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Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.

PRIOR COVERAGE:

11/8-11/14/2020
11/1-11/7/2020
10/25-10/31/2020
10/18-10/24/2020
10/11-10/17/2020
10/4-10/10/2020
9/27-10/3/2020
9/20-9/26/2020
9/13-9/19/2020
9/6-9/12/2020
8/30-9/5/2020
8/23-8/29/2020
8/16-8/22/2020
8/9-8/15/2020
8/2-8/8/2020
7/27-8/1/2020
7/20-7/26/2020
7/13-7/19/2020
7/6-7/12/2020
6/29-7/5/2020
6/22-6/28/2020
6/15-6/21/2020
6/8-6/14/2020
6/1-6/7/2020
5/25-5/31/2020
5/18-5/24/2020
5/11-5/17/2020
5/4-5/10/2020
4/27-5/3/2020
4/20-4/26/2020
4/13-4/19/2020
4/6-4/12/2020
3/30-4/5/2020
3/23-3/29/2020
3/16-3/22/2020
March 14, 2020
March 13, 2020
March 12, 2020
March 11, 2020
March 10, 2020
March 9, 2020
March 5, 2020
March 1, 2020

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Trump Legal Team Presents Evidence, Media Ignores; Nothing Else Matters

Friday, November 20, 2020, 7:48 am ET

"American patriots are fed up with the corruption from the local level to the highest level of our government," she said. "We are not going to be intimidated. We are not going to back down. We are going to clean this mess up now. President Trump won by a landslide. We are going to prove it. And we are going to reclaim the United States of America for the people who vote for freedom."

-Sidney Powell, attorney for President Donald J. Trump

At some point, people have to realize that the stock market doesn't matter, COVID-19 doesn't matter, schools being closed, wearing or not wearing masks, and who you voed for doesn't matter if elections aren't fairly held, transparent, and uncompromized.

What has happened in this country is that the quest for money and power has clouded the collective judgement of politicians and powerful people in the media to a point at which corruption in politics is the norm and the media has failed at every opportunity to present the truth to the American public, whether the public is comfortable with it or not.

This is not a matter of party politics, of Democrats or Republicans, because the corruption has spread so deeply into all levels of government. Greed and avarice This is a matter of national importance. Americans are either going to have a country or they're not. Nothing else matters. One either stands for the rule of law or one doesn't. When Joe Biden claimed this election was "for the soul of the nation" he was, perhaps not accidentally, speaking the truth. America's soul is being tested. President Trump's legal team has made the claim that there was a concerted, organized effort to subvert the honest results of November's elections through illegal means.

Those claims need to be investigated and the media needs to keep the American public informed. Neither of those things are happening. The FBI isn't investigating. The media isn't reporting. If it wasn't for President Trump's dogged determination to seek justice and truth and his legal team's efforts to investigate and litigate, America might very well end up no better than corrupt regimes like Venezuela, Cuba, or communist China.

It's well past time to hold people accountable for their actions and prosecute them for their crimes. Informed Americans who are protesting and begging for answers, for justice, have had enough. They've paid attention, found alternate sources of information, and they do not like what they are seeing.

On it's surface, the idea that Joe Biden, who only captured the Democrat nomination because all the other candidates bowed out, leaving only Biden and leftist independent Bernie Sanders in the bulk of the primaries, chose a vice presidential candidate - Kamala Harris - who never polled greater than five percent in any of the early primaries, who spent the majority of the campaign between August and November sheltered away in his basement, never drawing significant crowds at any of his events, to believe that Biden would receive more votes than any candidate in history stands reality on its head and invites the public to engage in mass delusions.

Only with the aid of the mainstream media has Joe Biden managed to stay out of prison and maintain the stature of a presidential candidate. The media refused to even acknowledge the existence of his son Hunter's laptop, which contained damning evidence of corruption, fraud, bribery and influence peddling even though the original reporting was obtained and revealed by the New York Post, the nation's fourth-largest newspaper in circulation. Social media giants Twitter and Facebook scrubbed mention of the story, censoring it and closing accounts of people and organizations who dared expose the truth.

