JUNE 10//CPI NUMBERS FROM GOVERNMENT TODAY, A RED HOT 5% PER ANNUM (REAL NUMBERS: CLOSER TO 12%)/CPI SPARKED GOLD AND SILVER A LITTLE: GOLD UP $1.40 TO $1893.50//SILVER ADVANCED TO THUNDEROUS APPLAUSE GAINING ONE CENT//STRONG QUEUE JUMP IN GOLD AS NEW STANDING 70.29 TONNES//SILVER AT 13.025 WITH A SMALL QUEUE JUMP//CORONAVIRUS UPDATES/VACCINE UPDATES/IVERMECTIN UPDATES//A LITTLE LATE BUT THE G7 CALL FOR A FRESH PROBE INTO THE ORIGINS OF THE COVID (A JOKE)//MONGOLIA HAS A BIG OUTBREAK OF COVID WITH THE DELTA STRAIN THE LIKELY SUSPECT//ALEX BERENSON NOTES FOR THE FIRST TIME: MYOCARDITIS IN TEENS AFTER VACCINE JABS//15 MILLION AMERICANS STILL ON THE DOLE//INFLATION WATCH: MICHAEL EVERY AND DR. DANIEL LACALLE/SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1893.50  UP $1.40   The quote is London spot price

Silver:$27.87  UP 1 CENT   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1899.10 LONDON SPOT  4:30 pm

ii)SILVER:  $28.00//LONDON SPOT  4:30 pm

 

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

 

 

PLATINUM  $1156.28  UP $9.00

PALLADIUM: $2777.87 DOWN $6.80  PER OZ.

 

 

James McShirley on the pricing of gold eagles/and silver eagle

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  53/389

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,893.200000000 USD
INTENT DATE: 06/09/2021 DELIVERY DATE: 06/11/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333
072 H GOLDMAN 78
099 H DB AG 33
118 H MACQUARIE FUT 9
323 H HSBC 20
435 H SCOTIA CAPITAL 87
523 H INTERACTIVE BRO 6
555 H BNP PARIBAS SEC 16
624 H BOFA SECURITIES 15
657 C MORGAN STANLEY 18
661 C JP MORGAN 53
686 C STONEX FINANCIA 1
709 C BARCLAYS 13
737 C ADVANTAGE 7
905 C ADM 56 33
____________________________________________________________________________________________

TOTAL: 389 389
MONTH TO DATE: 20,913

ISSUED:  0

Goldman Sachs:  stopped: 411

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 389 NOTICE(S) FOR 38,900 OZ  (1.209 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  20,913 FOR 2,091,300 OZ  (65.048 TONNES)

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,892.200000000 USD
INTENT DATE: 06/08/2021 DELIVERY DATE: 06/10/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 5
099 H DB AG 3
323 H HSBC 2
435 H SCOTIA CAPITAL 6
555 H BNP PARIBAS SEC 1
661 C JP MORGAN 4
905 C ADM 23 2
____________________________________________________________________________________________

TOTAL: 23 23
MONTH TO DATE: 20,524

SILVER//JUNE CONTRACT

7 NOTICE(S) FILED TODAY FOR 35,000  OZ/

total number of notices filed so far this month 2478  :  for 12,390,000  oz

 

BITCOIN MORNING QUOTE  $37,885  UP 3546  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$36,289 UP 1953 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $1.40 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 PAPER DEPOSIT OF 5.83 TONNES INTO THE GLD/

 

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  1043.16 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 1 CENT

NO CHANGES IN SILVER INVENTORY AT THE SLV:. 

 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHDRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULTS. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT:

577.228  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 177.74 UP $0.76 OR  0.43%

XXXXXXXXXXXXX

SLV closing price NYSE 25.97 UP $0.19 OR 0.74%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A HUGE SIZED 4530 CONTRACTS FROM 184,841 DOWN TO 189,371, AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG GAIN IN OI OCCURRED WITH OUR $0.17 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY. IT SEEMS THAT THE GAIN 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:  + 2 CONTRACTS. ???

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1229,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 1229 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1229 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 

13.025 MILLION OZ INITIAL STANDING FOR JUNE

 

WEDNESDAY, 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 $0.17). AND AS WELL WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH WEDNESDAY’S TRADING.  WE HAD A HUMONGOUS GAIN OF 5759 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 60,000 OZ QUEUE  JUMP ON DAY 10 OF THE DELIVERY CYCLE, WITH 12.985 MILLION OZ NOW STANDING FOR DELIVERY//  v) HUGE COMEX OI  GAIN /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON JULY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF JULY.

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 SILVER 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 SILVER 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

 

JUNE

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

9178 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 9178 CONTRACTS) OR 45.890 MILLION OZ: (AVERAGE PER DAY: 1019 CONTRACTS OR 5.098 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 45.890  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:  45.890 MILLION OZ// ISSUANCE CONSIDERABLY BELOW THE MONTH OF MAY.

 

RESULT: WE HAD A HUGE INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4530, WITH OUR $0.17 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1229 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A HUMONGOUS SIZED GAIN  OF 5759 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.17 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 60,000 OZ QUEUE JUMP  AS THE NEW TOTAL OF SILVER STANDING RISES AT 13.025 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1229  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH HUGE SIZED INCREASE OF 4530 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.17 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.87//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 7 NOTICES FILED TODAY FOR 35,000 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 SMALL SIZED SIZED 1580 CONTRACTS TO 493,438 ,,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: – 1278 CONTRACTS.

THE SMALL SIZED INCREASE IN COMEX OI CAME WITH OUR RISE IN PRICE OF $1.05///COMEX GOLD TRADING//WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 4177 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 6,000 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  70.217 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $1.05 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD  A SMALL SIZED GAIN OF 2,899 OI CONTRACTS (9.017 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1319 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 1319  ALL OTHER MONTHS ZERO//TOTAL: 1319 The NEW COMEX OI for the gold complex rests at 493,438. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2899 CONTRACTS:  1580 CONTRACTS INCREASED AT THE COMEX AND 1319 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2899 CONTRACTS OF 9.017 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1319) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (1580 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2,888 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 6,000 OZ QUEUE JUMP//NEW COMEX TOTALS 70.217 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING WEDNESDAY//$1.05!!.

 
 
 
 
 
 

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 : 23,581, CONTRACTS OR 2,358,100 oz OR 73.34 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 2620 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 73.34 TONNES

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

THUS EFP TRANSFERS REPRESENTS 73.34/3550 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:      73.34 TONNES (NOW BELOW PAR WITH RESPECT TO MAY)

 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY HUGE SIZED 4530 CONTRACTS FROM 184,841 UP TO 189,371 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  3 1/4 YEARS AGO.  

EFP ISSUANCE 1229 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 1229: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1229 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 4530 CONTRACTS AND ADD TO THE 1229 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A GIGANTIC SIZED GAIN OF 5759 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 28.785 MILLION  OZ, OCCURRED WITH OUR $0.17 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)THURSDAY MORNING/ WEDNEDAY NIGHT: 

SHANGHAI CLOSED UP 19.29 PTS OR 0.54%   //Hang Sang CLOSED DOWN 3.75 PTS OR 0.01%      /The Nikkei closed UP 97.76 pts or 0.34%  //Australia’s all ordinaires CLOSED UP .46%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3929 /Oil UP TO 70,09 dollars per barrel for WTI and 72.38 for Brent. Stocks in Europe OPENED ALL RED  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3926. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3899   : /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 SMALL  SIZED 1580 CONTRACTS TO 493,438 MOVING CLOSER TO  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 TINY GAIN OF $1.05 IN GOLD PRICING WEDNESDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (1319 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 1319 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 1319 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1319  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED  2899 TOTAL CONTRACTS IN THAT 1319 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED COMEX OI OF 1580 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (70.217) 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 $1.05)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 4,177 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 12.99 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (70.217 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 1278  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::2899 CONTRACTS OR 289900 OZ OR  9.017  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:  493,438 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.34 MILLION OZ/32,150 OZ PER TONNE =  1534 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1534/2200 OR 69.75% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:239,013contracts// volume /   / fair

CONFIRMED COMEX VOL. FOR YESTERDAY: 153,373 contracts// –poor//awful  

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

 

JUNE 10 /2021

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

NL oz

 

Deposits to the Customer Inventory, in oz
32,118.849. OZ
999 kilobars
Brinks
 
This identical
deposit has been used by Brinks for at least 7 times these past few months.
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
389  notice(s)
 
38900 OZ
1.209 TONNES
No of oz to be served (notices)
1662 contracts
 166,200oz)
 
5.169 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
20,913 notices
2,091,300 OZ
65.048 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 1 deposit into the dealer

Into Brinks dealer 32,118.849 oz

999 kilobars

this exact entry has been used by Brinks in at least 7 times

during the last few months.  it is always a dealer entry.

 
 
 
total deposit:  32,118.849 oz  999 kilobars    
 
 
 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: NIL  oz
 
 
 
 
 
 
We had 0 withdrawals….
 
 
 
 
 
 
 
total withdrawals nil oz
 
a net:   1.00 tonnes enters  the comex
actually nothing is coming in or out except kilobars
 
 
 
 
 
 
 
 
 

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

ADJUSTMENTS  1//   dealer to customer

i) Manfra    17,361.540 oz  (540 kilobars)

 

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 2051 CONTRACTS for a GAIN of 37 contracts. We had 23 notices filed on WEDNESDAY, so we GAINED A STRONG 60  contracts or an additional 6,000 oz  will stand for delivery in this very active delivery month of June.  We will now have queue jumping being the norm from this day forth until the end of the month as bankers scrounge around for some comex gold to put out fires elsewhere.

.

 

 
 
 
 
JULY GAINED 10 CONTRACTS TO STAND AT 2779.
 
AUGUST GAINED  423 CONTRACTS UP TO 397,356.

We had 389 notice(s) filed today for 38900  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 389  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 53 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 333  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 (20,913) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 2051 CONTRACTS ) minus the number of notices served upon today  389 x 100 oz per contract equals 2,257500 OZ OR 70.217 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 (20,913) x 100 oz+ 2051)  OI for the front month minus the number of notices served upon today (389} x 100 oz} which equals 2,257,500 oz standing OR 70.217 TONNES in this  active delivery month of MAY.

We GAINED 60 contracts or an additional 6000 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 509.23 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 70.03 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,544,738.607 oz or 576.81 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
thus:
 
registered gold that can be used to settle upon: 16,371,809.0 (509,23 tonnes) 
 
 
 
true registered gold  (total registered – pledged tonnes  16,371,809.0 (509.23 tonnes)
 
total eligible gold: 16,247,644.424 oz   (505.36 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,792,383.031 oz or 1,082.18 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  955.86 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

 

 
 
JUNE 10/2021
 
 

 

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
437,925.463 oz
 
 
 
 
 
 
CNT
Delaware
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
201,630.800 oz
Briks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
609.028.490
 oz
 
 
 
 
 
 
 
 
CNT
 
Delaware
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
7
 
CONTRACT(S)
35,000 OZ)
 
No of oz to be served (notices)
127 contracts
 (635,000 oz)
Total monthly oz silver served (contracts)  2478 contracts

 

12,390,000 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 1 deposit into the dealer
i) Into Brinks:  201,630.800 oz

total dealer deposits:   201,639.800        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
i) Into CNT:   603,373.040 oz
ii) Into Delaware: 5655.45 oz
 
 
 
 
 
 
 
 

JPMorgan now has 187.5 million oz of  total silver inventory or 52.71% of all official comex silver. (187.5 million/355.707 million

total customer deposits today1,067,542.548   oz

we had 3 withdrawals

i ) Out of CNT;  296,604.64 oz

ii) Out of Delaware: 11,151.563 oz

iii) Out of Manfra: 103,169.300 oz

 
 
 
 
 
 
 

total withdrawals 437,925.463    oz

 
 

adjustments//0 

 

 
 
 

Total dealer(registered) silver: 109.260 million oz

total registered and eligible silver:  356.080 million oz

a net 0.37 million oz enters the comex silver vaults.

However we continually see a drop in dealer silver//now down to 109.260 million oz.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE FELL IN CONTRACTS BY 19 CONTRACTS DOWN TO 134. WE HAD 27 NOTICES SERVED ON WEDNESDAY SO WE GAINED 8 CONTRACTS OR 40,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 3705 contracts DOWN to 119,421 contracts  

AUGUST LOST 15 CONTRACTS TO STAND AT 201

SEPTEMBER GAINED 8426 CONTRACTS UP TO 48,854

 
No of notices filed today: 7 CONTRACTS for 35,000 oz
 

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at  2478 x 5,000 oz = 12,390,000 oz to which we add the difference between the open interest for the front month of JUNE (134) and the number of notices served upon today 7 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2478 (notices served so far) x 5000 oz + OI for front month of JUNE (134)  – number of notices served upon today (7) x 5000 oz of silver standing for the June contract month .equals 13,025,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 60,000 additional oz standing in June as they refused to morph into London based forwards.

 

 

TODAY’S ESTIMATED SILVER VOLUME 92,579 CONTRACTS // volume VERY  good// 

 

FOR YESTERDAY  91,937  ,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 -0.49% (JUNE 10/2021)

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: 85,907.3610

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 9

/2021 )

 

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

NAV $20.20 TRADING 19.87//NEGATIVE  1.64

END

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

JUNE 10/WITH GOLD UP $1.40 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.83 TONNES INTO THE GLD////INVENTORY RESTS AT 1043.16 TONNES.

JUNE 9/WITH GOLD UP $1.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.33 TONNES

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 10 / GLD INVENTORY 1043.16 tonnes

LAST;  1072 TRADING DAYS:   +118.19 TONNES HAVE BEEN ADDED THE GLD

LAST 972 TRADING DAYS// +  292.72. 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 10/WITH SILVER UP  ONE CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.//INVENTORY RESTS AT 577.228 MILLION OZ.

JUNE 9/ WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 577.228 MILLION OZ.

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 10/2021
577,228 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

 

OR

EGON VON GREYERZ//MATHEW PIEPENBURG

“Transitory” Inflation? – Sublime Yet Ridiculous

 
THURSDAY, JUN 10, 2021 – 06:30 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

History is a funny thing, almost as funny as human nature. The policy makers, including their latest meme of “transitory inflation,” are no exception to such psychological tragi-comedy.

In short, we don’t see inflation as “transitory.”

Transitory Hope, Timeless Lies

It’s sometimes helpful to step outside of market history to gain perspective on human behavior, and hence, measure leadership trends at other desperate turning points similar to the one markets are now careening toward.

By late 1864, for example, as Union forces under General Grant bore closer to Richmond at the tail-end of a long and passionate civil war which a grossly outnumbered Confederate Army was (by then) destined to lose, hope nevertheless sprung eternal from an increasingly discredited leadership. 

Jefferson Davis, President of the Confederate States, described the mounting casualties, dying currency and withering food supplies as only “transitory.”

Less than 100 years later, as the German Wehrmacht lost its 6th Army to the cold winter and red-hot resistance of the Red Army, the propaganda machine in Berlin described that war-ending turning point in 1943 as merely a “temporary setback.”

Speaking of dying armies, Napoleon’s 1812 march into Russia with 360,000 soldiers ended in disaster when he marched out with just under 15,000 soldiers left, prompting the infamous (and shivering) Bonaparte to declare, “It’s only a small step from the sublime to the ridiculous.”

Transitory Inflation: More Fantasies from On High

Fast-forward to the Fed’s current war against natural market forces and we see yet another ridiculous example of a losing war whose inflationary death toll is being otherwise touted by our financial leadership as “transitory” or “temporary.”

Like the foregoing military examples, market bulls, sell-siders, politicians and central bankers share an uncanny capacity to ignore the obvious and promote the fantastical—as fantasy is often easier to bear (and sell to the masses) than reality.

Fantasy, after all, is as effective a tool for re-election, Fed-tenure and advisory fees in a losing market war as it is a patriotic weapon in a losing military war.

The most recent example of fantasy as policy is now evident in the popular meme that the +4% year-on-year inflation numbers in April and May are merely “transitory.”

In short, we are now being told not to worry about inflation.

That is, we can all calm down, for inflation, we are asked to believe, is as “temporary” today as the year 1-year cap on QE we were promised from Bernanke as far back as 2009, when the Fed’s balance sheet was under $1T rather than the current $7+T.

So much for promises of the “temporary” …

As for inflation being anything but “transitory,” we’ve given countless warnings, proofs and solutions to current and increasing inflation to come.

Like Robert E. Lee’s outnumbered army, the math makes future of inflation, and the slow death of the dollar, inevitable rather than theoretical.

And yet now more than ever there are those telling us not to worry about inflation or its implications.

Defending the Dis-Inflationary

In fact, and in all fairness to those who feel deflation rather than inflation is ahead, we’ve given fair voice to their viewsas well.

Nevertheless, and sadly, it seems necessary, yet again, to return to history, economic Real Politik and math to help the inflationary truth sink in.

That is, it’s time to fact-check the hope-peddlers so common to the main stream financial propaganda that surrounds us today as markets move from the Fed-supported sublime to the inflationary ridiculous.

In all fairness to the great inflation vs. deflation debate (or war), there are, again, fair arguments to be made against inflation as a long-term reality.

The latest and most common arguments against current inflation include the popular belief that supply-chain disruptions on everything from lumber to computer chips are only “temporary.”

Once these “transitory” disruptions are resolved, supply will recover and inflationary forces will vanish.

Fair enough.

Another argument gaining bullish momentum against inflation is blaming the “temporary” climb in the CPI measure of inflation on rising car prices.

Fair enough.

Deflationary pundits will also remind us that inflation numbers are un-naturally high because they measure rising prices in silly little things like food and energy. Thus, if you take them out of the equation, then inflation is really closer to 2%, so why panic?

Then again, if you have a report card with 3 A’s and 2 F’s, that too is not a problem if you simply disregard the 2 F’s… Besides, who needs food or energy anyway?

Deflationists (as well MMT fantasy pushers) will further remind that even the extreme monetary expansion unleashed by central bank money printers is not inflationary, as all that printed money never hits “velocity speed” in the real economy, and thus has no inflationary impact.

Fair enough.

Finally, the pro-deflationist camp will rightfully remind us that massive debt levels, decades of Uncle Sam’s ability to export inflation overseas and the slow economic growth of the pandemic economy will cool demand and keep prices low rather than high—all anti-inflationary forces.

Fair enough.

But here’s the rub: “Fair enough” is not the same as “true enough,” and whether one chooses to believe it or not, inflation is not only coming, it’s already here and it isn’t going to be “transitory.”

Inflation: Anything but “Transitory”

Ok, so how can we be so certain in a world of uncertainty?

Well, for one thing, the very CPI scale used to measure inflation is the open joke on Wall Street, and measures inflation about as well as Lance Armstrong’s lie detector measures truth.

We’ve addressed this topic ad nauseum.

Thus, dis-inflationary pundits can defend all day long the “transitory” nature of rising prices on everything from computer chips to used trucks, but they are ignoring the larger fact of defending their non-inflationary case with a discredited CPI witness…

Adding to the inflationary reality which is anything but “transitory” is the very definition of inflation itself, which hinges less upon that bogus CPI scale and far more upon a single metric: Increases in the broad money supply.

In case such an evidentiary (as well as mathematically obvious) increase doesn’t give you an inflationary chill, just consider the following increase in the M1 money supply. A picture, after all, says 1000 words (or billions) …

Furthermore, even if one discredits money printing (i.e., monetary policy) as inflationary due to the lack of “velocity” of printed dollars trapped behind the Hoover-like dam of the Fed, Treasury Department and TBTF banks, one simply can’t deny the inflationary effects of fiscal policy—that is: money pouring directly (and at increasing velocity) into the real economy.

Biden, for example, is proposing a $6T budget to Congress. Will it pass? Or will it be watered down to a meager $5.5T or $4.8T?

But what’s a trillion here or a trillion there in this surreal new abnormal? Given all the money spewing out of DC, trillions have become banalized to mean almost nothing to a nation and market addicted to fake money.

Then again, we all know how addictions end: You either quit or die.

Furthermore, and quite telling, is the simple fact that the Fed itself favors inflation, as there’s no better way to get themselves out of a $30T public debt hole of their own digging than by sucker-punching the masses with deliberate inflation to pay off their own debt binge with increasingly inflation-debased dollars.

The FOMC, like any general staff in a losing war, will pretend that such a currency casualty is “transitory,” or that they otherwise have the “temporary inflation battle” under control.

The Fed calls their battle plan “symmetrical inflationary targeting,” pretending to the world that they can order inflation around like a cadet at West Point.

But then again, if the Fed controls the very scale that measures inflation, perhaps they can keep bluffing (lying) their way around otherwise obvious inflation a bit longer. Either way, the end result is unavoidable.

But think about that for a second: The Fed measuring its own inflationary policy is like the Wuhan Lab measuring its own viral leaks…

An Ode to Fed Apologists

Fed apologists/cheerleaders, however, will continue with their fantasy defense that the Fed will eventually “tackle” the inflationary problem once they have full confirmation that it’s running too hot.

We discussed the open dishonesty as well as mathematical impossibility of the Fed tackling the debt (and hence inflation) problem “down the road” in a recorded interviewhere.

