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  • Currencies & metals get sold again on Tuesday.

  • The Fed/Cabal/Cartel is above Corp law.

Good Day... And a Wonderful Wednesday to you! My Tuesday didn't turn out to be so Terrific, as the bleeding in my jaw/ mouth returned with a vengeance... And this time I could not get it to stop... So, in a brief conversation with my oncologist, I headed to the Emergency Room to see if they had anything up their sleeves to get this bleeding to stop... After 5 hours they tried something that was developed by the military, and it worked! Well, sorta... The good news was I got to go home! And battle with it there, which kept my up very late last night, and with that in mind, I've going to have to beg off writing a long letter today... I'm wacked our right now, and I need to get back to sleep... too much blood loss will lead to that, and so... Eddie Higgins greets me this morning with his version of the song: Winter Wonderland... 

Well, as Ed Steer called it, yesterday was a "Rinse & Repeat" for the price manipulators... Gold got sent down the river to the tune of losing $10.30 on the day, and closing at $2.019.80, and Silver had quite the day... at one point yesterday the short paper traders had Silver below $24!!! But Silver rebounded at the end of the day to show a loss of 31-cents, and a closing price of $24.24.. The dollar continued to get bought, but his time in a watered down way, and the BBDXY gained only 1 index point overnight. The euro, however, has seen its price fall to 1.0777... I shake my head in disgust that just 3 days ago, the euro was closing in on 1.10... So, goes the plans of mice and men, eh? 

Ever since the OPEC announcement of another production cut, and a subsequent reminded by the Saudi's that these production cuts could remain in place through March of next year, the price of Oil has sunk deeper and deeper... In the last 24 hours the price of Oil has dropped to a $72 handle... And the bond buying frenzy continues with the 10-year's yield dropping to 4.19%...  

In the overnight markets last night... The dollar buying continued, with the BBDXY gaining about a half of an index point to 1,243... Gold is up $7 to start the day today, while Silver is getting sold... strange but true, I know... There really was no Oomph to the markets last night, and so this morning, we pick up the pieces and begin to attempt to try and put them all together again... We've been here before, far too many times at that, and we all know that all these gyrations that the short paper traders cause, can only be viewed as a buying opportunity in the metals and currencies... I'll say no more about the short paper traders today... 

OK, well... as I've stated previously, I subscribe to FRED, the St. Louis Fed/ Cabal/ Cartel's data center... And yesterday, FRED issued a report that shows that since August 2022, the Fed has no longer been remitting its earnings to the Treasury as mandated by Congress... Instead, the Fed has been booking losses, so there were no earnings to remit! Here's the FRED : "Once the Fed returns to earning a positive net income, it will pay down the value of the deferred asset until it reaches zero, at which point the Fed will resume sending remittances to the Treasury."

So, holding all those securities/ bonds/ etc. that the Fed heads had to buy to keep backs from folding, are not paying off for them... Who'da Thunk that would happen? Well, me... I told you all that they would rue the day they took on the slop and vile from banks... You see, if this was a corporation, and they were booking losses like this for over a year, they wouldn't just let them sit until they could pay them off, they would have to fold... 

The U.S. Data Cupboard yesterday, had the BLS's version of Job Openings, and they claim that there was a HUGE drop in Job Openings... I have a piece for you in the FWIW section today on the accounting used by the BLS in this calculation, so I won't get into that here... Just know that this was done to show that economy is strong along with the labor market... 

Today's Data Cupboard has the ADP Employment Report for November... Longtime readers know that I prefer this data to the BLS crop of crap that they mix up in a huge cauldron, and throw in an eye of newt, for good measure to come up with some lame brained excuse for a jobs report. Anyway, the ADP report is supposed to be a harbinger for the BLS report, but rarely do the two even resemble each other!  BTW the BLS' jobs jamboree takes place this Friday... Oh, I can hardly wait to see what they've cooked up this month! 

Here's your snippet: "or months we have been warning that at a time when the U.S. economy is careening into a hard landing recession, the manipulated, seasonally-adjusted, and politically goal-seeked job openings data released as part of the DOL's JOLTS report is sheer rubbish (see "U.S. Job Openings Far Lower Than Reported By Department of Labor"; "Handle The JOLTS Data With Care", "Just Make it Up: Job Openings Unexpectedly Soar as Labor Department Now Guessing What the Number is"). Today, the BLS finally got the memo.

With consensus expecting only a modest drop from the reported September 9.553 million job openings, what the BLS reported moments ago instead was a stunning collapse of 617K job openings to just 8.733 million, the lowest since March 2021...

It gets better: the actual drop would be far worse if instead of the sharply downward revised print, the BLS had actually reported a correct number for once. Indeed, if we used the original September print of 9.553 million, the monthly plunge would have been over 800K, which would have been the 4th biggest monthly drop on record.

And speaking of downward revisions to "strong" data, something the goal seekers in the Biden administration have become extremely adept at, the September downward revision to the openings print means that in addition to revising almost all jobs reports lower, the BLS has also revised 4 of the past 5 job openings prints lower. If one incorporates all the adjustments, the latest revisions mean that the number of job openings was 848K lower in the past 5 months, suggesting that the Fed was still hiking this summer on fake, manipulated "strong" data.

....more than two thirds, or 70% of the final number of job openings, is estimated!

And at a time when it is critical for Biden to still maintain the illusion that at least the labor market remains strong when everything else in Biden's economy is crashing and burning, we'll let readers decide if the admin's Labor Department is plugging the estimate gap with numbers that are stronger or weaker."

Chuck again... I simply shake my head in disgust at the attempt to pull the wool over my eye, and yours... 

Market Prices 12/6/2023: American Style: A$ .6576, kiwi .6157, C$ .7369, euro 1.0777, sterling 1.2591, Swiss $1.1427, European Style: rand 18.9684, krone 10.9464, SEK 10.6940, forint 353.47, zloty 4.0248, koruna 22.5574, RUB 92.47, yen 147.30, sing 1.3408, HKD 7.8097, INR 83.32, China 7.1581, peso 17.33, BRL 4.9152, BBDXY 1,243.10, Dollar Index 104.05, Oil $72.10, 10-year 4.19%, Silver $24.15, Platinum $912.00, Palladium $953.00, Copper $3.77, and Gold... $2,026.20.

That's it for today... Hopefully I can get back to a regular schedule today and tonight... Man, did I hate to see what I saw on Monday night, when the Jaguars' QB, Trevor Lawrence got bent backwards on his leg and ankle... That was ugly looking... Good thing it was only a high ankle strain... could've been much worse... I apologize for this shortened letter today... But, I'm dealing with something that is a real pain, and keeps me up at night... Oh, the trials and tribulations of Chuck, eh? The Stephen Kummer Trio takes us to the finish line today with their version of the song: Baby, It's Cold Outside... I hope you have a Wonderful Wednesday today, and will please remember to Be Good To Yourself!

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