist anti-farming agenda in the name of “addressing climate change.”READ MORE |
| Biden Attacks ‘MAGA Republicans,’ Trump, ‘Crazy SOB’ Putin during Rant about ‘Climate Change’Democrat President Joe Biden bizarrely lashed out at his adversaries while ranting during a speech about his “climate change” agenda.READ MORE |
| Major Cell Service Blackouts from Multiple Carriers Reported across AmericaWidespread blackouts of cell service have been reported across the country from multiple carriers, provoking fears of a major cyberattack.READ MORE |
| Democrat Pollster Demands Biden ‘Stop Hiding’ from VotersAs Democrat President Joe Biden prepares to run for re-election against his longtime political adversary, his age and mental acuity have emerged as his biggest hurdle.READ MORE |
| Former Obama Official Admits Losing Sleep over Border Crisis, Cites Mounting Terrorism RiskA former top official in Barack Obama’s administration has admitted he’s losing sleep over the mounting terrorism threat that is being fueled by Democrat President Joe Biden’s crisis at the open Southern Border.READ MORE |
| Pelosi Accused of Hypocrisy over Israel-Hamas War: ‘You Own This’Democrat Rep. Nancy Pelosi (D-CA) has been accused of hypocrisy over conflicting actions regarding Israel’s war with Hamas.READ MORE |
| Team Trump Confident Nikki Haley Will End Campaign after Crushing Defeat in South CarolinaPresident Donald Trump’s 2024 campaign has confidently predicted that Democrat-favorite Nikki Haley will end her bid for the Republican nomination after a crushing defeat in her home state of South Carolina.READ MORE |
| SCOTUS Justice Alito Raises Alarm about Religious Discrimination after Jurors Dismissed over Christian BeliefsU.S. Supreme Court Justice Samuel Alito has warned that religious discrimination against Americans with Christian beliefs is apparently becoming increasingly acceptable in society.READ MORE |
| Alabama Supreme Court Rules Frozen Embryos Are ‘Children’The Alabama Supreme Court has officially ruled that frozen embryos are considered “children” in the eyes of the law.READ MORE |
| Shark Tank’s Kevin O’Leary Slams CNN Host’s Claims about Trump’s Finances: ‘What Fraud?!’“Shark Tank” star Kevin O’Leary shot down CNN anchor Laura Coates after she tried to promote false claims about President Donald Trump’s finances.READ MORE |
| Democrat-led ‘Sanctuary’ States and Cities Funneled Millions in ‘Covid’ Aid to Support IllegalsIn order to pay for President Joe Biden’s border crisis, Democrat-led states and cities have been funneling millions in federal “Covid relief” aid into supporting illegal aliens who have flooded their so-called “sanctuaries.”READ MORE |
| Mom of Thug Arrested for Chiefs Parade Shooting Starts GoFundMe to Help Suspect Through ‘Tragic Time’The mom of one of the thugs arrested for murder over the fatal shooting at the Kansas City Super Bowl parade has started a fundraising campaign to help her son through this “tragic time.”READ MORE |
| EVOL NEWS: |
READ MORE…
LATEST NEWS:
Red Cross Caught Spiking Blood with Covid mRNA Vax – EVOL
Read more…
Riley Gaines hostage for ransom, assault investigation ‘suspended’ by SFSU police with no charges – EVOL
Read more…
Letitia James Threatens to SEIZE Trump’s Assets – EVOL
Read more…
Trump Reveals Plan For REVENGE – EVOL
Read more…
Top Model Calls Out Joe Biden After Her Home Was Robbed – EVOL
Read more…
Former Speaker Paul Ryan Thinks Not Sending Billions to Europe is “Isolationist” – EVOL
Read more…
Tucker Exposes Disgraced Former Politician – EVOL
Read more…
Oversight Democrats Pressing Pharma on Nationwide Medication Shortages – EVOL
Read more…
| LATEST NEWS: |
NEWS ADDICT
| Red Cross Caught Spiking Blood with Covid mRNA VaxThe Red Cross has been caught pumping unvaccinated patients with blood that has been tainted with Covid mRNA vaccines.READ THE FULL REPORT |
| Insider Reveals Bill Gates Running WHO: ‘Tedros Is Just a Puppet’A United Nations (UN) insider has revealed a small handful of unelected globalists are secretly running the World Health Organization (WHO).READ THE FULL REPORT |
| Trump Reveals Plan For REVENGEPresident Donald Trump stated that he does not plan on seeking retribution against his political adversaries upon his return to the White House. In a Fox News town hall in Greenville, South Carolina, Trump mentioned to host Laura Ingraham that his focus will be on achieving success instead. This statement came in response to a question posed by a woman …READ THE FULL REPORT |
| Top Model Calls Out Joe Biden After Her Home Was RobbedCorinna Kopf, an American model and Fortnite gamer, expressed her dissatisfaction with President Joe Biden and California Governor Gavin Newsom (D) following a burglary incident at her residence in the Democrat-controlled city of Los Angeles. “thank you gavin newsom, honorable mention to joe biden,” Kopf wrote in a social media post. The post included a video of Abigail Ratchford’s residence …READ THE FULL REPORT |
| Letitia James Threatens to SEIZE Trump’s AssetsIf President Donald Trump fails to pay the politically motivated $355 million fine issued by radical Judge Arthur Engoron, New York’s Democrat Attorney General Letitia James has warned of the possibility of seizing his assets. “If he does not have funds to pay off the judgment, then we will seek, you know, judgment enforcement mechanisms in court, and we will …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| Covid Shots Were ‘Designed to Kill,’ Top Scientist WarnsA globally celebrated scientist has uncovered explosive evidence to suggest that Covid mRNA shots were developed as a mass depopulation tool, warning they were “designed to kill.”READ THE FULL REPORT |
| Google Unleashes Ultra-Woke AIGoogle’s most recent AI chatbot, Gemini, is receiving criticism for producing politically correct yet historically inaccurate images in response to user prompts.READ THE FULL REPORT |
| Judge Delivers Blow to Biden’s Climate Agenda by Ruling Against Lawsuit on Gas StovesA federal court has largely dismissed a class-action lawsuit filed by a California citizen who claimed that a major appliance maker committed fraud by misrepresenting his gas-powered stove as safe despite its emissions.READ THE FULL REPORT |
| Judge Engoron Adds Insult to Injury After $354 Million Ruling Against TrumpA New York judge denied President Donald Trump’s effort to delay enforcement of a $354 million judgment on Thursday.READ THE FULL REPORT |
| Biden Whistleblower Arrested Under ‘Bizarre Circumstances’ Days After Judge Ordered His ReleaseFederal law enforcement personnel rearrested the FBI source behind claims that a Ukrainian energy company bribed Hunter and Joe Biden days after a judge ordered him to be released, according to a court filing.READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
PAKISTAN
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0838 UP .0013
USA/ YEN 150.48 UP 0.013 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2695 UP .0035
USA/CAN DOLLAR: 1.3467 DOWN .0015 (CDN DOLLAR UP 15 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 16.52 PTS OR 0.56%
Hang Seng CLOSED DOWN 17.09 POINTS OR 0.10%
AUSTRALIA CLOSED UP 0.43% // EUROPEAN BOURSE: MOSTLY ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 17.09 PTS OR 0.10%
/SHANGHAI CLOSED UP 16.52 PTS OR 0.56%
AUSTRALIA BOURSE CLOSED UP 0.43%
(Nikkei (Japan) CLOSED
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2027.75
silver:$22..76
USA dollar index early FRIDAY morning: 103.71 DOWN 17 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.030% DOWN 4 in basis point(s) yield
JAPANESE BOND YIELD: +0.721% UP 1 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.250 DOWN 8 in basis points yield
ITALIAN 10 YR BOND YIELD 3.8091 DOWN 9 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.371 DOWN 4 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0821 DOWN 0.0004 or 4 basis points
USA/Japan: 150.36 DOWN 0.012 OR YEN UP 1 basis points/
Great Britain/USA 1.2672 UP .0011 OR 11 BASIS POINTS //
Canadian dollar DOWN .0010 OR 10 BASIS pts to 1.3515
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.1972
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2050)
TURKISH LIRA: 31.07 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.721…
Your closing 10 yr US bond yield DOWN 6 in basis points from WEDNESDAY at 4.262% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.387 DOWN 8 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.694 DOWN 2 BASIS PTS.
