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HomeDEC 21/GOLD PRICE FLAT AT $1815/60//SILVER IS DOWN 9 CENTS TO $23.96//PLATINUM...
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DEC 21/GOLD PRICE FLAT AT $1815/60//SILVER IS DOWN 9 CENTS TO $23.96//PLATINUM IS DOWN $10.70 TO $1001.75//PALLADIUM IS DOWN $60.45 TO $1678.60// COVID UPDATES: DR PAUL ALEXANDER//VACCINE IMPACT//VACCINE INJURIES//CHINA UPDATE RE KYLE BASS//UKRAINE VS RUSSIA UPDATES//HUGE OMNIBUS BILL INTRODUCED IN THE USA//SWAMP STORIES FOR YOU TONIGHT//

Date:

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GOLD PRICE CLOSE: UP $0 at $1815.60

SILVER PRICE CLOSE: DOWN $0.09  to $23.96

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1814.25

Silver ACCESS CLOSE: 23.97

Bitcoin morning price:, 16,863 DOWN 24 DOLLARS   

Bitcoin: afternoon price: $16,800 DOWN 87 dollars

Platinum price closing  $1001.75 DOWN $10.70

Palladium price; closing 1678.60  DOWN 60.45

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: $2469.88 DOWN $1.90 CDN dollars per oz

BRITISH GOLD: 1501.70 UP 10.71 pounds per oz

EURO GOLD: 1710.47 UP 0.15  euros per oz

EXCHANGE: COMEX

COMEX//NOTICES FILED

EXCHANGE: COMEX
CONTRACT: DECEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,815.900000000 USD
INTENT DATE: 12/20/2022 DELIVERY DATE: 12/22/2022
FIRM ORG FIRM NAME ISSUED STOPPED


661 C JP MORGAN 7
800 C MAREX SPEC 8
905 C ADM 1
991 H CME 16


TOTAL: 16 16

COMEX//NOTICES FILED re JPMorgan  0/16

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GOLD: NUMBER OF NOTICES FILED FOR DEC. CONTRACT:   16 NOTICES FOR 1600  OZ  or .0497 TONNES

total notices so far: 20,287 contracts for 2,028700 oz (63.100 tonnes)

 

SILVER NOTICES: 336 NOTICE(S) FILED FOR 1,680,000 OZ/

 

total number of notices filed so far this month  3945 for 19,725,000  oz



END

GLD

WITH GOLD UP $0.00

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 1.74 TONNES TONNES OUT OF THE GLD

INVENTORY RESTS AT 913.88 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 9 CENTS

AT THE SLV// :/HUGE CHANGES IN SILVER INVENTORY AT THE SLV THESE PAST 3 WEEKS! A WITHDRAWAL OF 2.0 MILLION OZ FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 507.90 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 GIGANTIC SIZED 5402 CONTRACTS TO 129,278 AND CLOSER TO  THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $1.05 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR SHORTERS/HFT WERE  UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $1.05 AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPEC LONGS, AS WE HAD A GIGANTIC  SIZED GAIN IN OUR TWO EXCHANGES OF 6652 CONTRACTS. AS WELL WE HAD  EXCHANGE FOR RISK TRANSFER OF 200 CONTRACTS.  WE HAD HUGE   SPEC SHORT COVERINGS OF  THEIR SHORTFALL. .WE PROBABLY HAD LITTLE SHORT ADDITIONS WITH THE HUGE  PRICE RISE OF THE SILVER. // OUR  BANKERS CONTINUE TO BE PURCHASERS OF NET COMEX LONGS. BUT THEY ALSO SUPPLIED THE NECESSARY SHORT CONTRACTS>>> HUGE INCREASE OF NEWBIE SPEC LONGS ADDING TO THEIR POSITIONS CAUSING ADDITIONAL MISERY TO OUR SHORTERS.

WE  MUST HAVE HAD: 
A HUGE  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 25,000 OZ //  V)   HUGE SIZED COMEX OI GAIN/ 

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  – 103

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 17 days, total 9753 contracts:   OR 48.765  MILLION OZ PER DAY. (573 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 48.765 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, 48.765. MILLION OZ INITIAL( VERY SMALL)

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5402 WITH OUR $1.05 GAIN IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE  SIZED EFP ISSUANCE  CONTRACTS: 1250 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 25,000 E.F.P.. JUMP TO LONDON  //NEW STANDING 23.160 MILLION OZ + EFR 11.5 = 34.666 MILLION OZ.  .. WE HAVE A GIGANTIC SIZED GAIN OF 6652 OI CONTRACTS ON THE TWO EXCHANGES FOR 33.26 MILLION  OZ.. THE SILVER SHORTS ARE NOW TRAPPED AS THEY ARE HAVING CONSIDERABLE DIFFICULTY IN COVERING THOSE SHORTS.

 WE HAD  376  NOTICE(S) FILED TODAY FOR  1,680,000   OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A HUGE SIZED 11,852  CONTRACTS  TO 436,653 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 215  CONTRACTS.

.

THE GIGANTIC SIZED INCREASE  IN COMEX OI CAME WITH OUR  HUGE GAIN 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 ZERO QUEUE JUMP  of 0 contracts or 0 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 STRONG GAIN IN PRICE OF  $27.05 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A HUGE SIZED GAIN OF 15,293 OI CONTRACTS (47.567 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3441 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 436,653 

IN ESSENCE WE HAVE A GIGANTIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,293 CONTRACTS  WITH 11,852 CONTRACTS INCREASED AT THE COMEX AND 3441 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 15,293 CONTRACTS OR 47.567 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3441 CONTRACTS) ACCOMPANYING THE GIGANTIC SIZED GAIN IN COMEX OI (11,872) TOTAL GAIN IN THE TWO EXCHANGES 15,293 CONTRACTS. WE NO DOUBT HAD 1) HUGE  SPECULATOR SHORT COVERINGS // CONTINUED GOOD BANKER ADDITIONS BUT THEY ALSO SUPPLIED THE NECESSARY PAPER SHORT.  WE  HAD ZERO SHORT SPEC ADDITIONS/// // HUGE  NEWBIE SPEC  ADDITIONS  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR DEC. AT 58.86 TONNES FOLLOWED BY TODAY’S QUEUE. JUMP  of 0 oz// //NEW STANDING 63.757 TONNES///3) ZERO LONG LIQUIDATION //.,4)   HUGE SIZED COMEX OPEN INTEREST GAIN 5) FAIR 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 :

36,674  CONTRACTS OR 3,667,400 OZ OR 114.97 TONNES 17 TRADING DAY(S) AND THUS AVERAGING: 2157 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES:114.97   TONNES

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

THUS EFP TRANSFERS REPRESENTS  114.97/3550 x 100% TONNES  3.23% 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:  114.97 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, ROSE BY A HUGE SIZED 5402 CONTRACTS OI TO  129,278 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 1250 CONTRACTS

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

MAR  1250 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1250 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 5402  CONTRACTS AND ADD TO THE 1250 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF 6652 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 33.26 MILLION OZ//

OCCURRED WITH OUR STRONG GAIN IN PRICE OF  $1.05….. 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)WEDNESDAY MORNING//TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 5.36 PTS OR 0.17%   //Hang Sang CLOSED UP 65.69 OR  0.34%    /The Nikkei closed DOWN 180.31 OR 0.68%          //Australia’s all ordinaries CLOSED UP  1.30%   /Chinese yuan (ONSHORE) closed DOWN TO 6.9758//OFFSHORE CHINESE YUAN DOWN TO 6.9852//    /Oil UP TO 77/77 dollars per barrel for WTI and BRENT AT 81.66    / Stocks in Europe OPENED ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 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 HUGE SIZED 11,852 CONTRACTS UP TO 436,653 WITH OUR THE STRONG GAIN IN PRICE $27.05

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3441 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 FEB: 3441 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  3441   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 GIGANTIC SIZED  TOTAL OF 15,293 CONTRACTS IN THAT 3441 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A HUGE SIZED  COMEX OI GAIN OF 11,852  CONTRACTS..AND  THIS GIGANTIC SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF GOLD $27.05. WE ARE WITNESSING  ZERO SPEC SHORTS ADDITIONS TO THEIR SHORTFALL BUT MANY SPEC SHORT LIQUIDATIONS. BANKERS CONTINUE  AS NET BUYERS OF COMEX GOLD CONTRACTS AS THEY HAVE BEEN NET LONG FOR THE PAST FEW MONTHS.  WE ALSO HAD HUGE  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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $27.05)  //// AND WERE ALSO UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A GIGANTIC GAIN OF 15,508 CONTRACTS ON OUR TWO EXCHANGES >. WE HAD ZERO  NEW SPEC SHORT ADDITIONS AND  MAJOR SPEC SHORT COVERINGS..  //    WE HAVE GAINED A TOTAL OI  OF 38.236 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 0 oz//new standing REMAINS AT 63.757 tonnes…THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE OF $27.05 

WE HAD – 215 CONTRACTS  COMEX TRADES REMOVED FROM OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 15,293 CONTRACTS OR 1,529,300 OZ OR 47.567 TONNES

Estimated gold volume 60,954// awful//

final gold volumes/yesterday  205,458/  fair

INITIAL STANDINGS FOR  DECEMBER 2022 COMEX GOLD //DEC 21

GoldOunces
Withdrawals from Dealers Inventory in oz
 nil
Withdrawals from Customer Inventory in oz 208,531.386
 oz
Delaware

HSBC
includes 1010 kilobars
and 5476 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) today16 notice(s)
1600 OZ
0.0497 TONNES
No of oz to be served (notices)  211 contracts 
  21100 oz
0.6562 TONNES

 
Total monthly oz gold served (contracts) so far this month 20,287  notices
2,028,700
63.100 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 Delaware:  32,472.410 oz (1010 kilobars)

ii) Out of HSBC: 176,058.876 oz (5476 kilobars

Total withdrawals: 208,531.386 oz 

total in tonnes: 6.48  tonnes

Adjustments: 2  dealer to customer account

a) Brinks 58,877.671

b) HSBC: 58,836.330 oz

customer to dealer/JPMorgan

i) 20,029.215 oz 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR DECEMBER.

For the front month of DECEMBER we have an oi of 227 contracts having LOST 98  contracts 

We had 98 contracts served on TUESDAY, so we gained  0 contracts or an additional NIL oz will  stand for gold at the COMEX. 

JANUARY LOST 35 contracts to stand at 1210

February GAINED 11,852  contacts  to 372,191

We had 16  notice(s) filed today for 1600 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  16  contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  0 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 (20,287 x 100 oz , to which we add the difference between the open interest for the front month of  (DEC. 227 CONTRACTS)  minus the number of notices served upon today 16 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 (20,287 x 100 oz+   (227 OI for the front month minus the number of notices served upon today (16} 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:  23,25,312.359 OZ  

TOTAL REGISTERED GOLD:11,523,977.818 OZ     (358.44 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 11,721,324.541 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,461822 OZ (REG GOLD- PLEDGED GOLD) 294.30 tonnes//rapidly declining 

END

SILVER/COMEX

DEC 21//INITIAL DEC. SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory416,979.060 oz


CNT
Delaware
Loomis


















 










 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory599,357.073 oz
Brinks
Delaware











 











 
No of oz served today (contracts)376 CONTRACT(S)  
 (1,680,000 OZ)
No of oz to be served (notices)687 contracts 
(3,435,000 oz)
Total monthly oz silver served (contracts)3945 contracts
 (19,745,000 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 Brinks:  592,434.170 oz

ii) Into Delaware:  6922.903 oz 

Total deposits:  599,357.073 oz 

JPMorgan has a total silver weight: 148.465 million oz/298.090 million =49.79% of comex .//dropping fast

  Comex withdrawals: 3

i) Out of Loomis 4938.500 oz

ii) Out of CNT  393,355.389 oz

iii) Out of Delaware 17,776.171 oz

Total withdrawals; 416,070.060 oz

adjustments: 2

a) dealer to customer Loomis:  201,657.110

and 

b) customer to dealer Brinks 612,710.230 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35.536 MILLION OZ (declining rapidly).TOTAL REG + ELIG. 299.069MILLION OZ (also declining)

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF DEC OI: 1063  CONTRACTS HAVING LOST 5  CONTRACT(S.) 

WE HAD  0  NOTICES FILED ON TUESDAY. SO WE LOST 5 CONTRACTS  OR  25,000 oz

WAS E.F.P.’d  TO LONDON.  WE ALSO HAD A FURTHER 200 CONTRACT EXCHANGE FOR RISK ISSUED FOR 1.0 MILLION OZ.  

JANUARY SAW A LOSS OF 22  CONTRACTS  LOWERING TO  1479 CONTACTS.

FEB> LOST 9 CONTRACTS TO 120 CONTRACTS

March GAINED 5399 contracts UP to 114,007 contracts

TOTAL NUMBER OF NOTICES FILED FOR TODAY:  335 for  1,680,000 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 3945 x  5,000 oz = 19,725,000 oz 

to which we add the difference between the open interest for the front month of DEC(227) and the number of notices served upon today 336 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the DEC./2022 contract month: 3945 (notices served so far) x 5000 oz + OI for front month of DEC (227 – number of notices served upon today (336) x 500 oz of silver standing for the DEC. contract month equates 23.160 million oz.. Also we have another criminal element to our silver oz standing, the use of Exchange for Risk/  Today an addition of 200 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 2300 Exchange for Risk contracts settled during the first 21 days of the month for 11.500 million oz.  Thus total delivery:  34.660 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:21,547// est. volume today//   awful

Comex volume: confirmed yesterday: 74,745 contracts ( good)

END

GLD AND SLV INVENTORY LEVELS

DEC 21/WITH GOLD FLAT TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 913.88 TONNES

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

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

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

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

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

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

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

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

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

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: 913.88  TONNES

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

DEC 21/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.0 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 507.90 MILLION OZ//

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

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

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

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

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

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

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

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

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

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 507.90 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff 

Peter Schiff: The Fed Is Still Completely Oblivious

https://www.zerohedge.com/markets/peter-schiff-fed-still-completely-oblivious

WEDNESDAY, DEC 21, 2022 – 09:45 AM

Via SchiffGold.com,

Last week, CPI data came in cooler than expected but Jerome Powell’s rhetoric remained hot. The Federal Reserve raised rates by 50 basis points and the Fed chair maintained a hawkish tone. Peter talked about the CPI data and the Fed meeting in his podcast. He said the bottom line is the Fed is still completely oblivious to the disaster it has created.

