MAY 14//GOLD UP $1837.05 UP $13.05//SILVER UP 28 CENTS TO $27.26//GOLD STANDING FOR DELIVERY UP TO 4.5 TONNES//SILVER STANDING 36.645 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATES/ISRAELI PALESTINIAN CONFLICT UPDATES/SKYRM PAPER :HEADING TO NEGATIVE INTEREST RATES//COMPUTER PROBLEMS STILL

VISUAL

GOLD:$1837.05   UP $13.05   The quote is London spot price

Silver:$27.26  UP  $0.28   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1816.15 LONDON SPOT  4:30 pm

ii)SILVER:  $27.00//LONDON SPOT  4:30 pm

 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINIUM  $1216.35 DOWN $13.87

PALLADIUM: 2857.73.43 DOWN $92.29  PER OZ.

 

 

James McShirley on the pricing of gold eagles/and silver eagle

James Mc late this afternoon… May 3

Coin premiums to spot widening- Silver Eagles look like around 50%+ to spot. Gold Eagles +$170 to spot. How long can they keep this derivatives charade going?

Jim McShirley

May 5: Jim McShirley:

Meanwhile the separation between physical and spot continues to increase. Gold Eagles are now showing +$180 or more to spot on several popular sites. Silver Eagles are +$13 and up to spot. If you ignore the ticker going by on cable news gold is nearly $2k in the real world, silver $40. That’s still a pittance, but nothing like MSM is presenting to the public.

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today  14/73

EXCHANGE: COMEX
CONTRACT: MAY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,823.800000000 USD
INTENT DATE: 05/13/2021 DELIVERY DATE: 05/17/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 3
624 H BOFA SECURITIES 55
661 C JP MORGAN 59 14
685 C RJ OBRIEN 6
737 C ADVANTAGE 8 1
____________________________________________________________________________________________

TOTAL: 73 73
MONTH TO DATE: 1,467

ISSUED: 59

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MAY. CONTRACT: 73 NOTICE(S) FOR 730000 OZ  (0.2271 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1467 NOTICES FOR 146700 OZ  (4.5629 tonnes) 

SILVER//MAY CONTRACT

186 NOTICE(S) FILED TODAY FOR 930,000  OZ/

total number of notices filed so far this month  : 6674 for 33,370,000  oz

 

BITCOIN MORNING QUOTE  $50656   UP 1361   DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$49,295 DOWN 2442 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $12.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

NO CHANGES IN GOLD INVENTORY AT THE GLD: .

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHO ARE CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE B OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD: 1,025.15 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER  DOWN 39 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.67 MILLION OZ FROM THE SLV/

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHDRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULTS. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT:

563.871  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 170.43 DOWN $1.71 OR  0.99%

XXXXXXXXXXXXX

SLV closing price NYSE 25.08 up $0.59 OR 2.30%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1935 CONTRACTS FROM 177,224 DOWN TO 175,289, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.20 FALL IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO HUGE BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III COMING JUNE 28/2021 !//STRONG REDDIT RAPTOR BUYING//.. COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD SOME LONG LIQUIDATION 

 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 541,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  0, JUNE: 0 JULY 541 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 541 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM! SILVER IS IN BACKWARDATION AND AS SUCH THE DANGER TO OUR BANKERS IS LONDONERS WILL PURCHASE CHEAPER FUTURES METAL OVER HERE AND THEN TAKE DELIVERY.

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 33 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

2020

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR 

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY***(5THHIGHEST RECORDED STANDING FOR SILVER)

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470MILLION OZ FINAL STANDING IN JULY…RECORD HIGHEST EVER RECORDED

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400MILLION OZ FINAL STANDING IN SEPT (3RD HIGHEST RECORDED STANDING)

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC. (4TH HIGHEST RECORDED STANDING)

2021

60 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

58.425 MILLION OZ FINAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

14.935 MILLION OZ INITIAL STANDING FOR APRIL

36.645 MILLION OZ INITIAL STANDING FOR MAY 

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.20). OUR OFFICIAL SECTOR/BANKERS WERE SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS  WE HAD A STRONG LOSS OF 1394 CONTRACTS ON OUR TWO EXCHANGES.  THE LOSS WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) STRONG REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A VERY STRONG INITIAL  SILVER STANDING FOR COMEX SILVER MEASURING AT 37.700 MILLION OZ AND THEN FALLING EACH DAY TO 36.645 MILLION OZ ON DAY 10 AS NO SILVER WAS AVAILABLE ON THIS SIDE OF THE POND!, v) STRONG COMEX OI LOSS /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

MAY

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF A MAY:

16,471 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 16,471 CONTRACTS) OR 82.355 MILLION OZ: (AVERAGE PER DAY: 1647 CONTRACTS OR 8.235 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 82.355MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FINAL:   208.18 MILLION OZ (RAPIDLY INCREASING AGAIN)

MAR EFP ACCUMULATION SO FAR: : 103.450 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

APRIL: 84.730 MILLION OZ  (SILVER IS NOW IN SEVERE BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

MAY: 82.355 MILLION OZ. (SILVER IS STILL IN SEVER BACKWARDATION BUT EFP ISSUANCE DRAMATICALLY INCREASING AGAIN!!)

 

RESULT: WE HAD A VERY STRONG DECREASE COMEX OI SILVER COMEX CONTRACTS OF 1840, WITH OUR $0.20 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY .THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 541 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED LOSS OF 1299 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.20 FALL IN PRICE)//THE DOMINANT FEATURE TODAY// MASSIVE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR MAY. (37.770 MILLION OZ) FOLLOWED AGAIN TODAY WITH ANOTHER 5,000 OZ DROP  …. SO OUR NEW STANDING FALLS TO 36,645,000 OZ.  THERE IS NO AVAILABLE SILVER OVER HERE!

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  541 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 1935 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.20 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.98//THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 186 NOTICES FILED TODAY FOR 930,000 OZ

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

AND YET, WITH THE SILVER IN BACKWARDATION (INDICATING SCARCITY), WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST STRANGELY ROSE BY A STRONG SIZED SIZED 6571 CONTRACTS TO 504532 ,,AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

DIFFERENTIAL BETWEEN PRELIMINARY OI AND FINAL OI IN GOLD: 1738 CONTRACTS

 

THE STRONG SIZED INCREASE IN COMEX OI CAME DESPITE OUR NARROW GAIN IN PRICE  OF $0.65///COMEX GOLD TRADING//THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A STRONG SIZED GAIN OF 9570 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 3.530 TONNES TO WHICH WE HAD A HUGE QUEUE JUMP OF 8400 OZ ON DAY NO 11 AND NOW 4.7527 TONNES ARE STANDING. THIS FOLLOWED A STRONG APRIL AT 95.331 TONNES. 

 

YET ALL OF..THIS HAPPENED WITH OUR SMALL GAIN IN PRICE OF $0.65 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  0//

WE HAD A STRONG SIZED GAIN OF 9570 OI CONTRACTS (29.77 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1311 CONTRACTS:

CONTRACT  AND JUNE:  1311  ALL OTHER MONTHS ZERO//TOTAL: 1311 The NEW COMEX OI for the gold complex rests at 504,532. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7832 CONTRACTS:  6521 CONTRACTS INCREASED AT THE COMEX AND 1311 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7832 CONTRACTS OR 24.36 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1311) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (6,521 OI): TOTAL GAIN IN THE TWO EXCHANGES:  7832CONTRACTS. WE NO DOUBT HAD 1 MASSIVE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY AT 3.530 TONNES//FOLLOWED BY A STRONG QUEUE JUMP OF 8,400 OZ ON DAY 11 //NEW STANDING FOR MAY:  4.7527 TONNES 

3) ZERO LONG LIQUIDATION,  /// ;4) STRONG COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR SMALL GAIN IN GOLD PRICE TRADING THURSDAY//$0.60!!.

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO GOLD ON MAY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF JUNE.

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:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF MAY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAY), 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.”

 
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

MAY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 40,464, CONTRACTS OR 4,046,400 oz OR 125.86 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 4469 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 125.86 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 125.86/3550 x 100% TONNES =3.54% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

 

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

MAY:        125.86 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

 

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

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

1.Today, we had the open interest at the Comex, in SILVER, FELL BY A STRONG SIZED 1935 CONTRACTS FROM 177,224 DOWN TO 175,289 AND FURTHER FROM OUR COMEX 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  2 3/4 YEARS AGO.  

 

EFP ISSUANCE 541 CONTRACTS

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

 MAY: 0 AND JUNE: 0, JULY 541: 0ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  541 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1935 CONTRACTS AND ADD TO THE 541 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG  SIZED LOSS OF 1394 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.970 MILLION  OZ, OCCURRED WITH OUR $0.20 LOSS IN PRICE///

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED  UP 60.84 PTS OR 1.77%   //Hang Sang CLOSED UP 308.90 PTS OR  1.21%     /The Nikkei closed UP 636.46 pts or 2.32%  //Australia’s all ordinaires CLOSED UP 0.42%

/Chinese yuan (ONSHORE) closed UP AT 6.4365 /Oil UP TO 64.59 dollars per barrel for WTI and 67.90 for Brent. Stocks in Europe OPENED ALL GREEN  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4365 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4376   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

CHINA VS USA//

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6,521 CONTRACTS TO 504,532 MOVING CLOSER TO FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS STRONG COMEX INCREASE OCCURRED WITH OUR RELATIVELY SMALL GAIN OF $0.60 IN GOLD PRICING THURSDAY’S COMEX TRADING…WE ALSO HAD A SMALL EFP ISSUANCE (1311 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.  

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

 

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1311 EFP CONTRACTS WERE ISSUED:  ;:  0, JUNE:  1311 & JULY 0 & AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1311  CONTRACTS .(DESPITE THE STRONG BACKWARDATION IN GOLD FOR JUNE/AUG VS SPOT)

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  STRONG SIZED 7832  TOTAL CONTRACTS IN THAT 1311 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED COMEX OI OF 6521 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (4.7527) WHICH FOLLOWED  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL OF JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $0.60)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 9570 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 24.36 TONNES,ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAY (4.7527 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE HUGE GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 7826 CONTRACTS OR  782,600 OZ OR 24.36  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  504,532TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.62 MILLION OZ/32,150 OZ PER TONNE =  1569 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1569/2200 OR 71.33% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:364,704 contracts// volume / very good and improving ////volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  414,896 contracts// strong 

//most of our traders have left for London

 

MAY14 /2021

 
INITIAL STANDINGS FOR MAY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
225,359.958 OZ
 
Manfra
Brinks
JPMorgan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz  
Deposits to the Customer Inventory, in oz
 
 
68,674.536 OZ
Malca
 
2136 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
73  notice(s)
7300 OZ
(0.2271 TONNES
No of oz to be served (notices)
61 contracts
(6100oz)
 
0.1897 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
1467 notices
146700 OZ
4.5629 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 
 
 
total deposit:  nil oz    
 
 
 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account
i) Into Malca: 68,674.536 oz   2136 kilobars
 
 
 
 
TOTAL CUSTOMER DEPOSITS: 68,674.536  oz
 
 
 
 
 
 
We had 3 withdrawals….
i) Out of Manfra:  29,734.763 oz
ii) Out of Brinks:  124,117.88 oz 
iii)Out of JPMorgan:  71,507.315 oz
 
 
 
 
 
 
 
 
 
total withdrawals: 225,359.958   oz  7.00 tonnes
a net: 4.87 tonnes  leaves the comex
 
 
 
 
 
 
 

We had  1  kilobar transactions (1 out of 7 transactions)

ADJUSTMENTS  3// Delaware :  customer to dealer

982,585 oz  (Delaware)

Dealer to customer:

a) Brinks  100.06 oz

b) Manfra:  6466.102 oz

 
 
 
 
 
 

The front month of MAY registered a total of 134 CONTRACTS for a GAIN of 84 contracts. We had 0 notices filed on THURSDAY so we GAINED 84 contracts or an additional  8400 oz will  stand for delivery in this non active delivery month of May as they refused to morph into London based forwards.

 

 
 
 
JUNE LOST A NORMAL 13,625 CONTRACTS DOWN TO  274,705.  .(AND THIS IS THE FRONT MONTH THAT WE WILL PAY CLOSE ATTENTION TO!)  FOR COMPARISON ON MAY 14/2020:  260,296 OI WITH A GAIN OF 1,057 CONTRACTS
 
JULY GAINED 52 CONTRACTS TO STAND AT 558.
 
AUGUST GAINED A STRONG 17,570 CONTRACTS UP TO 169,272

We had 73 notice(s) filed today for  7300  oz

FOR THE MAY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  59 notices were issued from their client or customer account. The total of all issuance by all participants equates to 73  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 14 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAY /2021. contract month, we take the total number of notices filed so far for the month (1467) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY:  134 CONTRACTS ) minus the number of notices served upon today 73 x 100 oz per contract equals 152,800 OZ OR 4.7527 TONNES) the number of ounces standing in this  active month of APRIL

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

No of notices filed so far (1467) x 100 oz+ 134)  OI for the front month minus the number of notices served upon today (73} x 100 oz} which equals 152,800 oz standing OR 4.7527 TONNES in this  active delivery month of MAY.

We GAINED 8400  oz standing for delivery at the comex.  

 

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

464,420.335, oz NOW PLEDGED  march 5/2021/HSBC  13.626 TONNES

268,921.505 PLEDGED  MANFRA 8.36 TONNES

300,622.584, oz  JPM  9.35 TONNES

1,166,051.732 oz pledged June 12/2020 Brinks/36.26 TONNES

86,394.813, oz Pledged August 21/regular account 2.68 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,292,811.925 oz                                     71.31 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 472.28 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 4.426 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,471,495.578 oz or 543.43 tonnes
 
 
total weight of pledged:  2,292,811.925 oz or 71.31 tonnes
 
thus:
 
registered gold that can be used to settle upon: 15,178,684.0 (472,12 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,178,684.0 (472.29 tonnes)
 
total eligible gold: 17,050,052.634 oz   (530.32 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,521,548.212 oz or 1,073.76 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  947.42 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

 

 
 
MAY11/2021
 
 

 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//MAY

MAY. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
429,260.07 oz
 
 
 
JPM
HSBC
 
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
1,114,591.907 oz
 
CNT
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
eaves
 
 
 
 
 
 
 
 
 
let’s see if a huge amt leaves on Thursday
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
186
 
CONTRACT(S)
(930,000 OZ)
 
No of oz to be served (notices)
430 Contracts
 2,150,000 oz)
Total monthly oz silver served (contracts)  6699 contracts

 

34,495,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposit into the dealer 
 

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into CNT:  602,707.358 oz

ii) Into Delaware: 511,884.549 oz

 

 
 
 
 
 
 

JPMorgan now has 187.262 million oz of  total silver inventory or 51.93% of all official comex silver. (187.262 million/360.562 million

total customer deposits today 1,114,591.908   oz

we had 3 withdrawals

i) Out of Brinks:  52,183.270

 

ii) Out of JPM 316,379.800 oz

 

iii) Out of HSBC: 60,697.000 oz ???

 
 
 
 
 
 

total withdrawals  429,260.07   oz

We had 4 adjustments:  3  dealer to customer

CNT:  20,223.300 oz

i)Loomis:  1,816,319.52 oz

ii)Manfra:  411.780 oz

iii)customer to dealer

a)Int Delaware 161,969.99 oz

 
 


 

 

 
 
 

Total dealer(registered) silver: 115.534 million oz

total registered and eligible silver:  360.562 million oz

a net 0.685 million oz enters the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
 
 

May fell in contracts, losing 40 contracts to stand at  616 contracts.  We had 39 notices filed on THURSDAY so we lost 1 contracts or AN ADDITIONAL 5,000 oz of silver will not  stand delivery in this very active delivery month of May. They  morphed into London based forwards  and as such accepted a handsome fiat bonus by not taking delivery over here….. 

THERE IS NO SILVER OZ TO BE HAD ON THIS SIDE OF THE ATLANTIC.

 

June GAINED 12 contracts up to 1916.

July LOST  2108 contracts up to 142,893 contracts

 
No of notices filed today:  186 CONTRACTS for 930,000 oz
 

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at  6899 x 5,000 oz = 34,495,000 oz to which we add the difference between the open interest for the front month of MAY (616) and the number of notices served upon today 186 x (5000 oz) equals the number of ounces standing.

Thus the MAY standings for silver for the MAY/2021 contract month: 6899 (notices served so far) x 5000 oz + OI for front month of MAY (616)  – number of notices served upon today (73) x 5000 oz of silver standing for the May contract month .equals 36,645,000 oz. ..VERY STRONG FOR AN ACTIVE MAY MONTH. 

 

We lost 5,000 oz of silver standing for delivery as our banker friends look for metal over on the London side. 

 

the big question: where is the 100 million oz of silver that Sprott has sought? 

 

TODAY’S ESTIMATED SILVER VOLUME 75,678 CONTRACTS // volume very good// 

 

FOR YESTERDAY 68,967  ,CONFIRMED VOLUME/  good//

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO +0.10% (MAY 12/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –0.46% to NAV11   (MAY 12/2021 )

 

Note: /Sprott physical gold trust is back into POSITIVE/0.10% (MAY 12/2021)

(courtesy Sprott/)

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA):

 

NAV $19.84 TRADING $19.42//NEGATIVE 2.12

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!)

MAY 14/WITH GOLD UP XX CENTS TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1025.15 TONNES

MAY 13//  WITH GOLD UP 60 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 12/WITH GOLD DOWN $12.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 11/WITH GOLD DOWN $1.60 TODAY;  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 10/WITH GOLD UP $7.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 5.82 TONNES FROM THE GLD./INVENTORY RESTS AT 1025.15 TONNES.

MAY 7/WITH GOLD UP 20,70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.33 TONNES

MAY 6/WITH GOLD UP $15.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.13 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1019.33 TONNES 

MAY 5/WITH GOLD UP $7.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1018.20

MAY 4/WITH GOLD DOWN $14.80 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES INTO THE GLD///INVENTORY RESTS AT 1018.20 TONNES.

MAY 3/WITH GOLD UP $23.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1017.04 TONNES./

APRIL 30/WITH GOLD UP $0.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1017.04 TONNES.

APRIL 29//WITH GOLD DOWN $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 28/WITHGOLD DOWN $4.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 27/WITH GOLD DOWN $2.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES.

APRIL 26/WITH GOLD DOWN $1.80 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 23/WITH GOLD UP $3.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES

APRIL 22/WITH GOLD DOWN $11.30 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 21/WITH GOLD UP $14.40 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESSTS AT 1021.70 TONNES

APRIL 20/WITH GOLD UP $8.25 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.04 PAPER TONNES INTO THE GLD///INVENTORY RESTS AT 1021.70 TONNES

APRIL 19/WITH GOLD DOWN $9.25 TODAY A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 3.2 TONNES FROM THE GLD///INVENTORY RESTS AT 1019.66 TONNES.