Despite such contrary math, the cheerleaders tell us the Fed will eventually step in with some needed “tapering” to keep inflation under control.

Furthermore, the Fed itself will make even more comical claims that they are very worried about unemployment, and that if jobs reports (and non-farm payrolls) continue to disappoint, the FOMC superheroes will need to keep printing money to buy bonds and keep rates low.

After all, the Fed was created to help the little guy, right? The Fed’s entire mission is to keep employment strong, right?

Well, if you believe that, do a little more research on who created the Fed and why…

The Fed’s Real Mandate: Faking It

But even if historical research on the Fed’s true origins and mission are of no interest, then just stick to current math and basic realism.

As I’ve written so many times elsewhere, the Fed is not holding back its “tapering” option just to help improve employment.

Nope.

Instead, the Fed is going to hold back tapering because they have taken our nation to the highest levels of debt danger ever seen in its history; thus, if they were to ever “taper” and allow rates to naturally rise, Uncle Sam (and the markets) would be insolvent faster than Powell can mince words on 60 Minutes.

In short, “tapering” is not an option, it’s a fantasy buzz-word for troops otherwise losing morale.

This means the money printers will continue to run hot to the tune of billions per month and deficit spending (along with Fed balance sheets) will continue run hot to the tune of trillions per year, which means inflation is and will be anything but “transitory.”

Does this mean that the year-over-year rate of change in inflation will be 4%, then 5% then 6% with each passing month on a never-ending rise to the north?

No.

Inflation numbers, including the fictional ones coming out of DC, will see peaks and valleys, and I’m not suggesting inflation will hit 18% by the time you read this.

Nor am I suggesting that periods of disinflationary “relief” won’t make the headlines soon if, for example, lumber and car prices revert to their means, which is always possible, if not likely, once bottlenecks at saw mills and shipping ports are reduced.

And hey, maybe Fauci et all will be able to lock us all down with ever-knew COVID variant headlines which crush demand and alas, dis-inflate the CPI.

Again, nothing moves in a straight line, including inflation, but the trends and realities (monetary and fiscal excess) discussed above are not “transitory” and thus neither is (or will be) inflation.

Of course, inflation is a deadly enemy. It eats away at market returns, savings accounts, currency power and hence spending power.

Like the winter outside of Moscow, Borodino, Petersburg or Stalingrad, it’s a silent killer.

And like Napoleon’s army in Russia or Lee at Gettysburg, our financial leaders now stand before a cannonade of fatal money supply levels and yet still think (or tell us) they are winning…

In short, they have already taken our markets, economies and currencies over that fine line from the sublime to the ridiculous.

But like many of their faithful soldiers and current investors, those with the most to lose just don’t know the danger they are already in or the war their currencies will inevitably lose.

That’s neither sublime nor ridiculous; just tragic.

OR

END

OR LAWRIE WILLIAMS

 
Dave Kranzler/IRD

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

end

 

After The Reset Silver & Gold Won’t Be Priced in Dollars

 

“April 2021 money supply and monetary base growth continued to explode” – John Williams, Shadowstats.com

Williams is referencing the “base” monetary aggregates which are compiled monthly. The Fed’s balance sheet grows by the week, hitting $7.935 trillion as of June 3rd. It’s doubled plus another 13% since September 2019, when “QE” was restarted.

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

It’s ludicrous for the Fed to promote the idea that the spike up consumer prices is “transitory.” Just like it was absurd for Ben Bernanke in 2007 to proclaim that subprime mortgage defaults were “contained.” As long as the Fed’s balance sheet keeps expanding and the money supply continues growing, price inflation will get worse.

It many not feel like it because of the volatility in the sector and because of the hype in the media about the general stock market, but gold is up 12.7% and silver is up 15.3% since March 30th. Since March 1st, GDX is up 30.3% while the S&P 500 is up 7.9%. If the SPX had risen 30.3% since March 1st, the anchors on CNBC would be doing naked cartwheels on live television.

The point here is that the precious metals sector, in spite of the intense manipulation right now, is starting to reflect the soaring rate of dollar devaluation/price inflation. After the run in the precious metals starting in March, it’s likely we’ll get a brief period of technical consolidation with some two-way volatility. But more money printing and deficit spending will be generated to prevent the economy from falling apart again, which will be rocket fuel for the precious metals sector.

Gold is now making a serious run at the $1900 benchmark and silver is challenging $28. I expect both metals to undergo two-way volatility around those two key technical and psychological price levels for at least a few weeks. But I would not be surprised of both price levels have been left in the rear-view mirror by the July 4th holiday.

Wall Street Silver invited me back on to their excellent podcast to discuss ongoing developments in the precious metals sector and the factors that will drive the price of gold and silver much higher than the current price level:

***

end

Other gold/silver related stories

This is a good one!!

Congressman Presses Secretary Yellen for Disclosure of U.S. Gold Activities

 Money Metals News Service
 
 
 

Washington, DC (June 10, 2021) – As foreign governments reportedly accumulate gold and de-dollarize their sovereign wealth funds, a Republican congressman is asking tough questions of the U.S. Treasury about its secretive gold activities.

Representative Alex Mooney (R-WV) – sponsor of the Gold Reserve Transparency Act of 2021 (H.R. 3526) to require the first true audit of America’s gold in decades – wrote to Treasury Secretary Janet Yellen this week requesting detailed information about the U.S. gold holdings delegated to the Federal Reserve and the International Monetary Fund and posed other questions.

From Rep. Mooney’s letter:

  1. According to testimony in 2011 by Mr. Gary Engel, the Director of Financial Management and Assurance at the Government Accountability Office, about 5 percent of the U.S. gold holdings were stored at the time at the Federal Reserve Bank of New York. He also stated that this gold is not considered “audited” and that no assaying or inventorying of that gold had occurred since at least 1986.

    At the current time, what amount of U.S. gold holdings is vaulted at the Federal Reserve Bank of New York (or by the Federal Reserve using other depositories)? Also, has this gold been recently audited, assayed, and/or inventoried? If so, please provide me with a copy of any relevant reports.

  2. For what purpose(s) is United States gold bullion stored at the Federal Reserve?

  3. According to testimony by Mr. Engel, the Federal Reserve Bank of New York holds gold for other nations as well. Is the U.S.-owned gold stored at the Federal Reserve held in a physically segregated manner from the holdings of other nations?

  4. During the 2011 hearing, Rep. Luetkemeyer referenced a report that 261 million ounces in U.S.-owned gold is part of the IMF’s reserves. At present, how many ounces of U.S.-owned gold are in the possession of the IMF or pledged to the IMF – and where is that gold kept? Also, please describe the purpose and nature of this arrangement as well as what oversight procedures are in place.

  5. How much U.S.-owned gold is in the possession of and/or used by the Exchange Stabilization Fund as part of its activities? What is the purpose and nature of the ESF’s gold activities?

  6. Please provide details as to what U.S.-owned gold is currently pledged, swapped, leased, or otherwise encumbered – and for what purposes – including, but not limited to, arrangements involving the Bank for International Settlements (BIS), World Bank, IMF, and other financial institutions, foreign or domestic.

Mooney’s inquiry comes shortly after he introduced H.R. 3526 to require the Comptroller General to immediately conduct a full assay, inventory, and audit of the United States’ gold reserves and repeat the process every five years.

There is evidence the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold over time.

U.S. Rep. Alex Mooney

U.S. Congressman Alex Mooney (R-WV)

However, federal government officials have strongly resisted disclosure of these activities for decades.

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

To fulfill its obligations under the Gold Reserve Transparency Act, Government Accountability Office auditors would gain access to any depository or other public or private depositories where reserves are kept as well as related records.

“People are rightly concerned about the state of America’s gold holdings,” said Jp Cortez, policy director at the Sound Money Defense League. “The lack of full transparency by the Federal Government has hobbled public confidence. The Gold Reserve Transparency Act will ensure our gold reserves are accounted for.”

The full text of the bill, which has been referred to the House Financial Services Committee, can be found here.

end

CRYPTOCURRENCIES/
 

Bitcoin Climbs As Global Banking Regulators Give Crypto Mixed Blessing

 
THURSDAY, JUN 10, 2021 – 07:34 AM

With bitcoin finally breaking back above $38K for the first time in the better part of a week (maybe the FBI has finally finished dumping that crypto “ransom” from the Colonial Pipeline hack?the FT has just revealed that the Basel Committee on Banking Supervision, the world’s most powerful regulator of banking standards and rules, has decided how banks hoping to hold cryptocurrency on their balance sheets will need to treat it in what is being interpreted as the market as a major ‘win’ for digital-currency adoption.

The new proposal from the Basel Committee is being interpreted as a global regulators giving eager megabanks a green light to finally hold “volatile” cryptocurrencies like bitcoin, ethereum and “pawgcoin” on their balance sheet. This is hardly surprising, since banks like JPM, Goldman and Citi have already launched their own crypto-focused businesses. However, the proposal also shows that these banks will need to treat crypto as among the riskiest assets they can own.

The reason? According to the Committee, crypto assets carry risks including market and credit risk (which they share with other types of assets), but also “fraud, hacking, money laundering and terrorist financing risk.”

Banks with exposure to volatile cryptocurrencies should face stricter capital requirements to reflect the higher risks, said the Basel Committee on Banking Supervision, the world’s most powerful banking standards-setter.

Its intervention came in a report released on Thursday as policymakers around the world step up plans to regulate the fast-emerging market.

The Basel committee acknowledged that while banks’ exposure to the nascent crypto industry was limited, “the growth of crypto assets and related services has the potential to raise financial stability concerns and increase risks faced by banks.”

Among the risks it cited included market and credit risk, fraud, hacking, money laundering and terrorist financing risk.

Basel is willing to make some exceptions for certain crypto-assets, like stock tokens and stablecoins, so long as they are “fully reserved at all times” (which would, it’s worth noting, disqualify tether, the world’s most popular stablecoin). NFTs would also face the toughest standards, while central bank currencies (a group that presently consists only of the digital RMB) were left outside the scope.

Some assets, such as stock tokens, would fit into modified existing rules on minimum capital standards for banks. Others, such as bitcoin, would face a new “conservative” prudential regime, it recommended. Stablecoins — cryptocurrencies pegged to traditional assets such as currencies — would also qualify for existing rules if they were fully reserved at all times, the committee said. Banks would have to monitor that this was “effective at all times”, it added.

But for bitcoin and ethereum, however, the new “conservative” risk weighting that Basel is pushing is 1,250%, which is in line with the minimum requirement for the riskiest stocks and junk bonds. This would require banks to hold $1 dollar for every $1 in “exposure” to those assets.

All other crypto assets, including bitcoin and ethereum, would go into the new more strenuous regime. The Basel committee proposed a risk weight of 1,250 per cent, in line with the toughest standards for banks’ exposures on riskier assets. That would mean banks would in effect have to hold capital equal to the exposure they face. A $100 exposure in bitcoin would result in a minimum capital requirement of $100, Basel said.

Banks have been waiting on baited breath for a whiff of the Basel Commmittee’s thinking, and it seems that what was reported in the FT is in line with what most probably expected. Notably, the big exceptions are for “cryptoassets” that have the same legal standing as traditional assets, like the right to a dividend or other company cash flows.

The market took the news in stride, sending bitcoin higher as traders apparently interpreted it as a good sign especially after recent signs of growing regulatory wariness with digital currencies, particularly after the Colonial Pipeline “hack”.

At this point, the big banks are getting into cryptocurrency because their customers and shareholders are demanding it. So American and banking authorities also need to take a more active role in supervising what has become a $1.5 trillion market.

And as more companies start getting involved with bitcoin, pretty soon banks will find that “exposure” to crypto is popping up in unexpected or unanticipated places, like this Bloomberg headline that hit last night which we couldn’t help but notice:

  • FED OWNS SMALL PIECE OF MICROSTRATEGY’S BITCOIN -LINKED JUNK BONDS: BBG

-END-

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

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.3929 /

//OFFSHORE YUAN:  6.3899   /shanghai bourse CLOSED UP 19.46 PTS OR 0.54% 

HANG SANG CLOSED DOWN 3,75 PTS OR 0.01%  

2. Nikkei closed UP 97.76 PTS OR 0.34%

3. Europe stocks  ALL RED

 

USA dollar index  UP UP 90.12/Euro FALLS TO 1.2177

3b Japan 10 year bond yield: FALLS TO. +.050/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.47/ 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:: 70.09 and Brent: 72.38

3f Gold DOWN/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED DOWN UP/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.23%/Italian 10 Yr bond yield UP to 0.86% /SPAIN 10 YR BOND YIELD UP TO 0.42%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.83

3k Gold at $1877.35 silver at: 27.68   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 16/100 in roubles/dollar) 72.19

3m oil into the 70 dollar handle for WTI and 72 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 109.47 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 .8955 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0905 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 0.252%

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 1.499% early this morning. Thirty year rate at 2.180%

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

6.  TURKISH LIRA:  DOWN  TO 8.53.. DEADLY

“Super Thursday” Arrives: Futures Flat Ahead Of ECB Decision, Critical CPI Print

 
THURSDAY, JUN 10, 2021 – 07:40 AM

Welcome to Super Thursday when in a double whammy of market-moving events we will first find out how the ECB intends to adjust monetary policy as Europe brings the pandemic under control (we expect no material changes), and we will also get to see whether the startling jump in April’s U.S. inflation numbers persisted or even accelerated in May, perhaps rising by the most on record. Needless to say, markets could move substantially on any surprises and yet, listless futures are trading as if nothing notable will take place and with both the ECB announcement and a sharply higher CPI already priced in, they may be right.

In a session that was anything but exciting, S&P futures traded in yet another narrow range ahead of the ECB and CPI data, which is expected to show that the consumer price index increased 0.5% last month after surging 0.8% in April, the largest gain since June 2009, as speedy vaccinations helped re-open the economy. Oil edged higher while the dollar was unchanged. S&P 500 E-minis were up 2.5  points, or 0.07% at 07:15 a.m. ET. Dow E-minis were up 63 points, or 0.18%, while Nasdaq 100 E-minis were down 32 points, or 0.22%.

Traders were on edge to see if the upcoming U.S. inflation print changes perceptions of when the Federal Reserve might begin talks about tapering asset purchases. While the Fed has reiterated that the spike in inflation would be transitory, investors fear that a bigger-than-expected surge could push the central bank into tightening policy earlier than signaled. As a result, the FOMC meeting next week will be closely watched for any signals. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. Investors were also watching for weekly jobless claims data, due at 8:30 a.m. ET, although that too was not enough to prompt a notable move in futures.

“A new high since the early 1990’s is in the expectations and Treasury yields have been sliding,” according to Steen Jakobsen, chief investment officer at Saxo Bank. “It is difficult to determine how hot the number would have to be on the upside to jolt this market, while a large downside miss would perhaps be more surprising and elicit a larger market reaction in risk appetite.

There was no lack of excitement in the meme world, where retail favorites were mixed in premarket trading, with some of the stocks that surged amid the frenzy on Wednesday giving up some gains, others extending and new names coming into focus.

  • GameStop (GME) shares fell 6.9% in premarket trading, set to pare this year’s astronomical gains, after the company said it planned to offer more shares and disclosed that regulators are investigating trading of its stock.
  • Dog food company Original Bark up 3% after Jefferies began coverage of the pet-supplies company with a buy rating, a day after the stock jumped on Reddit posts touting the short interest in the stock.
  • Aethlon Medical down 9.2%, following a 388% rise for the stock in the previous session following a Reddit tout
  • Software company Exela Technologies up 11% amid Reddit touts; stock was boosted by retail traders back in March
  • Private-prison operator Geo Group -8.6%, which we profiled last week as being one of the most shorted names currently, jumped the most ever on Wednesday as it joined the meme stock frenzy

Other notable premarket movers included:

  • Enzo Biochem (ENZ) gains 7.8%, extending a jump in postmarket trading on Wednesday after the diagnostics company reported its third-consecutive quarter of positive earnings.
  • Boeing rose 1.1% after sources told Reuters United Airlines was in talks to place a multi-billion-dollar order for single-aisle jets potentially split between Boeing and Europe’s Airbus.
  • Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.

The rangebound trading that has characterized the start of June may be about to gain direction as investors seek insights about fiscal and monetary stimulus from key meetings. In addition to the U.S. inflation report and European Central Bank decision Thursday, leaders of Group of Seven nations are gathering in the British seaside village of St. Ives, Cornwall, many of them face-to-face for the first time since the coronavirus erupted.

In Europe, the Stoxx 600 fell 0.1% in morning trading with technology shares leading gains, while travel and leisure dropped the most among sectors, as investors await thede ECB’s statement. The Eurostoxx 50 traded flat, reversing an early 0.2% drop. The FTSE 100 outperformed, rising as much as 0.4%. Tech, healthcare and telecoms are the best performing sectors; travel and retailers underperform. Here are some of the biggest European movers today:

  • Auto Trader shares rise as much as 8.1% in London trading to its highest on record after the company reports full-year results that beat estimates, with analysts noting an upbeat outlook.
  • Stroeer gains as much as 7.7%, most since Nov. 2020, after Morgan Stanley raises to overweight with corporate- governance concerns seen as overdone and structural growth opportunities ahead in German outdoor advertising.
  • BT shares jumped as much a 4% to their highest level since Jan. 2020 after Altice U.K. took a 12% stake in the telecom operator. Analysts said the surprise move prompts questions around the acquirer’s plans to unlock value.
  • Telefonica shares rise as much as 3% after Berenberg says shares are “overly hated” by the market, with drags on the stock abating and consensus too negative on its core Spanish operations. Bank upgrades telecoms group to buy from hold, raising PT to EU4.8 from EU4.2.
  • Stellantis shares drop as much as 3.4% in Milan trading and is the worst performer in the Stoxx 600 Automobiles & Parts Index; the carmaker says its Peugeot unit was placed under examination Wednesday by a French court on allegations of consumer fraud in connection with the sale of diesel vehicles from 2009 to 2015.

Earlier in the session, Asian equities rose by the most in more than a week, as Chinese and U.S. commerce ministers agreed to push forward trade and investment ties. Separately, China’s central bank reassured the market over rising prices. Technology stocks contributed most to gains in the MSCI Asia Pacific Index. TSMC gave the biggest boost among individual stocks, ahead of a post-close report that showed its sales increased 20% in May. Taiwan, Indonesia and China posted the largest advances among regional benchmarks. Chinese and American commerce officials agreed to “promote the healthy development of pragmatic cooperation in trade and investment”. That followed an earlier announcement that President Joe Biden would revoke Trump-era bans on the Chinese-owned apps TikTok and WeChat. “News that the U.S. was engaging with China by removing bans on apps and starting actual conversations had a positive impact on Asian equity markets,” Sebastien Galy, a senior macro strategist at Nordea Investment Funds, wrote in a note. “The sense that the confrontation is being de-escalated suggests several weeks of the same process are ahead of us as the war for positioning in the public takes a more positive spin.” Meanwhile, People’s Bank of China Governor Yi Gang said the nation’s consumer price inflation is expected to stay under 2% this year, below the government’s official target of about 3%. Traders were also looking ahead to tonight’s U.S. inflation report, which may provide clues on the Federal Reserve’s monetary policy outlook. While Asian and Chinese stocks are seen as less vulnerable to a negative impact from inflation, they have underperformed U.S. peers this year.

In rates, the 10Y traded in proximity to 1.50% with Treasuries slightly cheaper across the curve after erasing gains over early European session. Yields are higher by ~1bp for maturities beyond the 5-year, the 10-year touched 1.50% after dropping as low as 1.474% during Asia session; Wednesday’s low was 1.4705%, last seen May 7. Asia session saw Treasuries continue to firm, following Wednesday’s bull-flattening rally, helped by a large block buy in 10-year note futures.  In Europe, Bunds underperformed marginally ahead of the ECB policy decision and President Christine Lagarde’s press conference. Japanese bonds rallied, with the benchmark 10-year yield falling to the lowest since late January, also tracking gains in U.S. Treasuries. Focal points during U.S. trading hours are May CPI data and 30-year bond reopening.

In FX, the Bloomberg dollar index faded a small pop higher to trade flat. Spot index was little changed and overall moves in Group-of-10 currencies were muted against the greenback, with the Norwegian krone as the main exception. With a one-day breakeven of less than 60 dollar pips, the euro seems confined within its 1.2050-1.2250 range of late; see ECB Decision Guide. The pound fell for a third day, to its lowest in almost a month; the currency extended losses from Wednesday when a dispute between the U.K. and European Union over trade with Northern Ireland escalated. Norway’s krone was the worst G-10 performer and slipped to its weakest level this week against the greenback after inflation data missed estimates; Sweden’s krona also slipped after an inflation miss.

In commodities, WTI traded little changed near $70, fading Asia’s drop of ~1%. Spot gold is in the red but off worst levels, trading near $1,883/oz. Base metals trade poorly: LME copper lags, dropping as much as 1.9% before stabilizing. Bitcoin surge after a proposal from global regulators that would introduce capital requirements for banks dealing in crypto.

Looking at the day ahead now, and the highlights will be the aforementioned CPI release for May out of the US, as well as the ECB’s latest decision and President Lagarde’s press conference. In addition to those, we’ll get French and Italian industrial production for April, along with the weekly initial jobless claims from the US. Other central bank speakers include BoE Chief Economist Haldane.

