MAY 21/YOUR TYPICAL FRIDAY RAID//GOLD DOWN $5.20 TO $1876.15//SILVER DOWN 51 CENTS TO $27.44//GOLD TONNAGE STANDING FOR DELIVERY RISES TO 5.527//SILVER OZ STANDING: 36.665 MILLION OZ// JUNE OPEN INTEREST ON GOLD: 197,803 WHICH IS QUITE HIGH//TWO HUGE DEPOSITS INTO THE GLD: 5.82 TONNES AND ANOTHER 5.83 TONNES: TOTAL DEPOSIT FOR THE DAY: 11.65 TONNES//REVERSE REPO POOL AT THE FED RISES AGAIN BY 18 BILLION AS THIS SIGNALS THAT THE BANKS HAVE NO MORE ROOM TO STORE EXCESS REVERSES//CORONAVIRUS UPDATE/VACCINE UPDATE//CEASE FIRE HOLDS IN ISRAEL-PALESTINE//ALASDAIR MACLEOD…A MUST READ AND CHRIS POWELL ON THE SAME SUBJECT//USA PMI’S EXPLODE AND THIS IS AHUGE INFLATION SIGNAL!//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1876.15   DOWN $5.20   The quote is London spot price

Silver:$27.44   DOWN 51 CENTS   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1880.10 LONDON SPOT  4:30 pm

ii)SILVER:  $27.55//LONDON SPOT  4:30 pm

 

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

 

 

PLATINUM  $1172.99  DOWN $29.88

PALLADIUM: 2789.95 DOWN $49.38  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.

may 17  Jim McShirley

Forgot to mention the Gold Eagle physical to spot widened another $5 today, now around +$185 or more. Spot has practically become like the GLD, which is little more than a heavily-discounted tracker to the real stuff. Gold coins are indeed MUCH closer to all-time highs than the Crimex price. It will be interesting to see if this keeps blowing out until spot prices are meaningless.

May 19: James McShirley

Coin premiums to spot continue to widen. Gold Eagles blew out another $20 and are now +$200 and up to spot. Despite the futures selloff Silver Eagles are holding steady around $40 and up. Physical buying is belying the Crimex racket. T

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 6/208

EXCHANGE: COMEX
CONTRACT: MAY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,881.800000000 USD
INTENT DATE: 05/20/2021 DELIVERY DATE: 05/24/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 198
363 H WELLS FARGO SEC 7
624 H BOFA SECURITIES 183
657 C MORGAN STANLEY 3
661 C JP MORGAN 6
732 C RBC CAP MARKETS 19
____________________________________________________________________________________________

TOTAL: 208 208
MONTH TO DATE: 1,703

ISSUED: 0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MAY. CONTRACT: 208 NOTICE(S) FOR 20,800 OZ  (0.6469 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1703 NOTICES FOR 170300 OZ  (5.298 tonnes) 

SILVER//MAY CONTRACT

22 NOTICE(S) FILED TODAY FOR 110,000  OZ/

total number of notices filed so far this month  : 7134 for 35,670,000  oz

 

BITCOIN MORNING QUOTE  $40,569 UP 521  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$35,943 DOWN 4105 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $5.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

TWO HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE 5.82 TONNES OF GOLD ADDED AT 3 PM AND ANOTHER 5.83 TONNES ADDED AT 5.20 TO 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: 1,042.92 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER  DOWN 51 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: / A DEPOSIT OF 1.299 MILLION OZ INTO 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:

572.963  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 176.03 UP $0.07 OR  0.03%

XXXXXXXXXXXXX

SLV closing price NYSE 25.53 DOWN $0.26 OR 1.01%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 885 CONTRACTS FROM 180,921 UP TO 181,806, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OU TINY  $0.04 GAIN IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO SOME 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 ZERO LONG LIQUIDATION 

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

IN SILVER  14 CONTRACT DIFFERENTIAL…MAY 21.2021  (899 GAIN TO 885 GAIN)

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 405,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  0, JUNE: 0 JULY 405 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 405 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

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

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION 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

36.665 MILLION OZ INITIAL STANDING FOR MAY 

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.04).OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A STRONG GAIN OF 1290 CONTRACTS ON OUR TWO EXCHANGES.  THE GAIN WAS DUE TO i) SOME 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 FOR SEVERAL DAYS WITH TODAY DECREASING TO 36.665 MILLION OZ ON DAY 15 AS NO SILVER WAS AVAILABLE ON THE ENGLISH SIDE OF THE POND OR ON THIS SIDE!, v) STRONG COMEX OI GAIN /
.
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:

23,935 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 23,935 CONTRACTS) OR 119.675 MILLION OZ: (AVERAGE PER DAY: 1709 CONTRACTS OR 8.54 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 119.675  MILLION 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: 119.675 MILLION OZ. (SILVER IS STILL IN SEVER BACKWARDATION BUT EFP ISSUANCE DRAMATICALLY INCREASING AGAIN!!)

 

RESULT: WE HAD A STRONG INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 885, DESPITE OUR TINY $0.04 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 405 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 1299 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.04 RISE IN PRICE)//THE DOMINANT FEATURE TODAY// SOME BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR MAY. (37.770 MILLION OZ) FOLLOWED  TODAY WITH A 30,000 OZ LOSS  …. SO OUR NEW STANDING REMAINS AT 36,665,000 OZ.  

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  405 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 885 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.04 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.95//THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 22 NOTICES FILED TODAY FOR 110,000 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 ROSE BY A GOOD SIZED SIZED 6145 CONTRACTS TO 531,287 ,,AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  1868 CONTRACTS.

THE GOOD SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE  OF $0.20///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 GOOD SIZED GAIN OF 7066 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 16,900 OZ ON DAY NO 15 AND NOW 5.527 TONNES ARE STANDING. THIS FOLLOWED A STRONG APRIL AT 95.331 TONNES. 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $0.20 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD A GOOD SIZED GAIN OF 5198 OI CONTRACTS (16.16 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 921 CONTRACTS:

CONTRACT  AND JUNE:  921, AUGUST: 0  ALL OTHER MONTHS ZERO//TOTAL: 921 The NEW COMEX OI for the gold complex rests at 529,4199. 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 GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5198 CONTRACTS:  4277 CONTRACTS INCREASED AT THE COMEX AND 921 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5198 CONTRACTS OR 16.16 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (921) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  6145 OI): TOTAL GAIN IN THE TWO EXCHANGES:  4277 CONTRACTS. WE NO DOUBT HAD 1 HUGE BANKER SHORT COVERING/BIS MANIPULATION! 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 ANOTHER STRONG QUEUE JUMP OF 4100 OZ ON DAY 14 //NEW STANDING FOR MAY:  5.527 TONNES 

3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR  GAIN IN GOLD PRICE TRADING THURSDAY//$0.20!!.

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 : 62,166, CONTRACTS OR 6,216,600 oz OR 193.36 TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 4440 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 193.36 TONNES

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

THUS EFP TRANSFERS REPRESENTS 193.36/3550 x 100% TONNES =5.43% 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:        193.36 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, ROSE BY A STRONG SIZED 885 CONTRACTS FROM 180,921 UP TO 181,806 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 405 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 405: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  405 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 885 CONTRACTS AND ADD TO THE 405 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1290 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.050 MILLION  OZ, OCCURRED WITH OUR $0.04 GAIN 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

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED  DOWN 20.39 PTS OR 0.58%   //Hang Sang CLOSED UP 8.15 PTS OR .03%      /The Nikkei closed UP 219.58 pts or 0.78%  //Australia’s all ordinaires CLOSED UP 0.18%

/Chinese yuan (ONSHORE) closed UP AT 6.4310 /Oil DOWN TO 62.59 dollars per barrel for WTI and 65.83 for Brent. Stocks in Europe OPENED ALL GREEN   //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4310. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4288   : /ONSHORE YUAN TRADING BELOW 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// vs EUROPE

 

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 ROSE BY A GOOD SIZED 4277 CONTRACTS TO 529,419 MOVING CLOSER TO 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 GOOD COMEX INCREASE OCCURRED WITH OUR TINY  GAIN OF $0.20 IN GOLD PRICING THURSDAY’S COMEX TRADINGWE ALSO HAD A SMALL EFP ISSUANCE (921 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 A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 921 EFP CONTRACTS WERE ISSUED:  ;:  0, JUNE:  921 & JULY 0 & AUGUST: 0 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 921  CONTRACTS .WITH GOLD STILL IN BACKWARDATION

 

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 5198  TOTAL CONTRACTS IN THAT 921 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED COMEX OI OF 4277 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (5.527) 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 $0.20)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7066 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 16.16 TONNES,ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAY (5.527 TONNES)..I  STRONGLY BELIEVE THAT OUR 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”.

 THE BIS REMOVED XXX CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. (TO BE PROVIDED TOMORROW AFTERNOON)

NET GAIN ON THE TWO EXCHANGES :: 5198 CONTRACTS OR  519800 OZ OR 16.16  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:  529,419 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 52.94 MILLION OZ/32,150 OZ PER TONNE =  1647 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1647/2200 OR 74.84% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:273,229 contracts// volume /fair ////volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  275,901 contracts// –fair 

//most of our traders have left for London

 

MAY 21 /2021

 
INITIAL STANDINGS FOR MAY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
38,576.490 OZ
Briks
 
real gold leaving
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz  
Deposits to the Customer Inventory, in oz
 
103,108.257 OZ
 
3207 kilobars
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
208  notice(s)
 
208000 OZ
(0.6469 TONNES
No of oz to be served (notices)
74 contracts
(7400 oz)
 
0.2302 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1703 notices
170300 OZ
5.297 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 HSBC:  103,108.257 or  (3207 kilobars)
 
 
 
TOTAL CUSTOMER DEPOSITS: 103,108.257  oz
 
 
 
 
 
 
We had 1 withdrawals….
 
 
 
 
 
 
 
i) Out of Brinks  38,576.490 oz
(real gold)
 
 
 
 
total withdrawals 38,576.490
a net: 2.0 tonnes  enters the comex (although the entry into the comex vault is phony)
 
 
 
 
 
 
 

We had  2  kilobar transactions (2 out of 3 transactions)

ADJUSTMENTS  0//

 

 
 
 
 
 
 
 

The front month of MAY registered a total of 282 CONTRACTS for a GAIN of 40 contracts. We had 1 notices filed on WEDNESDAY so we GAINED  A STRONG 41 contracts or an additional  4,100 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 STRONG 15,625 CONTRACTS DOWN TO  197,803.  .(AND THIS IS THE FRONT MONTH THAT WE WILL PAY CLOSE ATTENTION TO!)  FOR COMPARISON ON MAY 19/2020:  229,231 OI WITH A DROP OF 11,023 CONTRACTS.
INITIALLY ON JUNE 1/2020: 146.60 TONNES OF GOLD STOOD FOR DELIVERY.
 
JULY GAINED 225 CONTRACTS TO STAND AT 1423.
 
AUGUST GAINED A huge 17,850 CONTRACTS UP TO 259,813

We had 208 notice(s) filed today for 20800  oz

FOR THE MAY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 208  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 6 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 (1703) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY:  282 CONTRACTS ) minus the number of notices served upon today 208 x 100 oz per contract equals 177700 OZ OR 5.527 TONNES) the number of ounces standing in this  active month of MAY

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

No of notices filed so far (1703) x 100 oz+  282)  OI for the front month minus the number of notices served upon today (208} x 100 oz} which equals 177,700 oz standing OR 5.527 TONNES in this  active delivery month of MAY.

We GAINED 4100 oz standing for delivery at the comex.  

 

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

450,514.371, oz NOW PLEDGED  march 5/2021/HSBC  13.626 TONNES

227,531.970 PLEDGED  MANFRA 7..07 TONNES

288,378.262, oz  JPM  8.35 TONNES

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

86,294.813, 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:  2,225,272.134 oz                                     69.21 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 472.45 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 5.527 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,470,932.785 oz or 543.41 tonnes
 
 
total weight of pledged:  2,225,272,134 oz or 69.21 tonnes
 
thus:
 
registered gold that can be used to settle upon: 15,245,660.0 (472,45 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,245,660.0 (472.45 tonnes)
 
total eligible gold: 17,105,953.698 oz   (532.06 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,576,693.573 oz or 1,075.48 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  949.14 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

 

 
 
MAY21/2021
 
 

 

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
1,603,432.456 oz
 
 
CNT
BRINKS
JPM
MANFRA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
315,463.700 oz
 
Delaware
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
eaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
22
 
CONTRACT(S)
(110,000 OZ)
 
No of oz to be served (notices)
199 contracts
 995,000 oz)
Total monthly oz silver served (contracts)  7134 contracts

 

35,670,000 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  1 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 215,463.700 oz

 
 
 
 
 
 
 

JPMorgan now has 187.546 million oz of  total silver inventory or 53.04% of all official comex silver. (187.546 million/353.56 million

total customer deposits today 315,463.700   oz

we had 4 withdrawals

i) Out of CNTs: 34,598.420 oz

 

ii) out of Brinks:  338,597.120 oz

 

iii)  Out of JPMorgan; 611,833.620 oz

 

iv) Out of Manfra: 618,403.246 oz

 
 
 
 
 
 

total withdrawals  1,603,432.456   oz

 
 

adjustments//0

 

 
 
 

Total dealer(registered) silver: 115.416 million oz

total registered and eligible silver:  353.561 million oz

a net 1.288 million oz leaves the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx19

 
 
 
 

May fell in contracts, losing 10 contracts to stand at  221 contracts.  We had 4 notices filed on WEDNESDAY so we LOST 6  contracts or AN ADDITIONAL 30,000 oz of silver will NOT stand delivery in this very active delivery month of May They will try their luck on the English side, as there is no appreciable silver over here.

 

 

June GAINED 19 contracts up to 2160.

July gained  531 contracts DOWN to 146,127 contracts

 
No of notices filed today:  22 CONTRACTS for 110,000 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  7134 x 5,000 oz = 35,670,000 oz to which we add the difference between the open interest for the front month of MAY (221) and the number of notices served upon today 22 x (5000 oz) equals the number of ounces standing.

Thus the MAY standings for silver for the MAY/2021 contract month: 7134 (notices served so far) x 5000 oz + OI for front month of MAY (221)  – number of notices served upon today (22) x 5000 oz of silver standing for the Jan contract month .equals 36,665,000 oz. ..VERY STRONG FOR AN ACTIVE MAY MONTH. 

 

We lost 30,000 oz of silver standing for delivery 

 

 

TODAY’S ESTIMATED SILVER VOLUME 77,369 CONTRACTS // volume very good// 

 

FOR YESTERDAY 60,028  ,CONFIRMED VOLUME/ fair//

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  FALLS TO +0.67% (MAY 21/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –0.46% nav   (MAY 21/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.47% (MAY 21/2021)

(courtesy Sprott/9

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

 

NAV $19.82 TRADING $19.60//NEGATIVE 1.13

END

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

MAY 21/WITH GOLD DOWN $5.20 TODAY: TWO HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.82 TONNES OF GOLD INTO THE GLD AT 3 PM AND ANOTHER 5.83 TONNES ADDED AT 5.20 PM/INVENTORY RESTS AT 1042.92. TONNES

MAY 20/WITH GOLD UP 20 CENTS TODAY/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.66 TONNES FROM THE GLD//INVENTORY RESTS AT 1031.27 TONNES

MAY 19/WITH GOLD UP $13.35 TODAY: NO CHANGES IN GOLD IVENTORY AT THE GLD//INVENTORY RESTS AT 1035.93 TONNES

MAY 18/WITH GOLD UP $.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A MASSIVE 7.57 TONNES OF GOLD ADDED TO THE GLD///INVENTORY RESTS AT 1035.93 TONNES

MAY 17  WITH GOLD UP $29.95 TODAY/// .. NO CHANGES IN GOLD INVENTORY AT THE GLD…INVENTORY RESTS AT 1028.36 TONNES

MAY 14  WITH GOLD UP $13.05… A BIG CHANGES IN GOLD INVENTORY AT THE GLD.//A DEPOSIT OF 3.21 TONNES INTO THE GLD//INVENTORY RESTS AT 1028.36 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 $14.41 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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

MAY 21 / GLD INVENTORY 1042.92 tonnes

LAST;  1061 TRADING DAYS:   +108.95 TONNES HAVE BEEN ADDED THE GLD

LAST 991 TRADING DAYS// +  293.47 TONNES  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 21.WITH SILVER DOWN 51 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.299 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 572.963 MILLION OZ/

MAY 20/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 571.664 MILLION OZ//

MAY 19/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 571.664 MILLION OZ/

MAY 18/WITH SILVER UP 09 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 7.884 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 571.664 MILLION OZ..

MAY 17 WITH SILVER UP 88 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//..INVENTORY RESTS AT 565.820 MILLION OZ

MAY 14 WITH SILVER UP 28 CENTS TODAY: A HUGE GAIN OF 1.949 MILLION OZ INTO THE SLV….INVENTORY RESTS AT 565.820 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 1.114 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 573.188 MILLION OZ.

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

MAY 21/2021
572.963 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

Peter Schiff: Investors Are Starting To Worry The Fed Won’t Fight Inflation

 
FRIDAY, MAY 21, 2021 – 01:40 PM

Via SchiffGold.com,

We’ve been talking about the inflation threat for months. But the markets have been acting as if the real threat is the Federal Reserve trying to fight inflation by tightening monetary policy. With every bit of inflation news, gold has sold off. But after last week’s hotter than expected CPI data, it looks like investors may be starting to see the light and realizing that the central bank can’t fight inflation. Peter Schiff talked about this apparent pivot in a recent podcast.

Earlier this week, the dollar index closed below 90 for the first time since February. That’s within a couple of percentage points of lows we haven’t seen since December 2014. The dollar rallied after that 2014 low based on the false expectation that QE was successful and the Federal Reserve was going to be able to unwind its monetary policy – to raise interest rates and shrink its balance sheet to pre-financial crisis levels.

Now, of course, none of that was true. The entire narrative upon which the dollar rally was based ended up being false.”

Peter said once the dollar index gets back to those 2014 levels, he thinks the dollar could end up giving up all of its ill-gotten gains with the dollar index making a bee-line toward record lows.

It’s significant that the dollar is starting to show weakness despite upward pressure on bond yields and increasing nervousness about inflation. Up to this point, investors were viewing inflation as bullish for the dollar and bearish for gold.

After the hotter than expected CPI numbers last week, gold initially sold off, but it has seen a strong rally over the past week.

So, we’ve seen gold rising and the dollar falling as inflation fears are becoming more widespread. That is intuitively what one would expect. So why haven’t we seen that reaction over the last several months?

Traders expected the Fed to fight off the inflation problem before it became big and solve the problem. But I think now what the markets are telling us is more and more traders are starting to finally figure out that there is no politically viable mechanism, policy option, for the Fed when it comes to fighting inflation. And so, rather than expecting the Fed to solve the inflation problem, markets are now beginning to come to the realization that there is no solution to the inflation problem — that the inflation problem is going to get bigger and bigger and bigger, and that the Fed is going to do nothing about it. And so, when that’s the type of fear, when the markets are not afraid of the Fed fighting inflation, but of the Fed not fighting inflation, that is when you really start to see the movement down in the exchange rate of the dollar and up in the price of gold.”

We’re also starting to see a rotation out of the speculative momentum stocks into value-oriented stocks that are seen as better inflation hedges.

Meanwhile, housing starts data came out this week and it was a big miss. Builders are struggling with rising lumber prices and building material shortages. And Peter said they are also starting to realize that homebuyers can’t pay the quickly rising prices.

Interestingly, the price of lumber has fallen recently as the market corrects.

