MAY 27/GOLD SURPRISINGLY HOLDS ANOTHER RAID: GOLD DOWN ONLY $5.35 TO $1895.80//SILVER UP 3 CENTS TO $27.83//FINAL COMEX GOLD TONNAGE STANDING: 5.577 TONNES/SILVER OZ STANDING: 36.4 MILLION OZ//TONIGHT WE GET A GLIMPSE AS TO WHAT WILL STAND FOR DELIVERY: PROBABLY AROUND 70 TONNES OF GOLD//O/N REVERSE REPO FACILITY OF THE FED CLIMBS TO ALMOST 486 BILLION DOLLARS AS THE MONEY MARKET IS CLOGGED WITH LACK OF COLLATERAL AND TOO MUCH CASH!!/CORONAVIRUS UPDATES AND VACCINE UPDATES: NY TIMES POUNDS THE TABLE THAT IVERMECTIN SHOULD HAVE BEEN USED INSTEAD OF VACCINES//LUC MONTAGNIER(NOBEL PRIZE WINNER/2008) AFTER ONE YR OF SILENCE NOW CLAIMS THAT THE VACCINES ARE THE NEW PANDEMIC: MUST VIEW/READ!!//MOONEY TO INTRODUCE NEW BILL CALLING FOR A FULL AND COMPREHENSIVE AUDIT OF THE FED’S GOLD//IN EUROPE, ITALY’S SECOND LARGEST BANK DEFAULTS ON A BOND ISSUE//THEY ARE IN TROUBLE!!//UPDATE ON THE BELARUS/RUSSIA VS EUROPE AFFAIR//16 MILLION AMERICANS STILL ON THE DOLE RECEIVING BENEFITS: WHAT RECOVERY?//DURABLE GOOD ORDERS FALTER IN THE USA/PENDING HOME SALES FALTER DUE TO LACK OF AFFORDABILITY//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1895.80   DOWN $5.35   The quote is London spot price

Silver:$27.83  UP 3 CENTS   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1896.55 LONDON SPOT  4:30 pm

ii)SILVER:  $27.84//LONDON SPOT  4:30 pm

LBMA OTC options expiry on Friday which is also first day notice

 

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

 

 

PLATINUM  $1183.43  DOWN $9.01

PALLADIUM: 2810.43 UP $56.58  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  0/0

 

 

ISSUED: 0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MAY. CONTRACT: 0 NOTICE(S) FOR nil OZ  (nil tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  1793 NOTICES FOR 179,300 OZ  (5.577 tonnes) 

SILVER//MAY CONTRACT

9 NOTICE(S) FILED TODAY FOR 45,000  OZ/

total number of notices filed so far this month  : 7273 for 36,365,000  oz

 

BITCOIN MORNING QUOTE  $38,002  down 4  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$38,818 UP 812 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $5.35 AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?STRANGE:  NO CHANGES IN GOLD INVENTORY AT THE GLD

 

//

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

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

THIS IS A MASSIVE FRAUD!!

GLD: 1,044.08 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 3 CENTS

NO CHANGE IN SILVER INVENTORY AT 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:

576.673  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 177.79 UP $0.15 OR  0.08%

XXXXXXXXXXXXX

SLV closing price NYSE 25.85 UP $0.18 OR 0.70%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

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Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A SMALL SIZED 479 CONTRACTS FROM 180,830 DOWN TO 180,351, AND FURTHER FROM TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR $0.15 LOSS IN SILVER PRICING AT THE COMEX  ON WEDNESDAY. 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 STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION 

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

IN SILVER ONLY A 14 CONTRACT DIFFERENTIAL…MAY 26.2021  (493  LOSS VS 479 LOSS)*8 A RARITY A GAIN OF 14 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 824,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  0, JUNE: 0 JULY 824 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 824 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

36.365 MILLION OZ INITIAL STANDING FOR MAY 

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.15).OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A TINY GAIN OF 345 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 STRONG 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 UNTIL TODAY AS IT INCREASED TO 36.365 MILLION OZ ON DAY 19 AS NO SILVER WAS AVAILABLE ON THE ENGLISH SIDE OF THE POND AND LITTLE  ON THIS SIDE!, v) SMALL 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:

27,236 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 27,236 CONTRACTS) OR 136.180 MILLION OZ: (AVERAGE PER DAY: 1513 CONTRACTS OR 7.565 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 136.180  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: 136.180 MILLION OZ. (SILVER IS STILL IN SEVER BACKWARDATION BUT EFP ISSUANCE DRAMATICALLY INCREASING AGAIN!!)

 

RESULT: WE HAD A SMALL DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 479, WITH OUR $0.15 LOSS IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 824 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY TINY SIZED GAIN OF 345 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.15 LOSS 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 25,000 OZ GAIN  …. SO OUR NEW STANDING LOWERS TO 36,365,000 OZ.  

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  824  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED DECREASE OF 479 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.80//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 9 NOTICES FILED TODAY FOR 45,000 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 FELL BY A SMALL SIZED SIZED 3683 CONTRACTS TO 506,481 ,,AND FURTHER FROM 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:   1294 CONTRACTS.

THE FAIR SIZED DECREASE IN COMEX OI CAME DESPITE OUR RISE IN PRICE  OF $4.45///COMEX GOLD TRADING//WEDNESDAY.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, DESPITE  THE FAIR SIZED LOSS OF 3683 TOTAL CONTRACTS ON OUR TWO EXCHANGES,ALL OF THE LOSS WAS DUE TO THE CONCLUSION OF SPREADER LIQUIDATION.   WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 3.530 TONNES TO WHICH WE HAD A STRONG GAIN OF 1800 OZ ON DAY NO 19 AND NOW 5.577 TONNES ARE STANDING. THIS FOLLOWED A STRONG APRIL AT 95.331 TONNES. 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $4.45 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD A SMALL SIZED LOSS OF 1258 OI CONTRACTS (3.912 TONNES) ON OUR TWO EXCHANGES…ALL DUE TO THE CONCLUSION OF SPREADER LIQUIDATION

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2425 CONTRACTS:

CONTRACT  AND JUNE:  1428; AUGUST: 997  ALL OTHER MONTHS ZERO//TOTAL: 2425 The NEW COMEX OI for the gold complex rests at 506,481. 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 SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1258 CONTRACTS:  3683 CONTRACTS DECREASED AT THE COMEX AND 2425 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1258 CONTRACTS OF 3,912 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2425) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI 3,683 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1258 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 A ZERO QUEUE JUMP OZ ON DAY 19 //NEW STANDING FOR MAY:  5.577 TONNES 

3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL 6) SMALL AND CONCLUDING SPREADER LIQUIDATION AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING WEDNESDAY//$4.25!!.

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 : 74,587, CONTRACTS OR 7,458,700 oz OR 231.99 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 4144 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 231.99 TONNES

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

THUS EFP TRANSFERS REPRESENTS 231.99/3550 x 100% TONNES =6.53% 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:        231.99 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A SMALL SIZED 479 CONTRACTS FROM 180,830 DOWN TO 180,351 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 824 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 824: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  824 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 479CONTRACTSAND ADD TO THE 824 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL SIZED GAIN OF 345 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.725 MILLION  OZ, OCCURRED WITH OUR $0.15 LOSS IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 15.79 PTS OR 0.43%   //Hang Sang CLOSED DOWN 7.23 PTS OR 0.07%      /The Nikkei closed DOWN  93.18 pts or 0.33%  //Australia’s all ordinaires CLOSED UP .17%

/Chinese yuan (ONSHORE) closed UP AT 6.3750 /Oil DOWN TO 65.67 dollars per barrel for WTI and 68.14 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3750. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3685   : /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 FELL BY A FAIR SIZED 3683 CONTRACTS TO 506,481 MOVING FURTHER FROM  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $4.45 IN GOLD PRICING WEDNESDAY’S COMEX TRADINGWE ALSO HAD A SMALL EFP ISSUANCE (2424 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.  THE FAIR  COMEX LOSS WAS DUE TO FINAL  SPREADER LIQUIDATION.  

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 2425 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  1428 & JULY 997 & AUGUST: 0 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2425  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED  1258  TOTAL CONTRACTS IN THAT 2425 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED COMEX OI OF 3683 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (5.577) 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 $4.45)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS DESPITE WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 2,389 CONTRACTS, ALL OF THE LOSS WAS DUE TO THE CONCLUSION OF SPREADER LIQUIDATION.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 3.912 TONNES,ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAY (5.577 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 1294 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 1258 CONTRACTS OR  125,800 OZ OR  3.912  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:  506,481 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.65 MILLION OZ/32,150 OZ PER TONNE =  1575 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1575/2200 OR 71.61`% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:235,092 contracts// volume /fair ////volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  361,028 contracts// –good 

// includes spreader liquidation//most of our traders have left for London

 

MAY 27 /2021

 
INITIAL STANDINGS FOR MAY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
2957.90 OZ
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz  
Deposits to the Customer Inventory, in oz
99.158 OZ
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
0  notice(s)
 
0 OZ
(0.000 TONNES
No of oz to be served (notices)
0 contracts
(000 oz)
 
0.0000 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1793 notices
179,300 OZ
5.577 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:  99.154
 
 
TOTAL CUSTOMER DEPOSITS: 99.154  oz
 
 
 
 
 
 
We had 1 withdrawals….
i) Out of Brinks: 2957.9 oz  (92 kilobars)
 
 
 
 
 
 
 
 
 
total withdrawals 2957.900 oz
a net: .088 tonnes leaves the comex
 
 
 
 
 
 
 
 

We had  1  kilobar transactions (1 out of 3 transactions)

ADJUSTMENTS  1//customer to dealer

JPMorgan; 12,201.013 oz  ( 0.379 tonnes//preparing for first day notice deliveries)

 
 
 
 
 
 
 
 

The front month of MAY registered a total of 0 CONTRACTS for a LOSS of 45 contracts. We had 45 notices filed on MONDAY so we GAINED 0 contracts or an additional  NIL oz will stand for delivery in this non active delivery month of May as they refused to morph into London based forwards and as such negated a fiat bonus. 

 

 
 
 
JUNE LOST A HUGE 40,486 CONTRACTS DOWN TO  38,923.  .(AND THIS IS THE FRONT MONTH THAT WE WILL PAY CLOSE ATTENTION TO!)  FOR COMPARISON ON MAY 28/2020:  61,165 OI WITH A DROP OF 34,404 CONTRACTS. NOW ALL OF THE SPREADERS HAVE NOW LEFT!!
 
WE HAVE 1 MORE READING DAYS THIS MONTH/2021 COMPARED TO 1 MORE DAYS LAST YR/2020.
INITIALLY ON JUNE 1/2020: 146.60 TONNES INITIALLY STOOD OF GOLD STOOD FOR DELIVERY. AT THE CONCLUSION OF JUNE:  171.39 TONNES EVENTUALLY STOOD!!
 
WE WILL PROBABLY HAVE AROUND 70 TONNES OF GOLD STAND IN 2021! I GUESS THE BOYS KNOW THAT THERE IS NOT MUCH GOLD FOR THEM OVER HERE!
 
JULY GAINED 165 CONTRACTS TO STAND AT 22224.
 
AUGUST GAINED A HUGE 34,615 CONTRACTS UP TO 386,923

We had 0 notice(s) filed today for NIL  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 0  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 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 (1793) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY:  0 CONTRACTS ) minus the number of notices served upon today 0 x 100 oz per contract equals 179,300 OZ OR 5.577 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 (1793) x 100 oz+  0)  OI for the front month minus the number of notices served upon today (0} x 100 oz} which equals 179,300 oz standing OR 5.577 TONNES in this  active delivery month of MAY.

We GAINED 00 oz standing for delivery at the comex.  

 

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

447,898.216, oz NOW PLEDGED  march 5/2021/HSBC  13.93 TONNES

202,692.098 PLEDGED  MANFRA 6.30 TONNES

288,378.262, oz  JPM  8.35 TONNES

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

80,189,799, oz Pledged August 21/regular account 2.49 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,172,929.094 oz                                     67.58 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 503.01 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 5.577 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,344,790.149 oz or 570.60 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
 
thus:
 
registered gold that can be used to settle upon: 16,171,861.0 (503,01 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,171,861.0 (503.01 tonnes)
 
total eligible gold: 16,224,214.233 oz   (504.64 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,569,004.382 oz or 1,075.24 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  948.90 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

 

 
 
MAY27/2021
 
 

 

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
1,213,069.043 oz
 
 
 
CNT
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
nil oz
 
 
 
nothing came in today
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
9
 
CONTRACT(S)
(45,000 OZ)
 
No of oz to be served (notices)
0 contracts
 (nil oz)
Total monthly oz silver served (contracts)  7273 contracts

 

36,365,000 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  0 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
 
 
 
 
 

JPMorgan now has 187.007 million oz of  total silver inventory or 53.04% of all official comex silver. (187.007 million/352.560 million

total customer deposits today nil   oz

we had 2 withdrawals

i) out of CNT: 600,001.541 oz

 

ii)  Out of Manfra: 611,067.802  oz  

 

 
 
 
 

total withdrawals  1,213,069.043   oz

 
 

adjustments//2

  dealer to customer

JPMorgan:  35,871.800 oz

and

Manfra:  40,719.600 oz

 
 
 
 

Total dealer(registered) silver: 112.722 million oz

total registered and eligible silver:  352.560 million oz

a net 1.213 million oz LEAVES the comex silver vaults.

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May fell in contracts, losing 14 contracts to stand at  9 contracts.  We had 19 notices filed on WEDNESDAY so we GAINED  0  contracts or AN ADDITIONAL NIL oz of silver will stand delivery in this very active delivery month of May.  There is no appreciable silver over in England and for that matter at the COMEX

 

 

June lost 80 contracts down to 2077.

July LOST 980 contracts UP to 142,707 contracts

 
No of notices filed today:  19 CONTRACTS for 95,000 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  7273 x 5,000 oz = 36,365,000 oz to which we add the difference between the open interest for the front month of MAY (9) and the number of notices served upon today 9 x (5000 oz) equals the number of ounces standing.

Thus the MAY standings for silver for the MAY/2021 contract month: 7273 (notices served so far) x 5000 oz + OI for front month of MAY (9)  – number of notices served upon today (9) x 5000 oz of silver standing for the Jan contract month .equals 36,365,000 oz. ..VERY STRONG FOR AN ACTIVE MAY MONTH. 

 

We gained 0 oz of silver standing for delivery.  No queue jumping this month as the bankers know that there is no silver over here! The amount standing is corrected from my error of yesterday.

 

 

TODAY’S ESTIMATED SILVER VOLUME 58,449 CONTRACTS // volume fair// 

 

FOR YESTERDAY 74,367  ,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  RISES TO -0.21% (MAY 27/2021)

SILVER FUND POSITIVE TO NAV

No of unit of PSLV: 402,810,481

No of oz of physical silver held; MAY 24/2021  144,515.694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.361

No of oz pf physical silver held: Dec 21/2019:  65,073.570 oz

During the past 8 months Sprott has added: 58,608.30 oz 

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO –0.23% nav   (MAY 27

/2021 )

 

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

NAV $20.29 TRADING $20.11//NEGATIVE 0.89

END

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

MAY 27/WITH GOLD DOWN $5.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 26/WITH GOLD UP $4.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 25/WITH GOLD UP $13.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.30 TONNES INTO THE GLD///INVENTORY REST AT 1046.12 TONNES.

MAY 24/WITH GOLD UP $8.25 TODAY: NO CHANGES IN GOLD INVENTORY A THE GLD//INVENTORY RESTS AT 1042.92 TONNES

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 27 / GLD INVENTORY 1044.08 tonnes

LAST;  1065 TRADING DAYS:   +119.21 TONNES HAVE BEEN ADDED THE GLD

LAST 995 TRADING DAYS// +  293.73 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 27/WITH SILVER UP 3 CENTS TODAY//NO CHANGES IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 576.673 MILLION OZ.

MAY 26/WITH SILVER DOWN 15 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 25/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER DEPOSIT OF 1.855 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 24/WITH SILVER UP 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.855 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 574.818 MILLION OZ//

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 WITHDRAWAL 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 26/2021
576.673 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

Schiff: The Lull Before The Storm

 
THURSDAY, MAY 27, 2021 – 08:56 AM

Via SchiffGold.com,

Over the last several months, gold and silver have faced strong tailwinds due to market expectations that the Fed would tighten monetary policy sooner rather than later to fight price inflation. But after April’s hotter than expected CPI, that sentiment seems to have shifted and the markets are acting the way you would expect in an inflationary environment. Gold and silver have rallied and the dollar has shown weakness. In fact, gold pushed above the $1,900 an ounce level.

In this Gold Videocast, Peter Schiff explains why he thinks this is just the lull before the real storm and now is the time to buy gold and silver.

It’s been a long hard grind to get gold back to $1,900 an ounce. A lot of investors have been frustrated that the yellow metal hasn’t made a bigger move faster. Peter said he thinks those days of frustration will soon come to an end.

I think vindication is around the corner because I think a major move up in both the price of gold and silver is imminent. And in fact, to the extent that people still have cash on the sideline that they are yet to commit to the market, I would not wait. I would suggest that everybody have a full position. So, whatever you feel your allocation is going to be to physical gold and silver, my suggestion is that you fully allocate now. Don’t wait for lower prices because you’re probably going to be waiting indefinitely. I doubt they are going to get much lower. In fact, I expect them to get much higher.”

Peter said he also thinks the premiums on bars and coins will go much higher as demand spikes. In fact, we have already seen shortages of some products. The US Mint had to ration sales of American Silver Eagles earlier this year.  So the sooner you buy, the cheaper you will be able to get your gold and silver.

But why hasn’t gold seen a bigger rally with the increasingly high levels of inflation?

The investment community kept expecting the Fed to pivot and tighten monetary policy sooner rather than later to fight it. They were looking for interest rate increases and quantitative easing tapering. This created headwinds for both gold and silver. Meanwhile, the central bankers at the Fed keep telling everybody that inflation is “transitory” and nothing to worry about. Peter said he’s seen this song and dance before.

It is eerily familiar to what the Federal Reserve did back in 2007 when facing the subprime mortgage crisis.”

Peter reiterated that he thinks the central bankers are wrong to think price inflation won’t become a big problem, just like they were wrong in the days leading up to the 2008 financial crisis when they insisted subprime mortgages weren’t a problem.

The Fed couldn’t have been more wrong if it did so intentionally. And in fact, maybe the Fed did intentionally mislead the public. They were so worried about the mortgage problem that they lied and pretended it was contained. The same thing is probably happening now with inflation. The coming inflation crisis is going to be far worse than the financial crisis. And now the Fed is again telling everybody that there’s nothing to worry about, that all these prices that are going up — this is all transitory. The prices are going to come back down and so they’ve got nothing to worry about. Well, inflation is as transitory today as subprime was contained.”

And if inflation does turn out to be problematic, the mainstream is still convinced that the Fed has the tools to fight it.

They don’t.

Soon, the markets are going to discover that they’re completely wrong. First of all, inflation is not transitory at all. Inflation is permanent and it’s going to get much, much worse. And B, the Fed can’t do anything about it. The Fed is all bark and no bite when it comes to inflation-fighting. It has no ability to fight inflation because it has created such a massive credit bubble. There is now so much debt in the system thanks to the Fed that if the Fed were to raise interest rates to fight inflation, they would collapse the entire house of cards economy that they’ve been erecting over the years, and so they’re not going to do that.”

There is no normalization coming for monetary policy. In fact, the Fed will be pouring gasoline on the inflationary fire. Peter said we’re on the road to stagflation.

This recovery that everybody is talking about is a myth. We haven’t recovered from anything. All we’re doing is spending the money the Fed prints. But because the Fed has printed so much money for us to spend, the price of everything we want to buy is going through the roof. And so when the markets come to terms with this reality, then the price of gold is just going to go ballistic. And before it does, you want to buy as much gold and silver as you can.

It seems that everything has been in a bubble except for gold. Why is that?

Gold is the money by which everything else is overpriced. The reason that gold is not in a bubble is because everything else is in a bubble in terms of gold. Gold is the stable store of value. Gold is real money. It’s safe haven. And during bubbles and manias, everybody wants to buy the risk assets. … I expect all of those bubbles to pop — the air to come out. But the way I expect them to deflate is not with their dollar price going down, but with the gold price going up. That’s how all these bubbles are going to pop. The price of everything is going to crash when expressed in gold and silver. And so what you want to do in advance of the deflation of the everything bubble is to won the asset that everything is going to be deflated against, and that is real money. That is gold and silver.”

Peter said he thinks we’re on the cusp of an explosive leg up for gold and silver. Right now, people are like a deer in the headlights. They don’t really know what’s going on. They’re still paying attention to the Fed telling them not to worry. Before the mainstream figures out that they do need to worry, you need to front-run that.

Buy as much gold and silver as you can before you have to compete with a herd and they’re all trying to get through the same small door together. That’s not going to work out very well. The prices are just going to go straight up. Right now, it’s the lull before the storm and it’s time to act.”

 

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

 

OR

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

or

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Outstanding!!If this passes we will once and for all see what gold the USA really has in their possession

(Money Metals News Service/Stefan Gleason/GATA)

Legislation from Rep. Mooney seeks U.S. gold audit and would probe swaps and leases

 

 Section: Daily Dispatches

 

From Money Metals News Service, Eagle, Idaho
Wednesday, May 26, 2021

WASHINGTON — America’s gold reserves would be audited for the first time in more than 60 years if a measure introduced yesterday by U.S. Rep. Alex Mooney, R-West Virginia, becomes law.

