JUNE 7//GOLD CONTINUES TO HOLD FIRM DESPITE ANTICS OF BANKS/BIS: GOLD UP $6.50 TO $1896.10//SILVER UP 13 CENTS TO $27.88//GOLD TONNAGE AT THE COMEX ADVANCES TO 68.97 TONNES/SILVER REMAINS AT 12.835 MILLION OZ//ANDREW MAGUIRE PODCAST, A MUST SEE//CORONAVIRUS UPDATE/VACCINE UPDATES//THREE USA DEOMCRAT SENATORS TO VISIT TAIWAN IN A MOVE SURELY TO UPSET CHINA//MORE COMMENTARIES PROVING THE WUHAN LEAK STARTED THE PANDEMIC//CHINA’S 3 GORGES DAM BREAKS AND FLOODS AREAS//ANOTHER EXPLOSION IN IRAN , THIS TIME A STEEL PLANT//RUSSIA TO REMOVE ITSELF FROM THE SWIFT SYSTEM//USA REVERSE REPO RISES TO 486 BILLION DOLLARS AS THE SYSTEM IS BROKEN: RATES AT 0.00%//INFLATION WATCH; USED CARS AND USA DROUGHT IN THE WEST//SEMI CONDUCTOR SHORTAGES TO CONTINUE TO 2022//SWAMP STORIES FOR YOU TONIGHT..

 GOLD:$1896.10  UP $6,50   The quote is London spot price

Silver:$27.88  UP 13 CENTS   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1898.90 LONDON SPOT  4:30 pm

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

 

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

 

 

PLATINUM  $1176.60  UP $4.98

PALLADIUM: 2839.22 DOWN $3.56  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

June 7: James McShirley

The Gold Eagle/spot price spread has widened further today, now $232 and up. Also the April 2022 Crimex futures price is only a measly +$7 to spot. How absurd that the alleged risk for higher gold prices TEN months out is only seven bucks, or 0.37%! How could any sane person short April 2022 gold at $1907 knowing the odds of hyperinflation, economic turmoil is practically at 100%? The sane people in fact aren’t selling, it’s the insane people at the cartel banks doing the selling.

***

END

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  120/631

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,889.800000000 USD
INTENT DATE: 06/04/2021 DELIVERY DATE: 06/08/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 1 176
099 H DB AG 75
118 H MACQUARIE FUT 23
323 H HSBC 44
365 C ED&F MAN CAPITA 56
435 H SCOTIA CAPITAL 38
523 H INTERACTIVE BRO 12
555 H BNP PARIBAS SEC 36
624 H BOFA SECURITIES 33
657 C MORGAN STANLEY 6
661 C JP MORGAN 557 120
686 C STONEX FINANCIA 2
709 C BARCLAYS 30
737 C ADVANTAGE 17 14
905 C ADM 22
____________________________________________________________________________________________

TOTAL: 631 631
MONTH TO DATE: 20,487

ISSUED:  551

Goldman Sachs:  stopped: 176

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 631 NOTICE(S) FOR 63100 OZ  (1.9626 tonnes)

TOTAL 0CTOBER OF NOTICES FILED SO FAR:  20,487 NOTICES FOR 2,048,700 OZ  (63.723 tonnes) 

SILVER//MAY CONTRACT

0 NOTICE(S) FILED TODAY FOR nil  OZ/

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

 

BITCOIN MORNING QUOTE  $36,404  UP 687  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$35,579 UP 138 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $6.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?:    A HUGE CHANGE IN GOLD INVENTORY AT THE GLD : A DEPOSIT OF 1.41 TONNES INTO THE GLD

 

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  1043.16 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 13 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 177.87 UP $0.71 OR  0.40%

XXXXXXXXXXXXX

SLV closing price NYSE 25.90 UP $0.12 OR 0.47%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A GIGANTIC SIZED 3691 CONTRACTS FROM 182,075 UP TO 185,766, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE POWERFUL ADVANCE IN OI OCCURRED WITH OUR STRONG  $0.33 GAIN IN SILVER PRICING AT THE COMEX  ON FRIDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO HUMONGOUS BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III COMING JUNE 28/2021 !//STRONG REDDIT RAPTOR BUYING//.. COUPLED AGAINST A  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:   4 only CONTRACTS.

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1034,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 1034 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1034 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

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.33). AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH FRIDAY’S TRADING.  WE HAD A GIGANTIC GAIN OF 4725 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 ZERO QUEUE  JUMP OF NIL OZ ON DAY 7 OF THE DELIVERY CYCLE, WITH 12.835 MILLION OZ NOW STANDING FOR DELIVERY//  v) POWERFULCOMEX OI GAIN /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

JUNE

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

6549 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 6549 CONTRACTS) OR 32.745 MILLION OZ: (AVERAGE PER DAY: 1091 CONTRACTS OR 5.458 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 32.745  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:  32.745 MILLION OZ// ISSUANCE SLIGHTLY BELOW THE MONTH OF MAY.

 

RESULT: WE HAD A GIGANTIC INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3691, WITH  OUR HUGE  $0.33 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY .…THE CME NOTIFIED US THAT WE HAD A  STRONG SIZED EFP ISSUANCE OF 1034 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A GIGANTIC SIZED GAIN  OF 4725 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR STRONG $0.33 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY// HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A ZERO OZ QUEUE JUMP  AS THE NEW TOTAL OF SILVER STANDING REMAINS AT 12.835 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1034  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A HUGE SIZED INCREASE OF 3691 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.33 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.75//FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 0 NOTICES FILED TODAY FOR nil OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED SIZED 1283 CONTRACTS TO 486,369 ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: 1486 CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR HUGE JUMP IN PRICE  OF $18.70///COMEX GOLD TRADING//FRIDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2487 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 2800 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  68.97 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $18.70 WITH RESPECT TO FRIDAY’S TRADING

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

WE HAD  A SMALL SIZED GAIN OF 1001 OI CONTRACTS (3.113 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2284 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 2284  ALL OTHER MONTHS ZERO//TOTAL: 2284 The NEW COMEX OI for the gold complex rests at 486,369. 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 1001 CONTRACTS1283CONTRACTS DECREASED AT THE COMEX AND 2284 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1001 CONTRACTS OF 3.113 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2284) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1283 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1001 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 2800 OZ QUEUE JUMP//NEW COMEX TOTALS 68.97 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR STRONG GAIN IN GOLD PRICE TRADING FRIDAY//$18.70!!.

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 : 18,580, CONTRACTS OR 1,858,000 oz OR 57.79 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 3096 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 57.79 TONNES

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

THUS EFP TRANSFERS REPRESENTS 57.79/3550 x 100% TONNES =1.62% 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:      57.79 TONNES (NOW BELOW PAR WITH RESPECT TO 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, ROSE BY A GIGANTIC SIZED 3691 CONTRACTS FROM 182,075 UP TO 185,766 AND CLOSER TO 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 1034 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 1034: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1034 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 3691 CONTRACTS AND ADD TO THE 1034 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A HUGE SIZED GAIN OF 4725 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 23.625 MILLION  OZ, OCCURRED WITH OUR $0.33 GAIN IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 7.70 PTS OR 0.21%   //Hang Sang CLOSED DOWN 130.82 PTS OR 0.45%      /The Nikkei closed UP 77.72 pts or 0.27%  //Australia’s all ordinaires CLOSED UP 0.16%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3966 /Oil UP TO 69.45 dollars per barrel for WTI and 71.65 for Brent. Stocks in Europe OPENED ALL GREEN  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3966. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3936   : /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

 

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 SURPRISING  SIZED 1283 CONTRACTS TO 486,369MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $18.70 IN GOLD PRICING FRIDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (2484 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

 

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

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2284 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 2284 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2284  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  1001` TOTAL CONTRACTS IN THAT 2284 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED COMEX OI OF 1283 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (68.97) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $18.70)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2487 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 3.113 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (68.97 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 1486  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 2487 CONTRACTS OR  248,700 OZ OR  7.735  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:  486,369 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.63 MILLION OZ/32,150 OZ PER TONNE =  1512 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1512/2200 OR 68.75% OF ANNUAL GLOBAL PRODUCTION OF GOLD.4

 

Trading Volumes on the COMEX GOLD TODAY:137,352contracts// volume /  fair / awful

CONFIRMED COMEX VOL. FOR YESTERDAY: 40,652 contracts// –poor PLUS 

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

 

JUNE 7 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
 
 
2640.015 OZ
Brinks
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

53,724.321 oz

Manfra

 

1996 kilobars

 

this is a phony entry

Deposits to the Customer Inventory, in oz
48,226,599 OZ
 
1500 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
this is a phony
entry 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
631  notice(s)
 
63,100 OZ
(1.9626 TONNES
No of oz to be served (notices)
1687 contracts
 168,700oz)
 
5.247 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
20,487 notices
2,048,700 OZ
63.723 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 Manfra; 53,724.321 oz  (1621 kilobars)
 
 
 
total deposit:  53,724.321 oz    
 
 
 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account
 
i) Into Manfra: 48,226.500 oz (1500 kilobars)
 
TOTAL CUSTOMER DEPOSITS: 48,226,500  oz
 
 
 
 
 
 
We had 2 withdrawals….
 
i) out of Brinks:  1054.64 oz
ii) Out of HSBC:  1585.375 oz
 
 
 
 
total withdrawals 2640.015 oz
 
a net:   3.11 tonnes enters  the comex
albeit both deposits are phony entries, 3171 kilobars
 
 
 
 
 
 
 
 

We had  2  kilobar transactions (5 out of 7 transactions)

ADJUSTMENTS  2//   dealer to customer

i) Brinks: 482.265 oz (15 kilobars)

ii) Out of Loomis:  868.050 oz (27 kilobars 

iii) customer to dealer: HSBC:  96.45oz  (3 kilobars)

 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 2318 CONTRACTS for a LOSS of 1308 contracts. We had 1330 notices filed on FRIDAY, so we GAINED 28  contracts or an additional 2800 oz  will stand for delivery in this very active delivery month of June.  We will now have queue jumping being the norm from this day forth until the end of the month as bankers scrounge around for some comex gold to put out fires elsewhere.

.

 

 
 
 
 
JULY gained 59 CONTRACTS TO STAND AT 2518.
 
AUGUST LOST A SMALL 945 CONTRACTS UP TO 393,,702. 
 

We had 631 notice(s) filed today for 63,100  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 551 notices were issued from their client or customer account. The total of all issuance by all participants equates to 631  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 120 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 176  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 (20,487) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE:  2318 CONTRACTS ) minus the number of notices served upon today  631 x 100 oz per contract equals 2,217,400 OZ OR 68.970 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 (20,487) x 100 oz+  2318)  OI for the front month minus the number of notices served upon today (631} x 100 oz} which equals 2,217,400 oz standing OR 68.970 TONNES in this  active delivery month of MAY.

We GAINED 28 contracts or an additional 2800 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 508.80 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 68.97 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,530,949.474 oz or 576.39 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
thus:
 
registered gold that can be used to settle upon: 16,358,020.0 (508,80 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,358,020.0 (508.80 tonnes)
 
total eligible gold: 16,229,929.978 oz   (504.81 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,760,879.452 oz or 1,081.20 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  954.86 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 7/2021
 
 

 

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
829,861.840 oz
 
 
 
 
CNT
 
 
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,336,707.210
 
 
 
 
 
 
 
 
 
CNT
JPM
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
nil 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 CNT:  757,777,900 oz
ii) Into JPMorgan:  578,929.310 oz
 
 
 
 
 
 
 

JPMorgan now has 187.524 million oz of  total silver inventory or 52.80% of all official comex silver. (187.524 million/355.217 million

total customer deposits today 1,336,707.210   oz

we had 2 withdrawals

 

i) Out of CNT:  792,139.370 oz

ii) Out of Brinks:  37,722.47 oz

 
 
 
 
 
 

total withdrawals  829,861.840    oz

 
 

adjustments//1  Manfra:  deliver to customer

i) Manfra:  1,801,464,179 oz

 
 
 
 

Total dealer(registered) silver: 109.064 million oz

total registered and eligible silver:  355.217 million oz

a net 0.500 million oz ENTERS the comex silver vaults.

However we continually see a drop in dealer silver//now down to 109.064 million oz.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE FELL IN CONTRACTS BY 18 CONTRACTS DOWN TO 125. WE HAD 18 NOTICES SERVED ON FRIDAY SO WE GAINED NIL CONTRACTS OR ZERO ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July GAINED 1087 contracts UP to 140,388 contracts  

AUGUST GAINED ANOTHER 19 CONTRACTS TO STAND AT 164

SEPTEMBER GAINED 1880 CONTRACTS UP TO 24,943

 
No of notices filed today: 0 CONTRACTS for nil 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 (125) and the number of notices served upon today 0 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 (125)  – number of notices served upon today (0) x 5000 oz of silver standing for the June contract month .equals 12,835,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

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

 

 

TODAY’S ESTIMATED SILVER VOLUME  75,774 CONTRACTS // volume  good// 

 

FOR YESTERDAY85,393  ,CONFIRMED VOLUME/  VERY good//

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.21% (JUNE 7/2021)

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 7

/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 7/WITH GOLD UP $6.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/” A DEPOSIT OF 1.41 TONNES INTO THE GLD///INVENTORY REST AT 1043.16 TONNES.

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 7 / GLD INVENTORY 1043.16 tonnes

LAST;  1070 TRADING DAYS:   +118.29 TONNES HAVE BEEN ADDED THE GLD

LAST 970 TRADING DAYS// +  292.81 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 7/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 578.387 MILLION OZ..

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 7/2021
578.387 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

Peter Schiff Warns “It’s A Double Whammy”

 
 
MONDAY, JUN 07, 2021 – 11:58 AM

Via SchiffGold.com,

Gold and silver whipsawed to end last week. Gold fell over $30 on Thursday when weekly jobless claims and the ADP private payroll numbers came in better than expected. But the yellow metal gained back much of the loss on Friday after a less than overwhelming Labor Department May jobs report. In his podcast, Peter breaks down the job numbers and comes to the conclusion that the economy is far weaker than anybody is admitting. Meanwhile, the Fed is still printing money. This is a double-whammy on the economy and a lot of people still don’t get it.

As Peter noted, the ADP and the Labor Department jobs report were diametrically opposed.

The ADP number came in way above estimates. The consensus was for 640,000 jobs added. The number came in at 978,000. The dollar benefited from this data and gold sold off.

The idea being that, oh, all of this job creation means that the economy is stronger. It’s going to put more pressure on prices, so more pressure on inflation, therefore, the Fed is more likely as a result of this strong ADP number to tighten rates sooner, to start tapering its asset purchases sooner. And of course, that feeds into the ‘buy the dollar, sell the gold’ mentality. The algorithms kick in, and we immediately had this reaction in the currency market and in the gold market.”

Peter reminds us that this assumption that the Fed will actually pay attention to these numbers and take action continues to be wrong.

The Fed doesn’t care about these numbers because it can’t tighten monetary policy no matter how good these numbers appear, because the only reason they appear good is because the Fed has got the economy on artificial life support with all its QE and zero percent interest rates. And the fact of the matter is they have to maintain the zero percent interest rates and they have to continue to administer larger and larger doses of QE in order to keep the comatose patient alive.”

But the markets still don’t seem to get this reality. They still expect tightening and that was the catalyst for the big selloff in gold last Thursday.

As it turns out, the entire trade reversed on Friday with the official Labor Department jobs report for May. It was basically a mirror image of the ADP report. The expectation for May was an addition of 650,000 non-farm payroll jobs. That would have been a big improvement on April’s disappointing numbers. The actual number was 559,000.

The unemployment number declined to 5.8%. But one of the primary reasons for the decline was the fact that the labor force participation rate went down.

So, one of the reasons the unemployment rate dropped is because some of the people who used to be unemployed are no longer looking for work. They don’t have jobs, but now they’re not looking. And because they’re content to not have a job and they’re not looking; they’re not officially included in the ranks of the unemployed even though they are not out there working and contributing to the economy.”

And one of the reasons a lot of people are choosing not to work is because the government is making it very lucrative not to work.

Average hourly earnings shot up more than expected. They were up 0.5 in May. Year-over-year, the increase was 2.0%. Peter said this big rise in wages is likely due to the fact employers are competing with enhanced unemployment benefits.

Peter called this a “bad” jobs report. Some might argue that “creating” 559,000 jobs in a month isn’t too shabby. But these aren’t new jobs.

These are just jobs that are being restored. It’s not like we have this vibrant economy and we’re starting up all these new businesses. These are businesses that were ordered to close down, and now they’re reopening. So, that’s all we’re doing is getting back all these jobs that we lost. Nothing here is being created.”

You can’t just look at the headline number out of context. You have to look at it in relation to all the jobs that were lost during the government shutdowns.

And the jobs that aren’t being restored are the ones we need most – manufacturing jobs.

In April, the Labor Department said the US lost 18,000 manufacturing jobs. That was revised up to 32,000 manufacturing jobs lost. The expectation was for 37,000 manufacturing jobs added in May. That number disappointed at just 23,000. That’s less than 4% of the jobs “created” last month. And over the last two months, we have a net loss of 11,000 manufacturing jobs. Almost all of the new jobs are in the service sector.

The problem is all these employed workers in the service sector — they want to buy manufactured goods. But the problem is none of these people are actually aiding in the production of these goods. So, we’re putting paychecks in people’s pockets, which enables them to go into the market and buy goods, but nobody in America is helping to produce those goods.”

So, what happens? Prices go up.

The only reason they’re not going up more is due to the exploding trade deficit. Americans are buying goods hardworking people in other countries are producing. That means US trading partners have more and more dollars they will need to unload into the market. That will put even more downward pressure on the dollar. Bigger trade deficits lead to a weaker dollar.

If the world recycles dollars into US assets, then things are fine. But it looks increasingly like foreigners don’t want those either.

There is a glut of dollars on the market and so the value of those dollars is going to go down.”

The weakness of the economy will create even more inflationary pressure.

The weaker the economy is the more money the Federal Reserve prints to artificially stimulate it. That is inflation. So, the longer the Fed continues to print money, the more upward pressure is put on prices.”

There is a double whammy.

As people are not productively employed, they are producing fewer goods or providing fewer services for people to buy. And then the Fed simply creates money for those people to spend. So, in a weak economy, you have two things happening at the same time. You have more money being created out of thin air and given to Americans to go out and buy stuff. But at the same time, fewer Americans are actually working to produce the stuff to buy.”

So, what does that mean?