Joe Biden didn't win the election. He's lucky he hasn't been arrested and thrown in prison. Donald J. Trump won the election. There is no doubt of this. Trump's rallies were attended by tens of thousands of people with more thousands unavailable to gain entry because of the massive crowd size. Trump's supporters were enthusiastic. Biden's supporters - the few that could even be found - were not excited about their selected candidate.

To some, the claims made by Trump's legal team may sound fantastic and unbelievable. To be sure, to think that any group of individuals or collective or organizations would attempt to steal a national election in what's supposed to be the most free and democratic country on the face of the planet, stretches the imagination, but that's what happened.

Democrats, aided and abetted by deep state operatives in the CIA and FBI who either stood down or assisted in corrupt, illegal election practices, helped by the mainstream media which peddalled false stories of corruption and collusion with Russia and Ukraine, supported the phony Mueller investigation, pushed hard for impeachment, have been trying to get rid of Donald J. Trump from the day he announced his candidacy in 2015. They failed to keep him from the Republican nomination. They failed to keep him from winning the presidency in 2016, and they were so afraid they would fail again in 2020, they resorted to cheating and subverting the will of the American people by rigging the vote.

They have failed again and President Trump's legal team are exposing them and the president will eventually prevail. Elections in most, if not all of the states they are contesting - Wisconsin, Michigan, Pennsylvania, Georgia, Arizona, Nevada, and possibly New Mexico and Virginia - will be overturned, either by state or federal circuit courts, or the Supreme Court, or the election will thrown to the congress where the president will prevail.

Until the 2020 elections are resolved, there is no other story that even approaches its importance. It is the duty of every American to stay informed and focused on finding out the truth, not the lame denials and cries of "false claims" or "debunked" by the mainstream media, and to demand the truth, to demand honesty and the rule of law.

If Americans cannot be relied upon to seek justice and truth, then there is no point in elections. eJust tear up the constitution and let the people with the most money, or the most influence, or the most dirt on their opponents, rule the land and bow to the annointed kings, queens, princes, and princesses. That is not what America is about. We cannot allow our constitution to be shredded, our traditions to be bastardized, lamented, destroyed. We cannot allow our country to be taken over by people who seek to enslave and imprison all of us.

Below is the press conference held by President Trump's legal team on Thursday. If you can't devote some time to view at least some of it, at least understand that it was not aired by ABC, CBS, NBC, MSNBC, FOX, CNN, PBS, and the Washington Post, New York Times and Associated Press coverage consisted of an utterly unconvincing, laughably insipid "fact-checking" article that proved nothing other than the media is still aligned against the president.

If the president and his legal team are engaged in some kind of fantasy witch hunt, if they have no evidence as the media continues to falsely claim, then why don't they roll the tape, let it all hang out. After all, they hate President Trump with a passion. Here they have the perfect opportunity to make him look like a fool, a cheat, a liar, a hater, a racist. Why won't they report any of it? Why? Why? Why?

At the Close, Thursday, November 19, 2020:
Dow: 29,483.23, +44.81 (+0.15%)
NASDAQ: 11,904.71, +103.11 (+0.87%)
S&P 500: 3,581.87, +14.08 (+0.39%)
NYSE: 13,863.23, +54.58 (+0.40%)


Presidential Tide Turning Toward Trump; Markets Shaky As Vaccine News Is Overwhelmed

Thursday, November 19, 2020, 9:29 am ET

Just to be on point, Money Daily will provide an overview of the continuing contested presidential election in order to offer readers some perspective. The scope of this ongoing conflict is far greater than can be covered adequately by this blog. Readers are advised to seek out credible sources for information. Mainstream media sources, specifically, network television: NBC, ABC, CBS, MSNBC, CNN, PBS and FOX; and newspapers such as the New York Times and Washington Post should not be relied upon for accurate, honest information as they have proven repeatedly to be extremely biased against President Trump.

