JUNE 8//GOLD DOWN $4.00 TO $1892.10//SILVER DOWN 28 CENTS TO $27.60//GOLD STANDING AT THE COMEX INCREASES TO 68.997//SILVER REMAINS AT 12.835 MILLION OZ//HUGE NUMBER OF CORONAVIRUS UPDATES//DELTA STRAIN UPDATE//VACCINE UPDATES//G7 WANTS TO AGREE ON TRADE WITH TAIWAN AND THAT WILL UPSET CHINA//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1892.10  DOWN $4.00   The quote is London spot price

Silver:$27.60  DOWN 28 CENTS   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1893.30 LONDON SPOT  4:30 pm

ii)SILVER:  $27.63//LONDON SPOT  4:30 pm

 

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

 

 

PLATINUM  $1165.41  DOWN $6.86

PALLADIUM: 2807.63 DOWN $33.01  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  3/14

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,896.800000000 USD
INTENT DATE: 06/07/2021 DELIVERY DATE: 06/09/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 4
099 H DB AG 2
323 H HSBC 1
435 H SCOTIA CAPITAL 1
555 H BNP PARIBAS SEC 1
624 H BOFA SECURITIES 1
661 C JP MORGAN 3
709 C BARCLAYS 1
737 C ADVANTAGE 14
____________________________________________________________________________________________

TOTAL: 14 14
MONTH TO DATE: 20,501

ISSUED:  0

Goldman Sachs:  stopped: 4

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 14 NOTICE(S) FOR 1400 OZ  (0.0435 tonnes)

TOTAL 0CTOBER OF NOTICES FILED SO FAR:  20,501 NOTICES FOR 2,050,100 OZ  (63.766 tonnes) 

SILVER//JUNE CONTRACT

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

total number of notices filed so far this month 2444  :  for 12,220,000  oz

 

BITCOIN MORNING QUOTE  $32,902  DOWN 2677  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$32,875 DOWN 2704 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $4.00 AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?:    A A HUGE CHANGE IN GOLD INVENTORY AT THE GLD : A MASSIVE 5.93 PAPER TONNES WERE REMOVED FROM 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  1037.33 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 28 CENTS

TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: I)A WITHDRAWAL OF 928,000 OZ AT 3:30 PM 

AND ANOTHER II)  231,000 OZ WITHDRAWAL..FROM THE SLV. AT 5.20 PM.. 

 

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:

577.459  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 177.27 DOWN $0.60 OR  0.34%

XXXXXXXXXXXXX

SLV closing price NYSE 25.62 DOWN $0.28 OR 1.08%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A SMALL SIZED 346 CONTRACTS FROM 185,766 DOWN TO 185,420, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE SMALL LOSS IN OI OCCURRED DESPITE OUR STRONG  $0.13 GAIN IN SILVER PRICING AT THE COMEX  ON MONDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE STRONG 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:  6 only CONTRACTS.

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1043,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 1043 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1043 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 

12.855 MILLION OZ INITIAL STANDING FOR JUNE

 

TUESDAY, 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 $0.13). AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH MONDAY’S TRADING.  WE HAD A STRONG GAIN OF 697 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  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 20,000 OZ QUEUE  JUMP ON DAY 8 OF THE DELIVERY CYCLE, WITH 12.855 MILLION OZ NOW STANDING FOR DELIVERY//  v) SMALL COMEX OI GAIN /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

JUNE

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

7592 CONTRACTS (FOR 7 TRADING DAY(S) TOTAL 7592 CONTRACTS) OR 37.960 MILLION OZ: (AVERAGE PER DAY: 1084 CONTRACTS OR 5.422 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 37.960  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:  37.960 MILLION OZ// ISSUANCE SLIGHTLY BELOW THE MONTH OF MAY.

 

RESULT: WE HAD A SMALL DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 346, WITH OUR  $0.13 GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY .…THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE OF 2525 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A GOOD SIZED GAIN  OF 697 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.13 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 20,000 OZ QUEUE JUMP  AS THE NEW TOTAL OF SILVER STANDING RISES AT 12.855 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1043  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED DECREASE OF 340 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.13 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.88//MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 2 NOTICES FILED TODAY FOR 10,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED SIZED 5280 CONTRACTS TO 491,649 ,,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: 2258 CONTRACTS.

THE STRONG SIZED INCREASE IN COMEX OI CAME WITH OUR  JUMP IN PRICE  OF $6.60///COMEX GOLD TRADING//MONDAY. AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,063 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 800 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  68.997 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $6.60 WITH RESPECT TO MONDAY’S TRADING

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

WE HAD  A STRONG SIZED GAIN OF 10,063 OI CONTRACTS (31.30 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2525 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 2525  ALL OTHER MONTHS ZERO//TOTAL: 2525 The NEW COMEX OI for the gold complex rests at 491,649. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7805 CONTRACTS:  5280 CONTRACTS INCREASED AT THE COMEX AND 2525 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7805 CONTRACTS OF 24.27 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2525) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (5280 OI): TOTAL GAIN IN THE TWO EXCHANGES:  7,805 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 800 OZ QUEUE JUMP//NEW COMEX TOTALS 68.997 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) STRONG COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR STRONG GAIN IN GOLD PRICE TRADING MONDAY//$6.60!!.

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 : 21,105, CONTRACTS OR 2,110,500 oz OR 65.64 TONNES (7 TRADING DAY(S) AND THUS AVERAGING: 3015 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7 TRADING DAY(S) IN  TONNES: 65.64 TONNES

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

THUS EFP TRANSFERS REPRESENTS 65.64/3550 x 100% TONNES =1.84% 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:      65.64 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, FELL BY A SMALL SIZED 346 CONTRACTS FROM 185,766 DOWN TO 185,420 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  

EFP ISSUANCE 1043 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 1043: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1043 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 346 CONTRACTS AND ADD TO THE 1043 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 697 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.485 MILLION  OZ, OCCURRED WITH OUR $0.13 GAIN IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 19.43 PTS OR 0.54%   //Hang Sang CLOSED DOWN 5.96 PTS OR 0.02%      /The Nikkei closed DOWN 55.68 pts or 0.19%  //Australia’s all ordinaires CLOSED UP 0.14%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3978 /Oil UP TO 69.59 dollars per barrel for WTI and 70.79 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3978. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3941   : /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 ROSE BY A STRONG  SIZED 5280 CONTRACTS TO 491,649 MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED WITH OUR STRONG GAIN OF $6.60 IN GOLD PRICING MONDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (2525 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 2525 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 2525 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2525  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 STRONG SIZED  7805 TOTAL CONTRACTS IN THAT 2525 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED COMEX OI OF 5,280 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (68.9997) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $6.60)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 10,063 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 24.27 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (68.9997 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 2258  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::10,063 CONTRACTS OR  1,006,300 OZ OR  21.30  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:  491,649 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.16 MILLION OZ/32,150 OZ PER TONNE =  1529 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1529/2200 OR 69.50% OF ANNUAL GLOBAL PRODUCTION OF GOLD.4

 

Trading Volumes on the COMEX GOLD TODAY:172,507contracts// volume /   / awful

CONFIRMED COMEX VOL. FOR YESTERDAY: 154,475 contracts// –poor  

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

 

JUNE 8 /2021

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

NL oz

 

Deposits to the Customer Inventory, in oz
NIL OZ
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
14  notice(s)
 
1400 OZ
0.0435 TONNES
No of oz to be served (notices)
1681 contracts
 168,100oz)
 
5.228 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
20,501 notices
2,050,100 OZ
63.766 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 

 
 
total deposit:  NIL oz    
 
 
 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: NIL  oz
 
 
 
 
 
 
We had 1 withdrawals….
 
i) out of Brinks: 552.910 OZ
 
 
 
 
 
total withdrawals 552.910 oz
 
a net:   0.017 tonnes LEAVES  the comex
 
 
 
 
 
 
 
 
 

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

ADJUSTMENTS  2//   dealer to customer

i) Brinks: 675.17 OZ (21 KILOBARS)

ii) JPMorgan: 100.100 oz 

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 1695 CONTRACTS for a LOSS of 623 contracts. We had 631 notices filed on FRIDAY, so we GAINED 8  contracts or an additional 800 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 LOST 131 CONTRACTS TO STAND AT 2387.
 
AUGUST GAINED A HUGE 4854 CONTRACTS UP TO 398,556.

We had 14 notice(s) filed today for 1400  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 14  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 4  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 (20,501) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 1695 CONTRACTS ) minus the number of notices served upon today  14 x 100 oz per contract equals 2,218,200 OZ OR 68.9997 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 (20,501) x 100 oz+ XX)  OI for the front month minus the number of notices served upon today (14} x 100 oz} which equals 2,218,200 oz standing OR 68.9997 TONNES in this  active delivery month of MAY.

We GAINED 8 contracts or an additional 800 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 508.77 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 68.997 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,530,174.204 oz or 576.36 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
thus:
 
registered gold that can be used to settle upon: 16,357,245.0 (508,77 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,357,245.0 (508.77 tonnes)
 
total eligible gold: 16,230,152.338 oz   (504.82 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,760,326.542 oz or 1,081.19 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  954.85 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 8/2021
 
 

 

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
1,181,275.008 oz
 
 
 
 
CNT
Delaware
JPMorgan
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
608,406.052
 oz
 
 
 
 
 
 
 
 
CNT
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
2
 
CONTRACT(S)
10,000 OZ)
 
No of oz to be served (notices)
127 contracts
 (635,000 oz)
Total monthly oz silver served (contracts)  2444 contracts

 

12,220,000 oz)

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

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
i) Into CNT:   608,406.052 oz
 
 
 
 
 
 
 
 

JPMorgan now has 186.92 million oz of  total silver inventory or 52.80% of all official comex silver. (186.92 million/354.645 million

total customer deposits today 608,406.052   oz

we had 4 withdrawals

i) Out of CNT:  39,509.853 oz

ii) Out of Delaware:  5764.64 oz

iii) Out of JPMorgan; 562,329.580 oz

iv) Out of Manfra: 573,676.932

 
 
 
 
 
 

total withdrawals  1,181,275.008    oz

 
 

adjustments//1  Manfra:  dealer to customer

i) Manfra:  5185.177 oz

 
 
 
 

Total dealer(registered) silver: 109.059 million oz

total registered and eligible silver:  354.645 million oz

a net 0.573 million oz LEAVES the comex silver vaults.

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE ROSE IN CONTRACTS BY 4 CONTRACTS UP TO 129. WE HAD 0 NOTICES SERVED ON MONDAY SO WE GAINED 4 CONTRACTS OR 20,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 7694 contracts DOWN to 132,694 contracts  

AUGUST GAINED ANOTHER 39 CONTRACTS TO STAND AT 203

SEPTEMBER GAINED 7371 CONTRACTS UP TO 32,314

 
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  2444 x 5,000 oz = 12,220,000 oz to which we add the difference between the open interest for the front month of JUNE (129) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2444 (notices served so far) x 5000 oz + OI for front month of JUNE (129)  – number of notices served upon today (2) x 5000 oz of silver standing for the June contract month .equals 12,855,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 20,000 additional oz standing in June as they refused to morph into London based forwards.

 

 

TODAY’S ESTIMATED SILVER VOLUME 86,459 CONTRACTS // volume VERY  good// 

 

FOR YESTERday  92,990  ,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 8/2021)

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 8

/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 8/WITH GOLD DOWN $4.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 5.93 TONNES FROM THE GLD/.//INVENTORY RESTS AT 1037.33 TONNES

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 8 / GLD INVENTORY 1037.33 tonnes

LAST;  1071 TRADING DAYS:   +112.36 TONNES HAVE BEEN ADDED THE GLD

LAST 971 TRADING DAYS// +  286.89 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 8/WITH SILVER  DOWN 28 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 928,000 OZ AND THEN ANOTHER 231,000 OZ FROM THE SLV////INVENTORY RESTS AT 577.228 MILLION OZ//

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 8/2021
577,228 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

 

 

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

 

OR

END

OR LAWRIE WILLIAMS

 
PAM AND RUSS MARTENS

Wall Street On Parade

The crooked bankers on full display

Pam Martens/Russ Marten

(Wall Street on Parade)

The Wall Street Captured Fed Consolidates Its Power Under Biden

By Pam Martens and Russ Martens: June 7, 2021 ~

Janet Yellen Speaking at the Amundi World Investment Forum, June 28-29, 2018 in Paris

 

Janet Yellen Speaking at the Amundi World Investment Forum, June 28-29, 2018 in Paris

Janet Yellen, the current U.S. Treasury Secretary, is also the Chair of the Financial Stability Oversight Council, which includes every Wall Street regulator. Before coming to the Treasury Department, Yellen was the Chair of the Federal Reserve and had spent the bulk of her working career at the Fed or the San Francisco Fed.

When Yellen was not reappointed as Fed Chair by Donald Trump when her Chairmanship term expired in 2018, she immediately cashed in her chips on Wall Street, collecting millions of dollars in speaking fees in 2019, and undisclosed millions more in 2018. (See Janet Yellen’s Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018.)

Yellen was a Federal Reserve Board Governor when she was appointed Fed Chair. Her term as a Governor didn’t expire until 2024. Yellen could have remained in that position. Instead, she opted for millions of dollars in quick cash from the very same mega banks that the Fed had been regulating during her tenure there. These were also the same banks that had blown up the U.S. financial system in 2008 and received a super-secret $29 trillion bailout from the Fed. The details of the Fed’s astronomical bailouts to the Wall Street mega banks were only made public after the Fed waged and lost a multi-year court battle to keep the size and recipients of its bailouts a secret.

The largest recipient of the Fed’s bailouts was Citigroup. It received a cumulative total of more than $2.5 trillion in below-market rate loans from the Fed from 2007 through at least the middle of 2010. After Yellen was nominated by President Biden to serve as U.S. Treasury Secretary, her financial disclosure report showed that she had spoken three times at Citigroup, on March 6, March 11, and March 12, 2019. She made $217,200 for each event, for a total of $651,600.

Oodles of cash were also flowing into Yellen’s bank account from Citadel, a giant hedge fund recently under scrutiny before the Senate Banking and House Financial Services Committees. Yellen’s financial disclosure report showed she had been paid $992,500 for speaking engagements at Citadel and had refunded it $50,000 to $100,000 for a cancelled event.

The most poignant analysis of Yellen’s cash haul from Wall Street came in a Tweet from Jesse Eisinger of the public interest publication, ProPublica. Eisinger wrote: “Deeply troubling two-fisted money grab from banks by Janet Yellen. This is corruption, but isn’t called that because it’s so quotidian.” Eisinger also noted: “Sure, Yellen might think she can make independent decisions once in office. But how arrogant is it to imagine that money corrupts everyone but you?”

Yellen’s power was already enormous as Treasury Secretary.  She oversees an octopus of federal agencies that include the Internal Revenue Service (IRS); the Office of the Comptroller of the Currency (OCC), which oversees all national banks that operate across state lines; the Bureau of Engraving and Printing; the U.S. Mint; the Financial Crimes Enforcement Network (FinCEN) which is tasked with combating money laundering but has failed miserably in that job; and numerous other units.

In addition, legislation passed by Congress in 1934 puts Yellen in charge of the slush fund known as the Exchange Stabilization Fund, which is allowed to meddle in markets. The Dodd-Frank financial reform legislation of 2010 makes Yellen the Chair of the Financial Stability Oversight Council, and, thanks to stealthy legislation passed during the Trump administration, the Treasury Secretary is now also a permanent member of the National Security Council (NSC).

If all of this power were not frightening enough for a woman who just two years ago received multi-millions through largess from Wall Street, David Dayen has now penned an expose on how Yellen and the Biden administration are further consolidating the Fed’s power over Wall Street’s mega banks.

Dayen notes that it was Yellen who picked a low-level employee at the Fed, Michael Hsu, to serve as Acting Comptroller at the Office of the Comptroller of the Currency. The OCC oversees the most dangerous megabanks on Wall Street and reports on their hundreds of trillions of dollars in derivative trades.

According to Dayen, Hsu quickly turned around and appointed Benjamin McDonough as the OCC’s Senior Deputy Comptroller and Chief Counsel. Where had McDonough come from — the Legal Division of the Federal Reserve.

But that is hardly the extent of the Fed’s growing influence in the Biden administration. Dayen writes as follows: “…Nellie Liang, a Federal Reserve economist in multiple divisions for 30 years, is President Biden’s choice as Treasury undersecretary for domestic finance. Laurie Schaffer, a longtime lawyer at the Fed, currently serves as principal deputy general counsel at Treasury. Biden’s deputy national security adviser for international economic issues, Daleep Singh, previously headed the markets team at the Federal Reserve Bank of New York.”

(For how the New York Fed operates, see Is the New York Fed Too Deeply Conflicted to Regulate Wall Street?)

Liang, reports Dayen, “recently co-authored a paper with fellow longtime Fed staffer Pat Parkinson, which asserted that regulators should weaken the bank leverage ratio (the ratio of debt to assets) and that the Fed should construct a credit facility to serve as a permanent bailout fund for the repo market, which got into trouble in 2019.”

For how the Fed jumped in with both feet to bail out the repo market and keep Wall Street humming months before there was any pandemic in the U.S., see: Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World.

Dayen also notes that McDonough, the man Hsu has named as the Chief Counsel at the OCC, had been an acting special advisor to the Vice Chairman for bank supervision at the Federal Reserve, Randal Quarles. Dayen writes that in that capacity McDonough had “worked on several of the deregulatory measures that Quarles pushed through, including the provision to weaken supervision for U.S. entities of foreign banks, which [Senator Elizabeth] Warren criticized Quarles for after the Archegos scandal.”

Quarles, like the sitting Fed Chairman Jerome Powell, both hail from one of the embodiments of greed on Wall Street – the Carlyle Group. (See: The Fed’s Chair and Vice Chair Got Rich at Carlyle Group, a Private Equity Fund with a String of Bankruptcies and Job Losses.)

Heretofore, Wall Street banks have been regulated by silos of regulators under the theory that if one regulator became totally captured, another regulator might continue to function in the public interest. Those regulators include the Securities and Exchange Commission (SEC), whose mandate is to regulate the stock exchanges, stock and bond trading, and the dissemination of publicly-traded corporations’ information to the public; the Commodity Futures Trading Commission (CFTC), which is supposed to regulate the commodity, futures and derivatives markets; and the Federal Deposit Insurance Corporation (FDIC), which oversees federally-insured banks (the largest of which have merged with Wall Street trading houses, making it next to impossible to tell a federally-insured bank from a trading casino).

But Dayen now sees an unhealthy trend of Fed domination. The title of his article is: “The Fed Becomes the Nation’s Only Bank Regulator.”

David Dayen, Author of Monopolized: Life in the Age of Corporate Power

 

David Dayen, Executive Editor, The American Prospect

end

If this Fed warning was coming from a right-wing conservative news outlet that would like to outright abolish the Fed, it might be taken with a grain of salt. But Dayen is Executive Editor of The American Prospect, where the article was published. It is well known as a progressive publication.

The article contains this deeply troubling sentence for progressives and Americans in general: “…so far there’s been little meaningful distinction between the Trump and Biden eras on bank regulation.”

 

 
 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Wall Street On Parade

The crooked bankers on full display

Pam Martens/Russ Marten

(Wall Street on Parade)

Pam and Russ Martens: The Wall Street-captured Fed consolidates its power under Biden

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Monday, June 7, 2021

Janet Yellen, the current U.S. Treasury secretary, is also the chair of the Financial Stability Oversight Council, which includes every Wall Street regulator. Before coming to the Treasury Department, Yellen was the chair of the Federal Reserve and had spent the bulk of her working career at the Fed or the San Francisco Fed.

end

When Yellen was not reappointed as Fed chair by Donald Trump when her Chairmanship term expired in 2018, she immediately cashed in her chips on Wall Street, collecting millions of dollars in speaking fees in 2019, and undisclosed millions more in 2018. 

See “Janet Yellen’s Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018”:

https://wallstreetonparade.com/2021/01/janet-yellens-cash-haul-of-7-million-is-just-the-tip-of-the-iceberg-she-failed-to-report-her-wall-street-speaking-fees-from-jpmorgan-and-others-in-2018/

Yellen was a Federal Reserve Board governor when she was appointed Fed chair. Her term as a governor didn’t expire until 2024. Yellen could have remained in that position. Instead she opted for millions of dollars in quick cash from the very same mega banks that the Fed had been regulating during her tenure there. 

These were also the same banks that had blown up the U.S. financial system in 2008 and received a super-secret $29 trillion bailout from the Fed. The details of the Fed’s astronomical bailouts to the Wall Street mega banks were only made public after the Fed waged and lost a multi-year court battle to keep the size and recipients of its bailouts a secret.

The largest recipient of the Fed’s bailouts was Citigroup. It received a cumulative total of more than $2.5 trillion in below-market rate loans from the Fed from 2007 through at least the middle of 2010. 

After Yellen was nominated by President Biden to serve as U.S. Treasury secretary, her financial disclosure report showed that she had spoken three times at Citigroup, on March 6, March 11, and March 12, 2019. She made $217,200 for each event, for a total of $651,600. …

… For the remainder of the report:

https://wallstreetonparade.com/2021/06/the-wall-street-captured-fed-consolidates-its-power-under-biden/

*END

A must read:  Chris Powell takes on Basel iii and its possible implications

(Chris Powell/GATA)

Basel 3 already has demolished claims that central banks don’t rig the gold market

 

 

 Section: Daily Dispatches

 

5:31p ET Monday, June 7, 2021

Dear Friend of GATA and Gold:

Many predictions are being offered about the impact of the “Basel 3” regulations on “unallocated gold” that have been proposed by the Bank for International Settlements and that the European Banking Authority has scheduled for implementation in the European Union at the end of this month.

Some observers foresee an explosion in the gold price, likely carrying silver and other metals with it, while others expect nothing special at all, figuring that central banks would never do anything favorable for the once and potentially future world reserve currency, which even now competes most inconveniently with their own currencies.

For your secretary/treasurer, the weightiest piece of evidence about Basel 3 is the astounding panicked protest issued a month ago by the London Bullion Market Association and the World Gold Council, a protest directed to the Bank of England’s Prudential Regulation Authority, opposing implementation of Basel 3 in the United Kingdom:

https://gata.org/node/21135

The LBMA-WGC protest contends that Basel 3 would make the “unallocated gold” business — the business of the LBMA banks — prohibitively expensive by requiring the banks to amass huge new deposits to offset what Basel 3 considers the derivative liabilities of “unallocated gold,” and would impair transactions undertaken for central banks.

Your secretary/treasurer has imagined mechanisms by which central banks seeking to persist in their longstanding policy of gold price suppression might get around Basel 3:

https://gata.org/node/21171

But then international agreements that revalue currencies do come around every half century or so, and the Scottish economist Peter Millar has shown how occasional comprehensive devaluations of government currencies against gold, reducing the burden of debt, are essential in a debt-based fiat money system to prevent interest expense from going exponential and devouring the real economy:

https://gata.org/node/4843

The U.S. economists Paul Brodsky and Lee Quaintance hypothesized nine years ago that central banks already were planning for such an upward revaluation of gold and were redistributing gold reserves among themselves as part of a plan for the next international currency revaluation:

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

Such speculation is hardly wild. In an interview with Business News Network in Canada in 2008, former Federal Reserve Board Governor Lyle Gramley was questioned about the seemingly excessive leverage on the Fed’s balance sheet. To defend the Fed, Gramley surprisingly volunteered a comment about the generally unrecognized value of the gold certificates the Fed has received from the U.S. Treasury Department.

Gramley said: “I think you have to reckon with the fact that one of the Fed’s assets is gold certificates, which are priced, as I remember, at $42 an ounce, and if we were to price them at market prices, the Fed’s leverage would look a lot less than it is now”:

https://www.gata.org/node/6989

BNN has been taken over by Bloomberg News and the video linked in the GATA dispatch about Gramley long since has been removed, but your secretary/treasurer saw the video soon after the interview was given and carefully transcribed Gramley’s comment about the gold certificates.