Market Snapshot

  • S&P 500 futures little changed at 4,220.00
  • STOXX Europe 600 down 0.07% to 454.13
  • MXAP up 0.3% to 209.59
  • MXAPJ up 0.5% to 703.02
  • Nikkei up 0.3% to 28,958.56
  • Topix little changed at 1,956.73
  • Hang Seng Index little changed at 28,738.88
  • Shanghai Composite up 0.5% to 3,610.86
  • Sensex up 0.6% to 52,236.87
  • Australia S&P/ASX 200 up 0.4% to 7,302.50
  • Kospi up 0.3% to 3,224.64
  • Brent Futures up 0.1% to $72.29/bbl
  • Gold spot down 0.29% to $1,883.18
  • U.S. Dollar Index up 0.08% to 90.19
  • German 10Y yield rose 0.6 bps to -0.238%
  • Euro down 0.08% to $1.2170

Top Overnight News from Bloomberg

  • Commerce ministers from China and the U.S. agreed to push forward trade and investment links in their first call since the start of the Biden administration
  • The U.S. plans to buy 500 million doses of Pfizer Inc.’s coronavirus vaccine to share internationally as President Joe Biden prepares to join other Group of Seven leaders in a campaign to end the pandemic by distributing shots worldwide
  • Treasuries traders are turning up their noses at the prospect of a higher-than-expected U.S. inflation number with benchmark yields breaking below their recent trading range amid a shakeout of short positions
  • If the Bank of Korea were to start raising interest rates again, the move shouldn’t be seen as a tightening of policy given how low they are now, according to a senior official at the bank
  • Paris and Frankfurt have their work cut out if they’re going to seriously challenge the City of London, according to an analysis by think tank New Financial, which found five times more international financial activity in the U.K. than France or Germany
  • China’s top banking regulator warned retail investors to avoid financial derivatives, stepping up a bid to curb risks amid rising volatility in global commodities

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded higher as US-China dialogue helped the region shrug off the early cautiousness that had stemmed from the losses on Wall Street, although the gains in Asia were modest heading towards the US CPI data. ASX 200 (+0.5%) was lifted back above the 7,300 level and to within proximity of its record highs led by outperformance in the real estate and tech industries, with domestic banks also set to swoop in for the remaining AUD 64bln in low-cost funds from the RBA during the next 3 weeks before the Term Funding Facility expires. Nikkei 225 (+0.4%) was encouraged following the recent rebound in USD/JPY and with the government said to be mulling major economic stimulus as early as the summer prior to a snap election in September. Hang Seng (U/C) and Shanghai Comp. (+0.5%) were underpinned with the PBoC mulling additional support for small companies and following a call between US and China’s commerce chiefs in which they agreed to push forward with trade and investment ties, while it was also reported that President Biden revoked Trump-era executive orders to ban TikTok and WeChat but instructed the Commerce Department to conduct a broader evaluation on the security risk such foreign apps could pose for Americans and their data. Finally, 10yr JGBs were higher as they followed suit to the rally in global counterparts which resulted in the Japanese 10yr yield printing its lowest since early February, while the enhanced liquidity auction for longer-dated JGB also attracted a higher b/c than previous.

Top Asian News

  • Singapore to Relax Covid Rules in Stages as Virus Cases Fall
  • Hong Kong Mulls Less Quarantine for Some Vaccinated Travelers
  • Evergrande’s Bonds Sink Toward Pandemic Lows as Woes Deepen
  • Renewables Giant Jumps in Debut After Biggest 2021 China IPO

European equities see another mixed and directionless morning thus far (Euro Stoxx 50 -0.1%) as the tentative sentiment reverberated from the APAC session in the run-up to the ECB and US CPI/IJC figures. US equity futures are similarly mixed with some mild underperformance in the NQ as the US 10yr cash yield attempts to reclaim 1.50%. Back to Europe, the FTSE 100 (+0.3%) sees mild outperformance, and a weaker Sterling aids the exporter-heavy index. Sectors are also mixed and lack a particular bias or theme. Tech outperforms as the sector catches up to yesterday’s decline in yields. Basic Resources rebounds from yesterday’s underperformance, whilst Travel & Leisure, Autos, and Oil & Gas reside as the laggards. In terms of individual movers, BT (+2.8%) is bolstered on reports that Altice announced that it has acquired a 12.1% stake remarking that the Co. has a significant opportunity to upgrade and extend its full-fiber broadband network – in turn supporting the broader sector as it accounts for around 5.5% of the Stoxx 600 Telcom sector. Meanwhile, Daimler (-0.4%) trimmed some of its earlier losses after rejecting pre-market reports that it is looking to lower investments in autonomous driving.

Top European News

  • London May Still Dominate European Finance, Report Shows
  • Ex-Citi Banker Proctor to Join U.K. Billionaire’s Family Office
  • Amazon Gets U.K. Antitrust Scrutiny On Data Usage, FT Says
  • The World’s Electric-Car Capital Is Having Nasty Fights Over Oil

In FX, a double whammy for the Norwegian Krona as oil prices pull back a bit further from their heady midweek peaks and core CPI comes in well below consensus to compound less pronounced misses on the headline front, with Eur/Nok hovering near the top of a 10.1420-10.0620 range in response. Moreover, Nok/Sek is back under parity even though Swedish inflation metrics also fell shy of expectations, albeit not to the same extent and as Eur/Sek remains anchored around 10.0700.

  • USD, EUR – The Dollar has regained some composure after its yield-related downturn on Wednesday as attention switches from US supply to CPI that is due for release alongside the latest jobless claims updates. Indeed, the DXY has reclaimed 90.000+ status and seems to be forming a base within a 90.128-281 range, though assisted by weakness several index components and facing external risk via the ECB and any major reaction in the Euro as the largest currency in the basket by individual weighting. On that very note, break-even pricing in options has risen ahead of the data and Central Bank event in similar vein for NFP last Friday to circa 53 pips, and this could confirm a break in Eur/Usd outside of the current 1.2181-53 range. However, expiries may also play a role today given a hefty number rolling off at the NY cut and spanning 1.2100 to 1.2210 – see 7.20BST post on the Headline Feed for details and for a preview of the ECB see the Research Suite.
  • GBP – Another G10 laggard, as Cable and Eur/Gbp continue to retrace from post-hawkish BoE Haldane highs and lows respectively. Market contacts noted stops on a break of 1.4080 in the former and presumably there were sell orders triggered prior to that when 1.4100 gave way, but for now more suspected to be sitting at or sub-1.4170 are unscathed. Meanwhile, the cross touched 0.8641 before fading and there is technical resistance above in the form of the 100 DMA that stands at 0.8651 today, while support could come from decent option expiry interest down at the 0.8600 strike (0.8600) barring any breakthrough on the NI Protocol stalemate between the UK and EU.
  • JPY, AUD, NZD, CAD, CHF – All narrowly mixed vs the Greenback, with the Yen hovering around 109.50 and also enshrined in layered option expiries beyond the current 109.68-45 band, from 108.95 all the way up to 110.00 – see Headline Feed at 7.20BST. Elsewhere, the Aussie hovering below 0.7750, Kiwi under 0.7200 and Loonie beneath 1.2100 before a speech from BoC’s Lane hot on the heels of yesterday’s holding policy convene. Meanwhile, Aud/Cad could be contained by option expiries at 0.9380 and 0.9450 in 1.2 bn and Nzd/Usd has NZ manufacturing PMI to look forward to after a slowdown in card spending, and the Franc is straddling 0.8960 in the run up to next week’s quarterly SNB policy review.

In commodities, WTI and Brent front-month futures have nursed the losses seen during APAC hours, but overall sentiment remains indecisive heading into this week’s main events – which are likely to dictate much of price action today, ceteris paribus. Crude-specific news flow has remained light since the bearish DoEs yesterday – whilst the OPEC MOMR is poised for release today but will likely take a back seat given the more macro events. Turning to geopolitics, little news has come out in terms of JCPOA talks which are due to resume on Saturday, however, reports reaffirmed that the US and EU are set to take a united stance against Russia and China as the G7 gets underway. WTI Jul resides around the USD 70/bbl mark near session highs (vs low 69.29/bbl) while Brent Aug hovers around USD 72.25/bbl (vs low 71.50/bbl). Elsewhere, spot gold and silver drifted lower in early hours as the USD and yields clawed back some lost ground. Copper dipped on worries regarding Chinese price curbs in a continuation of the move seen after yesterday’s Chinese PPI release. Meanwhile, Dalian iron ore futures saw mild gains overnight despite China’s commodity crackdown with some traders citing supply woes.

US Event Calendar

  • 8:30am: May CPI MoM, est. 0.5%, prior 0.8%
  • 8:30am: May CPI Ex Food and Energy MoM, est. 0.5%, prior 0.9%
  • 8:30am: May CPI YoY, est. 4.7%, prior 4.2%
  • 8:30am: May CPI Ex Food and Energy YoY, est. 3.5%, prior 3.0%
  • 8:30am: June Initial Jobless Claims, est. 370,000, prior 385,000; Continuing Claims, est. 3.65m, prior 3.77m
  • 12pm: 1Q US Household Change in Net Wor, prior $6.93t
  • 2pm: May Monthly Budget Statement, est. -$250b, prior -$225.6b

DB’s Jim Reid concludes the overnight wrap

Welcome to the day with the most eagerly anticipated data point in recent memory. No not French industrial production this morning but the blockbuster US CPI print for May released at 13:30 London time. I suspect that neither side will admit defeat if the number goes against them as it’s likely too early to see a definitive trend. There will still be large anomalies all over the place. Nevertheless, so far I would say that the inflationists have overwhelmingly won round one of this bout but that the Fed put up a confident defence in round 2 to draw level. Round 3 starts today.

To recap, April’s CPI release saw a rise to +4.2% year-on-year (+3.6% expected at the time), which marked the fastest inflation we’ve seen in the US this side of the financial crisis. Even core inflation was up to +3.0% in April (+2.3% expected).

Here at DB Research the debate has also been lively on this question, and as you hopefully know by now I joined our Group Chief Economist David Folkerts-Landau and Peter Hooper in publishing a note earlier this week on the potential for higher inflation and a return of boom/bust cycles over the next few years. Nevertheless, our US economists are of the view (shared by the Fed’s leadership) that this current episode is likely to prove temporary thanks to one-off factors such as those associated with the economic reopening and base effects. Indeed, they write that the strength in core CPI last month was largely due to categories at the epicentre of the Covid pandemic, where there were likely severe supply/demand imbalances related to reopening or stimulus-boosted demand. They see a similar theme in the May core CPI release, where they’re forecasting a +0.5% month-on-month increase (vs. +0.9% previously), while their expectation for the headline CPI is similarly for a +0.5% monthly increase (vs. +0.8% previously).

A striking feature of the last month is that investors have become progressively more relaxed on inflation risks since that outsized release. Immediately afterwards, they moved to upgrade the expected pace of rate hikes from the Fed, but over the following weeks that move has reversed entirely, with expectations now pointing to a marginally more gradual liftoff in rates than was expected prior to that report. The Fed have done a very good job of being unified around their transitory message and the market buys it for now. That’s also been supported by the fact that the last couple of jobs reports were weaker than the consensus expectations, even as data on job openings point to a record number of available positions and surveys have further suggested firms are struggling with labour shortages.

That easing of inflation concerns was once again the theme in markets yesterday, as yields on 10yr Treasuries fell -4.2bps to 1.491%. That’s the first time they’ve closed beneath 1.50% in over 3 months, and inflation breakevens were also down -4.4bps as they fell for a 6th successive session to their lowest point since April 8. US equities failed to break to new highs once more, with the S&P 500 (-0.18%) falling back marginally and having now traded in a tight 31pt (0.7%) range since the US jobs print last Friday. Cyclicals were weaker in particular as the reopening trade continues to show signs of fatigue, with transportation (-1.54%), banks (-1.43%) and consumer durables (-1.44%) the worst performing industry groups in the S&P while defensive/bond proxies like utility companies (+0.85%) and higher growth industries like biotech (+1.73%) were the only notable outperformers.

Overnight we’ve got a mixed bag of news on US-China relations with the FT reporting that Joe Biden will use the G7 summit to encourage US allies to take a harder stance towards China. On the other hand however, Bloomberg reported that commerce ministers from China and the US have “agreed to promote the healthy development of pragmatic cooperation in trade and investment,” in a phone call overnight. This marks the third call between the two countries in the past three weeks, indicating that communication between the two countries on trade and bilateral issues is picking up pace. Separately, the Biden administration revoked the bans on TikTok and WeChat even as President Biden ordered a review of software apps from foreign adversaries and action against those that pose a security risk.

Those more positive headlines on the US-China relationship have supported sentiment this morning in Asia with the Nikkei (+0.30%), Hang Seng (+0.31%), Shanghai Comp (+0.82%) and Kospi (+0.46%) all posting gains. Outside of Asia, yields on 10yr US Treasuries have continued with their downward march and are down a further -1.4bps this morning to 1.478% ahead of the CPI release. Meanwhile, futures on the S&P 500 (+0.14%) and those on the Stoxx 50 (+0.10%) have both moved higher as well. In terms of overnight data releases Japan’s May PPI came in at +4.9% yoy (vs. +4.5% yoy expected), the highest reading since 2008, as was the case for China’s PPI yesterday, which came in at +9% yoy. Speaking of Chinese inflation, PBoC Governor Yi Gang said overnight that he expects Chinese CPI to be below 2% yoy this year, beneath the government target of around 3% with an ageing society acting as a dampener on it.

As well as that all-important CPI reading from the US, the other main highlight today will be the latest ECB decision, which is coming out 45 minutes beforehand at 12:45 London time. In their preview (link here),our European economists write that they expect the ECB to maintain the faster pace of PEPP purchases for the time being, in line with the dovish tilt in the Governing Council’s latest commentary, though it’s a close call. Afterwards we’ll hear the latest from ECB President Lagarde in her press conference, and also get the latest forecasts for growth and inflation too. On those, our economists expect that the HICP inflation forecasts will be lifted to +1.2% in 2022 and +1.4% in 2023, although this would still be well below the ECB’s inflation aim.

Ahead of the ECB, European equities were slightly more buoyant than their US counterparts, with the STOXX 600 seeing a marginal +0.09% increase to yet another record high. However, the moves lower for sovereign bond yields in the US were echoed across the continent, with those on 10yr bunds (-2.0bps), OATs (-2.0bps) and BTPs (-3.2bps) all moving lower.

In terms of the latest on the pandemic, there was further concern in the UK about the Delta variant that originated in India, as the number of reported cases yesterday was 7,540, the highest since February 27. Nor is that just a blip either, as the number of cases over the last week is up by nearly two-thirds compared to the previous one. It comes as speculation has been rising in the press that there could be a delay to the easing of restrictions on June 21, potentially by two or four weeks, and we should get confirmation on Monday as to what’s actually going to happen then. In more positive news however, the ONS estimated that 80% of English adults would have tested positive for Covid-19 antibodies in the week beginning 3 weeks ago, which is the highest yet. Elsewhere, South Africa announced a positivity rate of 16.5% and daily new cases of over 8,800 as the National Institute of Communicable Diseases said the country is at the start of a third wave with commercial area Gauteng seen as the most affected. In the US, President Biden is expected to announce plans to buy 500mn vials of Pfizer doses to share with WHO-backed Covax – the program distributing vaccines to low income countries. This is seen as a way to bridge the massive divide in vaccine access between developed and emerging markets. The purchases will be split between this year and next, and a formal announcement is expected later today ahead of tomorrow’s G7 meetings. Separately, the G7 group is also likely to pledge to deliver at least 1 billion extra doses of vaccines over the next year to help cover 80% of the world’s adult population. Meanwhile, in Asia, Hong Kong is planning to ease quarantine periods for some fully-vaccinated inbound passengers from countries not classified as “high risk” to 7 days.

To the day ahead now, and the highlights will be the aforementioned CPI release for May out of the US, as well as the ECB’s latest decision and President Lagarde’s press conference. In addition to those, we’ll get French and Italian industrial production for April, along with the weekly initial jobless claims from the US. Other central bank speakers include BoE Chief Economist Haldane.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNEDAY NIGHT: 

SHANGHAI CLOSED UP 19.29 PTS OR 0.54%   //Hang Sang CLOSED DOWN 3.75 PTS OR 0.01%      /The Nikkei closed UP 97.76 pts or 0.34%  //Australia’s all ordinaires CLOSED UP .46%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3929 /Oil UP TO 70,09 dollars per barrel for WTI and 72.38 for Brent. Stocks in Europe OPENED ALL RED  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3926. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3899   : /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
 
The G7 calls for fresh probe into the COVID origins for the umpteenth time
(zerohedge)

G7 Calls For Fresh Probe Into Covid Origin, Targets China’s Use Of Forced Labor

 
WEDNESDAY, JUN 09, 2021 – 05:50 PM

The Group of Seven leaders, whose UK conclave will shortly be joined by Joe Biden, appears set to infuriate China, and in its draft communique seen by Bloomberg News, the world’s most developed nations not only call for a fresh, “transparent” (which suggests the previous study was anything but), WHO-convened study into the origins of the coronavirus (although since the China-controlled WHO, which is run by the “prevaricating” Tedros, is in charge it naturally won’t find anything new) but also pledge to tackle “forced labor in global supply chains”, including in the solar and garment sectors and involving state-sponsored forced labor of minorities. While that section does not mention China by name, it clearly targets China’s treatment of Uyghur Muslims in Xinjiang.

Separately, the G7 vowed to deliver at least 1 billion extra doses of vaccines – courtesy of taxpayer funding of course – over the next year to help cover 80% of the world’s adult population. This is core part of the of the G-7 agenda that outlines a plan to end the pandemic by December 2022. The document has yet to be finalized but will form the basis of final-stage talks at the summit of leaders in Cornwall, southwestern England, starting Friday.

Here are the other highlights, as per Bloomberg:

  • G-7 pledge to better tackle forced labor in global supply chains, including in the solar and garment sectors and involving state-sponsored forced labor of minorities. While that section does not mention China by name, it follows global criticism of its treatment of Uyghur Muslims in Xinjiang.
  • Calls for a fresh, transparent, WHO-convened study into the origins of the coronavirus.
  • There is a call for Russia to hold to account groups within its borders who conduct ransomware attacks, use virtual currencies to launder ransoms, and carry out other cybercrimes.
  • The group welcomes the recent talks toward a full resumption of the 2015 Iran nuclear deal, while condemning its use of proxy forces and non-state armed actors.

On fiscal policy, trade and travel:

  • A commitment to end unnecessary trade restrictions on vaccine exports
  • G-7 stress need to ensure long-term sustainability of public finances once the recovery is firmly established.
  • G-7 support common standards for international travel, including recognizing vaccine status certificates across countries.

On climate change, the draft agreement includes:

  • There is a commitment to accelerating the shift to zero-emission vehicles
  • Leaders haggling over climate funding but vow to step up and to try and meet a $100 billion target, without giving details of how to get there. They will pledge new funding to support green transitions in developing countries.
  • G-7 recognizes the potential of carbon markets and carbon pricing to drive emission reductions.

Late on Wedensday, Joe Biden arrived in the UK as part of his first trip abroad since taking office, where he will take place in the G7 summit in St Ives in Cornwall. Biden is expected to underscore America’s unwavering commitment to NATO and warn Russia it faced “robust and meaningful” consequences if it engaged in harmful activities, by which of course he means the CIA, the FBI and various other deep state tentacles.

Biden, speaking to about 1,000 troops and their families at a British air base, said he would deliver a clear message to Russian President Vladimir Putin when they meet next week after separate summits with NATO, G7 and European leaders.

“This is my first overseas trip as president of the United States. I’m heading to the G7, then the NATO ministerial and then to meet with Mr. Putin to let him know what I want him to know,” Biden said, drawing cheers from the troops, who will be amazed if Biden remembers what it is he wants Putin to know.

“We’re not seeking conflict with Russia,” the Democrat said at the start of his eight-day visit to Europe. “We want a stable and predictable relationship … but I’ve been clear: The United States will respond in a robust and meaningful way if the Russian government engages in harmful activities.”

Biden told reporters as he left for Europe that his goals were “strengthening the alliance, making it clear to Putin and to China that Europe and the United States are tight.”

His summit with Putin on June 16 in Geneva is the capstone of the trip. President-in-waiting Harris is surely hoping for some “unexpected” twist in the narrative to take place, so she can finally get her promotion.

 
end
Zhang/Epoch Times

EU Calls For Unfettered Investigation Into Origins Of COVID-19

 
THURSDAY, JUN 10, 2021 – 09:06 AM

Authored by Alexander Zhang via The Epoch Times,

European Union leaders on Thursday called for an unfettered investigation into the origins of the CCP (Chinese Communist Party) virus, which they said is necessary to draw the right lessons from the pandemic.

Addressing a news conference in Brussels, European Commission President Ursula von der Leyen said:

“There is this horrible pandemic, a global pandemic. We have to know where did it come from in order to draw the right lessons and to develop the right tools to make sure that this will never happen again.

“And therefore the investigators need complete access to whatever is necessary to really find the source of this pandemic and, depending of that, we have to draw conclusions.”