It means we have more money chasing fewer goods. For now, the goods-gap is filled by imports, and that’s why we have these surging trade deficits and this big bottleneck of container ships off the coast that are queued up. But this put even more upward pressure on prices — so it’s stagflation. And these economists, these market strategists, they still don’t get this. And when they do, that’s when we’re really going to see the explosive move up in the price of gold and a real collapse in the value of the dollar.

END

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

 

OR

END

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

LAWRIE WILLIAMS: Chinese gold demand well up on 2020 but still below 2019

The Shanghai Gold Exchange (SGE) has now released its gold withdrawal figures for May and while they remain substantially higher than in the same month a year earlier, they still remain comfortably behind thaose of the same month in 2019. The indication therefore is that although the nation’s gold demand is well up year on year as China recovers from the Covid-19 pandemic, it is still lagging well behind that of earlier years. Perhaps some of the comments regarding a big pick up in Asian demand are a little premature.

If one examines the table below of month-by-month SGE gold withdrawals, which we see as a strong guide to China’s non-governmental gold demand, though there should still be a degree of optimism for the gold investor. In 2019 – the last pre-pandemic year – gold demand as expressed by SGE withdrawals appeared weak in the second half of the year. That is compared with earlier figures, particularly given that the full year withdrawals total in 2019 at 1,642 tonnes was itself substantially lower the plus 2,000 tonne levels seen in the preceding four years. While there seems to be little doubt now that the 2021 full year gold withdrawals total will exceed the 1,205 tonnes total of 2020, it still has a long way to go to catch up with those of the final years of the previous decade.

*Months incorporating Golden Week holidays when SGE closed for a week

** Cumulative totals as reported by SGE for first five months of the year

What should be encouraging, though, is that so far this year SGE month by month gold withdrawals have exceeded the month-by-month figures each month compared with a year earlier indicating that Chinese gold demand is definitely on the up this year. Extrapolating the year to date figures over the remainder of the year, assuming demand holds up, we could well be back to a similar year-end total to that of 2019. This may be far short of the 2014- 2018 gold consumption totals but does indicate that Chinese gold demand may be on the way back to its previous dominant levels.

This is not before time in terms of gold’s supply/demand fundamentals. There are signs that demand in the world’s No.2 gold consumer, India, may be wavering in the face of the high pandemic infection rates in that nation. There does seem to have been something of a turnaround in the gold ETF position which will be helpful, with inflows currently replacing the outflows seen in Q4 2020 and Q1 this year. There is also anecdotal evidence that central bank interest in gold may be rising, but this needs to be confirmed in real figures. Given that central bank demand tends to be price sensitive such projections may prove to be premature, given gold’s upwards price move in May.

07 Jun 2021

-END-

or

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

A good read:  Alasdair Macleod..

(GoldMoney/Alasdair Macleod/GATA)

If bullion banks are trading for governments, their nominal cash losses don’t matter

 

 

 Section: Daily Dispatches

 

5:40p ET Friday, June 4, 2021

Dear Friend of GATA and Gold:

Alasdair Macleod’s weekly gold market report for GoldMoney concludes today that the bullion banks are having trouble closing their short positions on the New York Commodities Exchange and that their attack on the metal this week did not help them much, since “managed money” traders did not substantially increase their long positions.

So the banks, Macleod writes, are “deepening their losses” in gold futures.

Macleod adds: “This does not mean the attack on gold and silver will be over in a matter of days — only that it is very unlikely to yield significant closure for the Swaps. Furthermore, it is worth noting that since last Thursday, 57.6 tonnes of gold and 377 tonnes of silver were stood for delivery on Comex.”

Macleod’s analysis is headlined “The Empire Strikes Back” and it’s posted at GoldMoney here:

https://www.goldmoney.com/research/market-updates/market-report-the-empire-strikes-back?gmrefcode=gata

But what if the bullion banks whose Comex positions are studied by market analysts for clues to the direction of the gold price are trading not for their own accounts but for government or central bank accounts? In that case any losses, at least in terms of government-issued money alone, are of no concern, since governments and central banks can create money to infinity and indeed have been doing so lately.

In that case the only thing that matters is government’s loss of enough of the metal it needs for market rigging.

After all, the manager of the Comex, CME Group, long has maintained its Central Bank Incentive Program, providing discounts to governments and central banks for surreptitious trading all contracts offered on CME Group exchanges:

https://www.gata.org/files/CMEGroup-CentralBankIncentiveProgram-Feb2019.pdf  

The program requires these government and central bank trades to be cleared through a broker approved by the exchange. That provides camouflage for government and central bank trades and such trades are never announced or otherwise publicized. Mainstream financial news organizations never inquire about such trading, since market rigging by the U.S. government particularly, conducted by the Treasury Department’s Exchange Stabilization Fund and fully authorized by the Gold Reserve Act of 1934, as amended —

https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund

— is considered a matter of national security, no matter how many millions of people it deceives and cheats.

In itself all this isn’t exactly proof that the bullion banks carrying money-losing positions in gold futures are trading for the government. But that this is almost certainly happening is established by the repeated refusal of the U.S. Commodity Futures Trading Commission, the regulator of the Comex, to answer, even for a member of Congress, whether it has jurisdiction over manipulative trading undertaken by or at the behest of the U.S. government:

https://gata.org/node/20089

That’s why the bank position reports to which gold and silver market analysts pay so much attention may not really mean much. Indeed, if governments are heavily trading a market, ordinary “technical analysis” by financial experts hardly means anything either, and those experts would be out of business if this was widely understood — which is why so few of them address government intervention.

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

* * *

 end

Barrick CEO hopes to have its Papua New Guinea gold mine restarting this year.

(Reuters/GATA)

Barrick CEO hopes Papua New Guinea gold mine will restart this year

 

 

 Section: Daily Dispatches

 

From Reuters
via Yahoo News, Sunnyvale, California
Friday, June 4, 2021

TORONTO — Barrick Gold Corp. Chief Executive Mark Bristow said today he hoped the Porgera gold mine in Papua New Guinea could restart this year, after holding talks with PNG Prime Minister James Marape and local landowner groups.

Under an agreement reached in April, the PNG government took a 51% share in the mine, ending a year-long standoff with operator Barrick Niugini Ltd. (BNL), whose lease Marape had refused to renew.

BNL, jointly owned by Barrick and China’s Zijin Mining , holds 49% and remains the operator under the new deal. …

… For the remainder of the report:

https://finance.yahoo.com/news/barrick-ceo-hopes-papua-guinea-124500744.html

end

This video is a very important one to watch as gold supplies tighten in London. Andrew Maguire gives up an update on the Basel iii scenario

Andrew Maguire/GATA

Basel 3’s approach tightens gold supply in London, trader Maguire says

 

 

 Section: Daily Dispatches

 

10:43p ET Friday, June 4, 2021

Dear Friend of GATA and Gold:

Central banks in Russia, China, and other countries are increasing their competition for physical gold in the London market as the implementation of the Basel 3 regulations on “unallocated” gold draws near, bullion trader Andrew Maguire says in his weekly interview with Shane Morand for Kinesis Money.

Meanwhile the manipulative smashes of gold prices on the eve of futures market options expiration are becoming less effective, Maguire says, with prices bouncing back quickly amid heavy demand for real metal.

Maguire cites the recent commentary of Hugo Salinas Price of the Mexican Civic Association for Silver to the effect that Russia and China are coordinating the links between their currencies and gold in an effort to strike at the hegemony of the U.S. dollar:

https://gata.org/node/21194

Maguire’s interview with Morand is 39 minutes long and can be seen at YouTube here:

https://www.youtube.com/watch?v=QHpjAe4ACtQ

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

* * *

end

Other gold/silver related stories

CRYPTOCURRENCIES/
This is certainly not what the IMF and central banks wants to hear: El Salvador President pushes a bill to adopt Bitcoin as legal tender
(zerohedge)

“Shot Heard Around The World” – El Salvador President Pushes Bill To Adopt Bitcoin As Legal Tender

 
SUNDAY, JUN 06, 2021 – 02:20 PM

In a pre-recorded video, El Salvador President Nayib Bukele made a somewhat shocking announcement in the final hours of the Bitcoin 2021 conference in Miami on Saturday afternoon.

Bukele said Saturday he will send a bill to the Central American country’s Congress next week to make bitcoin legal tender.

If the legislation is passed by lawmakers (Bukele does have a majority of votes in El Salvador’s congress)El Salvador would become the first country to formally adopt the digital currency.

“In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy,” Bukele said.

As Decrypt reports,  Bukele’s video played during a talk by Jack Mallers, founder of Strike, a crypto wallet built on the Lightning Network.

Mallers said on stage that he had lived in El Salvador for three months and discovered that some 70% of the population there does not have a bank account, and 20% of the country’s GDP comes from remittances sent by migrants to family members.

Strike launched in El Salvador in March, and Mallers said the app has been “onboarding” 20,000 El Salvadorans per day.

He framed Bukele’s forthcoming legislation as the next step in a partnership between Strike, which will open an office in El Salvador, and the local government there.

Mallers called the announcement a “shot heard ’round the world for Bitcoin.”

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network.”

VC and Bitcoin flag-waver Tim Draper praised it as a “brilliant government move” and said “entrepreneurs and investors will be on the next flights to El Salvador.”

Caitlin Long of Avanti Bank & Trust in Wyoming called it a “historic day in Bitcoin” but also predicted a “knockdown fight” to get approval because recognizing Bitcoin as legal tender would likely give it the same status as foreign currencies by banks, a level of legitimacy for the top cryptocurrency that many do not want to see granted.

Bitcoin advocates see the move as both an important precedent for developing nations and a breakthrough for cryptocurrency, which many countries have fought.

“There is not a dry eye on bitcoin Twitter tonight,”podcast host Daniel Prince said. 

“El Salvador adopting bitcoin as legal tender in order to escape the tyranny of central banks to rescue their people is what this is all about.”

Bukele didn’t go into details on how the policy would work. But he said it would be used alongside the U.S. dollar, which the nation has used as its official unit of currency since 2001.

end

Your early MONDAY 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 6.3966 /

//OFFSHORE YUAN:  6.3936   /shanghai bourse CLOSED UP 7.70 PTS OR 0.21% 

HANG SANG CLOSED DOWN 130.82 PTS OR 0.45%  

2. Nikkei closed UP 77,72 PTS OR 0.27%

3. Europe stocks  ALL/GREEN

 

USA dollar index  UP DOWN 90.11/Euro RISES TO 1.2165

3b Japan 10 year bond yield: FALLS TO. +.081/ !!!!(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:: 69.45 and Brent: 71.65

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 FALLS TO -.193%/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 : 0.83

3k Gold at $1885.70 silver at: 27.63   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 7/100 in roubles/dollar) 72.79

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 109.35 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 .8990 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0934 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 0.193%

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 1.582% early this morning. Thirty year rate at 2.256%

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

6.  TURKISH LIRA:  DOWN  TO 8.62.. DEADLY

Futures Near Record High Shake Off Yellen Comments, Brace For Inflation Data

BY TYLER DURDEN
MONDAY, JUN 07, 2021 – 07:58 AM

US equity futures rebounded from a mild dip in the overnight session, rising back to just shy of all time high at 4,228 as of 7:45 am on Monday, shaking off Yellen’s Sunday comments that the US Tsy Secretary welcomes higher rates (i.e., inflation) which would be “good for the Fed and US society.”  World shares were range bound on Monday as markets digested Friday’s disappointing yet “Goldilock” jobs report and a global tax deal between the G7 group of countries, while also looking ahead to critical CPI data due Thursday. The dollar was steady while the 10-year rate added two basis points after Janet Yellen said on Sunday a slightly higher interest-rate environment would be “a plus” for society. WTI slipped after rising to $70 per barrel as short-term demand worries continued.

Yellen set the stage for Monday trading on Sunday when she said Biden should push forward with his spending plans even if they spark inflation that persists into next year. Meanwhile, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and enable governments to impose levies on U.S. giants such as Amazon.com Inc. and Facebook Inc.

 

Investors were wary how shares of major tech firms would react to the G7’s agreement on a minimum global corporate tax rate of at least 15%, although securing approval not to mention enforcement from the whole G20 could be a tall order. So far, the reaction was muted with Nasdaq futures down 0.4%, highlighting investor concern that a pure growth narrative may no longer be enough to support stocks. Technology shares underperformed in Europe as well, with the benchmark gauge for the sector falling from the highest level since April.

“I would assume that it (the tax deal) is not helping the market in the sense that these Internet giants are going to be taxed more….it has an impact on sentiment in equity markets, but the reality is it has already been priced in,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “So even though equity markets in the U.S. are under pressure on the futures side, I’d expect it not to last till the end of the day.”

Here are some of the biggest U.S. movers today:

  • Tesla shares fall 1.3% after the electric-vehicle maker called off plans to build a Model S Plaid+
  • AMC Entertainment (AMC) gained as much as 3.5% in premarket trading, halting two days of declines for the money-losing movie theater chain that’s become the new favorite of meme-stock investors.
  • Cryptocurrency-related stocks like Marathon Digital (MARA) and Riot Blockchain (RIOT) edge lower in U.S. premarkettrading following a dip for Bitcoin and other tokens over the weekend.
  • Evofem Biosciences (EVFM) shares rise 10% in premarket trading after Morgan Stanley reported a stake in the biotech and amid touts for the stock on Reddit
  • Liminal BioSciences (LMNL) soars 44%, extending a postmarket rally on Friday, after the U.S. FDA approved Ryplazim for the treatment of patients with plasminogen deficiency type 1 (hypoplasminogenia).
  • Meme stocks including Sundial (SNDL) and Naked Brand (NAKD) advance in premarket, while AMC shares edge higher, reversing earlier drop

While resurgent inflation has sparked a debate about when the Fed will start tapering monetary accommodation, Bloomberg notes that recent data including the May nonfarm payrolls report on Friday seemed to vindicate the central bank’s dovish stance. Investors are trying to strike a balance between preparing for higher rates and riding a risk-on rally supported by Fed stimulus and a $4 trillion spending plan by President Joe Biden, which however is facing significant headwinds and may end up being substantially diluted before it passes. Traders await the U.S. consumer-price index report Thursday for more clues.

“The slightly softer-than-expected rise in U.S. payroll employment in May probably won’t change the Fed’s thinking, but another pickup in CPI inflation likely to be reported on Thursday will further spur the taper talk,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a note.

MSCI’s All-Country World index traded just below record highs and was flat on the day after the start of European trading.

European shares opened lower, easing from all-time highs with commodity shares leading declines as sentiment soured after weaker-than-expected China trade data and worries about inflation. Autos was the best performing sub-group in Stoxx 600 benchmark YTD, along with banks (+31%). The Stoxx 600 Automobiles & Parts index was poised to hit a record high, rising as much as 0.9% on Monday and with the sub-index up 31% YTD. So far in 2021, German automaker Volkswagen (+57%) and its controlling shareholder Porsche SE (+78%), and Daimler (+38%) are the top performers in the index.

Here are some of the biggest European movers today:

  • Tessi SA shares rose as much as 35%, biggest intraday increase ever, after the business services company’s main shareholder said it planned an offer for the remaining stock at EU172 a share.
  • Edenred gained as much as 3.5% in Paris after Deutsche Bank upgraded the stock, saying the French employee voucher company’s earnings may be surprisingly strong as economies reopen.
  • S4 Capital jumped as much as 6.5% to a record after an AGM statement with Jefferies noting that the company raised its guidance again given accelerating growth so far in the second quarter.
  • UniCredit advanced as much as 3% after Jefferies upgraded the stock to buy from hold and said brighter loan volume trends can support revenue at southern European banks, as the Italian lender has stronger gearing to a lending recovery.
  • Elekta AB gained as much as 3.1% to the highest since November 2019 after the firm and Royal Philips agreed to deepen a strategic partnership.
  • IWG slumped as much as 18% to the lowest since late January after the company warned 2021 earnings would be “well below” the previous year’s.
  • Argenx fell as much as 9% after a Johnson & Johnson unit ended its collaboration and returned the rights to the anti-CD70 antibody cusatuzumab. The setback could shift sentiment on Argenx’s perfect track record of execution, KBC said in a note.
  • Kinnevik dropped as much as 5.7% after Pareto downgraded to sell from buy, saying a strong performance made the stock expensive.

Asian equities swung between gains and losses as Hong Kong’s Hang Seng Index slid on the first day of trading following the start of its biggest-ever overhaul, while stocks in Singapore climbed. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.05% and risked a fourth session of losses. Japan’s Nikkei edged up 0.3% and touched its highest in almost a month. Taiwan stocks lost 0.4% as a spike in COVID-19 cases hit three tech companies in northern Taiwan, including chip packager King Yuan Electronics.

Financials and internet giant Tencent were among the biggest drags on the MSCI Asia Pacific Index, while advances in consumer staples and healthcare shares cushioned the downside. The regional benchmark has traded sideways for the past few sessions after recovering back above its 100-day moving average. Traders continue to speculate that the U.S. recovery will be strong enough to prompt the Federal Reserve to taper asset purchases. Still, a weaker-than-expected American jobs report eased fears about the economy running too hot and lifted U.S. stocks Friday. “Last time the Fed decided to taper, in 2013, markets priced in tapering before it was certain,” SMBC Nikko strategists led by Masashi Akutsu wrote in a note. “Even if markets correct, we would not expect a sharp pullback since the May jobs report was not sufficient to force the Fed to pull future rate hikes forward.” Vietnam’s main equity benchmark tumbled more than 1%, as traders pointed to profit-taking after a recent strong rally. Markets in New Zealand and Malaysia were closed for holidays.

In key Asian eco data, China’s imports grew at their fastest pace in 10 years, although export growth missed expectations, customs data showed. China’s exports rose 27.9% yoy in May, slightly below expectations. This implies a sequential decline of 6.4% in May vs. +9.4% in April. Imports rose 51.1% yoy in May, also a slight miss to expectations, though sequentially, it fell 6.8% sa non-annualized in May (vs. +2.0% in April). Monthly trade surplus edged up to $45.5bn in May.

In FX, the greenback was still trading in follow through of Friday’s poor jobs report. While the 559,000 rise in May U.S. jobs missed forecasts it was still a relief after April’s shockingly weak report. The jobless rate at 5.8% showed there was a long way to go to reach the Federal Reserve’s goal of full employment. After Friday’s dollar tumble, the Bloomberg dollar index was steady and most Group-of-10 currencies traded in tight ranges against the greenback.