GOLD AT 10;30 AM 2033.40
SILVER AT 10;30: 22.83
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 25.45 PTS OR 0.33%
German Dax : CLOSED UP 56.13 PTS OR 0.71%
Paris CAC CLOSED UP 47.11PTS OR 0.27%
Spain IBEX CLOSED DOWN 6.00 PTS OR 0.06%
Italian MIB: CLOSED UP 324.24 PTS OR 1.00%
WTI Oil price 77.20 12: EST/
Brent Oil: 82.26 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92.85; ROUBLE DOWN 0 AND 0//100
GERMAN 10 YR BOND YIELD; +2.371 DOWN 4 BASIS PTS
UK 10 YR YIELD: 4.0705 DOWN 4 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0821 DOWN .0004 OR 4 BASIS POINTS
British Pound: 1.2670 UP .0009 or 9 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.146 UP 1 BASIS PTS//
JAPAN 10 YR YIELD: 0.711%
USA dollar vs Japanese Yen: 150.49 UP 0.018//YEN DOWN 2 BASIS PTS//
USA dollar vs Canadian dollar: 1.3502 UP .0019 CDN dollar DOWN 19 basis pts)
West Texas intermediate oil: 76.62
Brent OIL: 81.68
USA 10 yr bond yield DOWN 7 BASIS pts to 4.253%
USA 30 yr bond yield DOWN 9 BASIS PTS to 4.374%
USA 2 YR BOND: DOWN 2 PTS AT 4.690%
USA dollar index: 103.88 DOWN 0 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 31.03 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92.85 UP 0 AND 0/100 roubles
GOLD 2036.45 3:30 PM
SILVER: 22.93 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 62..42 PTS OR 0.16%
NASDAQ DOWN 67.09 PTS OR 0.37%
VOLATILITY INDEX: 13.74 DOWN 0.80 PTS OR 5.50%
GLD: $188.62 UP 1.06 OR 0.57%
SLV/ $20.99 UP .17 OR 0.82%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Best Week For Bullion In 2024 As Mega-Caps Melt-Up On Bad Breadth
FRIDAY, FEB 23, 2024 – 04:00 PM
Ok, so everyone knows, NVDA is awesome, topping $2 trillion in market cap intraday this week (after a $2BN hike above consensus)…
Source: Bloomberg
…but today saw a smidge of profit-taking…
MAG7 stocks were obviously up on the week (the sixth in the last seven), but today’s weakness took the basket back below its prior record high…
Source: Bloomberg
There’s no way, right?
Source: Bloomberg
Small Caps ended the week down around 1% while the rest of the majors surged 1.5-2% on this holiday-shortened week…
And the best-performing sector of the week was… drum roll please… NOT tech. Consumer Staples were best, energy worst (but green), and Technology middle of the pack…
Source: Bloomberg
Bonds were bid to end the week with the long-end outperforming overall and the curve flattening around the 5Y…
Source: Bloomberg
The yield curve (2s30s) flattened bigly on the week to its most inverted since 2023…
Source: Bloomberg
Rate-cut expectations for 2024 continued to slide, now at just a 30% chance of 4 cuts (70% of 3)…
Source: Bloomberg
…and June is now the favored month for rate-cuts to start…
Source: Bloomberg
But stocks don’t care about The Fed… for now…
Source: Bloomberg
Macro data continued to strengthen – just as we said it would given the lagged impact of the massive loosening of financial conditions…
Source: Bloomberg
Gold ended the week with its best day in February, up 6 of the last 7 days to close at the highs sine the start of the month…
Source: Bloomberg
The dollar drifted lower on the week, but recovered from an ugly overnight puke on Wednesday
Source: Bloomberg
Bitcoin drifted lower this week…
Source: Bloomberg
Despite solid net inflow from ETFs…
Source: Bloomberg
While bitcoin was down, ethereum significantly outperformed, topping $3,000 during the week. This dragged ETH up to one-month highs relative to BTC…
Source: Bloomberg
Oil prices tested up to January’s highs (WTI $79) before fading back lower today and lower on the week…
Source: Bloomberg
Finally, under the hood, it’s kinda worrying…
the S&P jumped more than 2% on Thursday as investors cheered blowout results from Nvidia Corp., even though only 73% of its members advanced. That’s the lowest participation for an up day of this magnitude since the immediate aftermath of the 2020 election, when the S&P 500 gained 2.2% while only 47% of its members went up. Since then, 2% up days have been accompanied by an upward move in 92% of its stocks, on average, data compiled by Bloomberg show.
As Jason Goepfert noted on X, the performance divergence between the S&P 500 Index and individual stocks on the New York Stock Exchange was even more extreme. The index’s 2.1% rally came as less than 60% of stocks on the New York Stock Exchange advanced. The mismatch was seen just three other times in the past 60 years – 1987, 2008 and 2020, data compiled by Sentimentrader show.
The Arms Index, also called the Short-Term Trading Index, or TRIN, compares the number of advancing and declining stocks to advancing and declining volume. Readings below 0.5 historically suggest there’s more demand for shares since that would mean volume is higher in the average up stock than down ones, while a move above 2.0 is a sign investors are dumping equities, according to market technicians. Following Thursday’s rally, it sat at a level of 1.3, meaning buying pressure was still well off its peak from late last year.
And as Nomura’s Charlie McElligott noted earlier, the most analogous week to this week, just happens to be 1/7/2000 (in terms of spot, vol, and breadth moves).
MORNING TRADING//
end
AFTERNOON TRADING/
II USA DATA
end
TUCKER CARLSON
III USA ECONOMIC COMMENTARIES
Joe Biden’s EV Mandate “Vision” For America Is In Full Collapse
THURSDAY, FEB 22, 2024 – 10:40 PM
Color us not surprised, but another one of the Biden administration’s “visions” for forcing people to own electric vehicles isn’t working out exactly as planned.
This time it deals with supply chain logistics, with Bloomberg reporting this week that in the year and a half since passing the Inflation Reduction Act, automakers are finding out the hard way that the rigorous criteria for manufacturing batteries using materials from the United States and its free-trade allies could render them cost-inefficient compared to global competitors.
Companies like Tesla are instead taking advantage of a temporary shift in the rules to stock up with cheaper batteries from countries like China.
