JUNE 4//GOLD AND SILVER REBOUND ON POOR JOBS REPORT: GOLD UP $18.70 TO $1889.60//SILVER UP 33 CENTS TO $27.75//GOLD STANDING AT THE COMEX RISES TO 68.9 TONNES//SILVER OZ STANDING 12.835 MILLION OZ//USA JOBS REPORT DETAILED//CORONAVIRUS UPDATES//VACCINE UPDATES//INFLATION WATCH: LOOKS LIKE WE ARE HEADING FOR STAGFLATION//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1889.60  UP $18,70   The quote is London spot price

Silver:$27.75  UP 33 CENTS   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1891.70 LONDON SPOT  4:30 pm

ii)SILVER:  $27.80//LONDON SPOT  4:30 pm

 

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

 

 

PLATINUM  $1168.57  UP $12.84

PALLADIUM: 2846.20 UP $15.85  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 252/1330

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,871.200000000 USD
INTENT DATE: 06/03/2021 DELIVERY DATE: 06/07/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 666
072 H GOLDMAN 371
099 H DB AG 158
118 H MACQUARIE FUT 46
323 H HSBC 93
365 C ED&F MAN CAPITA 56
435 H SCOTIA CAPITAL 61
523 H INTERACTIVE BRO 25
555 H BNP PARIBAS SEC 76
624 H BOFA SECURITIES 70
657 C MORGAN STANLEY 3 6
657 H MORGAN STANLEY 69
661 C JP MORGAN 151 252
686 C STONEX FINANCIA 4
690 C ABN AMRO 1
709 C BARCLAYS 62
709 H BARCLAYS 400
737 C ADVANTAGE 33 17
800 C MAREX SPEC 8
905 C ADM 32
____________________________________________________________________________________________

TOTAL: 1,330 1,330
MONTH TO DATE: 19,856

ISSUED:  151

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 1330 NOTICE(S) FOR 133,000 OZ  (4.137 tonnes)

TOTAL 0BER OF NOTICES FILED SO FAR:  19,856 NOTICES FOR 1,985,600 OZ  (61.760.623 tonnes) 

SILVER//MAY CONTRACT

18 NOTICE(S) FILED TODAY FOR 90,000  OZ/

total number of notices filed so far this month 2442  :  for 12,210,000  oz

 

BITCOIN MORNING QUOTE  $36,470  DOWN 2230  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$35,717 DOWN 1783 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $18.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  1041.75 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 33 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:

578.387  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 177.17 UP $1.90 OR  1.908%

XXXXXXXXXXXXX

SLV closing price NYSE 25.77 UP $0.32 OR 1.24%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 2353 CONTRACTS FROM 184,428 DOWN TO 182,075, AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG LOSS IN OI OCCURRED WITH OUR HUGE  $0.71 LOSS IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE LOSS 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 VERY STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE THUS  HAD ZERO 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:   464 CONTRACTS.

WE WERE  NOTIFIED  THAT WE HAD A VERY STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 3358,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 3358 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 3358 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 

12.835 MILLION OZ INITIAL STANDING FOR JUNE

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.71). BUT WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH THURSDAY’S TRADING.  WE HAD A STRONG GAIN OF 1005 CONTRACTS ON OUR TWO EXCHANGES.  THE GAIN WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) STRONG REDDIT RAPTOR BUYING//.    iii)  A VERY STRONG 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 90,000 ON DAY 6 OF THE DELIVERY CYCLE, WITH 12.835 MILLION OZ NOW STANDING FOR DELIVERY//  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:

5515 CONTRACTS (FOR 5 TRADING DAY(S) TOTAL 5515 CONTRACTS) OR 27.575 MILLION OZ: (AVERAGE PER DAY: 1103 CONTRACTS OR 5.515 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 27.575  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:  27.575 MILLION OZ// ON A PAR WITH THE MONTH OF MAY.

 

RESULT: WE HAD A STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 889, WITH  OUR HUGE  $0.71 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 3482 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED GAIN  OF 2469 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG $0.71 LOSS 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 ANOTHER STRONG QUEUE JUMP OF 90,000 OZ AS THE NEW TOTAL OF SILVER STANDING REACHES 12.835 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  3358  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 2353 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.71 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.42//THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 18 NOTICES FILED TODAY FOR 90,000 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 STRONG SIZED SIZED 5684 CONTRACTS TO 487,652 ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: 2634 CONTRACTS.

THE FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR HUGE FALL IN PRICE  OF $35.75///COMEX GOLD TRADING//THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 1116 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.73 TONNES. AFTER SOME MORPHING OF GOLD TO LONDON EARLY IN THE DELIVERY CYCLE, WE ARE NOW BACK TO QUEUE JUMPING AS 200 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  68.90 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF $35.75 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD  A FAIR SIZED GAIN OF 3482 OI CONTRACTS (10.8300 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6800 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 6800  ALL OTHER MONTHS ZERO//TOTAL: 6800 The NEW COMEX OI for the gold complex rests at 487,652. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1116 CONTRACTS:  5684 CONTRACTS INCREASED AT THE COMEX AND 6800 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1116 CONTRACTS OF 3.71 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6800) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (5684 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1116 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION!, , AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 69.730 TONNES, BUT FOLLOWED BY A 200 OZ QUEUE JUMP//NEW COMEX TOTALS 68.90 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) FAIR COMEX OI LOSS AND 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR HUGE LOSS IN GOLD PRICE TRADING THURSDAY//$35.75!!.

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 : 16,296, CONTRACTS OR 1,629,600 oz OR 50.687 TONNES (5 TRADING DAY(S) AND THUS AVERAGING: 3259 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 50.687 TONNES

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

THUS EFP TRANSFERS REPRESENTS 50.687/3550 x 100% TONNES =1.42% 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:      50.687 TONNES (NOW ON A PAR WITH MAY)

 

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 2353 CONTRACTS FROM 184,428 DOWN TO 182,075 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 3358 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 3358: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  3358 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 2353 CONTRACTS AND ADD TO THE 3358 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 1005 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.025 MILLION  OZ, OCCURRED DESPITE OUR $0.71 LOSS IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 7.63 PTS OR 0.21%   //Hang Sang CLOSED DOWN 47.93 PTS OR 0.17%      /The Nikkei closed DOWN 116.59 pts or 0.40%  //Australia’s all ordinaires CLOSED UP 0.43%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4098 /Oil UP TO 69.04 dollars per barrel for WTI and 71.33 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4098. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4099   : /ONSHORE YUAN TRADING BELOW 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/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 STRONG SIZED 5684 CONTRACTS TO 487,652MOVING FURTHER FROM  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED WITH OUR LOSS OF $35.75 IN GOLD PRICING THURSDAY’S COMEX TRADING.WE ALSO HAD A STRONG EFP ISSUANCE (6800 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6800 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 6800 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6800  CONTRACTS 

 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED  1116 TOTAL CONTRACTS IN THAT 6800 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED COMEX OI OF 5684 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (68.90) 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 SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $35.75)., BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 3482 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 3.471 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (68.90 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 2634  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 1116 CONTRACTS OR  111600 OZ OR  3.471  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:  487,562 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.76 MILLION OZ/32,150 OZ PER TONNE =  1516 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1516/2200 OR 68.93% OF ANNUAL GLOBAL PRODUCTION OF GOLD.4

 

Trading Volumes on the COMEX GOLD TODAY:229,272contracts// volume /  fair /   //

CONFIRMED COMEX VOL. FOR YESTERDAY: 292,289 contracts// –FAIR PLUS 

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

 

JUNE 4 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
 
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

64,173.400 oz

Brinks

 

1996 kilobars

 

this is a phony entry

Deposits to the Customer Inventory, in oz
nil OZ
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
1330  notice(s)
 
133,000 OZ
(4.137 TONNES
No of oz to be served (notices)
2296 contracts
 229,600oz)
 
7.1384 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
19,856 notices
1,985,600 OZ
61.760 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 1 deposit into the dealer

I Into Brinks; 64,173.400 oz  (1996 kilobars)
 
 
 
total deposit:  64,173.400 oz    
 
 
 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: nil  oz
 
 
 
 
 
 
We had 0 withdrawals….
 
 
 
 
 
 
total withdrawals nil oz
 
a net:.1.996 tonnes enters  the comex
albeit a phony entry1,996 kilobars
 
 
 
 
 
 
 
 

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

ADJUSTMENTS  2//   dealer to customer

i) Brinks: 4372.500 oz (136 kilobars)

ii) Out of Manfra:  699.570 oz

 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 3626 CONTRACTS for a LOSS of 1661 contracts. We had 1663 notices filed on WEDNESDAY, so we GAINED 2  contracts or an additional 200 oz)  will stand for delivery in this very active delivery month of June.  We will now have queue jumping the norm, from this day forth until the end of the month as bankers scrounge around for some gold to put out fires elsewhere.

.

 

 
 
 
 
JULY LOST 18 CONTRACTS TO STAND AT 2459.
 
AUGUST LOST A LARGE 5378 CONTRACTS DOWN TO 394,647. 
 

We had 1330 notice(s) filed today for 133,000  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  151 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1330  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 252 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month, we take the total number of notices filed so far for the month (19,856) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE:  3626 CONTRACTS ) minus the number of notices served upon today1330 x 100 oz per contract equals 2,215,200 OZ OR 68.90 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 (19,856) x 100 oz+  3626)  OI for the front month minus the number of notices served upon today (1330} x 100 oz} which equals 2,215,200 oz standing OR 68.90 TONNES in this  active delivery month of MAY.

We GAINED 2 contracts or an additional 200 oz will stand for metal over on this side of the pond.  
 
 
 

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 507.17 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 68.90 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,478,479.018 oz or 574.75 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
thus:
 
registered gold that can be used to settle upon: 16,305,550.0 (507,17 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,305,550.0 (507.17 tonnes)
 
total eligible gold: 16,183.089.628 oz   (503.36 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,661,568.646 oz or 1,078.12 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  951.78 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 4/2021
 
 

 

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
319,212.845 oz
 
 
 
 
CNT
Manfra
Brinks
HSBC
JPM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,759,257.247
 
 
 
 
 
 
 
 
 
CNT
HSBC
Manfra
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
18
 
CONTRACT(S)
(90,000 OZ)
 
No of oz to be served (notices)
125 contracts
 (625,000 oz)
Total monthly oz silver served (contracts)  2442 contracts

 

12,210,000 oz)

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

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
i) Into HSBC;  573,178.700 oz
ii)Into Manfra: 1,186,078.547 oz
 
 
 
 
 
 

JPMorgan now has 187.007 million oz of  total silver inventory or 52.69% of all official comex silver. (186.945 million/354.711 million

total customer deposits today 1,220,276.680   oz

we had 5 withdrawals

i)Out of Manfra:  40,719.600  oz

ii) Out of CNT:  5056.600 oz

iii) Out of Brinks:  202,234.220 oz

iv) Out of HSBCL 40,369.825

v) Out of JPMorgan;  30,843.610 oz

 
 
 
 
 
 

total withdrawals  319,212.845    oz

 
 

adjustments//0

 

 
 
 

Total dealer(registered) silver: 110.865 million oz

total registered and eligible silver:  354.711 million oz

a net 1.400 million oz ENTERS the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE FELL IN CONTRACTS BY 130 CONTRACTS DOWN TO 143. WE HAD 148 NOTICES SERVED ON THURSDAY SO WE GAINED A STRONG 18 CONTRACTS OR 90,000 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 LOST 3905 contracts DOWN to 139,301 contracts

AUGUST GAINED ANOTHER 81 CONTRACTS TO STAND AT 145

SEPTEMBER GAINED 1206 CONTRACTS UP TO 23,063

 
No of notices filed today: 18 CONTRACTS for 90,000 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  2442 x 5,000 oz = 12,210,000 oz to which we add the difference between the open interest for the front month of JUNE (143) and the number of notices served upon today 18 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2442 (notices served so far) x 5000 oz + OI for front month of JUNE (143)  – number of notices served upon today (18) x 5000 oz of silver standing for the Jan contract month .equals 12,835,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 90,000 additional oz standing in June as they refused to morph into London based forwards.

 

 

TODAY’S ESTIMATED SILVER VOLUME  80,480 CONTRACTS // volume  good// 

 

FOR YESTERDAY 115,579  ,CONFIRMED VOLUME/  VERY STRONG//

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 4/2021)

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 4

/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 4/WITH GOLD UP $18.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1041.75 TONNES

JUNE 3/WITH GOLD DOWN $35.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.08 TONNES FORM THE GLD.//INVENTORY RESTS AT 1041.75 TONNES

JUNE 2/WITH GOLD UP $4.85 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.62 TONNES OF PAPER GOLD INTO THE GLD///INVENTORY RESTS AT 1045.83 TONNES/

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 4 / GLD INVENTORY 1041.75 tonnes

LAST;  1069 TRADING DAYS:   +116.88 TONNES HAVE BEEN ADDED THE GLD

LAST 969 TRADING DAYS// +  291.40 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 4/ WITH SILVER UP 33 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 578.387 MILLION OZ/

JUNE 3/WITH SILVER DOWN 71 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.714 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 578.387 MILLION OZ

JUNE 2/WITH SILVER UP  12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 576.673 MILION OZ.

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 4/2021
578.387 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

 
END

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

Exponentiality Leads To Finality

 
FRIDAY, JUN 04, 2021 – 06:30 AM

Authored by Egon von Greyerz via GoldSwitzerland.com,

As technological developments and markets go parabolic, we observe many market “experts”, even intelligent ones, forecasting that we are now in an exponential economic era. Thus many believe that this will go on forever. This is the typical attitude at market and economic tops and guarantees that THIS WILL NOT END WELL!

It is clearly absolute nonsense to believe that exponential expansion based on deficits, debts and fake money is the beginning of a new era. Anyone studying the economy and history of markets knows that exponential moves indicate the end of an era and not the beginning. As I have repeatedly said, history is our best teacher and it both rhymes and repeats itself. And history now gives us dire warnings.

ARE WE IN A PARADIGM SHIFT?

But for some reason, human beings always extrapolate current trends whether it is population growth or stock market rallies. We know from statements at historical tops like 1929, 1987 or 2000 that anyone, from politicians to investors at the time, believe that the trend will go on for ever and that the world has made a paradigm shift.

Many markets and investments are now going up exponentially and very few forecast an end to this euphoric state.

GLOBAL POPULATION TO HALVE?

Let’s start with global population. For thousands of years we saw a very slow and steady growth as the graph below shows. In the mid 1850s world population reached 1 billion.

Since the mid 1800s, we have seen exponential growth in population and we are now almost 8 billion people on earth.

Energy and oil in particular plays a major role in this growth, leading to increases in food production, industrialisation, better health care for people etc.

THE EXPONENTIAL LAW OF COMPOUNDING

Moore’s law, first linked to transistors, is a projection of historical trends. The fallacy with these projections is that they assume the same trend will go on for ever whether it relates to population or stock markets.

The old fable of the inventor of the chess board tells us how little understood exponential moves are. The king promised the inventor a reward for inventing the game of chess. The inventor asked for one single grain of rice on the first square of the chessboard, two on the second, four on the third and so on. The king thought that this request was easy and inexpensive to fulfil. Little did the king understand the exponential law of compounding. Because once the 64th square was reached, 18 quintillion grains were needed. This amount exceeded the total production of the kingdom. So instead of getting his reward the inventor was killed for fooling his king.

The longer a trend has gone on for, the more permanent it seems to be. The explosion of population growth does not seem reversible. But the Black Death period in the mid 1300s showed us how population can quickly halve. This was the case in Europe and probably also in the rest of the world.

So exponential moves always end and so will this one. The reasons for the coming “correction” are likely to be a combination of the causes in the graph above.

EXPONENTIAL MOVES WORK IN REVERSE

Just as exponential moves up are spectacular, so are the reversals. And although few people understand it, exponential moves always reverse, at least temporarily. The problem is that the reversal is always faster, more violent and more hair raising than the advance.

A correction of global population from 8 to 4 billion would be totally natural from a statistical point of view. It would obviously be devastating for the world. But if the advance from 1 billion population took 170 years, the “correction” might take at least half of that, say 85 years. Only future historians will tell the world what actually happened.