Accurate, unbiased reporting is available on the internet and on some talk radio shows. Money Daily will continue to stay abreast of developments as they occur.

Overnight, Republican members of the Wayne County Board of Canvassers, Monica Palmer and William Hartmann filed affidavits to rescind their votes for certification of the county's 2020 election results. Wayne County, Michigan includes the city of Detroit, which voted heavily in favor of Joe Biden for president.

Meanwhile, Michigan governor Gretchen Whitmore may be facing impeachment charges shortly over her re-institution of lockdown orders, in violation of Supreme Court orders.

In Georgia's ongoing "retally", some votes have been found in favor of President Trump, but not enough to challenge Biden's 12,000-vote lead.

The audit is not an official recount, which can still happen after the state certifies their election results at the request of a candidate within a .5% margin. That's why it's being called a retally or hand count.

The official recount - using the vote tabulation machines - could begin next week. Campaigns will have until Tuesday to make their requests. It is likely that the Trump camp will request an audit as many irregularities have been reported by observers. This story is still developing.

There are ongoing contests and lawsuits in Pennsylvania, Nevada, and Arizona. Wisconsin has approved a request by President Trump for a recount in Milwaukee and Dane counties.

Joe Biden carried Wisconsin by 20,608 votes and he won Dane and Milwaukee counties by a more than 2-to-1 margin. Milwaukee county includes the city of Milwaukee and Dane, the city of Madison. They are the two most populous counties in the state. The process is supposed to be completed by December 1, but both sides agree that whatever the outcome, the matter will end up in court.

At the bottom of the disputed election is whether or not there was coordinated fraud committed by the media-annointed winner, Joe Biden. The Trump team has been filing lawsuits in jurisdictions around the country and gathering evidence of potential fraud, voting irregularities, ballot harvesting and tampering, physical evidence, sworn affidavits, witness accounts, and are pursuing allegations that votes were switched from Trump to Biden on voting machines supplied by Dominion, a Canadian company, via software installed by a company known as Smartmatic.

In December 2019, Democratic Senators Elizabeth Warren, Ron Wyden, and Amy Klobuchar and congressman Mark Pocan warned about reports of machines "switching votes," "undisclosed vulnerabilities," and "improbable" results that "threaten the integrity of our elections."

Establishment media are falsely calling presumptive winner, Joe Biden, "president elect," a complete misnomer as a candidate can only be called "president elect" after certification by electors from the 50 states. That has not happened. Certification by the presidential and vice-presidential electors is scheduled for December 14.

What's occurring now behind the scenes is the collection of massive amounts of evidence by Trump's legal team, expecting the case to go to the Supreme Court. In such event, absolute proof, as is necessary in criminal matters, is not needed, as the election dispute is a civil matter. Trump's lawyers only need to reach a bar of "preponderance of evidence" that President Trump was disenfranchised by fraudulent practices to prevail.

Even if the Supreme Court does not reach a verdict in favor of President Trump, the matter could well end up in congress, where a vote would be taken, decided by each state's representation in the House of Representatives with each state getting a single vote. Republicans hold House majorities in 26 states, to 22 Democratic majorities, so, a vote along party lines would swing the election to President Trump. The Senate would likely go to Trump as well. Each Senator casts one vote. The voting would be carried out by the newly-elected (2020) congress.

In financial news, stocks tumbled on Wednesday, with the Dow suffering its worst loss in three months as vaccine news was outflanked by uncertainty over the presidential election outcome and knock-on effects of lockdowns and restrictions in various states reporting increases in cases of CV-19.

As of Thursday morning, stocks in Asian markets were generally lower, and European stocks are down across the board thought the losses are, as of this writing, less than one percent.

The Labor department reported another 742,000 Americans filed initial jobless claims last week. Food banks in Texas report being overwhelmed and other states are reporting record numbers using food banks as poverty spirals out of control.