“The data was perfect for a goldilocks type outlook for risk: not too hot to bring in fears of a faster Fed taper, and not too cold to worry about the outlook for the recovery,” said NatWest Markets strategist John Briggs. “This caused a weaker USD, better stocks, reinforced the earlier bid in commodities, and boosted emerging markets.” Briggs suspected Fed officials might open the door to talking about tapering at the June policy meeting, with the start coming in early 2022 and a rate hike not until 2024.

Elsewhere, the pound led declines among Group of 10 currencies as concerns over whether the U.K. will be able to fully reopen the economy weighed on sterling. U.K. Health Secretary Matt Hancock has said it’s too early to say whether a planned easing of coronavirus restrictions on June 21 can go ahead, as ministers continue to weigh the threat of a potential fresh wave of the pandemic. The Aussie was little changed while Australian sovereign bonds traded higher, tracking gains in Treasuries on Friday after U.S. payrolls data missed estimates; S&P Global Ratings raised the nation’s rating outlook to neutral from negative. The yen kept consolidating versus the dollar while Japan’s 30-year government bonds erased gains ahead of an auction on Tuesday; benchmark 10- year bonds weren’t traded.

In rates, Yields on U.S. 10-year notes were a fraction higher at 1.58%, after diving 7 basis points on Friday and back to the bottom of the trading range of the last three months. Treasuries futures were near lows of the day as U.S. session begins, amid focus on this week’s Treasury supply following Friday’s squeeze higher after jobs report. Treasury yields are cheaper by 2bp-3bp across long-end of the curve — 10-year by 2.5bp at ~1.58% — with 20-year sector underperforming; long-end-led losses steepen 5s30s by ~1bp. Both bunds and gilts outperform Treasuries slightly over early European session. IG credit issuance is expected to be heavy this week, adding to cheapening pressure on Treasury yields. May CPI report is ahead on June 10, and no Fed speakers are slated ahead of June 16 FOMC meeting.

In commodities, the pullback in the dollar helped gold steady at $1,885 an ounce, up from a low of $1,855 on Friday. Oil prices ran into profit-taking after Brent topped $72 a barrel for the first time since 2019 last week as OPEC+ supply discipline and recovering demand countered concerns about a patchy global COVID-19 vaccination rollout.  Brent slipped 0.4% to $71.61 a barrel, while WTI eased 0.4% to $69.31 after rising above $70 for the first time since October 2018. Bitcoin rebounded above $36,000 after a roller-coaster ride over the weekend.

On today’s calendar there are no major events until 3pm ET when we get the April Consumer Credit report, est. $20.5b, prior $25.8bn. Attention will then turn to the U.S. consumer price report on Thursday where the risk is of another high number, though the Fed still argues the spike is transitory.  Investors are also watching the tussle over U.S. President Joe Biden’s proposed $1.7 trillion infrastructure plan with the White House rejecting the latest Republican offer. The European Central Bank will hold its policy meeting on Thursday and is widely expected to maintain its stimulus measures with tapering a distant prospect.

Market Snapshot

  • S&P 500 futures down 0.15% to 4,221.75
  • STOXX Europe 600 little changed at 452.96
  • MXAP little changed at 210.16
  • MXAPJ little changed at 704.68
  • Nikkei up 0.3% to 29,019.24
  • Topix little changed at 1,960.85
  • Hang Seng Index down 0.5% to 28,787.28
  • Shanghai Composite up 0.2% to 3,599.54
  • Sensex up 0.3% to 52,282.40
  • Australia S&P/ASX 200 down 0.2% to 7,281.89
  • Kospi up 0.4% to 3,252.12
  • Brent Futures down 0.82% to $71.30/bbl
  • Gold spot down 0.34% to $1,885.11
  • U.S. Dollar Index little changed at 90.173
  • German 10Y yield rose 1.3 bps to -0.200%
  • Euro down 0.06% to $1.2160

Top Overnight News from Bloomberg

  • Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates
  • Armin Laschet boosted his chances of succeeding Angela Merkelas German chancellor by helping secure a decisive victory for his Christian Democratic Union in the country’s poorest state
  • China’s exports continued to surge in May, although at a slower pace than the previous month, fueled by strong global demand as more economies around the world opened up. Imports soared, boosted by rising commodity prices.
  • German manufacturers unexpectedly saw demand decline in April, signaling that supply shortages and higher prices are undercutting the country’s economic recovery

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded cautiously as the initial tailwinds from last week’s US jobs report eventually faded amid softer than expected Chinese trade data. ASX 200 (-0.2%) was choppy as the strength in tech and mining names was offset by underperformance in financials and with NAB among the worst performers as it faces an anti-money laundering investigation by AUSTRAC for potential serious and ongoing breaches. Nikkei 225 (+0.3%) rallied at the open and reclaimed the 29k level but then wiped out most of the gains amid the recent counterproductive moves in the local currency and broad cautious tone. Hang Seng (-0.5%) and Shanghai Comp. (+0.2%) were lacklustre as participants digested the latest Chinese trade data which mostly missed expectations and following punchy rhetoric from US officials on China including Secretary of State Blinken who said the Biden administration will get to the bottom regarding the origins of COVID-19 and that the US will hold China accountable, while US Trade Representative Tai commented that the US-China trade relationship has “significant imbalance” and that the Biden administration is committed to levelling it. The declines in Hong Kong were led by casino names after reports that Macau is to block non-residents entering from Guangdong beginning June 8th, although the world’s largest pork producer WH Group is at the other end of the spectrum with firm gains following the announcement of a USD 1.93bln share buyback. Finally, 10yr JGBs held on to Friday’s after-hour gains amid a surge in T-notes following the NFP miss but with further upside in Japanese bonds capped as Japanese stocks just about remained afloat and with the absence of the BoJ’s Rinban operations today, while the Aussie 10yr yield was lower by about 6bps after it tracked recent downside in global peers and with the RBA also conducting its regular QE operations.

Top Asian News

  • Flipkart Is Said in Talks for $3 Billion From SoftBank, Others
  • Thailand Ramps Up Vaccine Rollout as Phuket Reopening Nears
  • Evergrande Slumps to One-Year Low as Regulators Tighten Grip
  • Saudi Wealth Fund, Early Alibaba Investor Back Jordanian Startup

European equities trade with no firm direction (Euro Stoxx 50 Unch.) having experienced a mild downside bias at the cash open, whilst APAC markets closed mixed after the broader NFP-induced optimism waned. US equity futures are also trundling lower with the YM (-0.1%) faring slightly better than its ES (-0.2%), NQ (-0.4%) and RTY (-0.4%) counterparts, whilst US Treasury Secretary Yellen over the weekend sounded more comfortable with the prospect of higher rates, stating that it would be a “positive” for the country. Nonetheless, the overall tone of the market is similar to tentativeness last week heading into the US open, with news flow also on the quiet side. Sectors in Europe are now mixed after opening largely in the red. Basic Resources are weighed on by the subdued base metal prices after Chinese trade data missed the mark. Autos and Banks are among the top performers whilst Tech resides among the laggards alongside Healthcare. Sectors overall do not portray a clear overarching theme. In terms of individual movers, Royal Mail (+2.6%) sits as one of the Stoxx 600 winners as the Co. takes steps to fend off competition by offering timed delivery slots from next year. Reckitt (-0.1%) failed to garner much traction despite reports that it entered an agreement to sell its infant formula and child nutrition businesses to Primavera Capital Group for an enterprise value of USD 2.2bln. IWG (-16%) meanwhile plumbs the depths after a downbeat trading update in which it now sees underlying EBITDA to be well below 2020 levels.

Top European News

  • Tesco and Carrefour to End Buying Alliance and Go It Alone
  • Merkel’s Heir Bolsters Bid for Chancellorship With State Win
  • Oman Hires Advisers Including Citi, HSBC for Islamic Bond Sale
  • Bankers Demand Clarity as Sweden Watchdog Balks at ESG Rules

In FX, a choppy start to the week for the broader Dollar and index, with the latter managing to remain above its 21 DMA (90.108) vs the 90.023 post-NFP low print. The index notched a current intraday high at 90.302, but news flow and catalysts have remained light as traders set sights on this week’s ECB and US CPI. On that note, ECB and Fed speakers also remain scarce for the week as officials observe their respective pre-meeting blackout periods.

  • AUD, NZD, CAD – All vary vs the Greenbank but with the breadth narrow. The Aussie narrowly outperforms amid a rise in Chinese imports and S&P affirming its rating but upgrading the Aussie outlook. Some tailwinds could also be derived from technical factors as the pair topped its 50 and 100 DMAs (0.7723 and 0.7726 respectively) as it eyes the 0.7750 marks, coinciding with the 21DMA. NZD/USD meanwhile probes 0.7200 having had traded on either side of the mark, but with upside contained as the AUD/NZD cross eyes 1.0750 to the upside. The Loonie, meanwhile, lags as oil prices pull back after WTI briefly notched USD 70/bbl.
  • EUR, GBP – Sterling sees slightly more pressure vs the EUR – possibly technical as EUR/GBP tops 0.8600, but with some tailwinds emanating from more noise surrounding the Northern Irish protocol between Britain and the EU bloc, with weekend reports suggesting that Brexit European leaders are drawing up plans to impose trade sanctions on Britain and accused UK PM Johnson of “taking them for fools” over the Northern Ireland protocol. Cable has dipped back below its 21 DMA (1.4141) from a high of 1.4170 with no follow-through from a slight beat in May Halifax House Prices, whilst EUR/USD trades on either side of 1.2150 after testing but failing to breach its 21 DMA at 1.2173.
  • JPY – USD/JPY remains caged on both sides of 109.50 but still north of its 21 and 50DMA at 109.28 and 109.19 respectively, with the pair also eyeing several sizeable OpEx north of 109.50, with USD 1.25bln rolling off at the half-number.

In commodities, WTI and Brent front month futures are subdued as sentiment remains indecisive after the post-NFP optimism seen on Wall Street on Friday waned. WTI Jul however printed USD 70/bbl for the first time since 2018 before giving up gains and some more as it trades around USD 69/bbl at the time of writing. Brent Aug meanwhile resides in the low-USD 71/bbl levels after hitting a session high of USD 72.27/bbl. Oil-specific news flow has been quiet, although this week sees the trio of monthly oil market reports – with focus likely to fall on the demand picture heading into summer and risks surrounding Iranian oil returning to the market. OPEC-related commentary (i.e. production figures) will likely be stale given the monthly meetings and set quotas through July. Elsewhere, precious metals are subdued but holding onto a lion’s share of its post-NFP gains, with spot gold in a USD 10/oz range around USD 1,880/oz and spot silver just north of USD 27.50/oz as yields and the Buck dictate price action, although the former sees its 21 DMA (1,873/oz) in the vicinity. Turning to base metals, LME copper remains sub-10,00/t as China’s unwrought copper imports fell M/M in May on record-high prices, whilst BHP kicks off labour talks with workers from its largest Chilean mine, Escondida, with initial proposals for a new contract submitted on Friday – the Co. has 10 days from the receipt date to respond to the union.

US Event Calendar

  • 3pm: April Consumer Credit, est. $20.5b, prior $25.8b

DB’s Jim Reid concludes the overnight wrap

The big event this week is undoubtedly Thursday’s US CPI release. Consensus estimates for May currently expect both the headline and core rate to rise +0.4% month-on-month which would lift the YoY rate to 4.7% and 3.4% respectively which will be the highest since late 2008 and 1993 which would be a pretty impressive feat especially on the core. This will undoubtedly be the most watched data release this year so far.

We will also pay close attention to the inflation expectations data in Friday’s University of Michigan consumer sentiment survey (89.0 vs 82.9). To beat a well worn drum, our rates strategists feel that expectations are heading back to their 1998-2014 regime after 7 years of rock bottom levels likely due to the slump in the oil price around that time. In turn this should be worth 3% on 10 year Treasuries. Their 2.25% YE forecast reflects a probability, rather than certainty, of this happening. Last month the 5-10 year expectation rose to a revised 3.0% with the 1yr at 4.6%.

This follows May’s employment report missing expectations. The 559k gain headline payrolls (496k private) was characterised by Cleveland Fed President Mester as “solid” but still short of “substantial further progress”. She also noted that the data are “not anywhere near a wage-price spiral”. While there was some evidence in the report that labour shortages are resulting in upward pressure on wages – high demand in the leisure & hospitality sector being the most obvious – we are clearly along way from normality in the US labour market. However things might change very quickly as the economy fully opens up this year.

Note that our US economists will be hosting a webinar with William English, Professor in the Practice, Yale School of Management and former Director of the Division of Monetary Affairs at the Federal Reserve Board, tomorrow at 09:00 EST / 14:00 BST / 15:00 CET to discuss the outlook for Fed policy (See “The outlook for Fed policy: Taper timeline and beyond” to register for the event). This is all ahead of next week’s FOMC.

Outside of US CPI the other main event of the week will be Thursday’s ECB meeting, where much attention will be on what sort of pace the Governing Council decides on for the bank’s PEPP purchases. Given the dovish tilt in the Council’s latest commentary, our economists expect the ECB to maintain the faster pace of PEPP purchases for the time being. However, they expect that after June the market focus will be on PEPP exit, as it is a pandemic policy and we expect exit to be confirmed in September or December. See here for their full note. Otherwise, the other G20 central bank policy decisions will come from Canada on Wednesday and Russia on Friday. There are no Fed governors set to speak this week as Saturday marked the start of their blackout period ahead of next week’s FOMC meeting. The rest of the data week is in the day by day calendar at the end.

In Asia, markets have started the week on a mixed footing with the Nikkei (+0.32%) and Kospi (+0.36%) up while the Hang Seng (-0.77%) and Shanghai Comp (-0.21%) are down. Meanwhile, futures on the S&P 500 are down -0.10% while those on the Stoxx 50 are also down -0.07%. In terms of overnight data releases, China’s May exports came in at +27.9% yoy (vs. +32.1% yoy expected) while imports came in at +51.1% yoy (vs. +53.5% yoy expected).

In other interesting overnight news, US treasury secretary Janet Yellen said that President Joe Biden should push forward with his $4tn spending plans and added that “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view.” She also said that Biden’s packages would add up to roughly $400bn in spending per year and contended that it’s not enough to cause an inflation over-run. Yields on 10y USTs are up +1.6bps this morning to 1.571%.

Ahead of this weekend’s G-7 meeting we saw an agreement in principle from the same seven countries for a minimum global corporation tax of “at least 15%” on overseas earnings. The focus will now shift to a meeting of G20 finance minister in July to see if we can get wider agreement and on long-running talks between about 140 countries at the OECD. Overall it’s been clear for the last couple of years, even before the pandemic, that a 40-year race to the bottom for corporate tax rates was coming to an end and was likely to reverse. The pandemic has accelerated this.

Turning to Germany’s state election now where Angela Merkel’s Christian Democrats are most likely to win in Saxony-Anhalt and fend off the AfD. According to projections from public broadcaster ARD, the CDU is on course to win 37%, an improvement over the 30% it received in 2016 in the state, while the far-right AfD, which was pushing for the lead in recent polls, is likely to be well back in second with 22% (24% five years ago). This was the final electoral contest before the national vote in September and will be a boost to the CDU’s Armin Laschet as he bids to succeed Merkel in the Chancellorship.

Now finally to review last week. Risk assets performed well for a second straight week with equities advancing to new highs in Europe, with the STOXX 600 up +0.80% to a new record. The S&P 500 was up +0.61% to close less than 0.1% away from its record closing high from early May. Large-cap tech did particularly well with the NYFANG index posting its third straight weekly gain (+0.99%) after falling for the previous four weeks.

With inflation expectations abating, sovereign bonds gained again last week, with yields on 10yr Treasuries down -4.1bps to 1.553%, with much of that drop coming on Friday (-7.2bps) following the weaker payrolls data. This was the 7th weekly decline in yields in the last 9 weeks. The decline on Friday was driven by lower real rates (-6.1bps) however the weekly drop in yields was more driven by the drop in inflation expectations (-2.7bps). In Europe, sovereign debt also performed well, with yields on 10yr bunds seeing a -3.0bps decline. Lastly, commodity prices rose to a new high as the Bloomberg commodity spot index rose +2.00%, led in part by oil prices reaching two year highs with Brent Crude (+3.25%) and WTI (+4.98%) seeing a strong week even as copper prices (-3.17%) sagged.

On the data front, the US job report showed +559k new jobs, less than the 675k expected, with no significant upward revision to last month’s historic miss.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 7.70 PTS OR 0.21%   //Hang Sang CLOSED DOWN 130.82 PTS OR 0.45%      /The Nikkei closed UP 77.72 pts or 0.27%  //Australia’s all ordinaires CLOSED UP 0.16%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3966 /Oil UP TO 69.45 dollars per barrel for WTI and 71.65 for Brent. Stocks in Europe OPENED ALL GREEN  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3966. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3936   : /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.

 

END

3 C CHINA

 
 
 
CHINA/TAIWAN/USA
Three senators are to visit Taiwan and this will certainly get China’s backup
(zerohedge)
 

Three US Senators Visit Taiwan Sunday In Another Shot Across China’s Bow

 
SATURDAY, JUN 05, 2021 – 03:00 PM

Taiwan is about to be front and center again this coming week as Washington prepares for its next shot across China’s bow – this time by another high level US delegation, something which China has long condemned as “signaling pro-democracy forces” on the island in contradiction to the official One China policy. 

Reuters has confirmed in a weekend report that “Three US senators will visit Taiwan on Sunday and will meet President Tsai Ing-wen to discuss security and other issues, Taiwan’s government and the de facto U.S. embassy in Taipei said on Saturday, a trip that will likely irritate China.” The meeting is expected to be held at a military wing of the island’s main international airport.

 

Getty Images

But “irritate” is an understatement given Beijing’s fierce reaction over prior such trips, which had increased under the Trump administration. Biden appears to be continuing Trump’s policy of approving high level delegations to Taipei, despite having no official or formal diplomatic ties with Taiwan given the One China status quo. 

The senators making the trip include Tammy Duckworth and Dan Sullivan of the Senate Armed Services Committee, and Christopher Coons of the Senate Foreign Relations Committee.

“The bipartisan congressional delegation will meet with senior Taiwan leaders to discuss U.S.-Taiwan relations, regional security, and other significant issues of mutual interest,” a statement issued by the American Institute in Taiwan said. 

And a Taiwan presidential office statement on the visit noted it will be the “first international visit planned by the Federal Senate Armed Services Committee since the global epidemic broke out last year.”