As the chart below indicates, economic growth is totally linked to the availability of oil.
The chart shows that World GDP per capita (from 1968) grows in line with consumption and therefore also to the availability of oil. As oil production is likely to decrease over the long term so will economic growth. This is totally in line with the view I have expressed in many articles and interviews, namely that we are at the end of a major economic cycle of at least 300 years and maybe longer.

Renewable energy is unlikely to replace fossil fuels for a very, very long time even if this is a politically uncomfortable view for the climate control activists. What very few realise is that most renewable energy sources are very costly and also all dependent on fossil fuels whether it is electric cars, wind turbines or solar panels.

EXPONENTIAL STOCK MARKET MOVES

If we look at some more recent exponential moves in the stock market, they have been spectacular.

EXPONENTIAL MOVES THAT WON’T END WELL

The above moves have grossly exaggerated the effect of new technologies. Once a new invention has been digested, it grows in line with the market as a whole. Take the wheel which was revolutionary at the time. It was invented. Still, today it certainly is not valued at a premium. So the value of new technologies only outperforms the market for a limited period and the above moves will see major corrections of much more than 50%.

BITCOIN – COULD ANYTHING BE MORE EXPONENTIAL

If you invested $1,000 in Bitcoin at $0.08 in 2010, you would have had $800 million at the $65,000 peak in April. Today it would be $400 million at $32,500 so easy come and quickly gone.

A commodity with such volatility can obviously never replace money. And nor would central banks permit it. Speculative frenzies can go on for longer than anyone expects.
So Bitcoin could go to $1 million or it could go to ZERO. Not the best of odds. And certainly Bitcoin has nothing to do with wealth preservation.

BITCOIN vs GOLD

Bitcoin has been a spectacular speculative investment and early investors have made massive fortunes. Like all exponential manias it is likely to end in tears. But for the savvy investors who have now diversified into physical gold and some silver, they have managed to get the best of both worlds.

I doubt Bitcoin will continue to outperform gold. But even if it does, this is a binary investment that theoretically could go to $1 million in a continued speculative mania or it could go to zero, which is more likely in my view.

EXPONENTIALITY LEADS TO FINALITY

As shown above, global population together with many markets and financial instruments are now moving exponentially. Exponential moves up almost without exception finish with a move down of the same magnitude. So this will end badly.

With debts and deficits now going exponential, gold will continue to reflect the destruction of fiat money just as it has for several millennia.

More importantly, gold is the best form of wealth preservation par excellence as history teaches us.

OR

END

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

LAWRIE WILLIAMS: Big gold and silver takedown on ADP employment report

We said that the gold price was likely to be data driven, but the magnitude of the setback for gold and silver following the latest ADP private sector employment report still took us a little by surprise. The subsequent price falls for precious metals may have been too far too fast as markets often tend to over-react, but if the private sector job gains are confirmed by today’s official government employment data release, we could see further price weakness. The ADP report indicated that 978,000 jobs were created in May, which significantly beat consensus expectations of around 645,000 new jobs. However this does come after hugely disappointing April figures which may well, in their turn, have led to some of the recent precious metals strength.

There were also positive PMI data released Thursday, and the dollar index gained as well, so markets breathed a sigh of relief that the U.S. might be recovering from the virus pandemic more rapidly that had previously been envisaged. Even so the Dow was marked down at its opening and was quickly followed downwards by the other major stock indexes. It looks, therefore, as though an economic pick-up ahead might not be viewed quite so positively by the major market indexes. They have thrived throughout the pandemic related downturn, but conversely may be looking to return to normality if things really are getting back to anywhere near normal.

So far the gold price has been stabilising around the $1,870 mark and if this holds we should see a new base developing from which gold could once again attack the $1,900 resistance level. Indeed given past performance around other presumed psychological resistance levels, this would seem to be the most likely forwards scenario. The dollar index has turned slightly stronger, which has adversely affected the whole precious metals complex, and led to a slight weakness appearing in global equities.

As we have pointed out before, precious metals price strength, and renewed gains, will very much depend on whether the U.S. Federal Reserve will stick to its guns on keeping interest rates near zero (and effectively negative given they remain below the inflation rate) and continue with its bond buying programme. This will become clearer after the next FOMC meeting in just over 10 days time, but we suspect that although a possible tapering initiative will come under discussion, the U.S. central bank will hold firm on its current interest rate and QE programmes.

However, the very fact that such an agenda may be talked about by the meeting participants could move markets.. Anything suggestive that the Fed may bring its current easy money policy under consideration ahead of its stated timescale, however remote, will be seized on by the markets and perhaps lead to a small reversal in equity prices and positive moves marginally upwards in gold and silver. Whether this will create enough momentum to bring gold back above $1,900 and silver back to $28 is a little less certain, but one can rest assured that the potential for rising inflation, and possible Fed moves to combat it, will remain a subject of strong interest to the markets.

The latest data pointing to perceived gains in the job creation sector will encourage the Fed to believe it is following the right policy in what it considers its principal priority in bringing unemployment down to its pre-pandemic level. However it still has a way to go to achieve this, and until it does so we see it as unlikely to change Fed policy unless it sees inflation as rising out of control. It does not appear to be at this stage yet so we see the current easing and ultra-low interest rate programme as likely continuing. As long as real interest rates stay where they are this will remain positive for gold and silver, which we see as resuming their upwards paths before too long.

04 Jun 2021 |

-END-

or

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Chris Powell is interviewed by Glint. Chris talks about the new Basel iii rules as well as central bank intervention on the gold market

(Chris Powell/GATA)

Gold remonetizer Glint interviews GATA secretary

 

 

 Section: Daily Dispatches

 

2:35p ET Thursday, June 3, 2021

Dear Friend of GATA and Gold:

Writing for Glint, a U.K.-based service helping to remonetize gold in a worldwide payments system, Gary Mead interviewed your secretary/treasurer the other day about GATA’s background, the documentation of surreptitious intervention by central banks in the gold market, and the prospects for implementation of the “Basel 3” regulations on unallocated (“paper”) gold. 

The interview is posted at Glint’s internet site here:

https://glintpay.com/en_us/blog/soapbox-we-all-want-a-higher-gold-price-2/

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

END

Your weekend reading material

(Alasdair Macleod/GATA)

Alasdair Macleod: The geopolitics of gold

 

 

 Section: Daily Dispatches

 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, June 3, 2021

A number of events are coming together that are set to push gold prices higher. 

Besides a combination of continuing inflationary policies and massive future budget deficits undermining the dollar, by closing down derivative market activities new Basel 3 regulations appear set to deflect some demand into physical metals. Furthermore, liquidity in gold markets will contract, potentially making prices more volatile

This article looks at how these developments will affect the undeclared but very real financial and propaganda war being waged by America against China.

China is moving on, enlarging its own middle class, which will benefit from a stronger yuan, much as the German and Japanese economies did between 1970—2000. Having dominated economic developments until now, the export trade is becoming less important. With this dependence lessening, the argument in favour of a coup de grace against the dollar by China revealing its true gold position is increasing.

In this article China’s undeclared gold reserves are quantified, and we can be confident that China has at least 20,000 tonnes “off balance sheet.” For China to openly declare her gold position always was her final, almost nuclear option in the financial war waged against her by America. 

Unwittingly, by diverting demand from paper gold to physical bullion, Basel 3 may have brought forward that day by default. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-geopolitics-of-gold?gmrefcode=gata

END

So true!!  The true colours of the World Gold Council.  Manly also explains the purpose of the London gold market that is to conceal everything important and thus facilitate control over the gold price using paper gold.

(Ronan Manly/Bullion star/GATA

Ronan Manly: Central banks operate in stealth at the heart of London gold market

 

 

 Section: Daily Dispatches

 

7p ET Thursday, June 3, 2021

Dear Friend of GATA and Gold:

Bullion Star’s Ronan Manly today notes that the purpose of the London gold market is to conceal everything important that happens in it so as to facilitate surreptitious control of the gold price by central banks using imaginary gold.

Manly also notes the uselessness of the World Gold Council to gold mining companies and gold investors. Manly writes that the council “is truly strange, an organization that comprises the largest gold mining companies but that (until evidence proves otherwise) never champions the physical gold market but is merely a lackey in compliance with the London Bullion Market Association bullion banks in their quest to perpetuate the fractional paper gold market in London.”

Manly’s analysis is headlined “Central Banks Operate in Stealth at the Heart of the London Gold Market” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/central-banks-operating-in-stealth-at-the-heart-of-the-london-gold-market/

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

 end

Other gold/silver related stories

CRYPTOCURRENCIES//major stories

Crypto Crumbles Amid Musk, Miami, & Meme Stock Miasma

 
FRIDAY, JUN 04, 2021 – 08:18 AM

Crypto markets took a spill overnight after Elon Musk took to Twitter (once again) to troll the HODLers with a ‘broken-heart’ emoji and two memes…

Musk has previously said Tesla would not sell its bitcoin, but his tweets were enough to unsettle markets still fragile following May’s crash.

“He’s trolling the community,” said Bobby Ong, co-founder of crypto data aggregator and analytics website CoinGecko.

That  – reportedly – sparked a $2000-plus drop in Bitcoin..

Source: Bloomberg

Friday’s fall pushed bitcoin below its 20-day moving average to $37,710, and took some of the edge off its week-to-date gains – though it has still climbed nearly 6% to put it on course for its best week in about a month.

And sent Ether and the rest of the crypto space lower…

Source: Bloomberg

Many responded to Musk’s tweet with mockery..

And then there was this…

TRON founder Justin Sun also replied to Musk…

Musk’s latest tweets come right before the Miami Bitcoin 2021 event that is set to kick off this morning, touted as the “largest Bitcoin event in history.”

Some of the personalities expected at the event include Miami Mayor Francis Suarez, Bitcoin (BTC) permabull and MicroStrategy CEO Michael Saylor, Twitter’s Jack Dorsey and the Winklevoss twins — Cameron and Tyler Winklevoss — among others.

Mayor Suarez recently revealed that he bought Bitcoin after the United States Senate passed its $1.9 trillion stimulus bill back in March.

Additionally, some have suggested the renaissance of the meme-stock mania could well spill over into the highly volatile crypto space.

Should history repeat itself, some argue that investors could re-embrace altcoins next – in particular, memecoins to complement the “meme stocks” phenomenon.

Finally, as CoinTelegraph reports, seasoned market participants called for a longer-term perspective on Bitcoin.

Veteran trader Peter Brandt, who said that $21,000 would be the ultimate floor for BTC/USD under current circumstances, was firmly in favor of a bullish continuation.

Why would someone bail out of non-leveraged longs when the market already had 80% of worst-case drop?” he argued earlier in the week.

Another publicly bullish opinion came from Bloomberg Intelligence, which in its latest monthly report described cryptocurrencies en masse as “discounted and refreshed.”

Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” it summarized.

Fundamentals remained stable for Bitcoin, with hash rate – and therefore miners – unresponsive to Musk.

MicroStrategy CEO, Michael Saylor, gets the last word:

“Buy #bitcoin, they’re not making it anymore.” – Mark Twain

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

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.4098 /

//OFFSHORE YUAN:  6.4099   /shanghai bourse CLOSED UP 7.63 PTS OR 0.21% 

HANG SANG CLOSED DOWN 47.93 PTS OR 0.17%  

2. Nikkei closed DOWN 116.59 PTS OR 0.40%

3. Europe stocks  ALL RED/MIXED

 

USA dollar index  UP TO 90.53/Euro FALLS TO 1.2114

3b Japan 10 year bond yield: FALLS TO. +.085/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.14/ 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:: 69.04 and Brent: 71.33

3f Gold DOWN/JAPANESE Yen UP 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 -.185%/Italian 10 Yr bond yield UP to 0.90% /SPAIN 10 YR BOND YIELD UP TO 0.47%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.82

3k Gold at $1872.25 silver at: 27.36   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 3/100 in roubles/dollar) 73.21

3m oil into the 69 dollar handle for WTI and 71 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 110.14 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 .9047 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0957 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 0.185%

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 1.627% early this morning. Thirty year rate at 2.299%

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

6.  TURKISH LIRA:  DOWN  TO 8.69.. DEADLY

Futures Coiled Ahead Of Closely Watched Jobs Report

BY TYLER DURDEN
FRIDAY, JUN 04, 2021 – 08:01 AM

US stock index futures fluctuated listlessly in a narrow range on Friday as investors braced for a crucial report that is likely to show jobs growth accelerated last month, possibly fanning fears over inflation and easing of the Federal Reserve’s support. At 7:30am emini were down 11 points, or 0.03%, S&P 500 e-minis were up 3 points, or 0.08%, and Nasdaq 100 e-minis were up 22 points, or 0.16%. The meme mania was dormant this morning with reddit stocks all lower after peaking two days ago.  Treasuries were steady and the dollar rose modestly to fresh 3-week highs. Gold dropped and bitcoin slumped after a Elon Musk tweet trolled cryptos.

Shares of so-called “meme-stocks” weakened in early trade, with AMC Entertainment down nearly 10% a day after the Reddit darling completed its second share offering this week. Here are some of the more notable premarket movers:

  • AMC Entertainment (AMC) drops 6% in Friday’s premarket session, falling 6% from the last close, as it sold equity to shore up a depleted balance sheet.Shares of Koss Corp (KOSS), BlackBerry and GameStop (GME) dropped between 2% and 5%.
  • Cryptocurrency-exposed companies like Coinbase (COIN) and Marathon Digital (MARA) decline Friday after Elon Musk tweets a broken-heart emoji which appeared to hint at a potential split between the Tesla boss and Bitcoin.
  • Other meme stocks like Koss Corp. (KOSS), Express Inc. (EXPR) and BlackBerry (BB) also slide as the meme rally cools.
  • Pershing Square Tontine (PSTH) blank-check company falls 7.2% in premarket trading after confirming talks to buy 10% of Universal Music Group from France’s Vivendi.
  • Senseonics Holdings (SENS) jumps 40% in premarket trading on Friday after saying Promise study demonstrated strong accuracy of 180 Day CGM Sensor.
  • Workhorse (WKHS) slides 7.6% after Cowen downgrades the stock, saying that it now looks fairly valued following the retail trader-driven rally.
  • Facebook Inc (FB) dropped 1.1% after EU antitrust regulators opened an investigation into the world’s largest social network’s use of advertising data to see whether it breached EU rules

The May jobs report at 8:30 a.m. ET (full preview here) is expected to show nonfarm payrolls increased by 674,000 jobs in May, after an unexpected slowdown in labor market in April. However, A scheduled appearance by Joe Biden after the report has lifted the whisper number to above 1 million. The release is likely to spur volatility as traders scramble to reassess the case for ongoing policy accommodation: a (much) stronger-than-expected reading could further stoke worries that the robust economic recovery could push the Fed to contemplate paring back its bond buying and raising interest rates.

“Any major surprise today could go a long way in shaping the narrative around the Fed’s normalization timeline,” said Marios Hadjikyriacos, investment analyst for XM. “The market reaction will depend on the size of any surprise.”

“If the nonfarm payroll numbers were to surprise to the upside, and I’m talking about anything above 700,000, that’s going to keep the pressure on the U.S. fixed income market and definitely very supportive of the dollar,” Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore, said in a Bloomberg TV interview.

European equities give back small gains, trading little changed onvolumes down 30% vs 20DMA. Spain’s IBEX fares the worst with a 0.7% drop. Banks, utilities and telecoms are the worst performing sectors. Here are some of the biggest European movers today:

  • Saipem shares rise as much as 5.3% in Milan, the steepest intraday advance since April 8 and the day’s best-performer on the FTSE MIB index. Analysts highlight the acquisition of Naval Energies’ floating wind business, noting deal will boost company’s position in this field.
  • Collector gains as much as 8.3%, the most since April 30, after Chairman Erik Selin purchased 700,000 shares in the Swedish company.
  • Boliden climbs as much as 3.2% after DNB raised the stock to buy from hold, seeing potential from hidden value, according to a note.
  • European airline stocks fall again after Thursday’s news that the U.K. cut Portugal from its “green list“ of travel destinations, and added no new countries to the roster.
  • EasyJet slide as much as 3%, Wizz -3.7%, British Airways/Iberia-parent IAG -2.3%, Ryanair -1.7%, Lufthansa -1.6%
  • ING shares drop as much as 2.3% after Barclays downgraded the stock to underweight, saying “goldilocks is going overboard” as company-compiled consensus has “become overly optimistic.”
  • Fingerprint Cards falls as much as 15%, the most since Feb. 16, after the company said it’s withdrawing its 2Q revenue forecast.