Charles Michel, the head of the European Council, said, “The world has the right to know exactly what happened in order to be able to learn the lessons.”

Michel also said that, in its dealings with the Chinese regime, the EU “will defend ourselves against practices that pose security risks, distort the level playing field, or are incompatible with our values.”

“We continue to stand up to defend human rights and the rule of law in Xinjiang, Hong Kong, and elsewhere,” he said.

It follows U.S. President Joe Biden’s request on May 26 for U.S. intelligence officials to conduct further investigations to uncover the origins of the CCP virus, including any possibility the trail might lead to a Chinese laboratory.

The CCP has claimed the virus was spread through a wet market in Wuhan, Hubei Province, in late 2019.

But a number of Republican lawmakers as well as former President Donald Trump have suggested that the virus may have been developed in and escaped from the Wuhan Institute of Virology (WIV), a top-security laboratory located just miles from the wet market.

The World Health Organization (WHO) endorsed Beijing’s claim, saying in its report published on March 30 that it was “very likely” the pandemic started from bats via an intermediary animal, and the likelihood of a lab leak causing the outbreak was “extremely unlikely.”

But many have noted that CCP officials were present throughout the WHO’s probe, and critics have said the regime played a significant role in the investigation.

The U.S. mission to the U.N. in Geneva said in a statement last month that the WHO study was “insufficient and inconclusive,” and called for a timely, transparent, and evidence-based second probe to be conducted.

CHINA CORONAVIRUS UPDATE/MONGOLIA

New outbreak in Mongolia despite being highly vaccinated. They used the Chinese vaccine which is ineffective

(zerohedge)

Mongolia Reports Fresh COVID Outbreak Despite High Vaccination Rates

 
WEDNESDAY, JUN 09, 2021 – 09:50 PM

For weeks now, Mongolia has been touted as an unexpected success story in the international vaccination project: the poor, mostly rural country lies between northeastern China and Russia’s resource-rich east.

The country, which struck deals with its neighbors to stock its vaccine coffers months ago, drew attention due to its climbing international vaccination rate. But in recent days, Mongolia’s COVID-19 rate has surged, raising questions about the efficacy of China’s vaccines.

More than half of Mongolia’s population has been fully vaccinated. But despite this, the country reported 1,312 new cases of the coronavirus on Wednesday as the country’s total infections neared 70K, with almost all of those recorded since January. New daily infections have risen more than 70% in the past two weeks, according to a New York Times database.

The landlocked nation has easily secured enough doses of the vaccine from Russia and China. And as its case numbers rise, Sinopharm’s vaccine has come under scrutiny because of a lack of transparency in its late-stage trial data. The vaccine faced more questions after the island nation of the Seychelles, which relied heavily on Sinopharm to inoculate its population, also saw a spike in cases, although most people did not become seriously ill. “Inactivated vaccines like Sinovac and Sinopharm are not as effective against infection but very effective against severe disease,” said Ben Cowling, an epidemiologist and biostatistician at the University of Hong Kong School of Public Health. “Although Mongolia seems to be having a spike in infections and cases, my expectation is that there won’t be large number of hospitalizations,” he added.

Doubts about the efficacy of China’s Sinopharm jab have been spreading for months, as the vaccine was repeatedly shown to be less effective than the new mRNA jabs from Pfizer and Moderna-BioNTech.

In some areas, mutant strains may be spreading fast enough to cause concern even in countries where much of the population has vaccinations effective against them: Britain is dealing with a rise in cases linked to the Delta variant, despite having more than half of its adult population fully vaccinated, largely with shots from AstraZeneca and Pfizer. Still, the wave of infections has raised questions in Mongolia over why the government relied on the Sinopharm shots instead of a vaccine proven to be more effective. It came as Mongolians headed to the polls on Wednesday to vote for president, the first election since the constitution was amended to limit the president to one six-year term. The prime minister is the head of government and holds executive power.

A year ago, Mongolia was among the few countries in the world that boasted no local coronavirus cases, but an outbreak in November changed that. A political crisis ensued and protests over perceived mishandling of the outbreak led the prime minister to resign in January.

The new prime minister, Oyun-Erdene Luvsannamsrai, has promised to revive Mongolia’s lagging economy and end social distancing restrictions that have hurt businesses. A fresh wave of cases could threaten this pledge.

end

TAIWAN/USA UPDATE/TAIPEI

Beijing furious over 3 USA Democratic senators entering Taiwan on a military plane

(Dave DeCamp Antiwar.com)

Insult To Injury: Beijing Furious Over US Senators Entering Taiwan On Military Plane

 
WEDNESDAY, JUN 09, 2021 – 06:50 PM

Authored by Dave DeCamp via AntiWar.com,

In the latest show of US support for Taiwan, a group of US senators flew to the island on a military aircraft on Sunday, a trip that drew sharp condemnation from Beijing.

Senators Dan Sullivan (D-AK), Tammy Duckworth (D-IL), and Chris Coons (D-DE) arrived in Taiwan aboard a C-17 Globemaster III cargo plane to announce the US was donating 750,000 Covid-19 vaccines to the island. According to ReutersUS officials typically visit Taiwan in unmarked private jets.

US Senators arrived at Songshan Airport in Taipei at the start of this week, via Reuters

On Tuesday, China denounced the visit. “The US senators visited Taiwan by military plane, using the Taiwan issue to engage in a ‘political show’, challenging the one-China principle and trying to achieve the so-called goal of ‘using Taiwan to control China,'” the Chinese Defense Ministry said.

Since Washington severed diplomatic relations with Taipei in 1979, the US has always provided weapons to Taiwan and sailed the occasional warship through the sensitive Taiwan Strait. But in recent years, the US has taken steps to boost diplomatic ties with Taipei, and US warships and warplanes are now almost constantly operating in the region.

Chinese-based analysts told The South China Morning Post that the increased US support for Taiwan makes China taking military action to take the island more likely.

“Everyone is watching to see how Beijing will react,” said Liu Weidong, a US affairs specialist with the Chinese Academy of Social Sciences. “It is heading towards a bad situation … if the US keeps adding pressure on Beijing then it seems there will be only one option left: military reunification.”

 

Via Taiwan Ministry of Foreign Affairs

Zhu Songling, a professor with the Institute of Taiwan Studies at Beijing Union University, said growing nationalism among mainland Chinese is putting pressure on Beijing to take a more hardline stance.

“If the US continues these gestures and keeps trying to strengthen official ties with Taiwan, as well as the military relationship and other official communications, then this will be seen as provocative. Public opinion could move further in the direction of military action,” Zhu said.

The US officially maintains a policy of “strategic ambiguity” concerning Taiwan and a possible Chinese invasion. But there are growing calls among China hawks in Washington for the US to adopt a policy of “strategic clarity” that would mean the US would commit to going to war for Taiwan if Beijing moves to take the island. The policy change in itself would be a major provocation towards China and make conflict more likely.

end

Where is Huang Yanling?

(zerohedge)

Wuhan Lab ‘Experts’ Deny Lab Leak, Claim No Workers Sickened With COVID-19

 
WEDNESDAY, JUN 09, 2021 – 11:10 PM

Anonymous experts at the Wuhan Institute of Virology (WIV) have dismissed theories that COVID-19 leaked from their lab, as well as US intelligence that three lab workers fell ill with symptoms consistent with COVID-19, according to Chinese state-run ECNS.CN.

The anonymous experts have invited the West to present their evidence.

The experts, who requested anonymity, said individuals from the West can present their proof if they have any. They also dismissed as groundless the reports from some media outlets that three workers from the institute had contracted the virus. -ECNS

According to a May 23 report by the WSJThree researchers at the Wuhan Institute of Virology were so sick in November of 2019 that they sought hospitalization.

The details of the reporting go beyond a State Department fact sheet, issued during the final days of the Trump administration, which said that several researchers at the lab, a center for the study of coronaviruses and other pathogens, became sick in autumn 2019 “with symptoms consistent with both Covid-19 and common seasonal illness.

The disclosure of the number of researchers, the timing of their illnesses and their hospital visits come on the eve of a meeting of the World Health Organization’s decision-making body, which is expected to discuss the next phase of an investigation into Covid-19’s origins. -WSJ

“The information that we had coming from the various sources was of exquisite quality. It was very precise. What it didn’t tell you was exactly why they got sick,” one source told the Journal, while another person said the information, provided by an “international partner,” was potentially significant but still in need of further investigation and corroboration.

In March, former US State Department official David Asher, who led a task force on the origins of COVID-19, told a Hudson Institute seminar that he doubted the lab workers were infected with an ordinary flu.

“I’m very doubtful that three people in highly protected circumstances in a level three laboratory working on coronaviruses would all get sick with influenza that put them in the hospital or in severe conditions all in the same week, and it didn’t have anything to do with the coronavirus,” he said, adding that the researchers who fell ill may represent “the first known cluster” of COVID-19 cases.

The Wuhan lab has notably refused to share raw data, safety logs and lab records of its extensive experiments with bat coronaviruses, which a US-funded NGO, EcoHealth Alliance, collaborated with.

As we asked at the time, perhaps Beijing – with its sophisticated tracking techniques – can explain the whereabouts of still-missing WIV lab worker Huang Yanling?

 

Missing Chinese researcher Huang Yanling.  Photo / news.com.au

Huang Yanling, who worked at the Wuhan Institute of Virology, was one of scores of doctors, scientists, activists and journalists who disappeared during the Chinese Communist Party’s suspected cover-up.

During the early weeks of the outbreak last February, rumours swirled on Chinese social media that the graduate student was “patient zero”, creating a direct link between the controversial lab and the virus outbreak.

Chinese officials quickly stepped in to censor the reports from the internet.

The Wuhan Institute of Virology denied she was patient zero and insisted, without evidence, that she was alive and well elsewhere in the country – while scrubbing her biography and image from its website. -NZ Herald

So – maybe the US should present their evidence, and Beijing can finally share virus samples and other records they’ve thus far been unwilling to produce.

end

4/EUROPEAN AFFAIRS

 
 

EU//USA/RUSSIA/GENEVA G 7 MEETING

Nobody will listen to Biden as Blinken who himself is a doorknob will try and prop up the brain dead Biden

(Cunningham/Strategic Culture Foundation)

Blinken Props Up Biden In European Charade For New Cold War

 
WEDNESDAY, JUN 09, 2021 – 11:30 PM

Authored by Finian Cunningham via The Strategic Culture Foundation,

Blinken is staying close to his boss during the whirlwind tour, because Biden is liable to spin out of control and reap an embarrassing collapse.

It’s a big ask for a frail 78-year-old U.S. president to rally the world around a series of myths and falsehoods. Biden flies to Europe this week to galvanize allies under strong American leadership of supposed shared “democratic values” in a “historic confrontation” with the “autocracies” of China and Russia.

President Joe Biden’s worldview is so disconnected from reality that it is going to prove difficult mentally for him to consistently and coherently make the case over a series of summits in the next week.

That’s why he has his more youthful Secretary of State Antony Blinken (59) tagging along when Biden meets G7 leaders in England on June 11-13, followed by a NATO summit on June 14 in Brussels as well as top-level discussions with European Union leaders. After all that, Blinken is “to participate” in the face-to-face meeting between Biden and Russian President Vladimir Putin on June 16 in Geneva, according to the U.S. State Department.

The latter detail in the busy itinerary – Biden’s first overseas trip since taking office in January – is the most salient. It is unprecedented that the U.S. foreign secretary should “participate” in what was previously billed as a one-on-one meeting between the American and Russian leaders. There is no indication so far from Russian media reports that Sergei Lavrov – Blinken’s counterpart – is to take part in the Geneva summit.

What this unusual arrangement suggests is that Biden is not up to the task of dealing with Putin in an equal setting. The American president’s health and mental acuity have been under the media spotlight after several public gaffes in which Biden has forgotten names of his aides and has seemed befuddled in recalling details. The Democrat-supporting U.S. media have been criticized for giving Biden an easy time from their soft approach towards the president.

This raises further questions about Biden’s health condition when he has to have his top diplomat at his side during the forthcoming summits, especially the final one with Putin whom the American president disparaged previously as a “killer”.

It is all the more taxing on Biden given that his mission is more about contriving a narrative than actually engaging with reality. The contrived narrative is the attempt to rally European and other Western allies under American leadership against “autocratic adversaries” China and Russia. In other words, fabricating a new Cold War. The trouble is the fabrication is based on myths, falsehoods, smears, delusions, and outright lies. All in all, that’s a tall order for a president who tends to get people and names mixed up and who appears to struggle at finishing press conferences with coherent thoughts.

In an op-ed for the Washington Post before his big tour of Europe, Biden presented his mission thus: “My trip to Europe is about America rallying the world’s democracies”.

In a familiar mantra of the 46th president, he demarcated the world into two camps: one under “strong American leadership” with “shared democratic values”, and the other purportedly represented by rival “autocracies” of China and Russia. This is nothing but the recreation of a Cold War whereby Washington polarizes the world into hostile entities in order to give itself a position of “moral leadership” as a guise for imperialist hegemony.

To accept this mythical framing of the world, then it is necessary to demonize the designated adversaries. Lamentably, the European allies of America (more accurately, “vassals”) are all too credulous in accepting the provocative fantasies.

Nevertheless, sometimes self-interests intrude and the Europeans find the American depiction of the world too much to bear. Hence, there is pushback from the European Union on Biden’s attempts to sabotage the economic partnership between the 27-member bloc and China. There are limits to which the EU will go in damaging the landmark Comprehensive Investment Agreement it signed with Beijing in December.

Likewise, Germany is not tolerating any attempts by the Biden administration to scupper the Nord Stream 2 gas pipeline with Russia which will be vital for fuelling German industry. Again, self-interest kicks in to bring mundane common sense into conflict with the American mythology of a Cold War.

Notwithstanding, Biden’s itinerary is purposed to orchestrate an adversarial transatlantic position towards Russia and China.

In his Washington Post op-ed, Biden pointedly outlines how his first meetings are aimed at drumming up American leadership pitted against Moscow.

The president wrote: “So, when I meet with Vladimir Putin in Geneva, it will be after high-level discussions with friends, partners and allies who see the world through the same lens as the United States, and with whom we have renewed our connections and shared purpose. We are standing united to address Russia’s challenges to European security, starting with its aggression in Ukraine, and there will be no doubt about the resolve of the United States to defend our democratic values, which we cannot separate from our interests.”

Note the inane assertion as if fact that Russia is threatening Europe’s security and is aggressing Ukraine, when in reality it is the U.S. and NATO powers that are weaponizing a rogue regime in Kiev against Russia. The U.S. has supplied $2 billion in weaponry to Kiev since the Western-backed coup d’état in 2014 and NATO forces are on the ground in Ukraine. It is NATO forces building up offensive power around Russia, not the other way around.

Biden threw in a few bromides such as “the United States does seek conflict” with Russia, and he mentioned his extension of the New START treaty back in February (preventing an arms race is hardly a claim to virtue). But these platitudes aside, Biden went on to make lame accusations about Russia’s “interference in our democratic elections”.

It can be confidently posited that President Putin will demolish the baseless claims that Biden is attempting to put forward in Geneva. It will be an intellectual slamming match, not simply due to Putin’s formidable command of detail and argumentation, but largely because the American side has an untenable case owing to its fundamental fallacies.

Let’s just say, the American case against Russia and China is a weak charade of myths and lies, full of hypocrisy and contradiction. It would be hard enough for an agile mind to maintain the implausible narrative that underpins America’s bid for global hegemony. It’s all the more difficult for an aging president to keep up the performance.

That’s why Blinken is staying close to his boss during the whirlwind tour. Because Biden is liable to spin out of control and reap an embarrassing collapse.

The State Department said Biden will be coming from his meeting with allies with “the wind at his back” as he goes on to challenge Putin. More accurately, it should be said, with Blinken propping up the president by reminding him of the dubious script.

 

END

EU/

Policy unchanged/faster bond buying

(ECB announcement/zerohedge)

ECB Keeps Policy Unchanged, Renews Pledge For Faster Bond Buying

 
THURSDAY, JUN 10, 2021 – 07:54 AM

As previewed this morning, after lots of noise, the ECB ended up keeping its key policy unchanged, and continues to see PEPP purchases “to continue at significantly higher pace” for at least the current quarter, meaning that the ECB’s Dovish policies remain in place for summer with bond buying to continue at a “significantly higher” pace in 3Q and ahead of the Sep strategy review.

The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.  The Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase program with a total envelope of EU1.85t until at least the end of March 2022.

The key sentence: “Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year,” the European Central Bank says in statement. The word “coming” is the only change to the April statement, replacing “current.”

Additionally, bond-buying under the older APP program will continue at a monthly pace of EU20b for as long as necessary

Next up: ECB President Christine Lagarde speaks at 2:30 p.m. in Frankfurt, when ECB watchers should expect a cautious message and emphasis on avoiding a tightening of financial conditions at presser. Inflation forecasts may be notable.

As a reminder for those curious how to trade today’s announcement, ING summarized it best:

Here is the full statement from today’s meeting

At today’s meeting, the Governing Council decided to confirm its very accommodative monetary policy stance:

The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

The Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over. Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year.

The Governing Council will purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. In addition, the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy. If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation.

The Governing Council will continue to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2023. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.

Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.

The Governing Council also intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.

Finally, the Governing Council will continue to provide ample liquidity through its refinancing operations. The funding obtained through the third series of targeted longer-term refinancing operations (TLTRO III) plays a crucial role in supporting bank lending to firms and households.

The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.

If the above statement seems familiar, it’s because it is: as shown in the redline comparison below, there are virtually no changes from the April statement.

end

UK/CORONAVIRUS UPDATE/LOCKDOWNS TO CONTINUE

As deaths due to the virus come down, England’s lockdowns could continue. We have a global sinister plot upon us

(Watson/SummitNews)

England’s Lockdown Could Continue Despite Deaths Being Below 5 Year Average

 
THURSDAY, JUN 10, 2021 – 08:50 AM

Authored by Paul Joseph Watson via Summit News,

England’s lockdown measures could remain in place beyond the supposed “freedom day” on June 21st despite the fact that for 11 out of the last 12 weeks, deaths have been below the 5 year average.

Yes, really.

As LockdownSkeptics.org highlights, “(the) ONS announced that there were 9,628 deaths in England and Wales in the week ending 28th May 2021. This is 232 fewer than the previous week, and 3.1% below the five-year average.”

“Deaths in England and Wales have now been below the five-year average for 11 of the past 12 weeks. Over that time, there were 8,212 fewer deaths than you’d expect based on the average of the last five years. And note that, due to population ageing, the five-year average understates the expected number of deaths. So the true level of “negative excess mortality” is even higher.”

The number of registered deaths in the week ending May 28 is also lower than the 5 year average in seven out of nine English regions, including the population-dense South East.

June 21st was the day when all COVID-19 restrictions were supposed to be lifted, but more and more indications suggest the government will once again cave to its scaremongering advisers and keep them in place.

Lockdown measures are set to remain in place well into July despite the fact that 80% of Brits now have COVID-19 antibodies and the population reached herd immunity back in April.

Earlier today, Prime Minister Boris Johnson said, “Everyone can see very clearly is cases are going up and in some places hospitalizations are going up,” suggesting he is about to move the goalposts on his promises yet again.

As we previously highlighted, the same scientists still advising Johnson admitted using “totalitarian” fear tactics, “mind control” and weaponizing behavioral psychology to terrify the public into total compliance.

“Deaths in England and Wales have been below the five-year average for 11 of the past 12 weeks. Given that 80% of adults now have COVID antibodies, what possible grounds could there be to delay the full reopening?” asked Toby Young.

Hmm, almost like there’s another agenda in play?

*  *  *

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

*  *  *

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
 

end

ISRAEL/SYRIA/IRANIAN BACKED FORCES

An update on Israeli and Kurd shelling of Syrian forces loyal to Iran

(southFront)

Israel Defense Forces Strike Syria, As Netanyahu Struggles To Remain

 
THURSDAY, JUN 10, 2021 – 12:10 AM

By South Front,

Israel’s political situation is proving quite precarious for Prime Minister Benjamin Netanyahu. As a result, he’s struggling to prove that he’s required at the lead, since Tel Aviv’s enemies will allegedly flourish if Netanyahu is not there.

Late on June 8th, Israel Defense Forces (IDF) struck various targets in southern and central Syria. According to Syrian media, air defense systems managed to shoot down some Israeli missiles which were fired from the direction of Lebanon.

Not all missiles were shot down and some caused damage. The Syrian Observatory of Human Rights claimed that violent explosions were felt in Damascus and around the city, followed by Israeli strikes on military positions of the Syrian Arab Army (SAA). It also claimed that 10 pro-government fighters were killed in the strikes.

Air strikes also took place in the south of Homs province and in the border zone between Homs and Tartus.

This is the first strike attributed to Israel in nearly a month, and it coincides with Netanyahu’s struggle to remain in seat. There is no official confirmation from the IDF on carrying out the strike.

In addition to Israel’s regular assertions, the “moderate opposition” in Greater Idlib also frequently breaches the ceasefire regime and shells the nearby settlements. Militants in the region shelled several villages in nearby Hama province, in the villages of Jubas and Dadikh, and farmland was damaged. No casualties were reported.