The Gold Reserve Transparency Act of 2021 — H.R. 3526 — backed by the Sound Money Defense League, Money Metals Exchange, and free-market activists — calls for the first true audit of United States gold reserves since the Eisenhower administration

“Given the dramatic levels of debt-financed spending by the federal government and the potential this could trigger an inflationary nightmare, ensuring that America’s gold reserves are both secure and fully accounted for has never been more important,” Mooney wrote in a letter to his congressional colleagues about H.R. 3526. …

Meanwhile, there is evidence the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold over time. However, federal government officials have strongly resisted disclosure of these activities for decades.

To address these concerns, H.R. 3526 also requires a full accounting of any and all sales, purchases, disbursements, or receipts, a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions in existence or entered into in the past 15 years, and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves. …

… For the remainder of the report:

https://www.moneymetals.com/news/2021/05/26/us-congressman-seeks-full-au…

 

end

The story was brought to be attention but it is worth repeating:  Russian tells its giant sovereign wealth funds to buy up physical gold.

(Courtesy Ronan Manly/GATA)

Ronan Manly: Russia lines up new gold buying through its sovereign wealth fund

 

 

 Section: Daily Dispatches

 

By Ronan Manly
Bullion Star, Singapore
Wednesday, May 26, 2021

In a significant and strategic development for monetary metals, the government of the Russian Federation has just introduced legislation that will allow Russia’s giant National Wealth Fund to invest in gold and other precious metals. The fund is Russia’s de-facto sovereign wealth fund, and has assets of US$185 billion.

Introduced as a resolution to the procedures for managing the  investments of the National Wealth Fund and approved by the Russian prime minister Mikhail Mishustin on May 21, the changes will allow the National Wealth Fund to buy and hold gold and other precious metals with the Russian central bank, the Bank of Russia.

In a note accompanying the gold announcement, the Russian government refers to gold as a traditional protective asset, and says that the move to add gold will introduce more diversification into the fund’s investment allocation, while promoting overall safety and profitability for the fund. …

… For the remainder of the report:

https://www.bullionstar.com/blogs/ronan-manly/russia-lines-up-new-gold-b…

 

end

Ambrose Evans Pritchard:  Bitcoin and other cryptos just do not make out what was promised

(Ambrose Evans Pritchard/GATA

Ambrose Evans-Prtichard: Bitcoin fever is the primrose path to digital servitude

 Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, May 25, 2021

Bitcoin is already a barbarous relic in fintech time. It has failed to make the grade as a daily means of exchange after 12 years of agitation, bar money laundering, cyber-extortion, and Iranian sanctions busting.

It has not progressed beyond the stage of a speculative asset. It is captivating but is not what the evangelists promised

Some of the other 8,000 cryptos may acquire social utility. Goldman Sachs says Ethereum could muscle into financial contracts, becoming the “Amazon of information.” Fixed stablecoins may find a profitable role, though they still have an umbilical cord to dollars, euros, or yen, and import their credibility from a central bank exchange peg, and therefore are not currencies at all.

But one thing that cryptomania will certainly not achieve is to create a Hayekian catallaxy of denationalised “free” currencies that break the fiat monetary control of established states, and this surely was the original purpose after the Lehman debacle. 

The rebels are more likely to bring about the exact opposite: yet greater concentration of power in the hands of overmighty central banks and the digital oligarchy, the robber barons of our time. …

… For the remainder of the commentary:

https://www.telegraph.co.uk/business/2021/05/25/crypto-freedom-promised-..

END

COMMODITY WATCH/

 

END

Cryptocurrencies

end

Your early THURSDAY 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 6.3750 /

//OFFSHORE YUAN:  6.3685   /shanghai bourse CLOSED UP 15.79 PTS OR 0.43% 

HANG SANG CLOSED DOWN 7.23 PTS OR 0.07%  

2. Nikkei closed DOWN 93.18 PTS OR 0.33%

3. Europe stocks  ALL MIXED

 

USA dollar index  DOWN TO 89.90/Euro RISES TO 1.2204

3b Japan 10 year bond yield: FALLS TO. +.076/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.15/ 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:: 65.67 and Brent: 68.14

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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.185%/Italian 10 Yr bond yield DOWN to 0.92% /SPAIN 10 YR BOND YIELD UP TO 0.46%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.11: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.85

3k Gold at $1895.50 silver at: 27.65   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 12/100 in roubles/dollar) 73.39

3m oil into the 65 dollar handle for WTI and 68 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.15 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 .8977 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 0.186%

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 1.599% early this morning. Thirty year rate at 2.277%

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

6.  TURKISH LIRA:  DOWN  TO 8.44.. DEADLY

Futures Slide Ahead Of Data Dump, Yuan Rampage Continues

 
THURSDAY, MAY 27, 2021 – 07:57 AM

U.S. stock index futures ticked lower ahead of an economic data dump that will reveal the latest durable goods, cap goods orders, jobless claims, GDP, PCE, and Personal Consumption data, amid fears that signs of an improving economy would lead the Federal Reserve to start tapering following comments on Wednesday that the Fed’s Quarles is open to talk about adjusting the Fed’s bond purchases. At 7:15 a.m. ET, Dow e-minis were up 3points, or 0.01%, and S&P 500 e-minis were down 6.50 points, or 0.16%. Nasdaq 100 e-minis were down 45.5 points, or 0.33%, as tech giants Apple, Amazon.and Tesla slipped between 0.2% and 0.7%.

Meme favorites GameStop and AMC dipped in premarket trading after soaring for the past three days. Here are today’s notable premarket movers:

  • Bitcoin mining company Bit Digital (BTBT) jumps 26% premarket, indicating an extension of Wednesday’s rally after the appointment of Brock Pierce, chairman of the Bitcoin Foundation, to its advisory board and leadership team.
  •  
  • Snowflake (SNOW) drops 4.4% in premarket trading after the software provider’s earnings report. Guidance for the year undershot expectations set by a 1Q revenue beat, according to Barclays analysts.
  • Vir Biotechnology (VIR) shares extend gains in premarket trading after the FDA approved an emergency use authorization for sotrovimab to treat mild-to-moderate Covid-19.
  • Vertex Energy (VTNR) doubles in premarket trading after it agreed to buy an Alabama refinery from Shell for $75 million in cash plus the value of the hydrocarbon inventory.
  • Zosano Pharma (ZSAN) surges in U.S. premarket trading after announcing clinical data which supported evidence that its drug Qtrypta has potential for being a long-term option for patients with migraines if approved.

Futures were down after closing modestly in the green on Wednesday after the Fed’s vice chair for supervision, Randal Quarles, said at a Brookings Institution event that he was ready to open talks on reducing some of the Fed’s emergency support for the economy, even if only to clarify the Fed’s plans as the economy roars ahead and prices rise. He noted he did not expect a round of 1970s-style breakout inflation, and that he was “fully committed” to a new Fed strategy that aims to keep monetary policy running full-throttle while jobs recover. But he also laid out the case for why the “upside” risks of higher inflation may be mounting, and how the Fed may need to begin smoothing the way for a policy shift.

Though “we need to remain patient” in any policy shift, Quarles said, “if my expectations about economic growth, employment and inflation over the coming months are borne out … and especially if they come in strong … it will become important for the (Federal Open Market Committee) to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings.”

Quarles comments come at the end of a month when global stocks have pushed higher as investors swung from worries that higher inflation poses a threat to loose monetary policy to optimism about the economic recovery. Federal Reserve officials have hinted that they may start discussions on reducing bond purchases in upcoming meetings if the economy powers ahead, a move that could push yields higher and damp demand for riskier assets. “It will be the inflation prints that will be dominating markets,” Janet Mui, investment director at Brewin Dolphin, said on Bloomberg Television. “This year we are at a junction when market participants are thinking about a potential withdrawal of stimulus.”

In Europe, the Stoxx 600 Index hovered around a record as gains in miners offset losses in health-care and food-and-beverage stocks. The Stoxx Europe 600 Basic Resources Index (SXPP) rose for a second day, up as much as 2.2%, as iron ore bounces from a 5-week low after slumping into a bear market. Shares in Rio Tinto, BHP, Glencore and Anglo American all climbed. Planemaker Airbus SE climbed after telling suppliers it plans to raise output, while Bayer AG dropped after a U.S. judge rejected its plan to resolve claims related to its Roundup weedkiller. Here are some of the biggest European movers today:

  • Airbus shares gained as much as 6.8%, the most intraday since Feb. 2, after announcing new production goals. Jefferies notes the European plane-maker unveiled “punchy” plans and told suppliers to prepare for “markedly higher” production rates.
  • Suppliers and other aircraft and part manufacturers also gained, with Rolls-Royce +3.8%, Safran +3.5%, Meggitt +3.1%, MTU Aero Engines +2.4%, Leonardo +1.7%, Thales +1.2%
  • CD Projekt rose as much as 7.4% after one of its founders Michal Kicinski increased his stake in the company to 10.36% from 9.99%.
  • Evolution added as much as 5.1% after the company signed an agreement with Scientific Games to make its live online Lightning Roulette game available as a physical game in land- based casinos worldwide.
  • Bayer dropped as much as 5.3% before a temporary suspension in Frankfurt after a U.S. judge rejected the company’s proposal to resolve future claims related to its Roundup weed killer, bringing “prolonged uncertainty” and risk, according to Liberum.
  • Royal Dutch Shell declined as much as 2.1%, weighing on a gauge of European energy shares, after a Dutch court ordered the company to slash its emissions harder and faster than planned. RBC said doesn’t “put much weight to this ruling given it is likely to be appealed.”
  • Tate & Lyle fell as much as 5.7% after forecasting growth in FY22 adj. operating profit before commodities in the mid-single digit range at constant FX. The outlook is cautious, according to Jefferies.
  • Puma slid as much as 3% after French luxury conglomerate Kering cut its stake. Kering sold about a 5.9% holding at EU90.30 apiece, leaving it with a 4% stake. Analysts at Jefferies and RBC said the funds gained by Kering may be used for M&A.

Asian stocks fell, with the regional benchmark heading to end its longest winning streak in more than a month, as sentiment was sapped by inflation concerns and restrictions to combat a resurgence in Covid-19 cases. Among industry groups, communication stocks were the biggest losers with China’s internet giant Tencent contributing most to the decline. A rebound in U.S. benchmark Treasury yields indicated investors continued to weigh the threat of prices gains, a negative for growth stocks. Vietnam and New Zealand were the worst performing markets on Thursday, with VN Index falling 1.2% after reports that Ho Chi Minh City’s mayor ordered the temporary closure of restaurants, hotels and religious establishments to curb the virus’ spread in the nation’s commercial hub. Fisher & Paykel Healthcare weighed most on New Zealand’s equity gauge as the shares plunged 5.4% after an earnings miss. “Some of the week’s froth has come out of the markets in Asia today,” said Jeffrey Halley, an analyst at Oanda Asia Pacific Pte Ltd. “Inflation is a story that just won’t go away, especially when the markets are positioned heavily against it.”

Philippine stocks staged their biggest gain in more than six months after expectations of pandemic-linked restrictions easing spurred a late-day buying spree. A resurgence in Covid-19 infections remains a lingering risk to Asia’s equities. Melbourne, the Australian city that’s already endured one of the world’s longest and most arduous lockdowns, is heading back into enforced isolation, while Japan may extend its third state of emergency due to the contagion.

China’s CSI 300 Index bucked the trend to close higher for the fourth day in a row, as foreign investors continued to pile in after the yuan hit a five-year high against a basket of foreign currencies after mainland officials met with the top U.S. trade negotiators for their first talks since President Joe Biden was elected. While the talks were described as “candid,” tensions remain — the White House’s top official for Asia said Wednesday the U.S. is entering a period of intense competition with China. The CSI 300 Index closed up 0.3% Thursday, after rising 3.6% in the past three sessions. The benchmark rose as much as 1.1% earlier in the day, led by telecommunications and technology stocks, following initial optimism about resumed trade talks between Beijing and Washington. The Hang Seng Index shed 0.2%, dragged by Tencent after local media reported that regulators asked the tech giant to put its finance-related business into a new financial holding company for better supervision. The gains in Shanghai and Shenzhen came as foreigners bought a net 14.6 billion yuan of mainland shares via trading links with Hong Kong. Also driving the purchases was a robust yuan that climbed to its strongest level since March 2016 against a basket of trading partners. While news that the U.S. and China held their first trade talks since the election of President Joe Biden initially improved sentiment, the market’s weaker momentum later signaled caution among investors about the pace of progress, analysts said. “The gains today were still driven by foreigners as global hot money piled in with expectations of the strengthening yuan. But I doubt whether it will persist because at this rate valuations won’t look attractive and for now I just view this as a rebound rather than a rally,” said Wang Zhuo, a fund manager at Shanghai Zhuozhu Investment Management

Japanese stocks fell, halting a five-day gain, as the possibility that pandemic restrictions will be extended deepened concerns over the nation’s ability to host the Olympics and quicken an economic recovery. Chemical-related companies and banks were the biggest drags on the Topix, as some investors took advantage of a lull in the market’s longest rally in almost 10 weeks to reduce positions. SoftBank Group Corp. and Shin-Etsu Chemical Co. helped pull down the Nikkei 225 Stock Average. The Tokyo Metropolitan Government is considering asking the central government to extend a coronavirus state of emergency in the capital that’s due to expire May 31, public broadcaster NHK reported Wednesday. The Asahi newspaper urged Prime Minister Yoshihide Suga in an editorial to call off the Tokyo Olympics, which are scheduled to start July 23. Mamoru Shimode, the chief strategist at Resona Asset Management, said headlines on the state of emergency probably triggered some program selling. “I do anticipate buying to kick in for Japanese equities once the pace of vaccinations pick up in either June or July, spurring reopen trades,” Shimode said. “The question is how much progress is being made on vaccinations at home, while globally the economic recovery is kind of at a standstill.”

Australia’s S&P/ASX 200 index fluctuated throughout the day to end little changed at 7,094.90. Gains in technology stocks were offset by losses in utilities. The index climbed as much as 0.4% but trimmed gains after Melbourne announced its fourth lockdown as the number of community cases doubled. AMP was the best performing stock, jumping the most since Nov. 2. Costa Group was the biggest decliner, tumbling after issuing an “underwhelming” trading update, according to Wilsons Advisory analysts. In New Zealand, the S&P/NZX 50 index fell 0.8% to 12,243.34

In FX, the Bloomberg Dollar Spot Index was down 0.1% after Fed Vice Chairman for Supervision Randal Quarles said it’s important to begin discussing plans to reduce bond purchases in the coming months as the economy recovers. The pound drifted, trading little changed after an earlier decline, as a more cautious tone seeped into markets and concerns grew over the U.K. government’s ability to reopen the economy. New Zealand dollar led G-10 gains, rising as much as 0.3% to $0.7305.

China’s yuan advanced to its highest since March 2016 against a basket of trading partners’ exchange rates, supporting other emerging Asian currencies. A gauge of regional equities edged lower as investors weighed potential policy shifts from developed market central banks and trade talks between the U.S. and China. “Both the USD-CNY and USD-CNH have detached further away from the 6.4000 resistance,” and this RMB strength will likely lead the Asian complex higher against the USD, says Terence Wu, FX strategist at Oversea-Chinese Banking Corp. in Singapore. “There appears to be some underlying confidence that any pandemic- related concerns in parts of Asia will be effectively managed. This implies that global market sentiment can focus on the reopening positives in Europe and the U.S.”

In rates, treasuries were narrowly mixed inside weekly yield ranges, with yields beyond the 2-year higher ahead of today’s $62BN 7-year note auction at 1pm ET, last of three Treasury coupon auctions this week. 5- to 30-year yields are higher by 1bp-2bp near session highs, 10-year by 1.5bp at ~1.59%; yields across the curve remain inside weekly ranges and below 50-DMAs. Demand was robust for Wednesday’s 5-year and Tuesday’s 2-year auctions; both drew yields lower than the WI yield at the bidding deadline, with strong bidder-participation metrics. In Europe, Italian bonds slide across the curve and underperform euro-area peers after large selling is seen on screens. Gilts lead developed bond markets lower after BOE’s Vlieghe said an early rate increase was possible under certain circumstances. U.K. 10-year yield rose as much as 4bp to 0.792%, approaching its 50-DMA

In commodities, oil weakened as familiar concerns returned that there will be a glut of Iranian supply if sanctions on the Persian Gulf producer are lifted (something which Goldman explicitly said is not the case earlier this week). Bitcoin held below $40,000. Gold steadied near the highest level in more than four months.

To the day ahead now, we get the preliminary durable goods orders for April, the second estimate of Q1 GDP, weekly initial jobless claims, April pending home sales, and the Kansas City Fed’s manufacturing index for May. Over in Europe, there’s also the German GfK consumer confidence reading for June and Italy’s consumer confidence index for May. Central bank speakers include the ECB’s Vice President de Guindos, Weidmann, Schnabel and Hernandez de Cos, as well as the BoE’s Vlieghe. Finally, earnings releases include Salesforce, Medtronic, Costco, HP, Royal Bank of Canada and Dell Technologies.

Market Snapshot

  • S&P 500 futures down 0.2% to 4,186.25
  • STOXX Europe 600 up 0.11% to 445.7
  • MXAP down 0.1% to 206.94
  • MXAPJ little changed at 695.54
  • Nikkei down 0.3% to 28,549.01
  • Topix down 0.5% to 1,911.02
  • Hang Seng Index down 0.2% to 29,113.20
  • Shanghai Composite up 0.4% to 3,608.85
  • Sensex up 0.2% to 51,135.67
  • Australia S&P/ASX 200 little changed at 7,094.87
  • Kospi little changed at 3,165.51
  • Brent Futures down 0.9% to $68.28/bbl
  • Gold spot up 0.1% to $1,898.39
  • U.S. Dollar Index down 0.12% to 89.93
  • German 10Y yield rose 0.4 bps to -.202%
  • Euro up 0.2% to $1.2211

Top Overnight News from Bloomberg

  • The Department of Justice is investigating the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March
  • U.K. Prime Minister Boris Johnson is battling a major attack on his authority after the controversial strategist who masterminded his rise to power declared he is unfit to hold the job
  • The yuan’s rally gathered pace on Thursday, with the Chinese currency climbing to its strongest level since March 2016 against a basket of trading partners
  • The U.S. is entering a period of intense competition with China as the government running the world’s second-biggest economy becomes ever more tightly controlled, the White House’s top official for Asia said
  • HSBC Holdings Plc exited its U.S. domestic mass market retail banking business, as Europe’s biggest lender looks to focus on wealthy clients and steer billions of dollars in capital towards Asia

A quick look at global markets courtesy of Newsquawk

Asia-Pac bourses were choppy as markets continued to waver heading into month-end and after the mildly positive bias from the US wore thin overnight, which saw US equity futures also pare back their marginal gains. ASX 200 (+0.4%) swung between gains and losses with strength in the broader commodity-related sectors offset by underperformance in gold miners after the precious metal recently retreated below the USD 1900/oz level, while the confirmation of a 7-day snap lockdown for Victoria state, which impacts Australia’s second most populated city of Melbourne, added to the sombre mood. Nikkei 225 (-0.3%) was constrained by an indecisive currency, lingering COVID concerns, and with telecom stocks cautious on reports that the government is mulling eliminating 2-year internet contracts. The KOSPI (-0.1%) meanwhile languished despite the upgrades to growth forecasts at the BoK policy meeting where the central maintained its base rate at 0.50%, before Governor Lee eventually flagged the potential for a rate hike this year – contingent on the pace of growth. Hang Seng (-0.2%) and Shanghai Comp. (+0.4%) were mixed with Tencent among the laggards in Hong Kong after it was told by regulators to put its finance-related business into a new financial holding company where they can be better supervised. However, a resumption of the strength in biopharmaceuticals and improved earnings from Xiaomi has stemmed the downside for the broader market, with the mainland also kept afloat after China pledged to boost support for smaller business and following recent constructive dialogue between the US and China’s top trade envoys whereby the sides agreed that bilateral trade was important and to maintain communication. Finally, 10yr JGBs are flat with price action indecisive after the recent whipsawing in T-notes and mixed results at the 40yr JGB auction which showed the b/c remained inline with the previous 40yr offering in March.

Top Asian News

  • JD Logistics Jumps 29% in Hong Kong Gray Market Trading
  • Paytm Is Said to Target $3 Billion IPO, Largest Ever for India
  • China Said to Ease Offshore Funding Limit for Foreign Banks
  • JD Logistics Advances 28% in Hong Kong Gray Market Trading

European cash bourses and futures have seen choppy and directionless but rangebound trade throughout the morning (Euro Stoxx 50 Unch), potentially due to month-end related flows in the absence of news flow and heading into the long weekend over in the UK and US. State-side futures see a marginally more pronounced downside bias vs Europe, but in the grand scheme, the contracts are within recent ranges with some mild underperformance in the tech-laden NQ. Back to Europe, cash markets are mixed with no real standout performers. Sectors are similarly mixed with Basic Resources the outperformer following its recent string of underperformance. Travel & Leisure again resides as the best performer on the back of its Leisure subsector – with Evolution Gaming (+4.7%) cheering the signing of an exclusive agreement with Scientific Games. The downside sees some of yesterday’s better performers including Food & Beverages and Healthcare, with Oil & Gas also reacting to recent losses crude prices and Shell’s (-1.4%) court order to cut carbon emissions by 45% by 2030 also adds to the glum mood in the sector. Thus, the FTSE 100 (+0.1%) fails to glean full benefit from the miners’ and banks’ rebound as losses in oil and healthcare counter the upside. Overall, no clear theme can be derived from the sectors. In terms of individual movers, Bayer (-4%) resides as the laggard in the DAX (-0.3%) after a US judge has rejected Bayer’s class action proposal to resolve future lawsuits alleging roundup causes cancer. Airbus (+6%) meanwhile flies highs amid a constructive production update, with the stock likely lifting Industrials amid potential tailwinds from the Travel & Leisure sector as airliners maintain an upbeat view of the upcoming summer period.