APRIL 16/WITH GOLD UP $13.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1022.86 TONNES

APRIL 15/WITH GOLD UP $29.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.21 TONNES FROM THE GLD////INVENTORY RESTS AT 1022.86 TONNES

APRIL 14/WITH GOLD DOWN $11.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1026.07 TONNES

APRIL 13/WITH GOLD UP $14.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1026.07 TONNES

APRIL 12/WITH GOLD DOWN $11.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1026.07 TONNES

APRIL 9/WITH GOLD DOWN $13.50 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.67 TONNES FORM THE GLD//INVENTORY RESTS AT 1026.02 TONNES

APRIL 8/WITH GOLD UP $16.90 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/I: A WITHDRAWAL OF .36 TONNES FROM THE GLD//NVENTORY RESTS AT 1028.69 TONNES

APRIL 7/WITH GOLD DOWN $1.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.78 TONNES FROM THE GLD///INVENTORY RESTS AT 1029.05 TONNES

APRIL 6//WITH GOLD UP $12.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1032.83 TONNES

APRIL 5/WITH GOLD DOWN $1.65 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1032.83 TONNES.

APRIL 1/WITH GOLD UP $13.00 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.50 TONNES

MARCH 31/WITH GOLD UP $28.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.50 TONNES

MARCH 30/WITH GOLD DOWN $28.20 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD… A DEPOSIT OF .88 TONNES//INVENTORY RESTS AT 1037.50TONNES

MARCH 29/WITH GOLD DOWN $20.00 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.41 TONNES FROM THE GLD..//INVENTORY RESTS AT 1036.62 TONNES

MARCH 26/WITH GOLD UP $7.00 TODAY// NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1043.03 TONNES

MARCH//25: WITH GOLD DOWN $7.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES//GOLD REST AT 1043.03 TONNES

MARCH 24//WITH GOLD UP $7.75 TODAY://A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.42 TONNES OF GOLD: THIS GOLD IS BEING RETURNED TO THE BANK OF ENGLAND ON A PHONY LEASE SCAM//INVENTORY RESTS AT 1045.36 TONNES.

MARCH 23/WITH GOLD DOWN $12.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1051.78 TONNES

MARCH 22/WITH GOLD DOWN $3.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.5 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1051.78 TONNES

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

MAY 14 / GLD INVENTORY 1025.15.33 tonnes

LAST;  1056 TRADING DAYS:   +91.18 TONNES HAVE BEEN ADDED THE GLD

LAST 956 TRADING DAYS// +  275.70TONNES  HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

end

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

MAY 14/WITH SILVER UP XX CENTS TODAY NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 563.871 MILLION OZ/

MAY 13/WITH SILVER DOWN 20 CENTS NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 563.871 MILLION OZ/

MAY 12/WITH SILVER DOWN 39 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER WITHDRAWAL OF 1.67 MILLION OZ /INVENTORY RESTS AT 563.871 MILLION OZ//

MAY  11/WITH SILVER UP 17 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ DESPITE THE PRICE RISE//INVENTORY RESTS AT 565.541 MILLION OZ//

MAY 10.WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.81 MILLION OZ FORM THE SLV/INVENTORY RESTS AT 566.747 MILLION OZ//

MAY 7/WITH SILVER UP 2 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.577 MILLION OZ

MAY 6/WITH SILVER UP 90 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV//:1. A WITHDRAWAL OF  FROM THE SLV RECORDED AT 2 PM AND THEN 2. A HUGE DEPOSIT OF 1.31 MILLION OZ INTO THE SLV RECORDED AT 5;20 PM.//INVENTORY RESTS AT 568.577 MILLION OZ//

MAY 5/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 4/WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 3/WITH SILVER UP 99 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 567.481 MILLION OZ

APRIL 30//WITH SILVER DOWN 16 CENTS TODAY; No CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 29/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ..

APRIL 28/WITH SILVER DOWN 31 CENTS TODAY:: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 27./WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 568.687 MILLION OZ//

APRIL 26/  WITH SILVER UP 10 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.260 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.687

APRIL 23/WITH SILVER DOWN 10 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 278,000 OZ INTO THE SLV.///INVENTORY RESTS AT 569.847 MLLION OZ/

APRIL 22/WITH SILVER DOWN 34 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A MASSIVE WITHDRAWLA OF 3.619 MILLION OZ//INVENTORY REST AT 569.569 MILLION OZ..

APRIL 21/WITH SILVER UP 72 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 573.188 MILLION OZ//

APRIL 20/WITH SILVER UP 1 CENT TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIST OF 1.114MILLION OZ INTO THE SLV////INENTORY RESTS AT 573.188 MILLION OZ.

APRIL 19/WITH SILVER DOWN 31 CENTS TODAY: A HUGE  CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.671 MILLION OZ FORM THE SLV//INVENTORY RESTS AT 572.074 MILLION OZ//

APRIL 16.WITH SILVER UP 18 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.113 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 573.745 MILLION OZ//

APRIL 15/WITH SILVER UP 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 14/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 13/WITH SILVER UP 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 12/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ///

APRIL 9/WITH SILVER DOWN 27 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 8/WITH SILVER UP 33 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 7 /WITH SILVER  UP 3 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ. 

APRIL 6/WITH SILVER UP 39 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 256,000 OZ FROM THE SLV////INVENTORY RESTS AT 574.868 MILLION OZ///

APRIL 5/WITH SILVER DOWN 14 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 575.124 MILLION OZ

APRIL 1.WITH SILVER UP 48 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.898 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.124 MILLION OZ/

MARCH 31/WITH SILVER UP 37 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 579.022 MILLION OZ

MARCH 30/WITH SILVER DOWN 62 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 417,000 OZ INTO THE SLV/INVENTORY REST AT 579.022 MILLION OZ..

MARCH 29/WITH SILVER DOWN 34 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 578.605 MILLION OZ.

MARCH 26/WITH SILVER UP 5 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.042 MILLION OZ AT 3 PM AND ANOTHER AT 5.20 PM:  1.949 MILLION OZ /INVENTORY RESTS AT 578.605 MILLION OZ

MARCH 25/WITH SILVER DOWN 15 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL OF 3.253 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 582.596 MILLION OZ

MARCH 24//WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 585.846 MILLION OZ./

MARCH 23/WITH SILVER DOWN 55 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 585.846 MILLION OZ/

MARCH 22/WITH SILVER DOWN 50 CENTS TODAY,TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.486 MILLION OZ FROM THE SLVAT 3 PM AND ANOTHER 2.599 MILLION OZ WITHRAWWAL AT 5:20 ////INVENTORY RESTS AT 585.846 MILLION OZ/ (TOTAL SILVER LEAVING 4.085 MILLION OZ)

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

MAY 11/2021
563.871 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Jim Rickards:

 

-END-

EGON VON GREYERZ//MATHEW PEIPENBURG

OR

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

FELDER

Gold’s Recent Headwind Shifts To A Tailwind

BY TYLER DURDEN
THURSDAY, MAY 13, 2021 – 03:40 PM

Authored by Jesse Felder via TheFelderReport.com,

A couple of months ago, I wrote, “They call copper ‘doctor’ because he’s supposedly got a PhD in economics. And when it comes to inflation, it’s certainly true that he is far more accurate with his forecasts than the vast majority of economists. The recent breakout in the copper price suggests core inflation is likely too low at present and will soon begin to trend higher over the next couple of years.”

Yesterday’s CPI reading validates this view. Core inflation in April came in at nearly 3%, surpassing even most the aggressive forecasts. And while the economists at the Fed would encourage us to view this surge as “transitory,” copper prices would appear to suggest otherwise. According to the doctor, inflation should generally trend higher from its recent lows for a prolonged period of time.

A week after that earlier blog post on inflation, I wrote“Recently, nominal interest rates have been rising faster than inflation creating a headwind for the gold price. However, there is good reason to believe that this trend could soon shift and become a strong tailwind for the gold price again.”

With inflation now rising much faster than interest rates, real rates have now fallen (inverted in the chart below) to a level that should be about as bullish for gold prices as anything we have seen in recent years.

So far, investors don’t seem to read it this way and the gold price is giving back some of its recent gains. However, should these nascent trends in inflation and interest rates prove to be more than “transitory,” as Dr. Copper would seem to suggest, it would appear that the gold price could be significantly undervalued at present.

END

i) Important gold commentaries courtesy of GATA/Chris Powell

 

end

iii) Other physical stories:

CRYPTOCURRENCIES

END

 

Your early FRIDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED UP at 6.4365 /

//OFFSHORE YUAN:  6.4376   /shanghai bourse CLOSED UP 60.84 PTS OR 1.77% 

HANG SANG CLOSED UP 308.90 PTS OR 1.21% 

2. Nikkei closed  636.46 PTS OR 2.32% 

 

3. Europe stocks  ALL GREEN 

USA dollar index  UP TO 90.45/Euro RISES TO 1.2119

3b Japan 10 year bond yield: RISS TO. +.095/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.33/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

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

3e WTI:: 64.59 and Brent: 67.90

3f Gold UP/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED UP/OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.12%/Italian 10 Yr bond yield UP to 1.09% /SPAIN 10 YR BOND YIELD UP TO 0.60%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.13: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.06

3k Gold at $1837.25 silver at: 27.25   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 21/100 in roubles/dollar) 73.95

3m oil into the 64 dollar handle for WTI and 67 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 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.33 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9033 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0958 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.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.12%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.639% early this morning. Thirty year rate at 2.364%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  DOWN  TO 8.44.. DEADLY

Futures, Global Markets Storm Higher As Inflation Fears Fade Away

 
FRIDAY, MAY 14, 2021 – 08:01 AM

US index futures rose with for a second day alongside global markets as a continued drop in commodity prices helped ease fears about inflation risks. Treasuries advanced, cryptocurrencies rebounded from a Thursday rout while the dollar slumped. After a bruising week that saw the biggest one day drop for the S&P since February, higher S&P 500 and Nasdaq 100 contracts signaled a market recovery was gaining momentum.

The three main U.S. stock indexes snapped a three-day losing streak on Thursday after better-than-expected weekly jobless claims data while ignoring the highest annual PPI increase on record. At 7:15a.m. ET, Dow e-minis were up 150 points, or 0.44%, S&P 500 e-minis were up 26 points, or 0.63%, and Nasdaq 100 e-minis were up 132 points, or 1.00%.

As Bloomberg notes, markets are regaining their equilibrium at the end of their biggest retreat in 11 weeks, with the focus of the benefits of an economic rebound overriding worry about the negative side-effect of inflation, for now. That may help to reinvigorate the reflation narrative of picking value shares tied to economic growth over pandemic stay-at-home favorites. Meanwhile, the Fed again reassured markets about the transitory nature of inflation. Among Fed speakers overnight, Governor Christopher Waller signalled that rates won’t rise until policymakers either see inflation above target for a long time or excessively high inflation. He also said he would only get worried if inflation rose above 4%, defining the Fed’s first real “red-line.”

Some notable pre-market moves:

  • FAAMG mega-caps led gains in early trading rising about 1% each
  • Tesla rebounded from yesterday’s rout which saw its stock drop below the 200DMA briefly, adding about 3%.
  • Disappointing Walt Disney subscriber additions overshadowed better-than-expected overall profits, driving down shares of the entertainment company by 3.8%.

Repeating what everyone knows by now, Louise Dudley, global equities portfolio manager at the international business of Federated Hermes said that “stocks with more attractive valuations and slower growth will do well in a higher-interest rate environment” Expensive growth stocks, by contrast, “are sensitive to higher interest rates,” she wrote in a note to clients. In signs that life was returning to normal, revised guidance from the CDC said fully vaccinated people do not need to wear masks outdoors and can avoid wearing them indoors in most places.

Gains in European stocks were led by banks, while miners fell amid a retreat in some raw-material prices. Eurostoxx 600 rose 0.6% bolstered by banks, tech and retail sectors with basic resources the sole sector in the red. Here are some of the biggest European movers today:

  • Sanne shares rise as much as 28%, the most on record, to 770p after the private equity firm Cinven made a proposal to the asset management services provider regarding a possible cash offer of 830p a share, which was rejected earlier this week.
  • Datalogic shares jump as much as 12% after the bar code reader maker reported 1Q results late yesterday, which Equita says are better than expected.
  • Man Group shares jump as much as 4.6% as Credit Suisse raises its 2021 EPS estimate by 30% on higher revenue estimate.
  • Banco BPM shares gain as much as 3.7% after Deutsche Bank upgraded their rating to buy from hold on expectations that its “speculative appeal” will significantly increase as merger talks among Italian lenders should intensify in the 2H following benign earnings.
  • ERG shares fall as much as 9.1% in Milan trading, the steepest intraday decline since March 2020, and is the day’s worst-performer on the FTSE Italia All- Share Index; Banca Akros notes the 2025 Ebitda target is lower than its estimates and consensus.
  • Geox shares drop as much as 6.9% in biggest intraday decline since October after the Italian shoe manufacturer said its 1Q sales were heavily affected by lockdowns.
  • SICIT shares fall as much as 4.7% after Syngenta and Valagro decided against pursuing their interest in the Italian agriculture biostimulants maker.

Earlier in the session, Asian stocks also stormed higher, with the regional benchmark snapping a three-day slump that plunged it into a technical correction. The MSCI Asia Pacific Index rose 1.2%, with equities in China and Japan leading the region. Technology stocks, which have been at the forefront of the recent rout, were the biggest boost to the gauge’s advance. The rebound comes after the Asian index lost 4.9% in a three-day slide that was its worst since June last year, owing to rising investor concern over inflation and a resurgence in virus infections in many countries. Sentiment worsened further after data showed U.S. consumer prices climbed in April by the most since 2009, with the Asian equities gauge extending its losses from a mid-February peak to more than 10% as of Thursday. “The U.S. CPI was higher than expected, but with that, the rise in inflation has been priced it for the time being and the market didn’t respond that much to the U.S. PPI data,” said Nobuhiko Kuramochi, a market strategist at Mizuho Securities Co. “With the latest data, people were able to grasp how high U.S. inflation could get and, while the numbers may remain high for the next few months, the extent of the surprise will likely be limited,” Kuramochi said. Chinese shares also rallied after the MSCI China Index tumbled into a bear market on Thursday as losses from its mid-February high extended to more than 20%.

Equities in Hong Kong and on the mainland have suffered as Beijing cracks down on heavyweight tech firms over monopolistic practices, adding to concerns of liquidity tightening in China. Chip-making giants Taiwan Semiconductor Manufacturing and Samsung Electronics were among the biggest contributors to the Asian benchmark’s gain Friday. Financials and industrials were other top-performing sectors. Yet even with Friday’s advance, the MSCI Asia Pacific Index dropped more than 3% this week, putting it on course for its worst weekly loss since February. Mark Matthews, head of Asia research at Bank Julius Baer & Co., expects “choppy” trading ahead for the region’s equities in the near term, as slow progress in vaccinations could lead to a divergence in economic fundamentals with places like the U.S. “You have to have a strong vaccination program in order to open up and rejoin the rest of the world and keep the virus at bay,” Matthews said, noting how some Asian countries are resorting to lockdowns again. “The longer that this persists I think it’s bad for Asia.”

Japanese shares led the rebound in Asian markets on Friday, building on the lead from investors on Wall Street snapping up stocks that would benefit most from an economic recovery. Japan’s Nikkei jumped 1.3%. The rally interrupted a three-day rout for stocks globally, as market jitters over accelerating U.S. inflation were calmed by Federal Reserve officials reiterating that price pressures from the reopening of the economy would prove transitory.

“U.S. equities were up, so there is a bit of relief in Asia,” said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong. However, “we certainly are going to have some volatility near-term,” as markets react to CPI and other economic indicators for clues on the path for U.S. monetary policy. The Fed may open the discussion on tapering its asset purchases as soon as the policy meeting next month, he said.

In rates, the 10-year Treasury yield fell to 1.63% and Treasuries recovered from the prior session’s weakness, and outperformed Bunds. Treasuries rose with stock futures after regional bond buyers returned during Asia session. Treasury 10-year yields around 1.634% are ~2bp richer on the day; long-end-led gains flatten 5s30s and 2s10s by more than 1bp. Gains were sustained during European morning led by gilts with bunds lagging, as S&P 500 futures exceeded Thursday’s highs. A busy U.S. economic data slate includes retail sales and industrial production. U.S. swap spreads widen by up to 2bp across long-end following Thursday’s sharp tightening move.

In FX, the U.S. currency was steady against a basket of its major peers, with the dollar index consolidating around the 90.70 level for a second day on Friday, following Wednesday’s 0.6% jump. The Bloomberg Dollar Spot Index extended losses in the European session as the greenback fell versus all of its Group-of-10 peers and the euro climbed back above $1.21. Norway’s krone led G-10 gains, paring some of this week’s losses, after nearing the 55-DMA yesterday; the pound was the weakest G-10 performer on the day, but still headed for a second week of gains against a bruised dollar. The Aussie steadied but still headed for its biggest weekly decline in seven weeks, with losses driven by faster-than-expected U.S. inflation data and a slide in iron ore. Australia’s government said it’s ready to resume dialog with China. Japan’s bonds rose as the central bank’s purchases encouraged investors to take advantage of the recent increase in yields; the yen headed for a weekly loss. The yuan gained while most other emerging Asian currencies stayed in narrow ranges as investors assessed the impact of rising global inflation and coronavirus cases on the economic growth.

The market may still be finding its equilibrium after the post-CPI USD spike,” says Terence Wu, FX strategist at foreign- exchange strategist at Oversea-Chinese Banking Corp. “Expect major USD-Asia pairs to be implicitly heavy for now, save for the USD-SGD, which is higher on idiosyncratic COVID-19 developments”; he also said that the market is not yet in an outright risk-on mode, and sentiment could turn south again.

Some wondered if the bubble in commodities had popped as iron ore continued its fall from a record amid efforts by China to clamp down on surging prices, with the metal set for the biggest two-day plunge since 2019. Copper prices were on course for their first weekly decline since the start of April on Friday as rising inflation fears and a dip in demand from China dragged prices down. Oil prices remained subdued following a drop on Thursday as a recent rally paused as investors turned their attention to the coronavirus crisis in India, and as the top U.S. fuel pipeline network resumed operations. Brent crude was little changed at $67.02 a barrel, while U.S. West Texas Intermediate crude edged up 0.1% to $63.85 a barrel. Gold traded at around $1,824 an ounce at the end of the week, largely unchanged from the previous day, when it recovered some of Wednesday’s losses.

