JUNE 17/BIS ORCHESTRATE MASSIVE RAID ON GOLD WITH GOLD DOWN $83.10 TO $1776.90 AND SILVER DOWN $1.86 TO $25.86//GOLD STANDING AT THE COMEX:71.365 TONNES//SILVER STANDING: 14.495 MILLION OZ//CORONAVIRUS UPDATE//VACCINE UPDATES//IVERMECTIN UPDATES//USA ON REVERSE REPO POOL ACCELERATES ANOTHER $230 BILLION UP TO $756 BILLION AS MONEY MARKETS ARE BROKEN//UNEMPLOYMENT BENEFITS IN USA ROSE AGAIN THIS WEEK//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1776.90 DOWN $83.10   The quote is London spot price

Silver:$25.86  DOWN $1.86   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1772.50 LONDON SPOT  4:30 pm

ii)SILVER:  $25.91//LONDON SPOT  4:30 pm

THE BANKERS NEED TO BE ONSIDE BY JUNE 28 SO EXPECT FOR THE NEXT 10 DAYS GOLD AND SILVER WILL BE WHACKED

 

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

 

 

PLATINUM  $1064.77  DOWN $62.03

PALLADIUM: $2508.60 UP $259.75  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 4/20

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,859.500000000 USD
INTENT DATE: 06/16/2021 DELIVERY DATE: 06/18/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 2
099 H DB AG 1
118 H MACQUARIE FUT 3
555 H BNP PARIBAS SEC 1
657 C MORGAN STANLEY 5
661 C JP MORGAN 18 4
905 C ADM 2 4
____________________________________________________________________________________________

TOTAL: 20 20
MONTH TO DATE: 22,229

 

ISSUED:  18

Goldman Sachs:  stopped: 2

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 20 NOTICE(S) FOR 2,000 OZ  (0.0622 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  22,229 FOR 2,222,900 OZ  (69.141 TONNES)

 

SILVER//JUNE CONTRACT

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

total number of notices filed so far this month 2666  :  for 13,330,000  oz

 

BITCOIN MORNING QUOTE  $39,160  UP 1050  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$37,500 DOWN 610 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $83.10  AND NO PHYSICAL TO BE FOUND ANYWHERE:

 

A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWALOF 2.62 TONNES FROM THE GLD.

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

 

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

THIS IS A MASSIVE FRAUD!!

GLD  1041.99 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN $1.86

A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV:.  A WITHDRAWAL OF 3.339 MILLION OZ FROM THE SLV. 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS 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: A WITHDRAWAL OF 3.339 MILLION OZ FROM THE SLV..

573.657  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 165.95 down $5.16 OR  3.02%

XXXXXXXXXXXXX

SLV closing price NYSE 24.06 down $1.20 OR 4.75%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A SMALL SIZED 422 CONTRACTS FROM 194,268 DOWN TO 193,846, AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR  $0.17 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY . IT SEEMS THAT THE LOSS 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 HAVE  ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUALS 1278 CONTRACTS. 

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -194 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1700,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 100 JULY 1600AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1700 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 

14.495 MILLION OZ INITIAL STANDING FOR JUNE

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE

UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.17).AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH WEDNESDAY’S TRADING.  WE HAD A STRONG GAIN OF 1278 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 520,000 OZ QUEUE  JUMP ON DAY 15 OF THE DELIVERY CYCLE, WITH 14.495 MILLION OZ NOW STANDING FOR DELIVERY//  v) SMALL COMEX OI  LOSS /
.
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:

17,836 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 17,836 CONTRACTS) OR 89.180 MILLION OZ: (AVERAGE PER DAY: 1274 CONTRACTS OR 6.370 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 89.18  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:  89.180 MILLION OZ// ISSUANCE RATE NOW SLIGHTLY ABOVE THE MONTH OF MAY

RESULT: WE HAD A SMALL DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 422, DESPITE OUR  $0.17 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1700 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 1278 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.17 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY// HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A 520,000 OZ QUEUE JUMP  AS THE NEW TOTAL OF SILVER STANDING RISES AT 14.495 MILLION OZ

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1700  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH SMALL SIZED DECREASE OF 422 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.17 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.72//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 2 NOTICES FILED TODAY FOR 10,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED SIZED 569 CONTRACTS TO 479,558 ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