I think in large part because of the reduction now in homebuilding demand that is a function of the rising cost of building those homes. Lumber is getting so expensive that the demand for lumber is going down because it’s impossible now to build a home that homebuyers can afford given how expensive it is to construct them.”

Of course, there is still strong demand for housing with the Fed keeping mortgage rates artificially low and a lot of people with stimulus money in their pockets. Peter said he thinks you’re going to start hearing a lot of pundits explaining away inflation by blaming rising prices on shortages.

Nobody in the government wants to accept responsibility for the price increases. Because the real problem is not that we have a shortage of goods. It’s that we have a surplus of money. That is the problem. We don’t have an unlimited supply of goods. We never do. In fact, the basic definition of economics is really how to satisfy unlimited demand with limited resources. But what the government is doing with all this money printing is they’re artificially stimulating demand. People now have a lot more money to go out and buy stuff, but people aren’t going into the economy and producing the stuff. So, we have this money – this huge money supply – but there are not goods for people to use it to buy. So, all you can do is bid up prices. But it’s always going to look like a shortage of supply whenever you have a lot of money.”

The government is going to try to hide behind the supply shortage myth to deflect responsibility for inflation and rising prices.

Granted, there some actual shortages and supply chain disruptions due to lack of production during COVID. That is exacerbating price inflation.

But the real problem is not that temporary backlog but the permanent increase in the money supply.”

During the pandemic, we saw a huge drop in production with no corresponding drop in demand. Why? The federal government was handing out money.

In this podcast, Peter also talks about the out-of-whack labor market and the bitcoin plunge.

end

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

 

OR

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

or

Jared Dillian…

Dillian: The Case For Gold

 
FRIDAY, MAY 21, 2021 – 06:30 AM

Authored by Jared Dillian via MauldinEconomics.com,

I have been making the investment case for gold since 2005. That was the point that the first physical gold ETF was listed, and I bought some. Then I bought some more, then I bought some more, and now I have it coming out of my ears.

You could skip this note and just read Alan Greenspan’s 1966 essay Gold and Economic Freedom, but his is a little more dense and ideological.

His goes something like this: A Treasury bond is a claim, and as you issue more bonds, eventually you have more claims than assets.

That’s when inflation happens. We are there.

How We Got Here

Gold has been going up, in fits and starts, since the year 2000.

Y2K was a special time in monetary history—interest rates were high and currencies were strong. Financial conditions were tight. And the price of gold dropped below $300 an ounce and stayed there for a while.

I remember listening to the financial market report while driving my Toyota Tercel through downtown San Francisco and hearing that gold was two hundred-something an ounce. That sounds cheap, I thought.

Fast-forward two decades, and you’ll see that the last six months have been unkind to gold.

What’s interesting about it is that we’ve had a boatload of positive gold catalysts—unlimited deficit spending and unlimited monetary easing, not to mention some civil unrest thrown in—yet gold has been the worst-performing commodity.

  • The reason is that lots of people have been attracted to digital gold—Bitcoin.

This is impossible to measure, but it’s my belief that Bitcoin has drawn billions of assets away from gold. And in recent weeks, gold and Bitcoin have been negatively correlated. As Bitcoin has gone down, gold has gone up.

Source: Jerry Jordan on Twitter

Winners & Losers

Bitcoin has proven that it is no store of value, after being so easily manipulated by a temperamental billionaire, in an elaborate pump-and-dump scheme. Nice asset you got there.

You can’t do that to gold—it’s simply too big. Even the Reddit jerks who tried to manipulate silver sustained heavy losses. These markets are large and liquid, and it just cannot be done.

Cryptocurrencies are very young. A good analogy is the internet bubble of the late 1990s when there were thousands of (mostly unprofitable) dot-com companies. Fast-forward 20 years, and all of them are gone except for four.

If you had correctly picked those four companies, you were rewarded with unbelievable returns. But if you invested in Webvan’s grocery-delivery business, for example, you got a zero.

It’s not easy to pick the winners, and that’s what we’re being asked to do with crypto.

Bitcoin might not be around in five years. Maybe not Ethereum, either. Maybe the winner will be something else. Maybe it will be central bank digital currencies. I put this one in the too hard pile, but I’m pretty sure of one thing. That is…

  • Gold is going to be with us five years from now, and I think the price is going to be a lot higher.

Precious metals in the aggregate represent 30% of my portfolio. For most people, I recommend 10% to 20%, whether they are implementing the Awesome Portfolio or not.

Adding gold to a portfolio improves its risk characteristics and dampens volatility.

And no asset class has a greater propensity to disappoint, to sell off at the most inopportune and inconvenient times, and rally when people least expect it.

The Only Reason NOT to Be a Gold HODLer

I’ve been dealing with the arbitrary and capricious nature of gold for 16 years, and I’ve reached the point where I just have a great deal of patience with it. It will go when it goes.

But gold does have a tinfoil hat element to it, though gold investors seem downright sane next to the Bitcoin investors.

  • The original HODLers were gold investors – go back to 2011, and people were saying that they would never sell.

The one lesson I took from that episode is that there is always a time to sellEverything is a trade.

The Bitcoin people took this to an extreme, and they’re now sitting on a pile of losses. The older I get, the better I feel about taking profits, especially in the trades I like the most.

  • But in gold, there is no reason to take profits until the day that we start running balanced budgets in the United States.

If we get a fiscally conservative president and a hawkish Fed, the jig will be up, and markets will discount that well into the future. So, I am always on the alert if the political winds start blowing in a different direction.

Until then, I will be rolling around with my 30% precious metals position. It does not have a great deal of volatility (at the moment), so it does not cause me a great deal of stress.

And gold appears to be breaking out to retest the old highs of $2,070 or so. That’s about 11% higher than today’s prices.

If you find that you don’t own enough, now might be a good time to start.

You can buy, sell, or even store precious metals right from your desktop. Here’s how.

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

this is a must read….your weekend reading material

Alasdair Macleod..

Alasdair Macleod: Does the BIS really mean to destroy gold and silver derivatives?

 

 

 


 


 

 


 


 


adminSection: Daily Dispatches
 

 


 


 

 


 


 

 


 


 


 


The End of Paper Gold and Silver Markets

By Alasdair Macleod

GoldMoney, St. Helier, Jersey, Channel Islands

Thursday, May 20, 2021

This article looks at the likely consequences of the Bank for International Settlements’ introduction of the net stable funding requirement (NSFR) for bank balance sheets, insofar as they apply to their positions in gold, silver, and other commodity markets.

If the new rules are introduced as proposed, banks will face significant financing penalties for taking trading positions in derivatives. The problem is particularly important for the London gold market, as described in last week’s article on this subject. Therefore banks are likely to withdraw from providing derivative liquidity and associated services.

This article delves into the consequences of the NSFR leading to the end of the London forward markets in gold and silver. Replacement demand for physical metal appears bound to rise, and an assessment is therefore made of available gold not tied up in jewellery and industrial uses. An analysis of gold leasing by central banks, leading to double ownership of physical gold, is included.

The conclusion is that unless the BIS has an ulterior motive to trigger a chaotic financial reset of some sort, it is a case of regulators not understanding the market consequences of their actions. …

 


 


 


 


… For the remainder of the analysis:

 


https://www.goldmoney.com/research/goldmoney-insights/the-end-of-paper-g…

* * *

END

Why Basel 3 might not bring the end of gold price suppression

 
 

 


 


 


 


 

 


 

 


 


adminSection: Daily Dispatches
 

 


 

 


 

 


 

 


2:17p ET Friday, May 21, 2021

Dear Friend of GATA and Gold:

Much hope has been engendered in the monetary metals sector by the “Basel 3” banking regulations being recommended to the world by the Bank for International Settlements, since the regulations might make prohibitively expensive the business of unallocated or “paper” gold — the business of creating vast supplies of imaginary gold for price suppression purposes. The regulations are said to be taking effect in Europe at the end of June and likely in the United Kingdom, the headquarters of bullion banking, at the end of the year.

The conclusion that the Basel 3 rules will smash the “paper” gold system is drawn not just by advocates of liberating the gold market from price suppression but also by the proprietors of the “paper” gold business themselves, the London Bullion Market Association and the World Gold Council, which the other day issued a panic-striken public protest:

 


 


 


https://gata.org/node/21135

But even if this interpretation of the Basel 3 rules is correct, Basel 3 might not necessarily stop gold price suppression by governments and central banks.      

The LBMA banks create the “paper” gold for price suppression purposes and provide camouflage for central bank interventions. In exchange the LBMA banks have been essentially underwritten in their gold dealings by certain central banks that arrange gold swaps and leases for them. These interventions can’t work as well without such camouflage. For if central banks had to intervene directly and openly to control the gold price and protect their currencies, intervention would be visible and more easily defeated by the market. 

That openness is what helped collapse of the London Gold Pool in March 1968 —

 


 


 


https://en.wikipedia.org/wiki/London_Gold_Pool

— and is why the secret March 1999 staff report of the International Monetary Fund warned against requiring central banks to disclose their gold swaps and leases — disclosure would expose their interventions, and their interventions wouldn’t work very long if they couldn’t deceive the markets:

 


 


 


https://www.gata.org/node/12016

But central banks probably could find mechanisms other than the LBMA for creating “paper” gold and imaginary supply. Indeed, even in the era of the gold standard governments didn’t back their currencies with gold at a 100 percent ratio. They managed with gold coverage of well less than 50 percent, trusting that responsible monetary and fiscal policy would suppress demand — and they were right. That is, the gold standard itself was a fractional-reserve gold banking system, though its coverage level was far higher than it is in today’s gold banking system, where there may be as many as 90 or 100 claims to every ounce of gold.

So central banks hoping to continue gold price suppression might exempt their banks or certain of their banks from the Basel 3 rules on gold. These exemptions might be kept secret, and such banks might get secret government guarantees. With such guarantees, these banks might function perfectly well while providing camouflage for interventions.

Of course this would be fraud, but the whole system is already a fraud, As early as 1961 Federal Reserve officials were secretly proposing falsifying U.S. government records to facilitate manipulation of the gold market:

 


 


 


https://www.gata.org/node/7096

Or, since the Basel 3 rules would choke the bullion bank business in “paper” gold by requiring those banks to hold enormous collateral against their “paper” gold obligations, perhaps central banks engaging in gold price manipulation could simply supply that collateral to the bullion banks via huge cash deposits, thereby relieving Basel 3’s increased costs to the banks. After all, central banks have no trouble creating money. They just “type it in” and wire it out and are perfectly able to deploy it in secret, even in nominally democratic countries like the United States.

This week GoldMoney’s outstanding analyst Alasdair Macleod wondered aloud if the BIS really knows what it’s doing to the gold market with Basel 3:,potentially destroying the fractional-reserve gold banking system:

 


 


 


https://www.gata.org/node/21170

If the BIS didn’t know when devising the new rules, it surely knows now because of the anguished protest from the LBMA and/ WGC. But it is hard to imagine that the BIS didn’t contemplate such an impact from the start. After all, as GATA consultant Robert Lambourne long has shown, the BIS is a key player in the gold market, a gold broker for central banks helping to manage their interventions every day, and a crucial part of their camouflage:

 


 


 


https://www.gata.org/node/21154

Besides, Basel 3’s rules for gold banking are entirely sensible for their recognizing that “paper” gold creates huge systemic risk for the international banking system. One big buyer of physical gold — a sovereign or even an ordinary billionaire, might crash the system by purchasing and taking delivery of enough real metal, since all the bullion banks are terribly short, are connected by their derivatives, and might be pulled down together. Averting such a systemic collapse by helping bullion banks cover their huge short positions as the gold market reversed upward seems to have been the purpose of the Bank of England’s strange gold-selling program in 1999:

 


 


 


https://en.wikipedia.org/wiki/Sale_of_UK_gold_reserves,_1999%E2%80%932002

The Bank of England lost a fortune for the United Kingdom by selling so much of its gold reserves at the bottom of the market, but it accomplished something considered much more important than the national interest: It saved the banks. So Basel 3’s rules for gold banking prompt questions about the BIS’ underlying intent. 

— Is BIS’ gold policy now being set by a majority of directors from countries that are sick of U.S. dollar imperialism, the increasing “weaponization” of the dollar, and want to weaken the world reserve currency to diminish U.S. power? 

— Are the Basel 3 gold rules an attack by European Union members on London bullion banks in resentment of the United Kingdom’s withdrawal from the EU? 

— Are the Basel 3 gold rules meant to precipitate the sort of resetting of the international financial system envisioned years ago by the U.S. economists Paul Brodsky and Lee Quaintance and the Scottish economist Peter Millar, a resetting in which currencies and debt are devalued but governments are reliquified against their debts by assigning much higher values to their gold reserves?:

 


 


 


https://www.gata.org/node/11373

 


https://www.gata.org/node/4843

Various interests are likely in play here. Since mainstream financial news organizations don’t dare to do serious journalism about central banks and gold, outsiders can only speculate about what is happening in that snakepit. 

It all may evoke the legend about the Congress of Vienna, which in 1814 aimed to redraw Europe’s borders after the Napoleonic wars. Understandably enough, the congress was rife with intrigue. Supposedly one day an aide visited the Austrian foreign minister, Klemens von Metternich, and reported: “My Lord, the Russian ambassador has died.” 

Metternich supposedly answered: “Hmmm. … I wonder what his motive was.”

Since central banking is conducted in secret, at least we can be sure that nobody’s motives here are good.

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

 


 


CPowell@GATA.org

* * *

 


 


 


iii) Other physical stories:

GOLD TRADING TODAY

 

COMMODITY WATCH/

 

 

end

Cryptocurrencies

Cryptos Crash After China Again Vows Crackdown On Mining And Trading

 
FRIDAY, MAY 21, 2021 – 10:29 AM

Another day, another attempt by China – where the reception of the digital yuan has been a total disaster so far much to Beijing’s complete humiliation – to crash Crypto, with Reuters and Bloomberg reporting moments ago that just two days after the PBOC barred the use of crypto for payments, China’s vice premier Lie He said China will crack down on bitcoin mining and trading activities, which of course is what we already knew.

From Reuters:

  • CHINA’S VICE PREMIER LIU HE SAYS TO CRACK DOWN ON BITCOIN MINING AND TRADING ACTIVITIES

And From Bloomberg

  • *CHINA REITERATES CALL FOR CRACKDOWN ON BITCOIN MINING, TRADING

So China will reiterate, i.e., repeat what it has said, the same news every day until bitcoin hits 0? Or at least it hopes to, and somehow this is supposed to inspire confident in the digital Yuan?

What is funny is that a month ago it was Peter Thiel who grabbed headlines with his laughable conclusion that bitcoin was helping China to end the reserve status of the dollar. How about now, Peter, is China’s crushing bitcoin to boost the dollar? Inquiring minds want to know.

Incidentally, a cynical take of this report is that it is great news as it means no more dirty coal bitcoin mining in Xinjiang. How will the ESG cult bash bitcoin now?

As a reminder, China is the bitcoin bears biggest friend: as long as bitcoin can be mined in China it is “dirty.” Once China bans bitcoin mining there, the anti-ESG case collapse.

In any case, the news was enough to spark another algo-driven liquidation as the robots apparently have a 15 nanosecond memory and have forgotten that China has said all this and more both a few days ago as well as years ago when it first cracked down on crypto and banned bitcoin and its peers on the mainland.

The selloff has pushed bitcoin back under its 200DMA again:

And stocks follow cryptos lower, as China now appears to also be attacking the US stock market – which has become joined at the hip with crypto.

Will this aggression stand, Mr “big guy” president?

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 6.4310 /

//OFFSHORE YUAN:  6.4288   /shanghai bourse CLOSED DOWN 20.39 PTS OR 0.58% 

HANG SANG CLOSED UP 8.15 PTS OR .03%  

2. Nikkei closed UP 218.58 PTS OR 0.78%

3. Europe stocks  ALL GREEN

 

USA dollar index  DOWN TO 89.78/Euro FALLS TO 1.2213

3b Japan 10 year bond yield: RISES TO. +.083/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.74/ 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:: 62.79 and Brent: 66.17

3f Gold DOWN/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED DOWN 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 FALLS TO -.12%/Italian 10 Yr bond yield DOWN to 1.03% /SPAIN 10 YR BOND YIELD DOWN TO 0.56%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.15: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.99

3k Gold at $1879.25 silver at: 27.76   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  DOWN 8/100 in roubles/dollar) 73.37

3m oil into the 62 dollar handle for WTI and 66 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 108.74 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .8971 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0956 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 1.628% early this morning. Thirty year rate at 2.338%

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

6.  TURKISH LIRA:  DOWN  TO 8.37.. DEADLY

Futures, Global Stocks Extend Gains To End Volatile Week

 
FRIDAY, MAY 21, 2021 – 07:56 AM

S&P index futures ticked higher on Friday, alongside European and Asian stocks, and building on Thursday’s strong gains as bullish investor sentiment got a boost from strong global PMI surveys while reflation fears faded. Oil climbed while treasury yields and the dollar were little changed. Dow e-minis were up 150 points, or 0.4%, S&P 500 e-minis were up 18 points, or 0.43%, and Nasdaq 100 e-minis were up 51 points, or 0.4%.

Wall Street’s rebounded on Thursday following a three-day slump after data showed the fewest weekly jobless claims since the recession in 2020. The risk recovery was led by FAAMG gigacaps as inflation fears appear to have now peaked, putting the Nasdaq on course to snap a four-week losing streak as worries over higher interest rates weighed on the tech-heavy index.

“We believe there is still an upside story to be told,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Beneficiaries of reflation, like financials and energy, still have ‘catch up’ potential, while the relative near-term case for mega-cap tech is less clear.”

The S&P 500 and the Dow were headed for second straight weekly declines, after a volatile week, with euphoria cooling as minutes from the latest Federal Reserve meeting flagged the possibility of a debate at some point on scaling back stimulus measures. Still, better-than-forecast jobless claims data on Thursday buoyed sentiment. Here are some of the biggest Friday movers in the US:

  • Tesla shares dropped after Bank of America cut its price target from $900 to $700.
  • AT&T shares rose 1.4% after an upgrade to buy at both UBS and New Street Research following company’s deal with Discovery to spin off its media business.
  • Datadog shares gain 3.3% premarket after the software company is upgraded to overweight from equalweight at Morgan Stanley, which says the company is serving a critical role in helping companies switch to cloud operating models.
  • Virgin Galactic shares gained 3.3% after being upgraded to buy from neutral at UBS, which says the “price is right” for the space tourism company.
  • Deere & Co gained 2.4% after the farm equipment manufacturer raised its full-year profit forecast.
  • Foot Locker gains 3.4% premarket after reporting comparable sales and earnings for the first quarter that beat the average analyst estimate.
  • Palo Alto Networks’ growth outlook is not fully-reflected in the cyber security firm’s shares, analysts say after the group raised its earnings forecasts alongside quarterly results Thursday. The stock gains 6% premarket
  • Buckle shares rise 9% premarket after the retailer reported first quarter net sales that more than doubled from the prior year period

Bitcoin hovered around $40,000, pausing its attempt to recover from this week’s massive plunge. Cryptocurrency-related stocks Coinbase Global, Riot Blockchain and Marathon Digital Holdings firmed 0.7% and 2%.

European equities rebounded from a modest loss and were near their best levels of the day, up 0.5% as all sectors gained, led higher by consumer products, autos and travel & leisure names. The FTSE MIB outperformed marginally.  Euro zone business growth accelerated at its fastest pace in over three years in May, as a strong resurgence in the bloc’s reopening service industry added to the impetus from an already-booming manufacturing sector, a survey showed on Friday.

With more businesses reopening, Markit’s flash Composite Purchasing Managers’ Index climbed to 56.9 from April’s final reading of 53.8. That was its highest level since February 2018 and comfortably above the 50 mark separating growth from contraction, as well as the more modest increase to 55.1 predicted in a Reuters poll.