Equity futures point to a lower US open.

At the Close, Wednesday, November 18, 2020:
Dow: 29,438.42, -344.93 (-1.16%)
NASDAQ: 11,801.60, -97.74 (-0.82%)
S&P 500: 3,567.79: -41.74 (-1.16%)
NYSE: 13,808.65, -140.45 (-1.01%)


The Only Thing Making Any Sense On Planet Earth Is Bitcoin (Now $18,000 and rising)

Wednesday, November 18, 2020, 8:49 am ET

The mainstream media lies.

Votes are being challenged and overturned in Georgia, Nevada, and Arizona yet CBS This Morning says not a single vote has been changed. The other networks chime in with the same message. Nothing to see here about this corrupted, stolen election. Move along.

Oil goes up. Gold and silver go down.

Large pasts of the country are shutting down again over a virus that kills 0.02% of the people infected. That's two out of 10,000, and it's even lower for people under the age of 60.

We're supposed to get excited over a vaccine - either the one produced by Pfizer or the one done by Moderna (incidentally, a company that has never produced a useful vaccine, ever) - that is supposedly 95% effective in -- we're not sure... stopping the virus? preventing infection? killing the virus?

It doesn't make any sense. why risk getting a vaccine, of which the long-term effects are unknown that will have a positive effect on 9,500 of 10,000 people, when the survival rate without the vaccine is 9,998 out of 10,000?

And why isn't the American public informed about alternative treatments like Vitamin C, D3, Zinc, Quercetin, and especially, Hydroxychloroquine, which is widely used in countries across South America, Africa, and the Far East?

Why hasn't Japan shut down? Indonesia? Vietnam? South Korea? Why is China up and running at nearly full capacity?

The media, the government, the medical community just doesn't want the public to know that the COVID-19 coronavirus isn't even as deadly as the seasonal flu. Could it be because by issuing stay at home edicts, mask mandates, travel restrictions, social distancing requirements, they exercise control over the whole population?

Why?

While millions of Americans are out of work, hundreds of thousands of small businesses shut down permanently, publicly held stocks continue to rise to new all-time highs. What does Wall Street know that everybody else seems to be missing? October retail sales were slow. Year-over-year, US industrial production has fallen for 14 consecutive months, dating back to September of 2019, before the coronavirus was even a thought. October industrial production was down 5.3% in October. Of 6.7% in July, August, September. Prior to that, it declined 4.7% in March, then 16.7% in April, 15.7% in May, 10.7% in June.

What are we missing here?

Movie theaters nationwide are shut down. So are cruise lines. Gyms, barber shops, and beauty salons in many areas are closed. Restaurants, except those that are spawn of massive public corporations which trade on Wall Street and serve GMO garbage without nutritional value, are closed, with more closing every day because of government restrictions and recommendations that aren't even law.

Americans are being told not to celebrate Thanksgiving. Shortly, various state governments will cancel Christmas.

None of it makes any sense.

Except for Bitcoin, which happens to be the one thing that trades outside the control of governments, Wall Street, the media. It cannot be manipulated, controlled, or otherwise compromised. It trades on pure supply and demand. It is the one currency (along with various other cryptocurrencies) that operates freely and cannot be inflated away like the fiat currencies: dollar, yen, euro, pound, yuan.

And, it is soaring in price.

Why?

Because people are dissatisfied with their government, their money, taxes, inflation, expenses, lockdowns, unemployment, the media, suppression of gold and silver, lying politicians who go to Washington as middle class citizens and emerge years later as millionaires. So, people are buying Bitcoin. And, as more people buy in, adopting the currency, the price rises. The purchasing power of bitcoin, compared to any fiat currency and even gold and silver, is increasing. Rapidly.