Top European News

  • Johnson Faces Challenge to Authority After Cummings Salvo
  • UniCredit Defies Coupon Furor With Popular $2 Billion Debt Sale
  • Italian Bonds Slump Across Curve After Large Screen Selling Seen
  • Mafia Claims Expose Erdogan’s Political Vulnerability

In FX, the Dollar has lost some of its midweek recovery momentum, broadly, if not right across the board, in similar vein to last week and the week before that when ‘hawkish’ Fed minutes and strong CPI prompted only brief periods of respite. However, the DXY is trying to stay within touching distance of the 90.000 handle that has become pivotal after a minor extension beyond the round number to top yesterday’s 90.113 recovery high, at 91.179 and retreat to 89.909. Moreover, the Buck may benefit from further month end rebalancing demand over today’s fixes, albeit only a weak buy signal vs major counterparts bar the Yen, according to Citibank’s model, and especially the 4 pm London round as today is spot May 31. Nevertheless, there is also data to consider, including the latest jobless claims tallies, often erratic durable goods and 2nd look at Q1 GDP before pending home sales and the 7 year note offering that normally goes down well with foreign buyers and could impact US Treasury yields alongside the Greenback either directly or indirectly. For the record, Fed’s Kaplan is also due to speak on business TV, but he has been very vocal of late and his hawkish leanings and desire to talk taper soon are well known.

  • NZD/AUD – No extension through Wednesday’s 0.7300+ post-RBNZ peak vs its US peer, but equally only a relatively shallow Kiwi pull-back overnight when Governor added another caveat to policy guidance to keep the option of further easing in the locker, if the situation warrants. In fact, Nzd/Usd has already regrouped to hover in the high 0.7200 echelons and Aud/Nzd has reversed a tad closer to 1.0600 as the Aussie lags mostly under 0.7750 against its US rival irrespective of very encouraging Q1 Capex data (came in over 3 times consensus). Note also, Aud/Usd has not inversely tracked Usd/Cny or Usd/Cnh following the latest PBoC midpoint fix that edged nearer 6.4000, or subsequent steeper inclines to fresh 3 year pinnacles for both the onshore and offshore Yuan, and perhaps lockdown for 7 days in the state of Victoria is keeping the pair capped.
  • CAD/GBP/JPY/EUR/CHF – All narrowly mixed and rangebound vs the US dollar, in keeping with the index, as the Loonie meanders between 1.2142-02, Sterling regains poise after a dip below 1.4100, and the Yen attempts to fend off more of the aforementioned negative portfolio hedging flows and increasingly bearish technical price formation having failed to stay above 109.00 or chart supports close by (109.20 low vs 21 and 50 DMAs that come in at 109.05 and 109.10 respectively today). Elsewhere, the Euro is fading further from 1.2250+ highs and looking vulnerable again amidst more dovish ECB rhetoric, while the Franc has retreated towards 0.9000 following Swiss trade and jobs updates showing a narrower surplus and slowdown in payrolls growth.
  • SCANDI/EM – Sweden has dominated an otherwise sparse am agenda in terms of data and events, with a string of mostly positive releases, like a clean sweep of upbeat sentiment readings and a sharp rise in NIER 1 year inflation expectations to more than offset a smaller trade surplus that would have almost halved without a downward revision, but the Sek has not been able to take much advantage against the backdrop of fragile risk sentiment. Conversely, the Zar is continuing its marked rally to the extent that 13.7500 vs the Usd has now been breached with little regard to slightly softer than forecast SA PPI prints or latest power supply warnings from Eskom.

In commodities, WTI and Brent front month futures have been pressured throughout APAC and early European hours with WTI July now trundling closer to USD 65.50/bbl (vs high 66.18/bbl) while its Brent counterpart eyes USD 68/bbl to the downside (vs high 68.72/bbl). News flow for the complex has remained on the lighter side, thus crude prices may take heed of the overall sentiment across markets as Iranian nuclear discussions continue in the background. Sources via Politico suggested that an Iranian nuclear deal is attainable but cautioned that critical questions remain only partially answered. Elsewhere, spot gold and silver remain within recent ranges and the precious metals continue to track the Dollar and yield developments – with the yellow metal in a tight band on either side of USD 1,9000/oz. Turning to base metals, Dalian and Singapore iron ore futures rebounded overnight after hitting six- and five-week lows respectively after China announced its crackdown on soaring prices. Copper meanwhile retains an underlying bid, with LME back above USD 10,000/t after BHP confirmed that Chile control central workers will begin their strike on Thursday and noted that it will take contingency measures, while other workers at the Spence and Escondida mines will continue working during the remote operation guild’s strike.

US Event Calendar

  • 8:30am: 8:30am: May Initial Jobless Claims, est. 425,000, prior 444,000; Continuing Claims, est. 3.68m, prior 3.75m
  • 8:30am: 1Q GDP Annualized QoQ, est. 6.5%, prior 6.4%
  • 8:30am: 1Q Personal Consumption, est. 10.9%, prior 10.7%
  • 8:30am: 1Q GDP Price Index, est. 4.1%, prior 4.1%
  • 8:30am: 1Q PCE Core QoQ, est. 2.3%, prior 2.3%
  • 8:30am: April Durable Goods Orders, est. 0.8%, prior 0.8%, revised 1.0%
  • 8:30am: April Cap Goods Orders Nondef Ex Air, est. 1.0%, prior 1.2%, revised 1.0%
  • 8:30am: April Cap Goods Ship Nondef Ex Air, est. 0.8%, prior 1.6%, revised 1.3%
  • 10am: April Pending Home Sales YoY, prior 25.3%;April Pending Home Sales (MoM), est. 0.5%, prior 1.9%
  • 11am: May Kansas City Fed Manf. Activity, est. 30, prior 31

DB’s Jim Reid concludes the overnight wrap

US equities and other risk assets made a modest recovery yesterday, with the S&P 500 up +0.19% as investor fears over inflation continued to subside and the global picture on the pandemic showed further signs of improvement. The move put the S&P back within 1% of its all-time high from earlier in the month, though the index and other key markets still appear to be in a holding pattern as they await the next big round of US data releases over the next couple of weeks, with the previous 7 weeks having seen the S&P close repeatedly within just a 4% band. Meanwhile the VIX volatility index fell -1.5pts to its lowest closing level (17.4) since the S&P closed at its all-time high on May 7.

In light of the improving macro picture, small-cap companies outperformed, with the Russell 2000 gaining +1.97%, while rate-sensitive big tech companies had another decent session as investors maintained their caution on the likelihood of higher interest rates. This helped the NASDAQ (+0.59%) and the FANG+ (+0.61%) indices to make decent gains, though in Europe the STOXX 600 was up by less than a basis point (+0.00%) thanks to a marked decline among banks (-1.04%) in the index as a result of the further moves lower in sovereign bond yields. Much of the S&P’s gains came in cyclical industries that are tied to the global reopening trade including autos (+2.76%), transportation (+1.01%) and consumer services (+0.72%), which includes travels and recreation stocks. There was a somewhat similar sector twist in Europe, where the travel & leisure sector (+1.19%) led the index, followed by retail (+0.92%) and energy (+0.70%) stocks.

Speaking of sovereign bonds, the waning inflation fears failed to pull down yields on 10yr Treasuries, which broke a streak of 4 daily declines yesterday. Yields were up +1.7bps to 1.576%, after rising real yields (+3.7bps) overcame lower inflation expectations, with the 10yr breakeven declining another -1.9bps to a 3-week low of 2.43%. In turn, this has coincided with a pushing back of market expectations of future Fed hikes, with investors having become more cautious on the prospects of a first hike in 2022 relative to a month ago.

On the other hand, sovereign debt in Europe saw declines in yields, with those on 10yr bunds (-3.9bps), OATs (-4.2bps) and gilts (-3.4bps) all moving lower. In fact, that leaves 10yr bund yields down by more than -7bps since the start of the week, which would be the biggest weekly decline so far this year before we’ve even got to Thursday and Friday’s session. Peripheral spreads continued to come down as well, and the spread of 10yr Greek debt over bunds fell to just 106.5bps yesterday, which is its tightest level since 2008. We actually looked at the Greek spread in Jim’s Chart of the Day yesterday (link here), pointing out that it’s fallen to fresh lows in spite of the fact that their government debt has continued to climb since the sovereign debt crisis, and now stands at more than 200% of GDP. To be fair, much of this is held by the “official” sector and is concessional, which in turn makes the traditional debt-to-GDP metrics less relevant. But it’s still striking how the narrative has turned over the last decade from being very worried about sovereign default risk coming out of the GFC, to today’s much more relaxed stance on the negative effects of debts and deficits.

Overnight there’ve been some fresh US-China headlines, with a phone call between US Trade Representative Katherine Tai and Chinese Vice Premier Liu He taking place. The initial soundbites were positive, with China’s Ministry of Commerce saying in a statement that they’d “conducted candid, pragmatic and constructive exchanges in an attitude of equality and mutual respect.” Meanwhile the USTR said that “Ambassador Tai discussed the guiding principles of the Biden-Harris administration’s worker-centered trade policy and her ongoing review of the U.S.-China trade relationship, while also raising issues of concern.” Separately, the US’ coordinator for Indo-Pacific affairs on the National Security Council, Kurt Campbell, said that the US was entering a period where “the dominant paradigm is going to be competition” with China, and that it was Chinese policies that bore a large part of the responsibility for this.

Turning to Asian markets now, a quick refresh of our screen shows that markets are mostly trading lower with the Nikkei (-0.67%), Kospi (-0.35%) and Hang Seng (-0.24%) all down. An exception to this pattern are Chinese markets however, with the Shanghai Comp up +0.18% on the above mentioned trade talks with the US. We also got the latest policy decision from the Bank of Korea overnight, who kept their key rate at 0.5%, in line with expectations. Outside of Asia, futures on the S&P 500 are down -0.11% pointing to a weaker open for the index later on, and Bitcoin prices are down -3.09% this morning to trade at $37,576 as we type.

Looking at other markets yesterday, haven assets had a solid performance, with the dollar index up +0.47%, and gold prices traded above $1910/oz for the first time since early January before ending the day slightly lower (-0.14%) on the whole. Meanwhile some of the Reddit-fuelled favourites from earlier in the year are surging again, with Gamestop advancing +15.8% yesterday, along with AMC Entertainment Holdings (+19.2%). And crypto-assets were another to recover ground, as Bitcoin (+3.0%) and Ethereum (+9.6%) both rose.

In terms of the latest on the pandemic, there was continued discussion in the US on the origins of Covid-19, with the White House releasing a statement from President Biden saying that he’d asked intelligence officials “to redouble their efforts to collect and analyse information” that would help discover the origins of the pandemic, reporting back to him within 90 days. Meanwhile in Singapore, border restrictions are being toughened up further this weekend, with all travellers entering or transiting through the country (unless they’ve stayed in lower-risk countries for the last 3 weeks), now having to present a negative test before departure. And in Australia, the state of Victoria will go into a 7-day lockdown as a cluster of cases is continuing to grow. We also got some positive news on therapeutics overnight with GlaxoSmithKline’s antibody treatment called sotrovimab receiving an emergency use authorization from the US FDA to treat mild-to-moderate Covid-19 in people 12 and older.

Staying on Covid, there was quite a bit of news out of the UK yesterday, with the number of reported cases in the country coming in at 3,180. That’s the first day above 3,000 cases in more than 6 weeks, and as mentioned yesterday the government has advised people to minimise travel in and out of 8 local areas where the Indian variant is spreading fastest. The concern is having an impact elsewhere, with France announcing fresh restrictions on UK passengers that will apply from May 31, requiring that non-French citizens or residents have an overwhelming reason to travel to the country, in addition to the existing requirement to produce a negative test and self-isolate for a week after arrival. That said, one piece of brighter news is that unlike with the previous waves of the virus, the increase in the worst-affected areas of the UK has so far been concentrated among the under-40s, who are relatively less likely to be hospitalised or die. Domestically however, the news yesterday was primarily focused on the former chief advisor to PM Johnson, Dominic Cummings, who testified before a committee of MPs with a series of explosive claims yesterday. Among others, he said that he regarded Johnson as “unfit” for office, the Health Secretary Matt Hancock should have been sacked, and that “tens of thousands of people died, who didn’t need to die”.

There was little data to speak of yesterday, though in France, the INSEE’s consumer confidence measure rose to 97 in May as expected. That’s its highest level since March last year, but still below its long-term average of 100.

To the day ahead now, and data highlights from the US include the preliminary durable goods orders for April, the second estimate of Q1 GDP, weekly initial jobless claims, April pending home sales, and the Kansas City Fed’s manufacturing index for May. Over in Europe, there’s also the German GfK consumer confidence reading for June and Italy’s consumer confidence index for May. Central bank speakers include the ECB’s Vice President de Guindos, Weidmann, Schnabel and Hernandez de Cos, as well as the BoE’s Vlieghe. Finally, earnings releases include Salesforce, Medtronic, Costco, HP, Royal Bank of Canada and Dell Technologies.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 15.79 PTS OR 0.43%   //Hang Sang CLOSED DOWN 7.23 PTS OR 0.07%      /The Nikkei closed DOWN  93.18 pts or 0.33%  //Australia’s all ordinaires CLOSED UP .17%

/Chinese yuan (ONSHORE) closed UP AT 6.3750 /Oil DOWN TO 65.67 dollars per barrel for WTI and 68.14 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3750. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3685   : /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/USA

Same story:  Chinese embassy slams Washington for “politicizing” the COVID 19 lab leak theory to which the entire world knows is true.

Chinese Embassy Slams Washington For “Politicizing” COVID Lab Leak Theory

 
THURSDAY, MAY 27, 2021 – 07:26 AM

Clearly, Beijing hasn’t been thrilled about the recent acknowledgment of the credibility of what’s known as the “lab leak” theory: the idea that the international COVID-19 pandemic that has killed more than 3.5MM people around the world (with millions more likely uncounted) was the result of a leak from the Wuhan Institute of Virology, a lab in Wuhan that was conclusively working with coronaviruses.

Social media giants that once aggressively enforced censorship of the topic as a “conspiracy theory” (Zero Hedge was briefly banned from Twitter for our coverage of the allegations) have been forced to backpedal now that Dr. Anthony Fauci himself has confirmed publicly that the virus may not have infected humans by jumping from animals, a route known as “zoonotic” transition, and which still has not been conclusively tracked to a culprit animal (scientists believe the virus originated in bats, but passed to humans via another species of animal, perhaps a pangolin).

Sen. Tom Cotton, an early proponent of the lab leak theory, has insisted that Dr. Fauci knows more than he’s letting on. A WHO study published earlier this year declared that the theory was “low probability”, but that initial report has been subjected to a torrent of criticism.

And as we wait to see how President Biden will react – whether his administration will demand a probe of the lab leak theory, or not (he’s already asked intelligence agencies to redouble their efforts) – Beijing is already warning that it would interpret such an investigation as an overtly hostile act. In a statement released by China’s embassy in Washington, Beijing declared that politicizing the origins of the pandemic would hamper further investigations and undermine global efforts to curb the pandemic.

The embassy in Washington said in a statement on its website on Wednesday evening “some political forces have been fixated on political manipulation and (the) blame game”.

On Wednesday, Biden said US intelligence agencies were “conflicted” about whether COVID “emerged from human contact with an infected animal or from a laboratory accident.”

As the WHO prepares to begin its own second phase of investigations, China has been under pressure to give investigators more access amid allegations that SARS-CoV-2 leaked from a laboratory specializing in coronavirus research in the city of Wuhan.

China has repeatedly denied that a lab leak was the source of the outbreak, though Beijing has been suspiciously tight-lipped when it comes to sharing information about the origins of the outbreak. Recent reports about infections traced back to weeks before the outbreak have prompted another round of skepticism after Beijing was accused of stonewalling a WHO investigation. The Global Times published a story on Wednesday declaring that if the “lab leak theory” is to be further investigated, the US should also allow investigators into its own facilities, including the lab at Fort Detrick.

What’s more, GT editor Hu Xijin ridiculed Biden’s response in a tweet.

Reuters quoted several critics of China’s response. Yanzhong Huang, senior fellow for global health with the Council on Foreign Relations in Washington, said China’s lack of openness was only further stoking suspicions in the theory. “There’s nothing really new there to prove the hypothesis,” he said. “In the investigation of the origins of the pandemic it is really important to have transparency in order to build trust in the investigation results.”

“Very clearly they are trying to internationalise their way out of the jam they are in,” said Jamie Metzl, senior fellow at the Atlantic Council think tank, who has been campaigning for a new independent investigation.

Circling back, the first source said that without further cooperation from China, any further investigation likely wouldn’t yield much of a result. “Ideally you want China to be more cooperative and more transparent,” Huang said. Unfortunately, it looks like the issue has already been politicized, thanks to Beijing. “But now the issue has become so politicized, with the stakes of the investigation so high.”

END
CHINA/GLOBE/USA//
sorry!!! this will never be released //(or the intelligence report is garbage)
the world already knows the truth!.
(zerohedge)

Biden Pledges To Release COVID-19 Origin Report “Unless There’s Something I’m Unaware Of”

 
THURSDAY, MAY 27, 2021 – 01:41 PM

President Biden is just fine releasing the US Intelligence community’s 90-day examination of where COVID-19 originated, unless it contains surprises.

Shortly before boarding Air Force One for a Thursday trio to Ohio, Biden was asked whether he planned to release the intelligence report, to which he replied “Yes,” adding “unless there’s something I’m unaware of.

Watch:

As we noted on Wednesday, less than 24 hours after CNN threw Biden under the bus for canceling a State Department effort launched under Trump to get to the bottom of the origins of COVID-19, Biden backpedaled – ordering the US intelligence community to conduct a 90-day investigationinto how the pandemic began.

In a statement via the White House website, the Biden administration claims thatofficials have been pursuingvarious possibilities – including “whether it emerged from human contact with an infected animal or from a laboratory accident,” it’s clear that the administration is in full damage control mode.

We expect the 90-day review to conclude that ‘the virus could have come from anywhere, and there’s equally scant evidence’ that the virus, which first appeared in Wuhan, China, either emerged from the Wuhan Institute of Virology, where they were modifying bat coronaviruses to better infect humans, or whether the pandemic began via ‘natural origin’ – which holds that a yet-to-be discovered intermediary species caused a bat strain to naturally mutate.

“The U.S. intelligence community does not know exactly where, when, or how the Covid-19 virus was transmitted initially,” according to DNI spokeswoman Amanda Schoch, who said that the intelligence agencies had come together around the two likely scenarios, according to the New York Times.

“The I.C. continues to examine all available evidence, consider different perspectives, and aggressively collect and analyze new information to identify the virus’s origins,” Schoch added.

We can’t imagine common sense or Occam’s razor factors in.

end
(Watson/SummitNews)

General Flynn Believes COVID Was A “Weaponized Operation” By China

 
THURSDAY, MAY 27, 2021 – 03:22 PM

Authored by Steve Wastson via Summit News,

President Trump‘s former national security advisor Michael Flynn commented on the renewed focus on the theory that the coronavirus came from a lab in Wuhan, saying that he believes it was a ‘weaponised operation’.

“We’ve had over a year of people all over the world having to answer tough questions,” Flynn said during an interview on 1320 AM WJAS.

The three star general continued “The people in this country are demanding answers. I believe we what we are going to find out is that this was a weaponized operation by the nation of China with some collaboration… with other countries.”

While Flynn suggested that the outbreak was “some kind of attack,” he also stated that it could have “occurred mistakenly because of poor operational conditions inside these laboratories in China.”

He also made it clear that he believes COVID is a real virus, and many older people have really died from it, countering leftist mainstream media claims that he believes the entire pandemic is completely ‘staged’.

“We must demand from our government [to know] exactly what happened,” Flynn urged, adding that “we’ve had the entire country and the entire world shut down, people have lost their livelihoods and businesses… this has caused a massive shift in our entire society.”

“The people of this country are not going to stand for just continuing to go down this road of these falsehoods and these lies about the origins of COVID,” Flynn asserted.

Listen:

 

As we reported earlier, Joe Biden has now claimed that he tasked the US Intelligence Community with looking into the origins of the pandemic in March, and has now again asked for a ‘redoubling’ of their efforts and a new report in 90 days.

The development comes after the administration was slammed for shutting down a Trump State Department investigation.

The lab leak theory has gained traction once again after a previously unseen US intelligence report revealed that at least three researchers working at the Wuhan Institute of Virology, where coronavirus experiments were being conducted, were hospitalised in mid November 2019 with symptoms matching those of COVID.

Commenting on the revelations, David Asher, the State Department’s former lead investigator on the origins of the virus said it is “very doubtful that three people in highly protected circumstances” all became sick with “severe conditions all in the same week, and it didn’t have anything to do with the coronavirus.”

Asher has previously said that the intelligence points to an involvement of the Chinese military conducting bioweapons research at the lab.

Previous reports have suggested that the Wuhan Institute took a shipment of some of the world’s deadliest pathogens just weeks before the outbreak of the coronavirus. It is also known that the lab was tampering with natural pathogens and mutating them to become more infectious through ‘gain of function’ research.

