JUNE 1/GOLD UP 10 CENTS TO $1902.75//SILVER UP 10 CENTS TO $28.01 BOTH GOLD AND SILVER ENGAGE IN QUEUE JUMPING: GOLD TONNAGE STANDING UP TO 71 TONNES//SILVER OZ STANDING: 11.825 MILLION OZ//CORONAVIRUS UPDATES//VACCINE UPDATES//CHINA STARTS CURRENCY WARS WITH A RISE IN ITS RRR RATES//LOOKS LIKE NETANYAHU IS OUT AS PRIME MINISTER OF ISRAEL TO BE REPLACED BY NAFTALI BENNETT//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1902.75   UP $0.10   The quote is London spot price

Silver:$28.01  UP 10 CENTS   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1900.50 LONDON SPOT  4:30 pm

ii)SILVER:  $27.89//LONDON SPOT  4:30 pm

first time that I can recall that the crooks were unsuccessful in raiding gold and silver for the entire options expiry cycle.  They are losing control

 

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

 

 

PLATINUM  $1183.45  DOWN $2.83

PALLADIUM: 2821.86 UP $2.14  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. 

may 28 James McShirley

Gold Eagle premiums to spot have further widened to +$225 and up. The U.S. Mint has essentially declared force majeure with silver coin production due to “global shortages.” Never mind LEGALLY the U.S. Mint should be in a bidding war to the moon if necessary to procure adequate silver supplies. That’s what is happening with lumber, and should be happening with silver as well. The mandatory lockdowns (the gold/silver suppression variety, not virus) are reaching extreme pressures. The days of both metals spinning in place all day are drawing to a close. The sound and fury of hyperinflation is becoming readily apparent to even the people who are drinking the MSM Kool- Aid. MOPE is lost, and the “inflation expectations” that the Fed SO cares about is soaring. It’s prime time, gold and silver time. Let ‘er rip.

James Mc

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  663/3486

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,902.500000000 USD
INTENT DATE: 05/28/2021 DELIVERY DATE: 06/02/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 975
092 C DEUTSCHE BANK 36
099 H DB AG 416
118 H MACQUARIE FUT 136
132 C SG AMERICAS 2
323 C HSBC 22
323 H HSBC 245
355 C CREDIT SUISSE 9
435 H SCOTIA CAPITAL 124
523 H INTERACTIVE BRO 66
555 H BNP PARIBAS SEC 202
624 H BOFA SECURITIES 184
657 C MORGAN STANLEY 13
657 H MORGAN STANLEY 16
661 C JP MORGAN 912 663
661 H JP MORGAN 2176
685 C RJ OBRIEN 1
686 C STONEX FINANCIA 32 15
690 C ABN AMRO 100 16
709 C BARCLAYS 248
732 C RBC CAP MARKETS 7 1
737 C ADVANTAGE 86 59
800 C MAREX SPEC 57 17
905 C ADM 46 90
____________________________________________________________________________________________

TOTAL: 3,486 3,486
MONTH TO DATE: 16,185

ISSUED: 912

Goldman Sachs:  stopped: 3975

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 3,486 NOTICE(S) FOR 348,600 OZ  (10.84 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  16,185 NOTICES FOR 1,618,500 OZ  (50.342 tonnes) 

SILVER//MAY CONTRACT

145 NOTICE(S) FILED TODAY FOR 725,000  OZ/

total number of notices filed so far this month 2176  :  for 10,880,000  oz

 

BITCOIN MORNING QUOTE  $35,114  DOWN 799  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$35,965 UP 52 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $0.10 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

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  1043.21 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 10 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 178.30 UP $0.59 OR  0.33%

XXXXXXXXXXXXX

SLV closing price NYSE 25.91 UP $0.06 OR 0.23%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1106 CONTRACTS FROM 182,230 DOWN TO 181,224, AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG LOSS IN OI OCCURRED DESPITE OUR  $0.08 GAIN IN SILVER PRICING AT THE COMEX  ON FRIDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO HUMONGOUS 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 GOOD EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO//MINOR LONG LIQUIDATION 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY:   149 CONTRACTS.

WE WERE  NOTIFIED  THAT WE HAD A GOOD  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 675,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 675 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 675 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 FINAL STANDING FOR APRIL

36.365 MILLION OZ FINAL STANDING FOR MAY 

11.825 MILLION OZ INITIAL STANDING FOR JUNE

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.08).OUR OFFICIAL SECTOR/BANKERS WERE ALSO SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS WITH FRIDAY’S RAID ATTEMPT.  WE HAD A SMALL LOSS OF 431 CONTRACTS ON OUR TWO EXCHANGESTHE LOSS WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) STRONG REDDIT RAPTOR BUYING//.    iii)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A VERY STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 11.110 MILLION OZ FOLLOWED BY A HUGE QUEUE  JUMP OF 715,000 ON DAY 2 OF THE DELIVERY CYCLE//  v) STRONG COMEX OI LOSS /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

JUNE

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

675 CONTRACTS (FOR 1 TRADING DAY(S) TOTAL 675 CONTRACTS) OR 3.375 MILLION OZ: (AVERAGE PER DAY: 675 CONTRACTS OR 3.375 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 3.375  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: 137.83 MILLION OZ

 

JUNE:  3.375 MILLION OZ//

 

RESULT: WE HAD A STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1106, DESPITE  OUR  $0.08 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY .…THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 675 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY SMALL SIZED LOSS  OF 431 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.08 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY// HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A MASSIVE QUEUE JUMP OF 715,000 OZ AS THE NEW TOTAL OF SILVER STANDING REACHES 11.825 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  675  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 1106 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.08 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.91//FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 145 NOTICES FILED TODAY FOR 725,000 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 HUGE SIZED SIZED 10,106 CONTRACTS TO 496,238 ,,AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. NORMALLY ON ANY GIVEN ACTIVE DELIVERY MONTH WE HAVE  AROUND 23,000 TO 25,000 SPREADERS DOING THEIR CRIMINAL THING. THIS MONTH THEY MUST HAVE PLANNED FOR A MASSIVE RAID ON OPTIONS EXPIRY WEEK AS IT LOOKS LIKE THE NUMBER OF SPREADER LIQUIDATION CAME IN AT 35,000.( THE PLAN WAS FOR BANKERS TO TRY AND COVER THEIR LOSSES AHEAD OF BASEL III WHICH STARTS JUNE 28). WE WILL NOT HAVE THE FINAL NUMBERS UNTIL NEXT FRIDAY’S COT REPORT BUT I AM SURE IT WILL BE VERY CLOSE TO THOSE NUMBERS. AS YOU CAN SEE THE CROOKS FAILED IN THEIR ATTEMPT.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:   868 CONTRACTS.

THE HUGE SIZED DECREASE IN COMEX OI CAME DESPITE OUR RISE IN PRICE  OF $6.85///COMEX GOLD TRADING//FRIDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR  SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG LOSS ON OUR TWO EXCHANGES OF 8635 CONTRACTS, ALBEIT THE ENTIRE LOSS DUE TO ADDITIONAL SPREADER LIDQUIDATION.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.73 TONNES BUT THAT FOLLOWED BY A GAIN OF 399,000 OZ ((1.2496 TONNES) DUE TO EFP MOVEMENTS OVER TO LONDON.  NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  71.066 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $6.85 WITH RESPECT TO FRIDAY’S TRADING

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

WE HAD A STRONG SIZED LOSS OF 8635 OI CONTRACTS (26.86 TONNES) ON OUR TWO EXCHANGES…WITH ALL OF THE LOSS DUE TO ADDITIONAL SPREADER LIQUIDATION

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1471 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 1417  ALL OTHER MONTHS ZERO//TOTAL: 1471 The NEW COMEX OI for the gold complex rests at 496,238. 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 HUGE SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8635 CONTRACTS:  10,106 CONTRACTS INCREASED AT THE COMEX AND 1417 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 8635 CONTRACTS OF 26.86 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1471) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (9238 OI): TOTAL LOSS IN THE TWO EXCHANGES:  8635CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION!, ADDITIONAL SPREADER LIQUIDATION, AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 69.730 TONNES, BUT FOLLOWED BY A 399,000 OZ QUEUE JUMPING ATTHE COMEX LONDON//NEW COMEX TOTALS 71.006 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) HUGE COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING THURSDAY//$6.85!!.

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

JUNE

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 1,471, CONTRACTS OR 1,471,000 oz OR 4.575 TONNES (1 TRADING DAY(S) AND THUS AVERAGING: 1471 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES: 4.575 TONNES

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

THUS EFP TRANSFERS REPRESENTS 4.575/3550 x 100% TONNES =0.12% 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:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      4.575 TONNES

 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG SIZED 1106 CONTRACTS FROM 182,334 DOWN TO 181,224 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 675 CONTRACTS

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

 JUNE: 0, JULY 675: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  675 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 1106 CONTRACTS AND ADD TO THE 675 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A SMALL SIZED LOSS OF 431 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.155 MILLION  OZ, OCCURRED WITH OUR $0.08 GAIN IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 9.29 PTS OR 0.26%   //Hang Sang CLOSED UP 316.20 PTS OR 1.08%      /The Nikkei closed DOWN 45.74 pts or 2.10%  //Australia’s all ordinaires CLOSED DOWN 0.20%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3838 /Oil DOWN TO 68.22 dollars per barrel for WTI and 70.83 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3838. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3843   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

i

 

 
 
 
 
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 HUMONGOUS SIZED 10,106 CONTRACTS TO 496,238 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 HUGE COMEX DECREASE OCCURRED DESPITE OUR GAIN OF $6.85 IN GOLD PRICING FRIDAY’S COMEX TRADING. UNBEKNOWNST TO BE WAS THE FACT THAT THE CROOKED BANKERS HAD ANOTHER 10,000 SPREADER CONTRACTS TO BE RELEASED ON THE LAST DAY. NORMALLY WE HAVE AROUND 22,000- 24,000 SPREADERS THAT LIQUIDATE ON ANY GIVEN ACTIVE MONTH.  THIS MONTH WAS IN EXCESS OF 35,000. (WE WILL KNOW THE EXACT COUNT FOR SURE WHEN THEY RELEASE THE NEXT COT REPORT NEXT FRIDAY) THE PLAN OF COURSE WAS TO BURY THE PRICE OF GOLD BEFORE BASEL III STEPPED INTO THE SPOTLIGHT, JUNE 29.  THE CROOKS FAILED MISERABLY AS THE GOOD GUYS WERE WAITING FOR THIS AMBUSH AND DEFEATED THEM ROYALLY WITH THEIR LONG PURCHASES.WE ALSO HAD A SMALL EFP ISSUANCE (1471 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

 

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

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  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 1471 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 1471 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1471  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 STRONG SIZED  8635  TOTAL CONTRACTS IN THAT 1471 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE SIZED COMEX OI OF 10,106 CONTRACTS, ALBEIT ALL OF THEM SPREADERS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (71.066) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $6.85)., AND  WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF ,7768 CONTRACTS WITH THE ENTIRE LOSS ATTRIBUTED TO THE LAST REMNANTS OF SPREAD LIQUIDATION.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 26.86 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (71.066 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 868 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 8635 CONTRACTS OR  863,500 OZ OR  28.86  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:  496,238 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.62 MILLION OZ/32,150 OZ PER TONNE =  1543 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1543/2200 OR 70.15% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:285,081contracts// volume / extremely poor /4 days   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  210,002 contracts// –fair 

// //most of our traders have left for London

 

JUNE 2 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
2121.96 OZ
Brinks
 
66 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz  
Deposits to the Customer Inventory, in oz
nil OZ
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
3486  notice(s)
 
348,600 OZ
(10.84 TONNES
No of oz to be served (notices)
6663 contracts
 666300oz)
 
20.62 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
16,185 notices
1,618,500 OZ
50.342 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 0 deposit into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: nil  oz
 
 
 
 
 
 
We had 1 withdrawals….
 
i) Out of Brinks: 2121.96 oz (66 kilobars)
 
 
 
 
 
 
total withdrawals 2121.96 oz
 
a net: .066 tonnes leaves the comex
 
 
 
 
 
 
 
 

We had  1  kilobar transactions (2 out of 3 transactions)

ADJUSTMENTS  2// customer  to  dealer

i)JPMorgan;  54,978.210 oz (1710 kilobars)

ii) dealer to customer:  Manfra; 56,780.829 oz

 

 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 10,119 CONTRACTS for a LOSS of 12,300 contracts. We had 12,699 notices filed on Friday, so we GAINED 399  contracts or an additional 39,900 oz(1.24 TONNES)  will stand for delivery in this very active delivery month of June. Very unusual: in the preliminary numbers we lost contracts but that was changed in the final numbers for a gain as additional longs decided to try for metal over here.

 

 
 
 
 
JULY LOST 106 CONTRACTS TO STAND AT 2286.
 
AUGUST GAINED A SMALL 702 CONTRACTS UP TO 401,052. (BECAUSE THE SPREADERS LIQUIDATED THERE WAS NO APPRECIABLE ROLLS TO AUGUST.

We had 3486 notice(s) filed today for 348,600  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  912 notices were issued from their client or customer account. The total of all issuance by all participants equates to 3,486  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 663 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 925  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month, we take the total number of notices filed so far for the month (16,185) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE:  10,119 CONTRACTS ) minus the number of notices served upon today 3,486 x 100 oz per contract equals 2,284,800 OZ OR 71.066 TONNES) the number of ounces standing in this active month of JUNE

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

No of notices filed so far (16,185) x 100 oz+  10,119)  OI for the front month minus the number of notices served upon today (3486} x 100 oz} which equals 2,284,800 oz standing OR 71.066 TONNES in this  active delivery month of MAY.

We gained surprisingly a huge 399 contracts or an additional 39900 oz will stand for metal over on this side of the pond. We will now witness from this day forth an increase in gold tonnage standing 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

276,177.249, oz  JPM  8.59 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 502.96 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 71.066 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,342,987.530 oz or 570.54 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
 
thus:
 
registered gold that can be used to settle upon: 16,170,058.0 (502,96 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,170,058.0 (502.96 tonnes)
 
total eligible gold: 16,223,894.892 oz   (504.63 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,566,882.423 oz or 1,075.17 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  948.83 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

 

 
 
JUNE 1/2021
 
 

 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//June

June. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
96,920.860 oz
 
 
 
 
int
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
597,308.500 oz
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
987,149.284 oz
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
huge amounts will leave on Tuesday
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
145
 
CONTRACT(S)
(725,000 OZ)
 
No of oz to be served (notices)
189 contracts
 (945,000 oz)
Total monthly oz silver served (contracts)  2176 contracts

 

10,880,000 oz)

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

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into HSBC:  597,308.500 oz
 
 
 
 
 
 
 

JPMorgan now has 187.007 million oz of  total silver inventory or 52.86% of all official comex silver. (187.007 million/353.572 million

total customer deposits today 987,149.284   oz

we had 1 withdrawals

i) out of

 

iOut of Int. Delaware 96,920.860 oz

 
 
 
 
 

total withdrawals  96,920.860   oz

 
 

adjustments// 1 dealer to customer 

i0 Manfra: 465,818.910 oz

 
 
 
 

Total dealer(registered) silver: 110.750 million oz

total registered and eligible silver:  353.572 million oz

a net 0.500 million oz ENTERS the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE FELL IN CONTRACTS BY 1888 CONTRACTS DOWN TO 334. WE HAD 2031 NOTICES SERVED ON FRIDAY SO WE GAINED A HUGE 143 CONTRACTS OR 715,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE AS QUEUE JUMPING BY OUR BANKERS RETURNED IN EARNEST (AFTER AN HIATUS OF A COUPLE OF MONTHS) LOOKING FOR SILVER METAL ON THIS SIDE OF THE POND.
 
 
 
 
 

July GAINED 296 contracts UP to 143,572 contracts

AUGUST GAINED ITS INITIAL 5 CONTRACTS TO STAND AT 5

SEPTEMBER GAINED 222 CONTRACTS UP TO 18,612

 
No of notices filed today: 145 CONTRACTS for 10,155,000 oz
 

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at  2176 x 5,000 oz = 10,880,000 oz to which we add the difference between the open interest for the front month of JUNE (334) and the number of notices served upon today 145 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2176 (notices served so far) x 5000 oz + OI for front month of JUNE (334)  – number of notices served upon today (145) x 5000 oz of silver standing for the Jan contract month .equals 11,825,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 715,000 additional oz standing in June as they refused to morph into London based forwards.

 

 

TODAY’S ESTIMATED SILVER VOLUME  110,228 CONTRACTS // volume strong// 

 

FOR YESTERDAY 73,388  ,CONFIRMED VOLUME/ fair//

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.21% (JUNE 1/2021)

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 -0.21% nav   (JUNE 1

/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!)

JUNE 1/WITH GOLD UP $0.10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1043.21  TONNES

MAY 28/WITH GOLD UP $6.85 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/; A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 1043.21 TONNES

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:

 

JUNE 1 / GLD INVENTORY 1043.21 tonnes

LAST;  1066 TRADING DAYS:   +118341 TONNES HAVE BEEN ADDED THE GLD

LAST 965 TRADING DAYS// +  292863 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!)

JUNE 1//WITH SILVER UP 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 28/WITH SILVER UP 8 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

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 DEPOSIT OF 1.114 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 573.188 MILLION OZ.

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

JUNE 1/2021
576.673 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

 
END

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

Gold’s Middle Finger To Lying Currencies

 
TUESDAY, JUN 01, 2021 – 02:05 PM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

Sensationalism, like central bankers and policy makers, has many faces, views and voices.

This may explain why so many want to hold their ears, hug their knees and beg the heavens for a beacon of guiding light amidst a 24/7 fog of info-cycle pablum masquerading as information.

Facts in a Fog of Sensationalism

With so many opposing ideas, movements, policies, parties, and personalities buzzing galvanically for attention, dollars or votes (in a world rightly or wrongly brought to its pandemic-accelerated knees), it’s becoming increasingly difficult to believe anything or anyone.

And this is likely because just about everything and everyone (from defective Fed chairmen to defecting royal princes and politicized prompt readers) has become, well—sensationalized.

Yet perhaps perspectives like mine are no exception. The title of my 2020 best-selling Amazon book on global markets, “Rigged to Fail,” sure sounds sensational, doesn’t it?

Was it just another doom & gloom scare-book with a catchy title for profitable “info-tainment”? Just another sensational voice joining the choir of omni-present crazy?

I’ll admit it’s a fair question.

But what if…

What if… these markets truly are rigged, and what if they (and economies) truly do fail? What if the evidence, rather than just the title, of that multi-chaptered observation is objective rather than, well…sensational?

Cynics (and I’m one of them) could say I’m plugging a book or exploiting a meme.

Fair enough.

But facts are stubborn things, and as Goethe wrote long ago: Some books are meant to show off what an author thinks he knows, while others (thankfully) are simply meant to be useful.

Something Useful

As for the open secret on the Wall Street I’ve known, it was no mystery to any of us Bloomberg jockeys that the Federal Reserve (like all the major central—and private—banks of similar ilk) were not-so immaculately conceived to serve themselves rather than transparently heed the real economy or the average Joe or Jane.

And rather than just declare this “sensationally,” I put page after page after page of facts, figures and embarrassing biographies (from Nelson Aldrich to Larry Summers, Richard Nixon to Alan Greenspan) to objectively reveal the same.

As for the far fewer paragraphs below, let’s look at further (and factual) evidence of this “rigged to fail” characterization.

Let’s look beyond what I’ve already written elsewhere about price-fixing COMEX markets, fake inflation reporting, openly fraudulent Fed counterfeiting or just plain cancerous derivatives trading.

Instead, let’s focus on one simple, albeit “sensational,” fact, viz: That the global monetary system in general, and the fiat currency in your pocket in particular, is indeed “rigged to fail.”

Pretending at Exceptional

The U.S. dollar with its mighty history, symbolic shape and laudable backing by the “full faith and credit” of the U.S. Treasury is not the store of value it pretends to be.

Needless to say, that dollar is certainly important to the alleged “Annuit Coeptis” (God-favored?) of the leadership in DC and the “Prima Mea” (me first) ambitions of Wall Street.

In short, the USD is the sacred cow (rather than golden calf, post-Nixon) of power itself; it’s literally what keeps these two mythical prongs (money and politics) of so-called American exceptionalism going.

Thus, if power loves the dollar, then power will attack anything (from Bitcoin to gold coins) that gets in its increasingly discredited/debased way.

In the last 100+ years since insider bankers invented the privately-managed Fed (and in the last 50 years since Nixon neutered the Greenback), Uncle Sam’s favorite central bank and its spoiled (and complicit) nephews on Wall Street have done a masterful job of pretending the dollar still has power, despite the fact that the dollar index has fallen from 1000 in the “roaring 20’s” to just 37 today.

That’s a fact, not sensationalism.

In just the last year of unlimited QE, that same Fed has created more fake digital dollars than all the trillions of previously and “quantitatively eased” dollars it mouse-clicked out of thin air in the QE1-QE4 of era 2009-2014.

That’s a fact, not sensationalism.

Of course, creating more dollars is the very definition of inflation, but that same Fed says it has inflation under control, despite a rigged CPI scale that literally no one respects and an M2 money supply now parabolically surpassing the $20T marker and rising.

Thus, if you want to buy anything today or tomorrow, it’s gonna cost you a lot more inflated dollars than Powell will admit, despite a carefully-hidden urban CPI that literally screams “Uh-oh” for the dollar and “hell yes” for inflation.

That’s a fact, not sensationalism.

Running Uphill in Roller Skates

Inflation, moreover, is an open and obvious tax on capital which discourages investing; it literally eats away at market returns, for even if stocks can rise with inflation, their inflation-adjusted returns are ultimately as impotent as the dollars which measure them.

Investors chasing historically over-priced stocks to beat inflation (or seeking historically negative bond yields to hide from volatility) are doing nothing more than running uphill in roller skates.

They are counting their rich returns with increasingly poorer dollars.

That’s a fact, not sensationalism.

And with all these inflationary facts and dollar debasing realities now before us, even the players who rigged this game are running out of lies, excuses or false narratives to keep their retail and loyal servants in line.

In short, the loyal are becoming less loyal.

Pension Funds Slowly Abandoning a Rigged Ship

The Fed’s playbook of fiduciary form over insider-substance, of course, has been adopted by all the other central banks of the world

Pension funds, for example, like commercial banks and their Private Wealth Management arms (or the financial-advisory-industrial complex which serve beneath and within them) have always towed the line of their central banks and Wall Street “advisors.”

For such rigged players, it was an unspoken truth to play along, invest as a pack, think as a pack, advise as pack, get richer as pack, and when things blow up, blame something other than themselves as a pack.

And to be fully and safely embraced by such a pack, it was equally understood not to invest in anything that threatened Wall Street’s plan or their sacred world-reserve currency—the mighty dollar.

Of course, the one asset which threatened the U.S. dollar (and hence the pack) more than anything was that old barbaric relic: Gold.

For decades, pension fund investment policy statements literally forbid allocations to this dangerous, dollar-threatening asset.

No one would or could touch it. The big funds bowed to their master.

In the meantime, that “master” completely (yet with just enough complexity to keep the masses unaware or bored) rigged the uber-levered COMEX market to keep a permanent boot (and short) to the neck of gold’s paper price, thus artificially preventing this precious metal from naturally humiliating the not-so-precious dollar.

I know. I was there.

But as the above inflationary facts and graphs (including an annualized CPI surpassing 4% and a PPI surpassing 6%) reveal, it’s getting harder and harder for those colluding members of the consensus pack to keep towing the Wall Street line.

Even the most loyal servants of this rigged casino can’t ignore a global bond market now openly bloated to $120T in size, $90T of which is saturated with unpayable sovereign bonds–of which $20T are negative yielding.

Not even the COVID “excuse” works anymore in a world drowning in over $280T of global debt paid with fake money.

Pre-COVID, $4 bought us $1 of GDP; today it buys far less.

Since March of last year, macro conditions have become so bad that pack thinking—and pack loyalty—began to shift.

In short, fund managers can’t ignore that currency debasement has now reached extreme levels, 5X the depth seen post Lehman.

Neither can they ignore the fact that commodity price inflation is at double-digits.

Those are facts, not sensationalism.

In other words, there’s going to be less and less whistling past the graveyard of rising inflation and currency debasement by pension fund managers.

The servants are questioning the master.

In such a monstrously and historically unprecedented backdrop of monetary expansion and price distorted risk assets, the once-faithful are catching on to the fact that they’ll need to start thinking seriously about tail risk and inflation hedging.

Imagine that?

This means that beautifully scarce ($10T) little corner of the commodity market known as gold can no longer be ignored, banned or downplayed by the master or its servants.

That’s a fact, not sensationalism.

A Revolutionary Middle Finger

Unbeknownst to the Wall Street media or the advisor down the street, for example, a once all-too-pack-loyal Dutch pension fund for a local chemical company (DSM) has just become the latest institutional player (following the Ohio Police and Fire fund) to break ranks with its consensus-think Wall Street master.

In 2020, DSM made a 5% allocation to gold—and even better, to physical gold in a vault rather than paper gold in a levered ETF…

This may seem like a small story, but given the nature of the rigged “pack” discussed above, such an institutional move is nothing short of revolutionary.

The allocation made by DSM represents an open middle finger to the openly debased U.S. dollar in particular and an increasingly discredited Wall Street narrative in general.

Of course, such brave middle fingers aren’t easy to wield in this rigged game.

Believe it or not, a humble little fund for glass manufacturers in that same country tried to make a 13% allocation to gold after Wall Street’s not-so-sacred Lehman imploded in 2008.

Unfortunately, these farsighted glass makers were then approached by the Dutch Central Bank (loyal to its global pack) and were literally forced to reduce their allocation from 13% down to 3% gold.

That’s a fact, not sensationalism.

But going forward, more pension funds are likely to leave the old fold and lift their middle fingers.

The World Gold Council recently revealed that upwards of 30% of UK-based pension funds are considering breaking ranks with consensus and turning toward this “barbaric relic.”

That’s a fact, not sensationalism.

This slow, but revolutionary mutiny by pension funds is a direct threat to the rigged system and the dying dollar.

Although the kind of repressive tactics used in the past by the Dutch Central Bank to curb gold enthusiasm and fund allocations in 2009 may seem like outliers, they nevertheless reveal the extraordinary level of fear the rigged-players have for gold.

Again: Rising institutional gold demand is the ultimate indicator of the rising failure of the international (fiat) monetary system.

In other words, the Master’s plan is failing, and they’re having an impossible time admitting this. Instead, they are doubling down on more fantasy and more controls.

As to such rigged controls, I wrote earlier this year of the hidden-in-plain-sight moves by international governments to guarantee the loans of commercial banks.

This subtle (yet desperate) policy move is a warning sign that governments will seek greater and greater control over how banks and institutions spend their money.