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

THE SMALL SIZED DECREASE IN COMEX OI CAME DESPITE OUR RISE IN PRICE OF $5.05///COMEX GOLD TRADING//WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2551 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 700 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON AND ARE NOW STANDING AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  71.365 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $5.05 WITH RESPECT TO TUESDAY’S TRADING

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

WE HAD  A SMALL SIZED GAIN OF 2551 OI CONTRACTS (7.934 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3120 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 3120  ALL OTHER MONTHS ZERO//TOTAL: 3120 The NEW COMEX OI for the gold complex rests at 479,558. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2551 CONTRACTS569 CONTRACTS DECREASED AT THE COMEX AND 3120 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2551 CONTRACTS OR 7.934 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3120) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (569 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2551 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 GOOD 700 OZ QUEUE JUMP//NEW COMEX TOTALS 71.365 TONNES //3) ZERO LONG LIQUIDATION /// ;4) SMALL SIZED COMEX OI LOSS AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING WEDNESDAY//$5.05!!.

 
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

JUNE

ACCCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 44,639, CONTRACTS OR 4,453,900 oz OR 138.84TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 3188 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 138.84 TONNES

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

THUS EFP TRANSFERS REPRESENTS 138.84/3550 x 100% TONNES =3.90% 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:      138.84 TONNES (NOW A LITLE BELOW PAR WITH RESPECT TO MAY)

 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY SMALL SIZED 422 CONTRACTS FROM 194,325 DOWN TO 1943846 AND  FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  3 1/4 YEARS AGO.  

EFP ISSUANCE 1700 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 JUNE: 100, JULY 1600: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1700 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 422 CONTRACTS AND ADD TO THE 1700 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 1472 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.390 MILLION  OZ, OCCURRED WITH OUR  $0.17 GAIN IN PRICE

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 7.28 PTS OR 0.21%   //Hang Sang CLOSED UP 121.75 PTS OR .43%      /The Nikkei closed DOWN 272.68 pts or 0.93%  //Australia’s all ordinaires CLOSED DOWN .43%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4379  /Oil DOWN TO 72.01 dollars per barrel for WTI and 74.16 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4379. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4450   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 
 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

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 FELL BY A  SMALL SIZED 569 CONTRACTS TO 479,558 MOVING  FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $5.05 IN GOLD PRICING WEDNESDAY’S COMEX TRADING/. WE ALSO HAD A FAIR EFP ISSUANCE (3120 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3120 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 3120  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3120  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 2551 TOTAL CONTRACTS IN THAT 3120 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED COMEX OI OF 569 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (71.365) 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 $5.05)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2551 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 7.934 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (71.365 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE FAIR SIZED LOSS 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 2073  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED FRIDAY NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::2551 CONTRACTS OR 255100 OZ OR  7.934  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:  479,558 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.95 MILLION OZ/32,150 OZ PER TONNE =  1491 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1491/2200 OR 67.79% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:372,154contracts// volume   / volume strong/raid

CONFIRMED COMEX VOL. FOR YESTERDAY: 244,093 contracts// –fair  

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

 

JUNE 17 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
225.006 oz
Brinks
Malca
 
 
includes 1 kilobar Brinks
and Malca  6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz
 
nil
 
 

 

Deposits to the Customer Inventory, in oz
 
 
166,755.0000???
 
oz
 
 
exact weight?
 
suspect!
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
20  notice(s)
 
2000 OZ
.0622 TONNES
No of oz to be served (notices)
715 contracts
71500oz
 
2.223 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
22229 notices
2,222,900 OZ
69.141 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
We had 0 deposit into the dealer
 
 
 
total deposit:  nil oz 
 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account
i) Into JPM customer account: 166,755.000 oz ???exact weight???suspect!!
 
TOTAL CUSTOMER DEPOSITS: 166,755.000 oz  
 
 
 
 
 
 
We had 2 withdrawals….
i)Out of Brinks: 32.16   1 kilobar
ii) Out of Malca 192.906 oz  6 kilobars
 
 
 
 
 
 
 
total withdrawals 225.066 oz
 
a net:   5.1 tonnes enters  the comex under suspecious conditions
 
 
 
 
 
 
 
 

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

ADJUSTMENTS  0//   

rs)

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 1735 CONTRACTS for a LOSS of 277contracts. We had 284 notices filed on TUESDAY, so we GAINED 7  contracts or an additional 700 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 183 CONTRACTS TO STAND AT 2,224.
 