On June 7th, militants fired 6 rockets at the village of Jurin in the northwestern province of Hama, causing damage to residential buildings and private property.

In northern Syria, the perpetual state of chaos between the Kurdish groups and the Turkish-backed factions also continues.

The Kurdish Afrin Liberation Force reported that it had carried out a successful operation against the Turkish Armed Forces and pro-Ankara militants.

Between June 1 and 4th, the Kurdish group reportedly killed 13 Turkish soldiers and 2 pro-Turkish faction members. Two vehicles were destroyed. In confirmation, Ankara admitted to losing a single serviceman in northwestern Syria.

On June 8th, a car bomb exploded in northern Syria’s Afrin causing extensive damage to nearby property. No casualties were reported.

Still, violence in northern Syria is the norm. The Kurdish groups and Turkish-backed factions continually carry out operations against each other. Infighting among the pro-Turkish groups is also not uncommon, with civilians frequently being injured and sometimes killed in collateral.

With the Syrian Arab Army reactivating air defense systems in northern Syria, it could mean that an attempted solution to the plight may be coming sooner rather than later.

END

Iran/Venezuela

Something new to the mix:  Iran has two warships streaming down the Atlantic heading for Venezuela carrying weapons (missiles).  This is not good and the UDSA will react

(zerohedge)

Iran Issues Video Showing Missile-Laden Warships Steaming Across Atlantic For 1st Time

 
THURSDAY, JUN 10, 2021 – 09:35 AM

US officials this week have been calling on Iran to immediately halt and turn around two of its warships believed bound for Venezuela. A trade and defense relationship between Tehran and Caracas has grown especially under the prior Trump administration sanctions on both countries. This has in the past year included Iranian fuel tankers engaged in sanctions-busting by delivering badly needed gasoline to Venezuela (Venezuela has abundant crude but derelict refineries for meeting domestic fuel needs).

Two Iranian warships, the Sahand and Makran recently rounded the tip of Africa for the first time, which is considered the farthest west that Iranian warships have ever gone. For the past week the US Navy is said to be tracking their movements, but on Thursday Iranian state media released footage of the ships as they traverse the Atlantic Ocean, in a direct “message” to Washington that they remain undeterred. 

Iran’s media described the video as confirming “the first presence of the homegrown ‘Sahand’ destroyer in the Atlantic Ocean.” 

According to a report from Politico, the pair of ships are carrying weapons to Venezuela – a hugely provocative move which the report suggests Maduro plans to use as a bargaining chip to gain sanctions relief. The report says that Biden officials are warning that the US will take “appropriate measures” to deter the “threat” to US allies in the Western Hemisphere.

“The delivery of such weapons would be a provocative act and understood as a threat to our partners in the Western Hemisphere,” an unnamed US official said in a statement to Politico. “We would reserve the right to take appropriate measures in coordination with our partners to deter the transit or delivery of such weapons.”

Here’s more from this week’s Politico report regarding the Iran-Venezuela alleged delivery in progress based on a deal believed to have been hatched during the Trump administration

The official did not specify the types of weapons involved, but last summer there were reports that Venezuela was considering purchasing missiles from Iran, including long-range ones, and aides to Trump repeatedly warned Venezuelan leader Nicolás Maduro against such a move.

The intelligence community, meanwhile, has evidence that one of the ships, the Makran, is carrying fast-attack boats, likely intended for sale to Venezuela, according to a defense official and another person familiar with the intelligence.

Below: Sahand and Makran, which are now believed to be in the Atlantic Ocean:

Yet the fact remains that the ships are in international waters – not to mention that the US sails warships, carriers, and submarines near Iran’s coast on a routine basis.

But in Washington’s eyes, Venezuela’s military being in possession of medium or long-range Iranian missiles would certainly constitute a “red line”.

Likely an occasional fuel shipment or two will make it past US Navy ships in the Caribbean, but the scenario of missile-transporting Iranian warships being allowed to pass seems highly unlikely. It’s increasingly appearing that there will be a showdown in the Caribbean, also as the US is reportedly putting Cuba on notice that it must not cooperate with the Iranian vessels’ passage through its territorial waters.

 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//USA

Fauci continues to dig himself into a deep hole

(Mish Shedlock/Mishtalk)

Dr. Fauci’s Preposterous Lie: “Attacks On Me Are Attacks On Science”

 
WEDNESDAY, JUN 09, 2021 – 07:30 PM

Authored by Mike Shedlock via MishTalk.com,

Dr. Fauci attempts to defend himself on MSNBC. And MSNBC is seemingly pleased to cooperate to spread even more Fauci lies.

I picked up this story from a Greenwald Tweet. 

Painfully Ridiculous Lie

What’s “painfully ridiculous” is Fauci’s claim, “Attacks on Me are Attacks on Science”.

Fauci is a proven liar. He has even admitted that fact. It matters not that he he lied (allegedly to preserve masks for healthcare workers). 

What About Faucigate?

The Left and the Right portray a freedom of information lawsuit email chain involving Fauci as some sort of proof of Wuhan Lab theories and mask effectiveness.

Rand Paul Tweets

Bloomberg gets it correct ‘Faucigate’ Emails Prove Nothing About a Covid Lab Leak

Bloomberg’s claim is true. We still do not know. Nothing has been proven. But Bloomberg hits upon the key issue that few are even aware of (emphasis mine).

If Fauci owes the public an explanation for anything, it’s why he approved funding for research that potentially made viruses more dangerous — so-called gain of function research. 

Though Fauci has been unofficially anointed America’s “top expert in infectious disease” by the press, his real job is director of the National Institute of Allergy and Infectious Diseases. In that capacity, he’s not above criticism. He’s approved funding of projects on viruses that other scientists have deemed too risky to be worth doing

These risky projects include several that Rutgers University biologist Richard Ebright calls gain of function research of concern — projects that have altered flu viruses to transmit between different hosts, for example, research on altering bat coronaviruses that was done in collaboration between U.S. researchers and those in China.

Ebright spent years warning people about gain of function research long before this pandemic broke out. Another scientist who worries about the danger of such experiments is Harvard epidemiologist Marc Lipsitch.  

Gain of Function

“Gain of function” is a euphemism for “purposely making viruses more lethal.”

And research involving bats was done with collaboration between the US and China. 

Questions of the Day

  • Why is there so little media coverage of gain of function? 

  • What precisely was Fauci’s role in supporting such research?

  • In what ways did the US cooperate with China?

  • Did any of those ways include Wuhan? 

“I Am Science”!

By saying “Attacks on Me are Attacks on Science,” he is effectively saying “I am Science“. 

Excuse me for pointing out, science does not lie and never did. People lie, scientists lie, and charlatans lie.

Scientists may come to the wrong conclusions, but science does not lie.

Fauci is a proven liar and by effectively making the claim that he is science, not only is he a liar, but a proven charlatan as well.

Instead of repetitive focus on masks where opinions are already set in stone, I suggest  a deep dive into Fauci’s role and US cooperation with China in gain of function research to make coronaviruses more lethal. 

END

HCQ, and Azithromycin boosted survival rates of ventilated COV!( patients by 200%.  If they used Ivermectin it would be even higher.

(Tom Ozimek/EpochTimes)

Hydroxychloroquine & Azithromycin Boosted Survival Of Ventilated COVID-19 Patients By 200%: New Study Confirms

 
WEDNESDAY, JUN 09, 2021 – 10:50 PM

Authored by Tom Ozimek via The Epoch Times,

A new study has found that the use of weight-adjusted hydroxychloroquine (HCQ) and azithromycin (AZM) improved the survival of ventilated COVID-19 patients by nearly 200 percent.

The observational study, which hasn’t yet been peer-reviewed, was based on a re-analysis of 255 patients on invasive mechanical ventilation (IMV) during the first two months of the pandemic in the United States.

The researchers found that when the HCQ–AZM combination was given at lower dosages to treat ventilated COVID-19 patients, the risk of death was more than three times higher.

“We found that when the cumulative doses of two drugs, HCQ and AZM, were above a certain level, patients had a survival rate 2.9 times the other patients,” the authors of the study noted.

“By using causal analysis and considering of weight-adjusted cumulative dose, we prove the combined therapy, >3 g HCQ and > 1g AZM greatly increases survival in COVID patients on IMV and that HCQ cumulative dose > 80 mg/kg works substantially better.”

While the authors acknowledged that patients with higher doses of HCQ had higher doses of AZM, they “cannot solely attribute the causal effect to HCQ/AZM combination therapy.”

“However, it is likely AZM does contribute significantly to this increase in survival rate. Since higher dose HCQ/AZM therapy improves survival by nearly 200 [percent] in this population, the safety data are moot,” they added.

Hydroxychloroquine—an anti-inflammatory and anti-malarial drug—has been one of the most contested treatments for COVID-19 throughout the pandemic.

A pharmacist displaying a box of hydroxychloroquine (HCQ) tablets in his store in Hyderabad, India, on April 28, 2020. (Noah Seelam/AFP via Getty Images)

The drug was approved by the Food and Drug Administration (FDA) in 1955 to treat and prevent malaria. It’s also prescribed for lupus and rheumatoid arthritis.

While the FDA initially granted HCQ an emergency use authorization (EUA) to treat COVID-19 in March 2020, the agency revoked it on June 15, 2020, because data suggested it was “unlikely to be effective in treating COVID-19” and that its potential risks outweighed the benefits.

The FDA’s turnabout came on the heels of a study by Oxford University in the United Kingdom that found HCQ underperformed its routine treatment protocols.

“Unfortunately, problems in research methodologies assessing the effectiveness and risks of HCQ have left lingering doubts,” wrote Dr. Joseph Mercola, an osteopathic physician, in an op-ed for The Epoch Times. “Those problems include questionable dosing.”

Some, like Epoch Times contributor Roger L. Simon, have argued that studies around the use of HCQ to treat COVID-19 were politicized by opponents of former President Donald Trump, who advocated the use of the drug.

end

Myocarditis in teens and young adults after vax

 

 
 
 

Holy shit. How can they keep these trials running with this sort of data? 

 
As several smart “normies” have now said – something very sinister is happening. 
 
 
 
Alex Berenson
⁦‪@AlexBerenson‬⁩
1/ ⁦‪@CDCgov‬⁩ has now analyzed the VAERS data on #Covid vaccine myocarditis in teens and young adults. It is terrible.

 

Based only on received reports – and remember, most side effects go unreported even when they are serious – the rate is as high as 40 times the background rate… pic.twitter.com/GhlUtgrRjT

 
2021-06-10, 9:41 AM

 

end

Ordinary New Yorkers (& Anthony Fauci) Make A Mockery Of “Science”

 
THURSDAY, JUN 10, 2021 – 11:49 AM

Authored by Andrea Widburg via AmericanThinker.com,

Science is a buzzword on the left, but an Ami Horowitz video about masks, combined with Fauci’s contention that attacking him is the same as denying science, shows that there is no difference on the left between science and ideology. The former is completely subsumed into the latter.

In my neck of the woods (the Southeast) even during the height of COVID mania, only about 50% of people wore masks outdoors. And depending on which store you were in, not everybody was wearing them indoors either. Target had full mask compliance. Walmart and Palmetto Armory did not.

Things are different now.

First, the CDC finally conceded that masks aren’t necessary outdoors.

More importantly, masks aren’t necessary for people who have been vaccinated.

And still more importantly, we know from Fauci’s emails that he was lying to people when he insisted on masks. 

He knew all along that people weren’t wearing masks that made the slightest bit of difference in stopping the virus’s spread (something the data confirms).

Again in my neck of the woods, a conservative state, people are abandoning their masks with the utmost rapidity. That’s not the case in many places. Ami Horowitz went out on the streets of New York to find out why vaccinated people were stilling wearing masks outdoors. He reminded all of them that, if you’re vaccinated and outdoors, it is virtually impossible to get or give COVID.

What was fascinating was that most people really struggled to come up with an answer as to why, on a lovely spring day, they were suffocating themselves on the streets of New York.

A lot of them said they had just gotten used to the masks. Some, though, had principled reasons and I can say with absolute honesty that every one of their principles was the result of Stockholm Syndrome or brainwashing:

What I hope jumped out at you watching that video is that science didn’t factor into any of these. Remember, they were all vaccinated. It was all about feelings, attitudes, and peer pressure. Emotion ruled the day.

And that makes perfect sense because, for the left, science is not a process by which someone advances a hypothesis, conducts a rigorously controlled and carefully observed experiment to test that hypothesis, and then admits honestly whether the hypothesis lived or died. On the left, science is a thing in which you “believe” (kind of like faith), and it invariably supports one’s political beliefs.

And if you have any doubt about that, take a gander at Anthony Fauci. He may be the biggest mass murderer in American History, defending himself for a year full of lies and derogatory statements about medicines that could have saved hundreds of thousands of lives, all to defeat Trump.

He doesn’t try to argue the merits of his many positions (he can’t). Instead, he goes on the attack. When you, the conservative troglodyte attack Fauci, you’re attacking “science.” I’ve cued the video up to the point at which he makes that risible claim, but I suggest you watch the whole interview. It’s a miracle of doubletalk, in which his endlessly conflicting positions are all “science.” Also, both he and Chuck Todd carefully ignore that much of what he said in public was belied by his emails, including the fact that he lied to Congress about the whole gain of function issue:

If anyone tells you leftism isn’t a religion, Fauci’s take on matters puts the lie to that claim.

end

So much for Texas’ new law banning punishment for refusing COBID 19 vaccines

(zerohedge)

 

Over 170 Houston Hospital Employees Suspended Without Pay For Refusing COVID-19 Vaccine

 
THURSDAY, JUN 10, 2021 – 01:12 PM

Houston Methodist Hospital in Texas has suspended over 170 employees for two weeks without pay, after they refused to take the COVID-19 vaccine. The suspensions come after a new May policy requiring all 26,000 workers to get full courses of either the Pfizer-BioNTech, Moderna, or Johnson & Johnson vaccines by June 7 or face termination.

The hospital says 99% of its employees – 24,947 – are fully vaccinated, however a group of 178 workers who have refused and have now been punished.

What happens after the two weeks is unknown, according to the Daily Mail.

Meanwhile, 117 employees are suing the hospital, claiming that they’ve been pressured into becoming ‘human guinea pigs’.

Earlier this month, 117 employees sued Houston Methodist, claiming the hospital ‘is forcing its employees to be human ‘guinea pigs’ as a condition for continued employment,’ reported KHOU 11 last month.

They also claim coronavirus vaccines are ‘experimental,’ because they have only received emergency use authorization and not full U.S. Food and Drug Administration (FDA) approval.

The federal government’s Equal Employment Opportunity Commission ruled in December 2020 that employers could legally set vaccine requirements for their workforce. -Daily Mail

“It is unfortunate that today’s milestone of Houston Methodist becoming the safest hospital system in the country is being overshadowed by a  few disgruntled employees,” said CEO Marc Bloom, who added that 27 of the suspended workers have since received at least one dose of the vaccine.

“I know that today may be difficult for some who are sad about losing a colleague who’s decided to not get vaccinated,” Bloom continued. “We only wish them well and thank them for their past service to our community, and we must respect the decision they made.”

Hospital staff were first given until mid-April before the deadline was extended to early June, with $500 bonus payments offered to employees who got vaccinated early. At the time, two employees chose to leave the hospital instead of getting vaccinated. Those with religious or health exemptions had until May 3 to apply for a waiver. According to the Washington Post285 employees were given medical exemptions, while 332 received medical deferrals.

No one should be forced to put something into their body if they’re not comfortable with it,” nurse Jennifer Bridges told The Texan. Bridges has worked at Houston Methodist for over six years, and is leading the lawsuit.

“People trying to force you to put something into your body that you’re not comfortable with, in order to keep your job, is just insane,” she told KHOU11 last month, adding “I’m not an anti-vax person. If you want to get it, by all means, get it. I don’t take that away from anybody Just let everybody have a choice and the right to make their own decision.”

Bridges and the group of employees are being represented by Jared Woodfill from the Houston-based Woodfill Law Firm.

Woodfill told KHOU that his firm filed a declaration action, asking the court to declare the hospital’s orders illegal.  

He argues that the vaccine is an experimental product, and that it should not be legal to force employees to receive it. 

[The vaccine] that’s been on the market for less than a year. And yes, it’s being used under EUA, but at the same time, that is experimental by definition,‘ he said.

You can’t fire someone for refusing to do something illegal, and if you look at federal law, it makes it very clear that it’s illegal to force someone to participate in a vaccine trial.’ -Daily Mail

Bloom addressed the anti-vax employees two weeks ago, saying a statement: “It is unfortunate that the few remaining employees who refuse to get vaccinated and put our patients first are responding in this way,” adding “It is legal for health care institutions to mandate vaccines, as we have done with the flu vaccine since 2009. The COVID-19 vaccines have proven through rigorous trials to be very safe and very effective and are not experimental.”

Bridges, meanwhile, says she’s waiting for the vaccine to receive full approval from the FDA before she takes it.

END

Cairnsnews/New York

New York court order hospitals to use Ivermectin against FDA’s misleading advice

special thanks to Robert H for sending this to us even though it was published April 30

 

Cairnsnews/New York

New York courts order hospitals to use COVID cure ivermectin against FDA’s misleading advice

By TONY MOBILIFONITIS
THE battle against the suppression of ivermectin, probably the most effective treatment for “SARS-Cov-2” (or any variant of corona virus), has stepped up in New York state with at least three families winning court actions to force hospitals to administer the drug to loved ones suffering infections. The recoveries have been remarkable.

The court actions fly in the face of the Biden administration’s Federal Drug Administration, which has issued a blatantly dishonest statement that ivermectin “can be very dangerous”. Oh sure, if you take a livestock-level dose of ivermectin, squirt it on your back like a bull, and you could die. But the drug has been given to humans for 33 years in billions of doses and was awarded a Nobel Prize for annihilating parasitic illness.

Big tech companies Facebook and YouTube and mainstream media are also actively and criminally suppressing videos and other information on a treatment shown to be literally a life-saving medical intervention.

Freelance journalist Mary Beth Pfeiffer, writing for the medical website Trialsitenews.com, says the FDA statement is the lynchpin of COVID policies worldwide and “purports to protect the public from taking over-the-counter ivermectin meant for animals”.

Pfeiffer has also reported on the Yale University professor and renowned cancer researcher Dr Alessandro Santin, who has studied the COVID-19 literature and treated several dozen patients. The practicing oncologist and scientist who runs a large laboratory at Yale believes firmly that ivermectin could vastly cut suffering from COVID-19. How about that for a story BBC, CBS, NBC, ABC, CNN etc?

But not all media is willingly blind to life-saving truth. In New York state Dan Herbeck at the Buffalo News reported on the case of John W. Swanson, an 81-year-old farmer from Stafford, east of Buffalo, who was infected and placed on a ventilator, a dangerous and frequently fatal treatment. According to his affidavit he was ‘on death’s doorstep’ at United Memorial Medical Center. When Swanson was given one dose of ivermectin, he started breathing properly again.

But the doctors, probably acting on orders from above, then refused to give follow-up doses. Swanson’s family moved swiftly for justice and his wife Sandra hired the same lawyers who convinced other New York State judges to compel other hospitals to administer ivermectin to dying patients.

TrialSite staff have reported at least three cases where families of elderly or seriously ill COVID-19 infected patients were denied ivermectin treatments. While dozens of studies (see meta-analysis below) from around the world show overwhelmingly positive results, regulatory authorities and apex research bodies are hesitant to accept any of the positive data yet and have pounced on any data that shows neutral results.

They also carried ongoing reporting on the Front Line COVID-19 Critical Care Alliance (FLCCC) and other reports of the accumulating positive data associated with ivermectin research around the world. This data has apparently been reviewed by family members involved in the New York cases. The families have turned to attorneys including Ralph C. Lorigo and Jon F. Minear of the West Seneca-based Law Office of Ralph C. Lorigo.

In another case, Lorigo’s firm secured a Supreme Court Judge Henry J. Nowak’s declaration that the Millard Fillmore Suburban Hospital must treat 80-year-old New York State patient Judith Smentkiewicz with ivermectin. The additional treatments helped as she rapidly improved, recovered and went home, TrialSiteNews reported.

TrialSite further reported a New York Supreme Court judge Frank Caruso making a similar order for the plaintiff, Robert Dickinson, a doctor and husband of the plaintiff, in his legal request to use ivermectin off label. Rochester General Hospital was compelled to follow the physician and allow the ivermectin treatment.

Ivermectin, a medicine for parasites, has been around for four decades. While not FDA-authorized for use against COVID-19, the drug is legally available in the US and Australia for “off-label” use, i.e. available as a prescription-only treatment for conditions other than those listed on the label.

Eminent Australian professor, Thomas Borody of Sydney, released a triple therapy protocol with ivermectin, zinc and doxycyline in August 2020, but was ignored by medical authorities. However, at the time inquiries for the treatment were received from 57 Australian GPs, 30 doctors from overseas, 184 members of the public.

TrialSite said the US National Institutes of Health “conveniently hedges its position” on ivermectin but does acknowledge the off-label use scenario. “For that, they are to be commended,” TrialSite staff stated.