The Biden administration’s new rules will all but cut out China from the supply chain, however, which will make it tougher to find affordable metal suppliers.
This, in turn, will threaten President Biden’s goal to boost the domestic electric vehicle market. Bloomberg writes that mining companies and labor unions insist that without curtailing the influx of cheaper, Chinese-subsidized materials, the U.S. can’t develop a competitive EV market.
Meanwhile, the higher costs are driving automakers away from EVs. And as battery material requirements are set to double by 2027, fulfilling these mandates will be increasingly difficult, putting Biden’s ambitious EV strategy at risk.
The demand side of the equation also looks less than favorable. We wrote just hours ago about how Ford was slashing prices on its Mach E and Lightning 150. Tesla has been slashing prices to stoke demand for nearly a year now.
Both Ford and GM have said they’re going to curtail their investment in EVs. General Motors, who posted better than expected earnings earlier this month, said that it plans on changing its product lineup to include more hybrid vehicles, drifting away from pure electric vehicles.
CEO Mary Barra said on the earnings call: “Let me be clear, GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure.”
Recall, a report from Consumer Reports last year found that electric vehicles have almost 80% more problems and are “generally less reliable” than conventional internal combustion engine cars.
But hey, what good is a “free” market if the government doesn’t have complete and total control of consumer choice, right Joe?
END
“Absolutely Crazy”: Vacant LA Office Tower To Be Torn Down For Just 30 New EV Charging Stations
THURSDAY, FEB 22, 2024 – 10:00 PM
Kyle Bass, the founder of Dallas-based Hayman Capital Management, explained last year that the office tower segment of the commercial real estate sector is in such dire straights that towers need to be demolished as demand isn’t returning. He also mentioned converting these towers into residential apartments may not be feasible in some cases.
“It’s one asset class that just has to get redone, and redone meaning demolished,” Bass told Bloomberg in an interview.
In recent months, Vornado Realty Trust’s property near Madison Square Garden halted construction of a planned 61-floor office tower after Hotel Pennsylvania was demolished. The unfolding CRE crash forced Vornado to pause construction, with new plans of “temporarily” converting the property into tennis courts for the US Open.
The trend emerging for older towers is a complete tear-down. However, building a new office tower is no longer a viable option, considering the US market has years of elevated supply overhanging the market.
Here’s a great visual from a recent Morgan Stanley note showing how the CRE office segment is plagued with supply.
So, the trend at play is to tear down older towers, but what comes next?
Well, X user Triple Net Investor, citing a recent note from real estate firm CoStar, pointed out that a 68,000-square-foot office tower at 8121 Van Nuys Blvd. in Los Angeles is slated for demolition.
What comes next might be surprising. And it’s not a tower, but actually, the very real possibility of a charging station for electric vehicles.
“Add electric vehicle charging to the list of new uses envisioned to replace underused offices across the United States,” CoStar said.
This is absolutely crazy…
An owner of an office building in LA is seeking approval to tear down the building and construct 30 EV charging stations
I don’t know what’s crazier…this headline or seeing office properties drop 80-90% in just a few years
The commercial real… pic.twitter.com/kTDv4dCb8h— Triple Net Investor (@TripleNetInvest) February 22, 2024
Triple Net Investor said, “I don’t know what’s crazier…this headline or seeing office properties drop 80-90% in just a few years.”
end
Home foreclosures are rising in these states, but aren’t at a worrying level yet
Feb. 23, 2024 at 1:21 p.m. ET
MarketWatch
The increase in foreclosure activity was ‘notable,’ CEO of Attom says
Foreclosures ticked up in January, signaling distress among some homeowners, according to a new report.
The report by Attom, an analytics company that specializes in real-estate data, noted that the number of U.S. properties with foreclosure filings rose to 33,270 in January, up 5% from a year ago. Foreclosure filings in January were also up 10% from December.
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post- holiday progression of filings through the legal system,” Attom Chief Executive Rob Barber said in a statement. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics.”
Foreclosure filings include default notices, a public notice that a homeowner is now in default on their mortgage because they’ve missed so many payments. The filings can also include notices of scheduled auctions, meaning that a foreclosed house will be sold at a public auction, and notices of bank repossessions, which means a bank has taken ownership of the property.
Foreclosures shot up as the real-estate bubble burst in the lead-up to the 2008 financial crisis, and the number of homes with at least one foreclosure filing soared from 717,522 in 2006 (0.6% of all housing units) to 2,330,483 in 2008 (1.8% of all housing units), according to the Pew Research Center.
But January’s “notable increase” in foreclosure activity, as Attom put it, was not worrisome, one economist told MarketWatch.
The uptick in foreclosure activity comes as high mortgage rates and home prices have pushed up the cost of home ownership in the last two years. The median price was $379,100 as of January. The median monthly mortgage payment was roughly $2,600, based on current rates, according to Redfin.
“It’s possible that some homeowners are feeling mortgage payment stress as their excess pandemic savings have run dry, higher prices eat more of the monthly budget and student loan repayments have resumed,” Mark Fleming, chief economist at First America, told MarketWatch. Credit-card and auto-loan delinquencies are also at the highest point in over a decade.
“But foreclosures are still few and far between (below 0.5 percent of all mortgages) as homeowners also have record amounts of home equity,” he added.
“Mortgage payment stress is necessary, but not sufficient” for people to end up in foreclosure, Fleming said, unless they lack equity in their home.
Where home foreclosures rose
Lenders repossessed nearly 4,000 properties through completed foreclosures in January, Attom noted, which was up 13% from a month ago. It was the first month-over-month increase in completed foreclosures since July 2023, the company noted.
States that saw the biggest jump in repossessions included Michigan, where the rate rose by 200%; Minnesota, up 47%; and California, up 43%.
Among the 224 metro areas with a population of at least 200,000, repossessions in January were the highest in Detroit, Chicago and New York City.
The highest foreclosure rates in January were in Delaware, where one in every 2,269 housing units had a foreclosure filing, followed by Nevada and Indiana.
Lenders also started the foreclosure process on 21,770 properties in January, which was up 6% from the previous month.
Among the metro areas with populations over 200,000, foreclosure starts were the highest in New York City, Houston, and Los Angeles. In New York, N.Y., lenders started the foreclosure process on 1,470 properties.
House Dems Squeeze Johnson Over Freedom Caucus Demands
FRIDAY, FEB 23, 2024 – 01:05 PM
House Democrats are in a panic after the Freedom Caucus began pushing for a one-year spending stopgap that contains deep spending cuts to the tune of “$100 billion in year one,” according to a Wednesday letter from the Freedom Caucus to Speaker Mike Johnson (R-LA).
In a letter to Johnson and other Congressional leaders, Democrats warned against caving to the Freedom Caucus, and that spending bills should be advanced “without harmful poison pill policy riders” (deep spending cuts) that the GOP has called for, Axios reports.
“Clean funding bills – free of contentious poison pill riders that members of both parties oppose – represent the best path forward,” they said, adding that they want to stick to 2023 levels as agreed to in January.
Democrat signers include: House Judiciary Committee Ranking Member Jerry Nadler (D-NY), Rules Committee Ranking Member Jim McGovern (D-MA) and Progressive Caucus Chair Pramila Jayapal (D-WA), along with centrist Reps. David Scott (D-GA) annd Mike Thompson (D-CA).