This is the ‘weaponisation’ that General Flynn is referring to.

A deadly virus leak from a Chinese lab is not unprecedented. The SARS virus escaped twice from the Chinese Institute of Virology in Beijing in 2004, one year after its spread was brought under control.

*  *  *

CHINA/COMMODITIES
China is doing the uSA a favour by allowing its yuan to rise in value. This hurts their exports a bit but tames global inflation as Chinese goods/raw materials have lower input costs. Let us see what happens in China-USA trade talks. No doubt after the talks, the yuan will falter again
(zerohedge)

PBOC Holds Unexpected Meeting On FX, Says Yuan Surge Not Used To Offset Soaring Commodity Inflation

 
THURSDAY, MAY 27, 2021 – 08:28 AM

With the Chinese yuan on a rampage in recent weeks, hitting the highest since March 2016 against a basket of trading partners’ currencies as the USDCNH rose above the critical resistance level of 6.40 on Wednesday…

… some were waiting for the PBOC to address this relentless ascent, especially after Chinese state-owned banks entered the market on Tuesday to buy dollars and push the yuan lower amid speculation that the currency had gotten so strong it was hitting Chinese exports or that, inversely, it was hoping for an even stronger yuan to offset soaring domestic inflation.

That’s precisely what happened this morning when after an ad hoc meeting organized by the central bank and other government bodies with major forex market players Thursday, the PBOC said in a statement that exchange rate can’t be used as a tool to stimulate exports via depreciation nor to offset impact of rising commodity prices via appreciation.

The PBOC also said that the meeting concluded the current forex market is balanced overall, while many market and policy factors are in play and that two-way fluctuations in the Yuan exchange rate are normal while warning that Beijing will firmly crack down on malicious manipulation of forex markets and malicious behaviors for creating one-way expectations.

The Chinese central bank also said that it continues to guide firms and financial institutions to establish the “risk-neutral” mentality, while enterprises and financial institutions should actively adjust to two-way fluctuations of CNY rate; firms should not bet on Yuan rate appreciation or depreciation.

With increasingly more attention falling on the Yuan, which many speculate can’t rise further and thus will serve as a natural break to further dollar weakness and equity strength, on Monday PBoC Deputy Governor Liu stated that fluctuations in either direction for the CNY will become the norm and that the future trend of the CNY exchange rate will remain dependent on market supply and demand, as well as changes in the international market. Furthermore, Liu added that the PBoC will guide expectations to keep the CNY basically stable on a reasonable and balanced level.

Separately, Newsquawk notes that China’s Securities Journal overnight noted that the PBoC has largely ceased regular interventions, so the future rise & fall of the Yuan should be determined by the market, even though China has been aggressively cracking down on commodities (citing inflation fears) and cryptos (due to the digital Yuan and environment). It also notes of the more punchy language from the central bank as opposed to the usual bland commentary i.e. keeping the Yuan rate “basically stable”

It is worth noting that some have attributing the recent Yuan appreciation to positive vibes emanating from US-Sino talks. That was the take of Bloomberg’s Simon Flint who penned the following:

  • Yuan appreciation should continue — partly due to China’s growing concern with domestic prices pressure. That said, the confirmed first-round of trade discussions probably influenced the timing of Wednesday’s yuan move. Likewise, front-page commentary in the official Securities Times to the effect that the laissez-faire attitude can continue can also be read in light of the trade talks. Given the surprising ease with which the 6.40-level was broken, what could go wrong?:
  • There is a long precedent of allowing yuan appreciation ahead of key discussions, and currency matters surely featured in U.S. talking points. It’s certainly possible that China front-loaded their move ahead of these talks
  • Indeed, U.S.-China relations remain fraught — despite the positive tone from today’s phone call. The comments from Kurt Campbell being the latest in a long-line of discouraging statements. That said, Campbell’s statements can be partly viewed as addressed to a U.S. domestic audience, and as a pressuring tactic towards China ahead of talks.
  • While the overall trend on the domestic economy has been improving — showing a 0.9% m/m s.a. improvement in retail sales since 2H 2020 (versus a 2018-19 trend of 0.4%) — the April retail sales number registered a nasty-looking -4.5% drop. However, high-frequency data for May suggest that this decline may have been somewhat reversed.
  • All in all, although the seeming ease by the authorities for a stronger local currency was likely a sweetener for  the trade talks, yuan appreciation should continue.

What makes today’s message all the more confusing is that just earlier this week there were confirmed reports that state banks were defending the 6.400 mark in USD/CNY and USD/CNH.

Bottom line: this is likely a trading ploy by Beijing, seeing how much higher it can push the yuan to gain concessions out of Biden before slamming the currency lower again.

4/EUROPEAN AFFAIRS

IRELAND/USA/GLOBE

Ireland has the best thing going with its 12.5 tax rates as multinationals set up operations in that country to avoid greater taxes. They will not give it up with their life depended on it..it is their life blood

(zerohedge)

Ireland Rejects US Plan For Global Minimum Tax, Will Keep 12.5% Rate

 
WEDNESDAY, MAY 26, 2021 – 09:20 PM

Following reports that an agreement between the G-7 and the White House on a global minimum corporate tax rate is almost ready, Ireland – which isn’t a G-7 member, but is a member of the OECD and the EU, and therefore must also assent to these changes – is speaking out against a new minimum level agreed to by the White House.

According to Sky News, Ireland has no plans to increase its 12.5% corporate tax rate, which is already one of the lowest in the developed world, and which has been a tremendous boon for its economy. The latest iteration of the agreement as envisioned by the US set the global minimum rate at more than 15%.

Source: Sky

While the OECD is supportive of proposals for a global minimum corporate tax, it has also pointed out that reforms should also include more clear treatment of where and how taxes are assessed.

Irish Finance Minister Paschal Donohoe said that he had “significant reservations” over American plans to encourage countries around the world to adopt a minimum corporate tax rate in order to prevent companies from shifting their profits and avoiding payments in future, especially as President Biden tries to engineer one of the biggest tax hikes in decades.

In an interview with Sky News, Donohoe said “we do have really significant reservations regarding a global minimum effective tax rate status at such a level that it means only certain countries, and certain size economies can benefit from that base – we have a really significant concern about that.”

The international agreement being hammered out by the US and the G-7 would be the biggest such overall in a century, when the current rules on international corporate taxes were hammered out. Back then, it was much more difficult for corporations to use accounting and legal loopholes to reduce their tax burden.

Today, it’s commonplace for companies to shift billions of dollars of profits around the world to countries with lower tax rates, something the Biden administration has vowed to combat. The US is planning on raising its own corporate tax rate to 28% from 21%, and is increasing the rates for American companies working overseas. And the UK has its own plans for tax hikes.

Donohoe’s comments will raise the stakes during negotiations at the upcoming G-7 summit in England. The OECD has been pushing for corporate taxation reform for many years, and the US proposal for a global accord is building off of that.

Of course, if Ireland refuses to lower its tax rate, that will make it extremely difficult for the UK to agree to the US plan, since British firms are already seeing unprecedented pressure to move across the border and back into the EU single market.

“I absolutely support and will be making the case for our 12.5% tax rate,” Donohoe said. “I believe a rate like that – a low rate – should be a feature of an agreement in the future. “Our friends and partners in the United States understand our concerns in these matters, but the best kinds of partnerships – the best kinds of friendships – are ones in which you can talk about these matters openly and engage with each other, professionally, and that’s what we’re going to be doing.”

The US has already pitched concessions like surrendering more tax revenue from American tech giants that operate internationally. Apparently, whatever they’re offering, it’s not going to be good enough for Ireland, which essentially holds the power to scuttle a global agreement simply by making its neighbors unwilling to tolerate Ireland’s notoriously low tax rates.

In other words, just when US diplomats were proclaiming to the press that a deal was as good as done, it looks like talks have a long way to go.

-END-

ITALY/UNICREDIT

This is not good:  Italy’s second largest bank seems to be in trouble as the bank stiffed Unicredit bondholders. But something strange happened: a fat finger released the money by mistake. The issue here is the huge loss that Unicredit suffered last quarter and no doubt if they desired to stiff bondholders, then they are deeply in trouble

(zerohedge)

“Descending Into A Farce”: Chaos Erupts After Stiffed UniCredit Bondholders Get Fat-Fingered Payment

 
WEDNESDAY, MAY 26, 2021 – 09:40 PM

Step aside Citigroup, and your erroneous $500MM transfer to Revlon bondholders: there is an even dumber “fat finger” in town.

Late last week the financial world was shocked when Andrea Orcel, the new CEO of Italy’s second largest bank UniCredi, decided not to make a €30MM debt coupon payment on the grounds that the bank made a loss last year, even though investors had been assured of the cash. Then, on Tuesday, the financial world was even more shocked when the news broke that despite the bank’s decision, some bondholders said they had received notice of payment after all. And while UniCredit insists it didn’t pay it, raising Citigroup-esque dejavi questions about how the payment was made, Orcel’s calculated show of strength has “rapidly descended into a farce“, according to Bloomberg.

What happened?

It all started last Friday when UniCredit made the shocking decision to skip the payment of coupons on some financial instruments, in a U-turn that sent he bond in question into a tailspin and hurt some other debt sold by Italy’s No. 2 bank. Just back in February, when presenting full-year results, Finance Chief Stefano Porro had told analysts the bank expected to pay a coupon on the legacy bond it issued over a decade ago, as well as on Additional Tier 1 bonds. But a spokesman on Friday said UniCredit would not do so after posting a 2.79 billion euro ($3.4 billion) loss last year.

As Reuters noted, UniCredit has withheld coupon payments on the CASHES notes in the past after ending the year in the red, but the latest decision, taken by new Chief Executive Andrea Orcel barely a month after his arrival, took bond investors by surprise.

However, some bond investors were even more surprised when they woke up on Tuesday to find that their bank accounts had been properly debited with the required coupon payment from the UniCredit bonds.

Initially there was much confusion who was responsible for the payment or where it came from, even if the confusion was understandable: the 2.98 billion euro bond’s complicated structure meany that there are several players involved, and the error could have come from any one of them. The CASHES, short for Convertible and Subordinated Hybrid Equity-Linked Securities, have different banks serving as depository and fiduciary for the instruments.

The confusion went away this morning when we learned that Euroclear – Europe’s largest bond custodian and settlement agent of securities transactions – said it had mistakenly credited client accounts with funds for a coupon payment on UniCredit bonds that the bank had decided not to honor. The flub by Euroclear added a fresh – and confusing – twist to the surprise decision by new UniCredit Chief Executive Officer Andrea Orcel not to pay the debt coupon of about 30 million euros.

In response, the bonds fell 0.5 cents on the euro to about 51.2 on Wednesday, while UniCredit shares fell 0.6% to 10.29 euros as of 10:38 a.m. in Milan. The bank’s Additional Tier 1 bonds, a newer-style capital security, were little changed. The CASHES are quoted almost 10 cents on the euro lower than prior to the news of the coupon skip last week.

“It’s embarrassing for them of course, even if it isn’t their fault,” said Jerome Legras, a managing partner and head of research at ‎Axiom Alternative Investments. “But the truth is this happened because they took everyone by surprise.”

For Orcel, the fat finger debacle is denting what would have been another signal of a high-energy start to his tenure. In just over a month in charge the Italian has already slimmed down the management ranks and cut down on co-head structures to simplify decision making – all while embroiled in a high profile court case in Spain over millions of dollars in lost pay.

In any case, now that the source of the mistake has been isolated, the question is what happens next: does UniCredit pull a Citigroup and try to recover the funds (it didn’t work too well for Citi), or does it slink away with its tail folded between its legs.

it would raise questions over whether investors will need to return the funds — and who will be on the hook for the payment if not.

“Even if it isn’t their fault, but of the depositary or fiduciary bank, the timing is very unfortunate,” said Paola Biraschi, an analyst at CreditSights. “They already incurred some reputational damage given the inconsistent market communication around the intention to pay the coupon. Investors will now want to understand the reasons behind the alleged payment of the coupon. And if any money was transferred, I imagine they will attempt to claw it back from bond holders.”

Since a clawback appears unlikely especially in the aftermath of the Citi cash study, an angry UniCredit may just take out its anger and frustration on more bondholders and refuse to pay future coupons. According to Bloomberg, given the notes’ terms the bank could also skip the next three coupons, even though UniCredit took steps last year to update terms of the CASHES allowing it to pay the coupons after reporting a loss or without distributing a dividend.

The notes are a legacy of the financial crisis, highly complex securities issued more than a decade ago. Investors in this type of legacy bond contend not only with unpredictable decisions by lenders, but also labyrinthine regulations and often-tortuous terms that can be interpreted in different ways. As Bloomberf notes, They’ve already been the subject of controversy after a London hedge fund accused the bank of boosting its capital strength by misclassifying them. The issue fizzled after the European Banking Authority sided with the bank, saying it found “no clear evidence” to support the hedge fund’s claim.

end

EU/UK/DUBLIN/WARSAW

UK bankers have moved to Dublin and Warsaw money centers. Now the EU investigates as to whether enough of these workers have moved to Europe  This is part of the Brexit deal

(zerohedge)

EU Investigates Whether UK Banks Have Moved Enough Workers To Europe

 
THURSDAY, MAY 27, 2021 – 05:45 AM

As London and Brussels continue talks over potentially expanding the access for London-based bankers in Europe, something that Britain sacrificed as part of the Brexit trade agreement, and which has inspired an exodus of banking jobs to cities like Dublin and Warsaw, the ECB is stepping up a “desk mapping” review of global investment banks’ back-office employees to ensure that enough of them are situated within the bloc.

Because of Brexit, international banks with operations in London and on the Continent need to ensure that key staff who book trades and help manage risk are accounted for within the bloc, where they can be properly “overseen” (ie held accountable ie punished) by European regulators with minimal interference from the Brits.

The review encompasses the European units of Goldman, Citi, JPM, Bank of America, Barclays and Morgan Stanley, among others. The ECB has asked the banks to answer detailed questions about their risk-management setup including where traders and associated risk staff sit and how they process trades, according to Bloomberg‘s sources.

Five years after the Brexit vote, the EU is making an effort to achieve comparability of current practices at the banks it supervises and ensure they meet certain benchmarks. The review isn’t over yet.

“The desk-mapping exercise is at an early stage and still ongoing. Thus the ECB has not yet given feedback to individual banks on its outcome,” an ECB spokeswoman said in a statement to Bloomberg.

In recent years, hundreds of billions of dollars in assets and thousands of jobs have shifted to Paris, Frankfurt, Dublin and Amsterdam and other cities. While that hasn’t yet threatened London’s status as a global financial center, the EU says it expects these trends to continue.

Banks have been slow to meet certain targets to move personnel to Europe since London and Brussels are still talking about a deal to expand regulatory reciprocity in the financial services industry, which could expand access for British banks in exchange for certain allowances on the British side. Meanwhile, the restrictions caused by the pandemic have slowed the transfer of some employees.

END

My goodness: the spread between German bunds and Greek bonds (10 year) narrowed to only 107 basis points. The reason,, most of the debt of Greece is owned by the bankrupt ECB.  No question about it: the new Basel iii rules will save the ECB from bankruptcy

(zerohedge)

Reid: When Debt Doesn’t Matter…

 
 
THURSDAY, MAY 27, 2021 – 04:15 AM

As Jim Reid advises readers of his daily Chart of the Day, yesterday saw the spread of Greek 10-year yields over bunds fall to its narrowest level since 2008, at just 107bps. That was a far cry from the peak in the early 2010s when the restructuring of debt and the European sovereign crisis saw spreads spiral.

What’s even more remarkable however, according to the top credit strategist at Europe’s largest bank, is that “this tightening has come in spite of the fact that Greece’s public debt has continued to climb since then, and now stands at more than 200% of GDP thanks to the pandemic.”

However, since much of this debt is held by the “official” sector – i.e., ECB – and is concessional, it makes traditional debt/GDP metrics much less relevant. Indeed, with central banks holding huge shares of other countries’ bonds this could also be argued to be the case in many highly indebted countries, according to Reid.

According to Reid, “this ‘official’ sector intervention in government bonds has changed the orthodoxy from the immediate post-GFC years. Back then, governments were forced into rapid austerity to ensure they didn’t see a disastrous sovereign crisis. Today, with debt much higher but with huge “official” sector involvement, no serious commentator is talking about short to medium-term sovereign risk.”

As the DB strategist concludes, “this likely makes it much easier for fiscal policy to stay much looser post pandemic than it did post-GFC with all the associated growth, inflation and long-term implications.”

Of course, in the “long-term” some other politician will be in control and as such it is irrelevant for those in control now. Which is why now debt no longer matters and it won’t matter until such time as central banks – which monetize it all – lose their last shred of credibility.

END
This is good:  European Court corrected states that mass spying on people is illegal and thus Snowden is vindicated.
Watson/Summit News)

European Court Of Human Rights Rules Mass-Spying Was Illegal; Snowden Vindicated

 
THURSDAY, MAY 27, 2021 – 03:30 AM

Authored by Steve Watson via Summit News,

In a landmark ruling, the European Court of Human Rights has declared that bulk communications gathering by Britain’s GCHQ spy agency was illegal, proving whistleblower Edward Snowden right, and prompting more calls for the former NSA contractor to be pardoned.

The court noted that there were “fundamental deficiencies” in the GCHQ’s interception of communications, namely that no politician or independent body had authorised the data gathering, that search terms GCHQ used to trawl through the data had not been included in a warrant application, and that individual names, email addresses, and phone numbers had not been authorised to be used by the spooks.

Former editor of The Guardian, Alan Rusbridger, who had to destroy hard drives given to him by Snowden in 2013 before the government seized them, lauded the ruling:

Snowden revealed that the GCHQ was scouring all online and telephone data in the UK via a program code named ‘Tempora’.

Snowden responded, saying that he couldn’t have done what he did without journalists and human rights lawyers:

The ruling led to new calls for Snowden, still hiding out in Moscow, as well as Wikileaks founder Julian Assange, languishing in prison, to be given their lives back:

Big Brother Watch Director @silkiecarlo:

“This judgment confirms that the UK’s mass spying breached citizens’ rights to privacy and free expression for decades.”

“Today, Mr @Snowden’s courageous whistleblowing is vindicated as is the tireless work of Big Brother Watch and our allies in this pursuit of justice. Mr Snowden clearly deserves the protection of democratic nations across Europe for his selfless defence of human rights.

“Mass surveillance damages democracies under the cloak of defending them, and we welcome the Court’s acknowledgement of this. As one judge put it, we are at great risk of living in an electronic “Big Brother” in Europe.”

“We welcome the judgment that the UK’s surveillance regime was unlawful, but the missed opportunity for the Court to prescribe clearer limitations and safeguards mean that risk is current and real.”

“We will continue our work to protect privacy, from parliament to the courts, until intrusive mass surveillance practices are ended.”

The GCHQ continues to spy on British citizens, as we reported last November it has been monitoring the movement of British people minute by minute to check if they are complying with government restrictions.

According to reports, the spy agency embedded a ‘cell’ within Number 10 Downing Street in order to provide Prime Minister Boris Johnson with real time information pertaining to the public’s movements.

*  *  *

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

BELARUS//RUSSIA/USA

This will not go away, as Lukashenko lashes out after BBC and other media admit to our detained activist’s Ukrainian ties (DonBass)

(zerohedge)

Lukashenko Lashes Out After BBC & Others Admit Detained Activist’s Ukrainian Azov Battalion Ties

 
WEDNESDAY, MAY 26, 2021 – 11:20 PM

Belarus’ long time leader Alexander Lukashenko has spoken out on Wednesday over the Ryanair diverted flight saga, pushing back against widespread accusations coming from the former Soviet satellite country’s opposition but especially Western leaders that his security services engaged in “state hijacking” of the airliner carrying activist and blogger Roman Protasevich. Promises of EU and US additional sanctions were swift after Protasevich and his girlfriend were detained on charges of inciting riots and publishing the personal information of police and officers of the state online. State airline Belavia is also facing an airspace ban over Europe and carriers out of the EU are avoiding flying over Belarus. 

Instead of concealing the ordeal or downplaying the detention which has attracted international media scrutiny and outrage, Lukashenko has gone on the offense, lashing out at his critics while justifying the detention of Protasevich, calling him an “extremist” who was ultimately taking cues from a foreign entity in his activism and journalism, or even “inciting riots” – as he’s being charged with. “One extremist with his female accomplice. So let his numerous Western patrons answer this question: Which intelligence services did this individual work for?”Lukashenko said as quoted by the Belarus Segodnya newspaper.

Via EPA

“Not only him but his accomplice as well. These Western advocates should answer one more question: who paid him for taking part in the war in Donbass?” Belarus’ president added, “Perhaps, they fear this the most. So they’re making a fuss. His experience as a mercenary is huge.

It’s long been reported and a subject of controversy in Belarusian and Eastern European media that Pratasevich was indeed in war-torn Donbas in Ukraine at the height of fighting there in 2015. And BBC among others is now acknowledging:

Mr Protasevich confirmed in an interview last year that he hadspent a year in the conflict-hit Donbas region and was wounded, but said he was covering the conflict as a journalist and photographer.” 

He was “embedded” with the far-right and neo-Nazi linked Azov Battalion while they fought fierce battles against pro-Russia separatists. However, BBC notes that Protasevich has insisted he was only there as a journalist: “A former commander of the Azov unit has backed Mr Protasevich’s version of events, confirming that he spent time with them as a journalist and was wounded,” the report says.