“The Presidential Office sincerely welcomes the three senators who firmly support Taiwan to visit Taiwan at this moment,” it added. 

Washington has typically referenced these an “unofficial delegations” in order to claim adherence to international norms amid accusations of violating Chinese “sovereignty” over the island. It also comes after ramped up US naval sail throughs of the contested Taiwan Strait since Biden took office in January. 

end

Robert to me on China ..major flooding on the Three Gorges Dam

(ROBERT H/YOU TUBE)

How long will they be able to keep this impact quiet ?

 

https://youtu.be/ckYBBPQUR0E

Cheers
Robert

 
 
Attachments area
 
Preview YouTube video BIG FLOODS IN CHINA THREE GORGES DAM | Serious Flooding as Water Exceeds Warning Levels | Broken DAM

 

end
 

CHINA VS USA// vs EUROPE

|High ranking Chinese defector working with the USA DIA has direct knowledge of China’s bioweapons program

(PJMedia)

special thanks to Robert H for sending this to us!

REPORT: High-Ranking Chinese Defector Working With DIA Has ‘Direct Knowledge’ of China’s Bioweapons Program—and It’s Very Bad – PJ Media

 
 
 
 
There are many icon type fools that will find themselves without  a chair as this goes down, and the music stops playing.  

 

Think for a Moment what it means to conspire with a enemy of a state. What happens when a person is implicated in state terrorism? 
Some of the bio weapons the Chinese have, make Covid a walk in the park. And look at the fallout over it. What will people do, faced with a true threat that kills more often than not. 
China is playing war by another means as nukes have a place but are not the only weapon to be used. Currencies and the like are all part of the arsenal of weapons in the mix. 
What happens going forward is likely going to be chaos; do anticipate supply chains disruptions of greater magnitude than what what we seen to date and the days of using China as a beneficial investment at the expense  of western countries may be on the way down. This may very well be the biggest story of the year with immense consequences.

 

Cheers

 

Robert

REPORT: High-Ranking Chinese Defector Working With DIA Has ‘Direct Knowledge’ of China’s Bioweapons Program—and It’s Very Bad

 
 

 

AP Photo/Ng Han Guan

In an exclusive story at RedState, Jen Van Laar reports that sources inside the intelligence community say a high-ranking defector from China has been working for months with the U.S. Defense Intelligence Agency (DIA). According to Van Laar’s confidential sources, that high-ranking defector claims to have knowledge of special weapons programs in China—that include bioweapons.

Adam Housley first reported via Twitter on Thursday that “the increased pressure on China in recent days is due to a defector with intimate knowledge” of the program. According to Housley, FBI director Christopher Wray “didn’t know right away because they wanted to make sure they got all they needed before telling him.”

In fact, Wray was “ambushed” with the information, according to Van Laar’s sources, as was the CIA. “Sources say DIA leadership kept the defector within their Clandestine Services network to prevent Langley and the State Department from accessing the person, whose existence was kept from other agencies because DIA leadership believes there are Chinese spies or sources inside the FBI, CIA, and several other federal agencies,” according to the report.

Why was the defector so important that he had to be kept under wraps?

Housley says it’s because the defector has information on the origins of the Wuhan virus: “China is trying to produce variants that suggest it came from bats to cover up that coronavirus originally came from a lab.” He later clarified: “US intelligence has a Chinese defector with Wuhan info. AND China is trying to produce variants that suggest it came from bats to cover up that coronavirus originally came from a lab.”

Related: Xi Demands Even More Communist Influence Over American Media—and He’ll Probably Get It

According to RedState’s sources, “the defector has been with the DIA for three months” and has provided “an extensive, technically detailed debrief to US officials.”

“In DIA’s assessment, the information provided by the defector is legitimate,” wrote Van Laar. “Sources say the level of confidence in the defector’s information is what has led to a sudden crisis of confidence in Dr. Anthony Fauci, adding that U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID) personnel detailed to DIA have corroborated very technical details of information provided by the defector.”

All of this raises many questions. Why, “suddenly,” did the U.S. legacy media en masse turn-tail and start pointing fingers at China and doubting Fauci?  Why did left-wing outlets like the Washington Post and BuzzFeed “suddenly” decide it was the right time to drop Fauci’s emails—just days after the lab-leak story was “suddenly” no longer verboten on social media? Fauci’s emails revealed what we’ve been reporting here at PJ Media for months (mostly behind the paywall for our VIP subscribers to avoid the Gestapo social-media censors): that Fauci was working with a Chinese scientist from the Wuhan lab; that he asked Bill Gates and Mark Zuckerberg to help with COVID messaging; and that he signed off on funding for dangerous gain-of-function research in Wuhan.

Related: The Five Biggest Bombshells (So Far) From Fauci’s Emails

One gets the sense that a dam the size of Three Gorges on the Yangtze River is about to blow. The question will be, as it almost is when political figures are caught in a coverup: What did they know and when did they know it? And who knew what was really going on?

If any of this turns out to be true—particularly the suggestion that China may have intentionally unleashed the most deadly bioweapon in world history—you might want to begin thinking about where you’re going to spend the U.S.-Sino War. If, as Housley claims, the FBI, CIA, and other federal agencies are swarming with Chinese spies, it would constitute the biggest national security failure in U.S. history—and the most deadly.

The implications are terrifying.

end

USA gave more money to Chinese labs for bat research than thought

(Zachary Stieber/EpochTimes)

US Gave More Money To Chinese Lab For Bat Research Than Fauci Claimed: Documents

 
SUNDAY, JUN 06, 2021 – 09:20 AM

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

The United States gave over $800,000 to the top-level laboratory in China from which some believe the CCP (Chinese Communist Party) virus escaped, according to newly released documents.

 

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks during hearing on Capitol Hill in Washington on May 11, 2021. (Jim Lo Scalzo/Pool via AP)

Internal emails from officials with the National Institutes of Health and an office inside the agency, the National Institute of Allergy and Infectious Diseases (NIAID), show they discussed in 2020 a question from Republican members of Congress regarding how much the agencies sent to the Wuhan Institute of Virology.

The total amount sent between Fiscal Years 2014 and 2019 was $826,777, according to the officials.

The funding went to EcoHealth Alliance, which channeled money to the lab for the purpose of “understanding the risk of bat coronavirus emergence.”

The total amount is different from the amount that Dr. Anthony Fauci, director of NIAID, told members of Congress the Wuhan lab received from the U.S. government.

We had a modest collaboration with respectable Chinese scientists who are world experts on coronavirus and we did that through a subgrant from a larger grant to EcoHealth. The subgrant was about $600,000 over a period of five years,” Fauci told members of the House Appropriations Committee during a hearing last month.

NIAID did not respond to a request for information. The agency has not returned repeated requests for comment.

The newly released emails show one chain involving Fauci in April 2020. In it, a top NIAID official, Dr. Emily Erbelding, informed Fauci and others that a new grant to EcoHealth was for $3.6 million. Of that, about $750,000 would go to the Wuhan lab. About $75,000 had already been sent to the lab during year 1 of the grant, she said.

“This is higher but not extraordinarily higher than I originally indicated which was for some earlier work,” Hugh Auchincloss, another agency official, wrote to Fauci, who responded, “Thanks.”

In another message around the same time, Fauci and National Institutes of Health Director Francis Collins were informed by health officials that the White House “has strongly embraced concerns” raised by Rep. Matt Gaetz (R-Fla.) regarding the U.S. funding for the bat coronavirus research in China.

“HEADS UP: Wuhan lab research,” Lawrence Tabak wrote, labeling the email as “high” importance.

Fauci and Collins were told that the multi-country study in question, which included sites in China, Thailand, Cambodia, Laos, Vietnam, Malaysia, Indonesia, and Burma, was given $3.7 million over six years and that the Wuhan lab received approximately $826,300 and would get about $80,000 more per year for the following four years.

“More by phone,” Tabak said.

The emails were obtained through a Freedom of Information Act request by Judicial Watch.

“These new documents show that funding for the Wuhan Institute was greater than the public has been told,” Tom Fitton, president of the watchdog, said in a statement. “That it has taken a year and a federal lawsuit to get this first disclosure on COVID and Wuhan is evidence of cover-up by Fauci’s agency.”

Previously released emails obtained through a separate request showed Fauci and his team scrambled to respond to people wondering whether the CCP virus, which causes COVID-19, escaped from the Wuhan lab.

Fauci has insisted the grant funding went for appropriate research that could only be done properly in China.

Clearly the bats that have the coronaviruses are in China. They are not in Fairfax County, Virginia, or in New York. That’s where the bats are,” Fauci told Sen. John Kennedy (R-La.) during a Senate Appropriations Committee hearing last month.

Some experts say the funding went to “gain of function” research, or efforts of making coronaviruses more transmissible, but Fauci has said the money did not go towards that work.

Kennedy asked how Fauci was sure that Chinese scientists, often working under the control of the Chinese Communist Party, did not shield their true work.

We have seen the results of the research that were done and that were published. And the studies are public, and on public databases now. None of that was gain of function,” Fauci said.

Follow Zachary on Twitter: @zackstieber
 
end
Sharyl Attkisson, illustrates 3 points the media is getting wrong on the Wuhan lab theory
(SharylAttkisson/EpochTimes)

3 Points The Media Is Still Getting Wrong About Wuhan Lab Theory (& The Documents To Prove It)

 
 
SATURDAY, JUN 05, 2021 – 07:30 PM

Authored by Sharyl Attkisson, op-ed via The Epoch Times,

1. U.S. Taxpayer Money Did Go to Controversial ‘Gain of Function’ Research

Thanks to some confusing verbal gymnastics by Dr. Anthony Fauci, some in the media are giving the impression that there’s no proof U.S. tax money funded “gain of function” research or that, perhaps, the research didn’t qualify as gain of function. However, the evidence on this point is clear cut.

A 2015 published study specifically discloses that the research is gain of function research that took bat coronavirus that was harmless to people—and made it infectious in humans. The study further states that the National Institutes of Health (NIH) approved continuation of the research even amid a general ban on such studies. (See study excerpt below.)

Excerpt from controversial 2015 gain of function study funded by NIH and approved to continue beyond publication date. (Screenshot via Nature.com)

The research was conducted by numerous U.S. scientists including Ralph Baric at the University of North Carolina with the lead virologist at the Wuhan Institute of Virology: Shi Zhengli. (See study authors below.)

Excerpt from controversial 2015 gain of function study funded by NIH and approved to continue beyond publication date. (Screenshot via Nature.com)

2. The Gain of Function Research with China Did Not Only Receive U.S. Support and Money Through the Nonprofit ‘EcoHealth Alliance,’ but Also Directly

Many media reports refer to several millions of dollars in tax money sent from the NIH to the Wuhan lab via the New York-based nonprofit “EcoHealth Alliance.” However, research with the lab, and the lab itself, received significant additional U.S. support including:

  • Grants directly from the NIH.

  • Grants directly from Dr. Fauci’s National Institute of Allergy and Infectious Diseases and the NIH. (See grant numbers highlighted below.)

Excerpt from controversial 2015 gain of function study funded by NIH and approved to continue beyond publication date. (Screenshot via Nature,com)

  • Additional funds from EcoHealth Alliance that were initially undisclosed. (See correction to the study below.)

Excerpt from a correction issued on the controversial 2015 gain of function study. (Screenshot via Nature.com)

  • Assistance from the University of Texas. (See excerpt from study below.)

Excerpt from controversial 2015 gain of function study. (Screenshot via Nature.com)

  • Resources from the Food and Drug Administration (FDA). (See study disclosure below.)

Excerpt from controversial 2015 gain of function study. (Screenshot via Nature.com)

3. The Chinese Wuhan Lab Received Direct U.S. Support, in Addition to the Indirect Grants From EcoHealth Alliance

State Department cables from January 2018 detail assistance from the University of Texas Medical Branch, including university “researchers … helping train technicians who work” in the Wuhan Institute of Virology lab. The Texas lab is supported by Dr. Fauci’s National Institute of Allergy and Infectious Diseases under NIH. (See excerpt from cable below.)

Excerpt from State Department cables from January 2018. (Screenshot via Washington Post)

*  *  *

 Sharyl Attkisson is the New York Times bestselling author of “Stonewalled,” a five-time Emmy Award winner, and the host of Sinclair’s national investigative television program “Full Measure with Sharyl Attkisson.”

END

Quite  a lengthy report:  Fauci’s NIH funded a Wuhan Communist Military scientist who has died mysteriously after filing a COVIA 19 vaccine patent.  How on earth did he do this so fast.  No question: the Virus came from the Wuhan lab.

(zerohedge)

Fauci’s NIH Funded Wuhan Military Scientist Who Died Mysteriously After Filing COVID Vaccine Patent

 
SUNDAY, JUN 06, 2021 – 11:00 AM

As we move further down the rabbit hole of exactly what in the devil has been going on in China’s ‘bat labs,’ we now turn our attention to one Zhou Yusen – a Chinese military scientist specializing in coronaviruseswho collaborated with the Wuhan Institute of Virology’s “Bat Woman,” Zhengli Shi – with at least one project to geneticially manipulate coronaviruses having been funded by three grants from the National Institutes of Heath (NIH)  – home to Dr. Anthony Fauci – via US universities, according to documents obtained by The Weekend Australian (ostensibly leaked by Aussie intelligence)The previously undisclosed NIH funding of a PLA military scientist is separate from millions in grants awarded EcoHealth alliance, which also collaborated with the WIV.

The revelation shows American money was funding risky ­research on coronaviruses with People’s Liberation Army scientists – including decorated military scientist Zhou Yusen and the Wuhan Institute of Virology’s “Bat Woman”, Shi Zhengli.

Now we learn that Zhou, 54, is dead – three months after filing a patent for a COVID-19 vaccine in Feb. 2020.

 

Zhou Yusen, Zhengli Shi

According to the report, Zhou’s May 2020 death went largely under the radar, despite the fact that he was an award-winning scientist at the PLA’s Laboratory of Infection and Immunity at the Beijing Institute of Microbiology and Epidemiology. “There were no reports paying tribute to his life. His death was only mentioned in passing in a Chinese-media report in July and at the end of a December scientific paper. Both had the word ­“deceased” in brackets after his name.”

And while Zhou’s death may have been suspicious (or he may have simply died of COVID), the revelation that the US government was funding his research with the WIV may provide a clue as to why US officials – Dr. Fauci (backed by the ‘scientific community’ after his lapdog, EcoHealth Alliance’s Peter Daszak, penned a ‘natural origin or you’re a lunatic‘ letter in the Lancet) – peddled the CCP’s ‘natural origin’ theory, while any suggestion that it could have been created in and/or leaked from the very lab which received NIH dollars was strictly verboten. 

Emails released under a Freedom of Information request from Buzzfeed this week showed that, in the early days of the pandemic, Dr Fauci was concerned that US funding had gone towards gain-of-function research in China.

In other emails, scientists wrote to Dr Fauci expressing the preliminary view that the SARS-CoV-2 genome appeared “inconsistent with expectations from evolutionary theory” and that it had some features that “potentially look engineered”. -The Weekend Australian

In short, ‘conflict of interest’ doesn’t even begin to explain what Fauci is now going to have to explain the next time Rand Paul has him in the hot seat.

The revelation shows American money was funding risky ­research on coronaviruses with People’s Liberation Army scientists – including decorated military scientist Zhou Yusen and the Wuhan Institute of Virology’s “Bat Woman”, Shi Zhengli.

National security sources said the ties between Zhou and Dr Shi ­supported claims by US intelligence that the Wuhan Institute of Virology was engaged in “secret military activity.” -The Australian

How long was China sitting on the genetic sequence for SARS-CoV-2?

 

SARS-CoV-2

If we’re considering the timeline and its implications, Zhou died three months after filing a Feb. 24, 2020 patent application for a COVID-19 vaccine. While this could mean that he was working on a COVID-19 vaccine before the virus became public knowledge in December 2019, keep in mind that Moderna was able to design the sequence for their COVID-19 vaccine just two days after Chinese officials released its genetic sequence on Jan. 11, 2020 – filing for their first related patent in March, two months later.

Also note that Zhou had been working on coronavirus vaccines since at least 2006 in response the original SARS-CoV outbreak – authoring a study which found that “the vaccines containing the (receptor-binding domain) of SARS-CoV S protein may induce sufficient neutralising antibodies and long-term ­protective immunity against SARS-CoV challenge in the ­established mouse model.”

So, assuming an expert would need approximately two months to go from genomic sequence to patent application, it implies that China withheld the genetic sequence for a month before its Jan. 11 public release. Or, Zhou may have had more of a ‘head start’ than that. 

This is something we have never seen achieved before, raising the question of whether this work may have started much ­earlier,” said Nikolai Petrovsky from Flinders University.

(And if one wants to explore the implications assuming SARS-CoV-2 was genetically engineered, Karl Denninger has some thoughts below)

And while we may never know the full extent of Zhou’s role in all of this, he and ‘bat woman’ Zhengli were working on a COVID vaccine right before the pandemic.

Per the Weekend Australian:

Right before the pandemic, Zhou and three other scientists from the PLA-run Beijing Institute of Microbiology and Epidemiology – Yuehong Chen, Lei He and Shishui Sun – partnered with two Wuhan Institute of Virology scientists – Dr Shi and Jing Chen – and eight Chinese scientists now based in the US at the University of Minnesota and the Lindsley Kimball Research Institute, New York Blood Centre. Their paper, titled Molecular Mechanism for Antibody-­Dependent Enhancement of Coronavirus Entry, was submitted to the Journal of Virology on November 27, 2019, and was published on February 14, 2020.

The research examined MERS and SARS coronaviruses as avenues for antibody-based ­antiviral drug therapy to treat coronaviruses.

Their paper had some positive results: “Taken together, our ­results show that RBD-specific neutralising MAbs bind to the same region on coronavirus spikes as viral receptors do, trigger conformational changes of the spikes as viral receptors do, and mediate ADE through the same pathways as viral-receptor-dependent viral entry.”

They found this “novel molecular mechanism for antibody-enhanced viral entry” could “guide future vaccination and ­antiviral strategies”.

This study was conducted “in vitro”, meaning in a petri dish or test tube, using humanised kidney and lung cells. Their last paragraph indicated the next step in a future paper would be to conduct “in vivo” experiments with ­humanised mice or primates. A paper published in Nature ­Reviews Immunology 18 months later, in April this year, would find that “neutralising monoclonal antibodies” could help the treatment of Covid-19.