AUGUST LOST 750 CONTRACTS UP TO 382,529.

We had 20 notice(s) filed today for 2000  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and18 notices were issued from their client or customer account. The total of all issuance by all participants equates to 20  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 2  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 (22,229) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 735 CONTRACTS ) minus the number of notices served upon today  20 x 100 oz per contract equals 2,294,400 OZ OR 71.365 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 (22229) x 100 oz+( 735  OI for the front month minus the number of notices served upon today (20} x 100 oz} which equals 2,294,400 oz standing OR 71.365 TONNES in this  active delivery month of MAY.

We GAINED 7 contracts or an additional  700 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

1,187,560.751 oz pledged June 12/2020 Brinks/36.93 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:  2,194,433.113 oz                                     68.25 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 510.20 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 71.343 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,597,554.211 oz or 578.46 tonnes
 
 
total weight of pledged:  2,194,438.113 oz or 68.25 tonnes
 
registered gold that can be used to settle upon: 16,403,116.0 (510,20 tonnes) 
 
 
 
true registered gold  (total registered – pledged tonnes  16,403,116.0.0 (510.20 tonnes)
 
total eligible gold: 16,404,426.983 oz   (510.24 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,998,981.194 oz or 1,088.61 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  962.27 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 17/2021
 
 

 

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
617,406.950 oz
 
 
 
 
 
cnt
hsbc
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
1,230,602.640
OZ
MANFRA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
38,523.817 OZ
 
DELAWARE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
2
 
CONTRACT(S)
10,000 OZ)
 
No of oz to be served (notices)
233 contracts
 (1165,000 oz)
Total monthly oz silver served (contracts)  2666 contracts

 

13,330,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 1 deposit into the dealer
i)Into the dealer Manfra;: 1,230,602.640 oz

total dealer deposits:   1,230,602.640        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

 
 
i)into Delaware:  38,523.817 oz
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 52.71% of all official comex silver. (187.5 million/355.658 million

total customer deposits today  38,523.817 oz   oz

we had 2 withdrawals

 
 
i )out of CNT  52,316.470 oz
ii) Out of HSBC: 565,084.950 opz
 
 
 
 

total withdrawals 617,406.950    oz

 
 

adjustments//0

 

 

 
 

Total dealer(registered) silver: 111.756 million oz

total registered and eligible silver:  356.309 million oz

a net 653,000 oz enters  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
JUNE ROSE IN CONTRACTS BY 81 CONTRACTS UP TO 235.  WE HAD 23 NOTICES SERVED ON WEDNESAY SO WE GAINED 104 CONTRACTS OR 520,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 4392 contracts DOWN  94,698 contracts  

AUGUST GAINED 113 CONTRACTS TO STAND AT 392

SEPTEMBER GAINED 3083 CONTRACTS UP TO 74,197

 
No of notices filed today:2 CONTRACTS for 10,000 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  2666 x 5,000 oz = 13,330,000 oz to which we add the difference between the open interest for the front month of JUNE (235) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2666 (notices served so far) x 5000 oz + OI for front month of JUNE (235)  – number of notices served upon today (2) x 5000 oz of silver standing for the June contract month .equals 14,495,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 520,000 additional oz standing in June as they refused to morph into London based forwards 

 

 

TODAY’S ESTIMATED SILVER VOLUME 175,307 CONTRACTS // volume  huge//raid//banker short volume// 

 

FOR YESTERDAY  87,904  ,CONFIRMED VOLUME/  good/raid//

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 17/2021)

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 4z

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 -0.25% nav   (JUNE 17

 

/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 17/WITH GOLD DOWN $83.10 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.62 TONNES FROM THE GLD/INVENTORY RESTS AT 1041.99 TONNES.

JUNE 16/WITH GOLD UP $5.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNE

JUNE 15/WITH GOLD DOWN $9.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNES.