Needless to say, those controls will be unfavorable to commercial banks otherwise seeking to invest in the anti-dollar that is gold.

Again, this is because this precious metal is the natural enemy to an unnatural and rigged-to-fail currency game.

Fortunately, individual investors, at least for now, won’t be under such capital controls.  Currently, the global policy makers’ focus is on trying (and failing) to quell gold’s institutional demand.

Inevitably, however, central banks and their currency system will finally fail from an abundance of un-hidable bad data and lack of monetary faith—something impossible to time.

That’s a fact, not sensationalism.

Change is Coming

In the interim, the same central banks will eventually act to quash even retail demand for gold by outpricing this asset once inflationary conditions get too absurd to control or publicly downplay.

The players to this rigged game may be corrupt but they aren’t stupid. They may hate gold in public, but they own a lot of it in private.

In a rigged game, it’s all about the house controlling the casino.

That is, failed policy makers recognize that once faith in the global fiat system implodes, as it will, whatever new SDR or Digital Central Bank Currency (DCBC) the IMF, BIS and other rigged players impose upon us in the inevitable “re-set” to come, the new “digital solution” will have zero credibility unless it includes some form of recalibration to a much higher-priced gold.

That’s why countries like Russia and China and central banks around the world are playing the long game and buying gold today at artificially repressed prices; but once those prices multiply, the retail investor could be easily priced out of this rising asset.  

Rigged or not, the smart money knows gold follows 1) the broad increase in the money supply per capita and 2) increasingly negative real rates.

As inflation and money supply rises naturally from smoking money printers, and as governments repress rates via monetized yield control, the setting for inflation to outpace yields is clear, which means the path ahead for gold is equally so.

Thus, if you still think today’s rising gold price is too high, you ain’t seen nothing yet.

That’s a fact, not sensationalism.

OR

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

LAWRIE WILLIAMS: Australian Q1 gold output falls, but still closing on China

According to most observers, the world’s top three gold producers are China, Russia and Australia, although differences in reporting production data means that it is uncertain which nation takes second place behind China. Also China’s production decline is almost certainly leading to either Australia or Russia closing the gap on the World No.1 – and whether global gold output has indeed peaked.

The latest figures out of Melbourne-based specialist gold consultancy Surbiton Associates don’t actually help clarify the overall position, although they do suggest that both Australian and Chinese gold production was sharply down in Q1, perhaps confirming that peak gold is already with us. Given the world is still reeling from the impact of the COVID-19 virus pandemic, one wonders if any apparent turndown in global gold production this year will only be temporary, or permanent. Suffice it to say that at this stage it is probably too early to tell, or if China’s position as world No.1 gold producer is under threat from its would-be usurpers. Probably not this year, but in the medium to long term who knows? The Surbiton figures do suggest that 2021 may indeed see a decline in total global gold output, and even if figures do recover in 2022, the overall trend remains flat to downwards.

Surbiton notes that Australia’s gold production in the March quarter this year was a little more than 74 tonnes. This is almost nine tonnes, or eleven per cent less than for the December 2020 quarter. The March quarter is usually the weakest of the year, but even so the reported figure is about 3 tonnes down on the equivalent quarter in 2020. As an Australian domestic consultancy, and one that specialises in gold, Surbiton’s figures tend to be accurate and probably the most reliable available.

“While gold output for the quarter was down considerably, this is no cause for concern,” said Dr Sandra Close, a Surbiton director. “Production was about three tonnes or four per cent less than the corresponding March 2020 quarter and such variations are not uncommon.”

The January-March quarter is the shortest quarter of the year and usually has the lowest quarterly production. Also, early in the year output is often affected by cyclonic weather in northern Australia, although, according to Surbiton, fortunately the impact was less this year than is often the case.

Dr Close noted in respect of the other leading national gold producers, that according to the China Gold Association, Chinese gold production in the March 2021 quarter totaled only 74.44 tonnes. This was only about 5,000 ounces more than Australia’s production. The quarter’s output in China was reported to be some nine per cent less than a year earlier, due to dislocations caused by the COVID-19 epidemic and by tightening environmental regulations. The latter have negatively impacted Chinese gold output for several years now and have led to Chinese production falling, while that in several other top producing nations – notably in Australia and Russia – has been trending higher.

Russian gold output is also reported as having fallen by around 4% in Q1 with the nation’s gold mines being affected by COVID-19 control measures and by seasonal factors. However, in our opinion Russia has the better chance of taking the global No.1 gold production slot than Australia, but probably not until towards the end of the decade, when it brings production on stream from the massive Sukhoi Log deposit – probably the world’s largest undeveloped gold resource. Australia is primarily a producer from smaller deposits and we are not aware of any mega-deposit yet to be developed in the sub Continent.

“While the majority of local operations treated less ore in the latest three-month period, overall the fact that the gold price remained favourable assisted many producers’ bottom lines,” Dr Close said. “The first quarter’s production was worth some A$5.5 billion at the average gold price for the period.”

“Chinese production figures need to be treated with caution,” Dr Close also commented. “Australia may even be on the way to overtaking China as the world’s largest gold producer but it is far too early to draw any real conclusions.” She also warned that, production figures from Russia (the other main contender for the world No.1 gold producer crown also need to be treated with caution. Various sources give different figures for Russian gold output and also it appears that recycled gold from scrap is sometimes added to mine production, thereby boosting the total output figure.

In Q1 in Australia “Just Fosterville, Tropicana and Boddington together accounted for a reduction in output of 116,000 ounces, or 3.6 tonnes of gold, which was more than one third of the total reduction for the March 2021 quarter, “Dr Close said. There were however some small increases as new small mines came on stream including Novo Resources’ Beaton’s Creek, Tribune and Rand’s share of production from the East Kundana joint venture and Ora Banda’s new mine at Davyhurst near Kalgoorlie. Newcrest’s Telfer operation also increased output in Q1.

“Novo and Ora Banda will increase output as they ramp up to full capacity over the next few months”, Dr Close said. “Also, Capricorn Metals’ Karlawinda is due to start up mid-year and Wiluna Mines’ expansion project is underway.”

“Thanks to higher gold prices in the last couple of years, the gold sector has continued to raise considerable capital and there is a tremendous amount of exploration going on, with excellent results being reported,” Dr Close said. “The chances of Australia’s gold output declining sharply in the next few years is unlikely.”

Australia’s largest gold producers for the March 2021 quarter were:

Cadia East, 179,546 oz (Newcrest)

Boddington, 152,000 oz (Newmont)

Tanami, 117,000 oz (Newmont)

Kalgoorlie Super Pit, 111,278 oz (Northern Star)

Fosterville, 108,679 oz (Kirkland Lake Gold)

01 Jun 2021

-END-

or

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

A good one:  The huge increase in money supply growth which leads to inflation is now coupled with cheap gold/silver metal and commodity mining stocks

Dave Kranzler/IRD)

Dave Kranzler: Money supply growth + inflation = cheap gold, silver, and mining stocks

 

 

 Section: Daily Dispatches

 

By Dave Kranzler
Investment Research Dynamics, Denver
Friday, May 28, 2021

“April 2021 money supply and monetary base growth continued to explode.”

— John Williams, Shadowstats.com

Williams is referencing the “base” monetary aggregates, which are compiled monthly. The Fed’s balance sheet grows by the week, hitting $7.922 trillion as of May 19. It has doubled plus another 13% since September 2019, when “QE” was restarted.

The Fed has been printing money and buying Treasuries and mortgages at rate than the assumed $120 billion per month. But the mainstream media fails to report that the policy statement reads “at least $120 billion per month.”

The rate of growth in the money supply is unprecedented. It showed up first in the financial markets: stocks, bonds, and housing prices. (Yes, because most homes are purchased using a high loan-to-value mortgage, homes can be considered financial assets.) Now the devaluation of the dollar is showing up — uncontrollably — as price inflation across goods and services.

It’s ludicrous for the Fed to promote the idea that the spike up consumer prices is “transitory.” …

… For the remainder of the commentary:

https://investmentresearchdynamics.com/money-supply-growth-inflation-cheap-gold-silver-mining-stocks/

 

END

As reported to you on Friday, the uSA Mint postpones coin orders and now fully admits a silver shortage

(zerohedge

U.S. Mint postpones coin order acceptance, admits silver shortage

 

 

 Section: Daily Dispatches

 

From the United States Mint, Washington, D.C.
via Facebook.com
Friday, May 23, 2021

https://www.facebook.com/UnitedStatesMint/photos/a.331791684458/10159719548979459

The United States Mint is committed to providing the best possible online experience to its customers. 

The global silver shortage has driven demand for many of our bullion and numismatic products to record heights. This level of demand is felt most acutely by the Mint during the initial product release of numismatic items.

Most recently in the pre-order window for 2021 Morgan Dollar with Carson City privy mark (21XC) and New Orleans privy mark (21XD), the extraordinary volume of web traffic caused significant numbers of Mint customers to experience website anomalies that resulted in their inability to complete transactions.

In the interest of properly rectifying the situation, the Mint is postponing the pre-order windows for the remaining 2021 Morgan and Peace silver dollars that were originally scheduled for June 1 (Morgan Dollars struck at Denver (21XG) and San Francisco (21XF)) and June 7 (Morgan Dollar struck at Philadelphia (21XE) and the Peace Dollar (21XH)). 

While inconvenient to many, this deliberate delay will give the Mint the time necessary to obtain web traffic management tools to enhance the user experience. 

As the demand for silver remains greater than the supply, the reality is such that not everyone will be able to purchase a coin. However, we are confident that during the postponement, we will be able to greatly improve on our ability to deliver the utmost positive U.S. Mint experience that our customers deserve. We will announce revised pre-order launch dates as soon as possible.

END

The following is a very interesting read as the C Powell discusses FOFOA’ dissertation that the BIS implementation of Basel iii will proceed on schedule and cause the rise in the price of gold although the rise at the beginning will not be as large as we thought

Maybe an anti-U.S. and anti-dollar faction is running the BIS now

 

 

 Section: Daily Dispatches

 

11:43p ET Sunday, May 30, 2021

Dear Friend of GATA and Gold:

Among the many analytical reports arguing that economic fundamentals are such that the gold price should rise sharply, the annual “In Gold We Trust” reports by Incrementum AG in Liechtenstein always have provided the most supporting documentation. The one published last week is no exception:

https://gata.org/node/21183

Meanwhile virtually alone GATA long has been stuck with the less happy work of explaining why the gold price has not been heeding the fundamentals, not rising sharply, and not reflecting the grotesquely inflationary and unstable monetary conditions.

But the new “In Gold We Trust” report does include something by way of explanation. It is a long commentary by the third anonymous participant in the “Friend of Another” series of commentaries that began two decades ago at the old (and much missed) USAGold.com Forum.

The first two participants, “Another” and “Friend of Another,” seemed intimately familiar with central banking’s involvement with gold. There was much speculation that “Another” was indeed a European central banker himself or very close to European central bankers. The third participant in the series, “Friend of Friend of Another,” seems to be a student of the first two and now is operating his own proprietary internet site of gold market analysis.

Ordinarily GATA avoids anonymous commentary as unreliable, but such commentary sometimes can provide valuable insights, and since Incrementum is taking responsibility for the new analysis from “FOFOA” and since this analysis is packed with historical detail, it can be heartily recommended to you. It’s posted here:

https://fofoa.blogspot.com/2021/05/fofoa-in-new-igwt-report.html

The “Another” series long acknowledged that the gold price was heavily manipulated by central banks and particularly by their underwriting of “paper” gold, the creation of vast imaginary supplies of gold for purposes of price suppression — but also that eventually gold would break out and become “Freegold” with a spectacularly higher price, eliminating any need for leverage to the price by those anticipating that price suppression could not go on forever. 

Now, with seemingly imminent implementation of the “Basel 3” banking regulations recommended by the Bank for International Settlements and the desperate protest of the London Bullion Market Association and World Gold Council that “Basel 3” will destroy both “paper” gold and the LBMA itself, gold advocates are getting hopeful that Liberation Day will come this summer.

Maybe it will. Apart from simple exhaustion of the physical supply of metal available under price suppression — the cause of the collapse of the previous mechanism of price suppression, London Gold Pool, in March 1968 — it is possible to imagine price suppression being overthrown by the BIS. That is, while the BIS continues to act as a gold broker and intervenor for all its major members, including the United States, whose intervention has aimed to protect the U.S. dollar’s status as the world reserve currency, the BIS also represents all other major central banks, and their interests may be quite opposed to indefinite and unquestioning support of the dollar and U.S. imperialism.

For example, the BIS lately may be following a course sought by an anti-U.S. and anti-United Kingdom bloc consisting of the European Union, China, and Russia, entities lately on the wrong side of U.S. and U.K. policy. Maybe this bloc is advancing the “Basel 3” regulations to knock the U.S. and the dollar down while reliquefying themselves with a higher value for their gold reserves, as the U.S. economists Paul Brodsky and Lee Quaintance speculated was underway even nine years ago:

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

Unlike the International Monetary Fund, which is entirely a U.S. creation and over which the U.S. exercises veto power, the BIS has much more freedom of action. The “Another” group long has construed the BIS to be pro-gold, despite its assisting U.S.-instigated interventions against gold.  

We’ll see, and maybe soon — or maybe not. Read the “FOFOA” analysis from Incrementum and see what you think.

While the GATA gang persists in what many consider to be a quixotic crusade because we think that gold price suppression is the overarching injustice in the world and thus the world’s most important issue — the undemocratic control of the valuation of all capital, labor, goods, and services for the benefit of the few — after 22 years we would enjoy not just victory over the evildoers but also the freedom to take up another line of similarly disparaged work — maybe UFOs, the Loch Ness Monster, Bigfoot, or the search for Atlantis. Even a few weeks off might be nice.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

As presented to you:  Chinese raise banks FX requirements trying to rein in the high value of the yuan\

 

Reuters/GATA)

China raises banks’ FX requirements to rein in yuan

 

 

 Section: Daily Dispatches

 

From Reuters
Sunday, May 30, 2021

SHANGHAI — China’s central bank has directed financial institutions to hold more foreign exchange in reserve, a move that analysts say could help temper a rally in the yuan after the currency hit a three-year high against the dollar on Monday.

The People’s Bank of China said it will raise the FX reserve requirement ratio for financial institutions to 7% from 5%, from June 15. The increase will make it more expensive for banks to hold dollars.

Banks in China have about $1 trillion in foreign currency deposits, some of which are unconverted export receipts and investment flows. Analysts said the rise would force banks to freeze more of those dollars, slowing the yuan’s pace of appreciation by deterring dollar inflows in the longer term.

“The aim is to tighten foreign currency liquidity, raise foreign currency interest rates, so as to ease the yuan’s appreciationary pressure,” said Shuang Ding, head of Greater China economic research at Standard Chartered. …

… For the remainder of the report:

https://www.reuters.com/article/china-yuan/update-1-china-officials-talk-down-buoyant-yuan-as-basket-hits-5-year-high-idUSL2N2NI03B

END

A good read but Hugo does not get the full gist of what will happen on June 28.  The key document is Tom Luongo’s latest paper

(Hugo Salinas Price//gata)

Hugo Salinas Price: On June 28 the BIS caves in to Russia and China

 

 

 Section: Daily Dispatches

 

6:22p Monday, May 31 2021

Dear Friend of GATA and Gold:

Hugo Salinas Price of the Mexican Civic Association for Silver speculates today that Russian President Vladimir Putin belatedly called off an important speech in April because he was to have announced a link between the ruble and gold and this frightened the Bank for International Settlements, which has its own plans for reforming the gold market. 

Salinas Price’s commentary is headlined “June 28: Bank for International Settlements Caves in to Russia and China” and it’s posted at the association’s internet site, Plata.com.mx, here:

http://www.plata.com.mx/enUS/More/414?idioma=2

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

Other gold/silver related stories

INFLATION WATCH

High inflation is upon us as we witness huge spikes in prices of commodities

(Hendrickson/Mises)

The Worst-Kept Secret in America: High Inflation Is Back

 
MONDAY, MAY 31, 2021 – 10:10 AM

Authored by Mark Hendrickson via The Mises Institute,

To most people, “inflation” signifies widespread rising prices. Economists have long argued, as a matter of technical accuracy, that “inflation” denotes an increasing money supply. Frankly, though, most people don’t care what happens to the supply of money, but they care a lot about the prices they pay, so I’ll focus primarily on the numerous rapidly rising prices Americans are paying today.

Following are several examples of the current inflation:

Corn, soybeans, and wheat have been trading at multi-year highs, with corn having risen from around $3.80 per bushel in January 2020 to approximately $6.75 now. Chicken wings are at all-time record highs. It is getting more expensive to eat.

Copper prices have risen to an all-time highSteel, too, recently traded at prices 35% above the previous all-time set in 2008. Perhaps most famously, the price of lumber has nearly quadrupled since the beginning of 2020 and has nearly doubled just since January.

Naturally, with raw materials prices soaring, prices of manufactured goods are jumping, too. That is especially noticeable in the housing market, where the median price of existing homes rose to $329,100 in March—a whopping 17.2% increase from a year earlier.

The cost of driving is soaring, too.

According to J.D. Power, cited in The Wall Street Journal, the average used car price has risen 16.7% and new car prices have risen 9.6% since January.

So, are you depressed yet? Perhaps you can take some comfort in Uncle Sam’s official price indexes where the price increases seem (at least at first glance) less jarringBut remember that the most commonly cited inflation indicator, the Consumer Price Index (CPI), is computed on the basis of a mythical “urban basket of goods” that often bears little relation to what you and I actually buy. The CPI, excluding food and energy, rose “only” 0.9% in March. That doesn’t sound like much, but it was the biggest one-month increase since 1981 when, for those of you too young to remember, annual inflation was 10.32%. As for the Producer Price Index (PPI), which generally precedes increases in consumer prices, it is increasing at the highest rate since 2010, according to the Department of Labor.

The Federal Reserve (Fed) has assured the public that the current inflation is transitory and that they have it under control. I don’t know the future any more than Fed officials do, but I do not share their confidence. I am skeptical because: first, the Fed since its inception has had a terrible track record accomplishing any of the tasks assigned to it by Congress; second, it’s impossible for the Fed or any other entity to control millions of prices and therefore to control the rate of inflation (to believe otherwise is a central planner’s conceit).

Tragically, the Fed has been trying for years to boost inflation to 2% annually. How bizarre that our central bank would deliberately strive to reduce the value of our money. At 2% per year, money loses half its purchasing power in 35 years. That would be half of your nest egg, Millennials!

Today’s inflation is already problematical. A higher cost of living falls hardest on the poorest Americans. Given the present uncertainty about future prices, numerous businesses are struggling to determine how much to produce, and thus are more likely to over-produce or under-produce. Furthermore, if inflation causes foreigners to lose confidence in the dollar, there could be an exodus from the dollar that could end its status as the principal global reserve currency, thereby triggering an even steeper decline in the dollar’s purchasing power.

The quantity of dollars already has risen 32.9% in the last 17 months (mostly due to the federal government’s mind-boggling spending binge). It’s possible that we have passed a tipping point where prolonged inflation higher than the hoped-for and already-objectionable 2% is unavoidable.

Hang on tight, folks. We could be in for a rough ride in the months ahead.

Your early TUESDAY 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 6.3838 /

//OFFSHORE YUAN:  6.3845   /shanghai bourse CLOSED UP 9.29 PTS OR 0.26% 

HANG SANG CLOSED UP 316.20 PTS OR 1.08%  

2. Nikkei closed DOWN 45.74 PTS OR 0.16%

3. Europe stocks  ALL GREEN

 

USA dollar index  DOWN TO 89.82/Euro FALLS TO 1.2221

3b Japan 10 year bond yield: RISES TO. +.080/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.64/ 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:: 68.22 and Brent: 70.83

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.18%/Italian 10 Yr bond yield DOWN to 0.88% /SPAIN 10 YR BOND YIELD DOWN TO 0.46%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.10: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.82

3k Gold at $1909.015 silver at: 28.30   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  DOWN 13/100 in roubles/dollar) 73.53

3m oil into the 68 dollar handle for WTI and 70 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 109.64 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 .8987 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0983 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 FALLING to 0.18%

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 1.618% early this morning. Thirty year rate at 2.299%

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

6.  TURKISH LIRA:  DOWN  TO 8.54.. DEADLY

World Stocks Hit Record As US Futures Jump, Oil Spikes Above $70

BY TYLER DURDEN
TUESDAY, JUN 01, 2021 – 07:54 AM

It turns out that Monday’s dip in futures was a low-volume headfake, and on Tuesday global markets hit a new record high as U.S. equity futures jumped, with spoos also approaching all time highs after markets shrugged off concerns about rising inflation and looked ahead to U.S. employment data later in the week. Brent rose above $70 to the highest since October 2018 as OPEC+ forecast a tightening global market before members meet to discuss production output today. At 715am, Emini futs were 4,226 up 24 points ot 0.58%; Dow futs were up 212 to 0.61% while Nasdaq futs rose 52 pts, up 0.38%.

MSCI’s broadest gauge of global stock markets rose 0.3% to a record high, led by broad gains across Europe’s leading indexes with the US looking at a solid green open. Here are some of the biggest U.S. movers today:

  • AMC Entertainment Holdings climbs 6.3% in premarket trading. The company issued 8.5m shares to Mudrick Capital Management for $230.5m to pursue acquisitions. The shares gained 116% last week amid the continuation of a retail-trading frenzy that has boosted the stock this year.
  • Cloudera rises 23% in premarket trading. Affiliates of KKR and Clayton Dubilier & Rice agreed to take Cloudera private in an all-cash transation that valued the company about about $5.3b.
  • Vertex Energy jumps about 30% in premarket trading, building on a rally after agreeing to buy an Alabama refinery from Shell for $75 million.

“Although global stocks are now around 20% above pre-pandemic highs, a combination of strong earnings growth and reasonable valuations relative to still-low bond yields points to further upside for stocks,” said Mark Haefele, chief investment officer, UBS Global Wealth Management.

Global stocks started the new month near record highs, underpinned by the recovery from the health crisis and ample liquidity. Still, the jump in commodities prices is stoking concerns that rising price pressures could prompt central banks to withdraw support earlier than anticipated. Traders are awaiting key American jobs data later in the week to help assess the path of the rebound.

“The inflation outlook is a risk because it is so unknown at the moment, and it will take a number of months to really get a true idea of whether we will see that inflation be persistently higher or not,” Kerry Craig, JPMorgan Asset Management global market strategist, said on Bloomberg TV.

In Europe, the Stoxx 600 Index gained 1.1%, rising to a new record high, led higher by cyclical shares, as data showed that euro-area factories are struggling to keep up with surging demand and joblessness in Germany fell. Italy’s FTSE MIB Index jumped to the highest level since 2008, while France’s benchmark CAC 40 Index climbs to highest level in more than 20 years, lifted by gains in companies including Total and ArcelorMittal.  The Stoxx 600 Basic Resources index rose as much as 3.6%, with miners buoyed by continued gains in metal prices. Gains were led by London-listed Rio Tinto, Anglo American, BHP and Glencore. Copper miners Antofagasta, KGHM and Boliden also higher and steel makers Evraz and Voestalpline gaining. Here are some of the biggest European movers today:

  • Hansa Biopharma shares climb as much as 15%, the most since July, after RBC raises its price target on the stock to SEK323 from SEK287 following new pricing information for kidney transplant drug Idefirix in Europe.
  • M&A Saatchi shares gain as much as 13%, the most since Feb. 26, after the ad agency says it sees earnings ahead of consensus, with Peel Hunt saying the firm’s trading update is “reassuring.”
  • Norwegian Air shares gain as much as 11% after SEB upgrades to buy from sell following recent share price drop, seeing a “newly born” company after the airline’s “harsh” restructuring process.
  • Biffa shares climb as much as 9.7% to a record following full-year earnings that beat analysts’ estimates. Investec concurs with the message coming from the earnings release about opportunities in a circular economy and a likely regulatory tailwind.
  • EssilorLuxottica shares rise as much as 1% as the company is pushing ahead with the sale of some optical retail businesses in Italy, the Netherlands and Belgium to meet antitrust requirements for its purchase of GrandVision, according to people familiar with the situation.
  • Nel shares slump as much as 8% after SpareBank 1 Markets downgrades to sell from buy with PT NOK8.5 vs NOK20.
  • Aryzta shares retreat as much as 7.4%, the most intraday since Dec. 21, on inflation worries after the Swiss baker said it will have to lift prices due to the higher cost of dairy ingredients, flour and packaging in the pandemic aftermath.
  • Sixt shares fall as much as 5.4%, the most since March 9. The vehicle-rental company’s shares are now trading at a significant valuation premium reflecting expectations of a “seamless” recovery in earnings, Berenberg says in a note, downgrading the stock to hold from buy.

Against a backdrop of a patchy recovery from covid, May eurozone inflation came in higher than expected at 2%, driven by rising energy costs, above the European Central Bank’s target of below but close to 2% – and with even higher levels expected later in the year. 

Euro zone manufacturing activity expanded at a record pace in May, according to the Tuesday PMI surveys which suggested growth would have been even faster without supply bottlenecks that have led to an unprecedented rise in input costs. IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) rose to 63.1 in May from April’s 62.9, above an initial 62.8 “flash” estimate and the highest reading since the survey began in June 1997. In the UK, the manufacturing PMI was revised down by 0.5pt in the final release but remained almost 4.5pt above the previous all-time high from 1994. The Italian and Spanish manufacturing PMIs both improved slightly ahead of expectations in May and reached post-1998 highs. The final set of manufacturing PMIs for May confirms the continued cyclical strength of manufacturing activity across Europe, with elevated future output expectations suggesting scope for continued growth in coming months. An index measuring output, which feeds into a composite PMI due on Thursday and is seen as a good guide to economic health, eased from April’s 63.2 to 62.2. Anything above 50 indicates growth.