Gramley’s interview with BNN was 13 years ago and he died six years ago. His service on the Fed board ended 36 years ago:

https://www.federalreservehistory.org/people/lyle-e-gramley

While this may seen ancient history, it’s even more relevant today, for it shows that just as Federal Reserve officials long have thought about what has to be done to defend the U.S. dollar, they also long have thought about what might be accomplished with a revaluation of gold.

Besides, it is hardly a leap to suspect that the U.S. government knows a bit more about what is going on in the gold market, about central bank views of gold, and about the likely impact of the Basel 3 regulations on “unallocated gold” than what GATA knows and tries to convey to you after puzzling through these deliberately mysterious and obfuscated areas of government policy and markets. After all, the Fed chairman and the president of the Federal Reserve Bank of New York are members of the Board of Directors of the Bank for International Settlements: 

https://www.bis.org/about/board.htm?m=1%7C2%7C2

Could the BIS really be disturbing the gold market without the knowledge and even the assent of the U.S. government?

Or, despite the panic from the LBMA and the World Gold Council, will Basel 3 really not disturb the gold market much at all, just the bullion banks? 

There are plausible reasons to consider Basel 3 revolutionary or inconsequential toward gold.

Of course GATA hopes Basel 3 overthrows the comprehensive market rigging that we long have been documenting, protesting, and sometimes litigating against:

https://gata.org/node/20925

But if such an overthrow via the BIS is in the works, it would seem that the U.S. government, the seat of gold suppression policy, must already have a plan to deal with it, maybe involving closing the gold futures exchanges with cash settlement, netting all bullion bank gold derivatives to zero, reliquefying the Fed and Treasury and other central banks as Gramley and Brodsky and Quaintance imagined, and maybe even another attempt at gold confiscation.  

In any case, even if Basel 3 comes to nothing with the price of gold, advocates of free and transparent markets and limited and accountable government may be glad at least that all the recent publicity about the “unallocated gold” regulations already has demolished whatever was left of the opinion that the gold market is not manipulated by central banks, governments, and their agents.

Now that the LBMA and the World Gold Council are openly defending themselves as the essential facilitators and camouflagers of central bank interventions in the gold market, even the Financial Times, a leader in financial journalism, may feel compelled to report relevantly about gold in another 10 or 20 years.

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

END

For your interest….

Perth Mint has some gold now, having bought King Henry, world’s largest known gold specimen, for A$3 million

 

 

 Section: Daily Dispatches

 

By Jarrod Lucasa
Australian Broadcasting Corp., Sydney
Tuesday, June 8, 2021

The world’s largest-known gold rock specimen, dubbed King Henry after it was unearthed at a West Australian mine three years ago, has gone on permanent display after being sold to the Perth Mint for $3 million.

The 94-kilogram specimen is named after air-leg miner Henry Dole, who discovered the gold-encrusted rock half a kilometre below the surface at the Beta Hunt mine in Western Australia’s Goldfields..

The government-owned mint dipped into its gold reserves to buy the rock, which contains an estimated 1,400 ounces of gold. 

King Henry adds to the 122-year-old mint’s existing collection of rare gold specimens and its famous Australian Kangaroo One Tonne Gold Coin, estimated to be worth more than $60 million.

Perth Mint chief executive Richard Hayes described the acquisition as a “great deal for the state.”  

He said today’s gold price meant the value of the metal content was around $3.5 million and collectors were known to pay a premium for rare specimens. …

… For the remainder of the report:

https://www.abc.net.au/news/2021-06-08/perth-mint-buys-king-henry-gold-specimen/100196356

END

Ed Steer: no silver eagles for sale over the last two months

(Ed Steer/gata)

Ed Steer: No silver eagle sales for the last two months

 

 

 Section: Daily Dispatches

 

10:15p ET Monday, June 7, 2021

Dear Friend of GATA and Gold:

GATA board member Ed Steer’s weekend commentary in his Gold and Silver Digest letter is headlined “No Silver Eagle Sales For the Last Two Months” and it’s posted in the clear at GoldSeek’s companion site, SilverSeek, here;

https://silverseek.com/article/no-silver-eagle-sales-last-two-months

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

Other gold/silver related stories

India’s Hunger For Gold Extinguished By Covid Lockdowns

 
MONDAY, JUN 07, 2021 – 10:40 PM

As cryptos resume their ascent, more bad news has emerged for long-suffering gold bugs, this time out of India.

As the Nikkei reports, while India’s gold retailers had put all their hopes on the annual festival season last month, they have been disappointed by sluggish sales after most parts of the country were locked down to fight an explosion of COVID infections. They now pin their hopes on the next big peak period after India’s Monsoon season ends, hoping that the COVID crisis eases and that gold prices – which have rebounded from lows in March – remain favourable to encourage buying. Demand for gold from Indian buyers usually helps to underpin the gold price.

Just two months ago, India’s jewelers were optimistic about demand ahead of the May 14 Akshaya Tritiya, which is a holy day for Hindus, during which gold-buying spikes. In March, benchmark gold prices fell to a nine-month low of below $1,700 an ounce, which spurred hopes that Indians would take advantage of low prices during Akshaya Tritiya.

But then the COVID situation quickly deteriorated. “Things were looking positive earlier this year, but the rapid surge in COVID-19 cases and subsequent lockdown have changed everything,” said Vijay Soni, who runs a small jewelry store in New Delhi. India, the world’s second largest gold consumer after China, now also has the world’s second highest number of total infections [behind the U.S.] that crossed the grim mark of 400,000 per day several times in May.

Sunil Jain, who owns a jewelry store in New Delhi, says he has not done any business since the capital city was locked down on April 20.

“Until early April this year, the business was good as gold prices had come down to around 45,000 rupees ($619) per 10 gram and COVID cases were also not that high. We were hoping to do good business on the Akshaya Tritiya festival on May 14, but now it’s been over a month that we have not sold anything,”Jain told Nikkei Asia.

“It will take some time for the business to recover,” Jain said, pointing out that sales may pick up from November onward when the wedding season starts. “There’s always demand during the wedding season.”

Jain is not the only one suffering. Gold sales rose above 100 billion rupees ($1.36 billion) over the Akshaya Tritiya festival in 2019, but tumbled to just five billion rupees last year due to the pandemic and lockdowns.

Physical gold dealers in India have been offering discounts of up to $19 an ounce compared with the $5 premiums they were charging in March, according to World Gold Council.

“Having Akshaya Tritiya under [a] lockdown… for two continuous years, the gold and jewelry trade has suffered a big setback,” said Pankaj Arora, national secretary of the Confederation of All India Traders and national convener of All India Jewelers and Goldsmith Federation.

Demand in China also remains subdued after the Lunar New Year holidays, an auspicious time for many to purchase jewelry, in February.

Gold retailers in China have also been complaining that they missed the good opportunity to capture sales when prices were lower. “We haven’t seen the demand that we had been hoping for with the decline in gold prices,” said a salesperson at a Shanghai shopping mall branch of a popular jewelry retailer. Maybe it’s because everyone is buying cryptos?

As a result of the numerous recent setbacks, jewelers are now looking to the end of the year for recovery. Indians typically get married between November and May, but given the COVID situation in India now, many have postponed their weddings to later this year.

“In general also, people in India prefer to buy gold as a safe haven asset. So, once the lockdown is over, customers may gradually begin to buy again despite the fact that prices have now started going upward,” Jain said.

Gold prices have risen 13% to $1,900 an ounce by early June from the nine-month low in March. Gold market analyst Koichiro Kamei said falling real interest rates have triggered investors to buy gold again.

As there is speculation that the U.S. Federal Reserve is mulling rolling back its bond-purchasing program, gold is likely to face selling pressure as Treasury yields are expected to rise. Kamei sees gold prices falling to $1,800 if the Fed actually starts talking about tapering.

In the meantime, India’s jewelers are reaching out to their customers to weather this storm.

“We have a database of nearly 100,000 customers, and I asked my 50-member staff to call each one of them over [the] phone to just enquire about their well-being [amid rising COVID cases] and not to talk business at all with them,” said G. V. Sreedhar, a jeweler based in Bangalore, the capital city of the southern Karnataka state.

He added that during these calls, about 2-3% buyers voluntarily said they wanted to invest in gold. “It’s not a small figure. It means that there are over 2,000 customers who genuinely want to buy from us.”

However, he added, he can only make delivery after lockdown is lifted. “We are only sending them a receipt [electronically] for the items they have blocked to purchase, based on the gold rate of that particular day.

“I remain optimistic about the gold demand in India,” Sreedhar added.

end

CRYPTOCURRENCIES/

Crypto Carnages Wipes $1 Trillion In Wealth As Transactions Tumble To 3-Year Lows

 
TUESDAY, JUN 08, 2021 – 10:37 AM

The total market capitalization of Cryptocurrencies has collapsed from over $2.5 trillion in mid-May to below $1.5 trillion this morning as losses re-accelerate overnight…

Source

That is the lowest level since March with Bitcoin’s dominance having fallen back to around 40%, as Ethereum’s share of the space up to just below 20%

Source

Bitcoin is back to a $31k handle…

Source: Bloomberg

Ethereum is also lower, back below $2400…

Source: Bloomberg

The recent slump also coincides with a marked decline in the number of transactions flowing through the Bitcoin blockchain. On May 30, the number of daily Bitcoin transactions dipped as low as 175,000 — a near three-year low that stretches back to September 2018, according to data from BitInfoCharts.

The catalyst for the latest leg lower are likely manifold as the mainstream media grab hold of government-delivered narratives on the risks/fraud involved, and as Decrypto.co’s Liam Kelly writes, reports that The Department of Justice (DoJ) announced that they had recouped $2.3 million of said funds after “following the money,” has sparked widespread fears the network had been hacked.

Though it was initially reported that attackers’ Bitcoin wallet had been “hacked,” this was likely not the case. 

Instead, an affidavit from the Federal Bureau of Investigation (FBI) suggests that authorities were able to trace the ransomed Bitcoin using a block explorer to a specific address containing 63.7 Bitcoin. 

They then seized control of the private key linked to this address, thus accessing the ransomed Bitcoin. 

Users need both the private and the public keys for a Bitcoin address to access the funds. Both keys are a string of words and numbers. Matching the correct private key with the corresponding public key allows users to take control over that Bitcoin. 

Without these keys, it is near impossible to access funds due to the level of encryption used. 

It is far more likely that authorities could either match the address in question with a specific identity, or the address was linked to a U.S.-based crypto service, such as an exchange or other custodian. 

An assistant special agent who participated in the case, Elvis Chen, said, however, that he didn’t “want to give up our tradecraft in case we want to use this [method] again for future endeavors.”

Still, it would appear that the market is trading as if the Bitcoin network has indeed been hacked, with the top cryptocurrency’s price tumbling.

However, as CoinTelegraph’s Jordan Finneseth notes, although the on-chain activity paints a grim picture for some, as short-term holders were the hardest hit by the downturn, a closer look shows that long-term holders (LTH) have started accumulating again, a sign that the worst of the shake-out may have passed.

Long-term holder net position change. Source: Glassnode

As seen in the chart above, the supply held by long-term BTC holders has begun to accelerate upward following a period of distribution that happened as the price rallied from $10,000 to $64,000. This rising figure indicates that the “LTH supply is now in a firm uptrend,” and is similar to the trend seen during the “late 2017 bull and early 2018 bear.”

Glassnode said:

“This fractal describes the inflection point where LTHs stop spending, start re-accumulating and hodling what are now considered cheap coins.”

Further bullishness can be found in the fact that the amount of BTC currently held by LTHs is 2.3 million more than at the peak of 2017, indicating that the long-term view of these token holders is that the market is headed higher.

end

This is the news that sent Bitcoin plummeting

(zerohedge)

U.S. recovers $2.3 million in ransom paid to Colonial Pipeline hackers

BY NICOLE SGANGA, CLARE HYMES

JUNE 8, 2021 / 8:28 AM / CBS NEWS

Washington — The federal government has recovered millions of dollars in cryptocurrency paid in ransom to cybercriminals whose attack prompted the shutdown of the country’s largest fuel pipeline and gas shortages across the southeastern U.S. last month, the Department of Justice announced Monday.

On May 8, Colonial Pipeline paid a ransom worth roughly $4.3 million in bitcoin to the Russia-based hacking group known as DarkSide, which had used malicious software to hold the company hostage. Colonial Pipeline CEO Joseph Blount told The Wall Street Journal that the company paid the pricey ransom because the company feared a prolonged shutdown and did not know how long it would take to restore operations.

The ransom allowed Colonial to restore fuel transport through its pipeline, which stretches from Texas to the Northeast and delivers 45% of all fuel consumed on the East Coast.

Justice Department officials said the FBI was able to track and recover 63.7 bitcoins, currently valued at about $2.3 million. The operation marks a rare ransom recovery for the critical infrastructure company that fell victim to the devastating cyberattack, as the “ransomware-as-a- service” business model booms. It marks the first recovery by the department’s new Ransomware Task Force.

“Earlier today, the Department of Justice has found and recaptured the majority of the ransom Colonial paid to the DarkSide network,” Deputy Attorney General Lisa Monaco said during a press conference Monday. “Using technology to hold businesses, and even whole cities, hostage for profit is decidedly a 21st-century challenge, but the old adage ‘follow the money’ still applies.”

Justice Department officials said investigators tracked the bitcoins on the cryptocurrency’s public ledger and identified the virtual currency account known as a “wallet” used by DarkSide to collect payment. The FBI obtained the wallet’s private “key,” enabling agents to seize the funds under a court order by a federal judge in the Northern District of California.

Colonial Pipeline resumes normal operations

cbsn-fusion-chris-krebs-says-pipeline-attack-shows- ransomware-truly-is-a-business-risk-thumbnail-716162- 640×360.jpg

Krebs: Ransomware “truly is a business risk”

“Today, the FBI successfully seized criminal proceeds from a Bitcoin wallet that DarkSide ransomware actors used to collect a cyber ransom payment from a victim,” FBI Deputy Director Paul Abbate said. “Since last year, we’ve been pursuing an investigation into DarkSide, a Russia based cybercrime group. The DarkSide ransomware variant is one of more than 100 ransomware variants that the FBI is currently investigating.”

Last week, FBI Director Christopher Wray likened the threat of ransomware to the September 11 terrorist attacks. The Justice Department also issued a memo to federal prosecutors elevating ransomware probes to the same priority level as terrorism investigations.

During the Colonial attack, the hackers threatened to publicly release company data, prompting the company to shut down operations. The stoppage led to fuel shortages in more than a dozen states, sending gas prices soaring and threatening to halt airline travel.

“When Colonial was attacked on May 7, we quietly and quickly contacted the local FBI field offices in Atlanta and San Francisco, and prosecutors in Northern California and Washington D.C. to share with them what we knew at that time,” Blount, the CEO, said in a statement following Monday’s announcement. “The Department of Justice and FBI were instrumental in helping us to understand the threat actor and their tactics. Their efforts to hold these criminals accountable and bring them to justice are commendable.”

Blount is expected to appear before lawmakers on Capitol Hill on Tuesday and Wednesday at his first public hearing since the attack.

Last week, Russian-associated cyber criminals known as “Revil” employed ransomware in an extortion scheme against JBS, the world’s largest meat processor. The attack forced the Brazil-based company to cease cattle-slaughtering operations at 13 of its meat processing plants in the U.S., threatening the U.S. food supply.

The recent onslaught in cyber extortion schemes has prompted emergency White House meetings as U.S. corporations rethink protection against cyberthreats.

“The move by the Department of Justice to recover ransom payments from the operators who disrupted U.S. critical infrastructure is a welcome development,”John Hultquist, vice president of analysis at Mandiant Threat Intelligence, said in a statement to CBS News.

“It has become clear that we need to use several tools to stem the tide of this serious problem, and even law enforcement agencies need to broaden their approach beyond building cases against criminals who may be beyond the grasp of the law,” Hultquist added. “In addition to the immediate benefits of this approach, a stronger focus on disruption may disincentivize this behavior, which is growing in a vicious cycle.”

Last month, the Biden administration said pipeline companies must report cyber incidents to federal authorities. The directive required pipeline owners and operators to designate “a 24/7, always available cybersecurity coordinator” to coordinate with both the Transportation Security Administration and the Cybersecurity and Infrastructure Security Agency in the event of a cyber incident, but fell short of addressing other critical infrastructure sectors.

Energy Secretary Jennifer Granholm said in an interview Sunday that she supports a law banning companies from paying ransom to hackers in cyberspace. Lawmakers have expressed a willingness to consider the measure. But according to Chris Painter, a co-chair of the Ransomware Task Force, such a prohibition on the payment of ransom demands would likely need to be phased in.

-END-

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

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.3978 /

//OFFSHORE YUAN:  6.3941   /shanghai bourse CLOSED DOWN 19.43 PTS OR 0.54% 

HANG SANG CLOSED DOWN 5.90 PTS OR 0.02%  

2. Nikkei closed DOWN 55.68 PTS OR 0.19%

3. Europe stocks  ALL  MIXED

 

USA dollar index  UP DOWN 90.10/Euro FALLS TO 1.2178

3b Japan 10 year bond yield: FALLS TO. +.075/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.44/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 68.59 and Brent: 70.79

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 -.212%/Italian 10 Yr bond yield UP to 0.91% /SPAIN 10 YR BOND YIELD DOWN TO 0.46%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.10: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.88

3k Gold at $1899.20 silver at: 27.80   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 33/100 in roubles/dollar) 72.52

3m oil into the 68 dollar handle for WTI and 70 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.44 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 .8960 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0944 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 0.212%

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 1.547% early this morning. Thirty year rate at 2.225%

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

6.  TURKISH LIRA:  DOWN  TO 8.60.. DEADLY

Futures Briefly Dip After Global Internet Outage, Then Storm To All Time Highs

 
TUESDAY, JUN 08, 2021 – 08:04 AM

US equity futures suffered a violent airpocket shortly after 6am, sliding 20 points in minutes after news that a Fastly outage had sent many media and government websites offline in a repeat of last year’s Cloudflare fiasco, pushing traders to buy safe assets, but then rebounded just as quickly rising to session highs even as the dollar and Treasuries also rose. Nasdaq 100 contracts rebounded. The 10-year yield fell back to 1.55% area with focus turning toward Thursday’s blistering CPI report that may offer clues on how far the Fed can postpone a tapering of stimulus.

Fastly shares fall as much as 5.5% Tuesday morning in pre-market trading after its services went down, impacting websites across the internet including the New York Times, Reddit, and the U.K. government. It has since pared its losses to about 2.7%, after the software company said the issues that were impacting some of its services earlier had been identified and a fix is being implemented. Cyberstocks which moved on the news were FEYE +0.6%, CRWD +0.6%, SWI -0.4%, while other stocks also moving were AMZN -0.3%, CLDR -0.6%. Amusingly, NYT shares were up about 0.5% after the NYT website went down. Here are some of the other notable pre-market movers today:

  • Apple (AAPL) gains 0.3% as analysts praised its Worldwide Developer Conference for small software changes that would improve the user experience, though some said these wouldn’t have a direct impact on sales and noted that the tech giant didn’t release any new hardware products.
  • AMC Entertainment (AMC) climbs 4%, pointing to an extension of Monday’s 15% rally.
  • Biogen (BIIB) slips 0.3% in premarket trading amid concerns on the pricing of its Alzheimer’s drug. At least five analysts upgraded the stock.
  • Cyclerion Therapeutics (CYCN) soars 16% after company insiders, including its own chief executive officer, bought shares.
  • Cryptocurrency-exposed companies like Marathon Digital (MARA) and Coinbase (COIN) slide in premarket trading Tuesday with Bitcoin and other digital tokens falling.
  • Tesla (TSLA) rises 3% in premarket trading after the electric-vehicle maker reported a surge in May deliveries in China.
  • Wendy’s (WEN) shares gain 8.3%, following a tout for the fast-food restaurant operator on Reddit. Other so-called meme stocks also higher.
  • Stitch Fix jumped 16% after the clothing company projected revenue that topped analyst expectations.

Fastly fiasco aside, US futures and global equities hovered near record highs, and Treasury yields have eased for three successive weeks. That suggests the Fed’s assurances are calming fears of a so-called taper tantrum for now. Yet on Tuesday, traders were exercising caution before the inflation data, helping the dollar post its first gain in three days. The upward momentum in markets came as the G7 nations reached a landmark deal on Saturday to back a minimum global corporate tax rate of at least 15%, lifting shares of technology giants such as Microsoft and Facebook as their future tax obligations become more predictable. At the same time, expectations that data on Thursday will show another jump in U.S. inflation could weigh on tech stocks this week, according to Ipek Ozkardeskaya an analyst at Swissquote.

“The market is mostly willing to believe the Fed in this theory of nothing but a transitory rise in inflation,” she said. “But with Biden’s huge spending plans, positive pressure on commodity prices, slow global logistics and worldwide shortages due to the pandemic, there is a chance that we see a more-persistent-than-what-the-Fed-expects inflation in the short run.”

Stocks globally have mainly treaded water over the past two months. Investors are trying to gauge the downsides from potentially higher inflation and interest rates against the upsides of economic reopenings and continued massive government stimulus. “The next leg higher is likely upon us … with cyclicals expected to do better again versus defensives,” JPMorgan strategists led by Marko Kolanovic wrote in a report. “Despite peaking in some activity indicators, the market is likely to get comfortable that growth will remain significantly above trend in the second half, supported by both consumer and capex.”

While Kolanovic being permabullish is hardly news, it is the case that the recovery in the world’s largest economy and the Fed’s continued dovish stance are supporting a risk-on environment, even as gains are punctuated by worries over inflation, high valuations and disparities in global vaccine rollouts. Forecasts for deepening price pressures have underpinned volatility this week as traders await clues to when the U.S. central bank will begin discussions on a tighter policy. “We advocate looking through near term market volatility and remain pro-risk, predicated on our belief that the Fed faces a very high bar to change its easy monetary policy stance,” BlackRock Investment Institute strategists led by Elga Bartsch wrote in a note.

The Stoxx Europe 600 Index rose for a third day, up 0.3%, led by travel and leisure companies. British insurance company Aviva advanced 3.5% to the highest in more than a year after Swedish activist investor Cevian Capital AB revealed it had bought almost 5% of the stock and planned to use its stake to target greater cost cuts and shareholder returns. Dutch telecommunications provider KPN dropped 2.9%.

European stocks ground higher after an uninspiring start with the majority of indexes eventually breaching Monday’s best levels. Eurostoxx 50 and FTSE 100 were up 0.3% with travel, tech and mining stocks outperform.  Vol measures drifted lower with the V2X dropping toward May’s lows. Here are some of the biggest European movers today:

  • Aviva shares rise as much as 3.8%, touching the highest since January 2020, after Swedish activist investor Cevian Capital AB revealed it had bought almost 5% of the company.
  • Intermediate Capital gains as much as 7.6%, hitting a record high. The investment firm’s 2H performance was a beat across the board and its outlook is positive, Citi (buy) writes in a note.
  • Nexi rises as much as 3.3% to the highest since Oct. 6 after Jefferies raises its price target on the Italian payments firm, citing its post-M&A organic growth potential.
  • Windeln.de jumps as much as 104%, following a 133% jump on Monday, amid discussions on Reddit about the German online retailer for baby and toddler products.
  • GEA Group falls as much as 5.2%, the most since Nov. 5, after Goldman Sachs downgraded the stock to sell, arguing long- term growth is being overestimated and the short-term outlook is clouded by cost concerns.
  • Lufthansa falls as much as 4.4% after Goldman Sachs downgraded the stock to sell due to factors including corporate travel exposure (45%) and limited progress on structural cost cuts.