The Freedom Caucus wants to, among other things, block federal funding for gender affirming care, defund anti 2nd Amendment activities, prohibit DEI programs, block student loan forgiveness, and bringing DHS Secretary Alejandro Mayorkas’ salary to zero.
According to the Freedom Caucus, failure to include these provisions will “reduce the probability that the appropriations bills will be supported by even a majority of Republicans,” wrote 28 of the caucus’ members.
If there’s no new budget by April 30, 1% across-the-board cuts kick in.
Johnson is in the same tough spot as his predecessor, Rep. Kevin McCarthy – risking a shutdown by siding with the Freedom Caucus on the one-year spending stopgap, or risking being ousted from his speakership if he works with Democrats to pass a new budget that avoids the across-the-board cuts.
Between the lines: Johnson and Democrats have reached an advanced phase of negotiations on individual spending bills, according to multiple sources familiar with the talks.
- The current spending negotiations aren’t expected to include many, if any, of the numerous restrictions on abortion, gender-affirming care and border policy that were included in earlier bills to secure enough Republican support to pass. -Axios
If nothing is done by March 1, a partial shutdown will occur – with a second phase shutting down March 8.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
This is swampville to the highest degree. First Trump has to pay 350 milllion dollars on a non crime
and then this garbage!@!
(zerohedge)
Turley: No, The Indictment Of Alexander Smirnov Does Not Exonerate Hunter Biden
THURSDAY, FEB 22, 2024 – 07:40 PM
The Russian comedian Yakov Smirnoff once joked that “in America, you can always find a party. In Soviet Russia, the Party can always find you.”
Alexander Smirnov is no comedian, but he is about to discover the truth of that statement.
Alexander Smirnov is now a defendant in federal court after being charged by special counsel David Weiss for spreading a false story about Hunter Biden receiving $5 million from Burisma, the Ukrainian energy company.
The allegation has produced a stampede of Democrats who view his indictment as a much-needed talking point as the House continues to build the case of influence-peddling by the Biden family.
Some are using the charges to revive a previously debunked story that Hunter Biden’s laptop could be Russian disinformation. But a closer reading of the filing dispels those claims and contradicts a new effort by Hunter Biden to dismiss charges against himself.
The filing itself is actually an argument to keep Smirnov in federal detention.
The government points out Smirnov’s admitted contacts with Russian intelligence officials and previously scheduled meetings with such figures to argue he is a flight risk.
However, there are a couple of aspects to the filing that undermine the claims of a “bombshell” revelation of a Russian disinformation campaign.
First, these disclosures were not the result of surveillance or interceptions by American intelligence. Smirnov appears to have been cooperating with the United States and told his US “handler” about all of these contacts.
Second, Smirnov’s contacts were described as “recent” and did not apparently precede 2020. They have nothing to do with the laptop or the evidence of influence-peddling found in emails on that computer. This is solely a claim of a large payment to the Bidens from Burisma.
Third, the Justice Department states that Smirnov had expressed “bias” against Joe Biden and used “his routine and unextraordinary business contacts with Burisma” to make the bribery allegations.
So Smirnov operated off a bias against Biden, made an allegation separate from the laptop, and ultimately disclosed his communications to his U.S. handler. He detailed conversations with the “son of a former high-ranking government official” and “someone with ties to a particular Russian intelligence service.” Reports indicate that Smirnov was not only an asset of American intelligence but on the payroll for roughly a decade as a trusted informant.
That does not mean that the Russians were not eager to spread false claims, though it shows again how low-grade such efforts could be. It does not address hundreds of confirmed emails of Hunter Biden cashing in on an array of foreign contacts.
Hunter Biden’s legal team is citing the filing in seeking to cast doubt on all of the allegations and even the pending charges: “It now seems clear that the Smirnov allegations infected this case.”
They insist that the bribe allegation was key to the loss of the plea agreement that they struck with the president’s son. They argued that “having taken Mr. Smirnov’s bait of grand, sensational charges, the Diversion Agreement that had just been entered into and Plea Agreement that was on the verge of being finalized suddenly became inconvenient for the prosecution, and it reversed course and repudiated those Agreements.”
That is not how it happened.
Hunter Biden had received a sweetheart deal so rich as to put most defendants into hyperglycemic shock. Hunter would have avoided any jail time and been given sweeping immunity from future charges.
The reason that the deal fell apart was not any particular allegation of bribes. The alleged bribe was not part of the case. It fell apart because the judge asked a simple question on the meaning of the immunity. The deal immediately imploded as the prosecutor was forced to admit that he had never seen a deal like this for anyone other than Hunter Biden.
In relation to the influence-peddling investigation, this filing does not change the evidence that the Biden family made millions in shaking down foreign companies and business figures.
On Wednesday, Capitol Hill will witness something that many thought would never come. The House is calling a Biden to actually answer questions under oath about influence-peddling. James Biden, brother of the president, will testify on his long history of leveraging the name and influence of his brother. That includes $200,000 given to him by a collapsing hospital chain company, Americore.
Biden reportedly pitched a percentage deal with his brother and immediately turned over the money to Joe Biden to pay off a prior “loan.”
That was not the creation of a “biased” Russian but the Biden family itself. Smirnov was not at the dinners and meetings where Joe Biden called in to chat. He was not the recipient of messages from Hunter threatening that his father was “sitting next to” him and waiting for transfers of money. He was not the source of gifts and expense accounts to cover Hunter’s lavish lifestyle. .
Most importantly, Smirnov was not the reason that Hunter was indicted by the same prosecutor, David Weiss, who just indicted him.
end
A summary of the huge invasion of migrants and the crimes they commit;
{zerohedge)
“I Hope Public Is Waking Up”: Border Invasion Sparks Migrant Crime Crisis In Major Cities
THURSDAY, FEB 22, 2024 – 05:20 PM
Elon Musk expressed his hope that the masses are waking up to the migrant invasion facilitated by radicals in the Biden administration. He wrote on X, “I hope the public is waking up to this.”
I hope the public is waking up to this https://t.co/xDw7UYKpS0— Elon Musk (@elonmusk) February 21, 2024
We noted earlier this week that a record 7.3 million illegal aliens have crossed the southwest border under President Biden’s watch. This data was sourced from the US Customs and Border Protection.
Over the past few weeks, New York has been overwhelmed by a wave of crimes committed by illegal immigrants
The attack on the police in Times Square, the shooting in Manhattan, a series of thefts in Brooklyn – all this is the work of illegal immigrants.
“What goes on in Third… pic.twitter.com/A3XzsCOd74— Charlie ⛳️ 💖🗽 🥳 🏕 🚴♀️⛺🐈🐈⬛ (@MAGACharlie2024) February 21, 2024
Stunning chart of the invasion!
One uncomfortable reality of the invasion is that millions of unvetted folks from third-world countries are on US city streets. Some of these “asylum seekers” have deep connections with street gangs around the world, known for drug smuggling, human trafficking, and killings.
New Yorkers saw firsthand the turmoil caused by some migrants when a 15-year-old undocumented male was charged with shooting a Brazilian tourist in the leg in the center of Times Square.
15-year-old migrant (Jesus Alejandro Rivas-Figueroa), suspected of shooting a tourist and firing at a police officer during a failed robbery in Times Square, was arrested by the US Marshals Joint Regional Fugitive Task Force.
