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HomeDEC 20/GOLD PRICE UP $27.05 TO $1815.60//SILVER IS UP A FULL $1.05...
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DEC 20/GOLD PRICE UP $27.05 TO $1815.60//SILVER IS UP A FULL $1.05 TO $24.05//PLATINUM IS UP 26.75 TO $1012.45/PALLADIUM IS UP $62.60 TO $1739.65//COVID UPDATES RE CHINA/DR PAUL ALEXANDER//VACCINE IMPACT//VACCINE INJURY//JAPAN FINALLY EXPANDS ITS YIELD CURVE AND WILL BUY UP TO 9 TRILLION YEN JAPANESE BONDS PER MONTH//THAT SET OF A FRENZY IN THE PRECIOUS METALS MARKET//RUSSIA VS UKRAINE UPDATES: UKRAINE SHELLS MAJOR TOWN INSIDE RUSSIAN TERRITORY AGAIN//TOM LUONGO A MUST READ//KARI LAKE WINS A COURT BATTLE AND NOW HER CASE WILL BE HEARD///SWAMP STORIES FOR YOU TONIGHT///

Date:

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December 19, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSE: UP $27.05 at $1815.60

SILVER PRICE CLOSE: UP $1.05  to $24.05

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1787.25

Silver ACCESS CLOSE: 22.96

Bitcoin morning price:, 16,837 DOWN 182 DOLLARS   

Bitcoin: afternoon price: $16,910 DOWN 109 dollars

Platinum price closing  $1012.45 UP $26.75

Palladium price; closing 1739.65  UP $62.60

END

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

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

CANADIAN GOLD: $2474.05 UP $35.81 CDN dollars per oz

BRITISH GOLD: 1471.43 UP 22.00 pounds per oz

EURO GOLD: 1710.66 UP 26.32  euros per oz

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,787.700000000 USD
INTENT DATE: 12/19/2022 DELIVERY DATE: 12/21/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 36 50
435 H SCOTIA CAPITAL 62
624 H BOFA SECURITIES 10
657 C MORGAN STANLEY 1
661 C JP MORGAN 28
686 C STONEX FINANCIA 1
800 C MAREX SPEC 8


TOTAL: 98 98
MONTH TO DATE: 20,271

COMEX//NOTICES FILED re JPMorgan  28/98

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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT:   98 NOTICES FOR 9800  OZ  or .3048 TONNES

total notices so far: 20,271 contracts for 2,027100 oz (63.049 tonnes)

 

SILVER NOTICES: 0 NOTICE(S) FILED FOR nil OZ/

 

total number of notices filed so far this month  3609 for 18,045,000  oz



END

GLD

WITH GOLD UP $27.05

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD//BIG CHANGES IN GOLD INVENTORY AT THE GLD: /////HUGE CHANGES IN GLD INVENTORY:A DEPOSIT OF 1.73 TONNES TONNES OUT OF THE GLD

INVENTORY RESTS AT 912.14 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $1.05

AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS! A DEPOSIT OF 700,000 OZ FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 509.90 MILLION OZ (THIS IS ALSO A CRIME SCENE@!!!!

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A SMALL SIZED 155 CONTRACTS TO 123,876 AND FURTHER FROM  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.13 LOSS IN SILVER PRICING AT THE COMEX ON MONDAY.  OUR SHORTERS/HFT WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.13 BUT WERE UNSUCCESSFUL IN KNOCKING ANY  SPEC LONGS, AS WE HAD A TINY  SIZED LOSS IN OUR TWO EXCHANGES OF 5 CONTRACTS. AS WELL WE HAD  EXCHANGE FOR RISK TRANSFER OF 0 CONTRACTS.  WE HAD VERY LITTLE   SPEC SHORT COVERINGS OF  THEIR SHORTFALL. .WE PROBABLY HAD SMALL SHORT ADDITIONS WITH THE SMALL  PRICE FALL OF THE SILVER. // OUR  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. BUT THEY ALSO SUPPLIED THE NECESSARY SHORT CONTRACTS>>> SOME INCREASE OF NEWBIE SPEC LONGS ADDING TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS.

WE  MUST HAVE HAD: 
A SMALL  ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT  23 .24. MILLION OZ FOLLOWED BY TODAY;S E.F.P.. JUMP TO LONDON  of 5,000 OZ //  V)   SMALL SIZED COMEX OI LOSS/ 

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  +4

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

TOTAL CONTRACTS for 16 days, total 8503 contracts:   OR 42.515  MILLION OZ PER DAY. (531 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 42.515 MILLION OZ

.

LAST 17 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 42.515 MILLION OZ INITIAL( VERY SMALL)

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 155 DESPITE OUR  $0.13 LOSS IN SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 150 CONTRACTS ISSUED FOR MAR AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR DEC OF  23.24 MILLION  OZ FOLLOWED BY TODAY:S 5,000 E.F.P.. JUMP TO LONDON  //NEW STANDING 23.385 MILLION OZ + EFR = 33.885 MILLION OZ.  .. WE HAVE A TINY SIZED LOSS OF 5 OI CONTRACTS ON THE TWO EXCHANGES FOR 0.025 MILLION  OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.

 WE HAD  0  NOTICE(S) FILED TODAY FOR  nil   OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A SMALL SIZED 176  CONTRACTS  TO 424,801 AND FURTHER FROM  THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: removed 107  CONTRACTS.

.

THE SMALL SIZED INCREASE  IN COMEX OI CAME WITH OUR  SMALL LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR DEC. AT 58.86 TONNES ON FIRST DAY NOTICE  FOLLOWED BY TODAY:S HUGE QUEUE JUMP  of 59 contracts or 5900 oz//(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S WILL CONTINUE UNTIL MONTH’S END) (EFP is the transfer of  contracts immediately to London for potential gold deliveries originating from London). NEW STANDING 63.576 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS PRICE OF  $2.10 WITH RESPECT TO MONDAY’S TRADING

WE HAD A SMALL SIZED GAIN OF 280 OI CONTRACTS (0.8709 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 104 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 424,801 

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 280 CONTRACTS  WITH 176 CONTRACTS INCREASED AT THE COMEX AND 104 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 280 CONTRACTS OR 0.8709 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (104 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (176) TOTAL GAIN IN THE TWO EXCHANGES 280 CONTRACTS. WE NO DOUBT HAD 1) SOME  SPECULATOR SHORT COVERINGS // CONTINUED GOOD BANKER ADDITIONS BUT THEY ALSO SUPPLIED THE NECESSARY PAPER SHORT.  WE  HAD FEW SHORT SPEC ADDITIONS/// // FEW  NEWBIE SPEC  ADDITIONS  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S QUEUE. JUMP  of 5900 oz// //NEW STANDING 63.757 TONNES///3) ZERO LONG LIQUIDATION //.,4)   SMALL SIZED COMEX OPEN INTEREST GAIN 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

DEC

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

33,233  CONTRACTS OR 3,323,300 OZ OR 103.38 TONNES 16 TRADING DAY(S) AND THUS AVERAGING: 2077 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:103.38   TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  103.38/3550 x 100% TONNES  2.90% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

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

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247,44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC:  103.38 tonnes Initial//VERY SMALL

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW   NON ACTIVE FRONT MONTH OF NOV. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH SILVER AND GOLD (WILL BE SMALL AS SPREADERS DO NOT PAY ATTENTION TO NOVEMBER)

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF OCT HEADING TOWARDS THE NON  ACTIVE DELIVERY MONTH OF NOV., FOR BOTH GOLD AND 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 (NOV), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A SMALL SIZED 155 CONTRACTS OI TO  123,801 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 150 CONTRACTS

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

MAR  150 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 150 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 155  CONTRACTS AND ADD TO THE 150 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN AN TINY SIZED LOSS OF 5 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 0.025 MILLION OZ//

OCCURRED WITH OUR SMALL LOSS IN PRICE OF  $0.13….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

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

end

5. Other gold/silver commentaries

6. Commodity commentaries//

7/CRYPTOCURRENCIES/BITCOIN ETC

3. ASIAN AFFAIRS

i)MONDAY MORNING//SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 33.35 PTS OR 1.07%   //Hang Sang CLOSED DOWN  258.01 OR  1.33%    /The Nikkei closed DOWN 669.61 OR 2.46%          //Australia’s all ordinaries CLOSED DOWN  1.66%   /Chinese yuan (ONSHORE) closed UP TO 6.9689//OFFSHORE CHINESE YUAN UP TO 6.9722//    /Oil UP TO 76.19 dollars per barrel for WTI and BRENT AT 80.10    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A VERY SMALL SIZED 176 CONTRACTS UP TO 424,801 DESPITE OUR THE LOSS IN PRICE $2.10

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 104 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 FEB: 104 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  104   CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED  TOTAL OF 280 CONTRACTS IN THAT 104 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED  COMEX OI GAIN OF 176  CONTRACTS..AND  THIS SMALL SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF GOLD $2.10. WE ARE WITNESSING  FEW SPEC SHORTS ADDITIONS TO THEIR SHORTFALL. BANKERS CONTINUE  AS NET BUYERS OF COMEX GOLD CONTRACTS AS THEY HAVE BEEN NET LONG FOR THE PAST FEW MONTHS.  WE ALSO HAD SOME  NEWBIE SPECS ADDITIONS. 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING DEC  (63.757)

TONNES),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL (TOTAL SO FAR THIS YEAR 591.535 TONNES)

Dec. 63.757 tonnes

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $2.10)  //// AND WERE ALSO UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A SMALL GAIN OF 280 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD A FEW NUMBER OF NEW SPEC SHORT ADDITIONS AND  SOME SPEC SHORT COVERINGS..  //    WE HAVE GAINED A TOTAL OI  OF .8709 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR DEC. (54.57 TONNES), following our QUEUE jump of 5800 oz//new standing RISES to 63.757 tonnes…THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE OF $2.10 

WE HAD – 107 CONTRACTS  COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 280 CONTRACTS OR 28000 OZ OR 0.8709 TONNES

Estimated gold volume 191,984// poor//

final gold volumes/yesterday  90,621/  awful

INITIAL STANDINGS FOR  DECEMBER 2022 COMEX GOLD //DEC 20

GoldOunces
Withdrawals from Dealers Inventory in oz
 nil
Withdrawals from Customer Inventory in oz 39,625.783
 oz
Brinks
Manfra
HSBC
includes 1011 kilobars


.

 








 









 
Deposit to the Dealer Inventory in oznil oz
Deposits to the Customer Inventory, in oz
211,457.127  oz
BRINKS
HSBC
1101 kilobars
and
5476 kilobars
No of oz served (contracts) today98 notice(s)
9800 OZ
0.3048 TONNES
No of oz to be served (notices)  227 contracts 
  22,700 oz
0.7060 TONNES

 
Total monthly oz gold served (contracts) so far this month 20,271  notices
2,027,100
63.048 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

i)Dealer deposits: 0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 0

 customer withdrawals: 2

i) Out of Brinks:  8198.01 oz

ii) Out of Manfra:  6172.892 oz (192 kilobars)

Total withdrawals: 14,371.002 oz 

total in tonnes: .446 tonnes

Adjustments: 2  dealer to customer account

a) Delaware; 1598.380 oz

b) Manfra 35,398.250 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.

For the front month of DECEMBER we have an oi of 325 contracts having LOST 23  contracts 

We had 81 contracts served on Monday, so we gained  58 contracts or an additional 5800 oz will  stand for gold at the COMEX. 

JANUARY LOST 15 contracts to stand at 1245

February LOST 3  contacts  to 360,135

We had 98  notice(s) filed today for 9800 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  98  contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  28 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the DEC. /2022. contract month, 

we take the total number of notices filed so far for the month (20,271 x 100 oz , to which we add the difference between the open interest for the front month of  (DEC. 325 CONTRACTS)  minus the number of notices served upon today 98 x 100 oz per contract equals 2,049,800 OZ  OR 63.757 TONNES the number of TONNES standing in this    active month of DEC. 

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

No of notices filed so far (20,271 x 100 oz+   (325 OI for the front month minus the number of notices served upon today (98} x 100 oz} which equals 2,049,800 oz standing OR 63.757 TONNES in this  active delivery month of DEC..

TOTAL COMEX GOLD STANDING:  63.757 TONNES  (A POOR STANDING//COMEX RUNNING OUT OF PHYSICAL TO SERVE UPON OUR LONGS.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

we had one adjustment of 110,631.591 oz Brinks

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,062,155.871 OZ   64,14 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  23,282,012,401 OZ  

TOTAL REGISTERED GOLD: 11,678,473.421  OZ (363,249 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 11,603,538,98 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,616,318 OZ (REG GOLD- PLEDGED GOLD) 299.10 tonnes//rapidly declining 

END

SILVER/COMEX

DEC 20//INITIAL DEC. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory2,459,104.656 oz

Brinks
CNT
Delaware
HSBC
Manfra


















 










 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory683,606..429 oz
CNT
Delaware











 











 
No of oz served today (contracts)CONTRACT(S)  
 (nil OZ)
No of oz to be served (notices)1068 contracts 
(5,340,000 oz)
Total monthly oz silver served (contracts)3609 contracts
 (18,045,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month


i)  0 
dealer deposit

total dealer deposits:  nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 2 deposits into the customer account

i) Into CNT:  599,611.000 oz

ii) Into Delaware:  83,995.425 oz 

Total deposits:  683,606.429 oz 

JPMorgan has a total silver weight: 148.4665 million oz/297.827 million =49.89% of comex .//dropping fast

  Comex withdrawals:4

i) Out of Brinks  1,089.910 oz

ii) Out of CNT  1,215,075.910 oz

iii) Out of Delaware 1949.845 oz

iv) Out of HSBC:  83,737.660 oz

v) Out of Manfra  1157,351.371 oz

Total withdrawals; 63,721.100 oz

adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35.127 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 297.827MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF DEC OI: 1068  CONTRACTS HAVING LOST 45  CONTRACT(S.) 

WE HAD  44  NOTICE FILED ON MONDAY. SO WE LOST 1 CONTRACTS  OR  5,000 oz

WAS E.F.P.’d  TO LONDON  

JANUARY SAW A LOSS OF 76  CONTRACTS  LOWERING TO  1501 CONTACTS.

FEB> LOST 17  CONTRACTS TO 139 CONTRACTS

March LOST 74 contracts DOWN to 108,608 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY:  0 for  NIL oz

Comex volumes// est. volume today  67,133// fair  

Comex volume: confirmed yesterday: 34,630 contracts ( awful)

To calculate the number of silver ounces that will stand for delivery in DEC. we take the total number of notices filed for the month so far at 3609 x  5,000 oz = 18,045,000 oz 

to which we add the difference between the open interest for the front month of DEC(1068) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the DEC./2022 contract month: 3609 (notices served so far) x 5000 oz + OI for front month of DEC (1068 – number of notices served upon today (0) x 500 oz of silver standing for the DEC. contract month equates 23.385 million oz.. Also we have another criminal element to our silver oz standing, the use of Exchange for Risk/  Today an addition of 0 EFR contract transfers which are “Exchange for risk” settlements.  I do not want to bore you but needless to say  they are not physical transfers so are criminal in nature. There have been 2100 Exchange for Risk contracts settled during the first 3 days of the month for 10.500 million oz.  Thus total delivery:  33.885 million oz.

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

Comex volumes:32,326// est. volume today//   awful

Comex volume: confirmed yesterday: 52,754 contracts ( poor)

END

GLD AND SLV INVENTORY LEVELS

DEC 20/WITH GOLD UP $27.05: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.73 TONNES INTO THE GLD////INVENTORY RESTS AT 912.14 TONNES

DEC 19/WITH GOLD DOWN $2.10: HUGE CHANGES IN GOLD INVENTORY AT THE GLD> A BIG WITHDRAWAL OF 3.47 TONNES FROM THE GLD//INVENTORY RESTS AT 910.41 TONNES

DEC 16/WITH GOLD UP $12.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES INTO THE GLD//INVENTORY RESTS AT 913.88 TONNES

DEC 15//WITH GOLD DOWN $31.00: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 911.56 TONNES

DEC 14/WITH GOLD DOWN $6.20: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 912.72 TONNES

DEC 13/WITH GOLD UP $32.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES INTO THE GLD///INVENTORY RESTS AT 910.41

DEC 12/WITH GOLD DOWN $17.60: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.09 TONNES

DEC 9/WITH GOLD UP $8.90//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.09 TONNES

Dec 8/WITH GOLD UP $4.05, OVER THE PAST 3 WEEKS WE LOST 2.04 TONNES//INVENTORY RESTS AT 908.09 TONNES

NOV 14/WITH GOLD UP $7.30: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 910.12 TONNES

NOV 11/WITH GOLD UP $15.25//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.19 TONNES INTO THE GLD////INVENTORY RESTS AT 911.57 TONNES

NOV 10/WITH GOLD UP $40.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 908.38 TONNES

NOV 9/WITH GOLD DOWN $2.00:  BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.89 TONNES INTO THE GLD////INVENTORY RESTS AT 908.38 TONNES

NOV 8/WITH GOLD UP $34.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.47 TONNES FROM THE GLD//: INVENTORY RESTS AT 905.49 TONNES

NOV 7/WITH GOLD UP $2.95: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.63 TONNES FROM THE GLD//INVENTORY RESTS AT 906.96. TONNES

NOV 4/WITH GOLD UP $44.45 TO $1673.30: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.48 TONNES FROMTHE GLD////INVENTORY RESTS AT 911.59 TONNES.