But they also noted high-level efforts to suppress mention of the drug on media including social media, when their documentary about ivermectin use in Peru was taken down by YouTube. They further discovered that Google was hand-selecting videos involving ivermectin for de-emphasis and hence less or no advertising remuneration, while Facebook had identified any news coverage of ivermectin as “misinformation”.

 

end

Watch: Rand Paul Says “Elitist” Fauci Believes Americans Too Stupid To See Through “Pseudoscience”

 
THURSDAY, JUN 10, 2021 – 02:10 PM

Authored by Steve Watson via Summit News,

Senator Rand Paul blasted Dr Fauci Wednesday, labelling him “an elitist” who believes Americans are not smart enough to make their own decisions about their health.

Appearing on Newsmax, Paul noted “I think it’s this — it’s one-size-fits-all and his idea that the regular people aren’t smart enough to make these regular decisions. So he just wants to treat everybody the same.”

“The one-size-fits-all strategy that everybody must get vaccinated ignores the science,” the Senator continued, adding “It’s mostly that he’s not telling the truth once again because he is an elitist, and he thinks we can’t handle the truth.”

Paul then highlighted the fact that Fauci knowingly lied about the efficacy of face masks.

“In private, he said in emails last spring that most of the masks you can get over the counter don’t work because the virus particles are too small and go right through them. That’s still true. They don’t work. There’s no value. Yet, we’re mandating them by law because — and this is where I really have a disagreement with Fauci, one he’s not telling the truth, and promulgating bad science, pseudoscience,” Paul urged.

“So your eighth grade running the mile or half-mile wearing the mask outside is probably not going to be good for their health, it’s not comfortable, and there’s no science to say you’re preventing disease,” Paul continued.

“It’s really just a disservice to the public,” The Senator asserted, explaining “The main thing about the mask when he said they didn’t work at all was he didn’t want people buying the N95 masks and the people in the hospital, the doctors not having enough. So he just admits that he lied, but it was a lie for our own good, supposedly.”

Watch:

Meanwhile, emperor Fauci, he who shall not be questioned, has declared that HE IS SCIENCE.

*  *  *

 

The major global issues facing the world today: Today inflation watch

Michael Every 

Rabo: This Is What Real Supply-Chain Shocks Look Like

 
THURSDAY, JUN 10, 2021 – 09:56 AM

By Michael Every of Rabobank

Nemáme

US 10-year yields fell further again yesterday, in an even more insistent view that there isn’t going to be any inflation. We are now back to 1.50%, meaning a whole new set of people shouting about how we were going to 2% or 3% or whatever percent just a few months ago now have more-expensive-than-a-few-months-ago egg on their face. That is of course as the May US CPI release today saw a 0.6% m/m gain to pushing headline inflation to 5.0%, a 28-year high, and even core inflation at 3.8% y/y. 1993! Where you, and what were was your inflation experience back then?

I was about to find work in Slovakia, which had just split from Czechoslovakia in a ‘velvet divorce’. No threatened ‘sausage wars’ there, as between the post-Brexit UK and EU: but only because there weren’t any sausages. I recall walking round Bratislava’s crumbling old town center, empty at the weekend as everyone went home to grow food in their countryside plots; finding the restaurants or bars which were open; and playing the game of what was actually on the menu, as opposed to what was listed. (Which, due to the Czechoslovak equivalent of Goskomstat, contained the precise weight in grams of each promised ingredient in the dish.) The wait staff would never tell you: the tradition was that you had to ask line by line, and they would repeat “nemáme” (we don’t have any) until you got to what they did. One paid in Czechoslovak banknotes, which a few months later got Slovak stickers. And inflation was 26% even though demand had collapsed. Given everything was almost literally funny money, and that being 21, all I wanted was beer, fried cheese, and chips, which being made locally were cheap (and good), that didn’t matter to me – just to everyone else growing food at their chata (dacha) over the weekend.

The next year I went to work in Moscow on the promise (slash ‘lie’) of jazz clubs, grilled prawns, and Soviet champagne from a friend who later told me he just wanted me to have the experience. Indeed, the economic crisis was so much worse I was physically shocked. Everything was broken, rusty, or dangerous to touch. A bottle of vodka cost less than a bottle of water. People were drinking themselves to death, and falling past you from above on metro stairs. Long lines of babushky (grandmothers) outside metro stations in the snow held up yesterday’s newspaper, eyeglasses, or a single carrot; and many of them with PhDs in electrical engineering or such like. Shops offered little food, and you had to queue for each counter; calculate the price for XXXg of product X (based to 100g); get a chit; queue at the cashier to exchange the chit and cash for a receipt; and queue again at the first counter to swap the receipt for the goods – if you had calculated correctly. If not, you started again – and so on for each counter. Or one could take a metro ride for an hour into the city centre to buy the cheapest UK supermarket ranges at 4 times their normal price under armed guard.

In short, I know what supply-chain shocks, and “shock therapy”, and systemic inflation, and repressed inflation look like, even if long suppressed. The guys who won the Cold War and say this is all “transitory” really don’t. So let’s hope they are right.  

As covered yesterday, the drop in US Treasury yields, and extended central bank largesse, makes short-term sense if a further US fiscal boost is less likely due to Washington DC realpolitik, which appears to be the case. And we can perhaps add to that list the 15% G7 minimum corporate tax rate, which Congress will have to sign off on, and yet Republicans don’t seem to like much. And, after getting all the right headlines, the UK wants an opt-out for the City of London (“because markets”); the EU might not be able to agree (for once); and China wants an opt-out too (“because China”). I did say when the news hit last week that this looked purely declaratory. However, as repeatedly underlined here, markets still face other structural shifts that will flow back to inflation longer term: 1) try throwing climate change and then reduced food supply into the mix; 2) and/or the disruption and race for industrial primacy in the Green New Deal/Build Back Better world which all major institutions, and most major governments, say is necessary to mitigate that risk; and 3) the links from both back to national security.

On point one, watch what the weather suggests for crop output this year in key producers. Moreover, striking closer to my stomach at least, Italian tomatoes are potentially about to rot in the fields because of a lack of cans to put them in – and we can expect a lot more of that due to the Bullwhip Effect. Meanwhile, yesterday China –where PPI hit 9% y/y– said it will ensure key commodity prices are kept stable, starting with coal. Logically, that means either: shortages in China (due to repressed inflation – 我们没有 being the equivalent of nemáme); shortages elsewhere (as China buys everything up, and then subsidises it at home – there was a lot of that kind of “soft budget constraint” thinking going on before 1993 in the Soviet bloc); or a policy that cannot work where global markets get to set prices (as did not apply in the Soviet bloc). Oh, and Beijing is also trying to set maximum property prices for good measure.

On point two, let’s see what the G7 has to say today — I will cover that key meeting in more detail then — but anyone who is anyone economically is going to be building their own semiconductors, at the very least. And if we then have too many of them, don’t expect economics to close some fabs back down: demand will have to be created to keep them open, one way or another.

On point three, US President Biden has struck down a Trump-era ban on TikTok and WeChat – which sounds bullish on US-China relations; until one sees the executive order which replaces it, as with much of the Biden administration’s thrust so far, aims at a more durable, comprehensive framework aimed at ongoing risk assessment and action against China. And again, we return to the G7 tomorrow.

1993 was also the year that saw the signing of the Maastricht Treaty in the EU, which has played a key role in the absence of any inflation there. And back in 2021, our ECBeebies expect today’s ECB meeting will see the deposit rate unchanged at -0.50%, the asset purchase plan (APP) steady at EUR 20bn/month, and the PEPP envelope unchanged at EUR 1,850bn. They do expect a “technical adjustment” to the PEPP pace, with a “slightly lower” pace through Q3, but acknowledge the risks are skewed towards a delay of any such slowdown.

But do we really have a clear idea of what is going to happen next on inflation, given so much of it is going to be so political? Nemáme.

7. OIL ISSUES

END

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE//IVERMECTIN UPDATE
 
 
 
 
 
 

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

Euro/USA 1.2177 DOWN .0002 /EUROPE BOURSES /ALL RED

USA/ YEN 109.47 DOWN 0.144 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4103  DOWN   0.0008  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2109  DOWN .0005

 

Early THIS THURSDAY morning in Europe, the Euro DOWN BY 2 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2177 Last night Shanghai COMPOSITE CLOSED UP 19.46 PTS OR 0.54% 

//Hang Sang CLOSED DOWN 3,75 PTS OR 0.01%

 

/AUSTRALIA CLOSED UP 0.49% // EUROPEAN BOURSES OPENED ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL RED   

 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 3,75 PTS OR 0.01%

/SHANGHAI CLOSED UP 19.46 PTS OR 0.54% 

Australia BOURSE CLOSED UP 0.46%

Nikkei (Japan) CLOSED UP 97.76 PTS OR 0.34%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1878.05

silver:$27.68-

Early THURSDAY morning USA 10 year bond yr: 1.499% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.180 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 90.12  DOWN 0 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.39% DOWN 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.051%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.40%//  UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.80 DOWN 3   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 40 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.25% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.05% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY

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

Euro/USA 1.2167  DOWN     .0011 or 11 basis points

USA/Japan: 109.56  DOWN .060 OR YEN UP 6  basis points/

Great Britain/USA 1.4152 UP .0042 POUND UP 42  BASIS POINTS)

Canadian dollar UP  16 basis points to 1.2099

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.3933

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.3905

TURKISH LIRA:  8.43  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.051%

Your closing 10 yr US bond yield DOWN 0 IN basis points from WEDNESDAY at 1.493 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.171 DOWN 1 in basis points on the day

Your closing USA dollar index, 90.15  UP 2  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 5.74 PTS OR 0.08% 

 

German Dax :  CLOSED UP 1.90 PTS OR 0.01% 

 

Paris CAC CLOSED DOWN 15.98  PTS OR 0.24% 

 

Spain IBEX CLOSED DOWN 20,40  PTS OR  0.22%

Italian MIB: CLOSED DOWN 75.41 PTS OR 0.29% 

 

WTI Oil price; 70.22 12:00  PM  EST

Brent Oil: 72.59 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    71.87  THE CROSS  LOWER BY 0.48 RUBLES/DOLLAR (RUBLE HIGHER BY 48 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.25 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 : 70.15//

BRENT :  72.39

USA 10 YR BOND YIELD: … 1.447..DOWN 4 basis points…

USA 30 YR BOND YIELD: 2.133 DOWN 4 basis points..

EURO/USA 1.2176 DOWN 2   BASIS POINTS)

USA/JAPANESE YEN:109.32 DOWN 295 (YEN UP 30 BASIS POINTS/..

USA DOLLAR INDEX: 90.06  DOWN 6  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4176 UP 65  POINTS

the Turkish lira close: 8.42

the Russian rouble 71.80   UP 0.56 Roubles against the uSA dollar. (UP 56 BASIS POINTS)

Canadian dollar:  1.2091  UP 24 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.25%

The Dow closed DOWN  19.10 POINTS OR 0.06%

NASDAQ closed UP 145.40 POINTS OR 1.05%


VOLATILITY INDEX:  16.05 CLOSED DOWN  1.54

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

Druckenmiller has got this right:  He is slamming the Fed manipulation as bond yields and stocks jump after huge CPI increase

(zerohedge)

 
ii) Market data

As promised consumer prices surge at the fastest pace since 1992

Core Consumer Prices Surge At Fastest Rate Since 1992

With the world’s eyes having moved on from China’s rip-roaring PPI (and post-data decision to unleash price controls), this morning’s CPI print has been heralded as the arbiter of “is it transitory or not” with some (BofA) even suggesting we are nearing a period of “transitory hyperinflation.” The answer for now is – inflation’s still accelerating as headline CPI soared 5.0% YoY (hotter than the +4.7% expected). That is the highest level of inflatuion since Aug 2008.

Source: Bloomberg

But it is core CPI that is the huge outlier, soaring 3.8% YoY – the hottest level of inflation since 1992…

Source: Bloomberg

Goods prices are up 6.5% YoY – the highest since 1982 – and services prices are also accelerating significantly.

Source: Bloomberg

Under the hood, many of the same indexes continued to increase,  including used cars and trucks, household furnishings and operations, new vehicles, airline fares, and apparel. The index for medical care fell slightly, one of the few major component indexes to decline in May

The household furnishings and operations index increased 1.3 percent in May, its largest monthly increase since January 1976.

The index for used cars and trucks continued to rise sharply, increasing 7.3 percent in May. This increase accounted for about one-third of the seasonally adjusted all items increase.

Source: Bloomberg

The index for new vehicles rose 1.6 percent in May, its largest 1-month increase since October 2009. The index for airline fares continued to increase, rising 7.0 percent in May after increasing 10.2 percent the prior month. The apparel index also rose in May, increasing 1.2 percent.

The index for car and truck rentals continued to rise, increasing 12.1 percent after rising 16.2 percent the prior month (and more than doubled over the past 12 months, rising 109.8 percent).

Notably – amid all the headlines of soaring food prices and supply chains – the BLS believes food price inflation is slowing…

Source: Bloomberg

Finally, rent/shelter inflation remains subdued

  • MoM: The shelter index rose 0.3 percent in May. The index for rent rose 0.2 percent and the index for owners’ equivalent rent increased 0.3 percent   

  • YoY:  The shelter index increased 2.2 percent over the last 12 months.

So, Transitory or not?

end

Consumer prices jump 5% in May, fastest pace since the summer of 2008

PUBLISHED THU, JUN 10 20218:31 AM EDTUPDATED 2 MIN AGO

Jeff Cox@JEFF.COX.7528@JEFFCOXCNBCCOM

SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email

Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy, the Labor Department reported Thursday.

The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year ago. Economists surveyed by Dow Jones had been expecting a gain of 4.7%.

The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the worst of the financial crisis sent the U.S. spiraling into the worst recession it had seen since the Great Depression.

 

A separate gauge that excludes volatile food and energy prices increased 3.8%, vs the Dow Jones estimate of 3.5% for so-called core inflation.

Another report released Thursday showed that jobless claims for the week ended June 5 came in at 376,000. The estimate was 370,000. The total still marked the lowest of the pandemic era.

Investors, though, remain heavily focused on inflation, which hasn’t been a major threat to the U.S. economy since the early 1980s.

On a monthly basis, the headline CPI rose 0.8% while the core was up 0.7%. The estimate was 0.5% for both readings. 

Though the inflation readings are well above anything seen since the financial crisis, the Federal Reserve has been largely dismissive of the numbers. Central bank officials believe the current rise is due to temporary factors that will abate as the year goes on.

Consequently, market participants generally do not expect to see the Fed react to the latest numbers when the policymaking Federal Open Market Committee meets next week.

Markets largely shrugged off Thursday’s inflation report, with stock market futures indicating a gain at the open though government bond yields moved higher. The benchmark 10-year Treasury note last traded near 1.52%.

This is breaking news. Please check back here for updates.

end

Here Is The Heatmap From Today’s Red Hot CPI Report

 
THURSDAY, JUN 10, 2021 – 11:30 AM

After the “eye-popping” April CPI report, expectations were for another big increase in consumer prices in May and boy, did the data not disappoint with core CPI surging another 0.7% (0.74% unrounded), which boosted the % yoy rate to 3.8% (3.80% unrounded) from 3.0% previously. This was the highest % yoy rate since 1992.

One big similarity with April was continued outsized strength in used cars inflation, which rose another 7.3% mom in May. Used car prices are now up 16.6% year-to-date (ytd) and according to the Mannheim Used Car Index which is up 26% YTD and 48% Y/Y, it’s set to keep rising.

Also, for the first time CPI new car prices added to the strength, surging 1.6% mom.

Together, new and used cars contributed 37bp to core CPI, accounting for half of this month’s increase. As Lin notes, the auto sector remains disrupted by the global chip shortage and it will be difficult to predict how much more upside there will be this year as the situation will take time to resolve, making the year-end core inflation forecast a moving target.

Additionally, there were signs of broader commodity pressures with household furnishings & supplies gaining 0.9% mom, apparel jumping 1.2% mom, and recreation commodities, education/communication commodities, and alcohol all rising 0.4% mom. In services, transportation services remained hot rising 1.5% mom. This gain was bolstered by a 7.0% spike in airline fares and car/truck rental soaring 12.1% mom.

In summary, the reopening theme continued to be a big driver this month. That said, lodging away from home cooled to a modest 0.4% mom increase. Airline fares remain 12% relative to pre-pandemic levels and lodging down 4.6%, so there is further room to run this summer as travel demand heats up.

One major difference in May vs April was a robust pickup in Owner Equivalent Rent (OER) to a 0.31% mom print, after averaging 0.23% mom over the prior 3 months. This – as we warned last month – puts rent pressures back in the territory of the pre-pandemic trend. As BofA cautions, while “one month is a not a trend, but this is certainly a positive signal for stronger persistent inflation should it continue to operate there.” Incidentally, BofA’s base case is that once transitory pressures ease next year that core inflation will settle above the Fed’s 2% target, and stronger rents will play a key role in achieving this.

Meanwhile, household operations also exploded 3.1% mom in May, although this may be more of a one-off. Meanwhile, healthcare remained soft at -0.1% mom.

A visual summary of the data looks like this, first on a M/M basis, where the base effect has no impact as it is sequential.

… and then the YoY CPI print which is less relevant due to the collapse last year.

Bottom line, the inflation doves will say that once again there are reasons to dismiss much of the strength in this CPI report. That said, given the jump in OER, this report reflected greater progress versus April in terms of stronger underlying inflation. In other words, as even BofA warns, “we cannot dismiss all of the strength to transitory stories” and adds that “it will remain important to monitor whether transitory inflation passes through into stronger persistent inflation.”

And unfortunately, while nominal wage growth – a critical component to keeping inflation sticky – continues to rise, when indexed for inflation, real average hourly earnings are the lowest they have been this century!

 

 

 

END

 

 

Getting better on the jobless front but still 15 million Americans on the dole

(zerohedge)

Over 15 Million Americans Are Still On Pandemic Jobless Benefits (Despite 9 Million Job Openings)

 
THURSDAY, JUN 10, 2021 – 08:55 AM

Initial Jobless claims continued their slide week-over-week (from 385k to 376k), but remain near pandemic lows (but are still almost double those pre-pandemic levels)…

Source: Bloomberg

Pennsylvania saw the biggest weekly drop in claims (the opposite of the prior week when PA claims surged). Illinois saw the biggest jump in claims

However, there are still over 15 million Americans on some form of government dole…

Source: Bloomberg

And despite over 9 million job openings, over 11 million Americans remain on some form of pandemic-specific unemployment benefits…

Source: Bloomberg

As the chart shows, there has been very little movement OFF the pandemic-based dole in over a year.

Will the Democrats ever allow those couch-sitters to be free of government handouts?

end

U.S. budget deficit widens to record $2.1 trillion in first eight months of fiscal year

June 10, 2021 at 2:09 p.m. ET

The numbers: The U.S. federal budget deficit widened to a record $2.1 trillion in the first eight months of the fiscal year, the Treasury Department said Thursday. This is up from a $1.9 trillion deficit over the same period last year.

In May, the deficit narrowed to $132 billion, down from $399 billion in the same month of 2020 when the government rapidly increased spending to offset the pandemic.

Big picture: Outside experts say the fiscal deficit is on track to set a new record this fiscal year after last year’s record $3 trillion deficit. In light of the outlook for red-ink, the Committee for a Responsible Federal Budget, an independent budget watch dog, has called on Congress to make sure that any future legislation is paid for.

But it is unlikely that Congress will heed this advice. Only Wednesday, moderates in the House unveiled an eight- year $1.25 trillion infrastructure framework that does not include any new taxes to pay for it. Democrats remain divided over taxes while Republicans are solidly against any increase in tax rates.

Economists note that any spending passed as part of an infrastructure package will not count in this fiscal year which ends Sept. 30.

What happened: This year, federal taxes for individuals were due on May 17, two months earlier than last year.

As a result, the data this month show much higher receipts than the prior year. For the first eight months of the 2021 fiscal year, receipts were up 29% while outlays rose 20%. In May, receipts were up 167% compared with the same month last year while outlays were up 4%.

-END-

iii) Important USA Economic Stories

With one half trillion dollars in O/N Reverse repos, the banks are so overloaded with cash that they are telling companies no more deposits

(MishShedlock/Mishtalk)

Banks Are So Stuffed With Cash They Tell Companies: No More Deposits

 
THURSDAY, JUN 10, 2021 – 02:55 PM

Authored by Mike Shedlock via MishTalk.com,

Banks are so overloaded with cash they are losing money on deposits…

No More Cash Please 

Some banks, awash in deposits, are encouraging corporate clients to spend the cash on their businesses or move it elsewhere. It’s a strange case of “No More Cash Please“.

U.S. companies are holding on to billions of dollars in cash. Their banks aren’t sure what to do with it. Some banks are encouraging corporate customers to consider alternatives. 

Top of mind for many big banks is a rule requiring them to hold capital equivalent to at least 3% of all assets. Worried about the rule’s impact during the pandemic, the Fed changed the calculation in 2020 to ignore deposits the banks held at the central bank, but ended that break this March. Since then, some banks have warned the growing deposits could force them to raise more capital, or say no to deposits.

“Raising capital against deposits and/or turning away deposits are unnatural actions for banks and cannot be good for the system in the long run,” Jennifer Piepszak, then-CFO of JPMorgan Chase & Co., said on a call with analysts in April.