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6% in a volatile trading day, with gains in consumer-discretionary and energy shares offsetting falls in the health-care and consumer-staple sectors; the index hit the highest in a month and taking total gains so far this year past 7% . South Korean stocks rose 0.6% after a jump in May exports, and Chinese stocks climbed 0.2% after data showing factory activity expanded at the fastest pace this year in May. China’s CSI 300 Index ended the day up 0.2% after falling as much as 1.2% as concern among foreign investors eased about Beijing’s move to slow the yuan’s rally. A gauge that tracks Chinese technology stocks in Hong Kong advance to the highest in a month, led by Kuaishou Technology and Meituan. The latter jumped for a second day in Hong Kong, and was one of the biggest boosts to the Asianstock benchmark, following Monday’s surge after it had better-than-expected earnings results. Thailand’s SET index was the biggest gainer in Asia, rising 1.6%, as the country approved stimulus measures worth 140 billion baht ($4.5 billion) to counter the impact from the nation’s biggest coronavirus outbreak yet. Korean stocks also rose after the trade ministry said exports surged the most since 1988 in May. The Asian gauge in May posted its first monthly outperformance against the S&P 500 Index since January. The broader MSCI Emerging Markets Index has also been on a tear, and is poised to close at its highest since Feb. 23. Indonesia was closed for a holiday

Chinese stocks ended Tuesday slightly higher, as foreign investors returned in afternoon trading with concerns easing over the impact of the central bank’s action to slow the yuan’s rally. The benchmark CSI 300 Index added 0.2% at the close, marking the fifth straight day with a move smaller than 1% after a jump of 3.2% a week ago. A subgauge of materials shares rebounded to lead the gains after losing 1.8% in the morning, with Hengli Petrochemical, Wanhua Chemical, Rongsheng Petrochemical and Hengyi Petrochemical among the best performers in the main index. Overseas investors resumed net buying onshore equities after selling in the morning session, picking up 1.1 billion yuan worth of stocks for the day. The inflows came after the People’s Bank of China announced on Monday that financial institutions would be required to hold more foreign currencies in reserve from June 15, in the first such hike since 2007. The central bank’s move will reduce the supply of dollars and other currencies onshore — putting pressure on the yuan to weaken. “The central bank’s policy could slow the pace of the yuan’s rally, but not the trend of its appreciation,” said Pei Xiaoyan, chairman of Shenzhen Qianhai Tonglu Capital Ltd. “The inflow will continue for sure,” he added, predicting the Shanghai Composite Index to climb to 4,000 points this year. The Shanghai Composite rose 0.3% to 3624.714 points, while the ChiNext slid 0.3%, the first drop in four sessions.

In Australia, the S&P/ASX 200 index closed 0.3% lower at 7,142.60, falling for a second day. Weakness in health and bank stocks nudged the gauge lower. Earlier, the Reserve Bank of Australia kept its key interest rate and three-year bond target unchanged. The best performer was Whitehaven, jumping to its highest since April 14. The biggest laggard was Blackmores, falling the most since April 23. In New Zealand, the S&P/NZX 50 index rose 1.2% to 12,462.47

In FX, the dollar was mixed against most of its Group-of-10 peers with Scandinavian currencies leading the advance and the euro swinging between gains and losses. Bunds were little changed after paring earlier losses even as inflation in the euro area climbed to the highest level in more than two years; Eurozone PMI manufacturing index rose to 63.1 in May, from 62.9 in April. The pound was the worst G-10 performer and retreated after hitting its strongest level in three years as concern over a new coronavirus strain outweighed bets on the U.K. economic recovery. Australia’s dollar was higher even as it trimmed gains after the Reserve Bank left rates unchanged and reiterated that inflation and wage gains are unlikely to be at the point where an interest-rate hike is needed until 2024.

In rates, Treasuries were re under pressure as Friday’s month-end bid fades from the market and S&P 500 futures exceed last week’s high. Treasury yields cheaper by nearly 2.5bp at ~1.62% in 10-year sector, cheapening 5s10s30s fly by 1.7bp and steepening 2s10s by ~2bp; bunds outperform by 2bp vs Treasuries, gilts by less than 1bp. During Asia session 10-year sector lagged on the curve on good volume, suggesting fresh selling pressures. There’s no Treasury coupon supply this week, and USD IG issuance is expected to be moderate during holiday-shortened week capped by May jobs report Friday. Germany’s 10-year Bund yield, meanwhile, was steady at around -0.18% with bond markets taking news of the surge in euro zone inflation in their stride. In Japan, the benchmark 10-year bond did not trade on Tuesday, the first time since June 2020 that such an occurrence took place. Trading activity in Japanese government bonds has waned of late, mirroring moves in global markets where yields have been confined to narrow ranges amid a lack of direction. The 10-year JGB yield traded at 0.08% on Monday.

In commodities, Brent crude futures climbed to the highest in more than two and a half years after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting. The glut built up during the pandemic has almost gone and stockpiles will slide rapidly in the second half, according to the OPEC+ assessment. The IEA wants it to boost output to put a lid on rising prices and said current policy will widen the supply-demand gap.

West Texas Intermediate rose as much as 3.2% from Friday’s close to $68.42 a barrel, while global benchmark Brent topped $70, a level it has failed to hold for a sustained period since 2019.

Commodities from iron ore to copper also pushed higher. Concerns about global inflation have driven gold up 8% this month to comfortably above $1,900, although the yellow metal gave up early session gains to last trade down 0.2% on the day

This week’s main event is Friday’s U.S. payrolls data, with markets looking for a signal from the Federal Reserve on when it will start tapering its bond-buying program. Median forecasts are that 650,000 jobs were added in May, but the outcome is uncertain following April’s unexpectedly weak 266,000 gain. Though U.S. inflation data last week was above estimates, another big miss on the jobs front would delay prospects for any wind-down of stimulus, analysts say. SocGen strategist Sebastien Galy said he expected the jobs data to come in below or in line with consensus, but, given low levels of equity volatility, markets were primed for a jump on higher-than-expected numbers. “We remain constructive on risk as we expect a disappointment on NFP (non-farm payrolls) but the equity volatility market is likely to reprice higher from its rather extreme lows,” he said in a note to clients. Also on deck – fresh manufacturing data for May will provide further clues on the state of the recovery. 

HP Enterprise and Zoom Video are among the companies due to report earnings today

Market Snapshot

  • S&P 500 futures up 0.33% to 4,216.25
  • STOXX Europe 600 +0.88% to 450.71
  • MXAP up 0.3% to 209.74
  • MXAPJ up 0.5% to 708.43
  • Nikkei down 0.2% to 28,814.34
  • Topix up 0.2% to 1,926.18
  • Hang Seng Index up 1.1% to 29,468.00
  • Shanghai Composite up 0.3% to 3,624.71
  • Sensex little changed at 51,903.80
  • Australia S&P/ASX 200 down 0.3% to 7,142.57
  • Kospi up 0.6% to 3,221.87
  • German 10Y yield rose 0.3 bps to 0.184%
  • Euro little changed at $1.2229
  • Brent Futures up 1.55% to $70.87/bbl
  • Gold spot up 0.26% to $1,911.91
  • U.S. Dollar Index little changed at 89.837

Top Overnight News from Bloomberg

  • China forced banks to hold more foreign currencies in reserve for the first time in more than a decade, its most substantial move yet to rein the surging yuan
  • U.K. house prices recorded double-digit growth for the first time since 2014 last month, as the nation’s booming market showed no signs of cooling
  • A Group of Seven meeting this week is unlikely to settle on a rate for a global minimum corporate tax, Japan’s Finance Minister Taro Aso said, sounding a note of caution before he and his counterparts gather in London
  • Asia’s manufacturing activity continued to advance in May, though at a slightly slower pace, despite flare-ups of Covid-19 around the region that could force some plants to close and weigh on sentiment
  • Euro-area factories are struggling to keep up with the economic recovery as orders rise faster than production, setting the bloc up for a summer spike in inflation
  • There is “no major obstacle” standing in the way of negotiations being held in Vienna to revive the 2015 nuclear agreement between Iran and world powers to lift sanctions, Government Spokesman Ali Rabiei says in press conference

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded mixed after lacking firm direction in the absence of a lead from the US owing to the Memorial Day holiday and amid tentativeness ahead of this week’s key events culminating with Friday’s US jobs numbers. ASX 200 (-0.3%) was lower as losses in healthcare and the top-weighted financial industry led the declines seen across most sectors and with risk appetite also subdued by prospects of an extension to the Victoria state lockdown. Furthermore, a slew of data releases failed to inspire as Building Approvals, Net Exports Contribution to GDP and Company Q1 Profits were all in contraction territory, despite mostly beating expectations. Nikkei 225 (-0.2%) failed to hold on to opening gains and retreated below the 29k level alongside currency-related pressure, although the KOSPI outperformed after trade data remained solid including a 45.6% jump in Exports. Hang Seng (+1.1%) and Shanghai Comp. (+0.3%) conformed to the mixed picture with the Hong Kong benchmark kept afloat by strength in tech as e-commerce platforms began the 618 Mid-Year shopping extravaganza with early record sales. However, the mainland continued to suffer from a firmer currency despite the PBoC’s attempt to curb the one-way bets on the CNY through an increase in the FX reserve requirement ratio, while marginally better than expected Chinese Caixin Manufacturing PMI data and the recent announcement to allow couples to have three children did little to help the broader market although provided some tailwinds for baby-related stocks. Finally, 10yr JGBs were flat with price action subdued after the BoJ maintained the amount and pace of its intended JGB purchases for June and with the central bank only in the market today for treasury bills.

Top Asian News

  • Malaysia Lockdown to Impact Growth, Deficit Targets, FM Says
  • Japan’s Much-Maligned Vaccine Campaign Quietly Gathers Speed
  • Hong Kong Calls on Banks to Push Staff to Get Vaccinated

Equities in Europe kicked off the session modestly in the green and thereafter extended gains (Euro Stoxx 50 +0.9%), with the Stoxx 600 notching another record high whilst the FTSE MIB revisits levels last seen in 2008. Overall, sentiment has been more constructive since APAC hours as UK and US players re-join trade following their respective domestic holidays, and with volumes looking less anaemic. US equity futures have also extended on modest broad-based gains, but upside is less pronounced vs peers across the pond as participants look ahead to a raft of Tier 1 data points this week kicking off with the ISM Manufacturing PMI later today – Note the Markit PMIs have widely been flagging inflationary pressures arising from supply chain complications and the rise in raw materials. The FTSE 100 (+1.2%) shrugged off yesterday’s lacklustre European performance as the rebound in base metals propels the miner-heavy index; meanwhile, the IBEX (-0.4%) lags amid losses in heavy-weight constituents. Sectors portray a more risk-on picture and pro-cyclical bias with the defensive peers towards the bottom of the pile. The Basic Resources sector outpaces its peers, closely followed by Autos and Oil & Gas. The Auto sector is buoyed by a string of constructive updates. Daimler (+2.7%) welcomes the settling of litigation with Nokia (+0.5%), whilst Volkswagen (+2.5%) cheers a potential battery unit IPO, and Stellantis (+1.6%) is bolstered by speculation that it may announce an entry into the EV battery market at an event on July 8th.

Top European News

  • AB Science Halted After Suspending Drug Trials on Heart Risk
  • Aryzta Shares Decline Amid Worries Over Raw-Material Prices
  • VW Nears Diesel-Damages Agreement With Former CEO, BI Says
  • Haldane: Half of U.K. Charities Are at Risk of Failing

In FX, the Aussie was elevated amidst a rise in iron ore prices and better than anticipated data, including building approvals, current account, net exports and gross company profits going into the RBA policy meeting, and only suffered a temporary setback on initial less hawkish than expected perceptions as all settings and guidance were left unchanged. However, its relatively rapid recovery owes more to the failings of the Buck as Aud/Usd rebounds firmly through 0.7750, but the Aud/Nzd cross remains anchored around 1.0650 in wake of last week’s recalibration to price in an earlier OCR hike by the RBNZ. Indeed, the Kiwi has also regained momentum vs its US peer to retest resistance and offers ahead of 0.7300 in advance of NZ Q1 terms of trade, while next up for the Aussie Q1 GDP. Elsewhere, the Pound also derived strength at the expense of its US counterpart, albeit with extra impetus from strong oil prices, Nationwide hpi and hawkish rhetoric via BoE’s Ramsden in the Guardian, though Cable came up against a barrier around 1.4250 and lost grip of the 1.4200 handle even before a downgrade to the final manufacturing PMI.

  • CAD/USD/NOK – Not a normal major grouping, but the Loonie and Norwegian Krona have the prop of crude in common, as WTI approaches Usd 68.50/brl and Brent touches Usd 71 awaiting JMMC/OPEC+ meetings from midday London time. Usd/Cad is straddling 1.2050 and Eur/Nok has retreated sharply from recent highs to probe 10.1000, but the Crown also taking advantage of the Euro’s fade more broadly. Meanwhile, Buck has bounced on the back of a corrective rebound in US Treasury yields ahead of the return of cash markets from Monday’s Memorial Day holiday, with the DXY just shy of a recovery high close to 90.000 within a 89.915-717 range and now looking towards the final Markit manufacturing PMI, ISM, Dallas Fed and Beige Book for some independent direction along with speeches from Fed’s Quarles and Brainard.
  • EUR/JPY/CHF – All off best levels vs the Dollar, as the Euro loses some traction from firm EGB yields irrespective of decent Eurozone manufacturing PMIs and data such as German jobs, Italian GDP, Eurozone inflation, and unemployment. Eur/Usd waned circa 1.2241 and hefty option interest at the 1.2275 strike (1.7 bn), while the Yen is pivoting 109.50 and Franc is hovering above 0.9000 in wake of an acceleration in Swiss retail sales, mixed GDP and a slight dip in the manufacturing PMI following latest comments from the SNB reiterating the need to keep monetary policy loose given the still highly valued Chf, albeit weaker recently.

In commodities, WTI and Brent front month futures have been extending on APAC gains throughout the European morning, with the former printing north of USD 68/bbl (vs low 66.41/bbl) and the latter grinding higher to earlier test USD 71/bbl to the upside (vs low 69.29/bbl). The energy market is eyeing a few moving parts alongside the overall risk profile across the market. Firstly, JCPOA talks are taking longer than anticipated, with some officials noting a potential spill-over into a sixth round of negotiations. However, Iran has reassured that the deal is not dead and could be inked by mid-to-late June. Secondly, OPEC+ producers are poised to meet at 13:30BST after the JMMC at 12:00BST. Members are expected to maintain current quotas, but Iranian supply will reportedly be high on the agenda. Analysts and some energy officials have suggested that Iranian and OPEC+ supply can be absorbed by the market heading into a less COVID-restricted summer period, with the US driving season also looming – Click here for a full primer. Elsewhere, spot gold and silver have been moving at the whim of the Buck but retain USD 1,900/oz and USD 28/oz statuses respectively, ahead of a risk-packed week. Turning to base metals, LME copper kicked off the week on the front-foot amid the subdued Buck, the risk appetite across markets and supply woes emanating from mine strikes at BHP’s most extensive Chilean operations. Finally, Dalian iron ore futures rose over 4% overnight as China’s top steelmaking city of Tangshan announced the easing of restrictions – although this comes against the backdrop of China cracking down on rising commodity prices.

US Event Calendar

  • 9:45am: May Markit US Manufacturing PMI, est. 61.5, prior 61.5
  • 10am: May ISM Employment, prior 55.1
    • May ISM Prices Paid, est. 89.0, prior 89.6
    • May ISM New Orders, prior 64.3
    • May ISM Manufacturing, est. 60.8, prior 60.7
  • 10am: April Construction Spending MoM, est. 0.5%, prior 0.2%
  • 10:30am: May Dallas Fed Manf. Activity, est. 36.2, prior 37.3

DB’s Jim Reid concludes the overnight wrap

Welcome back after the long weekend to readers in the UK and the US, and hope you had a restful break. For us in the UK it seemingly marked the arrival of summer after some very wet weeks in May, though much of my weekend was spent wandering through various furniture outlets as we look to fit out our next place. It was also the first time since the pandemic began that I ventured onto the tube and actually felt squashed, which shows that life does seem to be returning to some semblance of normality. Don’t just take my word for it though, as the data shows that the Saturday before last was the first time in over a year that tube usage was running at more than half of its pre-Covid levels. With stats like these you can tell I’m the life and soul of the party.

Given it’s the start of the month, we’ll shortly be releasing our performance review running through how various financial assets have fared in May and YTD. For the month overall, most of the key assets in our sample made gains in spite of increased concern regarding inflation risks, and commodities were one of the best-performing asset classes as they extended their YTD gains. However, it was a very different story for crypto-assets, with Bitcoin seeing a massive -35.4% slump in May as it came under the spotlight of the authorities. Full details in the report out shortly.

We’ll have to wait and see as to what June will bring, but markets in Asia have started the month on a mixed footing with the Nikkei (-0.35%) and Shanghai Comp (-0.11%) moving lower whilst the Hang Seng (+0.45%) and Kospi (+0.53%) have both risen. Over the long weekend, an important story from Asia was that the People’s Bank of China increased the reserve ratio for foreign exchange holdings at financial institutions to 7% from June 15, which is 2 percentage points higher than its current level. This follows a noticeable strengthening for the yuan over recent months that’s sent it to a 3-year high against the US dollar.

Otherwise overnight, the main news is that Brent crude oil prices have surpassed $70/bbl again after the OPEC+ group forecasted a tightening market with declining inventories, with the glut built up thanks to the pandemic nearly gone. Meanwhile US equity futures are pointing modestly higher, with those on the S&P 500 up +0.02%, and 10-year Treasury yields have also risen +2.0bps this morning to 1.615%.

Back to China, and another important headline from yesterday was the confirmation by the official Xinhua News Agency that all couples would be allowed to have three children, which marks an easing of the current two-child restriction. This comes against the backdrop of a noticeable decline in the birth rate in recent years, and the latest census release in May showed that population growth over the last decade was the slowest since data collection began in 1953. Furthermore, the UN’s population forecasts show that by the end of the decade, China is expected to have fallen behind India as the world’s most populous country.

Over in Europe, equities slipped back amidst thin trading volumes as they awaited the coming week’s data releases. The STOXX 600 ended the session down -0.49%, ending a run of 7 successive gains, though the index’s performance was cushioned by the fact UK markets were closed, and France’s CAC 40 (-0.57%) and Germany’s DAX (-0.64%) saw larger declines. For sovereign bond markets it was a pretty uniform story across the continent, with yields on 10yr bunds (-0.5bps), OATs (-0.5bps) and BTPs (-0.4bps) all moving slightly lower.

Turning to the week ahead now, the calendar will begin to pick up again following a quieter couple of weeks just gone, and this will mark the start of an eventful period as we get an array of important data releases (including the US CPI release in 9 days’ time) along with the next big round of central bank meetings. In terms of this shortened week ahead, the main highlight will be the US jobs report for May on Friday, which will give us a fresh perspective on the state of the recovery there, but on top of that we’ve also got the release of the May PMIs from around the world (starting today), along with the Euro Area’s flash CPI reading for May (also today), which will be an important one as investors stay focused on signs of building price pressures throughout the global economy.

Starting with the US jobs report, last month we saw nonfarm payrolls significantly underwhelm expectations with just a +266k increase, contrary to the consensus expectation for a +1m gain, while the previous month also saw downward revisions. This raised fears among investors that the US could be experiencing labour shortages and supply-chain constraints, but positive data since then like the weekly initial jobless claims have raised hopes that this was just a blip rather than a trend, and that we might start to see the “string” of positive releases that Chair Powell alluded to that would show progress towards the Fed’s goals. However our economists are expecting a bounceback in May, with a rise in nonfarm payrolls of +800k, which in turn would see the unemployment rate decline to a post-pandemic low of 5.9%. They note that it’s also worth bearing in mind some of the distributional variables that the Federal Reserve are tracking, in addition to the main numbers, as they seek to achieve their maximum employment objective.

Ahead of that, today will offer some more clues on how global economic momentum is faring into Q2 as we get the release of the manufacturing PMIs from around the world, before the services and composite numbers come out on Thursday. Overnight we’ve already had some of the numbers out of Asia, with China’s May Caixin manufacturing PMI printing in line with consensus at 52 while Japan’s final manufacturing PMI also printed 0.5pts stronger than the flash reading at 53.0 . Similarly, Australia’s final manufacturing PMI also pointed towards manufacturing strength and printed up +0.5pts from the flash at 60.4. Later on we’ll also get the numbers from Europe and the US, though the flash PMIs we’ve already got were generally strong, with the Euro Area composite PMI at a 3-year high of 56.9, while the US composite PMI was at a record high of 68.1 since the series started in 2009.

Finally on the data front, we’ll get the Euro Area flash CPI release for May later today, which will be in focus given the upside surprise in the US reading. We’ve actually already got the readings for the biggest countries, with Germany reporting a rise in their harmonised index of consumer prices yesterday to +2.4% in May (vs. +2.3% expected), which is the fastest rate of inflation since October 2018. For the Euro Area as a whole, our economists are looking for a +1.8% year-on-year print, which would be the fastest since November 2018.

Another event that could potentially be of interest this week is the meeting of G7 finance ministers in London on Friday into Saturday. They already had a virtual meeting with central bank governors last Friday, and speculation has been increasing that they could be close to reaching an agreement on the corporate taxation of multinationals that would see a global minimum corporate tax imposed. Indeed, Reuters reported that “sources close to Friday’s talks” were saying that a deal on the tax issue could be reached as soon as this week. This could in turn pave the way for it to be signed off by G7 leaders when they gather for their own summit the following week.

Of course, the pandemic will continue to remain in the spotlight over the week ahead as the world continues to grapple with renewed outbreaks. Starting with the good news, the picture at the global level does appear to be brightening of late, with data from John Hopkins University showing that cases rose by +3.66m in the week ending May 28, which is the 4th consecutive weekly decline and down by more than a third compared to 4 weeks ago. Within that a number of countries are seeing major progress, with US cases rising at their slowest level in nearly a year and the numbers in India continuing to fall, albeit from still elevated levels. Nevertheless there remain a number of signs of concern. Here in the UK the number of cases has started to rise again, which comes amidst the spread of the Indian variant, and has led to rising questions as to whether the easing of restrictions on June 21 will be able to go ahead. Separately over the weekend, health officials in Vietnam reported a new variant that combines characteristics of the variants initially discovered in India and the UK, and the country’s health minister said it was more transmissible than previous versions. Meanwhile the surge in cases in Argentina has seen the Copa America football tournament moved to Brazil instead.

Given the UK and the US were both out yesterday, we’ll finish with our usual recap of the week just gone, which saw an incredibly positive performance for markets across all the major asset classes. Risk appetite was strong, supported by further signs of improvement regarding Covid-19, as well as the fact that investors remained relaxed for now about inflation risks. And in turn, this helped equities advance to fresh highs, with the STOXX 600 up +1.02% to a new record (though it’s since come down yesterday), while the S&P 500 was up +1.16% to close less than 1% away from its all-time high in early May. Cyclical sectors led the moves higher along with small-cap stocks, and the Russell 2000 saw an even bigger +2.42% rise over the week.

Otherwise sovereign bonds made gains as well, with yields on 10yr Treasuries down -2.7bps to 1.594%, as part of a decline that was entirely driven by lower real rates (-2.8bps) rather than inflation expectations (+0.1bps). And European sovereign debt had an even more positive performance, with yields on 10-year bunds seeing a -5.3bps decline as part of their largest weekly decline so far this year. Finally we saw another rise in commodity prices after two weeks of decline, with Brent Crude (+4.80%), WTI (+4.31%) and copper prices (+4.04%) all moving higher.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 9.29 PTS OR 0.26%   //Hang Sang CLOSED UP 316.20 PTS OR 1.08%      /The Nikkei closed DOWN 45.74 pts or 2.10%  //Australia’s all ordinaires CLOSED DOWN 0.20%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3838 /Oil DOWN TO 68.22 dollars per barrel for WTI and 70.83 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3838. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3843   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

USA lifts restrictions on South Korea’s missile program.

(zerohedge)

“Hostile Policy” To Trigger Arms Race: N.Korea Blasts US Lifting Restrictions On South’s Missile Program

 
MONDAY, MAY 31, 2021 – 11:30 AM

North Korea has blasted what it’s calling a “hostile policy” in the wake of the Biden White House lifting restrictions on South Korea’s ballistic missile program, which is now authorized to develop missiles capable of traveling beyond prior limitations

During a May 21 US-South Korea summit the US side announced Seoul is now free to pursue missiles with unlimited ranges, but the statement out of a Pyongyang official said this will inevitably lead to an “acute and instable situation”, according to the Associated Press. Previously the US imposed a limit of a 500 mile range (800km) on the south’s missiles on concerns of a regional arms race. 

AP notes of the Monday statements of condemnation, however, that they come from an individual state media commentator – identified as Kim Myong Chol (said to have been a close associate of the late Kim Jong-il)- and not necessarily from a government entity itself.

“The termination step is a stark reminder of the U.S. hostile policy toward (North Korea) and its shameful double-dealing,” he said according to the official Korean Central News Agency. “It is engrossed in confrontation despite its lip-service to dialogue.”

“The U.S. is mistaken, however. It is a serious blunder for it to pressurize (North Korea) by creating asymmetric imbalance in and around the Korean Peninsula as this may lead to the acute and instable situation on the Korean Peninsula now technically at war,” the commentator added.

Kim further accused the US and South precisely of attempting to stoke an arms race in lifting the range restrictions on ballistic missiles, which the policy was designed to prevent. Monday’s reaction out of state media is the first significant response in the wake of the South Korean ballistic missile program policy change. 

All of this follows the Biden administration saying that it does not imagine any “grand bargain” on the horizon with Kim Jong Un – in contrast to the Trump administration’s ambitious pursuits involving historic face-to-face meetings with the North Korean leader.

END

b) REPORT ON JAPAN

JAPAN

Japan extends state of emergency//support for canceling Olympics rises

(zerohedge)

Japan Extends State Of Emergency As Support For Canceling Olympics Rises

 
FRIDAY, MAY 28, 2021 – 06:40 PM

As demands to cancel the Tokyo Olympics intensify, Japan on Friday extended a state of emergency in Tokyo and eight other prefectures until June 20 as hospitals struggle to handle a rise in COVID-sickened patients.

The state of emergency had previously been slated to end on May 31, but strains on the medical system are still too intense for Japanese officials to be entirely comfortable with the current situation. Japan has seen a record number of COVID patients in critical condition in recent days, even as the number of new infections has slowed. This has prompted worries about infectious new COVID “variants” spreading in the country with the start of the Olympics just a few weeks away.

“In Osaka and Tokyo, the flow of people is starting to creep up, and there are concerns that infections will rise,” Economy Minister Yasutoshi Nishimura, who also heads the country’s coronavirus countermeasures, said at the start of a meeting with experts.

The experts later approved the government proposal and PM Yoshihide Suga officially announced the extensions.

Japanese officials, Olympics organizers and the IOC have said the Games would go ahead withstrict virus-prevention measures. IOC’s senior official John Coates, who is overseeing the runup to the Games, said last week the Games were on whether or not the host city, Tokyo, is under a state of emergency at the time. Tokyo Gov. Yuriko Koike said at a regular press conference on Friday that another delay in the Olympics would be “difficult.”

The Tokyo 2020 Organizing Committee President Seiko Hashimoto told a news conference Friday that she had received pledges from India and five other countries to vaccinate all their Olympic athletes and delegates as a measure against a new variant that has emerged in India.

IOC President Thomas Bach has said 80% of the 10,500 athletes expected in Japan would be vaccinated and on Thursday urged Olympians to get their shots if they could. Delegates must also be tested before and after arrival.