DEC 21/GOLD PRICE FLAT AT 15/60//SILVER IS DOWN 9 CENTS TO .96//PLATINUM IS DOWN .70 TO 01.75//PALLADIUM IS DOWN .45 TO 78.60// COVID UPDATES:  DR PAUL ALEXANDER//VACCINE IMPACT//VACCINE INJURIES//CHINA UPDATE RE KYLE BASS//UKRAINE VS RUSSIA UPDATES//HUGE OMNIBUS BILL INTRODUCED IN THE USA//SWAMP STORIES FOR YOU TONIGHT//

Despite some optimism that CPI is cooling, Peter said we’re never going to get back to the 2% target, given the state of the federal budget, the massive deficits, the amount of money that’s already been printed, and the amount of money it will need to print to monetize the debt.

That is the really important point that seems to be lost on everybody. What investors are trying to figure out is ‘has inflation peaked?’ Have we seen peak inflation? Now, I think the answer to that question is no. I don’t think inflation has peaked. Now, it may have peaked for a short period of time. It may take until the second half of 2023 before we get a year-over-year rate of inflation that was higher than the high water mark for 2022. Who knows? Maybe it will take into 2024. But the one thing that I’m certain of is that we’re not going anywhere near 2%. And that is what investors still don’t understand — that the days of low inflation are over, and we’re living in an era of high inflation. That is a complete game-changer for the Fed and the Fed has yet to come to terms with this new reality, nor has the market.”

Investors who are playing by the old rules will lose if they don’t adopt their strategy to the new reality of high inflation and higher interest rates.

Despite the cooler-than-expected CPI data, there wasn’t any signal that the Fed was softening its resolve. In fact, Powell said, “We have a long ways to go to get back to price stability.”

One of the first things Powell said in his prepared statement was that the Fed understands inflation is causing hardship for the American people.

Now, what you really have to do is substitute the word ‘government’ for ‘inflation.’ Because, if inflation is causing a hardship for the people, well, why do we have inflation? Inflation was caused by the government. So, if inflation is causing hardship, it is the government that is causing hardship.”

Peter said Powell should be apologizing for the hardship and acknowledging his role in creating it.

But no. Powell acts as if inflation just came out of left field – that it has nothing to do with bad fiscal policy or bad monetary policy — that it’s just an unfortunate and completely unforeseen consequence of multiple events that were completely out of anyone’s control, having something to do with the COVID pandemic, the reopening of the economy, Putin’s invasion of Ukraine, and now Powell is leading the Federal Reserve cavalry that is charging to the rescue!”

Powell conceded that the economy has slowed down from its rapid pace. But Peter pointed out that we never really had a rapidly growing economy.

We just had a lot of inflation that masqueraded as growth. We had a lot of Americans spending their stimulus money, running up our trade deficits, but that wasn’t real economic growth.”

Powell continued to hold out hope for a “soft landing,” meaning he thinks the Fed can defeat inflation without tipping the economy into a recession. But despite his optimism, he confessed he doesn’t really know the trajectory of the economy.

I don’t think anyone knows whether we’re going to have a recession or not, and if we do, whether it’s going to be a deep one or not. It’s not knowable.”

Peter said it seems he is “waffling a bit” on his soft landing.

He’s just basically saying, ‘We have no idea what’s going to happen. We’re just hoping we get a soft landing.’ But nobody actually knows whether we’re going to get a landing at all.”

When asked about the pain of inflation, Powell said Americans would suffer worse pain if the central bank failed to act and let inflation run out of control. Peter said that ship has sailed.

The reality is inflation is already out of control. We’re already past the point where the Fed has the ability to regain control without causing not just a recession but a financial crisis.”

Keep in mind that not long ago, Powell said it was better to let inflation run a little hot than dampen economic growth because inflation would be easy to solve.

Well, he’s now finding out that it’s not only difficult to solve; it is impossible without inflicting the very sort of pain he’s now convinced can be avoided because he thinks his too little too late effort is actually going to succeed.”

Peter said the bottom line to the whole press conference was that Powell and the rest of the FOMC members are still completely clueless about the problem they have created.

They still think that we have a robust economy. They still think that inflation can be brought under control and that everything is going to be fine. … They are completely oblivious to the disaster that they have created in the same way that they were completely oblivious to the 2008 financial crisis even in the summer of 2008 when the crisis was just around the corner. They have no clue that what they’ve been looking at is just the mother of all bubbles. There has been no legitimate economic growth over the past decade or more because of Fed policy.”

end

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//

A must read. We have been harping on this for several years

(Ronan Manly/GATA)

Ronan Manly: GLD conceals its gold dealings with Bank of England

Submitted by admin on Tue, 2022-12-20 11:38Section: Daily Dispatches

11:44a ET Tuesday, December 20, 2022

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly reports today that the SPDR Gold Trust, the exchange-traded fund better known as GLD, and its sponsor, the World Gold Council, are obscuring data in GLD’s financial reports in violation of U.S. Securities and Exchange Commission rules, making it impossible for the public and investors to determine how much GLD gold is going into and out of the vaults of the Bank of England, a subcustodian of the fund’s metal.

Manly writes: “The GLD sponsor is now being totally untransparent and avoiding even discussing gold held with subcustodians. Why would they do this? 

“The most obvious reason would be to suppress any discussion of GLD’s gold bars being held at the Bank of England — to prevent the spotlight from being shone on the Bank of England’s acting as lender of last resort in lending gold to the SPDR Gold Trust. That is, to prevent the spotlight being shone on any borrowed central bank gold that is being held by the SPDR Gold Trust.

“This gold would be gold borrowed by bullion banks from central banks (facilitated by the Bank of England’s internal gold lending market at the Bank of England). The authorized participants of GLD (almost all of which are bullion banks) borrow the gold and deliver it into the SPDR Gold Trust.”

Manly’s excellent sleuthing seems to vindicate longstanding suspicions that GLD operates primarily not for investors seeking appreciation in gold’s price but for governments seeking to control that price, and that investors putting funds into GLD expecting price appreciation for gold are actually sabotaging its price. 

Manly’s analysis is headlined “Has GLD Been Failing to Disclose Gold Held at the Bank of England During 2022?” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/has-gld-been-failing-to-disclose-gold-held-at-the-bank-of-england-during-2022/

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

END

GOLD/SILVER

/4.  OTHER PHYSICAL SILVER/GOLD COMMENTARIES

5. Commodity commentaries//IRON ORE

END

6/CRYPTOCURRENCIES/BITCOIN ETC

Energy costs plus other operating expenses too great for giant bitcoin miner core scientific as they filed for bankruptcy

(zerohedge)

Giant Bitcoin Miner Core Scientific Files For Bankruptcy

WEDNESDAY, DEC 21, 2022 – 11:40 AM

Update (0925ET): Nasdaq-listed Core Scientific filed for bankruptcy in the U.S. early Wednesday, confirming late Tuesday reports that the miner would seek Chapter 11 protection on the following day.

The company said in a statement that the decision followed “a comprehensive review of potential alternatives and exhaustive discussions with various company stakeholders.”

Core Scientific added that it expects to enter into a restructuring support agreement with the Ad Hoc Noteholder Group, representing more than 50% of the holders of its convertible notes.

“The filing of these cases was necessitated by a decline in the Company’s operating performance and liquidity suffering from the prolonged decrease in the price of bitcoin, the increase in electricity costs necessary to power the Company’s data centers, and the failure by certain of its hosting customers to honor their payment obligations,” per the statement.

“In response to these factors, the Company has actively taken steps to decrease monthly costs, delay construction expenses, reduce and delay capital expenditures and increase hosting profitability.”

Core Scientific said it is “committed to operating normally” as it moves “swiftly through the process” of restructuring.

“During this process and upon emergence, the Company will continue to operate its existing self-mining and hosting operations, which remain significantly cash flow positive on a debt-free basis,” per the statement.

“The Company remains dedicated to providing hosting services and self-mining in its state-of-the-art data centers.”

*  *  *

As CoinTelegraph’s Arijit Sarkar detailed earlier, just days after a creditor offered to help Core Scientific avoid possible bankruptcy, reports have emerged confirming the Bitcoin mining company’s fate. Core Scientific is reportedly filing for Chapter 11 bankruptcy protection in Texas owing to falling revenue and low BTC prices.

On Dec. 14, financial services platform B. Riley offered to provide Core Scientific with $72 million in non-cash financing – $40 million with zero contingencies and $32 million with conditions – to retain value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.

As a direct result of an extended bear market, Core Scientific had to sell 9,618 BTC in April to stay operational. A CNBC report quoted a person familiar with the company’s finances as saying that the Bitcoin mining company would file for Chapter 11 bankruptcy early on Dec. 21.

While the company continues to generate positive cashflows, the income is not sufficient to cover the operational costs, which involve repaying the lease for its Bitcoin mining equipment.

The report also suggests that Core Scientific will continue its mining operations and has no plans to liquidate. When B. Riley offered a lending hand, the company’s stocks momentarily surged nearly 200%, but has since seen a steady decline.

Core Scientific’s share price movement on Nasdaq.

On Oct. 26, a Core Scientific filing with the United States Securities and Exchange Commission indicated financial distress. According to the company, the primary reasons for this situation were low Bitcoin prices, increased electricity costs, an increase in the global Bitcoin hash rate and the bankruptcy of crypto lender Celsius, which wiped out the debts owed to Core Scientific.

Core Scientific has not yet responded to Cointelegraph’s request for comment.

Tech giant Microsoft recently restricted its cloud users from mining cryptocurrencies as a measure to increase the stability of its cloud services.

As Cointelegraph reported, Microsoft updated its acceptable use policy on Dec. 1 to clarify that “mining cryptocurrency is prohibited without prior Microsoft approval.”

The company said its intent was to protect customers by reducing the risk of disruption or impairedservices in the Microsoft Cloud.

end

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

WEDNESDAY MORNING.7:30 AM

ONSHORE YUAN: DOWN TO  6.9758

OFFSHORE YUAN: 6.9852

SHANGHAI CLOSED DOWN 5.36 PTS OR  0.17%

HANG SANG CLOSED UP 65.69 OR 0.34% 

2. Nikkei closed DOWN  180.31  PTS OR 0.68%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX UP TO  103.70 Euro RISES TO 106.28 UP 3 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.475!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 131/85/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 DOWN /JAPANESE Yen UP CHINESE YUAN:   DOWN-//  OFF- SHORE: DOWN

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 DOWN TO +2.282%***/Italian 10 Yr bond yield FALLS to 4.37%*** /SPAIN 10 YR BOND YIELD FALLS TO 3.350…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.421//

3j Gold at $1817/05//silver at: 24.01  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1  AND 67/100        roubles/dollar; ROUBLE AT 70.55//

3m oil into the 77 dollar handle for WTI and  81 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 0.9253– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9834 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: 3.658% UP 1 BASIS PTS…GETTING DANGEROUS

USA 30 YR BOND YIELD: 3.726% DOWN 1 BASIS PTS//

USA DOLLAR VS TURKISH LIRA: 18,67…

GREAT BRITAIN/10 YEAR YIELD: 3.613 % UP 2 BASIS PTS

end

i.b  Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Rise For A Second Day As Volumes Plummet

WEDNESDAY, DEC 21, 2022 – 08:07 AM

US stocks were set to rise for a second straight day on Wednesday with risk appetite staging a modest comeback amid dismal trading volumes as investors digested the hawkish turn from major central banks over the past week. S&P 500 futures were up 0.5% at 7:30 am ET, while Nasdaq futures gained 0.2%. The dollar reversed earlier losses, while global bonds steadied from the previous day’s selloff as some of the shock following the Bank of Japan’s unexpected increase in its yield trading band ebbed; the US 10Y yield held steady around 3.67%.

On Tuesday, the S&P 500 index snapped a four-day losing streak although the Nasdaq 100 fell for a fifth day in its longest stretch of declines since October, as higher-for-longer interest rates continued to weigh on sentiment. Major US tech and internet stocks are modestly higher on Wednesday, as global bonds steadied from the previous day’s selloff. Bank stocks are also higher in thin premarket trading putting them on track to gain for a second straight day after snapping a four-day losing streak. In corporate news, Core Scientific became the latest crypto company to file for bankruptcy as the industry reckons with a plunge in digital asset prices. Here are the biggest premarket movers:

  • Nike shares jump 13% as analysts hiked their price targets after its quarterly sales beat estimates. They said the robust update demonstrated the brand’s strength despite a tough macroeconomic backdrop.
  • Tesla shares gain as much as 2.1% after Elon Musk confirmed that he will resign as CEO of social-media firm Twitter when a successor is found and focus on engineering teams, amid worries that the billionaire is spreading himself thin between the companies. Cathie Wood ramped up purchases of Tesla shares in the fourth quarter, despite rising concerns over Musk’s ability to manage businesses
  • FedEx shares climb 4.2% after its second-quarter earnings beat analysts’ estimates as price increases and cost cuts offset weakening demand trends.
  • Alphabet shares rise as much as 0.9% along with other big tech stocks, with Evercore analysts saying that, while they still see the Google parent as “highly attractive” for long-term investors, they are lowering their estimates and price target amid ongoing weakness in demand for online advertising and cloud computing.
  • Starbucks stock declines 0.8% after it was downgraded to hold at Jefferies. The brokerage overall maintains a positive view on the US restaurant and foodservice distribution sector, but turns more selective to reflect greater chance of a recession in 2023, also downgrading Brinker and Red Robin to hold and upgrading Chefs’ Warehouse to buy.
  • Adaptive Biotechnologies shares jump 8.2% after the disease-testing instruments maker is upgraded to overweight from neutral at Piper Sandler on broker’s optimism about the company’s minimal residual disease business and potential catalysts in immune medicine in 2023.
  • Morgan Stanley analysts led by Vikram Purohit assumed coverage of Halozyme Therapeutics with a recommendation of overweight, citing attractive “defensive properties.”