From October 3rd to today, the price of Bitcoin in US dollars has risen from $10,553 to over $18,000 and it's not slowing down. Just a week ago, it was $15,707. It's going parabolic. While it's unlikely to maintain the current trajectory for an extended period, it will continue to rise as more and more people adopt it, buy into it. And, when 26 million PayPal merchants begin accepting Bitcoin as payment for goods and services in the first quarter of 2021, it's likely to rise at an even faster rate.

The more currency the Federal Reserve conjures out of thin air, the more bonds they buy, the larger their balance sheet, the weaker the US dollar becomes. The same is true of the euro, yen, pound, and yuan. They are all being debased. The only currencies that are not being debased are gold, silver, and Bitcoin.

The gold and silver prices are determined by a crooked futures market which allows naked shorting, imposes margin limits and lets banks, like JP Morgan Chase, which has been found guilty of manipulating the precious metals markets and others repeatedly over the past decade, to engage in spoofing and other trading tactics that keep the price of silver and gold down. They cannot do that with Bitcoin. They can, just like everybody else, buy and sell it at current market prices. That's all. And that's why Bitcoin is soaring and will continue to grow. It will become the one true international currency, outside the control of governments - unless they ban it, which some already have, to their detriment - central banks, the BIS, IMF, World Bank, and other institutions that favor currencies that are nothing more than instruments of debt slavery.

Eventually, as Bitcoin gains acceptance to a degree at which it becomes unmistakably mainstream, the media will start calling it a tool of criminals, a risky proposition, or some other form of evil. Just watch. The mainstream media, in collusion with the government, has already tried. They've shut down some exchanges and stolen the Bitcoin. But, that Bitcoin still exists. It will always be in the system. There's nothing more governments can do except confiscate it, make people pay taxes on gains from it, or otherwise try to diminish its value and appeal until eventually, when millions of people are using it, they'll have to ban it or surrender. And then, after they've already taken your liberty, your job, your business, your sports, your schools, your holidays, your votes, they will try to take away your money. Then, what will you have? Nothing.

Until that day comes, Bitcoin makes much more sense than anything on the planet.

At the Close, Tuesday, November 17, 2020:
Dow: 29,783.35, -167.09 (-0.56%)
NASDAQ: 11,899.34, -24.79 (-0.21%)
S&P 500 3,609.53, -17.38 (-0.48%)
NYSE: 13,949.10, -33.09 (-0.24%)


Dow, S&P Make New Records As Bitcoin Continues Surge Higher, States Impose New Lockdowns

Tuesday, November 17, 2020, 8:16 am ET

For the second Monday in a row, Wall Street was gifted a fresh vaccine mandate to buy more stocks. Last Monday, it was Pfizer that announced a vaccine they claimed to be 90% effective. They failed to disclose that vials of the vaccine had to be kept stored at -120 degrees Fahrenheit. That small detail didn't derail the massive raly that followed.

This Monday was Moderna's turn. The company that has never produced a vaccine or drug of any significance apparently came up with a miracle vaccine for CV-19 in "warp speed" time that's 95% effective. Whoopie! And it can be stored at regular refrigerated temperatures for 30 days.

Masters of the universe, otherwise known as Wall Street traders and their magic algorithms, bid up equities to levels surpassing previous closing highs on both the S&P 500 (for the second straight trading session) and the Dow Jones Industrial Average, which soared past its previous closing high of 29,551.42 from February 12 of this year. Shortly, stock enthusiasts will be breaking out their "Dow 30,000" hats, as if that's some milestone that has any relevance to reality in the real world economy.

While gains in the equity indices produced new highs for both the Dow and S&P 500 Index, those were dwarfed by the big winner on the day, Bitcoin. At 4:45 pm ET, Bitcoin (trades continuously) was priced in US dollars at 16,774.12, up 816.98 (+5.12%) (Ed. Note: at 8:00 am, Bitcoin in US dollars: 17,044.70). Not only was Bitcoin the leading asset for Monday, but it has been racking up ridiculous gains since the beginning of October, when it stood momentarily at 10,623.33.