He is also a suspect in an armed robbery in the Bronx… pic.twitter.com/l0hBRgMIn8— Project TABS (@ProjectTabs) February 19, 2024
He gets arrested and cries.
US Marshalls detained an illegal teen migrant for shooting a tourist and firing shots at police in Times Square. 👀🧐 pic.twitter.com/GRhrgJWSUY— T_CAS videos (@tecas2000) February 14, 2024
Other migrants have attacked NYPD officers.
National FOP Vice President Joe Gamaldi joined Newsmax to discuss the recently released bodycam video, which shows a group of migrants attack NYPD officers. pic.twitter.com/E1ZExkWhpt— Breaking News (@TheNewsTrending) February 13, 2024
Migrants released from jail greeted the press with rude gestures – an indication they have no respect for US laws.
And migrants have been causing more chaos.
Migrants doing their thing in Brooklyn (NYC). They steal a scooter and then chases the person to beat him up 👀 pic.twitter.com/p21wL9jV2r— Crazy Society (Fights, Crazy, Funny, Viral Videos) (@CrazySocietynow) February 20, 2024
COMING SOON TO YOUR NEIGHBORHOOD: Violent illegal migrants assault NYPD officers making an arrest at the Randalls Island Migrant Shelter.
Via @loudlabsnyc pic.twitter.com/1cOkRzAOnj— NYScanner (@nyscanner) February 20, 2024
New Yorker goes off about NYC migrant crisis.
“They’re not legal, If they were legal, they need to pay taxes”
“There’s no laws against illegal migrants committing crimes”
“It’s lawlessness”
“It’s getting bad because they’re next to my house and they piss on my door”
“I can… pic.twitter.com/7ngfFjNx6K— Wall Street Silver (@WallStreetSilv) February 16, 2024
Vote OUT
Open Border DEM Politicians!
Migrant Crime
Not Just Chicago, NYC, DC, and other big cities
But now happening in Small Town USA pic.twitter.com/CqMKCYKB9T— RuOK2_Day (@ruok2_day) February 22, 2024
Another Police Officer Violently attacked with a machete in New York City!
Illegal Migrant Crime Is Out Of Control In New York. Attacks on police officers skyrocket.
US Taxpayer-funded migrant shelters in New York are causing havoc.
🚨🚨🚨 pic.twitter.com/vTAuTP4Ikb— Wall Street Silver (@WallStreetSilv) February 15, 2024
🚨🚨NY ILLEGAL MIGRANTS create street gangs robbing millions from New Yorkers and committing violent crimes against New York citizens. pic.twitter.com/0WTynbn462— 🌲 🦅 CheckMark 🦅 🌲 (@Stoked_on_Earth) February 20, 2024
This leaves us with this…
A 27-year-old migrant hijacked a Maryland tow truck and went on a ‘Grand Theft Auto ‘-like rampage in Silver Spring. Local media reports the migrants hit more than 20 vehicles.
🇺🇸BREAKING: STOLEN TOW TRUCK POLICE CHASE
The tow truck smashed into multiple cars and drove through a field where it snagged utility lines before returning to the road and hitting more cars in Maryland.
Source: Police Frequency, Live Now pic.twitter.com/OLh4cQopFa— Mario Nawfal (@MarioNawfal) February 17, 2024
Someone just stole a Maryland DOT tow truck. @wusa9 pic.twitter.com/KymEFxFs8Y— Casey Nolen (@CaseyNolen) February 16, 2024
Illegal Immigrant Leads Police on a High-Speed Chase in Stolen Maryland State Tow Truckpic.twitter.com/k9E4gqxgs1— Chief Nerd (@TheChiefNerd) February 21, 2024
What goes on in third-world countries is now happening regularly in progressive hellhole cities.
end
(Epoch Times)
The huge transfer of other peoples debt to the taxpayer in order to buy votes
(EpochTimes)
President Biden’s Transfer of Other People’s Debts To You
Authored by Rob Natelson via The Epoch Times (emphasis ours),
“A rage … for an abolition of debts … or for any other improper or wicked project ….”
– James Madison, Federalist No. 10
The courts, in the exercise of what is called “equity jurisdiction,” have long excused borrowers from obligations incurred through fraud, duress, and other forms of creditor unfairness.
In addition, federal bankruptcy laws (authorized in the Constitution by Article I, Section 8, Clause 4) offer a path to safety for debtors who get in over their heads.
President Joe Biden’s “student loan forgiveness” measures qualify as neither. Instead, they are classic examples of what James Madison called an “improper or wicked project.”
Under the president’s program, no debtor will have to declare bankruptcy. And far from being victims, they already have enjoyed the benefit of very favorable loan terms at taxpayer expense. The borrowers spent the money for what both they and the federal government thought was a good purpose.
Still, you and I will have to pay their bills.
Madison called debt cancellation “improper or wicked” for very good reasons. Cancellation does not abolish an obligation. It merely transfers it to innocent people. If you are reading this, chances are that you will be one of those victimized by the Biden program.
Cancellation also injures the capital markets. In other words, it makes creditors less likely to lend on favorable terms. This makes it harder for deserving people to borrow.
Cancellation damages the sense of personal responsibility. It frays the social fabric by creating bitterness between different classes of people.
Nevertheless, for centuries demagogues have used debt-cancellation to buy votes. They then find ways to exploit the resulting bitterness for political advantage.
America’s Experience
The American Founders had learned all about debt cancellation from their study of history. But they also learned about it from personal experience.
During the 1780s, the newly independent United States fell into economic recession. Some debtors got behind in their payments. Many were determined to pay, but others wanted to dodge their obligations.
The dodgers put pressure on their state legislatures. Some of the legislatures yielded to the pressure.
In some states, lawmakers issued fast-depreciating paper money, and forced creditors to accept it in lieu of other forms of payment. In other states, they granted debtors lengthy extensions. (Laws authorizing these extensions were called “stay laws” or “installment laws.”) Still other state legislatures allowed borrowers to discharge debt by offering creditors cheap or worthless property (“tender laws” or “pine barren laws”).
These measures were part of a wider pattern by which states adopted statutes with retroactive effect.
The Disastrous Results
The 1780s state “debtor-relief” measures proved disastrous. The American economy got worse. Creditors stopped lending. Bitterness grew between different classes of people.
Bitterness also grew among the states. For example, many people in Connecticut had loaned money to Rhode Islanders. When the Rhode Island legislature adopted laws excusing its citizens from paying Connecticut creditors, the Connecticut legislature retaliated with new laws of its own.
Soon the two states were on a path toward war.
Fortunately, leading American statesmen understood that a new Constitution was needed to cure the problem.
The Constitution’s Solution
Because the Constitution created a new central government, it addressed primarily matters of federal governance. But it also included these terms:
“No State shall … coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any … ex post facto Law, or Law impairing the Obligation of Contracts ….” (Article I, Section 10, Clause 1).
Let’s unpack that language.
First, the ban on states “coin[ing] money” was understood to prevent them from issuing money in any medium—including paper. This prevented states from emitting depreciating paper currency as a debt-avoidance scheme.
Second: A “bill of credit” was a small paper instrument evidencing a state debt. Because people used bills of credit as one kind of paper money, the Constitution prohibited states from issuing them.