JUNE 14/WITH GOLD DOWN $13.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNES

JUNE 11/WITH GOLD DOWN $15.90 TODAY: A BIG 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.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

JUNE 17 / GLD INVENTORY 1041.91 tonnes

LAST;  1076 TRADING DAYS:   +117.02 TONNES HAVE BEEN ADDED THE GLD

 

LAST 976 TRADING DAYS// +  291.55. 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 17/WITH SILVER DOWN $1.86 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.339 MILLION OZ FROM THE SLV//INVENTORY RESTRS AT 573.657 MIILLION OZ//

JUNE 16/WITH SILVER UP 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 576.996 MILLION OZ/

JUNE 15/WITH SILVER DOWN 35 CENTS TODAY; NOCHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.996 MILLION OZ//

JUNE 14/WITH SILVER DOWN 11 CENTS TODAY; TWO CHANGES IN SILVER INVENTORY AT THE SLV/): i)A WITHDRAWAL OF 371,000 OZ FROM THE SLV and then ii) A HUGE DEPOSIT OF 1.484 MILLION OZ INTO THE SLV/////NVENTORY RESTS AT 576.996 MILLION OZ

JUNE 11/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT 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 575.883 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..

 

SLV INVENTORY RESTS TONIGHT AT

JUNE 17/2021
573.657 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Peter Schiff: Was This Fed Meeting Really “Hawkish”?

 
THURSDAY, JUN 17, 2021 – 12:59 PM

Via SchiffGold.com,

The Federal Reserve wrapped up its June meeting. While the central bank didn’t raise rates, the messaging coming out of the FOMC was widely viewed as hawkish. But was it really?

Peter Schiff doesn’t think so. In fact, he characterized the Fed’s messaging as extremely dovish. And the fact that it continues to ignore inflation doesn’t bode well for the future.

Most of the media attention focused on the fact that the Fed pushed up its projection for interest rate increases into 2023. But the Fed made no substantive policy changes. And it didn’t even indicate when it would reel in quantitative easing, although Fed Chairman Jerome Powell did acknowledge that the committee discussed the matter.

“You can think of this meeting that we had as the ‘talking about talking about’ meeting,” Powell said.

But Powell reiterated that the central bank would give plenty of warning before it actually starts tapering its bond-buying program.

Nevertheless, the markets and mainstream financial media obsessed over the possibility of rate hikes. At the March meeting, the FOMC held firm to its projection that it would not raise interest rates until 2024, but now the so-called “dot-plot” shows two rate hikes in 2023.

As far as inflation, the Fed raised its CPI projection to 3.4%. That was a full percentage point higher than the March forecast, but the central bank continues to categorize inflation as “transitory.”

“Our expectation is these high inflation readings now will abate,” Powell said during his post-meeting press conference.

An economist told CNBC the Fed’s tone was unexpected and speeding up the pace of rate hikes doesn’t quite line up with its inflation narrative.

The Fed is now signaling that rates will need to rise sooner and faster, with their forecast suggesting two hikes in 2023. This change in stance jars a little with the Fed’s recent claims that the recent spike in inflation is temporary.”

Peter Schiff talked at length about the Fed meeting during his podcast. He set the stage by going over more data that came out indicating inflation is much hotter than the powers-that-be are telling us, specifically import-export prices. Both came in much higher than expected. Peter said this doesn’t indicate “transitory” inflation.

The only thing transitory about these prices is that they’re getting worse. We’re transitioning from bad inflation to horrible inflation and the Fed is completely oblivious to what’s going on.

Prices aren’t going up because the economy is reopening or due to supply bottlenecks.

The main reason that prices are going up is because the Federal Reserve is printing all of this money and will continue to print more.”

After the Fed statement came out, gold sold off, the dollar gained and the stock markets tanked. The markets clearly perceived the Fed messaging as “hawkish.” Peter said the Fed isn’t being nearly as hawkish as people are making it out to be. All the Fed really did was acknowledge that inflation is no longer running “persistently” below the 2% target.

All they acknowledged is that we’re no longer running persistently below a number that we’ve blown through.”

But the markets didn’t key in on what the Fed actually did. They focused on the projections, particularly the “dot-plots.” In theory, we’ll now see two rate hikes more some two years from now. Peter called this an “insignificant change” in the big scheme of things. “It’s spitting in the ocean compared to inflation.”

How much higher is inflation likely to be in two years if the Fed stays at zero and doesn’t even raise interest rates for the first time until 2023 and only does it by 25 basis points?”

And the entire time, the Fed will continue to monetize all of the US government debt.

During the post-FOMC meeting press conference, Powell even walked back some of the “hawkishness” of the official statement. Peter called it one of the most dovish press conferences he’s seen. In effect, the Federal Reserve is simply shrugging off the big increases in consumer prices.