Earlier in the session, Asia stocks slipped, as strong U.S. jobs data stoked inflation concerns, while China shares reversed initial declines after President Joe Biden amended an investment ban list for the country’s companies. The MSCI Asia Pacific Index fell 0.2% at 5:47 p.m. in Singapore, led lower by shares in the tech-heavy markets of Taiwan and South Korea as worries of higher interest rates affect the sector’s earnings outlook. Data released overnight showed an increase in U.S. private payrolls and record service-sector growth, bringing up the possibility of faster withdrawal of central bank stimulus. Japan’s Topix eked out gains, climbing for a fourth straight day. Meanwhile, China’s CSI 300 Index closed 0.5% higher led by gains in consumer staples and financial stocks. The gain came even as the Biden administration moved to put 59 companies on a list that bans U.S. investment. The docket includes Huawei Technologies Co. and the country’s three biggest telecommunications companies. Asia-based investors are looking ahead to the monthly U.S. payrolls report due Friday for cues on the direction of growth and inflation. The Asian stock gauge is still set for a third straight week of gains, its longest winning streak since February. “Market positioning ahead of the US jobs data showed a preference for derivatives in FX, bond and equity markets as traders hedged their portfolio risks and built leverage bets in anticipation of the data,” Anderson Alves, a trader at brokerage ActivTrades, wrote in a note. Malaysian stocks were the biggest decliners in the region as Covid-19 cases in the country remain elevated. India’s Sensex pared gains as the central bank kept borrowing costs at a record low level and cut its economic-growth projection.

In rates, trading was also quiet, with Treasuries steady over Asia and early European session with price action limited ahead of the jobs report. Treasury 10-year yields around 1.622%, near to Thursday’s closing levels and trading broadly in line with bunds and gilts. Range on 10-year yields was just 1.4bp through the overnight session and up to 7am ET. 10y German yields are little changes near -0.187%, with peripheral spreads widen a touch, Italy underperforms ahead of today’s scheduled ratings review by Fitch.

In FX, the Bloomberg Dollar index extended gains to a three-week high; the greenback was mixed versus its Group-of-10 peers, though most currencies were confined to tight ranges. The euro fell a fourth day to approach $1.21, a level last seen in mid- May; European government bonds were steady, in line with Treasuries. The pound reversed a modest Asia session loss, with concerns lingering over a delay to the U.K.’s full economic reopening. The Aussie held near a seven-week low while Australia’s bonds fell after Westpac’s Bill Evans said that the central bank won’t roll over its three-year yield target to the November 2024 maturity.Turkish lira faded ~0.6% of early weakness to trade flat.

In commodities, crude futures rose toward best levels for the week. WTI is 0.6% higher, back on a $69-handle. Spot gold fades Asia’s modest weakness to trade little changed near $1,870/oz. Most base metals are in the green, trading off worst levels for the week; LME aluminum and tin outperform peers

Looking at the day ahead, the highlight will be the aforementioned US jobs report later on. There’s also an array of central bank speakers including Fed Chair Powell, ECB President Lagarde, BoJ Governor Kuroda and PBoC Governor Yi Gang, while G7 finance ministers will be meeting in London. Otherwise, the data highlights will include the German and UK construction PMIs for May, as well as Euro Area retail sales and US factory orders for April.

Market Snapshot

  • S&P 500 futures little changed at 4,190.75
  • STOXX Europe 600 little changed at 450.72
  • MXAP down 0.2% to 209.49
  • MXAPJ down 0.2% to 703.68
  • Nikkei down 0.4% to 28,941.52
  • Topix little changed at 1,959.19
  • Hang Seng Index down 0.2% to 28,918.10
  • Shanghai Composite up 0.2% to 3,591.85
  • Sensex down 0.3% to 52,061.15
  • Australia S&P/ASX 200 up 0.5% to 7,295.35
  • Kospi down 0.2% to 3,240.08
  • Brent Futures up 0.5% to $71.66/bbl
  • Gold spot down 0.05% to $1,869.75
  • U.S. Dollar Index little changed at 90.56
  • German 10Y yield fell 0.1 bps to -0.184%
  • Euro down 0.1% to $1.2113

Top Overnight News

  • Treasury Secretary Janet Yellen is facing pressure to move toward a global tax deal by the end of the week as she meets her Group of Seven counterparts for the first time as the world’s most powerful finance minister at a summit in London
  • Goldman Sachs Group Inc. and HSBC Holdings Plc are opening their offices fully in Hong Kong as a fourth wave of infections was contained and the U.S. investment bank said half of its staff in the financial hub are now vaccinated
  • As European government bond yields rise amid inflation expectations and an economic recovery, investors may opt to buy such debt instead of corporates, said Martine Wehlen-Bodé, a senior portfolio manager at UBS Asset Management in Zurich

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded cautiously following the tech-led declines in the US and with sentiment constrained by US-China tensions, as well as the looming NFP jobs data. ASX 200 (+0.5%) was initially subdued with underperformance in the mining-related sectors after underlying metal prices suffered the ill-effects of a stronger dollar, although the index managed to recover helped by strength in healthcare and resilience in the top-weighted financials industry. Nikkei 225 (-0.4%) was dragged lower amid the early broad cautious tone and a predominantly firmer currency which overshadowed the better-than-expected Household Spending data for Japan that printed the largest Y/Y increase since comparable data was made available in 2001. Hang Seng (-0.3%) and Shanghai Comp. (+0.2%) initially declined amid ongoing frictions between the world’s two largest economies after US President Biden signed an order which expanded on the Trump investment ban and included 59 companies linked to China’s military and surveillance technology, while there were also reports that China’s market regulator warned another eight sharing-economy companies regarding unclear prices which resulted in early heavy pressure for Meituan shares. However, Chinese markets gradually recovered, helped by easing of mainland money market rates and with China also proposing an appropriate reduction in stamp duty. Finally, 10yr JGBs were lower on spillover selling from T-notes after the strong data stateside and with some questions raised following the Fed’s recent plan to unwind its corporate bond holdings, while a lack of BoJ presence in the market today also contributed to the constrained demand for Japanese government bonds.

Top Asian News

  • Goldman, HSBC to Open Hong Kong Offices Fully as Virus Wanes
  • With or Without the PBOC, the Yuan Is Set to Weaken From Here
  • Meituan Founder Donates $2.3 Billion Stake as Probe Persists
  • Japan Enters Taiwan-China Fight With Vaccine Shipments to Taipei

Major bourses in Europe exhibit the same indecisive and lacklustre trade seen throughout most of the week in the run-up to the US jobs report (full preview available in the Newsquawk Research Suite), with US equity futures trading sideways in the absence of any fresh catalysts. From a macro perspective, the noise surrounding the possible start of taper discussions has grown over the week, especially after the Fed opted to end its Secondary Market Corporate Credit Facility – which although was not meant to be seen as a broader unwind signal – has riled up conversations about what lies ahead at the bank. Further, Fed’s Harker (2023 voter), Rosengren (2022 voter), and Kaplan (2023 voter) all hinted at the possibility of beginning to talking about the taper plan as soon as this month (meeting on June 15-16), albeit the more influential members have yet to come on board. Back to European trade, some mild underperformance can be seen in Spain’s IBEX (-0.5%) as its heavy-weighted Travel & Leisure sector sees headwinds from the UK’s latest travel list revisions which reminds us of the threats to the tourism-dependent countries going ahead. The overall breadth of the market remains narrow, but the UK’s FTSE 100 (-0.2%) also errs lower due to the overnight losses across base metals coupled with a modestly firmer Sterling. Sectors are mixed with no overarching theme nor bias, and again with a narrow breath. In terms of individual movers, Vivendi (-0.4%) is softer despite confirming that Pershing Square SPAC is to acquire 10% of Universal Music Group for around USD 4bln, representing an enterprise value of EUR 35bln. Meanwhile, NN Group (+0.2%) failed to garner much traction from source reports that its asset management unit valued at EUR 1.5bln has reportedly drawn interest from UBS, Allianz, Generali, and DWS.

Top European News

  • Swiss Banker on Trial With Alleged $2.2 Million Insider Trader
  • Swedish Wind Developer OX2 Plans $400 Million IPO
  • Grocery Startups Raise $795 Million in Rapid-Shopping Boom
  • Deutsche’s DWS, Generali Said to Vie for NN’s Asset Manager

In FX, the Dollar is mixed vs major counterparts, but maintaining recovery momentum after extending gains in wake of yesterday’s largely supportive US releases (ADP, final Markit services/composite PMIs and several elements of the non-manufacturing ISM), and now looking towards NFP for further validation or another fall from grace if the headline number disappoints again. The index made a firm break above 90.000 on Wednesday and is now forming a solid base around 90.500 between 90.629-464 parameters awaiting the BLS report, while also keeping eyes on technical levels and some hefty option expiries in G10 pairings that might curtail price action ahead of 13.30BST if not the actual NY cut itself.

  • GBP/JPY/AUD/NZD – Sterling caught a bid even before a firmer than expected UK construction PMI, lifting Cable back above the 1.4100 mark to touch the 21 DMA (circa 1.4132 today) and the move seemed to be Eur/Gbp cross related as it reversed through 0.8600 to retest a low congestion zone from 0.8578 to 0.8575. Meanwhile, the Yen has pared some loses from a virtual double bottom in wake of considerably better than forecast Japanese household spending data, though not quite to the extent of threatening option expiry interest starting at the 110.00 strike and reaching 109.90 in 1.4 bn. Similarly, the Aussie and Kiwi have regained a bit of poise to trade back above 0.7650 and around 0.7150 respectively, and with the former flanked by big option expiries at 0.7730-50 (1.8 bn) and 0.7780-0.7800 (2.3 bn).
  • EUR/CHF/CAD/NOK/SEK – G10 laggards, albeit marginally, as the Euro strives to keep hold of the 1.2100 handle amidst mixed Eurozone construction PMIs and a retail sales miss, though also looks enshrined and liable to have its direction defined by expiry interest covering a large part of the expanse from 1.2100 to 1.2200. Indeed, 1.4 bn resided between 1.2100-10, 1 bn at 1.2150, 1.2 bn from 1.2170-75 and 1.1 bn at 1.2200. Elsewhere, the Franc is still striving to contain the downside beneath 0.9050, but remains firmer against the Euro near 1.0950 vs 1.1000 earlier this week, while the Loonie is trading defensively under 1.2100 irrespective of ongoing strength in crude ahead of Canada’s payrolls showdown with the US. Turning to Scandinavia, the Swedish Crown is holding around 10.1000 vs the Euro following a solid Q1 current account surplus, but the Norwegian Krona is lagging sub-10.1700 after mixed revisions to core inflation and growth estimates from Stats Norway for 2021 and next year.

In commodities, WTI and Brent front month futures err higher in early European trade but remain within recent ranges, with WTI Jul just north of USD 69/bbl (68.33-69.26 range), whilst Brent Aug hovers above USD 71.50 (70.73-71.76 range). Participants will be looking ahead to the US jobs release for influence on the crude complex, with scheduled oil-specific events/data for the week out of the way, barring the Baker Hughes Rig Count. Meanwhile, the week ahead sees the release of the EIA STEO followed by the OPEC and IEA MOMR towards the latter part of the week. However, these releases are unlikely to provide much colour given the fluidity of energy fundamentals and OPEC+ holding monthly meetings. Elsewhere spot gold and silver remain on standby for the key data release, with the former around its 21 DMA (1,870/oz) ahead of the 200 DMA at 1,840/oz, whilst spot silver consolidates in the low USD 28/oz levels. LME copper has clambered off worst levels but remains sub-USD 10,000/t as it moved in sympathy to the losses seen in Shanghai futures as US-Sino relations remain sour despite the recent constructive engagement. Overnight, Chinese steel rebar futures logged in its first weekly gain in four, with some citing off-peak season demand as a factor.

US Event Calendar

  • 8:30am: May Change in Nonfarm Payrolls, est. 674,000, prior 266,000
    • 8:30am: May Change in Private Payrolls, est. 610,000, prior 218,000
    • 8:30am: May Change in Manufact. Payrolls, est. 25,000, prior -18,000
  • 8:30am: May Unemployment Rate, est. 5.9%, prior 6.1%
    • 8:30am: May Underemployment Rate, prior 10.4%
    • 8:30am: May Labor Force Participation Rate, est. 61.8%, prior 61.7%
  • 8:30am: May Average Hourly Earnings YoY, est. 1.6%, prior 0.3%; Average Hourly Earnings MoM, est. 0.2%, prior 0.7%
    • 8:30am: May Average Weekly Hours All Emplo, est. 34.9, prior 35.0
  • 10am: April Durable Goods Orders, est. -1.3%, prior -1.3%; -Less Transportation, est. 1.0%, prior 1.0%
  • 10am: April Factory Orders, est. -0.3%, prior 1.1%; Ex Trans, prior 1.7%
  • 10am: April Cap Goods Orders Nondef Ex Air, est. 2.3%, prior 2.3%
  • 10am: April Cap Goods Ship Nondef Ex Air, prior 0.9%

DB’s Jim Reid concludes the overnight wrap

In a career where I’ve seen around 310 US payroll Fridays and the same number of US CPI releases I suspect that today’s employment is in the top 5% for anticipation levels but with next week’s CPI close to being the most potentially interesting I’ve ever seen. Obviously either or both could end up being a damp squib but it feels like something exciting is going to come out of these reports.

A reminder that payrolls grew by just +266k last month, which was well beneath the +1m job growth expected. Fortunately, the consensus is expecting that last month’s jobs report will prove a blip rather than the trend, and our own US economists are looking for an +800k increase in nonfarm payrolls, with the unemployment rate in turn falling back to a post-pandemic low of 5.9%.

However, whatever happens today the arguments on both sides of the inflation and overheating debate are hardly likely to go away soon. Even if the +800k jobs growth were realised, that would still leave nonfarm payrolls more than 7m beneath their pre-Covid peak, which would back up Fed Chair Powell’s argument that he wants to see a “string” of good jobs numbers before the Fed starts to pare back its support. And as our US economists have noted, it’s also worth looking at some of the broader labour market variables that the Fed are tracking in addition to the standard unemployment rate, as they seek to achieve their maximum employment objective. Expect every last drop of the report to be pored over for clues about the real state of the labour market.

With all that excitement to come, yesterday saw a bunch of better-than-expected data releases that led investors to slightly upgrade the likely path of future policy tightening, which subsequently put some pressure on a number of different financial assets. Firstly, the ADP’s report of private payrolls came in at +978k in May (vs. +650k expected), marking the biggest rise since last June, and then we also had the weekly initial jobless claims for the week through May 29, which fell to another post-pandemic low of 385k (vs. 387k expected). And on top of those, the ISM services index rose to a record 64.0 (vs. 63.2 expected), adding further evidence of a still strengthening recovery. The ISM prices paid figure (80.6) reached the second highest level on record while supplier delivery times remained elongated. Both service providers and manufacturers reported their largest order backlogs ever, with the manufacturing sector building on the record from last month.

US Treasuries sold off in response to all this data, with 10yr yields up +3.8bps to 1.625%, in a rise that was more than driven by real yields (+6.1bps) rather than inflation expectations (-2.4bps). The moves were echoed in Europe too, where yields on 10yr bunds (+1.5bps), OATs (+1.5bps) and BTPs (+0.5bps) all rose too. And over in equity markets, interest-sensitive tech stocks underperformed, with the NASDAQ losing -1.03%, whilst Europe’s STOXX 600 (-0.12%) also slipped back from its record high the previous day.

The US market looked set for bigger losses (-0.95% at the early lows) but headlines from the Washington Post mid-way through the session that President Biden had offered to create a tax floor of 15% rather than raising the corporate tax rate to 28% sparked a rally that saw the S&P 500 close only -0.36% lower. For reference, 116 companies in the S&P 500 reported an effective tax rate less than 15% last year. This story was not entirely new news as the Biden administration had previously included the minimum corporate tax in its future tax plans. However the idea that the Biden administration may delay a tax hike on the higher rate seemed to help markets.

So all-in-all, while the S&P “broke out” and ended its run of moving less than a quarter of a per cent in either direction it still hasn’t moved more than half a per cent either way for the last seven sessions – the longest run since November 2019.