Third: The Constitution barred states from passing tender laws. States could no longer require creditors to accept cheap or worthless property in payment of debts.
Fourth: “Ex post facto laws” are retroactive enactments. After the Constitution became public, some people interpreted this term as a ban on debt abolition. During the ratification debates, however, “ex post facto” was clarified to mean only retroactive criminal laws. Still, the ban on ex post facto laws prevented states from enacting measures punishing creditors who previously refused to accept worthless property in payment of debts.
Finally: The prohibition on state laws “impairing the Obligation of Contracts” was designed as a general ban on state debt-cancellation schemes.
As Alexander Hamilton clarified in Federalist No. 80, the Constitution did not prevent state courts from continuing to relieve deserving debtors from obligations incurred through creditor fraud and other unfair practices.
In the years since the Constitution became effective, the Supreme Court has weakened somewhat the prohibition on state laws “impairing the Obligation of Contracts.” However, some of the ban still survives.
The Gap in the Constitution
Although the Constitution barred states from abolishing debts wholesale, for the most part it did not extend the same prohibition to the federal government—although a ban on federal ex post facto laws and the Fifth Amendment Due Process Clause did grant some protection against federal retroactivity.
One reason for not barring federal debt relief measures may have been that the federal government was charged with the principal responsibility for waging war. The needs of waging war might require debt readjustment.
Moreover, the Constitution did not authorize (and does not authorize) the federal government to guarantee loans for adolescents so they can swell the coffers of universities, or of any other constituency of the National Democratic Party.
Further, as Madison suggested in Federalist No. 10, the Founders did not believe that a single special interest (in this case the universities and their former students) could become powerful enough to generate this kind of self-serving measure at the federal level.
From my long exposure to the Founders’ speeches and writings, I think another reason they did not extend the ban on debt cancellation to the federal government is this: The Founders could not imagine a national leader being so shameless.
Conclusion
History demonstrates that attempts to “cure” a problem by exceeding the federal government’s constitutional powers generally lead to more and worse problems. The federal student loan program is a good example.
In an attempt to make college more affordable, the program has had precisely the opposite effect: The flood of federal money has greatly inflated the cost of tuition. It also has created a generation of debtors, and added billions to the national debt.
Now the president’s administration of the student loan program threatens to victimize hundreds of millions of innocent people by imposing on them an obligation they did not incur—and from which they in no way benefitted.
The Republican majority in the House of Representatives should respond to the latest Biden announcment by defunding federal student loan programs (aside from Veterans’ Benefits), completely and permanently.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
end
She should never have left Fox. This is unprecedented!
“Unprecedented”: Now-Fired CBS Reporter Who Investigated Biden Laptop Story Has Personal Files Seized By Network
FRIDAY, FEB 23, 2024 – 11:05 AM
Just when you thought the Hunter Biden laptop cover-up had ended…
A bombshell report from the NY Post dropped this week, stating that reporter Catherine Herridge of CBS had “her personal files seized by the network” in what is being called an “unprecedented” move. Herridge was investigating the Hunter Biden laptop story prior to her firing.
Last week she was one of about 20 staffers fired from CBS as part of cuts at parent company Paramount, according to the NY Post.
“It’s so extraordinary,” one source told The Post.
“They never seize documents [when you’re let go],” a second source close to the network said. They added: “They want to see what damaging documents she has.”
The Post reported that a CBS spokesperson said: “We have respected her request to not go through the files, and out of our concern for confidential sources, the office she occupied has remained secure since her departure.”
“We are prepared to pack up the rest of her files immediately on her behalf – with her representative present as she requested,” they added.
The network’s decision to retain her personal items and work laptop, leaving staff unsettled, was further complicated by the withholding of Herridge’s notes and files, raising concerns over potential impacts on her First Amendment rights.
Jonathan Turley commented in an opinion piece for The Hill: “She was pursuing stories that were unwelcomed by the Biden White House and many Democratic powerhouses, including the Hur report on Joe Biden’s diminished mental capacity, the Biden corruption scandal and the Hunter Biden laptop.”
Retaining Catherine Herridge’s notes and files raises concerns over the security of her confidential sources and the potential violation of HIPAA laws, given the inclusion of personal medical records.
Insiders worry this could affect her legal battles, including a case where she’s at risk of contempt for not revealing a source. Herridge’s troubles extend to disputes over coverage and conflicts with CBS News leadership, fueling speculation that her dismissal might lead to legal action for wrongful termination.
Herridge is defending a source’s identity in a First Amendment case, amidst criticism of CBS’s handling of the situation. Critics and SAG-AFTRA, the representing union, have voiced alarm, arguing CBS’s actions undermine media freedoms and set a troubling precedent. The union is actively engaging with CBS News, aiming for a swift resolution.
KING REPORT//
| The King Report February 23, 2024 Issue 7186 | Independent View of the News |
| For the past several months, we have regularly opined that there is too much juice in the system; and Team Obama-Biden stooges at the Treasury and Fed were supplying the juice to aid Biden. Yesterday, Nvidia and SMC’s parabolic moves accelerated. Pro Tip: Parabolic moves produce bubbles. Nvidia closed +16.4% and has a valuation close to $2T. SMC (Super Micro Computer) bubbled up as much as 36.6% and closed +32.87%!!! Nvidia Adds $277 Billion in Value, Most in History – BBG ESHs opened sharply higher and persistently rallied until they hit a peak of 5107.75 at 14:25 ET. ESHs then traded sideways, in a 14-handle range, into the NYSE close. Japan’s manufacturing PMI contracts at fastest rate since August The au Jibun Bank purchasing managers index for manufacturing sector activity slid to 47.2 in February, the lowest since August of 2020, and the ninth straight month in which the figure stayed below the boom-or-bust level of 50, S&P Global reported Thursday. The composite reading slid to 50.3, and services fell to 52.5… https://finance.yahoo.com/news/japan-manufacturing-pmi-falls-lowest-012105924.html Japan’s Nikkei 225 Index hit all-time intraday record high on Thursday, the first such reading since 1989! Japan is in recession, yet their stock market is bubbling up! US new vehicles sales set to rise in February, report shows U.S. new vehicle sales are expected to rise 1.4% in February from a year earlier… according to a joint report by industry consultants J.D. Power and GlobalData on Thursday. Total new vehicle sales in the United States, which include retail and non-retail transactions, are estimated to touch 1.2 million units in February, according to the report. https://t.co/yOqh27dXQq @economics: US manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth and suggesting producers are breaking out of an extended slump. If US manufacturing is indeed rebounding, the Fed can kiss ‘goods deflation’ buh-bye. Existing-Home Sales Rose 3.1% in January Existing-home sales expanded 3.1% in January to a seasonally adjusted annual rate of 4.00 million. Sales declined 1.7% from the prior year. The median existing-home sales price climbed 5.1% from January 2023 to $379,100 – the seventh consecutive month of year-over-year price gains. The inventory of unsold existing