Dust started to settle on Japan’s shock decision to raise the upper limit of its 10-year bond yield, though the move has set in motion wagers the BOJ will join its peers next year in raising interest rates. Already, surging yields have shrunk the worldwide stock of negative-yielding debt to about $686 billion, from a $18.4 trillion peak reached two years ago. This number is likely to drop further as Japanese two-year yields rose above zero for the first time since 2015 and the 10-year benchmark approached the new upper yield limit, forcing the BOJ to step in with a bond-buying operation. Treasury yields were flat after surging 20 basis points this week.

For Japanese investors, however, the latest policy move may change their calculus for the better. With the yields they can earn on domestic bonds suddenly more attractive, they may look to repatriate some of $3 trillion that Bloomberg data shows is held in foreign equities and debt. “Japanese buyers are already overweight dollar cash and other currencies. They will use it to buy yen and Japanese government bonds as domestic yields rise,” Deutsche Bank strategist George Saravelos told clients, predicting currency markets to see the biggest impact.

In key US news, Ukraine chief comedian and president, Volodymyr Zelenskiy, visits DC today and Joe Biden will unveil almost $2 billion in Ukraine aid. Zelenskiy’s first trip abroad since the invasion will include a prime-time address to Congress. His plea for more advanced weapons is set to be answered with a Patriot missile battery, a significant boost in US support.

  • Elon Musk confirmed he’ll step down as CEO after he finds a successor, though he plans to retain control over the engineering teams. Musk said Twitter was on course to have negative cash flow of $3 billion before recent cost-cutting measures. It’s now poised to post revenue of $3 billion, next year, he said, and should reach cash flow breakeven too.  
  • Sam Bankman-Fried will be flown to the US from the Bahamas today to face criminal charges linked to the FTX implosion. He’ll be escorted by FBI agents on a private plane, a person familiar said. His legal team is in talks with prosecutors about a possible bail deal, which could include home detention or electronic monitoring, the NYT reported.

While December is traditionally a good month for stock performance, with the S&P 500 index gaining 1.2% on average over the past 30 years and declining just 14 times over the past 50 years, this December is proving to be an exception, and is set to be one of the worst final months of the year for the US benchmark since 1957, as pressure from hawkish central banks and recession risks weigh on the gauge. The S&P 500 has dropped about 6% this month — on par with the losses it sustained in December 2002; only December 2018’s 9% decline was bigger.

“When we look at the equity market response to these incremental monetary policy moves, it always strains belief that we should see future repricing of equity market on the back of what are relatively small central bank moves — even the ECB move,  said Wouter Sturkenboom, Northern Trust Asset Management chief investment strategist for EMEA & APAC. “We were a little surprised the US equity market responded as strongly as it did.”

Global bond yields surged this week after the Bank of Japan unexpectedly increased its yield trading band. The moved followed a surprisingly hawkish tone from the European Central Bank last week. With the 2Y JGB yield rising above 0%, the stock of negative yielding debt is about to drop to zero.

“Even if questions remain about where the Federal Reserve will finally drive borrowing rates, a lot of the 2022 bearish leverages have been already priced-in and we expect stock markets to stabilise following this year’s sell-off,” said Pierre Veyret, technical analyst at ActivTrades. “That said, investors will need further evidence of Fed chairman Jerome Powell’s economic “soft landing” to drive equities to new highs.”

European stocks followed US futures and rebounded from a six-week low with all sectors rising as low average volumes show holiday trading pattern is materializing. In Europe, retailers, real estate and energy are the strongest performing sectors. Euro Stoxx 50 rises 0.9%. S&P futures and Nasdaq contracts rise 0.5% each. Here are some of the biggest European movers today:

  • Tremor International shares rise as much as 11% after a Sky News report that the digital-ad company is exploring a sale and is working with Goldman Sachs bankers to solicit interest.
  • Interparfums shares rise as much as 8% to their highest since March after the French perfume maker announced a deal to develop and market all perfume and cosmetics lines under the Lacoste brand.
  • Philips shares rise as much as 5.5% after the Dutch maker of medical devices provided an encouraging update on tests to assess the safety of its DreamStation sleep-therapy devices.
  • Adidas and Puma shares gain more than 9% after Nike’s robust quarterly sales update that beat expectations in all regions except for China.
  • Avio plunges as much as 11% after the Italian space company said an anomaly occurred on the VV22 satellite-launch flight, leading to the loss of the mission.
  • Billerud falls as much as 5.4%, extending losses into a third day, after DNB cut its recommendation to hold from buy, seeing “tailwinds turning into headwinds” with higher cost inflation and “evidence of softer prices.”

Earlier in the session, Asian stocks headed for a fifth session of declines, as traders assessed adjustments to monetary policy in Japan and a jump in Covid cases in China. The MSCI Asia Pacific Index was little changed after moving between a gain of 0.4% and a loss of 0.3%. While industrial and tech shares weighed on the gauge, Australian miners provided support on higher gold prices. Japanese banks gained after the Bank of Japan doubled its yield cap on Tuesday, although benchmarks fell.

Moves across the region were driven by thin trading into year-end, with benchmarks in China and Hong Kong inching back from a two-day fall. In addition, a surge in Covid infections in China has affected trading desks. India stocks led losses in the region. Looking ahead, traders will keep an eye on US consumption data out Thursday. “With the recent Federal Reserve meeting bringing about an upward revision in US core PCE forecasts in 2023, the data will be looked upon to reflect the pace at which pricing pressures moderate,” Jun Rong Yeap, market strategist at IG Asia, wrote in a note

Japanese stocks fell for a fifth day after the Bank of Japan doubled its cap on 10-year yields, sparking a jump in the yen. The Topix fell 0.6% to close at 1,893.32, while the Nikkei declined 0.7% to 26,387.72. The yen retreated slightly against the dollar after surging almost 4% Tuesday. Toyota Motor Corp. contributed the most to the Topix decline, decreasing 2%. Out of 2,163 stocks in the index, 452 rose and 1,631 fell, while 80 were unchanged.  Prospects of higher yields pushed the Topix Banks Index up 2.6%, adding to the gauge’s jump of more than 5% on Tuesday. The measure was the biggest gainer among the benchmark’s industry groups while automakers, real estate and tech extended declines. “The effects of the BOJ’s surprise move are still lingering,” said Shogo Maekawa, chief global strategist at JPMorgan Asset Management. “While banking and insurance stocks continue to rise, sectors like real estate that are negatively impacted by rising interest rates, and stocks exposed to the strong yen are falling.”

India stocks fell to a one-month low, erasing early gains, as risk-off mood weighed on the domestic market. The S&P BSE Sensex fell 1% to 61,067.24, the lowest since Nov. 10, while the NSE Nifty 50 Index declined by a similar measure.  Investor sentiment is worsening due to global concerns, including Bank of Japan’s surprise hawkish tilt, and rising Covid cases in China, said Jayesh Bhanushali, assistant vice president at IIFL Securities. Foreign investors have been adding fresh short positions in index futures and “there is panic in the market as global economic outlook is bleak,” he said. India’s health minister held a review meeting to look into the country’s covid situation, and has asked officials to stay alert. Of the BSE Ltd.’s 19 sectoral gauges, all but 2 fell, with an index of healthcare-related stocks rising 2.3%. Reliance Industries Ltd. contributed the most to the index’s decline, decreasing 1.4%. 

In FX, the Bloomberg Dollar Spot reversed earlier losses and gain  modestly as most Group-of-10 peers were steady against the greenback, with the exception of the pound and the New Zealand dollar. NZD and GBP are the weakest performers in G-10 FX, NOK and AUD outperform. Yen trades around 131.80 per dollar.

  • The pound underperformed most of its G-10 peers as data released Wednesday showed UK government borrowing surged in November. The budget deficit stood at £22 billion ($26.8 billion) –- the highest monthly total in records stretching back to 1993 and almost triple the £8.1 billion reading a year ago. UK business confidence rose at the fastest rate in 20 months as labor market pressures showed signs of easing, the festive trading period exceeded expectations and businesses became more optimistic about the outlook for the economy
  • Japan’s longer-dated benchmark bond yields extended yesterday’s surge and the 10-year yield climbed toward the central bank’s new 0.5% cap as speculation deepened that the BOJ will push forward with policy normalization. The yen steadied near the strongest level in more than four months against the dollar

In rates, treasuries are slightly richer across the curve with gains led by front-end, extending steepening momentum of 2s10s, 5s30s spreads which trade through Tuesday highs. The 2-year Treasury yield shed 3bps while longer segment of the curve was steady, making the 2-10-year segment the steepest in five weeks. 10-year yields were around 3.68%, flat vs. Tuesday’s close and outperforming gilts by 2.5bp — bunds trade broadly inline; front-end outperformance steepens 2s10s, 5s30s spreads by 1.8bp and 2.8bp on the day with 5s30s topping through -2bp and widest since Dec. 1. Bund yields steadied after the jump in longer dated global yields yesterday following the BOJ’s surprise tweak to its yield curve control. The Italian curve bull-steepened as yields fell 6-8bps. Gilts underperformed USTs and bunds at the 10-year mark. Peripheral spreads tighten to Germany with 10y BTP/Bund narrowing 6.1bps to 210.6bps.

In commodities, WTI drifts 1.1% higher to trade near $77, rising for a third session. Spot gold falls roughly $5 to trade near $1,813/oz. Iron ore rose for a second day as China’s abrupt Covid Zero reversal and a steady stream of supportive policies improved the likelihood of a recovery in the housing sector. Amyris is among the most active resources stocks in premarket trading, gaining 2%. 

To the day ahead now, and data releases include the US Conference Board’s consumer confidence reading for December, as well as November’s existing home sales and the Canadian CPI reading for November. A 20-year bond auction is scheduled for 1pm New York. Finally, we get the latest earnings from Micron Technology.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,865.00
  • STOXX Europe 600 up 0.9% to 427.80
  • MXAP little changed at 155.41
  • MXAPJ up 0.2% to 502.40
  • Nikkei down 0.7% to 26,387.72
  • Topix down 0.6% to 1,893.32
  • Hang Seng Index up 0.3% to 19,160.49
  • Shanghai Composite down 0.2% to 3,068.41
  • Sensex down 1.0% to 61,089.36
  • Australia S&P/ASX 200 up 1.3% to 7,115.09
  • Kospi down 0.2% to 2,328.95
  • German 10Y yield little changed at 2.29%
  • Euro little changed at $1.0626
  • Brent Futures up 1.1% to $80.84/bbl
  • Gold spot down 0.1% to $1,815.26
  • U.S. Dollar Index little changed at 103.98

Top Overnight News from Bloomberg

  • In a span of 18 hours last week, years of rigid intransigence from the European Union’s two most rebellious nations started to break. First Hungary and then Poland agreed to fix their democracies’ shortcomings in exchange for gaining access to billions of euros of the bloc’s funds. If they make good on those promises, it will also be a testament to the new-found powers of the bond market
  • The Russian exodus triggered by Vladimir Putin’s invasion of Ukraine has put the currencies of former Soviet republics at the top of global rankings this year. Georgia and Armenia in the Caucasus mountains, as well as Tajikistan in Central Asia, are among the best performers against the US dollar after tens of thousands of Russian citizens settled there since February, bringing the equivalent of billions of dollars in savings with them
  • The BOJ’s shock decision to tweak its yield-curve control ceiling has boosted policy-normalization bets, fueled expectations for higher and more volatile yields and may also damp demand for US Treasuries
  • Japan’s investors are fleeing Treasuries at an unprecedented pace, and central bank Governor Haruhiko Kuroda’s policy shift may reinforce the trend which is bringing a global era of negative yields closer to an end
  • BOJ Governor Haruhiko Kuroda is facing mounting criticism over his latest shock policy decision, with several prominent economists calling it a blow to BOJ credibility and traders rushing to test the central bank’s new red line on bond yields
  • The BOJ’s policy adjustments could be the first step toward an exit from its decade-long aggressive monetary easing, according to Takatoshi Ito, a contender to succeed Governor Haruhiko Kuroda
  • China’s broad budget deficit hit a record so far this year, showing how damaging the now abandoned Covid Zero policy and the ongoing housing slump have been to the economy and to the government’s finances

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded mixed following a mostly positive lead from Wall Street and with news flow on the quieter side. ASX 200 outperformed and was lifted by gains across gold miners after the yellow metal topped USD 1,800/oz. Nikkei 225 remained pressured by the recent JPY strengthening, whilst the region overlooked reports that Japan maintained its overall economic view in December. Hang Seng and Shanghai Comp gave up earlier gains but remained within tight parameters

Top Asian News

  • China reported zero new COVID deaths in the mainland on Dec 20th vs five a day earlier; reported 3,101 new COVID cases in the mainland on Dec 20th vs 2,722 a day earlier.
  • “China will no longer take measures to isolate people from overseas and go to isolation facilities from January 3, 2023” according to HKSTV; “The policy optimized to 0+3 also means that China will fully open up from 2023 in the new year.”
  • China’s Foreign Ministry says, on their plan to improve quarantine for overseas travellers, they will provide more convenience when appropriate.
  • PBoC injected CNY 19bln 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 158bln.
  • China State Planner is holding a meeting to study measures to deal with excessive hog price decline, according to Reuters.
  • Japanese Foreign Minister Hayashi is to delay his trip to China to late-January or later, according to TV Asahi.
  • Japan maintained its overall economic view in December; the economy is recovering moderately, said Japan needs to pay close attention to China’s COVID situation, via Reuters.
  • Japanese Economy Minister Goto acknowledged that the BoJ’s Tuesday decision was not meant to be a tweak or exit from monetary policy, according to Reuters.
  • IMF said the BoJ’s YCC tweak is “a sensible step”, according to Reuters.
  • Japanese government to set assumed interest rate at a record low of 1.1% for compilation of FY23/24 budget, according to Reuters sources.
  • South Korean Finance Minister sees 2023 GDP growth at 1.6% (vs 2022 estimate of 2.5%) and 2023 CPI growth at 3.5% (vs 2022 estimate of 5.1%), according to Reuters.