Meanwhile, Zhou’s patent application states: “The invention ­relates to the field of biomedicine, and relates to a Covid-19 ­vaccine, preparation methods and applications. The fusion ­protein provided by the invention can be used to develop the Covid-19 protein vaccine and a drug for preventing or treating the Covid-19.”

What does this all mean now? Karl Denninger has a few thoughts via market-ticker.org, and is notably very suspicious of the patent timing (edited for brevity):

So what do we now know?

  • China’s militarywas in fact involved at the Wuhan lab.  It was not just a civilian operation.  This, by the way, has been repeatedly denied over the last year and change.
  • The lab’s scientists knew not only the sequencing of the virus but in addition had a patentable way to create an alleged vaccine before the pandemic was public.  It takes time to draft patents and figure them out.  Quite a lot of time, in fact — not a couple weeks or months.
  • It takes time to prove up patent material, including in the case of a vaccine.  To patent something you must be able to demonstrate it; you cannot patent ideas, only embodiments of ideas.  In that case you would have to prove immunogenicity which isn’t instantaneous; it takes weeks or even months to get through original science on this with animals and then humans, which means the date of knowledge was not February 24th it was months or even further before that.
  • That means they were working on this even before that time because to work on a vaccine you have to know you must or would want to work on it in the first place.  This in turn means they knew damn well there was a virulent virus in the wild prior to that date, or they released it or intended to release it into the wild on purpose.  Nobody comes up with a vaccine for a virus you intend to and have confined entirely within a laboratory in animal or cell culture testing; that’s worthless.  Without an isolate to create a vaccine for and a virus outside of a lab environment where vaccination becomes a “thing” that might be required and thus have value why would you do the work to create one?

What’s the timeline on all this?  Many, many months or even a couple of years.

That means either the virus was “out” for many months to a couple of years before February of 2020 (not a month or two) or the Chinese intended to release it in the fall of 2019.  In either case the evidence is now overwhelming that this was not a virus that “magically appeared” one fine day in late December having come naturally from bats and perhaps pangolins. That is not just improbable anymore — it is now, on the manifest weight of the evidence, impossible.

Next up is exactly what sort of vaccine patent we’re talking about here?

Specifically how is it that the “stiffened” areas in the viral vector and mRNA shots we’re using in the US came to be known and proved up?  How did Moderna and Pfizer know they needed to do that?  That sort of study takes months if not years too, not days or weeks, to both come up with it and then prove it actually works as expected.

Remember that Covid-19 has a rather-unique site on the spike called the “furin-cleavage” area which it uses to “fold” and get into the cell; the S1 unit attaches, the cleavage area “folds” and then the second part penetrates the cell wall like a spear.  SARS and MERS both lack this structure so there was no “prior art” to use and in the first couple of months the characterizing of all of this was pretty darn new.

Yet the “official story” is that these folks had a proposed candidate configuration, including the replacement of encodings to “stiffen” that area within days of the publication of the viral RNA sequence for Covid-19.

Is the completed work in that area what the Chinese “gave” us complete with that part of the work already done?  That would explain how it happened that quickly, wouldn’t it?  I’d sure like to understand how someone — anyone — does that sort of work complete with the lab verification in cell cultures and animals, reachig those conclusions in days.

What are the connections there?  I’d like a full explanation of that please.

*  *  *

As would we.

end

Another scientific study published in the Wall Street Journal concludes COVID is likely lab engineered

(zerohedge)

Yet Another Scientific Study Concludes COVID Is Likely Lab-Engineered

 
MONDAY, JUN 07, 2021 – 10:04 AM

Authored by Steve Watson via Summit News,

Another new scientific study has concluded that it is more likely than not that the COVID pandemic originated with a virus engineered inside a lab.

Dr. Stephen Quay and Berkeley physics professor Richard Muller revealed the findings in The Wall Street Journal Sunday, noting that “The most compelling reason to favor the lab leak hypothesis is firmly based in science.”

The scientists added that “COVID-19 has a genetic footprint that has never been observed in a natural coronavirus.”

The research points to the genome sequencing of the virus ‘CGG-CGG’, which is one of 36 sequencing patterns observed, but does not occur in nature.

“The CGG-CGG combination has never been found naturally. That means the common method of viruses picking up new skills, called recombination, cannot operate here,” the scientists assert.

“A virus simply cannot pick up a sequence from another virus if that sequence isn’t present in any other virus,” they add, while also noting that the CGG-CGG combination IS commonly used in ‘gain of function’ research, which is known to have been used with coronaviruses at the Wuhan Institute of Virology.

The scientists urge that those who believe COVID-19 jumped from animals to humans “must explain why it happened to pick its least favorite combination: CGG-CGG.”

They further ask for an explanation as to “Why did it replicate the choice the lab’s gain-of-function researchers would have made?”

“Yes, it could have happened randomly, through mutations. But do you believe that?” the authors of the study ask, adding “At the minimum, this fact—that the coronavirus, with all its random possibilities, took the rare and unnatural combination used by human researchers—implies that the leading theory for the origin of the coronavirus must be laboratory escape.”

This latest study comes on the heels of a revitalised focus on scientific research by Professor Angus Dalgleish of St George’s Hospital, University of London and Norwegian virologist Birger Sorensen which presents compelling evidence suggesting the virus was manufactured in a laboratory.

As the scientists noted, they were ostracised and ignored until recently when intelligence findings revealed that workers at the Wuhan lab fell sick with COVID-19 symptoms in November 2019.

As the global pandemic unfolded, scores of scientists came forward suggesting the genome sequencing of the virus was unnatural, and should be further investigated. The lab leak theory was effectively shut down, however, when scientists led by Dr Peter Daszak “orchestrated a ‘bullying’ campaign and coerced top scientists into signing off on a letter to The Lancet journal aimed at removing blame for Covid-19 from the Wuhan lab he was funding with US money.”

Daszak, who keeps appearing as the lead figure in investigations of the research he funded with US grant money via his own organisation, reportedly used his influence to get The Lancet 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.”

The release of Dr Fauci’s emails has also reconfirmed that Fauci was discussing the lab leak scenario with other scientists, and knew full well that it was a distinct possibility, despite making statements to the contrary in public, before any robust scientific research into the matter had been carried out.

Now former head of the Food and Drug Administration, Scott Gottlieb, has revealed that Fauci briefed world health leaders in the spring of 2020 that the lab leak was a possibility.

Appearing on CBS News this past weekend, Gottlieb admitted that Fauci told government health advisors that the virus “looked unusual,” and that scientists he was working with “had suspicions” that it was manipulated.

*  *  *

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

end

Trump Planned To Haul Fauci, Daszak In Front Of US Presidential Commission, Demand China Reparations

 
MONDAY, JUN 07, 2021 – 11:33 AM

Former President Donald Trump planned to haul Anthony Fauci in front of a US presidential commission as part of a larger effort to hold China and its collaborators responsible for the pandemic, according to The Australian.

Trump’s team, spearheaded by adviser Peter Navarro, had gone so far as to draft an executive order and compile a reparations bill, however the advanced plans were scrapped at the last minute after Trump’s ever-helpful advisers (Larry Kudlow in particular) talked him out of it, according to an upcoming book on the origins of COVID-19, What Really Happened in Wuhan.

Mr Trump was “enthusiastic” about creating a presidential commission similar to those whichprobed the 9/11 terror attacks and the assassination of John F. Kennedy.

A White House executive order was drafted in August 2020 stating: “By the authority vested inme as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: The National Commission on the Origins and Costs of COVID-19 is hereby established.” –The Australian

The executive order was adviser Peter Navaro’s idea, and had the support of Secretary of State Mike Pompeo. Trump wanted Sen. Tom Cotton (R-AR) to head up the commission, according to the draft Executive Order, while Pompeo’s senior policy adviser Mary Kissell and China adviser Miles Yu were slated to act as co-chair and vice co-chair or executive director.

Sessions on geopolitics and a general from Fort Detrick – home to the US biological defense program in Maryland, would run the virology portion of the inquiry – during which Fauci would be brought in to explain why he funded risky coronavirus research in Wuhan. Peter Daszak, head of nonprofit EcoHealth Alliance (who received millions in funding from Fauci’s NIH) would be grilled on the missing WIV virus database, among other things.

Other revelations from the book include:

  • President Biden scrapped a State Department effort by its Arms, Control, Verification and Compliance Unit to formally confront China in Geneva over its cover-up of the rapidly spreading virus, as well as alleged breaches of the biological weapons convention in the Wuhan lab.
  • US officials suspected that China had developed a vaccine prior to the COVID-19 outbreak in a “sensitive but unclassified” internal report.
  • US intelligence agencies sought advice from the highly-conflicted Daszak and Ralph Baric over whether the virus had a ‘natural origin’ or a laboratory origin. Daszak and Barick (of the University of North Carolina) both have long histories working with bat researchers at the Wuhan Institute of virology, and have insisted the virus could have only emerged via natural origin. As a result, the Office of the Director of National Intelligence published a statement saying it could not have been man-made.

According to the book, the executive order states that the commission would be tasked with investigating “the origins of the COVID-19pandemic; the economic, political social, human, and other costs of the pandemic borne by the United States; and whether the People’s Republic of China or the Chinese Communist Party have used the pandemic to advance their own economic, geopolitical, military, or territorial agendas,” and would tally a bill to send to Beijing “to recover any damages as well as all costs estimated.”

4/EUROPEAN AFFAIRS

EUROPE///CORONAVIRUS UPDATE

Important: German study correctly finds lockdown “had no effect” on stopping the spread of COVID

(Watson/SummitNews)

German Study Finds Lockdown “Had No Effect” In Stopping Spread Of COVID

 
SATURDAY, JUN 05, 2021 – 09:20 AM

Authored by Paul Joseph Watson via Summit News,

A major new study by German scientists at Munich University has found that lockdowns had no effect on reducing the country’s coronavirus infection rate.

Oh.

“Statisticians at Munich University found “no direct connection” between the German lockdown and falling infection rates in the country,” reports the Telegraph.

The study found that, on all three occasions before Germany imposed its lockdowns in November, December and April, infection rates had already begun to fall.

The R rate – the number that indicates how many other people an infected person passes the virus to – was already under 1 before the lockdown restrictions came into force.

As we highlighted last year, a leaked study from inside the German Ministry of the Interior revealed that the impact of the country’s lockdown could end up killing more people than the coronavirus due to victims of other serious illnesses not receiving treatment.

This is by no means the only study to have concluded that lockdowns are completely useless and don’t work.

A peer reviewed study published in January by Stanford researchers found that mandatory lockdowns do not provide more benefits to stopping the spread of COVID-19 than voluntary measures such as social distancing.

Back in March, Stanford medical professor Dr. Jay Bhattacharya told Newsweek that COVID-19 lockdowns are “the single worst public health mistake in the last 100 years.”

Earlier this year, academics from Duke, Harvard, and Johns Hopkins concluded that there could be around a million excess deaths over the next two decades as a result of lockdowns.

Other research has concluded lockdowns will conservatively “destroy at least seven times more years of human life” than they save.

*  *  *

end

EU//GERMAN ELECTIONS

Merkel’s party did exceedingly well in provincial elections in Saxony Anhalt

(zerohedge)

Germany’s Flailing CDU Enjoys Remarkable Victory In Saxony-Anhalt, Boosting Merkel’s Successor

 
MONDAY, JUN 07, 2021 – 10:26 AM

For once there was some good news for Angela Merkel’s CDU in the twilight of her political career, in a time when Germany’s legacy political parties are suffering from vast losses of popularity.

On Sunday, Germany held an election in the state of Saxony-Anhalt where Angela Merkel’s Christian Democrats were most likely to win in and fend off AfD. According to projections from public broadcaster ARD, the CDU is on course to win 36.9%, a vast improvement over the 30% it received in 2016 in the state, while the far-right AfD, which was pushing for the lead in recent polls, slumped to a distant second with 22% (24% five years ago) in the former communist region.

The Greens and Liberals (FDP) recorded minor gains, whereas in addition to AfD, the Left Party and SPD also suffered significant losses.

This was the final electoral contest before the national vote in September and will be a boost to the CDU’s Armin Laschet as he bids to succeed Merkel in the Chancellorship, because as Bloomberg notes, the result “showed he can successfully guide the Christian Democrats in a tight campaign. The outcome will help ease doubts about his suitability to lead Germany’s conservatives.”

“The national CDU under Armin Laschet now has the momentum on its side,” said Holger Schmieding, the London-based chief economist at Berenberg. “The concern that Laschet maybe a hindrance rather than a help should be deflated.”

In the run-up to the election, Laschet appealed to the state’s mainstream voters to back the CDU, saying it was important to defend democracy from the right-wing nationalist party. It was enough to gain a significant edge in Germany’s unsettled political landscape as the Merkel era draws to a close.

As Goldman notes in its post-mortem, although pundits see limited read-through to the September federal elections, “the strong showing of the CDU is likely to bolster the party’s momentum at the federal level. The results also show that despite its persistent inroads into Saxony-Anhalt’s voter base, a large majority still opposes the right-wing brand of identity politics championed by the AfD.”

Some more points from Goldman:

  1. The conservative CDU won the state elections in Saxony-Anhalt—hailed as the last major political temperature check ahead of the September federal elections—by a much larger margin than the polls had suggested, garnering 36.9% of the vote according to the latest preliminary results, up 7.1 percentage points (pp) from the previous elections. The parties at both political extremes maintained their second (AfD) and third place (Left Party), but both recorded significant losses. The Greens and FDP recorded minor gains, whereas the SPD received its poorest result on record.
  2. According to exit polls, the CDU’s gains reflected primarily the mobilisation of previous non-voters as well as significant net gains from the SPD, Left and AfD. Two-thirds of respondents rejected an AfD-led government, which likely explains some of the CDU’s gains especially among previous non-voters. A ‘Germany coalition’, between the CDU, SPD and FDP, is preferred in the exit polls, followed by a continuation of the current ‘Kenia coalition’ between the CDU, SPD and the Greens.
  3. Although pundits downplay read-throughs to the September federal elections, the strong showing of the CDU is likely to bolster the party’s momentum at the federal level, with party members attempting to spin the result as a win for CDU chancellor candidate Armin Laschet (Exhibit 1). The Green party registered smaller gains than anticipated, but Saxony-Anhalt is not a traditional strong-hold. The election results also show that despite its persistent inroads into Saxony-Anhalt’s voter base, a large majority still opposes the right-wing brand of identity politics championed by the AfD, particularly in Saxony-Anhalt, where it is under surveillance of Germany’s intelligence services.

As a reminder,  Laschet became the leader of Merkel’s CDU in January and stumbled out of the gate with the party suffering its worst-ever results in Baden-Wuerttemberg and Rhineland-Palatinate in March. That setup an ugly power struggle with Bavarian ally Markus Soeder for the right to be the bloc’s candidate for chancellor. While Laschet prevailed, he emerged bruised.

However, after Sunday’s remarkable reecovery by the CDU, Laschet can turn with renewed confidence to tackling the Greens and their candidate Annalena Baerbock, his main rival to lead Europe’s largest economy.

Separately, the environmental party’s momentum has stalled in recent weeks, and the trend was underscored by a smaller-than-expected gain in Saxony-Anhalt, which could cost the party its role in the state’s government. “We gained but not as much as we’d hoped,” the 40-year-old co-leader of the Greens said on ARD.

Germany’s political establishment, meanwhile, can breathe a sigh of relief. A victory by the AfD would have been the right-wing party’s first on the state level, triggering complex political maneuvering to keep them out of the regional government. Instead, as Bloomberg notes, Instead, Reiner Haseloff, the CDU’s state premier, has a range of choices to form a coalition for his third term. His current government consists of a three-way alliance with the Social Democrats and the Greens. He could replace the Greens with the pro-business FDP, which has also been gaining support nationally.

none

 

UK

none

 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

end

ISRAEL/IRAN
Israel strikes again as they hit an Iranian steel factory, in the 3rd major incident in 5 days
(zerohedge)

Fire & Explosion Hit Iran Steel Factory In Third Major Incident In 5 Days

 
SUNDAY, JUN 06, 2021 – 09:55 AM

A large fire broke out Saturday night at a steel factory in the southeast city of Zarand in Iran. It’s the latest in a mysterious string of blasts and ‘accidental’ blazes at sensitive sites to beset the Islamic Republic, raising questions of possible Israel sabotage akin to what happened a year ago in the summer of 2020. 

“The governor of Zarand told the Iranian Fars News Agency that no injuries were caused in the incident and that the incident was under control,” The Jerusalem Post reports. “The incident was reportedly caused by the sudden overflow of molten material in the blast furnace, with the governor stressing that no explosion occurred.” But some early videos show otherwise. 

Social media videos showed a sizable blaze which appear to have triggered a significant explosion, however, resulting in debris and what looks like molten steel flying into the air. 

Even if Iran suspects that Israel is behind some of these latest incidents over the past month, Tehran officials are likely reluctant to go public with accusations given negotiators are reportedly on the cusp of a nuclear deal in Vienna, and as the country is gearing up to vote for a new president this month. 

Israel has vowed to thwart a deal by any means possible, with embattled PM Netanyahu lately openly verbalizing he’s willing to consider any level of action even if it causes “friction” with the United States.

And there are further reports of other fires afflicting oil facilities throughout the country, as US-funded VOA News details: “Several oil facility fires have occurred in Iran’s southwestern Ahvaz region during the past 48 hours, Arab media reported Saturday. The reports came on the heels of a massive oil refinery fire this week in the capital, Tehran.”

One Middle East news source reviews the recent string of fires and explosions hitting key Iranian assets as follows:

  • Three days earlier, a major fire tore through the Tehran Oil Refining Company in the outskirts of the Iranian capital. 
  • Another explosion followed by a fire sank Iran’s largest naval vessel in the Sea of Oman, near it shores, on June 2.
  • On May 23, nine people were injured in another blast at a plant producing explosive materials in central Iran...
  • three days later, a pipeline explosion at a petrochemical complex near Iran’s Gulf coast left one dead.

Below is last week’s massive blaze which engulfed one of Iran’s largest oil refineries just outside Tehran, on the same day the large warship Kharg sank…

And there are others which barely made it into international headlines over the past two weeks, as Jerusalem Post notes: 

“At least one fire has been associated with an Iranian military site, with The Guardian reporting that a blast hit the Iran Aircraft Manufacturing Industrial Company (HESA), which produces a variety of aircraft, including drones, for Iranian and pro-Iranian forces in Iran’s Isfahan Province.”

