JUNE 11//GOLD DOWN $15.70 TO $1877.80 BUT SILVER HOLDS AS IT ROSE BY 14 CENTS TO $28.01//GOLD STANDING AT THE COMEX: 70.544 TONNES//SILVER STANDING 13.050 MILLION OZ//COVID 10 UPDATES/VACCINE UPDATES/IVERMECTIN UPDATES//CDC TO HAVE AN EMERGENCY MEETING ON DISCOVERY OF WAY ABOVE NORMAL MYOCARDITIS ON PFIZER VACCINE PATIENTS//DINESH D’SOUSA GREAT COMMENTARY ON ORIGINS OF COVID 19//IRS RELEASES CONFIDENTIAL TAXPAYER FILES TO HELP BIDEN//SWAMP STORIES FOR YOU TONIGHT///

 GOLD:$1877.80  DOWN $15.70   The quote is London spot price

Silver:$28.01  UP 14 CENTS   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1877.10 LONDON SPOT  4:30 pm

ii)SILVER:  $27.92//LONDON SPOT  4:30 pm

 

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

 

 

PLATINUM  $1150.97  down $3.92

PALLADIUM: $2781.09 up $6.34  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   42/340

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,894.200000000 USD
INTENT DATE: 06/10/2021 DELIVERY DATE: 06/14/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333
072 H GOLDMAN 62
099 H DB AG 26
118 H MACQUARIE FUT 36
323 H HSBC 16
435 H SCOTIA CAPITAL 72
523 H INTERACTIVE BRO 5
555 H BNP PARIBAS SEC 13
624 H BOFA SECURITIES 11
657 C MORGAN STANLEY 16
661 C JP MORGAN 42
709 C BARCLAYS 10
737 C ADVANTAGE 7 5
905 C ADM 26
____________________________________________________________________________________________

TOTAL: 340 340
MONTH TO DATE: 21,253

ISSUED:  0

Goldman Sachs:  stopped: 333

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 340 NOTICE(S) FOR 34,000 OZ  (1.0575 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  21253 FOR 2,125,300 OZ  (66.105 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

4 NOTICE(S) FILED TODAY FOR 20,000  OZ/

total number of notices filed so far this month 2482  :  for 12,410,000  oz

 

BITCOIN MORNING QUOTE  $37,307  UP 1018  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$37,294 UP 1031 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $15.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

 

A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 1.45 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  1044.61 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 14 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:. 

A STRONG WITHDRAWAL OF1.345 MILLION OZ FROM 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 175.70 down $2.04 OR  1.15%

XXXXXXXXXXXXX

SLV closing price NYSE 25.88 down $0.09 OR 0.33%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A HUGE SIZED 5435 CONTRACTS FROM 189,371 UP TO 194,806, AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG GAIN IN OI OCCURRED DESPITE OUR $0.01 GAIN IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE MASSIVE 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: -521 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2065,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 2065AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 2065 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 

13.050 MILLION OZ INITIAL STANDING FOR JUNE

 

THURSDAY, 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 $0.01). AND AS WELL WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH THURSDAY’S TRADING.  WE HAD A HUMONGOUS GAIN OF 7500 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 25,000 OZ QUEUE  JUMP ON DAY 11 OF THE DELIVERY CYCLE, WITH 13.050 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:

11,243 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 11,243 CONTRACTS) OR 56.215 MILLION OZ: (AVERAGE PER DAY: 1124 CONTRACTS OR 5.620 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 56.215  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:  56.215 MILLION OZ// ISSUANCE CONSIDERABLY BELOW THE MONTH OF MAY.

 

RESULT: WE HAD A HUGE INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5435, DESPITE OUR MINISCULE $0.01 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 6992 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A HUMONGOUS SIZED GAIN  OF 8021 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.01 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 25,000 OZ QUEUE JUMP  AS THE NEW TOTAL OF SILVER STANDING RISES AT 13.050 MILLION OZ. 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2065  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH HUGE SIZED INCREASE OF 5956 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.01 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.88//THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 4 NOTICES FILED TODAY FOR 20,000 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 FAIR SIZED SIZED 3547 CONTRACTS TO 496,985 ,,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: – 1798 CONTRACTS.

THE GOOD SIZED INCREASE IN COMEX OI CAME WITH OUR RISE IN PRICE OF $1.40///COMEX GOLD TRADING//THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 10,539 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 10,500 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  70.544 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $1.40 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD  A STRONG SIZED GAIN OF 10,539 OI CONTRACTS (32.78 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 6922 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 4922  ALL OTHER MONTHS ZERO//TOTAL: 6922 The NEW COMEX OI for the gold complex rests at 496,985. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,539 CONTRACTS:  3547 CONTRACTS INCREASED AT THE COMEX AND 6922 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 10,539 CONTRACTS OF 32.78 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6992) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (3547 OI): TOTAL GAIN IN THE TWO EXCHANGES:  10,539 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 10,500 OZ QUEUE JUMP//NEW COMEX TOTALS 70.544 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI GAIN AND 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING THURSDAY//$1.40!!.

 
 
 
 
 
 

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 : 30,573, CONTRACTS OR 3,057,300 oz OR 95.09 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 3057 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 95.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS 95.09/3550 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:      95.09 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 5435 CONTRACTS FROM 189,371 UP TO 194,806 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  3 1/4 YEARS AGO.  

EFP ISSUANCE 2065 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 2065: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2065 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 5435 CONTRACTS AND ADD TO THE 2065 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A GIGANTIC SIZED GAIN OF 7500 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 37.500 MILLION  OZ, OCCURRED WITH OUR TINY $0.01 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN  21.11 PTS OR 0.58%   //Hang Sang CLOSED UP 103.25 PTS OR 0.36%      /The Nikkei closed DOWN 9.83 pts or 0.03%  //Australia’s all ordinaires CLOSED UP .24%

/Chinese yuan (ONSHORE) closed UP AT 6.3915 /Oil UP TO 70,65 dollars per barrel for WTI and 72.72 for Brent. Stocks in Europe OPENED ALL RED  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3915. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3893   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER 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

OUTLINE

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 FAIR  SIZED 3547 CONTRACTS TO 496,985 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 $1.40 IN GOLD PRICING THURSDAY’S COMEX TRADING.WE ALSO HAD A STRONG EFP ISSUANCE (6992 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

 

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

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6992 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 4922 AND THEN FEB:  2,000 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6992  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED 10,539 TOTAL CONTRACTS IN THAT 6992 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED COMEX OI OF 3547 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (70.544) 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 $1.40)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 12,337 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 32.78 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (70.544 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 1798  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::12,227 CONTRACTS OR 1,222,700 OZ OR 38.37  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  496,985 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.69 MILLION OZ/32,150 OZ PER TONNE =  1545 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1545/2200 OR 70.25% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:213,230contracts// volume   / fair

CONFIRMED COMEX VOL. FOR YESTERDAY: 264,385 contracts// –fair  

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

 

JUNE 11 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
 
 
19,271.521 oz
Brinks
Manfra
 
these are real oz leaving
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz
32,118.850. OZ
999 kilobars
Brinks
 
This identical
deposit has been used by Brinks for at least 8 times these past few months…
and two days in a row
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
17,361.540
 
oz
 
540 kilobars brinks
 
 
 
 
 
 
 
No of oz served (contracts) today
340  notice(s)
 
34,000 OZ
1.0575 TONNES
No of oz to be served (notices)
1427 contracts
 142,700oz)
 
4.438 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
21,253 notices
2,125,300 OZ
66.105 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 32,118.850 o8

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:  32,118.850 oz  999 kilobars    
 
 
 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account
 
i) Into Brinks customer account:  17,361.540 oz  (540 kilobars)
 
TOTAL CUSTOMER DEPOSITS: 17,361.540   oz
 
 
 
 
 
 
We had 2 withdrawals….
i) Out of Brinks:  325.123 oz
ii) Out of Manfra: 18,946.398 oz
 
 
 
 
 
 
 
total withdrawals 19,271.521 oz
 
a net:   0.94 tonnes enters  the comex
actually nothing is coming in  except kilobars
 
 
 
 
 
 
 
 
 

We had  2  kilobar transactions (2 out of 4 transactions)

ADJUSTMENTS  1//   dealer to customer

i) Manfra : 42,614.243 oz   

 

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 1767 CONTRACTS for a LOSS of 284 contracts. We had 389 notices filed on THURSDAY, so we GAINED A STRONG 105  contracts or an additional 10,500 oz  will stand for delivery in this very active delivery month of June.  We will now have queue jumping being the norm from this day forth until the end of the month as bankers scrounge around for some comex gold to put out fires elsewhere.

.

 

 
 
 
 
JULY LOST 355 CONTRACTS TO STAND AT 2,424.
 
AUGUST GAINED 3379 CONTRACTS UP TO 400,735.

We had 340 notice(s) filed today for 34000  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 340  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 42 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 (21,253) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 1767 CONTRACTS ) minus the number of notices served upon today  340 x 100 oz per contract equals 2,268,000 OZ OR 70.544 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 (21,253) x 100 oz+ 1767)  OI for the front month minus the number of notices served upon today (340} x 100 oz} which equals 2,268,000 oz standing OR 70.544 TONNES in this  active delivery month of MAY.

We GAINED 105 contracts or an additional 10,500 oz will stand for metal over on this side of the pond.  
 
 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

447,898.216, oz NOW PLEDGED  march 5/2021/HSBC  13.93 TONNES

202,692.098 PLEDGED  MANFRA 6.30 TONNES

276,177.249, oz  JPM  8.59 TONNES

1,166,051.732 oz pledged June 12/2020 Brinks/36.26 TONNES

80,189,799, oz Pledged August 21/regular account 2.49 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,172,929.094 oz                                     67.58 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 508.23 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 70.544 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,514,243.214 oz or 575.87 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
thus:
 
registered gold that can be used to settle upon: 16,341,314.0 (508,28 tonnes) 
 
 
 
true registered gold  (total registered – pledged tonnes  16,341,314.0 (508.23 tonnes)
 
total eligible gold: 16,288,348.686 oz   (506.63 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,822,591.900 oz or 1,083.12 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  956.78 tonnes

end

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

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

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

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

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

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

 

 
 
JUNE 11/2021
 
 

 

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
629,780.97 oz
 
 
 
 
 
 
CNT
Delaware
JPM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
613,012.326
 oz
 
 
 
 
 
 
 
 
CNT
 
Delaware
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
4
 
CONTRACT(S)
20,000 OZ)
 
No of oz to be served (notices)
128 contracts
 (640,000 oz)
Total monthly oz silver served (contracts)  2482 contracts

 

12,410,000 oz)

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

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
i) Into CNT:   611,047.189 oz
ii) Into Delaware: 1970.137 oz
 
 
 
 
 
 
 

JPMorgan now has 186.9 million oz of  total silver inventory or 52.50% of all official comex silver. (186.9 million/356.063 million

total customer deposits today613,012.326   oz

we had 3 withdrawals

i ) Out of CNT;  4972.590 oz

ii) Out of Delaware: 11,987.000 oz

iii) Out of JPM : 612,851.380 oz

 

 
 
 
 
 
 
 

total withdrawals 629,780.97    oz

 
 

adjustments//0 

 

 
 
 

Total dealer(registered) silver: 109.260 million oz

total registered and eligible silver:  356.063 million oz

a net 19,000 oz leaves  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 2 CONTRACTS DOWN TO 134.2WE HAD 7 NOTICES SERVED ON THURSDAY SO WE GAINED 5 CONTRACTS OR 25,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 6304 contracts DOWN to 113,117 contracts  

AUGUST GAINED 15 CONTRACTS TO STAND AT 216

SEPTEMBER GAINED 10,459 CONTRACTS UP TO 59,313

 
No of notices filed today: 4 CONTRACTS for 20,000 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  2482 x 5,000 oz = 12,410,000 oz to which we add the difference between the open interest for the front month of JUNE (132) and the number of notices served upon today 4 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2482 (notices served so far) x 5000 oz + OI for front month of JUNE (132)  – number of notices served upon today (4) x 5000 oz of silver standing for the June contract month .equals 13,050,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 25,000 additional oz standing in June as they refused to morph into London based forwards.

 

 

TODAY’S ESTIMATED SILVER VOLUME 92,024 CONTRACTS // volume VERY  good// 

 

FOR YESTERDAY  114,188  ,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 11/2021)

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 11

/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 11/WITH GOLD DOWN $15.70 TODAY: A HUGE CHANGE

IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.45 TONNES INTO THE GLD///INVENTORY RESTS AT 1044.61 TONNES

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 11 / GLD INVENTORY 1044.61 tonnes

LAST;  1073 TRADING DAYS:   +119.64 TONNES HAVE BEEN ADDED THE GLD

LAST 973 TRADING DAYS// +  294.17. 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 11/WITH SILVER UP 14 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 1.345 FROM THE SLV//INVENTORY RESTS AT 575.883 MILLION OZ//

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 11/2021
575.883 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

 

OR

EGON VON GREYERZ//MATHEW PIEPENBURG

 

OR

END

OR LAWRIE WILLIAMS

 
 

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Global banking regulators must use the toughest capital rules for crypto currencies as many of these exchanges are being used for criminal activity.

(zerohedge)

Global banking regulator urges toughest capital rules for crypto

 

 

 Section: Daily Dispatches

 

By Philip Stafford and Owen Walker
Financial Times, London
Thursday, June 10, 2021

Global regulators are calling for cryptocurrencies to carry the toughest bank capital rules of any asset, arguing that requirements for holding bitcoin and similar tokens should be far higher than those for conventional stocks and bonds.

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 today 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.

… For the remainder of the report:

https://www.ft.com/content/3fe7be31-179a-47dd-9a61-8f4ea42b9c62

 

end

The real market for silver as explained by technical analyst James Turk

(Kingworldnews/GATA

Silver isn’t a real market but may become one soon, Turk tells KWN

 

 

 Section: Daily Dispatches

 

1p ET Thursday, June 10, 2021

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk, in comments to King World News today, notes the gap between the “artificial” prices of monetary metals on the futures exchanges and the much higher prices for real metal in hand.

The shorts, Turk says, have drawn “a line in the sand” for silver at $28 and gold at $1,900, but they know that with inflation soaring, the end game is upon them. Above those price levels, Turk says, “the curtain will finally fall.”

 

His comments are headlined “Silver Is Not a Real Market But the Curtain Is about to Fall” and is posted at King World News here:

https://kingworldnews.com/silver-is-not-a-real-market-but-the-curtain-is-about-to-fall/

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

end

Brought this to you yesterday but it is worth repeating:  Congressman Mooney presses  Janet Yellen to disclose all gold activities.  That will probably land on deaf ears, but at least it is highlighted.

(Mooney/GATA/Stefan Gleason)

Congressman presses Treasury secretary to disclose U.S. gold activities

 

 

 Section: Daily Dispatches

 

From Money Metals News Service, Eagle, Idaho
Thursday, June 10, 2021

WASHINGTON — 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.

Rep. Alex Mooney, R-West Virginia, 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 this week to Treasury Secretary Janet Yellen 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:

“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.