Overnight, Asian markets are trading mixed after recovering from initial losses. The Hang Seng (+0.14%) and Shanghai Comp (+0.14%) are up while the Nikkei (-0.39%) and Kospi (-0.08%) are down. Futures on the S&P 500 are up +0.04% while those on the Stoxx 50 are down -0.15%. In terms of overnight data releases, Japan’s April household spending came in strong at +13.0% yoy (vs. +8.7% yoy expected).

In other news, President Biden yesterday signed the amended order we highlighted yesterday banning US investment in Chinese companies with ties to China’s military or in the surveillance industry. The order named 59 companies in total with most of them being carried forward from the previous administrations list. However there were a few new names like Zhonghang Electronic Measuring Instruments Co. and Jiangxi Hongdu Aviation Industry Co. Shares in the targeted companies are trading mixed this morning with Hikvision broadly flat as we type while SMIC fell as much as -3.3% Hong Kong trading.

In terms of Fed speak, we heard from Federal Reserve Bank of St. Louis President James Bullard that the ratio of unemployed workers to job openings which is approaching an all-time low, “suggests a very tight labor market, which would be consistent with anecdotal reports that it is hard to hire workers.”

On the pandemic, there was some positive news from the UK yesterday, as more than half of the adult population have now received both doses of the vaccine. However, the UK also confirmed that Portugal would be moving to their amber travel list, meaning that those returning have to self-isolate.

As we noted yesterday in my CoTD (see here), younger Americans are not getting vaccinated at as a high a rate as other groups and accordingly New York City announced plans to offer shots at bars, restaurants and other nightlife locations. Even still New York State, once the global epicenter of the pandemic, had fewer than 1000 hospitalisations for the first time since October and the positive rate on first time tests fell to a record low of 0.44%.

Looking at yesterday’s other data, the final services and composite PMIs for May generally showed upgrades from the flash readings, with the Euro Area composite PMI revised up to 57.1 (vs. flash 56.9) and the US composite PMI revised up to 68.7 (vs. flash 68.1). For the Euro Area, that was the strongest composite PMI since February 2018, while for the US it was the highest reading since the series began in 2009.

To the day ahead now, and the highlight will be the aforementioned US jobs report later on. There’s also an array of central bank speakers including Fed Chair Powell, ECB President Lagarde, BoJ Governor Kuroda and PBoC Governor Yi Gang, while G7 finance ministers will be meeting in London. Otherwise, the data highlights will include the German and UK construction PMIs for May, as well as Euro Area retail sales and US factory orders for April.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 7.63 PTS OR 0.21%   //Hang Sang CLOSED DOWN 47.93 PTS OR 0.17%      /The Nikkei closed DOWN 116.59 pts or 0.40%  //Australia’s all ordinaires CLOSED UP 0.43%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4098 /Oil UP TO 69.04 dollars per barrel for WTI and 71.33 for Brent. Stocks in Europe OPENED ALL MIXED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4098. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4099   : /ONSHORE YUAN TRADING BELOW 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

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

Finally, they are making the right decision:  the Olympic games are proceeding

(zerohedge)

“We Cannot Postpone Again” – Olympics Chief Declares Games Won’t Be Canceled As Public Opposition Grows

 
THURSDAY, JUN 03, 2021 – 09:20 PM

Despite objections from government scientists and prominent businessmen, Japan is planning to move ahead with the postponed 2020 Summer Games in Tokyo next month. In an interview with the Japanese press, the president of the 2020 Games, Seiko Hashimoto, declared that the games would move ahead as planned, with the Japanese government taking certain precautions to prevent an outbreak of mutant COVID.

“We cannot postpone again,” Hashimoto told the Nikkan Sports newspaper via Reuters.

Hashimoto, who competed in seven summer and winter Olympics as a cyclist and skater, also told the BBC that while Japanese were understandably worried, they should be reassured that a “bubble situation” was being carefully constructed.

“I believe that the possibility of these Games going on is 100% that we will do this,” she added. “One thing the organising committee commits and promises to all the athletes out there is that we will defend and protect their health.”

Prime Minister Yoshihide Suga is betting it all on pulling off the Games as he plans a critical snap election after the Games are over.

Meanwhile, Shigeru Omi, the head of a panel of government experts that has been advising Prime Minister Yoshihide Suga, issued his strongest warning yet about the potential risks of holding the games.

“It’s not normal to have the Olympics in a situation like this,” Omi told a parliamentary committee on Wednesday, adding that organizers of the Games should have an explanation for a skeptical public.

Public opinion polls show most Japanese people do not want Tokyo 2020 to be held this year. Medical journals have questioned the wisdom of allowing 90K athletes, media, sponsors, officials and support staff to enter the country in July. Health officials worry this infusion of foreigners will place additional strain on Japan’s health-care system at a particularly vulnerable time.

10K of the 80K volunteers who initially signed up to help with the Games have quit, according to Japanese Broadcaster NHK. But organizers say they won’t need as many volunteers as they once suspected

Japan’s vaccine rollout has picked up over the last week, but it’s still way behind the US and Europe in terms of percentage of adults who have received at least one dose.

Already postponed from last year at the cost of $3.5 billion, a stripped-down Olympics with no foreign spectators allowed is slated to begin July 23.

Most of the capital city’s city council, the Tokyo Metropolitan Assembly, are in agreement that the Games should be cancelled.

But just last week, the Japanese government approved extending a state of emergency in Tokyo and eight other prefectures that’s slated to end roughly one month before the Games begin.

END

3 C CHINA

 
 
 
CHINA
Now the huge city of Shenzhen, located just over the river from Hong Kong suffers from COVID 19 as its busiest commercial street is now closed
(zerohedge) 

Shenzhen’s Busiest Commercial Street Closed Due To COVID-19 Outbreak

 
THURSDAY, JUN 03, 2021 – 09:00 PM

Authored by Alex Wu via The Epoch Times,

The COVID-19 epidemic in Guangdong province continues to worsen. The Epoch Times has learned that one of the busiest commercial streets in the mega city of Shenzhen has just been closed due to infection. Meanwhile, in the provincial capital of Guangzhou city, food and medicine shortages have been reported in locked down areas.

Shenzhen’s busiest commercial street – the East Gate Pedestrian Mall and the Baima Clothing Wholesale City in Luohu District are closed due to COVID-19 outbreak. June 2, 2021. (Screenshot of online video)

On June 2, posts about a COVID-19 case in the Baima clothing wholesale market in Luohu District, Shenzhen, were circulating on Chinese social media. They said that the customer was a visitor from Guangzhou. It has caused a major commercial street—the East Gate Pedestrian Mall where the clothing market is located—to be closed down.

A shop owner in the East Gate Pedestrian Mall told The Epoch Times that the commercial street has a large number of visitors, and now all shops on the street have been required to close, with all customers told they have to get tested for COVID-19.

The Epoch Times obtained a video showing the commercial street in locked down.

On June 2, Shenzhen reported two more locally infected cases taking the official case reports to 15, while 16 more local cases were reported in Guangzhou taking the official case reports to 58.

The actual number of infected people and the true scale of the pandemic in China still remain unclear. The large-scale lockdowns and testing have caused many residents to suspect the officially reported infection numbers given the Chinese communist regime’s history of downplaying or covering up crises.

A netizen posted on Twitter that his friends in Guangzhou had told him that many cases were not being officially reported but that locals could tell that the situation was more severe that authorities were admitting from the semi-locked down state of the city and the Chinese Communist Party (CCP) central authorities sending a special epidemic team to visit Guangdong on May 30.

On June 2, 38 areas in Guangzhou were put under lockdown, with outbound travel restricted.

A child is tested for COVID-19 in Guangzhou in China’s southern Guangdong province on May 30, 2021. (AFP via Getty Images)

Some are also doubting the effectiveness of Chinese-made COVID-19 vaccines against variants reported in the outbreak cases.

According to Chinese state-run media, as of May 31, 10.11 million people in the city of 15.3 million have received their first vaccine, and another 3.25 million are fully vaccinated with two doses.

A staff member from the Shenzhen Municipal Health Commission told The Epoch Times on May 25 that Shenzhen residents were receiving the China-made CoronaVac and Sinopharm vaccines. They said that, like the non-Chinese vaccines, vaccination doesn’t guarantee full protection from COVID-19. They declined to comment on the efficacy of Chinese vaccines against COVID-19 variants.

The director of China’s Center for Disease Control and Prevention, Gao Fu, also said of the recent outbreak that the vaccines are not used for preventing infection but to prevent severe symptoms and death. He said earlier that a third dose of the Chinese-made vaccines might needed to boost its efficacy. He also suggested mixing vaccines of different technologies, such as inactivated virus vaccines and mRNA ones.

Food and Medicine Shortage

On June 2, a number of posts were circulating on social media about the chaos and difficulties facing citizens in locked down areas of Guangzhou.

Residents in Jushu Village in Liwan District told The Epoch Times on June 2 that there was no notice before the sudden lockdown of their village on May 28. People went to work in the morning and found out that they could not leave the village. It’s been six days, and food, medicine, and formula milk for babies are severely lacking.

Zhao Li (alias) said that all stores in the village are out of stock, and things can’t be shipped in. People can only buy over-priced rationed food packages provided by the CCP’s village committee.

A Jushu villager posted on social media, “So far, 90 percent of us have not received the so-called free food and supplies provided by the authorities. Now, the village committee has started to drive up prices for the rationed food, and many people trapped here cannot afford the high-priced vegetables. The boxed lunches that cost 15 yuan ($ 2.3) before are now selling for 60 yuan ($ 9.2).”

Over-priced rationed food provided by the CCP’s Hainan village committee in Liwan District of Guangzhou on June 2, 2021. (Supplied to The Epoch Times)

Wang Hua (alias), another villager in Jushu, told The Epoch Times that up to now, the CCP’s village officials have not effectively arranged food supplies for the community. She said, “They just lock us in here, and don’t care if we are alive or dead. Many tenants who don’t usually cook have no preparations, and now they only have porridge and snacks to stay alive.”

She added, “I thought that after a whole year of fighting the epidemic, the state would not let me come to the situation that I have no food to eat, so I didn’t stock up much. However, I’ve found out that the supermarkets and food markets have all been closed. And nobody has ever told me where I can buy food and how can I get basic supplies. I can only depend on myself.”

Wang revealed to The Epoch Times that the shortage of medicine is another serious problem facing lockdown areas. She said that her friend’s husband’s feet were ulcerated, bloody, and in need of urgent medical assistance. They had called emergency services, hospitals, pharmacies, and all other official channels but have received no help. When they tried to buy medicine online, their order got cancelled, as no deliveries are being allowed in the lockdown areas. Later, they posted to a group chat on social media asking for help. Someone in the group had a similar symptom and shared his medicine with them.

 
 

end

CHINA/

As reported to you this week, Beijing is draining all dollar liquidity

(Xie/Bloomberg)

As Tapering Nears, Beijing Drains Dollar Liquidity

 
THURSDAY, JUN 03, 2021 – 09:40 PM

By Ye Xie, Bloomberg reporter and Markets Live commentator

Good economic news is bad news for markets now.

A better-than-expected ADP jobs report sent the dollar and bond yields higher and stocks lower Thursday. A strong payroll report Friday would give more ammunition for folks calling for earlier QE tapering. In a sense, policy normalization has already started after the Fed announced plans to wind down its emergency corporate-credit facility. From that perspective, the peak of liquidity is near.

In China, the authorities are already mopping up the dollar liquidity awash in its domestic market. On Thursday, two Chinese policy banks, China Development Bank and the Export-Import Bank of China, announced selling of dollar notes in the onshore market, the first such sales in years. It followed a move Monday when the PBOC required lenders to hold more foreign currencies in reserve.

Both aim to reduce the dollar supply and ease pressure for yuan appreciation. As a result, one-year yuan swap points dropped to the lowest since January, reflecting higher dollar funding costs. The yuan rally has also stalled.

Neither of these moves was large in size. It’s the signaling effect that matters. Beijing doesn’t want a currency overshoot so that when the Fed takes away the punch bowl, it will be less volatile and painful for Chinese markets.

In other news, President Biden amended a ban on U.S. investment in Chinese companies, naming 59 companies with ties to China’s military or in the surveillance industry. Since many of the companies were already on the Trump administration’s list, the market impact was largely a shrug.

It’s worth noting that the trade and economic dialog seem to be back on track after Vice Premier Liu He held “candid and constructive” talks with Treasury Secretary Janet Yellen and Trade Representative Katherine Tai. The two moves — sanctions and dialog — are carried on separate tracks, as was during the trade war in the Trump era. In other words, sanctioning Chinese companies may not necessarily spoil trade talks.

As far as the markets are concerned, the latter is more important.

 

end

4/EUROPEAN AFFAIRS

EUROPE/DENMARK//CORONAVIRUS UPDATE

Denmark shuts down access to Bitchute over “dangerous” COVID 19″ information

(Watson/SummitNews)

Danish Authorities Shut Down Access To Bitchute Over “Dangerous” COVID-19 Information

 
FRIDAY, JUN 04, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

Authorities in Denmark have shut down much of the country’s access to video platform Bitchute in the name of preventing the spread of “dangerous information” about COVID.

Denmark’s National Police Cyber Crime Center (NC3) petitioned for a court order to block the site and ISPs followed suit by blocking access to users.

“The National Police Cyber Crime Center (NC3) has blocked the homepage that your browser has tried to access contact as there is reason to assume that from the website commits a violation of criminal law, which has a background in or connection with the covid-19 epidemic in Denmark,” states a message users see when trying to access Bitchute.

It then advises the owner of the website that they will have to contact the authorities in order to try to get the website back online.

“The block appears to be site-wide meaning that Danish citizens aren’t just being prevented from viewing alleged COVID-19 misinformation on BitChute – they’re being blocked from viewing any BitChute videos, regardless of the topic,” writes Tom Parker.

Bitchute is routinely targeted by governments because it provides a platform for controversial content that isn’t permitted on YouTube.

Some ISPs in Australia previously tried to block the site, while Twitter blocked people from posting Bitchute links on its platform last year.

Authorities in the UK and the EU are also trying to get the site shut down, claiming it engages in “incitement to hatred.”

Advocates of social media censorship routinely claim that free speech isn’t under assault because people can simply ‘build their own platforms’.

Yet when an entity like Bitchute does just that, they are targeted for elimination by the state.

This is straight up Communist Chinese-style totalitarianism, but what makes it worse is its timing.

As we’ve learned in recent weeks, by censoring “misinformation” about the Wuhan lab leak theory which could turn out to have been true all along, social media networks may have been complicit in facilitating one of the biggest cover-ups in modern history.

So for Danish authorities to target Bitchute for the exact same reason is yet another chilling example of the danger of allowing corporate and government entities to define the boundaries of acceptable speech and literally dictate reality.

*  *  *

end

EU

none

 

UK

none

 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

end

ISRAEL/
none

end

/RUSSIA/UKRAINE/NATO

Russia claims that NATO is supplying Ukraine with advanced weapons under the guise of Black Sea drills

(zerohedge)

Russia Says NATO To Supply Ukraine With Advanced Weapons Under Guise Of Black Sea Drills

 
FRIDAY, JUN 04, 2021 – 02:45 AM

Russia’s Defense Ministry has lobbed an explosive accusation at a moment tensions with the West are soaring in the wake of the Belarus Ryanair incident on May 23rd. Spokesman for the ministry, Major General Igor Konashenkov on Wednesday said that NATO is preparing to use upcoming summer Black Sea sea exercises to smuggle tons of weaponry to Ukraine and “extremist” paramilitaries allied with Kiev.

Referencing the annual US-NATO Sea Breeze exercise in the Black Sea region, expected from June 28 through July 10 and including some 4,000 troops, Gen. Konashenkov claimed, “Advanced armaments, munitions and materiel are planned to be delivered precisely to that region for Ukrainian troops under the guise of holding the drills.”

“Eventually, as was the case in previous years, all this weaponry will be delivered to the Ukrainian troops and nationalist formations stationed close to the areas in the Donetsk and Lugansk regions uncontrolled by Kiev,” he added.

Russia is essentially the only major state bordering the Black Sea that will not take part or cooperate in some way with the exercises which further will involve at least 40 warships and other vessels, along with 30 aircraft – all with the involvement of 29 NATO member and ‘partner’ countries.