NOV 3/WITH GOLD DOWN $18.30 TO $1628.85: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.05 TONNES FROM THE GLD////INVENTORY RESTS AT 915.07 TONNES

NOV 2/WITH GOLD UP 55 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 919.12 TONNES.

NOV 1/WITH GOLD UP $9.20 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES FORM THE GLD../INVENTORY RESTS AT 920.57 TONNES

OCT 31/WITH GOLD DOWN $4.00; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD//INVENTORY RESTS AT 922.59. TONNES//

OCT28/WITH GOLD DOWN $19.70 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 TONNES FROM THE GLD..///INVENTORY RESTS AT 925.20 TONNES

OCT 27/WITH GOLD DOWN $3.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES

OCT 26/WITH GOLD UP $11.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.39 TONNES

OCT 25/WITH GOLD UP $3.85: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 928.39 TONNES

OCT 24/WITH GOLD DOWN $1.80 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES FROM THE GLD////INVENTORY RESTS AT 928.10 TONNES

OCT 21/WITH GOLD UP $19.10: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 930.99 TONNES

OCT 20/WITH GOLD UP $2.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.08 TONNES FROM THE GLD///INVENTORY RESTS AT 932.73 TONNES

OCT 19/WITH GOLD DOWN $20.65:: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD////INVENTORY RESTS AT 938.81 TONNES

OCT 18/WITH GOLD DOWN $7.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 939.10 TONNES

OCT 17/WITH GOLD UP $14.55: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.28 TONNES FROM THE GLD///INVENTORY RESTS AT 941.13 TONNES

OCT 14/WITH GOLD DOWN $26.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 944.31 TONNES

OCT 13/WITH GOLD DOWN $0.40 TODAY: A DEPOSIT OF 1.16 TONNES INTO THE GLD// CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 945.47 TONNES

OCT 12/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 944.31 TONNES

GLD INVENTORY: 912.14  TONNES

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

DEC 20/WITH SILVER UP 105 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:: A DEPOSIT OF 700,000 OZ INTO THE SLV///INVENTORY RESTS AT 509.90 MILLION OZ//

DEC 19/WITH SILVER DOWN 13 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.05 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 509.20 MILLION OZ//

DEC 16/WITH SILVER UP 2 CENTS; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.85 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 508.15 MILLION OZ//

DEC 15/WITH SILVER DOWN 78 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF EXACTLY 2.00 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 510.000 MILLION OZ

DEC 14/WITH SILVER UP 7 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.7 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 512.000 MILLION OZ//

DEC 13/WITH SILVER UP 59 CENTS: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 600,000 OZ FROM THE SLV////INVENTORY RESTS AT 513.900 MILLION OZ//

DEC 12/WITH SILVER DOWN 33 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 514.500 MILLION OZ//

DEC 9/WITH SILVER RISING 77 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.2 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 514.500 MILLION OZ.

DEC 8/WITH SILVER RISING 34 CENTS TODAY: OVER THE PAST 3 WEEKS, WE HAVE GAINED A STRONG: 44.777 MILLION OZ/INVENTORY RESTS AT 516.700 MILION OZ.

NOV 14/WITH SILVER UP 41 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.923 MILLION OZ//

NOV 11/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 553,000 OZ FROM THE SLV///INVENTORY RESTS AT 471.923 MILLION OZ//

NOV 10/WITH SILVER UP 39 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 368,000 OZ INTO THE SLV///INVENTORY RESTS AT 472.476 MILLION OZ//

NOV 9/WITH SILVER DOWN 10 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV/; A WITHDRAWAL OF 3.821 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 472.108 MILLION OZ//

NOV 8/WITH SILVER UP 48 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.751 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 475.929 MILLION OZ//

NOV 7/WITH SILVER UP 12 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//

NOV 4/WITH SILVER UP $1.31 TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.972 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 477.678 MILLION OZ//

NOV 3.WITH SILVER DOWN 16 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 566,000 OZ FROM THE SLV////INVENTORY RESTS AT 482.650 MILLION OZ//

NOV 2/WITH SILVER DOWN 9 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 92,000 OZ FROM THE SLV////INVENTORY RESTS AT 483.216 MILLION OZ//

NOV 1/WITH SILVER UP 53 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 415,000 OZ FORM THE SLV////INVENTORY RESTS AT 483.308 MILLION OZ

OCT 31: WITH SILVER FLAT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .644 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 483.723 MILLION OZ//

OCT 28/WITH SILVER DOWN 35 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 276,000 OZ INTO THE SLV////INVENTORY RESTS AT 484.367 MILLION OZ//

OCT 27/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE S: A WITHDRAWAL OF 2.579 MILLION OZ FROMTHE SLV/////INVENTORY RESTS AT 484.091 MILLION OZ//

OCT 26/WITH SILVER UP 11 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.013 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 486.670 MILLION OZ./.

OCT 25/WITH SILVER UP 17 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.083 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 487.683 MILLION OZ/

OCT 24/WITH SILVER UP 6 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .553 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 485.610 MILLION OZ//

OCT 21/WITH SILVER UP 43 CENTS: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .46 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 486.163MILLION OZ//

OCT 20/WITH SILVER UP 33 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .921 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 485.703 MILLION OZ//

OCT 19/WITH SILVER DOWN 27 CENTS: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.105 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 486.624 MILLION OZ///

OCT 18/WITH SILVER DOWN 5 CENTS:BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.658 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 487.729 MILLION OZ///

OCT 17/WITH SILVER UP 53 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.151 MILLION OZ INTO THE SLV////INVENTORY REST AT 486.071 MILLION OZ//

OCT 14/WITH SILVER DOWN 77 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.211 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 484.920 MILLION OZ//

OCT 13/WITH SILVER DOWN 2 CENTS TODAY: BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.513 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 482.709 MILLION OZ//

CLOSING INVENTORY 509.90 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff  

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

end

LAWRIE WILLIAMS:

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

Jan is 100% correct: the west sets the price and gold moves west to east

(Jan Nieuwenhuis)

Jan Nieuwenhuijs: The West-East ebb and flow of gold revisited

Submitted by admin on Mon, 2022-12-19 20:24Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Thursday, December 16, 2022

Gold trade between West and East still follows a 90-year-old pattern. 

The price of gold is mainly set by Western institutional supply and demand, while countries in the East take the other side of the trade.

As a result, above-ground gold moves from West to East and back in sync with the price of gold decreasing and increasing. Knowledge of this pattern is imperative to understanding the gold market and the price of gold. …

… For the remainder of the analysis:

https://www.gainesvillecoins.com/blog/the-west-east-ebb-and-flow-of-gold-revisited

END

GOLD/SILVER

/4.  OTHER PHYSICAL SILVER/GOLD COMMENTARIES

How about total manipulation as an understanding the moves of gold

Mish Shedlock/Mishtalk

Understanding Long Term Moves In Gold, What’s Going On?

MONDAY, DEC 19, 2022 – 06:20 PM

Authored by Mike Shedlock via MishTalk.com,

To understand what has happened and what is likely to happen, look at faith in the Fed and central banks in general…

DEC 20/GOLD PRICE UP .05 TO 15.60//SILVER IS UP A FULL .05 TO .05//PLATINUM IS UP 26.75 TO 12.45/PALLADIUM IS UP .60 TO 39.65//COVID UPDATES RE CHINA/DR PAUL ALEXANDER//VACCINE IMPACT//VACCINE INJURY//JAPAN FINALLY EXPANDS ITS YIELD CURVE AND WILL BUY UP TO 9 TRILLION YEN JAPANESE BONDS PER MONTH//THAT SET OF A FRENZY IN THE PRECIOUS METALS MARKET//RUSSIA VS UKRAINE UPDATES: UKRAINE SHELLS MAJOR TOWN INSIDE RUSSIAN TERRITORY AGAIN//TOM LUONGO A MUST READ//KARI LAKE WINS A COURT BATTLE AND NOW HER CASE WILL BE HEARD///SWAMP STORIES FOR YOU TONIGHT///

A long-term chart suggests the real driver for gold is not inflation, not the dollar, not conspiracies, not China, and not oil, but rather faith in central banks. 

Timeline Synopsis 

  • Nixon closed the gold redemption window on August 15, 1971. The price of gold was $35 an ounce.
  • Faith in the dollar and central banks collapsed. Inflation soared.
  • Gold peaked at $850 per ounce on January 21 1980.
  • That’s when Fed Chair Paul Volcker jacked up interest rates to 20 percent to squash inflation.  
  • Volcker was followed by Alan Greenspan, deemed the “Great Maestro”. 
  • There was inflation every step of the way yet, gold fell from $850 an ounce to $250 an ounce proving gold is not an inflation hedge.
  • In the period between 1999 and 2002, Gordon Brown, UK Chancellor of the Exchequer (roughly the equivalent of the US Secretary of Treasury), sold off 395 tons of gold, showing great faith in fiat currencies over gold. This event is known as “Brown’s Bottom”. 
  • To bail out banks that invested in worthless DotCom companies and also lost then huge amounts of money on bad loans to South American countries Greenspan recklessly lowered interest rates and held them too low too long. 
  • Gold took off thanks to Fed stimulus that culminated in a housing bubble and bust.
  • Gold, like everything else sold off hard in that bust. In March of 2009, the Fed suspended mark-to-market accounting of bank assets. The stock market took off and so did gold.
  • The Fed launched QE and so did the ECB. Credit stress in the EMU was also brewing. There was a huge risk of the Eurozone would break apart. Greece was the weak link but fears were of a cascade if Greece left.
  • On 26 July 2012, the President of the European Central Bank, Mario Draghi, delivered a speech at a conference in London that brought a crucial turnaround in the euro crisis. 
  • Mario Draghi said “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.’
  • What did Mario Draghi do? The answer is amusing. Absolutely nothing. However, eurozone bond yield collapsed, temporarily saving the day.
  • In 2016 the Fed and ECB were both engaging in more QE and sovereign yields went negative in Europe and Japan. Gold blasted to a new high, double topping in 2021. 
  • In 2022 the Fed finally got around to hiking. Gold started dropping hard in 2022 despite the fact that year-over-year inflation topped 9 percent. Once again this shows gold is a poor inflation hedge. 
  • The Fed has kept up a steady stream of hawkish talk and here we are.  

Fed’s Resolve

It was time to go to the gold sidelines when it was clear the Fed was about to go on a major hiking cycle. 

I made a mistake in not believing the Fed’s resolve. By the time I did, I felt there was not much more downside. 

Gold is up nearly $200 an ounce from the lows.

The Fed Projects Interest Rates Higher for Longer at Least Through 2023

On December 14, I commented The Fed Projects Interest Rates Higher for Longer at Least Through 2023

A parade of Fed governors offering the same take.

Gold doesn’t seem to believe that although it did react poorly on the announcement.

Q: Can gold and Powell both be right?
A: Yes, in a way.

Gold also reacts to credit stress. It soared following Nixon shock, in the housing bubble, and with QE.

It plunged under Greenspan disinflation and after Mario Draghi made his “Whatever it Takes Speech” 

Meanwhile, the Fed seems hell bent on breaking something and I suspect they will.

Gold Weekly Support Levels 

It’s possible gold is reacting to pending credit stress in the US, EU, China, or elsewhere. It’s possible that the $200 bounce is purely technical off strong support at $1650. 

$1450 is also strong support. 1550 has moderate support. There is pretty strong resistance in a range $1850 to $1900.

If you believe the Fed will produce some uneventful soft landing with steady disinflation, gold may not be where you want to be. 

Meanwhile, talk on Twitterland is of a new gold repricing model, of oil priced in gold, of yuan backed by gold, of 9 year cycles, and central bank buying gold was bearish then and bullish now, with price targets of $9,000. All that discussion seems more than a bit silly to me.  

Finally, the lead chart shows gold is in a major 10-year cup and handle setup, normally a bullish formation. And typically, the longer the consolidation, the bigger the move when it happens. 

The other side of the coin, as addressed in my previous post, is that bullish formations and support levels often fail in bear markets while resistance and bearish formations fail in bull markets. 

That’s both sides of the gold case in one post without all the hype. 

What About the Dollar?

Don’t fall into the trap of thinking gold always moves with the dollar. With the US dollar index at 90, gold has been at $250, $1,400, $1,200, and $600. 

On a short term basis gold tends to move with the dollar, but sometimes, even for long periods of time, it doesn’t. 

And while price correlation tends to be present, magnitude isn’t which is how you get $1,400 gold and $400 gold with the dollar index in the same place.

*  *  *

5. Commodity commentaries//IRON ORE

END

6/CRYPTOCURRENCIES/BITCOIN ETC

Special thanks to Robert H for sending this to us;

FTX Dust Settles, Soiling Everyone

Michael Wilkerson

FTX founder Sam Bankman-Fried speaks during the New York Times DealBook Summit in the Appel Room at the Jazz at Lincoln Center in New York City, on Nov. 30, 2022. (Michael M. Santiago/Getty Images)

After weeks of speculation as to whether former billionaire, now hapless participant, Sam Bankman-Fried would be arrested for fraud surrounding FTX, the cryptocurrency exchange he ran into the ground, the mystery is over. The crypto exchange founder surrendered to Bahamian custody last week and is now awaiting extradition to the United States.

Following a grand jury indictment, Bankman-Fried was charged by the Southern District of New York, the Securities and Exchange Commission (SEC), and the Commodities and Futures Trading Commission (CFTC) on a variety of charges related to wire fraud, commodities fraud, securities fraud, money laundering, material misrepresentations, conspiracy to defraud the Federal Election Commission and to commit campaign finance violations.

The SEC alleges that Bankman-Fried orchestrated “a years-long fraud to conceal from FTX’s investors” the diversion of FTX customer funds to Alameda Research, a hedge fund owned by Bankman-Fried; the special treatment afforded to Alameda, such as unsecured and unlimited lines of credit; and FTX’s exposure to Alameda’s “significant holdings of overvalued, illiquid assets such as FTX-affiliated tokens.”

The SEC complaint also alleges that Bankman-Fried commingled FTX customers’ funds and used them to fund unrelated investments, purchase real estate, and make large political donations. The vast majority of these donations found their way into the coffers of the Democratic Party’s political machine, potentially impacting the outcome of 2022’s midterm elections. The CTFC filing further alleges that Bankman-Fried, FTX, and Alameda Research “caused the loss of over $8 billion in FTX customer deposits.”

The arrest brought to an ignoble end Bankman-Fried’s long-winded and pathetic apology tour, in which he claimed he had made mistakes of omission and negligence, for which he was deeply sorry, but had not committed fraud. The arrest came just one day before Bankman-Fried was to testify before the House Financial Services Committee, whose chair, Rep. Maxine Waters (D-Calif.), had deemed it “imperative” that Bankman-Fried appear. Shockingly, Rep. Waters had previously been seen offering Bankman-Fried a loving air kiss and wave of the hand following congressional testimony, in apparent gratitude for donations made to the cause.

The timing of the arrest—i.e., one languid month after the fraud had been revealed and FTX had collapsed, but then suddenly one day before his scheduled testimony—raised many eyebrows. Why wouldn’t the Department of Justice, the SEC, and the CFTC have been curious to hear what Bankman-Fried had to say? Most prosecuting attorneys would salivate at the prospect of Bankman-Fried tightening the noose around his own neck with the verbal rush that was sure to come forth in this public venue, especially considering what he’d already said in disdain of his lawyers’ and others’ advice to please quit talking and stop making it worse for himself and everyone he had harmed.

Some sober-minded legal commentators have speculated that the timing of the arrest was intended to prevent Bankman-Fried from doing just that, potentially including an alleged criminal and conspiratorial web that had been spun with leading members of the Democratic Party, to which Bankman-Fried fraudulently donated the vast majority of the $40 million in political contributions he made in this last election cycle. To be clear, this $40 million now appears to have been FTX customers’ money, not Bankman-Fried’s.

Eyes on the SEC

The SEC, or at least its chairman, Gary Gensler, may have also sought to avoid too much fuss being made over the several times that Gensler and his staff had met in consultation with Bankman-Fried to plot how to bring crypto regulation under SEC authority, in exchange for giving FTX special treatment which would put FTX ahead of its competitors.

In an apparent attempt to shift the narrative, Chairman Gensler said, “Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.” He went on to warn all crypto platforms, wherever they may be domiciled, that they must come into compliance with U.S. laws. Fair enough. FTX was a fraud, and other crypto platforms should take notice.

Yet U.S. House Financial Services Committee member Rep. Tom Emmer (R-Minn.) lays much of the responsibility at Chairman Gensler’s feet, noting, “We need to get to the bottom of this. We need to understand why Gary Gensler and the SEC were not doing their job. We need to understand how this was allowed to get to the point where people and their savings are getting hurt. That’s exactly what the regulator’s supposed to be taking care of.”

The SEC has some explaining to do, true, but so do the numerous political actors within the Democratic Party who received and used stolen funds. A few have already sought to return the money or to donate it to charity. But these examples remain rare. Most recipients have remained silent amid the scandal, perhaps hoping it will all go away, forgotten amid some newer crisis or media’s and the public’s attention shifting elsewhere.