One strategy is reverse tiering, giving clients lower yields for additional deposits. Asking customers to move some funds to another, smaller bank also is an option, said Pete Gilchrist, an executive vice president at Novantas Inc., which advises banks.

In recent months, banks including BNY Mellon have focused on moving clients from deposits into money-market funds. The money-market funds, in turn, need new places to park all that new cash and earn some interest. But rock-bottom interest rates have pushed them into storing it back at the Federal Reserve overnight, in a facility that pays them zero return and had been largely ignored for the past three years. 

Nonsensical QE

Bear in mind that the Fed, via QE has been stuffing banks with cash for a year at a  rate of about $120 billion a month.

Not only do the banks have no use for it, it’s starting to cost them money.

The Fed’s solution, using the word loosely, is to do reverse Repos draining banks of cash.

Reverse repos topped $500 billion this week, effectively undoing over four months of QE.

The Fed Says This Was Expected 

Wolf Richter also notes Fed’s Reverse Repos Hit $503 Billion. Liquidity Drain Undoing over 4 Months of QE

What really caught my eye was Fed statements as noted by Richter.

New York Fed President John Williams emphasized repeatedly that the reverse repo system “was working really well,” and that there were “really, no concerns about that. We expected that to happen. It’s working exactly as designed.”

Amazingly, 

  1. The Fed crams half a trillion dollars down banks’ throats.

  2. Banks tell corporations no more deposits because they are losing money on them. Alternatively banks have to raise capital.

  3. So corporations turn to money market funds.

  4. The money market funds do not know what to do with the cash either.

  5. So the Fed is forced to take a half trillion dollars back.

  6. This was expected and is working exactly as designed.

Thank You Fed!

Meanwhile, please note The Fed Says Inflation Is Transitory, It Has a Vested Interest to Lie

Also note How the Fed’s Inflation Policies Benefitted the Top 1% In Pictures Part 1

*  *  *

Office space in Palm Beach is on fire due to the huge exodus out of New York City

(zerohedge)

“We’re On Fire”: Amidst NYC Exodus, Demand For Commercial Office Space In Palm Beach Is Off The Charts

 
WEDNESDAY, JUN 09, 2021 – 07:50 PM

With Wall Street firms tripping hand over foot to get out of New York, where taxes and crime are both on the rise, places like Palm Beach, Florida, are the beneficiaries. We have noted numerous firms, including names like Point 72 and Goldman Sachs, branching out and/or leaving New York altogether in favor of greener pastures in Florida, since the pandemic started.

Amidst the Wall Street exodus, Palm Beach office space demand is off the charges. The city has officially become a “hot market” for commercial real estate, according to a new report from BNN Bloomberg. As a result of the boom, Manhattan developer Related Cos. “has been accelerating investments in West Palm Beach and now controls about a third of its downtown office stock,” the report notes. Related is the company behind NYC developments Hudson Yards and the Columbus Circle tower.

Now, the company is betting on a continued boom in South Florida even after Covid restrictions are lifted. 

Kelly Smallridge, president of the Business Development Board of Palm Beach County, told BNN: “The pandemic has really showed executives that they could do business anywhere, Developers are at the drawing board right now to develop more space to accommodate all of this growth. We’re on fire.”

Related has bought three buildings in West Palm Beach this year, including one that will house Point 72. It’ll now own 1.6 million square feet (149,000 square meters) of offices in the area. 

New York-based Cohen Brothers Realty has also proposed a 400,000 square foot office tower in West Palm, the report notes. Developer Jeff Green has a mixed use project called One West Palm currently under construction, as well. 

Gopal Rajegowda, a partner at Related Southeast, said: “We feel West Palm is one of the fastest-growing commercial markets. With more people thinking about lifestyle now, a lot of these companies say, ‘hey, we want to be in South Florida, so why don’t we put a stake in the ground now?’”

BNN estimates that about 59,000 people from the New York area spent “at least eight weeks” in Southeast Florida last year. 42% of those went to Palm Beach County, which gained 11,000 new residents during 2020.

The city’s 360 Rosemary tower is now more than 95% leased, compared to 30% six months ago. Mark Pateman, managing principal with Cushman & Wakefield Plc’s West Palm Beach and Boca Raton offices, said: “It would normally take way longer to lease. I am seeing a lot of non-local brokers walking through our buildings dragging Florida brokers in tow.”

One of the reasons Palm Beach is filling up so quickly is because of its small size. It has about 2.9 million square feet of office space, compared to 253 million square feet in Midtown Manhattan. Because of its small size, it’s also tough to consider West Palm’s boon as a major sea change. 

Pateman concluded: “We’ve got a good run here, we have another two years of tailwinds from Covid, but is New York going away? Absolutely not. It’s overstated to say this is a paradigm shift.”

END

The sad tale of Baltimore:  Businesses are now threatening not to pay taxes

(zerohedge)

“We’ve Reached Our Breaking Point” – Dozens Of Baltimore Businesses Threaten Not To Pay Taxes

 
WEDNESDAY, JUN 09, 2021 – 06:30 PM

It comes as no surprise to readers that dozens of Baltimore City businesses, located in the Inner Harbor, in a stretch called “Fells Point,” are threatening the new city government, run by Mayor Brandon Scott, with not paying their taxes because they’re “fed up and frustrated” with the outburst of violence. 

In a letter titled “Letter to City Leaders From Fells Point Business Leaders,” addressed to Mayor Brandon Scott, Council President Nick Mosby, Councilman Zeke Cohen, Madam State’s Attorney Marilyn Mosby, and Commissioner Michael Harrison, the 37 restaurants and small businesses are threatening to stop paying city taxes and other fees until “basic and essential municipal services are restored.”

What’s happening in Fells Point, known for its hipster pubs and taverns, as well as delicious seafood from the Chesapeake Bay, is experiencing an overflow of violent crime from other troubled areas. 

The letter comes after three men were shot in Fells Point over the weekend. 

“What is happening in our front yard — the chaos and lawlessness that escalated this weekend into another night of tragic, unspeakable gun violence — has been going on for far too long,” said the letter. 

The 37 businesses are planning to place their city taxes in an “escrow account” and released them until these demands are satisfied:

  • Pick up the trash
  • Enforce traffic and parking laws through tickets and towing
  • Stop illegal open-air alcohol and drug sales
  • Empower police to responsibly do their job

The letter continued to say that minor crime that police “ignore” is what is contributing to more violent crime. So Marilyn Mosby’s halt on prosecuting petty crimes appears to be backfiring. 

“When it comes to prostitution, public urination and defecation, and the illegal sale and consumption of alcohol and illicit drugs on the streets, we know these crimes are not as serious as the carjackings, shootings, and homicides that have become routine,” read the letter. “But, as this past weekend proved, a culture of lawlessness rarely remains confined to petty offenses and invariably leads to the kinds of violence and tragedy we witnessed late Saturday night.”

The letter concludes:

“Fell’s Point is one of the crown jewels of Baltimore. It has become the heartbeat of city commerce; its rich history, stunning views, and cobblestone streets make it a landmark destination for residents and tourists alike; and, at its best, it reflects the remarkable diversity and magic of Baltimore. But if there is a cautionary tale in the decline of the Inner Harbor and Baltimore’s Downtown, it is that where small issues go unchecked, it is only a matter of time before deeper problems take root and a neighborhood collapses.” 

Here are the businesses and their owners, in alphabetical order, who signed the letter:

  • Abbey Burger – Marigot Miller
  • Admiral’s Cup – Darin Mislan
  • Ale Mary’s -Tom Rivers
  • Alexander’s Tavern – Carrie Podles
  • aMuse Toys -Claudia Towles
  • Barcocina – Shane Gerken
  • Barley’s Backyard – William Packo
  • Bertha’s – Andy Norris
  • BOP Pizza – Mike Beckner
  • Denzel’s Shark Bar Grill – Denzil Richards
  • Dogwatch Tavern – Marka Browning
  • EC Pops – Doug Yeakey & Lance Sovine
  • Emporium Collagia -Luana Kaufmann
  • Fells Point Creamery – Essayas Hable
  • Fells Point Surf Shop- Alison Schuch
  • Friends and Family- Ginny Lawhorn
  • Koopers Tavern- Patrick Russell
  • Luna Garden- Jascy Jones
  • Max’s Taphouse- Ron Furman
  • Papi’s- Charlie Gerde
  • Party Dress – Susan Singer
  • Pie in the Sky – Murat Mercan
  • Poppy & Stella – Kelley Heuisler
  • Red Star – Kevin Havens
  • Rodos Bar – Mike Katris
  • Slainte – Kaite Russell
  • SuCasa – Nick Johnson
  • Thames Street Oyster House – Candace Beattie
  • The Admiral Fell Inn – Ted Jabara
  • The Choptank – Alex Smith
  • The Horse You Came In On – Eric Mathias
  • The Point – Erica Russo
  • The Pretzel Twist – Essayas Hable
  • The Rockwell – Bryan Burkert
  • The Waterfront – Kevin Havens
  • The Wharf Rat – Sean Brescia & Jennifer Olivia
  • Zelda Zen – Beth Hawks

One name that rings a bell is “Alex Smith” of The Choptank, related to David Smith, the executive chairman of Hunt Valley-based Sinclair Broadcasting. Alex runs the Atlas group with numerous investments in Fells Point and the Inner Harbor. Sinclair owns hundreds of news stations across the country, and one, in particular, is Fox Baltimore, which launched “Project Baltimore” to expose the corruption in the city. 

It wouldn’t be a surprise if the push behind the letter were by the Smiths, who’ve spent an enormous amount of money to revitalize downtown Baltimore. 

But in an era of defunding the police and a liberal-run city that seems to be descending into another year of violence – the town is only going to get more dangerous, as we’ve explained over the past half-decade. 

In response, some restaurants in the downtown area are exiting the city and headed to the suburbs where crime is almost non-existent. 

END

The story of Colonial ransomware was suspect!  The “hackers” left the bitcoin in a easy to find wallet. Now we have another hacking and this time JBS and again they are asking for 11 million dollars in Bitcoin. Let us see how this plays out

(zerohedge)

Here We Go Again: JBS “Paid” “Russian” “Hackers” $11 Million In Bitcoin To Resolve “Ransomware” Attack

 
WEDNESDAY, JUN 09, 2021 – 09:26 PM

There was a moment of sheer hilarity earlier today when, during a Congressional Hearing, the CEO of Colonial Pipeline Joseph Blount took the merely farcical episode of the Colonial Pipeline ransomware hack – when, as a reminder, a ragtag band of elite “Russian” hackers somehow managed to penetrate the company’s cyberdefenses but was so stupid it left most if not all of the $4.4 million bitcoins it demanded in ransom in an easily traceable address for the FBI to track down and magically confiscate (it is still unclear how the Feds got the private key to access the “hackers” digital wallet) in days if not hours – and elevated it to a level of sheer ridiculous absurdity when he told Congress that he didn’t consult the FBI before paying the ransom.

This, pardon the parlance of our times, is complete bullshit: either the CEO is lying or, worse, he is telling the truth and as some have speculated, he, the FBI and the “hackers” are all in on this so-called ransomware breach…

… a scenario which for now is yet another “conspiracy theory” and which we expect will become proven fact in the usual 6-9 months.

Yet just a few hours later, the exact same ridiculous narrative meant to achieve just one thing – tarnish the reputation of bitcoin further to the point where the US has to ban it – has struck again, and according to the WSJ last week’s big hack, that of food processing giant JBS, was also resolved when the company paid $11 million – in bitcoin of course, because in this day and age one can’t simply dump a suitcase full of cash or send a wire transfer to an incognito account – as ransom to the criminals (who will naturally soon be unveiled as Russians because of course) responsible for the cyberattack that halted the company’s operations.

Yes, if this story seems identical to that of Colonial Pipeline, up to and almost matching the demanded ransom amount, it’s because it is: so barren is the imagination of the administration’s narrative writers that they can only regurgitate the same old story over and over.

Naturally, and just like in the Colonial “hack”, the ransom payment, in bitcoin, was made to shield JBS meat plants from further disruption and to limit the potential impact on restaurants, grocery stores and farmers that rely on JBS, said Andre Nogueira, chief executive of Brazilian meat company JBS SA’s U.S. division.

“It was very painful to pay the criminals, but we did the right thing for our customers,“ Nogueira said Wednesday. It remains to be seen if the JDS CEO, like his Colonial colleague, promptly transferred the bitcoin to the FBI’s hackers’ digital wallet without advising the FBI (first for the simple reason that the FBI already knew the crypto was inbound?)

The latest “shocking” attack on JBS has been part of a wave of bizarre incursions using ransomware, in which companies are hit with demands for multimillion-dollar payments to regain control of their operating systems. Some questions that remain unanswered is how the hell do these multi-billion dollar companies not have the most basic virus/malware protection to prevent some outsider –  be it a 13 year old kid living in his mom’s basement, some Ukrainian hacker, or the FBI – from getting access to the company’s entire infrastructure and locking out the company itself.  And then, this genius mastermind(s) is so stupid, they have no idea how to cover up their traces and promptly hand over the cash to the Feds.

Even more grotesque is that, as the WSJ notes, the attacks show how hackers have shifted from targeting data-rich companies such as retailers, banks and insurers to essential-service providers such as hospitals, transport operators and food companies. Because apparently instead of spending $29.95 on an anti-virus program, these various companies used the cash to buyback stonk.

According to the WSJ, the FBI last week attributed the JBS attack to REvil, a criminal ransomware gang, which of course comes from Russia, because – again – of course. Nogueira said that JBS and outside firms are conducting forensic analyses of its information-technology systems, and that it isn’t yet clear how the attackers accessed JBS’s systems.

What is clear is that in just a few days these crack Russian cybercommandos will have a few dozen bitcoins less when the FBI which organized the entire farcical affair confiscates it all.

And speaking of farcical, it gets even worse, because unlike the Colonial “hack” where the company lost all control over its infrastructure, in the case of the JBS hack, Nogueira said that the company maintains secondary backups of all its data, which are encrypted. Here things get downright surreal: according to the official narrative, the company brought back operations at its plants using those backup systems, but “JBS’s technology experts cautioned the company that there was no guarantee that the hackers wouldn’t find another way to strike, and JBS’s consultants continued negotiating with the attackers.”

So even though the company had regained control, it decided to… pay the hackers?

“We didn’t think we could take this type of risk that something could go wrong in our recovery process,” Nogueira said of the decision to pay the attackers. “It was insurance to protect our customers.”

Ah, yes. All for the customers.

Meanwhile here comes yet another hearing led by that crusader for governmental uber-regulation of everything, Liz Warren, who will demand even more crackdown on bitcoin because – you see – none of this would have happened if bitcoin did not exist.

Though maybe this idiotic narrative, which is so transparent those who conceived it should be ashamed, is no longer working because unlike in the case of the Colonial pipeline when news of the ransomware hack spread hammered bitcoin over fears of reprisals, this time the crytpo sector has barely budged as even the weakest hands can’t believe just how stupid the official government narrative has become.

To this the only possible conclusion is that yes, they really do think you are that stupid.

end

wow!! half of the pandemic unemployment funds may have been stolen?

(Axios/zerohedge)

Half Of Pandemic Unemployment Funds May Have Been Stolen: Axios

 
THURSDAY, JUN 10, 2021 – 10:55 AM

As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country – likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios‘ Felix Salmon.

According to some estimates, unemployment fraud during the pandemic could ‘easily reach $400 billion,’ as states weren’t prepared for the unprecedented wave of unemployment claims

 

Source: Bloomberg, April 09, 2020

States knew that fraud was inevitable, but opted to rush money out to people with minimal oversight, as opposed to laboriously vetting each application.

According to Blake Hall, CEO of ID.me – a fraud prevention service, America has lost over $400 billion to fraudulent claims, with as much as 50% of all unemployment payments possibly being stolen.

Of that, up to 70% of the money stolen by impostors ultimately left the country according to Haywood Talcove, CEO of LexisNexis Risk Solutions, who ways “These groups are definitely backed by the state.”

The rest of the money was likely stolen by street gangs domestically, who have made up a greater share of the fraud in recent months.

How it works: Scammers often steal personal information and use it to impersonate claimants. Other groups trick individuals into voluntarily handing over their personal information.

  • “Mules” — low-level criminals — are given debit cards and asked to withdraw money from ATMs. That money then gets transferred abroad, often via bitcoin.

The big picture: Before the pandemic, unemployment claims were relatively rare, and generally lasted for such short amounts of time that international criminal syndicates didn’t view them as a lucrative target. -Axios

What’s more, unemployment fraud can now be obtained on the dark web on a software-as-a-service (SAAS) basis – similar to ransomware. Naturally, states without fraud-detection services in place are the top targets, however several states are beginning to employ more sophisticated measures to prevent fraud.

As Axios’ Salmon notes, however, “It’s far too late.”

end

Illegal border crossings keep climbing

(zerohedge)

Illegal Border Crossings Keep Climbing; 180,000 In May

 
THURSDAY, JUN 10, 2021 – 11:15 AM

Authored by Charlotte Cuthbertson via The Epoch Times,

Customs and Border Protection apprehended 180,034 individuals illegally entering the United States in May, the highest month in 21 years.

The agency said the majority, more than 112,000, were expelled under the Title 42 emergency health provision.

Former President Donald Trump implemented Title 42 in March 2020, which effectively closed the border to nonessential travel in attempts to mitigate the spread of COVID-19.

It allowed for Border Patrol to turn back illegal border crossers almost immediately, rather than for them to be placed in Immigration and Customs Enforcement (ICE) custody for a more protracted process through deportation proceedings under Title 8.

A group of Venezuelans wait to be picked up by Border Patrol after illegally crossing the Rio Grande from Mexico into Del Rio, Texas, on June 3, 2021. (Charlotte Cuthbertson/The Epoch Times)

The Biden administration has already exempted unaccompanied children and many family units from Title 42; whereas single adults from Spanish-speaking nations are almost all still subject to immediate expulsion, according to Troy Miller, acting commissioner for Customs and Border Protection (CBP). But Border Patrol is also encountering more illegal aliens from non-Spanish speaking nations, in particular Brazil and Haiti, which Miller suggested weren’t expelled.

The number of unaccompanied minors and individuals within family units dropped in May compared to April but still made up more than 33,000 apprehensions.

Most of these individuals are released into the interior of the United States with a Notice to Report (meaning the individual is obliged to report to a local ICE office once settled), or a Notice to Appear (a date to appear in immigration court).

The Title 42 restrictions have triggered a higher than normal recidivism rate of illegal crossings as single adults repeatedly attempt to cross and evade capture, according to CBP.

During May, 38 percent of Border Patrol apprehensions were individuals who had at least one prior encounter in the previous 12 months. The average one-year re-encounter rate during the previous five years was around 15 percent, CBP said.

In addition, Border Patrol detected, but didn’t capture, more than 51,000 illegal border crossers in May, according to statistics obtained by The Epoch Times.

The fiscal year 2021 illegal border crossing apprehension numbers are depicted by the blue line. (CBP)

The Biden administration is under pressure to end the Title 42 restrictions, and has hinted at doing so. However the head of ICE has said its removal is his biggest concern.

“Title 42 is absolutely critical,” ICE Acting Director Tae Johnson said during a congressional hearing on May 13.

“I don’t think it’s a situation where it’s going to just be lifted electively—we will be mandated, through some sort of court order, to lift it.”

Once Title 42 is revoked, the 3,500 to 3,800 single adults that Border Patrol is currently arresting on a daily basis will have to be accommodated by ICE.

At the same time, ICE has less capacity than it did during the previous border surge in 2019. ICE had around 55,000 detention beds in 2019; however the capacity was reduced to 30,000 beds in the fiscal 2021 appropriations package—enough beds for less than two weeks at the current rates of alien arrivals.

Meanwhile, Vice President Kamala Harris is currently traveling to Mexico and Guatemala on a trip that the Biden administration said was to discuss the “root causes” of the vast numbers of illegal immigrants entering the United States from that region.

“We have, and it is a legitimate correct conversation and concern, which is to address what is happening at our America’s southern border, and no question about that. We cannot have that question and have that conversation without also giving equal weight and attention to what is causing that to occur,” Harris said while in Guatemala on June 8.

Pressed on why she hasn’t yet visited the U.S. southern border, Harris said she plans to visit “at some point.”

Guatemalan President Alejandro Giammattei said in an interview with CBS on June 6 before Harris’s visit that he would like to see the United States impose stronger penalties on human smugglers.

END

 

INFLATION WATCH

“Supply Bottlenecks” As An Excuse For Inflation

 
THURSDAY, JUN 10, 2021 – 12:35 PM

Authored by Daniel Lacalle via The Mises Institute,

One of the arguments most used by central banks regarding the increase in inflation is that it is because of bottlenecks and that the recovery in demand has created tensions in the supply chain. However, the evidence shows us that most commodities have risen in tandem in an environment of a wide level of spare capacity and even overcapacity.