Leading the way will be United States, Canada, Great Britain, the Netherlands, Romania, Bulgaria, Greece, Turkey, Latvia and perhaps most notably other non-member allied or partner countries like Ukraine.

Russia’s defense ministry spokesman made the explosive charge in a Wednesday statement…

The Kremlin is more or less casting this year’s NATO drills as a dress rehearsal for future invasion of territory the West sees as “occupied” by pro-Russian forces, most notably Donbas and Crimea. And adding context to this suspicion is the fact that Sea Breeze war games prior to 2014 had been often conducted from Crimea.

 
 

end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

So much for the Lancet being a respected medical journal.  The centre of lab leak controversy is now put in charge of tits task force to investigate COVID origin

(Watson/SummitNews)

Scientist At Center Of Lab-Leak Controversy Put In Charge Of The Lancet’s Task Force To Investigate COVID Origin

 
FRIDAY, JUN 04, 2021 – 09:18 AM

Authored by Steve Watson via Summit News,

Revered scientific journal The Lancet has created a ‘task force’ to investigate the origins of the coronavirus that caused a global pandemic, yet it has decided to employ as it’s leader the very guy who funded the dangerous gain of function research at the Wuhan lab and subsequently allegedly ‘bullied’ other scientists into avoiding looking into the lab as a potential source of the outbreak.

In the wake of renewed scrutiny of the lab leak hypothesis, the Lancet’s task force will reportedly “focus on analyzing data on all of the theories put forward on the origins of COVID, on the reasons why SARS-CoV-2 was able to break out of Wuhan and spread globally, and on the most plausible strategies to prevent future pandemics.”

It also states that “The Task Force will review thoroughly and objectively all publicly available evidence, particularly the peer-reviewed literature, and conduct interviews with key leaders in science, medicine, policy and civil society.”

‘Objectively’. Right.

Dr Peter Daszak, who is heading up this task force, is perhaps the least suitable scientist on the planet to objectively analyse the data, given his track record.

Daszak, as President of the EcoHealth Alliance, shovelled at least $600,000 to the Wuhan Institute of Virology in the past few years to play around with coronaviruses inside the lab through the now infamous ‘gain of function’ research.

Daszak, who also works for the World Health Organisation, is on record admitting that he was involved with manipulating coronaviruses. Here is a video of him talking in DECEMBER 2019 about how ‘good’ the viruses are for altering in a lab:

Daszak notes that “coronaviruses are pretty good… you can manipulate them in the lab pretty easily… the spiked proteins drive a lot about what happens. You can get the sequence you can build the protein, we work with Ralph Baric at UNC to do this, insert into the backbone of another virus and do some work in a lab.”

No wonder then that Daszak as lead investigator for the WHO investigation  determined within 3 hours of visiting the Wuhan lab in February 2021 that there was ‘nothing to see here’?

Recently released emails now document that Daszak thanked Dr Fauci for dismissing the lab leak theory before any scientific research had been done on the possibility.

Daszak was later employed as an ‘expert fact checker’ by Facebook when it was monitoring and removing ‘misinformation’ about the origins of COVID on its platform, much of which was credible scientific research. Facebook has since reversed the policy of banning any posts containing information suggesting COVID-19 was “man-made”.

Daszak’s Twitter profile is basically one long ‘it came from bats not a lab’ thread, much to the annoyance of some other scientists:

Why does this guy keep getting put in charge of investigations, task forces and ‘fact checking’, when it’s abundantly clear that he has the biggest motive to dismiss the lab leak notion?

As microbiologist Professor Richard Ebright has noted, “Daszak was the contractor who funded the laboratory at the Wuhan Institute of Virology that potentially was the source of the virus with subcontracts from $200million [£142million] from the US Department of State and $7million [£5million] from the US National Institutes of Health and he was a collaborator and co-author on research projects at the laboratory.”

Daszak has already lied about the type of research that was being conducted at the Wuhan lab, claiming, after the outbreak happened, that he didn’t know if it was gain of function or not. His own previous statements, and the Fauci emails prove he knew full well what was going on in the lab.

In addition, as reported by The Daily Mail and other outlets, Daszak “orchestrated a ‘bullying’ campaign and coerced top scientists into signing off on a letter to The Lancet aimed at removing blame for Covid-19 from the Wuhan lab he was funding with US money.”

Daszak used his influence to get the journal to publish the letter, which stated that to even suggest the lab leak theory had any credibility was equal to spreading “fear, rumours, and prejudice.”

It effectively shut down discussion among the scientific ‘consensus’ of the lab leak potential for a whole year until intelligence findings brought the matter back to the attention of the mainstream media.

WHO scientific advisor Jamie Metzl described Daszak’s letter as “scientific propaganda and a form of thuggery and intimidation.”

“By labelling anyone with different views a conspiracy theorist, the Lancet letter was the worst form of bullying in full contravention of the scientific method,” Metzl added.

The letter further stated that “We stand together to strongly condemn conspiracy theories suggesting that Covid-19 does not have a natural origin,” and even had the audacity to state that “We declare no competing interests.”

Indeed, Daszak had made sure that the letter would be devoid of any link to EcoHealth, and even considered leaving his own name off it, emails released via the Freedom of Information Act have revealed.

To make matters worse, the other members of The Lancet’s task force are practically all minions of Daszak, some of whom helped him draft the letter that unequivocally stated the lab leak theory was dangerous, and others who either worked with him on ‘fact checking’ for Facebook, or were cited as sources during that activity.

Taking all this into account, it is obvious what the outcome of The Lancet’s inquiry will be, and it should not and cannot be used as credible evidence against the lab leak theory.

*  *  *

END

Tom Luongo hypothesizes what will come next with respect to Fauci, the virus, the Chinese , the Russians, Europe. It certainly comes hand in hand with his reason for the BIS bringing in a reset in the price of gold post Basel iii

 

(zerohedge)

Luongo: The Fauci Files, The WuFlu, & The War To Come

 
THURSDAY, JUN 03, 2021 – 05:40 PM

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

Isn’t is amazing how quickly things seem to change when it’s in the interest of those that think they run the world? For years we’ve been trying to get access to Hillary Clinton’s missing e-mails as Secretary of State but to no avail. However, at the most opportune time in the collapsing COVID story, Dr. Anthony Fauci’s emails are uncovered and broadcast to the world.

The same mechanism, FOIA, that Hillary has stonewalled us on for six years uncovers Fauci’s emails in six weeks?

Doesn’t that strike you as just the slightest bit odd?

Fauci was the hero bureaucrat facing down the evil and ignorant President Trump over COVID-19. He became a national celebrity playing down treatments like Hydroxychloroquine and Ivermectin, flip-flopped on wearing masks and running cover for a corrupt WHO/CDC while whitewashing his own involvement in COVID’s origin.

For all intents and purposes this lying, evil, Janus-faced troll set policy for the entire country.

And from the moment anyone broke a story about the origins of COVID-19, the damage control began behind the scenes and the public shaming and deplatforming began.

And democrats of all stripes cheered him on, simply because he came with the right credentials and an antipathy to Trump.

As the face of the the scientific establishment, he terrorized millions into submission of Americans using fear over a virus not much more deadly than the annual flu. His constant changing the goalposts on ending lockdowns and spread prevention guidelines while needing to remain in front of the narrative kept people crazy with imaginary death statistics, fraudulent models and overwrought case counts while elevating the prevention principle beloved by state-worshipping Boomers and their younger ‘adjacents’ to its most ludicrous extreme.

Because of him we became a nation even more divided than before the Coronapocalypse, which is clear he was an integral part of the operation. Thanks to Fauci the mask became a symbol of virtue for shitlibs and your unadorned face their symbol of evil.

I predicted this would happen in the early months of COVID. I demanded that #FireFauci be the ‘Rallying Cry for a Generation.”

For more than a year we had to suffer this man who:

… never seems to approve or green light treatments that do that {advocate for stronger immune systems}. It doesn’t matter if we’re talking cancer, AIDS, or COVID-19, the man is a walking death sentence. He’s the very essence of regulatory capture and prima facia evidence that power and corruption go together like peanut butter and jelly.

If you squint hard enough he really does look like Gollum.

If there is one thing that this pandemic has exposed, along with the concomitant economic dislocation it is that ‘experts’ better run for cover.

For more than a year we’ve had to suffer insufferable shitlibs (but I repeat myself) telling us to ‘respect the science.’ Well, their high priest of scientism just got caught saying one thing in private and telling them the exact opposite in public, validating everything those dirty spreader Republicans, anti-vaxxers and anti-maskers told them.

Moveover, from the beginning this thing was an operation designed to do exactly what it has done — leave people in love with their mask which makes them sick, genuflecting to Big Brother and doubling down on their paranoia simply because they are too ashamed to admit to themselves (no less those evil MAGA folks) that they were duped by yet another bad script from the House that Klaus Built.

Because Fauci, like all the other so-called experts paraded in front of us for the past year are nothing more than political operatives told to just keep the narrative alive for as long as possible.

He’s now being sacrificed alongside Bill Gates and the other hired help like Andrew Cuomo and Gretchen Whitmer while also securing a multi-million dollar book deal as his gold watch for a job well done.

The question I have now for all those terrorized and radicalized into frothing brain-eating zombies will some of them finally wake up from the real virus they succumbed to, the mind virus of government propaganda, and have the kind of memetic collapse which brings them back from the brink of literal insanity?

Or will they simply pivot to the latest deflection of blame from Fauci’s Davos masters and fall for the simple version of the story, that it was China alone that set COVID-19 on us as a bioterror weapon. Because without this controlling idea and the constant threat of the fake bogeyman of the Omnipotent Russian Secret Agent, who is now being blamed for the JBS cyberattack, how else will they continue doomscrolling through their Twitter feed simping for Rachel Maddow’s quivering Adam’s apple and still be able to scream into their cameras on TikTok?

This is the real problem I see in front of us. That narrative is here now, building on years of propaganda to gin up a war with China. Now, don’t take what I’m about to say as any kind of apologia for China’s involvement in the COVID-19 scam. There is plenty of blame to lay at their feat.

But don’t you think it’s a little convenient to all of a sudden flip the script about COVID on its head overnight in order to spoon feed the Left the new bogeyman, China? Trump did a fine job of this while in office, blaming China for everything and whipping his base into an anti-China frenzy.

However, when Trump was in power and he called it the China Virus, Maddow’s Army was all aTwitter with opprobrium for him and his racism and blamed him for deaths literally caused by Fauci, Gates, Whitmer and Cuomo.

“China was a victim too.” “Trump listen to the SCIENCE!” Blah blah blah.

But the science was wrong and we now know it was all just politics.

Now within the last couple of weeks we have a coherent narrative form around both Bill Gates and Dr. Death that it was, most likely, a man-made virus funded by U.S. taxpayers and visited upon us by the evil CCP while we all huddled in our homes hoping the Angel of Death would pass over us.

This new narrative along with putting all the blame on Fauci and Gates creates the perfect deflection away from Davos who were the ones capitalizing on this, if not behind the whole thing. If you think I’m running out of tin foil spinning out this tale stop and think for just one second and ask the only question that ever matters in matters like these… Cui bono?

Who benefits?

Because if there is one thing that could unite Americans at this point it would be turning on China for having ‘done this to us!’

MAGAtards and Shitlibs, marching down the streets of Atlanta singing the Battle Hymn of the Dying Republic, holding hands (well, okay, bumping elbows) and ratcheting up the belligerence until something dumb happens, like re-electing Trump in 2024.

Who benefits from China and the U.S. at each other’s throats? Who benefits from a collapse of the global economy as trade embargoes proliferate? Who benefits from conflicts in the South China Sea? Taiwan? Hong Kong? Los Angeles? Ukraine? Belarus? Israel? Who benefits from the cyberattacks on our infrastructure, the closing of our pipelines? The Freezing of Texas? Who? Really? China?

No. China loves selling us their stuff. Who actually created the policies which hollowed out our manufacturing, domestic production, turned us into fake-money addicted YouPorners and gender fluid deracinated children? It wasn’t China.

I’ll tell you who benefits. The European Union and Davos.

Why else do you think The Davos Crowd worked so hard to get Biden installed as president? Control of the U.S. military is the main reason. This is why Biden is pulling back from the Middle East. It’s why he’s leaving Israel out to hang while renegotiating the JCPOA. If you want to set yourself up as the next great power how else are you going to do that without fomenting a war between those bigger than you?

Who do you really think controls our courts? Who bought all all of those insane Attorneys General and Secretaries of State? Who actually is actually fighting the election fraud cases? China? Really? If you believe that then I suggest therapy.

And the saddest part is that most people won’t see this coming and we’ll stumble blindly into it as we take our political revenge for Davos’ and China’s dirty deeds in the 2020 election and beyond.

At this point there’s no scenario I see that doesn’t have the Republicans return to power in 2022, controlling both the Senate and the House, especially if Democratic opposition to these election audits crumbles.

That’ll happen later this year after the German elections, and just in time for the beginning of the mid-term primary season to begin.

The 2022 mid-terms are shaping up now to be a referendum on the events since the world broke in March 2020. By then the vandals in the White House will have done enough damage that the stage will be set for the final act of this pathetic psychodrama.

The next shift is for the U.S. to redeploy assets away from Central Asia, cede that area to the inevitability of the Russia/China/Iran alliance and the final nail in the coffin of Halford Mackinder inspired Heartland geopolitics. Those assets will be needed for what comes next.

Europe can’t stop the flow of oil globally but it can certainly cripple the U.S. with multiple assaults by foreign powers to weaken it from within. Pipelines shut down, ‘cyberattacks’ on our food and energy production, election integrity destroyed, courts fully politicized, tech corporations turned into behavioral thought police and people fleeing the insanity of cities intentionally allowed to turn into dystopian nightmares that play like a pastiche of a Philip K. Dick novel and a John Carpenter movie.

Let’s call it “Escape of the Electric Sheep from New York”

The Steve Bannonites still want to call him China Joe, but Joe isn’t owned by China, he’s owned by Davos. That conclusion fits the data better.

Because China would never throw Fauci under the bus like this, it doesn’t serve their purpose. China’s MO has always been to suppress criticism of it. They are very predictable that way. Gates didn’t work for China, he worked for Davos. Davos is cleaning out “The Help” and there’s no one for China to negotiate with the U.S. to stop this nonsense.

This is why there’s been such overt diplomatic incompetence since Biden took office. Do you think these provocations of China over Taiwan or the Uyghurs, as amateurish as the are hypocritical, were just gaffes? Really?

Is that air you think you’re breathing?

No, the point here is to cut off any possibility of rapprochement, to permanently sour relations between China (and Russia) and the West. Joe’s going to go to Geneva in two weeks to try and neutralize Putin and buy him off with gas into Europe while turning his focus away from Russia to China. Hopefully it won’t work. Hopefully Putin is too savvy to see what’s happening.

Just wait until Biden and Obama no longer serve their purpose. They’ll be served up like chum to the justified anger of the conservatives who will seek someone to blame. All the while both sides of the political aisle will be united for the first time in trying to ‘get our country back.’

So while I’ve described the benefits to Europe and Davos for this. I haven’t given you the reason why Davos is throwing China under the same bus it’s throwing Gates and Fauci. Simple. It goes back to this year’s virtual Davos summit where Xi gave lip service to the Green New Deal and the Great Reset and Putin told Schwab, politely but firmly to go fuck himself.

So now China has to be neutralized in the longer term by hopefully getting into a war with the U.S. neither wins but cripples both. How else are you going to attract global capital to the economic wasteland that is modern Europe?

I’m not saying this truly insane and megalomaniacal plan will work, I’m just calling it out the way I see it.

I’m happy to hear some other version of these events, but this story makes sense because it truly encapsulates the mindset of those who are they are willing to burn the world to the ground rather than lose their status. That’s the real war we’re fighting, not some Great Powers game of the last century which is the last war, the ones politicians and generals are fantastic at preparing us to fight.

And we all know how well that goes.