“1. 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 International Monetary Fund’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, World Bank, IMF, and other financial institutions, foreign or domestic.” …

… For the remainder of the report:

https://www.moneymetals.com/news/2021/06/10/congressman-presses-secretary-yellen-for-disclosure-of-us-gold-activities-002310

… To view Mooney’s letter:

https://gata.org/sites/default/files/MooneyLetterToYellen-06-09-2021.pdf

END

Other gold/silver related stories

END

CRYPTOCURRENCIES/

State Street Unveils New Crypto Business In Wake Of New Global Regulations

 
FRIDAY, JUN 11, 2021 – 10:42 AM

With several global megabanks, including Citigroup, Goldman Sachs and JPMorgan, already announcing plans to launch their own cryptocurrency-focused trading desks or investment products, on Thursday, hours after reports about the Basel Committee’s new proposal for how much capital banks must hold in reserve to offset the high risk associated with holding cryptocurrencies, CoinDesk reported that State Street has launched its own crypto division to be led by EVP Nadine Chakar.

According to CoinDesk, State Street said it’s expanding its digital platform to include crypto, central bank digital currency, blockchain and tokenization (setting it up as one more potential asset) and will upgrade its existing GlobalLink platform into a multi-asset digital trading system. Chakar will report to Lou Maiuri, the bank’s chief operating officer, State Street said in a press release Thursday.

Back in April, CoinDesk reported that the Boston-based bank (which is one of the biggest bank’s in the world thanks to its asset management arm and ETF businesses) was working on a new trading platform for crypto, spending billions of dollars licensing technology via a partnership between the bank’s Currenex trading technology provider and London-based Pure Digital, which develops infrastructure for foreign-exchange trading platforms.

“Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs,” State Street CEO Ron O’Hanley said in a statement included with the press release.

But before it even started with the platform, State Street was appointed as the fund administrator and transfer agent of the VanEck Bitcoin Trust, an exchange-traded fund whose launch is still pending on an SEC stamp of approval. Apparently, that’s how State Street, which has its own custody business focusing on more traditional assets, first got a taste of the crypto business. Now it looks like State Street is playing “catch-up” in the crypto custody market. “When BNY Mellon entered the crypto custody space, that pretty much forced State Street to get involved,” the source said. In February, BNY Mellon announced it is starting a digital custody unit later this year.

An with the new Basel rules looking like a slam dunk for crypto, could the long-awaited ‘institutional adoption’ flood finally be picking up speed?

-END-

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

i) Chinese yuan vs USA dollar/CLOSED UP at 6.3915 /

//OFFSHORE YUAN:  6.3893   /shanghai bourse CLOSED DOWN  21.11 PTS OR 0.58% 

HANG SANG CLOSED UP 103,25 PTS OR 0.36%  

2. Nikkei closed DOWN 9.83 PTS OR 0.03%

3. Europe stocks  ALL GREEN

 

USA dollar index  UP UP 90.29/Euro FALLS TO 1.2136

3b Japan 10 year bond yield: FALLS TO. +.030/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.53/ 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:: 70.65 and Brent: 72.72

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.273%/Italian 10 Yr bond yield DOWN to 0.76% /SPAIN 10 YR BOND YIELDDOWNP TO 0.36%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.74

3k Gold at $1888.50 silver at: 28.04   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 8/100 in roubles/dollar) 71.72

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 109.53 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 .8968 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0885 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 0.273%

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 1.443% early this morning. Thirty year rate at 2.1360%

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

6.  TURKISH LIRA:  DOWN  TO 8.39.. DEADLY

Futures Extend Record Highs As Inflation Fears Fade

 
FRIDAY, JUN 11, 2021 – 08:09 AM

S&P futures – which overnight rolled from the ESM (June) to the ESU (Sept) contract – extended gains on Friday further into record territory as inflation fears receded into the background calming concerns over a possible long-term spike in rising prices, with investors now turning focus to next week’s Federal Reserve meeting for more cues on monetary policy. Treasuries were steady, trading at 1.44% – just above the lowest level since March – amid growing (if wrong, according to BofA and DB) confidence inflation will prove transitory, leaving scope for continued central-bank support. S&P 500 E-minis were up 7.25 points, or 0.17 at 06:36 a.m. ET. Dow E-minis were up 77 points, or 0.22%, while Nasdaq 100 E-minis were up 30.25 points, or 0.22%.

After seeing fresh all-time highs on Thursday, US equity futures have largely been traversing sideways, in wake of Thursday’s dovish ECB confab, and surging US inflation, which has not given too much concern to equity or bond investors ahead of next week’s FOMC, since the Fed is likely to look through what it sees as ‘transitory’ price pressures; some analysts disagree, arguing that there is building evidence of more sticky prices, but whether or not this inflation proves to be transitory will only really be resolved in Q3/Q4, so for now, markets are taking the Fed at its word. BofA reported that US equities have seen the first weekly outflows since March, with more outflows out of growth styles than value styles; by sector, inflows were seen in financials, materials, real estate, energy and health care, while outflows were seen in utilities, communications, consumer sectors, and tech.

“It takes a brave investor to fight the Fed but it is becoming increasingly difficult to hold firm as inflation reaches 5% year-on-year,” Lewis Grant, senior global equities manager at Federated Hermes, wrote in a note. A “combination of attractive valuation and price momentum is likely to lead quantitative investors and systematic strategies to increase their allocation” to cheaper parts of the market, he said.

For those who slept for the past 24 hours, on Thursday, the S&P 500 surged to a record high as investors scaled back expectations for early policy tightening by the Fed, with May’s consumer price data suggesting that a recent spike in inflation was likely to be transitory. The faster-than-expected 5% CPI surge for May was largely driven by categories associated with economic reopenings – such as cars, commodities and airfares – bolstering the view price pressures may ease later in the year. With the Federal Reserve setting a high bar for reconsidering its dovish stance, the data ended up stoking risk appetite across global markets, especially since recent data has also indicated weakness in the labor market, and the Fed is widely expected to maintain accommodative policy through Jackson Hole.

The MSCI All Country World Index was poised for a fourth weekly advance, and the S&P 500 and Nasdaq were set for mild weekly gains, as a lack of major catalysts and a summer lull in trading saw them move in a tight range.  But weakness in industrial stocks saw the Dow Jones set for a weekly loss, amid doubts over whether President Joe Biden’s $2.3 trillion infrastructure spending plan would come to pass. At the same time, sto(n)ks favored by small-time investors were set to close higher for the week, even as a rally appeared to be running out of steam on Thursday. Most of the so-called “meme” stocks rose in premarket trade. Here are some of the biggest U.S. movers today:

  • AMC Entertainment (AMC) gains 3.3% in premarket trading, rebounding from two days of declines, after S&P Global Ratings raised its credit rating on the company, a favorite of traders on Reddit message boards.
  • AI software company Amesite (AMST) rises 89% with over 3 million in shares changing hands in premarket trading.
  • CureVac (CVAC) shares fall 8.4% after a report Germany will drop the company’s Covid-19 shot from its current vaccination campaign.
  • GameStop (GME) gains 6% after posting its biggest decline since March on Thursday. Other meme stocks like Workhorse (WKHS) rises 4.9% and BlackBerry (BB) climbs 2.2%.
  • Precigen (PGEN) jumps 53% in premarket trading after the company announced Thursday that its phase 1b/2a study of AG019 ActoBiotics, a novel therapy designed to address the underlying cause of type 1 diabetes, met primary endpoint.
  • Vertex (VRTX) drops 11% after halting a closely watched effort to develop a therapy for a rare genetic disorder that affects the lungs and liver.
  • Yucaipa Acquisition Corp. (YAC) climbs 3.2% in premarket trading after announcing it will combine with German online retailer Signa Sports United.

European stocks were poised fo a fourth week of gains, pushing deeper into record territory, with the Stoxx 600 up 0.6%, led by the Stoxx Europe 600 Basic Resources Index (SXPP) which rose as much as 1.4%, climbing for a second day, as base metals gain across the board. Diversified miners rose: Rio Tinto +1%, BHP +1.2%, Glencore +2%, Anglo American +1.3% (those four stocks account for about 64% of the SXPP). Morgan Stanley analysts said European miners are set to generate FCF of ~$28b in 1H21, equivalent to 14% yield, the highest in over 10 years; “With balance sheets largely de- levered and little apparent appetite for M&A or major growth, capital returns to shareholders could exceed consensus expectations by 38%,” say analysts including Alain Gabriel. Here are some of the biggest European movers today:

  • Grifols shares climb as much as 16%, the most since May 2006, after U.S. competitor Vertex halted a closely watched effort to develop a therapy for liver disease.
  • Orphazyme shares surge in Copenhagen trading, gaining as much as 76%, following a Thursday rally in its ADR, as an experimental drug that it’s helping develop moved potentially closer to hitting the market.
  • K+S shares gain as much as 8% after Stifel upgraded the stock to buy from hold and increased earnings estimates on the back of higher potash price assumptions.
  • Scor shares climb as much as 6.9% after reaching an agreement on a legal dispute with Covea that Deutsche Bank says is a “very big positive.”
  • Sanne shares rise as much as 12% after the asset administration company confirmed a fifth bid from private equity firm Cinven.
  • Frontier Developments shares fall as much as 9.5% following a trading update and the delay of a game. Shore Capital downgrades stock to hold from buy.

Earlier in the session, Asian equities rose, tracking gains in U.S. peers overnight as investors saw key inflation data as leaving scope for ongoing central-bank support. Technology stocks contributed most to gains in the MSCI Asia Pacific Index, with Meituan and TSMC the biggest boosts among individual stocks. Financials dipped after the U.S. benchmark Treasury yield declined overnight to the lowest since March.

“Investors risk complacency in ignoring the highest core CPI inflation since April 1992 and another slide in continuing claims signaling another lower unemployment rate ahead,” Philip Wee, a macro strategist at DBS Group Holdings in Singapore, wrote in a report. “With the FOMC meeting around the corner on 16 June, the risk of profit-taking ahead of the weekend cannot be dismissed.” Vietnam and South Korea led gains among key regional equity gauges. Stocks declined in China after the government asserted sweeping powers to seize assets and block business transactions as part of an effort to hit back against sanctions by the U.S. and its allies.

In rates, Treasuries were marginally cheaper across the curve after a calm Asia session, during which Thursday’s bull-flattening was broadly maintained. Treasury 10-year yields around 1.445%, cheaper by ~1bp vs Thursday’s close; session low 1.427% is richest since March 3; 10-year yields headed for their biggest weekly decline in a year amid signs traders are further unwinding short positions in U.S. government debt despite a jump in consumer prices. Bunds outperformed by 3bp, gilts by 6bp in 10-year sector, narrowing gaps with Treasuries that opened Thursday after the European close.

Friday’s focal points include inflation expectations from University of Michigan consumer sentiment survey, while next week brings FOMC rate decision and 20-year bond reopening.

The key action in rates this week was shorts running for cover, closing positions, and helping to support the rally. The question investors are now asking is whether we are in a new range for yields, given that 10yr yields are now over 30bps narrower vs peaks seen in Q1. Technicians are certainly talking up this thesis; SocGen’s techs, for instance, note that the 10yr yields breaking through May’s lows suggests the persistence of downward momentum, which could bring 1.41%, 1.35%, 1.32% into focus (action to be capped by 1.55% and 1.63%). Elsewhere, BofA’s weekly flow data reports that IG bond funds have now seen inflows in the past 13 weeks, and this week we saw the largest outflow of HY bond funds in three weeks. Additionally, government bonds have this week seen the largest inflows in three weeks, though TIPS funds continue to see inflows, as they have for much of the last six-months.

In FX, the Bloomberg Dollar Spot Index was little changed and Group- of-10 currencies extended a period of trading in tight ranges. The euro was steady and European bond yields fell, tracking a decline in Treasury yields Thursday. The pound inched lower against the dollar even as data confirmed economic growth accelerated in April, as concerns rose over a delay to the U.K.’s planned reopening on June 21. Aussie dollar carried a slight bid and rose to its highest in almost two weeks; Australian 10-year sovereign bonds rose for a fifth straight day to see yields post their biggest weekly drop since March 2020.

Elsewhere, crude oil consolidated above $70 a barrel amid an improving demand outlook. Bitcoin extended its rebound to a third day, trading around $37,000.

Looking at the day ahead now, and one of the main highlights today through the weekend will be the G7 summit that commences today. Otherwise, data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, while from Europe there’s the UK’s GDP reading for April. Finally, central bank speakers include BoE Governor Bailey and Deputy Governors Ramsden and Cunliffe.

Market Snapshot

  • S&P 500 futures little changed at 4,240.50
  • STOXX Europe 600 up 0.34% to 456.11
  • MXAP up 0.2% to 210.04
  • MXAPJ up 0.3% to 705.54
  • Nikkei little changed at 28,948.73
  • Topix down 0.1% to 1,954.02
  • Hang Seng Index up 0.4% to 28,842.13
  • Shanghai Composite down 0.6% to 3,589.75
  • Sensex up 0.4% to 52,516.39
  • Australia S&P/ASX 200 up 0.1% to 7,312.33
  • Kospi up 0.8% to 3,249.32
  • Brent Futures up 0.19% to $72.66/bbl
  • Gold spot down 0.21% to $1,894.61
  • U.S. Dollar Index little changed at 90.14
  • German 10Y yield fell 2.6 bps to -0.282%
  • Euro little changed at $1.2164

Top Overnight Stories from Bloomberg

  • The ECB needs to keep monetary policy accommodative with the aim of maintaining favorable financing conditions for all economic agents, Bank of France Governor Francois Villeroy de Galhau said on Radio Classique
  • Germany’s economy is poised for a strong upswing in the second half of this year, with activity likely to reach pre-crisis levels as soon as this summer, the Bundesbank said. It sees Europe’s largest economy expanding 3.7% this year and 5.2% in 2022
  • By signaling that there would be no let-up in the ECB’s pandemic debt-buying program on Thursday, ECB President Christine Lagarde helped put aside fears that the central bank is preparing to withdraw unprecedented monetary support — at least until September.
  • Russia is on course Friday for its second big interest-rate increase in a row after inflation accelerated at the fastest pace in more than four years
  • The head of Poland’s central bank is set to snuff out any final doubts about his pledge to maintain record-low interest rates in the face of soaring inflation when he faces questions from reporters on Friday

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded mixed as the region only partially benefitted from the momentum in the US where the Nasdaq outperformed, and the S&P 500 posted fresh record highs after a dovish ECB more than offset the hot US CPI print to pressure yields, which was conducive for risk appetite. ASX 200 (+0.1%) just about kept afloat with outperformance in gold miners and tech counterbalanced by losses in the largest-weighted financials sector and with a non-committal tone heading into the extended weekend. Nikkei 225 (U/C) mirrored the tentative mood in the domestic currency despite reports Japan is considering lifting the COVID emergency for Tokyo on June 20th and with Toshiba shares pressured on allegations the Co. and government officials had previously conspired to lean on foreign investors to back company management in a key vote, while the KOSPI (+0.8%) was underpinned following the early trade figures which showed Exports rising 40.9% Y/Y during the first ten days of June. Hang Seng (+0.4%) and Shanghai Comp. (-0.6%) were varied with participants tentative before the long weekend due to the Dragon Boat Festival across Greater China on Monday, and after China passed the legislation to counter foreign sanctions. IPO newsflow was also in the spotlight after China’s largest ride-hailing company Didi filed for a US listing which is expected to be the world’s largest IPO in 2021. However, this failed to significantly boost key stakeholders SoftBank (21.5% stake) and Tencent (6.8% stake). Finally, 10yr JGBs extended above the 152.00 level as the global bond bid persisted in the aftermath of the dovish ECB and with yields stateside remaining pressured in which both the US 10yr and 20yr yields declined to three-month lows in which the former briefly dipped beneath 1.4350.