For instance, Powell downplayed the dot-plots.

“The dots are not a great forecaster of future rate moves … it’s because it’s so highly uncertain. There is no great forecaster — dots to be taken with a big grain of salt,” he said.

He also tempered optimism about the economic recovery.

“Lift-off is well into the future,” he said. “We’re very far from maximum employment, for example, it’s a consideration for the future.”

But even after the press conference, markets continued to price in this supposedly “hawkish” Fed pivot.

Imagine what the markets would be doing if they actually had to brace for tight monetary policy, not this mamby-pamby phony version of it. What if we actually had Paul Volker tightening monetary policy? Imagine what would happen. All hell would be breaking loose. And that is exactly what is going to happen when markets are repriced for reality instead of fantasy, which is what they’re priced for now.”

Peter said that leading up to the 2008 financial crisis, mortgages were mispriced along with the financial institutions surrounding the mortgage market.

The number of assets that are mispriced today far exceeds the number of assets that were mispriced back then. And I think they are mispriced by an even wider margin. What this means is that at some point in the future, and I don’t think it is the distant future, it is the near future, and again, that doesn’t mean tomorrow, but it’s going to happen soon I believe, reality is going to have to rear its ugly head just like it did in 2008, and all of these mispriced assets are going to be repriced to reality. But because there are so many of them this time and they’re mispriced by so much greater a degree, all hell will break loose.”

EGON VON GREYERZ//MATHEW PIEPENBURG

END

OR LAWRIE WILLIAMS

 

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

China pledges to release metal reserves to tackle price rises and shortages

(London’s Financial Times)

China pledges to release metal reserves to tackle price and shortage fears

 

 

 Section: Daily Dispatches

 

By Thomas Hale, Neil Hume, and Henry Sanderson
Financial Times, London
Wednesday, June 16, 2021

Industrial metals are in the spotlight after Chinese authorities made a pledge to release government reserves to tackle concerns over shortages and high prices.

The National Food and Strategic Reserves Administration said in a statement today that it would release batches of metals, including copper, aluminium and, zinc, making them available to manufacturers.

The move comes after government concerns over a commodity price rally, which has pushed factory gate prices up to their highest since the 2008 financial crisis and threatened to squeeze industry profits.

It marks the latest effort by Chinese policymakers to damp down commodity prices. Last month China’s economic planning agency warned of “excessive speculation” and vowed to tackle the spread of false information and hoarding.

. For the remainder of the report:

https://www.ft.com/content/cf601bb0-4c24-4cd6-acc7-cd4eb263d574

* * *

end

This is a must read:  USA government is the seller of paper gold with no motive for profit. The smash is to get the banks onside before Basel III kicks in June 28.2021

(Chris Powell)

With Wednesday’s gold smash, U.S. government advertised its weakness

 

 

 Section: Daily Dispatches

 

12:42a ET Thursday, June 17, 2021

Dear Friend of GATA and Gold:

In his commentary a few hours ago at Investment Research Dynamics in Denver, Dave Kranzler wrote it’s unlikely that anyone either bought or sold real gold at the smashed prices reported on the New York Commodities Exchange Wednesday afternoon after the Federal Reserve made its latest announcement about the U.S. economy. The smash was entirely a matter of derivatives:

https://investmentresearchdynamics.com/comex-gold-trading-was-form-vs-substance-today/

But then of course most gold trading in recent years has been a matter of derivatives, not actual metal, and derivatives have vastly inflated what the world considers the gold supply — and the world cooperates by continuing to give credence to derivative prices rather than prices for real metal in hand. This is the racket the world lives in.

Mainstream financial news organizations pretended to construe the Fed’s statement as being on the tough side because, while it acknowledged that inflation is high, it contemplated two increases in interest rates — two years from now!

In a free market less controlled by derivatives, such silliness from the Fed might have sent monetary metals prices soaring. Instead somebody heavily sold gold futures in New York and prices crashed.

Just who did all that selling? 

Of course financial news organizations didn’t ask, but the sellers were almost certainly the major investment banks trading on behalf of the U.S. government, banks that are always short the metals, never long. — because they are not trading for themselves. The consistency of their position implies a practice not of seeking profit — nobody seeking to maximize profit sells all at once, as was done again today — but a practice of executing policy for an entity that needs monetary metals prices suppressed.