In cryptocurrencies, bitcoin recovered back over $50,000 on Friday, after plunging to a 2-1/2-month low of $45,700 in the previous session, while Ethereum was back over $4000, when a media report of a regulatory probe into crypto exchange Binance added to pressure from Tesla chief Elon Musk’s reversing his stance on accepting the digital currency.  Much smaller rival dogecoin jumped as much as 20% to $0.52 after Musk said on Twitter that he was involved in work to improve the token’s transaction efficiency.

To the day ahead now, and the data highlights from the US include April’s retail sales, industrial production and capacity utilisation, along with the University of Michigan’s preliminary consumer sentiment index for May. From central banks, the ECB will be publishing the account of its April meeting, and Dallas Fed President Kaplan will be speaking.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,130.25
  • STOXX Europe 600 up 0.3% to 438.83
  • MXAP up 1.3% to 200.43
  • MXAPJ up 0.8% to 670.04
  • Nikkei up 2.3% to 28,084.47
  • Topix up 1.9% to 1,883.42
  • Hang Seng Index up 1.1% to 28,027.57
  • Shanghai Composite up 1.8% to 3,490.38
  • Sensex down 0.1% to 48,620.49
  • Australia S&P/ASX 200 up 0.5% to 7,014.24
  • Kospi up 1.0% to 3,153.32
  • Brent Futures up 0.4% to $67.29/bbl
  • Gold spot up 0.5% to $1,834.96
  • U.S. Dollar Index down 0.32% to 90.46
  • German 10Y yield down -0.9 bps at -0.130%
  • Euro up 0.4% to $1.2124

Top Overnight News from Bloomberg

  • U.K. ministers may bring forward second vaccine doses for millions of people and local restrictions could be imposed to curb the spread of a Covid-19 variant from India
  • Bitcoin was on course for a weekly slump of more than 10% after Tesla Inc.’s Chief Executive Officer Elon Musk doubled down on his attack on the token’s energy demands
  • Iron ore’s slump from a record accelerated as China ramps up efforts to control a dizzying surge in prices. Tangshan city banned steelmakers from fabricating or spreading price-hike information, the latest in a list of measures targeting the hub, after Premier Li Keqiang earlier this week urged China to deal with surging prices
  • The U.K. Debt Management Office (DMO) announces the appointment of a syndicate to sell by subscription the forthcoming launch of the new 0 1/8% Index-linked Treasury Gilt 22-March-2039. The transaction is planned to take place in the week commencing 24 May 2021, subject to demand and market conditions
  • Israel’s ground forces fired artillery into the Hamas-run Gaza Strip early Friday after a blistering four-day air assault failed to quell militant rocket attacks, sweeping aside international appeals for de-escalation and possibly preparing for an assault by troops

Asia-Pac stocks were higher as the region took impetus from the firm performance in the US where the major indices recovered from the recent inflation-triggered sell-off and snapped a 3-day losing streak, with sentiment helped by data releases including pandemic-low jobless claimant numbers and although PPI printed firmer than expected, it remained within the range of analysts’ estimates unlike the recent blow out CPI. ASX 200 (+0.5%) was led higher by commodity-related stocks and with the energy sector atoning for the underperformance in US counterparts despite the continued retreat of oil prices from cyclical highs, while Treasury Wine Estates was among the biggest gainers as it plans to pivot to the US market and focus on its profitable Penfolds brand in an effort to spur profit growth amid the impact from Chinese tariffs. Nikkei 225 (+2.3%) benefitted from recent favourable currency moves and the global stock rebound, which has helped participants look past the ongoing COVID concerns and looming inclusion of 3 additional prefectures to the state of emergency list. Hang Seng (+1.1%) and Shanghai Comp. (+1.8%) were also firmer but with gains initially moderated as US-China tensions lingered following comments from US Secretary of State Blinken who reiterated support for Australia against economic coercion from China and USTR Tai suggested new trade laws are required to address the anti-competitive threats from China against key high-tech US industries. Earnings releases also provided a catalyst for price moves with Alibaba shares the biggest laggard in the Hang Seng. Finally, 10yr JGBs were positive as they tracked the rebound in T-notes and with the BoJ also present in the market for nearly JPY 1.4tln of JGBs with 1yr-10yr maturities, although gains in the 10yr benchmark were capped amid the outperformance in Japanese stocks.

Top Asian News

  • JD Logistics $3.5 Billion IPO Said to Draw SoftBank, Temasek
  • IPhone Maker Hon Hai Again Warns Components Crunch Worsening
  • Japan Post Insurer Will Buy Back $3.3 Billion of Its Shares
  • China Orders Didi, Meituan to Rectify Ride-Hailing Abuses

Bourses in Europe trade with broad-based gains across the board (Euro Stoxx 50 +0.6%) following the recovery seen on Wall Street yesterday which resulted in a positive vibe reverberating across APAC after a tumultuous week. US equity futures also see modest gains with participants awaiting fresh fundamental catalysts and further US data releases in what has, thus far, been a quiet morning. Sectors in Europe are mostly in the green except for Basic Resources amid a pullback in base metal prices (see commodities section), but it is difficult to discern a particular risk profile. Banks, Insurance, Retail, Household Goods, Oil & Gas, and Tech reside as the top performers while Healthcare and Travel & Leisure dwell among the laggards. Travel & Leisure has been underwhelmed by reports of uncertainty regarding UK tourism in Portugal after the Portuguese “state of calamity” was extended. In terms of individual movers, Adidas (+1.2%) are firmer amid source reports that Authentic Brands Group has teamed up with Wolverine World Wide to offer around USD 1bln for Reebok, albeit sources valued the unit at around EUR 1.2bln back in February. Meanwhile, French heavyweight Danone (-1.7%) is pressured after being downgraded at Goldman Sachs.

Top European News

  • U.K. Fraud Prosecutor Opens Investigation Into GFG
  • German Curbs Set to Ease as Covid Cases Drop Below Key Level
  • Londoners Eye a Return to City Center as Rental Viewings Soar
  • Sanne Rises 28% After Rejecting Proposal at 830p/Share

In FX, the Dollar continues to cool off after its midweek melt-up in response to significantly stronger than forecast US CPI data, awaiting the remaining releases of the week that comprise retail sales, ip and preliminary Michigan sentiment with updates to year ahead and 5 year inflation expectations, all before another speech from Fed hawk Kaplan. The Buck is also drifting back amidst renewed bull-flattening along the Treasury curve, albeit fairly mild and more in relief that the latest Quarterly Refunding has been completed rather than a positive reaction to the long bond finale that was far from well received. Moreover, broad risk sentiment has recovered somewhat following a positive Wall Street session to ‘end’ a 3-day run of consecutive losses to leave the DXY prone to further retracement from Wednesday’s peaks and a test of support around 90.500 having narrowly failed to scale technical resistance ahead of 91.000 when the headline and core inflation heat was full on.

  • CHF/EUR/NZD – All taking advantage of the Greenback’s loss of impetus, with the Franc now considerably closer to 0.9000 compared to just shy of 0.9100 at the current w-t-d peak and Euro looking appreciably more comfortable on the 1.2100 handle than it has of late, while the Kiwi is probing 0.7200 again irrespective of a marked slowdown in NZ’s manufacturing PMI.
  • AUD/CAD/GBP/JPY – The Aussie has overcome another pretty sharp reversal in copper and iron ore overnight to bounce firmly from the low 0.7700 area vs its US counterpart, but may find the half round number above tough to breach again given 1.3 bn option expiry interest rolling off at the NY cut. Conversely, a recovery in oil has helped the Loonie pare declines and regain 1.2150+ status even though BoC Governor Macklem expressed concerns about further Cad appreciation and the adverse impact this might have on Canadian exports plus policy settings if the Loonie rallies a lot further. On that note, and for reference Usd/Cad hit circa 1.2046 lows only 2 days ago to set yet another multi-year trough and was as high as 1.2654 before the BoC tapered QE and swivelled hawkishly on rates. Elsewhere, the Pound is still pivoting 1.4050, but looks increasingly bearish against the Euro as the cross rebounds a bit further above 0.8600, while the Yen is straddling 109.50 where 1.1 bn option expiries reside and not displaying too much dismay over Japan’s deteriorating COVID-19 situation at this stage against the backdrop of more favourable (softer) UST yields.
  • SCANDI/EM – Some relief for the Nok after Thursday’s slide via the aforementioned revival in risk appetite and crude prices, while the Mxn has reclaimed 20.0000+ status in wake of Banxico maintaining rates as expected, but retaining a commitment to ensure that headline inflation converges to the 3% target within the policy horizon. However, the Czk has not gleaned much upward thrust from CNB minutes largely confirming a hike in June.

In commodities, WTI and Brent front month futures have trimmed overnight losses and some more, with traders citing yesterday’s weakness to an unwind in the Colonial pipeline premium alongside the worsening COVID situation in Asia – with India still in a critical condition whilst Taiwan and Singapore see rising cases which prompted the latter to tighten restrictions. Meanwhile, geopolitics remain in vogue as the Israeli/Palestinian conflict remains heated, as headlines also emerged regarding an Azeri/Armenian violation and Russia is reportedly involved as a mediator. Meanwhile, there is little to report on the JCPOA front. WTI Jun has reclaimed a USD 64/bbl handle (vs low 63.33/bbl) whilst Brent Jul extends gains above USD 67/bbl (vs low 66.50/bbl). Elsewhere, precious metals have been moving in tandem with yields and the Buck and thus have been grinding higher, with spot gold just under USD 1,850/oz (vs low 1,826/oz) whilst spot silver inches higher above USD 27/oz. Base metals meanwhile have been seeing losses with LME copper back below USD 10,250/t at the time of writing following the recent run, whilst iron ore and coke futures in Dalian hit limit down overnight as China top steel-making Tangshan said it requires firms to control price surges and will severely punish price manipulation.

US Event Calendar

  • 8:30am: April Import Price Index YoY, est. 10.2%, prior 6.9%; MoM, est. 0.6%, prior 1.2%
  • 8:30am: April Export Price Index YoY, est. 14.0%, prior 9.1%; MoM, est. 0.8%, prior 2.1%
  • 8:30am: April Retail Sales Advance MoM, est. 1.0%, prior 9.8%, revised 9.7%
    • April Retail Sales Ex Auto MoM, est. 0.6%, prior 8.4%
    • April Retail Sales Control Group, est. -0.4%, prior 6.9%;
  • 9:15am: April Industrial Production MoM, est. 0.9%, prior 1.4%; Manufacturing Production, est. 0.3%, prior 2.7%
  • 10am: March Business Inventories, est. 0.3%, prior 0.5%
  • 10am: May U. of Mich. Sentiment, est. 90.0, prior 88.3; Expectations, est. 84.5, prior 82.7;  Current Conditions, est. 99.8, prior 97.2
  • 10am: May U. of Mich. 5-10 Yr Inflation, prior 2.7%; 1 Yr Inflation, est. 3.5%, prior 3.4%

DB’s Jim Reid concludes the overnight wrap

Following a torrid start to the week, markets finally showed signs of recovering their footing yesterday, something that’s extending overnight. The S&P 500 (+1.22%) and the MSCI World Index (+0.55%) both advanced after a run of 3 successive declines. The mood got better as the day went on, with Europe’s STOXX 600 pulling back from an intraday low of -1.75% to close just -0.14% lower, while S&P 500 futures were also pointing lower during the morning in Europe (-0.72% at the lows). Markets are hanging on the current dovish words from Fed officials to offset some of the inflation shock but relatively positive data on US jobless claims also helped to support the mood, which saw 444 companies in the S&P 500 move higher on the day, the broadest advance in over a month. Technology stocks continued to underperform, with the NASDAQ up “just” +0.72% and with the NYFANG+ index declining -0.73%, with the latter heavily-concentrated index now down -2.25% YTD.

Indeed yesterday’s Fed speakers helped to reassure investors that the central bank was in no hurry to raise rates, and expectations for future rate hikes moved down marginally from where they were the previous day. Richmond Fed President Barkin said that he didn’t see persistent recurring inflation as likely, while later on Fed Reserve governor Waller joined the chorus saying that the rise in prices is “temporary”. This comes even as he forecasts inflation remaining above the 2% target through 2022, though he acknowledged that persistent 4% monthly increase would be “very concerning”. Waller wants to observe a few months of economic data before calling any point an outlier or adjusting any policy stances. Waller explained that, “despite the unexpectedly high CPI inflation report yesterday, the factors putting upward pressure on inflation are temporary, and an accommodative monetary policy continues to have an important role to play in supporting the recovery.” St. Louis Fed President Bullard, a non-voter this year, thinks that inflation “is likely to be meaningfully above 2% over the forecast horizon,” but that an inflation outcome modestly above the 2% inflation target in the short term “would be a welcome development for the FOMC, as inflation has generally been below target for many years.” So no real concern. Overall the Fed are seemingly doubling down on the transitory inflation message which will help the market in the short-term but creates more asset price risk if they are forced to admit that there is a permanence to some of the inflation further down the road.

Another small respite on the inflationary front yesterday came from declines in a number of key commodities, with Bloomberg’s commodity spot index down -2.31% yesterday in its worst day for nearly two months. Obviously this is just one day lower in what’s generally been a strong march upwards over the last year, but the rise in a number of key inputs has been a contributing factor to the strong price pressures we’ve seen lately. In terms of the specific moves, both WTI (-3.42%) and Brent crude (-3.27%) oil prices lost ground, copper (-0.99%) fell for a 2nd day running, and corn futures were down -5.08% as they remained on track to end a run of 6 successive weekly advances.

Nevertheless, while commodity prices were falling, the latest data on US producer prices added to the theme of building inflationary pressures, with the month-on-month reading coming in at a stronger-than-expected +0.6% in April (vs. +0.3% expected), which in turn sent the year-on-year number up to +6.2%. All eyes will be on today’s retail sales reading to see where that comes out for April, with our economists expecting a +2.0% monthly gain on the headline number. The CoTD yesterday (link here) showed that we’ve already pulled forward around 5yrs of retail sales growth since the pandemic started. Remarkable.

Ahead of this report, we also got some positive signs on recent labour market progress following the disappointing April jobs report, as the initial jobless claims for the week through May 8 fell to 473k (vs. 490k expected), their lowest level since the pandemic began. Interestingly, in yet another sign that firms were struggling to hire in the current labour market, McDonald’s announced that they’d be raising hourly wages in company-owned restaurants by 10% on average. Amazon joined in yesterday announcing that its hiring 75k employees across the US and Canada with a focus on positions in its warehouses. In order to entice potential employees, the retailer is offering a $100 bonus if workers are already vaccinated and signing on bonuses of as much as $1000 in some locations. Wages also reportedly have increased to $17/hr, a marked increase from the $15/hr starting wage typically offered by the firm. Is the “Amazonification” impact becoming more balanced rather than just disinflationary?

Back to markets and Sovereign bond yields hit fresh highs in Europe yesterday, although they came off these heady heights towards the close. Yields on 10yr bunds were up a further +0.5bps to their highest level in nearly 2 years, as were 10yr gilts with their own +1.2bps increase. Treasuries had a much stronger performance however, with 10yr yields coming down -3.4bps to 1.657%, which included a decline in inflation breakevens (-2.6bps) to 2.54%, coming off their 8-year high the previous day.

Overnight in Asia, markets have taken Wall Street’s lead with the Nikkei (+2.27%), Hang Seng (+0.95%), Shanghai Comp (+1.21%) and Kospi (+0.81%) all up. Futures on the S&P 500 are also up +0.47%. Elsewhere, in a further sign of easing commodity prices, iron ore prices are down -8.87% this morning while SHF steel rebar prices are also down -6%. In other news, the Federal Reserve in its new schedule, which runs from May 14 to June 11, has tweaked the US treasury purchases to buy more securities maturing in seven years or longer while keeping the monthly pace at about $80bn. The Fed will now buy $20.25bn in those longer terms tenors (vs. $17.75bn previously).

Elsewhere, bitcoin (-9.5%) saw a significant slump yesterday as the cryptocurrency fell back beneath the $50,000 mark again, closing beneath that level for the first time since April 25. It’s fairly flat overnight. As we touched on in yesterday’s edition, this followed Elon Musk tweeting that Tesla was suspending vehicle purchases using bitcoin, saying that they were concerned about its use of fossil fuels. Later in the day, he went on to put out another tweet highlighting its electricity consumption, which is something that we previously highlighted in a CoTD back in February (link here). Nevertheless, even before Musk’s tweets there were already signs that the astonishing rally we saw in bitcoin around the turn of the year has begun to peter out, with April seeing its first monthly decline since September, and its performance so far in May leaving it on track for a second one.

On the pandemic, the news continued to brighten somewhat at the global level, with the rate of new cases continuing to decline since their peak 2 weeks ago. However, a number of countries in Asia are continuing to impose fresh restrictions to deal with the pandemic. Overnight, the Japanese government has said that it will be expanding the state of emergency to three more prefectures to include the northern island of Hokkaido as well as the Hiroshima and Okayama prefectures, effective from May 16 through to the end of the month. Japan’s current emergency measures covers Tokyo, Osaka, Hyogo, Kyoto, Aichi and Fukuoka prefectures, which make up about 40% of the country’s economy and the imposition of emergency rules in the additional prefectures increases the risk that the economy might slip back into recession. Singapore’s local cases have now also risen to the highest since July and this is leading to concerns that a travel bubble with Hong Kong may get delayed again.

Meanwhile, here in the UK, the government might bring forward second vaccine doses for millions of people, according to a Bloomberg report. This comes as the spread of a Covid-19 variant from India has risen to 1,313 new cases from 520 over the past week and Public Health England has assessed the strain to be “at least as transmissible” as the so-called Kent variant that took hold in December. Elsewhere the US announced passing another marker on the path-to-normal, as the CDC said fully vaccinated Americans no longer need to physically distance or wear masks indoors or outside. However the mask guidance remains in place for airports, trains and other forms of public transportation. 59% of American adults have now received at least one shot, though vaccination raters have slowed somewhat over the last few weeks. In a move that could have follow-through to employment numbers, the president of the largest teacher union in the US (American Federation of Teachers) called on a full reopening of schools in the Fall, a critical shift from an important voice in the effort.

To the day ahead now, and the data highlights from the US include April’s retail sales, industrial production and capacity utilisation, along with the University of Michigan’s preliminary consumer sentiment index for May. From central banks, the ECB will be publishing the account of its April meeting, and Dallas Fed President Kaplan will be speaking.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED  UP 60.84 PTS OR 1.77%   //Hang Sang CLOSED UP 308.90 PTS OR  1.21%     /The Nikkei closed UP 636.46 pts or 2.32%  //Australia’s all ordinaires CLOSED UP 0.42%

/Chinese yuan (ONSHORE) closed UP AT 6.4365 /Oil UP TO 64.59 dollars per barrel for WTI and 67.90 for Brent. Stocks in Europe OPENED ALL GREEN  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4365 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4376   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

 

END

b) REPORT ON JAPAN

JAPAN//USA/FRANCE

This will annoy China greatly.  The USA Japan and France are holding their first ever drills in Japanese territorial waters which of course is eying China

DeCamp/Antiwar.com 

US, Japan, France Hold First-Ever Joint Drills In Japanese Territory With Eye On China

 
THURSDAY, MAY 13, 2021 – 10:05 PM

Authored by Dave DeCamp via AntiWar.com,

The US, France, and Japan on Tuesday began joint ground and naval military exercises, marking the first time the three countries are holding drills together in Japanese territory.