“May’s increase in the euro zone Composite PMI reflects the further lifting of virus restrictions in many parts of the region and suggests that the economic recovery is now underway,” said Jessica Hinds at Capital Economics. In Germany, Europe’s largest economy, services activity rose by the most in nearly a year, helped by a loosening of restrictions. But supply bottlenecks in manufacturing led to production problems at a growing number of factories. The lifting of a lockdown in France unleashed a business boom there, with activity surging past expectations to set the stage for an economic rebound.

Here are some of the biggest European movers today:

  • Richemont shares advance as much as 6.4% to a record after fiscal FY results impressed investors, with analysts predicting the Cartier owner will continue benefiting from pent-up demand for jewels as consumers splash out in the pandemic aftermath.
  • Travis Perkins rises as much as 3.3%, hitting the highest intraday since December 2019. The building materials distributor’s sale of its plumbing and heating business will allow it to focus on its core growth drivers with its end- markets in good health, analysts say.
  • PKO advances as much as 3.8% after Poland’s de facto leader Jaroslaw Kaczynski said the next chief executive officer of the state-controlled lender will be picked from among members of its current management.
  • Card Factory tumbles as much as 16% after the U.K. retailer said it plans to use its “best efforts” to raise net equity proceeds of GBP70m to help with prepayments of bank loans.

Earlier in the session, Asian stocks rose capping a weekly gain, as a recovery in the technology sector helped lift shares in Japan and Taiwan. Chipmakers TSMC and Samsung Electronics were among the biggest boosts to the MSCI Asia Pacific Index, lifted by a tech-driven rebound in the U.S. overnight. A drop in U.S. initial jobless claims shifted investor focus back to prospects for a global economic recovery. A gauge of Asian tech stocks was poised for a weekly gain of over 2.5%, clawing back a sizable chunk of its 5.9% slide last week amid fears of inflation sparked by rising commodities prices. “With inflation fears ebbing, equity markets may resume rallying,” Oanda Asia Pacific analyst Jeffrey Halley wrote in a note. “I do not believe the inflation story is over, but I do accept it may be over for now. It shall return, but of one thing I am sure, we do not yet know if it will be transitory or sticky, for the first time in over 20 years.” Taiwan’s tech-heavy benchmark gained to cap a weekly advance of 3%, bouncing back after last week’s 8.4% tumble. Japanese stocks rose, helped by government approval of two additional coronavirus vaccines as well as gains in electronics makers. Indian equities also traded notable higher, helping offset losses in China and underperformance in Hong Kong. Tencent fell as much as 4.2%, dragging down a regional gauge of communications companies, after the internet giant announced plans to sharply increase spending to fend off competition.

Offsetting broader Asian bullishness, Chinese stocks fell, with broad-based declines led by financial and health care stocks. The CSI 300% Index closed down 1%, reversing an earlier rise of 0.6%. Still, the benchmark clocked its second straight week of gains with a 0.5% increase, as investors see shares bottoming out following a technical correction. Financial stocks had their worst day since April 30 while health care shares slid, dragged down by vaccine makers. Materials extended their declines to a third day, the longest streak in two months, reflecting lingering concern over the government’s pledge to curb commodity prices. Chongqing Zhifei Biological Products was the biggest drag on the main gauge, followed by financial service provider East Money Information, Walvax Biotechnology and China Merchants Bank. The earnings recovery story is not sufficient for a strong market rebound in the near term, while the peaking of China’s credit and business cycles will put downward pressure on market sentiment starting this quarter, Daiwa analyst Patrick Pan wrote in a note Thursday. Friday’s drop in stocks came as Chinese bonds advanced, with the yield on 10-year government bonds set for its lowest in more than eight months. Separately, foreign investors sold a net 578 million yuan of A shares via the trading link with Hong Kong, after an outflow of 1.5 billion yuan the previous day. In Hong Kong, Tencent shares fell 3.4%, most since April 7, after the conglomerate’s planned investment ramp-up prompted brokerage CICC to lower its earnings estimates. The Hang Seng Index closed little changed ahead of an announcement Friday of the details of a wide-ranging overhaul of Hong Kong’s equity benchmark

Japanese stocks rose to complete a weekly gain after a rally on Wall Street and a government panel’s approval of two coronavirus vaccines helped pull the market further back from the brink of a technical correction. Electronics makers and service providers were the biggest boosts to the Topix, which capped a weekly advance of 1.1%. Fast Retailing Co. and Tokyo Electron Ltd. gave the most support to the Nikkei 225 Stock Average, helping to pare its drop from a February peak to 7.1%. “Japanese stocks are tracking U.S. equities higher” and Applied Materials’ earnings are helping chip stocks, said Tetsuo Seshimo, a fund manager at Saison Asset Management Co. in Tokyo. Also, “Moderna and AstraZeneca vaccine approval overnight is helping support the Japanese equity markets.” Moderna is considering making its Covid-19 vaccine in Asia and may seek production contracts or license agreements with Japanese companies, the Nikkei reported, citing an interview with Chief Executive Officer Stephane Bancel. A government panel in Japan has approved the use of Moderna and AstraZeneca’s vaccines

In FX, the Bloomberg Dollar Spot Index hovered and the greenback traded mixed versus its Group-of-10 peers. The euro was little changed versus the dollar; it earlier fell and German bonds advanced, sending the 10-year yield to the lowest since Tuesday, after manufacturing PMI for Europe’s powerhouse missed the median estimate. The pound reversed a rally that had followed better- than-expected than U.K. retail sales data, only to recover shortly after PMI data (U.K. retail sales rose 9.2% m/m in April; est. +4.5%; U.K. May Flash Composite PMI 62 vs est 61.9). Australia’s dollar slid under weight of leveraged selling and iron ore’s third-straight decline; the nation’s bonds extended gains, aided by a rally in N.Z. debt that kicked off after the RBNZ kept QE unchanged amid strong long-end auction demand.

In rates, Treasuries were slightly cheaper across the curve with the 10Y Treasury yield near flat at 1.625%, in line with gilts and ~1bp cheaper vs bunds; most curve spreads marginally steeper, within a basis point of Thursday’s close. Long-end lags, with 30-year yields cheaper by around 1bp. Bunds outperforming after May manufacturing PMI fell more than expected. Asia-session futures flows included curve flattener via block trades in TY and US contracts. China’s bonds extended gains, with the yield on 10-year government bonds declining to the lowest level since September, as interbank borrowing costs declined. The yield on 10-year Chinese sovereign bonds fall 2bps to 3.07% after touching 3.06%, the lowest since September; Futures on the notes jump 0.3% to highest since August.

In commodities, Brent oil trimmed its biggest weekly decline since March. Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal. Gold was unchanged trading at $1,878/oz. Copper slipped 0.3% to $10,019 a tonne on the LME, down 2.1% on the week. “It’s the potential risk of Chinese authorities clamping down on prices that seems to be the catalyst for the turnaround this week,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. “The turnaround you could argue was overdue. The market had almost gone vertical during the past month and so we seem to be entering a consolidation phase right now.” Hansen said a further leg of the correction could take LME copper down to about $9,600 a tonne.

Aluminium gained 1.3% to $2,428 a tonne as a consultancy forecast that almost 1 million tonnes of smelting capacity in drought-hit Yunnan province in southwest China could be shut temporarily owing to restrictions on electricity supply.

To the day ahead now, and the main highlight will be the release of the aforementioned flash PMIs from Europe and the US. Other releases include UK retail sales for April, US existing home sales for April, and the Euro Area’s advance consumer confidence reading for May. From central banks, we’ll hear from ECB President Lagarde, and the Fed’s Kaplan, Bostic, Barkin and Daly. There’s also an earnings release from Deere & Company.

Market Snapshot

  • S&P 500 futures up 0.24% to 4,164.00
  • STOXX Europe 600 +0.27% to 443.10
  • German 10Y yield fell 1.4 bps to -0.122%
  • Euro little changed at $1.2224
  • MXAP up 0.3% to 204.49
  • MXAPJ up 0.2% to 684.44
  • Nikkei up 0.8% to 28,317.83
  • Topix up 0.5% to 1,904.69
  • Hang Seng Index little changed at 28,458.44
  • Shanghai Composite down 0.6% to 3,486.56
  • Sensex up 1.4% to 50,270.60
  • Australia S&P/ASX 200 up 0.2% to 7,030.26
  • Kospi down 0.2% to 3,156.42
  • Brent Futures down 0.6% to $65.50/bbl
  • Gold spot little changed at $1,877.20
  • U.S. Dollar Index little changed at 89.747

Top Overnight News from Bloomberg

  • One-day swings of 31%. A slump amid a jump in U.S. inflation. Ever more critical regulatory scrutiny. Bitcoin delivered all of these in the past few days, undermining its claimed role as a portfolio hedge rivaling gold
  • Japan’s key inflation indicator showed prices falling for a ninth straight month in April in stark contrast with some other developed nations and supporting the view that the Bank of Japan will keep its stimulus in place for the foreseeable future
  • Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal
  • The U.S. called for a global minimum corporate tax of at least 15%, less than the 21% rate it has proposed for the overseas earnings of U.S. businesses — a level that some nations had argued was excessive
  • Demand at a key Federal Reserve facility used to control short-term rates surged Thursday to the highest in more than four years, accommodating a barrage of cash in search of a home
  • The number of U.K. cases of a worrying coronavirus variant from India more than doubled for a second week as authorities also monitor a new mutation of the virus, adding fresh doubt to U.K. plans to fully unlock the economy
  • Japan’s second-largest pension fund said it expects to post the best returns since 2001 on the back of the global equity market’s rally and is looking to expand sustainable investing
  • Canadian officials escalated efforts to cool the nation’s booming housing market, moving ahead with tighter mortgage qualification rules after the central bank issued a fresh warning against buyers taking on too much debt.
  • The U.S. called for a global minimum corporate tax of at least 15%, less than the 21% rate it has proposed for the overseas earnings of U.S. businesses

A quick look at global markets courtesy of Newsquawk

Asian equity markets were mixed after failing to sustain the early momentum from the constructive mood on Wall Street, where all major indices finished higher amid a tech-led rebound and as concerns regarding future Fed taper discussions abated. ASX 200 (+0.2%) was initially lifted by outperformance in tech but then faltered due to weakness in the commodity-related sectors, in particular energy names, amid prospects of a return of Iranian oil supply following yesterday’s comments from Iranian President Rouhani who suggested an agreement was reached in Vienna for world powers to lift all major sanctions although they are still discussing the final details. Nikkei 225 (+0.8%) took impetus from its US counterparts but with gains capped after soft CPI data and mixed COVID-related headlines including reports that Japan is said to be mulling extending the virus state of emergency in Tokyo and Osaka. Furthermore, Japan approved the Moderna and AstraZeneca COVID-19 vaccines today but may wait before administering the AstraZeneca vaccines due to blood clot concerns. Hang Seng (Unch.) and Shanghai Comp. (-0.6%) gave back early gains with underperformance in the mainland amid China’s ongoing frictions including with the EU after the latter voted to freeze its investment deal with China until Beijing lifts sanctions on EU officials, while MSCI also stated that it is to delete four more securities from the MSCI China All Shares Indexes at the close on June 9th if it doesn’t receive OFAC guidance. Finally, 10yr JGBs eventually eked marginal gains as the risk momentum in Asia petered out although gains were limited with price action confined to within this week’s tight range of around 11 ticks and following mixed results at 20yr JGB auction.

Top Asian News

  • RBI Eases India Government Finances With $14 Billion Payout
  • India Central Bank to Transfer INR991.2B Surplus to Government
  • China Resources Said to Consider $2 Billion Supermarket IPO
  • North Korea Strategy Tops Agenda at Biden-Moon Summit Friday

Major bourses in Europe are mostly modestly higher but off best levels (Euro Stoxx 50 +0.4%) following a lukewarm cash open and as Flash PMIs painted a mixed picture. Key themes for the releases were price pressures emanating from demand outpacing supply, with the latter also hindered by shortages. US equity futures meanwhile consolidate with broad-based gains in early European hours following yesterday’s rebound. Back to Europe, the non-Euro bourses lag peers, with the FTSE 100 (Unch) the underperformer as a decline in yields, lower oil, a pull-back in base metals and a firmer Sterling prove to be headwinds for the index, although strong retail sales and PMIs have cushioned the downside. Sectors in Europe are mostly in the green aside from financials amid the lower yield environment, whilst Autos reside as the current winner with BMW (+0.8%) providing positive vibes for the sector after guiding a positive impact of around EUR 1bln as it expects the European Commission to significantly reduce its antitrust allegations against the Co. All-in-all it is difficult to discern a particular theme from a sectoral standpoint. In terms of some individual movers, Richemont (+4.7%) is firmer post earnings after topping forecasts and declaring a dividend. Meanwhile, Lufthansa (-6%) is the Stoxx 600 laggard after its second-largest shareholder KB Holding (12% stake), is reportedly looking to offload over half of its stake at a discount.

Top European News

  • Wealth Fund That Quadrupled Profit Now Pivots With Bet on Europe
  • BlueBay Sees ‘Incredible Value’ in Europe’s Riskiest Bank Bonds
  • UniCredit to Skip Legacy Bond Coupon Payment Due Next Week
  • Euro-Area Recovery Boosted by Services as Industry Loses Steam

In FX, the Buck remains fundamentally, technically and even psychologically weak as the DXY languishes below 90.000, but the index is trying resist another bout of selling pressure that could yet culminate in further depreciation given bearish external factors. The DXY just slipped to a marginal new cycle low at 89.646 vs 89.686 on Wednesday and 89.689 the day before having weathered an earlier attack when the Pound got a belated boost via significantly stronger than expected UK retail sales data and the Euro from really flash French PMIs, though both short-lived at the time. Meanwhile, another lacklustre session for APAC bourses overnight has left the likes of the Yen and Franc with an underlying safe-haven bid to the detriment of the Greenback against the backdrop of firmer bonds and flatter curves ahead of the US Markit PMIs, existing home sales and yet more Fed speak from hawk Kaplan no less than 4 times, plus Barkin and Daly.

  • AUD/NZD/CAD – Not quite all change again, but another swing in the pendulum as the Aussie, Kiwi and Loonie hand back gains vs their US counterpart following firm rebounds yesterday. Aud/Usd is pivoting 0.7750 again with the latest downturn in base metal and other commodity prices overshadowing a decent retail sales beat, while Nzd/Usd has retreated through 0.7200 regardless of a pick-up in NZ credit card spending and Usd/Cad is hovering above 1.2050 in advance of Canadian retail sales.
  • GBP/JPY/CHF/EUR – Sterling has benefited from a 2nd wind regardless of mixed UK PMIs, or perhaps on reflection of the marked acceleration in manufacturing activity to retest resistance above 1.4200 and circa 0.8600 against the Dollar and Euro respectively. Similarly, the Yen is having another look at offers into an effective twin top vs its US rival (108.57 and 108.56 from this Wednesday and last Wednesday respectively) standing in the way of 108.50, but could be stymied by decent option expiry interest between 108.60-45 in 1.2 bn). Elsewhere, the Franc is nestling just shy of 0.8950 and fresh multi-month peaks in wake of a sharp rebound in Swiss ip, while the Euro is still striving to establish a solid platform on the 1.2200 handle following the aforementioned eye-catching French PMIs vs somewhat contrasting German prelim prints compared to consensus and all round beats in the pan Eurozone readings. However, Eur/Usd may also be capped or held back by option expiries into the NY cut given 1.3 bn rolling off at the 1.2200 strike.

In commodities, WTI and Brent front-month futures were initially choppy within USD 1.5/bbl ranges following the prior day’s declines, induced by the simmering down in geopolitical tensions on a couple of fronts. Firstly, Iranian nuclear deal discussions are seemingly nearing an accord whereby the US has reportedly agreed to lift several sanctions against Iran, including restrictions on oil exports. Sources via EnergyIntel suggest that Iran is preparing to hike oil exports to maximum capacity in the upcoming months – in-fitting with reports over the week. According to reports citing the Iranian National Oil Co, the most optimistic scenario suggests that Iran could ramp up production to almost 4mln BPD in three months. Talks are to resume next week, with a possible official announcement also on the cards. “While any announcement confirming the lifting of sanctions would likely hit sentiment further, we believe that this will be short-lived, given that the supply and demand balance remains supportive,” ING said. OPEC+ members will also have to consider any deal when tweaking output quotas as Iran, Venezuela, and Libya is currently exempt from the output restrictions – with the group also poised to meet at the start of June. ING believes that the oil market can handle Iranian oil alongside OPEC+ supply, “We are assuming that Iranian supply returns to 3mln BPD by 4Q21”. Sticking with geopolitics, Israel and Hamas have announced a ceasefire mediated by Egypt, whilst offshore platforms in the vicinity are restarting operations as a result. However, source reports earlier in the week suggested that there are concerns that another militant group might provoke the situation even after the two sides agree to a ceasefire in principle. WTI resides just under USD 63/bbl (vs low USD 61.56/bbl), and Brent trades sub-USD 66/bbl (vs low 64.57/bbl). Elsewhere, precious metals have been mirroring Dollar action and have remained within overnight ranges, with spot gold on either side of USD 1,875/oz and spot silver around USD 27.75/bbl. Over to base metals, Chinese iron and coke futures bore the brunt of the losses overnight in a continued move sparked by the Chinese Cabinet’s verbal intervention earlier this week. LME copper is also on the decline and has dipped back below USD 10,000/t as China’s crackdown on price manipulation seeps into LME.

US Event Calendar

  • 9:45am: May Markit US Services PMI, est. 64.4, prior 64.7
  • 9:45am: May Markit US Manufacturing PMI, est. 60.2, prior 60.5
  • 9:45am: May Markit US Composite PMI, prior 63.5
  • 10am: April Existing Home Sales MoM, est. 1.0%, prior -3.7%
  • 12:15pm: Fed’s Kaplan, Bostic and Barkin Speak at Technology Conference
  • 1:30pm: Fed’s Daly Speaks on Wage Dynamics

DB’s Jim Ried concludes the overnight wrap

Well after 14 months I’m going to London this morning for the first time since WFH was instigated. Not to the office though but to have an injection in my knee in an attempt to delay microfracture surgery until the end of the golf season. Had you told me back in January 2020 that by May 2021 that I wouldn’t have been in London for 14 months I would have been very concerned about the mortgage payments and I certainly wouldn’t be about to embark on a fresh (but last ever) building works. As an interesting anecdote, we’re finding that it’s a real struggle to get basic building material in the UK at the moment. There is a huge building boom coupled with a global shortage of raw materials. Even basic items like breeze blocks are on a long lead time. We haven’t yet pulled the trigger and it’s tempting to leave it 6-12 months to allow things to calm down.

Such bottlenecks will certainly continue to be the main speed limiters on growth over the next few months as economies increasingly reopen. We’ll get the latest news on the global recovery today with the flash PMIs for May. The April readings were pretty strong on both sides of the Atlantic, with the Euro Area composite PMI at 53.8, the highest since July, while the US composite PMI was the highest on record at 63.5. Expectations going into today have the Euro Area composite PMI climbing to 55.1, with the UK, Germany and France all seeing roughly 2pt increases from last month. On the other hand, the US services and manufacturing PMIs are expected to fall back 0.3pts and 0.4pts to 64.4 and 60.2 respectively. A reminder that our equity strategist is watching carefully for the sign that the ISM is trending back down in the US as that’s his signal for a 6-10% summer correction. The flash PMI number today will give us a few clues on this growth momentum.

Overnight we’ve already seen the PMI readings out of Japan, which actually showed the composite PMI falling to 48.1, down from 51.0 last month and beneath the 50-mark that separates expansion from contraction. Services (45.7) fared worse than manufacturing (52.5), reflecting the recent surge in Covid-19 cases and the extension of restrictions across more regions to deal with that. Australia had a much better performance however, with their composite PMI coming in at 58.1 (vs. 58.9 last month), marking the 9th consecutive month of expansion.