*  *  *

end

FROM AUSTRALIA

       
 
 
 
 
 
 
 
image.png
END
have fun with this:
(Watson/Summitnews)
 

Watch: A Vindicated Rand Paul Decimates Fauci Over Emails

 
FRIDAY, JUN 04, 2021 – 02:35 PM

Authored by Steve Watson via Summit News,

Senator Rand Paul, who has constantly challenged the contradictory and unscientific statements of Dr Fauci, as well as pointing out Fauci’s involvement in funding gain of function research with coronaviruses at the Wuhan Institute of Virology, appeared vindicated in an interview Thursday following disturbing revelations from released emails, which Paul urged should be the final nail in Fauci’s coffin.

Speaking to Laura Ingraham, Paul asserted that “The emails paint a disturbing picture, a disturbing picture of Dr. Fauci, from the very beginning, worrying that he had been funding gain-of-function research. He knows it to this day, but hasn’t admitted it.”

The Senator also urged that Fauci’s involvement has not been adequately investigated because in the eyes of Democrats “he could do no wrong”.

Paul pointed out that Fauci was denying that there was even any funding for gain of function research at the Wuhan lab just a few weeks back, a claim which is totally contradicted by his own emails in which he discusses it.

“In his e-mail, within the topic line, he says ‘acquire of perform research.’ He was admitting it to his non-public underlings seven to eight months in the past,” Paul emphasised.

The Senator also pointed to the email from Dr. Peter Daszak, President of the EcoHealth Alliance, a group that directly funded the Wuhan lab gain of function research, thanking Fauci for not giving credence to the lab leak theory.

Ingraham asked Paul if Fauci could face felony culpability, to which the Senator replied “At the very least, there is ethical culpability,” and Fauci should be fired from his government roles.

Earlier Paul had reacted to Amazon pulling Fauci’s upcoming book from pre-sale:

In softball interviews with MSNBC and CNN Thursday, Fauci dismissed the notion that his emails show any conflicts of interest, and claimed that it is in China’s “best interest” to be honest about the pandemic origins, adding that the US should not act “accusatory” toward the communist state.

Fauci also said it is “far fetched that the Chinese deliberately engineered something so that they could kill themselves, as well as other people.”

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

*  *  *

GLOBAL INFLATION WATCH

As indicated to you, the drop in the uSA dollar is causing global food prices to soar to 10 years high

(zerohedge)

UN “Worried” As Global Food Prices Soar To Ten Year High

 
FRIDAY, JUN 04, 2021 – 04:15 AM

Back in December, SocGen’s resident market skeptic Albert Edwards shared with the world why he is starting to panic about soaring food prices. And since that was before food prices really took amid broken supply chains, trillions in fiscal stimulus and exploding commodity costs, off we can only imagine the sheer terror he must feel today.

A United Nations index of world food costs climbed for a 12th straight month in May, its longest stretch in a decade, rising to the highest in almost a decade, heightening concerns over bulging grocery bills.

All five components of the index rose during the month, with the advance led by pricier vegetable oils, grain and sugar.

Month after month, the UN’s Food and Agriculture Organization’s food price index continues to soar to levels not seen in a decade. Soaring food prices have tremendous implications on societal trends and may result in unrest in emerging market countries if trends persist. 

For May, the FAO Food Price Index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat, and sugar, surged to an average of 127.1 points in May, 4.8% higher than in April and 39.7% higher than in May 2020.

The Rome-based FAO data said prices of vegetable oils, sugar, and cereals drove the increase in the overall index to the highest level not seen since September 2011 and only 7.6% below its all-time high in nominal terms. 

FAO’s cereal price index rose 6.0% in May over last month and 36.6% year-on-year. Maize, also known as corn, is a cereal grain that led the surge and is up 89% over the previous year’s value. Wheat prices also saw a jump, up 6.8% in May over the prior month, while rice prices were flat. 

The FAO Vegetable Oil Price Index rose 7.8% in May over the prior month, mainly reflecting rising palm, soy, and rapeseed oil prices. Palm oil prices were supported by sluggish production growth in southeast Asia, while prospects of strong global demand. Soyoil prices increased due mainly to the rising demand for biodiesel. 

The FAO Sugar Price Index posted a 6.8% month-on-month gain due to harvest concerns and a decline in crop yields in Brazil.

The FAO Meat Price Index inched higher for the month, up 2.2% versus April prices, due mainly to increased import purchases by China. 

The FAO Dairy Price Index rose by 1.8% on the month, up 28% from the same period last year. 

Soaring international food prices began on the onset of the virus pandemic in early 2020. 

This is a massive problem since food is a significant component of CPI baskets in Asia, and this inflationary impulse will strain households in these emerging markets. 

The continued advance risks accelerating broader inflation, complicating central banks efforts to provide more stimulus. It also risks giving Albert Edwards terrifying nightmares.

We have very little room for any production shock. We have very little room for any unexpected surge in demand in any country,” Abdolreza Abbassian, senior economist at the UN’s Food and Agriculture Organization, said by phone.

Any of those things could push prices up further than they are now, and then we could start getting worried.”

Besides the usual factors listed above, food prices have also surged as a result of drought in key Brazilian growing regions which has crippled crops from corn to coffee, and vegetable oil production growth has slowed in Southeast Asia. That’s boosting costs for livestock producers and risks further straining global grain stockpiles that have been depleted by soaring Chinese demand. The explosive move has stirred memories of 2008 and 2011, when price spikes led to food riots in more than 30 nations and lead to a wave of violent revolutions across Northern Africa and the Middle East.

Meanwhile, as central bankers across the globe vow higher prices are “transitory”, the prolonged gains across the staple commodities have trickled through to store shelves, with countries from Kenya to Mexico reporting sharply higher food costs. The pain will be particularly pronounced in some of the poorest import-dependent nations, which have limited purchasing power and social safety nets as they grapple with the pandemic.

As Bloomberg adds, the world’s hunger problem “has already reached its worst in years as the pandemic exacerbates food inequalities, compounding extreme weather and political conflicts.”

Should violence break out as starving people take to the streets, they can thank not only the Fed but also China, as food price gains in the past year have been fueled by China’s “unpredictably huge” purchases of foreign grain, and world reserves could hold relatively flat in the coming season, Abbassian said. Summer weather across the Northern Hemisphere will be crucial to determine if U.S. and European harvests can make up for crop shortfalls elsewhere.

“We have very little room for any production shock. We have very little room for any unexpected surge in demand in any country,” Abbassian said by phone.

“Any of those things could push prices up further than they are now, and then we could start getting worried.”

Indeed, “getting worried” is the right approach since, as you’ll notice from the chart below, the last big surge from the middle of 2010 to early 2011 coincided with the start of the Arab Spring, for which food inflation is regarded as a contributing factor.

DB’s Jim Reid reminds us that emerging markets are more vulnerable to this trend since their consumers spend a far greater share of their income on food than those in the developed world.

… and soaring food prices isn’t just an emerging market story. It’s also one for developed countries, such as the US. With millions still on pandemic unemployment insurance and the labor market in tatters, disposable personal incomes on food will have to be adjusted higher – straining the ability for people to service bills as they need to eat.

The UN’s Abbassian offered some silver lining amid the fear, saying that “we are not in the situation we were back in 2008-10 when inventories were really low and a lot of things were going on… However, we are in sort of a borderline. It’s a borderline that needs to be monitored very closely over the next few weeks, because weather is either going to really make it or create really big problems.”

We’ll see if it is “just the weather” and it’s “just transitory”…

Michael Every // commentary on the days most important topics

(courtesy Michael Every 

While We Wait

 
FRIDAY, JUN 04, 2021 – 08:13 AM

By Michael Every of Rabobank

While We Wait

It goes without saying that today will be all about US payrolls – more so after a bumper ADP print of 978K yesterday. Which means those of us in Asia face a long day of waiting ahead. However, we have enough to chew on in the meantime.

In the US, President Biden has dropped some proposed tax increases as part of the fiscal package he now seems less likely to be able to get through due to having less ‘reconciliation’ bullets than had been thought (or so says the Senate Parliamentarian). He’s apparently prepared to discuss a floor corporate tax rate of 15%, closing off loopholes and exemptions, rather than any increases. This would match the rate being proposed globally to be discussed at the G7 next week – and G7 finance ministers, including Yellen, will be meeting today in advance of the national leaders. Expect related headlines today and Saturday. The press reports the president also had a call with Larry Summers, who despite being regarded as the one who discovered “secular stagnation” (rather than Kalecki), is also a critic of current US fiscal stimulus plans.

On another front, the White House issued an executive order expanding, not reducing, the Trump-era list of Chinese firms off-limits to US investors due to their links to the Chinese military. There are 59 now named, including China Mobile and Huawei. US China hawks suggest this was actually a step backwards by not expanding the scope of the order, and excluding some candidates, but it is still not going to improve US-China relations. Then again, for those thinking this is bad, in the background former-President Trump has stated that China should have to pay $10 trillion in compensation for Covid-19 – and he still seems to have a lot of sway over the Republican party’s general line of thinking, so goodness knows where this all ends up.

Meanwhile, as supply-chain driven inflation continues to bite, a key world food price index just hit the highest level since the Arab Spring of 2008, a worrying trend we flagged as possible a few months ago. The correlation between expensive food and global political instability should be obvious as a huge threat ahead given there is no immediate sign of this trend reversing: except perhaps to those who never, ever go hungry, and who see not being able to go to their favourite restaurant on a Friday night, and having to order in instead, as the real punishment.

On which relative ‘First World Problems’ front, the UK is up in arms because Portugal has been removed from the government’s ‘Green List’ of summer holiday destinations at the last minute due to a surge in worrying new Covid variants – the logical result of Portugal opening up to global tourism before it had been fully vaccinated. That basically leaves Brits with the choice of Iceland (population: 300,000 – so bring a sleeping bag), or Israel (which isn’t at war this month – so far), or the windswept Falkland Islands. Or Devon and Cornwall – like the G7. So time to go long cream teas again. And at least all the stimulus money is circulating at home, as any good proponent of MMT knows it should.

But more serious news stems from the Taiwanese port of Kaohsiung –the 14th busiest in the world, just behind Antwerp, and well above LA at #17– where a Chinese-owned vessel collided with a Taiwanese one, causing substantial damage to the port itself. Without getting into any (more) finger pointing, the last thing strained global supply chains needed to see was another major port facility operating at reduced capacity – and yet that is what we just got. Taiwan seems to be having a really bad run of logistical luck in the past few months.

And on strains, both geopolitical and supply-chain, yesterday saw bombshell news from the EU too: Europe plans to impose carbon emission costs –read tariffs– on imports of iron and steel, aluminium, cement, fertilisers, and electricity, potentially starting as soon as 2023. In other words, as was promised in the Commission’s early 2021 trade review, the EU is serious about ensuring it does not spend its money on goods produced by ‘dirtier’ economies. The question is if this really goes ahead, and if it stops at the above list of goods – because almost everything can be produced sustainably or unsustainably; and if the US then follows, setting up a new “Greenies vs. Meanies” world trading order. The key point for markets is that global supply chains will not have fully recovered from the current disruption by the time new structural changes may then kick in.

And on structural changes, one also has to note Russia taking the decision to strip the USD from its sovereign wealth (“National Wellbeing”) fund’s $186bn holdings. (Yet note which currency I just had to denominate the soon-to-be-dollarless entity in.) It will instead shift to a basket of Euro (40%), Yuan (30%), Gold (20%), Yen (5%) and Sterling (5%: “Go, Global Britain, Go!”, as Russians clearly really like Cornish/Devonian cream teas too). And so begins a great global game of pass-the-parcel, as everyone else who still does use the dollar has to end up making those dollar transactions for Russia instead.

Lastly, a lot of ‘things’ happened in meme-stocks, which would require a separate Daily of its own to do justice to, but isn’t the primary focus here.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
 
NONE
 
 
END

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

Euro/USA 1.2114 DOWN .0016 /EUROPE BOURSES /ALL MIXED

USA/ YEN 110.14 DOWN 0.145 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4121  UP   0.0014  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2121  UP .0012

 

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 16 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2114 Last night Shanghai COMPOSITE CLOSED UP 7.63 PTS OR 0.21% 

//Hang Sang CLOSED DOWN 47.93 PTS OR 0.17%

 

/AUSTRALIA CLOSED UP 0.43% // EUROPEAN BOURSES OPENED ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL MIXED   

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 47.93 PTS OR 0.17%

/SHANGHAI CLOSED UP 7.63 PTS OR 0.21% 

Australia BOURSE CLOSED UP 0.43%

Nikkei (Japan) CLOSED DOWN 116.59 PTS OR 0.40%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1870.15

silver:$27.33-

Early FRIDAY morning USA 10 year bond yr: 1.627% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.299 UP 0  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.53  UP 2 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.45% DOWN 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.085%  DOWN 1/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.46%//  DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.88 DOWN 2   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 42 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.21% 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  FRIDAY

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

Euro/USA 1.2171  UP     .0041 or 41 basis points

USA/Japan: 109.43  DOWN .857 OR YEN UP 86  basis points/

Great Britain/USA 1.4169 UP .0061 POUND UP 61  BASIS POINTS)

Canadian dollar UP 19 basis points to 1.2091

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.3951

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.3916

TURKISH LIRA:  8.67  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.085%

Your closing 10 yr US bond yield DOWN 6 IN basis points from THURSDAY at 1.567 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.251 DOWN 5 in basis points on the day

Your closing USA dollar index, 90.13  DOWN 38  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 4.46 PTS OR 0.06% 

 

German Dax :  CLOSED UP 61.60 PTS OR 0.40% 

 

Paris CAC CLOSED UP 7.64  PTS OR 0.12% 

 

Spain IBEX CLOSED DOWN 55.30  PTS OR  0.60%

Italian MIB: CLOSED UP 84.33 PTS OR 0.33% 

 

WTI Oil price; 68.48 12:00  PM  EST

Brent Oil: 70.93 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72,85  THE CROSS  LOWER BY 0.38 RUBLES/DOLLAR (RUBLE HIGHER BY 38 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.21 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 : 69.42//

BRENT :  71.63

USA 10 YR BOND YIELD: … 1.555..DOWN 7 basis points…

USA 30 YR BOND YIELD: 2.243 DOWN 6 basis points..

EURO/USA 1.2169 (UP 39   BASIS POINTS)

USA/JAPANESE YEN:109.50 DOWN .786 (YEN UP 79 BASIS POINTS/..

USA DOLLAR INDEX: 90.13 DOWN 39  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4166 UP 58  POINTS

the Turkish lira close: 8.66

the Russian rouble 72.80   UP 0.44 Roubles against the uSA dollar. (UP 44 BASIS POINTS)

Canadian dollar:  1.2077  UP 32 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.21%

The Dow closed UP  179.35 POINTS OR 0.52%

NASDAQ closed UP 199.98 POINTS OR 1.47%


VOLATILITY INDEX:  16.43 CLOSED DOWN  1.61

LIBOR 3 MONTH DURATION: 0.130%//libor dropping like a stone

USA trading day in Graph Form

END

a)Market trading/THIS MORNING/USA/JOBS REPORT

A BIG MISS!!

May Payrolls Miss: 559K Jobs Added, Below Expectations; Unemployment Rate Drops

 
FRIDAY, JUN 04, 2021 – 08:34 AM

With so much of the recent labor market discourse focusing on widespread shortages resulting from Uncle Sam’s generous unemployment benefits (15 million people still collecting some form of weekly unemployment benefit), today’s jobs report which is expected to show a substantial rebound from April’s big miss, was set to be defining: another big miss and the shortage narrative would dominate for a long time, a big beat would meanwhile spark renewed reflation worries.

Well, it appears that “shortages” won out in the end because moments ago the BLS reported that in April just 559K jobs were added, which while a big improvement to April’s upward revised 278K…

… was another big miss compared to the 675K expectations.

While the miss was material, it was within the range of expectations, less than 1 SD compared to consensus, and far less pronounced than last month’s miss.

The change in total nonfarm payroll employment for March was revised up by 15,000, from +770,000 to +785,000, and the change for April was revised up by 12,000, from +266,000 to +278,000. With these revisions, employment in March and April combined was a modest 27,000 higher than previously reported.

Nonfarm payroll employment is now down by 7.6 million, or 5.0%, from its pre-pandemic level in February 2020. Notable job gains occurred in leisure and hospitality, in public and private education, and in health care and social assistance in May.

The offset to the headline miss is that the unemployment rate dropped from 6.1% to 5.8%, coming below expectations of 5.9%, and reversing last month’s modest increase.