Earlier in the session, Asian equities dipped as losses in China and the technology sector held sway in a market searching for fresh clues. MSCI’s gauge of Asia Pacific stocks outside Japan rose 0.11%, following the path taken by its All-Country World Index which advance 0.1% on Monday, hitting its sixth record close in seven days. The regional benchmark was on track for its fifth straight daily move of 0.2% or less.  Australia’s S&P/ASX 200 was up 0.32% while Japan’s Nikkei 225 edged up 0.35%, as the country revised first-quarter data showing the economy shrank at a slower pace than initially reported. Alibaba and TSMC were the biggest drags on the MSCI Asia Pacific Index, while Japanese drugmakers Eisai and Daiichi Sankyo cushioned the downside. Chinese stocks slid as Kweichow Moutai and other baijiu distillers declined amid concern about valuations and the prospect of local governments imposing consumption taxes. Vietnam’s main equity benchmark dropped nearly 3% while Indonesia’s fell more than 1%.

In rates, price action was muted with curves bull flattening mildly. Treasuries held gains after retreating from session highs reached in a burst of risk-off trading as multiple internet outages briefly spooked investors. A calm Asia session gave way to firming in bunds following data-packed European morning. BTPs widen to core with more than EU60 billion orders at Italy’s 10y syndication. The Treasury auction cycle kicks off with $58b 3-year note sale at 1pm ET.  Ahead of the 3-year note auction, WI yield ~0.33% compares with 0.329% stop in May, a 0.2bp tail; cycle comprises 10-year note and 30-year bond reopenings Wednesday and Thursday.

In FX, the Bloomberg dollar index was little changed in a quiet morning for FX. GBP is the worst performer in the G-10 space with cable off 0.3%, finding support near 1.4129.  The pound led declines and fell the most since Thursday on concerns the country’s exit from lockdown could be delayed and rising tensions between Britain and the EU. Norway’s krone led G-10 peers, reversing a loss versus the euro and rising above parity against the Swedish krona after Norges Bank’s regional network survey raised prospects for a central bank hike in September. Brussels is ready to consider tougher retaliatory measures if the U.K. government fails to implement post-Brexit obligations over Northern Ireland, according to an EU official. An announcement on the final step out of lockdown is due on June 14. The Australian dollar declined for the first day in three after a gauge of business confidence eased from a record high; bond yields slid for a second day. The yen fell from a more than one- week high versus the dollar after a government report showed Japan’s economy shrank less in the first quarter than earlier reported.

In commodities, oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May. As a result, crude futures were in the red but off worst levels: WTI dropped is 0.5% lower near $68.89 having dropped as much as 1%. Spot gold edges lower, down ~$6 near $1,892/oz. Base metals are mostly in the green with LME tin up as much as 2.5%, outperforming peers. Bitcoin rebounded after dropping as low as $32,000 overnight, slumping to a two-week low, with some analysts pointing to the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control

Looking ahead, the ECB is due for its monetary policy meeting on Thursday, the same day U.S. consumer price index number will be released, potentially fuelling talks of tapering by the Federal Reserve. In Asia, China inflation data is due on Wednesday. “The start of a new week has not seen much by way of price action across all asset classes,” said Ray Attrill, head of FX Strategy at National Australia Bank.”It’s hard to avoid the sense the global markets are for the most part now simply lurching from one big event risk to the next with not a lot to see in-between,” he said.

To the day ahead now, and data releases include German industrial production and Italian retail sales for April, along with Germany’s ZEW survey for June. Meanwhile in the US, we’ll get the trade balance and job openings for April, as well as the NFIB small business optimism index for May. Finally, central bank speakers include BoE Chief Economist Haldane.

Market Snapshot

  • S&P 500 futures little changed at 4,229.25
  • STOXX Europe 600 up 0.3% to 454.90
  • MXAP down 0.2% to 209.80
  • MXAPJ down 0.2% to 702.90
  • Nikkei down 0.2% to 28,963.56
  • Topix little changed at 1,962.65
  • Hang Seng Index little changed at 28,781.38
  • Shanghai Composite down 0.5% to 3,580.11
  • Sensex down 0.2% to 52,237.61
  • Australia S&P/ASX 200 up 0.1% to 7,292.59
  • Kospi down 0.1% to 3,247.83
  • Brent Futures down 0.71% to $70.98/bbl
  • Gold spot down 0.34% to $1,892.81
  • U.S. Dollar Index up 0.18% to 90.11
  • German 10Y yield fell 0.8 bps to -0.205%
  • Euro down 0.14% to $1.2173

Top Overnight News from Bloomberg

  • The EU will conduct three syndicated bond sales before the August summer break under the NextGenerationEU plan designed to help it finance a recovery program, according to a call the bloc held with investors
  • The G-7’s tax deal raises the prospects of the G20 reaching a similar agreement in coming talks, according to Japanese Finance Minister Taro Aso
  • ECB policy makers have all the evidence they need to keep in place their ultra-loose monetary stimulus when they meet on Thursday, thanks in part to their opposite numbers at the Federal Reserve
  • Yields on government bonds might be agreeing with the Federal Reserve that price pressures are transitory, but they could also just be artificially low thanks to a constellation of arcane money market rates
  • China’s sovereign bonds have defied expectations for a selloff all year but their day of reckoning may be getting closer. The amount of cash in the banking system has been shrinking, while local government debt sales are set to double this week, hoovering up more funds
  • As the global economic recovery from the coronavirus gathers momentum, Japan looks to be standing still, while its currency goes backward
  • European businesses are increasing investment in China and moving supply chains onshore after the quick recovery from the pandemic last year made China an even more important source of growth and profits

Quick look at global markets courtesy of Newsquawk

Asian equity markets lacked direction following a similar indecisive performance on Wall Street where the major indices closed mixed as the absence of any significant catalyst, had participants looking ahead to the key events later in the week including the ECB meeting and US CPI data. ASX 200 (+0.2%) was choppy after stalling at fresh record highs and with early advances in the index pared by weakness in mining names and financials, while mixed NAB Business Survey data also added to the non-committal tone. Nikkei 225 (+0.1%) was initially lifted following the revised Q1 GDP figures which showed a narrower than expected contraction to Japan’s economy, although the gains were then briefly wiped out with the index not helped by the recent currency moves and amid concerns of stealth tapering by the BoJ which refrained from ETF purchases throughout the whole of last month for the first time since Governor Kuroda began QQE in 2013. There was plenty of focus on Eisai which remained untraded but set to hit limit up amid a glut of buy orders after the FDA approved the ADUHELM drug for Alzheimer’s disease which earlier boosted shares in development partner Biogen. Hang Seng (-0.3%) and Shanghai Comp. (-0.5%) were choppy with initial upside limited by the continued China-related tensions with the G-7 expected to reference the Taiwan Strait into its summit statement and express concerns about human rights abuses against Uyghur Muslims, as well as the pro-democracy crackdown in Hong Kong. Furthermore, China was said to be making progress on legislation to counter US sanctions and reports citing Secretary of State Blinken also suggested the US is planning trade talks with Taiwan which is likely to add to the tensions with China. Finally, 10yr JGBs were rangebound amid the indecisive mood across the region and with some concerns of stealth tapering by the BoJ after it refrained from ETF purchases throughout the entire of last month, although there was some mild support following the mixed results of the 30yr JGB auction which showed a slightly higher b/c.

Top Asian News

  • Li’s Bridgetown 2 SPAC Said in Talks to Merge With PropertyGuru
  • Huarong Trading Dwindles in Onshore Bond Market as Bids Vanish
  • China Bond-Selloff Fears Grow as Liquidity Begins to Tighten
  • China Vows to Prevent Coal Fatalities and Blames Higher Prices

Major bourses in Europe experienced another lacklustre cash open with sideways action persisting throughout the early European hours and following on from a mostly downbeat APAC handover. The region thereafter adopted a mild but fleeting upside bias in conjunction with upward revisions to Q1 EZ GDP and a sub-par German ZEW – which was accompanied by constructive forward-looking commentary. US equity futures have also been drifting off throughout the morning but came under pressure with some pointing to the mass outages seen across several news vendors including the FT, Guardian, CNN, Reddit and New York Times among others are currently unavailable – which seemingly dented sentiment – but the breadth of the price action remains narrow. Sectors in Europe are mostly firmer with no stand-out bias nor theme. Banks continue to be pressured by the pullback in yields. Oil & Gas also lags amid sluggish crude prices. The upside meanwhile sees Travel & Leisure amid a surge in summer demand, whilst healthcare coat-tails on the State-side sectoral performance yesterday after Biogen shares soared on the FDA green-lighting its Alzheimer’s drug. In terms of individual movers, Aviva (+3.5%) is supported by Cevian Capital announcing a 5% stake in the group, suggesting that it should have a value of over GBP 8/shr within three years and more than double its dividend to GBP 0.45. British American Tobacco (+1.8%) rose after the Co. upped its revenue growth guidance to “above 5%” from the prior of “3-5%”. Meanwhile, Volkswagen shares (-1.1%) shares opened lower by around 3% with potential catalysts for the move including a Business Insider article about work councils getting more hands-on with bonus payments, alongside perhaps read-across from the earlier Apple EV battery source reports. However, the exact catalyst behind the move remains unclear.

Top European News

  • Euro-Area Economy Shrinks Less Than Reported in First Quarter
  • Aviva Gets New Activist Owner as Cevian Reveals 4.95% Stake
  • BAT Lifts 2021 Sales Outlook on Growing Alternatives Demand
  • EU, U.K. Head for Fresh Brexit Collision Over Northern Ireland

In FX, the Sterling and Yen remain the main G10 laggards with the former drifting lower in light of reports that the UK June 21st reopening could be delayed by a fortnight, as well as ongoing tensions with the EU over the Northern Ireland protocol. Technicals are also keeping the Pound under pressure – EUR/GBP tested and failed to breach 0.8600 to the downside in early hours in a move that coincided with touted stopped being tripped in GBP/USD at its 21 DMA around 1.4144, according to market contacts. In terms of nearby levels, the pair sees yesterday’s low at 1.4110 ahead of the psychological 1.4100 and with 1.4080 touted as major support. Up next, BoE’s outgoing Chief Economist Haldane is poised to speak at 14:00BST albeit at an Inequality workshop. Elsewhere, the JPY experienced weakness heading into the Tokyo fix overnight with some also noting of investment demand and speculative bargain-hunting. USD/JPY rebounded from its 50 DMA (109.17) and rose above its 21 DMA (109.30) to reside around the 109.50 mark which sees around USD 1bln in OpEx ahead of the NY cut.

  • DXY – The broader Dollar and index remain on firmer footings with the aid of some overnight inflows as risk sentiment deteriorated, whilst losses in the JPY and GBP offer further tailwinds. The index clambered off its 89.953 low and again mounted its 21 DMA (90.093) to a current high of 90.181 ahead of yesterday’s 90.302 high. Looking ahead, the State-side docket remains light with US CPI (Thursday) the main highlight and as Fed officials continue to observe its blackout period.
  • EUR, AUD, NZD – All relatively flat and mirroring Dollar action. EUR/USD came under gentle pressure just before the 1.2200 mark with some also citing sell orders at the psychological level – with the pair later dipping below its 21 DMA at 1.2177 to a current low at 1.2171. The Single Currency saw was unfazed by the upward EZ GDP revisions and below-forecast German ZEW print which was accompanied by some hopeful economic commentary. The Aussie and Kiwi remain contained by a barrage of nearby DMAs, with AUD/USD meandering around its 21 DMA at 0.7747 whilst its 50 and 100 DMAs overlap at 0.7727. NZD/USD is back under its respective 21 DMA (0.72222) whilst the 50 and 100 reside at 0.7182 and 0.7175 respectively.
  • NOK – The NOK gained impetus on an overall optimistic Norges Bank Regional Network survey – which suggested that contacts expect substantial output growth ahead as the measures ease through summer. All-in-all, the report indicates that the Norges Bank’s policy normalization plans (which look for a rate increase around the end of this year) are on track as things stand. EUR/NOK dipped from its 10.08 high, through its 50 DMA (10.0688) to a current low of 10.5021.

In commodities, WTI and Brent front month futures remain subdued as the benchmarks largely moved in tandem to risk amid the absence of catalysts, and with the complex looking ahead to this week’s tri of oil market reports. WTI and Brent hit session lows of USD 68.50/bbl and USD 70.70/bbl respectively as APAC sentiment sourced, before trimming losses to trade around USD 69/bbl and 71.25/bbl at the time of writing as equities edge higher – . Aside from the sentiment-driven moves, news flow for crude has been light. Next up, the EIA STEO scheduled for later today will be eyed for commentary on demand heading into the Summer, whilst the agency’s Iran-related risks will also be interesting as JCPOA talks are poised to restart this Thursday. Elsewhere, spot gold and silver have been trundling lower as precious metals continue to tackle the lower yield environment with a perkier Dollar intraday. Spot gold trades sub-1,900/oz (vs 1,903/oz high) but still above its 21 DMA at 1,877/oz, whilst spot silver inches closer towards UDS 27.50/oz from its 27.97/oz peak. Elsewhere, LME copper has trimmed losses as overall market sentiment improves, but prices remain below USD 10,000/t as the upside is capped by US-Sino tensions. Dalian iron ore futures fell for a third straight session overnight, with some citing the decline in China’s inventory of construction steel rebar – which slowed sharply last week – indicating easing demand.

DB’s Jim Reid concludes the overnight wrap

Since we went to Legoland last week there are now hundreds of bits of small Lego pieces strewn around various parts of the house and from my home office I keep on hearing yelps and cursing from downstairs as my wife treads barefooted on yet another piece. It kept me very entertained on a dull market day yesterday even if marketing the inflation piece kept me busy.

Indeed markets have felt a bit like August over the last 24 hours. If they feel the same way after Thursday’s US CPI then the Fed will surely be able to crack open the champagne ahead of next week’s FOMC. In terms of the specific moves, Europe’s STOXX 600 (+0.22%) edged to another new record whilst the S&P 500 fell back -0.08%, though that still left the S&P less than quarter of a per cent away from its all-time closing high a month ago. It’s now kept within a 4% band for the last two months now. The last time the S&P 500 traded within such a 4% range for two months was early-October 2018.

Cyclical sectors underperformed, with materials (-1.23%), financials (-0.63%) and industrials (-0.69%) weighing on the S&P, whereas the NASDAQ gained +0.49% on the back of biotech (+1.13%) and media (+0.62%) stocks. The former was driven primarily by a record +38.34% rise in Biogen Inc., which received FDA approval for the company’s new therapy to treat Alzheimer’s disease. Lower commodity prices weighed on European stocks with basic resources (-1.61%) and energy (-0.25%) companies among the largest laggards, while the day’s gainer were led by autos (+0.88%) and consumer products (+0.79%)

There was marginally more action in sovereign bond markets, where yields moved higher on both sides of the Atlantic. US Treasuries lost ground following Treasury Secretary Yellen’s Sunday comments that a higher interest rate environment would “actually be a plus for society’s point of view”, and 10yr Treasury yields were up +1.5bps to 1.569%. But it was noticeable that the rise was entirely driven by higher real yields (+3.6bps) rather than inflation expectations (-2.2bps). Indeed, US10yr breakevens closed at a five-week low yesterday of 2.40%, which is over 16bps beneath their 8-year high a few weeks ago and just shows that investor concern over the inflation issue has become much less acute as the month has gone on since that last CPI release. Separately in Europe, yields on 10yr bunds (+1.5bps), OATs (+1.9bps) and BTPs (+4.1bps) all moved higher.

We’ll have to see if that more relaxed attitude on inflation lasts past Thursday, but one of the drivers of inflationary pressures lately has been higher commodity prices, with Bloomberg’s Commodity Spot Index closing at its highest level in nearly a decade on Friday. Nevertheless, the index fell back slightly yesterday with a -0.55% decline, as both WTI (-0.56%) and Brent crude (-0.56%) oil prices lost ground, whilst the industrial bellwether of copper (-0.06%) fell back as well. Commodities broadly lost ground even as the dollar index fell -0.21% on the day.

Overnight, Asian markets have erased early gains to trade mostly flat to lower. The Nikkei (-0.16%), Hang Seng (-0.35%), Shanghai Comp (-0.51%) and Kospi (-0.04%) are all lower. In general, commodity related sectors like materials and energy are leading the underperformance. Futures on the S&P 500 (+0.05%) and the Stoxx 50 (-0.02%) are fairly flat. Elsewhere, Bitcoin is trading down -4.58% and sub $33k this morning after yesterday’s -4.23% move lower. In terms of overnight data, Japan’s final Q1 2021 annualised GDP printed at -3.9% qoq (vs.-5.0% qoq) and April labour cash earnings came in at +1.6% yoy (vs. +0.8% yoy expected) with previous month’s reading revised up to +0.6%yoy from +0.2% yoy.

Turning to the pandemic, the news has continued to brighten at the global level, with the growth rate of weekly cases now at its slowest since mid-March, whilst cases in the US are rising at their slowest pace since March 2020. In Asia, the tide is also turning for India with the country reporting sub 100k daily cases for the first time in over two months. Most states in India have now laid out a plan to embark on a graded reopening. In the UK however, there have been continued signs of rising cases, with the numbers having risen by +53% compared with last week (albeit from low levels). The all-important question will be how this translates into hospitalisations and deaths now that 53% of the adult population are fully vaccinated, and there’ll be intense focus on those numbers given that the government are expected to outline on Monday what they’re going to do about the potential full easing of restrictions on June 21. The Times is reporting that a two week delay is being considered by the government.

Separately in India, it was announced by Prime Minister Modi that all adults would be vaccinated for free from June 21. In Italy, the government announced a goal of vaccinating 80% of the country’s population by September. This plan was helped by news that Moderna applied for authorisation to make their vaccine eligible for 12-17 years olds in the EU, after having already started the approval process in the US and Canada.

There wasn’t much data to speak of yesterday, though German factory orders in April fell by -0.2% (vs. +0.5% expected). Lower domestic demand drove the decline, having fallen by -4.3%, whereas foreign orders were up +2.7% on the month.

To the day ahead now, and data releases include German industrial production and Italian retail sales for April, along with Germany’s ZEW survey for June. Meanwhile in the US, we’ll get the trade balance and job openings for April, as well as the NFIB small business optimism index for May. Finally, central bank speakers include BoE Chief Economist Haldane.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 19.43 PTS OR 0.54%   //Hang Sang CLOSED DOWN 5.96 PTS OR 0.02%      /The Nikkei closed DOWN 55.68 pts or 0.19%  //Australia’s all ordinaires CLOSED UP 0.14%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3978 /Oil UP TO 69.59 dollars per barrel for WTI and 70.79 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3978. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3941   : /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
 
China as well as the uSA are experiencing huge surges in o/n reverse repo rates.  China reverse repos surged 87 billion dollars.  USA is at 485 billion dollars.
(Xie/Bloomberg)

The Mysterious $85 Billion Surge In China’s FX Reverse Repo

 
MONDAY, JUN 07, 2021 – 08:20 PM

By Ye Xie, Bloomberg reporter and Markets Live commentator

A mysterious surge in dollar lending by Chinese banks in an arcane corner of the financial market is leading some investors to wonder whether it’s somehow related to the “stealth intervention” by the PBOC to slow yuan appreciation.

For years, Chinese banks had little use for foreign-currency reverse repo, which is effectively collateralized lending. That has dramatically changed since the pandemic. Banks’ FX reverse repos surged to a record $87 billion in April, from less than $2 billion a year earlier.

“Historically, Chinese banks FX assets and liabilities have consisted almost exclusively of loans and deposits,” Alex Etra, a senior strategist at Exante Data who previously worked at the New York Fed, wrote in a blog post. “But the surge in interbank lending (via reverse repo) in recent quarters is quite stark.”

It’s unclear why there’s this sudden surge. But what we do know is that:

  1. There’s a lot of dollar inflows to China through trade and portfolio investment over the past year.
  2. A lot of these flows have been absorbed by Chinese banks, while the PBOC shows few signs of intervention on its balance sheet. Without commercial banks’ activities, the yuan would have appreciated more.
  3. As a result, commercial banks have taken more currency risks. For example, Bank of China, one of the largest state lenders, used to be a net borrower in the FX swap market, but has become a net lender, according to Etra. The bank’s net open foreign-currency position on and off-balance sheet rose to $19 billion last year, the highest level since 2014.

It’s debatable whether Chinese banks are accumulating dollar assets and taking on more currency risks for commercial reasons, or if they are acting on behalf of the central bank to engage in “stealth intervention.”

But as Etra noted, so long as China runs a current account surplus, and global investors continue to purchase more Chinese assets, “someone somewhere in China is going to have plenty of dollars to lend.”

Janet Yellen’s Treasury Department has been keen to learn more about activities by Chinese state banks in the currency market. The curious surge in dollar lending in the derivative market could be a good starting point.

end
 

CHINA CORONAVIRUS UPDATE/GUANGZHOU//DELTA STRAIN (Indian STRAIN or South African)

China has been hit with the Delta strain (Indian/South Africa and foolishly the CPP are administering their COVID 19 jabs to children as young as 3.  This will turn out to be very dangerous

(zerohedge)

China Beefs Up Latest COVID Lockdown In Guangzhou As New Cases Climb

 
MONDAY, JUN 07, 2021 – 11:20 PM

Despite having doled out nearly 800MM doses of its home-made COVID-19 vaccines, Chinese authorities are struggling with yet another stubborn outbreak in the city of Guangzhou. A week ago, we reported that local authorities had ordered China’s first lockdown since January. But while initial restrictions were relatively mild compared to the lockdowns imposed in Wuhan, and elsewhere, last year, authorities have decided to tighten restrictions as new cases have continued to be identified.

The AP reports that residents of the southern Chinese city will no longer be able to leave unless they can show that it is absolutely necessary to do so, following an outbreak of COVID-19 that has sickened dozens of people in recent days.

According to local authorities, anyone who is given permission to leave must show a negative test for the virus taken in the previous 2 days, according to rules issued by the city government that take effect Monday. The same rule applies to anyone seeking to leave the surrounding province of Guangdong.

The city also is restricting indoor dining, conducting mass testing and banning residents in high-risk neighborhoods from leaving their homes. At least two districts in the city of 18 million people have been closed off entirely. And any residents who have traveled through the Nansha, Huadu and Conghua districts of the city have been ordered to be tested for COVID immediately. Reuters added that authorities in Nansha also ordered restaurants to stop offering dine-in services while calling on gyms, pools and other public venues to temporarily cease operations.

Meanwhile, about a dozen subway stops throughout the city were also closed.

The variant causing the Guangzhou outbreak (the “delta” strain which was first identified in India and has since spread across the US and Europe and Asia) is believed to be more infectious because those who carry it are slower to display symptoms while shedding more virus particles.

And although Guangzhou hasn’t reported any deaths from the outbreak, the city reported another four locally transmitted cases in the 24 hours to Monday morning, bringing its recent total to more than 100 cases since May 21.

Nationally, the CCP has been focused on rolling out COVID-19 vaccines to an increasingly younger group of patients. And on Monday, the country revealed that it has authorized the emergency use of one of the Chinese-developed jabs, CoronaVac, for children aged between 3 and 17 years. Coronavac vaccine is being manufactured by the Beijing-based pharmaceutical firm, Sinovac Biotech. Study data show the vaccine has been found to be 51% effective against symptomatic disease and 100% effective at preventing severe COVID-19 and hospitalization on adults 18 years and above.

end

TAIWAN/CORONAVIRUS UPDATE/TAIPEI

COVID Outbreaks At Taiwanese Chipmakers Is Latest Threat To Global Supplies

 
TUESDAY, JUN 08, 2021 – 02:45 AM

The past few weeks have seen Taiwan’s semiconductor industry hit by a variety of disasters that are creating more problems at a time when an international semiconductor shortage is creating problems around the world, including in the US, where a shortage of critical chips has hurt production of new vehicles. A worsening drought and rolling blackouts are also terrorizing the island.