If we analyze the utilization ratio of industrial and manufacturing productive capacity, we see that countries such as Russia (61 percent) or India (66 percent) are at a clear level of structural overcapacity and a utilization of productive capacity that remains still several points lower than that of February 2020. In China it is 77 percent, still far from the 78 percent prepandemic level. In fact, if we analyze the main G20 countries and the largest industrial and commodity suppliers in the world, we see that none of them have levels of utilization of productive capacity higher than 85 percent. There is ample available capacity all over the world.

Inflation is not a transport chain problem either. The excess capacity in the shipping and transport sector is more than documented and in 2020 new capacity was added in both freights and air transport. Ships delivered in 2020 added 1.2 million twenty-foot equivalent units (TEUs) of capacity, with 569,000 TEUs of capacity on ultra large container vessels (ULCV), ships with capacity for more than 18,000 TEUs, according to Drewry, a shipping consulting firm. International Air Transport Association (IATA) chief economist Brian Pearce also warned that the problem of capacity was increasing in calendar year 2020.

One of the important side effects of the chain of monetary stimuli, low interest rates and fiscal stimulus programs is the increase in the number of zombie companies. The BIS (Bank for International Settlements) has shown this phenomenon in several empirical studies. Ryan Banerjee, senior economist at the BIS, identified the constant policy of lowering rates as a key factor in understanding the exponential increase in zombie companies, those that cannot cover their debt interest bills with operating profits. The constant refinancing of debt from zombie companies also leads to the perpetuation of overcapacity, because a key process for economic progress, such as creative destruction, is eliminated or limited. Low interest rates and high liquidity have perpetuated or increased global installed excess capacity in aluminum, iron ore, oil, natural gas, soybeans and many other commodities.

Why does inflation rise if overcapacity is perpetuated and there is enough transport capacity?

We have forgotten the most important factor, the monetary one, or some central banks want to make us forget it. “Inflation is always and everywhere a monetary phenomenon,” explained Milton Friedman many decades ago. More supply of money directed towards scarce assets, be it real estate or raw materials. The purchasing power of money goes down.

Why did they tell us that there was “no inflation” before covid-19 if money supply increased also massively?

The big difference between 2020 and the past years is that previously, the Federal Reserve or the ECB increased money supply at or below the levels of demand for money (measured as demand for credit and use of currency). For example, the increase in the money supply of the United States was close to 6 percent with a global demand for dollars that grew between 7 and 9 percent. In fact, the world maintains a dollar shortage of about $ 17 trillion, according to Luke Gromen of Forest for the Trees. This keeps the dollar or euro relatively stable and a perception that inflation is low. However, there were red flags before covid-19. There were protests all over the world, including Europe, against the rising cost of living. The world’s reserve currencies export inflation to other countries.

What happened in 2020?

For the first time in decades, the Federal Reserve, and the main central banks increased money supply well above demand. The response to the forced shutdown of activity with massive money printing generated an unprecedented inflationary wave. The economy did not collapse due to lack of liquidity or a credit crunch, but due to the lockdowns.

The 2020 monetary tsunami launched a global boomerang effect with three consequences: Emerging market currencies plummeted against the dollar because their central banks “copied” the US policy without the global demand that the US dollar enjoys. The second effect was a disproportionate amount of money flowing to risky assets joined by more flows to take overweight positions in scarce assets. That excess money made investors move from being underweight in commodities to overweight, generating a synchronized and abrupt rally. The third key factor is that extraordinary measures typical of a financial or demand crisis were taken to mitigate a supply shock, generating an unprecedented rise in money with no added credit demand. More money in scarce assets is not a price increase, but a decrease in the purchasing power of money.

What is the risk?

The history of money since the Roman Empire always tells us the same thing. First, money is aggressively printed with the excuse that “there is no inflation.” When inflation rises, central banks and governments tell us that it is “transitory” or due to “multicausal” effects. And when it shoots up, governments present themselves as the “solution” imposing price controls and restrictive measures on exports. It is not a theory. All of us who have lived in the seventies know it.

That is why it is dangerous to pursue conglomerate stocks as an inflationary bet … Because when price controls and government intervention increases, margins collapse.

The risk of stagflation is not small, and the so-called value stocks are not a good bet in this environment. In stagflation, commodities with tight supply dynamics, gold and silver, high margin sectors and bonds of stable currencies support a portfolio. However, most sectors underperform as we saw in the 70s, where the S&P 500 generated very weak returns, significantly below inflation.

What can be different from other episodes?

Only a drastic reaction from central banks can change it. However, the question is: Will central banks tighten policy when government deficits are soaring and even a small increase in sovereign yields can generate a debt crisis?

Will they react to what is clearly—as always—a monetary inflationary process?

END

iv) Swamp commentaries/

 

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

The FT: China’s producer prices rise at fastest pace in 13 years https://t.co/TKUIvB1oGg
Soaring commodity prices drive PPI up 9% [y/y] in May, stoking global inflation concerns

 

China Mulls Price Caps on Coal in Campaign to Tame Inflation
Producer inflation in May soared to its highest since 2008
   China… struggles to contain stubbornly high energy costs ahead of peak demand over the summer… https://finance.yahoo.com/news/china-considers-imposing-price-controls-032104874.html

ESMs vacillated between modest gains and losses during Asian and early European trading.  They commenced a rally when the US bond market opened at 8 ET.  This was partly conditioned buying for the standard pump & dump into guppies that buy stuff near the NYSE open.  Sure enough, ESMs peaked at 4235.00 just three minutes before the NYSE open.  After the opening ‘dump’, ESMs and stocks rallied back to the ESM high of 4235.00 at 9:45 ET.  Then, another dump appeared.  It ended at 10:14 ET.

Bulls were still determined to breakout stocks; so, they tried another rally.  It ended at 10:20 ET; ESMs and stocks then sank to new NYSE session lows as European traders exited.  Old World traders did not want to be long into the Thursday release of the ECB Communique and US May CPI.

ESMs and US stocks then vacillated wildly in a wide range, with a negative bias, until they tumbled during the final hour.  ESMs stocks hit their daily lows near or at the close.

The DTJA tumbled and bonds rallied on Wednesday due to the collapse of bipartisan negotiations on Biden’s Trillions.  The 10-year Treasury yield fell below 1.5% for the first time in a month and the yield on the US 30-year bond fell to its lowest level since early March.  The Street is massively short bonds. 

Huarong, Evergrande Bond Slump Tests Too-Big-to-Fail Belief – A bond selloff in two of China’s most prolific debt issuers is widening concern over contagion risks in the country’s $862 billion dollar bond market.  Bonds of China Evergrande Group, Asia’s largest seller of junk-rated dollar debt, have slumped in recent weeks amid a barrage of negative news. That’s added to the sense of unease created by China Huarong Asset Management Co., one of the biggest issuers of investment-grade securities, as the company’s failure to release financial results sparked speculation about a potential debt restructuring. Both firms have about $21 billion of dollar bonds… https://t.co/OFCN66ECvW

SEC Chairman Calls for New Restrictions on Executive Stock-Trading Plans
Speaking at The Wall Street Journal’s CFO Network event, Gary Gensler says he wants to revise the rules to reduce the risk of improper insider trading
https://www.wsj.com/articles/secs-gary-gensler-speaks-at-wsj-event-11623070099?mod=djemalertNEWS

@nytimesbusiness: The nation’s richest executives paid just a fraction of their wealth in taxes — $13.6 billion in federal income taxes during a time period when their collective net worth increased by $401 billionhttps://t.co/HAXmnyDYKO

George Soros Gave Billions to Left-Wing Causes in Years He Paid No Federal Income Tax
https://www.breitbart.com/politics/2021/06/09/george-soros-gave-billions-to-left-wing-causes-in-years-he-paid-no-federal-income-tax/

When Jeff Bezos was worth $18 billion, he reportedly claimed a $4,000 tax credit intended for families earning less than $100,000    https://www.msn.com/en-us/money/news/when-jeff-bezos-was-worth-18-billion-he-reportedly-claimed-a-4-000-tax-credit-intended-for-families-earning-less-than-100-000/ar-AAKSwqC

Decades ago, when speaking with a top aide to a Dem Senator from the Northwest, we opined that a flat tax, maybe even modestly graduated, was the fairest taxation for Americans.  The top aide responded, ‘of course it is.  But it will never happen because it would negate Congress’s biggest fund-raising asset.’

@TaviCosta: Since January 2020: GDP, in real terms, grew by $114 billion. Government debt increased 43x that amount.  https://twitter.com/TaviCosta/status/1402470060082401287
The Fed did a Reverse Repo of $502.9B yesterday – the 3rd straight record.

If You Sell a House These Days, the Buyer Might Be a Pension Fund – Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices
https://www.wsj.com/articles/if-you-sell-a-house-these-days-the-buyer-might-be-a-pension-fund-11617544801

The socialist wave that is threatening to engulf the USA can be partly blamed on crony capitalists that forgot or eschewed their responsibilities to act for the public good.  To reiterate, Joseph Schumpeter, Wall Street’s favorite economist in the Eighties due to his gospel that ‘capitalism is creative destruction’ warned that if capitalism savages the working class, socialism will replace capitalism.

PS – Charitable donations do not and will not mitigate the damage done to families and the fabric of the USA.  Albert Camus noted in his magnus opus, “The Letter”, that French elites after WWWII ‘eschewed generosity so they could practice charity’.

@IngrahamAngle: China profited immensely off the virus that started there—why should the US spend our taxpayer dollars on 500 million doses for the world?… The CCP should write the check.

 

No point vaccinating those who’ve had COVID-19: Findings of Cleveland Clinic study
https://www.news-medical.net/news/20210608/No-point-vaccinating-those-whoe28099ve-had-COVID-19-Findings-of-Cleveland-Clinic-study.aspx

GOP @RepThomasMassie: I’ve been saying this since last year. I even showed @CDCgov the vaccine trial data showed this. They privately acknowledged I was right, but then continued to lie about what the trial data showed. @SharylAttkisson covered their cover-up months ago.

Dr Nigel Kellow @NigelKellow: Almost everyone I’ve treated in ICU for COVID has had at least one risk factor, the most common potentially reversible ones being obesity and T2DM [Type 2 Diabetes] .  It’s an abject public health failure from PH Drs and government not to have used this opportunity to encourage healthier lifestyles.

When visiting my ENT for my annual ear checkup, the doctor told me that every person he knows that caught Covid-19 was a ‘mask wearer’.

Why Did a Pentagon Subagency Dedicated to Countering WMDs Give $37.5 Million to Firm with Ties to Wuhan Lab? – EcoHealth Alliance has received at least $37.5 million from a Department of Defense subagency dedicated to countering weapons of mass destruction, federal records show… EcoHealth provided taxpayer funds to the Wuhan Institute of Virology to conduct risky experiments on bat-based coronaviruses, records show… https://dailycaller.com/2021/06/07/defense-threat-reduction-agency-ecohealth-alliance/

Why does The Big Guy keep kowtowing to China?  Yep, we all know why – the “10% for The Big Guy!”

Biden revokes Trump-era bans on the Chinese-owned apps TikTok and WeChat  https://t.co/RxjyqPpHFX

“We’ve Reached Our Breaking Point” – Dozens of Baltimore Businesses Threaten Not to Pay Taxes
Because they’re “fed up and frustrated” with the outburst of violence… the chaos and lawlessness that escalated this weekend into another night of tragic, unspeakable gun violence — has been going on for far too long,” said the letter…
https://www.zerohedge.com/political/weve-reached-our-breaking-point-dozens-baltimore-businesses-threaten-not-pay-taxes

September (U) is now the front month for equity and debt futures.  The S&P 500 eMini September contract is ESU.  The US 30-year bond September contract is USU; the 10-year is TYU.

Today – If May CPI is benign, in line, or only slightly worse than the expected +0.4% m/m, there should be a relief rally that the usual suspects will exploit to attempt the long-awaited equity upside breakout.

A negative technical situation for stocks would be an upside breakout that quickly fails or reverses to the downside a few days after the breakout.  ESUs are +4.50 at 20:45 ET.

Expected economic data: May CPI 0.4% m/m and 4.7% y/y, Core CPI 0.5% and 3.5% y/y; Initial Jobless Claims 370k, Continuing Claims 3.65m; May Budget Statement -$250.0B

‘Joe, pay attention!’ Jill snaps at Biden while she’s speaking to US troops stationed in the UK at the start of their eight-day Europe trip [Yet another story the US MSM will spike!]
https://www.dailymail.co.uk/news/article-9669737/Biden-Jill-land-UK-foreign-trip.html?ito=social-twitter_dailymailUK

 

Jill Biden is playing a prominent role in The Big Guy’s first trip to Europe.  You could imagine the outrage and ridicule if Melania Trump had done the same thing!

@ABC: First lady Jill Biden addresses Air Force members stationed in U.K.: “We’re going to work on military spouse employment and entrepreneurship, make sure that you can get quality child care when you need it, and provide the education your children deserve.” https://abcn.ws/3pCoNLX

Jill Biden @FLOTUS:  United States government official – Prepping for the G7.  [Why?  See pic at link!]
https://twitter.com/FLOTUS/status/1402674407324229637

Ex-DNI outraged at Jill Biden pic @RichardGrenell: Pro tip for real journalists: ask where Joe is since FLOTUS is in his AF1 seat. Sleeping in the back bedroom? Socializing up front?

@RaheemKassam: Biden [to US troops in the UK]: “I keep forgetting I’m President.” [We know!]
https://twitter.com/RaheemKassam/status/1402715253146898434

BIDEN: “This is not a joke. You what the Joint Chiefs told us the greatest threat facing America was? Global warming.” [Xi and Putin laugh their a$$e$ off!] https://twitter.com/DailyCaller/status/1402720542818451458

GOP @RepAndyBiggsAZ: First it’s white supremacy that’s the greatest US threat, now it’s climate change.  Let’s throw in DC’s cicada infestation while we’re at it.

Antrim County [Michigan] Attorney DePerno Releases BOMBSHELL Report – Claims County Voting Machines Were Remotely Logged into – Decertifies Entire Antrim Election
https://www.thegatewaypundit.com/2021/06/antrim-county-attorney-deperno-releases-bombshell-report-claims-county-voting-machines-remotely-logged-decertifies-entire-antrim-election/

Matthew S. DePerno, Esq. @mdeperno: 1. We have been lied to. The Antrim County election management system (EMS) was REMOTELY and successfully logged into anonymously on 11/05/2020 at 5:55 PM and again on 11/17/2020 at 5:16 PM. Yes, that is correct . . . REMOTELY.  2. Those dates are significant because they correspond directly to the dates the county and SOS were trying to correct the intentional computer problems that subverted the election.  These logons appear to have escalated privileges at the time of logon…. REMOTELY. 3. But we were told there was no internet connection. In an accredited system, an anonymous user should not be authorized by the accreditation authority but would instead be required to enter a specific username and password to utilize the system. 4. We were told there was no internet connection. We were told there was no remote access. We were told this was human error. All lies. This is fraud. This decertifies the Antrim County election. SOS Benson should resign or be impeached.

Yet Another Media Tale — Trump Tear-Gassed Protesters for a Church Photo Op — Collapses
That the White House violently cleared Lafayette Park at Trump’s behest was treated as unquestioned truth by most corporate media. Today it was revealed as a falsehood.
https://greenwald.substack.com/p/yet-another-media-tale-trump-tear

NBC’s @MeetThePress: BREAKING: Interior Dept. IG report says police cleared protesters from D.C.’s Lafayette Park over fencing installation, not for Trump photo op, @KenDilanianNBC reports. “A narrative we thought we knew is not the reality.”  [Another instance of fake news, no verification]

FBI Leader Suggests That ‘People around Trump Including Congressman’ Need to Be Arrested
“Arresting low-level operatives is merely a speed bump not a road block,” @FrankFigliuzzi1says. “In order to really tackle terrorism … you’ve got to attack and dismantle the command and control element.” “That may mean people sitting in Congress right now.”  Figliuzzi, a radical far-leftist and former assistant FBI direction, is now a talk show host pushing anti-American propaganda on cable TV…
https://djhjmedia.com/kari/fbi-leader-suggests-that-people-around-trump-including-congressman-need-to-be-arrested-video/

On Supreme Court steps, Dem senator calls right-leaning justices ‘servants’ of dark money interests
Sen. Sheldon Whitehouse called out GOP-nominated justices at rally Wednesday
https://www.foxnews.com/politics/supreme-court-dem-senator-right-leaning-justices-servants-dark-money

By Pelosi, Dem, and MSM standards, Sen. Whitehouse should be impeached for inciting insurrection and violence against SCOTUS justices.

US intelligence knew MAGA fans were planning Jan 6 ‘war’ for WEEKS but did nothing to protect Capitol cops, report claims [another story the US MSM avoids!]  https://t.co/0tIiXNSv68

Senate Report: Backlash over reaction to BLM riots contributed to Jan. 6 events
Poor planning and reluctance to establish a strong police presence led to the breach of the Capitol Building, according to officials… In a 12 page report released Tuesday, senators found U.S. Capitol Police knew about possible threats of violence days before the event and failed to enact any additional security measures. The report found internal intelligence departments failed to share vital information with each other, in turn, leading to a breakdown in communication…
https://www.oann.com/senate-report-intel-agencies-fumbled-jan-6-response-due-to-breakdown-in-communication/

Media Obsessed over Rumors of Trump ‘N-word’ Tape; Largely Ignore Hunter Biden Texts https://t.co/JdCtE27N2J

No one will care about the Hunter Biden N-word scandal
He’s the President’s son, not some anonymous high-schooler — so he gets a pass!
   Now, if Hunter were someone really powerful and important, like an anonymous high-schooler dreaming of cheerleading at the University of Tennesseethen this story would be important. Then, he might get a 2,500-word essay in the New York Times about him and the psychopathic classmate who doxxed him for a two-year-old video…
https://spectatorworld.com/topic/hunter-biden-n-word-daily-mail-president/

Race obsessed Dems and MSM eagerly and avidly seek, speak, and accuse racism 24/7.  But now they are silent on Hunter Biden’s blatant racist comments.  Obviously the MSM and Dems’ incessant racism accusations are just virtue signaling and a means to inoculate themselves from charges of being racist.

@RNCResearch: CNN: White House is “perplexed” by Kamala Harris’ inability to answer simple questions. [And this is with softball questions!] https://twitter.com/RNCResearch/status/1402630771832197125

CNN: Kamala Harris is having a bad week (and it’s only Wednesday!)
“Several sources say there was a real hope inside the White House that Harris’ first trip abroad would be a success and worry that what looked like ill-prepared answers to that inevitable question would overshadow it.”…   https://www.cnn.com/2021/06/09/politics/kamala-harris-biden-border-2024/index.html

GOP @RepAndyBiggsAZ: Kamala cackles at our border crisis, hands out cookies w/ her face on it, and blatantly lies to the American public knowing the media will give her a pass.

Woman impersonates as reporter, says it was an ‘honor’ to talk to Harris, then asks question
The fake reporter told Harris it was an honor to vote for her.
    A woman who said it was an “honor” to get to ask Vice President Kamal Harris a question during a press conference in Mexico City on Tuesday was not a reporter, raising questions about how the Harris press team allow the incident to occur.  “Thank you, Madame Vice President, for me, it’s an honor because I actually got to vote for the first time as a nationalized citizen. I voted for you,” said the woman, after being handed a microphone by Harris press secretary Symone Sanders She was one of only five called on for questions… [Fake Kamala uses fake reporter created by her team or they were chumps!]
https://justthenews.com/government/white-house/white-house-looking-woman-claiming-be-reporter-harris-press-conference

Tucker Carlson slams the media for joining ‘the cult of Kamala’ and failing to ask her proper questions – Tucker Carlson claims ‘fake’ Kamala Harris ‘doesn’t understand the point’ around why she needs to visit the US-Mexico border because the media treats her like ‘a god.’…Carlson said the Biden administration had to ‘create a Soviet level cult of personality around her’ in order to turn the tide on the view of American voters who he said found her ‘repellent’ when she was running for president
    Carlson  described Harris as ‘too phony to win’ and ‘too fake for politics.‘ ‘Actual voters found her repellent. We don’t need to guess about this, we have the numbers,’ he said. ‘And the more Kamala Harris they got, the more repelled they became.’ He continued: ‘Even in the business that is famous for rewarding falseness, Kamala Harris was just too phony to winhttps://t.co/hdiKnOF897

Co-Founder of The Intercept @ggreenwald: Fascinating watching liberals attack @powellnyt’s excellent reporting on internal divisions at the ACLU by simultaneously 1) pretending they see no conflict between free speech & liberal activism & 2) insisting ACLU shouldn’t defend free speech when it undermines liberal values:  For anyone who doubts that liberal journalists are opposed to free speech whenever it conflicts with their liberal activism, look at this memo from the liberal journalists of the Intercept’s Union, published by the NYT, where they demanded free speech limits *explicitly*https://twitter.com/ggreenwald/status/1402633231724392452
     Over and over and over, the media corporations that claim to oppose “disinformation” spread it more aggressively and destructive than anyone. Anyone who still trusts them is irrational. They threw away every last standard in the name of stopping Trump…

@ggreenwald: American liberals love the CIA and FBI and there’s no way to understand that group without confronting that fact. That’s the reason their cable outlets are filled with operatives from those agencies: it’s an authoritarian political faction.

 

end
 

I WILL SEE YOU FRIDAY NIGHT

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