Top Asian News

  • Ride-Hailing Firm Didi Reveals $1.6 Billion Loss Before IPO
  • Evergrande Tycoon Loses $20 Billion as Investors Revolt
  • BlackRock Receives Nod to Start China Mutual Fund Business
  • Hong Kong Bourse Is Recruiting a Dozen New Risk Managers

European cash kicked off the day in the same directionless manner throughout the week but have since adopted a very mild upside bias (Euro Stoxx 50 +0.3%), despite a lack of fresh macro news flow. US equity futures meanwhile remain closer to the flat mark. Back to Europe, the UK’s FTSE 100 (+0.6%) outperforms as its heavyweight mining sector underpins the index amid tailwinds from the rebound in base metal prices. As such the Basic Resources sector resides as the clear outperformer (Glencore +2.7%, Fresnillo +2.5%, Antofagasta +2.1%, BHP+1.8%), whilst the banking sector bears the brunt of the collapse in yields. Overall, European sectors are mostly firmer but it’s difficult to discern a particular theme/bias. In terms of individual movers, Deutsche Bank (-3.7%) sits at the foot of the Stoxx 600, pressured by the yield environment coupled with source reports suggested the ECB has asked the bank several times in recent months to name a successor to chairman Achleitner as the end of his term nears.

Top European News

  • Selfridges Said to Be on Sale for $5.7 Billion After Approach
  • Signa Sports to Go Public in Deal With Ron Burkle‘s SPAC
  • South Africa Sells State Airline to Private-Equity Venture (1)
  • Cinven’s Fifth Bid for Sanne Prompts Board to Start Discussions

In FX, it remains to be seen whether the Dollar can weather any further downside pressure as the global bond revival rages on and the index hovers precariously around the 90.000 handle having failed to glean any real impetus or even traction from the latest US inflation data that surpassed consensus by some distance. Moreover, the Buck got little in the way of support from a back-up in yields following a subdued end to this week’s Treasury refunding, and still looks technically weak in DXY terms between 90.170-89.951 vs Wednesday’s 89.833 w-t-d low and the brief post-CPI spike high at 90.321. Ahead, prelim Michigan sentiment does not offer much hope for a meaningful Greenback recovery, but pre-weekend short covering and position paring may provide a lifeline.

  • AUD/NZD – The Aussie and Kiwi continue to extract most from their US counterpart’s predicament, with the former establishing a firmer base above 0.7750 and latter retesting resistance above 0.7200. However, Aud/Usd may yet be hampered by decent option expiry interest straddling the half round number (1.2 bn from 0.7755 to 0.7740) as volumes thin before Monday’s market holiday to mark the Queen’s birthday.
  • EUR – 1.2200 is still proving to be elusive for the Euro relative to the Dollar, irrespective of reports from sources about 3 GC members wanting to reduce the pace of PEPP buying and divergence on the amount of asset purchases required over the Summer period when turnover is seasonally lower. Perhaps Eur/Usd bulls are taking heed of ECB President Lagarde’s latest statement about monitoring currency developments and/or the proximity of hefty option expiries is prohibiting buyers (2.5 bn rolls off between 1.2190-1.2200). On the flip-side, expiry interest from 1.2155 down to 1.2150 (2.3 bn) should underpin the headline pair and for good measure there is more at the round number below (also 2.3 bn).
  • CAD/GBP/CHF/JPY – No independent direction from BoC’s Lane for the Loonie, so sticking close to 1.2100 against the backdrop of choppy waters in crude and eyeing option expiries stretching from the 1.2080 trough to 1.2085 (1.2 bn) then 1.2090 (1.65 bn) up to 1.2150 (1.3 bn). Meanwhile, the Pound largely shrugged aside UK data and is tracking the Buck and Euro within a 1.4185-52 band and around the 0.8600 axis respectively, and the Franc continues to pivot 0.8950 pre-SNB. Similar constraints for the Yen that is tethered either side of 109.50 and conscious of expiry interest nearby, given downside protection at 109.75-80 (1.2 bn) and the 110.00 strike (1.7 bn) vs a barrier encircling 109.00 (2.3 bn from 109.10 to 108.90).

In commodities, WTI and Brent front-month futures have been uneventful thus far just under the USD 70.50/bbl (69.68-70.52 range) and around USD 72.50.bbl (71.88-72.78 range). The complex was unfazed by the release of the IEA MOMR which – in a slightly unorthodox fashion – noted that demand is set to surpass pre-COVID levels by the end-2022 (as opposed to the typical upgrade/downgrade headlines). The agency also called on OPEC+ to “open the taps” to keep world oil markets adequately supplied, and that production hikes at the current pace set are to be nowhere near the levels needed to prevent further stock draws. Nonetheless, the demand trajectory is still dictated by COVID developments – with reports also noting that the UK could delay its full reopening plans by a month. That being said, the summer period is expected to see demand buoyed by the US driving season, whilst an EU official also notes that EU countries have cleared a plan to ease travel restrictions over the summer. Elsewhere, Iranian nuclear deal talks are poised to resume on June 12th for what would be the sixth round of negotiations. US sources, after the last round wrapped up, poured some cold water over the optimism expressed by the Iranian President. Note – the oil market was briefly in disarray on Thursday as reports that the US lifted sanctions on Iranian oil officials stoked expectations for a return to the nuclear deal and of Iranian oil supply, however, a US official clarified that the Treasury action was routine and had nothing to do with Iran’s nuclear deal talks. Spot gold and silver diverge with the former now trundling lower after failing to meaningfully breach and hold above USD 1,900/oz, whilst the latter gleans support from the lower yields and extends gains above USD 28/oz. Over to base metals, LME copper reclaimed a USD 10,000/t handle as sentiment for the red metals seems more constructive post-US CPI, with some potential tailwinds from the rise in iron ore overnight – with Dalian futures bolstered by signs of strong demand and as Chinese port inventory hit a four-month low last week, according to traders.

US Event Calendar

  • 10am: June U. of Mich. Sentiment, est. 84.3, prior 82.9;
  • Current Conditions, est. 91.2, prior 89.4
  • Expectations, est. 78.7, prior 78.8
  • 10am: June U. of Mich. 1 Yr Inflation, est. 4.7%, prior 4.6%; 5-10 Yr Inflation, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

There is one piece of inflation that is undoubtedly not transitory and that’s age. Tomorrow I get to within a birdie of a half century. Predictably I’m celebrating by playing in a golf tournament. This time last year around my birthday I started doing weights to improve my club head speed in golf and to try to offset old age. I’m happy to report that 52 weeks of 3-4 times a week and I’ve increased it by around 5mph on my driver and have confused my wife as to why I’ve suddenly got obsessed with having muscles and who I’m trying to impress. A mid-life crisis unfolding in front of you all.

Moving to markets and if this was match play then the inflationists have hit the ball down every fairway, have watched the ball soar onto the green but have then two putted every hole and walked off a bit disappointed. Meanwhile the non-inflationists have hit it in the rough off the tee, chipped out, managed to scrape the ball on to the edge of the green and then repeatedly holed long putts to halve the hole – all with big smiles.

In fact after yesterday’s big CPI beat the very fact that Treasuries rallied very strongly again indicated that something is going on behind the scenes in terms of positioning or with regards to excess liquidity.

However let this statement sink in. In a US economy still suffering from the impact of a global pandemic and still not close to being normalised, the average basket of goods and services in May for the whole economy were +5% above where they were a year before. That’s a stunning sentence in isolation but the market reaction was “meh! Is that all you’ve got”.

In terms of the details, the headline CPI measure increased by +0.6% in May on a monthly basis (vs. +0.5% expected), meaning that the last two months in April and May have been the two strongest months for inflation over the last decade. In turn, that sent the year-on-year number up to +5.0% (vs. +4.7% expected), which marks the fastest pace of price rises we’ve seen since August 2008 and at levels only exceeded for 2 months since the end of 1982. One of the biggest drivers were higher prices for used cars and trucks, which were up +7.3% in May and accounted for around a third of the overall increase, and followed a +10.0% increase in April. Meanwhile the core CPI measure that excludes food and energy rose to +3.8% on a year-on-year basis (vs. +3.5% expected), but the record there was even bigger as you have to go all the way back to June 1992 (29 years ago when I’d just spent my last day at school!) to find the last time that core inflation was that strong. In terms of core, the most we undershot due to the pandemic was around 0.8%. We’ve already overshot the other way by 1.8%. So in terms of make up inflation due to the pandemic the Fed have already achieved this. Next stop is today’s University of Michigan Consumer Confidence release with the all important inflation expectations readings. The 5-10 year one hit 3% last month – the highest since 2013 with 1 year expectations at 4.6% – the highest since April 2011.

Given we think inflation expectations are key to Treasury yields going forward this will be interesting to watch. In terms of the CPI impact on them yesterday, they moved higher immediately after the release, climbing around +4bps to an intraday high of 1.533%, but then swiftly pared back that increase to close -5.9bps lower on the day, at 1.432% – a 10bps intra-day rally. This was the lowest closing level since March 2 and down -30.9bps from late-March’s closing level. To be fair, inflation breakevens were up +3.2bps on the day, but they were more than offset by a -9.0bps decline in real yields, which was the largest one day drop in real yields since late February. But that still marked a big contrast to last month, when real yields rose +4.9bps on the day of the release as investors moved to anticipate a faster withdrawal of monetary stimulus from the Fed.

Speaking of the Fed, their meeting next week will now be the next big focal point for markets, and since the FOMC are currently in a blackout period, we’ll have to wait until that decision on Wednesday before we get their latest thinking. Their last meeting in April actually took place before the two CPI releases we’ve just had, where Fed Chair Powell acknowledged that although “we are likely to see some upward pressure on prices”, in turn they were “likely to be temporary as they are associated with the reopening process.” Let’s see what the line is on Wednesday, but it’ll be fascinating to see the latest forecasts and dot plots, and whether the FOMC’s median dot is still of the view held in March that rates will still be on hold at the end of 2023. The market doesn’t seem at all concerned about the Fed at the moment.

With Fed concerns remaining subdued, US equities rose to fresh all-time highs yesterday, with the S&P 500 (+0.47%) closing at a new record for the first time since May 7. High-growth and defensive industries continued to lead equities higher as yields compressed. Biotech (+2.24%) led the index higher once again, with software (+1.24%) and health care equipment (+1.10%) amongst the best performing industries, whereas cyclicals such as banks (-1.66%), materials (-0.56%) and transportation (-0.43%) all fell back. Banks were the biggest underperformer, pulled down by a flattening yield curve. Small-cap stocks also struggled, with the Russell 2000 down -0.68%, and in Europe the STOXX 600 closed marginally higher with a +0.03% gain. The same sector rotation of health care (+0.98%) and technology (+0.83%) over cyclicals was present in Europe as well, however European banks (+0.33%) remained on the winning side of the ledger but closed before the full treasury rally.

Overnight in Asia markets are trading mixed with the Nikkei (+0.03%) flat while the Hang Seng (+0.39%) and the Kospi (+0.69%) are up. The Shanghai Comp (-0.25%) is down. Meanwhile, futures on the S&P 500 are up +0.05% while those on the Stoxx 50 are up +0.20%.

Back to yesterday, and the other main highlight aside from the CPI release in the US was the latest ECB meeting, where the Governing Council left interest rates unchanged as expected, and said that they would continue to conduct their purchases under the PEPP over the coming quarter “at a significantly higher pace than during the first months of the year”. The move to maintain the pace of purchases came in spite of upgrades to their economic forecasts, with growth this year now expected to come in at +4.6% (vs. +4.0% in March), and 2022 growth at +4.7% (vs. +4.1% in March). They also upgraded their inflation profile over the next couple of years, now seeing HICP at +1.9% in 2021 and 1.5% in 2022 (vs. +1.5% for 2021 and +1.2% for 2022 before). See our economists’ review here.

The market reaction to the ECB was totally overshadowed by the CPI with sovereign bonds more following Treasuries by selling off immediately post the numbers but rallying strongly thereafter. By the close of trade, 10yr yields had moved lower on most of the continent, with those on 10yr bunds (-1.2bps), OATs (-0.7bps) and BTPs (-3.4bps) all falling back.

Elsewhere, there were fresh moves higher for commodities yesterday, which have been one of the forces putting upward pressure on inflation recently. Both Brent Crude (+0.42%) and WTI (+0.47%) oil prices hit a 2-year high of $70.52/bbl and $70.29/bbl respectively, while gold prices reversed their earlier losses following the CPI release to close up +0.53%. Other commodities ended the day higher as well, including corn (+1.19%), wheat (+0.22%), and iron (+3.14%).

Here in the UK, we had a second day in a row where cases were above the 7,000 mark, as we await an announcement on Monday as to what will happen to restrictions in England. It came as the Health Secretary said that the delta variant first discovered in India now accounted to 91% of new cases. Japan’s government is considering lifting the state of emergency in most areas of the country, including Tokyo and Osaka, on June 20 as originally planned. Though some strict measures may remain in place ahead of this Summer’s Olympic games. On the other hand, Chile announced a full lockdown of its capital, Santiago, as the Health ministry announced that there were only 30 ICU beds in the entire city (c.8mn residents) yesterday. Separately on the vaccines, Moderna filed for an Emergency Use Authorization from the US FDA for its vaccine in the 12-17 year old group. If approved, it would join the Pfizer vaccine in having been approved for the over-12s.

Looking at yesterday’s other data, the weekly initial jobless claims from the US for the week through June 5 fell to a post-pandemic low of 376k (vs. 370k expected), marking their 6th consecutive weekly decline. Continuing claims for the week through May 29 were similarly at a post-pandemic low of 3.499m (vs. 3.665m expected). Meanwhile in Europe, French industrial production unexpectedly fell -0.1% in April (vs. +0.6% expected), though Italy’s industrial production for the same month saw much stronger-than-expected growth of +1.8% (vs. +0.3% expected).

To the day ahead now, and one of the main highlights today through the weekend will be the G7 summit that commences today. Otherwise, data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, while from Europe there’s the UK’s GDP reading for April. Finally, central bank speakers include BoE Governor Bailey and Deputy Governors Ramsden and Cunliffe.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN  21.11 PTS OR 0.58%   //Hang Sang CLOSED UP 103.25 PTS OR 0.36%      /The Nikkei closed DOWN 9.83 pts or 0.03%  //Australia’s all ordinaires CLOSED UP .24%

/Chinese yuan (ONSHORE) closed UP AT 6.3915 /Oil UP TO 70,65 dollars per barrel for WTI and 72.72 for Brent. Stocks in Europe OPENED ALL RED  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.3915. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3893   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

 

END

3 C CHINA

 
 
 
CHINA
 
 

CHINA CORONAVIRUS UPDATE/MONGOLIA

 

end

TAIWAN/USA UPDATE/TAIPEI

end

4/EUROPEAN AFFAIRS

 
 

UK/CHINA

Brilliant!! the UK, which is the USA’s closest ally is selling the corrupt Communist regime of China billions in military related equipment.

(Mark Curtis/ConsortiumNews)

This Close US Ally Is Selling China Billions In Military-Related Equipment

 
THURSDAY, JUN 10, 2021 – 11:10 PM

Authored by Mark Curtis via Consortium News,

The UK government has authorized the sale of £2.6-billion worth of military and civilian equipment with potential military use to China in the past three years, government figures show. Last year saw a tripling in exports to China of “dual use” items defined as “civilian goods with a military purpose.”” Some £1.6-billion worth were authorized in 2020, compared to £526-million in 2019.