Yet digging into the numbers reveals another potential problem: the reason why the unemployment rate fell is that 160,000 people left the labor force in May. That’s not what you’d like to see in an economic recovery. Ideally, you see businesses reopening, encouraging people to start looking for work again.

Among the major worker groups, the unemployment rates declined in May for teenagers (9.6 percent), Whites (5.1 percent), and Hispanics (7.3 percent). The jobless rates for adult men (5.9 percent), adult women (5.4 percent), Blacks (9.1 percent), and Asians (5.5
percent) showed little change in May.

Among the unemployed, the number of persons on temporary layoff declined by 291,000 to 1.8 million in May. This measure is down considerably from the recent high of 18.0 million in April 2020 but is 1.1 million higher than in February 2020. The number of permanent job losers decreased by 295,000 to 3.2 million in May but is 1.9 million higher than in February 2020.

The labor force participation rate also dropped to 61.6% in May from 61.8%, having remained within a narrow range of 61.4 percent to 61.7 percent since June 2020. The participation rate is 1.7% points lower than in February 2020. The employment-population ratio, at 58.0 percent, was also little changed in May but is up by 0.6 percentage point since December 2020. However, this measure is 3.1 percentage points below its February 2020 level.

The number of persons not in the labor force who currently want a job was essentially unchanged over the month at 6.6 million but is up by 1.6 million since February 2020. These individuals were not counted as unemployed because they were not actively looking for work during the last 4 weeks or were unavailable to take a job.

Among those not in the labor force who currently want a job, the number of persons marginally attached to the labor force, at 2.0 million, changed little in May but is up by 518,000 since February 2020. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 600,000 in May, little changed from the previous month but 199,000 higher than in February 2020.

And another notable fact: in May, 7.9 million persons reported that they had been unable to work because their  employer closed or lost business due to the pandemic.

The number of persons jobless less than 5 weeks declined by 391,000 to 2.0 million. The number of long-term unemployed (those jobless for 27 weeks or more) declined by 431,000 to 3.8 million in May but is 2.6 million higher than in February 2020. These long-term unemployed accounted for 40.9 percent of the total unemployed in May.

There was more good news on the wage front, where average hourly earnings rose from 0.4% to 2.0%, beating expectations of 1.6%.

Average hourly earnings for all employees on private nonfarm payrolls increased by 15 cents to $30.33 in May, following an increase of 21 cents in April. Average hourly earnings of private-sector production and nonsupervisory employees rose by 14 cents to $25.60 in May, following an increase of 19 cents in April. The data for the last 2 months suggest that the rising demand for labor associated with the recovery from the pandemic may have put upward pressure on wages. However, because average hourly earnings vary widely across industries, the large employment fluctuations since February 2020 complicate the analysis of recent trends in average hourly earnings.

In May, the average workweek for all employees on private nonfarm payrolls was 34.9 hours for the third month in a row. In manufacturing, the average workweek rose by 0.1 hour to 40.5 hours, and overtime increased by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls declined by 0.1 hour to 34.3 hours.

A breakdown of jobs by sector:

  • Employment in leisure and hospitality increased by 292,000, as pandemic-related restrictions continued to ease in some parts of the country. Nearly two-thirds of the increase was in food services and drinking places (+186,000), i.e. waiters and bartenders. Employment also rose in amusements, gambling, and recreation (+58,000) and in accommodation (+35,000). Employment in leisure and hospitality is down by 2.5 million, or 15.0 percent, from its level in February 2020.
  • Employment increased in public and private education, reflecting the continued resumption of in-person learning and other school-related activities in some parts of the country. Employment rose by 53,000 in local government education, by 50,000 in state government education, and by 41,000 in private education. However, employment is down from February 2020 levels in local government education (-556,000), state government education (-244,000), and private education (-293,000).
  • Health care and social assistance added 46,000 jobs in May. Employment in health care continued to trend up (+23,000), reflecting a gain in ambulatory health care services (+22,000). Social assistance added 23,000 jobs over the month, largely in child day care services (+18,000). Compared with February 2020, employment is down by 508,000 in health care and by 257,000 in social assistance.
  • Employment in information rose by 29,000 over the month but is down by 193,000 since February 2020. In May, job gains occurred in motion picture and sound recording industries (+14,000).
  • Manufacturing employment rose by 23,000 in May. A job gain in motor vehicles and parts (+25,000) followed a loss in April (-38,000). Employment in manufacturing is down by 509,000 from its level in February 2020.
  • Transportation and warehousing added 23,000 jobs in May. Employment increased in support activities for transportation (+10,000) and in air transportation (+9,000). Since February 2020, employment in transportation and warehousing is down by 100,000.
  • Employment in wholesale trade increased by 20,000 in May, mostly in the durable goods component (+14,000).
  • Construction employment edged down in May (-20,000), reflecting a job loss in nonresidential specialty trade contractors (-17,000). Employment in construction is 225,000 lower than in February 2020.
  • Employment in professional and business services changed little in May (+35,000). Within the industry, employment continued to trend up in accounting and bookkeeping services (+14,000). Employment in temporary help services changed little over the month (+4,000), following a large decline in April (-116,000). Overall, employment in professional and business services is down by 708,000 since February 2020.
  • Employment in retail trade changed little in May (-6,000). Clothing and clothing accessories stores added 11,000 jobs. Employment in food and beverage stores decreased by 26,000, following a decline of 47,000 in April. Employment in retail trade is 411,000 below its February 2020 level.
  • Employment changed little in other major industries, including mining, financial activities, and other services.

Bottom line: a stronger jobs report, but still far below where it needs to be for the Fed to concede that the labor market is normalizing. And, of course, the paradox is that this is mostly due to the government’s generous handouts as CIBC economist Katherine Judge wrote:

“Our research suggests that generous unemployment benefit supplements have been the main factor holding employment gains back amidst record levels of job openings, but with many states moving to end the supplements in June, we expect millions of jobs to be added over the summer months.”

Still, Judge said she expects that a pick-up in job growth over the summer should be “enough to allow the Fed to announce at its September meeting a tapering of QE to start in early 2022.”

FX strategist Viraj Patel was not so sure: commenting on the jobs report, he said that the “modest NFP gains of +559k will be a disappointment for Fed hawkish expectations. $USD weaker across the board as US rates drop. Likely that the wage inflation will be ignored due to distortions but a mixed bag overall with participation rate lower. Only +ve is U-6 rate down.”

Bloomberg’s Chris Antsey agrees with this skeptical view, saying that the Fed’s leadership “is likely to see this report as a modest improvement but not near the “substantial further progress” on employment required to taper its bond-buying program. While inflation is now topping the central bank’s 2% goal, jobs remain not really close to the goal.”

Finally, the political blowback will be big: as Bloomberg notes, Republican lawmakers will immediately “hit the Biden administration for the extension of the supplemental $300-a-week unemployment benefits included in the $1.9 trillion pandemic-relief bill”, which they correctly argue that’s what’s stopping some people from taking jobs; people can earn more or at least as much just sitting at home and collecting benefits. Expect Biden to rebut that argument when he speaks about these numbers later this morning.

end

Morning trading

Dollar Dumps On Disappointing Jobs Data, Bonds & Stocks Bid

 
FRIDAY, JUN 04, 2021 – 09:01 AM

US equity markets pumped, dumped, and re-pumped after the disappointing payrolls print this morning…

But the big move is in the dollar, which is rapidly erasing yesterday’s biggest jump in 9 months…

Source: Bloomberg

Bond yields spiked lower, recovered, and are now falling once again…

Source: Bloomberg

It seems bad news is good news as Powell and his pals have more excuses to stay on the sidelines (while inflation rips).

As Bloomberg’s Chris Antsey notes, the Fed’s leadership “is likely to see this report as a modest improvement but not near the “substantial further progress” on employment required to taper its bond-buying program. While inflation is now topping the central bank’s 2% goal, jobs remain not really close to the goal.”

end
 
One -third of all jobs created were waiters and bartenders
(zerohedge)
 
 
ii) Market data
Inflation surprises to the upside, production output to the downside  (factory orders) spells stagflation
(zerohedge)

Stagflation Signals Soaring As Factory Orders Tumbled In April

 
FRIDAY, JUN 04, 2021 – 10:07 AM

For the first time since April 2020, US Manufacturers new orders fell in April. The 0.6% MoM drop was triple the expected 0.2% MoM drop.

Source: Bloomberg

For context, here is inflation ‘surprises’ versus production ‘surprises’…

Source: Bloomberg

Stagflation anyone? What are you going to do Mr.Powell?

end

Disappointing Jobs Month Means His Policies Are Working

 
FRIDAY, JUN 04, 2021 – 10:10 AM

With the gap between job openings and those on pandemic emergency unemployment benefits at a record high…

And a resurgence in women’s jobs this month (wrecking the admin’s narrative that the epidemic of ‘help wanted’ signs is because “moms stuck at home with no daycare”)…

And the plunge in black and asian unemployment (so don’t blame “inequality”)…

We look forward to hearing President Biden explain how the dismal jobs print means “his policies are working” and all is well in the recovery…

We are just guessing here but does anyone else think the president will use this opportunity to push for an even bigger “infrastructure” bill because [enters ‘whisper-mode’] “it’s the fair thing to do America.”

Watch Live (due to start at 1015ET):

10,656

iii) Important USA Economic Stories

Ford and General Motors are doing terrific with electric cars

(zerohedge)

Ford And General Motors Are Blowing EV Sales Out Of The Water

 
THURSDAY, JUN 03, 2021 – 05:20 PM

Someone should put Elon Musk on notice: the legacy automakers have officially entered the EV sales fray.

And domestic U.S. automakers have officially hit the ground running.

Ford announced on Thursday that U.S. sales were up 4.1% to 161,725 units in May, while YTD sales were up 11.3%. The “everything bubble” created by Central Banks helped truck sales rise 11.6% over the same period and SUV sales to rise 48.6%. These numbers were despite the auto industry continuing to grapple with a semiconductor shortage – one that had even left Ford trucks stranded on the side of the road, waiting for parts, earlier this year. 

But the standout in Ford’s report? EV sales were up 184% to 10,364 units. The company also sold 1,945 Mustang Mach-Es and 3,617 electrified Escapes. 

Meanwhile, General Motors also delivered a positive outlook to the market on Thursday, saying it was anticipating “significantly better” results for the first half of 2021. The company said:

“As a result of GM’s ongoing efforts to prioritize semiconductor usage, its success engineering solutions that m

 

Paximize the utilization of chips as well as the pull-ahead of some projected semiconductor deliveries into the second quarter, the company now expects its first-half financial results to be significantly better than the first-half guidance previously provided.  GM is optimistic about the full year and expects to share additional information during its second-quarter earnings conference call on Aug. 4.”

The company also said it is taking steps to “increase deliveries to dealers and customers in the United States and Canada to meet strong consumer demand for Chevrolet, Buick, GMC and Cadillac,” in a press release

Despite addressing the semi shortage, stating the situation “remains complex and very fluid”, GM says it has still found “creative ways to satisfy customers”. Phil Kienle, GM vice president, North America Manufacturing and Labor Relations said: “Customer demand continues to be very strong, and GM’s engineering, supply chain and manufacturing teams have done a remarkable job maximizing production of high-demand and capacity-constrained vehicles.”

The automaker said it is working on developing long-term solutions to its supply issues, and says it is officially “focused on advancing an all-electric future that is inclusive and accessible to all”. 

And while these legacy automakers are making huge strides, Tesla’s market share is collapsing, as we noted earlier this week. Tesla’s global electric vehicle market share plunged to 11% in April from 29% in March, Credit-Suisse analyst Dan Levy wrote in a note Wednesday morning. It marks Tesla’s lowest monthly global market share since January 2019. The “greater than usual drop” came between the last month in Q1 and the end of the first month of Q2. 

The company’s market share in the world’s largest auto market – China – collapsed to 8% in April from 19% in March. That drop should be no surprise given the collapse in sales numbers we reported for Tesla in China last month. “GM remained the share leader in China in April, with a 20% share, driven by continued volume traction of the low cost Wuling HongGuang Mini,” Levy’s note, summarized by Bloomberg, pointed out. In Europe, the company posted EV market share of just 2% compared to 22% in March.

Finally, in the United States, where it goes head to head with Ford and GM, market share fell to 55% versus 72% in March. 

end

Kyle Bass alerts authorities that a Chinese Wind farm is a threat to national security due to the fact that it is plugged into the national grid

(He/EpochTimes)

Chinese Wind Farm Project In Texas A Threat To National Security: Kyle Bass

 
THURSDAY, JUN 03, 2021 – 08:20 PM

Authored by Cathy He and Jen Jekielek via The Epoch Times,

A proposed Chinese wind farm in Texas poses national security concerns, warned China-watcher and hedge fund manager Kyle Bass.

The Blue Hills Wind development in southwest Texas’s Val Verde County has attracted heightened scrutiny in recent months, with lawmakers and experts signaling concern that the Chinese project could be used as a cover for espionage and to disrupt the state’s power grid.

The proposed wind farm site is about 30 miles from the U.S.-Mexico border and near the Laughlin Air Force Base, the U.S. Air Force’s largest pilot training facility.

The land for the wind farm is owned by a Chinese company called GH America Investments Group, which has since 2015 bought 130,000 acres of land—an area the size of Tulsa, Oklahoma—in Val Verde County. The man behind the firm is Sun Guangxin, a businessman from the northwestern Xinjiang region in China, who has strong ties to the communist regime.

Sun, a former military officer, is currently the richest person in Xinjiang—where the regime is committing genocide against ethnic Muslim minorities. He has a net worth of $1.9 billion, according to Forbes, and was also the vice chairman of the Xinjiang Provincial Youth Federation.

My view is that is the reason that he bought the wind farm and wants to put up 700-foot turbines, is he plugs directly into our electric grid. Well, plugging directly into our electric grid is something that should never happen,” Bass, founder and chief investment officer of Hayman Capital Management, told Epoch TV’s “American Thought Leaders” program.

Spurred by these security concerns, the Texas Legislature recently unanimously passed legislation that would ban individuals or companies connected with China, Iran, North Korea, or Russia from entering into contracts relating to the state’s critical infrastructure. The bill has been sent to the governor for signature. If it is signed, it will take effect immediately.

The country’s critical infrastructure has been the target of several cyberattacks in recent months. An annual threat assessment (pdf) by the U.S. Intelligence Community said the Chinese regime’s cyber-capabilities “at a minimum, can cause localized, temporary disruptions to critical infrastructure within the United States.”

Bass said the land was a curious site for a wind farm given that the area is not known to produce high levels of wind. The proposed height of the wind turbines are 700 feet—the height of the Washington Monument—meaning that they could be used to spy on activities at the Air Force base and border security operations at the U.S.-Mexico Border, he added.

Republican state Sen. Donna Campbell, sponsor of the bill, has likened the project to a “Trojan horse.”

“Why do they want to put this in Val Verde County, where the wind doesn’t really blow? Why is this area, where the turbine farm was going to be, 65 miles from our Laughlin Air Force Base, a strategic pilot training base?” Campbell said on the Senate floor in April.

GH America is now reviewing its options in light of the passage of the legislation, News 4 San Antonio reported.

Stephen Lindsey, a vice president of the company, told News 4 that the proposed wind farm was not a threat to the state’s security, and added that he didn’t know if Sun has ties to the Chinese Communist Party.

end

iv) Swamp commentaries/

END

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

The King Report June 4, 2021 Issue 6523 Independent View of the News
The financial media spewed fake news on Thursday by stating the good US Initial Jobless Claims data (385k, 387k expected) caused stocks to decline sharply early on Thursday.  This is pure BS.

 

ESMs peaked at 20:55 ET (4213.25) on Wednesday night.  They slid to 4169.50 at 8:03 ET, three minutes after the US bond market opened.  A rally took ESMs to 4184.50 at 9:27 ET.  The Initial Jobless Claims data was released at 8:30 ET.  Ergo, ESMs rallied for almost an hour after the jobless claims data. Plus, Continuing Claims increased to 3.771m from 3.602m; 3.614m was expected.

ESMs hit a session low of 4165.25 at 9:48 ET because the ISM US Services PMI (9:45 ET; represents 88% of US economy per ISM) registered a record 64 and Priced Paid hit 80.6!  The media eagerly reported the headline number but mostly ignored the inflationary prices paid data.