Now, two more Taiwan tech suppliers have been hit by new clusters of COVID-19 cases, creating another disruption to production that’s threatening to have an outsize impact on the global supply chain. According to Nikkei, King Yuan Electronics Co suspended all domestic production on Friday, while chip packaging and testing supplier Greatek Electronics and networking gear provider Accton Technology have also reported clusters among employees that have impacted production.

Both Greatek and Accton have production sites near a King Yuan plant in Miaoli County which has confirmed at least 263 cases as of Sunday (219 involving foreign workers mainly from the Philippines. Around 30% of the company’s workers are migrants). Most of the cases have been linked to workplace outbreaks, with King Yuan workers accounting for half the infections. As a result, the company and local government officials are asking all foreign workers to shelter in place inside their dormitories (typically cramped environments).

King Yuan has finished testing and has so far reported 195 positive infections out of its workforce of more than 7,000 employees. The final number of cases will be finalized in a few days, a Miaoli health official told Nikkei Asia. The two other companies are still testing their employees.

Local health authorities have told the companies to ask all of their migrant workers to stay inside dormitories.

All the new cases prompted the government on Sunday to order King Yuan, which is a key supplier for Nvidia, Intel, MediaTek and many other top global chip developers, to stop all of its foreign laborers from working. The order was effective immediately, regardless of COVID test results.

“Foreign workers at King Yuan will have to stop working and begin quarantine for at least seven days. Only foreign workers with negative results of PCR tests after the quarantine can return to work,” the CDC director general Chuang Jen-hsiang told Nikkei Asia. “We will have another meeting to decide whether or not King Yuan can resume production later today.”

The company said it expects the two-day halt to reduce its expected revenue and output for June by up to 6%, while other down-stream companies that rely on King Yuan’s product are also struggling.

King Yuan on Friday said that its planned 48-hour production suspension was estimated to reduce revenue and output in June by around 4% to 6%. MediaTek, a customer and a leading mobile chip developer, said its revenue will be hit by King Yuan’s production halt.

“If our foreign workers could not come to work, that will further hit our production output for this month but the scale will need to be further calculated,” a King Yuan spokesperson told Nikkei Asia.

Taiwanese public-health officials must decree the working environment to be “safe” before production can ramp back up to 100%. Greatek is testing 4K of its employees, more than 1K of whom are migrant workers, while Accton is also testing its 1,500-strong staff.

As of Sunday, 11 workers at both Greatek and Accton, had been confirmed to have contracted the virus. A majority of these were migrant workers.

“We haven’t stopped our production lines, but the testing of all employees and some prevention measures will surely affect our production utilization and output,” Chen Sheng, vice president and spokesperson of Greaktek, told Nikkei Asia.

Taiwan’s Hsinchu Science Park, widely recognized as the most important hub for Taiwanese chipmakers, has set up a testing station and is testing around 4K out of the roughly 10K migrant workers who work in the area.

As a reminder, the chart below illustrates how production hiccups in Taiwan can quickly impact supply chains in the US and Europe.

end

Taiwan/CHINA/USA

This will surely cause severe anger from Mainland China: Taiwan is to launch trade talks in an effort\

to normalize relationship with Taiwan

(zerohedge)

 

 

US & Taiwan To Launch Trade Talks As G-7 Set To Highlight China Bad Behavior

 
TUESDAY, JUN 08, 2021 – 09:30 AM

Coming off the highly provocative visit of a trio of US senators to Taiwan over the weekend, The Wall Street Journal is reporting that the Biden administration has launched plans for trade and investment talks with Taiwan, in what Beijing will surely see as creeping efforts to ‘normalize’ Taiwan independence claims in violation of the longstanding One China policy.

Without giving much in the way of details, Secretary of State Antony Blinken told a House committee hearing on Monday that “We are engaged in conversations with Taiwan, or soon will be—on some kind of framework agreement,” when asked about potential deeper talks.

The statement was enough to trigger an expected condemnation out of China’s Foreign Ministry, with its embassy in D.C. telling the WSJ that Washington must “stop all forms of official exchanges and contacts with Taiwan, stop elevating its relationship with the Taiwan region in any substantive way.”

Taiwan Strait 

Further the statement called for a US return to its commitments under decades-old agreements guided under One China which recognizes mainland sovereignty over the island.

Crucially all of this further comes amid a global semiconductor chip shortage, which increasingly looks to extend into 2023, as the WSJ report notes:

Taiwan is a major source of semiconductors for the U.S., which imported $7 billion last year in chips and $20 billion in other computer and telecommunications equipment out of $60 billion in total imports, double U.S. exports to the island, according to the Census Bureau.

Thus deepening investment and US-Taiwan trade talks appear also geared toward securing reliable and ‘safe’ supply chains while slowly decreasing dependence on the Chinese tech sector.

Taiwan is also expected to be a central topic of discussion at this week’s upcoming G-7 summit in the UK, which Biden and other world leaders will attend in person. Nikkei this week is reporting that for the first time “Discussions are underway on including a reference to the Taiwan Strait in the joint statement to be issued after this month’s Group of Seven summit as the U.S. and Japan seek a united front to counter Chinese pressure on the island…”.

The strait has never been explicitly mentioned in a G-7 summit statement, and further Chinese human rights abuses centered on the Uyghurs are also expected to receive mention. This comes off May’s preparatory meeting of G-7 foreign ministers wherein they underscored “the importance of peace and stability across the Taiwan Strait, and encourage the peaceful resolution of cross-Strait issues.”

All of this further ups the ante in terms of the recent uptick in US warship sail throughs of the Taiwan Strait, also as Chinse PLA military drills become more frequent and expansive. 

 

4/EUROPEAN AFFAIRS

 
 

UK/EU

The UK border is the entry point for migrants to enter Europe

(Zhang.Epoch Times)

UK Border Force “Little More Than Taxi Service For Illegal Migrants”: Lawmaker

 
TUESDAY, JUN 08, 2021 – 02:00 AM

Authored by Alexander Zhang via The Epoch Times,

Britain’s Border Force is “little more than a taxi service for illegal migrants,” a Conservative MP said on Monday, as he urged the government to take action to put an end to the “horrible trade” of people smuggling.

The Home Office is investigating an incident in which migrants attempting to cross the English Channel were reportedly picked up in French waters by the UK Border Force and taken to the English port of Dover.

The move was orchestrated between senior crew members of UK Border Force ship HMC Valiant and French patrol ship Athos on May 29, the Daily Mail reported.

Asking in the House of Commons what the Home Office is doing to tackle human smuggling, Sir Edward Leigh said: “Does the minister recognise the public anger at us being made fools of with this? Border Force is little more than a taxi service for illegal migrants, it’s ridiculous.

“So will the minister assure me that he will use his powers under the 1971 Immigration Act to arrest all illegal immigrants, put them in detention, prosecute them, imprison them, and deport them so that we can stop this horrible trade dead in its tracks?

Responding to the question, Home Office minister Chris Philp said that he “completely” shares Sir Edward’s anger.

We are actively prosecuting the facilitators. And in the forthcoming Sovereign Borders Bill, as part of the new plan for immigration, we plan to significantly strengthen the Section 24 illegal entry offence that he refers to in the 1971 act to make it easier to use and easier to implement in practice.

“And at the same time we are going to be increasing the sentence for illegal entry and the sentence for facilitation under Section 25 of that same act.”

According to the Home Office, the French authorities dealt with eight incidents involving 130 people on June 4, with the UK dealing with four boats involving 83 people.

This follows 201 people being stopped by Border Force officers in eight incidents on June 3.

In addition, the French authorities intercepted nine crossings on June 2 and 3, preventing 171 people from reaching the UK.

This makes a total of 585 attempting to make the crossing in just three days.

On Monday, migrants continued to arrive in Dover after crossing the English Channel.

Kent County Council has threatened legal action against Home Secretary Priti Patel, saying it faces extreme pressure on its services for unaccompanied child migrants.

The dangerous sea journey from France—made by more than 3,000 people including children so far in 2021—has claimed many lives.

Police confirmed on Monday that the body of a baby found on a Norwegian beach is that of a Kurdish-Iranian boy who went missing in the English Channel last year.

Fifteen-month-old Artin was onboard an overcrowded migrant boat heading for the UK with his parents and two siblings when it capsized on Oct. 27, 2020, claiming all five of their lives.

Artin’s family had sold their house before leaving Iran and paid £14,000 ($20,000) to get on to the boat, with a further £8,200 ($11,600) supposed to be due when they arrived safely in the UK.

Patel said at the time that the deaths were “an ultimate tragedy” and one that “could have been avoided.”

 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

 

ISRAEL/IRAN/HEZBOLLAH
Israel defense chief warns Hezbollah not to get involved in the fighting and warns them against firing rockets into Israel from Lebanon
(zerohedge)

Israeli Defense Chief Warns Hezbollah: Strikes On Gaza Were “Only Tip Of The Iceberg”

 
TUESDAY, JUN 08, 2021 – 04:15 AM

Coming off last month’s eleven day Gaza war in which there were persistent fears that a ‘northern front’ would open against Israel if Hezbollah joined the fray (and after multiple missiles launched from southern Lebanon reportedly by Palestinian factions in the country), Israel’s Defense Minister Benny Gantz has warned that the next potential war in Lebanon will see “overwhelming force” used. 

The words were given at a ceremony marking Israel’s official recognition of the army’s 18-year occupation of southern Lebanon, which is now considered an official military campaign. Referencing the devastating latest strikes on Gaza, which killed almost 250 Palestinians – many of them children – Gantz said the campaign was “only the tip of the iceberg” in terms of military capabilities and what Lebanon’s Hezbollah would face next. 

 

Defense Minister Benny Gantz near the Lebanese border in April, via Israel Defense Ministry

“Whoever hides weapons in their house endangers their children,” the defense minister added, in an apparent acknowledgement of the high civilian death toll especially impacting children. 

Despite continued high tensions and a state of standoff between Palestinians and Jewish settlers in Jerusalem, particularly over evictions in the Sheikh Jarrah neighborhood, an uneasy Hamas-Israel truce has held since May 21.

In response to these latest threats out of Israel, Iranian state media quoted a senior Hezbollah representative who vowed that any aggressors would be met with the “fire of hell” in the instance of an invasion or attack.

“They (Israelis) should not err in their calculations again,” the official, identified as Hassan Baghdadi said. “If there is a war with Hezbollah, they will see the fire of hell as they have never imagined.”

 

Hezbollah Secretary General Hassan Nasrallah

During the 2006 war Israel took the fight far beyond southern Lebanon, where it was battling Hezbollah militants, and bombed the capital of Beirut – even including the international airport there and other civilian infrastructure across the country.

end

IRAN/USA/EU/THE GLOBE

Nuclear particles found in undeclared sites and this greatly disturbs Blinken.  The USA is out of its mind if they go along with this Iranian nuclear deal

(zerohedge)

Blinken “Unclear” If Iran Deal ‘Actually Going To Happen’ As Talks Drag On

 
TUESDAY, JUN 08, 2021 – 02:52 PM

Iran nuclear talks in Vienna continue dragging on and despite recent weeks of positive developments and optimistic statements of being on the cusp of a restored deal, things are more tense than ever heading into a sixth round of talks set to begin on Thursday.

This is after a briefing issued by the UN’s International Atomic Energy Agency (IAEA) early this week which alleged Iran is failing to cooperate with the nuclear watchdog after it found nuclear particles at multiple undeclared sites, possibly suggesting a more expanded program than previously believed. 

According to The Guardian, citing IAEA head Rafael Grossi, “Grossi’s findings were reported to a board meeting of the IAEA in Vienna, and are deeply awkward for the US, France, Germany and the UK, which have collectively decided that the prize of a revived nuclear deal is so great they will not act on the complaints of the UN nuclear inspectorate, even if this temporarily risks the integrity of the UN inspection process.”

AFP via Getty Images

Grossi said Monday that his “expectations were not met” while further describing, “I am deeply concerned that nuclear material has been present at the three undeclared locations in Iran and that the current locations of this nuclear material are not known by the agency.”

Despite European signatories to the original JCPOA appearing to brush off the accusations, Secretary of State Antony Blinken issued perhaps the most scathing words directed at Tehran thus far through the Vienna negotiations, saying it is “unclear” if Iran is willing to restore the nuclear deal

Blinken told the House Foreign Affairs Committee on Monday, “We’ve been engaged in indirect conversations, as you know, for the last couple of months, and it remains unclear whether Iran is willing and prepared to do what it needs to do to come back into compliance.”

This significant statement prompted an immediate response out of the Islamic Republic, with Iranian Foreign Minister Javad Zarif stating sarcastically on Twitter that it “remains unclear” whether the Biden administration is ready to “bury the failed ‘maximum pressure’ policy” of Trump and Pompeo

Zarif further argued that “Iran is in compliance with the JCPOA. Just read paragraph 36.”.

Iran has long maintained that it is Washington that blew up the deal through its aggressive sanctions regimen after Trump pulled out in May 2018. Zarif’s accusing the Biden admin of basically maintaining the policies of Trump (in terms of the sanctions pressure campaign) and all the while pursuing a restored deal in Vienna, suggested hypocrisy and dishonest dealing on the part of the Democratic administration. 

/RUSSIA/ USA/

This is one big joke:  Blinken is gong to tell Putin to stop cyberattacks or else?

(zerohedge)

Blinken Says Biden Will Put “Future Cyberattacks” Front & Center In Putin Summit

 
MONDAY, JUN 07, 2021 – 08:00 PM

Secretary of State Antony Blinken in an appearance on “Axios on HBO” previewed what he expects to come out of the Putin-Biden summit set for June 16 in Geneva. The short answer is: not much except for vague warnings and threats, it appears. Blinken said during the interview that the US president intends to warn Putin “directly and clearly what he can expect from the United States if aggressive, reckless actions toward us continue.”

While explaining that Washington would prefer a “more stable” relationship with Russia, Blinken also sought to distance the White House from growing criticism that Biden is getting ‘weak’ on promises to “stand up” to Putin, particularly after recently dropping sanctions on the German company overseeing completion of the Russia-to-Germany Nord Stream 2 pipeline. 

Blinken tried to assure Axios’ Mike Allen that Biden is meeting with Putin face to face to deliver a tough message

Biden is meeting with Vladimir Putin nine days from now “not in spite of” the cyberattacks that disrupted U.S. meat and gas supplies: “It’s because of them.”

He further repeated the prior common assessment of US officials which don’t see any “breakthrough” coming from the meeting.

“I can’t tell you whether I’m optimistic or not about the results,” Blinken said. “I don’t think we’re going to know after one meeting, but we’ll have some indications… We’re prepared either way.”

His comments on US leadership in the world and China seeking opportunity to take over where Washington influence is absent or waning were also interesting…

“We’ve certainly seen China … try to fill voids where we’ve been relatively disengaged.” And he added the caveat –  “and maybe not in a way that advances our interests or values.”

“Our partnerssee the same thing that we do,” he explained. “If you’re looking at all of the really big problems that we’re trying to solve — … like the pandemic, like climate change, like emerging technologies … — no one country can do it alone.”

END

 
 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

McCarthy wants Fauci gone!

(Phillips/EpochTimes)

“Let’s Find A Person We Can Trust”: House GOP Leader Says Fauci Needs To Go

 
MONDAY, JUN 07, 2021 – 03:40 PM

Authored by Jack Phillips via The Epoch Times,

House Minority Leader Kevin McCarthy (R-Calif.) called for Dr. Anthony Fauci to resign from his position as head of the National Institute of Allergy and Infectious Diseases (NIAID) following the publication of a trove of hundreds of emails.

McCarthy, speaking to Breitbart News over the past weekend, said that the American public has lost trust in Fauci after emails released last week raised questions about how Fauci handled the COVID-19 pandemic and his messaging to media outlets. Fauci has defended his emails and said they are being taken out of context.

“Well, the number one thing, it has to be for the American public,” McCarthy said in a response to a question about Fauci resigning or being fired.

“Does the American public trust Dr. Fauci now that you’ve seen the emails? Now that you’re seeing the flip-flop of positions? And just now that he’s requesting from China to get the information?”

“You’ve got to trust the individuals to look into this,” the GOP leader continued.

“Hundreds of thousands of Americans have died. And if you’ve taken every certain position in it, how are you able to come back with the trust of the nation to get to the bottom of it? We have to know what went on, and who knew what and when. I mean, everything we’re finding there, how can the president – and I know the American people don’t have trust in Dr. Fauci.”

McCarthy said that public health officials need to put “politics aside” and provide good messaging because “we’re talking about American lives here.”

“We’re talking about an administration that shifted course, when they first came in, the Biden administration, and gave millions of dollars back to the World Health Organization, that lied to the world, that is controlled by China. We watch that they changed the direction when we were standing up to China to appease China now,” he added.

“This is the wrong direction, and I don’t believe anybody in America can trust [inaudible] to get to the bottom of it.”

As a result, McCarthy affirmed that Fauci should not hold his position now “because you do not have the trust in him.”

Late last week, Fauci responded to the bevy of criticism, claiming they are “really very much an attack on science.”

“What’s happening now is very much an anti-science approach,” Fauci told left-wing MSNBC host Rachel Maddow on June 4.

“I mean, it is what it is, I’m a public figure, I’m going to take the arrows and the swings, but they’re just, they’re fabricated. And that’s just what it is … it’s all nonsense.”

The Epoch Times has contacted NIAID for comment.

END

TOWN HALL.COM

https://townhall.com/tipsheet/rebeccadowns/2021/06/06/dr-anthony-fauci-tied-to-another-scandal-this-one-involving-fetalanimal-hybrid-experiments-n2590555

More stuff on the scandalous Fauci

(Townhall.com)

Dr. Anthony Fauci Tied to Scandal Involving Human-Animal Hybrid Experiments with Aborted Fetal Parts

Rebecca Downs
|
Posted: Jun 06, 2021 8:00 PM
 
 
 
Dr. Anthony Fauci Tied to Scandal Involving Human-Animal Hybrid Experiments with Aborted Fetal Parts

 

Source: AP Photo/Alex Brandon

The massive dump of emails from Dr. Anthony Fauci as they pertain to the coronavirus being “potentially engineered” and Fauci’s fixation with gain of function research is suspect enough. As it turns out, though, the head of NIAID is also connected to human-animal hybrid experiments using aborted fetal parts, which have taken place at the University of Pittsburgh. Students for Life of America and the Center for Medical Progress are sounding the alarm.

 

Last week, Kristan Hawkins, president of SFLA, spoke with John Zmirak for an interview with The Stream

On the issue of “Rats with the Scalps of Unborn Babies,” Hawkins said:

Students for Life is calling for [Fauci’s] resignation or firing. A new video from the Center for Medical Progress detailed research in which infant remains are harvested from abortions at a Planned Parenthood. This happened at taxpayer expense, through funding from Fauci’s NIAID office at the National Institutes of Health.

The Stream interview also included excerpts from testimony David Daleiden, the founder of the CMP, from May 4, before a Pennsylvania Health Committee. Emphasis is original:

It’s a matter of public record that there are horrific abuses of aborted infants taking place [in] PA through the extensive fetal experimentation programs at the taxpayer-funded University of Pittsburgh.

In a recent study, Pitt scientists describe scalping 5-month-old aborted babies and grafting their scalps onto the backs of lab rats to keep them growing … in the study you can see the pictures of little baby scalps growing tiny baby hairs on the backs of lab rats and lab mice. Each one of those scalps… represents a little PA baby who would have grown those little hairs on their head if they had not been killed by abortion for experiments with rodents.

Starting in 2016, Pitt received a $1.4M grant from the NIH to become a distribution hub for aborted fetal kidneys and bladders and other organs in the NIH’s genitourinary development mapping atlas program. Pitt’s grant application for this grant from the NIH states that the university has a unique access to a large number of high-quality aborted fetuses and can “ramp up” delivery of abortion fetal body parts across the country.

May was a busy month for Daleiden and the CMP, which has been for years releasing investigative video journalism content to expose Planned Parenthood for their role in trafficking, harvesting, and profiting off of aborted fetal body parts. There is evidence Planned Parenthood is also involved in the human-animal hybrid experiments, in that they have provided aborted fetuses to the University of Pittsburgh, while the university then sponsors Planned Parenthood’s operations.

Daleiden made an appearance on Fox News’ “Tucker Carlson Tonight,” and a CMP video detailing the experiments was likewise released.

Daleiden also explains it in an op-ed for Newsweek here:

In one study published last year, Pitt scientists described scalping 5-month-old aborted babies to stitch onto the backs of lab rats. They wrote about how they cut the scalps from the heads and backs of the babies, scraping off the “excess fat” under the baby skin before stitching it onto the rats. They even included photos of the babies’ hair growing out of the scalps. Each scalp belonged to a little Pennsylvania baby whose head would grow those same hairs if he or she were not aborted for experiments with lab rats.

In fact, the published study used both rats and mice to grow the babies’ scalps. How was this paid for? With a $430,000 grant from Dr. Anthony Fauci‘s NIAID office at the NIH. Pitt’s witness implied that government NIH grants somehow did not concern taxpayers in Pennsylvania.

Previously, I wrote about another Pitt scientist who developed a nightmarish “protocol” for harvesting the freshest, most pristine livers from 5-month-old aborted babies in order to isolate massive numbers of stem cells for experimental transplants. This technique calls for aborting late-term fetuses alive via labor induction, rushing them to a sterile laboratory, washing them and then cutting them open to harvest the liver. This Pitt scientist received $3 million from the NIH.

It’s also worth wondering why such experiments are being conducted at all. The Stream references opposition from pro-life senators following the issue, in the form of a press release from the office of Sen. James Lankford (R-OK), joined by Sens. Steve Daines (R-MT) and Mike Braun (R-IN). 

The press release laid out an amendment by the senators to put an end to animal-human experiments. From the release:

Acting on the significant ethical concerns and ramifications such animal-human hybrid research has for the sanctity of human life, the senators introduced an amendment to the United States Innovation and Competition Act, which would make it a crime for any person to knowingly 1) create or attempt to create a prohibited human-animal chimera; 2) transfer or attempt to transfer a human embryo into a nonhuman womb; 3) transfer or attempt to transfer a non-human embryo into a human womb; 4) transport or receive for any purpose a prohibited human-animal chimera.

Ultimately, the amendment was narrowly defeated in the U.S. Senate.

May 27 press release from SFLA and Students for Life Action issued a call for Dr. Fauci to resign or be fired. The press release with original emphasis read:

PITTSBURGH, P.A., and WASHINGTON, D.C. (05-27-2021) – Students for Life and Students for Life Action are urging Americans to contact Dr. Anthony Fauci to demand that he resign and that immediate action is taken to stop barbaric human rights abuses taking places at the University of Pittsburgh and elsewhere, paid for by large taxpayer grants.

The decades-long web of unethical practices was recently exposed in a video and testimony by David Daleiden, project lead at the Center for Medical Progress, and covered by SFL and SFLAction herehere, and here. SFL/SFLAction has launched a campaign at PittKills.com to enable concerned Americans to easily contact Dr. Anthony Fauci andcall on him to resign in the wake ofthe injustice.

“Dr. Fauci runs an office within the US Department of Health and Human Services (HHS), which literally describes its mandate as ‘serving and protecting Americans at every stage of life, from conception,’” said SFL/SFLAction President, Kristan Hawkins. “Fauci’s actual job as a high-ranking official at HHS is to protect Americans from conception — yet he is enabling the exact opposite: sacrificing the most vulnerable American children to appease Corporate Abortion, the human body parts trafficking industry, and unethical researchers in league with Planned Parenthood at the University of Pittsburgh. And taking US taxpayer dollars to do it. No conscientious person can stand for these human rights abuses, or this hypocrisy at the highest levels of the federal government.”

“This action is even more urgent given yesterday’s news of efforts to further abuse and endanger human lives by stripping restrictions on embryonic research 14 days after fertilization,” Hawkins added.