The increase coincided with the beginning of the coronavirus pandemic in early 2020. The exports have been approved while China is identified by the British government as “an increasing risk to U.K. interests” and “the biggest state-based threat to the U.K.’s economic security.”

PM Boris Johnson attending Sun Military Awards in Central London, Feb. 6, 2020, via Flickr

Most British exports were for “dual use” equipment but £53-million worth classified purely as “military” went to China over the three years 2018-20, including components for combat aircraft and military support aircraft. Other items licensed for use by China included military communications equipment and technology for air defense systems. 

The U.K. has banned the sale of “lethal” military equipment to China since the Tiananmen Square massacre of 1989. However, the British exports are likely to benefit China’s air force, which British ministers claim is a growing military threat. Defence Minister Jeremy Quin said in March that “the likes of Russia and China have studied our strengths in the air and begun developing the capabilities to not only counter but surpass us.”

Britain is also aiding China’s naval capacity. Ministers approved two export licences in 2019 for components for combat naval vessels that were identified as being for “end use by the [military] Navy.”  The previous year, approvals were given to sell components for combat naval vessels and for military radars where China’s navy was also stated to be the end user. Other British exports likely to benefit the Chinese navy have included technology for combat naval vessels and for “military patrol/assault craft.” 

General Nick Carter, the head of the U.K. armed forces, now laments that Beijing commands “the largest maritime surface and sub-surface battle force in the world.” The UK military identifies China as posing a particular challenge in the South China Sea, where Beijing is building bases on disputed atolls in the Spratly and Paracel Islands, which are also claimed by other states in the region. In March, Foreign Secretary Dominic Raab said China was a “threat” in the contested sea. 

UK support for the Chinese navy has come not only in the form of military exports. Declassified previously revealed that in 2015, the Royal Navy gave training to a Chinese maritime agency that was closely involved with occupying the disputed islands in the South China Sea. 

However, that support to Beijing took place when cooperation between the countries was increasing. At the time, the UK’s then chancellor, George Osborne, spoke of “a golden decade for both of our countries” and of making Britain “China’s best partner in the West.”

Six years on, the UK has radically altered its stance towards Beijing as British military planners seek to play a greater military role in Asia. The Royal Navy’s new aircraft carrier is due to test China by sailing through the South China Sea later this year.

‘Information Security Equipment’

In addition to supporting the navy and air force, hundreds of licences have been approved by UK ministers for the sale of “information security equipment” and “imaging cameras” to China. 

It is not clear if such exports could aid the Chinese state’s domestic surveillance capabilities since the items are not specified in government documents. The UK’s partial arms embargo on China forbids the export of equipment “which might be used for internal repression”.

The exports also raise concerns about China’s policy towards Tibet. Beijing considers Tibet to be an “autonomous region” of the country but many Tibetans have demanded an independent state since China invaded the territory in 1950.

 

December 2013: then UK Prime Minister David Cameron speaking at the Shanghai trade exhibition, via Flickr

Sam Walton, the chief executive of the Free Tibet campaign, said: “The Chinese government will use this military equipment to continue its repression in Tibet, to steal Tibetan homes and erase Tibetan culture. Selling such equipment is not how to stand up for human rights.”

He added: “We have seen fine words from this government condemning the repression in Tibet, the Uyghur genocide and the destruction on democracy in Hong Kong. But their actions once again show their words to be worthless. Britain cannot condemn China’s jackboot whilst heeling that same boot.”

The UK government’s new military strategy says that China is “a systemic competitor” and that “the significant impact of China’s military modernization and growing international assertiveness within the Indo-Pacific region and beyond will pose an increasing risk to UK interests”.

“The fact that China is an authoritarian state, with different values to ours, presents challenges for the UK and our allies,” it adds.

Mark Curtis is an author and editor of Declassified UK, an investigative journalism organization that covers Britain’s foreign, military and intelligence policies. He tweets at @markcurtis30. Follow Declassified on twitter at @declassifiedUK.

EU/

UK/CORONAVIRUS UPDATE/LOCKDOWNS TO CONTINUE

This is not good:  UK extends lockdown as the Delta variant exploded in numbers

(zerohedge).

UK To Extend Lockdown One Month As Indian Variant Spooks Officials Into Vaccine Scramble

 
FRIDAY, JUN 11, 2021 – 03:03 PM

UK Prime Minister Boris Johnson is set to delay the country’s “freedom day” from lockdowns by just under one month – from June 21 to July 19 – after the ‘Delta variant’ COVID-19 strain from India exploded 240% in one week, as was first reported by The Sun, and later confirmed by the Financial Times via comments by England’s Chief Medical Officer, Chris Whitley, who requested the delay.

Under plans drawn up to be announced on Monday, a two-week review will be included meaning Covid restrictions could be dropped on July 5 if hospitalisations stay down.

But multiple sources told the Sun the chances of lifting restrictions as planned on June 21 were close to zero – in a massive blow to Wembley hosting of the Euros.

Group games will have a 25 per cent stadium cap – 22,500 fans – with that hopefully rising to around 45,000 for the Semis and the July 11 Final.

 

Via The Sun

Freedom loving Brits are livid at the prospect…

Downing Street was reportedly spooked after cases of the Indian variant began to spike last week – as Public Health England says infections have risen from 12,431 last week to 42,323 – a jump of 240%. The new variant is 2/3 more likely to spread via close contacts, as cases have more than tripled in the last 11 days. Doubling rates for the Delta variant were as high as 4.5 days in some parts of England, with 96% of new cases attributed to the new strain.

According to the Financial Times“Whitty told the prime minister a four-week delay was vital to avoid a situation in which restrictions are lifted prematurely, only to have to be restored later,” news that comes as the UK records its highest weekly rate of COVID-19 cases since early March, with 45,895 new infections reported in the past week.

That said, according to Downing street, “no decisions have been taken” regarding lifting restrictions on June 21, and Johnson may relax guidance on the size of weddings even if he maintains other restrictions into July.

Vaccine push

“It is now critical we double jab everyone as quickly as possible,” said one UK official, per the Times, while one Cabinet Office insider said “A delay [to lifting the final restrictions] is the only sensible course of action. It’s our working assumption. The latest modelling is dire and it would be suicide to go ahead with a full easing.”

And as The Sun notes:

Just six per cent of all Delta variant infections were in people who had both jabs.

More than half of the 42 deaths due to the mutation were in unvaccinated Brits.

Dr Jenny Harries, Chief Executive of the UK Health Security Agency, said: “With numbers of Delta variant cases on the rise across the country, vaccination is our best defence.

If you are eligible, we urge you to come forward and be vaccinated.

Remember that two doses provide significantly more protection than a single dose.”

According to the report, the delay will be used to determine if the vaccine rollout coincides with a reduction – or at least no surge – in hospitalizations, as millions of people receive both jabs.

Of course, this will make lockdown proponents giddy as school girls.

26

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
 

end

Iran/USA/Nuclear deal

The Iran Nuclear Deal Won’t Happen Any Time Soon

 
FRIDAY, JUN 11, 2021 – 05:00 AM

Authored by Cyril Widdershoven via OilPrice.com,

Global oil markets have been on edge recently due to the continuing JCPOA discussions and the possibility of the U.S. rejoining the deal. While there have been no real breakthroughs in the discussions so far, the possibility of Iranian oil exports coming back online is adding downward pressure to oil prices. Despite this added pressure, international oil benchmark Brent is still firmly above $70, and oil price optimism is only increasing. This optimism is due to the growing global demand for oil and petroleum products and is also driven by warnings from U.S. diplomats that Iranian sanctions are far from over. U.S. Secretary of State Antony Blinken stated to the press that “even in the event of a return to compliance with the JCPOA, hundreds of sanctions will remain in place, including sanctions imposed by the Trump Administration”.

This blunt but clear approach has given analysts confidence that additional Iranian oil volumes will not be entering the market any time soon. When it does enter the market, Iranian oil is almost certainly going to be priced at normal levels as Tehran will need the revenues to fund its failing economy and support IRGC linked projects and proxies. Blinken also stated yesterday to a Senate Foreign Relations Committee that Iran is rapidly developing its nuclear program. To block this, according to the Biden Administration, the U.S. needs to return to the 2015 JCPOA deal. In the view of the Democrats, the Trump sanctions and leaving of the JCPOA have been partly responsible for the current Iranian program.

Republicans, however, are still supporting a hardline approach to Iran, an approach that even some Democrats support. Democrat Senator Bob Menendez, the committee’s chairman, has been a leading opponent of the original JCPOA crafted under Democratic President Barack Obama. Republicans and several Democrats want the new JCPOA discussion to include Iran’s continued pursuit of ballistic missiles and support of proxies.

Before Blinken’s statement about sanctions staying in place, analysts had already suggested that a flood of Iranian oil was unlikely as production levels were constrained, outlets unavailable, and customers uncertain. Also, even if sanctions were lifted, Iran would potentially be part of the OPEC+ export agreement. If that were the case, it would stop a serious oil glut scenario from happening. Saudi Arabia, Abu Dhabi, and Russia would not be interested in destabilizing the oil market by allowing Iran to flood the market.

Washington has reiterated that Iran needs to let the UN atomic agency IAEA continue its monitoring activities, as stated in the agreement valid until June 24, before new talks can begin. Iran’s position on that front was weakened by the recent IAEA report which accused Iran of obstruction and not conforming to the agreement. As long as Iran is not keeping to its promises, the entire JCPOA agreement is at risk. A breakthrough this week as talks resume in Vienna is very unlikely.

Officials of the National Iranian Oil Co claimed that Tehran could restore its crude oil production within a month of sanctions being lifted. Farokh Alikhani, NIOC’s Production Deputy, stated that Iran plans to start with an increase to 3.3 million bpd in one month, followed later on by an increase to 4 million bpd. He believes that the 4 million bpd target could be reached within 3 months of sanctions being lifted. These unrealistic claims will continue to be released by Iranian officials but should not be taken seriously by analysts.

Markets and participants in the JCPOA discussions should acknowledge that there is no room for maneuver right now as long as the Iranian elections are still undecided. On June 18, Iran will officially elect a new president, although the outcome of those elections is a bit of a foregone conclusion. Most diplomats seem unwilling to state that the likely election victory of hardliner Raisi, backed by Ayatollah Khamenei and considered to be a possible successor of the religious leader in the future, will put a potential deal at risk. Raisi could even use a breakthrough in the JCPOA talks to step up his radical and hardline politics.

Dealing with a radical new Iranian regime is a near certainty that no one in Washington, Berlin, London, or Moscow wants to admit to. Raisi backers have made it clear that Iran will not be bound to any further expansion of the JCPOA. The real message is that Tehran just wants to use a possible JCPOA breakthrough as a political advantage. Removal of sanctions will bring in cash, to be used not to expand Iran’s economy but to solidify the Khamenei-Raisi hardliners. Regional analysts are worried that a Biden move to join the agreement would act as a clear sign to Iran that it can proceed with all its current activities. 

The geopolitical threat that the new Iranian regime poses also appears to be being overlooked by analysts. At present, Iranian naval vessels are steaming up to or are already in the Atlantic Ocean, heading to Venezuela for a possible showdown with the U.S. There are already signs that Iran will be transferring fast attack boats to the Venezuelan Navy. Intelligence sources report that a pair of Iranian Navy ships, including a frigate, has rounded the Cape of Good Hope and is believed to be making a high-seas voyage to Venezuela. The flotilla includes the Makran, an oil tanker that was converted into a floating forward staging base. Satellite pictures show that fast attack crafts are stored on the Makran. A potential military confrontation in the Caribbean is the last thing Washington is looking for right now – but it is a threat that can’t be ignored. 

END

 

 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//GERMANY

This is extremely important:  A German panel recommends that children with pre existing conditions are not to get Pfizer’s COVID 19 vaccine.  This is just a start as no children at all under all circumstances should be given any vaccine

(Ozimek/EpochTimes)

This is huge!!  The CDC is to hold an emergency meeting after hundreds of people are suffering heart inflammation following mRNA based Pfizer and Modern Covid 19 vaccines.

(ZEROHEDGE)//two commentaries

CALGARY HIT WITH DELTA STRAIN

 
 
This is so funny and sad – even doctors still have not made the connection that it is the vaccine that is making people sick. 

 

As people need to get top-ups every 6 months they will get sicker and sicker.

Meanwhile nobody on Ivermectin is getting sick. Literally zero.

http://globalnews.ca/news/7940281/foothills-covid-19-delta-cases-fully-vaccinated/

 
 
 
 
END
The big lie laid out beautifully by Dinesh D’Souza: the orchestrated hoax as to the origins of the COVID 19 and perpetuated by the corrupt media
(Dinesh D’Souza)
 

D’Souza: An Orchestrated Hoax

 
THURSDAY, JUN 10, 2021 – 11:50 PM

Authored by Dinesh D’Souza, op-ed via The Epoch Times,

It can now be said publicly: The massive public campaign to convince and even compel the world to accept the idea that SARS-CoV2, the virus that causes COVID-19, arose naturally from a meat market in Wuhan was a hoax.

The gory details are contained in a bombshell investigative report in the magazine Vanity Fair. This alone is surprising. Vanity Fair is a culture and trends magazine, not noted for this type of serious inquiry. Yet Katherine Eban’s in-depth article is thoroughly researched, with multiple named sources, and written in the style of a detective story.

The first question to ask is: How did we get a scientific and media consensus that SARS-CoV2 originally came from the Wuhan meat market?  The answer is a group letter signed by leading virologists that appeared in the reputable science publication The Lancet. This article dismissed theories that suggested SARS-CoV2 might have come from the Wuhan lab as “conspiracy theories” that had were flatly rejected by the scientific community.

Apparently convinced they had to “listen to the science,” the Lancet statement convinced media around the world to revile public figures, especially politicians such as Sen. Tom Cotton (R-Ark.), for even asking for an investigation into where COVID-19 came from. Cotton was almost universally dubbed a kook for even raising the possibility of “debunked” and “discredited” theories.

Digital media promptly imposed its strict regime of restriction, banning, shadowbanning, and deplatforming of users who were deemed to share such “misinformation.”

Acting on the recommendation of its so-called fact checkers, Facebook took down millions, perhaps tens of millions, of posts supposedly conveying the false notion that SARS-CoV2 might have leaked out from a lab.

But what Vanity Fair exposes is the behind-the-scenes mechanism for how that Lancet statement was produced.

According to the article, it was organized by a zoologist named Peter Daszak, himself involved in U.S. government-funded research aimed at the making of deadly viruses in labs. Daszak has worked in close collaboration with Ralph Baric of the University of North Carolina. Daszak’s group, EcoHealth Alliance, has worked directly with China’s Wuhan laboratories to research coronaviruses, and potentially make them more contagious and more lethal.

Peter Daszak, a member of the World Health Organization team investigating the origins of COVID-19, speaks to media upon arriving at the Wuhan Institute of Virology in Wuhan in China’s central Hubei province on Feb. 3, 2021. (Hector Retamal/AFP via Getty Images)

The ostensible purpose of such “gain-of-function” research is to study viruses, to understand them better, and to develop better cures for pandemics that might arise naturally. But of course, such research is very dangerous, because viruses could through accident or negligence be released and cause the very pandemics they are designed to prevent. Alternatively, such research can be exploited for military purposes, because lethal viruses also make for a powerful weapon of biological warfare.

When Daszak learned that a virus was causing global havoc, he moved quickly to line up a group of virologists to declare, without any persuasive evidence whatever, that COVID-19 had a natural origin.