European bourses have eked out a marginal extension of their initial upside, Euro Stoxx 50 +0.9%, with both newsflow and the schedule ahead sparse. Sectors are firmer across the board, with outperformance in Retail post-Nike and in Real Estate after recent pronounced pressure. Stateside, futures are similarly bid, ES +0.6%, with specific ex-corporate updates focused on gov’t funding & Ukraine. FedEx (FDX) Q2 23 (USD): Adj. EPS 3.18 (exp. 2.80), Revenue 22.8bln (exp. 23.7bln). FY23 capex view cut by 400mln to 5.9bln. Cost reduction initiatives accelerated, identifies additional 1bln above Sept. forecast. Weak profit guidance.
Nike Inc (NKE) Q3 2022 (USD): EPS 0.85 (exp. 0.65), Revenue 13.32bln (exp. 12.57bln). North America 5.83bln (exp. 5.35bln). Greater China 1.79bln (1.81bln). Executive expects FY revenue to grow in the low teens in constant currency (prev. low double-digit growth); expects around 700bps of FX headwinds. Executive says North American Black Friday and Cyber Week performance set highs for demand and traffic; in Greater China, demand grew mid-teens outpacing the sports industry.

Top European News

  • Interparfums Jumps to March Highs After Lacoste License Deal
  • Tremor International Jumps After Sky Report It’s Exploring Sale
  • Shell Says Exports Resume at Prelude LNG Plant in Australia
  • Greece’s Gas Grid Eyes Links to New LNG Facilities, CEO Says
  • Russia and Iran Are Building a Trade Route That Defies Sanctions

Geopolitics

  • Naval exercises of Russia and China with practical rocket and artillery firing will start in the East China Sea on Wednesday, according to Interfax.
  • IAEA Chief Grossi is to visit Russia on Thursday, according to a Russian diplomat.

FX

  • DXY has managed to attain an incremental foothold at 104.00, with peers generally contained in tight ranges given the limited newsflow.
  • However, NZD is the stand-out laggard and below 0.63 after poor domestic data.
  • JPY has finally run out of impetus and USD/JPY has paused for breath towards the lower-end of 131.51-132.36 parameters.
  • EUR, CHF and CAD all reside in sub 50-pip ranges at present.
  • While GBP is marginally softer after the ONS reported the highest borrowing requirement for November on record.
  • PBoC set USD/CNY mid-point at 6.9650 vs exp. 6.9644 (prev. 6.9861)

Fixed Income

  • An early recovery bounce has seemingly run out of steam ahead of US 20yr supply, with Bunds and Gilts fading from respective 136.00+ and 101.50+ peaks.
  • Stateside, USTs are directionally in-fitting and similarly contained pre-supply, the curve is steepening slightly but with yields mixed.
  • BoJ unscheduled operation: offered to buy JPY 100bln in 3-5yr JGBs and JPY 100bln in 5-10yr JGBs, according to Reuters.

Commodities

  • A contained session for the crude complex, with the benchmarks within sub-USD 2/bbl parameters in limited newsflow.
  • A modest extension to fresh peaks occurred in proximity to commentary from the Russian Defence Ministry that oil tanks were destroyed in Kharvic, Ukraine.
  • US Private Inventories (bbls): Crude -3.1mln (exp. -1.7mln), Cushing +0.84mln, Gasoline +4.5mln (exp. +2.1mln). Distillate +0.828mln (exp. +0.3mln).
  • Indonesia is to ban the export of bauxite from June 2023; a move to encourage the development of onshore bauxite processing, according to the Indonesian President, according to Reuters.
  • Russia decreased oil exports by 11% M/M between Dec 1-20th, according to Kommersant.
  • India has imposed anti-dumping duty on stainless steel tubes and pipe imports from China for five years, according to a government notification.
  • Spot gold is little changed overall but has experienced some very modest pressure as the DXY continues to scramble for a foothold at 104.00 and broader equity/crude upside advances somewhat from initial levels.

US Event Calendar

  • 07:00: Dec. MBA Mortgage Applications, prior 3.2%
  • 08:30: 3Q Current Account Balance, est. -$222b, prior -$251.1b
  • 10:00: Dec. Conf. Board Consumer Confidence, est. 101.0, prior 100.2
    • Expectations, prior 75.4
    • Present Situation, prior 137.4
  • 10:00: Nov. Existing Home Sales MoM, est. -5.2%, prior -5.9%

DB’s Jim Reid concludes the overnight wrap

If there’s anyone still out there, hopefully your hearts will be slightly warmed by the Christmas miracle we’ve had at home. My 7-year-old daughter Maisie, who has been battling a very rare hip disease called Perthes for over 2 years, went for her 4-monthly scan and check up on Monday. The X-ray showed that her hip ball was now in the process of regrowing and after 14 months of being in a wheelchair, and after a major operation, is now allowed to start walking and running again. My wife was in tears as she rung me from the hospital, and I must admit I did shed at least one tear too. She is still not allowed to jump until the regrowth stage develops further but that’s academic relative to the main news. We’ll have to wait and see how close to normal she’ll be as she goes through her childhood. The best case is probably a relatively normal life until she needs hip replacement at some point as an adult. Given I need two new knees that’s not the end of the world. Despite 14 months in a wheelchair, she’s so far outperforming the average of kids with this condition, and we can only think her love of swimming has helped as this is the only activity she could do. She’s been going 3-4 times a week for a year now. If she hated swimming we would probably be in a far worse position now. So a lovely Christmas present for all the family. The only drawback is that arguments in the car over the last 14 months have been reduced as having accessible parking rights have allowed us to park in big easy-to-get-in spaces. Now we’ll have to go back to tight spaces again and a lot of shouting at each other as opinions differ as to whether the other person is parking well or not.

Just as we were driving home for Christmas, the BoJ news that Henry brought you yesterday has continued to reverberate around financial markets over the last 24 hours. The biggest move was that the Japanese Yen saw its largest daily gain of the 21st century so far against the US Dollar, with a +3.93% move higher that’s unrivalled since 1998. The yen is now trading at 132.22 per dollar, which is somewhat off its peak of 130.58 yesterday afternoon, but still a very large gain having been above 137 prior to the BoJ’s announcement. Japanese equities are also continuing to struggle, with the Nikkei underperforming other indices in Asia this morning with a -0.68% decline, whilst yields have climbed further overnight, with the 10yr Japanese government bond yield up +7.1bps to 0.48%.

As a reminder, the big surprise was the change in the yield curve control policy, which has a target for the 10yr JGB yield to remain around zero. Previously, the BoJ committed to keeping that yield within a band of 0.25 percentage points either side of zero, and would conduct purchases as necessary to keep it in that range. But yesterday that band was doubled to 0.5 percentage points either side, removing the effective cap on yields that had kept them from moving above the 0.25% mark. Adrian Cox, Henry Allen and our chief Japan economist Kentaro Koyama have this morning put out the latest in our “101 series”, aimed at explaining specialist topics to generalists, on the yield curve control move. See it here.

The BoJ’s announcement served as the catalyst for a fresh selloff globally, with sovereign bonds slumping across the world. That’s because the BoJ’s decision has several broader implications. For instance, if it does mark the start of a move away from ultra-loose monetary policy in Japan, then that could see Japanese investors shed their foreign bond-holdings in favour of domestic ones that now attract a higher yield. Indeed, yesterday’s decision prompted growing speculation that we could see a BoJ rate hike at some point in 2023. And if the prospect of that still seems absurd, just remember it was only last December that ECB President Lagarde said “it is very unlikely that we will raise interest rates in the year 2022”, and they’ve since done 250bps worth of hikes. We’ve also seen a big reduction in the quantity of global debt with a negative yield following the BoJ’s move, with Bloomberg’s index down to $686bn yesterday, which is down from $14tn only a year ago, and a peak above $18tn in late-2020.

In terms of what happens now, our chief Japan economist Kentaro is of the view (link here) that the uptrend in underlying inflation and the upcoming change of leadership at the BoJ (Governor Kuroda’s term ends early next year) mean that there’s certainly the possibility of another policy revision. A key factor will be the shunto wage talks in the spring, where a wage hike of over 3% could trigger a further move towards policy normalisation. Our main scenario at present looks for a withdrawal of YCC in Q3 2023 on the assumption of high wage growth. In the meantime, our rates strategists have written about the implications for their views (link here).

Yields spiked across the globe after the move with those on 10yr Treasuries up +9.8bps to 3.68%, and this morning they’ve risen a further +2.6bps to +3.71% as we go to print. The rise in yields was most pronounced at the long-end of the curve, meaning that the 2s10s steepened +9.8bps yesterday to -57.7bps, which is the first time in over a month it’s closed above -60bps. Meanwhile in Europe, it was the 5th day running that sovereign bonds lost ground, with yields on 10yr bunds (+10.1bps), OATs (+12.1bps) and BTPs (+9.4bps) all seeing sizeable increases once again. French bonds have been a favourite of Japanese investors so that might explain the relative weakness.

For equities there was a less consistent pattern, with a number of the major indices swinging between gains and losses throughout the day. By the close the S&P 500 (+0.10%) was up for the first time in the last 5 sessions. Energy (+1.52%) was the best performing industry yesterday, with Media (+0.83%) and Materials (+0.65%) also performing. The NASDAQ was marginally better than unchanged (+0.01%), breaking a 4-day slide of its own, whilst the VIX volatility index fell -1.0pt on the day to 21.5 as the entire volatility curve fell back. Meanwhile in Asia overnight, Japanese equities are underperforming as mentioned at the top, but elsewhere we’ve seen a similar pattern to the US of modest gains and losses, including for the CSI 300 (+0.05%), the Hang Seng (+0.23%), the Shanghai Comp (-0.19%) and the Kospi (-0.18%). In Europe the performance was more negative however, with the US afternoon rally coming after Europe had closed, and leaving the STOXX 600 down -0.40%.

There were two major off-cycle earnings announcements after the US close with FedEx (+4.8% in after-mkt trading) beating analysts’ estimates, as price increases and cost savings counteracted declines in package volumes. The company projected lower costs, but also lower demand over the next fiscal year. At the same time, Nike (+12.8% in after-mkt trading) rose sharply as high quarterly sales and gross margins overcame another quarter of inventory buildup. While margins have been compressed by inventories, they have not been less than initially feared. As we look toward next year, the build of inventories is a key area of concerns for retailers as demand slows. Helped by those earnings, US equities futures are extending their gains with contracts on the S&P 500 up +0.47% this morning.

Looking at yesterday’s data, there was a bit of respite on the inflation side, with German PPI in November falling to +28.2% year-on-year (vs. +31.1% expected), which is its lowest level since February. Over in the US, data on housing starts showed a modest decline in November to an annualised rate of 1.427m (vs. 1.4m expected), with building permits seeing a much sharper decline to an annualised 1.342m (vs. 1.48m expected). There was weakness in both single family and multi-family housing permits but excluding the pandemic period, single family permits were at their weakest levels since 2016.

To the day ahead now, and data releases include the US Conference Board’s consumer confidence reading for December, as well as November’s existing home sales and the Canadian CPI reading for November. Finally, earnings releases include Micron Technology.

.

AND NOW NEWSQUAWK (EUROPE/REPORT)

Incremental extension of initial upside with NKE & FDX assisting – Newsquawk US Market Open

Newsquawk Logo

WEDNESDAY, DEC 21, 2022 – 06:18 AM

  • European bourses have eked out a marginal extension of their initial upside, Euro Stoxx 50 +0.9%, with both newsflow and the schedule ahead sparse.
  • ES +0.6%; post-earnings NKE +12.5% & FDX +4.8%
  • DXY has managed to attain an incremental foothold at 104.00, with peers ex-NZD generally contained in tight ranges.
  • An early recovery bounce has seemingly run out of steam ahead of US 20yr supply, with Bunds and Gilts fading from respective 136.00+ and 101.50+ peaks.
  • Commodities are contained, though crude benchmarks extended to fresh incremental peaks amid Russian Defense Ministry commentary
  • Looking ahead, highlights include US MBA Mortgage Applications, Canadian CPI, CNB Decision, Supply from the US.

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 have eked out a marginal extension of their initial upside, Euro Stoxx 50 +0.9%, with both newsflow and the schedule ahead sparse.
  • Sectors are firmer across the board, with outperformance in Retail post-Nike and in Real Estate after recent pronounced pressure.
  • Stateside, futures are similarly bid, ES +0.6%, with specific ex-corporate updates focused on gov’t funding & Ukraine.
  • FedEx (FDX) Q2 23 (USD): Adj. EPS 3.18 (exp. 2.80), Revenue 22.8bln (exp. 23.7bln). FY23 capex view cut by 400mln to 5.9bln. Cost reduction initiatives accelerated, identifies additional 1bln above Sept. forecast. Weak profit guidance.
  • Nike Inc (NKE) Q3 2022 (USD): EPS 0.85 (exp. 0.65), Revenue 13.32bln (exp. 12.57bln). North America 5.83bln (exp. 5.35bln). Greater China 1.79bln (1.81bln). Executive expects FY revenue to grow in the low teens in constant currency (prev. low double-digit growth); expects around 700bps of FX headwinds. Executive says North American Black Friday and Cyber Week performance set highs for demand and traffic; in Greater China, demand grew mid-teens outpacing the sports industry.
  • Click here for more detail.

FX

  • DXY has managed to attain an incremental foothold at 104.00, with peers generally contained in tight ranges given the limited newsflow.
  • However, NZD is the stand-out laggard and below 0.63 after poor domestic data.
  • JPY has finally run out of impetus and USD/JPY has paused for breath towards the lower-end of 131.51-132.36 parameters.
  • EURCHF and CAD all reside in sub 50-pip ranges at present.
  • While GBP is marginally softer after the ONS reported the highest borrowing requirement for November on record.
  • PBoC set USD/CNY mid-point at 6.9650 vs exp. 6.9644 (prev. 6.9861)
  • Click here for more detail.