The week-long exercises come as the US is looking to boost military cooperation between its allies in the region to counter China. Tensions between Japan and China have been high due to a dispute over the Senkaku Islands in the East China Sea.

Getty Images

The exercises started in the Nagasaki Prefecture at Camp Ainoura, where Japan’s Amphibious Rapid Deployment Brigade is headquartered. The Japanese amphibious unit was established in 2018 and was created to focus on outlying islands that Japan claims, like the Senkakus, or Diayous as they are known in China.

Speaking to reporters, Japanese Defense Minister Nobuo Kishi said Tokyo was looking to expand its military ties with “like-minded” countries beyond the US. He described France as “a like-minded country that shares with Japan the vision of a free and open Indo-Pacific.”

Australia will also join a part of the exercises that will be held in the East China Sea. The US, Japan, Australia, and India form the informal grouping known as the Quad, which is seen as a possible foundation for a NATO-style military alliance in Asia. France joined the Quad for military exercises when it led naval drills in the Bay of Bengal.

Above: Opening ceremony for exercise Jeanne D’Arc 21, in Camp Ainoura, Sasebo, Japan, May 11, 2021. Source: US Marine Corps

Strengthening military ties in Asia is a crucial part of the Biden administration’s China policy. In his first address to Congress, President Biden said he told Chinese President Xi Jinping that the US “will maintain a strong military presence in the Indo-Pacific just as we do with NATO in Europe.”

3 C CHINA

CHINA

There is no question about it;  the Virus came from the Wuhan lab

(zerohedge)

Group Of Scientists Insist COVID-19 “Lab Leak” Theory Deserves Further Investigation

 
FRIDAY, MAY 14, 2021 – 09:56 AM

As Beijing continues to stonewall international demands to know more about the origins of SARS-CoV-2, the virus that spread COVID-19 throughout the world,  more scientists are coming forward to insist that the “lab leak” theory of COVID-19’s origins is credible, and that it will remain so unless Beijing comes forward with more information proving it incorrect.

Regular Zero Hedge readers might remember that we were abruptly banned from Twitter last summer for reporting on the leak “conspiracy theory”. Ultimately, an inaccurate Buzzfeed story claiming we “doxxed” a scientist associated with the Wuhan Institute of Virology – the level 4 biosafety lab that just happens to be situated a mile away from the wet market that was offered up as “ground zero” for the global outbreak – was used to ban us (though our access was reinstituted a few months later, shortly before the MSM embraced the lab leak theory, even reporting that the US intelligence committee is seriously examining the possibility).

Even the international team of scientists sent to “investigate” the origins of the virus has been forced to concede that the leak theory cannot be conclusively debunked, and that it remains credible. In fact, the only thing the WHO team seemingly managed to dig up during their heavily-monitored mission to Wuhan was that the virus originated in bats but likely infected humans via another animal. A “60 Minutes” special recently slammed the WHO report as “curated”, and criticized Beijing for refusing to allow investigators unfettered access to the lab and other areas of interest, while also withholding data on early infections that some believe might harbor signs that the virus started spreading even earlier than officials have claimed.

Now, a group of 18 scientists is insisting that the lab leak theory deserves more attention in a letter to the journal Science:

“More investigation is still needed to determine the origin of the pandemic,” said the 18 scientists, including Ravindra Gupta, a clinical microbiologist at the University of Cambridge, and Jesse Bloom, who studies the evolution of viruses at the Fred Hutchinson Cancer Research Center.

“Theories of accidental release from a lab and zoonotic spillover both remain viable.”

The letter noted that there are several theories about the virus’s origins, and that all credible theories should be taken seriously.

“We must take hypotheses about both natural and laboratory spillovers seriously until we have sufficient data,” the scientists said, adding that an intellectually rigorous and dispassionate investigation needed to take place.

While the WHO team dismissed the lab leak theory as “extremely unlikely,” the scientists wrote that the theory wasn’t given “balanced consideration” with its other theory. In the final report, only 4 of the 313 pages addressed the possibility of a laboratory accident.

It also criticized the WHO and said the investigation into the origins of the virus had not made a “balanced consideration” of the theory that it may have come from a laboratory incident.

Read the full letter below:

On 30 December 2019, the Program for Monitoring Emerging Diseases notified the world about a pneumonia of unknown cause in Wuhan, China (1). Since then, scientists have made remarkable progress in understanding the causative agent, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), its transmission, pathogenesis, and mitigation by vaccines, therapeutics, and non-pharmaceutical interventions. Yet more investigation is still needed to determine the origin of the pandemic. Theories of accidental release from a lab and zoonotic spillover both remain viable. Knowing how COVID-19 emerged is critical for informing global strategies to mitigate the risk of future outbreaks.

In May 2020, the World Health Assembly requested that the World Health Organization (WHO) director-general work closely with partners to determine the origins of SARS-CoV-2 (2). In November, the Terms of Reference for a China–WHO joint study were released (3). The information, data, and samples for the study’s first phase were collected and summarized by the Chinese half of the team; the rest of the team built on this analysis. Although there were no findings in clear support of either a natural spillover or a lab accident, the team assessed a zoonotic spillover from an intermediate host as “likely to very likely,” and a laboratory incident as “extremely unlikely” [(4), p. 9]. Furthermore, the two theories were not given balanced consideration. Only 4 of the 313 pages of the report and its annexes addressed the possibility of a laboratory accident (4). Notably, WHO Director-General Tedros Ghebreyesus commented that the report’s consideration of evidence supporting a laboratory accident was insufficient and offered to provide additional resources to fully evaluate the possibility (5).

As scientists with relevant expertise, we agree with the WHO director-general (5), the United States and 13 other countries (6), and the European Union (7) that greater clarity about the origins of this pandemic is necessary and feasible to achieve. We must take hypotheses about both natural and laboratory spillovers seriously until we have sufficient data. A proper investigation should be transparent, objective, data-driven, inclusive of broad expertise, subject to independent oversight, and responsibly managed to minimize the impact of conflicts of interest. Public health agencies and research laboratories alike need to open their records to the public. Investigators should document the veracity and provenance of data from which analyses are conducted and conclusions drawn, so that analyses are reproducible by independent experts.

Finally, in this time of unfortunate anti-Asian sentiment in some countries, we note that at the beginning of the pandemic, it was Chinese doctors, scientists, journalists, and citizens who shared with the world crucial information about the spread of the virus—often at great personal cost (8, 9). We should show the same determination in promoting a dispassionate science-based discourse on this difficult but important issue.

END

CHINA/AUSTRALIA

Australia has been hit hard by the boycotting of goods by China.  They are now ready for dialogue with China. Beijing is still ratchening up their trade war. 

(zerohedge)

Australia “Ready” To Resume Dialogue With China As Beijing Ratchets Trade War

 
THURSDAY, MAY 13, 2021 – 11:05 PM

The past months have seen Australia-China relations reach their lowest point in history. That decline was brought about in Canberra’s decision to join the United States in seeking to curtail China’s economic and political rise, particularly during the final year of the Trump administration.

The cost has been huge for Australian exports, given China has long been its biggest trading partner, and has since the summer played hardball as it holds all the cards in the trade war, unleashing barriers and sanctions resulting in severe collateral damage on everything from seafood to coal to barley to wine to beef, and tourism sectors – along with hitting some other commodities, even timber.

And now Australia says it’s ready and willing to resume dialogue with Beijing. On Thursday Australia’s Foreign Minister Marise Payne announced at a press conference while standing alongside US Secretary of State Antony Blinken: “Australia seeks a constructive relationship with China we stand ready at any time, amongst all of my counterparts and colleagues, to resume dialogue.”

She underscored further while meeting her US counterpart in D.C. that Australia is “open, clear, consistent” on the number of immense challenges it faces with China.

And Blinken responded by assuring its ally that the United States will not leave Australia “alone” in the face of China’s aggressive economic coercion

“I reiterated that the United States will not leave Australia alone on the field, or maybe I should say alone on the pitch, in the face of economic coercion by China. That’s what allies do. We have each other’s backs so we can face threats and challenges from a position of collective strength,” Blinken said.

Payne had followed up further with saying her country “seeks a constructive relationship with China” and that “We stand ready at any time, amongst all of my counterparts and colleagues, to resume dialogue.”

“But we have also been open and clear and consistent about the fact that we are dealing with a number of challenges. We welcome the clear expressions of support from Washington as Australia works through those differences. It is hard to think of a truer expression of friendship,” the top Australian diplomat added.

END

4/EUROPEAN AFFAIRS

EUROPE

Interesting: 27% of all European adults are likely to refuse vaccines

(zerohedge)

Poll Shows 27% Of European Adults Likely To Refuse Vaccine In Latest Threat To Growth Outlook

 
FRIDAY, MAY 14, 2021 – 02:45 AM

After getting off to a rocky start, Europe’s vaccination campaign has accelerated in recent weeks, despite lingering restrictions on the continent’s “workhorse” AstraZeneca jab (over concerns about deadly cerebral blood clots that have affected a small number of patients with low blood-platelet counts), and lingering skepticism among many younger people, including health-care workers.

According to the latest numbers from Bloomberg, more than 1.36 billion doses of various vaccines have been administered (though this figure likely leaves out many millions who have been vaccinated in China) and of these, EU countries have administered just over 200M. Still, only 12% of European adults have been fully vaccinated, and that number has been rising with agonizing slowness.

And as the US prepares to start vaccinating children as young as 12, vaccine skepticism remains a major long-term obstacle to Europe’s long-term growth outlook, which is becoming an increasingly important piece of many investors’ outlook for an expected sharp rebound in global growth over the coming year as the developed world emerges from the COVID era.

Just this morning, Starwood’s Barry Sternlicht exclaimed during an interview on CNBC’s “Squawk Box” that Europe is still mostly under lockdown. But when it reopens “hold on to your chair.”

Well, the latest data out of Europe show that what the FT calls “vaccine hesitancy” remains widespread:

In the bloc, 27 per cent of adults said they were “very unlikely” or “rather unlikely” to agree to a coronavirus shot, the Eurofound survey showed.

Hesitancy is highest in eastern countries, with Bulgaria leading with 61% saying they’re “nervous” about the jab.

Rejection is higher in many eastern European countries, with Bulgarians the most hesitant of all: 61 per cent are nervous of receiving the jab. Elsewhere in the region, the report finds more than 30 per cent hesitancy in Latvia, Croatia, Slovenia, Poland and Slovakia. Some are as high as 50 per cent.

But the most skeptical among the larger EU countries might surprise readers: It’s France – where only half of adults say they are “likely” or “rather likely” to get the vaccine. The numbers for Spain and Italy are much lower at just 20%.

All this begs the question: As Europe’s biggest economies remain under lock and key (with the notable exception of the UK), will the Continent ever reopen?

 
 end
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/PALESTINIANS

5:30 pm Thursday.

Ground operations begin with Israeli invasion of GAZA

(zerohedge)

Israel’s Military Initiates Ground Invasion Of Gaza

BY TYLER DURDEN
THURSDAY, MAY 13, 2021 – 05:50 PM

update(5:50pm): Israel has announced the commencement of ground operations in Gaza: “IDF air and ground troops are currently attacking in the Gaza Strip,” the Israeli Defense Forces spokesperson announced on social media. 

While IDF statements to the media appear to be stopping short of calling the new operation a “ground invasion” – it appears this is exactly where things are going, resembling the devastating 2014 war. 

Israel’s Kann state broadcaster is citing reports that the electricity is completely cut after massive attacks on northern Gaza.

Tanks and artillery units were already mustered at the border, assisting in the airstrikes with mortar and tank fire.

Into the night hours Thursday (local time), Hamas unleashed a large wave of rockets on southern and into central Israel.

Israel has vowed to expand its Gaza operations until “there is complete quiet” – according to the words of Defense Minister Benny Gantz.

Today was also widely reported as the worst day for rioting and ‘lynching attacks’ in Jewish-Arab mixed cities and towns across Israel…

Israel’s Defense Ministry had earlier in the day called up close to 10,000 reserve forces and put a freeze on troops departing their assigned posts for military leave. This after Israel’s media began widely reporting that the Defense Ministry has put contingency plans in place for “all-out war”.

The reports come after on Wednesday Defense Minister Benny Gantz previously threatened “Gaza will burn”. He said: “If citizens of Israel have to sleep in shelters” due to Hamas rocket attacks “then Gaza will burn.”

* * *

On Thursday Israeli troops have begun amassing at Gaza’s border amid widespread rumors of preparations for a ground invasion. It comes also as violence between Jewish and Arab communities inside Israel ratcheted further overnight, taking the form of mob riots and attacks on either mosques or synagogues. 

 

Rioting in Lod, Israel via social media footage

Overnight from Wednesday Israeli media estimates that 150 rockets and mortar shells were fired from the Gaza Strip into Thursday, bringing the total fired since fighting began early this week to around 1,500 total rockets.

Israel has in return continued to pound the densely packed Gaza Strip with airstrikes, with the death toll soaring to at least 83 Gazans killed, including 17 children, and and additional almost 500 wounded, according to Gaza’s health ministry on Thursday. At least seven Israelis have died, including a 5-year old boy, with dozens injured from the inbound rockets. 

 

Tank and artillery units assisting Israel’s airstrikes on Gaza on Wednesday, via AP

Reuters is reporting that additional forces have arrived to Israel’s southern border after last night Israel’s Security Cabinet approved expanding operations in Gaza, especially the airstrikes which are expected to continue through the week.

Israeli troops massed at Gaza’s border on Thursday and Palestinian militants pounded Israel with rockets in intense hostilities that have caused international concern and touched off clashes between Jews and Arabs in Israel,” Reuters details.

A number of social media videos in the past days have purported to capture large convoys of Israeli tanks headed toward Gaza.

Further on Thursday Defense Minister Benny Gantz has called up extra Border Patrol reserves to help quell the ethnic attacks and chaos breaking out across multiple mixed Jewish-Arab towns and cities.

Gantz called in a “massive reinforcement” of reserve forces to help get control of the spiraling domestic situation which has seen Jewish mobs and Arab mobs clash and essentially hunt each other down in the streets, resulting in what many are calling lynching situations

“We are in an emergency situation due to the national violence and it is now necessary to have a massive reinforcement of forces on the ground, and they are to be sent immediately to enforce law and order,” Gantz announced, confirming the extra forces called up will be reservists. 

Meanwhile a number of towns and cities in Israel are under curfews and states of emergency as mayors ask for help from the government in helping to quell the continuing escalating violence. 

* * *

END

ISRAEL/GAZA/LEBANON

Thursday/ 7pm

Rockets are fired from South Lebanon.  Fears grow that Hezbollah may enter the conflict

(zerohedge)

Rockets Fired At Israel From South Lebanon As Fears Grow Hezbollah To Enter Conflict

 
THURSDAY, MAY 13, 2021 – 05:24 PM

A big lingering unknown is whether Israel’s powerful archenemy Hezbollah will open up a northern front to bog down Israel’s military as it continues striking Gaza, and as preparations are underway for a potential Israeli Defense Forces (IDF) ground invasion into the Hamas-controlled strip.

Late Thursday at least three rockets were fired from southern Lebanon toward Israel, which the IDF military spokesman confirmed...

And moments after, a new wave of rockets were launched from Gaza, the IDF said.

Given the rockets fired into northern Israel, the immediate question remains whether Hezbollah was responsible, and if the Shia paramilitary organization supported closely by Iran will initiate its own aggression. This would constitute a monumental escalation for Israel, assuring major regional war.

So far international reports are saying it’s “unclear” who was responsible for the attack from Lebanon.

The rockets were believed launched from near the border with Israel, in Lebanon’s Qlayleh area, near Naqoura. There are also Palestinian militant factions in the area, with Lebanon’s Daily Star quickly in the aftermath pointing to these Palestinian groups operating in Lebanon – and not Hezbollah.

The Lebanese outlet is reporting that “Lebanese Army intelligence detains Palestinian involved in firing rockets at Israel.”

Meanwhile rockets fired from Gaza continue reaching deep into central Israel…

Israel media is now widely reporting that the Defense Ministry is putting plans in place for “all-out war”.

The reports come after on Wednesday Defense Minister Benny Gantz threatened “Gaza will burn”. He said: “If citizens of Israel have to sleep in shelters” due to Hamas rocket attacks “then Gaza will burn.”

end

US Blocks UN Security Council Meeting On Gaza Violence

 
FRIDAY, MAY 14, 2021 – 10:20 AM

Authored by Dave DeCamp via AntiWar.com,

After blocking two statements at the UN Security Council on the ongoing Israeli violence against Palestinians, the US objected to a planned meeting on the Israeli bombing campaign in Gaza that was to be held publicly on Friday.

The US suggested that the meeting should be held next Tuesday, but after a compromise, the Security Council agreed to discuss the matter on Sunday. When asked about the delay, Secretary of State Antony Blinken said he hopes pushing the meeting back would “give some time for the diplomacy.”

 

Via Jerusalem Post

“We are open to and supportive of a discussion, an open discussion at the United Nations. I think we’re looking at early next week,” Blinken said at a press conference

“This, I hope, will give some time for the diplomacy to have some effect and to see if, indeed, we get a real de-escalation and can then pursue this at the United Nations in that context.”

Reuters detailed further that

The 15-member council has met privately twice this week about the worst hostilities in the region in years, but has so far been unable to agree on a public statement, diplomats said.

Such statements are agreed to by consensus, and the United States did not believe it would be helpful, they said.

The issue with Blinken’s reasoning is that the Israelis show no sign of seeking a de-escalation. On Wednesday night, Israel rejected a truce offer from Hamas and chose to intensify airstrikes indefinitely.

Bombs pounded Gaza throughout Thursday. Over 100 Palestinians have been killed so far, including dozens of children.

END

IRAN/ISRAEL

Hamas admits it is targeting the Dimona Nuclear reactor as well as oil sites.  Not a very smart move. Israel will now move to destroy them. They hit the Ashkelon pipeline which runs from the Mediterranean sea to the Red sea.. It is now about time, Israel cuts off Gaza electricity

(zerohedge)

Hamas Targeting Dimona Nuclear Reactor & Oil Sites Among Other Sensitive Infrastructure 

 
FRIDAY, MAY 14, 2021 – 11:11 AM

Hamas’ militant wing, the Al-Qassam Brigades, announced earlier this week that it is deliberately targeting Israel’s secretive Dimona nuclear reactor site, known as the Shimon Peres Negev Nuclear Research Center, which lies east of the the Gaza Strip far into the Negev Desert.