International spectators will not be allowed for the Games but some 90K people including athletes and their delegations will be coming. No decision has been made yet on domestic fans and Tokyo 2020’s Hashimoto said the situation regarding the state of emergency would need to be taken into account.

But in a worrying sign for Japanese authorities, polls show a majority of Japanese want the Games either cancelled or postponed again, and even SoftBank’s Masayoshi Son, one of the country’s most visible business leaders, has spoken out in favor of delaying the Olympics.

Japan’s latest emergency steps, unlike stricter measures in many countries, have focused mainly on asking eateries that serve alcohol to close and those that don’t to shut down by 2000ET.

3 C CHINA

CHINA/EU

China scrambles to save EU investment after Xi hardline diplomacy backfires bigtime. Europe want China to stop its terrible treatment of  Muslims in North West China plus its release of the COVID 19

(zerohedge)

China Scrambles To Save EU Investment Deal After Xi’s Hardline Diplomacy “Backfires”

 
MONDAY, MAY 31, 2021 – 05:15 AM

Nikkei in recent analysis noted that President Xi has “lost Europe” after his “hardline diplomacy” clearly backfired – on display after over a week ago the China-EU investment deal was suspended in a politically and symbolically resounding vote by European Parliament which has effectively put it in a deep freeze. The mood in Beijing was widely reported as collective “shock” given the marathon years-long negotiations that preceded the deal which was only concluded in December.

Brussels had moved to freeze talks until Chinese sanctions against individual EU lawmakers and scholars are dropped. Beijing is now on a diplomatic offensive to save the deal, with a flurry of recent top level meetings aimed at maintaining support for keeping the Comprehensive Agreement on Investment (CAI) alive from Poland to Hungary to Serbia to France to Ireland.

Those prior sanctions on EU officials came in response to coordinated efforts led by the US and UK, and which brought in the EU, to call out and punish Beijing over its atrocious human rights record, particularly centering on Xinjiang and Uyghur Muslims. This despite it taking seven years of negotiations which wrapped up and finally materialized into a deal last December, just before Joe Biden took the White House. Many criticized at the time that China was being allowed to “rush” through the agreement, which would in the long-run compromise European security and sovereignty. 

And yet as Nikkei observes elsewhere“Enthusiasm for China has cooled in much of central and eastern Europe, leaving Beijing alarmed as human rights concerns and stalled investments push disillusioned partners toward the U.S.”

It took a mere few months for Beijing’s “win” to unravel in the tit-for-tat hostilities with the West, ultimately led by Washington. The May 20 European Parliament vote to suspend the CAI was a landslide and hugely symbolic collective souring on Beijing as a European “partner”: 599 votes in favor of freezing ratification and 30 votes against (with 58 abstentions).

Bloomberg also weighed in on this theme of Xi losing Europe after making deep inroads especially in Eastern Europe and the Balkans: “The investment pact had been seen as proof of both Europe’s independence from the U.S. and China’s ability to collaborate with American allies who adopted a more moderate approach.” The weekend reports underscored additionally: “Attitudes in several European capitals have grown less favorable toward China since the coronavirus outbreak fueled a range of diplomatic disputes.”

This past week Chinese foreign minister Wang Yi argued that a landmark seven years in the making investment deal should not be linked to what China sees as “separate issues”. 

“The investment agreement is not a one-sided favor; the Xinjiang-related issue bears on China’s sovereignty and security,” Wang told the Munich Security Conference on Tuesday in a remote call. “Attempts by some in the EU to link issues of different nature and turn trade issues into political ones are not acceptable and will lead nowhere,” he added, which appears a favored point of emphasis whether Beijing is addressing deteriorated relations and trade from Australia to the UK to Washington.

 
end
 
CHINA VS USA AND THE GLOBE
 
Currency wars return with China hiking its RRR ratios.  It will have no effect on the yuan
(zerohedge)

Currency Wars Return: China Hikes FX Reserve Ratio For First Time In 14 Years In Bid To Weaken Yuan

 
MONDAY, MAY 31, 2021 – 08:13 AM

The signs were clear last Thursday when China’s PBOC held an unexpected, improvised meeting with major forex market players after which the central bank published a vague if ominous-sounding statement that the yuan exchange rate “can’t be used as a tool to stimulate exports via depreciation nor to offset impact of rising commodity prices via appreciation.” While many had been looking in the rearview mirror, discussing the recent surge in the yuan, and speculating that the PBOC meeting was merely a warning from Beijing that the mercantilist nation (which in recent years has specialized in exporting deadly viruses in the pursuit of a grand reset) wouldn’t look too fondly on more appreciation…

… the reality is that the PBOC’s verbal jawboning against a stronger yuan (and by extension, against a weaker dollar) was a warning for more tangible action on Tuesday, when shortly after the offshore Yuan spiked above 6.36 a little after 4am ET, the PBOC unexpectedly announced that for the first time in 14 years, it would hike the required-reserve ratio on foreign currency deposits at financial institutions from 5% to 7% effective from June 15, in an attempt to slow the yuan’s appreciation, in line with official rhetoric.

This was the first FX RRR hike since May 2007, after its appreciation following yuan reform in 2005.

Banks will now have to hold extra dollars with the PBOC instead of making loans or selling the dollars for yuan in the interbank market, with the latter likely to pressure the PBOC to absorb it in the form of funds outstanding for foreign exchange. The central bank may be reluctant to do that in order to avoid explicit FX intervention and unnecessary yuan liquidity injections in exchange.

According to Bloomberg’s David Qu, “deploying a tool rarely used underscores the authorities’ determination to maintain yuan stability, a crucial factor for external trade. It signals the authorities are becoming less tolerant of yuan gains and have started to act, after verbal interventions.”

Predictably, the announcement hit the yuan, with the offshore yuan sliding from 6.355 to 6.375 before resuming its upward crawl…

… as traders realized that the RRR hike would have limited impact on the yuan’s exchange rate over the longer term, since it does not shift fundamental factors driving yuan strength, such as the difference in policy stances of the PBOC and the Federal Reserve, with China far tighter (for now).

Quantifying the move, Australia & New Zealand Banking Group head of Asia research Khoon Goh said that with total FX deposits at $1 trillion, banks will need to set aside an extra $20BN, which will tighten FX liquidity and prompt banks to buy dollars, weakening the yuan if not dramatically.  Which is why according to Goh, while the PBOC has sent a strong signal that it wants to slow down the pace of yuan appreciation by raising the FX reserve requirement, the actual impact of the move is likely to be small after the initial adjustment.

Meanwhile, banks will probably reduce USD interest rates they offer to offset the increased reserve requirement, pushing the yield advantage further in favor of yuan deposits. This may encourage corporates and households to convert existing FX deposits into yuan; exporters may also decide to convert more of their foreign currency receipts into yuan rather than hold them as FX deposits.

Commenting on the move, UBS FX strategist Rohit Arora said that the weekend commentary and the USD liquidity draining move was a signal of the PBOC’s discomfort with rising one-way yuan expectations.

“China’s cyclical support is peaking — so perhaps what’s looking like a one-way trend today will start looking different down the line when China growth is underperforming major DM economies.” And while UBS sees a possibility of a potential appreciation to low 6.20s in the near-term, the bank’s year-end forecast for USD/CNY is 6.40 with some downside risks.

“It’ll be a slow grind with sustained policy restraint”, said Arora adding that “while it might be tempting to believe that the elevated inflation may have catalyzed a policy shift, one week is too small a sample set to conclude a shift in a decades-long FX regime of a ‘managed float’.”

END
CHINA
With plunging demographics, China will now allow families to have up to 3 children
(zerohedge)
 

China Allows Families To Have Up To 3 Children Amid Dramatic Drop In Birth Rates

 
MONDAY, MAY 31, 2021 – 06:35 AM

As concerns about China’s looming population decline intensify (stoked by news that the country’s birthrate fell to its lowest level in 2020 since CCP record-keeping began in 1949), Chinese news agency Xinhua reported Monday morning that the Politburo has decided to allow couples to have up to three children.

It’s not clear when the policy will take effect, but the meeting focused on policy changes that could be implemented in the period between now and 2025, and also included other important changes, like a commitment to “prudently lift the retirement age in a phased manner,” according to Xinhua.

The decision to lift the maximum number of births is the biggest shakeup to the CCP’s notoriously strict family planning policies since the Party abolished China’s one-child policy back in 2015. But it’s not exactly a surprise: Internal dissatisfaction with the population growth rate had led to top party officials openly discussing the shortcomings of the two-child policy with western media, a sign that a major rethink was likely on its way, as we pointed out back in January.

Source: FT

Now, that rethink has arrived just as China’s all-important credit impulse has turned negative and concerns about GDP growth, which had already begun to slow even before the pandemic (remember 2019 saw the slowest growth in a decade), are prompting the Politburo to shake things up.

Additionally, it’s worth noting that the decision to allow couples to have up to three children comes just weeks after Beijing published the results of China’s latest census, which set off additional alarm bells that China’s working-age population was shrinking relative to the size of its retired population. The census showed that China reported only 12MM births last year, the lowest annual reading since 1961, and down 18% from 2019.

Here’s more on the decision, which was made Monday during a Politburo meeting presided over by President Xi Jingping, from Bloomberg News. The decision was made to help improve the “population’s structure,” according to a statement from Xinhua.

China will allow all couples to have a third child, a surprise move aimed at slowing the nation’s declining birthrate as risks to the economy’s long-term prospects mount because of a rapidly aging population.

In a meeting presided over by President Xi Jinping Monday, the Communist Party’s Politburo decided to ease the current two-child restriction, saying “allowing every couple to have three children and implementing related support policies will help improve the population’s structure,” according to a report by the official Xinhua News Agency. It wasn’t clear when the move would take effect, although the meeting discussed major policy measures to be implemented in the period to 2025.

China has been gradually reforming its stringent birth policy that for decades limited most families to only having a single child, with a second child allowed since 2016. However, that reform did little to reverse the declining birthrate and further relaxation of the limits is unlikely to lead to a sustained increase.

At 1.41 billion, China’s population is the biggest in the world, but increasingly economists worry that the “pandemic effect” will cause it to start shrinking before 2025 (it was previously thought that the decline would begin around 2030).

“The Politburo probably saw the latest census results and with all the public consensus about a change, it’s easier now to make a decision,” said Henry Wang, president of the Center for China and Globalization, a think-tank linked to China’s government. “They probably need some time before they completely drop” the birth restrictions, he said. “If this adjustment doesn’t help, then that would help them make a future decision,” he added.

Bloomberg’s Eric Zhu, a China-focused economist, said the new policy is “a step in the right direction but it’s not enough to head off an inevitable demographic drag on the economy. Other steps, including birth- and parenting-friendly policies and an increase in the pension age, are needed as quickly as possible if China stands a chance of slowing a looming decline in its workforce and crunch from an aging population.”

Demographers expect that even with a looser birth policy, China’s population will likely continue to shift as Chinese citizens embrace the trend toward smaller family sizes that has taken hold in North America and Europe. “For those people who are rich, relaxing the policy will encourage them to have more children but for the common citizens, like the middle class or even the lower class, they don’t have enough incentive to make use of this new policy,” said Vivian Zhan, an associate professor of Chinese politics at the Chinese University of Hong Kong.

Shares of companies producing baby formula and other childcare and fertility-related products and services jumped on the news. Milk formula maker Beingmate Co. Ltd. rose as much as 10% in Shenzhen, while fertility clinic service provider Jinxin Fertility Group Ltd. surged almost 24% in Hong Kong. Shares of French food maker Danone climbed as much as 1.6% in Europe.

Over the long term, China’s aging population will contribute to rising prices while growth sputters, unless the state commits to expanding pensions and committing more resources to caring for the elderly, while continuing to ensure growth in China’s industrial and high-tech sectors as well. Last time around, when China lifted the one-child policy in 2013, the country’s population growth accelerated mildly during the following years, but that bump quickly faded as the pressures of modern life increasingly make small families more practical.

end

CHINA/WUHAN LAB

And Biden still wants to deal with these guys?

(Watson/Summitnews)

Watch: Rand Paul, Pompeo Warn Wuhan Lab Still Running, Involved With Bioweapons

 
MONDAY, MAY 31, 2021 – 12:00 PM

Authored by Steve Watson via Summit News,

Over the weekend Senator Rand Paul and former CIA director and secretary of state Mike Pompeo both warned that the Wuhan Institute of Virology is still up and running, and that evidence points to involvement with the Chinese military in bioweapons research.

Appearing on Fox News, Paul told Jeanine Pirro that he is worried US funding is still being used by the lab to conduct biological warfare experiments.

“I’m very worried that this stuff still goes on and that the U.S. government’s been funding it,” Paul said, adding “We’ve got a lot of evidence pointing to this lab now,” as the origin of the virus outbreak.

Referring to the gain of function research with coronavirus that is known to have taken place in the lab, Paul warned “it’s making it more transmissible to humans and often times making it more deadly in humans.”

Last week, the Senate passed an amendment introduced by Paul that would permanently ban all funding of such research in China.

“We don’t know whether the pandemic started in a lab in Wuhan or evolved naturally,” said Paul in a statement.

It continues, “While many still deny funding gain-of-function research in Wuhan, experts believe otherwise. The passage of my amendment ensures that this never happens in the future. No taxpayer money should have ever been used to fund gain-of-function research in Wuhan, and now we permanently have put it to a stop.”

Dr. Anthony Fauci’s involvement in the funding of the research was further brought under scrutiny this weekend, with alleged comments from 2012 being highlighted by The Australian.

Fauci reportedly stated that experimenting on contagious viruses was worth the risk of a laboratory accident, such as a global pandemic, writing that “the benefits of such experiments and the resulting knowledge outweigh the risks.”

Meanwhile, Mike Pompeo warned that the Wuhan lab is engaged in military activity alongside civilian research.

“What I can say for sure is this: we know that they were engaged in efforts connected to the People’s Liberation Army inside of that laboratory, so military activity being performed alongside what they claimed was just good old civilian research,” Pompeo said on “Fox & Friends Weekend.” 

“They refuse to tell us what it was, they refuse to describe the nature of either of those, they refused to allow access to the World Health Organization when it tried to get in there, Pompeo urged.”

He continued, “I’ve known since spring of last year, 2020, when I first spoke about this that there is enormous evidence that this escaped from that laboratory in Wuhan.”

“We know there were people who got sick there, scientists who got sick there, we know they were doing the gain of function research — essentially taking viruses and making them more contagious, potentially more lethal, this administration has to get after this,” the former CIA head asserted.

“That virology lab is still up and running. It’s still probably conducting the same kinds of research it was conducting that may have well led to this virus escaping from that laboratory,” Pompeo further emphasised.

“Only the Chinese Communist Party knows the answer, the world deserves the answers and they have to tell us, I hope there will be bipartisan push to demand and hold accountable,” Pompeo urged.

The weekend saw yet more research emerge backing the lab leak theory, as British oncology professor Angus Dalgleish and Norwegian virologist scientist Dr. Birger Sørensen prepared to present their discovery of ‘unique fingerprints’ in COVID-19 samples that they say could only have arisen from manipulation in a laboratory.

Their study claims that Chinese scientists created COVID-19 in the Wuhan lab, then tried to cover their tracks by reverse-engineering versions of the virus to make it look like it evolved naturally from bats.

The scientists have said that they have struggled to get their work published in the past year, being dismissed as ‘conspiracy theorists’ until US intelligence findings brought the lab leak possibility back into the spotlight recently.

British intelligence also weighed in on the matter this weekend, with sources telling the press that the leak theory is feasible.

Reports from a year ago noted that senior intelligence sources suggested that most of the 17 agencies in the US believed the coronavirus came from a Chinese lab.

Other agencies and Intelligence figuresacross the globe are seriously considering the possibility of the lab leak, and have also called for the Wuhan lab to be investigated.

*  *  *

END

CHINA/CORONAVIRUS UPDATE/INDIAN VARIANT (B1.617)

The Indian variant known as B 1.617, has struck Guangzhou. . The new variant will be known by the Greek letter Kappa.

(zerohedge)

China Orders First Lockdown Since January As Indian Mutant Discovered In Guangzhou

 
MONDAY, MAY 31, 2021 – 03:30 PM

India’s second coronavirus wave finally crested during the month of May as the 7-day average declined steadily over the course of the month, while deaths remained stubbornly high until the second half. But even more than the numbers, the spread of a mutated COVID strain first discovered in India, a strain tagged with the handle B.1.617, has raised alarm as it spread around the world.

And now China is reacting to evidence of a recent cluster of cases caused by the Indian variant to further tighten China’s border between India and their mutual neighbors. After imposing a new border at the summit of Mt Everest ostensibly to keep climbers from Nepal, which has also seen a surge in cases attributed to spillover from India, from crossing over, a partial lockdown has been imposed in the Chinese city of Guangzhou, where the cluster of cases was discovered.

It has been months since China imposed the last partial lockdowns associated with COVID, which was put in place in January during an outbreak in and around the province of Hebei, which is near Beijing.

People leaving the city, which is also the provincial capital and has a population of more than 15MM, must test negative for the virus within 72 hours before their trip. Already, some 520 flights have been cancelled at Guangzhou Baiyun International Airport, one of the world’s busiest air travel hubs, as of 11:40 local time on Monday.

Earlier, authorities announced stay-at-home orders for residents of several streets in the city’s Liwan District, where the first infected patient was discovered on May 21. Chen Bin, the deputy chief of the provincial health commission, confirmed to Xinhua that all locally transmitted cases found in Guangzhou since May 21 had been linked to the B.1.617 Indian variant.

China has largely managed to contain the spread of COVID-19 since the outbreak began in Wuhan around December 2019. While cases have (officially) slowed to a crawl, scrutiny of the virus’s origins has intensified amid a growing body of evidence that the virus escaped from a lab in Wuhan, while geneticists are finding even more evidence that the vaccine was likely human-made, the result of “gain of function” research that Dr. Fauci and others have championed (Dr. Fauci even argued that the potential risks of a global pandemic are outweighed by the potential benefit to society) for years.

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Amazing after 16 months after which I highlighted to you Patient zero and one: former FDA Commissioner Scott Gottlieb is asking where are the CCP’s blood samples from the original three workers sickened by the virus/

(zerohedge)

‘Critical Evidence Needed’: Where Are The CCP’s Blood Samples From Sickened Wuhan Lab Workers?

 
MONDAY, MAY 31, 2021 – 01:30 PM

Former FDA Commissioner Scott Gottlieb has brought up a very interesting point regarding China’s unwillingness to share evidence with western investigators looking into the origins of the COVID-19 pandemic.

During a Sunday appearance on CBS News “Face the Nation,” Gottlieb noted that CCP scientists would have taken blood samples from three lab workers who were hospitalized with COVID-like symptoms in Dec. 2019 (one of whom’s wife likely died of the disease).

When asked if he believes whether the Chinese know where the pandemic came from, Gottlieb replied: “They would know the answer to the question because they would have blood samples from the workers in that lab.”

“And that’s the evidence that they haven’t made public,” he continued. “If, in fact, the blood samples show that a high prevalence of people in that lab have been exposed to this virus, that’s pretty definitive proof that this coursed through that lab. And they would also have the samples from the time that they were first drawn, which was the time when they had those illnesses. There’s no question that when they had an outbreak of an illness in that lab that they would have done routine blood sampling in that lab. That’s just normal controls in a lab of that quality. So they would have that information.

While China has denied that the three lab workers fell ill, the Daily Mailreported over the weekend that one Washington source said “US intelligence on the Wuhan researchers was collected in late 2019 in data-scraping from routine surveillance. It is thought to include tapped phone conversations, texts and emails.”

As the Daily Wire reports, Gottlieb also noted:

  • The ledger that suggests that this could have come out of a lab has continued to expand.”
  • “And the side of the ledger that suggests that this could have come from a zoonotic source, come out of nature, really hasn’t budged, and if anything, you can argue that that side of the ledger has contracted because we’ve done an exhaustive search for the so-called intermediate host, the animal that could have been host to this virus before it spread to humans. We have not found such an animal. We’ve also fully disproven the market, the food market that was initially implicated in the original outbreak as the source of the outbreak. And so that side of the ledger probably has shrunken, and China could provide evidence that would be exculpatory here. They could provide the blood samples from those who worked in the lab in Wuhan. They’ve refused to do that. They could provide the source strain, some of the original strains. They’ve refused to do that. They [could] provide access to some of the early samples that we could sequence. They could provide an inventory of what was in the lab, the Wuhan Institute of Virology, the lab that has been implicated in a potential lab leak. They have refused to do that.”
  • “These kinds of lab leaks happen all the time, actually.”
  • “In China, the last six known outbreaks of SARS-1 have been out of labs, including the last known outbreak, which was a pretty extensive outbreak that China initially wouldn’t disclose that it came out of lab. … it was only disclosed finally by some journalists who were able to trace that outbreak back to a laboratory.”

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4/EUROPEAN AFFAIRS

GERMANY/

Tom Luongo explains the upcoming election scenarios for us in Germany as Merkel is now out form the leadership

(Courtesy Tom Luongo)

Did The Greens Peak Too Soon In Germany?

 
TUESDAY, JUN 01, 2021 – 03:30 AM

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

For the past year the Green Party has surged in popularity, riding from what I can gather, a kind of anti-government wave coming from the left thanks to Angela Merkel’s continued mishandling of the COVID vaccination program and the exhaustion from multiple rounds of lockdowns.

Protests across Germany, under-reported in the news, have proliferated and the rise of the Greens can be seen as a kind of simple protest vote against the existing government, another of Merkel’s Grand Coalitions between her nominally center-right Christian Democratic Union (CDU) and the Social Democrats (SPD).

The SPD has lost considerable support over the term of this government and the Greens have been the beneficiary. I’ve talked about this previously and how Merkel uses the Greens as her whip hand in the Upper House, the Bundesrat, to push German policy along the vector set by her masters in Davos.

That’s resulted in both a loss of support for the CDU and the SPD nationally as the Greens have gained such that the electoral map in Germany is now functionally no better than the mess in Spain or Italy.

And from where I’m sitting this has always looked to be the plan.

The problem, however, is that after peaking nationally at nearly 28% earlier this year, Green support is coming back down to earth as people being listening sincerely to what they actually stand for.

They’ve become increasingly bellicose, supporting war in Ukraine to counter Russia as well as their silence recently over the conflict between Hamas and Israel. They’re led by interventionist and increasingly neoconservative people internally while trading on their pacifist roots. And that dichotomy is beginning to catch up with them apparently among German voters.

This is because the Greens, just like Merkel, are a wholly-owned subsidiary of The Davos Crowd’s agenda to make the world safe for communism and the Green New Deal, itself a 593-page piece of EU legislation that is bogged down in ideological infighting within the European Parliament as members there fight over typical things like the definitions of words and what is or is not ideologically pure enough.

It’s Jonathan Haidt’s “Elephant and the Rider” problem playing out at a policy level.

In a post for my Patrons back on March 23rd I said then that the biggest enemy of the Green New Deal is the Greens.

So much of the ‘culture war’ which is now turning into a Hobbesian “War of All Against All” is due to the spiraling of logic built on false premises, like man-made global warming, and amplifying from there.

W.B. Yeats called it a ‘widening gyre’ but that’s why the EU will never get its Green investment rules set in place and certainly not in time for the 2030 time frame. Remember, I think of the EU as the Western Oligarchs’ last attempt to colonize the world through regulatory dominance a la California.

The relentless talk of expanding the EU is all about bringing more countries under its regulatory rubric forcing more people to adhere to its standards which then increases the pressure on trade partners to do the same.

It’s California on Leninist Steroids.

And I still fear not the Green New Deal itself but the haphazard way it gets implemented once the lobbyists get a hold of it. It will be a horrifically bloated piece of rotting pork which the average, fiscally-conservative German voter knows they will ultimately have to pay for.

So, with that in mind and the Greens peaking in the polls four months out from the Bundestag elections, itself a zombie institution thanks to the Greens’ veto power in the Bundesrat thanks to Merkel, it is possible that we see a sharp U-turn in the polls by the time the election actually happens.

Why? State-level elections.

Next week state elections happen in the German State of Saxony-Anhalt. And the closer we get to this election, for the first time in months, German polling is interesting. Because the heretofore incompetent Alternate for Germany (AfD) has successfully placed themselves in the position to win that election making it very difficult for Merkel, the very definition of lame duck, to keep them out of the government there through backroom dealings.

It’s one thing when the CDU is the dominant vote-getter, but it’s another thing when after two election cycles in Saxony, AfD is denied a seat at the table when they have a stable 23-25% level of support which is surging as we get to election day.

In this way if AfD wins this election it will be a black eye to all the other parties if they again pull the same stunt as in the last round of elections, refusing to even talk with them. And this could be the thing that catalyzes real movement in the polls come October.

I still maintain that AfD has squandered its many chances this far to become the center-right standard bearer for the average German. They are still mired below the critical 16% Chasm nationally while the SPD have fallen into irrelevance. Recent polls have the national number rising off of post-Coronapocalypse lows. And the question now is whether they see this opportunity in front of them to put Davos’ agenda on its back foot at a critical juncture in European history and position themselves as the true anti-war, pro-German middle class party.

I’m not sanguine about this given its leadership’s history, but it bears watching as the split between the former East and West Germany politically widens. Davos is always pushing events to ensure weak leadership in key countries. And it looks to me that the situation in Germany is fluid in a way that could see their best plans compromised.

*  *  *

 

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

EUROPE/CHINA

Top diplomats travel to Beijing for talks as they try and salvage the EU investment deal

 

(zerohedge)

WORLD

 

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After the European Parliament halted ratification of the EU-China Comprehensive Agreement on Investment (CAI) last week, the foreign ministers of four European nations have accepted an invitation from Beijing in an attempt to salvage bilateral trade relations with the economic giant.

On Saturday, the chief diplomats from Serbia and from EU member states Ireland, Poland, and Hungary will visit Beijing and meet separately with Chinese Foreign Minister Wang Yi, ministry spokesperson Zhao Lijian told reporters.

Zhao described the four nations as “China’s important cooperation partners in Europe,” noting that during the visit they will discuss “bilateral relations, regional cooperation, China-Europe relations and other issues of common concern.”

“China hopes to enhance political mutual trust and deepen pragmatic cooperation with the above four countries through this visit, and jointly promote post-pandemic economic recovery, so as to inject new impetus to China’s relations with the four countries, and achieve comprehensive and balanced development of China-Europe relations,” he added.

The EP froze ratification of CAI, initially agreed to by negotiators in December after seven years of talks, after Beijing sanctioned 10 EU politicians as well as think tanks and diplomatic entities in March. Those sanctions were, in turn, in response to sanctions imposed against China by the US, EU, UK, and Canada over alleged human rights abuses in Xinjiang.

The deal was intended to put EU companies on an equal footing with their Chinese counterparts and solidify China’s status as a trading partner for the bloc.