Minsk is now accusing the young detained activist of essentially being a mercenary and “terrorist” who’s long plotted the overthrow of the legitimate government. Lukashenko added in his Wednesday comments:

“These facts are well-known not only here, but in brotherly Russia, and also throughout the world. And he did not hide this. Well, here, in Belarus, he and his accomplices also plotted a massacre and a bloody coup,” Lukashenko said further.

Photographs of Protasevich’s time in Eastern Ukraine increasingly point to him having been more than a mere journalist in the conflict

The Belarusian president stressed and claimed further that “there was a terrorist on that plane.”

 

Via Sky News

Instead of skirting the issue, Lukashenko owned up directly to authorizing Protasevich being removed from the plane along with his girlfriend:

According to the law, this person had been put on a terrorist list, and his organization is recognized as an extremist one. Who does not know this? And that we detained him, a Belarusian national, and his partner who holds our residence permit at the airport, this is our sovereign right to do so,” he said.

However, the president stated the Ryanair flight was not initially diverted because of efforts to apprehend Protasevich, but because there was a bomb threat. The West has accused the bomb threat of being a ruse orchestrated to force the plane’s emergency diversion and landing.

 

Via TASS

“As we predicted, ill-wishers from outside and inside the country have changed their ways of attacking our country,” Lukashenko said, according to state media. “They crossed many red lines, crossed the boundaries of common sense and human morality.”

END

RUSSIA/EU/BELARUS

This is far reaching! Russia blocks any EU flights that circumnavigates Belarus. This is an extreme alarming escalation

(zerohedge)

 

Russia Blocking Any EU Flights That Circumnavigate Belarus In Alarming Escalation

 
THURSDAY, MAY 27, 2021 – 10:17 AM

Sky News’ Europe Correspondent Adam Parsons is reporting a worrisome huge escalation between the EU and Russia in the wake of the Belarus-Ryanair plane diversion and arrest of Roman Protasevich on Sunday. European carriers have been avoiding Belarusian airspace after widespread condemnation of what was dubbed “state hijacking” after Belarusian MiG fighters escorted the Lithuania-bound flight to Minsk where authorities grabbed the anti-Lushenko activist and his girlfriend based on prior charges.

Britain’s Sky News is now reporting that Russia is “stopping EU flights from entering Russian airspace – IF those airplanes have circumnavigated Belarusian airspace on the way.”

Parson’s follows by emphasizing, “Bearing in mind the size of Russian airspace, and the position of Belarus – that’s a significant move.”

This could mark the beginnings of a “battle” over crucial Eastern Europe and Baltic airspace and flight paths as more countries also ban airspace for Belavia flights (state airline of Belarus) in the wake of the Ryanair controversy and fallout, which has further put President Alexander Lukashenko back in the crosshairs of the West and expanding sanctions.

All of this is set to potentially be economically devastating for both sides, and as it grows will most certainly severely disrupt international travel paths as more and more people take to the skies again after pandemic lockdowns.

As of Tuesday, Belarusian airspace appeared almost empty…

 

Via Flightradar24

developing…

IRAN/CRYPTOCURRENCIES

Iran bans crypto mining as blackouts occurring in their country

(zerohedge)

 

Iran Bans Crypto Mining As Blackouts Grow Into Summer: “85% Of Mining Farms Are Unlicensed”

 
WEDNESDAY, MAY 26, 2021 – 09:00 PM

On Wednesday Iranian President Hassan Rouhani announced efforts to combat the growing trend of rampant and unpredictable blackouts experienced across parts of the country of over 80 million people at the start of a hot summer, particularly in already strained major cities. By many accounts what was somewhat already a “norm” under American sanctions has come early this year – namely the sporadic blackouts, increasingly angering the population just ahead of a key presidential election in June.

“The ban on the mining of cryptocurrencies is effective immediately until September 22… Some 85 percent of the current mining in Iran is unlicensed,” Rouhani said in a cabinet address aired by state TV. 

There are an estimated 50 officially licensed mining farms sucking up a total of at least 200 megawatts of power, according to the most recent analysis. Iran’s state-controlled power generation company recently made public its data showing colossal increases in energy consumption far beyond this – mostly due to miners, leading to a nationwide strain that includes periodic blackouts, indeed confirming mining operations that far exceed the aforementioned 50 legal large-scale operations. 

“Rouhani said legal crypto mining operations in Iran consume about 300MW of electricity, which is very insignificant. But illegal operations consume up to 2,000MW,” Al Jazeera noted of the speech announcing legislation enacting the four month ban.

Rouhani did, however, appear to make a passing acknowledgement of the benefit to the country that crypto mining represents (which reportedly netted the country over $1 billion a year in recent years amid its isolation), saying “Now everybody has a few miners laying around and are producing Bitcoins” – which reportedly got some laughs out of top officials, but at the same time slammed illegal mining as coming at the cost of the citizenry’s well-being. 

As we previously detailed, both private and public crypto mining has exploded in Iran over the past few years, putting it according to one recent study among the top ten bitcoin mining countries in the world – accounting for 4.5% of all bitcoin globally – primarily as a means of paying for imported goods and as an easily available way to soften the impact of sanctions amid a hard cash shortage – also given foreign currencies are hard to come by as a result of the prior US-led economic war against the Islamic Republic.

While Iran has relied on ‘legal’ and authorized mining farms to soften the US sanctions blow, it’s in recent months cracked down on private and undisclosed operators seeking to profit from state subsidized electricity.

And now with the Islamic Republic on the cusp of achieving a renewed JCPOA nuclear deal in Vienna, and with sanctions expected to quickly be rolled back including vitally on the oil and banking sectors, priorities are shifting, also as a presidential election is set for June, and further as Tehran appears to be following China’s example.

END

AFGHANISTAN/USA

US Mulls Leaving 600 Marines In Afghanistan To Guard Embassy

 
THURSDAY, MAY 27, 2021 – 12:00 PM

Authored by Dave DeCamp via AntiWar.com,

Since President Biden ordered the withdrawal of troops out of Afghanistan, US officials have hinted that a small military presence could continue under the guise of protecting a diplomatic mission.

According to a report from The Sun, the US is considering keeping 600 Marines in Afghanistan to protect the US embassy. The report cited anonymous sources who also said the US wants Turkish troops to stay at the Kabul airport to protect it from the Taliban or other militant groups.

 

U.S. Embassy in Kabul, via PBS

There are currently several hundred Turkish troops guarding the Kabul airport. On Tuesday, The New York Times also reported that the US wants Turkey to continue protecting the airport. US officials believe Turkey is looking for concessions from Washington in order for them to stay.

Last week, Chairman of the Joint Chiefs of Staff Gen. Mark Milley said the US was working with some of its NATO allies on ways to secure the Kabul airport after the withdrawal so the US and other countries could keep embassies in Afghanistan.

Biden ordered the Afghanistan withdrawal to be completed by September 11th, but the Times report said the US and its coalition allies are on track to be done with the pullout by early to mid-July.

As the withdrawal is moving along, the Pentagon is scrambling for ways to maintain influence and assets in Afghanistan. Securing the Kabul airport to protect embassies could be the excuse the US military needs to keep personnel and equipment in the country.

end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE

Finally, Ivermectin is getting the credit it deserves in stopping the COVID 19

(Nick Corbishley/NakedCapitalism.com)

“I Don’t Know Of A Bigger Story In The World” Right Now Than Ivermectin: NYTimes Best-Selling Author

 
WEDNESDAY, MAY 26, 2021 – 11:40 PM

Authored by Nick Corbishley via NakedCapitalism.com,

So why are journalists not covering it?

Michael Capuzzo, a New York Times best-selling author , has just published an article titled “The Drug That Cracked Covid”. The 15-page article chronicles the gargantuan struggle being waged by frontline doctors on all continents to get ivermectin approved as a Covid-19 treatment, as well as the tireless efforts by reporters, media outlets and social media companies to thwart them.

Because of ivermectin, Capuzzo says, there are “hundreds of thousands, actually millions, of people around the world, from Uttar Pradesh in India to Peru to Brazil, who are living and not dying.” Yet media outlets have done all they can to “debunk” the notion that ivermectin may serve as an effective, easily accessible and affordable treatment for Covid-19. They have parroted the arguments laid out by health regulators around the world that there just isn’t enough evidence to justify its use.

For his part, Capuzzo, as a reporter, “saw with [his] own eyes the other side [of the story]” that has gone unreported, of the many patients in the US whose lives have been saved by ivermectin and of five of the doctors that have led the battle to save lives around the world, Paul Marik, Umberto Meduri, José Iglesias, Pierre Kory and Joe Varon. These are all highly decorated doctors. Through their leadership of the Front Line COVID-19 Critical Care (FLCCC) Alliance, they have already enhanced our treatment of Covid-19 by discovering and promoting the use of Corticoid steroids against the virus. But their calls for ivermectin to also be used have met with a wall of resistance from healthcare regulators and a wall of silence from media outlets.

“I really wish the world could see both sides,” Capuzzo laments.

But unfortunately most reporters are not interested in telling the other side of the story. Even if they were, their publishers would probably refuse to publish it.

That may explain why Capuzzo, a six-time Pulitzer-nominated journalist best known for his New York Times-bestselling nonfiction books Close to Shore and Murder Room, ended up publishing his article on ivermectin in Mountain Home, a monthly local magazine for the of the Pennsylvania mountains and New York Finger Lakes region, of which Capuzzo’s wife is the editor.

It’s also the reason why I decided to dedicate today’s post to Capuzzo’s article. Put simply, as many people as possible –particularly journalists — need to read his story.

As Capuzzo himself says, “I don’t know of a bigger story in the world.”

Total News Blackout

On December 8 2020, FLCCC member Dr Pierre Kory gave nine minutes of impassioned testimony to the US Homeland Security Committee Meeting on the potent anti-viral, anti-inflammatory benefits of ivermectin.

A total of 9 million people (myself included) saw the video on YouTube before it was taken down by YouTube’s owner, Google. As Capuzzo exhaustively lays out, both traditional and social media have gone to extraordinary lengths to keep people in the dark about ivermectin. So effective has this been that even in some of the countries that have benefited most from its use (such as Mexico and Argentina) many people are completely unaware of its existence. And this is no surprise given how little information is actually seeping out into the public arena.

A news blackout by the world’s leading media came down on Ivermectin like an iron curtain. Reporters who trumpeted the COVID-19 terror in India and Brazil didn’t report that Ivermectin was crushing the P-1 variant in the Brazilian rain forest and killing COVID-19 and all variants in India. That Ivermectin was saving tens of thousands of lives in South America wasn’t news, but mocking the continent’s peasants for taking horse paste was. Journalists denied the world knowledge of the most effective life-saving therapies in the pandemic, Kory said, especially among the elderly, people of color, and the poor, while wringing their hands at the tragedy of their disparate rates of death.

Three days after Kory’s testimony, an Associated Press “fact-check reporter” interviewed Kory “for twenty minutes in which I recounted all of the existing trials evidence (over fifteen randomized and multiple observational trials) all showing dramatic benefits of Ivermectin,” he said. Then she wrote: “AP’S ASSESSMENT: False. There’s no evidence Ivermectin has been proven a safe or effective treatment against COVID-19.” Like many critics, she didn’t explore the Ivermectin data or evidence in any detail, but merely dismissed its “insufficient evidence,” quoting instead the lack of a recommendation by the NIH or WHO. To describe the real evidence in any detail would put the AP and public health agencies in the difficult position of explaining how the lives of thousands of poor people in developing countries don’t count in these matters.

Not just in media but in social media, Ivermectin has inspired a strange new form of Western and pharmaceutical imperialism. On January 12, 2021, the Brazilian Ministry of Health tweeted to its 1.2 million followers not to wait with COVID-19 until it’s too late but “go to a Health Unit and request early treatment,” only to have Twitter take down the official public health pronouncement of the sovereign fifth largest nation in the world for “spreading misleading and potentially harmful information.” (Early treatment is code for Ivermectin.) On January 31, the Slovak Ministry of Health announced its decision on Facebook to allow use of Ivermectin, causing Facebook to take down that post and removed the entire page it was on, the Ivermectin for MDs Team, with 10,200 members from more than 100 countries.

In Argentina, Professor and doctor Hector Carvallo, whose prophylactic studies are renowned by other researchers, says all his scientific documentation for Ivermectin is quickly scrubbed from the Internet. “I am afraid,” he wrote to Marik and his colleagues, “we have affected the most sensitive organ on humans: the wallet…” As Kory’s testimony was climbing toward nine million views, YouTube, owned by Google, erased his official Senate testimony, saying it endangered the community. Kory’s biggest voice was silenced.

“The Most Powerful Entity on Earth”

Malcom X once called the media “the most powerful entity on the earth.” They have, he said, “the power to make the innocent guilty and to make the guilty innocent, and that’s power. Because they control the minds of masses”. Today, that power is now infused with the power of the world’s biggest tech and social media companies. Together social and traditional media have the power to make a medicine that has saved possibly millions of lives during the current pandemic disappear from the conversation. When it is covered, it’s almost always in a negative light. Some media organizations, including the NY Times, have even prefaced mention of the word “ivermectin” — a medicine that has done so much good over its 40-year lifespan that its creators were awarded the Nobel Prize for Medicine in 2015 — with the word “controversial.”

Undeterred, many front-line doctors have tried to persuade their respective health regulators of the unparalleled efficacy and safety of ivermectin as a covid treatment. They include Dr. Tess Lawrie, a prominent independent medical researcher who, as Capuzzo reports, evaluates the safety and efficacy of drugs for the WHO and the National Health Service to set international clinical practice guidelines:

“[She] read all twenty-seven of the Ivermectin studies Kory cited. The resulting evidence is consistent and unequivocal,” she announced, and sent a rapid meta-analysis, an epidemiolocal statistical multi-study review considered the highest form of medical evidence, to the director of the NHS, members of parliament, and a video to Prime Minister Boris Johnson with “the good news… that we now have solid evidence of an effective treatment for COVID-19…” and Ivermectin should immediately “be adopted globally and systematically for the prevention and treatment of COVID-19.”

Ignored by British leaders and media, Lawrie convened the day-long streaming BIRD conference—British Ivermectin Recommendation Development—with more than sixty researchers and doctors from the U.S., Canada, Mexico, England, Ireland, Belgium, Argentina, South Africa, Botswana, Nigeria, Australia, and Japan. They evaluated the drug using the full “evidence-to-decision framework” that is “the gold standard tool for developing clinical practice guidelines” used by the WHO, and reached the conclusion that Ivermectin should blanket the world.

“Most of all you can trust me because I am also a medical doctor, first and foremost,” Lawrie told the prime minster, “with a moral duty to help people, to do no harm, and to save lives. Please may we start saving lives now.” She heard nothing back.

Ivermectin’s benefits were also corroborated by Dr. Andrew Hill, a renowned University of Liverpool pharmacologist and independent medical researcher, and the senior World Health Organization/UNITAID investigator of potential treatments for COVID-19. Hill’s team of twenty-three researchers in twenty-three countries had reported that, after nine months of looking for a COVID-19 treatment and finding nothing but failures like Remdesivir— “we kissed a lot of frogs”— Ivermectin was the only thing that worked against COVID-19, and its safety and efficacy were astonishing—“blindingly positive,” Hill said, and “transformative.” Ivermectin, the WHO researcher concluded, reduced COVID-19 mortality by 81 percent.

Why All the Foot Dragging?

Yet most health regulators and governments continue to drag their feet. More evidence is needed, they say. All the while, doctors in most countries around the world have no early outpatient medicines to draw upon in their struggle against the worst pandemic in century. Drawing on his own experience, Capuzzo describes the absence of treatments for COVID-19 as a global crisis: 

When my daughter Grace, a vice president at a New York advertising agency, came down with COVID-19 recently, she was quarantined in a “COVID hotel” in Times Square with homeless people and quarantining travelers. The locks on her room door were removed. Nurses prowled the halls to keep her in her room and wake her up every night to check her vitals—not to treat her, because there is no approved treatment for COVID-19; only, if her oxygen plummeted, to move her to the hospital, where there is only a single eective approved treatment for COVID-19, steroids that may keep the lungs from failing. 

There are three possible explanations for health regulators’ refusal to allow the use of a highly promising, well-tolerated off-label medicine such as ivermectin:

  • As a generic, ivermectin is cheap and widely available, which means there would be a lot less money to be made by Big Pharma if it became the go-to early-stage treatment against covid.

  • Other pharmaceutical companies are developing their own novel treatments for Covid-19 which would have to compete directly with ivermectin. They include ivermectin’s original manufacturer, Merck, which has an antiviral compound, molnupiravir, in Phase 3 clinical trials for COVID-19. That might explain the company’s recent statement claiming that there is “no scientific basis whatsoever for a potential therapeutic effect of ivermectin against COVID-19. 

  • If approved as a covid-19 treatment, ivermectin could even threaten the emergency use authorisation granted to covid-19 vaccines. One of the basic conditions for the emergency use authorisation granted to the vaccines currently being used against covid is that there are no alternative treatments available for the disease. As such, if ivermectin or some other promising medicine such as fluvoxamine were approved as an effective early treatment for Covid-19, the vaccines could be stripped of authorisation.

This may explain why affordable, readily available and minimally toxic drugs are not repurposed for use against Covid despite the growing mountains of evidence supporting their efficacy. 

Ivermectin has already been approved as a covid-19 treatment in more than 20 countries. They include Mexico where the mayor of Mexico City, Claudia Scheinbaum, recently said that the medicine had reduced hospitalisations by as much as 76%. As of last week, 135,000 of the city’s residents had been treated with the medicine. The government of India — the world’s second most populous country and one of the world’s biggest manufacturers of medicines — has also recommended the use of ivermectin as an early outpatient treatment against covid-19, in direct contravention of WHO’s own advice.

Dr Vikas P. Sukhatme, the dean of Emory School of Medicine, recently wrote in a column for the Times of India that deploying drugs such as ivermectin and fluvoxamine in India is likely to “rapidly reduce the number of COVID-19 patients, reduce the number requiring hospitalization, supplemental oxygen and intensive care and improve outcomes in hospitalized patients.” 

Four weeks after the government included ivermectin and budesonide among its early treatment guidelines, the country has recorded its lowest case count in 40 days.

In many of India’s regions the case numbers are plunging in almost vertical fashion. In the capital Delhi, as in Mexico City, hospitalisations have plummeted. In the space of 10 days ICU occupancy fell from 99% to 70%. Deaths are also falling. The test positivity ratio slumped from 35% to 5% in just one month.

One of the outliers of this trend is the state of Tamil Nadu, where cases are still rising steeply. This may have something to do with the fact that the state’s newly elected governor, MK Stalin, decided to exclude ivermectin from the region’s treatment protocol in favor of Remdesivir. The result? Soaring cases. Late last week, Stalin reversed course once again and readopted ivermectin. 

For the moment deaths in India remain extremely high. And there are concerns that the numbers are being under-reported. Yet they may also begin to fall in the coming days. In all of the countries that have used ivermectin widely, fatalities are the last thing to fall, after case numbers and hospitalizations. Of course, there’s no way of definitively proving that these rapid falloffs are due to the use of ivermectin. Correlation, even as consistent as this, is not causation. Other factors such as strict lockdowns and travel restrictions no doubt also play a part.

But a clear pattern across nations and territories has formed that strongly supports ivermectin’s purported efficacy. And that efficacy has been amply demonstrated in three meta-analyses.

India’s decision to adopt ivermectin, including as a prophylaxis in some states, is already a potential game-changer. As I wrote three weeks ago, if case numbers, hospitalizations and fatalities fall in India as precipitously as they have in other countries that have adopted ivermectin, it could even become a watershed moment. But for that to happen, the news must reach enough eyes and ears. And for that to happen, reporters must, as Capuzzo says, begin to do their job and report both sides of this vital story.

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I am repeating this important paper:  the Salk institute science paper reveals that the spike protein is what is causing deadly blood clots and by design

(Mike Adams)

 

Bombshell Salk Institute science paper reveals the covid spike protein is what’s causing deadly blood clots… and it’s in all the covid vaccines (by design)

 

Image: Bombshell Salk Institute science paper reveals the covid spike protein is what’s causing deadly blood clots… and it’s in all the covid vaccines (by design)
 

(Natural News) The prestigious Salk Institute, founded by vaccine pioneer Jonas Salk, has authored and published a bombshell scientific article revealing that the SARS-CoV-2 spike protein is what’s actually causing vascular damage in covid patients and covid vaccine recipients, promoting the strokes, heart attacks, migraines, blood clots and other harmful reactions that have already killed thousands of Americans (source: VAERS.hhs.gov).

Critically, all four covid vaccine brands currently in widespread use either inject patients with the spike protein or, via mRNA technology, instruct the patient’s own body to manufacture spike proteins and release them into their own blood. This floods the patient’s body with the very spike protein that the Salk Institute has now identified as the smoking gun cause of vascular damage and related events (such as blood clots, which are killing many people who take the vaccines).

Put simply, it means the vaccines were designed to contain the very element that’s killing people.

The false assumption of the vaccine industry and its propagandists is that the spike protein is “inert” and harmless. The Salk Institute proves this assumption to be dangerously inaccurate.

Salk Institute: The spike protein “damages cells” and causes “vascular disease” even without a virus

In an article entitled, “The novel coronavirus’ spike protein plays additional key role in illness“, published on April 30th, 2021, the Salk Institute warns that, “Salk researchers and collaborators show how the protein damages cells, confirming COVID-19 as a primarily vascular disease.”