Elsewhere overnight, equity markets have had another mixed performance, with the Nikkei advancing +0.62%, whereas the Hang Seng (-0.30%), the Shanghai Comp (-0.84%) and the KOSPI (-0.29%) have all moved lower. However, the main news is that a ceasefire came into effect 2am local time between Israel and Hamas, bringing an end to the 11-day conflict there that’s seen the worst fighting there since 2014. Meanwhile in the US, S&P 500 futures are pointing +0.09% higher.

These moves follow what was a decent recovery for markets yesterday after a fairly poor start to the week. The S&P 500 (+1.06%) and the MSCI World Index (+1.07%) both advanced after a run of 3 successive declines, helped by decent US jobs data and an improving picture on the pandemic. But to be honest, we can’t help but feel a sense of déjà vu here, as last week both indices saw the same pattern of losses on Monday, Tuesday and Wednesday, before rising again on Thursday and Friday. So if we get another day in the green today we’ll know this is Groundhog Week. Time to get that great Bill Murray film out again.

As mentioned, the mood was helped by positive US data that showed initial jobless claims for the week through May 15 falling to a post-pandemic low of 444k (vs. 450k expected). So a sign of continued improvement in the labour market following last month’s distinctly underwhelming jobs report, and raising hopes that the April report will hopefully prove a blip rather than a trend. Furthermore, Treasury yields fell back and investors marginally downgraded the pace of Fed hikes over the coming years, which helped tech stocks in particular as the NASDAQ (+1.77%) and the FANG+ (+2.38%) outpaced the broader market. Recent cyclical winners were weaker as the drop in yields saw US banks (-0.40%) lag. European equities similarly bounced back strongly with the STOXX 600 up +1.27%, though energy stocks had a weaker performance on both sides of the Atlantic. This was against the backdrop of a 3rd consecutive decline in oil prices that saw Brent crude (-2.33%) and WTI (-2.07%) lose further ground, thanks to Iranian President Rouhani saying that a broad outline had been reached to end oil sanctions. That said, it wasn’t all bad news for commodities, with gold prices up another +0.41% to a 4-month high.

Another asset class that bounced back yesterday was cryptocurrencies, with Bitcoin recovering +4.55% yesterday to move back above $40,000, even if this still left it well beneath its level a week ago. The moves were seen across the sphere of crypto assets, with Ethereum (+9.27%), XRP (+5.51%) and Litecoin (+4.52%) all managing to claw back some of the previous day’s losses. The recovery in cryptocurrencies took a slight hit midday in the US, when the Treasury Department announced that the Biden administration is proposing to improve tax compliance in the nascent market by requiring businesses that “receive cryptoassets with a fair-market value of more than $10,000” to “…be reported on.” This matches the current requirement for dollar transactions. The news caused an -8% drawdown for bitcoin intraday before it regained the majority of those losses by the end of the day. Ahead of the Treasury announcement, Marion Laboure on my team published a note on the issue yesterday, called “Trendy is the Last Stage Before Tacky”, in which she points out that throughout history, governments have not been inclined to give up their monetary monopolies, and as cryptocurrencies begin to seriously compete with regular currencies, regulators and policymakers will crack down. You can read her note here.

In sovereign bond markets yesterday, yields on 10yr US Treasuries fell back -4.6bps to 1.625%, which was actually (and surprisingly) the biggest one-day decline in yields for a month. The drop was driven by inflation expectations as the 10yr breakeven fell (-4.3bps) for a 3rd straight day, having lost -11.4bps over that period – the largest three day drop since early-September 2020. The drop comes after the 10yr breakeven rate hit 8-year highs on Monday. For Europe it was a more divergent picture between core and periphery however, with 10yr bund yields up +0.1bps, whereas southern European countries including Italy (-6.0bps), Greece (-5.9bps) and Spain (-3.6bps) saw reasonable declines.

In terms of the pandemic, a Japanese government panel approved the use of the Moderna and AstraZeneca vaccines, with the two joining the Pfizer/BioNTech vaccine that’s already been approved there. However, it was reported by NTV that the government was also considering an extension of the state of emergency beyond May 31 in areas including Tokyo and Osaka. Separately, Bloomberg reported that the G7 countries would discuss an international system of recognising vaccination certificates, which would help the resumption of global travel again. G7 health ministers are due to meet at Oxford University on 3-4 June, before the leaders gather in Cornwall from 11-13 June. This comes following news late yesterday that EU negotiators have agreed to a plan that would allow travellers to get out of quarantine procedures if they show proof of vaccination. The member states still have to have a formal vote on the plan, which is expected to allow similar guidance for vaccinated visitors from non-EU nations. Lastly, Moderna started to export vaccine doses out of the US, with domestic demand waning. Even so, various US states, including New York and Maryland, have introduced lottery tickets as incentives to getting shots in an effort to increase overall vaccine uptake.

There wasn’t a great deal of other data yesterday, though German producer prices were up by +5.2% year-on-year in April (vs. +5.1% expected), which marked the fastest pace of growth in nearly a decade. Otherwise the Conference Board’s leading economic index in the US was up +1.6% (vs. +1.3% expected).

To the day ahead now, and the main highlight will be the release of the aforementioned flash PMIs from Europe and the US. Other releases include UK retail sales for April, US existing home sales for April, and the Euro Area’s advance consumer confidence reading for May. From central banks, we’ll hear from ECB President Lagarde, and the Fed’s Kaplan, Bostic, Barkin and Daly. There’s also an earnings release from Deere & Company.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED  DOWN 20.39 PTS OR 0.58%   //Hang Sang CLOSED UP 8.15 PTS OR .03%      /The Nikkei closed UP 219.58 pts or 0.78%  //Australia’s all ordinaires CLOSED UP 0.18%

/Chinese yuan (ONSHORE) closed UP AT 6.4310 /Oil DOWN TO 62.59 dollars per barrel for WTI and 65.83 for Brent. Stocks in Europe OPENED ALL GREEN   //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4310. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4288   : /ONSHORE YUAN TRADING BELOW 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//

 

3 C CHINA

CHINA

 

CHINA/USA

Why are they fooling around with this:  The real COVID 19 origin is the Wuhan Lab.  Patient 0 is Huang Yangli, a researcher at the Wuhan lab who passed it onto her partner who became patient #1 and then spread into the wet market and throughout Wuhan.

Why are they suppressing details on this?

(zerohedge)

House Republicans Release COVID-19 Origins Report As Biden CDC Director Admits Lab-Leak ‘Possibility’

 
FRIDAY, MAY 21, 2021 – 08:39 AM

Republicans on the House Intelligence Committee led by Devin Nunes (R-CA) say there is “significant circumstantial evidence” that COVID-19 originated from a lab leak at the Wuhan Institute of Virology, according to a Wednesday report released obtained by Fox News.

According to the report, the federal government needs to put “more pressure on China” to allow a “full, credible investigation” into the source of the pandemic, adding that it’s “crucial for health experts and the U.S. government to understand how the COVID-19 virus originated” to prevent “or quickly mitigate future pandemics.”

Wuhan Institute of Virology

Hell has a greater chance of freezing over, but we digress.

“International efforts to discover the true source of the virus, however, have been stymied by a lack of cooperation from the People’s Republic of China,” wrote the Republicans. “Nevertheless, significant circumstantial evidence raises serious concerns that the COVID-19 outbreak may have been a leak from the Wuhan Institute of Virology.

Republicans pointed to China’s “history of research lab leaks resulting in infections,” and warnings from U.S. diplomats in China as early as 2017 that the Wuhan lab was conducting “dangerous research” on coronaviruses without following “necessary safety protocols, risking the accidental outbreak of a pandemic.” 

Republicans also pointed to public reports that “several researchers in the Wuhan lab were sickened with COVID-19-like symptoms” in Fall 2019, and the Chinese military’s “involvement in the Wuhan Lab.” 

“By contrast, little circumstantial evidence has emerged to support the PRC’s claim that COVID-19 was a natural occurrence, having jumped from some other species to human,” they wrote, saying Chinese authorities “have failed to identify the original species that allegedly spread the virus to humans, which is critical to their zoonotic transfer theory.” –Fox News

Fauci has some explaining to do

Committee Republicans also say “clear signs” exist that US government agencies and academic institutions “may have funded or collaborated in Gain of Function research” in Wuhan, claiming that research “was published even after the U.S. government had paused these kinds of studies in the United States due to ethical concerns over their biowarfare applicability and their potential to accidentally unleash a pandemic.”

“To protect American citizens from future pandemics, the U.S. Government must place more pressure on China to allow full, credible investigations of the source of the COVID-19 pandemic and to allow probes of the likelihood that it resulted from a lab leak,” the report continues. “The U.S. Government must also provide a full accounting of any American cooperation with the Wuhan lab’s coronavirus research, including the support of these projects through U.S. Government funds.

Nunes and crew demand the US intelligence turn over all information it has related to COVID-19’s origins, including any possible “collaboration” between the Wuhan lab and the PRC. It also requests any evidence proving that COVID-19 emerged naturally from animals outside the lab, and whether the US intelligence community was involved in any reviews of “gain of function” research being conducted at the lab.

Meanwhile, Biden’s new CDC Director, Rochelle Walensky, acknowledged this week during a Congressional hearing on the pandemic that the lab escape theory is a “possibility.”

*  *  *

More via Summit News:

end

4/EUROPEAN AFFAIRS

EU/

 

-END-

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL=PALESTINIANS

Truce holds

(zerohedge)

Gaza Truce Holds – Tensions On Edge As Israeli Police Again Storm Aqsa Mosque 

 
FRIDAY, MAY 21, 2021 – 10:45 AM

Throughout the night since it went into effect Jerusalem time and into midday the mutually agreed upon ceasefire between Hamas and Israel in Gaza is holding; however, Israel has vowed that any future rocket attacks will be met with a “new level of force”

“If Hamas thinks we will tolerate a drizzle of rockets, it is wrong,” Prime Minister Benjamin Netanyahu warned. He said Israel had successfully embarked on “daring and new things, and this without being dragged into unnecessary adventures” in the eleven day operation. He characterized the military campaign as inflicting “maximum damage to Hamas with a minimum of casualties in Israel.”

The Israeli leader counted that the Israeli Defense Force (IDF) took out 25 senior commanders among some 200 militants – numbers which are hotly disputed by Gaza’s Health Ministry, which has reported that it is mostly civilians among the at least 232 Palestinians killed, including 65 children. Twelve civilians were killed on the Israeli side.

 

Via Al Jazeera

Fighting stopped in what was dubbed an agreement based on “quiet in exchange for quiet” hours after Israel’s Security Cabinet said it had “unanimously accepted the recommendations to accept an Egyptian initiative for an unconditional… ceasefire.”

Like with the 2014 war and prior conflicts, large swathes of Gaza City lie in rubble – especially after multiple high-rise buildings were utterly flattened in intentional Israeli airstrike operations to bring them down. Yet the Palestinian side is still claiming victory, with street celebrations having started immediately after the 2am truce. The Associated Press describes:

Thousands took to the streets of Gaza as the cease-fire took hold at 2 a.m. Young men waved Palestinian and Hamas flags, passed out sweets, honked horns and set off fireworks. Celebrations also broke out overnight in east Jerusalem and across the occupied West Bank. Israel captured all three territories in the 1967 war and the Palestinians want them for their future state.

Both sides sought to impose a steep “cost” on the other, and both are now claiming victory. In the case of Hamas and Islamic Jihad rockets, they caused daily life to come to a halt throughout much of Israel, with many Israelis spending multiple nights in bomb shelters. 

By 12 hours into the Gaza ceasefire, Israeli police once again stormed the al-Aqsa Mosque complex in Jerusalem – reportedly leaving dozens injured, which was an initial reason Hamas said it fired rockets into Israel

Shortly after Israel announced the ceasefire Thursday night, Joe Biden gave a three-minute speech over the crisis in which he pledged “full support” both for the ceasefire and Israel’s right to defend itself. 

“In my conversations with President Netanyahu, I commended him for his decision to bring the current hostilities to a close within less than 11 days. I also emphasized what I’ve said throughout this conflict: the United States fully support Israel’s’ right to defend itself against indiscriminate rocket attacks from Hamas and other Gaza-based terrorists groups,” Biden said.

 

Scene after Friday prayers at Al Aqsa Mosque on Temple Mount in Jerusalem, via Al Jazeera

Biden noted too that he spoke with the Israeli PM no less than six times, and vowed United States assistance to help replenish the Iron Dome anti-air defense system.

During the course of the fighting, the US blocked proposed UN statements urging immediate ceasefire five times. This prompted China to charge that the US was “choking” any criticism of Israel at the UN.

end

ISRAEL/PALESTINE/USA

Victor Davis Hanson:  Why does the left hate Israel

Great commentary!!

Victor Davis Hanson/Epoch Times

Victor Davis Hanson: Why Does The Left Seemingly Hate Israel?

 
THURSDAY, MAY 20, 2021 – 11:20 PM

Authored by Victor Davis Hanson, op-ed via The Epoch Times,

With more than 3,000 rockets having been fired into Israel by Hamas recently, the Democratic Party seems paralyzed over how to respond to the latest Middle East war.

It’s not just that they fear that “The Squad,” Black Lives Matter, the shock troops of Antifa, and woke institutions such as academia and the media are now unapologetically anti-Israel.

They are also terrified that anti-Israelism is becoming synonymous with rank anti-Semitism.

And soon, the Democratic Party will end up as disdained as the British Labour Party under Jeremy Corbyn.

The new core of the Democrats, as emblemized by Reps. Alexandria Ocasio-Cortez of New York, Ilhan Omar of Minnesota, and Rashida Tlaib of Michigan, has in the past questioned the patriotism of American Jews who support Israel, and occasionally has had to apologize for puerile anti-Semitic rants.

The left in general believes we should judge harshly even the distant past without exemptions. Why then, in venomous, knee-jerk fashion, does it fixate on a nation born from the Holocaust while favoring Israel’s enemies, who were on the side of the Nazis in World War II?

It wasn’t just that the Grand Mufti of Jerusalem, Amin al-Husseini, was a Nazi sympathizer. Egypt, for example, welcomed ex-Nazis for their hatred of Jews and their military expertise, including infamous death camp doctor Aribert Ferdinand Heim and Waffen-SS henchman Otto Skorzeny. The Hamas charter still reads like it is cribbed from Hitler’s “Mein Kampf.”

The left claims it champions consensual government and believes the United States must use its soft-power clout to isolate autocracies. But the Palestinian Authority and Hamas refuse to hold free and regularly scheduled elections. If an Israeli strongman ever suspended free elections and ruled through brutality, U.S. aid would be severed within days.

If history and democratic values can’t fully explain the apparent hatred of Israel on the left, perhaps human rights violations do. But here, too, there is another example of radical asymmetry. Arab citizens of Israel enjoy far greater constitutional protections than do Arabs living under either the Palestinian Authority or Hamas.

Is the left bothered by the allies of Hamas? After all, most are autocracies such as Iran and North Korea.

We return, then, to other reasons for the woke contempt directed toward Israel.

In part, the Western left always despises the unapologetically successful—as if they are inevitably beneficiaries of unfair privilege. Underdog Israel was not so hated from 1947 to 1967. Then, it was poorer, more socialist, and in danger of being extinguished by its many neighboring enemies.

But after the victories in the 1967 and 1973 wars, the Israeli military proved unconquerable in the region, no matter how large the numbers, wealth, and armaments of its many enemies.

For the left, Israel’s current strength, confidence, and success mean it cannot be seen as a victim, but only as a victimizer. As its Iron Dome missile defenses knock down the flurry of Hamas rockets, and as its planes take out the military installations that launched those rockets, the left bizarrely believes Israel wins too easily and acts “disproportionately.”

The left also has a strange idea of current “imperialism” and “colonialism.” The general rule is that Westerners cannot settle in numbers in the non-West. But the reversal is certainly not true. Millions of Middle Easterners are welcomed into Belgium, France, Germany, the UK, and the United States. Yet, Jews have been in what is now Israel since nearly the dawn of civilization. And their 1947 borders only grew after they were attacked and threatened with extinction.

The left claims that its anti-Israelism has had nothing to do with anti-Semitism. But it is almost impossible now to make that distinction, when woke criticism obsesses over democratic Israel and ignores far greater oppressors and oppressed elsewhere.

Why are there no demonstrations in major Western cities damning the Chinese government for putting 1 million Muslim Uyghurs in camps? Why are the world’s millions of former refugees—the Volga Germans, the East Prussians, the Cypriot Greeks—long forgotten, and yet the Palestinians alone are deified for being perpetually displaced?

Our formal NATO ally, Turkey, received little global pushback for its treatment of the Kurds, or its frequent intolerance of religious minorities. Why does Israel alone always earn such venom?

Hating democratic Israel while it’s under attack is not just a reflection of the new woke and ethically bankrupt left. It is also a symptom of a deeper pathology in the West, one of moral equivalence, amoral relativism, and self-loathing.

[ZH: Victor Davis Hanson’s perspective is noteworthy given the fact  that today saw Sen. Bernie Sanders (I-Vt.) introduce a resolution opposing the U.S. sale of $735 million in precision-guided weapons to the Israeli government, the Washington Post reports.]

“At a moment when U.S.-made bombs are devastating Gaza, and killing women and children, we cannot simply let another huge arms sale go through without even a congressional debate,” Sanders told the Post in a statement.

“I believe that the United States must help lead the way to a peaceful and prosperous future for both Israelis and Palestinians. We need to take a hard look at whether the sale of these weapons is actually helping do that, or whether it is simply fueling conflict.”

Last week, before this bill, controversial lawyer Alan Dershowitz called Senator Bernie Sanders an “anti-Semite” and a “self-hating Jew” following an op-ed in the NYTimes titled, “The U.S. Must Stop Being an Apologist for the Netanyahu Government.”

“But look what the internet allows us,” Dershowitz continued. “…you get the social media, supporting Hamas, The New York Times supporting Hamas, and it sends a very powerful message: do it again, kill children…kill civilians…commit war crimes, you’ll prevail on this because of the anti-Semitism…you can be a Jew and an anti-Semite. Biden has made some statements positively I commend them for that. But Bernie Sanders—who’s Jewish—is a self-hating Jew, a self-hating Jew who is willing to see Israel be defeated militarily by a terrorist group because he’s on the hard left.”

[ZH: Which brings up one question we have seen raised numerous times in comments here and elsewhere online is various derivatives of “why do American jews democrat?”]

The best – and least politically incorrect – explanation we have seen came from a Twitter thread by John Hayward:

American Jews who vote Democrat should look at Dems rooting for Hamas and understand: this is all Critical Race Theory for them. It’s the brain rot that has utterly consumed their collective hive-mind. Oppressed brown people vs. evil rich white oppressors. 

Jews are evil rich white oppressors to the left-wing hive mind – and yes, that includes American Jews who currently vote for them. They will grudgingly give you a limited parole from Critical Race Theory as long as they need your money and votes, and you pay tribute to CRT. 

It should be more clear than ever, after the events in Israel and Gaza, that Jews are White Oppressors to the CRT hive mind. You’ll NEVER be People of Color. You’ll never sit atop the intersectional totem pole. You’re like Woke CEOs, receiving indulgences because you pay tribute. 

The cost of that tribute will increase until you can’t pay it any more, the same way left-wing Israelis ought to have learned the “peace” they bought with concessions and giveaways was like a bubble mortgage. Now they have rockets flying at them from the land they gave away. 