EU lawmakers have said China must lift the sanctions if it wants the CAI to be ratified, but so far Beijing has not backed down on what it considers to be an internal matter, according to the South China Morning Post

Under US President Joe Biden and his predecessor, Donald Trump, the US has mounted both extensive diplomatic and economic pressure against Beijing over a variety of internal politics issues in China, including its handling of violent separatist groups in Hong Kong; the ongoing stalemate with Taiwan, which China considers a breakaway province; and the persistent threat of Muslim extremist groups in Xinjiang Autonomous Region who have carried out deadly terrorist attacks in the past.

Beijing has denied accusations it is engaged in ethnic cleansing or genocide against the Muslim Uyghur population in Xinjiang, noting that its rehabilitation and training programs for former extremists are voluntary and in line with the United Nations’ Plan of Action to Prevent Violent Extremism guidelines.

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RUSSIA/TURKEY/USA

USA pressuring Turkey to return S 400 defense missiles bought from Russia. Turkey wants the USA to eliminate sanctions. The West needs Turkey as its geological position in the world is essential 

(zerohedge)

US Still Pressing Turkey To ‘Return’ S-400 Missiles To Russia: “We Offered Alternatives”

 
SATURDAY, MAY 29, 2021 – 07:35 AM

Now least two years into the Turkey F-35 and S-400 crisis, the US appears desperate to end the inter-NATO rift which has not only seen Washington-Ankara relations hit their lowest point ever, but which has on the Turkish side been a major factor in pummeling the economy, including sending the lira spiraling lower over consecutive months. 

“We have offered alternatives to Turkey, they know exactly what to do if they want to get out from underneath these sanctions,” US Deputy Secretary of State Wendy Sherman told CNN Turk in an interview on Friday.

“I hope that we can find a way forward,” she said in statements which came as Sherman is in Ankara for the first such diplomatic trip to Turkey of a Biden official under his administration

Patriot system, US Army

“Turkey is well aware of the steps it needs to take,” Sherman continued in the televised remarks. “We have talked about ways to take them. And this will be a decision for Turkey to take.” 

No doubt this is a reference to the Trump admin’s efforts to push the US Army’s Patriot systems in place of the Russian S-400 anti-air missiles, long seen as capable of compromising US technological secrets connected with the F-35’s stealth and radar-evading technology (for which Turkey was cut out of the Lockheed F-35 program).

At this point of course Turkey has long had possession of the S-400, and has even successfully field tested it, thus it’s long a “done deal” – yet it’s reportedly not yet been activated in terms going fully operational. Sherman’s comments implied, however, Washington’s willingness to work with its uneasy NATO ally at “reversing” the S-400 implementation. 

“They still want Turkey to move the S-400 systems out of the country or return it,” a top Turkish official told Middle East Eye, while also emphasizing that Sherman has thus far not offered any “new” proposal or specific alternative (other than the aforementioned Patriot missiles. 

“Multiple Turkish officials said in the past that Ankara wasn’t considering the removal of the system from the country since it was a done deal and there was no turning back,” the MEE report continues.

Erdogan himself has for years been vehement in public statements that it’s ‘impossible’ for Turkey to reverse course. But as MEE notes, “However, Turkey has yet to fully activate the S-400 system, in order to prevent any escalation with Washington” – particularly in the form of expanded sanctions. 

 
 
 

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ISRAEL

Netanyahu a faces him being removed as opposition reaches a real to form a right wing government

(zerohedge)

Netanyahu Faces Shocking Ouster After Israeli Opposition Reaches Deal To Form Government

 
SUNDAY, MAY 30, 2021 – 05:36 PM

It’s the end of an era for Israeli politics as embattled prime minister Benjamin Netanyahu, the country’s longest serving leader, is facing a shocking ouster after the head of a small hard-line party on Sunday said he would try to form a unity government with Prime Minister Benjamin Netanyahu’s opponents, effectively ending Bibi’s 12-year rule.

In a nationwide address, Yamina party leader and Netanyahu’s former defense minister, Naftali Bennett said he had decided to join forces with the country’s opposition leader, Yair Lapid in a “unity government” whose “unified” goal has long been removing Netanyahu from office. The pair have until Wednesday to complete a deal in which they are expected to each serve two years as prime minister in a rotation deal.

“It’s my intention to do my utmost in order to form a national unity government along with my friend Yair Lapid, so that, God willing, together we can save the country from a tailspin and return Israel to its course,” Bennett said adding that “we could go to fifth elections, sixth elections, until our home falls upon us, or we could stop the madness and take responsibility.”

 

Naftali Bennett and Israeli Prime Minister Benjamin Netanyahu (right).

This coalition will have one week to finalize deals and then will face a vote in the Knesset. Lapid will inform President Reuven Rivlin of his ability to form a new government with his partners on Monday, according to reports.

A unity government would end the cycle of deadlock that has plunged the country into four inconclusive elections over the past two years. It also would end, at least for the time being, the record-setting tenure of Netanyahu, the most dominant figure in Israeli politics over the past three decades.

In his own televised statement, Netanyahu accused Bennett of betraying the Israeli right wing. He urged nationalist politicians who have joined the coalition talks not to establish what he called a “leftist government.”

“A government like this is a danger to the security of Israel, and is also a danger to the future of the state,” he said.  Netanyahu also took to twitter where he blasted his rivals and the coalition deal as the “scam of the century,” adding that recent conflicts with Hamas prove that Israel can not function with a “left-wing government.”`

“We just got out of a war, from a military operation, and it was clear, amid the battle, that it’s not possible to fight with Hamas from a left-wing government,” he said, proposing that they form a functioning “right-wing government for Israel” instead, although there is zero chance of that happening.

Bennett, a former Netanyahu aide turned rival, said he was taking the dramatic step to prevent yet another election. While sharing Netanyahu’s nationalist ideology, Bennett said there was no feasible way for the hard-line right wing to form a governing majority in parliament.

“A government like this will succeed only if we work together as a group,” he said, adding that everyone “will need to postpone fulfilling all their dreams. We will focus on what can be done, instead of fighting all day on what’s impossible.”

Each of the past four elections was seen as a referendum on Netanyahu — who has become a polarizing figure as he stands trial on corruption charges — with each ending in deadlock.

For Netanyahu the motive to remain Prime Minister is simpler: avoiding prison, and he is desperate to stay in power while he is on trial. He has used his office as a stage to rally support and lash out against police, prosecutors and the media. According to the AP, if his opponents fail to form a government and new elections are triggered, it would give him another chance at seeing the election of a parliament that is in favor of granting him immunity from prosecution. But if they succeed, he would find himself in the much weaker position of opposition leader and potentially find himself facing unrest in his Likud party, not to mention prison time.

In order to form a government, a party leader must secure the support of a 61-seat majority in parliament. Because no single party controls a majority on its own, coalitions are usually built with smaller partners. As leader of the largest party, Netanyahu was given the first opportunity by the country’s figurehead president to form a coalition. But he was unable to secure a majority with his traditional religious and nationalist allies.

Netanyahu even attempted to court a small Islamist Arab party but was thwarted by a small ultranationalist party with a racist anti-Arab agenda. Although Arabs make up some 20% of Israel’s population, an Arab party has never before sat in an Israeli coalition government.
After Netanyahu’s failure to form a government, Lapid was then given four weeks to cobble together a coalition. He has until Wednesday to complete the task.

Lapid already faced a difficult challenge, given the broad range of parties in the anti-Netanyahu bloc that have little in common. They include dovish left-wing parties, a pair of right-wing nationalist parties, including Bennett’s Yamina, and most likely the Islamist United Arab List.

Lapid’s task was made even more difficult after war broke out with Hamas militants in the Gaza Strip on May 10. His coalition talks were put on hold  during the 11 days of fighting. But with Wednesday’s deadline looming, negotiations have kicked into high gear. Lapid has reached coalition deals with three other parties so far. If he finalizes a deal with Bennett, the remaining partners are expected to quickly fall into place.

END

Possible prisoner exchange:  1111 Hamas prisoners, for two civilians captured.  However Friday Hamas calls for a day of Rage:

(zerohedge)

Hamas & Israel Prisoner Swap Being Discussed, But Friday “Day Of Rage” Looms

 
TUESDAY, JUN 01, 2021 – 01:43 PM

The ceasefire which took effect between Hamas and Israel on May 21 has successfully held now for nearly two weeks, also as PM Netanyahu appears to finally be out the door, and looks to further be leading to another significant potential detente between the warring sides. 

Hamas leader Yahya Sinwar teased a prisoner-exchange agreement in progress with Israel. “There is a real opportunity to achieve progress” on this, he announced after a Monday meeting with Egyptian intelligence chief Abbas Kamel. He said that “in the coming days we will be witnessing a dialogue in Cairo with the aim of reaching agreements on the issues at hand.”

“We are confident that we are able to extract our rights,” he told reporters in Gaza. “I want to tell you something. Remember the number 1,111. What are the details of this number? I can’t say at this moment. But you need to remember this number well,” he added, which was a likely reference to the number of Hamas militants or Palestinian prisoners the group is seeking the release of as part of the possible looming deal.

 

Via AFP/Getty

As for what Israel might receive in return, The Jerusalem Post notes it’s a likely reference to “two Israeli civilians and the bodies of two soldiers held by the Gaza-based terrorist group.”

This and other key elements of a lasting ceasefire are expected to be worked out in talks hosted in Cairo between Hamas, Islamic Jihad, and other Palestinian factions in order to “unify the Palestinian position,” according to Sinwar’s words. The issue of a major prisoner exchange has been sporadically negotiated for years but typically gets derailed before much progress can ever get off the ground.

Hamas is demanding that international aid toward reconstruction of the devastated Gaza Strip not be linked to the prisoner exchange issue. This after $500 million has been pledged for reconstruction by the Egyptian government under President Sisi.

However, despite this reported “progress” early this week, there are signs that things could easily unravel, with Hamas now calling for a Palestinian “Day of Rage” to begin Friday.

The Times of Israel details of the Hamas statements:

The Hamas terror group urged Palestinians to hold a “Day of Rage” on Friday in order to confront what it called “settlers’ aggression” and the “storming of the Al-Aqsa Mosque” in Jerusalem.

“This aggression will be met by our people with further resistance and confrontation,” the terror group said in a statement.

Despite the ceasefire mostly holding between Israel and the terror group in the Gaza Strip, the Hamas leadership was apparently still pushing for further unrest in the region.

Hamas called upon Palestinians to block Israeli bypass roads in the West Bank and to confront “settlers who are working to impose a fait accompli under the auspices of the occupation government.”

Last month’s flare up in major rocket fire from the strip and corresponding Israeli airstrikes began over intense conflict in Jerusalem, particularly claims of Israeli ethnic cleansing surrounding the Sheik Jarrah neighborhood evictions and Israeli police entering al-Aqsa Mosque. 

And given that Hamas had initially warned that Israeli police must vacate the Aqsa complex or the Gaza-based group would start firing rockets (which they did), the weekend is poised to witness a possible round two of fighting unless further progress is made quickly.

end

TURKEY/SYRIA

Turkey again pokes its nose into Syrian affairs.

(South Front)

Turkey Prepares A Syrian Diversion For Its Internal Strife

 
TUESDAY, JUN 01, 2021 – 05:00 AM

By South Front,

A Turkish operation in northeastern Syria may be brewing, if recent developments are an indication. On May 28th, the Turkish-backed Syrian National Army (SNA) announced that it had eliminated the mastermind behind ISIS assassinations in the region, in a joint operation with the “Free Syrian Police.”

 

The SNA said that a joint force had raided a hideout in the town of al-Bab where the ISIS assassination commander was taking shelter. There were heavy clashes.

In a typical Turkish-esque reporting manner, the pro-Ankara forces achieved victory, despite the odds. Two days later, ISIS’ response came, when al-Bab was subjected to two attacks. On May 30th, in the morning, an improvised explosive device blew up the SUV of Tala ‘Abu, the General Judge of al-Bab, who survived the attack.

Later on the same day, unidentified gunmen on a motorcycle shot and killed two personnel of the Free Syrian Police, a law reinforcement body backed by Turkey, in al-Bab. Eyewitnesses who were at the scene of the second attack said that the gunmen shouted “the Islamic State is remaining”.

ISIS remains as a strong presence in Turkish-occupied areas in northern and northeastern Syria. Some of the Turkish-backed militants present there are former fighters and commanders of the terrorist group. Furthermore, Turkey’s forces and the factions it backs fight against the Kurdish groups in northeastern Syria.

On May 30th, Turkish forces shelled the town of Maraanaz which is located in northern Aleppo and is jointly held by Kurdish forces and the Syrian Arab Army (SAA).

The Turkish shelling appears to be a response to a recent infiltration attempt by the Afrin Liberation Forces (ALF) on Maraanaz front. On May 28th, a group of ALF fighters attempted to infiltrate the defenses of Turkish forces to the north of the town. The attempt failed because the fighters came across a minefield and two of them died.

In Greater Idlib and northeastern Syria, Ankara fights against ISIS, also against every Kurdish faction. It’s only “allies” appear to be the factions it backs, and mostly the al-Qaeda-affiliated al-Nusra Front (Hay’at Tahrir al-Sham). On May 30th, Turkish mob boss Sedat Peker has opened up in a new video explaining the Turkish government involvement in illicit trade with Syria and the transfer of weapons to the al-Nusra Front.

Peker was considered an ultra-nationalist and an ally to the ruling AK Party of Recep Tayyip Erdogan. He began revealing information about the corruption of senior Turkish officials and their involvement in illicit activities after a fallout with the authorities.

As a result of these revelations, Turkey’s leadership is feeling a sense of urgency. There were allegations of high-level phone tapping and more, alongside the illicit weapon and drug trade. As such, the focus needs to be shifted quickly outside of Turkey and what better way than to organize a sort of crisis in the north of Syria?

end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

Why ivermectin is the choice for the pandemic COVID 19

(zerohedge)

Is Ivermectin The New Penicillin?

 
FRIDAY, MAY 28, 2021 – 11:00 PM

Ivermectin, an anti-parasitic drug placed the same radioactive category as Hydroxychloroquine (HCQ) for the treatment of COVID-19, has reemerged as a promising treatment in the battle to extinguish the pandemic.

New York Times best-selling author Michael Capuzzo has called it the “drug that cracked Covid,” writing that 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.”

Doctors in India are big fans.

To that end Dr. Justus R. Hope, MD asks in The Desert ReviewIs Ivermectin the new Penicillin?

 

Uttarakhand; As Far Away from Delhi as it Gets

*  *  *

As those Indian States using Ivermectin continue to diverge in cases and deaths from those states that forbid it, the natural experiment illustrates the power of Ivermectin decisively.

Cases in Delhi, where Ivermectin was begun on April 20, dropped from 28,395 to just 2,260 on May 22. This represents an astounding 92% drop. Likewise, cases in Uttar Pradesh have dropped from 37,944 on April 24 to 5,964 on May 22 – a decline of 84%. 

Delhi and Uttar Pradesh followed the All India Institute of Medical Sciences (AIIMS) guidance published April 20, 2021, which called for dosing of .2 mg per kg of Ivermectin per body weight for three days. This amounts to 15 mg per day for a 150-pound person or 18 mg per day for a 200-pound individual.

The other three Indian states that adopted it are all down as well. Goa is down from 4,195 to 1,647, Uttarakhand is down from 9,624 to 2,903, and Karnataka is down from 50,112 to 31,183. Goa adopted a pre-emptive policy of mass Ivermectin prevention for the entire adult population over age 18 at a dose of 12 mg daily for five days.

Meanwhile, Tamil Nadu announced on May 14 they were outlawing Ivermectin in favor of the politically correct Remdesivir. As a result, Tamil Nadu’s cases are up in the same time frame from April 20 to May 22 – 10,986 to 35,873 – more than a tripling.

Although Big Pharma and Big Media have scrambled to try, they cannot explain away this natural experiment. As I predicted May 12, they would first argue “the lockdowns worked.” The problem with this is that Tamil Nadu has been on strict lockdown for weeks as their cases have done nothing but climb. So the lockdown did not work.

Their next argument was that “there has been a shift from the highly populated urban areas like Delhi and Mumbai” to the hinterlands, like Tamil Nadu. The big problem is that the adjacent state, Karnataka is just as rural, and its cases are dropping on Ivermectin.

Uttar Pradesh is near the Himalayas and out in the far non-urbanized north where cases are down 84% with Ivermectin. Uttarakhand is even more rural and located in the Himalayas next to Nepal. Its infections are down 70% with Ivermectin.

Their final argument lacked any proof. It was essentially an attempt to smear Ivermectin through association with another drug. It attempted to link Hydroxychloroquine (HCQ) with Ivermectin unfairly. While HCQ has become a punchline by the media, scientists like Dr. George Fareed know it is effective against COVID-19 – especially in the early stages. 

Dr. Fareed and his associate, Dr. Brian Tyson, have treated some 6,000 patients with nearly 100% success using a combination of HCQ, Ivermectin, Fluvoxamine, and various nutraceuticals, including zinc Vitamin D.

https://www.thedesertreview.com/health/local-frontline-doctors-modify-covid-treatment-based-on-results/article_9cdded9e-962f-11eb-a59a-f3e1151e98c3.html

Unfortunately, none of this has made it through the censorship of the mainstream media, and the public has not heard about the 200 plus studies that reflect HCQ’s effectiveness against COVID-19. The fact remains that HCQ has an undeserved negative connotation due to its connection with Trump, which is unfortunately used to tarnish other life-saving repurposed drugs, like Ivermectin. For example, in the recent Forbes article, journalist Ray uses the title, “Is Ivermectin the New Hydroxychloroquine?

https://www.forbes.com/sites/siladityaray/2021/05/19/is-ivermectin-the-new-hydroxychloroquine-online-interest-in-unproven-covid-drug-surges-as-experts-urge-caution/

Ray does not make a single substantive argument against Ivermectin; instead, he attempts to defame, debase or degrade it by repeating baseless accusations. For example, Ray cited Merck’s recommendation against Ivermectin as evidence of ineffectiveness, while Merck used no evidence to support their claim. In addition, he cited the FDA’s recommendation against Ivermectin, yet the FDA admits they have not reviewed the data on which to base this conclusion:  “The FDA has not reviewed data to support the use of Ivermectin in COVID-19 patients to treat or prevent COVID-19…”

As we all know, Merck was involved in the development of a competing drug and had 356 million reasons to throw its own cheap, unprofitable Ivermectin under the bus. Furthermore, the US government was likewise involved in a significant financial conflict of interest with Merck.

https://trialsitenews.com/is-the-ivermectin-situation-rigged-in-favor-of-industry-is-the-big-tobacco-analogy-appropriate/

The story of Ivermectin is more similar to that of Penicillin. Penicillin has saved almost 200 million lives. In addition, three men shared a Nobel Prize in 1945 for its discovery.

Ivermectin’s discoverers won the 2015 Noble Prize in Medicine, and it has proven to be a life-saving drug in parasitic disease, especially in Africa. Over the past four decades, Ivermectin has saved millions from parasites like strongyloidiasis and onchocerciasis – river blindness.

It has already saved tens of thousands from COVID-19 in India in those few locations that use it. It crashed Mexico’s, Slovakia’s, and Zimbabwe’s cases. I remain more convinced than ever that Ivermectin will bring an end to this Pandemic as the word gets out and more people share the book, Ivermectin for the WorldA more fitting title to the Forbes piece might be, “Is Ivermectin the New Penicillin?”

*  *  *

END

end

 

Vaccines: less than 1% effective?  From the lancet

and special thanks to Robert H for sending this to us:

Robert’s comments below:

Covid and vaccine truth yet to be decided

Every so often one reads or learns something that makes one upset  and more cautious about political noise. This is one such article that needs to be read and understood. We have watched lives crushed with lockdowns and futures ruined and the stress and death of loved ones for what purpose ? What about economies that have been saddled with enormous  debt for whose gain? 

Fear becomes anger in the public mob who learns they have been deceived. 

 

The most prestigious medical journal in the world, “The Lancet” has published a study indicating the COVID-19 “Vaccine” is only 0.84% effective . . . . as in less than one percent!
 
“the absolute risk reduction (ARR), which is the difference between attack rates with and without a vaccine, considers the whole population. ARRs tend to be ignored because they give a much less impressive effect size than RRRs: 1·3% for the AstraZeneca–Oxford, 1·2% for the Moderna–NIH, 1·2% for the J&J, 0·93% for the Gamaleya, and 0·84% for the Pfizer–BioNTech vaccines.
ARR is also used to derive an estimate of vaccine effectiveness, which is the number needed to vaccinate (NNV) to prevent one more case of COVID-19 as 1/ARR”

END

A little to late

(zerohedge)

Senate Unanimously Approves Amendment Banning Chinese Gain-Of-Function Research

 
FRIDAY, MAY 28, 2021 – 06:20 PM

Following Friday’s bombshell revelation that Dr. Anthony Fauci has supported ‘gain of function’ research, even arguing that the “risks” (which include a worldwide pandemic caused by a potential lab accident) were outweighed by the potential benefits to humanity, it’s worth revisiting a vote that quietly took place earlier this week in the Senate.

Sen. Paul has been arguing with Dr. Fauci about the merits of the research and whether they’re outweighed by the risks of deadly lab leaks for weeks now. He memorably took the good doctor to task during a hearing of the Health, Education, Labor and Pensions committee hectoring over his prior support for gain of function research in China, to which Dr. Fauci insisted that was not the case. 

Now, reporting by the Australian, which brought to light an obscure 2012 paper written by the doctor,  has proven the doctor’s comments to be disingenuous.

Here’s what we wrote about that earlier.

“In an unlikely but conceivable turn of events, what if that scientist becomes infected with the virus, which leads to an outbreak and ultimately triggers a pandemic?” Fauci wrote in the American Society for Microbiology in 2012, adding “Many ask reasonable questions: given the possibility of such a scenario – however remote – should the initial experiments have been performed and/or published in the first place, and what were the processes involved in this decision?”

“Scientists working in this field might say – as indeed I have said – that the benefits of such experiments and the resulting knowledge outweigh the risks,” Fauci continued. “It is more likely that a pandemic would occur in nature, and the need to stay ahead of such a threat is a primary reason for performing an experiment that might appear to be risky.”

In the paper, Dr Fauci also writes: “Within the research community, many have expressed concern that important research progress could come to a halt just because of the fear that someone, somewhere, might attempt to replicate these experiments sloppily. This is a valid concern.”

Coincidentally, the mainstream was silent when just days ago, Sen. Paul proposed an amendment that would ban the use of federal money to support  ‘gain of function’ research in China, an effort that hasn’t garnered widespread support in the Democrat-dominated body for obvious reasons. But despite this, the amendment received unanimous support, and was attached to the bill.

“We may not know whether this rose out of a Wuhan lab, but I think gain-of-function research – where we take a deadly virus, sometimes much more deadly than COVID, and then we increase its transmissibility to mammals – is wrong. In 2014, NIH stopped all of this research. I’m using the same definition to say any gain-of-function research should not be funded in China with U.S. taxpayer dollars, and I recommend a yes vote.”

But with President Biden now giving the government 90 days to release something conclusive about the origins of the coronavirus pandemic, some believe public interest in this type of research is about to surge. And in a sign of just how much public opinion has shifted so far, a group of supporters gathered cheered when Rand’s amendment was passed unanimously.

Speaking on the Senate floor Tuesday, Paul delivered a brief speech, pointing out that the NHS had banned this type of research in 2014.

The amendment, Senate Amendment 2003, was appended to the Endless Frontier Act which bans Fauci’s National Institutes of Health (NIH) and other U.S. agencies from funding any gain-of-function research in China.

end
Now over 200 Republicans are pressing Pelosi to back COVID 19 origin probe and to hold the CCP accountable
Eva Fu/EpochTimes)

Over 200 Republicans Press Pelosi To Back COVID-19 Origin Probe, “Hold The CCP Accountable”

 
SUNDAY, MAY 30, 2021 – 04:00 PM

Authored by Eva Fu via The Epoch Times,

More than 200 House Republicans are putting pressure on their Democrat counterparts to get down to the COVID-19 origins and hold the Chinese regime accountable for the pandemic coverup.

“We request that you instruct the appropriate Democrat committee chairs to immediately join Republican calls to hold the Chinese Communist Party (CCP) accountable for its role in causing the global COVID-19 pandemic,” stated a May 28 letter to Speaker Nancy Pelosi (D-Calif.).

The effort was led by House Minority Leader Kevin McCarthy (R-Calif), Minority Whip Reps. Steve Scalise (R-La.), and Rep. Elise Stefanik, the chair of the House Republican Conference and joined by 209 House Republicans.

Security personnel keep watch outside the Wuhan Institute of Virology during the visit by the World Health Organization (WHO) team tasked with investigating the origins of the coronavirus disease (COVID-19), in Wuhan, Hubei province, China, on Feb. 3, 2021. (Thomas Peter/Reuters)

The lawmakers said Pelosi had “falsely claimed” that “questions about the CCP’s liability” were a “diversion” – likely referring to Pelosi’s remarks from last May describing then-President Donald Trump’s blame on China as an “interesting diversion.”

“There is mounting evidence the pandemic started in a Chinese lab, and the CCP covered it up. If that is the case, the CCP is responsible for the deaths of almost 600,000 Americans and millions more worldwide,” they stated in the letter.

“[E]very American family that lost someone deserves answers about the origin of this terrible virus,” they continued, adding that “House Democrats’ ongoing refusal to allocate investigative resources to get those answers is an affront to them.”

“China can’t get away with this. Americans deserve answers,” Scalise wrote in a May 28 tweet.

The Epoch Times has reached out to Pelosi’s office for comments.

The lawmakers cited a growing pile of evidence that the virus may have escaped from a Wuhan lab, an idea that many media outlets and scientists had initially dismissed as a conspiracy theory.

A State Department fact sheet, released during the final days of the Trump administration, suggested researchers with the Wuhan Institute of Virology (WIV), located in the vicinity of the seafood market initially thought to be the outbreak’s origin, fell ill with COVID-19 like symptoms in autumn 2019. Recently, an undisclosed intelligence report also surfaced saying three WIV staff were sick enough to seek hospital care that November.

The P4 laboratory of Wuhan Institute of Virology is seen behind a fence during the visit by the World Health Organization (WHO) team tasked with investigating the origins of the coronavirus disease (COVID-19), in Wuhan, Hubei province, China, on Feb. 3, 2021. (Thomas Peter/Reuters)

Dr. Anthony Fauci, President Joe Biden’s chief medical adviser, recently backed a deeper virus probe and said that a lab leak possibility “certainly exists,” reversing comments he made in May 2020.

U.S. Health and Human Services Secretary Xavier Becerra, while not mentioning China or Wuhan directly, has called for the World Health Organization (WHO) to launch a “transparent, science-based” phase 2 COVID origins study “to fully assess the source of the virus and the early days of the outbreak.”