It was on Wednesday that Qassam Brigade spokesmen said they were “directing a rocket strike involving 15 rockets for Dimona” – and since then it appears rockets have fallen generally in the southerly area – but there’s since been no reports of direct hits anywhere on the complex, or damage to the site.

Dimona site, via Haaretz

Inbound rocket warning sirens have regularly blared in various places of Israel’s Negev region since the fighting began at the start of the week. 

According to Newsweek, Hamas has had some degree of success when it comes to targeting strategic and sensitive Israeli infrastructure and locations alongside Israeli cities and residential areas.

“On Tuesday, at least one rocket appeared to score a direct hit, damaging an Ashkelon facility connected to the Trans-Israel pipeline running from the Mediterranean to the Red Sea,” Newsweek observed, and continued:

“The military wing of Palestinian Islamist movement Hamas has targeted Israel’s nuclear facility, key oil facilities and other sites across the country amid a violent escalation between the two sides.”

Last week an Iranian propaganda clip threatened just such a scenario…

Days into sustained Israeli airstrikes and constant rocket fire from Gaza, Hamas is believed to have fired 2,000 or more total rockets, many which are clearly making it past the Iron Dome defense system.

As of Thursday night, Israel began using ground troops for offensive operations in the border area with Gaza.

At least 120 Palestinians have been killed, including more than 30 children, and close to 1,000 wounded since Monday, while six Israeli civilians, including two children, have died from the Hamas attacks.

END

PALESTINIANS/USA

 
 
 
 
 
 
 
 
 
 

Thursday, May 13, 2021

Biden gave Palestinians $235 million; they fired 1,600 rockets at Israel

 

Follow the money. On April 7, Al Jazeera reported, “The Biden administration has announced plans to resume funding for the United Nations agency that supports Palestinian refugees, which has faced a dire financial situation since former US President Donald Trump cut US assistance in 2018.”

 

President Trump cut off the aid because Palestinian leaders keep terrorizing Israel.

 

Arab News said the US gift was $235 million. It said, “The plan calls for $150 million through the United Nations relief agency UNRWA, $75 million in US economic and development assistance and $10 million for peace-building programs, Blinken said in a statement.”

That is a lot of money to give to Palestinians whose leaders have refused peace settlements for 73 years.

AJ said, “UNRWA provides aid and other services, including healthcare and education, to about 5.7 million Palestinian refugees in the occupied West Bank and Gaza Strip, Lebanon, and Jordan – and the agency welcomed the US announcement.”

Paying for schools and medical care frees up money for Palestinian authorities to buy rockets.

That one month after Biden released the money, the rocket attack began.

With the American press decidedly anti-Semitic in its reports, I offer the German account of what is happening.

Deutsche Presse-Agentur reported, “Palestinian militants have now fired more than 1,600 rockets from Gaza at Israel since the latest flare-up of fighting began earlier this week, Israel’s military said early on Thursday.

“Around 400 of the rockets went down over Gaza and failed to reach Israeli territory, spokesperson Jonathan Conricus said. The success rate of Israel’s Iron Dome aerial defence system continues to average a success rate of around 90% at intercepting rockets, he added.

“Seven people have died in Israel since the rocket launches began on Monday — six civilians and one soldier, Conricus said.

“In the Gaza Strip, 83 people have died amid the fighting, according to the Palestinian Health Ministry.

“Israel’s military has attacked around 600 targets in the Gaza Strip, including rocket production and storage facilities, according to Conricus.

“A tunnel was also targeted that Conricus said was used partially to hide fighters. It was built under a school in a populated area.”

A school.

Once again, Palestinians terrorists use children as human shields. Golda Meir was so right when she said, “Peace will come when the Arabs will love their children more than they hate us.”

The rest of Arabia has accepted Israel’s right to exist. Getting their asses kicked in three wars (1948, 1967, and 1973) taught them not to bother Israel.

The Palestinians are the Hiroo Onoda Brigade of the Yom Kippur War.

Biden of course sides with these losers because the deep state wants war, not peace, which is one of the reasons the deep state opposed President Trump.

With Democrats back in the saddle, the CIA and State Department are free to stoke wars. $235 million in aid frees up money to buy a lot of rockets.

1,600 and counting.

IRAN
He is back:  the fireball Ahmadinejad is now announcing his bid for Iran’s presidency
(zerohedge)

 

Ahmadinejad Is Back: Iranian Firebrand Announces Bid For Presidency 

 
FRIDAY, MAY 14, 2021 – 02:00 AM

At a moment that Iranian domestic politics are on a knife’s edge of tension, particularly following the recent hardliner vs. ‘moderate’ row in the wake of the ‘Zarif Gate’ audio leak scandal wherein the foreign minister blasted the military establishment for often sabotaging diplomacy, the Islamic Republic’s former firebrand president Mahmoud Ahmadinejad is vying again for leadership of the country.

On Wednesday he formally submitted and announced his name as a candidate in the upcoming June 18 presidential elections. His Islamic conservative and ‘hardline’ reputation could have drastic impact on the continuing nuclear negotiations with the West should he be elected. 

He out of the gate referenced that the centrality of the Islamic revolution is vital for safeguarding the country’s interests during a press conference announcing his candidacy.

“My presence today for registration was based on demand by millions for my participation in the election,” he told reporters after registering. He added: “considering the situation of the country, and the necessity for a revolution in the management of the country.”

VOA described of his announcement, “Thronged by shouting supporters, Mahmoud Ahmadinejad marched to a registration center at the Interior Ministry where he filled out registration forms. He held up his hands in a ‘V for Victory’ salute, before addressing reporters.”

The 64-year old Ahmadinejad was Iran’s president from 2005 through 2013 during a period of constant tensions with Washington prior to the 2015 nuclear deal, given the US had accused Iran of sponsoring attacks on American troops in neighboring Iraq, and as Iranian support for Assad during the early period of Syria’s war became more entrenched.

His disputed 2009 re-election, it should be noted, sparked mass protests which found support from the Western leaders who lambasted Tehran for suppressing the demonstrators.

Current president Hassan Rouhani, reputed a “moderate” and who famously struck the JCPOA nuclear deal with world powers during Obama’s presidency, cannot run again due to term limits.

 

end

 

TURKEY/ISRAEL

 

Foreign minister wants to send troops into the area to help the Palestinians.

this would be a very bad move!

Robert to me

 

“While it sounds more like bluster than reality of Turkey were to sent troops into the area the whole area could well ignite into conflict not imagined. Turkey is not above sending in many of its’ proxy forces currently in Libya and Syria This is a mess that can become much bigger in a hurry.”

https://youtu.be/5gLsTeDxv5E

end

 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE

Rand Paul continues with his feud with Fauci claiming that he could be culpable for the entire pandemic

Watson/SummitNews)

Video: Rand Paul Continues Fauci Feud; “He Could Be Culpable For The Entire Pandemic”

 
THURSDAY, MAY 13, 2021 – 03:00 PM

Authored by Steve Watson via Summit News (emphasis ours),

Senator Rand Paul continued to slam White House medical advisor Thursday, saying that Anthony Fauci could be culpable for the entire coronavirus pandemic.

Paul was attacked by leftist media Wednesday for merely questioning Fauci’s extensive role in granting funding to the Wuhan Institute of Virology at a Senate hearing.

CNN’s Anderson Cooper declared that Paul should “have more respect at least for medical science.”

Paul hit back, noting that Fauci is lying about the NIH’s involvement in funding of the Wuhan lab.

Now in a further appearance on Fox And Friends, Paul has gone even deeper, accusing Fauci of being personally to blame for the global pandemic.

The person they hired to investigate the lab for the WHO perspective is the guy who gave the money,” Paul urged.

So NIH gave the money to EcoHealth. The head of EcoHealth – they got him to investigate whether Wuhan was doing anything inappropriate in their lab. But if they were then wouldn’t he be culpable?” The Senator questioned.

Doesn’t he have a self interest in smoothing things over,” Paul continued, adding “I’m not saying he did cover things up but you wouldn’t appoint someone who is in the line of the supply chain of giving the money to them.”

“Ultimately here’s the rub. I don’t know whether it came from the lab. But who could be culpable? Dr. Fauci could be culpable for the entire pandemic!” Paul emphasised.

 

As Infowars reported in April 2020, the NIH awarded a $3.7 million grant to the Wuhan Institute of Virology to conduct coronavirus gain of function research.

Additionally, the results of the US-backed gain of function research at Wuhan was published in 2017 under the heading, “Discovery of a rich gene pool of bat SARS-related coronaviruses provides new insights into the origin of SARS coronavirus.”

Fauci has come under increased scrutiny as the NIH’s involvement with the Wuhan lab is being called into question.

end
Very true:  Dr Ron Paul is very angry that COVID authoritarians are abusing children
(Ron Paul)

Ron Paul: COVID Authoritarians Are Abusing Children

 
THURSDAY, MAY 13, 2021 – 11:25 PM

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Centers for Diseases Control (CDC) Director Dr. Rochelle Walensky has “recommended” that children wear masks while playing. Her offered reason is to ensure Covid is not spread by “heavy breathing” of children near each other while around a soccer ball.

Dr. Walensky’s recommendation is one more example of Covid authoritarians’ refusal to “listen to the science.” The science says no to lockdowns and masks. The masks are not blocking the very small viruses in “heavy breathing.” Dr. Walensky also ignores the science showing that wearing a mask while exercising or playing sports has negative health effects.

Dr. Walensky’s most outrageous disregard of science is ignoring the fact that children are statistically unlikely to be at risk of either spreading Covid or becoming very sick from it.

Dr. Walensky’s recommendation is one of many examples of how children are harmed by the overreaction to coronavirus. Many children have had their physical and mental health damaged because they cannot go to school, play with their friends, or even have a birthday party because of the lockdowns.

Disappointingly, but not surprisingly, the two major teachers’ unions — the National Education Association (NEA) and the American Federation of Teachers (AFT) — have stood in the way of reopening schools. Teachers’ union leaders have claimed it is too dangerous for teachers to resume in-person instruction, even though adults are at little or no risk of getting Covid from children. Sadly, teachers’ unions are disregarding the interest of children. Recently released emails show the CDC disregarded the science in favor of the AFT’s restrictive guidance when developing recommendations concerning reopening schools.

The negative effects of lockdowns and school closings for children have led many parents to consider alternatives to government schools.

Some private schools have not just remained open, they have followed the science and not forced their students to wear masks.

Many parents are also considering homeschooling. Homeschooling parents obviously can ensure their children are not forced to obey mask, social distancing, and other unscientific mandates.

Parents interested in providing their children with a quality education that emphasizes the ideas of liberty should consider my homeschooling curriculum. The Ron Paul Curriculum provides students with a well-rounded education that includes rigorous programs in history, mathematics, and the physical and natural sciences. The curriculum also provides instruction in personal finance. Students can develop superior communication skills via intensive writing and public speaking courses. Another feature of my curriculum is that it provides students the opportunity to create and run their own internet-based businesses.

The government and history sections of the curriculum emphasize Austrian economics, libertarian political theory, and the history of liberty. However, unlike government schools, my curriculum never puts ideological indoctrination ahead of education.

Interactive forums allow students to learn from each other outside of a formal setting. The curriculum’s emphasis on self-directed learning and student interaction makes it ideal for parents who need to work from home but still want to homeschool their children.

I encourage parents looking at alternatives to government schools to go to RonPaulCurriculum.com for more information about my homeschooling program.

END

There is zero evidence that a COVID booster shot is necessary

(zerohedge)

“There Is Zero Evidence” – Scientists Question Need For COVID ‘Booster Shots’ As Vaccine Makers Lock In Sales

 
FRIDAY, MAY 14, 2021 – 05:00 AM

Underlining the uncertainty surrounding SARS-CoV-2 and its many mutant offshoots (while offering a helpful reminder that Pfizer and Moderna are looking to maximize profits for their newest line of business) a group of scientists from around the world have banded together to push back against advanced marketing of COVID-19 booster shots and annual vaccines.

In what could be good news for the market’s outlook on global growth, more than a dozen “influential infectious disease and vaccine development expert said there is growing evidence that a first round of global vaccinations may offer enduring protection” from COVID, and that the booster shots and flu-style annual vaccinations touted by Pfizer CEO Albert Bourla might not be necessary.

Additionally, some of the scientists “expressed concern” that public expectations about the vaccine “are being set by executives” and not other scientists. If pressed, we suspect many of these same executives would acknowledge that they have a “fiduciary duty” to their shareholders to maximize returns, which is why Pfizer is looking to transform its COVID vaccine business into a “durable business line.”

Some of these scientists expressed concern that public expectations around COVID-19 boosters are being set by pharmaceutical executives rather than health specialists, although many agreed that preparing for such a need as a precaution was prudent.

They fear a push by wealthy nations for repeat vaccination as early as this year will deepen the divide with poorer countries that are struggling to buy vaccines and may take years to inoculate their citizens even once.

“We don’t see the data yet that would inform a decision about whether or not booster doses are needed,” said Kate O’Brien, director of the Department of Immunization, Vaccines and Biologicals at the World Health Organization (WHO).

O’Brien said the WHO is forming a panel of experts to assess all variant and vaccine efficacy data and recommend changes to vaccination programs as needed.

Pfizer Inc Chief Executive Albert Bourla has said people will “likely” need a booster dose of the company’s vaccine every 12 months – similar to an annual flu shot – to maintain high levels of immunity against the original SARS-CoV-2 virus and its variants.

Former Obama Administration CDC head Dr. Tom Frieden was especially vehement: “There is zero, and I mean zero, evidence to suggest that that is the case.”

“It’s completely inappropriate to say that we’re likely to need an annual booster, because we have no idea what the likelihood of that is,” Frieden, who now leads the global public health initiative Resolve to Save Lives, said of Pfizer’s assertions on boosters.

Unfortunately for countries like India and South Africa, which are crying out for more vaccines, the US, EU and Israel have already made deals with Pfizer and Moderna to acquire more vaccines later this year to keep on hand in case they need to be deployed as boosters. This means that developing economies, which have been left to duke it out in the international market, will have less supply to go around.

But outsiders aren’t the only ones criticizing the scaremongering about vaccine boosters. Dr. William Gruber, Pfizer’s senior vice president of vaccine clinical research and development, reportedly told Reuters that the predictions for yearly boosters were based on “a little evidence” of a decline in immunity over those six months, evidence which was since been countered with research showing antibody retention is more durable.

A Moderna scientist, meanwhile, said that boosters may be needed, and governments are right to stockpile jabs, while noting that “”All governments are in conversations with (Moderna) and other companies about boosters,” he said.

We can’t help but wonder: if the vaccine IP waiver proposal that India and South Africa have brought to the WTO does pass, and tech transfers are part of the deal, will ‘Big Pharma’ change its tune about the need to stockpile boosters?

end

Michael Every on today’s major topics

(Michael Every)

Rabobank: Markets Decided To Get High Again Rather Than Grapple With Reality

 
 
FRIDAY, MAY 14, 2021 – 09:10 AM

By Michael Every of Rabobank

Fear and Loathing in Los Mercados

We were somewhere around Barstow on the edge of the desert when the drugs began to take hold. I remember saying something like “I feel a bit lightheaded; maybe you should drive….” And suddenly there was a terrible roar all around us and the sky was full of what looked like huge bats, all swooping and screeching and diving around the car, which was going about a hundred miles an hour with the top down to Las Vegas.

Yesterday’s US PPI number reinforced the giant custard pie factor of the CPI number, soaring 0.6% m/m headline to 6.2% y/y and 0.7% m/m core to 4.1% y/y. In short, in the near term prices are going to get high. The market response: sell commodities and crypto, and buy stocks and bonds. In short, markets decided to get high again too rather than grapple with reality.

Yes, the Colonial pipeline is back on line, and so energy prices reversed. And despite Elon Musk pumping Dogecoin –because it was a day ending in ‘y’, and Tesla’s shares were dropping again?– Colonial paid *Russian* hackers a ransom of USD5m IN CRYPTO, which could not make a clearer case for why the SEC might want to be step in. Yet to think risk is suddenly on again for real is an interesting lifestyle choice.

The pipeline cyberattack, which put a swathe of key US military airbases out of operation(!), saw President Biden claim Russians were involved – but not the Russian government; that as he publicly announced the US is considering a response in kind. Will it be via the government, or just some people he knows in Langley, Virginia? Japan is extending its state of virus emergency, even as the Olympics is still apparently on very soon. India’s Covid crisis is still raging. And in Gaza, Hamas declared it deliberately fired rockets at Israel’s nuclear reactor in Dimona –which missed or were shot down– despite being downwind and not far from it. Time to roll out this meme again.

Of course, Wall Street wanting to get (stocks) high is hardly new: think of ‘The Wolf of Wall Street’. And a world flooded with QE and central-bank intervention like cheap heroine can justify trading that looks like what one would normally do on a combination of laughing gas, poppers, and K. But are we perhaps taking things too far? The PPI and CPI numbers, many claim, suggest we are close to a QE overdose as too much liquidity chases too many real world things. However, markets are going to market.

Indeed, at a micro level – literally – I think back to news from a few weeks ago that a US start-up dismissed its CEO because he took LSD before a meeting: he told Bloomberg he was experimenting by taking a limited amount of the drug, or micro-dosing, in an effort to boost his focus(!) Perhaps the most straight to the point one can make here is that anyone who thinks taking LSD before a business meeting to enhance focus really shouldn’t be in charge of anything. Even making a bowl of cereal. However, I can perhaps see what the CEO was trying to ‘grok’.

Consider Hunter S Thompson and ‘Fear and Loathing in Las Vegas’. The book, and movie, are not exactly the stuff which Zoom or Teams meetings should replicate (though many of us may have been tempted to want to throw something electric into the bath at some point). Yet it isn’t just a hedonistic tale of Olympian proportions. It has genuine cultural, and even socio-economic significance. In the words of one reviewer, it “holds an almost mythic quality in its mix of Gonzo reportage, drug frenzies, and soulful meditation of the Sixties’ generation of America. It reflects the loss of a utopia and chronicles its spiral into violence and mass cultural sell-out.”

Far less splenetic, Huxley’s ‘The Door of Perception’ is all about trying to get a wider vision through psychedelic experience: “The man who comes back through the Door in the Wall will never be quite the same as the man who went out. He will be wiser but less sure, happier but less self-satisfied, humbler in acknowledging his ignorance yet better equipped to understand the relationship of words to things, of systematic reasoning to the unfathomable mystery which it tries, forever vainly, to comprehend.” Doesn’t that sound a better trading mind-set than “Buy all the things?”, or “Buy a crypto that insults Elon Musk with your life savings at 100 times leverage”?