It will be the same way in America, as prosperity collapses and desperate left-wing groups scrabble for money and power. One day Jews will refuse to pay the tribute demanded by the Left, and you’ll snap back into the Evil White Oppressor slot reserved for you by CRT. 

It already happens in Democrat cities during times of “civil unrest.” Soon all times will be times of civil unrest, and all American Jews will find themselves playing the Knockout Game with Critical Race Theorists. They’re telling you something by rooting for Hamas. Listen.

[ZH: Sadly the hate from the Middle East has already spread to both coasts of the US]

Authorities are investigating whether an attack on diners that occurred outside a Beverly Grove restaurant late Tuesday night was a Jewish hate crime.

And jews on New York City’s Upper East Side were also attacked…

[ZH: Former NYTimes writer Bari Weiss attempts to explain the anti-semitism of newly progressive leftists]

*  *  *

As Victor Davis Hanson concludeshating Israel has become the surrogate Western way of hating oneself.

 

END

ANTI SEMITISM//ANTI ISRAEL

Antisemitism and anti Israel protests storm across Europe.  Europe was hoping the migrants would integrate into European culture/  This has not been happened.

The following is an outline of what happened this week:

(Kern/Gatestone)

Anti-Israel Protests Across Europe Descend Into Anti-Semitism

 
FRIDAY, MAY 21, 2021 – 02:00 AM

Authored by Soeren Kern via The Gatestone Institute,

Pro-Palestinian demonstrations in cities across Europe have descended into unrestrained orgies of anti-Semitism after protesters opposed to Israeli military action in the Gaza Strip openly called for the destruction of Israel and death to Jews.

The protesters, numbering in the tens-to-the-hundreds of thousands, include a hodgepodge of anarchists, hard-left anti-Israel activists and immigrants from the Middle East and North Africa. Many demonstrators — carrying flags of Muslim countries, including Algeria, Iran, Iraq, Lebanon, Tunisia, Turkey and Syria, as well as the green flag of the Islamist terrorist group Hamas and the black flag of global Jihad — have shouted Islamist chants such as ‘Allahu Akhbar’ (‘Allah is the Greatest’), and have openly called for Jews to be murdered or raped.

The anti-Semitic nature of the anti-Israel protests is further evidenced by there having been no anti-China protests, despite overwhelming evidence that massive human rights abuses are being carried out by the Chinese Communist Party against millions of Uyghur Muslims in Xinjiang.

Pro-Palestinian protesters, who also have been silent about the plight of Muslims in Afghanistan, Iran, Syria or Yemen, among other places, clearly are exercising selective outrage with their single-minded concern for Muslim human rights in Gaza.

The spiraling anti-Semitism, and the apparent inability or unwillingness of European governments to stop it, has sounded alarm bells among Jewish communities in Europe, where anti-Jewish hatred is reaching levels not seen since the Second World War.

The violence has also shed renewed light on the consequences of mass migration to Europe from Africa, Asia and the Middle East, and especially on the failure of governments to require newcomers to integrate into European society.

Some European lawmakers and security officials are now calling for migrants who commit anti-Semitic hate crimes to be deported back to their countries of origin. Given the iron grip of political correctness in Europe, this is unlikely to happen. In any event, it may be too little, too late for Europe’s Jewish communities. The current crisis of anti-Semitism is a testament to the failure of European multiculturalism, which is making Jewish life in Europe increasingly unviable.

Germany: Ground Zero for Anti-Semitism in Europe

Since the clashes between Israel and Hamas began on May 9, anti-Semitic protests have been held in dozens of cities across Germany, where mostly Arab and Turkish protesters have been chanting anti-Israeli slogans, burning Israeli flags and threatening Jews.

The current wave of protests appears to have begun in earnest on May 13, when a highly aggressive group of at least 200 people brandishing Palestinian and Turkish flags and shouting anti-Semitic slurs gathered in front of a synagogue in Gelsenkirchen. Police were deployed to prevent the mob from entering the building.

North Rhine-Westphalia Interior Minister Herbert Reul vowed to prosecute the perpetrators:

“I find it unbearable when anti-Semitic slogans are chanted on German soil. Our police are pursuing the perpetrators with all resoluteness so that they can be punished.”

Synagogues and Jewish memorials have also been attacked in BonnDüsseldorfMannheimMünster and Solingen.

In Berlin, on May 15, at least 3,500 protesters gathered in different parts of the city to denounce Israel and Jews. Some brandished anti-Semitic slogans — “Israel Child Killers” and “Stop Doing What Hitler Did to You” — and chanted “Bomb Tel Aviv!

Some held banners describing Israel as a “genocidal settler state” and Zionism as racism. Others openly rejected Israel’s right to exist. A large red banner stated: “Palestine is sick and tired of paying the price for Europe’s Holocaust of the Jews.” Other banners called for the total elimination of Israel, which would be replaced by a “free Palestine” from the Jordan River to the Mediterranean Sea. Protesters attacked an Israeli film crew reporting on the protests.

Nearly 1,000 police officers were deployed to break up the demonstrations. They were pelted with stones, bottles and firecrackers. A total of 93 officers were injured in the melees.

Correspondent Peter Wilke, who was assaulted by the mob, said that most of the protesters were Arabs or Turks. Writing for the German newspaper Bild, he reported that the protests in Berlin were “a new dimension of hatred and violence.” He added: “Open, disgusting hatred of Jews and Israel, but not only: It was also hatred of our free, tolerant democracy. Uninhibitedly displayed!”

Anti-Israel protests also took place in BremenCologneFrankfurtGöttingenHamburgHanoverLeipzigOsnabrück and many other German cities, where demonstrators chanted anti-Jewish slogans and burned Israeli flags.

Bavarian Interior Minister Joachim Herrmann said that Turkish President Recep Tayyip Erdoğan is partially responsible for the anti-Semitic protests taking place in Germany:

“These protests are predominated not by the far right, but rather by those who are Muslim oriented and provoked by the brutal speeches of President Erdoğan and others who believe that clashes must spread to German streets. If they do not possess German citizenship or permanent residence permits and if the laws allow, these people should leave our country.”

Gerhard Schindler, a former head of Germany’s BND foreign intelligence service, warned that a red line of anti-Semitism had been crossed and that it cannot be ignored. In an interview Bild, he urged the government to deport migrants who commit anti-Semitic hate crimes in Germany:

“The developments of the last few days are frightening and unbearable because they violate the German raison d’etre [Staatsräson]. Burning flags, throwing stones at synagogues, shouting anti-Semitic hate slogans on German soil — this is simply incompatible with our history.

“Of course, we must not downplay anti-Semitism within the German population. But the anti-Semitism that we are seeing now among migrants is a fact that we have to face.

“These people disregard our hospitality in two ways. On the one hand, by committing anti-Semitic crimes — insulting, threatening, depriving Israel of its right to exist. And secondly, by violating our basic socio-political consensus, namely that no anti-Semitic agitation should take place on German soil.

“This is not a trivial offense. It affects the DNA of the German understanding of the state.

“The security authorities can only address the symptoms. The basic cause of this problem is a social problem that everyone must address.

“It is not enough that we address this fact openly. We also have to get those who abuse our hospitality out of the country.

“We need these people to be better integrated. They are here, and we have to take care of them. But those who do not allow themselves to be helped must be removed from the country.”

Scores of German political leaders have condemned the anti-Semitism. Apart from platitudes, however, few appear able or willing to take effective measures to remedy the problem — presumably because it would require them to admit that German multiculturalism is a failure.

German Chancellor Angela Merkel, whose open-door migration policies have greatly contributed to the current situation, has so far refused to personally make a statement on the anti-Semitic violence raging in Germany. Instead, she had her spokesman, Steffen Seibert, issue an anodyne declaration, summarized in the following tweet:

“Chancellor #Merkel sharply condemned the missile attacks against #Israel and anti-Semitic incidents in Germany. Our democracy will not tolerate anti-Semitic rallies.”

German President Frank-Walter Steinmeier said:

“Our Basic Law guarantees the right to freedom of expression and freedom of demonstration. But anyone who burns flags with the Star of David on our streets and shouts anti-Semitic slogans not only abuses the freedom to demonstrate, but also commits crimes that must be prosecuted.

“Nothing justifies the threat to Jews in Germany or attacks on synagogues in German cities. Hatred of Jews — regardless of whom — we do not want and will not tolerate in our country.”

German Foreign Minister Heiko Maas, one of Europe’s leading apologists for Iran’s Islamic regime, which is dedicated to the elimination of Israel, said:

“All of us are called on to make it very clear that it is unacceptable if Jews in Germany — either in the streets or on social media — are made responsible for the events in the Middle East.”

German Interior Minister Horst Seehofer issued a vague threat to crack down on anti-Semitism:

“We will not tolerate the burning of Israeli flags on German soil and attacks on Jewish facilities. Anyone who spreads anti-Semitic hatred will feel the full force of the law. Germany must not be a safe haven for terrorists. The security authorities are wide awake and do everything to protect the people in our country. Jews in Germany must never again live in fear.”

German Justice Minister Christine Lambrecht said:

“This anti-Semitic hatred is shameful. I condemn the most recent attacks on Jewish synagogues and the burning of Israel flags here in Germany. The perpetrators must be identified and held accountable. Synagogues and Jewish institutions must be consistently and comprehensively protected.”

Wolfgang Schäuble, Speaker of the German Bundestag, added:

“Our country protects the freedom of expression and people can criticize Israel’s policies and protest against them, but there is no justification for anti-Semitism, hatred and violence. We will not allow the conflict to be carried on here at the expense of Jewish Germans.”

Berlin Mayor Michael Müller, a major proponent of mass migration to Germany, tweeted:

“The violent riots at the demonstrations in Neukölln are unacceptable and intolerable for a free and cosmopolitan metropolis — and they have no place in our society. We will take a resolute stand against violence, anti-Semitism, hatred and agitation and protect the people who are affected by it.”

Meanwhile, Germany in 2021 is marking 1,700 years of Jewish life in the country, which is now home to approximately 200,000 Jews. Andrei Kovacs, a Jewish-Hungarian descendant of Holocaust survivors, and who is managing director of the association, “321-2021: 1700 Years of Jewish Life in Germany,” questioned the continued viability of a Jewish presence in Germany:

“Sadly, what we are experiencing these days is part of a recurring pattern. Unfortunately, living with anti-Semitically motivated hostility to Israel is part of the everyday normality for German Jews. For many years it has been tolerated and often even supported by numerous people and organizations. As soon as Israel is forced to defend its existence, these forms of anti-Semitism break out again.

“It is astonishing that, only 76 years after the Shoah, many people fail to understand that the Jewish state cannot accept a threat to its existence without being able to defend itself.

“The anti-Semitic attacks of the past few days have once again made it clear how fragile Jewish life is in Germany — and how resentments can be misused for political purposes…

“Unfortunately, when you see the pictures from Gelsenkirchen and other cities in Germany, it doesn’t feel like a respectful coexistence.”

United Kingdom

In London, a motorcade of cars with Palestinian flags drove past a Jewish community center on Finchley Road. A man, using a megaphone, shouted: “F*ck the Jews, f*ck their daughters, f*ck their mothers, rape their daughters and free Palestine.”

At the same time, an estimated 100,000 people gathered in downtown London, where many chanted, “From the river to the sea, Palestine will be free.” One protester was filmed tearing apart an Israeli flag after he was unable to light it on fire because it was raining. An on-duty uniformed female police officer joined the protesters and shouted, “Free, free Palestine!”

Later, dozens of members of Hizb ut-Tahrir, an Islamist movement dedicated to establishing an Islamic caliphate, waved the black flag of Islamic Jihad and held signs calling for “Muslim Armies” to “liberate” Jerusalem. A large banner stated: “Whole of Palestine is occupied and all of it must be liberated.” One protester openly called for jihad:

“This goes out to the Muslim armies. What are you waiting for? Jihad is your responsibility. Wipe out the Zionist entity. How dare they occupy Muslim lands. How dare they. Have you no honor? We, the Muslims in the West, are with you. We don’t fear anyone but Allah.”

In Manchester, a mob carrying Palestinian flags gathered in front a bagel shop at Arndale Center, a large shopping mall, where the crowd appeared to be targeting Jewish shoppers.

As in Germany, politicians in Britain have condemned the anti-Semitism, but few appear to know how to stop it from spreading.

British Prime Minister Boris Johnson tweeted:

“There is no place for antisemitism in our society. Ahead of Shavuot [a Jewish holiday], I stand with Britain’s Jews who should not have to endure the type of shameful racism we have seen today.”

Conservative MP Christian Wakeford said:

“As the Member with the largest Jewish community outside of London, I have been contacted by constituents scared to take their children to synagogue due to the appalling scenes on the streets of the UK over the weekend.”

MP Robert Jenrick added:

“As the father of Jewish children it shocks me every time I take my children to synagogue or to their nursery to see individuals stood there in stab proof vests guarding the entrance to those places.”

Elsewhere in Europe

  • Austria: In Vienna, pro-Palestinian protesters held signs stating, “Well done Israel, Hitler would be proud” and “The Nazis are still around, they call themselves Zionists now.” Other signs read: “F*ck Zionism,” “End Zionism,” and “It is Kosher to boycott Israel.” One protester shouted at pro-Israel counter-demonstrators: “Shove your Holocaust up your ass!”Dozens of people, including many youths, burst into applause.

  • Belgium: In Brussels, protesters chanted, “Khaybar, Khaybar, Jews, remember Khaybar, the army of Mohammed is returning.” The chant refers to the seventh century when Muslims massacred and expelled Jews from the town of Khaybar, located in modern-day Saudi Arabia. It is a battle cry for attacking Jews. Protesters also shouted, “Death to Jews.”

  • France: In Paris, thousands of people disobeyed a ban on protests. Mobs chanted slogans including “Death to Israel.” Police used water cannons to disperse the crowds.

  • Greece: In Athens, police used tear gas and water cannons against hundreds of protesters gathered in front of the American and Israeli embassies. Protesters held signs accusing Israel of “ethnic cleansing.” Other signs said: “Stop doing what Hitler did to you.” A protester tweeted: “Until we free Palestine from the river to the sea, we will not stop.” In Thessaloniki, leftist groups and anarchist collectives organized anti-Israel protests that were attended by at least 700 people.

  • The Netherlands: In Amsterdam, thousands of people protested against Israel at Dam Square, a central plaza that is the country’s main monument in remembrance for those who died in the Second World War. They carried signs accusing Israel of genocide and vowed that, “From the river to the sea, Palestine will be free.” In The Hague, protestors shouted anti-Semitic slogans, including “Jews are a cancer” and “Heil Hitler.”

  • Spain: In Madrid, thousands of hard left and Arab protesters, some chanting ‘Allahu Akhbar’ (‘Allah is the Greatest’), gathered in the city center and falsely accused Israel of committing genocide against Palestinians. In Oleiros, a municipality in the northern Spanish region of Galicia, local officials, misusing outdoor municipal billboards, posted messages stating, “Zionist Terrorism in Palestine,” called for Israeli leaders to be investigated for war crimes.

Select Commentary

Julian Reichelt, editor-in-chief of Germany’s top-selling Bild newspaper, in an essay titled, “Our Country is in Peril,” wrote:

“What we saw on our streets on Saturday was nothing less than a historical threat. Enabled by our government, belittled by our public media, an anti-Semitic mob, which was clearly Arab-Muslim, marched through almost all major German cities and hatefully demanded the erasure of Israel.

“On Saturday I took my own pictures of the demos and came to the bitter realization: We who want Jewish life in our country are losing. We may be more numerically. But those who want Israel and Jewish life erased from us rule the streets whenever they want.

“They do not fear the police, they have nothing to fear from our federal government, they bring their children to these demonstrations and raise the next generation of Israel haters in Germany. Their youth culture and their rap music conjures up the murderous myths that Hamas also glorifies. Their idols fire rockets from Gaza at Tel Aviv while they hunt kippah wearers in Berlin and other cities.

“It is not Islam, but rampant Islamism, that is making German cities an inhospitable, dangerous country for Jews, as has already happened in France and Sweden. Angela Merkel’s refugee policy, which no longer bothers to identify true war refugees, has imported hundreds of thousands of times an ideology that focuses on the Jew as an eternal enemy. Here she has fallen on the fertile ground of failed integration.

“Their identification mark is a map from which Israel has been wiped out, and their followers carry this mark roaring through German cities. To be clear: you cannot carry these banners and at the same time pretend to recognize our constitutional state, one of the foundations of which is Israel’s right to exist. Only one or the other is possible. Too many streets were in the hands of people at the weekend who want a different Germany, a country without Jews.

“‘We can do it!’ was Angela Merkel’s most famous refrain in the refugee crisis. It was also her promise that our country would not change fundamentally, would not be shaped by political-religious ideologies that sow death and annihilation elsewhere.

“This promise was broken a thousand times over this weekend. I would finally like to hear what the Chancellor intends to do about it, what her personal, unequivocal words are to these Jew haters, what she wants to DO against the rise of this extermination ideology, before she leaves office.

“Angela Merkel should take responsibility for what has become a threat to our liberal society and oppose it with all her might.”

The chairwoman of the Liberal Jewish Community in Hanover, Rebecca Seidler, in an interview with Norddeutscher Rundfunksaid:

“The escalating situation in Israel… has massive effects on the Jewish communities and institutions here in Germany. Jews are seen as representatives of the State of Israel and are held responsible…. I would like to emphasize that these anti-Semitic incidents in Germany are not about expressing criticism of the political actions of the State of Israel, but that we are dealing with massive anti-Jewish threats, which must be condemned in the strongest possible way….

“Ultimately, it’s not a new phenomenon. It has always been the case that the situation in Israel always has an impact on Jewish life outside of Israel. As I mentioned, we are always seen as representatives of the State of Israel. It should also not be denied that the hatred of Jews is very strongly represented and anchored in Islamist milieus and is thus also expressed in Germany. Anti-Semitism has many faces, occurs in many social environments, and also has links between them, which can generate enormous energy. This aggressiveness, which we are experiencing here these days, is very worrying for us as a Jewish community.”

In an interview with Die Welt, German-Egyptian political scientist and author Hamed Abdel-Samad said:

“One can of course criticize the action of the Israeli police in Jerusalem and also the settlement policy. I have done this in the past. But when this criticism is used as a pretext to stir up hatred against all Jews, then the problem begins. If you criticize Israeli politics but glorify Hamas, the problem begins. And that’s exactly what happens in Germany. I think it has nothing to do with solidarity with Muslim victims. Muslims are victims every day in the Arab world: in Syria, in Iraq, in Yemen. A few days ago, a school in Afghanistan was bombed; 50 children died as a result of Taliban terror and there were no demonstrations by Muslims on the streets in Germany. And they didn’t shout: ‘F*ck the Taliban!’

“There is a high level of emotionalism in this conflict. For Muslims, it is not the victims that are important, but rather: who is the perpetrator? If the perpetrators are Muslim terrorists, then it stays in the family. If the perpetrators are Israel or America, then this staged indignation occurs.

“Turkish politics also play a role in this. Erdogan’s speeches, the Islamic associations here, Milli Görüs and so on. They stir up this hatred of Jews, even though they constantly complain about anti-Muslim racism or Islamophobia.

“German politicians have not understood that immigration from Iraq and Syria, from the Arab countries, also brings more anti-Semitism to Germany. Anyone who says that is immediately branded as right wing and there is no fair discussion or debate about it. For me this is a racism of lowered expectations. Let us imagine that after every terrorist attack by Muslim terrorists, Germans take to the streets, besiege mosques and shout ‘Sh*tty Muslims.’ That would be right-wing extremism. That would be a Nazi, but when it comes from Muslims, they say: yes, the poor things. They are emotionally charged. No, that is racism of lowered expectations. I don’t expect the same from them what I expect from normal German young people. And that’s part of the problem.”