homes increased 2.0% from one month ago to 1.01 million at the end of January, or the equivalent of 3.0 months’ supply at the current monthly sales pace. https://www.nar.realtor/newsroom/existing-home-sales-rose-3-1-in-january @NAR_Research: Total existing-home elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. https://twitter.com/NAR_Research/status/1760682443324236282 Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023). https://twitter.com/NAR_Research/status/1760682512731582467 The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). https://t.co/SHUiCvQw5b Initial Jobless Claims Plunge Near Record Lows… Fed Questions Data’s Accuracy As mass corporate layoffs continue to mount, why should we be shocked that expectations were for a very small rise in initial jobless claims (from 213k to 216k) last week… Instead of rising, the number of Americans filing for jobless benefits for the first time, tumbled from 213k to 201k, practically the lowest levels in this cycle… Finally, if you doubt the accuracy of the Biden admin’s data, here’s what The FOMC Minutes said yesterday: “While the recent trends prior to the meeting had been remarkably positive, Fed officials judged that some of the recent improvement “reflected idiosyncratic movements in a few series.” https://www.zerohedge.com/markets/initial-jobless-plunge-near-record-lows-fed-questions-datas-accuracy Cellular outage reports increase at AT&T, Verizon and others as some 911 services affected (The usual suspects tried to portray this as a Russian cyberattack. The FBI is investigating.) https://justthenews.com/nation/states/att-t-mobile-verizon-and-other-cellular-users-report-outage Powerful twin solar flares erupt from sun as cell phone outages spike across US – Space magazine Two powerful solar flares erupted from the sun on the evening of Wednesday (Feb. 21) and during the early morning of Thursday (Feb. 22)… https://www.space.com/sun-2-solar-flares-february-22-2024-cell-phone-outages Positive aspects of previous session Equities are bubbling up, which is a short-term positive Bonds rallied moderately Negative aspects of previous session US stocks are in another bubble due to Chinese and US juicing WTI Oil and Gasoline rallied sharply, again Goods inflation is germinating Ambiguous aspects of previous session How profound will the consequences of the AI bubble be after it bursts? 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]: 5073.42 Previous session S&P 500 Index High/Low: 5094.39; 5038.83 Google pauses ‘absurdly woke’ Gemini AI chatbot’s image tool after backlash over historically inaccurate pictures https://trib.al/R3IOHdC @stclairashley: What’s happening with Google’s woke Gemini AI has been happening for years in Media and Hollywood and everybody who called it out was called racist and shunned from society. @elonmusk: Absolutely – The woke mind virus is killing Western Civilization. Google does the same thing with their search results. Facebook & Instagram too. And Wikipedia. Musk Blasts Woke AI Gemini’s Product Head as Google Halts Image Generation over Inaccuracies Several X posts from Gemini Experiences Senior Director of Product Management Jack Krawczyk… likely shows why the model discriminated against white people… (“White privilege is f-ing real….Jesus only cares about white kids… We obviously have egregious racism in this country”…) In some instances, the program refuses outright to show white couples, insisting that “diversity” should be “celebrated” and that it won’t show a specific ethnic group. Apart from if they’re non-white, then it will… https://www.zerohedge.com/political/googles-gemini-ai-blasted-eliminating-white-people-image-searches Fed Balance Sheet: -$52.19B, Treasuries -$ 31.07B; Accrued Int -$16.619B; Reserves: +$25.054B @Geiger_Capital: The last time the Nasdaq 100 made a new all-time high on a day it gained 3%+? 3/22/2000 (Nasdaq and The Great US Stock Bubble peaked on 3/24/2000!) “There’s nothing in this world, which will so violently distort a man’s judgment more than the sight — of his neighbor getting rich.” — JP Morgan, after the Panic of 1907 Truck tonnage (the real economy), used to correlate closing with the S&P 500 Index. After Covid, it diverged, and is now diverging sharply. Chart: https://twitter.com/cvpayne/status/1760707799426752612/photo/1 Today – We warned that if Nivida reported great results, stocks would soar, but it could generate some type of equity peak. Stocks are not just soaring; they are bubbling up. This makes forecasting and trading a crapshoot. No one, except for maybe Nancy Pelosi, knows how high or for how long the bubble will go. So, don’t play unless you must; wait and watch for developments. If stocks rally meaningfully early on AI euphoria and Friday rally buying, be alert for a reversal later! Expected Economic Data: none ESUs are +1.50; NQHs (Naz 100) are -0.25 and USHs are +2/32 at 20:30 ET. S&P Index 50-day MA: 4839; 100-day MA: 4613; 150-day MA: 4561; 200-day MA: 4499 DJIA 50-day MA: 37,886; 100-day MA: 36,066; 150-day MA: 35,632, 200-day MA: 35,172 (Green is positive slope; Red is negative slope) S&P 500 Index (5087.03 close) – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4314.46 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4782.26 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 4930.47 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5018.27 triggers a sell signal @GOPoversight: The DOJ and FBI have a lot of explaining to do about their reliance on the informant whose allegations were included in the FBI-generated FD-1023. – Why did they use this informant, who officials claimed was highly credible, since 2010? – Why did they pay the informant six figures? – Why did the DOJ sit on serious allegations from the informant whom the FBI deemed highly credible for years before investigating the claims? The American people deserve answers. We can clear this up for you. 1) We never knew the informant’s name. 2) We never talked to the informant. 3) The FBI never gave us his name and redacted the FD-1023 because they said he was so important to an ongoing investigation. 4) The FBI told the committee, including Democrats, the informant was highly credible. No one is falling for this Russia Hoax 2.0 you’re peddling. @kylenabecker: This is very important information. If the FBI called Smirnov ‘highly credible’ for years despite knowledge of intel connections, namely Russia, then that means the Feds overlooked alleged ‘conflicts of interest’ in the past but are brushing them aside now to protect Joe Biden. Smirnov’s testimony in the FD-1023 was just a lead, anyway. It wasn’t the basis for the Biden impeachment inquiry. You always verify raw intel/testimony. This is also why impeaching Donald Trump over his call with the Ukrainian president was such a scam. Trump was seeking real information on Biden corruption for legitimate national security purposes. There is no doubt the Ukrainians have the goods on the Bidens, as well. This is why the Democrats flipped out. What really damns Joe Biden are 1) lying about Hunter/James business activities 2) Meeting/talking with nearly all major business partners 3) Changing U.S. policy towards Ukraine to ostensibly protect/benefit a family member (there is a paper trail documenting this) 4) Financial transactions that benefited Joe Biden and his family. Smirnov’s testimony was always just the potential sensational lead to put the investigation over the top. Fox’s @JesseBWatters: The same prosecutor who got busted for cooking up Hunter’s sweetheart plea deal arrested the FBI informant who reported that Joe and Hunter Biden took bribes from Ukraine. Then that prosecutor accused the informant of talking to people close to Russian intelligence, though I thought that’s why the FBI paid him? Even Democrats agreed this informant was credible, but maybe he was too credible because now it looks like he might be a strawman to discredit Biden’s impeachment. This time, instead of making up hoaxes to get Trump impeached, they’re making them up to stop Biden from getting impeached. https://twitter.com/JesseBWatters/status/1760835889679245351 CBS seizes confidential files of fired reporter pursuing Hunter Biden laptop story in ‘unprecedented’ move: sources https://trib.al/7PiWKfL CBS faces uproar after seizing investigative journalist’s files -Jonathan Turley Many of us were shocked after Herridge was included