From that article:

Now, a major new study shows that the virus spike proteins (which behave very differently than those safely encoded by vaccines) also play a key role in the disease itself.

The paper, published on April 30, 2021, in Circulation Research, also shows conclusively that COVID-19 is a vascular disease, demonstrating exactly how the SARS-CoV-2 virus damages and attacks the vascular system on a cellular level.

“A lot of people think of it as a respiratory disease, but it’s really a vascular disease,” says Assistant Research Professor Uri Manor, who is co-senior author of the study. “That could explain why some people have strokes, and why some people have issues in other parts of the body. The commonality between them is that they all have vascular underpinnings.”

…the paper provides clear confirmation and a detailed explanation of the mechanism through which the protein damages vascular cells for the first time.

In the new study, the researchers created a “pseudovirus” that was surrounded by SARS-CoV-2 classic crown of spike proteins, but did not contain any actual virus. Exposure to this pseudovirus resulted in damage to the lungs and arteries of an animal model—proving that the spike protein alone was enough to cause disease. Tissue samples showed inflammation in endothelial cells lining the pulmonary artery walls.

The team then replicated this process in the lab, exposing healthy endothelial cells (which line arteries) to the spike protein. They showed that the spike protein damaged the cells by binding ACE2. This binding disrupted ACE2’s molecular signaling to mitochondria (organelles that generate energy for cells), causing the mitochondria to become damaged and fragmented.

Previous studies have shown a similar effect when cells were exposed to the SARS-CoV-2 virus, but this is the first study to show that the damage occurs when cells are exposed to the spike protein on its own.

“If you remove the replicating capabilities of the virus, it still has a major damaging effect on the vascular cells, simply by virtue of its ability to bind to this ACE2 receptor, the S protein receptor, now famous thanks to COVID,” Manor explains. “Further studies with mutant spike proteins will also provide new insight towards the infectivity and severity of mutant SARS CoV-2 viruses.”

The article does not mention that covid-19 vaccines are injecting patients with the very same spike protein that was studied, but this fact is widely known and even touted by the vaccine industry.

The upshot of this research is that covid vaccines are inducing vascular disease and directly causing injuries and deaths stemming to blood clots and other vascular reactions. This is all caused by the spike protein that’s deliberately engineered into the vaccines.

From the medical journal Circulation Research: The spike protein is what’s causing the damage

The Salk Institute article refers to this science paper published in Circulation Research: SARS-CoV-2 Spike Protein Impairs Endothelial Function via Downregulation of ACE 2.

This paper is the first to document the mechanism by which spike proteins — even ones lacking an active viral component — cause vascular destruction by binding to ACE2 receptors and inhibiting the function of cellular mitochondria.

From the paper:

SARS-CoV-1 [Spike] protein promotes lung injury by decreasing the level of ACE2 in the infected lungs. In the current study, we show that S protein alone can damage vascular endothelial cells (ECs) by downregulating ACE2 and consequently inhibiting mitochondrial function.

Also from the paper:

We next studied the impact of S protein on mitochondrial function. Confocal images of ECs treated with S1 protein revealed increased mitochondrial fragmentation, indicating altered mitochondrial dynamics…

Moreover, ACE2-L overexpression caused increased basal acidification rate, glucose-induced glycolysis, maximal glycolytic capacity, and glycolytic reserve (Figure [D], ii). Also, ECs incubated with S1 protein had attenuated mitochondrial function but increased glycolysis, when compared with control cells treated with IgG…

…our data reveals that S protein alone can damage endothelium, manifested by impaired mitochondrial function and eNOS activity but increased glycolysis. It appears that S protein in ECs increases redox stress which may lead to AMPK deactivation, MDM2 upregulation, and ultimately ACE2 destabilization.

The study, obviously authored by a pro-vaccine organization, then says that “vaccination-generated antibodies” may protect the body from the spike protein. Thus, the paper is essentially saying (paraphrased): “The spike protein may cause enormous damage to the vascular system when a person is injected with that spike protein, and when that person’s immune system attacks the spike protein and neutralizes it, the damage may be halted.”

In other words, the human immune system is trying to protect the patient from the damage caused by the vaccine, before the patient is killed by the adverse reactions.

Put another way, any person who actually survives the covid vaccine only does so because their innate immune system is protecting them from the vaccine, not with the vaccine. The vaccine is the weapon. Your immune system is your defense.

All covid vaccines should be immediately halted and recalled

Based on this research alone, all covid vaccines should be immediately pulled from the market and reevaluated for long-term side effects.

According to government published VAERS data, vaccine deaths in 2021 (so far) are already nearly 4,000% higher than all the vaccine deaths of 2020, combined. What’s new in 2021? The covid vaccine, built with the spike protein that causes vascular damage. The number of Americans who died after taking covid vaccines is already in the thousands, and realistic estimates put that number at tens of thousands (with more dying each day).

The mechanism is now well understood: The covid vaccine injects the patient with spike proteins, the spike proteins proceed to cause vascular damage and blood platelet aggregation, this leads to blood clots which circulate around the body and lodge in different organs (the hart, lungs, brain, etc.), causing deaths that are attributed to “strokes” or “heart attacks” or “pulmonary embolism.”

The common cause is the vascular damage stemming from the spike protein. In essence, millions of people are being injected with artificial blood clotting factors and then dying from blood clots, all while the disastrously dishonest corporate media claims all covid vaccines are completely “safe” and have harmed no one.

mRNA vaccines turn your body into a spike protein bioweapons factory to expose others

mRNA vaccines transform the human body’s own cells into spike protein factories, spilling deadly spike protein particles into the bloodstream. A growing number of researchers are also finding that these spike proteins appear to be “shedding” or transmitting from the vaccinated to the unvaccinated, causing adverse reactions in people who were never vaccinated themselves, but who have spent time close to other people who were.

The technology behind this is called “self-replicating vaccines,” and it was pioneered by doctors and scientists working under the racist Apartheid regime of South Africa. There, medical researchers designed race-specific, weaponized, self-replicating vaccines that were designed to spread through the Black population of South Africa and exterminate the masses who posed a threat to the ruling technocratic elite. Today, we are all the targets of these weapon systems as globalists seek to exterminate human populations on a global scale, regardless of skin color or country of origin.

Just this year, the Johns Hopkins Bloomberg School of Public Health has celebrated this self-replicating vaccine technology and is calling for it to be used to achieve global mass vaccination, augmented by surveillance drones and AI robots that enforce vaccine compliance (probably at gunpoint).

In effect, mRNA vaccines function as bioweapons factories that turn human beings into biological weapon manufacturing and transmission hubs, spreading vascular damage and death to the entire population, including those who were not yet vaccinated.

All covid vaccines are risky medical experiments, yet the oblivious masses are brainwashed and told the vaccines have all been “approved” as safe and effective

The FDA has not granted therapeutic approval for any covid-19 vaccine, and no long-term trials have been completed to show covid-19 vaccines as safe and effective. Rather, the FDA granted experimental authorization use in the USA, which admits that those who take the vaccines are participating in a risky medical experiment with unknown consequences.

Those who take the vaccine are often brainwashed or deceived by the lying corporate media which falsely claims covid vaccines have been “approved” by the FDA and have harmed no one. The government’s own VAERS data at VAERS.hhs.gov proves otherwise.

In today’s Situation Update podcast, I explain all this in more detail, revealing how covid vaccines were designed from the very start to be depopulation / euthanasia injections to achieve global depopulation (mass murder via vaccines).

This conclusion is now irrefutable. The vaccines literally inject people with the very substance that kills them. This isn’t medicine; it’s medical violence against humanity.

The medical science establishment that pushes vaccines is now engaged in Holocaust-level crimes against humanity. Josef Mengele would be proud. (He was eventually executed by public hanging for his crimes against humanity.)

Listen and share everywhere:

Brighteon.com/186eb1f4-4078-4f47-a544-b6c2cc428abc

Find a new podcast each weekday a

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This is huge:  Nobel Prize Winner, Luc Montagnier warns that vaccines are causing a new pandemic

(TruNews)

HIV Research Pioneer Luc Montagnier Warns Vaccines Are Causing New Pandemic

From Robert H to me:
 
 
 
When politicians resort to luring children to get a jab for a ice cream cone without parental consent with police protection, you know this province is in deep trouble 👿.
This is what happens in police states.
We need to have real conversations about this.

 

https://www.trunews.com/stream/hiv-research-pioneer-luc-montagnier-warns-vaccines-are-causing-new-pandemic
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EU/ASTRAZENECA

The EU despite the many problems with the AstraZeneca adenovirus vaccine model is demanding that they live up to their contract. AZ is totally ignoring the EU and as such are demanding a massive fine to be leveled against the pharmaceutical giant in a lawsuit filed.

(zerohedge)

“They Didn’t Even Try To Respect The Contract” – EU Demands Massive Fine In Lawsuit Against AstraZeneca

 
THURSDAY, MAY 27, 2021 – 02:45 AM

After suing AstraZeneca for falling far short of its promise to deliver 300MM doses of its vaccine to the EU by the end of the year (so far, it’s only on track to deliver roughly one-third of that due to manufacturing hiccups and other issues).

The vaccine, which is still in widespread use despite evidence of rare but sometimes deadly cerebral blood clots, was designed by Anglo-Swedish pharmaceutical giant with cooperation from Oxford University. The EU took the company to court back in April after the company confirmed that deliveries would likely fall far short of expectations.

The EU’s struggle to compensate for this shortfall has at times led to hostility with its neighbors, including the newly independent UK. The EU’s ruling body, the European Commission, nearly ordered a ban on all exports produced on the continent to claim more supplies for Europeans, but ultimately that plan was quashed.

Still, Brussels wants the company to deliver at least 120M doses by the end of June. AstraZeneca had delivered only 50M doses as of the beginning of May, though it has likely delivered at least a few million more by now. Still, 50MM is only a quarter of the 200MM that were expected to be delivered by now.

A lawyer for the EU told Reuters that the bloc is seeking monetary compensation for each promised dose that wasn’t delivered. The rate proposed by the EU would be roughly €10 ($12) per day of delay per dose, starting July 1. At that rate, the fine would amount to $12M per million vaccines per day, or roughly $2.4 billion per day if the number missing is still 200MM.

Brussels wants the company to deliver at least 120 million vaccines by the end of June. AstraZeneca had delivered 50 million doses by the beginning of May, just a quarter of the 200 million vaccines foreseen in the contract by then.

“AstraZeneca did not even try to respect the contract,” the EU’s lawyer, Rafael Jafferali, told a Brussels court in the first hearing on the substance of the legal case.

He said the EU was seeking 10 euros ($12.2) for each day of delay for each dose as compensation for AstraZeneca’s non-compliance with the contract. This penalty would apply from July 1, 2021, if the judge accepted it.

Jafferali said the EU was seeking an additional penalty of at least 10 million euros for each breach of the contract that the judge may decide.

A lawyer for AZ denounced the accusations as “shocking” and argued that manufacturing vaccines is fraught with complexities that sometimes can’t be anticipated.

“This is not a contract for the delivery of shoes or T-shirts,” AstraZeneca’s lawyer Hakim Boularbah told the court later on Wednesday, stressing the complexity of manufacturing a new vaccine.

The EU accusations were “shocking”, Boularbah said, noting the company had formulated its delivery targets based on early estimates of production capacity. He added that the vaccine was sold at cost.

AstraZeneca has repeatedly said the contract was not binding as it only committed to make “best reasonable efforts” in delivering doses.

Jafferali said that principle had not been respected because the drugmaker had not delivered to the bloc 50 million doses produced in factories that are listed in the contract as suppliers to the EU, including 39 million doses manufactured in Britain, 10 million produced in the United States and 1 million in the Netherlands.

AZ’s factories in Britain, and their refusal to export vaccines, is central to the lawsuit. The company claims that it fulfilled its commitments by alerting the EU to production delays.

AstraZeneca’s lawyer said the British factories were mentioned in the EU contract for information, but there was no commitment to use them. They were expected to produce vaccines solely for Britain until February 2021, when the company expected to deliver 100 million doses to London. It has not yet completed its deliveries to Britain.

Jafferali said AstraZeneca had pledged in the EU contract not to have other engagements that would prevent it from abiding by the terms of the deal.

The lawyer also said AstraZeneca had failed to communicate to the EU in a timely manner the magnitude of its supply problems because it repeatedly sent messages, including publicly, that it was able to meet its targets, before finally admitting there were large shortfalls in March.

The company had warned the EU in December of production problems, but communicated only at the end of January, just before the start of deliveries, a much larger cut than initially expected for the first-quarter.

Boularbah said AstraZeneca had continuously kept the EU informed about its production plans and problems.

A verdict is expected next month.

end

Rand Paul: “Fauci Cannot Investigate Himself; Get Him Under Oath”

 
THURSDAY, MAY 27, 2021 – 09:55 AM

Authored by Steve Watson via Summit News,

Senator Rand Paul, who has spearheaded the renewed push to investigate the origin of the coronavirus pandemic, has called for Dr Fauci to be placed under oath and made to testify about the murky ‘gain of function’ research he was involved with funding at the Wuhan Institute of Virology.

Paul also urged that Fauci “needs to be excluded from the investigation” because he is too deeply involved in the whole thing.

Appearing on Fox News, Paul spoke about the funding that Fauci and the NIH supplied to China.

“Well, sure it’s a lot. And there are some reports that it added up to millions over time. But the other thing he said was that there was no gain of function in the application. There are scientists who looked at the application and who absolutely and categorically disagree with him,” Paul noted.

“The other evidence that we have is Dr. Shi from the Wuhan lab published a paper that is clearly about gain of function and it that she thanks her group and Dr. Fauci for funding that paper. So there are a lot of contradictions going on,” Paul added.

“I think Dr. Fauci should be made to testify under oath about the money that was given to the lab,” Paul said, adding “The good news is yesterday I passed an amendment on the Senate floor that says no more gain of function money can be sent to China.”

“The bottom line, he cannot investigate himself. If he was responsible for giving this money. He has every incentive to cover it up and not reveal the truth about it because if the pandemic did come from the lab, he would have great culpability in this,” Paul further emphasised.

The Senator, who continues to receive death threats after being so vocal against Fauci, added that “he can’t be investigating this, nor can any of his people that he picks be investigating this. He needs to be excluded from the investigation.”

“This is very important because this could happen again,” Paul warned, adding “I mean, they are experimenting with the SARS virus, which is 15 times more deadly than COVID-19. COVID-19 kills 1%… more than 3 million people. If SARS got out of the lab, that could be 50 million people. This is a very important task ahead of us. We have 11 labs in our country that do this kind of research.”

Watch:

In a separate appearance on the Christian Broadcasting Network on Tuesday, Paul called for Fauci to be fired, asserting “The nicest way to say this, I think he’s obfuscating the truth.”

After denying for months there was even any gain of function research going on at the Wuhan lab or that it was being funded by the US, Fauci completely reversed his position, admitting that there was ‘modest’ funding of the research, leading Paul to accuse Fauci of ‘perjury’.

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

Fauci has come under increased scrutiny as the NIH’s involvement with the $3.7 million grant to the Wuhan Institute is further being called into question.

*  *  *

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GLOBAL INFLATION

NONE TODAY

end

Michael Every on the days most important topics

(courtesy Michael Every)

Rabobank: Biden Is Finally Searching For The Origin Of COVID: Will It Be Russia?

 
THURSDAY, MAY 27, 2021 – 10:45 AM

By Michael Every of Rabobank

The Push-back

There are push-backs all round right now, and they are going to buffet markets – largely because they aren’t all pushing in the same direction.

We still have the “this inflation is transitory” mantra from the Fed, seeing market expectations for any tapering at Jackson Hole rolled back. And, to be fair, we are also seeing a continued decline in the price of most agri commodities, representing a real push back against the inflation narrative – or at least for food-eating US consumers. China temporarily cancelling a shipment of corn imports from the US is an extra little finger in that push in the last 24 hours. An Iran nuclear deal, regardless of the longer term risks involved, would also help on the oil front, which is another reason why it is being pursued even as Iran is playing hard ball.

Yet the RBNZ, are pushing the other way. The Kiwis just flagged that their first hike is likely to be in H2 2022, and that all being well they hope to be well into a normalising cycle by the end of next year, and to have hiked six times by the end of 2024. The BoC are also tapering, and the BoE are flagging a rate hike by the end of 2022. Somebody here is wrong (the Fed, or other Anglo economies): or we are going to see really high inflation and a really low USD vs. those crosses.

Serious people, like Stephen Roach, are looking past the latest dip in agri markets and still talking about 1970’s inflation coming back purely from the supply side, which is wrapped up in geopolitics, as I explained yesterday. Underlining the point, Germany’s Angela Merkel was yesterday wailing her country cannot produce the chips needed to complete the cars which are the crown jewels of its industrial economy: who has been running the place for fifteen years and yet didn’t see a scenario coming where there could be a shortage?

Meanwhile, crypto refuses to do what US, Chinese, Turkish, now Iranian, and perhaps Indian regulators want it to – which is to drop off our radar screens. This sends an embarrassing message to central banks that in the public eye, inflation rules, and they don’t. For example –and I am sure the person involved won’t mind me sharing this anecdote– crypto is a market in which one can invest X in “diarrhoea coin”, and see it go up to 10X in a single day. Which should make anyone saying there isn’t too much liquidity out there feel sick to the stomach. Why bother schlepping when you can make instant 1,000% returns trading something of no intrinsic value? This may be something that China, the US, and all other central banks can agree on being opposed to, which would be a rare element of global cooperation we don’t see echoed elsewhere.

For example, US President Biden, in response to CNN reporting he had shut down a pre-existing Trump White House investigation, has now declared US intelligence services have 90 days to unearth the origins of Covid-19Will it be Russia, given their recent form? Joking aside, this is the hottest of possible potatoes for agencies already up to their necks in politics. What will the domestic push-back be if the report is fudged? And what will the international push-back will be if it comes to at least one clear conclusion? 90 days, folks. Set your alarm clocks.   

Meanwhile, at a time of heightened tensions around the South China Sea, due to the US leaving Afghanistan in July –opening up USD1-3trn in mineral resources for anyone brave enough to dive in– the US Navy is shifting the aircraft carrier Ronald Reagan to help with the logistics. For the first time in a long time, the US has no aircraft carrier in the Pacific. The symbolism is clear: and it leaves some wondering what might happen if push comes to shove.

Indeed, Australia is reportedly considering manufacturing and storing US ballistic missiles in Darwin (next to a port with a 99-year lease owned by a Chinese firm). That’s “levelling up” industrial policy of a sort: military-industrial policy; and at least we have a clearer idea of the targets for the potential Chinese missile strikes against Australia the Global Times recently threatened. Against this backdrop, the tail risk to supply-chains should be clear – even pacifist NZ now sees it.

On which front, an Air France flight to Moscow yesterday insisted on diverting around Belarussian airspace, in line with the new EU directives following the skyjacking of the Ryanair jet; but Russia refused to allow an alternative channel to be used, and the French flight was cancelled. Coincidence, or a push back against the EU’s own recent shove? If it is the latter, again we see the EU’s attempt to go on the front foot geopolitically has seen its ante upped, as happened with China and the now-frozen CAI deal. Russia may be implying if Belarus airspace is boycotted, it can prevent overflight of Russian airspace in sympathy: that used to be called ‘Workers of the World, Unite!’ until neoliberalism came along and took away all the (wage) inflation and threat of international conflict.

If so, the EU either has to back down, or face losing access to more than just Belarussian airspace (and, by the way, 90% of goods coming in to the EU from China via train also pass through Belarus). Or, the only logical strategic alternative would be for the EU to go on the offence and unilaterally cut off air travel to/over Belarus AND Russia, to encourage Moscow to force Minsk to change tactics.

Yet when you base your economy on importing gas from Russia, and exporting luxury cars to Russia, one tends to go weak at the knees at the idea of such realpolitik. Which is why Germany will remain at the mercy of global pricing on chips, among other things, and the EU’s “open strategic autonomy” will be mainly just “open”.

More broadly, this is the kind of ‘resilient’ decoupling the whole liberal world order is still refusing to act on “because markets”. Which, as noted yesterday, is why integrated supply chains aren’t shifting Westwards; and which means Build Back Better really means Back Imports Better, regardless of the push-back that will generate from voters; or that nasty supply-side inflation, regardless of the push-back (and “diarrhoea coins”) that will generate.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
NONE
 
 
END

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

Euro/USA 1.2042 UP .0012 /EUROPE BOURSES /ALL MIXED   

USA/ YEN 109.15 DOWN 0.022 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4180  UP   0.0065  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2093  DOWN .0037

 

Early THIS  THURSDAY morning in Europe, the Euro ROSE BY 12 basis points, trading now ABOVE the important 1.08 level RISING to 1.2204 Last night Shanghai COMPOSITE CLOSED UP 15.49 PTS OR 0.43% 

//Hang Sang CLOSED DOWN 7.23 PTS OR 0.07%

 

/AUSTRALIA CLOSED UP 0.17% // EUROPEAN BOURSES OPENED ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL MIXED   

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 7.23 PTS OR 0.07%

/SHANGHAI CLOSED UP 15.79 PTS OR 0.43% 

Australia BOURSE CLOSED UP 0.15%

Nikkei (Japan) CLOSED DOWN 93.18 PTS OR 0.33%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1893.10

silver:$27.60-

Early THURSDAY morning USA 10 year bond yr: 1.599% !!! UP 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.277 UP 2  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 89.90  DOWN 14 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.48% UP 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.076%  UP 1/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.49%//  UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.94 UP 2   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 45 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.168% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.11% 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  THURSDAY

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

Euro/USA 1.2190  DOWN     .0002 or 2 basis points

USA/Japan: 109.86  UP .693 OR YEN DOWN 70  basis points/

Great Britain/USA 1.4175 UP .0060 POUND UP 60  BASIS POINTS)

Canadian dollar UP 53 basis points to 1.2076

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.3732

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.3785

TURKISH LIRA:  8.47  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.076%

Your closing 10 yr US bond yield UP 4 IN basis points from WEDNESDAY at 1.615 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.296 UP 4 in basis points on the day

Your closing USA dollar index, 90.08  UP 4  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN  7.26 PTS OR 0.10% 

 

German Dax :  CLOSED DOWN 43.99 PTS OR 0.28% 

 

Paris CAC CLOSED UP 44.11  PTS OR 0.69% 

 

Spain IBEX CLOSED DOWN  10.80  PTS OR  0.12%

 

Italian MIB: CLOSED UP 278.15 PTS OR 1.12% 

 

WTI Oil price; 66.50 12:00  PM  EST

Brent Oil: 69.07 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.56  THE CROSS  LOWER BY 0.02 RUBLES/DOLLAR (RUBLE HIGHER BY 2 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.167 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 : 66.85//

BRENT :  69.31

USA 10 YR BOND YIELD: … 1.598..UP 2 basis points…

USA 30 YR BOND YIELD: 2.280 UP 2 basis points..