There’s a growing consensus that at least some among the spate of fires are the result of Israeli covert attacks, whether through on the ground sabotage or cyberattacks: “London-based Iran analyst Ali Nourizadeh told VOA that he thought the latest fires in Ahvaz probably weren’t acts of sabotage, because there are oil field fires in Ahvaz every summer. The sinking of the Kharg and the Tehran refinery fire, he argued, probably were sabotage, despite Iranian government denials.”

end

/RUSSIA/ USA/UKRAINE//NORDSTREAM2 GERMANY

Zelensky surprised and disappointed that Biden handed Russia bullets by waiving NordStream sanctions\

(Van Brugen/EpochTimes

Ukraine’s Zelensky “Surprised, Disappointed” That Biden Handed Russia “Bullets” By Waiving Nord Stream 2 Sanctions

 
MONDAY, JUN 07, 2021 – 08:35 AM

Authored by Isabel van Brugen via The Epoch Times,

Ukrainian President Volodymyr Zelensky on June 4 said that he is “disappointed” by U.S. President Joe Biden’s decision to lift sanctions on Russia’s Nord Stream 2 pipeline, saying that the leader of the democratic world has essentially provided Russia with “bullets” in doing so.

Ukrainian President Volodymyr Zelensky holds a press conference at the Antonov aircraft manufacturing plant in Kiev on May 20, 2021. (Sergei Supinsky/AFP via Getty Images)

“We [Ukraine] were very surprised,” Zelensky told Axios of the Biden administration’s decision last month to waive sanctions on the company and CEO overseeing the construction of Russia’s Nord Stream 2 natural gas pipeline project.

The pipeline, which is roughly 95 percent complete, would double the capacity of the existing Nord Stream duct to deliver gas from Russia to Europe via Germany under the Baltic Sea, weakening European energy security. It’s expected to be completed by this year, with Russian President Vladimir Putin announcing on June 3 that the first of the two lines is now complete and that Russia’s majority state energy company Gazprom is “ready to start filling Nord Stream 2 with gas.”

“Nord Stream 2 according to our understanding—according to the security understanding of not only Europe, I am sure, but also of the United States of America as our strategic partner—we understand that this is a weapon, a real weapon…in the hands of the Russian Federation,” Zelensky said.

“It is not very understandable, I feel, and definitely not expected, that the bullets to this weapon can possibly be provided by such a great country as the United States.”

A ship works offshore in the Baltic Sea on the natural gas pipeline Nord Stream 2 from Russia to Germany on Nov. 11, 2018. (Bernd Wuestneck/dpa via AP)

In late 2019, Congress and the Trump administration sanctioned a number of entities tied to the construction of the $10.5 billion pipeline. The sanctions were part of the National Defense Authorization Act, which had a stated goal to “minimize the ability” of Russia to use Nord Stream 2 “as a tool of coercion and political leverage” and to stop Russia from shifting energy exports from Ukraine to other countries. Russia vowed to continue the project at the time.

Russia has in the past cut fuel deliveries to Ukraine and parts of Europe in winter during pricing disputes.

In announcing the waiver of sanctions last month against Nord Stream 2 AG and its CEO, Matthias Warnig—a known ally of Putin—Secretary of State Antony Blinken said the company had engaged in sanctionable activity but that the move was in the U.S. national interest. The statement noted that although the United States will continue to oppose the project, the exemption of sanctions is in line with the commitment to rebuild relationships with European allies.

The Ukrainian president said that Biden had offered him “direct signals” that the United States was prepared to block the pipeline. The White House said as recently as January that the president believes the pipeline is a “bad deal for Europe.”

“I truly thought that when it came to Nord Stream 2, the United States remained the last standing outpost,” Zelensky said.

“We understand that only the U.S. is capable of stopping this construction.”

Zelensky told Axios that his anger upon learning of the news through a White House press briefing has now turned to disappointment.

“I learned about it through the press. I feel that… well, between strategic partners the relations should be direct,” he said.

Biden last month said that although he opposed the project from the beginning, the pipeline is now nearly finished, and cited the importance of good relations with Germany.

Zelensky said he understands the importance of the relationship between the United States and Germany but added: “How many Ukrainian lives does the relationship between the U.S. and Germany cost?”

“I believe that even if there was only one percent left [to be completed], it would still be possible to stop such a serious leverage that Russia will have in the future to influence energy security and Europe in general, including Ukraine,” Zelensky added. “Even if there was only one percent left, it just needs to be done.”

The Ukrainian president suggested that a “serious conversation, a serious roadmap” be held and laid out as part of a joint effort between the United States, the European Union, and Ukraine.

“I would like to reach a new level of relations with the United States…transparency, an understanding regarding the Membership Action Plan, regarding energy security of Ukraine…the assistance with returning our territories and defending our sovereignty,” he said.

Zelensky added:

“This is crucial for us, only because there’s a war going on, and our time is measured not in minutes but in human lives—the number of lives that we are losing at this war today.”

White House Press Secretary Jen Psaki said Biden and Russian President Vladimir Putin are set to meet in Geneva, Switzerland, on June 16 to “discuss the full range of pressing issues, as we seek to restore predictability and stability to the U.S.-Russia relationship.”

Zelensky, meanwhile, has offered to meet Biden “at any moment and at any spot on the planet” to discuss the issue before the meeting as “the guarantor of the Constitution of Ukraine.”

“I myself am ready to defend Ukraine at any moment,” he said.

RUSSIAN/SWIFT SYSTEM/EU

This is bad for the dollar: Russia is ordering state firms to switch to the Euro as it is preparing for a possible disconnect form SWIFT

(zero hedge)

Russia Mulls Ordering State Firms To Switch To Euro, “Preparing” For Possible Disconnect From SWIFT

 
MONDAY, JUN 07, 2021 – 09:45 AM

On Monday a flurry of bombshell statements came out of Russia after at the end of last week Putin blasted the United States for using the dollar as a tool for waging “economic & political war” in an address before the St. Petersburg International Economic Forum. Amid a tightening US and EU sanctions noose, most recently surrounding the Nord Stream 2 pipeline, Putin also suggested a more “acceptable” scenario of European nations paying for Russian gas in euros, amid what alarmingly appears a broader de-dollarization effort which includes Russia’s sovereign wealth fund deciding to dump all of its dollars and dollar-denominated assets in favor of those denominated in euros, yuan – or further buying precious metals like gold. “The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done,” Putin calmly said Thursday.

And now Russia’s Finance Minister has announced preparations for stimulus to move FX liquidity into euros while specifying it’s mulling ordering state companies to switch to euros, according to RIA news. Additionally, Moscow said it’s responding to calls for more sanctions by “preparing” for possible disconnect from international payment systems, namely SWIFT. 

However, a mere couple hours later the Finance Ministry walked back some of the most provocative earlier official statements: “Russia will rely on economic means to encourage companies to shift from dollar to euro and doesn’t plan any restrictions on use of U.S. currency,” a follow-up report noted. 

Bloomberg noted, “RIA Novosti and Tass withdrew earlier articles citing Finance Ministry official as saying the government plans directives to order state companies to make the shift. RIA and Tass said the official retracted his quotation.” Perhaps this was yet another early “warning” signaling the West and no “mistaken” citation at all?… 

Here’s what the Monday TASS statements in questions said… “Russia is preparing for additional sanctions, and serious work has been initiated into dealing with the country’s potential disconnection from international payment systems, Russian Deputy Foreign Minister Alexander Pankin said at parliamentary hearings in the State Duma.”

“Of course, we need to prepare for additional restrictive measures, we usually call sanctions. It is clear that it is impossible to prepare for everything, but already in the economic and financial departments, serious work has been launched related to the transfer of settlements into national currencies, the introduction of payment systems,” Pankin said.

However, he also noted the Kremlin is planning for a lot of “what if” scenarios.. “you cannot get ready for all of them,” he stated. “It is clear that we cannot be completely shut down, in the current world, this is impossible… Today, nobody can fully support and develop themselves by their own efforts and means,” Pankin added.

On the news the dollar briefly slipped to a session low while the euro jumped: EUR/USD jumps as much as 0.1% to 1.2176 before paring gains; trading modest ahead of U.S. CPI and ECB meeting; session range is a narrow 1.2145-1.2176, Bloomberg observed.

A few years ago, Russian President Vladimir Putin warned that Washington was inadvertently accelerating de-dollarization with its aggressive financial sanctions, which were forcing its geopolitical adversaries to reduce their dependence on the greenback. Just last month, Russia reached a new milestone whereby fewer than 50% of its exports were paid for in dollars.

It appears that after years of steadily reducing its dependence on the dollar, Russia is about to intensify those efforts in a way that Washington will be forced to take notice.

 

end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

Important..

Robert H to me:

Hal Turner Radio Show – COVID-19: Obama Lifted Block on “Gain of Function Research” Days Before Trump Took Office

 
 
 
 
 
As this whole narrative over Covid falls apart with Fauci.. the moment he is let go the narrative will fall apart and the rabbit hole will run deep. The Biden administration is in a box and in trouble now in way it never dreamt… if he is let go flood gates open and if he is kept the noise rises 
Watch the European press go for blood on this and lay blame on Covid and related fallout on America starting with Fauci, Gates and Ultimately Obama .. 
 
 January 9, 2017 – [Four Days after the Susan Rice oval office meeting with Obama, Biden, Comey, et al] The Obama Administration re-authorizes funding for the creation of SARS biological weapons.  “Adoption of these recommendations will satisfy the requirements for lifting the current moratorium on certain life sciences research that could enhance a pathogen’s virulence and/or transmissibility to produce a potential pandemic pathogen (an enhanced PPP).
 
Cheers

 

Robert

GLOBAL INFLATION WATCH

 

Michael Every // commentary on the days most important topics

(courtesy Michael Every 

Rabo: Faulty Ivory Towers

 
MONDAY, JUN 07, 2021 – 09:24 AM

By Michael Every of Rabobank

Faulty Towers

With G7 finance ministers ensconced at a British sea-side hotel over the weekend, I thought of two things: a classic 1970’s sitcom, and impractical intellectual isolation – or ‘Faulty Towers’.

I imagine the hotel owner –as cloying as in S01E01 of said sitcom (“A Touch of Class”)– apologizing for the food and service; but post Brexit, and with the current pinch in finding service-sector workers, far less likely to be saying “I’m so sorry. He’s from Barcelona.” There was also no sign of recognition from US Treasury Secretary Yellen that the again-disappointing US payrolls report (559K, vs. 675K estimates and the 1,000K needed to get us back to where we were pre-Covid) was in any way related to the unemployment benefits that pay 80% of wages in many cases – and which will be around until September in most cases. Enjoy the summer, everyone, including the US Treasury market, as 10-year yields dipped to 1.55% – the labor market recovery may only really begin in the fall/autumn, when the tourists have all gone home. (Although one also has to laugh at the Wall Street voices decrying extra unemployment benefits when they benefit from $120bn in QE every month.)  

Overshadowing this was the announcement of a G7 agreement on a 15% minimum global tax rate for the largest firms – where we get to the faulty ivory towers:

  • Does the G7 set fiscal policy for the other 186 states and territories? In the US, Congress needs to approve it, and in the EU the process is going to be even trickier when one thinks of Ireland, as just one example of a low-tax economy. At this stage, it seems only declaratory;

  • Large firms (not defined) with a profit margin of more than 10% (over an undefined period) will now pay 20% tax on anything above that margin where they operate. But 10% profit margins exclude Amazon, who in 2020 saw 6.3%, and so naturally backs this decision as a “welcome step forward”. Indeed, a low-margin-to-build-a-global-monopolist-or-monopsonist-position-and-then-get-real-power approach slips under the G7’s radar, despite there being an awful lot of this about; and

  • This doesn’t provide anywhere near enough tax revenue to fund the activity of S01E02 (“The Builders”) – or in this case “The Builders Back Better”.

While focusing on tax, one could almost hear the assembled financial ministers urging “Don’t mention the war!”, as in S01E06 (“The Germans”), which was harder given yesterday was the anniversary of D-Day. (Eliciting a yawn from a young generation ironically addicted to first-person-shooter video games.) Also, because there is a bit of a Cold War on, if you hadn’t noticed.

Russian President Putin answered “I won’t say” when asked if he would use military jets to force an airliner flying over Russian airspace to land if the passenger-list contained someone he wished to arrest. The Russian journalist who asked the question later gave his own interpretation of that ambiguity on TV: “This is a signal. Not to me, it shouldn’t tell me anything. This is the signal to those residents of London, which reads ‘worry’. Do worry, guys. Do fly, but fly with sweaty hands.” Many in the travel and logistics industries should have sweaty hands at the thought that flying over certain airspace is going to be politically difficult, making journeys far slower and more expensive. Will this come up at the looming Biden-Putin summit; or Ukraine, which has been geostrategically weakened by White House approval of the Nord Stream 2 pipeline? (Though Germany gets cheap gas, which is nice for it.)

On China, the Wall Street Journal has an op-ed stating: “The Science Suggests a Wuhan Lab Leak”, and asks “’Do We Need to Be in Hong Kong?’ Global Companies Are Eying the Exits”, while saying this doesn’t apply to banks (“Because markets”); US Secretary of State Blinken stated the White House is determined to “get to the bottom” of COVID-19’s origins, and that the US will hold China accountable; three US Senators just visited Taiwan; and the US is supplying it with Covid-19 vaccines. All of this will do marvels for US-China relations, even if the White House is saying “I mentioned the Cold War once, but I think I got away with it.

And on China and matters fiscal/financial, Bloomberg has an op-ed about the digital Renminbi (e-CNY) that suggests it might be soft launched with the 2022 Winter Olympics; and that it may operate more like the Hong Kong Dollar than a Central Bank Digital Coin, in that the liability may sit on the commercial issuer’s balance sheet, fully backed by CNY reserves. This obviously won’t make it very attractive to banks, businesses, or consumers happy with current e-payment systems. As the op-ed notes, one would then have to *compel* them to use it via “the state’s coercive power.” For example, paying civil servants in e-CNY; or, more importantly, demanding tax payment in e-CNY to force people to earn them, so creating a natural demand.

This echoes a long-held, oft-repeated realpolitik view here of how money actually works outside faulty ivory tower economic (and crypto) thinking. One therefore wonders if this currency/tech element is also going to be involved in the G7 tax structure – or rather, how long until it has to be. In that light, consider that if e-CNY is used as above in Hong Kong too, the role of the Hong Kong Dollar would surely come into question as domestic demand for it falls away sharply – even as Hong Kong’s international gateway role for capital to enter a closed-capital-account China remains the same. How does this all work out? Only one of two ways. Like anything digital, it’s binary.

On a related front, Elon Musk has a new series of crypto-related tweets so not-safe-for-work the media decided not to cover them. (And there’s an awful lot of that about as well.) Suffice to say, crypto remains under pressure – despite the president of El Salvador, a poverty-stricken country where the vast majority of the population don’t have a bank account, proposing his country officially embrace Bitcoin. The G7 tax people will be watching (again) if so.

Nigeria has meanwhile banned Twitter entirely, which is a different way to go on Big Tech: and Twitter responds that this is a denial of Nigerians’ human rights…which doesn’t apply to those whom Twitter decides to ban.

For now, we can see that the Fed will be staying where it is now for longer, yet the real world pressures outside their Faulty Towers continue to build. If one thinks this has an end-point with no serious volatility on any front, I am tempted to repeat what hotel owner Basil Fawlty does to a rude guest in S02E01 (“Communication Problems”): pick some fluff up from the floor, and ask “Is this a piece of your brain?”  

end

7. OIL ISSUES

Putin takes a victory lab on the completion on the first section of laying the pipes for Nord Stream 2 and completion of the entire project is imminent.  (Two commentaries/zerohedge/Oilprice.com)

(zerohedge) 

Putin Takes Nord Stream 2 Victory Lap: “Either Buy Cheaper, Cleaner Gas From Us” Or “Dubious” US Shale

 
SATURDAY, JUN 05, 2021 – 07:35 AM

On Friday Russian President Vladimir Putin hailed the successful reaching of a major milestone in the Nord Stream 2 Russia to Germany natural gas pipeline despite an aggressive US sanctions campaign toward thwarting the project which began under the Trump administration (and ironically somewhat softened under Biden, at least on the German side), which will imminently bring the controversial project to completion.

In an address to the St. Petersburg Economic Forum, which is often referred to as “Russia’s Davos”, Putin said “I am pleased to say that today, just two-and-a-half-hours ago,we have completed laying the pipes for the first section of Nord Stream 2, and works are advancing on the second segment.”

Just days ago TASS cited the governor of the Leningrad region, where the pipeline originates, as saying testing will begin as early as next week. At the end of March, Russia’s energy giant Gazprom had declared it to be 95% complete. 

 

Via AP

Putin’s Friday declaration was widely perceived to mean completion is now imminent and that Washington’s best efforts to halt it have been defeated. “The gas pipeline, including the segment under the sea, has already been completed,” Putin added in the statements. “There are two sections, from the German side and the Russian side – they have to be welded – and then it will be finished” – after which  Gazprom “is ready to start filing Nord Stream 2 with gas,” he affirmed. Putin gave the second line “a month or two” till completion.

Reuters noted upon the speech that Gazprom shares went up 0.6 percent, reaching 273.80 rubles (or $3.74), which hasn’t been topped since mid-2008.

Notably Putin took the opportunity to take a big swipe at Russia’s and the pipeline’s enemies, saying that the “propaganda is still raging” against “cheaper gas” which NS2 will supply

This is a purely commercial, economic project. Those who believe that this is us trying to bypass other transit players are wrong. The route across the Baltic Sea from Russia to Germany is shorter than if we had to use other countries like Ukraine, Slovakia or Austria. It’s cheaper and shorter to transport gas via this route. The end consumer — utility companies, citizens, business — get gas at cheaper prices than if it had to go through other countries. But the propaganda is still raging.

Central to Washington’s rationale for opposing the pipeline from the beginning, which served to worsen relations with ally Germany, was that it intentionally cut Ukraine out of valuable transit fees altogether. The US has long charged Moscow with seeking to “punish” Kiev via the NS2 project.

Predictably, the speech immediate provoked angry reactions from Russia hawks on both sides of the aisle… 

On this note, Putin conceded that for now Russia “will continue pumping 40 billion cubic meters of gas via Ukraine a year in line with the existing five-year contract,” according to Reuters. 