Notable FX Expiries, NY Cut:

FIXED INCOME

  • An early recovery bounce has seemingly run out of steam ahead of US 20yr supply, with Bunds and Gilts fading from respective 136.00+ and 101.50+ peaks.
  • Stateside, USTs are directionally in-fitting and similarly contained pre-supply, the curve is steepening slightly but with yields mixed.
  • BoJ unscheduled operation: offered to buy JPY 100bln in 3-5yr JGBs and JPY 100bln in 5-10yr JGBs, according to Reuters.
  • Click here for more detail.

COMMODITIES

  • A contained session for the crude complex, with the benchmarks within sub-USD 2/bbl parameters in limited newsflow.
  • A modest extension to fresh peaks occurred in proximity to commentary from the Russian Defence Ministry that oil tanks were destroyed in Kharvic, Ukraine.
  • US Private Inventories (bbls): Crude -3.1mln (exp. -1.7mln), Cushing +0.84mln, Gasoline +4.5mln (exp. +2.1mln). Distillate +0.828mln (exp. +0.3mln).
  • Indonesia is to ban the export of bauxite from June 2023; a move to encourage the development of onshore bauxite processing, according to the Indonesian President, according to Reuters.
  • Russia decreased oil exports by 11% M/M between Dec 1-20th, according to Kommersant.
  • India has imposed anti-dumping duty on stainless steel tubes and pipe imports from China for five years, according to a government notification.
  • Spot gold is little changed overall but has experienced some very modest pressure as the DXY continues to scramble for a foothold at 104.00 and broader equity/crude upside advances somewhat from initial levels.
  • Click here for more detail.

NOTABLE DATA

  • UK Lloyds Business Barometer (Dec) 17 (Prev. 10).
  • UK PSNB, GBP (Nov) 21.196B GB (Prev. 12.728B GB); highest borrowing for November on record.
  • UK PSNB Ex Banks GBP (Nov) 22.017B GB vs. Exp. 13.0B GB (Prev. 13.549B GB, Rev. 14.194B GB); PSNCR, GBP (Nov) 20.336B GB (Prev. 9.732B GB)

NOTABLE US HEADLINES

  • US Senate’s USD 1.66tln government funding bill has secured enough support to advance in the first procedural vote, according to Reuters.
  • Tesla (TSLA) CEO Musk said he will resign as Twitter CEO as soon as he finds a replacement, and after that, he will just run the software and servers teams, via Twitter.

GEOPOLITICS

  • Naval exercises of Russia and China with practical rocket and artillery firing will start in the East China Sea on Wednesday, according to Interfax.
  • IAEA Chief Grossi is to visit Russia on Thursday, according to a Russian diplomat.

CRYPTO

  • Bitcoin is essentially unchanged and has been meandering between sub-USD 300 parameters throughout the morning.

APAC TRADE

EQUITIES

  • APAC stocks eventually traded mixed following a mostly positive lead from Wall Street and with news flow on the quieter side.
  • ASX 200 outperformed and was lifted by gains across gold miners after the yellow metal topped USD 1,800/oz.
  • Nikkei 225 remained pressured by the recent JPY strengthening, whilst the region overlooked reports that Japan maintained its overall economic view in December.
  • Hang Seng and Shanghai Comp gave up earlier gains but remained within tight parameters

NOTABLE ASIA-PAC HEADLINES

  • China reported zero new COVID deaths in the mainland on Dec 20th vs five a day earlier; reported 3,101 new COVID cases in the mainland on Dec 20th vs 2,722 a day earlier.
  • “China will no longer take measures to isolate people from overseas and go to isolation facilities from January 3, 2023” according to HKSTV; “The policy optimized to 0+3 also means that China will fully open up from 2023 in the new year.”
  • China’s Foreign Ministry says, on their plan to improve quarantine for overseas travellers, they will provide more convenience when appropriate.
  • PBoC injected CNY 19bln 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 158bln.
  • China State Planner is holding a meeting to study measures to deal with excessive hog price decline, according to Reuters.
  • Japanese Foreign Minister Hayashi is to delay his trip to China to late-January or later, according to TV Asahi.
  • Japan maintained its overall economic view in December; the economy is recovering moderately, said Japan needs to pay close attention to China’s COVID situation, via Reuters.
  • Japanese Economy Minister Goto acknowledged that the BoJ’s Tuesday decision was not meant to be a tweak or exit from monetary policy, according to Reuters.
  • IMF said the BoJ’s YCC tweak is “a sensible step”, according to Reuters.
  • Japanese government to set assumed interest rate at a record low of 1.1% for compilation of FY23/24 budget, according to Reuters sources.
  • South Korean Finance Minister sees 2023 GDP growth at 1.6% (vs 2022 estimate of 2.5%) and 2023 CPI growth at 3.5% (vs 2022 estimate of 5.1%), according to Reuters.

DATA RECAP

  • New Zealand Consumer Confidence (Dec) 73.8 (prev. 80.7); Trade Balance (Nov) -14.63B (Prev. -12.88B, Rev. -13.86B)
  • New Zealand Trade Balance (Nov) -1863M (Prev. -2129.0M, Rev. -2298M)
  • New Zealand Imports (Nov) 8.54B (Prev. 8.27B, Rev. 8.26B); Exports (Nov) 6.68B (Prev. 6.14B, Rev. 5.96B)
  • South Korea (Dec 1-20) Imports +1.9% Y/Y, Exports -8.8% Y/Y; Trade Balance USD -6.43bln, according to the Customs Agency.

1.c WEDNESDAY//TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 5.36 PTS OR 0.17%   //Hang Sang CLOSED UP 65.69 OR  0.34%    /The Nikkei closed DOWN 180.31 OR 0.68%          //Australia’s all ordinaries CLOSED UP  1.30%   /Chinese yuan (ONSHORE) closed DOWN TO 6.9758//OFFSHORE CHINESE YUAN DOWN TO 6.9852//    /Oil UP TO 77/77 dollars per barrel for WTI and BRENT AT 81.66    / Stocks in Europe OPENED ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

end

2B JAPAN

3c CHINA /

CHINA/

Chinese refiners are profiting refining Russian oil with the price cap

(zerohedge)

Chinese Refiners Are Profiting From The Russian Oil Price Cap

TUESDAY, DEC 20, 2022 – 08:45 PM

By Tsvetana Paraskova of OilPrice.com,

Independent Chinese refiners have seen their refining margins jump in recent weeks as they are able to negotiate steeper discounts for their preferred Russian crude grade, even if they buy it above the G7 price cap, trading and industry sources told Reuters on Tuesday.

The flow of cheaper Russian crude to China lifted the refining margins of the independent refiners, the so-called teapots, to above $115 (800 Chinese yuan) per ton last week, from less than $86 (600 yuan) at the beginning of December, according to a China-based oil analyst who spoke to Reuters.   

Many independent Chinese refiners based in the Shandong province have continued to buy Russian crude and are ignoring the price cap imposed by Western countries. The price cap on Russian crude imposed by the EU, the G7, and Australia came into effect on December 5, but China hasn’t joined the so-called Price Cap Coalition, which bans maritime transportation services for Russian crude oil unless the oil is sold at or below $60 per barrel.  

ESPO, the crude from Russia’s Far East which is preferred by China’s independent refiners, is being sold above the price cap and estimated at around $65-68 per barrel on a free-on-board basis by trading sources. 

Although it’s above the price cap, the price of ESPO being negotiated by Chinese refiners is still at a wide discount to ICE Brent futures for the month of delivery of the cargo, currently February and March.

While China hasn’t joined the Price Cap Coalition, the fact that a price cap now exists gives the world’s top crude oil importer, as well as other buyers of Russian crude such as India, more bargaining power to negotiate steep discounts for the Russian crude even outside the price cap mechanism, analysts say.

The trades with ESPO above the price cap suggest that, for now, Russia has the tankers and insurance firms to provide coverage and shipping for the ESPO grade, which can reach China from Russia’s Far East in less than a week.  

END

Our resident expert on Chinese affairs, Kyle Bass

(Kyle Bass/EpochTimes/Cosgrove)

Kyle Bass: China’s Xi Intentionally Crashing Property Market, Preparing For War

https://www.zerohedge.com/geopolitical/kyle-bass-chinas-xi-intentionally-crashing-housing-market-preparing-war

WEDNESDAY, DEC 21, 2022 – 12:05 AM

Authored by Liam Cosgrove via The Epoch Times,

Dallas-based hedge fund manager Kyle Bass is predicting big economic issues for China throughout 2023, stemming from an overleveraged financial system, collapsing property market, and unsustainable birth rates.

China, a nation accustomed to greater than 7 percent real GDP growth for the past 10 years, is seeing signs of economic sluggishness. “The volume of exports could actually shrink by 6 percent on average in 2022 and 2023,” predicted the BlackRock Investment Institute in an October report.

Bass, founder of the asset management firm Hayman Capital and prominent China hawk, claimed the Chinese are in a financial conundrum of their own making. “They have architectural problems,” the fund manager said in a Dec. 17 interview on the podcast Forward Guidance.

Blaming the Chinese Communist Party’s (CCP) incentives and monetary policies for creating an environment of “riverboat gambling in their property sector,” Bass warned of real estate’s burgeoning share of Chinese GDP. Estimates of the property market’s share in the nation’s economy vary, but economist and Harvard professor Kenneth Rogoff estimated it to be around 30 percent, as of September 2021.

The growth of the property sector has ushered in an unprecedented drop in housing affordability.

Last year, according to Bass, the median home price-to-income ratio in tier-one Chinese cities exceeded 36—meaning it would take more than three decades for the working class to accumulate the necessary income to purchase a home. The fund manager juxtaposed these figures to those of the U.S. housing bubble in 2008.

“Just to put these into perspective, in the United States, median home prices got to be just over six times median income when our subprime crisis collapsed.”

A commercial housing community is seen under construction in Nanjing, Jiangsu Province, China, on April 15, 2022. Since March, due to weakening market demand, banks in more than 100 cities across the country have voluntarily lowered mortgage interest rates. (Costfoto/Future Publishing via Getty Images)

Xi’s War on Housing

Despite its lofty heights, the Chinese property is cooling off. National home prices have declined for the preceding 16 months, according to data from the National Bureau of Statistics in China.

Property developers are feeling the sting. S&P Global Ratings estimated in September that the Chinese real estate market needs a bailout of almost $100 billion to ensure projects can continue.

These real estate pains are intentional, said Bass. They are part of CCP leader Xi Jinping’s mission to solve the country’s worsening demographic crisis.

“What Xi figured out is the average birth rate of the average Chinese woman has dropped from over 2.1 to now 1.2,” the fund manager explained. Bass connected birth rates to house prices by pointing out that home ownership is essential to family formation.

“They can’t marry in the basement of their parent’s house, so they don’t,” he added. “The birth rate started collapsing, and we all know the demographic curve of China looks terrible because of the one-child policy, but this supercharged the problem.”

The “one-child policy” refers to China’s population curbing initiative, implemented in 1980 by former Chinese leader Deng Xiaopeng, which punished parents for having more than one child. The policy drastically reduced the country’s younger population, led to a stark gender imbalance, and was repealed in 2015.

According to Bass, Xi recognizes the severity of China’s demographic problem and has decided to reverse the trend at all costs.

“Xi decided to squash real estate. He knows it has to come down and stay down.”

Taiwan Invasion Risk Factor

The Texan fund manager has long been sounding the alarm about the communist regime’s plans to invade Taiwan and has warned western capital allocators to divest from China while they still can. Such an invasion is a matter of “when” not “if,” as Bass sees it.

“If you listen to Xi … He is battening down the hatches,” Bass said in the interview. “There’s no question that he moves on Taiwan.”

Bass sits on the board of the Quadrilateral Security Dialogue (Quad) fund, a newly launched investment fund founded by insiders from Washington, Australia, Japan, and India. The goal of Quad is to advance initiatives that give the West competitive advantages over China.

If China were to invade Taiwan, Bass believes the United States should not hold any punches, specifically advocating for their removal from the SWIFT system—a move taken against several Russian banks earlier this year. “We can collapse their economy in a matter of months or maybe even weeks,” the fund manager said.

Some economists disagree that the United States has the upper hand in an all-out trade war scenario as they believe Beijing can weaponize its U.S. Treasury bonds by dumping them. China owns just over $900 billion in U.S. Treasury bonds as of October, according to data from the Treasury Department.

However, Bass believes China cannot sell bonds all at once, since doing so would cause economic distress for Beijing.

“You need dollars running your economy … 86 percent of their settlements are in dollars, so they desperately need dollars to deal with the rest of the world,” Bass said.

END

4/EUROPEAN AFFAIRS/UK AFFAIRS//

EUROPE/

END

5.UKRAINE RUSSIA//

UKRAINE/RUSSIA/

Hilarious reality trumps balderdash

МОСКВА, 20 декабря. /ТАСС/. Компания “Транснефть” получила заявки от Польши и Германии на прокачку нефти на декабрь, 2023 год и первый квартал следующего года соответственно, несмотря на сообщения о нежелании продолжать поставки. Об этом заявил президент “Транснефти” Николай Токарев во вторник в эфире телеканала “Россия-24”. “Вот объявили, что не будут брать с первого января у России нефть. А к нам пришли заявки сейчас от польских потребителей: на следующий год 3 млн тонн дайте нам, и на декабрь 360 тыс. тонн, и на первый квартал Германия уже подала заявку – тоже дайте”, – сказал он.

Translation:  MOSCOW, 20 December. /TASS/. Transneft has received applications from Poland and Germany to pump oil for December, 2023 and the first quarter of next year, respectively, despite reports of unwillingness to continue deliveries. This was stated by Transneft President Nikolai Tokarev on Tuesday on the air of the Rossiya-24 TV channel. “They announced that they would not take oil from Russia from January 1. And now we have received applications from Polish consumers: give us 3 million tons next year, and 360 thousand tons for December, and Germany has already submitted an application for the first quarter “Give it to us too,” he said.

Of course, Transneft has a long-term (through 2024) contract with Polish operator Orlen, but… but… what about sanctions, price caps, etc?

Reality is that Europe needs Russian energy if it is to survive at all. Whether Russia will comply remains to be seen. Yes, contracts will be honored. But what about seized refineries in Germany, with no payment?  What about Poland’s announcements about entering the Ukraine in March? Will Russia allow Poland to build fuel inventories? 