It might seem puzzling why prominent scientists would agree to sign a letter taking a position on something for which there is no valid scientific evidence.

Why would they do this?

The one-word answer is: money.

Figures like Daszak and institutions like EcoHealth Alliance thatreceive large amounts of government moneytypically package those funds into sub-grants that are dispersed among researchers and research institutions around the country. Consequently, there’s a large group of virologists who are, in a sense, in Daszak’s back pocket. They have a financial vested interest in doing what he wants, and moreover, they, like Daszak, have a stake in camouflaging the possibility that their type of work caused a global pandemic with millions of deaths and untold ruin in its wake.

Not only did Daszak organize the Lancet statement, but he did so, according to Vanity Fair, “with the intention of concealing his role and creating the impression of scientific immunity.” In an email addressed to Baric, Daszak said, “No need for you to sign the ‘Statement’ Ralph.”

Daszak explained that neither he nor Baric should sign the declaration “so it has some distance from us and therefore doesn’t work in a counterproductive way.”

Daszak added,

“We’ll then put it out in a way that doesn’t link it back to our collaboration so we maximize an independent voice.”

Baric agreed, responding,

“Otherwise it looks self-serving and we lose impact.”

In the end, Baric didn’t sign. Daszak did. And at least six of the others who signed the statement either worked at, or had received funding from, EcoHealth Alliance, according to Vanity Fair.

What we have here is a group of scientists actively involved in cooking up potentially deadly viruses, and possibly involved in a dangerous collaboration with the Wuhan lab that may have helped cause the death of millions, working in concert to create a false public impression of scientific consensus, when they knew perfectly well that there was no such consensus.

Not only did the media and digital media run with it, but, in addition, the Biden administration used the pretext of scientific consensus—the bogus consensus the Lancet helped create—to shut down an ongoing State Department investigation, begun late in the Trump era and spearheaded by Mike Pompeo, into the true origins of COVID-19.

This shutdown was actively promoted by U.S. government agencies and bureaucrats who had no intention of revealing their  own role in sponsoring and subsidizing highly dangerous “gain-of-function” research.

The consequences of the COVID-19 deception, jointly promoted by scientists, journalists, digital moguls, and bureaucrats in the U.S. government, all eager to hide their possible role in a 21st century pandemic, are far-reaching. The big lie that COVID-19 arose naturally from a meat-market has stymied a true inquiry into what happened. Now we might never know. Not knowing means that preventing a future epidemic becomes that much more difficult.

END

No kidding! Stanford Professor Jay Bhattacharya states that historians will look back on the lockdowns as the “most catastrophic event of all Human History”

My contention: what is behind this sinister plot?

(Watson SummitNews)

Professor: Historians Will Look Back On Lockdowns As “Most Catastrophic Event Of All Human History”

 
FRIDAY, JUN 11, 2021 – 03:30 AM

Authored by Steve Watson via Summit News,

Stanford University professor of medicine Jay Bhattacharya says that in years to come lockdowns will be looked back upon as the most catastrophically harmful policy in “all of history”.

Speaking on The London Telegraph podcast ‘Planet Normal’, Bhattacharya noted that government scientific advisors “remain attached” to the policy of lockdown in spite of the total “failure of this strategy”.

“I do think that future historians will look back on this and say this was the single biggest public health mistake, possibly of all history, in terms of the scope of the harm that it’s caused,” said Bhattacharya.

The epidemiologist added “Every single poor person on the face of the earth has faced some harm, sometimes catastrophic harm, from this lockdown policy.”

“Almost from the very beginning, lockdown was going to have enormous collateral consequences, things that are sometimes hard to see but are nevertheless real,” Bhattacharya added.

He further noted that serious mental and physical illnesses have been basically ignored and “we closed our eyes to them because we were so scared about the virus and so enamoured with this idea that the lockdown could stop the virus.”

The professor previously told Newsweek that COVID-19 lockdowns are “the single worst public health mistake in the last 100 years,” adding that “We will be counting the catastrophic health and psychological harms, imposed on nearly every poor person on the face of the earth, for a generation.”

Bhattacharya is one of the co-authors of the Great Barrington Declaration, which has received thousands of signatures from medical and public health scientists.

The declaration states that “lockdown policies are producing devastating effects on short and long-term public health,” citing “worsening cardiovascular disease outcomes, fewer cancer screenings and deteriorating mental health – leading to greater excess mortality in years to come.”

Bhattacharya’s latest comments come as the government is warning that 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.

The effects of lockdown have been devastating, with leading cancer charities in the UK warning that there is a crisis underway with huge numbers of people not receiving referrals or treatment because they’ve been told to stay at home and not to burden the National Health Service.

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

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

The findings add to the mountains of research that already exists suggesting that the ‘cure is worse than the problem’ as regards the COVID pandemic.

As we previously reported, Academics from Duke, Harvard, and Johns Hopkins have concluded that there could be around a million excess deaths over the next two decades as a result of lockdowns.

In October, the World Health Organization’s Regional Director for Europe Hans Kluge said governments should stop enforcing lockdowns, unless as a “last resort,” because the impact on other areas of health and mental well-being is more damaging.

Kluge’s warning matched that of the WHO’s special envoy on COVID-19, Dr David Nabarro, who told the Spectator in an interview that world leaders should stop imposing lockdowns as a reflex reaction because they are making “poor people an awful lot poorer.”

The warnings resonate with numerous other experts who have desperately tried to warn governments that lockdowns will end up killing more people than the virus itself, but have been largely ignored.

Germany’s Minister of Economic Cooperation and Development, Gerd Muller, recently warned that COVID-19 lockdowns will result in “one of the biggest” hunger and poverty crises in history.

“We expect an additional 400,000 deaths from malaria and HIV this year on the African continent alone,” Muller said, adding that “half a million more will die from tuberculosis.”

Muller’s comments arrived months after a leaked study from inside the German Ministry of the Interior revealed that the impact of the country’s lockdown could end up killing more people than the coronavirus due to victims of other serious illnesses not receiving treatment.

Another study found that lockdowns will conservatively “destroy at least seven times more years of human life” than they save.

Professor Richard Sullivan also warned that there will be more excess cancer deaths in the UK than total coronavirus deaths due to people’s access to screenings and treatment being restricted as a result of the lockdown.

His comments were echoed by Peter Nilsson, a Swedish professor of internal medicine and epidemiology at Lund University, who said, “It’s so important to understand that the deaths of COVID-19 will be far less than the deaths caused by societal lockdown when the economy is ruined.”

According to Professor Karol Sikora, an NHS consultant oncologist, there could be 50,000 excess deaths from cancer as a result of routine screenings being suspended during the lockdown in the UK.

A Guardian analysis has found that there have been thousands of excess deaths of people at home in the UK due to the lockdown.

Woolhouse said the lockdown was a “panic measure” and a “monumental mistake on a global scale,” adding “I believe the harm lockdown is doing to our education, health care access, and broader aspects of our economy and society will turn out to be at least as great as the harm done by COVID-19.”

As we further previously highlighted, a data analyst consortium in South Africa found that the economic consequences of the country’s lockdown will lead to 29 times more people dying than the coronavirus itself.

Experts have also warned that there will be 1.4 million deaths globally from untreated TB infections due to the lockdown.

In addition, a study published in The Lancet that notes “physical distancing, school closures, trade restrictions, and country lockdowns” are worsening global child malnutrition.

Thousands of doctors and scientists are also on record as opposing lockdown measures, warning that they will cause more death than the coronavirus itself.

END

Another 60MM J&J Doses Produced At Troubled Baltimore Plant Are Tainted, FDA Says

 
FRIDAY, JUN 11, 2021 – 02:00 PM

Readers may remember earlier this year when an accident at the Emergent Biosolutions lab in Baltimore led to millions of J&J and AstraZeneca doses being ruined (after workers cross-contaminated them with ingredients from AstraZeneca jabs being produced in the same factory).

Since the incident, the FDA has been reviewing safety and production procedures at the facility. But despite the US government handing over control to J&J, attempts to re-start production have been in limbo, and according to the NYT, another 60MM doses produced at the facility didn’t meet the agency’s safety standards.

In a statement, the F.D.A. said that before making its decision, it “conducted a thorough review of facility records and the results of quality testing performed by the manufacturer.” It also considered the ongoing public health emergency. The agency said it was continuing to “work through issues” at the Baltimore plant with Johnson & Johnson and Emergent.

Dr. Peter Marks, the F.D.A.’s top vaccine regulator, said in the statement that the agency has been conducting an extensive review of batches of vaccine produced at the plant “while Emergent BioSolutions prepares to resume manufacturing operations with corrective actions to ensure compliance with the F.D.A.’s current good manufacturing practice requirements.”

Representatives from Johnson & Johnson and Emergent declined to comment on the agency’s decision.

Fortunately for President Biden, the US already has enough Pfizer and Moderna doses to satisfy domestic demand. But the latest production hiccup will make it more difficult for the US to export doses to countries around the world in desperate need of them.

Of the ruined doses, 10MM will be sold in the US, and abroad with a special warning label that regulators can use for drugs that are in short supply. The warning will read that “regulators cannot guarantee that Emergent BioSolutions, the company that operates the plant, followed good manufacturing practices.”

The F.D.A.’s action is disappointing news for Emergent and Johnson & Johnson, which hired the firm as a subcontractor. Inspectors are still reviewing the plant and are not expected to decide whether the company can reopen it until later this month, according to people familiar with the situation. Regulators are also continuing to cast doubt on whether the company, which has been paid hundreds of millions of dollars by the federal government to manufacture coronavirus vaccines, adhered to manufacturing standards.

The agency’s plan to allow 10 million doses to be used in the United States or abroad with a warning is somewhat unusual for a product under emergency authorization, experts said. Regulators have the discretion to take that action if the drugs are badly needed and in short supply, they said.

In a statement, the FDA said that before making its decision, it “conducted a thorough review of facility records and the results of quality testing performed by the manufacturer.” It also considered the ongoing public health emergency. The agency said it was continuing to “work through issues” at the Baltimore plant with Johnson & Johnson and Emergent.

But the real issue here is that after months of scrutiny and interrupted production, the Emergent factory, a key piece of America’s vaccine infrastructure, still isn’t producing anywhere near full capacity.

The FDA hasn’t decided yet whether the factory should be placed back under Emergent’s control. So far, doses produced at the factory have played little to no role in the US vaccination program.  Most of the J&J doses administered in the US so far were manufactured at the company’s plant in the Netherlands. For weeks now, the FDA has been trying to figure out what to do about at least 170MM doses of the vaccine that were left in limbo after the discovery of the production mishap mentioned above.

While the loss of 60MM J&J doses that could have been sold or donated is certainly “a blow” to the Biden Administration’s vaccine policy, the White House announced earlier this week that the US had agreed to purchase 500MM more doses from Pfizer and Moderna at cost provided the vaccines are donated to other countries with greater need.

END

GLOBAL INFLATION WATCH

Warning:  food prices are escalating across the globe

(zerohedge)

FAO Warns Soaring Food Import Costs Could Induce “Potential Crisis” In Emerging Markets 

 
FRIDAY, JUN 11, 2021 – 02:45 AM

Food prices are absolutely outrageous now, but they appear only to be moving higher as the year progresses. According to a new Food and Agriculture Organization of the United Nations (FAO) report, global food import costs are estimated to jump in 2021 to a record due to increasing commodity and shipping costs. 

FAO’s “Food Outlook” report, published Thursday, estimates the global food import bill, including shipping-related costs this year, will be around $1.72 trillion, a 12% rise from its previous high of $1.53 trillion in 2020. 

For readers who are not familiar with the Food Outlook report, it’s a bi-annual report that offers a detailed assessment of market supply and demand trends for cereals, vegetable oils, sugar, meat, dairy, and fish. It also dives into the futures markets and logical costs of transporting food. 

Last week, the FAO released its monthly food price index, hitting a 10-year high in May, reflecting sharp gains for cereals, vegetable oils, and sugar.

“The FAO said a separate index of food import values, including freight costs that have also soared, reached a record in March this year, surpassing levels seen during previous food price spikes in 2006-2008 and 2010-2012,” Reuters said. 

China’s imports of agricultural demand have surged since the virus pandemic as Beijing’s attempts to rebuild its pig industry decimated from disease a few years back. 

FAO concludes: “Rising food imports as a share of all imports can be an early warning indicator for potential crises in some areas.” 

Back in December, SocGen’s market skeptic Albert Edwards shared his thoughts about why he started to panic about soaring food prices. And since that was before food prices began to rocket amid broken supply chains, trillions in fiscal stimulus, and exploding commodity costs, we can only imagine the situation is much worse today for emerging market economies. 

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

FAO’s Food Outlook report is more evidence that Fed officials’ “transitory” narrative is just malarkey. 

 

Michael Every… 

“As I Was Going To St Ives”… Why Today’s G7 Meeting Is Important

 
FRIDAY, JUN 11, 2021 – 09:43 AM

By Michael Every of Rabobank

As I was going to St Ives…

“As I was going to St. Ives, I met a man with (G)7 wives; Each wife had (G)7 sacks; Each sack had (G)7 cats; Each cat had (G)7 kits; Kits, cats, sacks, and wives, How many were there going to St. Ives?”

This old English riddle is appropriate today given G7 leaders’ (and wives, sacks, cats, and kits) are all in St Ives, Cornwall – and traffic is murder as a result. Don’t even think about trying to get a cream tea there.

The multiplicative element of the riddle also seems appropriate given inflation keeps running hot – and the market keeps saying not. Yesterday’s US CPI report surprised to the upside, with headline inflation up 0.6% m/m and 5.0% y/y, while even core CPI was up 0.7% m/m and 3.8% y/y. “Sic transit(ory) in incremento pretiorum mundi,” said the US Treasury market, with 10-year yields spiking 5bp to 1.53% – and then collapsing back to 1.43% again regardless. The riddle contained in *that* is perhaps answered by short-covering, and the market seeing this surge as still a re-opening related supply shock (used car prices, etc., etc.) with no wage response looming, and so it will end up as destructive of demand in the end. Moreover, the surge in US demand we are clearly seeing, until current stimulus runs out in a few months, and the ever-present monthly Fed QE largesse, is seeing exporters to the US make serious hay, and their FX reserve levels surge in tandem. Those dollars have to go somewhere other than meme-stonks and rude cryptos: welcome to the Treasury market!

That said, there might be more stimulus ahead than thought. Swing senator Manchin, and nine others, have proposed a new compromise infrastructure fiscal package of $1.0 trillion over 5 years, with no tax hikes. It’s not the $4 trillion first floated over 10 years, but it’s hardly chopped liver at $200bn a year with no off-setting tax hikes – that is around 1% of US GDP alone. Might this move the Treasury needle, or will it be soothed at the climb-down and presumption that even if this happens, none of it will be Made in America, as promised?

Meanwhile, back to the G7 and entourage. This is an important meeting: there is the 15% tax deal, and opt-outs; a global vaccine plan; the background chill over Northern Ireland and chilled meats; and some commentators see this as US President Biden’s last chance to get Canada and the EU to agree to side with him in what he calls ‘a struggle between democracies and autocracies’, which has the smell of Potsdam and Yalta to it. So, weighty matters.