While we don’t yet have enough detailed information to run this to ground, the fraud which FTX appears to have perpetrated reaches into the highest orders of political power in this country. The scandal of FTX is an early domino to topple in what may be a long line of downfall, an exposure which likely is evidence of the vast corruption that may characterize the current political environment.

For background on the FTX scandal, check out my previous articles on the subject, including “Falling Meteorite FTX Scorches Crypto Landscape” and “FTX Collapse Illustrates Dark Side of Technology Revolutions,” here with The Epoch Times.

The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.

end

1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//

TUESDAY MORNING.7:30 AM

ONSHORE YUAN: UP TO  6.9689

OFFSHORE YUAN: 6.9722

SHANGHAI CLOSED DOWN 33.35 PTS OR  1.07%

HANG SANG CLOSED DOWN 258.01 OR 1.33% 

2. Nikkei closed DOWN  669.61  PTS OR 2.46%

3. Europe stocks   SO FAR:  MOSTLY MIXED

USA dollar INDEX DOWN TO  103.69 Euro RISES TO 106.33 UP 21 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.395!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 132,53/JAPANESE YEN RISING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold UP /JAPANESE Yen UP CHINESE YUAN:   UP-//  OFF- SHORE: UP

3f Japan is to buy the 9 TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. 

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.269%***/Italian 10 Yr bond yield RISES to 4.429%*** /SPAIN 10 YR BOND YIELD RISES TO 3.365…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.402//

3j Gold at $1801.60//silver at: 23.62  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1  AND 20/100        roubles/dollar; ROUBLE AT 68.92//

3m oil into the 76 dollar handle for WTI and  80 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 132.53 

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9267– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9854 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.651% UP 7 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.708% UP 9 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,66…

GREAT BRITAIN/10 YEAR YIELD: 3.585 % UP 11 BASIS PTS

end

i.b  Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Rebound From Post BOJ Shock As Dollar Tumbles

TUESDAY, DEC 20, 2022 – 08:08 AM

After last week’s CPI and FOMC decision, it was supposed to be smooth sailing into the illiquid, year-end waters as trading desks closed down for the year, and where among those few traders left some expected a Santa rally while others kept pressing their shorts. The BOJ – which was badly been lagging all of its central bank peers in tightening financial conditions – however had other plans, and on Tuesday morning Japan’s central bank shocked the world when it announced it would widen the Yield Control Curve band on the 10Y Treasury from 0.25% to 0.50% on either side, a move which had been viewed as a “when not if” – as markets knew the BoJ would eventually have to realign the “kinked” 10Y point with the rest of JGB curve and fundamentals…

… and begin a gradual policy alignment with rest of world’s already robust tightening, as they had instead continued to ease throughout ‘22 – but this was not seen as today’s business and virtually everyone expected this move to come after the Kuroda term ended in April ‘23, with most expecting a “phase-in” executed in smaller increments over time. So the news that the yield on Japan’s 10Y would be allowed to double from 0.25% to 0.50% came as a shock and sparked cross-asset contagion across the world, sending futures tumbling and bond yields soaring at least initially and briefly halted Japans’ treasury futures.

“Tighter BoJ policy would remove one of the last global anchors that’s helped to keep borrowing costs at low levels more broadly,” Deutsche Bank analysts told clients, noting the BOJ move had come as markets were “already reeling” from the ECB and Fed’s hawkishness last week.

BOJ governor Haruhiko Kuroda later reiterated at a press briefing that the widening of the yield band was aimed at improving market functioning and smoothing out a distorted yield curve. Still, the abrupt decision risks eroding confidence in the central bank’s messaging after the governor and other board members had repeatedly said a widening of the range would be tantamount to raising interest rates.

As attention turned away from the surge in yields -to the plunge in the dollar,  US stock-index futures managed to recover most of their earlier losses, and as of 730am ET, contracts on the S&P 500 were flat while Nasdaq 100 futures slightly underperformed, falling 0.2% as the yield on 10-year Treasuries extended gains.

Contracts on the S&P 500 had slumped as much as 1.1% earlier after the BOJ’s move triggered concerns among investors already worried about the growing chorus of hawkish central banks: “There are some investors that are doing cross assets, and so if the yen moves — if the foreign exchange moves a lot — they automatically readjust” their equity futures positions, said Michael Makdad, an analyst at Morningstar Inc. in Tokyo.

But the move in stocks was actually relatively modest: the move in JGBs was more powerful, as the yield on 10Y bonds surged to the highest level since 2015…

… and dragged US TSYs along with it amid fears Japanese would be less willing to buy US paper (spoiler alert: the opposite will happen as local pensions start factoring in capital losses amid future YCC expansions) while the biggest fireworks took place in the world of FX, however, where the dollar tumbled as the yen rose: at one point the USDJPY plunged all the way down to 132.0 a 500+ pip move from where the pair was pre-BOJ, and the second biggest move in the past year, lagging only behind the shock US CPI miss repricing in November.

Among US premarket moves, Lucid Group  advanced after the company said it has completed its stock sale program and successfully raised about $1.5 billion.  Here are some of the biggest US movers today:

  • Verona Pharma (VRNA US) shares surge as much as 162% in US premarket trading after the drug developer achieved positive results in the Phase 3 ENHANCE-1 trial evaluating nebulized ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease.
  • Cryptocurrency-exposed stocks rise as Bitcoin rebounds after falling to the lowest level this month as worries over the path of central bank policy damped moves across risky assets. Riot Blockchain (RIOT US) advances 1.6%, Marathon Digital (MARA US) +0.8%, Silvergate (SI US) +1.9%
  • MKS Instruments (MKSI US) stock rises 1.1% on low volumes after it was upgraded to overweight from sector weight at KeyBanc, with the broker saying the company’s strong competitive position should drive growth in semiconductor and advanced packaging.
  • Heico (HEI US) shares could be in focus as the aerospace parts manufacturer reported earnings per share for the fourth quarter that matched the average analyst estimate, but did not provide guidance for 2023.
  • Keep an eye on Conagra Brands (CAG US) stock as Morgan Stanley upgraded it to overweight, expecting the packaged-food sector to maintain its relative outperformance through 2023 and also raising J M Smucker (SJM US) to equal-weight.
  • Beam Therapeutics (BEAM US) is upgraded to outperform from market perform at BMO, which said that the risk/reward on the stock now seems skewed to the upside.
  • The insurance lead generation sector is JPMorgan’s favorite across small and mid-cap internet stocks for 2023, with analysts upgrading MediaAlpha (MAX US) to overweight from neutral, and EverQuote (EVER US) to overweight from underweight, while downgrading some advertising-exposed stocks.

Even before the BOJ, US stocks dropped for a fourth session on Monday as traders recoiled at the growing possibility that the Fed will push the US economy into a painful recession after central bank officials vowed to keep raising rates until they’re confident inflation is coming down meaningfully. The S&P 500 closed at its lowest level in more than a month, dragged by declines in big-tech firms including Apple, Microsoft and Amazon.com. As Bloomberg points out, US tech stocks are facing a big technical trial this week, with the Nasdaq 100 Index testing a long-term uptrend in place since 2008, based on a logarithmic scale and weekly data.

“The Fed now knows that the forward-looking indicators are starting to move in their favor,” Hugh Gimber, global market strategist at JPMorgan Asset Management, told Bloomberg Television. “They just want to see that coming through in hard data now and hence they want another few months just to get a clearer sense of the picture, but the direction of travel is much more positive.” Gimber expects a half-point hike when the Federal Open Market Committee meets in February, followed by a raise of 25 basis points in March.

European stocks also erased earlier losses, with the Stoxx 600 trading down -0.20% after tumbling more than 1% earlier. European real estate stocks underperformed; the Stoxx 600 Real Estate subindex drops 3.6% at 9:36 a.m. CET. Biggest laggards include Aroundtown -9.1%, Wihlborgs -4.5%, Balder -4.4%, LEG Immobilien -4.2%, Vonovia -4%, SBB -3.8%. Other notable European movers include:

  • Elior shares rise as much as 8.8% after the French caterer said it would buy Derichebourg Multiservices division by issuing new stock. The analysts noted that the equity-financed deal would add scale, boost margins and accelerate the company’s deleveraging.
  • Hugo Boss shares rise as much as 6% after Deutsche Bank analyst Michael Kuhn raised the recommendation to buy from hold.
  • Engie shares slumped as much as 6.9% after the French utility said it may take a hit of up to €5.7 billion ($6.1 billion) through next year from windfall taxes on soaring power sales and Belgium’s requirements for nuclear plant dismantling.
  • Credit Suisse shares decline as much as 3.9% as both Citi and RBC say the troubled lender needs to give greater visibility on its planned strategic overhaul for the stock to recover.
  • Petrofac shares drop as much as 10% to fresh record low as the energy infrastructure supplier predicts a full-year Ebit loss.
  • European real estate stocks underperformed on Tuesday after a hawkish move from the Bank of Japan, which adjusted its yield curve control program. Aroundtown is the sector’s biggest decliner, falling as much as 11%, after being downgraded to hold from buy at Berenberg.
  • Rheinmetall shares fall as much as 5.5% in Frankfurt, extending Monday’s losses, after German Defense Minister Christine Lambrecht set a deadline for the industry to fix defective infantry vehicles.
  • Kinepolis shares drop as much as 6.6%, the most in more than a month, after Berenberg lowers its price target and adopts a “more cautious” stance over its FY23/24 estimates.

Earlier in the session, Asian stocks fell as Japanese shares tumbled following a surprise policy tweak by the central bank, while China’s Covid disruptions also hurt sentiment. The MSCI Asia Pacific Index dropped as much as 1.1% before mostly trimming losses. The Nikkei 225 Index slumped 2.5% as the Bank of Japan raised the upper band limit of its yield curve control program, giving the yen a boost. Financial shares in the nation surged while tech and auto stocks slumped in Tokyo. “Usually the weak yen is good for the stock market earnings, and now if you have a stronger yen, it’s going to be a concern for the companies that were doing so well, mainly the exporters and maybe tourism,” said Peter Tasker, co-founder and strategist at Arcus Investment

 “The whole Asian region is dragged down by BOJ’s new policy, which is triggering the short covering of yen,” said Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd. “Those who borrow yen and invest in other securities” need to unwind positions, he added. Stocks in China and Hong Kong fell for the second day as the reopening rally continued to cool. China reported a pickup in Covid deaths, with analysts expecting the actual toll to be much worse than the official tally. Despite the dismantling of heavy Covid restrictions, activity in key cities has slowed as infections spike, diminishing the economic boost from a reopening.  Investors are contending with slowdown risks in the region in 2023, with China’s path to reopening facing headwinds and doubts about the Fed’s ability to tackle inflation without pushing the US economy into a recession

In FX, the Bloomberg Dollar Spot Index was set a second day of losses as the greenback weakened against all of its Group-of-10 peers apart from the Australian and New Zealand dollars.

  • The yen rose by as much as 3.7%, to a four-month high of 132.06 per dollar, while the benchmark 10-year yield surged to 0.444%, the highest since 2015. The BOJ said it will now allow Japan’s 10-year bond yields to rise to around 0.5%, up from the previous limit of 0.25%; details here
  • Cross sales into yen hit the Aussie and kiwi with the latter already weakened after data showed business confidence in the nation slumped to a record low. Both Australia’s and New Zealand’s bonds also fell
  • The yuan flipped to a gain as the dollar weakened following the Bank of Japan’s hawkish shift. China’s loan prime rates were kept on hold, as expected.

In rates, Treasuries, bunds and gilts yields are off highs reached after BOJ’s yield pivot, though still up about 8 basis points each at the 10-year mark. Treasury futures off worst levels of the day, recouping a portion of losses into early US session after an aggressive cheapening move sparked by Bank of Japan widens the trading band on 10-year bond yields. Into peak selloff 10-year yields topped through 3.70% and onto cheapest levels since Nov. 30, before settling around 3.65% into the US session; the 2s10s spread remains wider by 5bp on the day after reaching steepest since Nov. 16. On outright basis Treasury yields remain cheaper by 1bp to 8.5bp across the curve in a bear steepening move, following wider selloff across JGBs where 10- year yields closed at 0.399% and 2s10s curve steepened 13bp on the day

In commodities, WTI trades within Monday’s range, adding 1.1% to near $75.98. Most base metals trade in the green. Spot gold rises roughly $19 to trade near $1,806/oz. 

In crypto, Bitcoin is firmer to the tune of 1.0%, though once again remains within relatively narrow ranges.

To the day ahead now, and data releases include German PPI for November, US housing starts and building permits for November, and the European Commission’s advance December reading on consumer confidence for the Euro Area. Central bank speakers include the ECB’s Kazimir and Muller. Finally, earnings releases include Nike.

Market Snapshot

  • S&P 500 futures little changed at 3,842.50
  • STOXX Europe 600 down 0.4% to 424.16
  • MXAP little changed at 155.50
  • MXAPJ down 1.0% to 502.25
  • Nikkei down 2.5% to 26,568.03
  • Topix down 1.5% to 1,905.59
  • Hang Seng Index down 1.3% to 19,094.80
  • Shanghai Composite down 1.1% to 3,073.77
  • Sensex down 0.2% to 61,653.10
  • Australia S&P/ASX 200 down 1.5% to 7,024.27
  • Kospi down 0.8% to 2,333.29
  • German 10Y yield little changed at 2.27%
  • Euro up 0.2% to $1.0632
  • Brent Futures up 0.6% to $80.29/bbl
  • Gold spot up 0.9% to $1,804.50
  • U.S. Dollar Index down 0.73% to 103.96

Top Overnight News from Bloomberg

  • The BOJ’s surprise policy shift is sending shock waves through global markets that may just be getting started, as the developed world’s last holdout for rock-bottom interest rates inches toward policy normalization
  • The BOJ’s latest policy shock is cementing the central bank’s reputation for using the element of surprise to achieve its strategic goals
  • At least three funds stand to benefit from Japan’s policy move: UBS Asset Management, Schroders Plc and BlueBay Asset Management
  • ECB Governing Council member Francois Villeroy de Galhau said the euro-zone economy is unlikely to experience a deep slump as interest rates are lifted to tackle soaring inflation
  • The ECB remains “a long way” from achieving its goal of inflation of 2% over the medium term, according to Governing Council Member and Bundesbank President Joachim Nagel
  • South African President Cyril Ramaphosa emerged from a ruling party electoral conference with a stronger mandate, yet still has to overcome a series of political hurdles to tackle a daunting economic to-do list
  • Hong Kong will further ease social distancing measures, including rules on banquets, ahead of a trip by the city’s leader to Beijing

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded lower across the board with the broader risk profile hit by the BoJ’s unexpected tweak to its Yield Curve Control. Nikkei 225 fell over 2.5% as it reacted to the BoJ’s move, with the index briefly dipping under 26,500, although bank stocks soared. ASX 200 was dragged lower by its Tech and IT sectors whilst Banks and Utilities were the better performers. Hang Seng and Shanghai Comp conformed to the downbeat tone across the equity market, with the former seeing its housing stocks slip after the PBoC opted to maintain its 5yr LPR unchanged vs some expectations for a cut.

Top Asian News

  • RBA Minutes (Dec): Board considered several options for the cash rate decision at the December meeting: a 50bps increase; a 25bps increase; or no change in the cash; members also noted the importance of acting consistently. The Board did not rule out returning to larger increases if the situation warranted. Click here for the detailed headline
  • PBoC maintained the 1yr and 5yr Loan Prime Rates (LPRs) at 3.65% and 4.30% respectively, as expected, according to Bloomberg.
  • BoK Governor said the board believes it is premature to cut rates. BoK said consumer inflation is to gradually slow after hovering around 5% for some time; uncertainty is high over how swiftly consumer inflation will slow, according to Reuters. BoK Governor said the risk of USD/KRW rate surging at an unusual pace has decreased.
  • China reports five COVID-related deaths in the mainland on Dec 19 vs two a day earlier, according to Reuters.
  • Hong Kong Chief Executive Lee said Hong Kong will further ease social distancing measures, according to Bloomberg; subsequently, Hong Kong Health Authorities are to drop the rapid antigen COVID test requirement to enter bars/nightclubs from Thursday, no capacity limit on such venues.
  • Japan is reportedly mulling issuing JPY 500bln of green transformation economic transition bonds (GX bonds) in FY23, according to Japanese press Yomiuri.
  • Japanese government reportedly looking to issue around JPY 35.5tln of new JGBs for FY23/24, according to Reuters sources.
  • PBoC injected CNY 5bln via 7-day reverse repos with the rate maintained at 2.00%; injects CNY 141bln via 14-day reverse repos with the rate maintained at 2.15%; daily net injection CNY 144bln.

European bourses are under modest pressure, Euro Stoxx 50 -0.3%, as the complex lifts off post-BoJ lows in limited newsflow. US futures are moving in tandem with the above, ES -0.1%, ahead of a handful of stateside data prints. JPMorgan lowers its Apple (AAPL) iPhone volume forecasts for the December quarter to around 70mln (prev. forecast ~74mln).