Many questions remain and one may assume that Russia holds the wild cards. Next year will be a vast awakening as to what real economies are based on vs hype and financial narratives. As the ship has sailed on yesterday, having left harbor, the day Russia was thrown off Swift in a attempt to break Russia. 

What about the tribunals coming soon in Russia, that will field Western military captured in Mariupol? What will these disclosures tell us?

Many questions will be answered in 2023.

end

Russia/BELARUS

Russia is training Belarusian combat pilots/ Ukraine fears a new assult

(zerohedge)

Russia Is Training Belarusian Combat Pilots As Ukraine Fears New Assault

WEDNESDAY, DEC 21, 2022 – 02:00 AM

By Michael Kern of OilPrice.com

Russia is training Belarussian pilots to fly combat jets with “special warhead” capabilities, Belarusian state-controlled media announced during Russian President Vladimir Putin’s visit to the country on Monday, his first in three years.

The meeting comes amid heightened concerns that Russia is planning a new assault on Ukraine, possibly from Belarusian territory, despite the fact that Belarus President Aleksandr Lukashenko late last week declared his country was not a puppet of Putin’s.

Late on Monday, Belarus’ official news agency BeITA, stated that an agreement had been reached over training for Belarussian army aircraft, “which have already been refitted to carry and possibly use air-launched ammunition with special warheads”.

To sweeten the deal, Putin has appointed Belarus head of the Collective Security Treaty Organization (CSTO) beginning in January 2023.

“Taking into account the situation evolving along the border perimeter, we discussed some important details of cooperation in the sphere of military security. I thank you, Vladimir Vladimirovich [Putin] for our finding mutual understanding and support […],” Lukashenko was quoted as saying. 

What worries Ukraine and Western officials most, however, was Lukashenko’s statement that “Today we’ve commissioned an S-400 [air defense missile] complex that you have handed over to Belarus. And most importantly the Iskander complex, which you’ve also handed over to us after promising it half a year ago.”

Lukashenko continued: “You’ve just touched upon a very sensitive matter (we are not its authors) concerning the training of our crews [for the aircraft] capable of carrying special weapons and special ammunition. I have to tell you that we’ve prepared the aircraft. It turned out we’ve had such aircraft since the Soviet times. We tested them in the Russian Federation. We are now working with Russians to train the crews able to fly these aircraft that carry special ammunition.”

Lukashenko appeared to be suggesting that the training and the “special warheads” were not directed at Ukraine and were not meant to pose a threat to Ukraine. 

The Belarusian leader’s statements of thanks to Putin come after his assertions last week that his country remains completely sovereign from Russia

END

IRAN/RUSSIA

Not good: Iran and Russia have entered a full fledged defense partnership

(zerohedge)

Iran & Russia Have Entered “Full-Fledged Defense Partnership,” US Warns

TUESDAY, DEC 20, 2022 – 10:25 PM

The US has alleged that relations between Iran and Russia have reached a “full fledged defense partnership” – based on the words of the US State Department’s Ned Price. 

Price explained that Iran has continued its shipments of drones to the Russian military, at a moment drones have continued to pound Ukrainian cities, particularly targeting energy infrastructure – plunging at least half the country into darkness, and resulting in rolling emergency blackouts.

Price went on the explain that the constant supply of drones and other munitions has in return resulted in Moscow giving back “unprecedented level of military and technical support to Iran… that should concern Iran’s neighbors.”Iranian Shahed-136 drones

The US and UK have recently ramped up sanctions efforts to isolate and punish the Islamic Republic’s defense sector, and to thwart the drone transfers, but now see the closer relationship with Moscow as a ‘life-line’ keeping these manufacturers operating and thriving.

An estimated hundreds of drones, and possibly thousands throughout the course of the over 10-month long conflict, are alleged to have been transferred from Iran to the Russian military. Throughout the opening half of the war, both Russian and the Iranian government denied the drone transfers; however, more recently Tehran officials belatedly admitted to sales which they say took place before the Feb. 24 invasion.

The Ukrainian government and intelligence has countered that hundreds more are on the way

A Ukrainian senior intelligence official says Russia has received a new shipment of Iranian-made Shahed-136 kamikaze drones from the Islamic Republic of Iran.

According to Ukraine’s defense intelligence (GUR) spokesman Andriy Yusov, the new shipment is smaller than the previous one sometime in the summer that is estimated to have included at least 400 UAVs.

Yusov said in a Sunday statement, “This is a new batch [of Shahed drones], we do not comment on its size, but we see that Shaheds were not used during yesterday’s massive terrorist missile strikes.”

“All other available weapons were used, and these were all missiles and no Shaheds,” he continued. “This is a new batch, but this one, compared to the initial mass use of Shahed, is obviously smaller.”

Iran’s foreign minister Hossein Amir-Abdollahian on Monday again repeated the official government line that all Iranian-made drones were sent to Moscow “before the Ukraine war began.”

END

RUSSIA/UKRAINE/KIEV

80% of Kiev without power as the city engages in emergency blackouts

(zerohedge)

80% Of Kiev Region Without Power Amid Rolling Emergency Blackouts

WEDNESDAY, DEC 21, 2022 – 02:45 AM

Ukraine is bracing for yet more Russian attacks on its energy infrastructure, and has accused Moscow of intentionally unleashing additional suffering on the population headed into Christmas

“Repairs continue but the situation remains really difficult,” Ukrainian Prime Minister Denys Shmyhal said in a briefing before other government ministers.

“Russian terrorists will do everything to leave Ukrainians without electricity for the New Year,” he claimed.

“It is important for them for Christmas and the New Year to take place in darkness in Ukraine,” and then warned:

 “That’s why we should prepare for new attacks.”

Kyiv Governor Oleksiy Kuleba has described the power crisis as being at its worst since the war began, with some 80% of the entire capital region being without electricity for a second day in a row, after drone strikes hit power stations Monday.Capital plunged into near total darkness, via AFP.

“The situation with electricity supplies remains critical,” Kuleba said in a written announcement. “I want to stress that with every shelling by the enemy, the complexity and duration of the repairs increase.”

Meanwhile Ukrainian officials have accused Russia of trying to “steal” Christmas, on a day where drones continued to hit the national power grid:

Kyiv officials on Monday illuminated a Christmas tree in the city center, refusing to let Russia “steal” the festive season from Ukrainian children.

The day, which started with swarms of attacks on critical infrastructure in the Ukrainian capital, ended with the unveiling of the 12-meter (40-feet) high artificial tree decorated with white peace doves. 

A few dozen residents braved the sub-zero temperatures to admire the tree located next to the Saint Sophia Cathedral and its emblematic golden domes — and take selfies.

National energy operator Ukrenergo said it is fast working to restore services but initially this will allow power to less than half the population.

“Supplies to critical infrastructure are a priority. We expect that today we will be able to turn on equipment to enable the security of supplies to be increased, reduce the capacity deficit and connect more consumers,” it said Tuesday. There were reports that many neighborhoods saw power restored later in the day and into night hours, amid rolling emergency blackouts.

Across the border, in Russia’s Belgorod region, emergency crews are also working to restore power after a rare Sunday cross-border attack launched by the Ukrainian military left thousands in the dark. At the same time, temperatures continue to plunge headed into the colder winter months in both countries.

END

UKRAINE RUSSIA//THIS AFTERNOON

ROBERT H TO US:

Ukraine loses Donbas: Russian Army clears center of Marinka and enters Soledar – Dozens dead and captured – WarNews247

The meat grinder continues. While the astute thing to do is surrender or withdraw Ukrainians are ordered to die in vain. And vain they die as there is no way to stop the forces allied against them, they know it and so does everyone else.
Meanwhile reports from Poland tell that there are lineups going to Germany to escape Poland while it is still possible. In February there is a planned exercise of over 200,000 soldier for a March push into Ukraine.
Their problem will be melting snow and General Mud takes over from General Winter. We will see where Russians are by then, because Russians prefer Winter campaigns having had great success in the past. In Ukraine the ground is not yet frozen enough for a major assault

https://warnews247.gr/ereipia-ponos-kai-aima-o-rosikos-stratos-katharise-to-kentro-tis-marinka-kai-bike-sto-soledar-dekades-nekroi-kai-aichmalotoi/

END

Robert H to us;

Phalanxes of upgraded Russian T-90M tanks enter Ukraine! (video) – WarNews247

As i keep stressing newer weapon systems are now being deployed. The Ukrainians are no match for these systems and doing silly things like digging trenches in streets to cause delay means certain death. Especially when robotic BMP’s are deployed as they are now in Ukraine. In Syria, both robotic and manned systems simply tore through any opposition and it will be no different now.
The experiences occasioned upon the Ukrainians will be a training ground for what will be done to Polish troops when they enter the Ukraine. Most recently the vaulted US mercenaries who so badly wanted a Wagner encounter has their asses handed to them and are on the run with losses exceeding 60%.
This modern warfare is not for the faint nor is it for those who get chewed up. As dying in vain is simply a waste. And yet today, Zelensky flown on a American plane to DC will beg for more money as the crowd of fools says, give him more. No wonder people say war is a racket.
One would have thought that by now we as a civilization would have moved on to higher pursuits. Instead, we watch larceny  and corruption rule over death of innocents in many a land while in our own nations we see begging and want go unanswered by inept politicians. And every day more people are trapped by debts they cannot pay. A sad reflection on a wasted past and present perhaps will build a sounder tomorrow.

END

UKRAINE/USA/RUSSIA

Biden announces patriot missiles for Ukraine

(zerohedge)

Biden To Announce Patriot Missiles For Ukraine As Zelensky Arrives In D.C.

WEDNESDAY, DEC 21, 2022 – 07:23 AM

With Ukraine’s Zelensky reportedly in the air en route to Washington where he’s is to deliver a “very special” in-person speech to US lawmakers, it’s being widely reported Wednesday morning that President Biden is expected to announce the US will deliver the Patriot missile defense system, along with another $2 billion in defense aid.

An admin official quoted in Axios said Zelensky’s visit to Washington is expected to last just “a few short hours,” and marks the first known trip the Ukrainian leader has taken outside the country since the war began. He’s expected to hold an “in-depth, strategic discussion” with Biden, and the Congressional address is set for 7:30pm EST.During Zelensky’s March virtual address to Congress, via CNN.

The unnamed official further said the White House wants to put on a “big show of bipartisan support for Zelensky” in hopes of shoring up political “momentum” for continued assistance to Kiev, which is also coming in the form of the enormous omnibus spending package which includes $45 billion in military, economic, and other foreign aid to Ukraine.

White House Press Secretary Karine Jean-Pierre said in a statement that the Ukrainian president’s visit will be received with “strong, bipartisan support for Ukraine.”

She said “The visit will underscore the United States’ steadfast commitment to supporting Ukraine for as long as it takes, including through the provision of economic, humanitarian, and military assistance.”

Zelensky in the meantime tweeted confirmation while en route…

Meanwhile, some initial reaction coming out of Moscow…

  • PUTIN: INTERBALLISTIC MISSILES SARMAT WILL BE DEPLOYED FOR COMBAT DUTY IN NEAREST FUTURE
  • RUSSIAN DEFENCE MINISTER SHOIGU: WE ARE READY FOR TALKS
  • RUSSIAN DEFENCE MINISTER SHOIGU: JOINT FORCES OF WEST ARE FIGHTING RUSSIA IN UKRAINE
  • WEST TRIES TO OVERLOOK NUCLEAR BLACKMAIL, INCLUDING OVER ZAPORIZHZHIA NUCLEAR POWER STATION
  • WEST TRIES TO DRAG ON THE FIGHTING IN UKRAINE
  • RUSSIAN DEFENCE MINISTER SHOIGU: WE ARE FIGHTING TO SAVE PEOPLE IN UKRAINE FROM GENOCIDE AND TERROR
  • MILITARY POTENTIAL OF UKRAINE IS BEING DESTROYED

It will be interesting to see whether Zelensky’s appearance before Congress is greeted with the same level of enthusiasm from all corners of the GOP.

developing…

end

The Kremlin ups the ante

(zerohedge)

Kremlin Reacts To Patriot Missiles For Ukraine

WEDNESDAY, DEC 21, 2022 – 09:10 AM

In its first reaction to widespread reports that the White House is moving forward with plans to send Patriot anti-air missile defense systems to Ukraine, the Kremlin said the move will only serve to aggravate the conflict and warned against it, while Putin in new remarks teased more advanced Russian weapons to be deployed, including hypersonic missiles.