When asked about anti-Semitism in the Arab world, Abdel-Samad replied:

“People who come here also carry in their baggage many conflicts from their home countries. Anti-Semitism is part of the educational policy in the Arab world, so to speak. Hitler’s books are sold there as bestsellers. Conspiracies like the ‘Protocols of the Elders of Zion’ are among the best sellers there. And these people come here. And you are not allowed to even talk to them about such conflicts in schools or in integration courses. The anti-racism debate is also part of this problem, because Muslims or migrants are generally seen as a group as victims and only the White man is considered to be the perpetrator.

“In the end, not even schools can talk about anti-Semitism or the Middle East conflict. Or about Erdogan or about Islamism. Even at universities, Muslim students refuse to speak about such topics. Universities should be a safe haven for opinions. But for many Muslim students, universities are now safe spaces from opinions and criticism, even though that is where we have to start. We need to talk to each other. We have to have controversial discussions on all issues, not just the Middle East conflict. Unfortunately, that doesn’t happen. We have a very poisoned culture of debate in Germany. You get the stamp of racist or Nazi if you address any grievances in immigrant milieus or with minorities. The racist is always White, but never a Muslim or a Black or a migrant. For me that is racism of lowered expectations.”

On his Facebook page, Abdel-Samad elaborated:

“Let’s imagine a mob made up of German youths shouting ‘Sh*tty Muslims’ and throwing stones and fire at mosques in Germany after a terrorist attack in Paris, London or Berlin. What would we call these youngsters? Correct: Nazis! What would the anti-fascists and anti-racists do then? They would stir up outrage and fear that the return of the little man with the funny mustache is imminent.

“But why don’t you hear from them now? Why do they consider terms like ‘Gypsy Sauce’ [the name of a German gravy] to be racist, but ‘Sh*tty Jews’ to be harmless? Why do they freak out when you ask someone with a migration background where they come from, but do nothing when people are insulted and beaten because of their origin?

“A. Because for them it’s not about people, it’s about ideology!

“B. Because in their racism industry, minorities can only be victims, and only the White man can be Nazi and racist.

“C. Because their anti-racism is deeply intertwined with anti-Americanism and anti-capitalism, so some of them even sympathize with Hamas.

“This is not just a double standard in dealing with the issue of racism, it is racism by definition. Because the White man is generally regarded as a person who was born with the original sin of racism, while all other ethnicities and cultures are acquitted of this charge. This, too, is racism against minorities, who are only viewed as objects of the White man and do not have to take responsibility for themselves. It is racism of lowered expectations when one demands something different from German young people than from Muslim young people.”

Writing for the German blog Tichys Einblick, commentator Michal Kornblum noted:

“A large part of this mob consists of people who came here as refugees and brought their hatred of Jews with them and continued to expand it here. It is no secret that many mosques and also left-wing German associations provide the breeding ground for this. In Germany, the most diverse social currents converge in anti-Semitism and hatred of Israel.

“Another indication of the failure of politics and the judiciary is that many young Muslims from families who have been living here for two or three generations are more radical and anti-Semitic than their parents and grandparents, who often maintain a more Western view of the world. When the acquired ‘made in Germany’ hatred of Jews meets up with the imported anti-Semitism from Arab countries, it results in the explosive atmosphere on German streets that we are currently experiencing….

“In reality, we are still moving from phrase to phrase in the anti-Semitism debate. The popular saying ‘no place for anti-Semitism’ turns out to be one of the biggest lies, since anti-Semitism obviously takes up a lot of space in Germany. Repeating a phrase like a prayer wheel does not change the realities. In the same way, ‘whoever lives here must accept the Basic Law and Israel’s right to exist’ tends only to be said. I am not aware of any cases of expulsions or deportations for these reasons. The deportation of all anti-Semitic rioters who do not have German citizenship would be a logical step.”

Writing for the blog Achgut, the German-Israeli writer Chaim Noll blamed German Chancellor Angela Merkel for the resurgence of anti-Semitism in Germany:

“The open hatred of Jews has returned to Germany, from a direction that surprised many unsuspecting people. Gradually, the word ‘Jew’ has again become a swear word, an epitome of the contemptible, in schoolyards dominated by Muslims. This time the anti-Jewish resentment is not rooted in Europe’s anti-Semitic tradition, but in a different one. Which only a few Europeans took notice. Who would have bothered to study the Koran, the hadith or the Hamas charter twenty years ago? Who knew the countless passages in the religious literature of Islam that call for the contempt, persecution or extermination of the Jews?

“The few who read about it remained silent, or if they voiced their concerns, were declared ‘Islamophobic’ and ostracized. In the meantime, in thousands of mosques and Koran schools, what Germans have for decades mutually been forbidden to do with heavy prison sentences, has spread unhindered. All the while, the same demon was allowed to flourish with impunity in its new environment. Numerous reinforcements have arrived since 2015, and hatred of Jews is in renewed bloom. The shouting at the demonstrations is getting louder from year to year. So far, no German Muslim has been punished for hating Jews or for openly inciting the murder of Jews, although this has happened again and again….

“The pictures that are now going around the world document Germany’s new shame. Angela Merkel can take credit for the fact that in a country where hatred of Jews, although it existed, remained quiet or inaudible, the roar of pogroms can be heard again. She betrayed and sold out the German Jews. And not just the Jews. Also many Germans, for example, everyone who feels sympathy for Israel or for whom hatred of Jews is unbearable. By demonstratively abstracting critics of Islam in Germany, she created an atmosphere of fearful silence. Which, not unlike in the later years of the Weimar Republic, makes the roar of the Jew haters all the louder.

“Angela Merkel will go down in history as the Chancellor who made open hatred of Jews in Germany possible again. She simply brushes aside decades of ‘coming to terms with the past,’ of popular education and trying to overcome a traumatic German defeat. Under her government one can in Germany again openly call for the murder of Jews and at the same time be subsidized by the state. In the small as in the large. Just as thousands of Jew-haters raging on German streets are supported by state funds, so is the terrorist organization Hamas on a large scale via obscure ‘relief organizations’ and NGOs, so that in the end every rocket that hits Israel also contains a part of German money. Angela Merkel is also silent on this.”

The inimitable blog, Elder of Zion, wrote:

“This isn’t about Gaza. We’ve never seen such hate after any Western action in Syria or Afghanistan. No British crowds marching through malls to protest airstrikes in Iraq.

“This is bigotry in its most ugly, rawest form.

“Gaza is an excuse to find a socially acceptable way to publicly express Jew-hatred while pretending that your hate is righteous.

“And while it is more subtle, that is exactly what is behind nearly all the obsessive hate of Israel we see every day of every year. Nothing else explains this level of hate, and clearly it isn’t because of the supposed victims — Arab persecution of Palestinians is ignored by the anti-Israel crowd as well.

“The way we know that anti-Zionism is antisemitism is that the anti-Israel Leftists who swear up and down that they are against antisemitism have not said a word about these incidents. And certainly, none of them have popped up and said they would protect the Jewish right to counter-protest or even walk around unmolested.”

6.Global Issues

CORONAVIRUS UPDATE/VACCINE

Scott Atlas explains why lockdowns are a “heinous abuse” of power and how the powers to be failed to prect the elderly.

Van Brugen/Jeleilek/EpochTimes

Scott Atlas: Lockdowns Not Only A “Heinous Abuse” Of Power, They Also Failed To Protect The Elderly

 
THURSDAY, MAY 20, 2021 – 05:20 PM

Authored by Isabel van Brugen and Jan Jekielek via The Epoch Times,

The lockdowns implemented to curb the transmission of COVID-19 in the United States and across the globe have not only been a “heinous abuse of power,” but they have also failed to protect the elderly and vulnerable, according to former White House COVID-19 adviser Dr. Scott Atlas.

In an interview for Epoch TV’s “American Thought Leaders,” Atlas, a public health policy expert, suggested that the consequences of lockdowns, which he believes have been largely fear-driven, will be felt in the country for decades to come.

“We will have a massive price to pay for what was done in the United States,” said Atlas.

“The consequences of the lockdowns have been enormously harmful and they will last for decades after this pandemic is completely finished.”

In November 2020 Atlas resigned as former President Donald Trump’s special adviser on the White House pandemic task force. He is a senior fellow for the Hoover Institution at Stanford University.

A large failure on the part of public health experts, Atlas said, has been the approach to stop COVID-19, the disease caused by the CCP (Chinese Communist Party) virus, at all costs, disregarding the consequences of the policies that were implemented in an attempt to do so.

And while he believes that imposing initial lockdowns during the onset of the pandemic last spring was an “appropriate” response, that was only because the world was reacting to extremely “imperfect knowledge,” including an estimated fatality rate that was higher than what the world knows now.

Further, the restriction of movement orders implemented last year as the virus began to spread across the country were initially pushed as short-term measures to prevent the overcrowding of hospitals and health care facilities, he said.

Fear

Soon, Atlas said, rational thinking and critical thinking disappeared, and lockdown measures were driven by fear. No longer was the goal to prevent the overcrowding of hospitals, but it gradually shifted to stopping COVID-19 cases altogether.

“Fear is very powerful, and it was really shown how powerful fear is during this pandemic. They [Americans] bought into it because it was temporary, because [people] thought that would be a very small price to pay to get things sort of under control, and have some handle on how to proceed,” Atlas said.

The public health policy expert suggested that a “frenzy” took over out of fear, out of a lack of leadership by the faces of public health to put things into context and perspective, and to recognize immediately what the consequences of these lockdowns would be.

“There’s a big reason why lockdowns were never recommended in prior pandemics,” Atlas added.

“And those rules, those simple rational logical assessments, were thrown out the window.”

Protecting the Elderly, Vulnerable

Lockdowns have ultimately failed, Atlas said, as they failed to protect the elderly and high-risk individuals in the early months of the pandemic last year. Meanwhile, countless others have suffered due to diversions of medical resources.

“We saw even in March, April, May [2020], the lockdown policies were number one, failing to protect the high risk people—people were dying, they were elderly. The nursing home deaths made up 40 to 50 percent of all deaths,” Atlas explained.

“And it was through many of our states; at one point in Minnesota, 80 percent of the deaths were [in] nursing homes.”

Americans were also skipping chemotherapy treatments, while people who had suffered acute strokes and heart attacks were too afraid to call an ambulance as they didn’t want to be in a medical setting, and the majority of live organ transplants weren’t conducted during the onset of the pandemic, Atlas said.

Meanwhile, child abuse and domestic abuse skyrocketed, opioid deaths and suicides surged, and there has been a dramatic rise in young people suffering from depression and anxiety, he added.

“I think that it is still somehow held by many people that OK, the lockdowns are an economic harm, but we’re saving lives. No, you’re destroying families, you’re destroying lives, and you’re literally killing people with the lockdowns,” Atlas said.

Citing June 2020 data from the U.S. Centers for Disease Control and Prevention, Atlas said that one in four young adults contemplated suicide.

“The lockdowns failed, they still failed to protect the people who are high risk, and the lockdowns destroyed and killed,” Atlas said.

“Many other people destroyed families, sacrificed our children out of fear for adults—even though the children do not have significant risk. And we didn’t care as a country. We kept them out of school.”

He added: “It’s a disgrace. It’s a heinous abuse of the power of public health experts to do what was done.”

end

Survey Shows Half Of Non-Mask Wearers Will “Definitely Not” Consent To Being Vaccinated

 
THURSDAY, MAY 20, 2021 – 08:20 PM

This looks like bad news for the CDC and the Biden Administration, which are desperate to entice more Americans to get vaccinated before international pressure forces the president to give away the entire US stock of vaccines (Biden announced yesterday that the US would send 20MM doses of vaccine that are authorized for emergency use in the US abroad for the first time as pressure from the international community grows).

A recent survey found that half of Americans who don’t wear masks say they “definitely won’t” get vaccinated, according to the Kaiser Family Foundation.Half of non-mask wearers said they would “definitely not” get vaccinated, according to a survey taken the week of March 15.

By comparison, the data, which was leaked to Bloomberg, found that 13% of those who wear a mask some of the time or never said they had gotten vaccinated, while 34% of those who do wear masks all or most of the time said they had been vaccinated. Half of non-mask wearers said they would “definitely not” get vaccinated, versus 7% of those who wear masks regularly.

Source: Bloomberg

The findings follow an announcement by the CDC allowing fully vaccinated people to ditch masks in most settings.

President Biden celebrated the decision as offering Americans a stark choice: Either get vaccinated, or wear a mask.

The only problem with this is that many of those who are skeptical of the vaccine also don’t wear masks.

One analyst who spoke to Bloomberg said she was surprised by the resistance to the vaccine.

“But I think what stands out is the share that say they definitely won’t get the vaccine among those who say they don’t wear masks,” Hamel said in an interview.

What’s more, the survey data support what many Americans probably see as common sense – although nobody apparently told the White House or the CDC.

The findings already indicate that people who say they don’t want the vaccine are much less likely to believe that masks are effective. “And so certainly that relationship between the attitudes towards the vaccine and attitudes towards other sorts of protective measures exist, particularly among that group that says they’re just definitely not going to get vaccinated,” she said.

The CDC was widely criticized for spurring confusion with its latest guidance for individuals and businesses, as states are now deciding whether they will follow the CDC guidance or opt to wait.

Some employers are already saying they will require new hires to be vaccinated, although most employers still concede that it would be illegal to require all employees to go out and get the vaccine. Ultimately, however, they might still be forced to rely on the honor system as medical privacy laws might prevent them from asking to see evidence of the shot.

The polling company, KFF, which has been running polling data through its COVID Vaccine Monitor, used data on self-reported masking behavior and people’s belief in whether wearing a mask prevents the spread of the vaccine as the basis for these findings

end

 

 
 

END

The USA has no safety with respect to illegal immigrants having COVID. The doorknob Biden is how ready to gut the COVIA 19 safety restrictions now in place.

 

Biden Hollows Out Trump-Era COVID Protections At The Border

 
THURSDAY, MAY 20, 2021 – 10:40 PM

Authored by Joseph Simonson via The Washington Free Beacon (emphasis ours),

The Biden administration is preparing to gut COVID-19 safety restrictions on illegal immigrants and asylum seekers and essentially reverse the Trump administration’s pandemic health protections without public notice, according to documents circulating within U.S. Customs and Border Protection.

 

President Biden delivers speech on Afghanistan on Apr. 14 / Getty Images

While the Trump administration took a hardline approach to turning away immigrants to avoid “a serious danger of introduction of [a communicable] disease,” at the start of the COVID-19 pandemic, Customs and Border Protection is now quietly walking much of that guidance back. A May memo, reviewed by the Washington Free Beacon, highlighted a potential work-around of the safety measures. The memo, authored by senior staff at CBP, emphasizes the ability of “customs officers [to] determine [who] should be allowed into the United States.”

Customs and Border Protection officials say the Biden administration is looking to liberally interpret that provision, which was initially meant for migrants with extenuating circumstances related to humanitarian concerns or political repression. Broadening the humanitarian exemption would constitute a de facto reversal of the Trump administration’s guidance on limiting migration into the country. The shift in policy would come as border patrol agents encountered 178,622 migrants in April, among the highest-trafficked months on record.

They’re keeping in place Trump’s order while broadening it enough to please left-wing activists,” a senior Customs and Border Protection official told the Free Beacon. “If they rescind Title 42, they can’t deport single men.”

The memo says the federal officials “will be relying” on immigrant-related, nongovernmental organizations “to identify undocumented individuals potentially amenable to be exempted on humanitarian grounds.” Customs and Border Protection officials say essentially outsourcing immigration processing to NGOs could flood the country with migrants, many of whom never attend their immigration court hearings. Critics say activists from border organizations like the United Nations Refugee Agency and the Hebrew Immigrant Aid Society coach migrants on how to gain asylum status, rather than seek out the most vulnerable.

Trump invoked Title 42, a little known provision that enables the executive branch to curtail border crossings during a public health crisis, in a March 2020 executive order. Left-wing advocacy groups call Title 42 a violation of international human rights treaties and have demanded the Biden administration reverse his predecessor’s invocation of it. The Biden administration claims the “streamlined” process of admitting immigrants will combat COVID-19 by reducing “the amount of time undocumented individuals spend in congregate settings, thereby reducing the risk of COVID-19.”

Using an expansive view of the pandemic exemptions and partnering with NGOs will ensure that more illegal immigrants and asylum seekers will enter the country, according to the senior CBP official.

What the Biden administration is doing is giving them the ability to play both sides,” the official said.

President Biden fulfilled a campaign promise by publicly instituting Title 42 exemptions for all migrant children, a decision many have blamed for the surge of unaccompanied minors at the southern border. Border agents could soon face a secondary surge—broad humanitarian exemptions would allow most families and children to claim asylum, regardless of whether they test positive for COVID-19 or other diseases. Single men, Customs and Border Protection officials say, would likely still face deportation unless they say they fear for their safety in their home country.

The release of the memo comes as border patrol agents increasingly see what the New York Times dubbed “pandemic refugees” from countries as far away as India on the southern border. April numbers released by the government showed 30 percent of families found on the border came from countries other than Mexico, Guatemala, Honduras, and El Salvador—a 22.5 percent increase from April 2019.

end

Michael Every on the days most important topics

(courtesy Michael Every)

Rabo: The Sudden Meme Is That The Surge In Inflation We Had Been Seeing Is Now Over

 
FRIDAY, MAY 21, 2021 – 10:00 AM

By Michael Every of Rabobank

Peace For Our Time

I won’t apologize for recycling the clichéd old headline I use again today because minutes before beginning to write, a ceasefire went into effect between Israel and Hamas. Hopefully this holds, and 11-days of fighting stops. If so, markets will immediately stop thinking and talking about this issue, and what happens next; and everyone involved locally will do nothing else but. Crucially, a ceasefire is not peace.

Not unconnected, Iran’s President stated agreement has been struck to roll back sanctions and get Iranian oil flowingTherefore, the 2015 JCPOA nuclear deal is about to be re-struck too. Presuming the original timetables are still valid, in 2023 the UN-sponsored ban on imports/exports of missile-related equipment and technology expires; so does a prohibition on ballistic missile launches. In 2024, advanced centrifuge restrictions are lifted; in 2025, past UN Security Council resolutions terminate, as does any ‘snapback’ mechanism to restore sanctions; in 2026, limits on the mass deployment of centrifuges sunset; and in 2030, there is no cap on the enrichment purity level of uranium, or stockpiling it, or building new nuclear plants, reprocessing plutonium, or building heavy water reactors. In short, critics point out that every component needed to produce a nuclear bomb will be allowed – yet JCPOA supporters say there won’t be one. In the near term, this news reduces geopolitical tensions; but longer term, it’s unclear if this is a strategy for peace or just another ceasefire.

Not that these issues are only about the Middle East. If there is a “Peace for our time” element about foreign policy at the moment –in that it fails to address the real underlying problems– then the same is necessarily true in markets.

Stocks were up again yesterday, but key bond yields were slightly lower, and US breakevens continued their declining trend, as key commodity prices –led by oil– were lower, not only on the Iran news, but as China underlined it is serious about cracking down on commodity-price inflation. Indeed, the sudden meme is that the surge in inflation we had been seeing is now over.

I fully agree there is still a low risk of a wage-price spiral taking hold; or of central banks being politicized enough (yet) that they will champion labor over capital if CPI and wages both rise: we are heading in that direction, but aren’t there for now. As such, there will be demand destruction via higher prices ahead. However, that does not mean we have already seen the peak in this current phase of “PPI” inflation, which will determine how bad that demand destruction gets. Far from it, given snarled supply chains not built for the disruption they are currently experiencing. Indeed:

  • Oil will stay low if, among other things, there is Middle East peace. Yet it will go a lot higher if there is a Saudi-Iranian or Israel-Iranian war, and/or if Iran uses its new oil wealth to push its regional footprint even more;

  • Chinese micro-managing of its latest burst of commodity speculation won’t count for much if Beijing is going to continue stockpiling key goods and/or driving its economy with over-investment in housing and infrastructure, as is still the case; and

  • Further US fiscal stimulus will surely push commodity inflation higher again – so we have to wait and see what passes on that key front.