As Kranzler notes, GATA long has documented all this stuff, often with material from governments and central banks themselves. A recent summary of that documentation and the history of gold price suppression policy, noting some of its injustice, is here:

https://gata.org/node/20925

Of course on days like Wednesday, this work may seem useless — as useless as the World Gold Council and the mining companies it purports to represent. But Wednesday was actually a demonstration of the government’s weakness, not its strength. For Wednesday was another reminder that subtlety no longer works in gold price suppression — that the government is being forced into the open to keep the gold price down and no longer can afford not to be seen and thus no longer can keep from being exposed.

The challenge now is not so much one of exposure — that long has been accomplished — but one of making people care about the injustice being done. Understandably, even most people who know what is happening — including the journalists, newsletter writers, mining company executives, and the financial people — are still too scared to care.

But there will come a point when a few more people are inspired enough to care and find their courage, as in the great scene from “On the Waterfront,” where a diminutive and aging stevedore decides he has had enough from his union’s gangster boss:

https://youtu.be/aWn4QwDHa4s?t=319

On what seem like bad days, the best advice may come from two very different and often adversarial but nevertheless world-changing figures from history. 

“The day may dawn,” Churchill said, “when fair play, love for one’s fellow men, and respect for justice and freedom will enable tormented generations to march forth serene and triumphant from the hideous epoch in which we have to dwell. Meanwhile, never flinch, never weary, never despair.”

And from Gandhi: “When I despair, I remember that all through history the way of truth and love has always won. There have been tyrants and murderers, and for a time they seem invincible, but in the end they always fall. Think of it — always.”

Yes, there’s still going to be a great day, and some of us may even live to see it:

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

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

end

other gold/silver/physical related stories

John Adams…

FYI – this morning I have written to the Premier of Western Australia (effectively the head of the executive branch of the Western Australian Government) and have called for Richard Hays to be fired among other demands.

 

———- Forwarded message ———
From: John Adams <john@adamseconomics.com>
Date: Thu, Jun 17, 2021 at 10:19 AM
Subject: IMPORTANT: Significant concerns regarding the Perth Mint
To: <wa-government@dpc.wa.gov.au>
Cc: robert <robert@goldsilverpros.com>, daniel vigario <daniel.vigario@316consulting.co.uk>
Dear Premier Mark McGowan,
 
My name is John Adams and I am a professional economist and precious metals investor and public commentator. 
 
I am writing to express my significant concerns regarding Gold Corporation (which includes the Perth Mint) which according to the following website falls within your ministerial portfolio:
 
 
My concerns relate to the integrity of unallocated and pool allocated accounts offered to investors by the Perth Mint and the transparency in which these accounts have been managed as well as promoted to Perth Mint’s clients.
 
In the past few months (commencing in March 2021) the integrity of these accounts have escalated into a major international controversy within the global precious metals market (especially in the global silver market). Specifically, allegations have been made that the Perth Mint is running a fractional reserve scheme for its unallocated and pool allocated accounts (i.e. these accounts are not 100% backed by the requisite physical metal). 
 
Risks of Unallocated and Pool Allocated Products
Importantly, risks associated with unallocated and pool allocated accounts (or what I refer to as ‘synthetic products’) is an issue which I have warned Australian investors for approximately 12 months as I wrote extensively about the issue on my website,www.adamseconomics.com in 2020. See the following link: 
 
My specific concerns with these products are that investors: 
 
a) don’t enjoy any gold or silver ownership or property rights with these products; and
 
b) are exposed to counter-party risks (i.e. the issuer of these products may not be able to deliver physical metal upon request or meet cash redemption demands).
 
Allegations concerning the Perth Mint 
Beyond my article from last year, the controversy surrounding unallocated and pool allocated accounts received significant international attention earlier this year when when I published via social media (i.e. Twitter) on 20 March 2021 direct feedback from Perth Mint clients that the Perth Mint had defaulted on their obligations to deliver physical silver to its clients who held unallocated and pool allocated accounts within the requisite 10-day delivery contractual time frame. 
 
Subsequent to the publication of this tweet, numerous international precious metals experts (including myself) stated on the public record that the available evidence suggests the Perth Mint is running a fractional reserve synthetic program (i.e. the Perth Mint’s products were not 100% back by physical metal which is contrary to its publicly stated position). The Perth Mint to date has denied all of these allegations.
 