“To hold the CCP accountable,” the lawmakers said they need “access to the full range of tools available to congressional investigators, including subpoenas for documents and the power to compel key witnesses to give testimony.”

“To date, Democrat committee chairs throughout the House are refusing to allocate those resources for questioning about the origin of the COVID-19 virus,” the letter stated.

They also pointed to Beijing’s consistent refusal to share raw data and WIV lab records, which they said fit into the CCP’s pattern of deception that includes expelling journalists to COVID-19 disinformation and silencing of whistleblowers.

While the WHO-led mission in Wuhan ruled the lab accident theory as “extremely unlikely,” experts and world leaders alike have criticized the findings for lacking independence. Foreign experts on the panel requested original data and samples but were only supplied a summary from their Chinese counterparts.

On Tuesday, a Chinese representative told the WHO’s assembly that the “China part” of the origin-tracing “has been completed,” and suggested investigators look elsewhere.

Pressure to find out how the pandemic began has nonetheless continued to mount despite the Chinese denial.

Biden, in a rare statement on Wednesday, said he has ordered an intelligence inquiry regarding the virus’ origins and expected a report within 90 days. The U.S. Intelligence has “‘coalesced around two likely scenarios’ but has not reached a definitive conclusion on this question,” he said.

The Senate on Friday passed a bipartisan resolution calling for the WHO to act with “extreme urgency” and “get to the bottom” of the pandemic origin.

The House Republican lawmakers, in their letter, said the Congress should take virus hunt effort into their own hands.

“It is clear that WHO failed to produce the final word on the origins of the COVID-19 pandemic and the CCP’s liability. That task falls to us in Congress,” the lawmakers wrote in the letter.

end

Now the Biden backed Washington Post becomes the latest media outlet to walk back the “debuned conspiracy theory” of a Wuhan lab leak

(Watson/SummitNews)

Washington Post Becomes Latest Media Outlet To Walk Back “Debunked Conspiracy Theory” Wuhan Lab Leak Coverage

 
TUESDAY, JUN 01, 2021 – 08:11 AM

Authored by Paul Joseph Watson via Summit News,

The Washington Post has become the latest media outlet to reverse its earlier insistence that the Wuhan lab leak theory was a “debunked conspiracy theory.”

The newspaper published an article in February 2020 by Paulini Firozi labeling the explanation a “debunked conspiracy theory” but has now been forced to issue a retraction.

“Earlier versions of this story and its headline inaccurately characterized comments by Sen. Tom Cotton (R-Ark.) regarding the origins of the coronavirus,” states the retraction.

“The term “debunked” and the Post’s use of “conspiracy theory” have been removed because, then as now, there was no determination about the origins of the virus.”

The correction was made after independent journalist Michael Tracey “reported that journalist @paulina_milla had flagrantly mischaracterized a key expert she quoted in the article.”

The Post becomes the latest in a growing list of media outlets and ‘fact checkers’ that have been forced to walk back their insistence that the lab leak theory was an impossibility.

Last week, Facebook announced that it was reversing a policy that banned posts which claimed COVID-19 was “man-made” just months after asserting that the theory had been “debunked.”

Politifact was also forced to pull a ‘fact check’ that claimed it had “debunked” the lab leak origin theory of COVID-19.

Washington Post journalist Glenn Kessler faced ridicule after being forced to admit the lab leak theory was “credible” after previously attacking Senator Ted Cruz for circulating it.

However, some are still ludicrously clinging on to other ways to dismiss the whole issue, with the New York Times’ Apoorva Mandavilli tweeting last week that it was “racist” to discuss it at all.

end

The key passage today:  Herd immunity equals vaccination + natural immunity

and you can include, ivermectin use in the vaccination camp

(zerohedge)

The Global Race Towards Full Vaccination

 
TUESDAY, JUN 01, 2021 – 04:15 AM

Scientists initially estimated that 60 to 70 percent of a population would have to acquire resistance to Covid-19 in order for herd immunity to take effect, a threshold that has been revised upwards since the start of the year with 80 to 85 percent quoted in some cases.

As Statista’s Niall McCarthy notes, the race towards full vaccination is well underway and Israel has the highest share of its population fully jabbed, according to Our World in Data.

Infographic: The Race Towards Full Vaccination | Statista

You will find more infographics at Statista

Despite the ever-higher immunity threshold discussed by scientists, Israel’s Covid-19 case count started to tumble when 40 percent of its population received at least one jab and now 59.3 percent of its inhabitants are fully vaccinated. The country’s reproduction rate has been around 0.5 in recent weeks and it appears to be on track to emerge from the pandemic, suggesting that initial herd immunity estimates carried some accuracy.

With 45.4 percent of its inhabitants fully vaccinated, Bahrain comes second on the list.

In the United States, 40.2 percent of people have been fully vaccinated (though do not forget that almost half of unvaccinated Americans have natural immunity from prior infection).

In this case, full vaccination refers to all doses prescribed by the vaccination protocol with data only available for countries reporting the breakdown of their doses.

As Scott Morefield wrote recently, Blue-state lockdown-lovers drunk on their own power like Democratic Michigan Gov. Gretchen Whitmer who insist on a 70 percent vaccination rate in order to ease up on mandates and restrictions are ignoring the science completely in order to hold their people hostage to an unobtainable, unnecessary goal.

Dr. Marty Makary, a surgeon at Johns Hopkins Hospital debunked the desire among some health officials, sometimes referred to as “zero COVID,” that COVID-19 can be eradicated completely.

Well, unfortunately, we have this perception now that’s being created by some public health leaders that we need to reach total eradication. We’re not gonna get to total absolute risk elimination. That is a false goal and quite honestly it’s being used now to manipulate the public. We heard today again from our public health leaders that if we get to 70% vaccination, then we can start seeing restrictions removed. That’s dishonest. Most of the country is at herd immunity. Other parts will get there later this month. San Francisco had 12 cases yesterday, most asymptomatic. What do you call that? I call that herd immunity. And I think what’s happening is our public health leaders are dismissing natural immunity from prior infection, which changes the path to get to more population immunity. It invokes mandates, it means kids may have to get it and it demonizes those that are hesitant rather than respecting their decision.

Indeed, you don’t have to have a medical degree to know that the formula for herd immunity has always been vaccinated plus natural immunity, but then again, when have Democrats ever been good at math?

end

From my son:

 

Mark Organ

4:11 PM (41 minutes ago)

 

 

 

 
 
 
 
 
 
 

 

 
Here is an excellent video from Dr Roger Hodkinson on the infertility and spike protein dangers, just came out today. Using data and papers that are new in the last week – that is how fast this is evolving and why caution and delay is the right thing to do. Hodkinson a very long list of accolades and at this point in his career, he doesn’t give a f*ck any more, he wants to save as many people as he can. Similar to Sucharit Bhakdi that way – the most cited immunologist in Germany.
 
 
Watch it before it disappears on YouTube – they will ban it.
 
Attachments area
 
Preview YouTube video Dr. Hodkinson Interview – COVID-19 Vaccines, Infertility & Spike Protein Dangers

 

 
 

Michael Every //two commentaries on the days most important topics

(courtesy Michael Every 

 

Rabobank: The US And China Can No Longer Both Blow Bubbles At The Same Time

 
MONDAY, MAY 31, 2021 – 01:00 PM

By Michael Every of Rabobank

Different Types of Competition

With today being the US Memorial Day holiday to commemorate its fallen combat soldiers, it’s likely to be a quiet start to the week for markets. However, the US holiday provides a platform for some sober reflection on more contemporary forms of competition

First, a former PBOC official says the rapid rise in CNY against USD probably won’t last, and that the Chinese currency is “overbought”. That looks a further jaw-boning attempt to shift market expectations away from the idea that Beijing is going to allow CNY to keep appreciating. In short, this looks a form of ‘FX War’, a long-running source of tension between different economies, because they are a zero-sum game. Of course, current PBOC officials point out the initiator can be seen as the US, via its extraordinary monetary and fiscal policies.

Indeed, the SCMP flags “China calls for global action to stop big flows of pandemic-fuelled hot money”, as the vice-chair of the China Banking and Insurance Regulatory Commission calls for tougher international oversight to stop hot money flows, and for tougher “monitoring” of international capital flows. Yet outright controls would be needed to stop what happens in the US spreading elsewhere; and indeed within China there was a vow to crack down on “market manipulation”, a threat which has arguably led to a drop in commodity prices.

A key message here is that despite Western delight at post-virus re-opening and ludicrous levels of market liquidity, our global system is still no more stable, nor our global recovery more balanced and sustainable, than in the troubled past. A second implied message is this: with China now an economic giant, can both it and the US stimulate à outrance without bubbles and *global inflation* emerging? If not, this is again a zero-sum game. If the US goes the ultra-easy route, then China perhaps cannot: and obviously that has serious implications when both behemoths have a political growth imperative. Therefore, we also see the push-back on the FX front (ZH: as confirmed by today’s FX RRR hike, the first in 14 years).

Yet that is just one front where pushing may occur. In remarks last week, US President Biden stated:

  • “In the coming weeks, my administration will take steps to combat these supply pressures, starting with the construction materials and transportation bottlenecks, and building off the work we’re doing on computer chips.” The latter involves cajoling firms to shift semiconductor production back to the US – will other sectors now follow?;

  • “Three decades ago, the US was #1 –and some would argue #2– in the world for R&D spending –research and development– as a share of our economy. You know where we are now in the international competition? We’re #9. We must be #1 in the world to lead the world in the 21st century.  It’s a simple proposition.” Contrast that with the headline: “Chinese President Xi Jinping seeks to rally country’s scientists for ‘unprecedented’ contest”, which adds “promises to boost investment and free scientists from bureaucracy” and “Xi says country must seek breakthroughs in areas such as artificial intelligence and semiconductors as he warns of major battle between great powers.” But back to Biden;

  • “Investment in high-growth industries like clean energy and electric vehicles – it’s not just we want to deal with the environment. We want to lead the world in exports of these new technologies instead of ceding the global market and job creation to the Chinese.” So the US wants to be less of a net importer, and to seize global market share back from China. Imagine what the FX implications are there for a world dependent on exporting to the US to earn USD; and

  • 100% of our investment is going to be guided by one principle: Make it in America…I promise you, there’ll be no contract let to a foreign company or any of the product down the line…They’re going to find the job here in America, I promise you, or they’re not going to get the contracts.” Whether this is delivered or not, the overall rhetoric is completely zero-sum.

Meanwhile, as we search for a binary rather than analogue answer, within three months, the US intelligence services will release their conclusions as to the origins of Covid-19. This obviously has the potential to sour US-China relations well beyond financial markets. Indeed, the UK’s Daily Mail alleges a report will shortly be published in the Quarterly Review of Biophysics Discovery which makes explosive related claims.

Even more worryingly, the editor of China’s The Global Times has argued: “As the US strategic containment of China has increasingly intensified, I would like to remind again that we have plenty of urgent tasks, but among the most important ones is to rapidly increase the number of commissioned nuclear warheads, and the DF-41s, the strategic missiles that are capable to strike long-range and have high-survivability, in the Chinese arsenal…We must be prepared for an intense showdown between China and the US…The number of China’s nuclear warheads must reach the quantity that makes US elites shiver should they entertain the idea of engaging in a military confrontation with China. On this basis, we can calmly and actively manage divergences with Washington to avoid a minor incident sparking a war.”

Perhaps against the backdrop of insanely destabilizing global liquidity, a MAD (Mutual Assured Destruction) defense policy is ironically appropriate: and Vegetius (“Si via pacem, para bellum”) would certainly approve. However, Vegetius never said “Si vis pacem para commerciaque” – if you desire peace, prepare for free trade. Or joint-venture wealth-management services.

Which, shifting geography, leaves the EU in a pickle given it only knows how to do free trade. It certainly doesn’t know what to do with a Belarus whose President Lukashenko just had a bear-huggy visit to Russian President Putin, where he procured a USD500m loan, and who has threatened to “allow migrants and drugs to flood into western Europe if sanctions are imposed on his country following the forced landing of a Ryanair passenger plane.” History suggests this can sometimes be followed by an EU deal involving money transfers the other way. Yet a further Belarussian journalist was apparently seized late Sunday local time; and Belarus has launched criminal cases against the mayor of Riga and the Latvian foreign minister for “inciting ethnic hatred.” In short, we are watching to real time to find out what EU “open strategic autonomy” means in a world of zero-sum US-Chinese competition, and where even tiny Belarus can thumb its nose and make threats.

The EU’s mood will not be helped with the release of a report stating the Danish secret service helped the US spy on Germany’s Angela Merkel: so even friendly Europeans spy on each other. Imagine what those who aren’t such good friends do. Whisper it – but it might not just be all about free trade!

end

Rabo: Both The US And China Want A Reflationary Weaker Currency AND Lower Commodity Prices

 
TUESDAY, JUN 01, 2021 – 09:45 AM

By Michael Every of Rabobank

Three Babies and ‘The Man’

Yesterday saw the Chinese Politburo –‘The Man’, as they used to call state authority in the US– deciding it is now okay for Chinese families to have three babies, not two. So it was a case of “Three Babies and ‘The Man’”. However, this hardly made the media splash the shift from one to two children did in 2015 – and understandably so. This latest step underlines the message in the PBOC’s recent working paper on an ageing population, which called for radical action to see more births (and more mercantilism if the population declines). Yet the outcomes of this policy are, in most expert eyes, likely to be negligible. Why should families who didn’t rush to have two children when allowed now race to have three? As such, China’s rapid ageing and population decline will almost certainly continue, with major global implications – though as we noted in ‘A Midwife Crisis’, should it succeed in raising the number of babies to three, it would also have a huge impact given the size of its population and their commodity appetite.

China also made another splash, on the FX front, by raising the FX reserve requirement ratio by 2ppts to 7% for the first time since 2007, effectively locking up billions of FX in banks – not that it moved markets much in the end. This is the latest step in efforts to prevent CNY from appreciating against USD despite the huge trade surpluses China is running, and the large capital flows it is seeing from Western fund managers searching for yield. It is also about as clear a signal as those self-same Western fund managers can ever hope to be sent: some form of FX ‘action’ will continue, if not FX war – where China points to the US as the instigator. But there is a wrinkle.

Countries usually push back against FX appreciation because it is deflationary, and encourage depreciation because it is inflationary. Yet the US doesn’t like that a weaker USD also means higher commodity prices, partly because of Chinese demand: they want the juice of a stimulus-driven weaker USD with none of the pith and pips of inflation. For its part, China doesn’t like a stronger CNY partly because it encourages commodity inflation by making the price of these USD-priced imports cheaper in CNY terms, which allows demand to stay high even as USD prices rise. So both sides can perhaps agree short term that a signal of weaker CNY helps both fight inflation. However, in the bigger picture, both want a reflationary weaker currency (and China a “stable” one) and lower commodity prices – which can only happen if the other’s commodity demand drops significantly. How is FX cooperation going to work out then? “Success has many parents, but failure is an orphan” as they say.

Hedge funds are apparently getting the message near-term, however, as Bloomberg reports that they are scaling back bullish bets on commodities for a third week. Apparently this shift is for a variety of fundamental-based reasons, and “any future price gains will depend more on actual supply and demand rather than speculative buying across raw materials”. Sure they will – right up until global commodity prices start going up sharply again on the back of ultra-loose monetary policy and/or mega fiscal stimulus, or some kind of fresh geopolitical or logistical issue. Because that’s how markets, and hedge funds, work.

Underlining exactly these kind of risks, a cyber-attack has shut down an Australian plant of Brazillian-owned global meat-processing giant JBS, the world’s largest facility. The firm does not know if it will be out of action for days, or weeks, or multiple weeks, but the longer the closure lasts, the greater the market disruption. Fortunately, meat shortages do not look likely. However, just weeks after the US oil pipeline hack that saw gas stations empty and pump prices surge, the threat of ‘grey zone’ cyber warfare to Western economies has been made clear again. This attack was notably preceded by PMs Morrison and Ardern holding a joint press conference, where they agreed to support each other, Morrison adding “As great partners, friends, allies and deep family, there will be those far from here who would who would seek to divide us. They will not succeed.“

On which note, the EU still has no idea what to do about Belarus given it desires rapprochement with Russia and its Nord Stream 2 gas. Moreover, the Irish foreign minister just visited Beijing, and promised to “deepen cooperation” on cybersecurity, which may raise a few eyebrows in the US, to be “welcoming and open” to Chinese FDI, and stressed that signing the CAI investment deal was a priority – which may raise a few eyebrows in the EU parliament. While resonating well in Berlin, this is also more than a tad out of line with public opinion in Ireland; and it suggests another area of EU disunity within its “open strategic autonomy”, where the emphasis actually seems most to mostly be on the “open”.    

US President Biden meanwhile gave a Memorial Day speech at Arlington National Cemetery, in which he noted that democracy was worth dying for, yet that “Democracy itself is in peril, here at home and around the world. What we do now…how we honour the memory of the fallen, will determine whether or not democracy will long endure.” He added that we all take democracy “for granted”, and that “the biggest question” is whether it can win in a “struggle taking place around the world” against “autocracy.” That’s a very Cold War speech – but this isn’t reflected in most global markets headlines: logically one of the two must be wrong.

Lastly, the WHO is changing the name of different Covid-19 variants from numeric codes such as B.1.351 to a simple “Beta”, “Gama”, “Delta”, etc., to: 1) make things easier for the public; and 2) make things less stigmatizing for the countries where mutations arise – because stigma is obviously the largest public global health threat right now, and we don’t seem to have a vaccine against it. Meanwhile, the official US intelligence search goes on for the “Alpha” of Covid-19, and the knock-on “Omega” of the conclusion is far from clear.   

end

7. OIL ISSUES

Very important read on the new EastMed pipeline to be built joining Israel to Italy.

(Messina/SouthFront)

On The Hunt For Gas – War Drums In The Western Mediterranean

 
TUESDAY, JUN 01, 2021 – 02:00 AM

Authored by Piero Messina via South Front,

The waters of the eastern Mediterranean have become the scene of a low-intensity war. The goal is to control the energy resources that extend into the seabed from the coast of Greece to Israel. The maritime area of the eastern Mediterranean is one of the main areas of energy interest. In 2009, the Leviathan gas field (450 billion m3) was discovered, about 130 kilometers offshore from the Israeli city of Haifa. Subsequent explorations in this sea area have shown that large quantities of gas also exist in adjacent areas. In particular, the Tamar fields (about 318 billion m3) and some minor fields, including Dalit (55 billion m3) and Karish and Tanin (respectively about 8 and 55 billion m3), were discovered off the Israeli coast. They will allow Israel to meet domestic consumption and export part of its production. Then came, in 2011, the discoveries in the Cypriot waters of Aphrodite (about 129 billion m3) and Calypso (with a potential of 170-230 billion m3).

Greek Energy and Environment Minister Kostis Hatzidakis, Minister of Energy, Commerce and Industry of the Republic of Cyprus Giorgos Lakkotrypis and Israeli Energy Minister Yuval Steinitz signed in Athens the intergovernmental agreement on the construction of the EastMed gas pipeline in December 2020

Whose are those energy resources? How and where will that wealth be distributed?

All the key players of that geopolitical quadrant claim their rights over those waters and the exploitation of the resources contained in the subsoil. The first move to conquer those seas is Turkey. Erdogan’s expansionist policy begins at the end of 2018, first with a series of hostile naval patrols against Cyprus, then with a series of drilling off the island shared with Greece. Turkish research activities arouse protests from the international community. So, the EU imposes sanctions on Turkey. But they are almost a caress.

Then, in compliance with the neo-Ottoman project of “Blue Homeland”, Ankara signs, in November 2019, an agreement with the Libyan transitional government, then chaired by  Fayez Al Serraj, for the exclusive exploitation of the maritime EEZ and for cooperation military. A punch in the face of Greece. In fact, on that same stretch of sea, another cooperation treaty entered into force in the summer of 2020, signed between Greece and Egypt. For Ankara it is a blow to the heart. Within days, the Ankara government sends the Oruc Reic seismic research ship to inspect what it considers to be its exclusive sea area. Too bad,  even the Greeks also think the same. The incident occurred on 12 August 2020. The Oruc Reis is sailing escorted by a fleet of Turkish ships and is approached by a Greek naval patrol. Eventually the Greek frigate Limnos and the Turkish Tgc Kemalreis will clash in this absurd sea duel. Greece and Turkey are both members of NATO. But national interests come first.

To understand the importance of that incident, it is necessary to look carefully at the map of the pipelines under construction.  That naval crash seems to be only the anticipation of a geopolitical conflict. A conflict that risks becoming more complicated: the two frigates collided exactly in the middle of Eastmed’s route.

What exactly is Eastmed and what can its real geopolitical value be?

EastMed is a pipeline that must connect the Levantine basin (in practice, Israel) with the gas distribution networks in Europe. It is a project carried out in joint ventures by Depa (the national gas company for Greece) and by Edison, an Italian-French multinational in the energy sector. The project was blessed by the European Commission which considered it strategic for the European Union. The pipeline route is over 1900 kilometers, 1300 offshore and 600 onshore. According to forecasts, the pipeline will start from the Israeli natural gas reserves of the Levant Sea basin, and then go to Cyprus, Crete and end in Greece. Subsequently, the gas from Greece will reach Italy through a further pipeline. The project, according to estimates, has a value of about 6 billion euros and, within 7 years, will meet 10% of the European Union’s natural gas needs. But in reality nothing has been decided yet. From a geopolitical point of view, that gas pipeline serves to reduce the energy dependence that Europe has on Russia.

That pipeline risks transforming the eastern Mediterranean into a war scenario. For the Eastmed design, the countries interested in the construction of the pipeline came together in a permanent forum. EMGF is its name: it was established in 2018 and was ratified by the acceding countries with a meeting in Cairo in September 2020. Here is the list of adhering countries: Italy, Egypt, Jordan, Israel, Cyprus, Greece and the Palestinian National Authority . The simultaneous presence of Israel and the Palestinian National Authority makes us think. In the report explaining the reasons for the Forum, there are sufficient reasons to imagine a possible escalation of violence. Both for the exclusion of Turkey and Lebanon, which will have no intention of giving up those enormous riches, and for the geopolitical position declared hostile to the Kremlin. It is no secret that the project is against Russia.

The anti-Moscow blockade is strengthened by the forthcoming entry of France and the blessing of the US government. Here is what the Statute of the EMGF says: “Countries such as Turkey and Lebanon do not participate in the Forum due, respectively, to persistent tensions with Greece and Cyprus and the presence of Israel. Interest in the initiative was expressed by France which intends to join the Forum in the near future. The United States views the creation of the EMFG with great interest and would like to join the Forum or at least strengthen cooperation in the Eastern Mediterranean region in the energy sector, as evidenced by the participation of the US Deputy Secretary for Energy at the launch of the Forum in January. 2020. The US, in particular, believes that the gas resources present off the coast of Israel, Cyprus and Egypt constitute an important element for the diversification of European energy supplies, with a consequent decrease in the old continent’s dependence on supplies from Moscow”.

Eastmed is expected to be fully operational in 2025. But there are still many doubts.

END
OPEC plus agrees to boost oil put in July as demand rises
(zerohedge)

OPEC+ Agrees To Boost Oil Output In July As Demand Rises

 
TUESDAY, JUN 01, 2021 – 10:50 AM

As expected, OPEC+ announced it would hike oil output in July, sticking to its previously leaked plan as Saudi Arabia’s energy minister struck a bullish tone about the global recovery. As Energy Intel’s Amena Bakr summarized:

  • OPEC+ agreed to keep the existing April 2020 deal unchanged
  • Reconfirmed the existing commitment of the 10th OPEC and non-OPEC Ministerial in April 2020 amended in June, September, and December 2020, as well as in January and April 2021 to gradually return 2 mb/d to the market, with the pace being determined according to market conditions.

Saudi Energy Minister Prince Abdulaziz bin Salman recapped the prevailing optimism as the meeting started: “The demand picture has shown clear signs of improvement.” Russia’s Alexander Novak also spoke of the “gradual economic recovery.”

As part of the return to normal, the oil producers will push ahead with an increase of 841,000 barrels per day in July, following hikes in May and June, Bloomberg reported citing delegates.

OPEC and its non-US allies have spent more the past 14 months rescuing prices from historic lows and an unprecedented plunge in negative territory for WTI on April 20, 2020, and are only cautiously returning supply. Now the story is shifting: oil prices above $71 are fueling inflation concerns and if OPEC doesn’t add more oil, there’s a risk the market becomes too tight, undermining the global recovery. Furthermore, as OPEC+ hopes to capitalize on rising prices, it doesn’t want prices to rise too high as to push US shale producers out of hibernation and into overdrive, resulting in another production glut.

For now, the cartel is also embracing caution. Prince Abdulaziz echoed the concerns of his fellow delegates when he said there are still “clouds” on the horizon, first and foremost the question of what happens to millions of daily barrels in Iranian oil supply.

Iran’s potential return to international markets is one factor weighing on ministers’ decision-making. The impact of new variants of Covid-19 is another. And while there’s a wide deficit in the market to fill in the second half of the year, those two considerations could see some producers argue for a pause before further hikes.

“Covid-19 is a persistent and unpredictable foe, and vicious mutations remain a threat,” OPEC Secretary-General Mohammad Barkindo said.

The organization is now scheduled to hold supply unchanged until April 2022, according to the deal signed a year ago to rescue producers from a bitter price war. While the agreement can be renegotiated – and there’ll be pressure to do so as demand continues to recover – it provides a fallback position for the group, with the excess oil inventories built up during the pandemic now back to pre-covid levels.

Tuesday’s meeting didn’t tackle the period after July, delegates told their preferred news outlets.

Fatih Birol, executive director of the International Energy Agency, told Bloomberg that if the alliance doesn’t boost output later this year, prices will face further upward pressure, with $80 oil increasingly likely. Some are even whispering of triple digit prices.

“One thing is clear: in the absence of changing the policies, with the strong growth coming from the U.S., China, Europe, we will see a widening gap” between demand and supply, Birol said.

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 TUESDAY  morning 7:30 AM….

Euro/USA 1.222` DOWN .0012 /EUROPE BOURSES /ALL GREEN   

USA/ YEN 109.64 UP 0.146 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4173  DOWN   0.0054  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2035  DOWN .0025

 

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 12 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2221 Last night Shanghai COMPOSITE CLOSED UP 89.29 PTS OR 0.26% 

//Hang Sang CLOSED UP 316.20 PTS OR 1.08%

 

/AUSTRALIA CLOSED DOWN 0.20% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN   

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 316.20 PTS OR 1.08%

/SHANGHAI CLOSED DOWN 9.29 PTS OR 0.26% 

Australia BOURSE CLOSED DOWN 0.20%

Nikkei (Japan) CLOSED DOWN 45.74 PTS OR 0.106%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1907.95

silver:$28.24-

Early TUESDAY morning USA 10 year bond yr: 1.618% !!! UP 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.299 UP 4  IN BASIS POINTS from FRIDAY night.