Then again, this G7 are no FDR, Churchill, and Stalin. We have Biden, with his Cold War vision; Suga of Japan, ramping up defence spending “dramatically” with a more muscular foreign policy; Moon of South Korea, traditionally more cautious, but edging closer to the US in some key areas; Morrison of Australia, giving Cold War/Churchillian speeches; and Modi of India, via Zoom, clearly leaning US, but obviously focused on Covid-19. But it also means renowned geostrategist Trudeau of Canada; “Sausage wars” Johnson of the UK; just-slapped-in-the-face Macron of France, where a recent poll shows more than half of voters think their political system is “broken”; Draghi of Italy, seen by markets as his country’s last hope, so with his hands already full; and Merkel of obstinately non-geopolitical Germany, today celebrating a test-run of gas through the Nord Stream 2 gas pipeline, and continuing to back doing as much business as possible with China. As such, we should temper expectations: not so much Potsdam and storms in a tea pot?

Yet the suggestion is that if the EU cannot muster enthusiasm to back the US and ‘democracies vs. autocracies’ now, they never will; and while US-EU relations will not then fall to the floor, as under the Trump administration, there will also be a low effective ceiling going forwards – which will matter hugely on many fronts over time. There are many ways to define this Atlantic drift, but perhaps the simplest way is that the US thinks ‘freedom isn’t free’, while the EU clings to the view that freedom is both free and free-trade. Notably, however, the EU has joined the US in calling on China to allow “complete access” for an independent investigation into the origins of Covid-19, which backs it on one particular –and contentious– front. So we shall have to watch the G7 for further developments.

Meanwhile, if anyone is thinking that curtains are coming down from only one side of a potential East-West divide, China yesterday passed a new law to push back against foreign sanctions. Legal countermeasures now available to it include “refusal to issue visas, denial of entry, deportation… and sealing, seizing, and freezing property of individuals or businesses that adhere to foreign sanctions against Chinese businesses or officials.” In short, a Western bank or firm must comply with US sanctions or lose access to the US market – but now that bank or firm operating in China, and/or its employees, can be legally punished for doing so. This can even apply to family members, and legal experts say perhaps also to think-tanks or journalists, or those on social media, who directly or indirectly advocate for sanctions.

We may not see the trigger pulled on that law immediately, but it shows just how much potential decoupling is being stored up ahead. And such decoupling is both very inflationary in some places, who will see supply shift back to them before they are ready, and very deflationary in others, who will see excess supply and no demand. The markets and central banks don’t want to see this geopolitical truth any more than they do the risk that inflation might be anything less than “transitory”.

Which brings me back to the opening riddle.

How many people were coming from St Ives? It looks like it takes math to work out: and do you include all the wives, and animals, and the man? However, the most common answer is: one – only the narrator was GOING to St Ives, and the others were coming FROM it. Sometimes the simplest answer is right there in front of our faces – but we like to try and hide it with math, cod-philosophy, and “because markets”.

Happy Friday!

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 FRIDAY  morning 7:30 AM….

Euro/USA 1.2136 DOWN .0036 /EUROPE BOURSES /ALL green

USA/ YEN 109.53 UP 0.129 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4157  DOWN   0.0013  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2107  UP .0011

 

Early THIS FRIDAY morning in Europe, the Euro DOWN BY 36 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2136 Last night Shanghai COMPOSITE CLOSED DOWN 21.11 PTS OR 0.58% 

//Hang Sang CLOSED UP 103,25 PTS OR 0.36%

 

/AUSTRALIA CLOSED UP 0.24% // EUROPEAN BOURSES OPENED ALL RED

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED   

 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 103,25 PTS OR 0.36%

/SHANGHAI CLOSED DOWN 21.11 PTS OR 0.58% 

Australia BOURSE CLOSED UP 0.24%

Nikkei (Japan) CLOSED DOWN 9.83 PTS OR 0.03%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1888.75

silver:$28.01-

Early FRIDAY morning USA 10 year bond yr: 1.443% !!! UP 0 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.1360 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.29  UP 22 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.36% DOWN 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.031%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.37%//  DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.75 DOWN 5   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 38 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.27% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.02% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  FRIDAY

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

Euro/USA 1.2099  DOWN     .0073 or 73 basis points

USA/Japan: 109.74  DOWN .344 OR YEN UP 35  basis points/

Great Britain/USA 1.4113 DOWN .0057 POUND DOWN 57  BASIS POINTS)

Canadian dollar DOWN  67 basis points to 1.2163

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.3987

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.3990

TURKISH LIRA:  8.43  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.031%

Your closing 10 yr US bond yield UP 3 IN basis points from THURSDAY at 1.467 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.153 UP 2 in basis points on the day

Your closing USA dollar index, 90.55  UP 48  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 45.88 PTS OR 0.65% 

 

German Dax :  CLOSED UP 122.05 PTS OR 0.78% 

 

Paris CAC CLOSED UP 54.17  PTS OR 0.83% 

 

Spain IBEX CLOSED UP 71.20  PTS OR  0.78%

Italian MIB: CLOSED UP 79.23 PTS OR 0.31% 

 

WTI Oil price; 70.76 12:00  PM  EST

Brent Oil: 72.83 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    72.17  THE CROSS  HIGHER BY 0.03 RUBLES/DOLLAR (RUBLE LOWER BY 3 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.27 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 : 70.79//

BRENT :  72.58

USA 10 YR BOND YIELD: … 1.454..UP 1 basis points…

USA 30 YR BOND YIELD: 2.141 UP 1 basis points..

EURO/USA 1.2109 DOWN 64   BASIS POINTS)

USA/JAPANESE YEN:109.65 UP 257 (YEN DOWN 26 BASIS POINTS/..

USA DOLLAR INDEX: 90.52  UP 44  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4118 DOWN 53  POINTS

the Turkish lira close: 8.38

the Russian rouble 72.16   DOWN 0.36 Roubles against the uSA dollar. (DO3N 56 BASIS POINTS)

Canadian dollar:  1.2164  DOWN 68 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.27%

The Dow closed UP  13.36 POINTS OR 0.04%

NASDAQ closed UP 37.95 POINTS OR 0.27%


VOLATILITY INDEX:  15.65 CLOSED DOWN  0.45

LIBOR 3 MONTH DURATION: 0.119%//libor dropping like a stone

USA trading day in Graph Form

 

a)Market trading/THIS MORNING/USA/

 
end

Morning trading

 
ii) Market data

‘Hope’ Sparks Bounce In UMich Sentiment, Fears Of Soaring Prices At 47 Year Highs

 
FRIDAY, JUN 11, 2021 – 10:09 AM

Following May’s disappointing drop in sentiment, analysts were confident that UMich Sentiment is set to rebound in today’s preliminary June data and it did, handily beating expectations (86.4 vs 84.4 exp vs 82.9 prior). The jump was driven by a big jump in ‘hope’ (from 78.8 to 83.8) while current conditions rose less than expected…

Source: Bloomberg

Democrats’ confidence rebounded in these early June data, but Republicans’ hope fell further…

Source: Bloomberg

Perhaps the most watched aspect of the survey is inflation expectations, which notably moderated

Source: Bloomberg

Which quite frankly makes absolutely no sense given that spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974

These unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982.

Finally, we come back to the record spread between homebuilder confidence and homebuyer confidence as The Fed’s interventions have priced more and more and more Americans out of the ‘Dream’ they were promised…

Source: Bloomberg

as Blackrock et al. buy up everything in sight.

iii) Important USA Economic Stories

We have been covering this story for several years.  Now for the first time, Lake Mead which supplies major cities like Phoenix, Tucson, LA and San Diego fell below its magical number of 1075 feet.  It is now at 1071 and expect these cities to do major conservative actions  to prevent further decay

(zerohedge)

Leaking Las Vegas: Lake Mead Plunges To Record Low Amid Drought-pocalypse

 
THURSDAY, JUN 10, 2021 – 06:50 PM

Much of the Western half of the US is in a severe drought, and parts of the Southwest are “exceptionally dry,” the worst category, according to US Drought Monitor. Taking this into account, the iconic Hoover Dam has just recorded the smallest amount of water inside Lake Mead since the 1930s. 

The damming of the Colorado River at the Nevada-Arizona border created Lake Mead and supplies water to 25 million people, including in the cities of Las Vegas, Phoenix, Tucson, Los Angeles, and San Diego. 

 

We’ve explained in the past if Lake Mead drops to dangerously low levels, the entire town of Las Vegas is absolutely screwed because two pipes, known as straws, are at elevation 1,050 feet and 1,000 feet. However, a third straw was recently constructed at 860 feet just in case the water level continued to drop. For Vegas to prevent a total collapse if Lake Mead continues to drop, it will have to continue constructing straws at lower and lower depths. 

Tim Barnett, a climate scientist at the Scripps Institution of Oceanography, wrote back in 2014 that Lake Mead wasn’t able to supply Vegas with water, “it’s just going to be screwed. And relatively quickly. Unless it can find a way to get more water from somewhere, Las Vegas is out of business. Yet they’re still building, which is stupid.” 

… and this quote was over seven years ago, and the water situation has dramatically worsened. 

As of Wednesday, the lake’s water level sank to 1,071.56 feet above sea level and broke the record low in July 2016. Since the early 2000s, the water level has plunged 140 feet due to years of drought that has gripped the region. 

“Some states, especially parts of California and parts of the southwest, it’s really quite extreme drought conditions,” Ben Cook, a climate scientist at NASA’s Goddard Institute for Space Studies, told Reuters. Here’s a map (as of June 3) of the drought situation, which is extremely severe. 

Artificial lakes, such as Lake Mead, is no match for Mother Nature, and the latest drop in water level could force state governments (Arizona, California, Colorado, Nevada, New Mexico, Utah, and Wyoming) to pass a water shortage declaration sometime this summer.

The demand for water downstream from Hoover Dam continues to increase. Farmers in the Southwest are itching for Lake Mead’s water to irrigate their crops as their land becomes fallow

Over the past year, the lake has declined by more than 16 feet and is projected to fall nine more feet by the end of 2021. The lake’s trigger point for a “shortage,” declared by the government, is 1,075 feet, which has already been broken. 

Lake Mead’s downward spiral has also reduced Hoover Dam’s hydropower output by 25%. At some point, the dam could stop producing electricity. 

“Our previous number [for cutoff] was at elevation 1,050, and now we’ve lowered that number to 950,” Hoover Dam, facility manager Mark Cook told CBS News. “So, we bought ourselves 100 feet.”

For more than a half-decade (see: here & here), we have the ongoing problems of Lake Mead and how it could impact the water supply of tens of millions of people. Now that the lake is at levels not seen since it was filled in the 1930s, and below levels for an official “shortage.” This means an emergency declaration of water shortage could be seen sometime this summer. 

The drought is so severe that the governor of Utah is urging people to pray for rain. 

end

INFLATION WATCH

This is what happens when you have explosive inflation: it leads to a record collapse in home purchases, and car purchases

(zerohedge)

The Hangover Arrives: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans

 
FRIDAY, JUN 11, 2021 – 11:03 AM

For the past several months we have warned about the pernicious effects soaring prices are having on both corporations (“Buckle Up! Inflation Is Here!“) and consumers (“”This Is Not Transitory”: Hyperinflation Fears Are Soaring Across America“), prompting even otherwise boring sellside research to get  (hyper) exciting, with Deutsche Bank (which warned this week that “Inflation Is About To Explode “Leaving Global Economies Sitting On A Time Bomb“”) and Bank of America (which “Just Threw Up All Over The Fed’s “Transitory” Argument“) now openly saying that the Fed is wrong, and the US is facing a non-transitory, and far higher inflation.

But none of this has spooked the Fed into conceding – or believing – that inflation is anything more than transitory. And maybe just this once, the Fed has a point because all else equal, by which we mean lack of rising wages, the best cure to higher prices is, well… higher prices.

Presenting Exhibit A: two weeks ago, we observed that anticipating an end to Biden’s stimmy bonanza end and that soon they will have to live again within their means, Americans’ buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances.

The drop was so massive, it amounted to the biggest one-month drop in intentions to purchase appliances…

… and homes…

This confirms what we noted earlier, namely a record divergence between crashing homebuyer confidence (due to record home prices) and soaring homebuilder confidence (also due to record home prices). Guess which one will matter in the end.

Fast forward to today when we just got Exhibit B: the June UMichigan Sentiment Survey.

While there was some good news here, in that inflation expectations for both the 1-year and 5-10 lookahead periods dropped slightly…

… what we found more concerning is what chief economist, Richard Curtin said, namely that since “Rising inflation remained a top concern of consumers”, the spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974.

And as Curtin adds, “these unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982. These declines were especially sharp among those with incomes in the top third, who account for more than half of the dollar volume of retail sales.”

This can be seen in the following chart showing records across the board for “bad buying conditions” due to high prices for houses, durable goods and autos. In other words, due to soarking prices is America is going on a buyers’ strike.

This, for better or worse, screams not only stagflation but also permanently higher prices, as Curting elaborates:

… in the emergence from the pandemic, consumers are temporarily less sensitive to prices due to pent-up demand and record savings as well as improved job and income prospects. The acceptance of price increases as due to the pandemic, makes inflationary psychology more likely to gain a foothold if the exit is lengthy.

The problem: sooner or laters the stimmies will end, but prices by then will already be fixed higher, and good luck trying to pull them down.

While expansive monetary and fiscal policies are still warranted, the accompanying rise in inflation will cause uneven distributional impacts. Those impacts have already been noticed in June among the elderly and lower income households. A shift in the Fed’s policy language could douse any incipient inflationary psychology, it would be no surprise to consumers, as two-thirds already expect higher interest rates in the year ahead.

Oh, and for those saying wage hikes may be permanent we have some bad news: employers know very well that the extended unemployment benefits bonanza ends in September at which point millions of currently unemployed workers will flood back into the labor force sending wages sharply lower, and is why instead of raising base pay, most potential employers offer one-time bonuses, which – as the name implies – are one-time. As for higher wage pressures, well… just wait until October when everything reverses, Uncle Sam is no longer a better paying competitor to the US private sector, and wages slump.

What does that mean for the economy? Well, all those producers and retailers who got used to bumper demand and pushed their prices sharply and not so sharply higher, will face a stark choice: either drag prices right back down, or sell far fewer goods and services. That, or just await the next bailout.

One thing is certain: six months from today, the US economy will be far, far uglier.

END

Wolf Richter is always a good read…here he states that inflation is permanent and not temporary as the dollar’s purchasing power plunged at the fastest pace since 1982

Wolf Richter

It’s “Permanent” Not “Temporary” – Dollar’s Purchasing Power Plunged At Fastest Pace Since 1982

 
FRIDAY, JUN 11, 2021 – 11:44 AM

Authored by Wolf Richter via WolfStreet.com,

…and it’s a lot worse than it appears.

The Consumer Price Index jumped 0.6% in May, after having jumped 0.8% in April, and 0.6% in March – all three the steepest month-to-month jumps since 2009, according to the Bureau of Labor Statistics today. For the three months combined, CPI has jumped by 2.0%, or by an “annualized” pace of 8.1%. This current three-month pace of inflation as measured by CPI has nothing to do with the now infamous “Base Effect,” which I discussed in early April in preparation for these crazy times; the Base Effect applies only to year-over-year comparisons.

On a year-over-year basis, including the Base Effect, but also including the low readings last fall which reduce the 12-month rate, CPI rose 5.0%, the largest year-over year increase since 2008.

In terms of the politically incorrect way of calling consumer price inflation: The purchasing power of the consumer dollar – everything denominated in dollars for consumers, including their labor – has dropped by 0.8% in May, according to the BLS, and by 2.4% over the past three months, the biggest three-month plunge in purchasing power since 1982:

On an annualized basis, the three-month drop in purchasing power amounted to a drop of 9.5%, and this eliminates the Base Effect which only applies to year-over-year comparisons.