Further taking the opportunity for a victory lap amid the now clearly accomplished project and with it increased Russian clout in Europe’s energy policy, Putin underscored in another shot across the US bow: “Here’s the decision. Either you buy cheaper, cleaner gas from us, or you buy a product which is environmentally dubious [U.S. shale gas]. Fracking is environmentally harmful. Nord Stream 2 is cleaner, cheaper and more environmentally friendly.”

END

The first line of NordStream2 is now complete.

(Oil Price.com)

Putin Says That First Line Of Nord Stream 2 Is Now Complete

 
MONDAY, JUN 07, 2021 – 02:00 AM

Via OilPrice.com,

Russian President Vladimir Putin has announced that laying the pipes for the first of two lines of the prospective Nord Stream 2 pipeline to Germany has now been “successfully completed.”

Addressing an economic forum in St. Petersburg on June 4, Putin also said that “work on the second line is continuing.”

While the underwater section still needs to be linked to the section on German territory, Russian energy giant Gazprom “is ready to start filing Nord Stream 2 with gas,” he added.

Gazprom shares went up 0.6 percent after Putin’s comments, reaching 273.80 rubles ($3.74) — their highest level since mid-2008.

The United States, which has strongly opposed construction of the new Russian pipeline, last month announced new sanctions against Russian companies and ships involved in the project.

But the administration of President Joe Biden decided to waive sanctions against the company overseeing the project and its CEO.

In Washington, the move was met with criticism from Republicans and some Democrats, while the Kremlin hailed it as a “positive signal” ahead of a June 16 summit between Biden and Putin.

The Baltic Sea pipeline was at the center of a political tussle between Berlin and Washington during the previous administration of former U.S. President Donald Trump. Since coming into office in January, Biden has sought to heal relations with Europe after they were bruised under his predecessor.

U.S. officials have warned the pipeline will make Europe more dependent on Russian energy supplies and bypass Ukraine, which relies on gas transit fees.

The German government has refused to halt the project, arguing that it is a commercial venture and sovereign issue.

Putin told the St. Petersburg International Economic Forum that Russia will continue pumping 40 billion cubic meters of gas via Ukraine a year in line with the existing five-year contract.

Kyiv is locked in a confrontation with Moscow over Russia’s 2014 seizure of Ukraine’s Black Sea Crimean Peninsula and the Kremlin’s support of separatists in eastern Ukraine.

Describing the U.S. use of the dollar as a political weapon, Putin also said that European states should pay for Russian gas in euros, a day after Moscow said it would remove dollar assets from its National Wealth Fund while increasing the share of the euro, Chinese yuan, and gold.

“The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done,” he said.

Russia has long moved to reduce the dollar’s share in its hard-currency reserves as it has faced waves of U.S. sanctions amid heightened tensions with the West over issues including the conflict in Ukraine, cyberattacks allegedly by Russian hackers, and Russia’s treatment of jailed opposition activist Aleksei Navalny.

In an interview with state-run Channel One television on the sidelines of the St. Petersburg forum, Putin said he expected “no breakthrough” from his meeting with Biden, but expressed hope that the talks will be held in a “positive atmosphere.”

“But the very fact of our meeting, that we will speak about possibilities for restoring bilateral relations, about matters of mutual interest, and, by the way, there are a lot of them, is quite good as such,” he added.

Late last month, Biden said he would press his Russian counterpart to respect human rights when the two leaders meet.

The U.S. president in March said he believed Putin was a “killer,” which prompted a diplomatic row that led to Moscow recalling its ambassador to Washington for consultations.

END

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 MONDAY  morning 7:30 AM….

Euro/USA 1.2165 UP .0005 /EUROPE BOURSES /ALL GREEN

USA/ YEN 109.35 DOWN 0.135 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4163  UP   0.0015  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2075  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 7.70 PTS OR 0.21% 

//Hang Sang CLOSED DOWN 130.82 PTS OR 0.45%

 

/AUSTRALIA CLOSED UP 0.16% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN   

 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 130.82 PTS OR 0.45%

/SHANGHAI CLOSED UP 7.70 PTS OR 0.21% 

Australia BOURSE CLOSED UP 0.43%

Nikkei (Japan) CLOSED UP 77.82 PTS OR 0.27%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1887.20

silver:$27.63-

Early MONDAY morning USA 10 year bond yr: 1.582% !!! UP 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.256 UP 3  IN BASIS POINTS from FRIDAY night.

USA dollar index early FRIDAY morning: 90.11  DOWN 2 CENT(S) from FRIDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.47% UP 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.081%  DOWN 4/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.47%//  UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.92 UP 4   points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: RISES TO –.194% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.13% 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  MONDAY

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

Euro/USA 1.2196  UP     .0015 or 15 basis points

USA/Japan: 109.26  DOWN .200 OR YEN UP 20  basis points/

Great Britain/USA 1.4176 UP .0029 POUND UP 29  BASIS POINTS)

Canadian dollar DOWN 7 basis points to 1.2069

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.3941

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.3944

TURKISH LIRA:  8.63  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.081%

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 1.569 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.248 UP 2 in basis points on the day

Your closing USA dollar index, 89,95  DOWN 19  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 MONDAY: 12:00 PM

London: CLOSED UP 12.41 PTS OR 0.18% 

 

German Dax :  CLOSED DOWN 2.00 PTS OR 0.01% 

 

Paris CAC CLOSED UP 33.48  PTS OR 0.51% 

 

Spain IBEX CLOSED UP 78.90  PTS OR  0.87%

Italian MIB: CLOSED UP 233.91 PTS OR 0.91% 

 

WTI Oil price; 69.09 12:00  PM  EST

Brent Oil: 71.43 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    72,88  THE CROSS  HIGHER BY 0.02 RUBLES/DOLLAR (RUBLE LOWER BY 2 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.194 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 : 69.23//

BRENT :  71.42

USA 10 YR BOND YIELD: … 1.575..UP 2 basis points…

USA 30 YR BOND YIELD: 2.254 UP 2 basis points..

EURO/USA 1.2193 (UP 33   BASIS POINTS)

USA/JAPANESE YEN:109.26 DOWN .104 (YEN UP 10 BASIS POINTS/..

USA DOLLAR INDEX: 89.96 DOWN 17  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4182 DOWN 35  POINTS

the Turkish lira close: 8.62

the Russian rouble 72.82   UP 0.04 Roubles against the uSA dollar. (UP 04 BASIS POINTS)

Canadian dollar:  1.2076  UP 14 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.194%

The Dow closed DOWN  126.15 POINTS OR 0.36%

NASDAQ closed UP 32.12 POINTS OR 0.23%


VOLATILITY INDEX:  16.92 CLOSED DOWN  0.0

LIBOR 3 MONTH DURATION: 0.125%//libor dropping like a stone

USA trading day in Graph Form

END

a)Market trading/THIS MORNING/USA/

 

end

Morning trading

 
ii) Market data
Fed’s ON Reverse Rep: 486.1 billion at 0.000%
the markets are badly broken!
Fed’s reverse repo volume hits all-time high

 

NEW YORK, June 7 (Reuters) – The Federal Reserve’s reverse repurchase facility on Monday attracted $486.1 billion in cash, a record high, with financial institutions lending to the U.S. central bank at a 0% interest rate in a sign there are few investment options available in a low yield environment.

The financial market has been awash in cash over the last few months given the Fed’s asset buying program and the U.S. Treasury’s payments to various institutions, entities, and individuals for pandemic relief.

That cash has found its way to the reverse repo facility launched in 2013 to mop up excess liquidity in the repo market.

-END-

Student and auto loans continue to rise although credit card debt fell

(zerohedge)

Consumer Credit Hits New Record Despite Unexpected Decline In Credit Card Usage

 
MONDAY, JUN 07, 2021 – 03:22 PM

After several months of blowout consumer credit prints, including two consecutive months in which revolving (i.e., credit card) debt, rose after shrinking 10 of the previous 11 months, America’s credit-funded spending spree abruptly slowed in April, when total consumer credit rose by $18.6BN, down from $25.8BN in March (since revised conveniently to $18.6BN), and missing expectations of $20.5BN. Overall, total consumer credit rose at a 5.3% annual rate in April to a new all time high of $4.238 trillion.

What was most notable about the April data, however, is that revolving credit actually declined by $1.96 billion to $964 billion, well below the record high of $1.094 trillion reached in December 2019.

This however was more than offset by yet another burst higher in nonrevolving credit (auto and student loans), which rose $20.6BN to $3.274TN, a new all time high.

Meanwhile, and there was no surprise here, the total dollar amount of both student and auto loans hit a new all time high in the 1st quarter of 2021, with the former rising by $25.2BN to a new all time high of $1.73TN and the latter rising  $11.9BN to $1.236TN.

So after this latest shift in spending patterns, which took place after two months in which we said that “things are now indeed back to normal” as “consumers were spending not just using their debit cards (which is where the stimmy checks arrive) but their credit cards” ostensibly once again “highly confident about the future, and are spending far beyond their means”, something changed in April when perhaps as the bulk of the stimmy payments has passed, Americans are once again slowing down their credit-funded spending. However, as we will show shortly, the latest realtime debit and credit card data from Bank of America shows that after a brief slowdown in April, credit card usage once again spiked, and we expect that this trend will continue until at least September when the bulk of emergency unemployment benefits finally runs out and the bills start coming in.

iii) Important USA Economic Stories

One third of small businesses are in jeopardy of closing this summer

(zerohedge)

More Than One-Third Of Small Businesses “In Jeopardy” Of Closing This Summer

 
SUNDAY, JUN 06, 2021 – 07:30 PM

As small businesses complain that it has never been harder for them to hire workers according to a recent NFIB survey, many are facing growing pressure to survive. As the American economy continues to reopen, some fear it might not happen soon enough to save thousands of small businesses. Data from Alignable’s June Revenue Poll shows that 35% of all small business owners are still at risk of closing permanently by the end of the summer.

Among the 3,772 small business owners in the 10 days ended June 1, Alignable’s June Revenue Poll showed a myriad of factors – including the remaining closures and restrictions, growing inflationary pressures on prices, rising gas and transportation prices and labor shortages – are creating problems that affect small businesses more intensely than their corporate partners.

The biggest increase in the survey was trouble finding employees, which was identified as a potential closure risk by 55% of respondents, up from just 5% the prior month.

For the record, Alignable calculates the percentage of small business owners who believe their businesses are in jeopardy by combining the answers to two of its questions: what percentage of last summer’s revenue will these businesses make this summer? And what percentage of last year’s revenue do they need to earn to ensure their business stays afloat. If the first is smaller than the second, then businesses are deemed to be in jeopardy.

Beyond this, several respondents complained about the lingering impact of not being able to fully reopen. Some say they’ve had to take a second job to keep their small business afloat long enough to see if it actually has a chance to recover after COVID subsides.

Based on the answers to the first question, only 22% of small business owners said they expected to make as much or more than they earned last summer. Considering that 40-50% of small businesses weren’t even fully open last summer, this figure alone is cause for alarm.

Retailers and restaurant owners were also feeling slightly better about their prospects, but many are still concerned about their prospects. Some expressed worries about whether to impose mandatory masking policies and other precautions since a significant slice of the population remains unvaxxed.

Amid these frustrating insights, there is an important silver lining: 33% of business owners said they had fully recovered to their pre-COVID monthly revenue numbers, adding more support for the “two recoveries” narrative that’s also encapsulated by the recent winnings of “meme stock” traders who have come into sudden financial windfalls by betting on hot stocks like AMC, which soared past $70 a share last night.

For many small business owners, watching millions of Americans collect “enhanced” unemployment checks, while others make thousands of dollars betting on stocks, feels like salt in their wounds.

end

INFLATION WATCH/YELLEN

This is a surprise coming form Yellen:  she admits that inflation is about to surge. However the goof ball states that this will be a plus for society.  What on earth is she smoking

(zerohedge)

Yellen Admits Inflation Is About To Surge, Says It Will Be A “Plus For Society”

 
SUNDAY, JUN 06, 2021 – 08:00 PM

Last week, when Biden released his $6 trillion budget, we asked if it was a joke that the BIden budget saw just 2.1% inflation in 2021 and 2022.

Fast forward to this weekend, when Fed Chair Treasury Secretary Janet Yellen addressed our rhetorical concern, and following the G7 finmin meeting in London where the world’s most advanced nations agreed to impose a 15% minimum corporate tax rate (with zero enforcement provisions), said that contrary to the Biden Budget, inflation could climb as high as 3% this year in what the WaPo said was the first time the Biden administration projected what inflation could be through 2021″, which by the way is dead wrong since Biden’s budget just last week predicted only 2.1% CPI in 2021.

What the pathologically misleading Bezos Post meant to say is that this was the first time the Biden administration actually told the truth about how high the galloping US inflation will rise. And the only reason it did so is that in a time when home prices – and pretty much all other prices – are soaring at the fastest pace in US history, adhering to the laughable 2.1% CPI forecast would crush the credibility of everyone in this progressive administration.

Of course, the admission that inflation is about to turn red hot led to many other unpleasant questions that need to be answered, such as what will this to the economy, to purchasing intentions (which as we reported at the end of May just crashed the most on record), and last but not least, to the market, where the tiniest hint of inflation leads to immediate selloffs.

So, scrambling to preempt the barrage of questions come Monday, on Sunday Janet Yellen said that even though inflation is now at the highest level since Paul Volcker hiked rates to 20% and the US is about to issue another $3 trillion or so in debt just to fund existing stimulus programs, Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates.

Why? Because soaring inflation is good for you.

“If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen said in an interview with Bloomberg. And yes, she really said that.

It wasn’t immediately clear why rising rates, hence inflation and a drop in one’s purchasing power is “a plus for society’s point of view” but needless to say, this is the kind of idiotic drivel that Rudy von Havenstein and his cronies said some time in 1921, just around the time Weimer hyperinflation kicked in.

The debate around inflation has intensified in recent months, between those who, like Yellen, argue that current price increases are being driven by transitory anomalies created by the pandemic — such as supply-chain bottlenecks and a surge in spending as economies reopen — and critics who say trillions in government aid will fuel a lasting spike in costs.

Just to make sure there was no doubt which side of the argument Yellen is on, she said the recent rise in prices will subside and the U.S. labor market still has a ways to go before returning to pre-pandemic strength.

“We’re seeing some inflation but I don’t believe it’s permanent,” Yellen said at a press conference Saturday after the G-7 finance meeting in London. “We at least on a year-over-year basis will continue, I believe, through the rest of the year to see higher inflation rates — maybe around 3%.”

Yet even Yellen admitted that she could be wrong (narrator: “she is”) and that officials are still watching price increases closely. “I don’t want to say this is mind absolutely made up and closed. We’ll watch this very carefully, keep an eye on it and try to address issues that arise if it turns out to be necessary,” she said, although again she added that personally she believes “this represents transitory factors,” and that “policy should look past such factors.”

Yellen also made it clear that even though the world is now more indebted than at any time since World War II, it is about to take on even more debt, because you see, it’s contained: “There is a concern among some about fiscal sustainability and an evident desire to begin to withdraw accommodation when things are back on track,” Yellen said, eyeing her former democrat buddy Larry Summers who has emerged as one of the biggest critics of “Biden’s trillions.” Yellen dismissed his concerns simply by saying that “we think that most countries have fiscal space.”

“I will not give up on the next packages,” Yellen said. “They’re not meant as stimulus, they’re meant as investments to address long-standing needs of our economy.”

Yes, she really said that, and yes she better be right about the “transitory” inflation part because we are about to get a whole lot more of it. Biden’s packages would add up to roughly $400 billion in spending per year, Yellen said, contending that’s not enough to cause an inflation over-run. Any “spurt” in prices resulting from the rescue package will fade away next year.  And, if she is wrong, well… it will be someone else’ problem to mop it up.

And speaking of what’s coming, keep in mind that last month we learned that headline CPI rose 4.2%, but it is the May print that could be an “absolute shocker”, as discussed last week.

Yet despite surging prices, and despite soaring wages, the Fed has committed to only begin scaling back the $120 billion monthly pace of its asset purchases after there’s “substantial further progress” on inflation and employment. It is unclear how much higher inflation should rise for the Fed to be happy, but one thing is clear: we are now at a point where the government’s welfare handouts and weekly unemployment benefits are distorting the picture dramatically, and the job market is growing far below expectations precisely because of Biden’s ruinous fiscal policies, policies that keep the Fed’s QE in play even longer and assure that not only is the wealth divide the widest it has ever been, but that when inflation really hits, it will truly be an “AAAAAAH!!!” moment.

But none of that is a concern to the phlegmatic 74-year-old: Yellen said that monetary policy makers can handle any potential rise in inflation if it sticks. “I know that world – they’re very good,” Yellen said in the interview. “I don’t believe they’re going to screw it up.”

This is the same clueless hack who in 2017 said she doesn’t expect another financial crisis in “our lifetimes.”

end

INFLATION WATCH/USED CAR PRICES/CPI

This is important: one of the key components of the CPI to be released on the 10th of June is used car prices. These are exploding in price and it will no doubt had a huge amount to the CPII

(zerohedge)

Soaring Used Car Prices May Result In “Shocking” Inflation Report Next Week

 
SUNDAY, JUN 06, 2021 – 10:00 PM

Used car prices in the US continue to surge due to both the country’s economic recovery and an ongoing supply crunch.

There are two components to watch in the core inflation report due next week. First is, and most importantly, are used car prices and second is the rent of shelter.

Core inflation in April saw a more significant contribution to used car prices pushing inflation upwards of 2% YoY mainly because prices of used vehicles on the month jumped 21% YoY.

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

“Prices on used vehicles increased by an astonishing 21 % YoY in April (contributing 0.8% to the yearly change in core inflation). According to Manheim Consulting, prices on used cars and trucks are expected to climb further to 50 pct YoY in May or June (3 months lag). If we assume a 50% yearly increase in used cars in May (Manheim may exaggerate the yearly price increase a bit), then core inflation will potentially surpass 4%. Supply chain disruptions, shortage of semiconductors and Covid-19 restrictions have all played a part in disturbing the price action in the car market, but bottlenecks are not always the root cause of inflation – they can also be seen as a symptom,” said Nordea. 

This means that the May inflation report next week (due June 10) could be an absolute shocker.

“We see clear risks of a big positive surprise to the May inflation report as well with core inflation around or just above 4%. The market is still buying the transitory inflation narrative but for how long? Lately, increasing (US) inflation has been the main concern of markets,” Nordea said, adding that, “We are likely in for another inflation shocker in June, but the question is whether the market will explain it away as a transitory effect.” 