Meanwhile, Crypto saw another choppy day after the US stated the IRS will require reporting, and hence taxing, of any crypto transaction over USD10,000. The optimists argue this means an outright ban, as in China, isn’t likely. The pessimists note that if this new regulation is put in place, then any ability for crypto to act as a true money substitute is massively diminished. Imagine if every time you transferred more than USD10,000, as businesses do multiple times every day, you had to: (1) report it; and (2) pay a tax rate –let’s assume 15%– on the difference in the exchange rate of USD against EUR,….in a world where EUR/USD moves 30% in a day. It makes crypto unviable at any scale; and if there is no successful strategy for that scale to emerge, then any recent increase in pricing (which is of course still denominated in USD!) is just speculation. Which will no doubt continue regardless.

The Fed also announced that this summer will see the launch of a working paper on a “Digital Dollar”, which also has to be taken as a negative for crypto: because once the government has its own skin in the game, it will be even less inclined to brook any digital rivals. As repeatedly underlined here, currency, technology, markets, economics, politics, and geopolitics are all linked at the moment.

Indeed, jumping from the former to the latter, US Secretary of State Blinken has said the US does not intend to purchase Greenland(!), as if anyone thought it was for sale just because former President Trump made that joke. That Blinken statement came as the US discussed the Arctic with Russia, who stated it will “knock the teeth out” of any states trying to muscle in on an area full of potential oil and gas deposits. (Didn’t the IEA just wave a document saying we aren’t allowed any new fossil fuel development from now on?) Greenland also has massive rare-earth deposits, which has attracted Chinese interest. Without such rare earths, one ends up with shortages in electronics supply chains, including key defense goods; and then you have supply-side inflation and national security problems. In short, the US might not *buy* Greenland, but it certainly can’t ignore it – most so when others have no intention of doing so.

To conclude, if waving well-intentioned pieces of paper around solved our problems, we wouldn’t have any; and what looks like peace for our time rarely is. Allow me to conclude with an excerpt from another, less famous quote from Neville Chamberlain that should serve as warning to all of us on how we see the world and structure our portfolios:

“This is a sad day for all of us, and to none is it sadder than to me. Everything that I have worked for, everything that I have hoped for, everything that I have believed in during my public life, has crashed into ruins.”

Happy Friday!

end

7. OIL ISSUES

Oil prices fall as Iran claims sanctions will be lifted by next week

(zerohedge)

Oil Prices Extend Slide As Iran Claims Sanctions Will Be Lifted

 
THURSDAY, MAY 20, 2021 – 04:40 PM

Authored by Tsvetana Paraskova via OilPrice.com, 

Oil prices dropped again early on Thursday after Iran’s president said that the world powers had accepted during the latest round of talks that sanctions against Iran would be lifted.

As of 10:39 a.m. EDT on Thursday, WTI Crude was trading down 0.95 percent at $62.76. Brent Crude prices had declined by 1.07 percent to trade below $66 a barrel—at $65.96

And the downtrend extended into the afternoon…

Just two days ago, Brent Crude briefly touched $70 early on Tuesday but failed to hold on to that handle later during the day as reports of a breakthrough in the indirect talks about the nuclear deal between the U.S. and Iran (later clarified that there has been no breakthrough) sent prices down.

On Thursday, Iranian President Hassan Rouhani was quoted as saying that global powers taking part in the indirect U.S.-Iranian talks on a return to the nuclear agreement had accepted that the U.S. sanctions on Iran, including on its oil exports, would be removed.

“The main agreement has been made,” Rouhani said according to Iranian state television, Bloomberg reported.

The report sent crude oil prices down for the third day in a row as the market anticipates a legitimate return of Iranian oil supply. Analysts say that the market would likely be able to absorb additional barrels from Iran, but traders and speculators react to any reported breakthrough in the talks.

 

Persian Gulf Star Co. gas refinery in Bandar Abbas, Iran. Bloomberg/Getty Images

Oil prices tumbled to a three-week low on Wednesday, “after the broader market slump was exacerbated by the prospect of a boost in Iranian supply as nuclear talks continue and the EIA reported a 1.3 million barrels rise in crude stocks,” Saxo Bank analysts said early on Thursday.

“Brent is likely to remain stuck in a $65 to $70 range while the ongoing virus threat prevents a synchronized recovery in global fuel demand at a time of rising OPEC+ production,” Saxo Bank noted.

end

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
 
 
END

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

Euro/USA 1.2213 DOWN .0013 /EUROPE BOURSES /ALL GREEN  

USA/ YEN 108.74 DOWN 0.118 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4207  UP   0.0023  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2039  DOWN .0024

 

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 12 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2213 Last night Shanghai COMPOSITE CLOSED DOWN 20.39 PTS OR .59% 

//Hang Sang CLOSED UP 8.15 PTS OR .03% 

 

/AUSTRALIA CLOSED UP 0.18% // EUROPEAN BOURSES OPENED ALL GREEN 

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN    

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 8.15 PTS OR .03% 

/SHANGHAI CLOSED DOWN 20.39 PTS OR 0.58% 

Australia BOURSE CLOSED UP 0.18%

Nikkei (Japan) CLOSED UP 219.58 PTS OR 0.78%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1878.80

silver:$27.79-

Early FRIDAY morning USA 10 year bond yr: 1.678% !!! DOWN 0 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 2.338 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 89.78  DOWN 3 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.56% DOWN 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.083%  UP 1/3   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.56%//  DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  1.04 DOWN 2  points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 46 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.127% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.17% 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 1.2174  DOWN     .0051 or 51 basis points

USA/Japan: 108.96  UP .102 OR YEN DOWN 10  basis points/

Great Britain/USA 1.4154 DOWN .0029 POUND DOWN 29  BASIS POINTS)

Canadian dollar DOWN 16 basis points to 1.2080

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.4342

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4382

TURKISH LIRA:  8.39  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.083%

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 1.622 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.333 DOWN 0 in basis points on the day

Your closing USA dollar index, 90.07  UP 27  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 FRIDAY: 12:00 PM

London: CLOSED DOWN 1.74 PTS OR 0.02% 

 

German Dax :  CLOSED UP 67.75 PTS OR 0.44% 

 

Paris CAC CLOSED UP 42.83PTS OR 0.68% 

 

Spain IBEX CLOSED UP  79.70  PTS OR  0.87%

 

Italian MIB: CLOSED UP 272.89 PTS OR 1.10% 

 

WTI Oil price; 63.79 12:00  PM  EST

Brent Oil: 66.52 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.59  THE CROSS  LOWER BY 0.02 RUBLES/DOLLAR (RUBLE HIGHER BY 2 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.127 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 : 63.81//

BRENT :  66.67

USA 10 YR BOND YIELD: … 1.618..DOWN 1 basis points…

USA 30 YR BOND YIELD: 2.325 DOWN 1 basis points..

EURO/USA 1.2186 (DOWN 39   BASIS POINTS)

USA/JAPANESE YEN:108.90 UP .037 (YEN DOWN 4 BASIS POINTS/..

USA DOLLAR INDEX: 89.99 UP 18  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4154 DOWN 30  POINTS

the Turkish lira close: 8.42

the Russian rouble 73.58   UP 0.02 Roubles against the uSA dollar. (UP 2 BASIS POINTS)

Canadian dollar:  1.2065  DOWN 2 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.127%

The Dow closed UP 123.90 POINTS OR 0.36%

NASDAQ closed DOWN 82.36 POINTS OR 0.61%


VOLATILITY INDEX:  20.20 CLOSED DOWN 0.47

LIBOR 3 MONTH DURATION: 0.150%//libor dropping like a stone

USA trading day in Graph Form

Cryptos Crushed, Commodities Crumbled, But ‘Crappy’ Stocks Soared This Week


BY TYLER DURDEN
FRIDAY, MAY 21, 2021 – 04:01 PM

Some notable headlines catalyzed weakness in stocks during today’s US session but Small Caps (Russell) and Big Caps (Dow) outperformed as Big-Tech (Nasdaq) lagged and the S&P went nowhere (weak close as post-opex week looms)…

1015ET *CHINA REITERATES CALL FOR CRACKDOWN ON BITCOIN MINING, TRADING (slamming crypto and pushed the entire stock market lower too)

1205ET *HARKER: SHOULD SPEAK ABOUT REDUCING BOND BUYS SOONER THAN LATER (pushed S&P down to unchanged)

1220ET *BOSTIC: MONITORING ECONOMY TO ASSESS TRANSITORY VS OTHERWISE (thanks Captain Obvious)

1225ET *KAPLAN: SHOULD DISCUSS UNINTENDED EFFECTS OF EMERGENCY TOOLS (little late for that now?)

1225ET *BARKIN: WHEN WE MAKE SUBSTANTIAL FURTHER PROGRESS WE’LL TAPER (yada yada yada)

1250ET *KAPLAN: RATHER GENTLY TAKE FOOT OFF ACCELERATOR THAN BRAKE LATER (so tapering then?)

1345ET *KAPLAN DECLINES TO PUT DATE ON WHEN FED SHOULD START TAPER TALK

1430ET *WHITE HOUSE SAYS INFRASTRUCTURE COUNTEROFFER REDUCES PRICE TAG TO $1.7T (spooked stocks a little)

That’s a lot of marginally hawkish speak considering “officially” they’re not evening thinking about thinking about tapering. Which makes sense given that overnight RRPs are literally exploding…

Source: Bloomberg

Translation – banks are begging The Fed to taper!!

Nasdaq 100 was down 4 straight weeks going into Monday and avoided a 5th straight weekly loss – which would have been the worst streak since 2012. The rest of the majors whipsawed back from big midweek losses to end the week unch to marginally lower…

Unprofitable tech stocks rallied hard this week…

Source: Bloomberg

Tesla suffered its 5th weekly loss in a row – the longest losing streak in 3 years…

And before we leave equity-land, is the great rotation accelerating?

Source: Bloomberg

Cryptos were clubbed like a baby seal this week thanks to a double whammy of repeated news from China…

Source: Bloomberg

Worst week for ETH since March 2020…

Source: Bloomberg

Bitcoin was ugly too, but fell less than the previous week…

Source: Bloomberg

The Bitcoin Proxy stocks were mixed with Coinbase and MicroStrategy the worst hit on the week…

Source: Bloomberg

And everyone’s favorite – DOGE – dumped over 20% this week…

Source: Bloomberg

The alternate currency to crypto… the dollar – ended the week marginally lower amid lots of vol…

Source: Bloomberg

Commodities fell for the 2nd straight week…

Source: Bloomberg

Copper was down for the 2nd straight week – its biggest weekly loss since September…

And the short-end term structure for copper has plunged negative (3m forward prices below spot) for the first time in a year suggesting buyers are finally taking a break…

Source: Bloomberg

Thanks to three limit-up moves from Wednesday’s limit-down lows, Lumber managed gains on the week after last week’s plunge…

Source: Bloomberg

Amid all this turmoil, Treasuries ended the week practically unchanged (long-end modestly outperforming -1bps vs the belly +1bps)…

Source: Bloomberg

Breakevens were all lower on the week…

Source: Bloomberg

Gold rallied for the 3rd week in a row (up 6 of the last 7 weeks) to its highest weekly close since January 1st (decoupling a little from real yields this week)…

Source: Bloomberg

Gold is also now up 7 days in a row (and up 12 of the last 13 days), closing above its 50DMA for the first time since January…

Source: Bloomberg

Oil suffered it first losing week in the last month…

And finally, we note that the US Macro Surprise Index went red for the first time since June 2020…

Source: Bloomberg

The big question is – will ‘inflation’ become the mindset (and what’s cheap if it does)?

Source: Bloomberg

a)Market trading/THIS MORNING/USA

end

afternoon trading

 
ii) Market data
Existing homes sales stumble in April due to affordability
(zerohedge)

Existing Home Sales Unexpectedly Tumbled In April For 3rd Straight Month As Prices Soar

 
FRIDAY, MAY 21, 2021 – 10:08 AM

After March’s mixed signals from the housing market (Pending and Existing sales down, New Home sales up), the first glimpse of April comes today with Existing home sales expected to rise modestly (+1.0%) from the 3.7% drop in March (and 6.3% drop in Feb). However, April Existing Home Sales unexpectedly tumbled for the third straight month (down 2.7% MoM), dramatically missing expectations.

Source: Bloomberg

Obviously the YoY figure of +33.87% is just noise from the COVID collapse lows.

This is the lowest SAAR (5.85mm vs 6.07mm exp vs 6.01mm prior) since June 2020…

Source: Bloomberg

Price was the issue as it soared to a new record high…

But sales of homes over $1 million soared…

The sales decline in April “is due to the lack of homes on the market,” Lawrence Yun, NAR’s chief economist, said on a call with reporters.

“Even with home sales declining modestly, one can describe the market as being hot.”

There were 1.16 million homes for sale at the end of last month, down 20.5% from a year earlier. It would take 2.4 months at the current pace to sell all the homes on the market. A year ago, it was 4 months. Realtors see anything below five months of supply as a sign of a tight market.

Three of four regions posted sales declines in April, led by a 3.9% decrease in the Northeast and a 3.7% drop in South. Contract closings fell 3.1% in the West and increased 0.8% in the Midwest

And, as we have noted recently, the enthusiasm of homebuilders (near record highs) is mirrored almost perfectly by the total disdain of homebuyers (near record lows) as rates rising alongside home prices removes all but the wealthiest from the American Dream pipeline…

Source: Bloomberg

So, Mr. Powell, keep pumping (and face even bigger crises), or pull the rip cord now and deal with the carnage?

-END-

USA PMI

USA PMI’s explode to record highs in May

(zerohedge)

Inflation Fears Soar As US PMIs Explode To New Record Highs In May

 
FRIDAY, MAY 21, 2021 – 09:54 AM

Following the surprisingly large surge in Services in April, May’s preliminary PMIs were expected to fade only modestly from record highs. But, despite US macro data dropping into the red for the first time since June 2020, Services exploded even higher and Manufacturing rose to another new record high…

  • US Manufacturing 61.5 (Record high) from 60.5 prior, better than the 60.2 expected

  • US Services 70.1 (Record high) from 64.7 prior, better than the 64.3 expected

Source: Bloomberg

Somewhat interestingly, although strong, business confidence slipped to a seven-month low in May.

Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 68.1 in May, up from 63.5 in April – the strongest in the world.

The rate of expansion was unprecedented after surpassing April’s previous series record.

Commenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

“The US economy saw a spectacular acceleration of growth in May, the rate of expansion of business activity soaring well above anything previously recorded in recent history as the economy continued to reopen from COVID19 restrictions. The service sector saw an especially impressive surge in growth, beating all prior records by a wide margin, accompanied by another solid expansion of manufacturing output.

“Growth would have been even stronger had it not been for businesses often being constrained by supply shortages and difficulties filling vacancies.

“With businesses optimistic about the outlook, backlogs of orders rising sharply and demand continuing to pick up both at home and in export markets, the scene is set for strong economic growth to persist through the summer.

The May survey also brings further concerns in relation to inflation, however, as the growth surge continued to result in ever-higher prices. Average selling prices for goods and services are both rising at unprecedented rates, which will feed through to higher consumer inflation in coming months.”

What are you going to do Mr.Powell?

end

iii) Important USA Economic Stories

Two major points here:

  1. The Reverse Repo pool at the Fed is now up to close to its all time record.  It gained another 18 billion last night. The banks have runout of balance sheet to house the governments’ QE. This will set the stage for negative interest rates.

2.     White House proposes a reduced $1.7 trillion infrastructure plan which will go nowhere!~

White House Proposes Reduced $1.7 Trillion Infrastructure Plan; Republicans Still Balk

 
FRIDAY, MAY 21, 2021 – 03:05 PM

Earlier today we pointed out that with the total amount on today’s overnight reverse repo soaring to a fresh 4-year high of $369 billion, up $18BN on the day, and set to hit a record high in just a few days, Wall Street is now screaming at the Fed for doing more QE… and is why a taper would actually be viewed as a bullish development. After all, banks no longer have a place to stuff all those trillions in reserves, let alone another $1 trillion that the Fed would inject should it taper QE by the end of 2022.

So maybe Jerome Powell called Biden to tell him that the Fed can no longer monetize every Democratic debt-funded whim, which is why on Friday, White House press secretary Jen Psaki said that the White House made a counterproposal to Senate Republicans to lower the overall price tag of Biden’s infrastructure plan to $1.7 trillion, down from the original $2.3 trillion cost.

Psaki said that the counteroffer shifts funding for research and development, supply chains, manufacturing and small business to other proposed legislation that is being considered by Congress.

The new offer also lowers roads, bridges from $159B to $120B and also lowers broadband to GOP level. Still wants childcare covered No movement on tax increase pay-fors but openness to Infrastructure Bank

The new White House plan also lowers Biden’s request for funding for broadband internet, as well as his proposed funding for roads, bridges and other infrastructure projects from $159B to $120B, but still wants childcare covered. There is also no movement on tax increase pay-fors but openness to Infrastructure Bank.   Psaki said those numbers will more closely align with Senate Republicans’ requests.

“In our view, this is the art of seeking common ground,” Psaki told reporters on Friday. “This proposal exhibits a willingness to come down in size, giving on some areas that are important to the president … while also staying firm in areas that are most vital to rebuilding our infrastructure and industries of the future.”

Senate Republicans did not see it that way: with the Biden proposal still 3x more than the $568BN Republican Senator Shelley Moore Capito proposed earlier this week, Senate Republicans said they don’t see the new plan as an improvement.

We Work is the largest global landlord.  A bankruptcy by them will probably be systemic.

(zerohedge)

WeWork’s Losses Quadrupled To $2.1 Billion In Q1 In Latest Threat To Planned SPAC Offering

 
THURSDAY, MAY 20, 2021 – 05:40 PM

WeWork CEO Sandeep Mathrani made headlines a few weeks ago when he declared during an interview that workers who prefer the WFH life to the office are typically “lazier” than their pro-commuting peers. His comment elicited backlash on social media, generating “buzz” that the company’s PR advisers probably pitched as an improvement over the spectacularly bad press that ultimately forced the company to abandon its IPO back in 2019, while its co-founder and CEO Adam Neumann was also forced out over his increasingly erratic behavior.

Now, WeWork is working on a comeback. With a new pitch about dominating the “flex market” for commercial real estate that the firm expects will balloon in the post-pandemic era as companies adjust to the new reality of hybrid-remote work, the firm has apparently recruited a SPAC and some other private backers to assist in finally bringing it public. Back in March, the firm revealed that it lost a staggering $3.2 billion in 2020, which it tried to spin as a positive as the firm slashed practically all of its operating expenses while still coming up with excuses to keep charging customers during the pandemic.

But instead of seeing profits improve in 2021, losses have continued to mount, according to leaked documents published by the FT.

WeWork’s quarterly losses almost quadrupled to $2.1 billion in Q1 (vs. $556 million in net losses in 2020) as the co-working company saw more than 25% of its remaining members finally walk away from their short-term leases. The company was also saddled with hundreds of millions of dollars in expenses tied to “restructuring” its property portfolio.

Another thing: WeWork’s revenue fell almost 50% from $1.1 billion to $598 million.