“Weapon supplies (by the U.S.) continue, the assortment of supplied weapons is expanding. All this, of course, leads to an aggravation of the conflict and, in fact, does not bode well for Ukraine,” Kremlin spokesman Dmitry Peskov said.Patriot missile batteries, US Army file image

6/GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES

Vaccine//Covid issues: Injuries

GLOBAL ISSUES

PAUL ALEXANDER

Germany & the impact of mass vaccination using the COVID mRNA gene injections, look at their deaths from 2016 to 2022; graph is shocking & tells us a story that we see across high vaccinated nations

The tale is stable, where there is high vaccination, there is subsequent high infections, cases, hospitalizations, and then the death curve; Africa will win and have won, they are low vaccine nations

DR. PAUL ALEXANDERDEC 20
 
SAVE▷  LISTEN
 
The Wellness Company

SOURCE:

end

REUTERS: ‘COVID pandemic led to surge in superbug infections, EU agency says’; we argue NO & I agree with Vanden Bossche who has been prescient all along in warning the world on the COVID vax harms

DR. PAUL ALEXANDERDEC 21
 
SAVE▷  LISTEN
 

SOURCE:

end

Open in app or onlineMusk thought he was buying an online messaging tool TWITTER as did you; Musk now understands he actually bought an intel bio-security tool used typically for clandestine state activities
It is not his fault, he just did not know that TWITTER is an intel bio-medical security state tool that he really has no control of; he is just the ‘owner’ of the bio-medical intel state tool

DR. PAUL ALEXANDERDEC 21 SAVE▷  LISTEN

 This unique TWITTER was used to feed the bio-medical intel security industrial complex. That this tool was used, with others, to topple and remove a sitting President, ‘while you were sleeping’. And ‘in your face’.A bio-medical intel security complex. Ineptness of scientists and medical doctors and technocrats as a small ingredient but important one in toppling the POTUS, yet mainly malfeasance to doom his presidency, underpinned by this bio-medical intel security complex, likely simply a shadow of the military industrial complex. Maybe one is subsumed in the other. Time will tell.Key ingredients of how this bio-medical intel security complex was able to play a role in dooming a POTUS? You have the PREP Act by Azar in early 2020 that absolved all the players including pharma and agencies from liability, you had lie after lie to scare and drive compliance by the public with the lies of asymptomatic transmission, recurrent infection pre-Omicron, inferior natural immunity, equal risk of severe outcomes across all ages, no early treatment, a safe and effective vaccine that would stop transmission, and the grandest tool, the fraud flawed PCR ‘95% false positive’ test which is not a test but a DNA amplification ‘process’. All this under the ‘lockdown lunacy’ umbrella (lockdowns, business closures, school closures, shielding, mask mandates etc. all driven by the lap top ‘zoom’ café latte class). All lies. It was all a lie, the entire COVID pandemic was a lie, 100%. Every single lockdown lunatic policy failed and everything was devised to keep us in a perpetual state of emergency. Using a sub-optimal failed (natural selection driving variants) gene injection that will keep the pandemic going for 100 years.A bio-medical intel security complex and yes, TWITTER was a key player in its censorship and lies. It helped defraud and deny the American people the accurate information needed for decision-making. I think many at TWITTER, as in FACEBOOK and Youtube etc. must be investigated and jailed if shown they conspired and caused deaths by their policies for in the end, thousands died. Yes, they can be held to account. They should be.end
“Fake Elections Are The New Normal”, By Dr. Joseph Sansone; this is a very good read and I wanted to share with you; Dr. Sansone touches the key issues

DR. PAUL ALEXANDER
DEC 21 
SAVE▷  LISTEN


 ‘The predicted red wave in the 2022 midterm elections turned out to be a mere splash. Media analysts will read the tea leaves and decipher what this means about GOP messaging and other apparently insightful lessons to be learned. This is all BS. This election was possibly more fraudulent than the 2020 election.In 2020 Trump likely won by 10-12 million votes or more. I make that assertion based on the number of votes Trump received in his reelection campaign above the number of votes that Obama received, the number of votes Clinton was awarded, and the alleged attribution of voted to Biden. Biden allegedly received 81 million votes, Obama received 69 million, and Trump supposedly only 74 million. I have yet to find anyone to explain how Biden could possibly receive more votes than Obama while hiding in his basement. Biden probably received less votes than Hillary Clinton which was about 65 million. In Florida, Trump actually received 1.1 million more votes than DeSantis in his recent landslide victory. Nationwide, Trump received more votes than any sitting president in history.
Currently, the economy is dismal, inflation out of control, and 75% of Americans say the country is headed in the wrong direction. In addition to these salient facts, for the past two and half years, Democrat governors have been acting like total fascists. Yet, we are to believe that Democrats gained two governor’s seats and one senate seat? This defies all logic and reason and is total BS.Consider the case of Florida. Governor Ron DeSantis who won with almost 60% of the vote, a very similar percentage to the Republican governor of Wyoming in his victory. Wyoming is a very Republican state. Florida Republicans are not as conservative or libertarian as Wyoming. Florida Republicans are generally more moderate, although this is clearly changing since Trump and DeSantis.Why did DeSantis win so big?After being pressured into an unconstitutional lockdown (which did have many loopholes) DeSantis apparently recognized the con and pushed back, and even apologized for the lockdown, stating that it caused harm. Florida opened up its state forcing other Republican governors to follow suit. DeSantis pushed back on lockdowns, as well as mask and vaccine mandates. DeSantis hired Dr. Ladapo as Florida’s surgeon general. The Florida department of health gave guidance against wearing masks in community settings, then the Florida Department of Health advised against children getting Covid shots because the risk outweighed the benefit, and more recently, the Florida Department of Health has advised against men under 40 getting the shots because there is an 84% increase in cardiac death.The governor undercut cities and counties forcing mask mandates by basically taking away their ability to enforce fines. The Florida Department of Health created broad exemptions for Covid shots allowing anybody to claim an exemption and not have to get the shot. Even healthcare workers working at Medicare facilities. This was done by creating a broad religious exemption based on an ethical or moral belief, which also states that the employer can’t ask the employee about their beliefs.Governor DeSantis has also pushed back against critical race theory, and the grooming of children with transgenderism, and the state is about to make gender transitioning illegal for minors. Other actions contrary to the Woke mob include laws allowing motorist to defend themselves from attacks by rioting mobs and firing prosecutors refusing to enforce laws against rioters.Florida turned from purple to deep red on the political map in a few years. Floridians have typically been moderate. This political change occurred because DeSantis is perceived as anti-lockdown, anti-mandates, and increasingly anti Covid shots, as well as anti-Woke. In short, DeSantis is perceived as pro freedom, and Floridian’s decided in favor of freedom over fascism.This is the crux of the issue and the logical leap of faith required to believe the election results of the 2022 midterms. The Pennsylvania senate election literally gave us a brain damaged left wing fascist who is likely to of had a stroke as a result of the Covid shot. This same candidate who chased an unarmed black man with a gun in the past, dominated the black vote in Philadelphia. It is also a leap of faith to believe that Michigan, Wisconsin, and Minnesota, decided to reelect fascist governors. The same reason that moderate Floridians chose freedom over fascism is the same reason that these states would reject their fascist governors.Freedom is popular!

’SOURCE
:https://www.lewrockwell.com/2022/11/no_author/fake-elections-are-the-new-normal/ENDOpen in app or onlineInternational Blood bank re-post as this is critical & you must share! Blood banks for unvaccinated blood are a serious issue & being set up as people demand UNVACCINATED blood! NO ‘spiked’ blood!

Please re-share!
DR. PAUL ALEXANDERDEC 21 SAVE▷  LISTEN

 Alexander COVID News-Dr. Paul Elias Alexander’s NewsletterURGENT: “International Blood Bank for the Unvaccinated has been Formed with Members from at Least 16 countries – Demand for “Pure Blood” Skyrockets”; you have to consider UNVACCINATED blood

Unvaccinated patients who require transfusions can now access “pure blood” thanks to a new service called “SafeBlood Donation,” which was launched by a Swiss naturopath named George Della Pietra. SafeBlood Donation, which currently has members in at least 16 countries, has the long-term goal of opening blood banks that provide its members with unvaccina…
Read more

VACCINE IMPACT/

Satanism Goes Mainstream in America Indoctrinating Children and Young People

December 20, 2022 4:58 pm

In the article I published yesterday, “ALERT! Are You Ready for the Coming Foreign Invasion of the U.S. This Week?”, the most comments I have received so far had to do with a single sentence within that article that I added as an aside note: “Coincidentally, Wednesday is the shortest day of the year and the Winter Solstice, a pagan Satanic holiday that pre-dates the Christian Christmas holiday.” Here is a comment I received from someone named Julie Fausette: “It is cruel and erroneous to state that the Winter Solstice which was universally acknowledged had anything to do with Satan who is only found in the Bible where he was invented as a fictional character. Being a religious zealot ruins the otherwise good information that your organization provides. It points to complete ignorance of what is in your world.” I was somewhat surprised by these comments, because I just assumed that it was common knowledge that the Winter Solstice has been a part of pagan and Satanic rituals for many thousands of years now, celebrated at the same time of the year that Christians celebrate Christmas, and is certainly not something that is disputed or hidden from those who participate in it. The Satanic Temple lists it on their website under the category “Holidays,” and just like websites selling gifts to celebrate the Christmas Holiday with ordering instructions to get your gifts before the Christmas Holiday, so too the Satanic Temple website has ordering instructions to receive Satanic gifts before the Solstice Holiday. The fact is that the name of Satan is being promoted out in the open in many places in our culture today, including After School Satan Clubs, and even within Disney entertainment, targeting children. As I have reported numerous times, it doesn’t matter if your own belief system believes in Satan or not. Because the Globalists who control the financial world, politics, and the entertainment industry, clearly do. So this is NOT a topic you want to be ignorant about, no matter what your religious background is.

Read More…


Health Impact News Quits All Social Media – Sorry Trolls!

December 20, 2022 8:25 pm

Health Impact News received notice this week that our Twitter account has been reinstated. However, we will not be logging into this account and using it, and in addition, we have now deleted our other social media accounts and will no longer post any articles on Social Media.

Read More…

/SLAY NEWS

The latest reports from Slay News
CDC: Miscarriages and Stillbirths Spiked 4070% Since 2020Bombshell data from the U.S. Centers for Disease Control and Prevention (CDC) shows that a staggering 4,070 percent increase in miscarriages and stillbirths has been recorded in the United States since 2020.READ MORE
Trump Fires Back at Liz Cheney: She ‘Lost by a Record 40 Points’President Donald Trump has fired back at Rep. Liz Cheney (R-WY) after the outgoing Wyoming congresswoman trashed him during a Jan. 6 Committee hearing.READ MORE
Johnny Depp Gets Green Light to Return as Captain Jack Sparrow in New ‘Pirates of the Caribbean’Hollywood star Johnny Depp has just got the green light to return to his famous role as Captain Jack Sparrow in the next “Pirates of the Caribbean,” the movie’s producer Jerry Bruckheimer has confirmed. Bruckheimer has produced some of the biggest movies in Hollywood including “Top Gun: Maverick,” “Pirates of the Caribbean,” “National Treasure,” “Bad Boys,” “Beverly Hills Cop,” “Crimson …READ MORE
Elon Musk Drops Bombshell: ‘Government Paid Twitter Millions of Dollars to Censor Info from Public’Twitter boss Elon Musk has just dropped a massive bombshell by revealing that the U.S. federal government “paid Twitter millions of dollars to censor info from the public.”READ MORE
Elon Musk Puts Liz Warren in Her Place: ‘The U.S Has Been Harmed by Having Her as Senator’Elon Musk has publicly blasted Democrat Sen. Elizabeth Warren (D-MA) by tweeting to his 122.3 million Twitter followers that the “United States has definitely been harmed by having her as a senator.”READ MORE
Businesses Are ‘Extremely Cautious’ Heading into New YearAmerican businesses are remaining “extremely cautious” as they head into the new year as recession fears continue to weigh heavy for 2023.READ MORE
Judge Orders Kari Lake’s Election Fraud Case to Go to Trial, Denies Katie Hobbs’ Motion to DismissAn Arizona judge has handed a massive win to Kari Lake by ordering the Republican gubernatorial candidate’s election fraud case to move forward to a trial.READ MORE
Trump Responds to Jan 6 Committee’s Criminal Referral: ‘What Doesn’t Kill Me Makes Me Stronger’President Donald Trump has fired back in response to the Democrats’ Jan. 6 Committee referral to the Department of Justice (DOJ) for criminal prosecution.READ MORE
‘Hacksaw’ Jim Duggan Catches Intruder in His Home, Holds Him at GunpointA man got a lot more than he bargained for when he broke into a South Carolina home and got caught by the armed homeowner, who turned out to be pro wrestling legend “Hacksaw” Jim Duggan.READ MORE
Ireland to Slash Cattle and Car Numbers to ‘Fight Climate Change’The Irish government is finalizing plans to slash cattle herds across Ireland and cut the number of vehicles on the country’s roads in sweeping new measures that seek to “fight climate change.”READ MORE
64% of Independent Voters Doubt Biden’s Mental Fitness, Poll ShowsA whopping 64 percent of independent voters say they doubt Democrat President Joe Biden’s mental fitness, a new poll has revealed.READ MORE
Sean Penn: Unvaccinated People Are ‘Criminal’ – ‘It’s a Cowardice of Conviction’Hollywood star Sean Penn has issued an aggressive rebuke of unvaccinated people, arguing that they are “criminals” and shouldn’t leave their homes.READ MORE
CNN & MSNBC Hit Rock Bottom in 2022, Get Lowest Ratings of All Time in Top DemographicBoth MSNBC and CNN have continued to hemorrhage viewers this year, with the leftist networks hitting new record lows in 2022.READ MORE

MICHAEL EVERY/RABOBANK

Michael Every on the day’s most important events:

$1.7 Trillion Omnibus Pitches House Republicans Vs Senate RINOs

WEDNESDAY, DEC 21, 2022 – 09:30 AM

By Philip Marey, Senior US Strategist at Rabobank

Last Man Standing

The S&P500 gained 0.10% yesterday, after four sessions of decline. Energy and materials stocks rose, but consumer staples and consumer discretionary fell. Meanwhile, the yen held on to its gains against the US dollar, euro and sterling, after the surprise move by the Bank of Japan.

Yesterday, US housing starts deteriorated less than expected with only a 0.5% decline in November, after a 2.1% fall in October. In contrast, building permits plummeted by 11.2% after a 3.3% decrease a month earlier. Since building permits are forward-looking, this suggests that homebuilding activity still has some rough patches ahead. Although mortgage rates may have peaked this year, they are still very high and the Fed does not anticipate cutting policy rates before 2024.

Earlier on Tuesday, US lawmakers unveiled a spending bill for fiscal year 2023, which started on October 1, 2022. Rejection of this proposal would lead to a partial government shutdown after December 23 (Friday). The bipartisan bill contains $858 billion in military spending and $772.5 billion in nondefense discretionary spending. This includes an additional $44.9 billion to support Ukraine’s military effort, and an update of the 1887 Electoral Count Act to try to make it harder to block the certification of a presidential election, which the lawmakers think would avoid a repeat of the January 6, 2021, insurrection. The Senate is expected to vote first, followed by the House of Representatives. The interim funding bill expires after December 23.

Note that the old Congress is still in session, with Democratic majorities in both chambers. The Republican takeover of the House of Representatives – the consequence of the midterm elections held in November – does not take place until January. The Republican leadership in the House, including minority Leader McCarthy, urges their rank-and-file to oppose the proposed package in order to push the negotiations into 2023, when they become the majority party in the House. However, the Republicans cannot block the bill on their own, as only a simple majority is needed to pass the bill in the House.