in layoffs this month, but those concerns have increased after CBS officials took the unusual step of seizing her files, computers and records, including information on privileged sources… I have spoken confidentially with current and former CBS employees who have stated that they could not recall the company ever taking such a step before… The timing of Herridge’s termination immediately raised suspicions in Washington. She was pursuing stories that were unwelcomed by the Biden White House and many Democratic powerhouses, including the Hur report on Joe Biden’s diminished mental capacity, the Biden corruption scandal and the Hunter Biden laptop. She continued to pursue these stories despite reports of pushback from CBS executives, including CBS News President Ingrid Ciprian-Matthews… The heavy-handed approach to the files left many wondering if it was the result of the past reported tension over stories. Regardless of motive, the company is dead wrong. https://thehill.com/opinion/campaign/4481433-cbs-faces-uproar-after-seizing-investigative-journalists-files/ ‘Woke’ CBS News president got job despite HR probe over bias accusations, sidelining white journalists: sources – Now, some insiders are chafing over the promotion of Ciprian-Matthews, a Dominican-born exec, who is now the top-ranked woman of color at CBS News… she was the target of a six-month human-resources investigation by CBS parent Paramount Global into accusations of discriminatory hiring and management practices… “At the very highest level of Paramount Global, there’s pressure to bring in diverse talent,” a source close to CBS said… https://nypost.com/2024/01/09/media/new-woke-boss-at-cbs-news-got-top-job-despite-hr-probe-sources/ Ex-Seal that shot Bin Laden @mchooyah: 44 years ago today, the USA defeated the communists at the Miracle on Ice. Now the commies are in The White House. A Soviet-style amalgam of Big Media, Big Tech, Big Government, and a considerable chunk of Big Business is protecting and stooging for Team Obama-Biden. Joe McCarthy was prescient! Biden, Pelosi clutch hands as they gingerly walk across San Francisco tarmac: ‘Nursing home reunion’ (Fundraiser in SF) https://trib.al/uxPj7Nt @WallStreetSilv: Nothing suspicious about a group of Syrians walking across the U.S border wearing 5.11 tactical gear. More of Joe Biden’s illegals for you to support. https://twitter.com/WallStreetSilv/status/1760374361976983953 @MariaBartiromo: Biden’s decision to not enforce sanctions against Russia has been ‘most detrimental’: Rep. Austin Scott https://t.co/p2QfBW44dh Like US gun laws, Russia and Iran sanctions are symbolic and dog whistles – and they aren’t enforced! Speaking of symbolic but useless gestures: @ABC: Pres. Biden met with the widow of Alexei Navalny, Yulia Navalnaya, and his daughter, Dasha, on Thursday during the president’s trip to California Police stood by as ‘From the river to the sea’ projected onto Parliament, says MP Tory backbencher Andrew Percy raises concerns after pro-Palestinian protesters beam slogan onto Elizabeth Tower https://www.telegraph.co.uk/news/2024/02/22/police-stood-by-palestine-slogan-projected-on-parliament/ UK citizens have been arrested for praying outside abortion clinics; but they allow… @KonstantinKisin: Yesterday, the British Parliament changed the way it operates because the Speaker was afraid that some parliamentarians would be murdered if they couldn’t be seen to vote for a ceasefire in a war on the other side of the world. This isn’t democracy. This is a country that is unwilling to live by its own rules in order to placate a violent mob… We have a problem with Islamist extremism that requires immediate and drastic action. Appeasement doesn’t work. If intimidation and threats of violence produce results like the one we saw yesterday, this will only encourage more intimidation and threats of violence… https://twitter.com/KonstantinKisin/status/1760597807201706168?t=AifYBzErdsqJ-NXtqlAJfA&s=03 @RadioGenoa: Illegal immigrants in Italy are very angry: “The food is little and not good. There is no school. The rooms are small and unheated, we are very cold. The hot water doesn’t work well. Nobody buys us new clothes. The hotel managers are always angry with us!” What do you think? https://twitter.com/RadioGenoa/status/1760562028186349895 California budget crisis worse than Newsom projected, as state watchdog warns deficit could reach record $73B – California governor appears to have underestimated state budget crisis https://www.foxnews.com/politics/california-budget-crisis-worse-than-newsom-projected-as-state-watchdog-warns-deficit-could-reach-record-73b @TheBabylonBee: In Preparation for WWIII, America’s Armed Forces Ramp Up Diversity and Inclusion Training https://buff.ly/48sm8tc @Jkylebass: The plot thickens in the suspicious death of Angela Chao at Mitch McConnell’s ranch in Blanco, Texas. Her body DID NOT RECEIVE AN AUTOPSY AT THE FAMILY’S REQUEST. There is a surveillance video of Chao going into reverse, aggressively backing over a significant obstacle 1/8 And her Tesla launching into the pond. The ranch is allegedly owned by Mitch McConnell and her sister Elaine Chao. The family had it ruled an ‘accidental’ death and had Chao’s car delivered back to the family immediately after the suspicious death. A blood test was taken 2/8 I went to post this thread of 8 posts and only two posted after X spun for 5 minutes. The system has been hacked and my posts are no longer making it to the system. That’s also pretty interesting… There’s more here that can’t be said presently. | |
GREG HUNTER
China Hacks, Get Trump’s Money, CV19 Vax Murders Continue
China Hacks, Get Trump’s Money, CV19 Vax Murders Continue
By Greg Hunter On February 23, 2024 In Weekly News Wrap-Ups13 Comments
By Greg Hunter’s USAWatchdog.com (WNW 622 2.23.24)
AT&T suffered a widespread cell phone service outage this week, but if China attacks Taiwan, that is going to be a small event, according to US Senator Marco Rubio. He says the AT&T outage will be “100 times worse” if China launches a cyber-attack on America preceding an invasion of the island nation off the coast of the Chinese mainland. Rubio says, “A China cyber-attack could knock out power, water and even your bank.” Remember that more than half of the US Senate got satellite phones last year to provide what is called “continuity of government” in case of emergency and war. You have been warned.
The liberal Democrat New York machine can’t take away President Trump’s popularity, but it can try to take Trump’s money. This is happening with the most recent fraud ruling against the former president, even though there were no actual fraud victims. Famed law professor Jonathan Turley says the recent $455 million fine is all designed to make an appeal much harder for the top 2024 presidential contender. It is also designed to get Trump’s money to make it more difficult to finance a run for president in the fall. The Deep State globalists and RINO Republicans obviously do not think they can beat Trump at the polls, but they are not going to stop trying to keep him out of the Oval Office by any means necessary. They know that if Trump gets back in, many will be fired, and some will go to jail.
There is no stopping the deaths and injuries from the CV19 bioweapon vax. There were at least 700 million mRNA injections given in the USA alone, and the deaths and injuries from the shots keep piling up. Every CV19 vaxed person is nothing more than a murder victim when they “die suddenly.” The only bright side to this sad genocide event is people are beginning to notice something is wrong with all the deaths and injuries. It is now coming out more and more on the Lying legacy Media that the CV19 shots were NOT safe and NOT effective. The Lying Legacy media, doctors, FDA, CDC and White House all lied. The CV19 vax murders continue, and there is no stopping people waking up to this nightmare.
There is much more in the 49-minute newscast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 2.23.24.
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After the Wrap-Up:
Geopolitical and financial cycle analyst Charles Nenner is coming for the “Saturday Night Post” with a warning on markets and war. Is it time to sell, sell, sell? Nenner still says we are getting close to a very Big war and a very Big depression.
SEE YOU ON MONDAY
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