Top European News

  • ECB’s Kazimir Says Stable Pace of Tightening Should Continue
  • Spain Court Foils Sánchez Bid to Name Judges in Power Clash
  • Engie Drops as Taxes, Nuclear Rules Take Multibillion Euro Bite
  • Swedish Property Stocks End Brutal 2022 With Tough Reset Ahead
  • Germany Cuts Russian Share in Gas Use by More Than Half in 2022

FX

  • JPY is the standout outperformer after the BoJ widened the 10yr yield band, sending USD/JPY to a test of 132.00 vs 137.00+ initial levels.
  • Amidst this, the DXY has been pushed below 104.00 to the modest benefit of G10 peers across the board.
  • Though, the read across from the USD’s downside to peers is being hampered somewhat by the pronounced action in JPY-crosses.
  • Elsewhere, antipodeans are the incremental laggards following the ANZ survey and post-RBA minutes, which has a dovish tilt.
  • PBoC sets USD/CNY mid-point at 6.9861 vs exp. 6.9862 (prev. 6.9746)

Fixed Income

  • Benchmarks have bounced from BoJ induced worst levels with modest assistance from German PPI and UK supply.
  • However, core debt is lower by around 100 ticks for Bunds and Gilts, with the German 10yr approaching 2.3% at best.
  • Stateside, USTs are directionally in-fitting though magnitudes are slightly more contained ahead of the US session, yields bid across the curve and bear-steepening.

Geopolitics

  • North Korea said Japan’s counterattack capabilities are effectively pre-emptive strike capabilities; said Japan’s new security strategy is bringing security crisis in the region. North Korea said it has the right to take “decisive” military measures to protect its rights in response to the changing security environment, via KCNA.

BOJ

STATEMENT

  • BoJ unexpectedly tweaked its Yield Curve Control (YCC) in which it widened the 10yr yield band to +/-0.5% (prev. +/-0.25%) and unexpectedly announced it is to increase bond purchases to JPY 9tln/m (prev. JPY 7.3tln/m) in Q1. The BoJ kept its rate unchanged at -0.10% and maintained 10yr JGB yield target of around 0% as expected. The decision on the YCC was unanimous. The adjustment is intended to “improve market functioning and encourage a smoother formation of the entire yield curve while maintaining accommodative financial conditions,” the central bank said. BoJ said it is to make nimble responses for each maturity by increasing the amount of purchases even more and conducting fixed-rate purchases operations when deemed necessary. BoJ maintained its rate guidance. Click here for the detailed headline

GOVERNOR KURODA

YCC:

  • Market functionality was decreasing. Domestic market has been hit by volatility abroad. Decision was made today as deteriorating market functions could threaten corporate financing.
  • Decision is not an exit of YCC or a change in policy, appropriate to continue easing policy.
  • There is no need to further expanding the allowance band, not likely that the market calls for another increase of the yield cap maximum limit.

Broader Policy:

  • It is too early to debate the exit to current monetary policy; today’s decision is not a rate hike.
  • Won’t hesitate to ease monetary policy further if necessary.
  • No intention to hike rates or tighten policy. Not thinking about revising the 2013 gov’t-BoJ joint statement.

OTHER

  • BoJ announced an unscheduled bond operation: BoJ offered to buy JPY 100bln in up to 1-3yr JGBs, JPY 100bln in 3-5yr JGBs, JPY 300bln in 5-10yr JGBs and JPY 100bln in 10-25yr, according to Reuters. BoJ to conduct unlimited bond buying in the 1-5yr tenors, according to Bloomberg.
  • Japanese Finance Minister Suzuki said it is not true that the government and the BoJ have decided on a policy to revise its joint statement, according to Reuters.
  • Japanese Economy, Trade, and Industry Ministry Nishimura said it is important to continue carrying out economic revitalisation based on the joint statement with the BoJ, according to Reuters.
  • Japan Securities Clearing Corporation has issued an emergency margin call re. JGB futures.

Commodities

  • Crude benchmarks slipping in tandem with broader sentiment initially and in the hours since have pared this pressure and are now posting upside just shy of USD 1.0/bbl.
  • Currently, Dutch TTF Jan’23 remains under modest pressure, but is yet to slip below the EUR 100/MWh mark.
  • Germany’s BDEW (energy industry association) says it is concerned about the EU gas price cap, it needs monitoring and adjusting if results in too little gas reaching Europe.
  • The yellow metal is a handful of ounces above the USD 1800/oz handle while base metals are firmer in action that is for the most part in-fitting with the above risk tone/dynamics.

US Event Calendar

  • 08:30: Nov. Building Permits MoM, est. -2.1%, prior -2.4%, revised -3.3%
  • 08:30: Nov. Building Permits, est. 1.48m, prior 1.53m, revised 1.51m
  • 08:30: Nov. Housing Starts MoM, est. -1.8%, prior -4.2%
  • 08:30: Nov. Housing Starts, est. 1.4m, prior 1.43m

DB’s Jim Reid concludes the overnight wrap

We go to press this morning amidst big moves in global markets overnight, since the Bank of Japan have decided to adjust their yield-curve-control policy, which is widely seen as the beginning of a potential end to their ultra-loose monetary policy. That policy has made them a big outlier compared to other central banks this year, having maintained rates at the zero lower bound whilst others embarked on their biggest tightening cycle in a generation. Indeed, it’s important not to underestimate the impact this could have, because tighter BoJ policy would remove one of the last global anchors that’s helped to keep borrowing costs at low levels more broadly.

In terms of the policy shift, the BoJ announced in a surprise move that Japan’s 10yr yield would now be able to rise to around 0.5%, having been limited to 0.25% previously. In turn, that led to a massive slump in Japanese equities, with the Nikkei down by -2.88% this morning, and those moves lower have been echoed more broadly. Indeed, not only are other indices in Asia pointing lower, including the CSI 300 (-1.64%), the Shanghai Comp (-1.03%), the Hang Seng (-2.19%) and the Kospi (-1.10%), but futures on the S&P 500 are currently down -1.07%, even after a run of 4 consecutive declines for the index already. The one big exception to this pattern of equity losses were bank stocks, with those in the Nikkei surging +4.96% this morning given the potential move away from ultra-low borrowing costs.

Unsurprisingly, Japanese government bond yields have surged on the back of the announcement, with the 10yr yield up +15.5bps this morning to 0.41% after trading around 0.25% for months. But the impact hasn’t been confined there either, with Australian 10yr yields up +19.5bps this morning, and those on US 10yr Treasuries up +8.1bps to 3.666%. In the meantime, the yen has strengthened massively, gaining +2.75% against the US Dollar this morning to 133.22 per dollar.

Even before the BoJ’s overnight announcement, markets had already got the week off to a rough start yesterday, with the bond selloff showing no sign of letting up whilst the S&P 500 (-0.90%) lost ground for a fourth day running. The moves were very similar to last week’s in many respects, with investors continuing to grapple with the prospect that central banks will keep hiking rates into 2023, not least after the hawkish tone from their recent meetings. That theme is only going to be bolstered by the BoJ’s move, which came as a big surprise to markets that were already reeling from the ECB and Fed’s hawkishness last week.

Whilst many investors are still expecting we could get a dovish pivot later in 2023, markets aren’t banking on that for now, with sovereign bonds seeing fresh losses on both sides of the Atlantic yesterday. In terms of the daily moves, yields did come off their highs by the end of the session in Europe, but those on 10yr bunds (+5.1bps), OATs (+4.4bps) and BTPs (+8.5bps) were still noticeably higher by the close. We also saw another round of milestones at the front-end of the curve as well, since yields on 2yr German and French debt both hit their highest levels since 2008. That followed further hawkish rhetoric from ECB speakers over the last 24 hours, with a nod to rate hikes continuing at a 50bps pace. For instance, Vice President de Guindos said that they had “to take additional measures to increase interest rates at a speed similar to that of this last 50 basis-point increase”. In the meantime, Lithuania’s Simkus said he had “no doubt” there’d be another 50bp move in February, and Slovakia’s Kazimir said that “we need to increase the base interest rate significantly higher than today.”

Whilst the continued bond selloff very much echoed last week, one key difference yesterday was that Eurozone bonds were no longer underperforming their international counterparts. For instance, yields on 10yr Treasuries saw a much larger increase on the day of +10.2bps to 3.585%, before their latest moves to 3.666% overnight. Higher real yields led that move yesterday, with the 10yr real yield up +7.2bps to 1.42%, followed by a further move to 1.45% this morning meaning that it’s now risen by over +40bps since its recent closing low earlier this month. And over in the UK, yields saw an even larger increase yesterday, with 10yr gilt yields up +17.3bps on the day to 3.50%. Those moves came as investors moved to price in a slightly more hawkish path for central bank policy rates, with pricing for the Fed’s rate by end-2023 up +5.5bps on the day to 4.413%.

This backdrop of growing concern about the rates outlook proved further bad news for equities, and the S&P 500 (-0.90%) fell to its lowest level in nearly 6 weeks. That’s its 4th consecutive decline, and means that in less than a week since the S&P briefly surged after the downside CPI surprise, the index has now lost -6.91% since its intraday peak. In terms of the drivers, tech stocks were a major contributor, with the NASDAQ (-1.49%) and the FANG+ index (-2.02%) seeing sizeable declines, although the Dow Jones didn’t fare so badly with a -0.49% decline. Europe was also a relative outperformer, with the STOXX 600 seeing a modest +0.27% gain after its -3.28% decline last week.

Elsewhere yesterday, we heard that EU member states had reached a deal to cap gas prices at €180 per megawatt-hour. It’ll apply for a year starting February 15, and follows lengthy negotiations on where the cap should be, with an earlier proposal from the Commission suggesting a €275/MWh level. The cap will also only apply if the difference with global liquefied natural gas prices is bigger than €35/MWh. Against this backdrop, European natural gas futures were down -5.98% yesterday to €109 per megawatt-hour.

On the data side yesterday, we got further evidence that the European economy was outperforming expectations this winter, with the Ifo’s business climate indicator from Germany rising to 88.6 (vs. 87.5 expected), marking its highest level in 4 months. However in the US, the NAHB’s latest housing market index showed that the housing market was continuing to struggle, with a decline in December to 31 (vs. 34 expected). With the exception of April 2020, that’s the index’s lowest reading in over a decade, and means that it’s fallen in every single month over 2022.

Finally, the US Congress are focusing on concluding their 2023 fiscal year omnibus budget package, ahead of the government funding deadline at the end of the week. Senate Minority Leader McConnell said that he expects to review the full text soon and signalled that there would be ample GOP support, indicating there would not be a period of protracted debate with the White House. The provisions are expected to total close to $1.7tr, and include funding for border security, state aid for natural disasters, a realigning of pandemic-era programs, and aid to Ukraine amongst a host of other initiatives and programs. Notably, it does not appear that there will be an increase to the debt ceiling in this agreement, so that’s another event that looks as though it could get some attention in 2023, particularly given the Republicans will control the House of Representatives next year.

To the day ahead now, and data releases include German PPI for November, US housing starts and building permits for November, and the European Commission’s advance December reading on consumer confidence for the Euro Area. Central bank speakers include the ECB’s Kazimir and Muller. Finally, earnings releases include Nike.

AND NOW NEWSQUAWK (EUROPE/REPORT)

JPY outperforms while core debt slumps post-BoJ’s unexpected action – Newsquawk US Market Open

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TUESDAY, DEC 20, 2022 – 06:38 AM

  • European bourses are under modest pressure, Euro Stoxx 50 -0.3%, as the complex lifts off post-BoJ lows in limited newsflow.
  • JPY is the standout outperformer after the BoJ widened the 10yr yield band, sending USD/JPY to a test of 132.00 vs 137.00+ initial levels.
  • DXY has been pushed below 104.00 to the modest benefit of G10 peers across the board; though, JPY-cross action is limiting this.
  • Core debt has bounced from worst levels, though remains heavily hampered with yields bid and the curve steepening.
  • Crude has recovered from its initial downside, currently posting modest upside; Dutch TTF cools as we await ICE’s review
  • Looking ahead, highlights include Canadian Retail Sales, US Building Permits, EZ Consumer Confidence.

View the full premarket movers and news report.

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

EUROPEAN TRADE

EQUITIES

  • European bourses are under modest pressure, Euro Stoxx 50 -0.3%, as the complex lifts off post-BoJ lows in limited newsflow.
  • US futures are moving in tandem with the above, ES -0.1%, ahead of a handful of stateside data prints.
  • JPMorgan lowers its Apple (AAPL) iPhone volume forecasts for the December quarter to around 70mln (prev. forecast ~74mln).
  • Click here for more detail.

FX

  • JPY is the standout outperformer after the BoJ widened the 10yr yield band, sending USD/JPY to a test of 132.00 vs 137.00+ initial levels.
  • Amidst this, the DXY has been pushed below 104.00 to the modest benefit of G10 peers across the board.
  • Though, the read across from the USD’s downside to peers is being hampered somewhat by the pronounced action in JPY-crosses.
  • Elsewhere, antipodeans are the incremental laggards following the ANZ survey and post-RBA minutes, which has a dovish tilt.
  • PBoC sets USD/CNY mid-point at 6.9861 vs exp. 6.9862 (prev. 6.9746)
  • Click here for more detail.

Notable FX Expiries, NY Cut:

FIXED INCOME

  • Benchmarks have bounced from BoJ induced worst levels with modest assistance from German PPI and UK supply.
  • However, core debt is lower by around 100 ticks for Bunds and Gilts, with the German 10yr approaching 2.3% at best.
  • Stateside, USTs are directionally in-fitting though magnitudes are slightly more contained ahead of the US session, yields bid across the curve and bear-steepening.
  • Click here for more detail.

COMMODITIES

  • Crude benchmarks slipping in tandem with broader sentiment initially and in the hours since have pared this pressure and are now posting upside just shy of USD 1.0/bbl.
  • Currently, Dutch TTF Jan’23 remains under modest pressure, but is yet to slip below the EUR 100/MWh mark.
  • Germany’s BDEW (energy industry association) says it is concerned about the EU gas price cap, it needs monitoring and adjusting if results in too little gas reaching Europe.
  • The yellow metal is a handful of ounces above the USD 1800/oz handle while base metals are firmer in action that is for the most part in-fitting with the above risk tone/dynamics.
  • Click here for more detail.

NOTABLE HEADLINES

  • ECB’s Villeroy says France should be able to avoid a recession, any recession would be temporary.
  • ECB’s Vasle says the economic slowdown won’t notably ease inflation.
  • ECB’s Muller says rate hikes so far are not enough; hard to say what the terminal rate should be.
  • ECB’s Kazimir says monetary policy should tighten at a stable pace

NOTABLE DATA

  • German Producer Prices YY (Nov) 28.2% vs. Exp. 30.6% (Prev. 34.5%); MM (Nov) -3.9% vs. Exp. -2.5% (Prev. -4.2%)

NOTABLE US HEADLINES

  • Steel Dynamics (STLD) is to replace ABIOMED (ABMD) in the S&P 500 effective prior to the market open on December 22nd, according to S&P Dow Jones Indices.
  • US Congress’ USD 1.7tln FY23 funding bill has been introduced; 885bln for defense, 772bln for non-defense discretionary spending; lawmakers incl. Boeing (BA) 737 Max certification extension and USD 2bln for Taiwan weapons purchases within the proposed funding bill.
  • 6.3 magnitude earthquake occurs in the northern California regions, via USGS.

GEOPOLITICS

  • North Korea said Japan’s counterattack capabilities are effectively pre-emptive strike capabilities; said Japan’s new security strategy is bringing security crisis in the region. North Korea said it has the right to take “decisive” military measures to protect its rights in response to the changing security environment, via KCNA.

CRYPTO

  • Bitcoin is firmer to the tune of 1.0%, though once again remains within relatively narrow ranges.

APAC TRADE

BOJ

STATEMENT

  • BoJ unexpectedly tweaked its Yield Curve Control (YCC) in which it widened the 10yr yield band to +/-0.5% (prev. +/-0.25%) and unexpectedly announced it is to increase bond purchases to JPY 9tln/m (prev. JPY 7.3tln/m) in Q1. The BoJ kept its rate unchanged at -0.10% and maintained 10yr JGB yield target of around 0% as expected. The decision on the YCC was unanimous. The adjustment is intended to “improve market functioning and encourage a smoother formation of the entire yield curve while maintaining accommodative financial conditions,” the central bank said. BoJ said it is to make nimble responses for each maturity by increasing the amount of purchases even more and conducting fixed-rate purchases operations when deemed necessary. BoJ maintained its rate guidance. Click here for the detailed headline

GOVERNOR KURODA

YCC:

  • Market functionality was decreasing. Domestic market has been hit by volatility abroad. Decision was made today as deteriorating market functions could threaten corporate financing.
  • Decision is not an exit of YCC or a change in policy, appropriate to continue easing policy.
  • There is no need to further expanding the allowance band, not likely that the market calls for another increase of the yield cap maximum limit.

Broader Policy:

  • It is too early to debate the exit to current monetary policy; today’s decision is not a rate hike.
  • Won’t hesitate to ease monetary policy further if necessary.
  • No intention to hike rates or tighten policy. Not thinking about revising the 2013 gov’t-BoJ joint statement.