In contrast, in the Senate a majority of 60 votes is needed, which requires some Republicans to cross the isle. The Republican leadership in the Senate is calling for passage of the bill because they limited non-defense spending on domestic programs.

It remains to be seen whether there are enough Republican senators willing to delay the bill beyond December 23, because that would set off a partial government shutdown. Adoption of this week’s spending bill will avert a government shutdown next week, however, as we explained in Midterm implications, the changing balance of power in Washington DC is likely to lead to a return of fiscal standoffs between Democrats and Republicans in 2023.

Day Ahead

Today, we get US existing home sales and consumer confidence. As we discussed yesterday, the Fed’s tightening has been affecting the housing sector for most of this year, but consumer spending has remained solid due to the strong labor market and the personal savings from the generous COVID-relief programs by the Trump and Biden administrations. Therefore, after a technical recession in 2022, we are still waiting for an NBER-approved recession in 2023.

This explains why the Bloomberg consensus expectation is for another decline in existing home sales in November, by 5.2% after a 5.9% fall in October. Existing home sales peaked at 6.49 million in January 2022, and has been falling ever since. In October, existing home sales reached 4.43 million. The consensus expectation for November of 4.20 million would get us even closer to the COVID-era low of 4.07, recorded in million May 2020.

Meanwhile, consumer confidence, as measured by the Conference Board, has been on a downward trend since it peaked at 128.90 in June 2021 and now at 100.2 it is around levels seen during the pandemic, when the index hovered between 85.70 and 101.4. Despite their foul mood, consumers have been able to continue spending, showing 1.7% growth in Q3 (at an annualized rate). Meanwhile, gross private domestic investment contracted by 9.1% in Q3, due to the severe decline in residential investment. Once business investment heads south, which is only a matter of time, with high interest rates and possible expectations of a recession, the US consumer may be the last person standing before the economy falls into (an NBER-approved) recession. The labor market remains tight and there are still large savings from the COVID-era, but the latter are likely to be depleted during the course of 2023 and the Fed will keep interest rates high until there is sufficient slack in the labor market to ease wage and price pressures. This means that sooner or later, our forecast is the second half of 2023, consumers will surrender and the economy will slip into a recession.

end

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

END

8.EMERGING MARKETS ISSUES//AUSTRALIA ISSUES.

Peru

END

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:30 AM

EURO VS USA DOLLAR:1.0628  UP .0003 

USA/ YEN 131.85  UP  0.038/NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  RISES//

GBP/USA 1.2115 DOWN   0.0073

 Last night Shanghai COMPOSITE CLOSED DOWN  5.36 PTS OR 0.17% 

 Hang Sang CLOSED UP  65/69  POINTS OR  0.34% 

AUSTRALIA CLOSED UP 1.30%    // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL GREEN

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 65.69 PTS OR 0.34%

/SHANGHAI CLOSED DOWN 5.36 PTS OR 0.17%

AUSTRALIA BOURSE CLOSED UP  1.30% 

(Nikkei (Japan) CLOSED DOWN 180.31%  OR 0.68%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1815.60

silver:$23.94

USA dollar index early WEDNESDAY morning: 103.70 UP 9  BASIS POINTS from TUESDAY’s close.

 WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 3.31% DOWN 3  in basis point(s) yield

JAPANESE BOND YIELD: +0.475% UP 8 AND 9/100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.385%// DOWN 1 in basis points yield 

ITALIAN 10 YR BOND YIELD 4.425 DOWN 5    points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: FALLS TO +2.2985%  DOWN 1 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA 1.0609 DOWN   .0016  or 15 basis points//

USA/Japan: 132.08 UP .184 OR YEN DOWN 18  basis points/

Great Britain/USA 1.2088 DOWN .0099 OR  99 BASIS POINTS //

Canadian dollar  DOWN .0022 OR 22 BASIS pts  to 1.3623

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN) AT 6.9870

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.9942

TURKISH LIRA:  18.67  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.475

Your closing 10 yr US bond yield DOWN 1 IN basis points from MONDAY at  3.681% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.751  UP 2 in basis points 

Your closing USA dollar index, 103.87 UP 0.26  BASIS PTS   ON THE DAY/1.00 PM/

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

London: CLOSED UP 123.72 PTS OR  1.68%

German Dax :  CLOSED UP 203.94  POINTS OR 1.47%

Paris CAC CLOSED UP 95.26  PTS OR 1.96% 

Spain IBEX CLOSED UP 155.40 OR  1.41%

Italian MIB: CLOSED UP  349.11 PTS OR  1.47%

WTI Oil price 77.99   12: EST

Brent Oil:  81.60  12:00 EST

USA /RUSSIAN ///   DOWN TO:  70.99/ ROUBLE DOWN 2 AND 12/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.2985

UK 10 YR YIELD: 3.597  DOWN 4 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0610  UP .0015    OR  15 BASIS POINTS

British Pound: 1.2081 DOWN   .0011  or  11 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.603% DOWN 2 BASIS PTS

USA dollar vs Japanese Yen: 132.32    UP 0.438/YEN DOWN 44 BASIS PTS//

USA dollar vs Canadian dollar: 1.3605 DOWN 0.005 (CDN dollar, DOWN 5 basis pts)

West Texas intermediate oil: 78.47

Brent OIL:  82.28

USA 10 yr bond yield DOWN 1 BASIS pts to 3.671%

USA 30 yr bond yield DOWN 1  BASIS PTS to 3.728%

USA dollar index:103.86 UP 25  BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 18.67

USA DOLLAR VS RUSSIA//// ROUBLE:  70,99 down 2 AND  12/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 526.74 PTS OR 1.60% 

NASDAQ 100 UP 163.46 PTS OR 1.48%

VOLATILITY INDEX: 20.07 DOWN 1.41 PTS (5.56)%

GLD: $168.80 DOWN 0.31 OR 0.18%

SLV/ $22.07 DOWN $0.16 OR 0.72%

end)

USA trading day in Graph Form

EARLY MORNING TRADING//

Stocks Rally After Horrible Housing Data, Rate-Hike Odds Sink

WEDNESDAY, DEC 21, 2022 – 04:00 PM

TL;dr: Stocks and Oil up; bonds, bitcoin, dollar, gold unch…

Ugly housing data was offset by positive sentiment (and inflation expectations) data today but overall the US Macro Surprise continues to sink (now negative at its lowest since early September)…

Source: Bloomberg

…and with liquidity dismal, the machines decided a run to the upside (and the S&P 500 50DMA) was in order…

…but when Europe closed, that buying panic faded but it was still a big up-day for the majors with Small Caps outperforming

(All of today’s gains came between the US cash open and EU cash close)

Overall, rate-trajectory expectations have drifted dovishly in the last two days…

Source: Bloomberg

A strong 20Y auction at 1300ET pushed yields lower but overall, the short-end outperformed on the day, as the rest of the curve was basically unchanged…

Source: Bloomberg

The dollar ended the day basically unchanged…

Source: Bloomberg

Yen weakened very modestly back from post-BOJ spike highs…

Source: Bloomberg

Bitcoin was also practically unchanged with just a small leak lower towards the end of the day…

Source: Bloomberg

Gold ended very modestly lower on the day (with futs holding above $1800) after hitting $1835 intraday…

Oil surged for the third straight day with WTI testing up toward $79…

Finally, markets pricing in Fed rate-cuts for the second half of next year may be jumping the gun. Easing financial conditions since October despite a string of rate-hikes could give the Fed an excuse to maintain peak interest rates for longer than expected…

Source: Bloomberg

But the last few days – post-Fed – have seen financial conditions start to tighten as perhaps the market is starting to hear Powell’s jawboning.

EARLY AFTERNOON TRADING

ii) USA DATA

Another sign of a collapsing economy

(zerohedge)

US Existing Home Sales “Frozen” In November, Biggest Annual Drop ‘Since Lehman’

WEDNESDAY, DEC 21, 2022 – 10:08 AM

Following yesterday’s dismal housing starts and building permits prints (which followed an ugly homebuilder sentiment signal), analysts expected US existing home sales to tumble 5.2% MoM in November. In fact, things were worse with a 7.7% MoM plunge (the biggest drop since Feb 22 and the 10th straight monthly decline). This is the biggest YoY drop since Lehman and the longest streak of sales declines since 1999…

Source: Bloomberg

end

US Existing Home Sales “Frozen” In November, Biggest Annual Drop ‘Since Lehman’

WEDNESDAY, DEC 21, 2022 – 10:08 AM

Following yesterday’s dismal housing starts and building permits prints (which followed an ugly homebuilder sentiment signal), analysts expected US existing home sales to tumble 5.2% MoM in November. In fact, things were worse with a 7.7% MoM plunge (the biggest drop since Feb 22 and the 10th straight monthly decline). This is the biggest YoY drop since Lehman and the longest streak of sales declines since 1999…

Source: Bloomberg

III) USA ECONOMIC STORIES.

Here’s What’s In The ‘Ugliest’ Omnibus Bill Ever

WEDNESDAY, DEC 21, 2022 – 10:25 AM

This week, while Democrats still (barely) have enough power to pass it, the 117th Congress is about to rush through a 4,155-page, $1.7 trillion omnibus spending bill that the WSJ Editorial Board has called the “worst in history.”

This is no way to govern in a democracy, but here we are,” the board writes.

The final bill was quietly dropped Monday in the ‘dead of night’ – and by Thursday, if all goes to plan, it will get rushed through for a vote.

I brought with me the omni, 4,155 pages. When was it produced? In the dead of night. 1:30 in the morning it was released,” said Sen. Rand Paul (R-KY) during a press conference with Sens. Mike Braun, Ron Johnson, Mike Lee and Rick Scott – the only dissenting Senate Republicans.

Overall, the bill contains $858 billion for defense – an increase of 9.7%, and $45 billion more than President Biden sought. It will, among other things, give military members a 4.6% raise and help replenish dwindling weapons stocks. $45 billion has also been earmarked for new military and economic aid for Ukraine.

“What is more dangerous to the country? $1.1 Trillion in new debt or as Republican leadership likes to say, “Oh, it is a win! It is a big win. We’re getting $45 billion for the military,”” said Paul. “So which is more important? Which threatens the country more? Are we at risk of being invaded by a foreign power if we don’t put $45 billion into the military? Are we more at risk by adding to a $31 trillion debt?”

There’s also a symbolic $275 million cut to the IRS’s annual budget… (out of $80 billion), which the GOP is doing a victory lap over.

It also removes the Vice President’s ability to void an election via the Electoral Count Act Reform, and clarifies that the role of the VP in the process is purely ceremonial.

For more details of the swamp money grab, Rep. Dan Bishop (R-NC)’s office has been digging through the text and has found quite a few gems.

The omnibus bill also includes;

One reporter asked Senate Majority Leader Chuck Schumer how the bill was “functional,” to require legislators to read a bill of that size in such a short period of time.

“How is it functional process to drop a 4,100 page bill this morning and expect a vote on it tomorrow?” asked a reporter, adding “Most of Congress hasn’t had a chance to review this.”

To which Schumer replied: “The bill has been carefully worked on by the appropriations committee for a very, very long time. Most of the provisions were well known weeks and weeks in advance. Getting this bill done for the American people, which really matters, is the most important thing.”

Indeed.

El Paso Mayor Warns 20,000 Illegal Aliens Waiting In Mexico To Cross Border When Title 42 Ends

TUESDAY, DEC 20, 2022 – 10:45 PM

Authored by Katabella Roberts via The Epoch Times,

Roughly 20,000 illegal aliens are waiting to cross the border into El Paso, Texas, as soon as the Trump-era Title 42 program ends, Mayor Oscar Leeser said on Monday.

Leeser made the comments at a press conference just two days after declaring a state of emergency amid an influx of illegal aliens that have crossed the southern border and been released into the city. Many of them are sleeping in downtown streets while temperatures are freezing, according to officials.

“We’ve been talking to some of the partners in Mexico, and we’re talking also to the Border Patrol and those are the numbers that have been fed back to us,” said Leeser.

“The shelters in [Ciudad] Juarez are completely full today, and they believe there are about 20,000 people ready to come into El Paso.”

Leeser, a Democrat, added that his office has been working with local agencies to ensure that the city is prepared to handle the wave of illegal immigrants.

Title 42 allowed Border Patrol agents to turn illegal aliens back to their country immediately if they were deemed to pose a health threat amid the COVID-19 pandemic.

A U.S. Border Patrol agent instructs immigrants who had crossed the Rio Grande into El Paso, Texas, on Dec. 19, 2022 as seen from Ciudad Juarez, Mexico. (John Moore/Getty Images)

El Paso Declares State of Emergency

The policy, which was set to end on Dec. 21, has been used millions of times to expel aliens since March 2020 and has prompted fears among officials that cities and states could soon be overwhelmed with immigrants.

Preliminary Customs and Border Protection data shared with The Epoch Times shows that El Paso and Del Rio in Texas, two of the busiest sectors along the border, apprehended 70,288 illegal aliens between Dec. 1 through Dec. 19. An additional 28,913 “getaways,” or those who evaded arrest, were also reported.

According to acting Chief Patrol Agent Peter Jaquez of the El Paso Sector, border agents experienced a major surge in illegal crossings over the weekend of Dec. 10 to Dec. 11, with a three-day average of 2,460 daily encounters. This marks a 40 percent increase compared with October. More increases are expected.

In order to help deal with the increased number of illegal aliens, Leeser declared a state of emergency, granting the city more resources and authority to shelter those who have crossed the southern border.

An emergency operations center will also be opened to help manage the situation, Leeser said.

“We know that the influx on Wednesday will be incredible,” the mayor said in a news conference announcing the state of emergency.

“I said from the beginning, that I would call it when I felt that either our asylum-seekers or our community, was not safe. I really believe that today our asylum-seekers are not safe as we have hundreds and hundreds on the streets and that’s not the way we want to treat people.”

Supreme Court Puts Title 42 End on Hold

On Nov. 16, a federal judge ruled that Title 42 was unlawful and ordered the Biden administration to end it by Dec. 21. Republican states promptly filed a motion seeking to stay the order but that order was denied late on Dec. 16 by a federal appeals court.</