USA dollar index early TUESDAY morning: 89.82  DOWN 21 CENT(S) from FRIDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.47% DOWN 0  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.08%  UP 4/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.47%//  DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.91 DOWN  1   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 44 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.171% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.08% 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  TUESDAY

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

Euro/USA 1.2247  UP     .0015 or 15 basis points

USA/Japan: 109.42  DOWN .077 OR YEN UP 8  basis points/

Great Britain/USA 1.4178 DOWN .0050 POUND DOWN 50  BASIS POINTS)

Canadian dollar UP 34 basis points to 1.2022

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.3817

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.3808

TURKISH LIRA:  8.51  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.08%

Your closing 10 yr US bond yield UP 5 IN basis points from FRIDAY at 1.637 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.319 UP 6 in basis points on the day

Your closing USA dollar index, 89,72  DOWN 31  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 TUESDAY: 12:00 PM

London: CLOSED UP 61.85 PTS OR 0.88% 

 

German Dax :  CLOSED UP 148.17 PTS OR 0.96% 

 

Paris CAC CLOSED UP 42.94  PTS OR 0.67% 

 

Spain IBEX CLOSED UP 40.20  PTS OR  0.44%

 

Italian MIB: CLOSED UP 156.47 PTS OR 0.62% 

 

WTI Oil price; 67.92 12:00  PM  EST

Brent Oil: 70.09 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.26  THE CROSS  LOWER BY 0.19 RUBLES/DOLLAR (RUBLE HIGHER BY 19 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.183 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 : 67.97//

BRENT :  70.48

USA 10 YR BOND YIELD: … 1.615..UP 3 basis points…

USA 30 YR BOND YIELD: 2.292 UP 3 basis points..

EURO/USA 1.2221 (DOWN 11   BASIS POINTS)

USA/JAPANESE YEN:109.44 DOWN .053 (YEN UP 5 BASIS POINTS/..

USA DOLLAR INDEX: 89.89 DOWN 14  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4156 DOWN 71  POINTS

the Turkish lira close: 8.52

the Russian rouble 73.50   DOWN 0.10 Roubles against the uSA dollar. (UP 10 BASIS POINTS)

Canadian dollar:  1.2071  DOWN 9 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.183%

The Dow closed UP  31.91 POINTS OR 0.09%

NASDAQ closed DOWN 25.84 POINTS OR 0.06%


VOLATILITY INDEX:  17.90 CLOSED UP  1.14

LIBOR 3 MONTH DURATION: 0.131%//libor dropping like a stone

USA trading day in Graph Form

END

a)Market trading/THIS MORNING/USA

Stocks Suddenly Puke As VIX Rebounds From Mini-Flash-Crash

 
TUESDAY, JUN 01, 2021 – 10:22 AM

…the most liquid stock market in the world?

Just prior to the open, VIX did another of its now infamous mini-flash-crashes (no that’s not a fat finger)…

And while stocks were higher from Friday’s close, they puked shortly after the better than expected Manufacturing survey data signaled stagflation. Nasdaq is leading the drop but all the majors are tumbling…

Bear in mind that SpotGamma warns that gamma may flip around the 4200.. exacerbating any drop from there…

Get back to work Mr.Powell (even if you are cornered).

end

afternoon trading

Fed’s Liquidity Bomb Pushes Key Benchmark Rate Closer To Zero

 
TUESDAY, JUN 01, 2021 – 12:46 PM

One month after the Fed’s key benchmark “administered” rate – the effective Fed Funds rate – hit the second lowest on record, or 0.05%, only to stage a modest increase for in the month of May when it traded at 0.06% for most of the month, overnight the closely watched EFF dipped once again, inching back closer to zero overnight, and is just 1 basis point away from the lowest print ever.

The effective fed funds rate, which the central bank is currently aiming to keep within a range of 0% to 0.25%, slipped by 1 basis point to 0.05% on May 28, the lowest since April. A chronically lower level in the EFF raises the possibility that the bank will tweak the rates it sets for interest on excess reserves and its reverse repurchase agreement facility, although according to Goldman simply raising the IOER will not be as effective in raising both the RRP and IOER rates. If the Fed did move both rates up by 5bp, Goldman’s model suggests that Fed funds and SOFR would move up to 8bp and 5bp respectively.

The decline was largely expected, and is yet another manifestation of the record liquidity glut that last week pushed usage on the Fed’s reverse repo to $485 billion, the highest on record.

The combination of record high overnight Reverse Repo usage and (almost) record low effective fed funds, is a combination of two things: the tidal wave of cash – a function of continued expansion of the Fed’s balance sheet (from QE) and a simultaneous reduction in cash balances in the Treasury General Account (TGA) at the Fed – which we have discussed extensively here in recent months, and which is keeping downward pressure on short-end rates as investors scramble to find some collateral in which to park reserves, combines with rising inflation concerns which fuel speculation about when the Fed will take its foot off the accelerator and taper.

The decline in the EFF means that an adjustment to these administered rates is now almost guaranteed, according to Wrightson ICAP economist Lou Crandall, who however said that there’s less of a chance the bank will make a balance-sheet adjustment “to address the root of the problem.” He also sees it potentially being smaller than similar prior tweaks. In other words, a 5bps hike in the IOER is now on the table. And, to be sure, the latest FOMC minutes explicitly said that downward pressure on overnight rates in coming months could warrant consideration of a modest adjustment to administered rates.

Discussing the upcoming IOER rate hike, Goldman’s economists wrote last week that according to their analysts, the Fed “will likely have to raise both IOER and RRP rates if it wants to maintain a 5bp buffer between Fed funds and the bottom of the target range in the run-up to the debt limit date (July 31).”

Goldman also addresses how the massive increase in overall liquidity is spilling over from commercial banks, noting that as the exhibits below show, in the early part of this run-up, the increases largely occurred in reserve balances as commercial banks absorbed the bulk of excess liquidity supply on their balance sheets. However, as leverage ratios have become more binding, banks have taken various measures to curtail deposit growth, including a reduction in wholesale funding and FHLB advances, and imposing deposit caps and cutting rates.

And, as regular readers know, while reserve growth has stabilized this quarter, other liabilities — mainly domestic and foreign reverse repo balances — have soared, with Goldman now expecting that Reverse Repo (RRP) facility usage will rise as high as $600-700bn.

What is driving this spike in usage?

Because banks appear unwilling to warehouse new supply of excess liquidity, the marginal amounts being supplied are no longer “inert,” and are instead being channeled into money markets, as evidenced by swelling money market fund AUMs. This has led to a competition for short-term investments, at the same time that Treasury is engaging in significant bill pay downs. The net result is downward pressure on a range of short-term yields, with many spreads to the Interest on Excess Reserves (IOER) close to all-time lows (Exhibit 2). With bill yields in some cases negative, and repo rates close to zero, many funds have chosen to instead leave money in the Fed’s RRP facility.

It is worth noting that without the Fed’s RRP facility which offers market participants a zero interest rate alternative (the facility rate is currently set at 0), many of these front end rates would have traded even lower relative to IOER than they are today, with most if not all trading negative today (Goldman calculates that without a RRP facility, effective Fed funds and SOFR would likely have set at 4bp and -2bp without a RRP facility, versus actual observed values of 6bp and 1bp respectively).

And speaking of the Fed’s next meeting – scheduled for June 15-16 – investors will be watching not just for tinkering of administered rates, but also for indications about when the Fe will begin to taper their bond-buying program… or at least start talking about talking.

Incidentally, as we discussed last week, the liquidity glut created by the Fed is a key reason why the Fed’s tapering is already being spun (by the likes of repo guru Zoltan Pozsar) as positive – after all, it will slow down the pace at which excess liquidity is entering the market, currently at $120 billion a month – so once the Fed does build up the courage to discuss tapering, the narrative damage control police will be engaged and the slowdown in Fed liquidity injections will be spun as extremely positive for if not risk, then certainly repo markets which are on the verge of breaking.

For his part, Crandall believes the Fed should engage in another Operation Twist, where the central bank adjusts the maturity mix of its asset purchases to relieve some of the short-end strains. Although the Fed has shown little interest in a “Twist-like combination” of long-end buying and short-end runoffs, he wrote.

“There is no fundamental reason why the Fed should be sitting on more than $1 trillion of Treasuries maturing within one year at a time when nonbank investors are so starved for short-end assets that money funds are forced to recycle half a trillion dollars of surplus cash back into the RRP facility,” Crandall wrote.

 
ii) Market data

USA/Unemployment benefits

This is something that we must watch out for: in less than two weeks millions of Americans will lose their unemployment benefits.

(zerohedge)

In Less Than Two Weeks, Millions Of Americans Will Lose Unemployment Benefits

 
MONDAY, MAY 31, 2021 – 10:35 AM

With at least 24 GOP-led states set to end federal unemployment assistance before they’re set to expire on Sept. 6, million of Americans are going to need to dust off those resumes and start helping reduce the massive job shortage after being paid to stay home for over a year.

The benefits set to lapse include not only the additional $300 weekly federal supplement, but programs for gig workers and others who typically don’t qualify for aid “(Pandemic Unemployment Assistance, or PUA) and for the long-term unemployed (Pandemic Emergency Unemployment Compensation, or PEUC) in most cases,” according to CNBC, which has provided this handy guide to states set to end benefits, and when:

 Several states are even offering financial incentives for people who find new jobs, including ArizonaMontanaNew Hampshire and Oklahoma.

The programs are all set to last through Sept. 6 as part of the American Rescue Plan, however Republican governors say that enhanced benefits say they’re discouraging people from returning to work (while the left desperately claims the giant gulf between job openings and continuing claims is a skills or geographic mismatch).

“Employers are telling me one of the big reasons they cannot recruit and retain some workers is because those employees are receiving more on unemployment than they would while working,” said Idaho Gov. Brad Little (R) in a statement. “My decision is based on a fundamental conservative principle — we do not want people on unemployment. We want people working.

As the Babylon Bee notes satirically, “Shocking Study Finds Paying People Not To Work Makes People Not Want To Work.”

According to JPMorgan, cutting benefits is “tied to politics, not economics,” adding that while benefits are likely causing some people to stay at home, it’s not a major factor in the unemployment rate.

A group of Democratic lawmakers, on the other hand, want pandemic stimulus to become Universal Basic Income.

Via Fall River Reporter:

Congressman Jimmy Gomez (CA-34) and Congresswoman Gwen Moore (WI-04) led five of their Ways and Means Committee colleagues in asking President Biden to include recurring direct payments and automatic unemployment insurance in his American Families Plan, according to a statement.

In response to the President’s support for automatically adjusting the length and amount of UI benefits unemployed workers received depending on economic conditions, the lawmakers are calling on the White House to back a plan that would issue recurring direct payments and unemployment insurance should a similar crisis hit our nation in the future. Recurring direct payments have broad, bipartisan support from both the general public and economic experts, and stimulus checks issued through the CARES Act, the year-end spending bill, and the American Rescue Plan Act, along with enhanced federal UI benefits, proved to be the most effective, but temporary, forms of direct relief during the COVID-19 pandemic.

“The success of the American Rescue Plan, combined with direct financial assistance in the CARES Act and prior federal legislation, is evident in communities nationwide,” said Gomez. “But we can’t pretend that a $1,400 check will be enough to last a year, and we need to be prepared with a strengthened safety net should a similar economic crisis strike again.”

Who’s going to pay for that again?

end

INFLATION WATCH

In two weeks CPI is announced and expect core CPI to hit 4%

(zerohedge)

“An Absolute Shocker”: Core CPI To Hit 4% In Two Weeks?

 
TUESDAY, JUN 01, 2021 – 05:45 AM

While pundits debate whether the record usage on the Fed’s reverse repo facility, which last week hit a record $485BN before easing back modestly…

… will be the technical catalyst that forces the Fed to finally hike the IOER by 5bps at the June meeting (a move which Powell will repeat several hundred times is not indicative of the Fed’s broader monetary policy to avoid a panic puke), a bigger threat to the Fed’s overall (and overly dovish) monetary posture is that as Nordea wrote last week, there is a clear risk that the May inflation report published on June 10, “will prove to be an absolute shocker with used cars and trucks up by 50% year over year, and a potential further increase in the yearly increase in the rent of shelter component.”

For those who haven’t seen what is going on in the used car space, here is a chart of the Mannheim used car index:

… and according to Apartment List, after a period of decline, nationwide median rents just surged by the most on record as this key component of the CPI and PCE basket suddenly explodes higher.

And here is the chart which prompts Nordea “not to rule out >4% core CPI inflation” in May, which will see the Fed’s “transitory inflation” world cave in as even Democrats politicians demand the Fed to start tapering.

Or maybe not, because while by now it is all too clear that we will have at least several months of residual surges in most prices which according to the Fed are “transitory”, some are already focusing on the next leg lower in prices which has manifested itself in certain commodity prices as well as the broader housing sector, with analysts pointing to early signs that demand is moderating, and supply is starting to catch up, helping explain some cooling commodity prices, followed by a similar sequence in goods inflation. Two frequently cited example of the above include US mortgage apps/lumber, and China’s recent direct intervention impacting soaring prices in iron ore and copper.

Take lumber and housing for example: housing led the way in the broad virus-demand boom/virus-supply constraint pattern the economy experienced over the past year. This was confirmed by the data: lumber new orders surged above production, collapsing inventories and igniting a price surge reflecting lumber new orders increasing faster than supply. But now, production has caught up with orders, and lumber inventories have stabilized. Many economists – and certainly the Fed – expect this pattern to repeat elsewhere in the economy, as supply catches up with demand, and price spikes roll over.

Meanwhile, as discussed over the past two weeks, commodities have been under sharp pressure from Beijing’s heavy hand – particularly iron ore, and also copper – with Beijing repeatedly warning that commodity prices are too frothy. Indeed, China’s banking regulator has asked lenders to stop selling commodity-linked investment products to mom-and-pop buyers

It’s not just commodities, however: Beijing is also making it increasingly clear that it demands the Fed end its dovish ways (which are leading to soaring commodity price inflation in China) by the recent surge in the yuan. Indeed, while Beijing is publicly pretending to jawbone the yuan lower, the Chinese currency rose to a new cycle high, and on Friday the official Shanghai Securities News said the CNY “may gain past 6.2,” supported by the weakening dollar, and China’s strong domestic economic recovery, citing analysts.

So while the Fed is pretending that inflation is transitory, China – where commodity inflation has sparked widespread and very much non-transitory public anger in recent months – is taking matters into its own hands and is strenghtening the CNY to make imports cheaper, helping cool inflation, while making exports less competitive. Yet paradoxically, this action will also weigh on the USD, as China adds to its own price pressures.

Ultimately, the current untenable situation will necessitate another Shanghai Accord-type agreement between the world’s biggest economies, or the growing divergence in policy responses will end in chaos.

end

USA mfg numbers indicate staglation

(zerohedge)

US Manufacturing Surveys Scream Stagflation As “Expectations Have Moderated”

 
TUESDAY, JUN 01, 2021 – 10:05 AM

With ‘hard’ data serially disappointing over-exuberant expectations for the last few months, ‘soft’ surveys continue to offer ‘hope’ (albeit mixed) for recovery-hyping equity bulls that the vast gap between the market and economic reality will somehow be filled.  After ISM’s surprise tumble last month (and PMI’s ongoing rise in flash data), the final data for May was expected to show marginal improvements for both manufacturing surveys.

  • Markit US Manufacturing PMI beat expectations, rising from 60.5 for April and from 61.5 flash for May to a final 62.1 for May – a record high.

  • ISM Manufacturing beat expectations, rising from 60.7 in April and expectations of 61.0 for May to 61.2.

Source: Bloomberg

Markit notes that the degree of optimism remained upbeat on average, but dipped to a seven-month low amid concerns regarding future supply flows.

And that lack of optimism is clear in the ISM employment data which tumbled

Source: Bloomberg

Survey respondents:

  • “The continued global supply chain tightness and raw material shortages from the Gulf (winter storms) make it less likely that any business can recover this year. Demand is strong, but what good is that if you cannot get the materials needed to produce your finished goods?” [Nonmetallic Mineral Products]

  • “Supplier performance — deliveries, quality, it’s all suffering. Demand is high, and we are struggling to find employees to help us keep up.” [Computer & Electronic Products]

  • “Changes in currency exchange rates favorably contributed to our quarterly performance.

  • Continued strong consumer demand for our high-quality products also provided increased sales.” [Chemical Products]

  • “Ongoing component shortages are driving dual sourcing and longer-term supply plans to be implemented.” [Transportation Equipment]

  • “Difficulty finding workers at the factory and warehouse level is not only impacting our production, but suppliers’ as well: Spot shortages and delays are common due to an inability to staff lines. Delays at the port continue to strain inventory levels.” [Food, Beverage & Tobacco Products]

  • “[A] lack of qualified candidates to fill both open office and shop positions is having a negative impact on production throughput. Challenges mounting for meeting delivery dates to customers due to material and services shortages and protracted lead times. This situation does not look to improve until possibly the fourth quarter of 2021 or beyond.” [Fabricated Metal Products]

  • “Labor shortages impacting internal and supplier production. Logistics performance is terrible.” [Electrical Equipment, Appliances & Components]

  • “Business is good, but labor and raw materials are becoming very problematic, driving increases in costs.” [Furniture & Related Products]

  • “Seeing a high demand and backlog of orders.” [Plastics & Rubber Products]

  • “Very busy, but still experiencing labor shortages.” [Primary Metals]

Chris Williamson, Chief Business Economist at IHS Markit said:

“US manufacturers are enjoying a bumper second quarter, with the PMI hitting a new high for the second month running in May. Inflows of new orders are surging at a rate unsurpassed in 14 years of survey history, buoyed by reviving domestic demand and record export sales as economies reopen from COVID-19 restrictions. However, elevated levels of other survey indicators are less welcome: prices charged by manufacturers are also rising at an unprecedented rate, linked to soaring input costs and unparalleled capacity constraints.

“Not only is operating capacity being curbed by record supply chain delays so far in the second quarter, but firms have also been increasingly unable to hire sufficient staff. Hence backlogs of work are building up at an unprecedented rate, as firms struggle to meet demand.

However, there is some darker clouds on the horizon, as Williamson notes:

“These backlogs of orders should support further production growth in the next few months, adding to signs of impressive economic expansion over the summer. But manufacturers’ expectations further ahead have moderated, hinting that the growth rate is peaking, linked to worries about capacity limits being reached, rising prices hitting demand and a peaking of stimulus measures.”

Which leaves us with a clear picture of stagflation…

Source: Bloomberg

The Fed is cornered – as markets start to face up to the reality of waning free money, Powell and his pals can’t ease any more amid “unprecedented” crushing of Americans’ living standards by the soaring inflation being seen everywhere.

iii) Important USA Economic Stories

JBS, the world’s largest meat supplier has been hit with a huge cyber attack affecting some of its servers supporting North American and Australian iT systems

 

(zerohedge)

Cyber Attack Hits JBS Global Meat Processing Operations 

 
TUESDAY, JUN 01, 2021 – 08:45 AM

JBS USA, the world’s largest meat supplier, released a statement Sunday evening, saying it was the target of an “organized cybersecurity attack.” 

JBS, which has North America headquarters in Greeley, Colorado, said the cyber attack “affected some of the servers supporting its North American and Australian IT systems.” 

“The company took immediate action, suspending all affected systems, notifying authorities and activating the company’s global network of IT professionals and third-party experts to resolve the situation,” the statement continued. “The company’s backup servers were not affected, and it is actively working with an Incident Response firm to restore its systems as soon as possible.”

Industry website Beef Central said the attack already impacted two shifts and halted processing at one of Canada’s largest meatpacking plants. Operations at all beef and lamb slaughterhouses in Australia ground to a halt, and some slaughtering and fabrication shifts have also been canceled in the U.S. 

It’s still unknown how the attack might impact consumers or if a meat shortage would be sparked. There is still no word on a timeline of when the JBS’ systems will be completely restored. 

Earlier in the month, hackers attacked the biggest U.S. gasoline pipeline operator, crippling East Coast energy infrastructure, which resulted in disrupted fuel flows, sending gasoline prices at the pump to multi-year highs. News of the hack led to panic hoarding by concerned folks. 

This one-two punch of hacking incidents in the commodity industry shows that nothing is safe. 

*This is an ongoing situation, and more updates will follow. 

end

Commodity  markets//COMMODITY PRICES

 

end

 
 
 
 

iv) Swamp commentaries/

I guess Democrats do not want free elections

(zerohedge)

Texas Democrats Walk Out Of House Chamber To Block Voting Law

 
MONDAY, MAY 31, 2021 – 09:20 AM

Authored by Janita Kan via The Epoch Times,

Texas Democrats abandoned the House floor on Sunday night in an effort to prevent the passage of a sweeping election overhaul bill that had already passed the state’s Senate.

The Democrat lawmakers managed to defeat the bill temporarily by breaking the quorum needed to hold a final vote on the bill. According to the state’s House rules, at least 100 members were required to be present for the chamber to conduct business.

Gov. Greg Abbott, a Republican who supports the bill, responded to the Democrat’s move in a statement on late Sunday, vowing to call a special session to revisit the bill.

I declared Election Integrity and Bail Reform to be must-pass emergency items for this legislative session. It is deeply disappointing and concerning for Texans that neither will reach my desk. Ensuring the integrity of our elections and reforming a broken bail system remain emergencies in Texas. They will be added to the special session agenda. Legislators will be expected to have worked out the details when they arrive at the Capitol for the special session,” Abbott wrote.

State Rep. Chris Turner (D), the chair of the House Democratic Caucus, appeared to be the main impetus for the walkout.

According to several media outlets, Turner had sent a text message informing other Democrats to “leave the chamber discreetly” ahead of the midnight deadline.

The Democrat lawmakers then confirmed their move following the walkout saying that on Sunday, they used their “last tool” to kill the bill.

“We denied the quorum that they needed to pass this bill and we killed that bill,” Turner told reporters.

“One of the many great traditions of the African American church in this country is ‘Souls to the Polls.’ … Republicans were determined to take that away.”

The Texas House Republican Caucus responded to the move, condemning the actions of their colleagues.

“The Texas House Republican Caucus condemns the actions of their colleagues in the Texas House who chose to vacate their Constitutional responsibility and leave millions of Texans without resolution on key issues in the final hours of the legislative session,” the statement said.

These individuals quit on their constituents and they quit on Texas. The Caucus is fully committed to taking all necessary steps to deliver on election integrity and bail reform, two issues flagged by our governor as emergency items.”

The bill was approved in the Senate largely along party lines after an overnight debate stretched into the morning of May 30, according to local media.

The measure would grant more power to poll watchers by giving them more access inside polling areas, while creating new penalties against election officials who restrict poll watchers’ movements. The proposal would also allow a judge to void the outcome of an election if the number of fraudulent votes could change the result.

Officials who send mail-in ballots to people who didn’t request them may also face criminal penalties, according to the bill.

President Joe Biden has also weighed in on the bill, characterizing the voting integrity law as an “attack” against the right to vote.

“It’s wrong and un-American. In the 21st century, we should be making it easier, not harder, for every eligible voter to vote,” Biden said in a statement.

“I call again on Congress to pass the For the People Act and the John Lewis Voting Rights Advancement Act. And I continue to call on all Americans, of every party and persuasion, to stand up for our democracy and protect the right to vote and the integrity of our elections.”

Florida and Georgia have both passed a bill that adds additional measures that seek to protect the sanctity of the ballot box and to add security to other methods of voting. The laws have faced significant pushback from Democrats who say that the bills represent voter suppression.

end

From the Independent Sentiment

and special thanks to Robert H for sending this to us:

Georgia

950 military ballots went 100% for Biden & came back in sequential order

 

There appears to have been fraudulent voting in Georgia in 2020.

John Fredericks, the host of Outside the Beltway, reports on this clip that as many as 30,000 fake ballots were counted in 2020 in Georgia. That is according to six witnesses — who submitted sworn affidavits. There is also a question of some counted twice. The ballots in question went for Biden and the two Democrat senators by 97%.

Another example Mr. Fredericks gave was of 950 military ballots that went 100% to Biden. That’s impossible for military ballots. Not only that, they were in sequential order. Every ballot that came in the mail was in exact order?

If a judge finds they are fraudulent, Republicans are ready to begin the process of de-certifying.

Watch:

 
Kamala HARRIS: missing in action:
(zerohedge)
 

‘Border Czar’ Kamala Harris Slammed For ‘Extreme Avoidance Of Human Crisis’ As Apprehensions Hit Two-Decade High

 
TUESDAY, JUN 01, 2021 – 11:25 AM

Two Republican lawmakers have slammed Vice President Kamala Harris for failing to personally survey the crisis at the southern border, shirking her duty as President Biden’s ‘border czar’ – a role she was given in March and has by all outward appearances, abandoned.

 

Kamala Harris, milk carton via Rep. Steve Scalise (R-LA)

In a Monday statement, Sen. Rick Scott (R-FL) said Harris’ “avoidance” of the border as “getting extreme,” according to Florida Politics.

Flying over the border at 35,000 feet doesn’t count as a visit. Now, 123 days since taking office, it’s shocking to see the lengths to which President Biden and Vice President Harris will go to avoid seeing the border crisis for themselves. Apprehensions at the border rose above 178,000 in April alone, nearly 6,000 a day. This is about the safety of American families. We must secure the border now,” urged Scott.

“While I welcome cooperation with Guatemala and Mexico,” the statement continues, “Biden and Harris have still not acknowledged the humanitarian and national security chaos their policies have created here in America. They still refuse to actually go to the U.S. southern border, hear from our brave Customs and Border Protection agents and see the U.S. side of this crisis that their failed amnesty and open borders policies have created. It’s time for Harris and Biden to get down to the U.S. border and provide answers to the American people.”

Meanwhile, Rep. Yvette Herrell (R-NM) has invited Harris to visit New Mexico to witness current immigration conditions, according to the Las Cruces Sun News.

In a letter to the vice president May 24, the congresswoman also asked to accompany Harris on her upcoming trip to Mexico and Guatemala.

Herrell, whose congressional district includes nearly 180 miles of the U.S. border with Mexico, called the current border situation a “crisis” in her letter and urged Harris to take a trip to southern New Mexico to get an on-the-ground perspective from borderland residents who Herrell said “continue to fear violence and property damage along the border.”

Harris has not made a trip to the border since President Joe Biden picked her to oversee the task of stemming migration and working to address the conditions in Central America which cause it.

“This crisis can only be solved with bipartisan input and perspective from those who represent areas along the southern border,” Herrell’s letter continues.