Exposure of the human rights abuses at Pitt which Dr. Fauci’s office funded preceded new accusations that Dr. Fauci participated in obfuscation efforts to withhold information about the origins of the deadly COVID-19 pandemic. Critics assert that earlier transparency from Fauci and other officials regarding the origins of the virus could have prevented countless deaths globally.

“Dr. Fauci’s harm to human life doesn’t begin and end with allegations about a research lab in China,” said Hawkins. “Horrific experimentation is happening right now, right here in the United States, at the University of Pittsburgh and elsewhere. While untold harm has been done by Dr. Fauci prioritizing the forces of death — and we can never bring back the lives that have been lost under his leadership — we CAN demand action now so that the injustice stops here. Fauci must resign.”

Students for Life will be holding a “#FireFauci Rally” event in front of the National Institutes of Health building in Bethesda, Maryland on the morning of Thursday, June 10. For those who cannot attend in person, they can join virtually via Facebook and Instagram Live streams.

The pro-life group has already petitioned UPitt and NIH about these experiments, and also has a petition to demand Dr. Fauci’s resignation.

 

end
 
Just like us: Covid origins concluded in May 2020 that the lab leak was plausible.  Our contention was the lab leak was 100%
(zerohedge)
 

COVID Origins Report From Lawrence Livermore “Z Division” Concluded In May 2020 Lab Leak ‘Plausible’

 
TUESDAY, JUN 08, 2021 – 09:11 AM

While Anthony Fauci spent much of last year telling the public that COVID-19 couldn’t have possibly come from a Wuhan lab his agency was funding, the Lawrence Livermore Lab’s intelligence arm, known as the “Z-Division,” found the Wuhan lab-leak theory to be quite plausible and deserving of further investigation, according to the Wall Street Journal.

In a classified May 27, 2020 report that the US State Department heavily relied upon its investigation (and which President Biden canceled shortly after taking office), scientific investigators studied the genetic makeup of the SARS-CoV-2 virus, in what was “among the first U.S. government efforts to seriously explore the hypothesis that the virus leaked from China’s Wuhan Institute of Virology along with the competing hypothesis the pandemic began with human contact with infected animals.”

One person who read the document, which is dated May 27, 2020, said it made a strong case for further inquiry into the possibility the virus seeped out of the lab.

The study also had a major influence on the State Department’s probe into Covid-19’s origins. State Department officials received the study in late October 2020 and asked for more information, according to a timeline by the agency’s arms control and verification bureau, which was reviewed by The Wall Street Journal.

The study was important because it came from a respected national laboratory and differed from the dominant view in spring 2020 that the virus almost certainly was first transmitted to humans via an infected animal, a former official involved in the State Department inquiry said. -WSJ

The WIV was home to scientists internationally known for genetically modifying COVID viruses to better infect humans – perhaps including an intermediate horseshoe bat coronavirus they collected in 2013 which is  96.2% identical to SARS-CoV-2, while we know know that a subagency of the NIH headed by Fauci was funding risky coronavirus research to the tune of millions of dollars, funneled through nonprofit EcoHealth Alliance after the Obama administration cut off funding for so-called “gain of function” research in 2014.

What’s more, the Fauci’s agency resumed funding the risky research in 2017 without the approval of a government oversight body.

Of note, the WIV “had openly participated in gain-of-function research in partnership with U.S. universities and institutions” for years under the leadership of Dr. Shi ‘Batwoman’ Zhengli, according to the Washington Post‘s Josh Rogin.

 

Zhengli Shi (Bat lady)

On May 26, President Biden called for a fresh, 90-day review of intelligence collected on the origins of COVID-19. While he didn’t directly reference the Lawrence Livermore classified report, he said that US national laboratories overseen by the Energy Department would augment the spy agencies’ work. Hours after Biden’s announcement, the New York Times reported the existence of  a ‘raft’ of still-unexamined evidence which required additional supercomputer analysis.

In other words, the US government has been sitting on a large collection of intelligence in perhaps the most important investigation into an economy-wrecking global pandemic, as China destroyed evidence and has refused to cooperate with international probes. According to the report, Biden’s call for the new investigation was in response to the ‘new’ evidence.

According to the report, US allies have been providing evidence since the beginning of the pandemic. Australia, a member of the so-called Five Eyes partnership which also includes Britain, Canada and New Zealand, has strongly promoted the lab-leak theory. And while US intelligence agencies are reportedly coming together “around the two likely scenarios,” a former State Department official says the evidence to support the natural origin theory is virtually non-existent.

“We were finding that despite the claims of our scientific community, including the National Institutes of Health and Dr. Fauci’s NIAID organization, there was almost no evidence that supported a natural, zoonotic evolution or source of COVID-19,” said former State Department official David Asher in a statement to Fox News. “The data disproportionately stacked up as we investigated that it was coming out of a lab or some supernatural source.

end

Demand for vaccinations plummet as too many people are aware of the risks to the virus

(zerohedge)

US On Track To Miss Biden’s July 4 Vaccination Target As Demand Plunges

 
TUESDAY, JUN 08, 2021 – 12:39 PM

Across the US, Americans are starting to think about COVID-19 as a memory. Many are no longer wearing masks in convenience stores and gyms after President Biden’s confusing mask guidance, which was interpreted as many as a curtain call on the hated practice. Credible physicians, including Johns Hopkins’ surgeon Dr. Marty Makary, have posited that the US might already have reached herd immunity, as the number of new cases continues to slow following the most recent peak in mid-April. Since January, the number of daily cases has slowed dramatically, falling from 300K cases per day on Jan. 2.

To try and entice more patients to accept the vaccine, some governors have offered lotteries with million-dollar payoffs, along with guns, beer and other cash prizes. These efforts have had mixed results (though the governor of Ohio insists that his state’s “Vax-a-Million” lottery campaign has helped encourage more adults to seek out the vaccine).

But survey data suggests that the US likely won’t see another surge in vaccine uptake, with 78% of respondents to a recent Gallup Poll saying they’re not planning on getting vaccinated and nothing will change their minds, which means President Biden’s latest goal of reaching 70% vaccination rates by the July 4th holiday – less than a month away – is looking increasingly unlikely.

Only 19% said they are somewhat likely to change their minds and 2% are very likely to decide to get vaccinated.

Presently in the US, fewer than 500K adults are being vaccinated each day, down from a peak of 3.4MM. As of Monday, 51.5% of the US population – or 170.8 million – have received an initial dose, which includes adult and children between ages 12 and 17.

In order to reach Biden’s goal, another 16MM more adults will need to have their first shot in the next 28 days.

Speaking again on CNBC Tuesday morning, Dr. Makary discussed the risks that COVID-19 poses to healthy individuals. He reiterated that while healthy people have gotten very sick, there haven’t been any cases of healthy, young people with zero documented co-morbidities actually dying.

“I think the concept of herd immunity is one that got misinterpreted as eradication…we will likely keep seeing COVID for decades,” Dr. Makary said.

Asked if he doesn’t believe young healthy people should get the vaccine, he  clarified that the case to get the vaccine “is there…it’s just not as compelling.” For example, even if healthy people might not die from COVID-19, they can still get really sick, potentially causing them to miss a week or two of work, or even spread the virus on to somebody else. As anybody with “long-haul” COVID-19 can attest, the virus can be devastating, even if it’s not fatal.

Only 2.4MM Americans got vaccinated last week, roughly half the 4.2MM weekly level that the country needs to meet Biden’s goal.

Southern states are seeing the lowest demand, and there is a political dimension to the situation: survey data shows that healthy adults who vote Republican are less likely to seek the vaccine than healthy adults who vote Democrat. In Alabama, for instance, only given 45.9% of adult residents their first dose of the vaccine, and last week the state had “just four people per 10K residents get vaccinated,” according to the newspaper.

So far, just 13 states – California, Connecticut, Hawaii, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New Mexico, Pennsylvania, Rhode Island, Vermont and Washington – have already vaccinated 70% of adults.

In total, 597,952 Americans have died from COVID-19 so far, while 33.38MM have been infected. But at this point, the US is reporting fewer than 350 deaths per day now.

end

DELTA VARIANT/VERY SEVERE

This is what the Delta variant  (India/South African) can do!!
(courtesy Bloomber/Shrivasta)

Gangrene, Hearing Loss Show Delta Variant May Be More Severe

 Updated on 
  • The coronavirus variant driving India’s devastating Covid-19 second wave is the most infectious to emerge so far. Doctors now want to know if it’s also more severe.

     
     

    Hearing impairment, severe gastric upsets and blood clots leading to gangrene, symptoms not typically seen in Covid patients, have been linked by doctors in India to the so-called delta variant. In England and Scotland, early evidence suggests the strain — which is also now dominant there — carries a higher risk of hospitalization.

     
     

    Delta, also known as B.1.617.2, has spread to more than 60 countries over the past six months and triggered travel curbs from Australia to the U.S. A spike in infections, fueled by the variant, has forced U.K. to reconsider its plans for reopening later this month, with a local report saying it may be pushed back by two weeks. Singapore found that the mutation accounted for 95% of the local Covid samples linked to variants of concern. Higher rates of transmission and a reduction in the effectiveness of vaccines have made understanding the strain’s effects especially critical.

     
     
    Guru Teg Bahadur Covid Care Centre At Gurudwara Sir Rakab Ganj Sahib

    A doctor and health workers check an x-ray scan of a Covid-19 patient at an isolation ward in New Delhi on May 25.

    “We need more scientific research to analyze if these newer clinical presentations are linked to B.1.617 or not,” said Abdul Ghafur, an infectious disease physician at the Apollo Hospital in Chennai, southern India’s largest city. Ghafur said he is seeing more Covid patients with diarrhea now than in the initial wave of the pandemic.

    ‘New Enemy’

    “Last year, we thought we had learned about our new enemy, but it changed,” Ghafur said. “This virus has become so, so unpredictable.”

    Stomach pain, nausea, vomiting, loss of appetite, hearing loss and joint pain are among the ailments Covid patients are experiencing, according to six doctors treating patients across India. The beta and gamma variants — first detected in South Africa and Brazil respectively — have shown little or no evidence of triggering unusual clinical signs, according to a study by researchers from the University of New South Wales last month.

    end

     

 

There is a global sinister plot against humanity…a  must read…

Nick Corbishley/NakedCapitalism

WHO Celebrates As Indian Health Regulator Removes Ivermectin From Its COVID-19 Protocol

 
TUESDAY, JUN 08, 2021 – 02:46 PM

Authored by Nick Corbishley via NakedCapitalism.com,

After India finally gets somewhat of a grip on its deadly second wave, one of its health regulators just took away one of its main lines of defense

India’s Directorate General of Health Services (DGHS) has executed a policy reversal that could have massive implications for the battle against covid-19, not only in India but around the world. Hundreds of thousands, if not millions of lives, are at providing stake. Providing no explanation whatsoever, the DGHS has overhauled its COVID-19 treatment guidelines and removed almost all of the repurposed medicines it had previously recommended for treating asymptomatic and mild cases. They include the antibiotic doxycycline, hydroxychloroquine zinc, ivermectin and even multivitamins. The only medicines that are still recommended for early treatment are cold medicines, antipyretics such as paracetamol and inhaled budesonide.

“No other covid-specific medication [is] required,” say the new guidelines, which also discourage practitioners from prescribing unnecessary tests such as CT scans.

“Patients are advised to seek tele consultation; and Covid-19 appropriate behaviour must be observed such as mask, strict hand hygiene and physical distancing… [Patients are also advised to maintain] a healthy diet with proper hydration… [and] to stay connected [with family] and engage in positive talks through phone, video-calls, etc.”

The decision to remove ivermectin, multivitamins and zinc from the treatment guidelines is hard to comprehend given the current state of play in India — unless one assumes foul play.After suffering one of the worst covid-19 outbreaks since the pandemic began, resulting in the loss of hundreds of thousands of lives, India is not just flattening the curve, it is crushing it. And the widespread use of ivermectin, a potent anti-viral and anti-inflammatory with an excellent safety profile, appears to have played an instrumental role.

A Happy WHO

Other countries in the region have already taken notice. Indonesia just approved the use of ivermectin in Kudus, a local contagion hotspot. 

This is the last thing the World Health Organization (WHO) and the pharmaceutical companies whose interests it broadly represents want. As such, it was no surprise that WHO was delighted with the DGHS’ policy reversal. “Evidence based guidelines from @mohfw DGHS – simple, rational and clear guidance for physicians,” tweeted WHO’s chief scientist Soumya Swaminathan, of Indian descent. “Should be translated and disseminated in all Indian languages.”

As I posited in my recent article “I Don’t Know of a Bigger Story in the World” Right Now Than Ivermectin: NY Times Best-Selling Author, there are three possible explanations for global health regulators’ opposition to the use of a highly promising, well-tolerated off-label medicine such as ivermectin:

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

  • Other pharmaceutical companies are developing their own novel treatments for Covid-19 which would have to compete directly with ivermectin.  

  • If approved as a covid-19 treatment, ivermectin could even threaten the emergency use authorisation granted to covid-19 vaccines

It’s worth noting that while India’s DGHS has dumped most cheap off-patent treatment options against Covid, including even multivitamins, more expensive patented medicines continue to get the green light. They include Gilead’s prohibitively expensive antiviral Remdesivir, which DGHS  continues to recommend for “select moderate/ severe hospitalised COVID-19 patients”, even though “it is only an experimental drug with potential to harm.” It has also authorised the use of the anti-inflammatory medicine tocilizumab, which costs hundreds of dollars a dose.

Crushing the Curve

The DGHS began recommending the widespread use of ivermectin as early as April, in direct contradiction of the recommendations of the World Health Organization. Treatment packs were assembled in many states and distributed to patients testing positive for Covid. In at least two states — Goa and Uttarakhand — the medicine was distributed as a preventive. As has already happened in over 20 countries where ivermectin has been used — from Mexico, the Dominican Republic and Peru to Slovakia, the Czech Republic and Bangladesh — case numbers, hospitalizations and fatalities have fallen in almost vertical fashion. On Monday the country recorded its lowest number of new cases in 61 days.

“When we started seeing more cases, we decided to take up a door-to-door survey,” Bagalkot District Health Officer Dr Ananth Desai told New India Express. “When the health officials noticed people with symptoms during the survey, they tested them immediately and provided them with home isolation kits, which had medicines like Ivermectin, calcium and zinc tablets along with paracetamol. We advised the patients to start with the medication even before their Covid-19 test results came out. With these measures, we noticed that many patients recovered faster. This helped in increasing the recovery rate”.

In India’s capital, Delhi, the number of people testing positive for Covid-19 daily has fallen 97% from a peak of 24,000 on April 24. The number of deaths is down by around 85%. Only 17% of the total beds earmarked for Covid-19 treatment in Delhi and around 40% of the ICU beds were occupied late last week, according to the government’s Delhi Corona app. At the peak, there were days when no ICU beds were available in the city.

Out of the Darkness, But For How Long?

Just over four weeks ago India was in a very dark place. At one point it was accounting for almost half of all global cases and one in every four covid-19 deaths. The government had lost complete control. Four weeks later, the country, while not out of the woods, is in a much better place. While the official numbers of cases and deaths are probably still a fraction of the real numbers, the trend is clearly moving in the right direction.

An important reason for that is that doctors in India have been treating covid patients as early as possible — something that isn’t happening in most countries, particularly rich ones that play an outsized role in setting global health policy. In India early treatment has helped to reduce the number of cases becoming acute. And that has helped to reduce the pressure on hospitals and vital resources such as oxygen. Ivermectin also appears to have helped reduce the spread of the virus, thanks to its potent anti-viral properties.

Just about everywhere ivermectin is used, the number of cases, hospitalizations and deaths fall precipitously. Of course, this is only a temporal correlation. But nonetheless a clear pattern across nations and territories has formed that strongly supports ivermectin’s purported efficacy. And that efficacy has been amply demonstrated in dozens of clinical studies and multiple meta-analyses. But it’s not proof enough for global health authorities, which have set the bar for ivermectin so high that it’s almost impossible to straddle. 

Of course, other factors such as lockdowns, travel restrictions and increased herd immunity have also played a part in India’s rapid turnaround. But vaccines’ role has been minimal given that just 16 doses have been administered per hundred people. It’s going to take many more months, if not longer, to vaccinate a majority of the population. In the meantime, hundreds of millions of people will remain unprotected from the virus. Many will end up catching and transmitting it. Yet the Directorate General of Health Services has taken away one of the country’s only lines of defense.

It remains to be seen whether state governors and health bureaucrats will comply with the recommendations. For the moment the separate treatment protocols recommended by India’s Ministry of Health and Family Welfare (MOHFW) and the Indian Council of Medical Research (ICMR) continue to include ivermectin. As such, many doctors are likely to continue prescribing the medicine. But what happens if MOHFW and ICMR follow the DGHS’ lead and also drop ivermectin. Will doctors stop using a medicine they know to work against a virus that has already caused so much devastation?

India’s most populous state, Uttar Pradesh, has been using ivermectin since last summer. In this second wave the turnaround was so dramatic that even the World Health Organization (WHO) showcased its achievements. In a May 7 article titled “Going the Last Mile to Stop Covid-19” the WHO noted that aggressive population-wide health schemes, including home testing and “medicine kits”, had helped regain control of the virus. But what the WHO failed to mention is what was in those medicine kits.

Instead, three days later WHO’s chief scientist Soumya Swaminathan, of Indian descent, tweeted out a reminder that ivermectin is not recommended to treat covid-19 patients. The tweet included a press release issued by the company that manufactures the drug, Merck, saying it had found no evidence to support the use of ivermectin in the treatment of COVID-19. Merck, it’s worth recalling, is developing an antiviral compound, molnupiravir, that will have to compete directly with ivermectin, one of the cheapest, safest drugs on the planet — unless, of course, ivermectin is taken out of the picture.

A Cautionary Tale

But if that happens, the result is likely to be a lot more deaths. Peru, the first country to use ivermectin against Covid, is living proof of that. The medicine was first used in eight states during the very early stages of the pandemic (May-July). After showing promise, it was extended to the whole country. Excess deaths dropped 59% (25%) at +30 days and 75% (25%) at +45 days after day of peak deaths. But in October, after the first wave had been brought under control, a newly elected government in Lima took the inexplicable step of withdrawing a number of medicines, including ivermectin, from its treatment guide for the disease.

Within weeks hospitalizations and deaths were soaring once again. The graph above, taken from a study by Juan Chamie, Jennifer Hibberd of the University of Toronto and David Scheim of the US Public Health Service, shows the sharp rise, fall and resurgence in excess deaths (among the over 60 year-old cohort) in Peru as the virus waxed, waned and waxed again. Since Peru dropped ivermectin the virus has raged through the population. Peru now has the highest per-capita death rate from covid on the planet. It’s a cautionary tale that India, with a population more than 30 times that of Peru, would do well to heed.

end

From my son:  please read.!!

Mark Organ

4:43 PM (4 minutes ago)
 
to me
 
 
The vaccine is very leaky
 
 
 
 
 


This massively increases variant development, and also Antibody-dependent enhancement. What a nightmare
 
end

The major global issues facing the world today

Michael Every //Bill Blain

Rabo: Is Someone Trying To Delay The Global COVID Recovery To Ram Through Even More Stimulus

 
TUESDAY, JUN 08, 2021 – 10:51 AM

By Michael Every of Rabobank

Yesterday’s Daily concluded with the question: “Is this a piece of your brain? Sadly, I feel the need to start today’s with the same question. What else can one ask when our financial press are filling pages telling us Jeff Bezos is going into space? “Multi-billionaire does something expensive and irrelevant” might as well be the headline; or, I would settle for a Muppets-like “Bezos in Spaaaaaace”, which at least has the appropriate lack of gravity.

Meanwhile, we need to be talking more about uncomfortable “I” words:

“Inflation”, obviously. There is a lot of market discussion about it, and if it is really back or not; and some even address formerly-taboo issues like labor vs. capital. However, those who have been brave enough to take that big leap have only landed on a narrow pillar sticking up from a deep intellectual divide, not the other side. The next, more difficult jump is to admit one cannot address the labor issue without also addressing the free movement of goods, services, and capital (let alone people) – and the global supply chains built on their back. Until then, you are intellectually stuck between the solid ground of neoliberal “because markets” –with low inflation, high inequality, and “Bezos in Spaaaaaace!”– and Bretton Woods / national- conservatism / mercantilism / or international Marxism on the other side – which means higher inflation, lower inequality, less globalization, and very different supply chains. And that pillar in the middle is wobbly and won’t hold for long. (For our own take on an inflation framework, not model, and which tries to encompass these factors and more, please see here.)

Interest rates”, just as obviously. US Treasury Secretary Yellen says she backs slightly higher rates, which would apparently be healthy for the US economy. How many times has she forgotten this is not her job anymore? Could Mr Powell say he prefers a slightly lower fiscal stimulus, for example? The media seem indulgent of these repeated snafus removing the clear red line between Fed and fiscal. Meanwhile, market chatter is that Jackson Hole in late summer is too soon for the Fed to flag any tapering. Given the extended unemployment checks won’t have run out at that point, US jobs growth will still be below expectations, so requiring said stimulus: there is some logic if you think about it. And months more of $120bn QE a pop for markets.

“Ivermectin”, which is a cheap, safe, effective medicine for treating parasitic infections and inflammation. Repeated on-the-ground medical studies claim the drug is an equally cheap, safe, and effective part of a cocktail Covid-19 treatment that could help ensure a far faster global recovery from this pandemic. The fact that none of you have probably heard of it; that academics at the UK’s leading virus-research universities aren’t looking at it; that Twitter has frozen the accounts of some advocating for it; and that India just dropped it as a recommended treatment, all suggests either the data from the studies are flawed, or how we make decisions about such important matters is. (I am no doctor or scientist: but Bret Weinstein has firm views on which of the two is more likely.)

Of course, a faster *global* recovery from Covid would mean we wouldn’t need as much fiscal and monetary stimulus in the first place. Yet even so, perhaps we aren’t having the well-rounded “have we tried this?” discussions about the realities of the best ways to treat either inflation or inflammation.

“’International’ law”, which reflects China’s first of its kind anti-foreign sanctions draft law being proposed yesterday, with a vote expected soon. According to an expert quoted by the Global Times, the law “will deter foreign governments, notably the US and the EU, from resorting to long-arm jurisdiction,…if Chinese entities are hit with unjustified sanctions, the proposed law is supposed to crystallize actionable countermeasures against the foreign governments and institutions…expecting the legal effort to make up for losses that Chinese entities would suffer.”

The example of the Australian government’s decision to tear up Victoria’s Belt and Road agreements with China is given as a “wake-up call” for China to “broaden the extraterritorial reach of its own legislation.” In other words, the proposed law would have allowed China to impose countermeasures on Australia, or demand compensation, for Canberra following Australian federal law within its own territory – because it harmed Chinese interests. Of course, the US, and now EU and UK –and Hong Kong– extend their legal remits outside their geographical territory. Now China is going to join in – and in the opposite direction to the West’s legal moves.  This potentially leaves Western firms damned-if-they-do and damned-if-they-don’t, which is a wake-up call for those who haven’t heard any of the alarm bells so far. It’s also another factor likely to play into supply-chains and inflation over time, even if mentioning it is as popular as Ivermectin.

“Industrial policy”, given the US senate is expected to pass “The US Innovation and Competition Act of 2021” today, which includes $52bn for US-based semiconductor manufacturing; $80bn over five years for the National Science Foundation; a new office to oversee the development of technologies such as AI, semiconductors, quantum computing and biotech; to limit Chinese state funds flowing to US universities; to create a new State Department position to monitor and counter Chinese influence in international organizations; steps to strengthen US military alliances in the Pacific; to create a working group with the legislatures of nations in the Quad – Japan, Australia, and India; a ban on US officials attending the 2022 Beijing Winter Olympics; a declaration that China’s policies in the Xinjiang are genocide; and requiring the US to impose sanctions on anyone in China (not Russia) engaging in intellectual property theft or cyberattacks against the US. There is also more in it – and much still subject to last-minute change. Meanwhile, the US is also pushing ahead with the Blue Dot Network

Critics of the legislation point out that it has huge security holes in its proposals for a new 5G technology platform; and others that this is yet another big government boondoggle. However, it’s the clearest bipartisan signal yet that the US is serious about “extreme competition” with China – and it also looks likely to breach the terms of the proposed new Chinese law to prevent its interests being targeted. Hold on to your hats – and perhaps not your supply chains.