Bitcoin's chart appears about to be going parabolic, and it just might, considering the attention it has recently received. As of last Thursday (November 12), PayPal, the #1 online payments processor in North America, made the buying and selling of Bitcoin available to eligible users in the United States. With more than 330 million users worldwide, the bulk of those (estimates are roughly 70% of all users) being US-based, PayPal will boost demand for Bitcoin and a number of selected cryptocurrencies.

In early 2021, PayPal will allow users to pay for goods and services offered by its 26 miliion merchants. This move will enhance Bitcoin's status as a useable currency, on par with US dollars, euros, yen or any other currency widely available. With more users demand for the currency will rise, pushing up its price. This is what's been happening since PayPal first announced its move into cryptocurrencies in October. Now that it's a reality, the outcome should be positive for price appreciation in the world's original crypto.

As Gresham's Law so eloquently states, "bad money drives out good in circulation," the application to Bitcoin may initially be one in which US dollars or euros or yen (bad money) will be used to purchase Bitcoin (good money), which will be stored or hoarded as it increases in value. The opposite (good money drives out bad) will occur when Bitcoin adoption has reached a critical mass, something possibly on the order of 20 to 30% of transactions being done in Bitcoin rather than the official currency, such as US dollars. When alternatives to the official, government-sanctioned currency are unmistakably taking significant market share, the old currency is doomed as the population rushes into the "better" currency or currencies, perceived as better stores of value.

As the Federal Reserve and central banks globally have been in the process of debasing their currencies for a very long time and recently accelerating, Bitcoin will become the currency of choice, as it is market-based and cannot be manipulated by derivatives (yet) nor printed out of thin air, as are all unbacked, fiat currencies. While the argument that Bitcoin has no intrinsic value, neither does any fiat currency, making that a moot point regarding comparisons to popular national currencies. Bitcoin is international, in a class with gold or silver, which do have the advantage of intrinsic value and also have been in use as money, rather than currency, for centuries.

As the purchasing power of fiat currencies continue their long decline to eventual ruination and worthlessness, Bitcoin, along with old standards, gold and silver, will prevail as currencies and money of choice in the 21st century and truly become international money.

Elsewhere on Planet Bizarro, yields on the 10-year note and 30-year treasury bond rose two and one basis points, respectively. As has become customary, gold and silver futures were kicked to the curb prior to the US market open, but both regained momentum and closed near where they began.

States and cities have begun to re-institute lockdowns and mask mandates, the latest in Michigan and Washington state. California re-imposed various orders, closing or restricting bars, restaurants, churches, casual gatherings, while telling residents to pretty much cancel plans for Thanksgiving, being that it's a non-essential holiday and all. Similar orders and advisories are being issued by governors in other states - without authority.

None of what these states are implementing can come to any good. Most of the country was locked down or otherwise closed up for extended periods earlier in the year. Mask-wearing became fashionable and social distancing was widely accepted. Still, the virus spread across the country, giving governors and mayors ample opportunity to impose their wills over the populace. Next they will cancel Christmas, then work, then, your life. It's all part of the globalist, "Build Back Better" new world order plan.

President Trump has still not conceded the election to Joe Biden and the cheating Democrats and non-opposition Republicans in the senate. A few of the more thoughtful assessments on the stolen election of 2020:

National Pulse: The Statistical Case Against a Biden Win by Steve Cortes

Federalist: 5 Historical Trends That Show It's Utterly Shocking If Trump Lost In 2020

Spectator: A Cautionary Note to Antifa and BLM Thugs Contemplating "Civil War"

At the Close, Monday, November 16, 2020:
Dow: 29,950.44, +470.64 (+1.60%)
NASDAQ: 11,924.13, +94.83 (+0.80%)
S&P 500: 3,626.91, +41.76 (+1.16%)
NYSE: 13,982.19, +220.89 (+1.61%)


WEEKEND WRAP: Market Mayhem Amid Election Dispute, Bonds Racked, Precious Metals Sacked; S&P Reaches New Record

Sunday, November 15, 2020, 8:26 am ET

Other than the tech-heavy NASDAQ, stocks had another solid week, especially the NYSE Composite Index, which includes over 1,900 stocks, at least 1,500 of which are U.S. companies, as well as real estate investment trusts (REITs) and tracking stocks.