Or turn back closer to Vegas and Yaqui psychedelic mysticism via Carlos Castaneda and ‘The Teachings of Don Juan’: “The average man is hooked to his fellow men, while the warrior is hooked only to infinity”; and “A man of knowledge is one who has followed truthfully the hardships of learning, a man who has, without rushing or faltering, gone as far as he can in unravelling the secrets of personal power.” One can see the ego trip involved in wanting to become a Man of Knowledge in markets (which the Don specifically warns about the dangers of, by the way).

Yet all of that extra perception of how things really connect, and even the ability to turn into a crow, won’t help when it comes back to the simple fact that central banks are still pumping, and all the hawks have turned to doves. Sometimes ignorance can be bliss.

My own personal, prosaic, and melancholy response is to harken back to an old movie from 70’s/80’s US narco-comedians Cheech and Chong –I forget which one– where Chong is tripping in the back of a car while in drag, and wearing a feather boa. (“Because Cheech and Chong”.) At some point, he starts to get The Fear and wails to get the boa off of him because it’s alive. Cheech tries to calm him down that it is in fact dead. Which only sees Chong freak out even more because he has a dead object round his neck.

In short, there’s no ‘happy ending’ that springs to mind with all the conflating problems we have right now. Inflation and rate hikes? Bad. Inflation and no rate hikes? Still bad. Stagflation? Very bad. Deflation? Really bad. And let’s not get started on the underlying big picture risks. Nonetheless, markets are going to market while they can: by focusing on getting (stocks) high.

No, this is not a good town for psychedelic drugs. Reality itself is too twisted.

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
India makes the drugs and they are not using Hydroxychloroquin?
(zerohedge)

 

Desperate Indian Communities Embrace Anti-Malaria Drugs To Protect Against COVID Surge

 
THURSDAY, MAY 13, 2021 – 11:45 PM

For the past month and a half, the international community has watched in horror as India has suffered from one of the world’s deadliest national outbreaks of COVID-19, provoked in part by a prime minister who held massive political rallies, and allowed massive gatherings for the celebration of Hindu religious holidays, gatherings that epidemiologists say helped seed the latest outbreak.

Even as the US and Europe have sent vaccines, medicine, oxygen tanks and other supplies, the government has refused to impose more restrictive measures, and the number of daily deaths has continued to accelerate.

The number of deaths eclipsed 4K on Thursday, topping that level for the second day in a row, as hundreds of patients succumbed to the disease while waiting in ambulances and cars in lengthy queues stretching from the nation’s overrun hospitals.

As doctors search for alternatives to remedies like Gilead’s remdesevir, a recent Reuters report highlighted just how desperate communities have become to protect against the virus. The situation is so dire, a small number of communities have embraced the unconventional strategy of dosing their populations with anti-malarial drugs to protect against COVID-19 – even though anti-malarial treatments like hydroxychloroquine supposedly don’t function as a COVID-19 prophylactic (that is, according to certain studies widely cited by the medical establishment. Others suggest that the strategies being used by these communities just might work).

Reuters reports that at least two Indian states have said they plan to dose their populations with the anti-parasitic drug ivermectin to protect against severe COVID-19 infections. And they’re moving ahead with this plan despite the WHO’s statement in late March that the current evidence is “inconclusive”.

The move by the coastal state of Goa and northern state of Uttarakhand, come despite the World Health Organization and others warning against such measures.

“The current evidence on the use of ivermectin to treat COVID-19 patients is inconclusive,” WHO said in a statement in late March. “Until more data is available, WHO recommends that the drug only be used within clinical trials.”

Merck, a manufacturer of the drug, has also said available data does not support using the drug as a COVID-19 treatment

“We do not have enough data to support its use,” said Anita Mathew, an infectious diseases expert in Mumbai.

While one of the states plans to distribute the medicine to those older than 18, the other plans to administer the medicine to all residents above the age of 2.

The state of Goa, a major tourist haven, said earlier this week it plans to give ivermectin to all those older than 18, while the Himalayan state of Uttarakhand announced plans on Wednesday to distribute the tablets to any person over the age of two, except for pregnant and lactating women.

“An expert medical panel has recommended this” Uttarakhand’s Chief Secretary Om Prakash told Reuters. “We are waiting for supplies to come in. Once they do we will distribute this drug.”

Uttarakhand state in March and April played host to the Kumbh Mela, a weeks-long Hindu gathering that attracted millions of devotees from across the country. Images of the gathering showed scant evidence of any mask wearing or social distancing as throngs of people congregated for a holy dip in the river Ganges.

The state, ruled by Indian Prime Minister Narendra Modi’s Bharatiya Janata Party, has since early April seen its COVID-19 cases surge from under 300 a day to above 7,000 a day and the death toll has also risen sharply.

One local health official rattled off some evidence that the population-wide dosing might help ameliorate the impact of the pandemic.

Goa Health Minister Vishwajit Rane said an expert panel based in Europe had found the drug ivermectin reduced the time to recovery and risk of death, but regulators such as WHO and the U.S. Food and Drug Administration say there is little evidence of this.

The state-run Indian Council of Medical Research recommends doctors could use the drug for mild COVID-19 patients, but warns this is based on “low certainty of evidence”.

Meanwhile, India reported 362,727 new COVID-19 infections over the last 24 hours while deaths climbed by 4,120, taking the death toll to 258,317, according to health ministry data. The country’s total confirmed cases now stands at 23.7M, though many cases and deaths are believed to have gone uncounted.

Source: Johns Hopkins

Meanwhile, the country’s vaccination rate has accelerated slightly as foreign batches arrive (and the benefits of India’s export restrictions have helped to enhance local supply).

 
 
 
end

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

Euro/USA 1.2119 UP .0043 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN  

USA/ YEN 109.33 DOWN 0.189 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4079  UP   0.0033  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2125 DOWN .0046 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 43 basis points, trading now ABOVE the important 1.08 level RISING to 1.2119 Last night Shanghai COMPOSITE CLOSED UP 60.84 PTS OR 2.32% 

//Hang Sang CLOSED UP 308.90 PTS OR 1.21%

/AUSTRALIA CLOSED UP 0.42% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN  

 

2/ CHINESE BOURSES / :Hang Sang UP 308.90 PTS OR 1.21%

/SHANGHAI CLOSED UP 60.84 PTS OR 1.77% 

Australia BOURSE CLOSED UP 0.42%

Nikkei (Japan) CLOSED UP 636.46 PTS OR 2.32%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1835.35

silver:$27.27-

Early FRIDAY morning USA 10 year bond yr: 1.639% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.364 DOWN 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.45  DOWN 30 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.60% UP 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.085%  UP 1/2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.60%//  UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  1.08 UP  5  points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 48 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.12% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.20% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  FRIDAY

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

Euro/USA 1.2134  UP     .0057 or 57 basis points

USA/Japan: 109.40  DOWN .120 OR YEN UP 12  basis points/

Great Britain/USA 1.4089 UP .0044 POUND UP 44  BASIS POINTS)

Canadian dollar UP 57 basis points to 1.2113

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.4371

THE USA/YUAN OFFSHORE:  6.750  (YUAN UP)..6.4409

TURKISH LIRA:  8.44  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.085%

Your closing 10 yr US bond yield DOWN 2 IN basis points from THURSDAY at 1.640 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.393 DOWN 3 in basis points on the day

Your closing USA dollar index, 90.39  DOWN 37  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 83.68 PTS OR 1.20% 

 

German Dax :  CLOSED UP 213.99 PTS OR 1.41% 

 

Paris Cac CLOSED UP 95,02PTS OR 1.51% 

 

Spain IBEX CLOSED UP  181.50  PTS OR  2.02%

 

Italian MIB: CLOSED UP 280.08PTS OR 1.14% 

 

WTI Oil price; 65.10 12:00  PM  EST

Brent Oil: 68.53112:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.98  THE CROSS  LOWER BY 0.13 RUBLES/DOLLAR (RUBLE HIGHER BY 13 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.12 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 65.86//

BRENT :  69.07

USA 10 YR BOND YIELD: … 1.701.. DOWN 8 basis points…

USA 30 YR BOND YIELD: 2.421 up 7 basis points..

EURO/USA 1.2073 (DOWN 71   BASIS POINTS)

USA/JAPANESE YEN:109.63 UP .918 (YEN DOWN 92 BASIS POINTS/..

USA DOLLAR INDEX: 90.75 UP 61  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4054 DOWN 81  POINTS

the Turkish lira close: 8.43

the Russian rouble 74.64   DOWN 0.48 Roubles against the uSA dollar. (DOWN  48 BASIS POINTS)

Canadian dollar:  1.2129  down  32 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.12%

The Dow closed DOWN 681.50 POINTS OR 1.99%

NASDAQ closed DOWN 349643 POINTS OR 2.62%


VOLATILITY INDEX:  27.80 CLOSED UP 5.96

LIBOR 3 MONTH DURATION: 0.15600%//libor dropping like a stone

USA trading day in Graph Form

 

a)Market trading/THIS MORNING/USA

b)MARKET TRADING/USA//THIS afternoon/

 

end

 
ii) Market data
The all important retail sales disappoints as the stimmy surge stalls
(zerohedge)

US Retail Sales Disappoint In April As Stimmy Surge Stalls

 
FRIDAY, MAY 14, 2021 – 08:38 AM

After hot-hot-hot inflationary prints this week, following dismal jobs data last week, all eyes are on this morning’s retail sales data to discern if America’s future is a stagflationary cornering of The Fed. While no one expected a repeat of March’s explosive gains, analysts still expected a modest rise (while BofA – who have been consistently correct – warned that a big disappointment was possible with retail sales actually falling MoM). It turns out, BofA was right as retail sales disappointed in April, printing unchanged from March (versus +1.0% expected) after an upwardly revised +10.7% MoM stimmy surge in March.

Source: Bloomberg

Worse still Core Retail Sales tumbled 0.8% MoM (versus expectations of a 0.3% rise)

Source: Bloomberg

Under the hood, clothing, gas stations, and online retailers saw sales sink MoM…

Of course, on a YoY basis – due to the collapse comps – retail sales are up a stunning 51%…

Source: Bloomberg

Worse still, the Control Group – which feeds into GDP, tumbled 1.5% MoM…

Source: Bloomberg

And to put it all in context, thanks to trillions in free money, US retail sales are officially “above trend”…

Source: Bloomberg

Put another way – We’ve brought forward 5 years of trend retail sales growth since the pandemic started due to stimulus

We’re gonna need more stimmies!

end

USA CONSUMER CONFIDENCE

USA consumer confidence plunges as we all fear inflation ripping us apart

(zerohedge)

US Consumer Confidence Plunges As Inflation Fears Soar

 
FRIDAY, MAY 14, 2021 – 10:09 AM

Earlier this week, we showed that “Hyperinflation Fears Are Soaring Across America“…

… and the latest UMich consumer confidence print just confirmed this.

After a dismal jobs print, one could be forgiven for thinking sentiment would be disappointing (but then again, being paid to sit on the couch sure beats working), but analysts expected further gains in the UMich confidence measure. And boy were they wrong, as higher inflation fears sparked a plunge in sentiment in preliminary May data to 82.8 in May from 88.3 the prior month (that was well below even the most pessimistic estimate in a Bloomberg survey of economists).

The gauge of current conditions fell to 90.8, while a measure of expectations dropped more than 5 points to 77.6.

Source: Bloomberg

Buying Conditions plunged across the board, but this is the weakest print for home-buying sentiment since 1983

Source: Bloomberg

After 8 straight months of improvements, Democrats started to worry again this month…

Source: Bloomberg

“Consumer confidence in early May tumbled due to higher inflation,” Richard Curtin, director of the survey, said in the report.

“Importantly, consumer spending will still advance despite higher prices due to pent-up demand and record saving balances.”

Americans are becoming increasingly concerned about the cost of goods rising as expectations for inflation over the next year rose to 4.6% in the month, the highest in a decade.

Source: Bloomberg

Don’t they know it’s “transitory“?

end

HOME BUYING SENTIMENT

Does not look good: totally collapsed as surging home prices have totally overwhelmed any benefits from low rates

(zerohedge)

“This Doesn’t Look Good”

 
FRIDAY, MAY 14, 2021 – 10:35 AM

Under the hood of the University of Michigan Sentiment Survey, something really ugly appeared.

While homebuilder sentiment (as measured among realtors by the NAHB) remains near record highs, home-buying sentiment has utterly collapsed as surging home prices have overwhelmed any benefits from low rates as urban exodus dominates local purchasing power.

That is the weakest home-buying sentiment since 1983

Source: Bloomberg

As one veteran market operator noted, “this doesn’t look good.”

No, it does not!

Who are you going to believe?

As Upton Sinclair (reportedly) wrote once, “It is difficult to get a man to understand something when his salary depends upon his not understanding it.”

end

Hard data: Industrial production disappoints in April///car mfg crumbles

(zerohedge)

US Industrial Production Disappoints In April As Carmakers Crumbled

 
FRIDAY, MAY 14, 2021 – 09:23 AM

After a surprisingly large upward revision for March (from +1.5% MoM to +2.4% MoM), April’s Industrial Production rose 0.7% MoM (less than the +0.9% expected).

Source: Bloomberg

Of course, thanks to the collapse comps, industrial production surged over 16% YoY.

Drilling down, Manufacturing output rose 0.4% MoM (far less than the stimmy-enabled 3.1% MoM surge in March…

Source: Bloomberg

Capacity utilization rose to 74.9% from 74.4% in March, which was unrevised from initial release.

Notably Motor vehicle manufacturing plunged again in April )amid shutdowns over chip shortages)…

It would appear the renaissance of the manufacturing economy is slowing fast absent new stimmies.

 

iii) Important USA Economic Stories

Mall traffic hits post pandemic highs as retail recovery continues

Ozimek//epoch times

Mall Traffic Hits Post-Pandemic High as Retail Recovery Continues

 
THURSDAY, MAY 13, 2021 – 08:05 PM

Authored by Tom Ozimek via The Epoch Times,

American shoppers continued to flock to the nation’s malls in greater numbers in April, with the foot traffic gap nearly halving in just two months, reinforcing the view of a retail recovery gaining traction.

Foot traffic at a sample of 50 malls in April showed that, compared to the pre-pandemic April 2019 level, it was down 18.7 percent, a marked improvement from recent months, according to a report provided to The Epoch Times by mobile-device location data analytics firm Placer.ai.

“In this metric, there was a strong forward momentum with the visit gap shrinking from 23.7 percent down in March to just 18.7 percent down in April,” the company said in the report.

This is the strongest mark the index has seen since the pandemic began, and another sign that the retail recovery is already in progress,” the report noted, adding that the data “further deepens the optimism around top tier malls and their ability to anchor key retail expansions moving forward.”

Placer’s report also featured a striking statistic, namely that mall foot traffic surged by a staggering 3991.7 percent in April compared to April 2020, although the report noted that “this number is essentially meaningless as the comparison is to a fully shut down month the year prior.” An earlier mall traffic comparison between March 2021 and March 2020 showed a sharp 86 percent rise, although with much the same caveat that the baseline was low due to pandemic-related closures in March last year.

The fate of the retail recovery was clouded by earlier economic data showing U.S. consumer spending falling by the most in 10 months in February as a cold snap gripped many parts of the country and the boost from a second round of stimulus checks faded. But the most recent release from the Commerce Department’s Bureau of Economic Analysis (BEA) dispelled much of that gloom, showing personal consumption expenditures in March saw a sharp 4.2 percent boost. Consumption is a key driver of the U.S. economy, accounting for around two-thirds of gross domestic product.

The consumer spending data came on the heels of a Moody’s report that upgraded its outlook for the U.S. retail and apparel sector from stable to positive.

“As pandemic pressures ease and the cadence of vaccinations accelerates, we expect the retail sector to experience broad-based improvement. Operating profit will grow a robust 10-12 percent in 2021, and hard-hit sectors such as apparel, department stores, and off-price will see the most pronounced operating profit growth over the next 12 to 18 months,” said Mickey Chadha, Moody’s vice president and senior credit officer, in a statement.

U.S. economic growth accelerated sharply at a 6.4 percent annualized rate in the first quarter, fueled by the rush of consumer spending, according to a separate BEA release on U.S. gross domestic product.

But the accelerating growth has revived concerns about the economy overheating and putting upward pressure on prices.

A Labor Department report Wednesday showed that inflation has soared above economists’ predictions and by the most in over a decade, as fiscal stimulus and booming demand pushed against supply constraints.

The year-over-year consumer price index (CPI), a measure of inflation, jumped by 4.2 percent in April after rising 2.6 percent in March. This is the largest 12-month increase since September 2008, when the index rose by 4.9 percent.

On a monthly basis, the CPI inflation measure jumped 0.8 percent in April after rising 0.6 percent in March, while the so-called core CPI, which excludes the volatile food and energy components, soared by 0.9 percent. The surge in the core CPI is the largest monthly increase since April 1982.

The spike in inflation is likely to stoke fears of an interest rate hike by the Fed, although Federal Reserve officials have played down the concerns by predicting that price rises would be “transitory.”

Fed officials have also repeatedly said they will not raise rates or reduce the monthly bond-buying program until inflation averages around two percent for a longer period of time.

END

Big pushback on Bide’s stimulus plans over disincentivized workers

(zerohedge)

“It’s Not Great”: Biden Stimulus Hits Turbulence As Pushback Grows Over Disincentivized Workers

 
THURSDAY, MAY 13, 2021 – 09:45 PM

The Biden administration’s latest push to further endebt the country with unnecessary stimulus has hit a ‘series of speed bumps‘ as The Hill puts it.

Who would have guessed that showering unemployed people with money has disincentivized them from finding work, while the same overstimulus has led to inflation which we’re told is ‘transitory’ despite today’s y/y PPI print of 6.2% (vs. 5.8% expected) being the highest on record.

Exhibit A:

Exhibit B:

Exhibit C:

Meanwhile, eleven GOP-led states are all making moves to cancel unemployment benefits thanks to the worker shortage, and the US Chamber of Commerce urged Biden to end pandemic handouts – saying that “paying people to work” is killing the recovery.

Any questions?

Of course there are, because facts are now a partisan issue. More via The Hill:

Economists are split over the issue, but it has served as an opening for Republicans to get a toehold in the unfolding battle for public opinion on Biden’s plans.

It’s not great,” one Democratic strategist acknowledged of the April jobs report. “And it will certainly slow down the process and any momentum Biden had in recent weeks without a doubt because Republicans will use this to show that some of these ideas being pushed aren’t sound.”

The above has left moderate Democrats scrambling to reel in Biden’s $1.9 trillion pandemic relief bill. Some have suggested a smaller infrastructure package which would be much more narrowly focused in the hopes of gaining bipartisan support ahead of the 2022 midterm elections.