EURO/USA 1.2199 (UP 8   BASIS POINTS)

USA/JAPANESE YEN:109.79 UP .618 (YEN DOWN 62 BASIS POINTS/..

USA DOLLAR INDEX: 89.97 DOWN 7  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4203 UP 88  POINTS

the Turkish lira close: 8.494

the Russian rouble 73.53   DOWN 0.02 Roubles against the uSA dollar. (DOWN 2 BASIS POINTS)

Canadian dollar:  1.2064  UP 66 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.167%

The Dow closed UP  138.83 POINTS OR 0.40%

NASDAQ closed DOWN 1.72 POINTS OR 0.01%


VOLATILITY INDEX:  16.80 CLOSED DOWN  0.56

LIBOR 3 MONTH DURATION: 0.135%//libor dropping like a stone

USA trading day in Graph Form

Small Caps Jump, Big-Tech Dumps, As Biden’s Booming Budget Busts Bonds

 
THURSDAY, MAY 27, 2021 – 04:00 PM

Biden’s booming budget sent yields higher on the day – and the retroactive capital gains tax embedded in that budget spooked stocks broadly speaking. But Small Caps refused to lay down as the short-squeeze continued. Nasdaq ended lower on the day…

After the cash close, futures were panic-bid higher which we assume may be related to the momo quant rebalance

The Dow and S&P haven’t been this uncorrelated since the dotcom crash in 2000…

Source: Bloomberg

Small Caps are ripping back relative to Nasdaq as the spiky trading continues…

The last two days have been the biggest short-squeeze since the panic-spike in “most shorted” stocks amid the last WSB Reddit Raiders attack in January… And hedgies suffer…

Source: Bloomberg

WSB stocks are soaring again…

Source: Bloomberg

…with AMC (and its massive short position) getting its face gamma-squeeze-ripped off…

AMC was the most-traded stock in the world today!!

VIX crashed to a 16 handle once again…

Bond yields broke higher on the heels of Biden $6 trillion budget bonanza – now that’s a lot of supply to soak up if The Fed is gonna taper. Yields were up around 3bps on the day, but remain lower on the week…

Source: Bloomberg

10Y yields pushed back above 1.60% again…

Source: Bloomberg

Bitcoin oscillated again between $40k and $38k…

Source: Bloomberg

Ethereum is also coiling up for a move…

Source: Bloomberg

The dollar went nowhere on the day, testing higher and lower intraday to end back at unch on the week again…

Source: Bloomberg

Spot Gold fell back below $1900 today, but staged a decent recovery after Europe closed…

Source: Bloomberg

Oil finally broke out of its recent range (top the upside)…

Source: Bloomberg

Finally, the economy is screaming ‘Stagflation’…

Source: Bloomberg

And stocks are loving stagflation? It’s a mad world alright!

16
END

a)Market trading/THIS MORNING/USA

Markets do not like this:  the Biden budget suggests a retroactive capital gains tax.

Name one thing that Biden has done good on!

(zerohedge)

Stocks Snap Lower As Biden Budget Suggests Retroactive Capital Gains Tax Hike

 
THURSDAY, MAY 27, 2021 – 11:00 AM

US equity markets hit a vacuum to the downside briefly this morning shortly after headlines that the $6 trillion Biden budget malarkey includes the assumption that a retroactive capital gains tax hike would be included (which would have started in April).

The Wall Street Journal reports that President Biden’s budget assumes that his proposed capital-gains tax rate increase took effect in late April, meaning that it would already be too late for high-income investors to realize gains at the lower tax rates if Congress agrees, according to two people familiar with the proposal.

Mr. Biden’s plan would raise the top tax rate on capital gains to 43.4% from 23.8% for households with income over $1 million. He would also change the tax rules for unrealized capital gains held until death.

The market took a quick dislike to that idea…

That suggests the odds of getting the budget through as is are lower, as Congress must still approve any rate changes and retroactive effective dates, and there is already reluctance building among some congressional Democrats.

But, as one can see in the chart – the stumble in stocks is quickly being erased because – BTFD on any govt spending!?

end

afternoon trading

 
 
ii) Market data

USA

GDP first quarter remains constant at 6.4 but the important core PCE  (Consumptions) comes in much hotter than expected

Q1 GDP Stuck At 6.4% After Revision As Core PCE Comes In Hotter Than Expected

 
THURSDAY, MAY 27, 2021 – 08:48 AM

While few will care what Q1 GDP did in the last quarter according to the BEA’s 2nd estimate of US economic output (when we already knew it came in superhot thanks to Biden’s trillions in stimmies) some were curious what the Fed’s preferred inflation metric, the core PCE would say, after the recent near-record prints in that “other” inflation dataset, the CPI.

To answer any and all such questions, today the BEA revealed that according to its revised estimate, in Q1 the US economy grew 6.4% SAAR, unchanged from its first estimate and missing Wall Street consensus expectations of 6.5% by the smallest possible fraction.

The composition of the GDP growth was roughly in line with the first estimate, with the bulk of the move driven by personal consumption, which rose 11.3% in 1Q, higher than the 11.0% initial estimate after rising 2.3% prior quarter. Fixed investment was also revised modestly higher, accounting for 1.96% of the bottom line GDP print, up from 1.77%. Offsetting these increases, were declines in Private Inventories (where the change subtracted 2.78% vs 2.64% initially), while net trade was hit more aggressively reducing the GDP print by 1.2%, compared to 0.87% previously. Finally, government contributed 1.02% to Q1 GDP, down from the 1.12% initial estimate.

Some more highlights from the report:

  • The increase in consumer spending reflected increases in goods (led by motor vehicles and parts) and services (led by food services and accommodations).
  • The increase in business investment reflected increases in intellectual property products (led by software) and equipment (led by information processing equipment).
  • The increase in government spending primarily reflected an increase in federal spending related to payments made to banks for processing and administering the Paycheck Protection Program loan applications as well as purchases of COVID-19 vaccines for distribution to the public.
  • The decrease in inventory investment primarily reflected a decrease in retail trade inventories.

The GDP report also noted that Corporate profits decreased less than 0.1 percent in the first quarter after decreasing 1.4 percent at a quarterly rate in the fourth quarter. Corporate profits increased 12.7% in the first quarter from one year ago, and were impacted by provisions from the Paycheck Protection Program.

  • Profits of domestic nonfinancial corporations increased 0.9 percent after decreasing 3.4 percent.
  • Profits of domestic financial corporations decreased 0.7 percent after increasing 3.7 percent.
  • Profits from the rest of the world decreased 2.1 percent after decreasing 0.2 percent

Finally, on the all important question of inflation and the Fed’s preferred PCE metric, prices of goods and services purchased by U.S. residents increased 3.9% in the first quarter after increasing 1.7% in the fourth quarter, as energy prices increased 46.1% in the first quarter while food prices decreased 0.1%. As for the all-important core PCE, it rose 2.5% Q/Q in 1Q after rising 1.3% prior quarter. As we commented previously, core PCE is designed to skew lower than CPI (as the weights of both cars and shelter are much lower in the PCE which also excludes health insurance prices) which is precisely why the Fed prefers it.

end

USA durable goods orders tumble in April

(zerohedge)

US Durable Goods New Orders Unexpectedly Tumble In April

 
THURSDAY, MAY 27, 2021 – 08:36 AM

Analysts expected US durable goods orders to rise for the 12th straight month in April, but were significantly disappointed as the headline print (preliminary) tumbled 1.3% MoM (vs +0.8% MoM exp).

Source: Bloomberg

That is the first drop since April 2020’s lockdown collapse.

There is a silver lining in the report however as Capital Goods Orders Non-Defense Ex Aircraft and Parts (a proxy for Capex) – surged 2.3% MoM – well above the 1.0% MoM expected – and March was revised higher.

Source: Bloomberg

That is the highest level of Capex spend increase since August which suggests that the dip in April is “transitory”.

Perhaps most interesting is the major divergence between ‘hard’ data (actual orders) and ‘soft’ data (PMI/ISM surveys of orders)…

h/t @takis2910

Remember 2017/18’s exuberant ‘soft’ data spike? … and 2015’s? How many more times are we going to trust surveys over hard data?

end
Still 16 million Americans on the dole
(zerohedge)

Despite Initial Claims Drop, Almost 16 Million Americans Remain On Government Dole

 
THURSDAY, MAY 27, 2021 – 08:40 AM

Initial Jobless Claims tumbled (positively) to their lowest since the pandemic lockdowns began, adding just 406k Americans last week (well below the 425k expected). This is still double the pre-pandemic norms…

Source: Bloomberg

And despite the ongoing trend of improvement, there are still just under 16 million Americans on some form of government dole…

Source: Bloomberg

Bear in mind that while Congress extended Pandemic Emergency unemployment benefits through September 6th, at least 21 states cancelled the benefits

All eyes will be on the next jobs report for sure. It’s on Friday, June 4.

end
Pending home sales unexpectedly plunged in April; the reason lack of affordable homes
(zerohedge)

US Pending Home Sales Unexpectedly Plunged In April “Due To Lack Of Affordable Homes”

 
THURSDAY, MAY 27, 2021 – 10:07 AM

With existing– and new-home sales both taking an unexpected tumble in April, despite soaring homebuilder sentiment, analysts expected pending home sales to buck the trend and rise 0.4% MoM. They didn’t!

Completing the trifecta of terrible housing data, pending home sales tumbled 4.4% MoM in April…

Source: Bloomberg

That is the 3rd drop for pending home sales in the last 4 months.

That shifts the NAR index to its lowest since May 2020…

Source: Bloomberg

Of course, NAR is careful to point out that its lack of inventory (of affordable homes) that is the problem…

“Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” said Lawrence Yun, NAR’s chief economist.

“The upper-end market is still moving sharply as inventory is more plentiful there.”

Pending home sales by region:

  • Northeast declined 12.9% to 85.3

  • Midwest increased 3.5% to 101.1

  • South fell 6.1% to an index of 128.9

  • West decreased 2.6% in April to 92.0

“The Midwest region, which has the most affordable homes, was the only region to notch a gain in the latest month,” Yun noted.

“Some buyers from the expensive cities in the West and Northeast, who have the flexibility to move and work from anywhere, could be opting for a larger-sized home at a lower price 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?

Earlier this week, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said during a congressional hearing that “there is a little bit of a bubble” in housing.

iii) Important USA Economic Stories

This is an accident waiting to happen;  the o/n reverse repo  witnesses a huge rise to $485 billion (caring a rate of 0.000% for the privilege) as money leaves the excess reserves of banks to this facility. The money market is clogged and needs plumbing: there is no collateral and it is badly needed for Wall Street to fund operations.

(zerohedge)

Fed’s Reverse Repo Hits All Time High $485BN As Reserves Flood System

 
THURSDAY, MAY 27, 2021 – 01:43 PM

We knew it would be a crazy day for today’s reverse repo early this morning, when the overnight GCF repo rate traded at -0.01% and refused to rise, an indication that there was far too much money chasing to few good collateral.

Looking at the scramble for repo, interbroker dealer Wrightson ICAP said on Thursday morning that it saw Reverse Repo volumes rising to around $470 billion Thursday, though the risks are “still tilted to the high side.”

They were, because moments ago the Fed announced that at 1:15pm some 50 counterparties (up from 46 on Wednesday) parked $485.329BN in reserves with the Fed (in exchange for the generous rate of 0.000%), which was up $35BN overnight, up $134BN in the past week, and the highest on record!

Why does this matter? Three reasons, all of which we explained in extensive detail in Fed Alert: Overnight Reverse Repo Usage Soars Above Covid Crisis HighsRepo Crisis Looms: Fed’s Reverse Repo Usage Soars To $351BN, Fifth Highest Ever, and Zoltan On The Coming QE Endgame: “Banks Have No More Space For Reserves,

  1. The Fed is taking Treasurys out of the market through QE purchases and putting them right back in via the RRP as the central bank is now chasing its own tail as it monetizes so much US debt it has no place where to park the reserves it creates out of thin air
  2. The heavy use of the o/n RRP facility tells us that foreign banks too are now chock-full of reserves.
  3. Banks don’t have the balance sheet to warehouse any more reserves at current spread levels.

And now that everyone is once again a reverse repo expert…

… Bloomberg writes that “the glut at the front-end has been spurred by the central bank’s ongoing asset-purchase program, commonly referred to as quantitative easing, as well the drawdown of the Treasury’s general account. The latter has been driven by the looming debt- ceiling reinstatement, which is due to take place at the end of July, and the flow of pandemic stimulus funds to taxpayers.” Additionally, Federal relief payments to state and local municipalities are also adding to the glut, and that is being exacerbated as regulatory constraints encourage banks to turn away deposits, directing that cash into money-market funds.

Also chiming in is JPM’s versatile multi-strat quant who tends to opine on everything from cryptos to retail call buying, writing yesterday that “perhaps motivated by the expiry of SLR exemptions, US banks have been pushing much of the $350bn of excess liquidity generated from the contraction in the TGA balance into MMFs. And the combination of increases in MMF AUM along with a contraction of outstanding Tbills appears to have induced MMFs towards heavier use of the Fed’s ON RRP facility.”

Better make that $485BN now.

Of course, when discussing repo one has to mention Zoltan Pozsar, and in a note published this morning, the Hungarian repo guru writes that as a result of the massive reserve glut, he expects three-month dollar Libor-OIS spreads to go “slightly negative” by mid-July. It only gets worse after: 

By mid-July, we’ll have even more reserves to absorb due to the debt ceiling, and while a lot of that cash will go to the o/n RRP facility, some of it will chase higher yields in the FX swap market amid a lack of demand for U.S. dollars. Three-month cross-currency bases may flip positive by mid-July, and those implied yields may drag three-month U.S. dollar Libor-OIS slightly negative

As for the immediate market implications they are even more ominous: either the Fed will have to hike the IOER fast or rates will soon go negative. Worse, with the Fed still planning to do at least $1 trillion in QE even assuming a December taper, and potentially as much as $2 trillion based on the latest just released Fed “forecast”, there is simply no place to park all of these reserves.

It’s not just us concerned about how clogged up the market plumbing has become: in his daily Repo Market Commentary note from Monday, Curvature’s repo market guru Scott Skyrm wrote the following:

RRP Explosion

On March 17, a little over two months ago, there was no volume at the Fed’s RRP window. Nothing. Today, it was almost $400 billion! How do you go from zero to $400 billion in two months? Not only was today’s activity at the RRP one of the largest ever, it was also THE largest non-quarter-end, non-year-end print. There’s an incredible amount of cash in the Repo market right now! Clearly, the Fed took too much collateral out of the market – or – added too much cash.

The market is distorted from too much QE and hopefully QE tapering will be announced in June.

And while Powell & Co pretend that they can continue business as usual for years to come, the repo market is not only cracking but banks, full to the gills with inert reserves and which increase by $30 billion every week, are on the verge of pulling a Mr Creosote…

… and balking at even a penny of additional liquidity. How the Fed will continue to monetize debt then, when the repo system is now out of collateral, is anyone’s guess.

end

Biden reveals a massive $6 trillion budget that will raise federal spending to the highest ever

(zerohedge)

Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level

 
THURSDAY, MAY 27, 2021 – 08:15 AM

US stock futures soared Thursday morning as President Biden unveiled his first federal budget, which calls for the government to spend $6 trillion in the 2022 fiscal year, with total annual spending set to increase to $8.2 trillion by 2031.

Stocks initially kneejerked higher, then retreated on the headlines reporting the proposed budget, which Biden can pass through the Senate using budget rules that allow Dems to circumvent the filibuster. According to the NYT, it calls for the highest sustained levels of federal spending since World War II.

Treasury yields also climbed on the news, which raised expectations for more Treasury supply.

According to the NYT, the increase in federal spending, which follows both the COVID stimulus and Biden’s “Build Back Better” infrastructure plans, will be driven by “Biden’s two-part agenda to upgrade the nation’s infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in discretionary spending.”

With Biden expected to raise taxes and increase spending on tax enforcement, the annual deficits in Biden’s budget projections wouldn’t start to wane until the 2030s. Meanwhile, Biden’s “ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift U.S. industry to better compete globally in an economy the administration believes will be dominated by a race to reduce energy emissions and combat climate change.”

Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s. It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.

Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031. By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.

Federal spending will swell to levels never seen before during peacetime, as Biden coughs up money for roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. The budget also envisions funding for affordable child care, universal prekindergarten, a national paid leave program and a host of other initiatives. Spending on national defense would also grow, though it would decline as a share of overall GDP.

Here are some other important details from the NYT report, which marks the first time the public is getting a whiff of the main details of Biden’s budget.

In each year of Mr. Biden’s budget, the government would spend more as a share of the economy than all but two years since World War II: 2020 and 2021, which were marked by trillions of dollars in federal spending to help people and businesses endure the pandemic-induced recession. By 2028, when Mr. Biden could be finishing a second term in office, the government would be collecting more tax revenue as a share of the economy than almost any point in modern statistical history; the only other comparable period was the end of President Bill Clinton’s second term, when the economy was roaring and the budget was in surplus.

The documents also show the conservative approach Mr. Biden’s economic team is taking with regard to projecting the economy’s growth, as compared to his predecessor’s. Mr. Biden’s aides predict that even if his full agenda were enacted, the economy would grow at just under 2 percent per year for most of the decade, after accounting for inflation. That rate is similar to the historically sluggish pace of growth that the nation has averaged over the past 20 years. Unemployment would fall to 4.1 percent by next year — from 6.1 percent today — and remain below 4 percent in the years thereafter.

With Dems in control of both Chambers of Congress, Biden faces some of the best odds of any recent president in terms of getting his budget through Congress. Odds will be particularly high if Biden can reach a deal on his infrastructure plan, which the GOP has so far resisted.

If passed in its current form, the federal government would spend what amounts to nearly a quarter of the country’s total economic output every year over the course of the next decade.

end

My goodness:  these bozos figured it out:  cut back on police budgets and crime surges….such morons

(Phillips/EpochTimes)

Re-Funding The Police: Major Cities Backtrack On Police Budget Cuts After Crime Surges

 
WEDNESDAY, MAY 26, 2021 – 05:00 PM

Authored by Jack Phillips via The Epoch Times,

Following calls last summer from groups such as Black Lives Matter to “defund the police,” a number of city officials are now walking back statements to go through with cutting funding to law enforcement due to surges in crime levels.

The Minneapolis City Council several months ago voted to approve $6.4 million more in funding to the police department, coming after a number of councilmembers last year pledged to completely abolish the department.

A family takes pictures in front of a mural of George Floyd in Minneapolis, Minn., on May 28, 2020. (Brandon Bell/Getty Images)

Minneapolis Mayor Jacob Frey, a Democrat, announced in May that he’s pushing to increase funding to the city’s police department—coming about a year after George Floyd’s death in police custody, which sparked the Black Lives Matter protests, riots, and arson attacks across Minneapolis.

“The violence needs to stop; it’s unacceptable,” he said earlier in May during a news conference, which came amid a massive spike in violence in the city.

People deserve to feel safe in their neighborhood, they deserve to be able to send their kids out to the sidewalk to play and to recreate without bullets flying by. That’s unacceptable. We should be holding these perpetrators accountable.”

Frey blamed activists’ calls to defund the police.

“When you make big, overarching statements that we’re going to defund or abolish and dismantle the police department and get rid of all the officers, there’s an impact to that,” he said.

A police officer stands amid smoke and debris as buildings continue to burn in the aftermath of a night of protests and violence following the death of George Floyd, in Minneapolis, Minn., on May 29, 2020. (Charlotte Cuthbertson/The Epoch Times)

Last year, during a protest in Minneapolis, Frey was admonished by Black Lives Matter supporters because he refused to abolish the city’s police force—in a scene that some compared to “struggle sessions” during the Chinese Communist Party-led Cultural Revolution in the 1960s and 1970s. The mayor, however, said he wanted a “structural revamp” of the city’s police force.

New York City Mayor Bill de Blasio, a Democrat, announced this month that his city is building a police precinct in Queens to deal with a spate in rising crime—coming months after he pledged to cut $1 billion from the NYPD’s budget. The city has cut far less from the police department than the pledged $1 billion.

In late April, the mayor said stimulus funding from the federal government will allow for the construction of a new NYPD precinct in southeastern Queens.