“Inverse?”, given 68 Republican members of the House of Representatives are sending a letter to the White House ahead of the US-Russia summit slamming President Biden for waiving sanctions on Russia’s Nord Stream 2 Pipeline; and Ukrainian President Zelenskiy claims US President Biden that he is opposed to Russia’s Nord-Stream 2 project; and US Secretary of State Blinken states that the recent sanctions waiver over the project “can be rescinded”, language that sounded like the US is OK with the pipeline being completed given it is a fait accompli,…but still perhaps doesn’t want it to actually be turned on(?) 

But let’s forget about all this and return to “Bezos in Spaaaaaace”, where Bezos, his brother, a lucky lottery winner, Captain Link Hogthrob, First Mate Piggy, and Dr. Julius Strangepork are….  

 

end 

Blain: Will The Agreement On Global Tax Ever Become A Reality?

 
TUESDAY, JUN 08, 2021 – 06:30 AM

Blain’s Morning Porridge, by Bill Blain

Will the agreement on global tax ever become a reality? and the real threat of financial asset inflation!

“The stock market is a very expensive place to discover you know nothing…

This morning: The G7 agreement is being hailed as a great step forward, but will it ever happen? Janet Yellen’s call for higher rates is a clear sign the problem of financial asset inflation will finally be addressed – the question is how painful the treatment and taper tantrum will be? Not addressing financial asset inflation is a far bigger risk than the debt crisis many monetary traditionalists perceive has grown from government pandemic spending.  

Welcome to another week of consequences, mayhem and fun on global markets…

What a great time to be a tax-accountant! The G7 agreement on a “minimum corporate rate of 15%” will have accountants, tax-planners and bankers in a euphoric state as they anticipate dissecting the deal’s underpinnings with a fine comb, look for the back doors, engage lobbyists to push for advantageous clauses, and get set to arbitrage every facet of it – if it ever happens and becomes a reality.

If any European country ever receives anything close to a check for 15% of the profits made by a big digital tech company selling in their borders, I shall eat my hat. I’ve already heard there is a note from an accounting firm suggesting Amazon can wriggle out because of the marginal cost calculations… whatever… something to with governments getting “the right to tax 20% of profits exceeding a 10% margin” – which sound much less than 15% of profits to my mind.

But, of course, it’s a win/win for everyone.

The Sherpas of global finance – like Janet Yellen – are on the wires saying it’s a revival of “multilateralism” as nations come back together in the post-Trump era to solve “critical challenges facing the global economy”.

The Politicians are all over it like a rash – looking forward to all that loverly US tech money to spend… while claiming to have righted a massive historical wrong in the lack of cash paid by many firms. The French, of course, are complaining 15% is not enough; Macron looking to demonstrate his fraternity with the working class voters by pushing for more.

And the corporates…? They will be delighted.. A chance to show they support the good cause, while behind the scenes they keep emptying our wallets.

National tax agencies won’t bat an eyelid. They know better than to go for the big tech firms. To heavily tooled up with the best tax-lawyers.. much easier to go from small businesses who tend to cave quicker to HMRC threats…

But will the agreement ever happen?

On the face of it, the Irish should not be happy. They aren’t even a G20 member – except as being part of the EU. They are putting a brave face on it, with comments like their low-tax economy will continue to attract jobs, and why would any already established there leave? Many corporates won’t feel any urgency to move their operations. Many may decide to beef them up in the expectation any tax deal is still years away from full ratification by all the members of the OECD, and that it may not happen at all… ever. Dublin office space may still be a good bet…

The reality is the new G7 minimum tax proposal is going to struggle to get through the slough of despond that is deepening US political gridlock. The Republicans are already parroting Trump that such a deal can’t be good for US Company revenues, therefore should be rejected.

What will the G7 tax deal mean for markets?

It’s going to be a busy time for the credit agencies, figuring out if the shock horror of corporate’s actually paying taxes in countries where they sell stuff, pushes a few names down a credit notch or two because paying taxes comes before paying bondholders. I’d be surprised if they find many lame ducks – but the credit agencies won’t miss the opportunity to be relevant, and will no doubt start pumping out research for bond managers to fall asleep over.

What about company profits – the stuff that (once) so excited Equities? As one wag once pointed out: “if you’re paying taxes on profits, you ain’t doing it right.” Better spend the money on acquisitions, on infrastructure, etc… heaven forbid paying staff better. But company spending is an economic multiplier – so it’s a good thing.

That leaves an interesting thought: what about all the US Tech firms now sitting on enormous cash piles, built up from untaxed profits channelled through corporate headquarters in nations willing to charge zero taxes – like Ireland? Retroactively taxing these untaxed gains isn’t on the agenda, and will never ever happen….

Meanwhile, a much larger issue looms in terms of taper-time….

Over the weekend we had a very interesting intervention from Janet Yellen as she toed the President Biden line, supporting $4 trillion of infrastructure spending – even if it does trigger inflation, and called for higher interest rates. “If we end up with a slightly higher interest rate environment it would actually be a plus from society’s point of view and the Fed’s point of view.”

Yellen’s comments struck me as a very Significant Moment. It’s an acknowledgement the Biden Administration understands the need to taper the monetary excesses of the past few years. Sure, that will trigger a taper-tantrum – which everyone believes is nailed on when rates edge higher. A market collapse would cause a massive blink in confidence – but … so what? Everyone knows markets are overpriced – so why not acknowledge rates should normalise to levels where it might make sense for investors to start buying US treasury bonds, rather than just the Fed?

The reality of the last 12 years is there has already been massive and uncontrolled inflation in financial assets on the back of experimental monetary policy. Zero interest rates and essentially unlimited money via QE and pandemic money, has pushed up stocks and bonds to massively elevated levels – levels which now spell danger for market stability, yet continues to drive the massive game of “chicken” that the markets have become.

(By “chicken” I mean the explosion in speculative investment; in names unlikely to ever make significant profits, in meme stocks, in zeitgeist funds, and fantublations like Bitcoin – every single one of them is founded not in future investment values and profits, but the belief that a greater fool will emerge to buy them at a higher price.)

Meanwhile, we’ve got monetary traditionalists screaming foul at the apparent fiscal excesses that have occurred since the Pandemic began last year. Governments and Central banks correctly understood the need for massive fiscal stimulus and handouts to sustain economies in immediate crisis, and built springboards for the spectacular growth we are now seeing in the UK economy and US jobs. The fiscal carpet bombing has worked saving the economy, but debt has ballooned.

But what do we hear from the Right? That all that debt is crushing confidence in fiat money, that state handouts are causing lazy workers to withdraw their labour, and the devaluation of currencies will cause the collapse of the west. It’s become the clarion call of Libertarian Cryptocurrency supporters – who perceive that their mythical digital asset’s being free of government control is it major advantage…

Markets love to panic about the worst possible outcomes – which never ever occur. The reality is global markets, interest rates, currencies and dent levels are in an awful mess – but that’s not unusual. It’s just the way it is.. We will undoubtedly muddle through. … but it might be bumpy at times.

Rather than the amount of national debt, the massive inflation we’ve seen in financial assets has become the real major problem – because its thrown so many aspects of the economy out of line. Because financial assets are now so expensive they cause investors to seek better returns from cheaper assets, pushing up the prices of real assets as a result.

We can see that clearly in property markets where is it now inconceivable that a normal worker can ever afford a house. That then changes economic behaviours – millennials and GenZ give up on acquiring homes, and without the pressure of mortgage payments or kids, don’t see the need to work as hard… etc etc.. That has consequences for the future in terms of demographics – who pays?

I don’t particularly fear the debt-driven monetary apocalypse many observers increasingly fear. All countries have been fiscal inflating their economies to drive pandemic recovery. If confidence in a particular currency is rocked it will occur because of reasons like political failure – which is my concern about the US. Meanwhile, there is no shortage of capital to fuel growth – it’s a question of how much of its squandered on things like stock buybacks and other drivers of inequality.

My concerns are much more about real threats; like just how deeply entrenched financial inequality across society has become because of financial asset inflation – and how that eventually damages and destabilises societies. The instability is being fueled by polarisation magnified by social media – which is what’s fueling all the libertarian conspiracy theories about mind-stealing aliens, big-government failure, and the safety of the crypto-con.

 
 
end
This is not good!! An HIV patient had COVID for 7 months and the infection mutated over 30 times.
Jerusalem post/Keyser
Special thanks to Chris Powell for sending this to us:

HIV patient had COVID for over 7 months, infection mutated over 30 times

Of the mutations found in the patient, both the UK and South African variants were noted to be present at one point or another throughout the length of the woman’s infection.

A man walks past a poster covering the side of a building ahead of a 21 day lockdown aimed at limiting the spread of coronavirus disease (COVID-19), in Cape Town, South Africa, March 26, 2020. (photo credit: MIKE HUTCHINGS / REUTERS)
A man walks past a poster covering the side of a building ahead of a 21 day lockdown aimed at limiting the spread of coronavirus disease (COVID-19), in Cape Town, South Africa, March 26, 2020.
(photo credit: MIKE HUTCHINGS / REUTERS)
 
An HIV-positive woman with a persistent coronavirus infection that lasted 216 days straight had the virus mutate within her over 30 times, according to new research.

 

 

The study, which has yet to be peer-reviewed, detailed the HIV-positive patient’s more than seven month infection as part of a cohort study of 300 other people with HIV – exploring the effect of a SARS-CoV-2 infection when introduced to an immune system with a present HIV infection.

 
 
 

Of the mutations found in the patient, both the UK and South African variants were noted to be present at one point or another throughout the length of the woman’s infection.

 

Throughout the course of the study, the woman, identified as being a 36-year-old living in South Africa, flip-flopped between stages of being asymptomatic and symptomatic, and through the symptomatic stages she reportedly shared some of the normal symptoms associated with a typical coronavirus infection – such as sore throat, cough, difficulty breathing, chest tightness, etc.

 

The woman was initially treated in the hospital following the onset of her symptoms, and following her stay she displayed milder symptoms of the virus while still testing positive for the novel disease. The woman became infected with coronavirus in September, with a strain of the virus that was typical during the first wave of infections in the country.

 

During that time, the coronavirus dawdling throughout her system underwent 13 genetic changes related to the coronavirus’ spike protein. Some 19 other shifts in the coronavirus’ genetic makeup were noted to change the behavior of the virus. Some strengthened the virus, others proved to have the potential to resist vaccine compounds and others blocked drugs that have the ability to treat COVID-19.

 

Despite the subject’s short stints of clinical illness, with moderate severity, the study notes that there is an association with COVID-19 patients who are immunosuppressed and an increased risk of more severe disease and death from a coronavirus infection.

 
 

It is noted that patients who have HIV are not more susceptible to contracting a coronavirus infection than those without, nor does it worsen the medical implications of the infection.

 

Additionally, the fact that the disease stays present within the body of immunosuppressed patients for longer periods of time compared to healthier individuals could mean that HIV patients could be an incessant source of transmission and mutations of the coronavirus – almost like a factory of variants.

 

The researchers have noted similar occurrences in at least four other HIV patients, where the virus was present in their systems for over a month, according to the LA TimesInsider noted that there have been cases within kidney transplant recipients where they carried the virus for over a year.

 

According to the research, this could muddle up efforts to rid the world of the novel disease that has claimed the lives of millions and could shift importance to diagnosing or treating people with HIV in order to stymie further mutations of the coronavirus.

 

These efforts “would reduce mortality from HIV, reduce transmission of HIV, and also reduce the chance of generating new COVID variants that could cause other waves of infections,” said Tulio de Oliveira, one of the study leaders, according to the LA Times.

 

The report added that while it is unsure if the woman passed on the infection to other individuals, the researchers purport that it’s no “coincidence” that new variants of concern have emerged from populations like South Africa KwaZulu Natal province, where a bit over one in four adults have HIV – with South Africa as a whole hosting around 2.2 million untreated HIV-positive individuals, and less than 200,000 people vaccinated.

end

7. OIL ISSUES

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 TUESDAY  morning 7:30 AM….

Euro/USA 1.2178 DOWN .0013 /EUROPE BOURSES /ALL MIXED

USA/ YEN 109.44 UP 0.167 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4145  DOWN   0.0031  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2079  DOWN .0008

 

Early THIS TUESDAY morning in Europe, the Euro FELL BY 13 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2178 Last night Shanghai COMPOSITE CLOSED DOWN 19.43 PTS OR 0.54% 

//Hang Sang CLOSED DOWN 5.96 PTS OR 0.02%

 

/AUSTRALIA CLOSED UP 0.14% // EUROPEAN BOURSES OPENED ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL MIXED   

 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 5.96 PTS OR 0.02%

/SHANGHAI CLOSED DOWN 19.43 PTS OR 0.54% 

Australia BOURSE CLOSED UP 0.14%

Nikkei (Japan) CLOSED DOWN 55.68 PTS OR 0.19%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1896.90

silver:$27.75-

Early TUESDAY morning USA 10 year bond yr: 1.547% !!! DOWN 3 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.225 DOWN 3  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 90.10  UP 15 CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.43% DOWN 4  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.076%  DOWN 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.44%//  DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.87 DOWN 5   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 43 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.22% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.09% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  TUESDAY

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

Euro/USA 1.2179  DOWN     .0011 or 11 basis points

USA/Japan: 109.47  UP .196 OR YEN DOWN 20  basis points/

Great Britain/USA 1.4149 DOWN .0027 POUND DOWN 72  BASIS POINTS)

Canadian dollar DOWN  11 basis points to 1.2097

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.4005

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.3996

TURKISH LIRA:  8.63  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.076%

Your closing 10 yr US bond yield DOWN 4 IN basis points from MONDAY at 1.534 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.212 DOWN 4 in basis points on the day

Your closing USA dollar index, 90.09  UP 14  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 17.87 PTS OR 0.25% 

 

German Dax :  CLOSED DOWN 36.55 PTS OR 0.23% 

 

Paris CAC CLOSED UP 7.45  PTS OR 0.11% 

 

Spain IBEX CLOSED DOWN 10.10  PTS OR  0.11%

Italian MIB: CLOSED DOWN 15.55 PTS OR 0.06% 

 

WTI Oil price; 69.76 12:00  PM  EST

Brent Oil: 71.90 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72,40  THE CROSS  LOWER BY 0.45 RUBLES/DOLLAR (RUBLE HIGHER BY 45 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.22 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 : 70.20//

BRENT :  72.36

USA 10 YR BOND YIELD: … 1.538..DOWN 4 basis points…

USA 30 YR BOND YIELD: 2.217 DOWN 4 basis points..

EURO/USA 1.2174 (DOWN 16   BASIS POINTS)

USA/JAPANESE YEN:109.47 UP 201 (YEN DOWN 20 BASIS POINTS/..

USA DOLLAR INDEX: 90.12 UP 17  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4155 DOWN 21  POINTS

the Turkish lira close: 8.61

the Russian rouble 72.30   UP 0.55 Roubles against the uSA dollar. (UP 55 BASIS POINTS)

Canadian dollar:  1.2112  UP 26 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.22%

The Dow closed DOWN  30.42 POINTS OR 0.09%

NASDAQ closed UP 43.19 POINTS OR 0.31%


VOLATILITY INDEX:  16.91 CLOSED UP  0.04

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
This is what happens when Government pays people not to work:  job openings soar to an all time time
(zerohedge)

Nobody Wants To Work: Job Openings Soar To All Time High 9.3 Million As Record Numbers Quit Their Job

 
TUESDAY, JUN 08, 2021 – 10:24 AM

In case we needed more proof that the US labor market is in a historic supply-demand mismatch crisis sparked by Biden’s generous unemployment benefits, a few hours after the latest NFIB showed that it has never been more difficult for small business to fill job openings, moments ago the BLS confirmed what we expected: that the number of job openings in March (recall JOLTS is one month delayed) soared by a record 998K to 9.286MM in April from an upward revised 8.288MM in march, and the highest in the history of US jobs data!

The record number was also a record beat to the already lofty expectations of a 8.2 million print.

Looking at the details, the increase in job openings was driven by a number of industries with the largest increases in accommodation and food services (+349,000), other services (+115,000), and durable goods manufacturing (+78,000). The number of job openings decreased in educational services (-23,000) and in mining and logging (-8,000). The number of job openings increased in all four regions

Separately, in yet another indication of the record surge in demand for labor since the collapse last April when there were 18.1 million more unemployed workers than there are job openings – the biggest gap on record – the gap has since shrunk dramatically to just 526K in April, down from 1.4 million in March. Yes: despite the covid shock, there are just half a million more unemployed people than there are job openings!

As a result, there has been even more continued improvement in the job availability series, and in April there were jus 1.06 unemployed workers for every job opening, down from 1.19 in March, down from 1.35 in February and from 4.6 at the peak crisis moment last April.

Meanwhile, confirming the accelerating in the hiring picture as covid lockdowns were lifted, in April hiring surged for a 4th consecutive month to 6.075MM, up from 6.009MM in March.

According to the BLS, hires increased in accommodation and food services (+232,000) and in federal government (+10,000). Hires decreased in construction (-107,000), durable goods manufacturing (-37,000), and educational services (-32,000).

Curiously, as hires soared, total separations also increased to 5.8 million (+324,000). The total separations rate was little changed at 4.0 percent. The total separations level increased in retail trade (+116,000) and in transportation, warehousing, and utilities (+60,000).

Finally, confirming the overheating in the labor market sparked by “Biden’s trillions” and the tsunami of unemployment benefits which has prompted a wave of revulsion toward work in general, in April the level of quits – or people leaving their job voluntarily due to better prospects elsewhere – soared by a whopping 384K to a record 3.985 million, after rising by 185K and 77K in the previous two months. The number of quits increased in a number of industries with the largest increases in retail trade (+106,000), professional and business services (+94,000), and transportation, warehousing, and utilities (+49,000).

 

iii) Important USA Economic Stories

A good article: In response to Fauci’s emails, they prove that everything is fake and what we really have is a power play

(Malic/Ron Paul Institute)

Response To Fauci’s Emails Proves Everything Is Fake, Narrative Management Trumps Reality, And Those In Power Want It That Way

 
MONDAY, JUN 07, 2021 – 11:40 PM

Authored by Nebojsa Malic via The Ron Paul Institute for Peace & Prosperity,

Watching the media coverage – or lack thereof – of Dr. Anthony Fauci’s emails and what they mean for the origin of the coronavirus, one is struck by how relentlessly fake everything is, from public health experts to science.

One of the things the emails suggest is that Fauci colluded with Peter Daszak – head of the EcoHealth Alliance, which channeled US research funding to the Wuhan Institute of Virology – to suppress and dismiss any notion that the virus causing Covid-19 may not have evolved naturally.

Thing is, Daszak actually went around giving interviews about his work in China throughout last year, and nobody in the media thought to connect the dots. Simply put, Donald Trump said the virus came from China and might have come from a lab, therefore that had to be wrong and racist, end of story, case closed.

That’s just one, most recent and most acute example of Narrative trumping reality at all cost. Millions of deaths, widespread destruction of the economy, tectonic changes in society itself? Small price to pay for “progress” and ensuring the “correct” outcome of the 2020 election, the fortifiers of Our Democracy might say, without anyone batting an eye. “Build back better!” the press parrots instead.

Trump disagreeing with CNN is a mortal threat to democracy and free speech, but Biden telling a reporter he’d rather run her over with an electric truck than answer a question about the war currently going on in Israel is a funny joke, haha, how hilarious. What flavor of ice cream did you order, sir?

This may seem partisan at first blush, but let’s remember this is the same media that once proudly carried water for the narrative about “Saddam’s WMDs.” So the old Democrat-vs-Republican dichotomy doesn’t really work here, and misses the bigger picture to boot.

A truly free society would have no official narratives, Australian columnist Caitlin Johnstone wrote earlier this week. Thing is, modern societies are not free, and official narratives are all they really have. Where would Joe Biden’s legitimacy be without the January 6 Capitol “insurrection” narrative?

American founders codified the First Amendment because they regarded a free press necessary for a free republic. Yet the corporate media complex and their Big Tech counterparts have become a lapdog, not a watchdog, of power. Even the agencies, once thought neutral and objective, are in on it. AP literally rewrote its stylebook to limit the use of “riot” last summer. Reuters “fact-checked” Biden’s eulogy for Robert Byrd as false because the Democrat senator wasn’t a “grand wizard” of the KKK but merely an “exalted cyclops.”

What this Orwellian replacement of facts with narratives does is condition the public to echo Hillary Clinton’s infamous Benghazi defense: “What difference, at this point, does it make?”

“Facts” mean nothing to this crowd. “Science” isn’t a rigorous process of finding the truth, but a word-totem invoked to grant authority and banish dissent. “Truth” is whatever they declare it is at the moment, and when it stops being convenient they’ll shamelessly go back and rewrite their own words, pretending all along that that’s what they’ve always believed. Yes, it’s literally Orwellian behavior, but they don’t seem to care.

After all, what are you going to do, change the channel? Actually, that’s happening. Month after month, ratings reports show CNN and MSNBC getting their clock cleaned by Fox News – and Tucker Carlson in particular. The response is to triple down on wokeness and Democrat talking points, while waging a veritable jihad against Fox for “misinformation.”

To think that the media will come to their senses when the reality of ratings hits them in the face, therefore, is foolish. They simply don’t give a damn. Could it be that they don’t care for money as much as they care about power? And not just proximity to political power, but the power to shape and control reality itself, to remake society according to their utopian ideas. Even assuming those ideas are good – and that’s debatable at best – having that sort of power corrupts absolutely, to borrow the expression from Lord Acton.

The media were meant to be a means through which the public collectively perceives reality – not the creators of reality itself! Yet they act as if the latter is true and intended. That’s dangerous. They believe themselves in control of reality, to the point where they’re impossible to reason with. Confront them with actual facts, or principles, or laws of physics, and they either censor you – or cackle and carry on.

Biden’s behavior starts making sense when you understand he exists in a fantasy world, entirely conjured by the press and his staff. As do thousands of activists, ‘NGOs’ and cultist consumers of US government grants around the world. How does one reach these people, who have internalized the “logic” of Who/Whom? That might be the most important question facing not just the US, but the world, very soon.

end

INFLATION WATCH/YELLEN//FINK/BLACKROCK CEO

Severe Inflation is coming!!

(zerohedge)

Yellen Is Wrong: Economist Who ‘Wrote The Book’ On No-Flation Sounds Alarm Over Policymaker Complacency

 
TUESDAY, JUN 08, 2021 – 05:45 AM

A week ago, none other than Larry Fink poured an illiberal amount of cold water on the current inflationary narrative being spewed by Powell, Yellen, and their lackeys in academia.

The Blackrock CEO – who happens to manage more than The Fed at last check – countered soothing talk that soaring prices are here and gone tomorrow, and said that investors may be underestimating the potential for a spike in inflation.

“Most people haven’t had a forty-plus year career, and they’ve only seen declining inflation over the last 30-plus years. So this is going to be a pretty big shock”, Fink said, his warning falling on deaf ears.

Alas, unlike the Fed, Fink actually know what he is talking about: he began his career at First Boston Corp. in 1976, in during runaway US inflation, with the Consumer Price Index hitting a high of 14.8% in March 1980, and forcing Volcker to hike rates as high as 20%.

Treasury Secretary Yellen was quick to dismiss this fearmongering malarkey by claiming that while she may, possibly, kinda, sorta see higher prices, it will be transitory (because The Fed is awesome) and besides, America… it’s all good!