Progressive Democrats, however – apparently not understanding that members of their own party such as Joe Manchin will block aggressive money grabs – say the party needs to ‘go big’ and stop worrying about all this bipartisan malarkey.

“Let’s not pretend that Republicans are interested in any sort of compromise. Let’s go big, go bold, and make the ultra-rich and corporations finally pay their fair share so we can invest in working families,” said Rep. Pramila Jayapal (D-WA) in a Wednesday tweet following a meeting between Biden and bipartisan leaders regarding his infrastructure plan.

Inflation is of course the next problemfor Biden – after CPI rose 0.8% in April and 4.2% y/y leading into April – exactly what we (and former Obama economic adviser Larry Summers, as it so happens) warned of while Biden was pushing the $1.9 trillion pandemic package.

The White House is downplaying the whole thing – with press secretary Jen Psaki describing the inflation as “transitory.”

“We knew just as the economy sort of shrunk and shut down that as it’s turning back on there would be some of these impacts,” she said, adding: “As we experience this massive transition, we continue to chart our path to recovery and we know that a number of the investments that we have proposed were long needed even before the last several months.”

Altogether, the latest economic data is likely to ‘complicate’ stimulus negotiations to put it lightly.

END
We have been highlighting this to you on several occasions:  The Fed is continually buying up treasuries and now we find that collateral for our traders is disappearing.  Now we see that yields on treasury bills are now zero.  This forces traders to proceed straight to the Fed itself and lend money to it but that yield is also zero.  The problem is too much paper money printed and this will increase dramatically.  The end result:  we head for negative interest rates.
(zerohedge) 

The QE Endgame: A Big Problem Is Emerging For The Fed

 
THURSDAY, MAY 13, 2021 – 07:45 PM

For the second time in three weeks, the US Treasury sold $40BN in 4-week bills at a price of 100.000% representing a rate of 0.00%.

To be sure, Bills had printed at 0.000% at auction previously, but that was largely during the reserve glut days of 2015.

So why now? The same reason usage of the Fed’s Reverse Repo facility has soared in recent weeks from zero to over $100 billion at the end of April, hitting a whopping $235 billion today…

…as investors choose to directly transact with the Fed – where only positive rates are allowed – rather than the open market where collateral rates have frequently been negative in recent weeks as Curvature’s Scott Skyrm explained in this note from April 26:

Overnight rates are low. Too low by all normal standards. The fed funds rate is well below the mid-point of the fed funds target range and the Repo GC rate is at zero; often trading negative. Zero percent interest rates are forcing billions of dollars of cash into the Fed’s RRP facility.

While this This is a delightful case of deja vu irony – the Fed is taking Treasurys out of the market through QE purchases and putting them right back in via the RRP – it is also distorting the Repo market, and although the Fed can fix this aberration by hiking the IOER or RRP rates, it has so far refused to do so. 

But the ongoing surge in reverse repo usage masks a far bigger problem in store for the Fed, and it’s why Curvature’s Skyrm writes that “now is a pretty good time to start talking about the size of the SOMA portfolio, even if some people don’t want to talk about it.”

Why is the surge in reverse repo linked to tapering? Skyrm explains, by posting a rhetorical question:

“What are the next steps for tapering purchases and what will the SOMA portfolio look like when we’re done? What will the market look like?”

The repo strategist then reminds us that even when the Fed starts tapering, the Fed balance sheet will continue to grow indefinitely, if at a slower pace, flooding the system with the same reserves that are now desperate to buy Bills at 0.000% or be parked at the Fed (for 0.000%).

Talk of tapering feels like when you’re getting ready for a dinner out. You’re ready and it’s time to go. You check on your spouse and they haven’t even started getting ready yet! As of last week, the SOMA portfolio stood at $7.185 trillion and the Fed continues purchases at $120 billion a month. If and when tapering starts, the purchases won’t go from $120 billion to zero in one announcement. The purchases will gradually slow – going from $120 billion, to maybe $100 billion, to maybe $80 billion, to $50 billion, to $20 billion.

Let’s look at some  rough estimates. Assuming the Fed tapers at this schedule at each FOMC meeting beginning in June, that would mean the Fed adds about another $350 billion and ends QE in November. That’s the most aggressive tapering schedule. Let’s assume the Fed doesn’t begin tapering until the end of the year. That means, roughly, another $900 billion will be added to the SOMA portfolio.

This is a problem, and Skyrm explains why: Even today there’s barely enough collateral in the Repo market right now to cover all of the cash being invested. If volume at the RRP shot up to $235 billion today, what’s going to happen when there’s $350 billion fewer securities in the market at the end of the year?

How about if it’s $900 billion?

In short, we already have a collateral shortage the likes of which are on par with what we experienced in 2015-2016. What happens in the next 18 months when we get an additional $1 trillion in reserves sloshing around? 

END

NEW YORK YANKEES/COVID RESURGENCE

How could this be possible; 8 fully vaccinated players/staff has tested positive.  If you have been reading my reports you will see that the vaccines slough off the crown proteins and this is what creates the flare up

(zerohedge)

Yankees Suffer COVID Resurgence As 8 Fully-Vaccinated Players, Staff Test Positive

 
FRIDAY, MAY 14, 2021 – 07:02 AM

In an unsettling reminder that COVID-19 is still spreading, even as a scandal-scarred Gov. Andrew Cuomo pushes ahead with reopening the Empire State – and even as practically everybody in the organization has already been vaccinated – the Yankees have seen their starting lineup crippled (shortstop Gleyber Torres was kept out of Wednesday’s starting lineup during a game against Tampa Bay) and a number of coaches and staff sidelined due to a sudden flareup of COVID-19.

But the surprising thing is that the Yankees have essentially required players and staff to get vaccinated, so this latest outbreak is afflicting staff and players who have already been fully vaccinated.

The Yankees – which, like the Mets, are reportedly planning to segregate fans in to “vaccinated” and “unvaccinated” sections – have tested all players and staff at least three times since Tuesday.

Manager Aaron Boone shared more information on the situation inside the team on Wednesday in a COVID-themed update that sounded like an unwelcome relic from last season.

…Boone said MLB’s Joint COVID-19 Health and Safety Committee is waiting and reviewing a number of test results. The members of New York’s traveling party have been tested at least three times each since Tuesday.

“I know everybody is going to read into that but hopefully it’s nothing, it’s more just getting all the information,” Boone said of Torres.

Boone said the Yankees expect to receive an update about Torres on Wednesday night. He added that Torres tested positive for COVID-19 in December and has been vaccinated.

Aside from Gleyber, seven staffers and coaches have tested positive, bringing the total to 8. Boone revealed that pitching coach Matt Blake has joined third base Phil Nevin and first base coach Reggie Willits as members of the coaching staff who recently tested positive. 2 additional staff members have tested positive, bringing the total for the non-coaching staff to four. In total, six of the seven coaches and staff were asymptomatic. He also offered some hopeful news:

“We’re seeing the vaccinations also kind of blunt the effects of the virus,” Boone said. “We’re also learning as we go and getting informed as what we need to do exactly and just try to do as best we can to be able to make quick adjustments on the fly. Just doing the best we can with it all.”

Pitcher Jameson Taillon said the team has been doing a good job of rolling with the punches.

“We’ve been dealing with this thing now for over a year,” Yankees pitcher Jameson Taillon said. “We’re just going to roll with the punches and try to protect each other, and do our responsibility to keep everyone safe. But we’re here and we’re to play.”

Still, word about the positive tests has clearly become a threat to “the narrative”, because in his Friday morning DealBook newsletter, Andrew Ross Sorkin (of NYT & CNBC fame) addressed the issue directly:

Eight fully vaccinated members of the baseball team tested positive for the virus. Some may interpret it as a lesson for businesses when workplaces loosen their protocols for things like masking, even if a majority of employees are vaccinated….Others argue that the Yankees’ frequent testing makes asymptomatic cases more likely to be caught, and given that only one of the eight has shown symptoms, it’s a sign that the vaccines are effective.

New York City is planning to “fully reopen” on July 1, and last night President Biden decreed that Americans who have been fully vaxxed can finally dispense with wearing masks.

While Pfizer and Moderna have confronted stories like this in the past by reminding the public that their vaccines are only 95% effective. But how can it explain larger outbreaks like this?

Or are these asymptomatic positives simply the result of false positives produced by high-cycle PCR thresholds?

Which is it?

END

MEMPHIS/TENNESSEE

We gave you advance warning that this was going to be devastating:  A crack in the Memphis Bridge is causing 800 barges stuck in the Lower Mississippi river.

(zerohedge)

Nearly 800 Barges Stuck In Lower Mississippi River From Bridge Crack 

 
 
FRIDAY, MAY 14, 2021 – 08:56 AM

Earlier this week, in a routine bridge inspection, an engineer climbed onto the section of the Interstate 40 bridge over the Mississippi River and spotted a massive fracture in the frame that resulted in the immediate shutdown of the bridge on Wednesday. Traffic is being rerouted to Interstate 55 Memphis & Arkansas Bridge, creating traffic jams in the Memphis area. On the Mississippi River, the situation is much worse. Hundreds of barrages are piling up on either side of the bridge as the US Coast Guard has closed the critical waterway. 

After a routine inspection, officials with the Tennessee Department of Transportation (TDOT) announced that the Hernando de Soto Bridge would be closed due to a crack on the bottom side of the bridge truss. 

Here’s a diagram of the bridge and where the fracture in the beam occurred. 

A picture of the massive fractured beam. The repair could take weeks, if not months, to fix. 

While road traffic is chaotic in the Memphis metro area, a much larger and possibly underreported story is the closure of the lower Mississippi River that is a critical waterway for the transportation of farm goods. 

Reuters reports as of Thursday, the logjam of barrages swelled to 771. Coast guard officials closed the waterway Wednesday, preventing any vessel from passing underneath the bridge. 

“At the spot where the river is closed, 26 vessels with 430 barges are waiting to pass north, and 21 vessels with 341 barges are in the queue to go south, said Petty Officer Carlos Galarza,” a Coast Guard spokesman told Reuters

Mike Steenhoek, executive director of the Soy Transportation Coalition, citing USDA data, told Bloomberg that agricultural supplies on barges north of Memphis were 84% corn and about 13% soybeans. 

Galarza said a decision to reopen the waterway would occur when the TDOT completes their investigation of the fractured bridge. 

TDOT officials may “have a decision for river traffic” either today or in the coming days. 

At mile markers 736 and 737 on the lower Mississippi, the closure creates a logistical nightmare for vessels loaded with farm goods and destined for Gulf of Mexico export facilities to be loaded on large bulk carriers or other large ships for transport worldwide.

end

INFLATION WATCH

Very important:  Bloomberg’s John Authers is now watching for civil unrest over food prices.

(zerohedge/John Authers)

John Authers: Watching For “Unrest” Over EM Food Prices And Whether Elon Musk Has “Jumped The Shark”

FRIDAY, MAY 14, 2021 – 08:21 AM

Among the difficulties of entering uncharted macroeconomic territory, where daily “transitory” changes cause wild volatility in all corners of the market, is documenting key themes as they emerge. 

One of the better analyses of the current market environment that we have read has come from Bloomberg Opinion writer John Authers. In a piece published on Friday, Authers lays out two key market themes heading into the end of Q2:

  1. The developing problem of inflation, especially as it relates to the cost of food, in emerging markets.
  2. How Elon Musk has, alongside of all of his devotees and disciples, placed himself firmly on the wrongside of what could be a serious coming market correction. 

Rising Food Prices In Emerging Markets Could Eventually Lead To Civil Unrest

First, Authers points out the obvious: commodity prices have blown through the roof. Producer price inflation came in at “its highest in four decades, bar a brief peak in the summer of 2008,” he notes of this week’s data.

He notes that while the 2008 price spike was driver by oil, there’s no such pressure now. The Bloomberg Commodity Index is up 48.4% over the last 12 months, a stunning rise. Authers also points out that “in developed markets at least, the contribution of core goods — excluding oil and agricultural products — to inflation isn’t very significant”.

He notes that commodity inflation isn’t a major problem for the products and services that dominate the developed world…

…but that they still play a crucial role in emerging markets. For example, places like Sub-Saharan Africa and Asia are far more affected by commodity prices than places like Europe and North America.

And when these moves happen in emerging markets, they tend to be sustained. The last such move in commodity prices came during the Global Financial Crisis and lasted for “a couple years”, Auther notes.

The rising prices can beget social unrest, he notes, citing that the spark that lit the Arab Spring revolts of 2011 was protests in Tunisia over high food prices. 

“Only in a rich nation could one exclude nourishment and staying warm as anything other than ‘core.’ Commodity price inflation can thus be very politically destabilizing, especially in countries without strong and flexible systems of governance,” wrote Jason DeSenna Trennert of Strategas Research Partners.

He continued: “Sadly, riots for food in countries like India, Egypt, and Indonesia became commonplace. With America’s twin deficits approaching 20% of GDP, it is difficult to get bullish about the U.S. dollar, especially against commodities and hard assets. In this way, the dollar is, as Treasury Secretary John Connally once said, “our currency and your problem.”

The risk is real, Authers notes. He makes the case that food makes up 29.8% of consumer expenditures in India, as much as 59% in Nigeria, while only accounting for 6.4% in the U.S. As a result, headline inflation in emerging markets will rise, he argues.

At that point, countries could consider interest rate hikes when their economies “aren’t ready” for them, Authers says.

These rising rates would be largely unexpected, as noted in the BNP chart above. Authers concludes his argument by noting that the combination of expensive food and rising rates are both “unpopular” trends in emerging markets – especially during a pandemic. This, obviously, would raise the risk for unrest.

Elon Musk’s Crypto Advocacy Has Taken A “Dark Turn”

Shifting gears, Auther also approaches the subject of one of the most well known beneficiaries of the market over the last 18 months, Elon Musk. Musk has seen his net worth rise over $100 billion in the last 18 months as the result of Tesla’s astronomical (and mysteriously timed) rise. 

Authers introduces how Musk advocating for cryptocurrencies became a mutually reinforcing theme for both Bitcoin and Tesla. “The narrative involving Musk and cryptocurrencies has taken a much darker turn,” Authers writes.

Questioning whether or not Musk’s statements about dogecoin and bitcoin have been jokes or not, Authers points out the very real effect Musk has had on the price of the coins, noting the dip on Sunday and the rise yesterday, after Musk tweeted positively about dogecoin.

But he also notes that Musk’s involvement in coins means he “might be in danger of turning himself into an unserious figure, which isn’t a great narrative for the CEO of one of the world’s largest companies.”

We’d argue Musk already isn’t a serious figure – but that’s what makes a market, we guess.

Authers can’t help but align Musk’s comments about coins and the recent drop in Tesla shares, noting that its down 35% from its peak.

“Charts like this don’t look good,” he writes, before going on to conclude that Musk has “jumped the shark”:

After years of triumphantly and cheekily proving the doubters and short sellers wrong, Musk is now on the wrong end of a nasty correction, and vulnerable to a new narrative that he has “jumped the shark” — taken his eye off the ball of his business, and enjoyed a second career as an entertainer. Hubris, or “pride comes before a fall” is one of the oldest human narratives. He doesn’t want to play to it. And as there have been plenty of signs of investment bubbles, particularly in crypto but also in the range of growth and “meme” stocks that support them, a burst bubble looms as another potentially self-fulfilling narrative.

While we think Authers’ timing may be a little late in recognizing Musk for the carnival barker he is, we can’t help but feel as though he finally has his finger on the pulse.

 

iv) Swamp commentaries/

Virginia gas station charges almost $7 per gallon for gas.

(zerohedge)

“You Can’t Do That To People”: Virginia Gas Station Charges Almost $7 Per Gallon

 
THURSDAY, MAY 13, 2021 – 05:00 PM

Hours after Virginia governor Ralth Northam declared a state of emergency, one BP gas station was caught charging extortion-level prices on Tuesday amid the lamest ‘gas crisis’ in recent memory caused by the Colonial Pipeline hack.

One customer, Lether Kerney, wasn’t paying attention when she pulled up to the BP gas station on Williamsburg Road – which was charging $5.99 per gallon – shortly before it jumped another dollar to $6.99 per gallon.

“I had half a tank of gas, so when it got to $25, I started looking to see what was going on. And after I got to $30, I was like, ‘oh my God! I spent $35.45 to fill up my tank. Six gallons of gas for $35. That’s absolutely ridiculous,” she said, adding “Usually, it’s under $3.00. This BP service station has always been the cheapest, and I didn’t even look at the price before I started pumping.

Another customer who goes by ‘Cha Cha’ told KMOV4 that she lives blocks away from the gas station and watched as the price continued to rise.

“I live two blocks from here, and it was $4.99,” she said. “So, then I drove up the road to get gas at a $2.99 gas station, came back through here, it was $5.99. And now it’s $6.59.”

A few minutes later, it was $6.99.

You can’t do that to people,” said Cha Cha.

 When the station went to the gas station to follow up, the sign was turned off and they said they were completely out of gas.

END

what an absolute joke

(Stieber/Epochtimes)

Dominion, Maricopa County Rebuff Arizona Senate’s Attempt To Get Election Machine Passwords

 
FRIDAY, MAY 14, 2021 – 12:09 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Dominion Voting Systems and Maricopa County officials are refusing to hand over passwords for election machines to auditors in Arizona.

Contractors working for Cyber Ninjas, which was hired by the Arizona Senate, examine and recount ballots from the 2020 general election at Veterans Memorial Coliseum in Phoenix, Ariz., on May 1, 2021. (Courtney Pedroza/Getty Images)

Dominion said in a statement to news outlets on Thursday that it would comply with the audit, but Cyber Ninjas, the firm hired by the Arizona Senate to conduct it along with three other companies, is not accredited by the U.S. Election Assistance Commission.

Releasing Dominion’s intellectual property to an unaccredited, biased, and plainly unreliable actor such as Cyber Ninjas would be reckless, causing irreparable damage to the commercial interests of the company and the election security interests of the country,” Dominion said. “No company should be compelled to participate in such an irresponsible act.”

Cyber Ninjas did not respond to a request for comment.

Maricopa County officials previously said that they did not have passwords to access administrative functions on Dominion Voting Systems machines that were used to scan ballots during the election, according to the Senate’s audit liaison, former Republican Secretary of State Ken Bennett.

“They’ve told us that they don’t have that second password, or that they’ve given us all the passwords they have,” Bennett told One America News at the site of the audit in Phoenix last week.

The county is also withholding routers from auditors, claiming security concerns.

Both routers or router images and access to election machines were part of the materials the state Senate subpoenaed late last year. A judge in February ruled that the subpoenas were valid and should be obeyed.

Arizona Senate President Karen Fann, a Republican, recently threatened to subpoena county officials if they didn’t stop their noncompliance with the subpoenas, but backed off the threat in a letter on May 12.