Peering into the real world, Financial Times speaks with people within the industry and in financial markets about what’s fueling used car prices. 

Carey Cherner, a 36-year-old used car dealer in Maryland, sold a 2001 Ford F-150 pick-up truck with close to 200k miles for $7,500, more than 50% higher than pre-pandemic prices. 

“There are more people buying cars than there are cars in the market, which makes it go kind of crazy,” Cherner said.

Policymakers, such as Federal Reserve members, continue to soothe the market with the word “transitory” almost daily, as a form of a communication tool to admit there are inflationary pressures but avoid market participants from panicking. 

Lael Brainard, a Fed governor, said earlier this week that used car cost pressures “may persist over the summer months, I expect them to fade and likely reverse somewhat in subsequent quarters”.

But the problem here is that policymakers have been telling us that these pressures are “transitory” for months and keep pushing out the goalposts of when they want everyone to believe inflation diminishes. 

Nathan Sheets, the chief economist at PGIM Fixed Income and a former under-secretary at the US Treasury, said there is an “unprecedented level of stimulus plus other forms to support spending” floating around the economy. A combination of helicopter drops by the federal government and supply chain disruptions resulted in the quickest “V-shaped” recovery that ultimately sparked supply constraints, driving up prices. 

“How sure am I that I am right that inflation is going to dissipate? Probably 80 percent, but that is still a pretty fat tail,” Sheets said. 

“It’s incredibly tight right now: you have more demand . . . that is supported by fiscal stimulus, so it’s just like a perfect storm. And we see that clearly in prices,” said Laura Rosner, a senior economist at MacroPolicy Perspectives. 

But Jonathan Smoke of Cox Automotive, a consultancy for automobile dealers, noted that “several leading indicators of what’s happening at our auctions” suggest “the price appreciation streak is likely going to end.”

However, in Maryland, Cherner doesn’t believe there will be a “steep drop-off [in prices] until there’s way more supply than there is demand. They [automakers] still have to build the new cars and get the chips in them and get them out. I just think it’s going to last.”

So the main driver in next week’s inflation report will most likely be surging used car prices, and the red hot numbers may cause the Fed to start tapering or at least continue to communicate a future wind-down of its emergency pandemic policies this summer. 

end

INFLATION WATCH: CALIFORNIA AND NEVADA

Many states are now in drought conditions with California and Nevada in severe drought.

Expect higher prices

Wheeler/Organic Prepper blog)

 

California And Nevada Are Now 100% In Drought

 
MONDAY, JUN 07, 2021 – 01:30 PM

Authored by Robert Wheeler via The Organic Prepper blog,

California and Nevada are 100% in drought.

Direct from Drought.gov:

After two water years of dry conditions, both California and Nevada are now 100% in drought. And with dire drought conditions, rapidly decreasing snowpack, and low reservoir levels, concern for wildfire season is growing.

This is a dry spell not seen since the Great Depression and the Dust Bowl days. Because of the drought, Americans very likely will experience a shocking food shortage very soon.

As explained in my previous article, drought is also affecting Arizona, and Colorado and the prairie states like Kansas, Nebraska, and the Dakotas. However, other states such as those in the Midwest and areas considered the nations’ “corn belt” also suffer from the drought. 

Midwest states suffering the most

Here are the states in the Midwest currently experiencing drought conditions:

  • Iowa – Iowa has been in a state of drought for some time. About 8% of the state is considered “severe drought,” an area spanning about 12 counties in the northwestern part of the state. About 64% of Iowa currently suffers from “abnormally dry conditions, or worse.”

  • Illinois – Drought in Illinois, particularly the northeastern portion, has intensified to severe is now covering about 6% of the state. Abnormally dry conditions are present across the northern region and east side of the state. About 27% of the state is suffering from “abnormally dry conditions, or worse.”

  • Nebraska – One of the lucky ones, Nebraska received some much-needed rain. Unfortunately, that wasn’t enough to end the drought. Moderate drought is at 16%, while 45% of the state suffers from “abnormally dry conditions, or worse.”

  • Indiana – Probably the least dry state of the drought-stricken Midwest. Less than 1% of the state in drought conditions though about 21% reporting “abnormally dry conditions.”

  • Minnesota – The drought is getting worse in Minnesota. Two counties in the northwest of the state are in “severe drought” while “moderate drought” has spread to 21% of the state. Overall, about 55% of the state suffers from “abnormally dry conditions, or worse.”

  • Michigan – Michigan hasn’t been spared either. 78% of the state is experiencing “abnormally dry conditions,” 64% “moderate drought, and 6% “severe drought.”

Southeast U.S. is not as bad, but still not looking good

The Southeast United States is faring better. However:

  • Virginia, North Carolina, and South Carolina are experiencing drought conditions as well.

  • Texas, not mentioned as much: 52% experiencing “abnormally dry conditions,” 32% “moderate drought,” 20% “severe drought,” and 12% “extreme drought.” Nearly 6% of the state is experiencing “exceptional drought.”

  • Though typically a dry state, New Mexico is 100% experiencing “abnormally dry conditions,” 99% “moderate drought,” 96% “severe drought,” 77% “extreme drought,” and 47% “exceptional drought.”

Still don’t believe the U.S. is suffering a severe dry spell?

The issue went before the U.S. Congress. From the AZ Mirror: 

A drought crisis unfolding across the West will require short-term relief and massive, long-term federal funding to help states weather the effects of climate change, state water managers and lawmakers said at a U.S. House hearing on Tuesday.

Nearly 90 percent of the West is now experiencing drought conditions, according to the federal U.S. Drought Monitor. The problem is particularly acute in the Southwest.

Many states suffer from the driest water year on record

According to the AZ Mirror: 

Arizona, New Mexico, Nevada, and Utah just had their driest year in 126 years. Colorado had its fourth-driest year, according to the National Oceanic and Atmospheric Administration.

Snowpack is well below average this year, and early snowmelt is raising serious concerns for this summer.

“Droughts are not new, but many are experiencing the impact of one of the driest water years on record,” Elizabeth Klein, a senior counselor at the Interior Department who is overseeing drought response, said at the hearing before a panel of the House Natural Resources Committee. “Competing demands for water can lead to more conflict.”

Water wars heat up as the dry spell worsens

The AZ Mirror also reported: 

Among those conflicts are who gets priority for limited water resources: upstream users, farmers, endangered fish, tribes, or municipal water systems.

In some cases, states are in conflict over who has rights to the water. The U.S. Supreme Court has several interstate water disputes on its docket, including cases between Mississippi and Tennessee and Texas, New Mexico and Colorado.

None of these issues are unforeseen consequences

They are the natural consequences of drought brought on, not by mythical CO2-based climate change. But a combination of natural phenomena, human action, and lack of preparation, problem-solving, and adaptation by governments and industry.

We shouldn’t look to Congress to solve the repercussions of the drought. (Unless the solution is giving themselves a raise.) Instead, all we can do is prepare ourselves and our families as best we can.

In other words, hope for the best, prepare for the worst.

I will say it again…

We’re facing famine conditions.

The drought isn’t coming. It’s HERE.

And whatever you think might be the causes, there are no signs that any reasonable solutions will be discovered or implemented any time soon. The best course of action is to prepare and plan. Now. Famine conditions are next on the list of things to worry about.

end

World wide shortages of semi conductors will last until mid to late 2022

(zerohedge)

Semi Shortage To Last Until “Mid-To-Late 2022”, World’s Third Largest Electronics Manufacturer Says

 
MONDAY, JUN 07, 2021 – 02:27 PM

It still looks like we are nowhere near the end of the ongoing global semi chip shortage. Even worse, more manufacturers are confirming that the shortage could last “for at least another year”, catalyzed by sharp post-pandemic demand for automobiles and electronics. 

Flex, the world’s third-biggest electronics contract manufacturer, offered up the “gloomiest” forecast for the crisis yet to FT this week. The company has more than 100 sites in 30 countries and works with major names like Dyson and HP. 

Lynn Torrel, Flex’s chief procurement and supply chain officer, told FT: “With such strong demand, the expectation is mid to late-2022 depending on the commodity. Some are expecting [shortages to continue] into 2023.”

Revathi Advaithi, chief executive of Flex added that the shortage has prompted the company’s multinational customers to “take a far more serious look at restructuring their supply chains than the trade war between the US and China ever did”.

Adavaithi commented: “Most companies won’t make a decision to regionalize just on tariffs. They know it could be a short-term thing but things like the pandemic and escalation of shipping costs that impact the total cost of ownership drives regionalization.”

Flex’s pessimistic forecast follows that of Intel CEO Pat Gelsinger last week, who we pointed out said that the shortage could last “a couple years”. 

Gelsinger said that the pandemic-inspired “work from home” trend caused a “cycle of explosive growth in semiconductors”, according to Reuters

“But while the industry has taken steps to address near term constraints it could still take a couple of years for the ecosystem to address shortages of foundry capacity, substrates and components,” Gelsinger commented. 

Gelsinger also reiterated Intel’s plans to expand: “We plan to expand to other locations in the U.S. and Europe, ensuring a sustainable and secure semiconductor supply chain for the world.”

Intel is trying to keep pace with Samsung and Taiwan Semiconductor – both of which also have plans to expand, including into the U.S. – to increase semi production. 

We noted in mid-May that TSMC had plans of “doubling down” and vastly increasing its investment for production in Arizona. The chipmaking giant said at the time it was “weighing plans to pump tens of billions of dollars more into cutting-edge chip factories in the U.S. state of Arizona than it had previously disclosed”.

The company had already said it was going to invest $10 billion to $12 billion in Arizona. It now appears to be mulling a more advanced 3 nanometer plant that could cost between $23 billion and $25 billion. The changes would come over the next 10 to 15 years, as the company builds out its Phoenix campus.

In May we noted how automakers were being forced to leave some high tech features out of new vehicles as a result of the semi shortage. Days before that, we pointed out “thousands” of Ford trucks sitting along the highway in Kentucky, awaiting semi chips for completion of assembly. 

Intel’s CEO, speaking on 60 Minutes last month, had already suggested it could be a while before things are back to normal.

He said then: “We have a couple of years until we catch up to this surging demand across every aspect of the business.” Days prior to Gelsinger’s initial statements, we wrote that Morgan Stanley had also suggested the shortage could continue “well into 2022”

end

iv) Swamp commentaries/

Unrest again in Minneapolis

Ozimek/Epoch times

Unrest Erupts In Minneapolis Amid Protests Over Police-Involved Shooting

 
SATURDAY, JUN 05, 2021 – 11:30 AM

Authored by Tom Ozimek via The Epoch Times,

Minneapolis saw an outbreak of unrest on Friday night, after a vigil and protests over the shooting death of a man by members of a U.S. Marshals task force devolved into chaotic scenes of looting, arson, and vandalism.

Police stand guard after protesters set fire to dumpsters on June 5, 2021. (AP Photo/Christian Monterrosa)

The second night of protests followed Thursday’s fatal shooting of 32-year-old Winston Boogie Smith Jr.who was wanted on a weapons violation and fired a gun before two deputies shot him.

Members of the U.S. Marshals Fugitive Task Force were trying to arrest Smith on a warrant for allegedly being a felon in possession of a gun, according to authorities. The Marshals Service said in a statement Thursday that Smith, who was in a parked vehicle, didn’t comply with law enforcement and “produced a handgun resulting in task force members firing upon the subject.”

Family and friends of Smith Jr. spoke at a vigil on Friday at the location of the fatal shooting, with video from the scene showing an unidentified man calling for “justice” and for the crowd to “say his name.”

Community members hold a vigil for Winston Smith in Minneapolis, Minn., on June 4, 2021. (AP Photo/Christian Monterrosa)

Later, protesters blocked parts of Hennepin Avenue and Lake Street in Uptown Minneapolis, police announced in a tweet, urging people to avoid the area.

Footage from later in the evening showed multiple fires burning, and police making arrests.

Protesters are arrested by police in Minneapolis, Minn., on June 5, 2021. (AP Photo/Christian Monterrosa)

Police in riot gear faced off with some protesters, asking them to clear the area. At around 2 a.m., there was still a large police presence in the area, with footage showing a vehicle surrounded by law enforcement and additional arrests being made.

A firefighter puts out a dumpster fire after protesters clash with police in Minneapolis, Minn., on June 5, 2021. (Christian Monterrosa/AP Photo)

Video shared on social media showed a crowd of mostly masked individuals breaking into a T-Mobile outlet, with two men hoisting a third as a battering ram to shatter the window.

Moments later, people were seen rushing into the store through the broken window before exiting sometime later, with an alarm sounding in the background.

Police stand guard after rioters set fire to dumpsters in Minneapolis, Minn., on June 5, 2021. (AP Photo/Christian Monterrosa)

Police said at least nine people were arrested on possible charges including suspicion of riot, assault, arson, and damage to property.

The unrest came as Minneapolis has been on edge since the death of George Floyd just over a year ago, and the fatal shooting of Daunte Wright by an officer in nearby Brooklyn Center in April.

END

Interesting GOP approves a resolution censuring secretary of State Brad Raffensperger

Stieber/EpochTimes)

Georgia GOP Approves Resolution Censuring Secretary Of State Brad Raffensperger

 
SUNDAY, JUN 06, 2021 – 06:00 PM

Authored by Zachary Stieber via The Epoch Times,

The Georgia Republican Party on Saturday approved a resolution censuring Secretary of State Brad Raffensperger, local media reported.

The Georgia GOP during a convention approved a resolution that says Raffensperger, a Republican, failed to perform his duties in “accordance with the laws of the Constitution of the State of Georgia,” WSB-TV reported.

The document says the failure stemmed from Raffensperger entering into a settlement agreement with the Democratic Party of Georgia, the Democratic Senatorial Campaign Committee, and the Democratic Congressional Campaign Committee.

The agreement saw Raffensperger agree to promote and enforce regulations regarding prompt notification if a mail-in ballot was rejected and regarding county clerks’ signature reviews of absentee ballot envelopes and ballots.

Georgia Republicans accused Raffensperger of “undermining the security of our elections by allowing mass mailings of absentee applications by his office and third parties which created opportunities for fraud and overwhelmed election offices; rendering accurate signature matching nearly impossible; allowing ballot drop boxes without proper chain of custody; and ignoring sworn affidavits and disregarding evidence of voter fraud.”

“It’s obvious that there was fraud,” Michael Ovitz, an attendee at the convention, told the Atlanta Journal-Constitution.

“A civilized society depends upon truths and facts, not deception and deceit.”

The Georgia Republican Party did not respond to a request for comment.

Raffensperger has said there is no evidence of widespread fraud occurring in the 2020 election. The State Election Board, which he chairs, has sent dozens of election fraud cases to prosecutors in the wake of the election, including allegations that voters failed to register and vote or registered to vote while living outside the state.

Raffensperger’s office told WSB-TV: “The secretary of state’s office, county election directors, and the tens of thousands of poll workers across the state worked to ensure that democracy was upheld. It is the job of counties to run elections and the secretary of state’s office’s job to report those election results—it is the job of the political parties to deliver wins for their candidates. Let’s not confuse the two.”

end

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

Greatest Financial Event in History Coming – Bo Polny

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Biblical cycle expert and financial analyst Bo Polny predicted in November of 2020 the stock market (DOW) would “top out in May 2021 at around 33,000 to 34,000 and then crash in June.”  So far, half of the prediction is spot on, and we are waiting for the crash.  Polny says, “The greatest financial event in human history is not and will not happen on a Trump watch.  I repeat, the greatest financial event in human history is not going down on a Trump watch.  It’s going to go down under the current, whatever you want to call him.  Trump is a builder.  The builder comes in to fix things.”

What’s the timeline on this “greatest financial event in human history”?  Polny says, “All hell breaks loose next week. . . . There are all these events, mini events, that are all culminating in God’s perfect orientation and God’s perfect timing to create the absolute perfect storm, and then he pulls the trigger.  Remember this:  When the Red Sea opened and closed, that entire event happened in one day.  By the end of the day or the next day, everything was 180 degrees different.  Mark my words, we sit here today, and by the end of this year, everything will be 180 degrees different.  Most likely everything is going to happen in the next 90 days.  We are living in a Biblical year.  It’s the year of Jubilee, and we are about to see acts of God.”

On the political front, Polny mentions the 1878 Supreme Court ruling of UNITED STATES THROCKMORTON. The main nugget of the ruling was “Fraud vitiates everything. . .” Meaning make null and void, and that this landmark Supreme Court ruling will apply to the fraud fest that was the 2020 Election.

Polny says, “Fraud vitiates everything.”  Google those words, “Fraud vitiates everything.”  This is critical to understand. . . . It’s incredibly powerful when you understand what those simple words mean.”  Polny contends this is how the 2020 fraudulent election win of Vice President Biden will get nullified and make way for President Trump to be put back in the White House.

Polny also says, “The stock market cycles show the markets start to plunge next week, and they plunge for weeks.  That is a Third Seal moment where we have a complete financial shift of the economy as we know it. . . . Celebration will happen on the 4th of July.  Evil is taken down.  The ‘wow’ moment happened, and between now and July 4th, we got ‘wow.’  God’s people will be celebrating because God moved his hand.”

This is the 50th year of the U.S. dollar being taken off the gold standard by President Nixon in August of 1971.  This made the U.S. dollar a debt instrument, and it is called a Federal Reserve Note.  The word “note” means it is a debt instrument.  This will be a bad year for the U.S. dollar, and it has already been declining in value.  Look at recent inflation data, and it is clear more dollars are needed to buy just about everything.  In Biblical terms, a Jubilee year is a 50th year where debts are canceled and slaves are released from bondage.  Polny explains, “If you go to our October interview (2020) after the start of the (Jewish) New Year in September, the dollar would be in the Jubilee cycle.  So, the dollar would be in a downward cycle, a Jubilee cycle, and there is going to be a massive event in the dollar somewhere between September and August of 2021.  That’s September of last year and August of this year 2021.  So, we’ve basically got 90 days left for the dollar to get a major haircut.  A Jubilee is something where you are supposed to follow the word and the Laws of God.  If you don’t . . . God is going to make it happen. . . . The dollar has been in a down cycle since September of last year, and they are fighting to prop it up.  Within about three months, silver, gold and crypto currencies are going to rip vertical because when the dollar breaks, everything opposite of it shoots vertical.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny, founder of Gold2020Forecast.com.

Greatest Financial Event in History Coming – Bo Polny

Harvey
 
 
 
 
 

After the Interview:

I WILL SEE  YOU TUESDAY NIGHT

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