That plunge in purchasing power is “permanent” not “temporary.”

Yup, the current plunge in purchasing power is permanent. And the plunge in purchasing power in the future is also permanent.

The only thing that might make a small portion of it “temporary” is if there is a period of consumer price deflation, which has happened for only a few quarters in my entire life, for example in the last few months of 2008, which is indicated in the chart above. So I’m not getting my hopes up.

The rest of the time, we’ve had lots of decline in purchasing power. And that has proven to be rock-solid “permanent,” and we never got that lost purchasing power back.

Durable Goods inflation exploded by 10.3% from a year ago.

And it jumped by 3.0% in May from April, the biggest month-to-month jump since 1980. The problem is across the board, but the biggest biggie is used vehicles.

Used Vehicle CPI exploded by nearly 30% year-over-year, and by 7.3% just in May. I have long been fuming about and dissecting the reasons behind this price surge, based on data from the auto industry. And it is now seriously showing up in used-vehicle CPI.

This chart shows the actual CPI as a price index, not the year-over-year percentage change of that index. This eliminates the issue of the Base Effect.

But “hedonic quality adjustments” over the years have held down the CPI for used vehicles, producing this astonishing chart above, where the index in 2020 was below where it had been 20 years earlier, even as in the real world, used vehicles got a lot more expensive. Only the scary-crazy price spikes in May and April pushed the index above its level 20 years ago.

These hedonic quality adjustments are applied to account for improvements in vehicles over the years, such going from a three-speed automatic transmission to a 10-speed electronically controlled transmission. The price increases theoretically associated with “quality improvements” are removed from the CPI.

In theory, CPI attempts to measure price changes of the same item over time; and when the price change is based on improvements, it is not inflation because you’re getting more as you pay more.

In practice, this has led to a consistent, purposeful, politically convenient, and bipartisan understatement of inflation as measured by CPI.

New Vehicle CPI repressed by hedonic quality adjustments. The adjustments have practically eliminated the appearance of inflation as measured by CPI in new vehicles, even though new vehicles have gotten a lot more expensive, with the cheapest cars disappearing from the automakers’ lineups.

Nevertheless, year-over-year new vehicle prices rose 3.3%, the biggest increase since 2012, despite vigorous hedonic quality adjustments. Note how the index used to rise into the mid-1990s, at which point the hedonic quality adjustments were applied and forced the index back down:

For a dose of reality, data from the auto industry shows that the “average transaction price” (ATP) of new vehicles sold to retail customers in May jumped to $38,255. The ATP is a function of the price of new vehicles sold and of the mix of new vehicles sold. Based on data provided by J.D. Power, the ATP has jumped by 28% over the past seven years since 2014. Note the huge jump since June 2020:

Services CPI jumped 3.1% year-over-year, held down by fake homeownership cost index.

About two-thirds of the overall CPI is for services. They include the biggest biggie of all: housing – more on that in a moment. They also include healthcare, insurance, education, subscriptions for services such as broadband, cellphone, streaming, etc.

The CPI for services rose by 3.1% year-over-year and jumped by 0.5% in May. Over the past three months, the CPI for services rose 1.3%, for an annualized increase of 5.2%.

The actual plunge in purchasing power is even worse.

Housing costs – rent and homeownership costs combined – account for about one-third of overall CPI – it’s the biggest category in CPI.

The rent component of CPI, called “rent of primary residence” (=7.7% of total CPI in May) has been rising month after month this year at a constant 0.2%, including in May, and is up 2.2% over the 12-month period.

The homeownership component, called “Owners’ equivalent rent of residences” (=23.8% of overall CPI in May), ticked up just 0.3% for the month and a mind-bendingly low 2.1% for the 12-month period, despite the explosion of home prices over the past 12 months.

The reason this homeownership component completely misses the red-hot inflation in housing – the loss of the dollar’s purchasing power with regards to homes – is that it’s based on surveys of homeowners’ estimates of how much their home would rent for. It is a measure of rent, as guessed by the homeowner (red line in the chart below).

The Case-Shiller Home Price Index is a more realistic house-price inflation measure. It’s based on the sales-pairs method, measuring the price changes over time for the same housesoared by 13.2% year-over year, the red-hottest increase since December 2005 (purple line):

The loss of purchasing power is “permanent.”

So, hedonic quality adjustments for durable goods, such as new and used vehicles, plus the elegant fiction of “Owners’ equivalent rent of residences” for housing costs, plus some other CPI reduction methods, such as “substitution,” see to it that the actual loss of purchasing power of the consumer dollar – and of labor that is paid in dollars – is far worse than even these very ugly inflation data released today.

And this loss of purchasing power is permanent. It won’t suddenly come back, except fractionally during these minor bouts of deflation we get every now and then.

What’s “temporary” is the pace of the loss of purchasing power, in the sense that it changes every month.

For sure, the spike in used vehicle prices cannot go on infinitely. At some point it will have to back off. But then other prices will spike, such as airline tickets, hotel bookings, restaurant meals, or insurance.

Inflation is a game of whack-a-mole. One pops up as another backs off. So it could very well be that CPI inflation may be 4% next May, down from 5% now, and we’ll be celebrating that the 5% was “temporary,” and was replaced by 4%, hahahaha. But the purchasing power of the dollar that is lost every month is lost permanently.

*  *  *

Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. 

END

Not to be undone by Biden and his lack of interest in migrants gaining entry to the USA, Abbott says that Texas will build the wall itself

(Watson/SummitNews)

Governor Abbot: Texas Will Build Its Own Border Walls

 
FRIDAY, JUN 11, 2021 – 09:05 AM

Authored by Steve Watson via Summit News,

Texas governor Greg Abbott announced Thursday that the state will begin erecting its own border barriers because the Biden administration is failing “to do its job” on the border and protect Americans from lawlessness.

In an interview with Breitbart News, Abbott said Texas “will immediately begin building border barriers in areas where migrants can easily cross the Rio Grande border with Mexico.”

“The influx across the border is out of control, and the Biden administration has shown that [it] is not going to step up and do its job,” Abbott said, adding “And amidst reports of even more people coming in across the border, we know we have to step up and do more.”

Abbott was attending a a border summit in Del Rio, Texas where he noted that the city is “is suffering from some of the largest increases” of undocumented migrants.

“They’re seeing a lot of very bad dangerous people come across the border. People that they are afraid of encountering, people who are causing damage to their fences, their livestock, their crops, their neighborhoods, and their homes,” Abbott urged.

“Bad things are happening around here, and so they need help from the state to help them address this exploding crisis,” the governor further explained.

“What people have seen in videos across the country seems to be the Biden Administration welcoming these people to the United States,” Abbott coninued, adding “We won’t be sending that message.”

“If you come to Texas, you’re subject to being arrested. You’re not going to have a pathway to roam the country. You’re going to have a pathway directly into a jail cell,” the governor warned.

“We want to be very aggressive in working with local officials and begin making mass arrests,” Abbott stated, adding “In working in collaboration with a large number of counties — that means we’re going to be arresting a lot more people.”

The governor also noted that the state will be sourcing more jail facilities and potentially building additional jail space.

Abbott concluded that “The immigration issue and the border issue is not just the number one issue of Texas, it’s the number one issue in America. And so all of these other governors, they hear the same concerns that we hear about in Texas.”

New US Customs and Border Protection figures published Wednesday, reveal that border agents apprehended over 180,000 would-be illegals in May, up from 178,600+ in April, 173,300+ in March, and 101,100+ in February.

The CBP has calculated that detentions for this fiscal year to date have already more than doubled on figures from a year ago, despite the fact that June, July, August and September have yet to be accounted for.

Senator Ted Cruz highlighted the latest figures:

Meanwhile, the White House press secretary again avoided questions on the ever worsening border crisis, blaming the Trump administration, and attempting to reverse the question on reporters by asking them “Should we send some kids who are 10 back at a certain point? Is that what you’re asking me?”

Watch:

 

The cackling Vice President also snapped at a reporter Thursday who asked when she will bother to visit the border:

 

Harris spewed her sociopathic “I’m not finished” line and still couldn’t stop laughing.

*  end

iv) Swamp commentaries/

IRS leaks taxpayer information???

(Mitchell/American Institute for Economic Research)

New Leak Of Taxpayer Info Is (More) Evidence Of IRS Corruption

 
THURSDAY, JUN 10, 2021 – 10:30 PM

Authored by Daniel Mitchell via The American Institute for Economic Research,

I sometimes try to go easy on the IRS. After all, our wretched tax system is largely the fault of politicians, who have spent the past 108 years creating a punitive and corrupt set of tax laws.

But there is still plenty of IRS behavior to criticize. Most notably, the tax agency allowed itself to be weaponized by the Obama White House, using its power to persecute and harass organizations associated with the “Tea Party.”

That grotesque abuse of power largely was designed to weaken opposition to Obama’s statist agenda and make it easier for him to win re-election.

Now there’s a new IRS scandal. In hopes of advancing President Biden’s class-warfare agenda, the bureaucrats have leaked confidential taxpayer information to ProPublica, a left-wing website.

Here’s some of what that group posted.

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. …ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period. We’re going to call this their true tax rate. …those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.

Since I’m a policy wonk, I’ll first point out that ProPublica created a make-believe number. We (thankfully) don’t tax wealth in the United States.

So Elon Musk’s income is completely unrelated to what happened to the value of his Tesla shares. The same is true for Jeff Bezos’ income and the value of his Amazon stock.

And the same thing is true for the rest of us. If our IRA or 401(k) rises in value, that doesn’t mean our taxable income has increased. If our home becomes more valuable, that also doesn’t count as taxable income.

The Wall Street Journal opined on this topic today and made a similar point.

There is no evidence of illegality in the ProPublica story. …ProPublica knows this, so its story tries to invent a scandal by calculating what it calls the “true tax rate” these fellows are paying. This is a phony construct that exists nowhere in the law and compares how much the “wealth” of these individuals increased from 2014 to 2018 compared to how much income tax they paid. …what Americans pay is a tax on income, not wealth.

Some journalists don’t understand this distinction between income and wealth.

Or perhaps they do understand, but pretend otherwise because they see their role as being handmaidens of the Biden Administration.

Consider these excerpts from a column by Binyamin Appelbaum of the New York Times.

Jeff Bezos…added an estimated $99 billion in wealth between 2014 and 2018 but reported only $4.22 billion in taxable income during that period. Warren Buffett, who amassed $24.3 billion in new wealth over those years, reported $125 million in taxable income. …some of the wealthiest people in the United States essentially live under a different system of income taxation from the rest of us.

Mr. Appelbaum is wrong. The rich have a lot more assets than the rest of us, but they operate under the same rules.

If I have an asset that increases in value, that doesn’t count as taxable income. And it isn’t income. It’s merely a change in net wealth.

And the same is true if Bill Gates has an asset that increases in value.

Now that we’ve addressed the policy mistakes, let’s turn our attention to the scandal of IRS misbehavior.

The WSJ‘s editorial addresses the agency’s grotesque actions.

Less than half a year into the Biden Presidency, the Internal Revenue Service is already at the center of an abuse-of-power scandal.

…ProPublica, a website whose journalism promotes progressive causes, published information from what it said are 15 years of the tax returns of Jeff Bezos, Warren Buffett and other rich Americans. …The story arrives amid the Biden Administration’s effort to pass the largest tax increase as a share of the economy since 1968.

The timing here is no coincidence, comrade. …someone leaked confidential IRS information about individuals to serve a political agenda. This is the same tax agency that pursued a vendetta against conservative nonprofit groups during the Obama Administration. Remember Lois Lerner? This is also the same IRS that Democrats now want to infuse with $80 billion more… As part of this effort, Mr. Biden wants the IRS to collect “gross inflows and outflows on all business and personal accounts from financial institutions.” Why? So the information can be leaked to ProPublica?

…Congress should also not trust the IRS with any more power and money than it already has.

And Charles Cooke of National Review also weighs in on the implications of a weaponized and partisan IRS.

We cannot trust the IRS. “Oh, who cares?” you might ask. “The victims are billionaires!” And indeed, they are. But I care. For a start, they’re American citizens, and they’re entitled to the same rights — and protected by the same laws — as everyone else. …Besides, even if one wants to be entirely amoral about it, one should consider that if their information can be spilled onto the Internet, anyone’s can. …A government that is this reckless or sinister with the information of men who are lawyered to the eyeballs is unlikely to worry too much about being reckless or sinister with your information. …The IRS wields an extraordinary amount of power, and there will always be somebody somewhere who thinks that it should be used to advance their favorite political cause. Our refusal to indulge their calls is one of the many things that prevents us from descending into the caprice and chaos of your average banana republic. …Does that bother you? It should.

What’s especially disgusting is that the Biden Administration wants to reward IRS corruption with giant budget increases, bolstered by utterly fraudulent numbers.

Needless to say, that would be a terrible idea (sadly, Republicans in the past have been sympathetic to expanding the size of the tax bureaucracy).

END

What is going on with regulators?  Not a 3rd FDA advisor quits after the board gives a thumbs up to a controversial Alzheimer drug

(zerohedge)

“A Dangerous Precedent” – 3rd FDA Advisor Quits After Controversial Alzheimer’s Drug Approval

 
THURSDAY, JUN 10, 2021 – 06:10 PM

While the mainstream media focused on the hope-filled headlines that, for the first time since 2003, the FDA approved Biogen’s Aduhelm treatment for Alzheimer’s Diseasefew, if any, were fully aware of the levels of controversy behind the scenes.

Aside from the scientific uncertainty over whether amyloid plaque treatments are an approach worth continuing…

Despite the dominance of the amyloid hypothesis over the past few decades, evidence that links reductions in plaque levels to improvements in cognition is “thin, at best”, says Jason Karlawish, a geriatrician and co-director of the Penn Memory Center in Philadelphia, Pennsylvania.

“Desperation should drive the funding of science, not drive the way we interpret the science,” he says.

It turns out that despite the fact that not one member of the FDA Advisory Committee voted to approve Aduhelm, the FDA recently approved this Alzheimer therapy anyway, relying on an alternative measure of activity.

As Statnews reportssince the FDA’s decision, three members of that FDA Advisory Panel have quit.

1. Neurologist J.Perlmutter, a member of the FDA’s expert panel said he quit the committee “due to this ruling by FDA without further discuss with our advisory committee.”

2. Neurologist David Knopman of the Mayo Clinic.

3. Dr. Aaron Kesselheim, director of Brigham and Women’s Hospital’s Program on Regulation, Therapeutics, and Law, said Aduhelm’s approval didn’t just set “a dangerous precedent” for what kind of evidence an Alzheimer’s therapy would need to show to get the green light, “but even more broadly for the idea that a company can turn around and at the last minute seek [accelerated approval] when their primary clinical endpoints in their trials don’t reach the level needed for FDA approval,” he told STAT in an email.

In his letter of resignation to the FDA, Kesselheim said Biogen’s Aduhelm “was probably the worst drug approval decision in recent U.S. history.”

Both Perlmutter and Kesselheim voted against the drug, while Knopman was recused from the November hearing as he had already staked out a public position critical of the drug’s trial results.

Earlier this year, Kesselheim, and two other panelists published a paper in JAMA outlining what they saw as the flaws of the therapy.

As Nature.com reports, others worry that drug developers might abandon other targets. If demonstrating that amyloid-lowering activity is enough to win regulatory approval, it might discourage developers from focusing on treatments with the big cognitive benefits that patients need, say some scientists.