Instead, she asked Maricopa County Board of Supervisors Chairman Jack Sellers, also a Republican, to cooperate voluntarily by attending an upcoming meeting at the state Capitol to go over the audit issues.

Fann said auditors have found discrepancies in the ballot count, including one batch that was supposed to be 200 but only numbered 165. She also said the audit teams found an entire database directory from an election machine had been deleted, and that the main database for the election management system software was not located anywhere on the machine, suggesting that the main database for all data related to the 2020 election had been removed.

Sellers on Thursday indicated he would not attend the meeting and disputed the allegations.

Deleting files off the server “would be a crime—and it is not true,” he said.

“After reviewing the letter with County election and IT experts, I can say that the allegations are false and ill-informed. Moreover, the claim that our employees deleted election files and destroyed evidence is outrageous, completely baseless, and beneath the dignity of the Arizona Senate,” he added, calling for an immediate retraction of statements senators and their liaison team made on social media and to the press.

The Board of Supervisors, which held a closed-door emergency meeting on Friday, plans on holding a public meeting on Monday to address the matter.

Fann, an Arizona Senate Republican Caucus spokeswoman, and the liaison team did not immediately respond to requests for comment.

Maricopa County ballots cast in the 2020 general election are examined and recounted by contractors working for Florida-based company, Cyber Ninjas, at Veterans Memorial Coliseum in Phoenix, Ariz., on May 6, 2021. (Matt York/Pool/AP Photo)

Auditors Pack Up as Senate Signs Lease to Extend Audit

Auditors, meanwhile, began packing up on Thursday evening because the audit will take a break due to scheduling conflicts.

The audit has been taking place at the Veterans Memorial Coliseum on the state fairgrounds in Phoenix. High school graduations are scheduled to take place at the building beginning May 15.

Hand counting stopped at 7 p.m. on Thursday and workers began collapsing tables and preparing to move ballots to another location.

About 500,000 of the nearly 2.1 million ballots cast in Maricopa County in the 2020 election have been counted in the audit, according to Bennett.

The Arizona Senate signed an extension to their original agreement that allows auditors to store materials in the Wesley Bolin Building, which is also on the state fairgrounds, from May 12 to May 23.

The approximately 19,000-square foot building has a large open floor plan and two large roll-up doors, according to the Arizona State Fair website.

“Due to temperatures during the summer months, this building is not recommended for use between May through September,” the site states.

Bennett told The Epoch Times in a previous interview that the materials will be secure and that the site at which they’ll be stored can be tracked online via 24-hour streaming, just like the audit itself.

There’s no deadline for the audit,” Bennett said. “The goal is not speed; the goal is accuracy and completeness.

The audit teams can resume occupancy of the coliseum on May 23 and use it until June 30, according to a copy of the extended agreement obtained by The Epoch Times.

The original scope of work document from Cyber Ninjas said reviewing voter registration and votes case would take approximately 20 days and that work would be conducted remotely. The vote counting phase would take about 20 more days, it said, while the electronic voting system phase would take some 35 days.

But all three of those phases could be carried out simultaneously, according to the firm. An additional week was said to be required after completing everything else to finalize reporting.

The audit started on April 23.

Follow Zachary on Twitter: @zackstieber
Follow Zachary on Parler: @zackstiebe
 
END

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories./ of the day

 

 

Home Prices Are Soaring So Fast, They Are Negating The Benefits Of Low Mortgage Rates

FRIDAY, MAY 14, 2021 – 02:59 PM

A recent report in the Wall Street Journal that cited data from the National Association of Realtors and Fannie Mae caught our eye by highlighting an unfortunate reality of low interest rates: while they initially help even the playing field and make homes more affordable for more Americans, after a while, price appreciation will ultimately make housing less accessible for middle- and working-class Americans.

Using data combined with anecdotes from home buyers, WSJ illustrated how the rapid pace of price appreciation over the last year is affecting the outlook for the housing market, as high prices negate the impact of mortgage rates that are still near record lows.

Nationwide, the median existing-home sales price rose 16.2% in the first quarter to $319,200, a record high in data going back to 1989, NAR said.

Prices are rising so rapidly that they are outweighing the benefit of rock-bottom borrowing rates. In the first quarter, the typical monthly mortgage payment rose to $1,067, from $995 a year earlier, NAR said, even as mortgage rates declined.

Of course, the frenzied state of the American real estate market is nothing new.

The other day, we reported that home sales prices in the country’s hottest markets had risen by their widest level since 2006, according to the Case-Shiller Home Price Index, a closely watched measure of home prices in the US which offers a breakdown by region, as well as nationally. According to Case-Shiller, US home prices in 20 major cities are up a shocking 11.10% year-over-year.

But outside the major metro markets, demand was even stronger, translating into the biggest YoY increase in median sales since 2006.

As for that data we noted earlier, the NAR found that 182 of the 183 regions it tracks are reporting higher median sales prices than the year prior. But even more notably, 89% of those areas are seeing prices up more than 10%.

Thus far, the housing boom has been so widespread in part due to low mortgage rates, which have made mortgages more affordable, and more obtainable, for middle-class Americans. But economists believe that the inflection point where buyers of more modest means are priced out of the market is near. In other words, it’s one thing when ritzy markets like NYC and San Francisco see home prices boom. But when it starts happening in Boise, the outlook for price appreciation is much more limited, because the pool of potential interested buyers is much more limited.

Speaking of Boise…

In the Boise, Idaho, metro area, where median home prices surged 32.8%, Julie Cook struggled to find a house within her budget. She and her mother moved to Boise from Florida in January. Ms. Cook had looked at house listings before she moved and planned to buy a house in Boise for under $300,000. But by the time she arrived, there was little that amount could buy.

Ms. Cook ended up purchasing a townhouse for $330,000 in March. “It’s really not my dream or anything,” she said. “But I felt like I needed to, for mine and my mom’s sake, find a place that we could afford.”

Already, first-time home buyers are struggling with soaring prices, as those with limited budgets increasingly lose out to cash buyers, and economists at Fannie Mae are taking this into account.

Economists have said the pace of price increases is likely to slow later in the year and next as more people are priced out of the market, especially if mortgage rates tick higher. Mortgage-finance company Fannie Mae is forecasting median existing-home prices to rise 11.5% in 2021, then slow to a 4% increase in 2022.

“With low inventory already impacting the market, added skyrocketing costs have left many families facing the reality of being priced out entirely,” Mr. Yun said.

And while commodity prices soar amid a construction boom, it’s worth noting that easy government money (and artificially low interest rates thanks to the Federal Reserve) aren’t the only factors driving home prices higher.

Record-low inventory is also a factor. Data show Americans are staying in homes longer, and that the number of homes on the market has tumbled as the pandemic has made many who already own comfortable homes less inclined to sell (whether that’s due to the fear of letting strangers in their home in the middle of a pandemic, or the unwillingness to navigate the market as a buyer).

Across the country, and especially outside the big cities, brokers are warning that they have never seen demand so high. But for any investors looking for a potential opportunity to flip, just remember: while remote work is probably here to stay, the pace of this torrid market might not be as durable.

And if anything brings that home, it is this chart, as we noted earlier, showing home-buying sentiment has collapsed to its weakest since 1983…

Get back to work Mr.Powell!

Independent View of the News

Bloomberg QuickTake @Quicktake: Colonial Pipeline paid nearly $5 million [in Bitcoin] to hackers on Fridaycontradicting earlier reports that the company had no intention of paying an extortion fee to restore the country’s largest fuel pipeline, sources say https://trib.al/mHTbw4x
    Once the hackers received the payment, they gave the pipeline a decrypting tool to restore its disabled computer network. The tool was so slow that the company continued using its own backups to help restore the system.  The FBI discourages organizations from paying ransom to hackers. A report released last month said the amount paid by ransomware victims increased by 311% in 2020, reaching about $350 million in cryptocurrency
 
@NorthmanTrader: Demanding ransom in crypto just had its very public proof of concept encouraging others to do it again. And again. And again. And since this event impacted supply chains & prices I wouldn’t be surprised if crypto just got put on the National Security threat radar.
 
Hackers Find Easy Prey as U.S. Ignores One Warning after Another
https://www.bloomberg.com/news/articles/2021-05-11/hackers-find-easy-prey-as-u-s-ignores-one-warning-after-another
 
@CBSNews: Was President Biden briefed on whether Colonial paid the ransom for the pipeline cyberattack? Biden: “I have no comment on that.” https://cbsn.ws/3hosMK3
 
America under siege on Biden’s watch as cyberattackers cripple the country
Cyberattacks are on the rise – and increasingly targeting major infrastructure
    So, President Biden signed an executive order Wednesday to strengthen U.S. cyber defenses and bolster the Cybersecurity and Infrastructure Security Agency, known as CISA…
https://www.foxnews.com/politics/cyberattacks-america-biden-watch
 
April PPI jumped 0.6% m/m and 6.2% y/y (largest gain since 2010).  +0.3% m/m and +5.8% y/y were expected.  Core PPI increased 0.7% m/m and 4.1% y/y.  +0.4% m/m and +3.8% were expected.  PPI ex-Food, Energy & Trade jumped 0.7% m/m and 4.6% y/y.  +0.3% m/m and +4.3% y/y were expected.
 
U.S. Producer Prices Top Forecasts, Adding to Inflation Pressure
There is more inflation coming,” Luca Zaramella, chief financial officer at Mondelez International Inc., said on the food and beverage maker’s April 27 earnings call. “The higher inflation will require some additional pricing and some additional productivities to offset the impact.”…
https://www.bloomberg.com/news/articles/2021-05-13/u-s-producer-prices-increased-by-more-than-forecast-in-april
 
McDonald’s to boost wages by 10 percent amid worker shortage
The entry-level wage for new employees would rise to $11 to $17 an hour, based on the location of the restauranthttps://t.co/Jz3JmpYzd7
 
Amazon Will Hire 75,000 Logistics Workers in Latest Hiring Binge – Their average starting pay will be more than $17 an hour, and the company is offering signing bonuses of as much as $1,000…
https://www.bloomberg.com/news/articles/2021-05-13/amazon-will-hire-75-000-logistics-workers-in-latest-hiring-binge
 
Amazon opened sharply higher on Thursday; but its wage hikes and signing bonus scheme induced selling.  The stock steadily declined from the higher open and turned solidly negative in the afternoon.  Other Fangs fell in concert with Amazon; but the NY Fang+ Index turned negative for good earlier than Amazon and stayed negative for the remainder of the session.
 
ESMs hit a low at 4:51 ET.  They then methodically rallied until 10:55 ET.  The rebound/relief rally produced a 94.00 ESM rally from low (4029.25) to peak (4123.25).  ESMs and stocks rolled over at midday and an ‘A-B-C’ decline developed.  Nasdaq turned negative at 13:33 ET.
 
ESMs and stocks hit a bottom near 13:50 ET; a spirited rally materialized.  Here’s one reason why:
 
AMC soars and this time GameStop follows as meme stocks get squeezed hard
https://www.marketwatch.com/amp/story/amc-soars-and-this-time-gamestop-follows-as-meme-stocks-get-squeezed-hard-11620929838
 
Richmond Fed President Barkin comments on ThursdayI’m Optimistic That We’re Nearing the End of the Recovery ProcessSpending Has Recovered Faster than Jobs (No Schiff Sherlock!  What does that tell you?]The Infrastructure Initiative Would Be Critical for the United States, but There Are Concerns That It Will Put a Strain on Available Labor in Key Trades 
The afternoon rally stalled at the session highs and arrival of the final hour.  With 20 minutes remaining in the session, ESMs and stocks inched above the previous session highs.  However, there was no buying enthusiasm.  So, ESMs plunged 20 handles during the final 10 minutes of the session.
 
US Initial Jobless Claims fell to 473k from 507k; 490k was expected.  Continuing Claims fell to 3.655m from 3.7m; 3.650m was expected.
 
Initial Claims Drop to Lowest Since Covid Crisis But 16.9 Million Americans Still Remain “On The Dole”   https://www.zerohedge.com/energy/initial-claims-drop-lowest-covid-crisis-169-million-americans-still-remain-dole
 
Bitcoin tumbled on Thursday after Elon Musk slammed it in a Tweet.
 
Elon Musk @elonmusk: Energy usage trend over past few months is insane https://cbeci.org
https://twitter.com/elonmusk/status/1392780304138473473
 
The US Treasury auction of $27B of 30-year bonds did not go well: 2.395% vs. 2.377% WI.
 
@bespokeinvest: The 30Y Treasury auction tailed by the largest amount (1.8 bps) and had the lowest indirect bidder takedown (59.9%) of any auction or reopening since last August.
 
Positive aspects of previous session
Robust rebound/relief rally from the morning in Europe to midday in the USA.
Commodities got slammed; bonds rallied moderately
 
Negative aspects of previous session
The NY Fang+ Index turned negative at 11:06 ET
Late plunge because there were few organic buyers and beaucoup trader longs
 
Ambiguous aspects of previous session
Was Thursday’s burst higher a one-day wonder rally?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4106.35
Previous session High/Low4131.58; 4074.99
 
CDC to tell vaccinated Americans they can ditch masks indoors https://trib.al/jkI8SXL
 
@JordanSchachtel: I am thoroughly enjoying the White House declaring COVID over and seeing the confused cultists having a nervous breakdown and demanding the continuation of COVID Mania.
 
Why the charade of having the Bidens and others that were fully vaccinated months ago, walking around with masks?  Did ‘the science’ just change again?
 
@greg_price11: CDC Director went from “impending doom” to “it’s now safe to go back to normal life” in less than a month
 
@justin_hart: 2 months ago removing mask mandates was considered:
Biden: “Neathderthal Thinking”
Fauci: “Inviting another surge”
Beto: “Death warrant”
Newsom: “Absolutely Reckless”
 
@Cernovich: It was clear that Biden would have to close down Covidmania in time to salvage the mid-terms. But the left’s reaction is proof that Frankenstein remains a timeless parable on the downstream effects of creation – you lose control.
 
ABC News: Bars, gyms and restaurants. Those were just a few settings health experts warned could become hotbeds for COVID-19 spread as states began reopening in the spring and summer of 2020 following the first and second waves of the coronavirus pandemic in the United States.
    Yet, public data analyzed by ABC News appears to tell a different story. The data from states across the country suggests specific outbreak settings (including bars, gyms, restaurants, nail salons, barbershops and stores — for the full list, see graphic below in story) only accounted for a small percentage, if any, of new outbreaks after the pandemic’s inital wave in 2020
    Manufacturing and food processing centers appeared to have been among locations with some of the biggest outbreak numbers since states reopened, the data showed… [Where’s the data on nursing homes, assisted living facilities and other institutional care facilities?]
https://abcnews.go.com/Health/covid-19-spread-states-reopened-analysis/story
 
The Fed balance sheet for the week ended on Wednesday expanded $20.177B.
https://www.federalreserve.gov/releases/h41/current/
 
GOP @RepPatFallon: Where are the committee hearings examining the violence that devastated our country during the 2020 BLM and Antifa riots?
 
Biden’s garbled words of wisdom to consumers on surviving the gasoline shortage.
https://twitter.com/tomselliott/status/1392881350399692804
 
Disney Q2 revenue misses estimates as Disney+ subscribers fall short https://yhoo.it/3bpfV6zRevenue: $15.61 billion vs. $15.85 billion expected and $20.86 billion Y/YAdjusted earnings per share: 79 cents vs. 32 cents expected and $1.53 Y/Y 
103.6m new Disney+ subscribers for Q2; 110.3 was consensus.  Disney fell 5% in after-hour trading.
 
Today is not just a Friday; it is the Friday before expiration week.  Ergo, be alert for an afternoon rally!  The key question: Was Thursday’s explosive rally a one-day wonder rally?
 
Retail sales could dictate early trading.  ESMs are +6.00 at 20:30 ET on buying for the Friday rally. 
 
Expected economic data: April Advance Retail Sales 1.0% m/m, ex-Autos 0.6%, ex-Autos & Gas 0.3%; April Import Prices 0.6% m/m, Exports 0.8%; April Industrial Production 1.0% m/m, Mfg Production 0.2%, Capacity Utilization 75%; UM Sentiment 90.2, Current Conditions 100, Expectations 84.8, 1-year Inflation 3.5%; Dallas Fed Prez Kaplan (Lone Fed hawk) 13:00 ET
 
S&P 500 Index 50-day MA: 4056; 100-day MA: 3937; 150-day MA: 3805; 200-day MA: 3297
DJIA 50-day MA: 33,374; 100-day MA: 32,154; 150-day MA: 31,100; 200-day MA: 30,253
 
S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3110.46 triggers a sell signal
WeeklyTrender and MACD are positive – a close below 3969.00 triggers a sell signal
DailyTrender and MACD are negative – a close above 4245.97 triggers a buy signal
Hourly: Trender is negative; MACD is positive – a close above 4125.92 triggers a buy signal
 
Former top military brass question 2020 election result, Biden’s health
More than 120 retired generals and admirals have published an open letter questioning the legitimacy of the 2020 presidential election as well as President Biden’s fitness to be commander-in-chief…
    “Additionally, the ‘Rule of Law’ must be enforced in our election processes to ensure integrity,” the letter continues. “The FBI and Supreme Court must act swiftly when election irregularities are surfaced and not ignore them as was done in 2020.”…
    Later in the letter, the signatories say Biden’s “mental and physical condition … cannot be ignored.”
https://nypost.com/2021/05/12/former-top-military-brass-question-2020-election-result-bidens-health/
 
Former Texas Mayoral Candidate Indicted on 109 Felony Voter Fraud Charges
https://www.westernjournal.com/former-texas-mayoral-candidate-indicted-109-felony-voter-fraud-charges/
 
There is still an epidemic of Trump Derangement Syndrome.  The MSM hated Dick Cheney more than it hated W Bush.  They ignored his daughter Liz, a flyweight politician riding daddy’s Rolodex, until she went after Trump.  Then, the MSM and Dems hailed her as a modern Joan of Arc.
 
Why Is the Government Hiding January 6 Video Footage? 
According to an affidavit filed in March by Thomas DiBiase, the Capitol Police department’s general counsel, the building is monitored 24/7 by an “extensive system of cameras” positioned both inside and outside the building as well as near other congressional offices on the grounds.
    The system captured more than 14,000 hours of footage between noon and 8 p.m. on January 6; the archive was made available to two Democratic-controlled congressional committees, the FBI, and the D.C. Metropolitan Police department… Capitol Police argue that making all the tapes available to defense attorneys —let alone to the American public—could provoke future violence… [What malarkey!!!] https://amgreatness.com/2021/05/10/why-is-the-government-hiding-january-6-video-footage/
 
Israeli forces begin ground operations in Gaza in major escalation of conflict with Hamas
https://justthenews.com/world/middle-east/israel-defense-forces-tweets-air-and-ground-troops-are-currently-attacking-gaza

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