Here’s a breakdown of the key details from the FT report:

  • A settlement with ousted co-founder Adam Neumann accounted for about $500 million of the loss.
  • WeWork’s quarterly revenues fell almost 50% YoY from $1.1 billion to $598 million and the company lost about 200K customers.
  • The number of WeWork “members” fell from 693,000 in March 2020 to 490,000 a year later.
  • Restructuring and other related costs ballooned from $56m in the first quarter of 2020 to $494m in the first quarter of 2021.
  • The results underscore the extent of the challenge for WeWork, which told prospective investors in March that full-year revenues would climb rapidly from $3.2bn last year to $7bn by 2024.
  • Selling, general and administrative expenses almost halved to $274m between the first quarter of 2020 and the first quarter of 2021.
  • Posts associated with opening new offices and running existing ones fell about $160m to $852m in the same period.

A source inside the company told the FT that it still has $2.2 billion of liquidity left over from the massive liquidity injection from late 2019, when SoftBank stepped in with $6 billion to save the company from bankruptcy.

Of course, this doesn’t exactly bode well for the company’s second run at an IPO via a SPAC.

Both WeWork and its SPAC backer took to CNBC last month to share their outlook for the company, which revolves around what they see as the total addressable market for the “flex” market.

The BowX deal will pump $1.3 billion in cash into WeWork, $800 million from institutional investors such as Starwood Capital, Fidelity and BlackRock and $483 million in cash BowX raised from retail investors.

end

Commodity  markets

 

end

INFLATION WATCH

none

VACCINE WATCH/CORONAVIRUS UPDATE/ 

none

 

iv) Swamp commentaries/

“That F*cking Lunatic”: New Book Reveals Obama’s ‘Candid’ Thoughts About President Trump

 
THURSDAY, MAY 20, 2021 – 07:40 PM

A new book called “Battle for the Soul: Inside the Democrats’ Campaigns to Defeat Donald Trump” by Edward-Isaac Dovere, a staff writer at the Atlantic, offers an inside look at what Barack Obama really thought about Donald Trump heading into the 2020 election.

Obama, who had mostly remained publicly cordial with Trump after handing over the presidency to him in 2016 was, behind the scenes, being “candid” with his donors and advisers, the book says.

This meant reportedly calling Trump a “madman”, a “racist, sexist pig”, “that fucking lunatic” and a “corrupt motherfucker”, according to The Guardian, who obtained a copy of the book that is set to be published next week.

The book also says that Obama preferred Trump to Cruz as President, because “Trump was nowhere near as clever as the hard-right Texas senator”. Then, Trump won, prompting outrage from Obama, who reportedly said: “He’s a madman.” 

Dovere also reported Obama as saying “I didn’t think it would be this bad” and “I didn’t think we’d have a racist, sexist pig.” 

This was mixed in with the occasional comment calling Trump “that fucking lunatic”.

Upon news breaking that Trump was speaking to foreign leaders, including Vladimir Putin, Obama reportedly said: “‘That corrupt motherfucker.”

Conversely, Trump’s distaste for Obama is also well known, with the 45th President suggesting on more than one occasion that Obama’s incompetence was the sole reason he ran for President. Trump’s skepticism of Obama dates back to controversy he drummed up about the 44th President’s birth certificate after he won the presidency. 

The book’s author, Dovere, has been known for his “candid” reporting, including once reporting that first lady Jill Biden suggest Kamala Harris “go fuck herself” after attacking President Biden during the Democratic Primaries. 

Sounds like one big happy political family. 

END

Georgia Judge Decides To Unseal 2020 Absentee Ballots In Fulton County For Review

 
FRIDAY, MAY 21, 2021 – 01:00 PM

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

A judge in Georgia on Friday ruled to unseal absentee ballots submitted in the 2020 presidential election.

 

Employees of the Fulton County Board of Registration and Elections process ballots in Atlanta, Ga., on Nov. 4, 2020. (Brandon Bell/Reuters)

Petitioners in an ongoing case will be able to go to where the ballots are stored in Fulton County, Henry County Superior Court Judge Brian Amero said at the conclusion of a hearing.

Amero plans to issue an order soon that will set forth protocols governing the scanning and inspection, which will be done by county workers while petitioners and their experts observe.

A group of voters filed a petition last year asking for a forensic inspection of mail-in ballots that were sent in for the 2020 election. The petition alleged an abnormal vote increase for Democrat presidential candidate Joe Biden and an abnormal reduction in President Donald Trump’s tabulation, among other alleged abnormalities.

Amero allowed the petitioners in March access to scanned images of the ballots, but attorneys for the petitioners argued in court that the resolution, 200 dots per inch (DPI), was too low to perform proper analysis.

The petitioners asked for images at 600 DPI or higher, and access to the ballots themselves.

David Sawyer, a forensics expert, testified for the petitioners. He said he identified a discrepancy in the number of batches that were received by petitioners and the number that Georgia Secretary of State Brad Raffensperger’s office listed as having been examined in a risk-limiting audit.

He told the judge that direct access to ballots would be best “because that’s the original evidence, and that’s the best evidence.”

Lawyers for Fulton County and Georgia Attorney General Chris Carr, a Republican, argued that letting the petitioners examine the ballots outside of the presence of county workers would violate federal law. They also said a “citizen audit” wasn’t provided for in state law. If the judge allowed such an audit, he should pick the auditing team or allow the parties to reach an agreement on which firms should do the audit, they added.

Amero assured them he was largely of the same mind.

I have no inclination at all to release these ballots to anyone other than the clerk or the county,” he said.

But he pushed back on the notion that petitioners did not have the ability to get better scans of the ballots or visually inspect them.

“That seems to be something that they have the authority and the right to do,” he said.

“I have never seen in this case a motion to dismiss from anyone for any reason and in the absence of considering things in that way then this does take the form of a civil case where there is some discovery” under state law, he said.

The parties are scheduled to meet at the Fulton County ballot storage location on May 28.

A spokesman for Raffensperger declined to comment. The county did not return an inquiry. Raffensperger, who asked the judge last month not to grant petitioners access to the physical ballots, will have a representative present next week.

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

END

BREAKING: GA JUDGE ALLOWS FURTHER SCAN OF MAIL-IN BALLOT INSPECTION IN FULTON COUNTY…GROUND ZERO OF ELECTION FRAUD…CASE COULD FLIP PRESIDENTIAL CERTIFICATION

‘A LARGE NUMBER OF BALLOTS APPEAR TO HAVE BEEN COUNTED TWICE’

The Election Audits Are The Key To Bringing Back America

 

Screenshot Youtube

Please Follow us on GabMindsTelegramRumbleGab TV

This story is developing…

UPDATE 1115 EST – Judge orders ballots unsealed. Parties to appear at ballot storage location 10am May 28th. Ballots will be scanned at 600 dpi or higher. Protocol to be determined.

—————————–

 

In an ongoing hearing, Henry County, GA judge, the Honorable Brian J. Amero may give access to the plaintiffs (VoterGA.org, Garland Favorito, and another plaintiff) to the physical mail-in ballots in Fulton County, which could show massive election fraud in GA during the 2020 presidential election cycle, and the follow-on runoff that decided control of the U.S. Senate for the Democrat Party, leading to full control of the American government.

In the hearing, lawyers for VoterGA.org described large discrepancies (21%) between the number of ballot batches reported by the GA Secretary of State Brad Raffensperger who certified the election, and the number of ballot batches actually provided by court-ordered access in the previous April hearing in the case.

GA SoS Raffensperger Amicus Brief Denying Election Fraud Doesn’t Hold Water, Is Riddled With Deceit

VoterGA.org has been examining the ballot images at a low resolution since the hearing in April, and declared they need the actual physical ballots to understand the number of counterfeit ballots certified.

Fulton County attorneys pushed for a sampling of the ballots instead of access to all of the ballots. They particularly objected to access to physical ballots.

Fulton County attorneys also objected to expert witnesses testifying the number of ballot batches certified by Secretary of State Raffensperger in the previous ‘risk limiting audit’ were significantly different from the actual number of ballot image batches that were provided by state and county officials in court-ordered discovery in April.

Shockingly, attorneys for Fulton County declared ‘the county has no control over its election tablulation process.’

 

“A high number of ballots appear to have been counted twice,” declared the expert witness. There was an error rate in the batch data of 21%”

The ‘risk limiting audits’ conducted previously in the state of GA by SoS Raffensperger were shown in today’s hearing to be severely compromised.

The GA Attorney General’s office testified citizens have no right to audit the vote.

The results of ballot analysis in this case could show the U.S. Senate, and the presidency of the United States, were fraudulently certified.

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

Dogecoin jumps after series of Elon Musk tweets fans more wild cryptocurrency trading 8:01 ET
https://www.cnbc.com/2021/05/20/dogecoin-jumps-on-elon-musk-tweet-as-wild-cryptocurrency-trading-continues.html

 

Thursday’s King Report: Manipulators… have only two more chances to generate an expiry squeeze.  Barring unexpected negative news, the usual suspects will make a determined effort to push stuff higher.

The upward manipulation for expiry appeared in all its glory and wonder on Thursday.  For the past few expiration weeks, the upward manipulations have not taken early in the week or on Weird Wednesday.  The successful manipulations have tended to occur on the Thursday of expiry week.

Techs and Fangs led the expiry-related rally, which is what generally occurs during expiry week.

ESMs hit a low of 4084.50 at 5:22 ET.  They then soared to 4164.00 at 11:47 ET.  After a 20-handle retreat, ESMs rallied to a session high of 4169.25 at15:28 ET.  ESMs declined 18 handles into the close.

The DJTA turned negative eight minutes after the NYSE open and stayed negative for the session.

Biden IRS Crackdown Plan Targets Rich Hiding Half Their Income – BBG 12:00 ET
https://www.bloomberg.com/news/articles/2021-05-20/biden-s-irs-crackdown-plan-targets-rich-hiding-half-of-income

Treasury Calls for Crypto Transfer Over $10k Reported to IRS – BBG 12:00 ET
https://www.bloomberg.com/news/articles/2021-05-20/treasury-calls-for-crypto-transfers-over-10-000-reported-to-irs

U.S. Treasury Proposed 15% Global Minimum Tax on Companies
https://www.msn.com/en-us/money/taxes/us-treasury-proposes-15-global-minimum-tax-on-companies/ar-AAKd28N

CNA Financial Paid $40 Million in Ransom after March Attack – BBG 15:57 ET
A CNA spokesperson said the company followed the law. She said the company consulted and shared intelligence about the attack and the hacker’s identity with the FBI and the Treasury Department’s Office of Foreign Assets Control…
   According to the two people familiar with the CNA attack, the company initially ignored the hackers’ demands while pursuing options to recover their files without engaging with the criminals. But within a week, the company decided to start negotiations with the hackers, who were demanding $60 million. Payment was made a week later, according to the people.  The ransomware tool used against CNA, called Phoenix Locker, is a variant of Hades ransomware
https://news.bloomberglaw.com/privacy-and-data-security/cna-financial-paid-40-million-in-ransom-after-march-cyberattack

Fed’s Kaplan repeats call for opening QE taper debate
Maybe taking the foot gently off the accelerator would be the wise thing to do here… I think it’s important that monetary policy adapt to changes in fiscal policy.”
https://www.reuters.com/article/us-usa-fed-kaplan-idUSKCN2D11WK

Manhattan loses its crown as the top choice for foreign investors buying U.S. property https://t.co/iDKEYoyRNM

 

Another Inflation Warning – The Philadelphia Fed finds historic price surges.
The prices paid diffusion index increased 8 points to 76.8, its highest reading since March 1980. Nearly 77 percent of the firms reported increases in input prices, while none reported decreases. The current prices received index increased 7 points to 41.0, its highest reading since May 1981.  Any comparison to 1980, when consumer price inflation was hitting its ghastly double-digit peak, is not reassuring
https://www.wsj.com/articles/another-inflation-warning-11621536710

ALL Inflation is Transitory – In inflation, saying it is “transitory” is just a weasel word. The inflation of the 1970s was transitory. It was just a long transit… https://mikeashton.wordpress.com/2021/05/20/all-inflation-is-transitory/

@WSJmarkets: Consumer prices measured in a monthly inflation report may not show the kind of changes you are seeing at the pump, the supermarket or brunch. Use our tool to calculate the inflation rate for your spending.   https://twitter.com/WSJmarkets/status/1395437942823395331

The Fed balance sheet for the week ended on Wednesday bubbled $92.220B higher on the monetization of $86.236B of MBS.  https://www.federalreserve.gov/releases/h41/current/

We recently noted that often after robust equity rallies on Thursday, the Fed H.4.1 Report shows a large increase in its balance sheet.  It happened again because someone or more always knows early.

BBG’s @lisaabramowicz1: There’s a sense that the Fed may never be able to normalize policy. In… “Can the Fed Ever Raise Interest Rates?” Natix’s Joe Lavorgna wrote: “Given the interconnectedness of the Fed to both the financial markets and the broader economy, this may be a tall order.”

Federal Reserve Chair Jerome H. Powell outlines the Federal Reserve’s response to technological advances driving rapid change in the global payments landscape
Powell announced that the Federal Reserve plans to publish this summer a discussion paper that will explore the implications of fast-evolving technology for digital payments, with a particular focus on the possibility of issuing a U.S. central bank digital currency…
https://www.federalreserve.gov/newsevents/pressreleases/other20210520b.htm

@SquawkCNBC: “The ECB is starting to signal that it may consider tapering, where as we with the Fed are not even thinking about thinking,” says @elerianm. https://t.co/0dhGgoymEj

Bari Weiss @bariweiss: Has there been a single story in @nytimes, @washingtonpost, @CNN about the current wave of hate crimes against Jews on the streets of Los Angeles and other major cities across the West? Or have I missed something?… I woke up to the LA clip & am ending the day with this one from NYC.  For a while, hate-fueled anti-Zionism has been defended as “criticism of Israeli policies.”  There’s a difference between being “critical” & being a hateful antisemite. Stop justifying antisemitic hate.
    Israeli journalist @khaleejtimes @michaldivon: Jews being attacked on Manhattan’s Upper East Side. Can’t say I didn’t see this coming… https://twitter.com/michaldivon/status/1395145296741650437

 

Dominion Responds after Pennsylvania Election Officials Report “Coding Error” with Voting Machines – Luzerne County Director of Elections Bob Morgan told local media that coding on the Dominion Voting Systems machines triggered the problem…
https://www.zerohedge.com/political/dominion-responds-after-pennsylvania-election-officials-report-coding-error-voting

Former FBI director Louis Freeh gave $100,000 to a private trust for Joe Biden’s grandchildren and spoke with the vice president in 2016 ‘to explore lucrative future work options’ with Hunter as the middle man – The bombshell communications from July 2016 raise the question: Was Joe Biden discussing future private business deals while still in office  [“10% for The Big Guy”?]
https://www.dailymail.co.uk/news/article-9571753/amp/Former-FBI-director-Louis-Freeh-gave-100-000-private-trust-Joe-Bidens-grandchildren.html

Trump was impeached twice and investigated for years for far less than what the Bidens have done.

Video shows Biden administration ‘secretly’ flying migrant children into Tennessee https://t.co/NPuKN6K0AP

@tomselliott: Biden randomly starts shouting in the middle of his remarks on Asian “hate crimes”
https://twitter.com/tomselliott/status/1395452994934689796?s=09

Bizarre conspiracy theory claims Biden didn’t test drive Ford truck and it was in control of secret service – “The model Joe Biden was ‘driving’ has two steering wheels,” author Jim Hoft of far-right website Gateway wrote… [Looks like a second steering, not a camera as the Bidenites claim.  Pick at:
https://twitter.com/ChancePaschall/status/1395056934328455174]
https://news.yahoo.com/bizarre-conspiracy-theory-claims-biden-071323497.html

Putin vows to ‘knock the teeth out’ of foreign enemies as US and Russia clash at Arctic summit https://t.co/o6EC3ldbc2

Alex Marlow: ‘China’s imprint in the American media is huge’
Alex Marlow, Editor-in-Chief at Breitbart News, discusses his book, “Breaking The News,” and explains how Bloomberg News, “arguably the biggest news outlet on planet earth,” works with Chinese propagandists.  https://justthenews.com/podcasts/john-solomon-reports/alex-marlow-chinas-imprint-american-media-huge

Rep. Marjorie Taylor Greene calls House Speaker Nancy Pelosi ‘mentally ill’ – Greene faces the threat of financial penalties if she continues to refuse to wear face masks in the House chamber.
https://justthenews.com/government/congress/rep-marjorie-taylor-greene-calls-house-speaker-nancy-pelosi-mentally-ill

Rep. Marjorie Taylor Greene @RepMTG: Today, I rose to address the two-track justice system here in America.  If you are part of the Democrat-sponsored domestic terrorist orgs BLM & Antifa, you can burn down cities & businesses and murder citizens but face no investigation or commission from Congress.  Meanwhile, if you are a Trump supporter who happened to be at the Capitol on January 6th, exorbitant bail, solitary confinement, abuse by jail guards and no due process.  This is an outrage.
Watch my speech on the House floor below.   https://twitter.com/RepMTG/status/1395495665543884804

@EmeraldRobinson: Archbishop Vigano in a recent interview: “The Great Reset is not only the last stage prior to the establishment of the reign of the Antichrist but it has acquired all of the connotations of a true religion, borrowing its language, creating ceremonies, appointing its own priests.”
    “The rituality of the present pandemic is quite obvious, especially in the way they have wanted to give the vaccine a sacramental value, to the point of resorting to priests to promote it, even preaching that it is indispensable for salvation, identifying it as a moral duty.  Thus, in prohibiting the Holy Sacrifice to the true God & banning the administration of the true Sacraments, the new COVID religion has imposed itself with new hygienic rituals & new sacraments of health.

Bombshell Claim: Medical Examiners Bullied over Floyd’s Cause of Death by George Parry
Minneapolis police officer’s defense alleges that medical witnesses were subjected to coercion and retaliation…  According to the motion, following these conversations, Dr. Baker issued a press release in which the “final autopsy findings included neck compression,” which was “contrary to Dr. Baker’s conclusion before speaking with Dr. Mitchell twice.”…  https://t.co/mvzdGsF9NR

The Left’s New George Soros UnmaskedSteve Jobs’s widow, billionaire Laurene Powell Jobs, has become the secret superpower behind a vast network of left-wing media outlets, organizations, and politicians. https://t.co/NVlkpt3x3e

 
 

Let us close out the week with this offering courtesy of Greg Hunter

Israel/Hamas Truce, Fight Back Against the Jab, Inflation Coming

By Greg Hunter’s USAWatchdog.com (WNW 481 5.21.21)

Looks like there is a truce between Israel and Hamas in Gaza.  I say “looks like” because truces between the two usually take a while to solidify.  That’s been the case in the four Hamas/Israel wars since 2008.  More than 1,300 houses have been destroyed, and heavy losses have been inflicted on Hamas in Gaza.

Is your employer requiring you to get an experimental gene therapy CV19 jab that is being called a “vaccine”?  You might want to know it’s illegal to require someone to get an experimental vaccine.  The U.S. government is not requiring this so-called vaccine, and about half of the CDC and FDA employees have NOT gotten the jab.  There is a new form you can hand to your employer from Solari.com that might get their attention.  It puts the liability for adverse effects of the jab squarely on the company’s back.  It also requires the responsible company official to sign this form with a witness.  The vaccine makers have zero liability, but companies forcing the CV19 jab do have liability.  This is a cold bucket of water in the face of any company who wants to force or coerce employees to get this experimental “vaccine.”

If you think the economy is going to get back to normal now that the CV19 crisis is subsiding, you have got another thing coming.  There are shortages in everything and inflation coming bigtime.  It appears the Federal Reserve is printing mad amounts of money, and the inflation genie is already out of the bottle and getting stronger by the day.  Hunter will explain.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 5.21.21.

(To Donate to USAWatchdog.com Click Here)

 

After the Wrap-Up:

I WILL SEE  YOU MONDAY NIGHT

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