“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.

That is very much not the mantra that Roger Bootle, who – a quarter century after writing the book on the death of inflation – is now warning that he is seeing signs of its reignition.

It is the start of a sea change, I have to say. That’s not to say that we’re going to go back to the strong inflationary conditions of the 70s and early 80s. But at the very least, I think we are at the end of the crypto-deflationary period that we’ve been in for the last few years.

“The danger of deflation has passed, and the risks have definitely tilted in the other direction. How high inflation will go, and for how long, that’s debatable. But I’m not in much doubt myself that there’s been a sea change.”

However, for the real worry-warts, Bootle does not expect 1970s-style inflation…

No, the comparison with the 1970s is not a good one. If you look at the long term history of inflation, and I’ve looked at the U.K. data going back to the 13th century, you don’t get ever a sustained period of inflation of the sort we had 1970s. You do get bursts of inflation, typically followed by much lower rates or even deflation.

The 1970s were special. First of all, you started off at a quite a high base rate of inflation. And then several shocks appeared, two oil price shocks. The settings of monetary and fiscal policy were extremely loose. And all of this in an institutional context that was conducive to inflation — very powerful trade unions, powerful corporations, a high rate of public ownership in this country and many others.

A closer comparison is with the 50s and 60s before the inflationary take off at the end of the 60s. We then went through a long, a prolonged period of what seemed at the time by the way to be quite high inflation — we learned subsequently it wasn’t.”

So, to summarize, in the last month or so the official narrative has shifted from inflation will be “transitory” to “inflation is good for society”…

… and the beneficiary is (drum roll please): the environment.

As Bootle explains:

“If I had to put my money on a single factor that was going to push up costs in the years to come, I would say it was the environmental emphasis and in particular the drive towards net-zero. This is going to lead to a whole series of costs and price increases across the economy.”

His explanation fits with Fink’s previous climate change view on higher prices…

“If our solution is entirely just to get a green world, we’re going to have much higher inflation, because we do not have the technology to do all this, yet,” Fink said.

“That’s going to be a big policy issue going forward too: Are we going to be willing to accept more inflation if inflation is to accelerate our green footprint?”

And don’t bank of the bankers to save the world…

“I’m not sure complacency is quite the right word. I think it’s over-optimism with regard to inflation, but on two counts. One that’s it’s not going to go up that much, at least not sustainably. And two, if it does, as and when they need to, they’re going to be able to contain it.

Policymakers have a natural inclination to lay off and think it’s all going to get sorted out. I think actually the conclusion ought to be quite the opposite. Because of the dangers, in this world, of big rises in interest rates, they ought to start rising raising interest rates sooner and moving by low amounts stealthily, in order to get interest rates up somewhere near a more normal level rather than being forced into it.”

All of which dismantles Yellen’s extreme overconfidence 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: 

Baloney!! Fed states that inflation is transitory

(MISH SHEDLOCK)

The Fed Says Inflation Is Transitory, It Has A Vested Interest To Lie

 
TUESDAY, JUN 08, 2021 – 11:41 AM

Authored by Mike Shedlock via MishTalk.com,

The Fed has been so wrong, in so many ways, for so long, we need to ask some pointed questions.

Q&A on Fed Transitory Statements

Q: If inflation picks up will the Fed say I made a mistake or will they double down?

Q: If the Fed doubles down will they admit their mistake or will they say let’s overshoot to make up for past inflation?

Q: If the overshoot continues, will the Fed say dammit wrong again or will they say better 10% inflation than 10% unemployment

I believe we know the answers to those questions, paraphrased from the Eurointelligence post Should we worry about inflation? 

Eurointelligence authors wrote from the perspective of the ECB. 

They did not know if inflation will rise or by how much. Nor does anyone else given there are too many variables. 

Who predicted Covid-19 and the global response to it? 

From the point of view of the Euro, Eurointelligence listed a pair of alternatives.  

  • “Inflation may rise in the US, and that this could affect the euro area indirectly. One scenario is for a rise in the price level in non-euro global supply chains, but without a compensating rise in the euro’s real trade-weighted exchange rate.”

  • “It is also possible that counter-acting deflationary forces might neutralize or overcompensate. There exists no single indicator that tells us what will happen.”

Key Point 

Those who are absolutely certain that inflation won’t rise are mostly the same people who couldn’t care less if it does.

More accurately, we have no idea what the central bankers really believe, we just know what they say to the masses.

Things We Do Know

  1. What the Fed says is not necessarily the same thing as what they believe.
  2. The Fed’s track record on inflation predictions, housing predictions, bubbles, dot plots, and literally everything else has either been one big set of lies or one big set of misses. Perhaps it’s a combination.

Dot Plot of Fed Interest Rate Predictions December 2016

Dot Plot of Fed Interest Rate Predictions December 2017

Dot Plot of Fed Interest Rate Predictions September 2018

Dot Plot of Fed Interest Rate Predictions December 2018

Those plots are the interest rate projections of all the Fed participants on those dates along with snide remarks I made at the time.

Bernanke Flashbacks

Please recall my January 6, 2020 post Ben Bernanke Just Won’t Stop Making a Fool Out of Himself

Former Fed Chairman Ben Bernanke said the Fed has many tools to fight a recession. He also said that forwards guidance won’t work if the neutral rate is below 2%. Amusingly, his solution was to raise forward guidance.

Bernanke in His Own Words

  • February 15, 2007: Chairman Bernanke said: “Overall economic prospects for households remain good. The labor market is expected to stay healthy. And real incomes should continue to rise. The business sector remains in excellent financial condition.”

  • March 28, 2007: Chairman Bernanke said: “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”

  • May 17, 2007: Chairman Bernanke said: “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

  • February 27, 2008: Chairman Bernanke said: “By later this year, housing will stop being such a big drag directly on GDP … I am satisfied with the general approach that we’re currently taking.”

  • February 28, 2008: Chairman Bernanke said: “Among the largest banks, the capital ratios remain good and I don’t expect any serious problems … among the large, internationally active banks that make up a very substantial part of our banking system.”

  • June 9, 2008: Chairman Bernanke said: “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

  • July 16, 2008: Chairman Bernanke said that Fannie Mae and Freddie Mac are “adequately capitalized” and “in no danger of failing.” Since then, Fannie Mae and Freddie Mac have received a $200 billion bailout and have been taken over by the federal government.

Fed Misunderstands Inflation

The Fed remains on a foolish mission to achieve 2% inflation.

In reality, the Fed produced massive inflation but does not know how to measure it.

Key Questions Looking Ahead?

  • Is the Fed a big group of liars or are they simply that incompetent?

  • Regardless, is the Fed wrong again?

Overloaded Boat

The Fed’s track record suggests there is a very strong reason to believe it is wrong again except for one thing: The boat is overloaded in near universal belief the Fed is indeed wrong again. 

On May 7, I commented Add David Rosenberg to List of Those Who Believe Inflation is Transitory

Rosenberg recalled one of Bob Farrell’s classic market rules: When all the experts and forecasts agree, something else is going to happen. The consensus has never been more lopsided, he said, and that is reflected in asset allocations that heavily weight stocks relative to bonds.

What About Wage Inflation?

 Also consider Huge Upward Wage Pressures for Both Skilled and Unskilled Labor

Lacy Hunt at Hoisington Management had this key observation. 

Mish,

Excellent analysis. I would add one point as a result of your conclusion. Older populations with declining birth rates and slower population, depress household, business and public investment. The contracting effect on investment is highly deflationary and overwhelms the impact of inflation due to the smaller labor force. This condition is plainly evident in Japan and Europe. Moreover, this pattern will be increasingly apparent in the US.

Finally, central banks’ seriously misguided attempts to defeat routine consumer price deflation is what fuels the destructive asset bubbles that eventually collapse.

For a discussion of the BIS study, please see Historical Perspective on CPI Deflations: How Damaging are They?

end

iv) Swamp commentaries/

For sure:  Ted Cruz states that Facebook could be held liable for actions and correspondence with Fauci and many removals from us indicating that Fauci was dead wrong

(Hag/EpochTimes)

Ted Cruz: Facebook Could Be Held Liable For Actions And Correspondence With Dr. Fauci

 
MONDAY, JUN 07, 2021 – 10:20 PM

Authored by Masooma Haq via The Epoch Times,

Sen. Ted Cruz (R-Texas) said Facebook could be taken to court by those users that had their posts about the Wuhan lab (China’s Wuhan Institute of Virology) leak censored, since recently disclosed emails from Dr. Anthony Fauci show there was correspondence between him and Mark Zuckerberg, after which Facebook started censoring such information.

But these latest breakthroughs have real consequence because it is now clear that Facebook was operating at the direction of and in the direct benefit of the federal government and operating as the government censor, utilizing their monopoly position to censor on behalf of the government,” Cruz told Maria Bartiromo the host of Fox News’s, Sunday Morning Futures.

Cruz made the comment in response to Bartiromo asking, “will these companies ever be held to account for this corporate dominance and misleading of information to the American people?”

Well, they certainly should be. Unfortunately, I don’t expect the Biden administration will do anything to hold them to account,” Cruz said.

“Maria, that’s a very dangerous admission that is now out there for Facebook because it means anybody in the country, or anybody in the world, whose statements, whose speech was censored by Facebook—if you went out and posted the facts that led a year ago, to the very strong likelihood that the COVID virus escaped from a Chinese government lab in Wuhan, China—if you posted that a year ago and they took it down, I think there’s a very good argument you have a cause of action against Facebook.”

Recently revealed emails from Fauci show that he corresponded with Facebook CEO Mark Zuckerberg, after which Facebook changed its censorship policy about what information was true and what was “misinformation.”

Facebook founder and CEO Mark Zuckerberg testifies at a Senate Judiciary and Commerce Committees Joint Hearing in Washington, D.C., on April 10, 2018. (Samira Bouaou/The Epoch Times)

In February, the social media company stated in a blog post that it would take down posts that contained what it called false claims about COVID-19, including that COVID-19 is man-made and that experimental vaccines could be dangerous. Facebook said at the time that it would remove accounts, pages, and groups that share the claims repeatedly.

On May 26 Facebook announced that posts pushing the hypothesis that COVID-19 is man-made will no longer be banned on the platform. “In light of ongoing investigations into the origin of COVID-19 and in consultation with public health experts, we will no longer remove the claim that COVID-19 is man-made from our apps,” a Facebook statement said.

Facebook would ordinarily say we’re a private company we’re not liable. Well, You know what, when they act at the behest of the government, when they contact Fauci, when they say, ‘should we censor this?’ and Fauci says yes, and they censor it for the federal government—and then magically when the government changes its mind and says, oh, all those facts that were there a year ago now you’re allowed to talk about it, [and] they stopped censoring it with a flip of a switch, that lays a very strong argument that Facebook is operating as a state agency, and that opens very significant legal liability,” Cruz said.

Meanwhile on Monday, Sen. Marsha Blackburn (R-Tenn.) called for an investigation into Fauci’s actions. “Well, what we do know is that definitely Dr. Fauci and Mark Zuckerberg were in cahoots on this, and it certainly deserves a look and an investigation from Congress,” said Blackburn.

Sen. Ron Johnson (R-Wisc.) recently told EpochTV’s “American Thought Leaders” program that the censorship that social media companies like Facebook and YouTube have engaged in needs to be addressed.

“Now the media and social media have an awful lot to account for,” Johnson said speaking of the censorship by YouTube that he experienced for talking about alternative treatments for COVID.

The calls to investigate the pandemic’s origins were magnified after the Wall Street Journal reported that three researchers at China’s Wuhan Institute of Virology exhibited symptoms severe enough to seek hospital treatment.

The disclosure led to President Joe Biden directing his national security adviser to develop a report on the virus’s origins, including the possibility that it emerged after a laboratory accident.

Fauci’s office and Facebook were contacted for comment about Senator Ted Cruz’s comments. The Epoch Times has not heard back from either office yet.

end

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

MONDAY/KING REPORT

After the dismal April Employment Report, the Street expected a great May Employment Report.  The media hoped for a fabulous report, with some forecasting 1m+ NFP, to help The Big Guy.

Alas, May NFP registered a disappointing 559k.  Private payrolls increased 492k; 610k was expected; but 292k (59%) of that job growth was in Leisure & Hospitality with 186,000 jobs in food services and drinking places.  Amusements, Gambling, & Recreation provided 58k jobs.  The Two-Month revision is +27k.  Manufacturing produced 23k jobs; 25k was expected – and April was revised to -32k from -18k.

Education +144k jobs: Local gov’t education +53k, state gov’t education +50k and private education +41k.  Health care and social assistance +46k, information +29k, transportation & warehousing +23k, and wholesale trade +20k.  Construction lost 20k. https://www.bls.gov/news.release/empsit.b.htm

Long-time readers might recall that we have regularly noted that May education jobs are always difficult to forecast due to the vagaries of the various school calendars and the dubious seasonal adjustments that try to account for the school closings.  This makes the May Employment Report dubious. 

The Unemployment Rate slipped 0.1 to 5.8% because 100,275 left the labor market.  The Labor Force Participation Rate fell to 61.6% from 61.7%; 61.8% was expected.  “7.9 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic.
https://www.bls.gov/news.release/empsit.nr0.htm

We asserted that one should compare Household Survey ‘Employed’ to NFP.  The BLS’s Household Survey shows only 151,620 job growth.  ‘Tis why bonds soared! https://www.bls.gov/news.release/empsit.a.htm

@FactSet: The labor force shrank and is now 3.65 million below its pre-pandemic peak (Dec. 2019).

Average Hourly Wages jumped 0.5% m/m; 0.2% was expected.  A worker shortage is inflationary.

U.S. leisure and hospitality pay surges to a record. Now will workers come? http://reut.rs/34LTW6d

BBG’s @lisaabramowicz1: ““Approximately 375,000 unemployed durable manufacturing workers left the industry in 2020… US durable manufacturers are posting jobs and hiring workers at rates not seen for over 15 years. Layoffs are at 20-yr lows. Yet net employment is growing modestly because employees are quitting at the highest pace ever… Wage inflation already back to 2001 levels:” BofA research

New Yorkers struggle to find rides amid taxi shortage, Uber price hikes https://t.co/wLSx9H9XSW

@Quicktake: Biden said the latest jobs report is a sign the economy is coming out of the worst crisis in 100 years after the U.S. picked up 559,000 jobs in May and the unemployment rate dipped to 5.8%

@CNBC: President Biden says the May jobs reports shows “historic progress” as the U.S. economy recovers from the impact of the Covid pandemic. “We’re on the right track.” https://t.co/vzeU5SDoYl

@CNBC: Biden responds to the May jobs report: ‘Our plan is working’ https://t.co/JTY5UefHBK

@bennyjohnson: BIDEN: “COVID cases are down, COVID deaths are up.”
https://twitter.com/bennyjohnson/status/1400846502814158856

For decades, the media has enabled Democrats’ issuance of preposterous and absurd statements.  The media refuses to challenge, ridicule or ‘fact check’ palpably stupid or false Democrat statements.  This dynamic was on display Friday, when The Big Guy spewed nonsense about the May Employment Report – and the media still failed to ask The Big Guy about Fauci’s emails.

In interview panned as ‘bootlicking,’ CNN’s Stelter asks Jen Psaki to tell him what the media ‘gets wrong’   https://t.co/tTT246JqIk

Crushing the “Struggling Women Can’t Work Due to Childcare Crisis” Narrative Once and for All
While women did indeed lose 8K jobs in April… they gained 398K jobs… Men gained 336K jobs in April and just 45K in May: tough to get the “childcare crisis” narrative in here… in the past two months, women have gained 390K jobs, while men have gained 381KWomen have lost 3.3 million jobs since February 2020; Men have lost 3.8 million jobs since February 2020…
https://www.zerohedge.com/markets/crushing-struggling-women-cant-work-due-childcare-crisis-narrative-once-and-all

Japan’s top steelmaker issued another warning to domestic manufacturing giants: accept price hikes or stable supply may not be guaranteed any more https://t.co/QoqtJUHpLF

Why Consumer Price Inflation Is Here to Stay
For several decades Chinese manufacturers kept U.S. consumer prices in check through a managed exchange rate that supported cheap labor costs.  Those days appear to be over.  China now has a shortage of manufacturing workers
The ability of U.S. central planners to export price inflation to China is finally breaking down.  This ability masked the effect of loose fiscal and monetary policies in the U.S. for several decades, as the consequences of enormous deficits and radical money supply expansion were offset by low cost consumer goods.  Those days are over.  Fed Chair Jay Powell says rising consumer prices are transitory.  What a fool.  Consumer price inflation is here for at least a decade – possibly two
https://economicprism.com/why-consumer-price-inflation-is-here-to-stay/

Stocks, gold, commodities, and bonds rallied on the soft May jobs report because it will inhibit Fed taper talk and action.  However, the DJTA sank 1% by 10:45 ET and the dollar tumbled.  Fangs and Nasdaq soared on manic short covering and momentum trader buying.  The second leg of Friday’s rally began at midday and stalled at 14:30 ET.  Everything went inert until a spurt appeared with 15 minutes remaining.  ESMs and stocks quickly rescinded the modest gains and sank into the close.

Bing, the search engine owned by Microsoft, is not displaying image results for a search for “Tank man,” even when searching from the United States. The apparent censorship comes on the anniversary of China’s violent crackdown on protests in Tiananmen Square in 1989… [MSFT claims human error.]
https://www.vice.com/en/article/qj8v9m/bing-censors-tank-man

What Happens When Doctors Can’t Tell the Truth? – Whole areas of research are off-limits. Top physicians treat patients based on their race. An ideological ‘purge’ is underway in American medicine.
https://bariweiss.substack.com/p/what-happens-when-doctors-cant-speak

Alameda County’s new COVID death toll is 25% lower than thought – County health officials reviewed COVID-19 death records and found 411 cases that were “clearly not” caused by the disease.
https://oaklandside.org/2021/06/04/alameda-countys-new-covid-death-toll-is-25-lower-than-thought/

Hackers Breached Colonial Pipeline Using Compromised Password
Hackers gained entry into the networks of Colonial Pipeline Co. on April 29 through a virtual private network account… The account was no longer in use at the time of the attack but could still be used to access Colonial’s network, he said… [Gross negligence rather than clever hacking!]
https://www.bloomberg.com/news/articles/2021-06-04/hackers-breached-colonial-pipeline-using-compromised-password

Bush family nonprofit’s $5 million deal with China influence group [No family is closer to China!]
CUSEF leadership has close ties to Chinese government officials, and the group has a reputation as an arm of Beijing’s political influence operation. It provided a significant share of the funds for the Bush group’s efforts to improve Sino-American relations… [Who hasn’t China bought in the USA?]
https://www.axios.com/scoop-bush-family-nonprofits-5-million-deal-with-china-influence-group-886e7d7a-36c3-471b-a582-31b0c2e50eeb.html

@EmeraldRobinson: There are several bombshells in a recent @nypost article that will need to be investigated further: Trump wanted a commission to confront China & Fauci about COVID origins. It was stopped by Trump’s own economic advisors – namely Larry Kudlow.

Trump wanted to publicly grill Fauci on Wuhan lab funding — and bill China for pandemic
It was the brainchild of Trump’s trade adviser Peter Navarro, who said… it was a mistake to kill off the idea. “They are all China apologists,” he said.  [Director of the National Economic Council Larry] “Kudlow is just stupid, dumb. You can quote me on that…”  [Another bad Trump hire!]
     After several months of negotiations, the State Department eventually won interagency clearance on several questions to demarche China, but they did not include claims about COVID-19 being genetically manipulated. By then Biden was President and the move was ditched.  “Biden scrapped it, China would have been demarched with Pompeo still in charge,” DiNanno said.” You either confront a tyrant or appease him. History has taught us appeasement doesn’t work.”…
     “It may seem likely that the Wuhan Institute of Virology has been researching a vaccine before the outbreak,” the State Department analysis authored by Miles Yu stated…
     Intelligence Agency Embarrassment – United States intelligence and health agencies sought advice on whether the virus had passed from bats to humans, as China claimed, or could have a laboratory origin. But they enlisted scientists who had spent 15 years working closely with the Wuhan Institute of Virology…  https://nypost.com/2021/06/05/trump-wanted-to-publicly-grill-fauci-on-wuhan-lab-funding/amp/

The FT: Scientists fear future leaks as top-level labs proliferate – At least 59 facilities, like Wuhan Institute, are planned or in operation across world  https://t.co/avEWUJpTaE

Bitcoin Falls as Weibo Appears to Suspend Some Crypto Accounts
Bitcoin continues its decline on Saturday after potentially positive catalysts from El Salvador and Square were unable to assuage investor concerns over Chinese regulatory risks… https://t.co/UOjcHQDCLu

@MichaelaArouet: Morgan Stanley Market Timing Indicator at levels reached in 2000 and 2007…
https://twitter.com/MichaelaArouet/status/1401177397123235843
    S&P 500 Index vs. Morgan Stanley Market Timing Indicator
https://twitter.com/MichaelaArouet/status/1401193107782316036

G7 leaders reach ‘historic’ agreement to crack down on tech giants by forcing Amazon, Facebook, and others to pay more tax – a global minimum corporate tax rate of 15 percent…
https://news.yahoo.com/g7-leaders-reach-historic-agreement-134244592.html

Bloomberg Economics (@economics): Treasury Secretary Janet Yellen says President Biden’s $4 trillion spending plan would be good for the U.S., even if it contributes to rising inflation and results in higher interest rates https://t.co/8hu1AHWMuG

Ex-Fox reporter @adamhousley: Being told the increased pressure on China in recent days is due to a defector with intimate knowledgeUS intelligence believes China is trying to produce variants that suggest it came from bats to cover up that it originally came from a lab. The belief is still that it escaped accidentally, but was allowed to spread…   [Now we know why the Fauci emails were released!]

 

High-Ranking Chinese Defector Has ‘Direct Knowledge’ of Several Chinese Special Weapons Programs – The defector has direct knowledge of special weapons programs in China, including bioweapons programs, those sources say… 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 [Greatly disturbing if true!]
    The defector has been with the DIA for three months and that he has provided an extensive, technically detailed debrief to US officials. In DIA’s assessment, the information provided by the defector is legitimate. 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.  https://redstate.com/jenvanlaar/2021/06/04/exclusive-high-ranking-chinese-defector-has-direct-knowledge-of-several-chinese-special-weapons-programs-n391238

BBC: Ex-CIA agent Jerry Chun Shing Lee admits spying for China    2 May 2019
The naturalised US citizen was then paid to divulge information on US covert assets.  This led China to bring down a network of informants between 2010 and 2012.  About 20 informants were killed or jailed during that period – one of the most disastrous failures of US intelligence in recent years
https://www.bbc.com/news/world-us-canada-48130068.amp

NYT: Killing C.I.A. Informants, China Crippled U.S. Spying Operations   May 20, 2017
https://www.nytimes.com/2017/05/20/world/asia/china-cia-spies-espionage.html

@adamhousley: US intelligence continues to believe that spread was intentional and that China had an effective vaccine earlier in 2020 and only used it for those who mattered in country. Meantime India has told the U.S. it believes the release was intentional. Remember India and China are on thin ice right now.  (India, perhaps China’s greatest enemy, has been had hard by a ‘variant’)… My sources think August (2019) [When Covid first appeared in China].