OTHER

  • BoJ announced an unscheduled bond operation: BoJ offered to buy JPY 100bln in up to 1-3yr JGBs, JPY 100bln in 3-5yr JGBs, JPY 300bln in 5-10yr JGBs and JPY 100bln in 10-25yr, according to Reuters. BoJ to conduct unlimited bond buying in the 1-5yr tenors, according to Bloomberg.
  • Japanese Finance Minister Suzuki said it is not true that the government and the BoJ have decided on a policy to revise its joint statement, according to Reuters.
  • Japanese Economy, Trade, and Industry Ministry Nishimura said it is important to continue carrying out economic revitalisation based on the joint statement with the BoJ, according to Reuters.
  • Japan Securities Clearing Corporation has issued an emergency margin call re. JGB futures.

EQUITIES

  • APAC stocks traded lower across the board with the broader risk profile hit by the BoJ’s unexpected tweak to its Yield Curve Control.
  • Nikkei 225 fell over 2.5% as it reacted to the BoJ’s move, with the index briefly dipping under 26,500, although bank stocks soared.
  • ASX 200 was dragged lower by its Tech and IT sectors whilst Banks and Utilities were the better performers.
  • Hang Seng and Shanghai Comp conformed to the downbeat tone across the equity market, with the former seeing its housing stocks slip after the PBoC opted to maintain its 5yr LPR unchanged vs some expectations for a cut.

NOTABLE ASIA-PAC HEADLINES

  • RBA Minutes (Dec): Board considered several options for the cash rate decision at the December meeting: a 50bps increase; a 25bps increase; or no change in the cash; members also noted the importance of acting consistently. The Board did not rule out returning to larger increases if the situation warranted. Click here for the detailed headline
  • PBoC maintained the 1yr and 5yr Loan Prime Rates (LPRs) at 3.65% and 4.30% respectively, as expected, according to Bloomberg.
  • BoK Governor said the board believes it is premature to cut rates. BoK said consumer inflation is to gradually slow after hovering around 5% for some time; uncertainty is high over how swiftly consumer inflation will slow, according to Reuters. BoK Governor said the risk of USD/KRW rate surging at an unusual pace has decreased.
  • China reports five COVID-related deaths in the mainland on Dec 19 vs two a day earlier, according to Reuters.
  • Hong Kong Chief Executive Lee said Hong Kong will further ease social distancing measures, according to Bloomberg; subsequently, Hong Kong Health Authorities are to drop the rapid antigen COVID test requirement to enter bars/nightclubs from Thursday, no capacity limit on such venues.
  • Japan is reportedly mulling issuing JPY 500bln of green transformation economic transition bonds (GX bonds) in FY23, according to Japanese press Yomiuri.
  • Japanese government reportedly looking to issue around JPY 35.5tln of new JGBs for FY23/24, according to Reuters sources.
  • PBoC injected CNY 5bln via 7-day reverse repos with the rate maintained at 2.00%; injects CNY 141bln via 14-day reverse repos with the rate maintained at 2.15%; daily net injection CNY 144bln.

DATA RECAP

  • New Zealand ANZ Business Outlook (Dec) -70.2% (Prev. -57.1%); Own Activity (Dec) -25.6% (Prev. -13.7%)

1.c TUESDAY//MONDAY  NIGHT

SHANGHAI CLOSED DOWN 33.35 PTS OR 1.07%   //Hang Sang CLOSED DOWN  258.01 OR  1.33%    /The Nikkei closed DOWN 669.61 OR 2.46%          //Australia’s all ordinaries CLOSED DOWN  1.66%   /Chinese yuan (ONSHORE) closed UP TO 6.9689//OFFSHORE CHINESE YUAN UP TO 6.9722//    /Oil UP TO 76.19 dollars per barrel for WTI and BRENT AT 80.10    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

Japan did not pivot.  It will buy an increasing amount of Japanese 10 yr bonds that which it already owns greater than 50% of the entire issue.

It will tighten by raising the rate to .5% (but also buy more 9 trillion yen worth/month= QE)

Yields across the globe rose, japanese stock market rose//stock markets around the globe fell.

please read….

BoJ Sparks Market Chaos With Huge ‘Yield Curve Control’ Adjustment

MONDAY, DEC 19, 2022 – 10:23 PM

The Bank of Japan shocked markets tonight.

After leaving policy rates unchanged, the ‘easiest’ bank in the world decided to dramatically modify its so-called Yield Curve Control framework and increase the quantity of government bonds it will buy each month (while the rest of the world is doing the opposite).

The increase in range is huge (from -0.5% to +0.5% in yields). Thus, realistically this is a tightening policy move allowing long-rates to rise from 25bps (the prior YCC limit) to 50bps (the current YCC limit)…

The YCC adjustment is being reported as a mechanism to encourage better functioning in the bond market (where barely a bond changes hands nowadays). The BOJ says it made the change as:

“the functioning of bond markets has deteriorated, particularly in terms of relative relationships among interest rates of bonds with different maturities and arbitrage relationships between spot and future markets… If these market conditions persists, this could have a negative impact on financial conditions.

The BoJ also increased its bond purchases to JPY9 trillion per month for January through March.

Bear in mind that the share of Japanese government bonds held by the Bank of Japan has topped 50% on a market value basis for the first timenew data showed Monday.

As one might expect, Cash JGBs didn’t budge on the news.

Interestingly, despite the ‘easing’ implied by the JGB buying increase, the JPY strengthened against the dollar (because with a wider/higher band for the 10Y yield, theoretically the BoJ will have to buy fewer bonds to keep it within their limit). The JPY is now at its strongest since August.

Until, of course the next depressionary collapse.

So the bottom line is that The BoJ will allow 10Y to rise to 0.50% from 0.25% but in order to make the transition as painless as possible, it will increase bond purchases to Y9 Trillion from Y7.3 Trillion per month.

This will basically remove the YCC kink in the JGB yield curve…

And sure enough, 10Y JGB yields have instantly exploded higher to their highest since 2015…

JGB Futures trading has been halted on the Osaka Exchange.

Japanese bank stocks are soaring on the increased outlook for their NIMs…

Capital Economics offers some clarifications as traders comes to terms with WTF Kuroda just did…

There was nothing in the statement that would suggest that this decision heralds a wholesale tightening of monetary policy.

For one thing, the bank’s assessment of current economic conditions as well as its outlook over coming quarters was little changed from the October meeting.

If anything, the downgrade to the bank’s view on external demand suggests that it is getting increasingly worried about the strength of the recovery.

Most importantly, the bank reiterated that it expects short-term and long-term policy rates to remain at their present or lower levels.

Daisuke Karakama, chief market economist at Mizuho Bank, warned about taking these initial kneejerk moves as indicative of anything:

“FX markets seem to want to take it as BOJ’s pivot, which I do not think so.” 

The BoJ’s dramatic adjustment to its yield-curve control framework could reflect policymakers’ preference for a stronger yen, according to National Australia Bank.

“The widening of the band has been framed as a move to improve market functionality, but implicitly one could argue the bank now has a preference for a stronger yen (or at a minimum a distaste for further yen weakness),” Rodrigo Catril, the bank’s Sydney-based strategist says.

“On face value the YCC announcement reinforces the view that the BOJ willingness to wait for the right type of inflation does have limits.”

This action by The BoJ has sparked chaos in other markets with US Treasury yields spiking…

As Bloomberg’s Yuki Masujima said:

The implications go far beyond Japan – with the BOJ – the last major holdout in a global monetary tightening shift (with the exception of China) — now letting the benchmark yield trade higher than before, the shock will echo across global financial markets.

Bitcoin has spiked (likely on the rise in BOJ QE – which is actually offset by the BOJ ‘allowing’ rates to rise, thus tighten)…

Gold jumped back above $1800…

And US equity markets are tumbling…

…and just as liquidity evaporates for the Xmas break across global markets.

The governor had repeatedly stuck to a resolutely dovish stance by stressing the need for stimulus until stronger wage growth takes place, ruling out the possibility the BOJ will take action against the yen’s slump.

He had also characterized any widening of the movement band around the yield target as equivalent to a rate hike, a description that led most economists to believe such a move was still some time away.

Or maybe that was Kuroda’s cunning plan after all – offer no hint at all of this and then drop it during one of the most illiquid times of day during one of the most illiquid weeks of the year, so the effect is immediate – like ripping off a band-aid.

Presumably, the smart chaps in the BOJ believe they can allow the yield to jump and traders will happily let it rest there at 50bps. Of course that won’t happen and Kuroda’s successor will be forced to buy ever increasing quantities of JGBs to maintain the 50bps yield upper band.

END

We will probably see more Japanese investors move their money back to Japan with this move as the yen will continually strengthen!

(zerohedge)

Kuroda-nado Not Enough To Derail US Treasury Rally, BoJ Shift Sparks Japanese Banking Bonanza

TUESDAY, DEC 20, 2022 – 10:02 AM

The BoJ decision to widen the YCC band was a surprise in the sense that’s it been viewed as a “when, not if” matter (while still messaging quite “dovishly” in the press conference, with Kuroda going out of his way to message repeatedly that this was not policy tightening, as they did not raise short-term policy rates nor adjust the monetary base target).

Markets knew the BoJ eventually had to true-up the 10Y point with the rest of JGB curve and fundamentals… and eventually, begin a gradual policy alignment with rest of world’s already robust tightening, as they had instead continued to ease throughout ‘22…

Nonetheless, most everybody expected this move to come after the Kuroda term ended in April ‘23, with most expecting a “phase-in” executed in smaller increments over time.

But, as Bloomberg macro strategist Simon White, details below, the yen, not USTs, stands to be the main adjustment mechanism for the BOJ’s policy shift, with the currency facing potentially significantly more upside, but the rally in USTs remaining intact for now.

This time of year is replete with “Top Christmas Films” lists, but one festive movie we’ve seen before is the BOJ surprising markets in December. They have not disappointed this year, announcing today they would widen the trading band in the 10-year JGB to -0.5% to +0.5%.

It was a matter of when, not if, we would see this change: a policy that involves buying unlimited JGBs — when the BOJ already owns more than half of the market — to keep the 10-year yield artificially low when rates are rising across the rest of the world, would always eventually have to face its own inherent contradictions.

Japan is a net capital exporter, so to appreciate the net effects of such a change, understanding the likely behavior of Japanese investors in foreign assets is key. In a nutshell, rising short-term US yields as the Fed raised rates has made USTs increasingly unattractive to them after FX hedging costs.

Adjusting the net yield pick-up for Japanese buyers of USTs by US and Japanese inflation gives a close leading relationship with USDJPY. This has dropped precipitously this year, and if the relationship continues to hold, USDJPY annual growth would fall to 5-10% in the next six months or so, taking USDJPY down to the 115/120 level.

Rising yields on JGBs (the 10-year has risen to 0.4% from 0.25% today) will pressure more Japanese capital to return home, or not leave the country in the first place.

But this will not likely be enough to unseat the rally in USTs. First of all, Japan investors have been net sellers of Treasuries for most of this year, even as Treasuries have rallied.

Secondly, the tailwinds for USTs I noted in October that would likely trigger a rally are still valid. The Fed’s hawkishness has very likely peaked for now; rising recession risk is likely to spur haven demand next year; while central-bank reserve selling (mostly USTs), which had reached extreme levels, is abating as easing commodity prices takes pressure off commodity importers (including Japan).

Treasuries also remain historically oversold and positioning is very net short, while seasonality continues to be favorable.

Finally, Nomura’s Charlie McElligott points out that there is also an authentic “macro story” reality here on the YCC move from the BoJ, which is that prices are higher with growth also above trend, while too, inflation expectations continue to rise, which is why Yen (stronger) in my eyes was the best way to play “Short USD” in 2023…although this move happening ahead of schedule now takes some of the luster out of remain risk / reward in the trade, as this was the “easy part”.

  • The next incremental YCC adjustment after this initial move becomes more difficult, because with the Fed nearing the end of their policy tightening, UST yields have stopped going meaningfully higher – so a “unilateral” move higher in JGB yields from additional YCC adjustment risks a more “unruly” market impact.

  • From here on the currency side, any $Yen potential for 120-130 and beyond is likely a waiting-game on US recession, likely requiring a Fed messaging pivot towards outright  “policy easing / rate cutting” to get that “rates differentials” kicker to take the Yen strengthening to relative overdrive.

The biggest question now is whether this Yen strength and domestic bond market yield “pick-up” will see repatriation back home from many Japanese investors out of foreign bond markets, who since NIRP began in early 2016, have moved large amounts of money into overseas fixed-income.

This should be bullish for Japanese banks and insurers, and yet shouldn’t come close to hurting Corporate Japan, as the 25bps in the scheme is relatively negligible – I’d be a buyer of upside in Japan Equities / TOPIX Banks through options on this pullback, bc it’s a positive “nominal growth” story.

3c CHINA /

CHINA/COVID

China’s Blood Banks In Emergency Mode Again Amid COVID-19 Surge

TUESDAY, DEC 20, 2022 – 11:45 AM

Authored by Kathleen Li, Kane Zhang, and Angela Bright via The Epoch Times,

Blood bank emergencies have occurred frequently across China since COVID-19. As the new year approaches, many local blood banks are again in short supply, with some provinces calling on the public to donate blood and some issuing red alerts as the nation’s blood supply fails to keep pace with demand.

The blood supply crisis comes as China relaxes its long-standing zero-COVID rules, fueling a corresponding rise in cases. After the Chinese Communist Party (CCP) issued “10 New Guidelines” for epidemic prevention on Dec. 7, reported COVID-19 cases surged in many places in China, leading to a dramatic drop in blood donations.

In an attempt to alleviate the shortage, China’s National Health Commission announced Saturday that most recovered COVID patients must wait only seven days after testing negative to donate blood. The previous waiting period was six months.

The revised guidelines also allow donations by close contacts and secondary close contacts of COVID-19 infections, as well as people who have traveled to medium and high-risk areas.

Blood Shortages Across China

At least eight provinces have reported a blood shortage since December, according to Chinese news site Caixin. Hospitals are prioritizing blood for critically ill patients. Elective surgeries are being postponed, and even some routine patients are being forced to postpone blood use.

In Jinan, the capital of Shandong Province, the blood center is currently collecting only about 100 units of blood per day (200 ml per unit). Jinan needs at least 700 units of blood per day to meet the basic supply requirements for clinical use.

Jiangsu Province, adjacent to Shandong, is also facing a blood bank emergency. On Dec. 13, Jiangsu Province Blood Center released an appeal to the people of Nanjing, its capital city.

The appeal stated that under China’s zero-COVID policy, blood donations dropped sharply. It blamed the low flow of people on the streets, and a lack of group blood donations due to the shutdown of Nanjing’s universities. However, the demand for blood has not fallen, and “blood inventory has fallen below the minimum inventory warning line,” the appeal says.

According to a Dec. 14 report on Jiangsu Provincial Radio and Television, the province’s blood center indicated that it only had Type A blood reserves for three days, with reserves of less than five days for other blood types.

Blood supplies from some areas are being diverted to larger cities such as Beijing, which have been hit particularly hard by the COVID-19 surge.

China is no stranger to COVID-related blood shortages. Beijing issued a Voluntary Blood Donation Initiative as early as March 7, 2020, as reported by Chinese Communist Party (CCP) owned newspaper The Beijing News. In July 2020, the Beijing Red Cross Blood Center reported that from late January to early February of that year, the amount of blood donated was sometimes less than one-sixth of that in the same period in 2019.

Resources Diverted to Hard-hit Beijing

On Dec. 7, Heze, which has a shortage of blood for clinical use, provided 50,000 milliliters of blood to Beijing.  Shandong state-run Haibao News reported that Beijing is facing difficulties in collecting blood donations without compensation, and Heze has been asked to support the capital with blood supplies. This is the second time Heze offered assistance to Beijing in 2022.

On Dec. 15, a pregnant woman in Qianshahai village in Heze suffered a massive hemorrhage and appealed to her fellow villagers to donate blood to save her life. Chinese media said only that the woman was “in urgent need of a massive blood transfusion” but did not mention why the hospital could not provide blood to her.

People line up at the fever clinic of a hospital as COVID-19 outbreaks continue in Beijing on Dec. 9, 2022. (Thomas Peter/Reuters)

By Dec. 7, the central blood station in Heze had provided support to other areas 10 times.

Appealing to Individuals for Help

Shandong province’s blood center said that it could only appeal to the public to donate blood on an individual basis. Group blood donation, which typically accounts for a significant percentage of China’s donated blood, is “difficult and almost impossible” due to the pandemic, a blood center official told The Epoch Times on Dec. 16.

“We can only rely on street blood donation [centers], but there are still very few people on the street now,” the official said.

With many businesses and schools shuttered, and residents staying home for fear of infection, street-side blood donation centers are seeing little business.

END

Robert H to us:

Just conforms what has been known for months and that is America’s influence in the Middle East is waning to point of irrelevance. 

If the Saudis become part of the BRIC and price oil in currencies outside the dollar their final, Piss Off to the ship of fools will be obvious. 

It is part of why Israel is resisting US pressure to send modern weapons because if they lose Russia’s umbrella they will be on their own in the Middle East. As it is they are skating on thin ice over other issues, with Russia.