While the S&P reached a climactic record closing high on Friday, it was out-paced by the NYSE Composite, which added more than 500 points (4.11%), approaching a record high of its own. Closing within 375.66 points of its all time high of 14,136.98 (February 12, 2020), the Composite index is within 2.6% of setting a new mark. Such a move would likely align with gains to record closes on the NASDAQ (12,056.44, 9/2/20) and Dow Jones Industrials (29,551.42, 2/12/20). The Dow closed at a nine-month high Friday, leaving it a mere 71 points from a record.

Keeping in mind that stocks don't trade in a vacuum, astute investors may be viewing the current near-record or at-record valuations a bit rich, considering the challenging political and economic backdrops presently imposed.

Some states have begun to re-implement lockdown measures and other restrictions in response to rising infection rates of COVID-19. At the same time, the makeup of the political leadership is still in doubt, with the senate hanging by two elections in Georgia which will be decided by run-off elections on January 6th, though the larger concern is still over the presidency, which the mainstream media has awarded to Democrat candidate Joe Biden and which President Trump has steadfastly refused to acknowledge, claiming the election was stolen, as evidence, recounts, and lawsuits continue to mount.

Adding in no small measure to the political turmoil was Saturday's "Million MAGA March" or "Stop the Steal" march in Washington DC. Some estimates believe the crowd that walked from Freedom Plaza near the White House to the steps of the Supreme Court building was as large as a million people, a claim that, naturally, was disputed by elements of the mainstream media. Marked by fiery rhetoric from a variety of speakers, including radio talk show host, Alex Jones - who proclaimed November 14, 2020 to be the beginning of a second American revolution - the assemblage of patriots backing Donald Trump was large enough that the mainstream media could not ignore it nor downplay the level of patriotic spirit on display.

While either the Supreme Court or the House of Representatives may end up being the final arbiter of the presidential election, lawsuits filed by the president and other informed entities did not fare well during the past week, with state court judges dismissing a number of actions in Pennsylvania and Michigan. Meanwhile, a Georgia recount (The Associated Press (AP) is calling it an audit) has been rushed, with inspectors only allowed at a 1:10 ratio to recount tables and the results supposedly to be final by Sunday afternoon.

Georgia Secretary of State Brad Raffensperger called the exercise "an audit, a recount and a recanvas all at once," futher muddying the electoral waters.

Those are the main elements at this time. However, there is so much news, rumor, and questioning that it's impossible to cover all the ground in one article, or many. A number of links below may provide some direction for those interested in doing a "deep dive" into the post-election malaise.

On the economic front, unemployment remains elevated, and could become considerably worse if states begin to clamp down on public movement and activity, as mentioned above. Currently, Oregon and New Mexico have expanded partial lockdowns, while North Dakota has issued a statewide mask mandate and the city of Chicago is advising its residents to not travel or engage in traditional Thanksgiving holiday gatherings.

The response to CV-19 has put a severe crimp on 2020, and now a second wave is inspiring even more damaging restrictions by governors who believe they are tasked with the ultimate health of each and every citizen. Policy differences have crept into presidential politics as well. The Trump administration believes that CV-19 can be dealt with best without lockdowns, while the presumptive Biden team has proposed a nationwide mask mandate and lockdown of between four to six weeks.

While cases were rising in many locales, the announcement Monday by Pfizer that their vaccine had proven 90% effective (on a small sample) sent stocks soaring, though the euphoria waned noticeably by midweek. Friday's surge in stocks was more the result of a lack of bad news and pre-Black Friday posturing than any solid economic prospects.