WSJ: The Science Suggests a Wuhan Lab Leak – The Covid-19 pathogen has a genetic footprint that has never been observed in a natural coronavirus.  by Dr. Steven Quay and Richard Muller
     In gain-of-function research, a microbiologist can increase the lethality of a coronavirus enormously by splicing a special sequence into its genome at a prime location. Doing this leaves no trace of manipulation. But it alters the virus spike protein, rendering it easier for the virus to inject genetic material into the victim cell. Since 1992 there have been at least 11 separate experiments adding a special sequence to the same location. The end result has always been supercharged viruses
https://www.wsj.com/articles/the-science-suggests-a-wuhan-lab-leak-11622995184

Virologist Who Told Fauci SARS-CoV-2 ‘Potentially Engineered’ Just Deleted 5,000 Tweets – later reverse course and publish a ‘natural origin’ paper 8 weeks later (before receiving a multimillion-dollar NIH grant)… https://www.zerohedge.com/political/virologist-who-told-fauci-sars-cov-2-potentially-engineered-just-deleted-5000-tweets

Fauci Warns America to Not Accuse China for Global Pandemic…
“I mean, obviously, you want openness and cooperation…One of the ways you can get it is don’t be accusatory.” “I think the accusatory part about it is only going to get them to pull back even more,” he doubled down.   https://www.breitbart.com/politics/2021/06/04/anthony-fauci-warns-america-to-not-accuse-china-for-global-pandemic-amid-595000-deaths-and-13-trillion-cost/

Fauci claims US gave $600,000 to Wuhan lab research; documents show it was more
Between 2014 and 2019, $826,277 was provided by the National Institute of Allergy and Infectious Diseases (NIAID) under the directive of Fauci to the China-based lab…
https://www.foxnews.com/politics/exclusive-fauci-claims-us-gave-600k-to-wuhan-lab-research-documents-show-otherwise

Wuhan lab was to get $1.5M in federal grant money for bat study, emails show
https://nypost.com/2021/06/04/wuhan-lab-was-to-get-1-5m-in-federal-grant-money-for-bat-study-emails/

US-linked Chinese military scientist filed patent for COVID vaccine just after contagion emerged
Zhou Yusen, a decorated military scientist for the People’s Liberation Army (PLA) who worked alongside the Wuhan Institute of Virology as well as US scientists, filed a patent on Feb. 24, 2020, according to documents obtained by The Australian. The patent — lodged by the “Institute of Military Medicine, Academy of Military Sciences of the PLA” — was filed just five weeks after China admitted there was human-to-human transmission of the virus, and months before Zhou died under mysterious circumstances, the report noted… [Arkancided?]
   “This is something we have never seen achieved before, raising the question of whether this work may have started much earlier,” Prof. Nikolai Petrovsky from Flinders University…  The close working relationship between the pair supports declassified US intelligence released in January that said the Wuhan lab was conducting “secret military activity,”…  https://trib.al/fCxmfSx

Twitter Suspends Organization for Announcing They Will Release More Fauci Emails
https://nationalfile.com/breaking-twitter-suspends-organization-for-announcing-they-will-release-more-fauci-emails/

Reporter: “Do you have confidence in Dr. Fauci?” President Biden: “Yes, I’m very confident in Dr. Fauci.”    https://twitter.com/disclosetv/status/1400832927102083075

@charliespiering: Peter Doocy asks about Dr. Fauci: “Can you imagine any circumstance where President Biden would ever fire him?” Jen Psaki: No. (Fauci knows too much!) “Dr. Fauci is a renounced career civil servant… attacks on him are certainly something we would not stand by.

GOP Rep. @Jim_Jordan: The mainstream media is empowering Dr. Fauci. And the White House is protecting him.

Stanford epidemiologist says Dr. Fauci’s ‘credibility is entirely shot’ https://t.co/5psdu2khid

@ClayTravis: Facebook has upheld its ban of President Trump for the next two years. Regardless of your politics this should be chilling. We’ve effectively turned American big tech censorship into our version of China’s governmental censorship.    https://www.outkick.com/trump-facebook-two-years/

GOP Sen. Josh Hawley @HawleyMO: Anthony Fauci’s recently released emails and investigative reporting about COVID19 origins are shocking. The time has come for Fauci to resign and for a full congressional investigation into the origins of #COVID19 – and into any and all efforts to prevent a full accounting.  The public deserves to know if persons within the US govt tried to stop a full investigation into COVID origins, as recently reported. And Congress must also find out to what extent Fauci’s NIAID was involved in financing research at the Wuhan Institute of Virology.

Who is Peter Daszak, the nonprofit exec who sent taxpayer money to Wuhan lab?
Peter Daszak, president of the New York City-based EcoHealth Alliance, secretly organized a statement issued by the influential British medical journal The Lancet in February 2020… “We stand together to strongly condemn conspiracy theories suggesting that COVID-19 does not have a natural origin,” the statement affirmed… Daszak told the scientists that they “should not sign this statement, so it has some distance from us and therefore doesn’t work in a counterproductive way,” Vanity Fair said, citing emails obtained by the group US Right to Know… https://trib.al/6bwvVZ8

Dr. Peter Daszak is seen outside his million-dollar home in upstate New York as it’s revealed he has IGNORED Congress’ demands for answers about his involvement in funding Wuhan lab
https://www.dailymail.co.uk/news/article-9653363/Dr-Peter-Daszak-spotted-outside-million-dollar-home-upstate-New-York.html

The Pentagon gave $39 MILLION to Dr. Peter Daszak’s EcoHealth Alliance – the charity that funded coronavirus research at the Wuhan lab accused of being the source of the outbreak, federal data reveals  https://www.dailymail.co.uk/news/article-9652287/The-Pentagon-funneled-39million-charity-funded-Wuhan-lab.html

Original signatory of COVID-19 lab-leak denial letter now says ‘thorough investigation’ needed
“A lot of disturbing information has surfaced,” professor Peter Palese says… [We see nothing new!]
https://justthenews.com/politics-policy/coronavirus/original-signatory-covid-19-lab-leak-denial-letter-now-says-thorough

Most Americans now believe the coronavirus originated from a laboratory in China
Most Americans (58%) now put the origins of COVID-19 in a Chinese laboratory — up from 49% when YouGov first asked this question in May 2020… (Only 13% believe ‘it mutated naturally from bats’.)
https://today.yougov.com/topics/politics/articles-reports/2021/06/02/most-americans-now-believe-coronavirus-originated-

If evidence emerges that China with US aid created Covid, the pressure on Biden to retaliate will be extreme.  Can Biden act against China without China releasing kompromat on The Big Guy?

Tribune’s top columnist @John_Kass: Does China have anything on Joe Biden, through First Son Hunter’s China business deals?  Media ignores #HunterBidensLaptop My latest column: The media asks President Biden about ice cream and ignores Hunter
    When his father was vice president, as then-President Barack Obama’s point man in China and Ukraine, future first son Hunter…made friends in China and Ukraine. Hunter reportedly made millions…
  American corporations are heavily invested in China, from the NBA to Disney to the Big Tech giants that decide what we can talk about on social media platforms The mainstream media is also quite corporate, and is finally getting around to asking if COVID-19 — the virus that became a pandemic and has killed more than 3 million people worldwide — leaked out of a lab in Wuhan and not from the hapless corpse of a pangolin in a nearby wet market, which was the story originally sold and swallowed by most journalists and Democrats… News reporters are supposed to ask questions, not play the “useful idiot” or the political operative. Journalists should be contrarians, not vote herders…
https://www.chicagotribune.com/columns/john-kass/ct-opinion-hunter-biden-john-kass-20210603-d7a3nghdmjeaxgpdeszmabp46u-story.html

@MarkSimoneNY: As much of a public relations nightmare the Fauci Emails are, remember they are from his official government Email account.  Imagine what you might find in his private Email account

Mike Lindell Sues Dominion For $2 Billion, Cites Evidence of 19 China Cyber Attacks in Key Battleground States – Mike Lindell, founder, and CEO of MyPillow…has hired top data and systems experts to go over the 2020 voter data with a specific focus on the Dominion Voting Systems machines…
    It shows that 555,864 votes were flipped in six of the key battleground states from Trump to Biden which handed the presidency to Joe Biden… These 19 cyber-attacks are not the only ones discovered, far from it, but they are the most defining and will be used in the lawsuit to prove Dominion is not being honest about what happened during the 2020 election… They have recovered the pcap, otherwise known as “packet capture” which is an application programming interface that captures network traffic… Lindell insists he has the “cyber packets fingerprints” of the successful attacks…
https://djhjmedia.com/rich/mike-lindell-sues-dominion-for-2-billion-cites-evidence-of-19-china-cyber-attacks-in-key-battleground-states/

North Carolina city limits in-person policing after losing 84 cops
The measure is intended to free up police officers to respond to more serious crimes in the city of 91,000, the Asheville Police Department said… [Artsy Asheville is beautiful & perhaps the most liberal NC city.]
https://nypost.com/2021/06/05/city-limiting-in-person-police-response-after-losing-84-cops/

‘Finished As a City’: Atlanta at Risk of Losing One of Its Wealthiest Neighborhoods over Crime Wave https://t.co/gzRo16IUTi

Atlanta Mayor Acknowledges Police Morale Is ‘Down Ten-Fold,’ Begs Officers to Return to Work after Walkout
https://www.dailywire.com/news/atlanta-mayor-acknoweldges-police-morale-is-down-ten-fold-begs-officers-to-return-to-work-after-walkout

The MSM is ignoring the violent crime wave sweeping big blue cities for the obvious reasons.

Pentagon says diversity training essential in ‘defending the nation’ https://trib.al/dbo5tGm

The Woke Takeover of the U.S. Military Endangers Us All – Heritage Foundation
The woke left views the military as a crucial ideological battlefield. And much of the brass and civilian leadership at the Pentagon are prepared to fight—on behalf of the woke cause…
    Lohmeier felt called to write a book about the crisis, because he worried that military leaders are inculcating the troops in fundamentally contradictory and distorted narratives about the nation, its history and identity. He “recognized those narratives as being Marxist in nature.”…
    The firing has served one useful purpose, however: It has drawn attention to the administration’s apparent intent to introduce wrong-headed and highly inflammatory Marxist ideologies into military ranks…  https://www.heritage.org/defense/commentary/the-woke-takeover-the-us-military-endangers-us-all

The end of democracy in Israel as we know it – Putting Naftali Bennett at the helm will mark the first time in the history of democracies that someone with less than 5% voter support is made prime minister
    The political ploy will probably end shortly after Netanyahu’s tenure ends and will be followed by yet another round of elections. The damage, however, to Israel’s democracy may be irreversible…
https://blogs.timesofisrael.com/the-end-of-democracy-in-israel-as-we-know-it/

Washington Post reporter troubled by ‘racist legacy’ of some birds [Not a parody] – Fears wrote that birds such as Bachman’s sparrow and Wallace’s fruit dove “bear the names of men who fought for the Southern cause, stole skulls from Indian graves for pseudoscientific studies that were later debunked, and bought and sold Black people.”… https://www.foxnews.com/media/washington-post-report-racist-legacy-different-birds

@RedEaglePatriot: Republicans have FLIPPED the Mayoral Election of McAllen, Texas, a city of 140,000+ people that is 85% Hispanic. [Rio Grande Valley city fed up with illegal immigration]

Trump: I’m Not Undermining US Democracy; ‘I’m the One Trying to Save It
Trump called for election integrity measures, including signature verification, voter identification, and regulation on Big Tech funding like Facebook founder Mark Zuckerberg’s hundreds of millions for election drop boxes in the past presidential election. “We all know what happened with the election, and we can never, ever let that happen again,” Trump said…
    “If anybody knows who the hell is running that operation could you let us know? Because I don’t think it’s Joe…our country is being destroyed before our very own eyes. Crime is exploding. Police departments are being ripped apart and defunded…Speaking of our leaders: They’re bowing down to China; America is being demeaned and humiliated on the world stage; our freedom is being overtaken by left wing cancel culture; and the Biden administration is pushing toxic critical race theory and illegal discrimination into our children’s schools… https://www.newsmax.com/politics/gop-north-carolina-speech-republican-party/2021/06/05/id/1024051/

Trump rips Biden in return speech at NC GOP convention, vows ‘tremendous 2022’
“Sadly, the current administration is very timid and frankly corrupt when you look at all the money they’ve been given as a family by China. And instead of holding China accountable, the Biden administration shut down the US government’s investigation into the origins of the virus shortly after taking office. What’s going on?” Trump said.  “We must never forget that Joe Biden and his family took millions of dollars from the Chinese Communist Partythey bought him off, he flagrantly lied about it to the American voters. If you remember it was a big deal at the time and all of a sudden it was canceled. They didn’t want to talk about it. The big tech and the fake news media didn’t want to talk about it.”… https://nypost.com/2021/06/05/trump-rips-biden-in-nc-gop-convention-speech-vows-tremendous-2022/amp/

Trump rages at ‘weak’ Biden, slams flip-flopping Fauci, demands COVID reparations from China, rails against the 5-year ‘witch-hunt’ and decries Big Tech for his social media ban: Says only the GOP can save the nation and teases 2024 run – warned that inflation would continue to rocket, driving the cost of living up for Americans…
https://www.dailymail.co.uk/news/article-9656145/amp/Trump-makes-North-Carolina-GOP-wait-comeback-says-gonna-Senate-House.html

D-Day was 77 years ago (Sunday).  Shamefully, it is not remembered or honored like it used to be.

 

END

 

TUESDAY

The King Report June 8, 2021 Issue 6525 Independent View of the News

The usual suspects intended to use the upward Monday bias to breakout stocks to the upside.  However, CNBC’s chief economic correspondent, Steve Liesman, thwarted the usual Monday rally.  The Street believes that Liesman has excellent contacts with top Fed officials.  When Liesman proclaimed before the NYSE open on Monday that the Fed has begun ‘a campaign to prepare markets for tapering’, traders sold.

The Fed is in the early stages of a campaign to prepare markets for tapering its asset purchase
    Comments by Fed officials in the past several weeks suggest the issue of tapering looks likely to be discussed as soon as this upcoming June meeting.
    While the discussion may take place, an announcement of a decision to actually taper would be several months later, perhaps in the later summer or early fall.
    The Fed may be on track to then begin asset reductions later this year or early next year.
    Behind the glacial pace of reducing asset purchases is a deliberate attempt to avoid a “taper tantrum,” a sharp spike in bond yields seen in 2013. 
At least five Fed officials have publicly commented on the likelihood of those discussions in recent weeks, including Patrick Harker, president of the of the Federal Reserve Bank of Philadelphia, Robert Kaplan of Dallas, Fed Vice Chair for bank Supervision Randal Quarles and Cleveland Fed President Loretta Mester, whose comments to CNBC came after the jobs report…
https://www.cnbc.com/2021/06/07/the-fed-is-in-the-early-stages-of-a-campaign-to-prepare-markets-for-tapering-its-asset-purchases.html

Bloomberg Markets @markets: The Federal Reserve begins unwinding its $8.6 billion ETF holdings today   https://www.bloomberg.com/news/articles/2021-06-07/no-fed-no-problem-for-credit-etfs-with-more-than-1-trillion

U.S. SEC says observing the market as “meme stocks” rally
“SEC staff continues to monitor the market in light of the ongoing volatility in certain stocks to determine if there have been any disruptions of the market, manipulative trading, or other misconduct,” a spokesperson for SEC said in a statement. “In addition, we will act to protect retail investors if violations of federal securities laws are found.”  http://reut.rs/2SfFPmU

ESMs peaked at 8:54 ET.  The momentum bottom appeared at 10:48 ET.  ESMs and stocks then traded sideways, with a low at 13:45ET, until a rally commenced at 14:00 ET.  ESMs and stocks then rallied into the close.  The only hiccup along the way occurred from 15:30 ET until 15:48 ET.

Biotech surged because the FDA’s approved Biogen’s Alzheimer’s drug.  This generated a Nasdaq rally.  The action on Monday was lame, except for the Biotech rally.

Global banking regulator in step closer to crypto capital rules
“The committee agreed to publish a consultation paper to seek the views of external stakeholders on the design of prudential treatment of banks’ exposures to cryptoassets,” the Swiss-based watchdog said in a statement…http://reut.rs/3coDvRc

@WSJ: Executives say expanded unemployment benefits and federal stimulus checks are making it harder to find people willing to work at supermarkets and restaurants https://t.co/oAdUYaj8CxDr Fauci briefed world leaders that coronavirus could have escaped from Wuhan lab LAST spring, Former FDA commissioner Scott Gottlieb reveals, despite his public insistence it came from a bat
https://www.dailymail.co.uk/news/article-9658555/Dr-Fauci-briefed-world-leaders-coronavirus-escaped-Wuhan-lab-SPRING-Scott-Gottlieb-reveals.html

Fauci ‘lied and lied again’: Resurfaced 2012 video shows adviser advocating ‘gain of function’ experiments https://t.co/acNNpRqZTy

U.S. Report Found [in May 2020] It’s Plausible Covid-19 Leaked from Wuhan Lab – WSJ
The 2020 lab report was used by the State Department in its own inquiry during Trump administration
    People familiar with the study said that it was prepared by Lawrence Livermore’s “Z Division,” which is its intelligence arm. Lawrence Livermore has considerable expertise on biological issues. Its assessment drew on genomic analysis of the SARS-COV-2 virus, which causes Covid-19, they said…
https://www.wsj.com/articles/u-s-report-concluded-covid-19-may-have-leaked-from-wuhan-lab-11623106982

GOP Sen. @TomCottonAR: Why was the lab leak theory dismissed so quickly?  In part, because many of America’s elites and corporations—including much of the media—have financial interests in China.
For the same reason, the Chinese Communist Party is never the villain in movies. It’s a real problem.

The Chinese Communist Party List of U.S. Governors They Can Influence
[Ex- Sec. of State] Pompeo’s remarks were made to the National Governors Association (NGA) Feb 8, 2020; and there’s an interesting segment where Pompeo reveals his awareness of a list of U.S. governors compiled by China’s communist party; and their alignment with China’s interests…
https://theconservativetreehouse.com/blog/2021/06/06/reminder-the-chinese-communist-party-list-of-u-s-governors-they-can-influence/

Rep. @Jim_Jordan: Why wasn’t Dr. Fauci on the Sunday TV shows this week?

@justin_hart: Remember when J&J vaccine got paused? There are theories why… but you can see FROM THE BEGINNING Dr. Fauci giving the stiff arm to J&J. The very day he scheduled time w/an executive from PepsiCo he REJECTED J&J request saying his time wasn’t his own to schedule.
https://twitter.com/justin_hart/status/1400677157685268482

@RudyGiuliani: Fauci and NIAID Had a Big Contract with Moderna Back in December 2015

@justin_hart: The email… where Dr. Fauci makes the terrible no-good lockdown-prompting error of confusing IFR [infection fatality rate] with CFR [Case Fatality Rate]. Here he puts a VERY HIGH COVID CFR with a low influenza IFR. We explain it all herehttps://t.co/9G8ojwpGRj

Was mask-wearing pointless after all? Fauci must be forced to answer
If medical masks couldn’t contain the tiny ­virus, how could the cloth ones? Can Fauci point to any studies showing that masks made a significant difference in containing the coronavirus?  These are questions that should be asked of Fauci today. Instead, we have an adoring press that refuses to do its job… 
https://nypost.com/2021/06/06/was-mask-wearing-pointless-after-all-fauci-must-answer/

@plaforscience: John Rahm was leading Memorial Tournament when he was forced to withdraw because he tested ‘Covid positive’.  [He was asymptotic.] That’s the usual face of this madness: Someone at 18 under par in elite sports is considered SICK because a bad test, and his life gets ruined.  He is even vaccinated!… A FLAWED test has become the Ruler of our lives, with fascist… authority: no other medical logic consideration…

Hydroxychloroquine + Azithromycin therapy at a higher dose improved survival by nearly 200% in ventilated COVID patients [Trump right, Fauci/MSM/Dems/NeverTrumpers wrong!]
https://www.news-medical.net/news/20210602/HydroxychloroquineAzithromycin-therapy-at-a-higher-dose-improved-survival-by-nearly-20025-in-ventilated-COVID-patients.aspx

News media jockey to be treated as ‘infrastructure,’ qualify for tax dollars in legislation
Proposal to give local media outlets $2.3 billion in federal tax money would have been anathema in earlier generations when news industry leaders demanded independence from government.
https://justthenews.com/accountability/media/mon-really-local-news-should-be-given-billions-dollars-infrastructure-bill

If the US government cannot give money to religious groups due to the 1st Amendment, they should not be allowed to give money to the media for the same reason PLUS it is unseemly and corrupt!

Today – ESMs are +9.00 at 21:15 ET because the traders believe the anticipated equity breakout to the upside on the usual Monday rally was only delayed.  Barring unexpected bad news, the usual suspects want to engineer a Turnaround Tuesday rally that will generate an upside equity breakout.

Kamala Harris Greeted in Guatemala With ‘Go Home’ and ‘Trump Won’ Messages
https://floridianpress.com/2021/06/kamala-harris-greeted-in-guatemala-with-go-home-and-trump-won-messages/

 

Guatemalan president blamed Biden for border crisis ahead of VP Harris’ arrival
“The message changed too: ‘We’re going to reunite families, we’re going to reunite children,’ ” Giammattei told CBS News Sunday. “The very next day, the coyotes were here organizing groups of children to take them to the United States.” He also said: “We asked the United States government to send more of a clear message to prevent more people from leaving.”…  https://t.co/y7qS1tQrMZ

@BenjaminT0001: Mitch McConnell’s sister-in-law Angela Chao served on the board of Chinese defense firm CSSC that builds missiles, warships, nuclear submarines & aircraft carriers one day will by used to attack America. CSSC also builds infrastructures on fake islands in South China Sea…
   Angela Chao also served on the board of Carnegie-Tsinghua Center. Tsinghua U has been designated as “Very High Risk” over its links to military researches and cyber espionage.
   Angela Chao currently serves as a director at Bank of China, which has been involved in money laundering, terrorist financing, and Hunter Biden’s investment fund.
    Angela Chao also served on the board of the Lincoln Center Global China Advisory Council…
https://twitter.com/BenjaminT0001/status/1399187650397937665

Tone-Deaf VP Passes Out Cookies of Herself on D-Day, Then Gets Heckled In Guatemala
Kamala Harris’s enormous ego and disturbing lack of self-awareness had quite the weekend.  For starters, while en route to Guatemala she walked to the back of Air Force 2 on D-Day and handed out cookies of herself donning a distinctive pearl necklace and frosted face, prompting condemnation and ridicule from Twitter users far and wide…
https://www.zerohedge.com/political/kamala-trump-won-tone-deaf-vp-passes-out-cookies-herself-then-gets-heckled-guatem

@John_Kass: In American cities, big and small, there is a line: That line between order and chaos. It isn’t just about police. Liberal mayors, prosecutors & judges play a role. And the people vote with their feet.
My Sunday column: That thin line between order and chaos in Chicago and other towns
Once crossed, no matter how desperately the politicians and their mouthpieces spin and try to distract, the people don’t forget… These days, Democratic politicians are quick to shout “systemic racism,” though Black elected officials hold top positions of power in Chicago and Cook County…
    What they avoid is this: In the big cities, decade after decade, Democrats have presided over the breakdown of public schools and other institutions, growing urban hopelessness… Downtown businesses were destroyed, the smashed glass on Michigan Avenue a testament to her failure. In the neighborhoods depleted of police, many small and large businesses were also looted and burned…
https://www.chicagotribune.com/columns/john-kass/ct-chicago-looting-chaos-john-kass-20210605-fbg4f2akr5ed3amm4lbqldaw2y-story.html

Chicago reporter @MidnoirCowboy: $2K bail for 34yo man and 7x felon accused of strongarm robbing man, beating victim into fetal position before running off with cash, phone. Arrested later but made no admissions. Father of 9yo child. Public defender Smallwood requested hearing for lower bail later.

Shootings surge in NYC — with potential for long, bloody summer ahead https://t.co/RdrWzPyPfw

Both the Sicilian mafia and the criminal tongs in China began as movements to defend the oppressed, so perhaps we should not be so painfully surprised that venerable American civil rights organizations have begun to degenerate into extortion rackets.” –@ThomasSowell

 
 

 

 
 

I WILL SEE  YOU WEDNESDAY NIGHT

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