CHINA/SAUDI ARABIA/USA

(Gatestone)

China’s Deal with Saudi Arabia is a Disaster for Biden

by Con Coughlin

  • Nothing better illustrates the utter ineptitude of the Biden administration’s dealings with the Middle East than Saudi Arabia’s decision to forge a strategic alliance with China.
  • Biden set the tone for his strained relationship with the Saudi royal family during the 2020 presidential election contest when he denounced the kingdom as a “pariah” state over its involvement in the murder of Saudi dissident Jamal Khashoggi in Istanbul in 2018, although there has never any audible distress from the Biden administration over Iran’s 2007 abduction and presumed death of ex-FBI agent Robert Levinson.
  • By any standard, the deepening military cooperation between Russia and Iran should serve as a wake-up call to the Biden administration to redouble its efforts to reaffirm its commitment to key allies in the region such as the Saudis, who are committed to resisting any attempt by Tehran to expand its malign influence in the region.
  • That Riyadh is now moving away from its traditional alliance with the US and strengthening its ties with Beijing is a strategic disaster of epic proportions, and serves as a damning indictment of the Biden administration’s careless treatment of the Saudis, for which the president is personally to blame.
That Saudi Arabia is now moving away from its traditional alliance with the US and strengthening its ties with China is a strategic disaster of epic proportions, and serves as a damning indictment of the Biden administration’s careless treatment of the Saudis. Pictured: The Chinese and the Saudi flags fly in Riyadh, on December 7, 2022, ahead of Chinese President Xi Jinping’s visit to the Saudi capital. (Photo by Fayez Nureldine/AFP via Getty Images)

Nothing better illustrates the utter ineptitude of the Biden administration’s dealings with the Middle East than Saudi Arabia’s decision to forge a strategic alliance with China.

This is a time when Washington should be working overtime to strengthen its ties with long-standing allies like the Saudis to combat the mounting threat Iran poses to the region’s security.

Apart from the deeply alarming progress the ayatollahs are said to be making with their efforts to produce nuclear weapons,

The new “axis of evil” that has been formed between Moscow and Tehran in recent months means Iran will soon be taking delivery of state-of-the-art Russian warplanes to add to its military arsenal.

In what both the White House and Downing Street described as “sordid deals” between the two countries, Iran is due to take delivery of Russian Su-35 fighter jets next year as well as other advanced military equipment and components, including helicopters and air defence systems. In return Iran is providing Russia with hundreds of its Shahed-131 and Shahed-136 so-called kamikaze drones, which self-destruct on hitting their target.

As US National Security Council spokesman John Kirby explained at a briefing in Washington, Moscow has “offered Iran an unprecedented level of military and technical support”, which “transforms their relationship into a full defense partnership”.

Biden administration officials added that Iranian pilots were already being trained in Russia on how to fly the Su-35 fighter.

By any standard, the deepening military cooperation between Russia and Iran should serve as a wake-up call to the Biden administration to redouble its efforts to reaffirm its commitment to key allies in the region such as the Saudis, who are committed to resisting any attempt by Tehran to expand its malign influence in the region.

Riyadh’s determination to resist Iran’s aggressive conduct was reflected in recent comments made by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud who warned that “all bets are off” if Iran succeeds in its goal of acquiring an operational nuclear weapon.

“We are in a very dangerous space in the region… you can expect that regional states will certainly look towards how they can ensure their own security,” he said.

Riyadh’s robust approach to Iran’s bellicose conduct is exactly the sort of response Washington needs to see from its allies as it faces up to the Iranian threat. Yet, thanks to the Biden administration’s wilful neglect of its relations with the Saudis, Riyadh is instead looking to build a partnership with Beijing, as was evident from the lavish reception given to Chinese President Xi Jinping during his state visit to the kingdom this month.

Rarely has a visiting leader been the recipient of such lavish state pageantry as Xi after Saudi Crown Prince Mohammed bin Salman spared no effort to afford the Chinese leader a warm welcome, which included a jet escort on his arrival.

During his three-day visit, Xi held extensive talks with the Crown Prince, Saudi Arabia’s de facto ruler, as well as other senior Saudi officials and signed a strategic partnership agreement that will deepen ties between Riyadh and Beijing on a range of issues, from defence to technology.

One particularly eye-catching aspect of the agreement was a deal with the Chinese tech giant Huawei to supply the Saudis with cloud computing services and allow “high-tech” complexes to be built in Saudi cities, according to Saudi officials.

Huawei has been designated a potential security threat by the US, with intelligence officials claiming that the company has close links to China’s ruling Communist Party and could be used to conduct spying operations.

That Riyadh is now moving away from its traditional alliance with the US and strengthening its ties with Beijing is a strategic disaster of epic proportions, and serves as a damning indictment of the Biden administration’s careless treatment of the Saudis, for which the president is personally to blame.

Biden set the tone for his strained relationship with the Saudi royal family during the 2020 presidential election contest when he denounced the kingdom as a “pariah” state over its involvement in the murder of Saudi dissident Jamal Khashoggi in Istanbul in 2018, although there has never any audible distress from the Biden administration over Iran’s 2007 abduction and presumed death of ex-FBI agent Robert Levinson.

Russia’s invasion of Ukraine, though, forced Biden to rethink his attitude towards the Saudis when it suddenly dawned on him that he needed the Saudis to increase oil supplies to ease the pressure on global prices.

His efforts achieved little: the Saudis were apparently unimpressed with Biden greeting the Crown Prince with a fist-bump when he visited the kingdom in the summer, and he came away empty-handed, with the Saudis and other Gulf states ignoring his plea to increase oil production.

Apart from being dismayed about Biden’s obsession with reviving the controversial nuclear deal with Tehran, which they regard as a flawed agreement — it allows the Iranian regime soon to build as many nuclear weapons as it likes as well, as the ballistic missiles to deliver them — the Saudis and other Gulf leaders are unhappy with the lack of support they have received from Washington over the constant threat they face from Iranian-backed Houthi rebels in Yemen, whom Secretary of State Antony Blinken removed from the US list of Foreign Terrorist Organizations just a few weeks into Biden’s term, and who since then regularly fired Iranian-made missiles and drones into Saudi Arabia and the United Arab Emirates.

Now, thanks to Biden’s incompetent management of the US-Saudi relationship, Riyadh is looking to China to protect its interests, a move that confirms the alarming decline in US influence in the region that has taken place under the vacuum in Biden’s leadership.

4/EUROPEAN AFFAIRS/UK AFFAIRS//

EUROPE/

They are totally nuts!!

(Mish Shedlock)

EU Imposes The World’s Largest Carbon Tax Scheme, Inflationary Madness Sets In

TUESDAY, DEC 20, 2022 – 06:30 AM

By Mish Shedlock of MishTalk

Carbon Border Adjustment Mechanism 

To prevent “carbon leakage” the European Parliament Reached a Deal on a Carbon Border Adjustment Mechanism, CBAM for short. 

An EU Carbon Border Adjustment Mechanism (CBAM) will be set up to equalise the price of carbon paid for EU products operating under the EU Emissions Trading System (ETS) and the one for imported goods. This will be achieved by obliging companies that import into the EU to purchase so-called CBAM certificates to pay the difference between the carbon price paid in the country of production and the price of carbon allowances in the EU ETS.

CBAM will cover iron and steel, cement, aluminum, fertilizers and electricity, as proposed by the Commission, and extended to hydrogen, indirect emissions under certain conditions, certain precursors as well as to some downstream products such as screws and bolts and similar articles of iron or steel.

Before the end of the transition period, the Commission shall assess whether to extend the scope to other goods at risk of carbon leakage, including organic chemicals and polymers, with the goal to include all goods covered by the ETS by 2030. 

CBAM is part of the “Fit for 55 in 2030 package”, which is the EU’s plan to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels in line with the European Climate Law.

Spotlight Africa

Let’s tune into a Tweet Thread by Faten Aggad Senior Advisor Climate Diplomacy @AfricanClimateF.

No Waivers 

Resource Shift

The only effect CBAM would have is a resource shift whereby clean energy capacity in already under-resourced countries will be shifted for export production while industry aimed at local consumption and energy access will depend on dirty fuels.”

The EU Goes Rogue on Climate Policy With CBAM

The Wall Street Journal reports The EU Goes Rogue on Climate Policy With CBAM

The CBAM as drafted would disadvantage the U.S., especially our small businesses and manufacturers, even though the U.S. and EU have nearly identical environmental performance and emissions standards. Particularly problematic in the EU agreement is the obligation for EU importers to pay the difference between the carbon price paid in the country of production and the price of carbon allowances under the EU’s emissions trading system.

Many economies, including the U.S., rely on regulations under statutes such as the Clean Air Act to limit emissions. The EU’s proposal doesn’t credit the cost of domestic regulation when the border tax is applied. The failure to recognize the implicit costs of U.S. regulation would inevitably lead to double emission taxation on exporters.

Neither a Tax Nor a Tariff

The EU says CBAM is neither a tax nor a tariff. It’s an “adjustment mechanism” to “level the playing field“.

Yeah right. 

The US objections to CBAM are amusing as were the EU objections to Biden’s horrendously names Inflation Reduction Act that will do anything but reduce inflation. 

The EU is Very Worried About Biden’s Inflation Reduction Act (IRA)

On November 30, I commented The EU is Very Worried About Biden’s Inflation Reduction Act (IRA)

Under WTO rules, much of Biden’s IRA is really an illegal subsidy. The EU cannot do in 5 years what the US can pass in a session if one political party is in clear control.

In addition to Biden’s free clean energy handouts, the US is largely energy independent while the EU desperately needs Russian energy.

All the EU can do is bitch to the WTO and that will take many years as well. 

Importantly, Germany is upset because the US is handing out free money clean energy subsidies despite WTO rules and it can’t.

And not having learned anything from Russia, Germany is now cozying up to China.

Hoot of the Day 

Please consider Europe Tries to Stop Exporting Its Emissions.

Given the self-imposed cost of going green, the CBAM explicitly looks to make European manufacturers more competitive with foreign producers. Europe says that’s fair. In compliance with World Trade Organization rules, it isn’t discriminating against any particular country, just leveling the playing field.

But this means top trading partners like the U.S. will now face a steep carbon bill when docking at the ports of Rotterdam or Antwerp. 

The U.S. has attempted to discourage the CBAM. Climate envoy John Kerry warned Europe against proceeding with the border tax, saying last year that “the United States has strong feelings about not having excessive regulation.”

Biden has “strong feelings about not having excessive regulation,” says John Kerry. What a hoot!

CBAM Quantitative Assessment

Please consider the The Global Impact of a Carbon Border Adjustment Mechanism: A Quantitative Assessment by the IMF. Amazingly the IMF got something right.

  • Carbon border tax has been debated in many countries over the past decade, and remains highly controversial. While CBAMs have a global impact by design, the scale of its “spillover effects” on other countries is seldom studied. There are concerns that a unilateral EU CBAM will not only distort international trade, but also shift the burden of addressing climate change to developing countries.
  • Countries that rely on carbon-intensive exports to the EU will be disproportionately impacted by the CBAM. Welfare losses in developing countries like Ukraine, Egypt, Mozambique and Turkey range between $1 billion to $5 billion, which are significant relative to their gross domestic product (GDP). Mozambique’s economy would shrink by 2.5 percent due to decreased demand.
  • The CBAM could worsen income inequality and welfare distribution between rich and poor economies.
  • At its broadest implementation, the CBAM could result in an annual welfare gain in developed countries of $141 billion, while developing countries see an annual welfare loss of $106 billion, compared to a baseline scenario.

We need to stop right there because the IMF solution is reparations and an “Equitable Decarbonization Fund” (EDF) to developing countries.

Tit for Tat?

Perhaps CBAM is the EU’s way of striking back at the US for Biden’s IRA.

More likely, it’s just economic stupidity across the board as noted in Al Gore and John Kerry Aim to Hijack the World Bank for Climate Agenda

On November 12, president Biden’s climate ambassador, John Kerry, made this statement:

It’s a well-known fact that the United States and many other countries will not establish…some sort of legal structure that is tied to compensation or liability. That’s just not happening.

Guess what happened. 

For the answer, please consider President Biden, the UN, and the Climate Lobby Seek to Spread More Fossil Fuel Misery

Three Things CBAM Will Do

  1. Increase inflation
  2. Reduce global trade
  3. Hammer developing countries 

And the one thing it will not do is much of anything, if anything at all, for the environment.

50 Years of Dire Predictions

Finally, Let’s Review 50 Years of Dire Climate Forecasts and What Actually Happened

Many of the predictions are outrageously funny, especially AOC’s 2019 announcement that the world will end in 12 years.

END

5.UKRAINE RUSSIA//GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

UKRAINE/RUSSIA/

Russia not happy with this:  Belgorod attacked by Ukrainian shelling and now 14,000 people are without power

(Dave DeCamp/Antiwar.com)

Russian City Suffers Casualties – 14,000 Without Power After Ukraine Cross Border Attack

TUESDAY, DEC 20, 2022 – 05:44 AM

Authored by Dave DeCamp via AntiWar.com,

One civilian was killed, another eight people were wounded, and a poultry farm was damaged in Ukrainian shelling in Russia’s Belgorod Oblast, the region’s governor said on Sunday.

“One person died. It is known that the man came to us from Tambov and worked as a contractor on the construction of a poultry farm,” Belgorod Governor Vyacheslav Gladkov wrote on Telegram.

Further he said, “An estimated 14,000 residents are still without power supply. Emergency crews are starting to reconnect the grid to backup power sources.”

Belgorod borders Ukraine and has come under attack throughout the war. Sunday’s shelling came after The Times reported that the Pentagon now tacitly backs Ukrainian strikes inside Russian territory, although there’s no indication US weapons were used in the attack on Belgorod.

When the US provided the HIMARS rocket launch systems to Ukraine, the Biden administration said it received “assurances” that Ukrainian forces won’t use them inside Russian territory. But the US no longer appears to be concerned about how the weapons are used.

“When we give them a weapon system, it belongs to them, where they use it, how they use it, how much ammunition they use to use that system. I mean, those are Ukrainian decisions, and we respect that,” National Security Council spokesman John Kirby said last week.

The Times report said that the US was no longer concerned about Ukrainian attacks inside Russia leading to a major escalation based only on the fact that Moscow hasn’t yet responded with nuclear weapons or attacks on NATO countries.

Map: Belgorod lies about 25 miles north of the Ukraine border.

end

Robert H for us: two commentaries

Belarus deploys S-400, Iskander missile systems — Lukashenko – World – TASS

Well, well we get the confirmation that we knew was coming. S400 and Iskanders in Belarus are front line weapon systems that will be used as defensive weapons the moment Poland moves forth. And we can expect major Polish cities will be struck. The same goes for the Baltic wannabes, as they have zero chance of success.
As for the trained Polish paratroopers designated to seize Belarusian energy facilities life will be short. A surprise is well planned.
Can someone not explain the foolishness of war in face of collapsing economies? The only ay forward is a peaceful one and not a warring one unless one wants to see nations and citizens destroyed on all sides. There is no right or wrong when shooting starts, only death.

https://tass.com/world/1552869

END

A new figure of losses of the Armed Forces of Ukraine and foreign mercenaries announced: more than 400 thousand

As i sadly keep writing and disclosing, true Ukrainian losses are as follows: over 420,000 killed; 320,000 MIA missing in action and presumed dead and another 400,000 wounded of which at least 50% will never return to a battlefield. Other unconfirmed reports put all these numbers much higher.
Every day over 1,200 soldiers are killed and at least double are wounded. The real reason that the combat lines are collapsing is that the Russians are killing Ukrainian and NATO soldiers faster than they can get to the lines of combat. And this is why civilian doctors have been forced to combat areas as military ones cannot keep up with the carnage. The meat grinder grinds away each day ridding Russian warehouses of old artillery shells and the like while room is made for new artillery and rockets, drones, tanks etc.  being produced now 6 days a week. Three Sarmat missiles are now field deployed, in Western Russia, each carrying 12 unstoppable nuclear warheads flying at MACH 20. One might want to stop and think about how lucky does one feel. And yes, these systems are in serial production as Russia revamps its’ nuclear arsenal with the latest technology. And we know little about their laser weapons, some of which have been field tested on the ground and in space.
In Moscow, every apartment building is being readied by Christmas Day with supplies as a bomb shelter, for residents.  What are preparations in Poland and others? Now in Poland 15 year old children are being called up for military training, as if this is meaningful. New meat grinders are being deployed now such as Pencillin which can ID a Himar launch within 5 seconds giving directed instruction for artillery or Air strikes; and new BMP’s are tearing soldiers apart in close infantry support leaving only the dead. Age does not matter as to how fast one dies. Did you know that the lifespan of a Ukrainian soldier deployed to a combat area is less than 21 days? What insanity sends people to die like this?
As i have said Zelensky cannot negotiate peace given the truth of the blood split. Whether it is Ukrainian women or soldiers who kill him first can be debated. Ukrainian soldiers are openly talking about hanging him in Maidan Square. And the NeoNazi crowd will do him in the moment he dares. There is much that will soon be seen in the carnage to come as what remains of Ukraine will be made much poorer than they are now. As for vast quantities of money sent; write it off. They could never pay before and certainly will not be able to pay in their future. Who calculates this blunder?
As bystanders to this tragic caper, we can only  watch and pray that common sense prevails to avoid a broader conflict resulting from this as it is more than likely that  Poland will be the next nation to be sacrificed upon the altar in putting off a reckoning with the sovereign debt crisis which grows by the week with no action. And with each passing week the ability to elongate carnage is diminished both by a lack of capital and by the lack of armaments as both have been squandered in the Ukraine.


https://en.topcor.ru/28886-ozvuchena-novaja-cifra-poter-vsu-i-inostrannyh-naemnikov-bolee-400-tysjach.html

end

The meat grinder grinds away

Inbox

The stated objective of Russia has been to reduce the Ukrainian forces into a none existent threat as a proxy of the West. It is not about land, Russia has enough land not to need or want another country’s landmass. Sure the Donbas is the most valuable part of what has been called the Ukraine. And it is no more. As Ukraine sends its’ best and worse to the Donbas, Russia welcomes the opportunity to destroy them instead of being forced to chase them. So far although awful, the meat grinder is not in high gear. 