“This is something that for decades the community asked for,” de Blasio said at a press briefing last month. 

“The 116th precinct building was something that could not happen in that environment, because of … trade-offs,” he said. “It was one or the other, which was the choice in 2020. We leaned into the investments in young people. Now, thankfully, we have the resources to address both these issues.”

This comes in the midst of a historic increase in shootings, murders, and other violent crimes. According to NYPD data, there was a 76 percent increase in shootings in March 2021, as compared to March 2020.

People are arrested on the Brooklyn Bridge after about a dozen Black Lives Matter protesters briefly shut down the bridge in New York City, on July 15, 2020. (Angela Weiss/AFP via Getty Images)

While Democrat Mayor Eric Garcetti and some members of the Los Angeles City Council pledged to cut funding last year, they reneged on that commitment last week.

The council approved more funding to the Los Angeles Police Department to hire 250 more officers, which comes within the backdrop of rising crime in Los Angeles.

Garcetti, separately, is proposing a 3 percent increase in the LAPD’s budget from $1.71 billion to $1.76 billion. Last year, the city cut about $150 million from the department’s budget.

In Baltimore, a city that has historically had a high crime rate, the city’s spending board in mid-May approved a budget with a $28 million increase to the police department.

In 2020, the city cut about $22 million from the police department’s budget.

The “defund the police” movement has also seen its support plummet since last summer, according to various polls. A recent survey in March showed that just 18 percent of Americans support the cause.

Some Democrat members of Congress, after the Nov. 3 election, also panned the movement. Rep. Abigail Spanberger (D-Va.), who won a close race, reportedly panned Democrats’ messaging during the last election cycle.

“The number one concern that people brought to me in my race that I barely rewon was defunding the police,” she told other Democrats. “And I’ve heard from colleagues who say, ‘Oh it’s the language of the streets, we should respect that.’ We’re in Congress. We are professionals. We are supposed to talk about things in the way where we mean what we are talking about. If we don’t mean we should defund the police, we shouldn’t say that.”

end

Life Insurance vs COVID

INTERESTING!!

Life Insurance & COVID-19; Something Doesn’t Make Sense

 
THURSDAY, MAY 27, 2021 – 02:40 PM

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

You would think that during the worst Pandemic since the 1918 Spanish Flu life insurance companies would be hedging their bets to avoid major losses from Covid-19.

I haven’t written a life policy for several years so I was wondering what was going on?

I called one of the brokers I deal with that interacts with hundreds of big life insurers to get an inside look into how the Covid crisis has changed their business.

Imagine my surprise when she said it was pretty much business as usual!

Last year when the hysteria was just getting ramped up she did say the companies temporarily tightened up underwriting and reduced the amount of coverage they would offer. But as time went by and the hard data came rolling in those same companies went back to business as usual.

I asked her specifically if life insurers wanted a Covid test as part of the underwriting process and she said none that she was aware of.

Hmm, that’s pretty interesting isn’t it?

The most lethal pandemic in decades descends on the globe with deadly mutations taking millions of innocent lives and the life insurance companies couldn’t care less.

I also asked if the cost per thousand of coverage had increased due to Covid and again she said no.

Rates were pretty much the same as they were before the Covid Pandemic ravaged the earth.

Life Insurance companies are very risk adverse.

They don’t like losing money to unnecessary claims.

The fact they’re treating Covid as a nonevent should be an indicator that something is very wrong with the whole narrative.

Commodity  markets

NONE

 

end

INFLATION WATCH

NONE

 
 

iv) Swamp commentaries/

The banks were stupid in giving Hwang huge amounts of leverage but it is not criminal

Have no idea what the criminal nature is on this one!

(zerohedge)

DoJ Launches Criminal Investigation Into Archegos Blowup

 
THURSDAY, MAY 27, 2021 – 12:20 PM

Following earlier reports that investigators had been sniffing around the prime brokerages that extended credit to Archegos, along with some critical comments from top market regulators, Bloomberg reported late Wednesday that federal prosecutors in Manhattan have officially launched a criminal investigation into the Archegos blowup.

But according to Bloomberg, it appears the DoJ is now taking over after the SEC launched a preliminary investigation into Bill Hwang, the owner of Archegos, which operated as Hwang’s family office, back in March.

The Department of Justice is investigating the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March, a debacle that left big banks in Europe, Asia and the U.S. nursing more than $10 billion in losses.

Federal prosecutors in Manhattan sent requests for information to at least some of the banks that dealt with the firm, according to people with knowledge of the matter, who asked not to be identified discussing the confidential probe. It’s unclear what potential violations or entities authorities are examining.

A spokesperson for prosecutors declined to comment, a spokesperson for Archegos didn’t immediately respond to a request for comment.

Archegos’ prime brokers initially attempted to try and avoid a market panic by coordinating their sales of the massive blocks of shares their had accumulated on behalf of Archegos via a complicated series of swap arrangements. But when Goldman Sachs and Morgan Stanley broke ranks and opted to be the first out the door, Credit Suisse, which had the biggest exposure to Archegos, was ultimately left with more than half of the $10 billion+ in losses that banks were stuck with (while Hwang reportedly lost his entire 11-figure fortune).

Right now, it’s not exactly clear what laws prosecutors suspect Archegos and the prime brokers of breaking.

While authorities haven’t accused Archegos or its banks of breaking any laws in their dealings, the episode has drawn public criticism from regulators, as well as some inquiries behind the scenes from watchdogs around the world. The implosion shows Wall Street has grown too complacent about potential threats building up in the economy, Michael Hsu, the new acting chief of the Office of the Comptroller of the Currency, said last week.

But the DoJ isn’t the only agency poking around: Investigations are ongoing across the globe.

The Securities and Exchange Commission launched a preliminary investigation into Hwang in March, a person familiar with the matter said at the time. The agency has since explored how to increase transparency for the types of derivative bets that sank the firm.

And in the U.K., the Prudential Regulation Authority has been asking firms including Credit Suisse, Nomura and UBS Group AG to hand over information related to their lending to Archegos, people familiar with the matter have said.

While investigators will undoubtedly focus on what happened, some believe that the real concerns lie in current vulnerabilities in the world of equity finance. The team at Risky Finance recently calculated that some $3 trillion in hidden Archegos-style exposure is out there in the market, just waiting to explode if stocks sell off.

When the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the disaster.

“Do you think it’s possible that this could produce a very fundamental reset in how your IRB credit risk models work?” wondered Stefan Stalmann of Autonomous Research. “I mean you have only CHF20 billion to CHF25 billion of counterparty credit risk-weighted assets on literally hundreds of billions of equity swaps and repos”.

Risky Finance shares Stalmann’s bewilderment. Expressed as a capital requirement, Credit Suisse was able to satisfy regulators with just $2 billion of capital for counterparty credit losses – the lowest among the G-SIFI banks tracked by Risky Finance. Months later it reported a loss of $4.7 billion.

It should serve as a warning. 14 years ago, obscure corners of banking businesses became hotbeds of regulatory arbitrage, speculation and leverage. The contagion of US subprime brought the financial system to its knees. Now, after years of low or negative interest rates, equity finance may have become a similar hotbed.

The business is much larger than published estimates – Risky Finance believes there are more than $3 trillion of exposures. And the pressure to grow equity finance is leading banks to exploit loopholes in Basel rules. As in 2007, this is masked by the complexity of the models that Credit Suisse and other banks used to allocate capital to their prime brokerage business.

In following articles we will try to unpick the way Archegos was so damaging, and we will give a broad brush picture of how the risk models are supposed to work. And we will showcase some new data that reveals why this business is bigger and riskier than many imagined. Lastly we will identify a list of fixes for regulators to work on.

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

ECB’s Panetta Sees No Justification for Slowing Bond-Buying
“Only a sustained increase in inflationary pressures, reflected in an upward trend in underlying inflation and bringing inflation and inflation expectations in line with our aim, could justify a reduction in our purchases,” Panetta said in an interview with Nikkei published on Wednesday.
    “But this is not what we projected in March. And, since then, I have not seen changes in financing conditions or the economic outlook that would shift the inflation path upward,” he said…
https://www.bloomberg.com/news/articles/2021-05-26/ecb-s-panetta-sees-no-justification-for-slowing-bond-buying

 

Too early for ECB to taper emergency bond buys: Panetta
https://www.reuters.com/article/us-ecb-policy-panetta/too-early-for-ecb-to-taper-emergency-bond-buys-panetta-idUSKCN2D70I7

Eurozone bonds rebound as ECB officials push back on taper talk
https://www.ft.com/content/22f6ecbb-4b23-4e00-94b0-738b7606de26

Why aren’t Americans happier about the economy? They are paying higher prices for almost everything – Inflation is everywhere. At the local supermarket, the nearby Home Depot or Lowe’s, the closest car dealership and the popular out-of-town vacation resort…
https://www.marketwatch.com/story/why-arent-americans-happier-about-the-economy-they-are-paying-higher-prices-for-almost-everything-11621971869

The Ghost of Arthur Burns by Stephen S. Roach
I have long been haunted by the inflation of the 1970s… I was witness to the birth of the Great Inflation as a Fed insider…Burns, who ruled the Fed with an iron fist, lacked an analytical framework to assess the interplay between the real economy and inflation, and how that relationship was connected to monetary policy…he believed price trends were heavily influenced by idiosyncratic, or exogenous, factors – “noise” that had nothing to do with monetary policy. This was a blunder of epic proportions…
    In the aftermath of the 1973 Yom Kippur War, Burns argued that, since this had nothing to do with monetary policy, the Fed should exclude oil and energy-related products… from the consumer price index…we gulped and followed his order to take food – which had a weight of 25% – out of the CPI
   He also raised questions about homeownership costs, which accounted for another 16% of the CPI. Take them all out, he insisted! By the time Burns was done, only about 35% of the CPI was left – and it was rising at a double-digit rate!… 
https://www.project-syndicate.org/commentary/fed-sanguine-inflation-view-recalls-arthur-burns-by-stephen-s-roach-2021-05

Slowly But Surely, Central Banks Are Signaling Policy Shifts
https://finance.yahoo.com/news/slowly-surely-central-banks-signaling-094236209.html

China bars banks from selling commodities-linked products to retail buyers
China’s banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers, three people with knowledge of the matter told Reuters, to curb investment losses amid volatile commodity prices…
https://www.reuters.com/world/china/exclusive-china-bars-banks-selling-commodities-linked-products-retail-buyers-2021-05-26/

Iran bans the power-intensive mining of cryptocurrencies like Bitcoin after soaring consumption contributed to blackouts in major cities https://t.co/a4iAKAf5zh

ESMs, which traded moderately higher during Asian trading, jumped on the ECB official Panetta’s downplaying of inflation and assertion that ECB QE would continue unabated.  However, ESMs and European stocks peaked at 5:30 ET.

After a 9-handle retreat, ESMs traded sideways until they broke down at 8:52 ET.  Of course, the usual suspects bought the NYSE opening decline, creating a bottom within 30 minutes of the NYSE open.  Fangs led the rally, which indicates the rally was the province of day traders.

The early US rally ended 20 minutes before the 11:30 European close on European trader liquidation.  The decline ended with a Noon Balloon.  When the afternoon arrived, ESMs and stocks rolled over.  At 13:30 ET, ESMs and stocks dropped sharply.  The decline ended with a modest rally into the VIX Fix at 14:15 ET.  The decline resumed 10 minutes before the final hour arrived possibly due to the Fed VCEO.

Fed’s Quarles signals open to talks on bond program
Though “we need to remain patient” in any policy shift, Quarles said, “if my expectations about economic growth, employment and inflation over the coming months are borne out…and especially if they come in strong…it will become important for the (Federal Open Market Committee) to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings.”…
https://www.reuters.com/article/usa-fed-quarles/feds-quarles-signals-open-to-talks-on-bond-program-idUSL2N2ND2BW

ESMs and stock went inert after the slide on Quarles’ taper talk and remark that ‘asset valuations are high’.  They vacillated in a tight range from 14:54 ET until a modest spurt higher appeared at 15:30 ET.  ESMs and stocks quickly retreated into a tight trading band and stayed there into the close.

We noted yesterday that stocks are caught between China trying to arrest inflation and a Fed that is still trying to inflate assets.  The above headlines and stories show the conflicts and confusion over central bank policies.  So, the S&P 500 Index is still locked in a range.  The index closed near the top band.

@zerohedge: Goldman midday commentary: “It’s a bit like Groundhog Day all over again Wednesday as stocks are mostly flat at the index level, similarly to yesterday, and frankly, most of May (the S&P 500 is up 0.4% in May in a year in which the index has gained 11.8% ytd).”

Yesterday, the Fed did $450.283B in reverse repos to soak up some of the excessive cash on The Street.

Tsunami of Cash Threatens to Pin Funding Rates at 0% Until 2022
Usage of Fed’s reverse repo facility has risen to $450 billion
https://www.bloomberg.com/news/articles/2021-05-26/tsunami-of-cash-threatens-to-pin-funding-rates-at-0-until-2022

Big-bank CEOs appeared before the Senate Banking Committee yesterday.  Dimon got skewered.

Warren Attacks Dimon on Overdraft Fees, Toomey Slams “Wokeism” on Wall Street
Chairman Sherrod Brown ripped into the CEOs for running businesses that are “built on short-term profits at the expense of long-term growth for everyone.”
    Perhaps the most memorable line from Brown: “For most people, no matter how hard they work, if one thing goes wrong in their lives – they get in a car accident, the plant where they work shut down, their spouse gets sick – they’re on their own, they don’t get a taxpayer bailout. They all remember that Wall Street did.”  Taking a totally different tack, GOP ranking member Sen. Toomey opened his remarks by arguing that the financial system is fine except for “so-called ‘stakeholder capitalism'”, adding “I am concerned about increasing pressure on banks to embrace woke-ism and appease the far left’s attacks on capitalism.” Toomey also cited the potentially negative influence of “wokeism” and its potential to possibly “distort credit allocation.”…
    The progressive Senator [Brown] also attacked Dimon over what he argued was “excessive” compensation. “Mr. Dimon – as CEO you make 800 or 900 times your lowest paid worker. No one thinks you work 900 times harder than a teller. How did we get here?” To which Dimon responded that his compensation is set “by the board” (which he leads)…
https://www.zerohedge.com/political/watch-live-wall-street-ceos-share-efforts-combat-racial-inequality-senate-testimony

Elizabeth Warren calls Jamie Dimon ‘star of the overdraft show’ at Senate hearing https://trib.al/cor6vDN

WSJ: Today the Journal’s Andrew Ackerman and Orla McCaffrey report on a Senate hearing featuring the CEOs of Wall Street’s six largest firms: Some of the questions Wednesday generated an awkward silence. Sen. Tim Scott (R., S.C.) pressed the executives to explain why some of their firms criticized new voting restrictions in Georgia. Asked what specific portions of the law they found discriminatory, none of the executives chimed in…  https://www.wsj.com/articles/who-wants-a-woke-bank-11622056034?mod=djemBestOfTheWeb

Icahn on Inflation, Investing, and What He Misses About NYC: Q&A
I do believe that inflation already exists which will eventually cause higher interest rates and a major correction in the market. But when it occurs and how severe it will be is a question that is impossible to answer at this time… It saddens me to see what has happened to the city. I personally hope it can be saved.  https://finance.yahoo.com/news/icahn-inflation-investing-misses-nyc-100000330.html
Fauci admits ‘modest’ NIH funding of Wuhan lab but denies ‘gain of function’ https://t.co/oSf7gMS59h

Fauci facing calls for resignation after shifting positions on probe of Wuhan lab
He has been wrong, intentionally deceptive, and inconsistent throughout this entire pandemic. A few examples of Fauci’s failures include: claiming there was very little risk to Americans in January of 2020, opposing President Trump’s China travel ban then crediting it with saving lives, and wrongly predicting an explosion of cases in Texas after Gov. Abbott lifted the state mask mandates,”…  https://trib.al/rRN3RgF

Fauci: ‘I don’t have enough insight’ into CCP to know if coronavirus science has been compromised
Longtime federal health expert has sent hundreds of thousands of dollars to Wuhan lab.
https://justthenews.com/politics-policy/coronavirus/fauci-i-dont-have-enough-insight-ccp-know-if-coronavirus-science-has

Trust science? Fauci and NIH chief say Biden never consulted them before spiking COVID origin probe   https://justthenews.com/government/federal-agencies/fauci-says-biden-did-not-consult-him-spiking-covid-bio-weapon-origins

@EmeraldRobinson: The Biden Administration now claims it launched a 90 day review on the origins of COVID but they waited to announce it today. That’s one day after a story broke that the Biden Administration stopped a State Dept investigation on the origins of COVID. It’s not even a good lie.

@John_Kass: President Biden is thoroughly compromised by his son Hunter’s China business deals. Today POTUS shuts down one Wuhan investigation, but orders up another? Now that Trump is out, the #WuhanLabLeak story finally has legs. My latest column @chicagotribune
https://www.chicagotribune.com/columns/john-kass/ct-wuhan-covid-questions-john-kass-20210526-4aeuageu3ncc7exqvgrgah33ii-story.html

Ex-DNI @RichardGrenell: There’s a lot of re-writing of history from propagandists who refused to report or understand the IC wide statement on Covid in April 2020.  We already knew it was China back then. Trump was ridiculed but he was righthttps://www.dni.gov/index.php/newsroom/press-releases/item/2112-intelligence-community-statement-on-origins-of-covid-19

@RichardGrenell: I’m getting lots of texts today from career intel officials complaining that the media attacked Trump for instructing IC officials to do something that they do every day already – but they are silent when Biden does it [order IC to investigate Covid origin].

“I Don’t Know of a Bigger Story in the World” Right Now Than Ivermectin: NY Times Best-Selling Author – So why are journalists not covering it?
Michael Capuzzo, a New York Times best-selling author , has just published an article titled “The Drug That Cracked Covid”. The 15-page article chronicles the gargantuan struggle being waged by frontline doctors on all continents to get ivermectin approved as a Covid-19 treatment, as well as the tireless efforts by reporters, media outlets and social media companies to thwart them.
   Because of ivermectin, Capuzzo says, there are “hundreds of thousands, actually millions, of people around the world, from Uttar Pradesh in India to Peru to Brazil, who are living and not dying.” Yet media outlets have done all they can to “debunk” the notion that ivermectin may serve as an effective, easily accessible and affordable treatment for Covid-19. They have parroted the arguments laid out by health regulators around the world that there just isn’t enough evidence to justify its use…
   As a generic, ivermectin is cheap and widely available, which means there would be a lot less money to be made by Big Pharma if it became the go-to early-stage treatment against covid…
   If approved as a covid-19 treatment, ivermectin could even threaten the emergency use authorisation granted to covid-19 vaccines if ivermectin or some other promising medicine such as fluvoxamine were approved as an effective early treatment for Covid-19, the vaccines could be stripped of authorisation…
https://www.nakedcapitalism.com/2021/05/i-dont-know-of-a-bigger-story-in-the-world-right-now-than-ivermectin-ny-times-best-selling-author.html

Johns Hopkins Prof: Half of Americans Have Natural Immunity; Dismissing It Is ‘Biggest failure of Medical Leadership’ – “Please, ignore the CDC guidance”
    Makary criticised “the most slow, reactionary, political CDC in American history” for not clearly communicating the scientific facts about natural immunity compared to the kind of immunity developed through vaccines.  “There is more data on natural immunity than there is on vaccinated immunity, because natural immunity has been around longer,” Makary emphasised…
https://summit.news/2021/05/26/johns-hopkins-prof-half-of-americans-have-natural-immunity-dismissing-it-is-biggest-failure-of-medical-leadership/

Hunter Biden brought VP Joe to dinner with shady business partners [The Big Guy lied!]
Joe Biden met with Ukrainian, Russian and Kazakhstani business associates of his son’s at a dinner in Washington, DC, while he was vice president, records on Hunter Biden’s abandoned laptop show…
    “Dear Hunter, thank you for inviting me to DC and giving an opportunity to meet your father and spent [sic] some time together,” Pozharskyi wrote on April 17, 2015… The dinner raises questions about how much Joe Biden, who has claimed ignorance of his son’s activities, knew about Hunter’s dealings with foreign businesses and government officials…
https://nypost.com/2021/05/26/hunter-biden-arranged-secret-dinner-with-business-partners-and-vp-joe/

 

Hunter Biden’s Ukraine salary was cut — after Joe Biden left office https://trib.al/0vu1iif

Two Grifters and a Dossier – The cumulation of evidence suggests Chris Steele was a complete phony.
    Mr. Steele was selling a shopworn image of himself as a former intelligence agent. He did no real work. Mr. Simpson was not drawing on his experience as an investigative reporter. They were two empty husks selling a lazily packaged collection of lazy lies to intellectually lazy journalists…
https://www.wsj.com/articles/two-grifters-and-a-dossier-11621982038

Biden transition team official tells Jews not to wear religious symbols if they’re afraid
“It pains me to say this, but if you fear for your physical safety take off your kippah and hide your magen david. Obviously, if you can, ask your rabbi first,” Keyak said… Keyak’s initial tweet was met with backlash on Twitter, with some users, including Post Millennial editor Ari Hoffman, voicing a refusal to stand down or hide their religion in the face of danger and hatred…
https://thepostmillennial.com/biden-transition-team-official-tells-jews-to-take-not-to-wear-religious-symbols-if-theyre-afraid

END

 

 

I WILL SEE  YOU FRIDAY NIGHT

One comment

  1. […] by Harvey Organ of Harvey Organ Blog […]

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