“This is going to set the research community back 10–20 years,” says George Perry, a neurobiologist at the University of Texas at San Antonio and a sceptic of the amyloid hypothesis.

But hey, if there’s $56,000 per year per customer patient to be made, the “science” can always be adjusted.

So much for science… again!

end

Looks like Arizona is going to be a big battleground for fraud

(Gateway Pundit)

BREAKING: FREIGHT TRAIN OF STATE DELEGATIONS COMING FRIDAY — 9 States Will Visit AZ Audit Center – ONLY ONE PALLET LEFT TO COUNT

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NINE State Delegations will receive an on the scene tour of the historic Arizona audit on Friday.

 

As of Tuesday, only 6 states had toured the facility. On Thursday, Virginia State Senator Amanda Chase was the seventh.

TRENDING: BREAKING: FREIGHT TRAIN OF STATE DELEGATIONS COMING FRIDAY — 9 States Will Visit AZ Audit Center – ONLY ONE PALLET LEFT TO COUNT

This is HUGE! 9 states more than doubles the amount of delegations that have received a tour of the audit with hopes of replicating it.

“The Freight Train Of Audits is FULL STEAM across the country!” – Boris Epshteyn on Bannon’s War Room

The first-ever full forensic audit of Maricopa County’s 2020 election is almost FINISHED with the hand counting process of the audit. There is only one untouched pallet of ballot boxes remaining.

More paper evaluation tables have been completely set up and they plan to increase the speed of that process. The hand recount is finishing shortly but the paper evaluation will take a few weeks longer.

This process should be completed by the end of June. Shortly after, they will provide the nation a report with their findings.

Christina Bobb reported on OANN that she expects to see “that the count is not even close to what was certified” due to the fact that some pallets are missing up to 20% of the ballots that should be there.

 

END

 

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

The BLS: The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in May on a seasonally adjusted basis after rising 0.8 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all-items index increased 5.0 percent before seasonal adjustment; this was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008.
    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. The food index increased 0.4 percent in May, the same increase as in April. The energy index was unchanged in May, with a decline in the gasoline index again offsetting increases in the electricity and natural gas indexes…
https://www.bls.gov/news.release/cpi.nr0.htm?s=02

 

US Core CPI inflated 0.7% m/m and hit +3.8% y/y in May, the highest reading since 1992.

Long-time readers might recall that we regularly note that the BLS mitigates ‘bad’ CPI reports by crafting an unrealistically low reading in one or more components.  With housing prices soaring at record rates and rents rising sharply, BLS toadies somehow calculated that Shelter costs and Food prices each increased only 2.2% y/y while medical commodity costs DECLINED 1.9% y/y?!?!?!  BLS has rent of primary residence up only 1.8% y/y!!! BLS has ‘Commodities less food and energy commodities’ up only 6.5% y/y – with lumber quadrupling!!!  https://www.bls.gov/news.release/cpi.t01.htm

As bad as CPI looks, inflation reality is far worse due to BLS deceit, deception, and duplicity.  Food up only 2.2% y/y when Chipotle hiked prices 3.5% to 4% in ONE WEEK?!?!

World Food Import Bill Set to Reach Record Amid Soaring Costs [+12%]
https://www.bloomberg.com/news/articles/2021-06-10/world-food-import-bill-set-to-reach-record-amid-soaring-costs

The BLS admits that its data collection was crimped by Covid, so it just made up stuff!

The BLS: Data collection by personal visit for the Consumer Price Index (CPI) program has been suspended since March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in May was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month…
US interest rates are debilitatingly negative: 6-month T-Bill -4.97%, 10-year -3.57%, 30-year -2.83%.  US real hourly earnings are -2.8% y/y; real weekly earnings are -2.2% y/y.

ECB avoids ‘taper talk’ and says inflation will remain lower than its target

  • The ECB has committed to purchasing 1.85 trillion euros ($2.2 trillion) of bonds until March 2022 as part of its Pandemic Emergency Purchase Program (PEPP).
  • The central bank highlighted it will continue buying bonds until it judges that the crisis is over…

On Thursday the central bank decided to keep this stimulus on the table, and its ultra-low interest rates were also left unchanged…The bank now expects a gross domestic product rate of 4.6% for 2021 and 4.7% for 2022 — both of which have been revised upward…
https://www.cnbc.com/2021/06/10/european-central-bank-meeting-june-2021-economic-projections.html

Oil decline 1.5% on a report that the US has lifted restrictions on Iranian oil officials.  The decline was short-lived; oil rebounded quickly to finish with a modest gain for the session.WSJ: Banks to Companies: No More Deposits, Please – Some banks, awash in deposits, are encouraging corporate clients to spend the cash on their businesses or move it elsewhere
    Banks have been holding that cash ever since, and because companies are reluctant to borrow from them, they can’t turn it into income-generating loans. That has weighed on banks’ profit margins, and some have started pushing corporate customers to spend the cash on their businesses or move it elsewhere…

 
Half of pandemic unemployment money may have been stolen: report
Blake Hall, CEO of ID.me, a fraud prevention service, told Axios that the US has lost more than $400 billion to crooked claims…  https://nypost.com/2021/06/10/half-of-unemployment-money-during-pandemic-may-have-been-stolen-report/

 

British citizens, like their New World relatives, are fleeing London and other cities.

U.K. Sales Logjam Sees Record 700,000 Pending Deals in the Pipeline – The stamp duty holiday isn’t the only thing driving activity, with home movers looking for more space and seizing cheap mortgages
The most common reasons for home buys are to secure a bigger property, to relocate to the countryside or the coast, and to move to a home with a garden, Rightmove said…
https://www.mansionglobal.com/amp/articles/u-k-sales-logjam-sees-record-700000-pending-deals-in-the-pipeline-228027

Small is the number of people who see with their eyes and think with their minds.” — Albert Einstein

WH budget office approves Biden’s plan to retract insulin, EpiPen discounts [Big Pharma owns Joe]
https://www.foxbusiness.com/politics/wh-budget-office-approves-bidens-plan-to-remove-insulin-epipen-discounts-report

GOP Rep @laurenboebert: Raise insulin prices at home but buy 500,000,000 vaccines for other countries. Sounds like America Last. Sounds like Joe Biden. [Quid Pro Quo Joe favoring PFE?]

@thehill: GOP Sen. Marsha Blackburn: “I think that it is appropriate that Dr. Fauci step aside from his responsibilities at the NIAID and that he make himself available to Congress to find out exactly how was he in cahoots with Mark Zuckerberg and big tech.”  https://twitter.com/thehill/status/1403045917486469122

@NotAlexSheppard: In Fauci’s emails, we learn what China used to treat the virus in their own country: Hydroxychloroquine https://t.co/H9HP9tIBHl

How many thousands of Americans died or suffered because of the TDS pandemic among Democrats, the MSM, US bureaucrats and NeverTrumps?   After DJT touted HCQ, a nefarious and selfish campaign to discredit the effectiveness of HCQ commenced.

@EmeraldRobinson: According to the CDC’s own data, more than 750 people DIED from taking the experimental vaccines in ONE WEEK in May.

Sen. John Kennedy tells Fauci to ‘cut the crap’ after doc lashes out at critics
“But Dr. Fauci needs to cut the crap. This isn’t about Dr. Fauci. It’s not about his feelings, and I’m sorry if his feelings were hurt. You know, maybe he ought to buy an emotional support pony.  “But we’re not debating dance moves on TikTok here,” the colorful senator continued. “We’re talking about millions of human lives.”… https://nypost.com/2021/06/09/gop-pol-tells-fauci-to-cut-the-crap-after-doc-lashes-out-at-critics/

Top Harvard Doctor Resigns from FDA Panel after Biogen Approval – BBG
Kesselheim Blasts FDA: ‘Probably the Worst’ Recent Drug Verdict – BBG
Doctor Is Third Panel Member to Resign over Alzheimer’s Drug – BBG

The Fed balance sheet increased $16.624B last week.  https://www.federalreserve.gov/releases/h41/current/

Today is the Friday before expiration week; usually there is a late rally to front run the expected manipulation to squeeze expiry call options.

We have opined that 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.  The breakout on Thursday stalled and could not procure enough enthusiasm to soar.  In fact, ESUs rolled over in the afternoon.  Nevertheless, traders will try to foment a clear-cut breakout today.  ESUs are +2.25 at 21:00 ET.

Expected economic data: June UM Sentiment 84.2, Current Conditions 91.3, Expectations 78.7, 1-Year Inflation Expectation 4.7%

S&P 500 Index 50-day MA: 4161; 100-day MA: 4021; 150-day MA: 3903; 200-day MA: 3777
DJIA 50-day MA: 34,098; 100-day MA: 32,880; 150-day MA: 31,919; 200-day MA: 30,915

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3546.53 triggers a sell signal
Weekly: Trender is positive; MACD is negative – a close below 4015.51 triggers a sell signal
DailyTrender and MACD are positive – a close below 4159.89 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4213.44 triggers a sell signal

Security researcher says attacks on Russian government have Chinese fingerprints – and typos, too
Malware was too loose to have come from a Western nation, according to Sentinel Labs
https://www.theregister.com/AMP/2021/06/09/mail_o_malware_maybe_chinese/

The Times: Joe Biden accuses Boris Johnson of ‘inflaming’ Irish tensions
US president ordered rebuke of government over Brexit customs row
https://www.thetimes.co.uk/article/g7-summit-2021-joe-biden-accuses-boris-johnson-of-inflaming-irish-tensions-r88lcv6cg

Ex-Thatcher aide @NileGardiner: The arrogance of the Biden admin. is breathtaking. This is no way to treat America’s closest ally. “Pres Biden ordered US officials to issue Boris Johnson with an extraordinary diplomatic rebuke for imperiling the N. Ireland peace process over Brexit”

Voting Rights: It’s ‘Racist’ NOT to Let Democrats Cheat – Ann Coulter
https://anncoulter.com/2021/06/09/voting-rights-its-racist-not-to-let-democrats-cheat/

House GOP leaders warn Biden on rapid China nuclear build-up
Beijing could have 1,000 warheads by 2030, Republicans say in letter
https://www.washingtontimes.com/news/2021/jun/9/house-gop-leaders-warn-biden-rapid-china-nuclear-/

U.S. general: China hiking military capability at “very serious and sustained rate”
https://news.yahoo.com/u-general-china-hiking-military-144940083.html

Washington Times’ @BillGertz: US ruling class relentlessly protects the CCP and its leaders because they are key sources of money and power. COVID cover up ultimately could mark the end of Communist rule in China and likely result in the ouster of Xi Jinping

The list of Americans that facilitated the rise of Communist China should include the Bushes (Rockefeller Wing of the GOP), the Clintons, Feinstein, McConnell, Pelosi, Obama, The Big Guy Crime Family, Hollywood, the MSM, various and sundry US corporations, agencies, and bureaucrats. 

@ClayTravis: The New York Times wrote a front-page article on a teenage girl, a 15 year old, who lost her ability to attend the University of Tennessee for doing what Hunter Biden did. Yet the NYT isn’t covering Hunter Biden at all. How can that be remotely justified?  https://t.co/n2CSZeqZwr

NAACP Mum on Hunter Biden’s Use of the N-Word in Text Messages [BLM & MSM, too!]
https://www.breitbart.com/politics/2021/06/10/naacp-mum-on-hunter-bidens-use-of-the-n-word-in-text-messages/

Emails reveal plans by Hunter Biden, associates to conquer a turbulent world … for money
Evidence in FBI hands shows Biden called Italian region president, lobbied French ambassador, and targeted sovereign wealth funds
https://justthenews.com/accountability/russia-and-ukraine-scandals/thuemails-reveal-plans-hunter-biden-associates-conquer

@MarkMeadows: They told you Trump colluded with Russia (false), Trump ignored Russian bounties on troops (false), Trump cleared Lafayette Park “for a photo op” (false), there’s no way COVID-19 could’ve come from the Wuhan Lab as Trump said (false)… Let me know if you notice a pattern here.

Dem infighting reaches new level after Omar calls colleagues’ criticism ‘Islamophobic’
Dem rift over Omar’s alleged anti-Semitism cracks open as ‘Squad’ rep. calls criticism ‘islamophobic’
https://t.co/1hh4vtiYN2

@EmeraldRobinson: So, Trump kept inviting Mark Zuckerberg to dinner at the White House throughout 2020 even though Zuckerberg had dropped $300 million to buy our election process? With Obama’s guy David Plouffe running the scheme? Really? [Poor judgement in hiring & schmoozing!]

How a lenient NYC judge left a reputed gangbanger free to allegedly kill an innocent dad
Ramirez was locked up on $75,000 bail when acting Supreme Court Justice Denis Boyle lowered the amount to $10,000 cash or $25,000 bond over prosecution objections on March 2, the Bronx District Attorney’s Office said Wednesday…
    The judge also sent two of Ramirez’s gun cases to Family Court, even though the DA’s Office wanted to prosecute him as an adult on those charges. Meanwhile, Boyle is no stranger to rulings that led to disastrous results.  Last year, the jurist came under fire for his decision to release Jordon Benjamin, a 16-year-old boy charged with manslaughter who allegedly went on to slash a young woman across her abdomen — only to be released by Boyle again…
    And in 1999, Boyle signed off on a deal that let a homeless man live in a shelter and attend therapy sessions while awaiting sentencing in an attempted sex attack in the Bronx — during which time, authorities later said, he went on a spree of sex attacks in Manhattan…  https://t.co/ffE74IL7qP

Fox News Heir Spent $20 Million Opposing Trump
https://www.newsmax.com/newsfront/james-murdoch-democrats-fox-trump/2021/06/10/id/1024573/ 

 
end

 

Let us close out the week with this offering courtesy of Greg Hunter of USAWatchdog
(Greg Hunter)

More 2020 Election Audits, Forced Vaccinations, Mega-Drought Update

By Greg Hunter’s USAWatchdog.com (WNW 484 6.11.21)

It is reported the Maricopa County Arizona 2020 Election audit is nearing completion.  When finished, auditors will have hand counted and inspected 2.1 million ballots.  Getting the audit started was months in the making as Democrats and their globalist overlords fought every step of the way.  Now, other states have sent representatives to tour the audit location to see how the audit was done.  States such as Pennsylvania, Georgia, Virginia and others have been on site in Arizona and are also talking about conducting their own 2020 Election audit.  Many say there was massive fraud in the 2020 Election in America.  Arizona will be the first state to verify that claim.

Some employers are forcing their workers to get the experimental CV19 vaccine.  The federal government said it will not require the vaccine for federal workers, but the Equal Employment Opportunity Commission (EEOC) says it’s okay to force private workers to get vaccinated or be fired.  What gives?  Can the EEOC allow forced vaccinations that is against federal law and not required by the federal government?  Can the EEOC cancel the Nuremberg Code of 1947?  The answer is clearly NO.  Expect some huge court battles in the not-so-distant future.  Here is a form you can use to fight forced vaccination from your employer and the home page with other forms you can print too.

The “Mega-Drought” in the Western U.S. is getting so bad that some western cities may run out of water if this drought continues much longer.  The water for 25 million people is facing big problems with the worst drought in 1,200 years.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up.

(To Donate to USAWatchdog.com)

usawatchdog.com/more-2020-election-audits-forced-vaccinations-mega-drought-update/

 

After the Interview: 

 

I WILL SEE YOU MONDAY NIGHT

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