One might expect another 30,000 or more to die in coming days in large daily numbers. As it is even civilian doctors forced to the conflict area are being exhausted with the sheer numbers of wounded coming hourly. This number will soon increase. 

Poland has now openly said that they will send in a large force into the Western Ukraine as early as March. It is thought the Ukrainians will last that long. One might think this is optimism because the death rate rate daily will soon climb to 3000-5000 daily as more troops enter and throw themselves on the conflict lines for slaughter. In Kiev the press has now saying that Bakhmut is not special and not worthy of holding preparing the new killing fields where troops are assembling on mass. Soon they too will die. Opening the door for a Russian swept of what is left chased across the Ukraine steppe this winter. 

What is pointless waste of manpower is the Ukraine will exhaust their male population for naught. And it will take generations to recover if they ever do. In Canada, Newfoundland proudly sent its’ male population to be slaughtered in WW1 and WW11 and has never recovered. There were no males to allow population growth forcing many women to migrate, lowering the population putting it into a decline from which it cannot recover. It will be similar with Ukraine. People never learn especially when enablers are involved, and crooks like Zelensky crowds his pockets with ill gotten loot. Even his wife has no shame sent to Paris to beg for money while going on a shopping frenzy to spend USD $40,000 in one hour while ordinary Ukrainians are left to cope for his folly. And no doubt all courtesy of the American largesse at the expense of ordinary Americans. 

 
12/20/22 
By WarNews24/7 
All available strategic reserves are transferred by the Ukrainian military command to Bakhmut after the defeat of the elite OPFOR forces and the withdrawal of the 93rd Mechanized Brigade.

The Russians are dangerously tightening the noose around the Ukrainian Army: Outside the city of Bakhmut, heavy fighting is taking place in Prigodno, Opytne and Kleeshevka. The outcome of the battles in these three areas will allow the Russian Army to launch a simultaneous attack from 3 directions and cut off the supply route of the Ukrainian forces from the west as well.

Inside the city, fierce urban fighting is taking place on the eastern side with the Russian Army trying to penetrate deeper into the residential area next to the Industrial Zone, while the Ukrainians try to push them back.

Sources of the Wagner forces report that there is a further advance of their forces along the Fedor Maksimenko road towards the southern part of Artemovsk (Bahmut ). The “Wagnerites” took control of two blocks near gas stations in the east of the city.

In this context, the Ukrainians are strengthening their forces by transferring two more Brigades, the 4th from Kyiv and the 46th from Poltava. Both belong to Kiev’s strategic reserves.

At the same time, the Ukrainian administration is removing the 93rd brigade, which has almost ceased to exist. What is left of this formation is moved to the point of permanent deployment in the village of Cherkasy in the Dnipropetrovsk region. The 93rd Brigade “absorbed” all the shots of the Russian artillery.

Shocking are the videos of the battles in Bakhmut. Ukrainian forces try to escape through an inferno of fire with Russian shells exploding around them. Another Ukrainian group is trapped inside a building and they are fighting to the end…

Watch video of the battles in Bakhmut at source below.

The elite of the Armed Forces of Ukraine has been defeated! 
The elite unit of the Ukrainian army suffers heavy losses in the battle for Bakhmut.

The 214th OPFOR Battalion was created with NATO support. The training of the soldiers of this unit was done by foreign military personnel. The preparation was done according to the standards of the armies of the North Atlantic Alliance.

The Battalion was joined by the most experienced and combat-ready soldiers of the Ukrainian army.

The Ukrainian leadership was forced to throw these elite forces into battle after the colossal losses of other units.

According to various estimates, the Ukrainian Army is losing one Battalion per day.

“It is already known that many soldiers of the 214th OPFOR battalion were captured. Some of them were forced to surrender, but there are also those who preferred life in Russian captivity to death in the trenches.

The 214th OPFOR battalion is on the brink of complete annihilation. At best, his soldiers will be captured. But there is a very high probability that they will meet a tragic death in Bakhmut’s “meat machine”, Russian military sources say.

source: 
https://warnews247.gr/syntrivi-epilekton-oukranikon-dynameon-sto-bakhmut-oukranoi-prospathoun-na-diafygoun-mesa-apo-kolasi-pyros-termatismos-tis-93is-taxiarchias/

end

6/GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

Vaccine//Covid issues: Injuries

How Lockdowns Made Us Sicker

TUESDAY, DEC 20, 2022 – 05:00 AM

Authored by Jeffrey Tucker via The Brownstone Institute,

Early during lockdowns in 2020, when the whole of the media marched in lockstep with the most appalling reach of public policy in our lifetimes, two doctors from Bakersfield, California went out on a limb and objected. 

Their names: Dan Erikson and Artin Massihi from Accelerated Urgent Care. They held a press conference in which they claimed that lockdowns would only delay but not finally control the virus. Moreover, they predicted, at the end of this, we would also be sicker than ever because of our lack of exposure to endemic pathogens. 

You could say they were brave but why should it require bravery simply to share conventional wisdom that is part of every medical background? Indeed, the idea that reducing exposure to pathogens creates more vulnerability to disease is a point every generation in the last hundred years has learned in school. 

How well I can recall the outrage! They were treated like seditious cranks and new media blasted their comments as somehow radically heterodox, even though they said nothing I had not learned in 9th-grade biology class. It was utterly bizarre how quickly lockdowns became an orthodoxy, enforced, as we are now learning, by media and tech platforms working closely with government agencies to warp public perceptions of science. 

Among those warpings was an incredible blackout concerning the basics of natural immunity. My goodness, why did this happen? It’s not conspiracy to draw an obvious reason: they wanted to sell a vaccine. And they wanted to push the idea that Covid was universally deadly for everyone so that they could justify their “whole-of-society” approach to lockdowns. 

Here we are three years later and the headlines are all over the place. 

And so on. 

Isn’t it time to give these doctors some credit and perhaps regret their vicious treatment at the hands of the press?

Meanwhile, it’s time we get clear on some basics. There is no one better to lay it out other than the greatest living theoretical epidemiologist, Sunetra Gupta. I think one way to understand her contribution is to see her as the Voltaire or the Adam Smith of infectious disease. The very essence of liberal political economy and liberal theory generally from the Age of Enlightenment to the present is the observation that society manages itself. It does not need a top-down plan and the attempt to centrally plan the economy or culture always produces unintended consequences. 

So too for the issue of infectious disease. Dr. Gupta’s observation is that we evolved with pathogens in a delicate dance in which we share the same ecosphere, both suffering and benefiting from our entanglement with them. Disturbing that balance can wreck the immune system and leave us more vulnerable and sicker than ever before. 

Writing in the Telegraph, she says “I am used to viewing infectious disease from an ecological perspective. Therefore, it did not come as much of a surprise to me that some non-Covid seasonal respiratory diseases almost immediately started to take a knock on the head during lockdown. Many took this to be an indication that lockdowns were working to stop the spread of disease, forgetting that the impact of lockdowns on already established or ‘endemic’ diseases is completely different to the impact on a new disease in its ‘epidemic’ phase.”

She explains that society-wide pathogenic avoidance creates an “immunity debt,” a gap in the level of protection that you have developed from previous exposure. There is a “threshold of immunity in the population at which rates of new infections start to decline — known as the herd immunity threshold. If we are below this threshold, we are in immunity debt; if we are above it, we are in credit — at least for a while.”

With normal diseases, we experience immunity debt in winter and so the herd immunity threshold rises. That’s when we experience more infection. As Fr. Naugle points out, this reality is reflected in our liturgical calendar during the winter months when the message is to look out for danger, stay healthy, be with friends and family, and intensify your concern for issues of life and death. 

However, this period of conventional sicknesses gives rise to an immunity surplus as we move into spring and we can go about our lives with more confidence and a carefree attitude, and hence the symbolism of Easter as the beginning of new life. And yet the months of sun and exercise and party time gradually contribute to building up another immunity debt in the population which will be paid again in the winter months. 

Notice that this pattern repeats itself in every year and every generation, all without the help of government public health agencies. However, writes Gupta, “disturbing this order can have a profound impact on an individual’s ability to resist disease. More than anything, it is clear that we are experiencing an entirely predictable perturbation in our finely balanced ecological relationship with the organisms which are capable of causing serious disease.”

Lockdowns changed nothing about these seasonal and natural processes except to make our immunity debt deeper and scarier than ever. To be sure, lockdowns in the end did not stop the pathogen that causes Covid. Instead, they only forced one group to be exposed earlier and more often than other groups, and this allocation of exposure took place entirely based on a politically scripted model.

As we saw, the working classes experienced exposure first and the ruling classes experienced exposure later. The policies entrenched a grim and medieval-style political hierarchy of infection. Rather than encouraging the vulnerable populations to shelter and everyone else to gain immunities through living normal life, lockdown policies pushed the working classes in front of the pathogen as a protection scheme for ruling classes. 

And yet now, the results are in. Those who delayed infection for as long as possible, or otherwise tried to game the careful ecological balance with newly invented shots, not only eventually got Covid but made themselves even more vulnerable to diseases that are already endemic in the population. 

What Gupta has explained with such erudition was actually the common understanding of previous generations. And nothing about the dangerous innovation of lockdown ideology has changed these natural processes. They only ended up making us sicker than ever. So there is some irony in reading stories of alarm in the high-end media. The right response to such alarm is simply to say: what else did you expect?

The Bakersfield doctors were right all along. So was my mother, her mother, and her mother before her. Together they had far more wisdom about infectious disease than Anthony Fauci and all his cohorts.

end

People Died From mRNA-Vaccine-Damaged Hearts, New Peer-Reviewed German Study Provides Direct Evidence

THURSDAY, DEC 15, 2022 – 03:30 AM

Authored by Jennifer Margulis and Joe Wang via The Epoch Times (emphasis ours),

Medical pathologists from Heidelberg University Hospital in Heidelberg, Germany have published direct evidence showing how people found dead after mRNA vaccination died. As this team of six scientists explore in their study, these mRNA-vaccinated patients suffered from heart damage because their hearts were attacked by their own immune cells. This autoimmune attack on their own heart cells then leads to their damaged hearts beating so many times per second that, once the tachycardia unexpectedly started, they died in minutes.

The article, “Autopsy-based histopathological characterization of myocarditis after anti-SARS-CoV-2-vaccination,” was published on Nov. 27, 2022, in the journal Clinical Research in Cardiology, the official journal of the German Cardiac Society. The research team autopsied 25 victims of different ages who were found dead at home within 28 days of vaccination. They looked at their heart tissue under the microscope to find out why these people died of cardiac rhythmic disruption when they had no apparent underlying heart disease.

In the authors’ own words: “Our findings establish the histological phenotype of lethal vaccination-associated myocarditis.” 

Histological phenotype means direct observation of microscopic tissue. 

In a video analyzing the results, nurse educator Dr. John Campbell, who is based in the United Kingdom, told his audience: “This is peer-reviewed. This is proper science, and a definitive pathological diagnosis by a group of leading German pathologists.” Campbell’s video has been viewed 918,000 times. He has 2.58 million subscribers on his channel.

Died of Ventricular Tachycardia or Fibrillation

Ventricular tachycardia is when the heart begins beating so fast that it doesn’t have time to refill with blood between beats, so it is not adequately pumping blood. The problem originates from the ventricles: the chambers that push the blood out of the heart to the rest of the body.

Fibrillation is when, instead of the heart actually beating, it starts to just quiver. This problem can originate from the ventricles or the atria. The atria are the upper chambers that basically suck blood into the heart by expanding and contracting. Though more people are familiar with A-Fib (atrial fibrillation), ventricular fibrillation is much more dangerous, and usually lethal within minutes.

The deceased whose hearts were autopsied in this study were found dead at home, each having died of ventricular tachycardia or fibrillation within 28 days of mRNA vaccination

Visibly Damaged Hearts

Macrophages are large cells that are part of our immune system. When the immune system is functioning properly, our bodies use macrophages to attack infectious agents and other foreign matter. Macrophages are a key part of the innate immune system, helping with normal tissue development as well as with repairing damaged tissue, according to researchers from Northwestern University.

But in the case of the people who died suddenly within a month of being vaccinated, the body’s own macrophages permeated their heart muscle, chewing up the muscle and causing spots that disrupted the heart rhythm. This macrophage invasion appeared to have literally short-circuited the heart’s conduction of the electrical impulses, causing the heart to beat irregularly. 

The irregular heartbeats led to a negative feedback loop, making the heart race faster and faster as it tries to right itself. When that happens, the heart is effectively pumping no blood, and the victim dies within seconds or minutes unless there is a defibrillator nearby—to deliver an electrical shock to the heart to help it get back into rhythm—and someone knows to use it immediately. 

The peer-reviewed study from German researchers included microscope images showing the damage to the victims’ heart cells, the presence of lymphocytes (another kind of smaller immune cell) in the heart muscle, and invasive macrophages in the heart muscle. Both macrophages and lymphocytes called T-helper cells were found in the heart tissue. The immune cells were concentrated in spots, each of which is called a focus. Spots of damaged heart tissue like this can generate offbeat signals that disrupt the heart’s smooth rhythm. 

There are thousands of cardiac cells in the heart. These cells aren’t passive, like the cells in your biceps that need separate nerves to make them move. Instead, cardiac cells generate their own electrical impulses.

The cells of cardiac muscle act like nerves as well, conducting signals to and from adjacent muscle cells. This synchronizes their contractions, as well as perpetuates the regular continuity of the heartbeat. 

Once a heart is beating, it takes a lot to stop it. A focus that breaks up this rhythm is like a bad drummer in a middle-school band. It can cause a cascade of chaos that prevents the heart from pumping blood productively.

Myocarditis: A Recognized Vaccine Adverse Event

The WHO and the CDC do recognize myocarditis post-mRNA vaccination. Both regulatory agencies consider it a “recognized but rare complication.” Most doctors also dismiss myocarditis cases as “mild.”

But the deceased subjects of the German study, as Campbell points out, also had supposedly “mild” myocarditis. The myocarditis appeared only in microscopic spots here and there. However, the electrical disruption of these spots caused rapid and dramatic deaths. In other words, there is no mild myocarditis, as one parent of an mRNA-vaccine-injured teen named Aiden Ekanayake, said.

Campbell recommended that clinicians have a “high index of suspicion” that mRNA-vaccinated people might be subject to this autoimmune myocarditis so that they can diagnose and treat it while the people are still alive. Clinicians pretending that this vaccine injury is “rare and mild,” has led to countless potentially avoidable tragedies.

Your Body Attacking Your Own Heart Cells

To be clear, this is not the mRNA vaccine directly damaging the heart—it is worse. The mRNA is injected into your muscle cells, turning the cell into a factory producing COVID-19 spike proteins. 

As a result of the mRNA immunization, your body generates an immune response against COVID-19 spike proteins.

Since your own muscle cells were used to make the COVID-19 spike proteins and may have them on the cell surface, your newly-weaponized immune cells targeting the spike protein may start attacking your own healthy muscle cells. 

This new German study shows photographic evidence that this happens and has killed people.

Correlation or Causation?

An original investigation published earlier this year in the Journal of the American Medical Association found that there were many cases of myocarditis in unexpected populations, especially in boys and young menfollowing mRNA vaccination.

Sir Austin Bradford Hill was an English medical statistician who established a set of epidemiological guidelines in 1965, now called the Bradford Hill criteria, which help prove cause and effect. If we apply the Bradford Hill criteria to this new research, it shows that the lethal myocarditis of these patients was indeed caused by mRNA vaccines. The German research demonstrated Bradford Hill’s criteria of strength (the more two things happen at the same time, the more likely one causes the other, even for rare events); consistency (the finding of sudden death from mRNA-vaccine-induced myocarditis has been happening consistently in different places and populations); specificity (for Bradford Hill, this is when a single cause produces a single effect. In this case the cause is the mRNA vaccine and the effect is myocarditis); and several more.

Read more here…

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Tim Robbins is one smart guy.  He is now saying he was duped by COVID authoritarianism

(Tim Robbins//Russell Brand//zerohedge)

please watch!!

Actor Tim Robbins Expresses Regret For His Support Of Covid Authoritarianism

https://WWW.ZEROHEDGE.COM/COVID-19/ACTOR-TIM-ROBBINS-EXPRESSES-REGRET-HIS-SUPPORT-COVID-AUTHORITARIANISM

MONDAY, DEC 19, 2022 – 07:20 PM

With multiple peer-reviewed studies showing the potential danger from autoimmune side effects associated with covid mRNA vaccines (the more doses the higher the risk) , along with numerous studies debunking the notion that lockdowns, mandates and masks are effective at stopping the spread of the virus, more and more public figures are beginning to speak out about their initial support of the authoritarian measures. 