Herrell has introduced legislation in the House which would retain Title 42 of the US Code – which has been used to quickly expel illegal immigrants and asylum seekers due to the COVID-19 pandemic – a law the Biden administration has thus far retained. She also slammed the decision to halt construction on the southern US border wall, and urged the administration to restart construction in earnest.

“The most effective way to stop illegal immigration is to ensure consequences for those who break our laws or exploit our asylum system,” wrote Harrell.

The criticism of Harris comes as over 178,000 migrants were stopped at the southern border in April – the highest one-month total in over two decades according to KATC.

And while Harris may be allergic to the border, her stand-up career is going even worse based on her Friday performance at the Naval Academy…

Funny!

California Restaurant Owner Tacks On $5 Fee For Customers Who Refuse To Remove Masks

 
MONDAY, MAY 31, 2021 – 12:30 PM

The owner of a Mendocino, California restaurant is penalizing customers who wear masks inside, according to NBC Bay Area.

“$5 FEE ADDED TO ORDERS PLACED WHILE WEARING A FACE MASK,” reads signs posted in the windows and at the register of Fiddleheads Cafe.

 

Fiddleheads Cafe in Mendocino not only discourages wearing masks but also charges a penalty. (May 28, 2021)

The fine print adds that anyone overheard bragging about having been vaccinated will be hit with another $5 charge.

“Customers either love it or hate it,” said owner Chris Castleman in an email to NBC Bay Area, who said the ‘fee’ is ultimately considered an ‘optional donation’ which goes to charities assisting victims of domestic abuse.

There are people who refuse to pay it; I guess a $5 donation to charity is too much for them. Others have gladly paid it knowing that it goes to a good cause. I don’t force anyone to pay, I give them the freedom of choice, which seems to be a foreign concept in these parts of the country,” Castleman added.

This isn’t the first time Castleman has waded into the mask debate – posting signs in April which read: “THROW YOUR MASK(S) IN OUR TRASH BIN AND RECEIVE 50% OFF YOUR ORDER,” as well as “GET YOUR FREE COVID-19 VACCINE CARD HERE!” which was accompanied by a photocopy of what appeared to be a COVID-19 vaccination record.

According to the Press Democrat, Castleman temporarily closed the restaurant in June 2020 after receiving a $10,000 citation from county health officials for violating various health orders – such as employees not wearing appropriate face coverings or failure to post necessary signage regarding social distancing or proper hygiene.

“I’m not going to tell my employees to do anything,” Castleman said at the time. “That’s between them and the county. In general, the stance I have on all this is it’s about personal responsibility and personal choice. It’s not about me being a police officer.”

Castleman set up a still-active GoFundMe page last June to help keep his doors open, and has raised $6,500 of his 5,000 goal.

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

ESMs and US stocks surged early Friday on expectations for the usual Friday rally; May performance gaming; and the official unveiling of Biden’s Trillions.

Wise guys that bought DJTA stocks on Biden’s Trillions got an early start dumping their pumped-up holdings.  The DJTA opened at its high and turned negative within 4 minutes of the NYSE open.

ESMs peaked at the 7 ET opening of the US repo market.  ESMs and stocks hit a bottom at 10:23 ET.  The conditioned buying of early NYSE declines generated a ‘V’ rally into the European close (11:30 ET).  A big part of the late morning rally was buying for The Big Guy’s press conference at which he would unveil his $6 trillion scheme.  PS – Biden was over an hour late for his presser with Virginia Governor Northam (in Alexandria, VA) that was staged for The Big Guy to tout Covid vaccinations.  The Big Guy spoke for less than 15 minutes and took NO questions.

The rally peaked after The Big Guy’s speech in Virginia (12:15 ET).  ESMs and stocks then declined smartly.  Biden’s $6 trillion budget scheme was released around 13:30 ET.

Biden Budget Calls for Spending Surge Fueled by Higher by Taxes – BBG 13:30 ET
Retroactive Capital Gains Tax Hike – On the tax front, the biggest surprise in Biden’s proposal is that he assumes an increase in the capital gains rate would be retroactive to April 2021…
    Biden’s budget proposes to roll back most of the Trump cuts on the corporate and international side of the tax code, including bringing the corporate rate back to 28% and the top individual rate back to 39.6%… The budget does not address the state and local tax deduction…
    It includes proposals to let people enroll in Medicare at age 60 rather than 65 and to allow Medicare to negotiate prescription drug prices…
    Biden’s budget also contains no concrete plan to address long-term funding shortfalls for Social Security or a trust fund for Medicare, the health program for the elderly and disabled, despite campaign pledges to ensure the programs remain solvent…
https://www.bloomberg.com/news/articles/2021-05-28/biden-budget-calls-for-spending-surge-fueled-by-higher-taxes

Biden Budget Shows Focus on Wealth Redistribution, Not Growth – BBG 13:30 ET
The proposed 2022 budget request includes funding for early childcare and colleges, investing in minority-owned businesses and grants to improve public transportation in poor communities…
    Biden’s Jobs plan would increase taxes on corporations by $2 trillion over the decade. The Families plan includes approximately $1.5 trillion in tax increases on high-earners roughly split from increased rates on income and capital gains, and from increased IRS enforcement and audits. The total spending on tax credits for low-income households, childcare spending and education investments total nearly $1.8 trillion.  Biden’s economic team at the White House has been determined to make good on his campaign pledge to raise taxes on the rich, emboldened by the sharply divergent experiences of those at the top and bottom of the socioeconomic scale during the Covid-19 crisis…
https://www.bloomberg.com/news/articles/2021-05-28/biden-budget-shows-focus-on-wealth-redistribution-not-growth

Budget of the U.S. Government FISCAL YEAR 2022 (The Big Guy’s Trillions)
https://www.whitehouse.gov/wp-content/uploads/2021/05/budget_fy22.pdf

The afternoon decline stalled on the release of the Big Guy’s Trillions.  Was all the socialism bullish or was the US record socialism bearish?  ESMs traded within a tiny 3-handle range from 13:10 ET until they broke lower at 14:11 ET.  The decline quickly ended at the VIX Fix (14:15 ET).  The ensuing rally was the commencement of the manipulation to embellish May performance.

Unfortunately for performance gamers, ESMs and stock turned lower when the final hour arrived.  The usual suspects halted the decline but could not generate an upside spurt until 22 minutes before the close.  The thrust higher quickly reversed into an equal but opposite reaction.  The drop accelerated into a 10-handle decline by 15:50 ET.  Manipulators forced ESMs 5 handles higher at the close.

US Wholesale Inventories increased 0.8% m/m in April; 0.7% was expected.  However, Retail Inventories dropped 1.6%; -1.2% was consensus.

April Personal Income tumbled 13.1% m/m; -14.2% was expected.  Spending grew the consensus 0.5%.

The PCE Deflator increased the expected 0.6% m/m in April; but y/y it inflated 3.6%.  3.5% y/y was consensus.  The PCE Core Deflator increased 0.7% m/m and 3.1% y/y; 0.6% and 2.9% were expected. 

@BEA_News: Get details about the April decline in personal income and learn more about the impact of pandemic recovery efforts on people’s income and spending; Read our bloghttps://t.co/0ktnxVIWNz

Prices jumped 3.6 percent in April, the fastest pace in 13 years. – NYT
https://www.nytimes.com/2021/05/28/business/inflation-consumer-prices.html

Key inflation indicator [PCE Core Deflator] rose 3.1% from a year ago, highest since 1992
https://nypost.com/2021/05/28/key-inflation-indicator-rises-to-highest-level-since-1992/

U.S. inflation surges in April; consumer spending moderates https://t.co/Fdllu3zZXE

Costco is seeing inflation abound, impacting a slew of consumer products
“Inflationary factors abound,” CFO Richard Galanti said on the company’s fiscal third-quarter earnings call Thursday.  “These include higher labor costs, higher freight costs, higher transportation demand, along with the container shortage and port delays … increased demand in various product categories some shortages, various shortages of everything from chips to oils and chemical supplies by facilities hit by the Gulf freeze and storms and, in some cases, higher commodity prices,” he added…
    Overall, he said the company has gone from seeing inflation in the 1%-1.5% range in March to 2.5% to 3.5% today…  https://www.cnbc.com/2021/05/28/costco-is-seeing-inflation-abound-impacting-a-slew-of-consumer-products.html

UM Sentiment increased 0.1 to 82.9; 83 was expected.

University of Michigan: Record concerns about rising prices
A falloff in consumer confidence in May is due to surging inflation that consumers anticipate will persist in the year ahead, according to the University of Michigan Surveys of Consumers.  Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles and household durables…  https://news.umich.edu/record-concerns-about-rising-prices/

And Now Prices Are Really Soaring: May Rent Jump Is Biggest on Record
Summary: surging rents – the “missing piece” from both the CPI and PCE baskets – are back with a vengeance, and the result is that no matter which official inflation metric one uses, we are about to see some truly epic numbers in the coming weeks.
https://www.zerohedge.com/economics/and-now-prices-are-really-soaring-may-rent-jump-biggest-record

Rent of primary residence plus Owners’ Equivalent Rent are about 1/3 of CPI and ~41% of Core CPI. Transportation at 15.318% is the next biggest component.  Food & Beverage has a 14.649% weighting; Healthcare, which was about 18% of GDP in 2020, has a weighting of only 8.539%.
https://www.bls.gov/cpi/tables/relative-importance/2016.pdf

@MNIIndicators: MNI Chicago May Biz Barometer rises to near 48-year high as the headline Index jumps to 75.2 from 72.1 in April  [68 was consensus] https://t.co/XOgaJRsk0Z

Ex- advisor to many US presidents Harald Malmgren @Halsrethink: Federal Reserve which is charged with both regulation of banking and pursuit of an ever-widening mandate including full employment, stability of financial markets and mitigation of climate change is already becoming a threat to our balance of powers.  Before permitting the Fed to be either exclusive or dominant provider of digital currency we should consider limitation of its present authority. First, transfer its regulatory powers to a different agency such as FDIC or reformulated OCC.

“There’s nothing in this world, which will so violently distort a man’s judgment more than the sight of his neighbor getting rich.” — JP Morgan, 1907

Redfin CEO @glennkelman: Inventory is down 37% year over year to a record low. The typical home sells in 17 days, a record low. Home prices are up a record amount, 24% year over year, to a record high… But in two of America’s largest cities, inventory has increased, in New York by 28%, in San Francisco by 77%. San Francisco hasn’t had an inventory increase this large since 2008. And still in both markets, prices are increasing.  In 2020, new-construction permits were *down* 13% in DC and New York, 40% in LA, 48% in Chicago, 50% in Seattle, 79% in San Francisco. Permits were *up* 25% in Miami, 56% in Vegas, 96% in Greenville, 122% in Detroit, 246% in Knoxville… For low-tax states, 4 people move in for every 1 who leaves. For Texas, this ratio is 5:1; for Florida, 7:1. Cites & states have no leverage to raise taxes, after many promised new money for social justice; the federal government will have to fund long-term investments… This migration to lower-cost areas may lead to lower workforce participation. For many families @Redfin has relocated, the money saved on housing costs lets one parent stop working. A wave of Redfin customers are retiring early
https://twitter.com/glennkelman/status/1397189637207121929

COVID-19 ‘has NO credible natural ancestor’ and WAS created by Chinese scientists who then tried to cover their tracks with ‘retro-engineering’ to make it seem like it naturally arose from bats, explosive new study claims

  • Chinese scientists took a natural coronavirus ‘backbone’ found in Chinese cave bats and spliced onto it a new ‘spike’, turning it into the deadly and highly transmissible COVID-19
  • The researchers, who concluded that COVID-19 ‘has no credible natural ancestor’, also believe scientists reverse-engineered versions of the virus to cover up their tracks
  • ‘We think that there have been retro-engineered viruses created,’ Dalgleish told DailyMail.com. ‘They’ve changed the virus, then tried to make out it was in a sequence years ago.’…

https://www.dailymail.co.uk/news/article-9629563/Chinese-scientists-created-COVID-19-lab-tried-cover-tracks-new-study-claims.html

We published research in late January 2020 that inferred that Covid-19 was manmade.

Uncanny similarity of unique inserts in the 2019-nCoV spike protein to HIV-1 gp120 and Gag (1/20)
https://www.biorxiv.org/content/10.1101/2020.01.30.927871v1

Wuhan Lab Researcher’s Wife Died of COVID-Like Illness in December 2019, Former Lead US Investigator Says – It would have been an early clue that the virus could be transmitted among humans, yet Chinese authorities said that the virus was not transmissible for at least a month after they knew it wasallowing it to spread…  https://dailycaller.com/2021/05/28/covid-19-david-asher-mike-pompeo-world-health-organization/

Biden orders ‘unexamined evidence’ that could show coronavirus leaked from China lab to be crunched by supercomputers at 17 elite research facilities [Why wasn’t this already done; or was it?]
https://www.dailymail.co.uk/news/article-9632403/Biden-orders-National-Labs-examine-unexamined-evidence-pandemic-probe.html

Media outlets that derided COVID lab-leak theory last year now scramble to save face
“Most MSM reporters didn’t ‘ignore’ the lab leak theory,” Washington Post columnist Josh Rogin tweeted Saturday, “they actively crapped all over it for over a year while pretending to be objective out of a toxic mix of confirmation bias, source bias (their scientist sources lied to them), group think, TDS and general incompetence.”… https://justthenews.com/accountability/media/media-outlets-criticized-covid-lab-leak-theory-last-year-are-now-scrambling

Fauci once argued for risky viral experiments — even if they can lead to pandemic
The newly unearthed comments were made in the American Society for Microbiology in October 2012, where the nation’s chief medical adviser expressed his support for gain-of-function experiments, which focuses on manipulating viruses and making them stronger, The Australian reported…
   In the 2012 paper, Fauci acknowledged the risky research could lead to serious lab accidents but he called it “important work” and wrote that it was worth the risk, the outlet said. “In an unlikely but conceivable turn of events, what if that scientist becomes infected with the virus, which leads to an outbreak and ultimately triggers a pandemic?… Scientists working in this field might say – as indeed I have said – that the benefits of such experiments and the resulting knowledge outweigh the risks.”
https://nypost.com/2021/05/28/fauci-once-argued-viral-experiments-worth-the-risk-of-pandemic/

@EmeraldRobinson: the FBI gave Dr. Fauci an award for “distinguished service” in November 2020Why did the FBI do that? Why would federal law enforcement honor an infectious disease specialist?

Had COVID? You’ll probably make antibodies for a lifetime
People who recover from mild COVID-19 have bone-marrow cells that can churn out antibodies for decades, though viral variants could dampen some of the protection they offer. [Big pharma won’t like!]
https://www.nature.com/articles/d41586-021-01442-9
     @almostjingo: Why isn’t this bigger news and more importantly why isn’t this celebrated?

CDC just reversed course on masks and social distancing for many kids at summer camp
The CDC now says that when everyone at camp is vaccinated it is “safe to return to full capacity…  https://www.foxnews.com/health/cdc-loosens-mask-requirements-summer-camps

We must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.” — President Dwight Eisenhower in Farewell Address, Jan. 17, 1961

The CCP [Hu Xijin, editor of the Global Times] Threats Nuclear Strikes on US after U.S. Announces Investigation into Origin of CCP Virus – “We have many urgent tasks, but one of the most important is to keep rapidly increasing the number of nuclear warheads and strategic missiles… This is the cornerstone of China’s strategic resilience against the United States.
    “We must be prepared for a high-intensity showdown between the US and China… Our nuclear missiles must be so numerous that the U.S. elite will tremble at the thought of military confrontation with China at that time… As U.S. hostility toward China continues to burn, we need to use our strength and the unbearable risks they would face if they took the risk to force them to remain calm.”
https://www.jenniferzengblog.com/home/2021/5/29/the-ccp-threats-nuclear-strikes-on-us-after-us-announces-investigation-into-origin-of-ccp-virus

America’s Frontline Doctors files motion for temporary restraining order against use of COVID vaccine in children – “We doctors are pro-vaccine, but this is not a vaccine,” she said. “This is an experimental biological agent whose harms are well-documented (although suppressed and censored) and growing rapidly, and we will not support using America’s children as guinea pigs.”
https://www.americasfrontlinedoctors.org/frontline-news/americas-frontline-doctors-files-motion-for-temporary-restraining-order-against-use-of-covid-vaccine-in-children

@AKA_RealDirty: Kyle Bass tells @JanJekielek a former CCP General billionaire has bought 130,000 acres of Texas land that’s right on the border Of Mexico and right beside of a major US military base.
https://twitter.com/AKA_RealDirty/status/1399120082433888260

Postal Service raises stamps from 55 to 58 cents as part of restructuring plan ‘to make up for billions in financial losses within the agency’. [Jerome, is this transitory?] https://t.co/6oFPRnvF0O

Eateries across US raise prices after soaring inflation sees ingredients costs TRIPLE https://t.co/kwHVMQJIrK

@jimiuorio: Remember when you get your grocery or restaurant bill that inflation was intentional. They literally thought it would solve your problems to make the things you buy way more expensive.

Banks block payments to crypto exchanges – Customers of Barclays, Monzo and Starling are among those to have been blocked from transferring money to cryptocurrency platforms
https://www.telegraph.co.uk/business/2021/05/29/banks-block-payments-crypto-exchanges/

Guangzhou tightens restrictions in response to mutant strains amid resurgence
Guangzhou, South China’s Guangdong Province, has beefed up community and travel restrictions to prevent the spread of the coronavirus amid the latest COVID-19 resurgence..
https://www.globaltimes.cn/page/202105/1224997.shtml

China Takes Its Most Visible Measure Yet to Curb Yuan’s Gains

  • PBoC increase reserve ratio for foreign exchange holdings [+ 2.00 to 7%; first hike since 2007]
  • Yuan’s rally to three-year high has sparked official concern

https://finance.yahoo.com/news/china-moves-cool-yuan-rally-093208185.html

‘Creepy Joe’ strikes again: President Biden is slammed for singling out ‘elementary school-aged’ girl during speech and saying ‘she looks like she’s 19 years old’ – ‘I love those barrettes in your hair, man,’ the President said to the girl, who was sitting at the side of the stage.  ‘I tell you what, look at her, she looks like she’s 19 years old, sitting there like a little lady with her legs crossed,’ Biden bizarrely continued…A second person chimed in: ‘This would be front page news on the New York Times and the lead story on CNN for two weeks if Trump did this. And no, this isn’t whataboutism,’ one person remarked…  https://www.dailymail.co.uk/news/article-9631457/Creepy-Joe-Biden-slammed-remarks-elementary-school-aged-girl.html

 

Press admonished for fawning coverage of Biden ice cream pit stop: ‘Our media is so embarrassing’
“Mr. President, what did you order?” a reporter asked Biden who held up a stuffed ice cream cone outside Honey Hut Ice Cream in Cleveland.  “Chocolate chocolate chip,” he replied. Cheers and oohing can be heard after the president announced his flavor of choice…
https://www.foxnews.com/media/press-fawning-coverage-biden-ice-cream-ohio-embarrassing.amp

MSNBC mocked for three-minute segment about Biden ‘absolutely going to town’ on ice cream
‘Joe Biden really, really loves ice cream,’ MSNBC’s Ali Velshi reports
https://www.foxnews.com/media/biden-ice-cream-msnbc-three-minute-segment-velshi

Biden only spent five of his 19 weekends as president at the White House…
Biden sees the White House ‘more like a Monday-through-Friday kind of place.’…
https://www.dailymail.co.uk/news/article-9637543/Biden-staff-say-White-House-lonely-Memorial-Day-marks-presidents-14th-weekend-away.html

Private Investigator Says AG Barr Told Him to Stop Investigating Election Fraud Claims
A former U.S. Army Reserve lieutenant colonel and intelligence official who gained fame for claims about mishandled intelligence before the September 11 attacks, says former US Attorney General Bill Barr told him to stop his investigation into the 2020 election.  Tony Shaffer says while investigating the 2020 election, then-Attorney General Bill Bar personally called and told him to turn over the case to the FBI…“When was the last time you had Bill Barr, the Attorney General, calling a private citizen saying you need to stop. Think about that for a second.” Shaffer questioned…
https://electionwiz.com/2021/05/28/private-investigator-says-ag-barr-told-him-to-stop-investigating-election-fraud-claims/

US Capitol Doors on Jan. 6 Were Magnetically Locked – Someone Inside Capitol Security Had to Release the Lock to Open the Doors [Who gave the order to open the magnetic door locks?]
https://www.thegatewaypundit.com/2021/05/huge-exclusive-us-capitol-doors-jan-6-magnetically-locked-someone-inside-capitol-security-release-lock-open-doors-video/

@chuckwoolery: 70 officers have left the Capitol Police since Jan 6. Anyone know why?

Biden received funds from top Russia lobbyist before Nord Stream 2 giveaway
The DNC said they had returned the cash on Thursday after The Post’s inquiry…
https://nypost.com/2021/05/29/biden-got-cash-from-russia-lobbyist-before-nord-stream-2-giveaway/

GOP @RepKenBuck: It gets worse. The lobbyist that President Biden accepted donations from is directly engaged in lobbying activities for Nord Stream 2 AG. This is incredibly alarming.

Listen as Hunter Biden bragged that he would regularly smoke crack with late D.C. Mayor Marion Barry at a Georgetown bar when he was a student in recorded phone call with a friend
    The stunning admission in the call,…saved on Hunter’s abandoned laptop, contradicts the president’s son’s claim in his memoir that his arrest as a teenager scared him off drugs until after college…
https://www.dailymail.co.uk/news/article-9627185/Hunter-Biden-bragged-smoked-crack-late-DC-Mayor-Marion-Barry-recorded-call.html

@mirandadevine: this photo appears to have been taken at Cafe Milano showing then VP Joe Biden with two Kazakhstani guests from Hunter’s 2015 dinner to introduce his clients to dad. L-R – oligarch Kenes Rakishev, Hunter, Joe, PM Karim Massimov  https://twitter.com/mirandadevine/status/1398340907863359494

@bennyjohnson: Kamala Harris tells woke joke about a female Marine at the Navy Academy – IT BOMBS. Cadets groan as Kamala cackles awkwardly alone onstage. Kamala also told the cadets to use “wind energy” for “combat power.” The Biden humiliation of our Military continues.
https://twitter.com/bennyjohnson/status/1398333498465869832

Kamala Harris uses Naval Academy speech to plug ‘rolled-up solar panel’
They better hope it’s not cloudy… Vice President Kamala Harris on Friday told graduating Naval Academy midshipmen that they may soon be able to pack a “rolled-up solar panel” instead of heavy batteries…  https://nypost.com/2021/05/28/kamala-harris-plugs-battery-replacement-to-naval-academy-grads/

6th Circuit Issues Stinging Rejection of Biden’s Race-Based ‘American Rescue Plan’
“This case is about whether the government can allocate limited coronavirus relief funds based on the race and sex of the applicants,” Judge Thapar ruled. “We hold that it cannot.”… 
    Judge Thapar’s conclusion is particularly stinging.  “It has been twenty-five years since the Supreme Court struck down the race-conscious policies in Adarand. And it has been nearly twenty years since the Supreme Court struck down the racial preferences in Gratz. As today’s case shows once again, the ‘way to stop discrimination on the basis of race is to stop discriminating on the basis of race.’”…
https://beckernews.com/breaking-6th-circuit-issues-stinging-rejection-of-bidens-race-based-american-rescue-plan-39350/

Trump Just Dropped Straight Fire on Paul Ryan After His ‘Rally’ Against Former President
“I was in the Great State of Wisconsin when they booed him off the podium… Ryan should instead be telling them how to stop the cheating of elections… It was the day that Ryan went on the board of Fox… that Fox totally lost its way and became a much different place, with millions of its greatest supporters fleeing for good,” he added. “Paul Ryan has been a curse to the Republican Party. He has no clue as to what needs to be done for our Country, was a weak and ineffective leader, and spends all of his time fighting Republicans as opposed to Democrats who are destroying our Country.”…
https://beckernews.com/breaking-donald-trump-just-dropped-straight-fire-on-paul-ryan-after-his-rally-against-former-president-39357/

‘Panic’ in Georgia: Election Board Hires Criminal Defense Lawyers
https://electionwiz.com/2021/05/29/panic-in-georgia-election-board-hires-criminal-defense-lawyers/

@PhillDKline: Fulton Co Sherrif’s Off told court they would secure ballots, yet this weekend, room where ballots kept left open and alarm sounding. Perhaps MSM covers this failure of Fulton Co. like they covered counties failure to provide chain of 10s of 1000s of ballots or the Wuhan lab leak

@EmeraldRobinson: Two Fulton County deputies who were assigned to watch the secure building where the ballots were being kept appear to have the left the building 20 minutes before the alarm went off.
https://twitter.com/EmeraldRobinson/status/1399368976463974404
    This is a picture is that the attorney provided of the door left open at the supposedly secure building were the ballots are being kept.  https://twitter.com/EmeraldRobinson/status/1399066487613165572

@BernardKerik: The judge in this case must order an immediate independent investigation as
@GovKemp cannot be trusted.  Where was the outside security that was ordered by the judge and who unlocked the building?

Dems Spent 4 Years Comparing Trump to Hitler but Now Are Offended by Nazi Analogies
https://www.westernjournal.com/david-harsanyi-dems-spent-4-years-comparing-trump-hitler-now-offended-nazi-analogies/

‘Enjoy the long weekend’: Kamala Harris is slammed for smiling tone deaf Memorial Day tweet that doesn’t acknowledge fallen soldiers
https://www.dailymail.co.uk/news/article-9633497/Kamala-Harris-accused-disgusting-disrespect-tweeting-Memorial-Day.html

Kamala Harris pays tribute to vets after taking heat for earlier Memorial Day tweet
On Saturday, Harris shared a photo of herself smiling and wrote, “Enjoy the long weekend”
https://www.foxnews.com/politics/kamala-harris-memorial-day-fallen-service-members-twitter

@EmeraldRobinson: Donna Brazile is out at Fox. Juan Williams has been minimized. Jedediah Bila was cut last week. Martha McCallum minimized. Melissa Francis gone. Bill Sammon gone. Chris Stirewalt gone.  The Never Trumpers are paying the price for hitting the iceberg on election night.

Visitors to Chicago Loop warned to watch out for large groups of robbers in parks
https://www.fox32chicago.com/news/visitors-to-chicago-loop-warned-to-watch-out-for-large-groups-of-robbers-in-parks.amp

Cook County commissioner urges pause on changing Columbus Day to Indigenous Peoples Day, reveals he is descended from slaves owned by Choctaw tribe
https://www.chicagotribune.com/politics/ct-cook-county-indigenous-peoples-day-20210528-lsww6jrinnfmrh4poup5zua3te-story.html

Don’t forget, free blacks owned slaves in the USA, an obstacle in determining who deserves reparations.

END

I WILL SEE  YOU WEDNESDAY NIGHT

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