Institute for Supply Management (@ism): ISM PMI survey respondent in Retail Trade: “Very concerned about the rapid and continuing price escalations for any products with copper, steel, and polyvinyl chloride. Production issues and lead-time extensions are not improving… Transportation, labor, steel and general commodities are all increasing (in price) based upon general inflation and the rising price of oil… Small businesses in the area are reporting stimulus checks and extension of unemployment are hampering their ability to hire workers. Seasonal labor and H-2B (visa) workers are in very short supply, causing an uptick in cost per hour. …”

ISM: Business Activity Index at 66.2%; New Orders Index at 63.9%; Employment Index at 55.3%; Supplier Deliveries Index at 70.4%... The Prices Index registered 80.6 percent, which is 3.8 percentage points higher than the April reading of 76.8 percent, indicating that prices increased in May, and at a faster rate. The last time the Prices Index was this elevated was when it registered 77.4 percent in July 2008; the all-time high is 83.5 percent in September 2005… https://t.co/q38s0OLLY4

While the major equity indices sank early on Thursday, retail traders and others poured into meme stocks, again.  Guppy manic buying and the usual opening dip players induced an ESM rally.  It ended by 10:05 ET.  After a 9-handle ESM retreat, stocks soared on this:

Biden May Back 15% Tax Floor Instead of 28% Corporate Rate: WP – BBG 10:55 ET

Biden proposes 15% corporate minimum tax, $1 trillion new infrastructure spending
Biden offered to drop plans to hike corporate tax rates as high as 28%, and instead set a minimum tax rate that companies should pay instead at 15%… Biden’s new proposal, worth $1.7 trillion…
    It assumes that increased tax revenues from stepped-up enforcement would raise $700 billion over a decade, drops subsidies on fossil fuels to raise additional funds, and would impose a new vehicle-miles-traveled fee on commercial trucks.  In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending…  https://news.yahoo.com/biden-offers-drop-corporate-tax-152840785.html

After the Biden rally, ESMs traded within an 11-handle band until they broke the band to the downside by 1 handle when the final hour arrived.  The final hour upward manipulation then began.  It ended quickly; ESMs and stocks rolled over at 14:36 ET and then fell modestly into the close.

[Ex-Philadelphia Fed President] Plosser Says Fed Policy Echoes the 60s and 70s
“Today Fed policy sounds a lot like it did in the 60s and 70s — all we have to do is keep monetary policy easy and accept a little inflation and we’ll march down the road to lower unemployment,” Plosser said in an interview. “For them to argue the outcome will be different — well prove it to me, show me the evidence…It’s not just policy but the political environment of the late 60s and early 70s sounds a lot like today — the massive fiscal policy of the war in Vietnam and the Great Society, the focus on the importance of unemployment,” said Plosser… “They’re going to create inflation and march up the Phillips curve and lower unemployment, and more inclusive employment.”…
    “Their commitment to not preemptively act on inflation but to react for actual inflation was a recipe for guaranteeing that they were behind the curve no matter what.”…
https://marketnews.com/amp/mni-interview-fed-policy-reminiscent-of-60s-and-70s-plosser-2653197427

From Fed To ECB, Red-Hot Housing Costs May Bring Taper Closer
ECB Executive Board member Isabel Schnabel said, “Rising housing costs are a burden for many people and may give rise to financial stability risks.”… At the Fed, some policy makers have said that when the central bank does start scaling back purchases, it should start with mortgage-backed securities, arguing that record-high housing prices are a sign that market no longer needs the central bank’s support…
https://www.nxtmine.com/from-fed-to-ecb-red-hot-housing-costs-may-bring-taper-closer/

Surge in Early Retirements Exposes Inequalities among U.S. Baby Boomers
At least 1.7 million older workers retired early because of the pandemic crisis, according to a report by the New School for Social Research’s Retirement Equity Lab…
https://www.bloombergquint.com/markets/early-retirement-surge-exacerbates-u-s-baby-boomer-inequalities

Employees Are Quitting Instead of Giving Up Working from Home – The drive to get people back into offices is clashing with workers who’ve embraced remote work as the new normal.
    Only about 28% of U.S. office workers are back at their buildings, according to an index of 10 metro areas compiled by security company Kastle Systems. Many employers are still being lenient with policies as the virus lingers, vaccinations continue to roll out and childcare situations remain erratic.
    But as office returns accelerate, some employees may want different options. A May survey of 1,000 U.S. adults showed that 39% would consider quitting if their employers weren’t flexible about remote work. The generational difference is clear: Among millennials and Gen Z, that figure was 49%, according to the poll by Morning Consult on behalf of Bloomberg News…
https://www.bloomberg.com/news/articles/2021-06-01/return-to-office-employees-are-quitting-instead-of-giving-up-work-from-home

Job Openings at U.S. Small Businesses Increase to Fresh Record
Some 48% of firms had unfilled positions last month, a fourth consecutive record, the NFIB said in a report published Thursday. A total of 34% of small-business owners said they raised pay, the largest share in a year, and more indicated they plan to raise compensation in the next three months…
    Some 93% of business owners reported few or no qualified applications for positions they need to fill. Within construction, 66% of respondents reported few or no qualified job seekers, up from 58% a month earlier.    https://finance.yahoo.com/news/job-openings-u-small-businesses-175029122.html

Socialist economies typically exhibit shortages and inflation due to inefficient government spending and intervention, promiscuous central bank largesse, and entitlements that discourage labor and production.

Cryptocurrency dealers face closure for failing UK money laundering test https://t.co/Xu76Z6kRZM 

Let us conclude the week with this offering courtesy of Greg Hunter
A must view….all the major topics of the week.
Sen. Paul: Fauci emails prove he knew of Wuhan gain of function research
“The emails paint a disturbing picture, a disturbing picture of Dr. Fauci, from the very beginning, worrying that he had been funding gain-of-function research,” Paul (R-Ky.) told Fox News’ “The Ingraham Angle,” “and he knows it to this day, but hasn’t admitted it.”…
    “There’s a lot of evidence that he [Fauci] has a great deal of conflict of interest and that if it turns out this virus came from the Wuhan lab — which it looks like it did — that there’s a great deal of culpability and that he was a big supporter of the funding,” Paul said. “But he also was a big supporter, to this day, of saying, ‘We can trust the Chinese on this. We can trust the Chinese scientists,’ and I think that’s quite naïve and really should preclude him from the position that he’s in.”
https://nypost.com/2021/06/03/fauci-emails-prove-he-knew-of-wuhan-research-sen-paul/

 

@scuba2024: This is absolute insanity!  Fauci thinks China’s scientists are detached from the CCP. https://t.co/S45j33QWpO

@9NewsNancy: Tucker segment on Fauci’s emails, which show his implication in the gain-of-function research that may have led to covid-19: “From the beginning, Fauci was worried that the public might conclude covid had originated at the Wuhan Institute of Virology.”  https://t.co/bihrUjaUp4

“That Was a Lie”: Tucker Carlson Levels Fauci after FOIA Emails Connect the Dots
“It soon became clear that Tony Fauci was just another sleazy federal bureaucrat – deeply political and often dishonest. More shocking than that we then learned that Fauci himself was implicated in the very pandemic he’d been charged with fighting.”  “Fauci supported the grotesque and dangerous experiments that appeared to have made COVID possible.”…
https://www.zerohedge.com/covid-19/was-lie-tucker-carlson-levels-fauci-after-foia-emails-connect-dots

@ColumbiaBugle: Full Tucker Carlson Monologue About Dr. Fauci’s Emails – “Are Peter Daszak and Tony Fauci under criminal investigation? We can only hope they are. They certainly deserve it. https://t.co/T6iIF8cuA3

Republican lawmakers blast Fauci after thousands of emails released https://t.co/Isiu0P8usO

@EmeraldRobinson: The Fauci emails are not only the death-blow to Fauci’s credibility but to the credibility of the corporate media which amplified every lie he told uncritically.

The media and most Americans do not remember that Fauci botched the US official response to the HIV and Bird Flu pandemics.  The media promoted Fauci to harm and diminish Trump.  Fauci has harmed and diminished the media and the Dems that hailed and touted him.

Newsweek: The people responsible for bringing the #WuhanLabLeak theory back to life are not journalists or spies or elite scientists but a group of persistent amateurshttps://t.co/EFNfx3sHAL

@EmeraldRobinson: Who prevented Americans from using Ivermectin? [Used to cure Trump]
Who prevented Americans from using hydroxychloroquine?
Who prevented Americans from using monoclonal antibodies?
Who insisted on experimental vaccines? And got royalties for doing so?

Fauci Ignored Email from Physicist Claiming Hydroxychloroquine Could Help Battle Coronavirus
https://www.breitbart.com/politics/2021/06/02/anthony-fauci-ignored-email-from-physicist-claiming-hydroxychloroquine-could-help-battle-coronavirus/

Vanity Fair: The Lab-Leak Theory: Inside the Fight to Uncover COVID-19’s Origins
Throughout 2020, the notion that the novel coronavirus leaked from a lab was off-limits. Those who dared to push for transparency say toxic politics and hidden agendas kept us in the dark.
    In one State Department meeting, officials seeking to demand transparency from the Chinese government say they were explicitly told by colleagues not to explore the Wuhan Institute of Virology’s gain-of-function research, because it would bring unwelcome attention to U.S. government funding of it… The idea of a lab leak first came to NSC officials not from hawkish Trumpists but from Chinese social media users, who began sharing their suspicions as early as January 2020…The paper came to a staggeringly blunt conclusion about COVID-19: “the killer coronavirus probably originated from a laboratory in Wuhan….
    The team’s members soon stumbled on a 2015 research paper by Shi Zhengli and the University of North Carolina epidemiologist Ralph Baric proving that the spike protein of a novel coronavirus could infect human cells. Using mice as subjects, they inserted the protein from a Chinese rufous horseshoe bat into the molecular structure of the SARS virus from 2002, creating a new, infectious pathogen.  This gain-of-function experiment was so fraught that the authors flagged the danger themselves, writing, “scientific review panels may deem similar studies…too risky to pursue.”..
https://www.vanityfair.com/news/2021/06/the-lab-leak-theory-inside-the-fight-to-uncover-covid-19s-origins

Elements of the media are now attempting to procure reputation redemption after their TDS induced them to blindly obey and believe those that contradicted Trump’s views and claims in regard to Covid-19.

GOP Rep. @SteveScalise: Big Tech was censoring posts about the Wuhan lab leak. The media was calling people who talked about the Wuhan lab leak conspiracy theorists. All while Fauci himself was emailing about COVID-19 possibly leaking from the Wuhan lab. Let that sink in.

Trump Unloads on Fauci Emails: “What Did Dr. Fauci Know about ‘Gain of Function’ Research and When Did He Know It?” – “The funding of Wuhan by the U.S. was foolishly started by the Obama administration in 2014 but ended under…Trump… When I heard about it, I said ‘no way’.”…
https://beckernews.com/donald-trump-unloads-on-fauci-emails-what-did-dr-fauci-know-about-gain-of-function-research-and-when-did-he-know-it-39499/

@RaheemKassam: Trump: “The correspondence between Dr. Fauci and China speaks too loudly for anyone to ignore. China should pay Ten Trillion Dollars to America, and the World, for the death and destruction they have caused!

CNN: The World Health Organization has approved a Covid-19 vaccine made by Chinese pharmaceutical company Sinovac for emergency usehttps://cnn.it/3vLvsFN   @Jkylebass: You have to be kidding me. Would anyone take the CCP’s ‘vaccine’ after what they did to the world?

Ex-Intel NCO @grayzonewarlord: With the lab leak theory gaining mainstream exposure, it’s time to review Unrestricted Warfare (1999), written by two Chinese PLA colonels, which is effectively a manual on how to defeat the United States… The authors argue that China should develop new weapons: earthquakes, tsunamis, weather disasters, or “new biological and chemical weapons” that can be characterized as “non-war” but still used to prosecute a real war[includeing hacking]
https://twitter.com/grayzonewarlord/status/1400122128154955781

Never Let a Plague Go to Waste – During America’s first-ever national lockdown, thousands of unelected bureaucrats, as well as federal and state governments, assumed enormous powers not usually accorded to them.  They picked and chose which businesses could stay open without much rationale. They sent the infected into nursing homes occupied by the weak and vulnerable.
    Their rules for prosecuting those who violated social distancing, sheltering in place, mask wearing or violent protesting often hinged on political grounds. Their spending measures on “infrastructure” and “health care” were excuses to lard up redistributive entitlements.  Conservatives moaned that left-wing agendas were at work beneath the pretenses of saving us from the pandemic. And the giddy left bragged that it was true…. Manipulating COVID-19 is not just a left-wing effort. The Davos… has talked of using the global crisis to push “the Great Reset.” These self-appointed guardians wish to create global rules governing the world’s economy, energy, transportation, education, climate, wealth distribution and media. In other words, a few elites will seek to override local laws
https://pjmedia.com/victordavishanson/2021/06/03/victor-davis-hanson-never-let-a-plague-go-to-waste-n1451766

Barack Obama says Biden is ‘finishing the job’ of his presidency https://t.co/Xi7oVrLT3G

Obama and his team indicated numerous times that Obama wanted a 3rd term.  It was clear to anyone paying attention that Team Obama orchestrated Biden’s ascent to the Dem nomination after The Big Guy’s disastrous performance early in the campaign, including his historically bad results in the Iowa Caucus and NH Primary.  The big question:  Did Team Obama orchestrate Election 2020 shenanigans, including the improbable, illogical, and unprecedented SIMULTANEOUS halting of the vote count in 5-6 swing states?  Someone had to coordinate and trigger the infinitely improbable multiple-state vote halt.

Biden won’t create presidential commission on Capitol riot https://trib.al/7HbQtu

More Than 120 Kids Under 18 Have Been Shot in Chicago So Far This Year, in a Crisis with Wide-Ranging Effects – That pace is on track to be lower than the 330 young people shot last year…
https://chicago.cbslocal.com/2021/06/02/chicago-children-shot-crisis-effects/

Where is the outrage for the continuing slaughter of Chicago children?  Their lives matter; don’t they?

The NYT: Mr. Comey had been under scrutiny since 2017, after Mr. Trump fired him as the director of the F.B.I. After his dismissal, Mr. Comey engineered — through his friend Daniel Richman, a Columbia University law professor — the disclosure to The Times of accounts of several of his conversations with the president related to the Russia investigation…
    Last month, the F.B.I. asked Mr. Comey’s lawyer whether he would be willing to sit down for an interview, a request that Mr. Comey declined, according to a person familiar with the case.
https://www.nytimes.com/2021/06/02/us/trump-administration-phone-records-times-reporters.html

Ex-CBS investigative reporter Sharyl Attkisson: Media Mistakes in the Biden Era: the Definitive List
https://sharylattkisson.co

Fauci Lied & People Died, Election Audit Wave, Gold Shines

By Greg Hunter’s USAWatchdog.com(WNW 483 6.4.21)

It’s not a stretch to say Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases (NIAID), lied and people died.  It’s now been revealed, through release of Dr. Fauci’s emails, that he lied about the virus escaping from a lab in China.  Even Fauci’s own boss, Dr. Francis Collins (Head of the NIH) admitted that tax dollars paid for virus experiments in Wuhan, China.  There were even more lies exposed with the emails that stopped people from getting treatment that would have saved lives.  Now, many are calling for his firing and some for criminal prosecution.  Fauci said Hydroxychloroquine (HCQ) was not effective in treating CV19 and was dangerous for treating it when the exact opposite was true.  Peer reviewed science says HCQ is effective when given early on, and it was very safe.  Look for Fauci to be out of a job by the end of the month.

The election audit in Maricopa County, Arizona, is 60% finished.  The audit is looking at the 2.1 million ballots from the 2020 election, and now other states, such as Pennsylvania and Georgia, are looking at Arizona to see how it’s being done.  This election audit wave is not going to be stopped, and it appears to be picking up steam.

It looks like the public is finally seeing the inflation genie being released out of the bottle.  It’s not going to be easy to put it back in.  Everything is now going up in price, and you can see it in food, energy, shipping and even in the price of precious metals.  The dollar is under pressure, and foreign countries like Russia are dropping the buck to buy gold.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-up for 6.4.21.

(To Donate to USAWatchdog.com)

 

END

I WILL SEE  YOU MONDAY NIGHT

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