Actor Tim Robbins recently expressed his regret on Russell Brand’s podcast for blindly following government mandates and he admonished tyrannical attitudes that led lockdown supporters to call for the deaths of their political opponents.

While hindsight is indeed 20/20, it should be noted that there were millions of people in the US alone that saw the covid hype for what it was and tried to warn others.

The fear mongering by the government and mainstream media in the face of the covid pandemic was effective in terrorizing at least half the American populace into compliance during the first year of the event.  Many alternative media analysts and many doctors and virologists came out against the mandates early on, warning that the median Infection Fatality Rate (IFR) of covid was tiny (0.23% officially) and that the lockdowns were about control rather than public safety.  These people were demonized by the corporate media and threatened with punishment by the government.  They faced censorship, potential joblessness and being denied access to health care.  In some cases they were even labeled “terrorists” for refusing to comply.  

Luckily, half the states in the US rejected the mandates and stood firm against Joe Biden’s efforts to institute vaccine passport rules on American employers and workers.  Had it not been for those conservative state officials and the liberty minded people that fought back, our nation might look more like China today with its draconian “zero covid” policy. 

As we all said from the very beginning, the covid response was about centralizing power over the population using fear.  It was never about saving lives.  The US came within a breath of perpetual medical totalitarianism, and much needs to be learned in terms of public psychology as the dust settles on covid.     


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White House Can’t Mandate COVID Jabs For Federal Contractors: Appeals Court

TUESDAY, DEC 20, 2022 – 12:25 PM

Authored by Caden Pearson via The Epoch Times,

A federal appeals court on Monday struck down a White House rule requiring anyone employed by a federal contractor to be vaccinated against COVID-19 as a condition of government contracts.

A three-panel judge of the Fifth Circuit Court of Appeals voted 2-1 to affirm a lower court judgment that barred President Joe Biden’s September 2021 executive order in three states after Louisiana, Indiana, and Mississippi sued to challenge the rule.

These three states sued the Biden administration in the Western District of Louisiana in their capacities as federal contractors themselves, winning an injunction and stay by the district court.

In upholding the lower court finding, Judge Kurt Engelhardt, an appointee of former President Donald Trump, said in his majority opinion (pdf) that a broad interpretation of the law could have given Biden “nearly unlimited authority to introduce requirements into federal contracts.”

He illustrated his point by saying that Biden could “hypothetically” mandate that all third-party federal contractors’ employees reduce their BMI (body mass index) below a certain number based “on the theory that obesity is a primary contributor to unhealthiness and absenteeism.”

Indiana Attorney General Todd Rokita speaks in Schererville, Ind., on Nov. 8, 2022. (Darron Cummings/AP Photo)

The U.S. government has contracts with hundreds of third-party contractors, and judges have indicated that the issue might affect up to 20 percent of American employees.

Indiana Attorney General Todd Rokita touted the ruling as a legal victory against what he called President Joe Biden’s executive overreach.

Rokita, who joined with two other plaintiff states in the legal action, decried Biden’s “truly unprecedented” use of the federal Procurement Act to wield executive power to impose the mandate on third-party contractors.

“Hoosiers and all Americans should have the liberty to make their own decisions on whether to get vaccinated,” Rokita said in a statement.

“That includes individuals who happen to work as federal contractors. No one should have to fear losing their jobs just because they opt against getting a shot.”

Louisiana Attorney General Jeff Landry called the appeals court’s decision a “victory for freedom.”

“We will continue to stand up against these abuses of power that threaten us now and in the future,” he said in a statement.

Syringes with COVID-19 vaccines in Berlin, Germany, on Feb. 28, 2022. (Carsten Koall/Getty Images)

‘Intrusive Command’

The Department of Justice (DOJ) defended the mandate in a court filing, saying Biden’s executive order, issued on Sept. 9, 2021, was justified under the Federal Property and Administrative Services Act of 1949, known as the Procurement Act.

The DOJ had argued in an earlier court filing that “requiring entities that enter into federal contracts to have a vaccinated workforce enhances the efficiency of federal contractor operations,” per the Procurement Act.

Engelhardt said that if Biden had issued an alternative but similar executive order targeting tobacco—mandating that workers refrain from smoking or being in the presence of smoking—it would “undoubtedly strike reasonable minds as too great a stretch under the Procurement Act.”

“No such provision exists in the Procurement Act to justify this intrusive command,” the judge wrote.

“The pandemic, challenging as it has been for the President, the legislature, the courts, and especially the populace, does not justify such an enormous and transformative expansion of presidential authority.”

The lower court originally found that the states had Article III standing as they faced a choice between complying with the mandate and potentially losing employees or becoming ineligible to bid on or renew federal contracts.

The district court found that Biden’s mandate fell afoul of the Tenth Amendment, which entrusts the “safety and the health of the people” to the politically accountable officials of the states.

The appeals court found Biden’s executive order unlawful and a “truly unprecedented” use of procurement regulation to “force obligations on individual employees.”

“When an agency claims to discover in a long-extant statute an unheralded power to regulate ‘a significant portion of the American economy,’ we typically greet its announcement with a measure of skepticism,” Engelhardt wrote.

“We expect Congress to speak clearly if it wishes to assign to an agency decisions of vast ‘economic and political significance.’”

However, Congress didn’t authorize “such a dramatic shift” in the president’s power under the Procurement Act, he noted.

Read more here…

GLOBAL ISSUES

PAUL ALEXANDER

Important to read!!

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Fauci & Francis Collins & Daszak & Baric & dangerous coronavirus Gain-of-Function (GoF) research: it was stopped in 2014 but did they conduct illegal research outside the homeland & fund it with US $

Did these people take illegal research offshore using US taxpayer money & did created & caused the COVID virus that killed so many? Is Fauci, Collins, Baric & Daszak the 4 Horsemen of Apocalypse?

DR. PAUL ALEXANDERDEC 20
 
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Is this all a game and we are the low level players who really have no say?

See document below that stopped GoF research in 2014. How come did it go on? Must be have Fauci and Francis Collins in a courtroom now? Under oath. We need the answers. NIAID under Fauci continued to give grant money (US tax dollars) to Daszak’s EcoHealth Alliance. We need to know how and why? Was this legal? It was not! How could Fauci and Collins violate the rules and get away with it and look at what they caused.

SOURCE:

http://www.phe.gov/s3/dualuse/Documents/gain-of-function.pdf?utm_source=substack&utm_medium=email

‘U.S. Government Gain-of-Function Deliberative Process and Research Funding Pause on Selected Gain-of-Function Research Involving Influenza, MERS, and SARS Viruses Gain-of-function studies, or research that improves the ability of a pathogen to cause disease, help define the fundamental nature of human-pathogen interactions, thereby enabling assessment of the pandemic potential of emerging infectious agents, informing public health and preparedness efforts, and furthering medical countermeasure development.

Gain-of-function studies may entail biosafety and biosecurity risks; therefore, the risks and benefits of gain-of function research must be evaluated, both in the context of recent U.S. biosafety incidents and to keep pace with new technological developments, in order to determine which types of studies should go forward and under what conditions. In light of recent concerns regarding biosafety and biosecurity, effective immediately, the U.S. Government (USG) will pause new USG funding for gain-of-function research on influenza, MERS or SARS viruses, as defined below. This research funding pause will be effective until a robust and broad deliberative process is completed that results in the adoption of a new USG gain-of-function research policy 1 .

Restrictions on new funding will apply as follows: New USG funding will not be released for gain-of-function research projects that may be reasonably anticipated to confer attributes to influenza, MERS, or SARS viruses such that the virus would have enhanced pathogenicity and/or transmissibility in mammals via the respiratory route. The research funding pause would not apply to characterization or testing of naturally occurring influenza, MERS, and SARS viruses, unless the tests are reasonably anticipated to increase transmissibility and/or pathogenicity.

In parallel, we will encourage the currently-funded USG and non-USG funded research community to join in adopting a voluntary pause on research that meets the stated definition. The deliberative process that will ensue during the period of the research pause will explicitly evaluate the risks and potential benefits of gain-of-function research with potential pandemic pathogens. The presumptive benefits that are generally identified in pursuing this type of research are stated in terms of enhanced ability for earlier awareness of naturally emerging dangerous pandemic pathogens or in the development of medical products in anticipation of such emergence. However the relative merits of gain-of-function experimental approaches must be compared ultimately to potentially safer approaches. The deliberative process will offer recommendations for risk mitigation, potential courses of action in light of this assessment, and propose methodologies for the objective and rigorous assessment of risks and potential benefits that might be applied to the approval and conduct of individual experiments or classes of experiments.

Although the gain-of-function studies that fall within the scope of research subject to the funding pause will be a starting point for deliberations, the suitability of other types of gain-of-function studies will be discussed. It is feasible that the discussion could lead to suggestions of broadening the funding pause to include research with additional pathogens, however, federal Departments and Agencies who fund, support, or perform research should be consulted prior to any additional pathogens being added to the scope of the funding pause. The deliberative process is envisioned to be time-limited, to involve two distinct, but collaborating, entities, and to be structured to enable robust engagement with the life sciences community. As a first step, the National Science Advisory Board for Biosecurity (NSABB) will be asked to conduct the deliberative process described above and to draft a set of resulting recommendations for gain-of-function research that will be reviewed by the broader life sciences community.

The NSABB will serve as the official federal advisory body for providing advice on oversight of this area of dual use research, in keeping with federal rules and regulations. As a second step, coincident with NSABB recommendations, the National Research Council (NRC) of the National Academies then will be asked to convene a scientific conference focused on the issues associated with gain-of-function research and will include the review and discussion of the NSABB draft recommendations. This NRC conference will provide a mechanism both to engage the life sciences community as well as solicit feedback on optimal approaches to ensure effective federal oversight of gain-of-function research. The life sciences community will be encouraged to provide input through both the NRC and NSABB deliberative processes. The NSABB, informed by NRC feedback, will deliver recommendations to the Secretary of Health and Human Services, the Director of the National Institutes of Health, and the heads of all federal entities that conduct, support, or have an interest in life sciences research (including the Assistants to the President for Homeland Security and Counterterrorism and for Science and Technology).

The final NSABB recommendations and the outcomes of the NRC conference will inform the development and adoption of a new U.S. Government policy governing the funding and conduct of gain-of-function research. Upon adoption of a federal gain-of-function policy, the U.S. Government will declare the end of the research funding pause. The life sciences community will be informed of progress at regular intervals. The estimated time-line is six months for completion of the two deliberative steps (culminating in delivery of the NSABB recommendations to the HHS Secretary) and three months for the development, approval, and publication of the policy, with the goal of completing the entire process in less than one year from declaration of the research funding pause.’

Do not forget this key seminal paper in 2015 by MenachEry and Baric, telling us they just created the COVID pandemic chimeric GoF virus:

SOURCE:

A SARS-like cluster of circulating bat coronaviruses shows potential for human emergence

‘The emergence of severe acute respiratory syndrome coronavirus (SARS-CoV) and Middle East respiratory syndrome (MERS)-CoV underscores the threat of cross-species transmission events leading to outbreaks in humans. Here we examine the disease potential of a SARS-like virus, SHC014-CoV, which is currently circulating in Chinese horseshoe bat populations1. Using the SARS-CoV reverse genetics system2, we generated and characterized a chimeric virus expressing the spike of bat coronavirus SHC014 in a mouse-adapted SARS-CoV backbone. The results indicate that group 2b viruses encoding the SHC014 spike in a wild-type backbone can efficiently use multiple orthologs of the SARS receptor human angiotensin converting enzyme II (ACE2), replicate efficiently in primary human airway cells and achieve in vitro titers equivalent to epidemic strains of SARS-CoV.

Additionally, in vivo experiments demonstrate replication of the chimeric virus in mouse lung with notable pathogenesis. Evaluation of available SARS-based immune-therapeutic and prophylactic modalities revealed poor efficacy; both monoclonal antibody and vaccine approaches failed to neutralize and protect from infection with CoVs using the novel spike protein. On the basis of these findings, we synthetically re-derived an infectious full-length SHC014 recombinant virus and demonstrate robust viral replication both in vitro and in vivo. Our work suggests a potential risk of SARS-CoV re-emergence from viruses currently circulating in bat populations.’

Do not forget this grant with US tax dollars:

Do not forget this MIT publication:

SOURCE:

Inside the risky bat-virus engineering that links America to Wuhan; China emulated US techniques to construct novel coronaviruses in unsafe conditions.

‘In 2013, the American virologist Ralph Baric approached Zhengli Shi at a meeting. Baric was a top expert in coronaviruses, with hundreds of papers to his credit, and Shi, along with her team at the Wuhan Institute of Virology, had been discovering them by the fistful in bat caves. In one sample of bat guano, Shi had detected the genome of a new virus, called SHC014, that was one of the two closest relatives to the original SARS virus, but her team had not been able to culture it in the lab.

Baric had developed a way around that problem—a technique for “reverse genetics” in coronaviruses. Not only did it allow him to bring an actual virus to life from its genetic code, but he could mix and match parts of multiple viruses. He wanted to take the “spike” gene from SHC014 and move it into a genetic copy of the SARS virus he already had in his lab. The spike molecule is what lets a coronavirus open a cell and get inside it. The resulting chimera would demonstrate whether the spike of SHC014 would attach to human cells.’

Do not forget this US government report:

SOURCE:

An Analysis of the Origins of the COVID-19 Pandemic Interim Report; Senate Committee on Health Education, Labor and Pensions Minority Oversight Staff October 2022

Do not forget this study by Ambati & Brufsky et al.: MSH3 Homology and Potential Recombination Link to SARS-CoV-2 Furin Cleavage Site

SOURCE:

MSH3 Homology and Potential Recombination Link to SARS-CoV-2 Furin Cleavage Site

‘Among numerous point mutation differences between the SARS-CoV-2 and the bat RaTG13 coronavirus, only the 12-nucleotide furin cleavage site (FCS) exceeds 3 nucleotides. A BLAST search revealed that a 19 nucleotide portion of the SARS-CoV-2 genome encompassing the furin cleavage site is a 100% complementary match to a codon-optimized proprietary sequence that is the reverse complement of the human mutS homolog (MSH3). The reverse complement sequence present in SARS-CoV-2 may occur randomly but other possibilities must be considered. Recombination in an intermediate host is an unlikely explanation. Single stranded RNA viruses such as SARS-CoV-2 utilize negative strand RNA templates in infected cells, which might lead through copy choice recombination with a negative sense SARS-CoV-2 RNA to the integration of the MSH3 negative strand, including the FCS, into the viral genome. In any case, the presence of the 19-nucleotide long RNA sequence including the FCS with 100% identity to the reverse complement of the MSH3 mRNA is highly unusual and requires further investigations.’

Do not forget this strong piece:

Courageous Discourse™ with Dr. Peter McCullough & John Leake

The French Connection

On February 21, 2022, Frontiers in Virology published a report titled MSH3 Homology and Potential Recombination Link to SARS-CoV-2 Furin Cleavage Site. The Furin Cleavage Site is the component of the SARS-CoV-2 spike protein that enables the virus to dock onto human lung epithelial cells, thereby initiating the viral replication process. It is the key f…

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CDC: how could the CDC remove such major mechanics and safety claims about the COVID mRNA gene injections and do it so quietly? Did you notice the ‘before’ and ‘after’? Do you see what is now GONE?

Remember, the CDC and NIH and FDA and Pfizer etc. told us that the vaccine and contents stays in the injection site (arm) and was quickly cleared by the body with no residual effects; they ALL lied!

DR. PAUL ALEXANDERDEC 20
 
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See if you can figure out what is missing with the update.

CDC ‘after’ statements were removed:

CDC ‘before’ the statements were removed:

.VACCINE INJURIES/

BREAKING URGENT NEWS: German Immunology Professor warns “Every injected mRNA vaccine will cause severe damage in our body and must be forbidden.”

From Robert H

https://www.2ndsmartestguyintheworld.com/p/breaking-urgent-news-german-immunology?utm_medium=email

and

Unvaccinated Blood Is Now in Very High Demand

The current unknowns regarding ‘vaccinated blood’ are being compared with the ‘Russian roulette’ risks of HIV-tainted blood that was used for transfusions in the 1980s. And this 4-month-old has just set off a media firestorm.

ACCESS NOW: https://articles.mercola.com/sites/articles/archive/2022/12/17/unvaccinated-blood-now-very-high-demand.aspx?cid_medium=etaf&cid_source=etaf&cid=share

ABOUT DR. MERCOLA: Dr. Joseph Mercola is the founder of Mercola.com. An osteopathic physician, best-selling author and recipient of multiple awards in the field of natural health, his primary vision is to change the modern health paradigm by providing people with a valuable resource to help them take control of their health. His latest book “The Truth About COVID-19” was an instant best-seller and the #1 book sold on Amazon.

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Unexpected Deaths Have Exploded In Germany

Insurance data shows deaths starting immediately after vaccination rollout

DR PANDADEC 20