Oil spent the week zig-zagging, with WTI crude on the NYMEX procing from $37.14 the prior Friday to close out this week at $40.13, but not before hitting $41.45 per barrel on Wednesday. For all the huffing and puffing the oil giants like OPEC, Russia, the US, and Iran have been doing, the price has remained under pressure and quite stable throughout the global pandemic panic. While most parties would like to see higher prices, the constraints put on the public have kept the price from rising to any meaningful degree. There is, quite simply, a massive oversupply coupled with extremely slack demand. Regardless of whether the CV-19 pandemic is contrived or real, serious or benign, until some kind of global solution becomes normative, the economy and the price of oil are likely to remain moribund.

Low or stable energy prices are surely not helping the Federal Reserve's effort to induce massive inflation. It seems that every time one central bank - particularly the US Fed, ECB, or the BOJ - issues a policy directive, there's an equal and opposite force pushing against it.

With the massive entry into equities that started the week, treasuries gapped from Friday into Monday with the yield on the 10-year note rising from 0.83 to 0.96% and the 30-year yield ripping from 1.60 to 1.73%. As the week wore on, with bond markets closed Wednesday for Veteran's Day, the one-off was largely negated. By Friday, the 10-year yield stood at 0.86, the 30-year at 1.65, hardly a move to inspire much ado about anything.

Gold and silver were battered on Monday, apparently deemed "non-essential" by the equity crowd. Gold fell from $1951.70 on Friday, November 6, to $1854.40 at the New York close Monday, November 9. After yet another beatdown, gold recovered slightly, ending the week at $1881.40. It was an equally-distressing blue Monday for silver stackers, who saw the metal slashed from Friday's close at $25.66 to $23.70 Monday. Silver's bounce-back was better than gold's, ending at $24.76 on the 13th.

Presented below are the most recent prices for common gold and silver items sold on eBay (numismatics excluded, shipping - often free - included):

Item: Low / High / Average / Median
1 oz silver coin: 32.00 / 42.02 / 36.22 / 34.59
1 oz silver bar: 30.87 / 43.95 / 35.52 / 33.84
1 oz gold coin: 1,975.00 / 2,038.19 / 2,010.10 / 2,005.06
1 oz gold bar: 1,939.16 / 2,000.27 / 1,984.98 / 1,990.33

It's apparent that silver held up better than gold and that despite Monday's smackdown, premiums remain high. What's also becoming clear is that common (non-numismatic) gold bullion coins have become scarce and more specialized, collectible items have found their ways onto the eBay platform, either from established dealers or individuals looking to trade their precious metal holdings for cash.

Links to relevant election dispute articles:

Incomplete List of Suspected Fraud Issues in 2020 Election Sorted by State with Recommended Actions on How to Address - Extremely large and growing list of articles purporting Democrat-led election fraud (with links).

The Biden-Harris Nationwide Election Fraud Scheme to Steal the Ballot State by State Prohibits Them from Winning the Race - article from State of the Nation outlines how fraud would "vitiate everything."

An impassioned Alex Jones speaks at Saturday's Million MAGA March:

Finally, here's Trump attorney, Sidney Powell, talking with CNN's Lou Dobbs about suspected vote-switching code in Dominion Voting Systems - used in elections nationwide - promising to "release the Kraken."

At the Close, Friday, November 13, 2020:
Dow: 29,479.81, +399.64 (+1.37%)
NASDAQ: 11,829.29, +119.70 (+1.02%)
S&P 500: 3,585.15, +48.14 (+1.36%)
NYSE: 13,761.32, +209.86 (+1.55%)

For the Week:
Dow: +399.64 (+1.67%)
NASDAQ: -65.94 (-0.55%)
S&P 500: +75.71 (+2.16%)
NYSE: +542.65 (+4.11%)


Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine, Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine, Money Daily, its owners, affiliates and employees against any and all liability.


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