However, in the past 48 hours this controversy was reignited following the release of a YouTube video on 15 June 2021 which presents an exhaustive and detailed analysis of Gold Corporation’s published financial statements as of 30 June 2020. 
 
A link to the video in question can be found here: 
 
 
 
The two men in the video, Mr. Daniel Vigario and Mr. Robert Kientz are respectively a South African chartered accountant who lives and works in London (United Kingdom) and a former Big 4 accounting firm auditor (KPMG and EY) who lives in Texas (in the United States of America).
 
Both men have conducted a comprehensive and exhaustive analysis of Gold Corporation’s published financial statements as published in the 2020 Annual Report. Both men have extensive credentials and experience to conduct the analysis that they did. 
 
Other Recent Videos
 
The recently released video by Mr Vigario and Mr Kientz on 15 June 2021 builds on two other Youtube videos by Mr Kientz about the Perth Mint. See the following links:
 
(i) The Perth Mint is running a Fractional Reserve Metals Scheme (published on 20 May 2021) – (10) The Perth Mint is Running a Fractional Reserve Metals Scheme – YouTube
 
(ii) Asking Questions about Perth Mint’s Precious Metals Assets (published on 23 May 2021) – (10) Asking Questions about Perth Mint’s Precious Metals Assets – YouTube
Conclusions about the Perth Mint
 
Importantly, one of the main findings of the exhaustive analysis conducted by Mr Vigario and Mr Kientz is that the Perth Mint (as evidenced by the financial statements of Gold Corporation) has in fact been running a fractional reserve synthetic program(i.e. unallocated and pool allocated) given that the Perth Mint was short almost $AUD 1 billion of physical metals relative to its balance sheet liabilities (i.e. precious metals borrowings – interest and non-interest bearing) as of 30 June 2020. 
 
As a result of this finding, clients of the Perth Mint have been grossly misled by the Perth Mint about what they have been really up to.
 
 
This finding can be viewed between the 46 minute and 48 minute and 20 second mark in the 15 June 2021 video listed above.
 
It is important to note that Mr Vigario and Mr Kientz reached other important conclusions about the Perth Mint which warrant further consideration by yourself as the relevant Minister.
 
Perth Mint CEO Richard Hays
 
Critically, the video released by Mr Vigario and Mr. Kientz conclusive proves that the CEO of the Perth Mint, Mr Richard Hays lied to ABC Radio Perth when interviewed by Russell Woolf on 23 March 2021. 
 
Mr Hays was interviewed by the ABC on this occasion to respond to my tweet of 20 May 2021 and other social media commentary regarding whether the Perth Mint was running short of physical silver to meet their contractual obligations to unallocated and pool allocated account holders. 
 
Moreover, the video by Mr Vigario and Mr Kientz also shows that the Perth Mint deliberately published a misleading public statement on 23 May 2021 in response to Mr Kientz’s YouTube video of 20 May 2021. See the following link:  
 
 
The revelation that the leadership of the Perth Mint has engaged in misleading and deceptive conduct has resulted in the Perth Mint’s reputation falling into disrepute among precious metals market participants around the world. 
 
As such, this situation requires immediate intervention by the Government of Western Australia.  
 
Call to Action
 
In your roles as both Premier of Western Australia and the Minister responsible for Gold Corporation, I am calling on you to implement the following actions:
 
1) review the 15 June 2021 Youtube video (as provided above) which includes the comprehensive analysis of Mr Vigario and Mr Kientz;
 
2) have your staff or department to make contact with Mr Vigario and Mr Kientz to discuss their concerns and analysis (I have cc’d them into this e-mail);
 
3) announce an independent parliamentary inquiry into the activities of Gold Corporation which includes terms of reference that investigates the integrity of Perth Mint’s unallocated and pool allocated accounts; 
 
4) instruct via the Parliament of Western Australia that the Auditor-General of Western Australia must implement new financial reporting requirements on Gold Corporation which improves the transparency of Perth Mint’s financial statements and operational activities; and
 
5) instruct the board of directors of Gold Corporation to stand down Richard Hays and appoint a new Chief Executive Officer who is able to restore the Perth Mint’s international reputation. 
 
 
Conclusion
The analysis presented by Mr Vigario and Mr Kientz is both exhaustive and damning. The video released in the past 48 hours has already become the talk of the international gold and silver market. 
 
As a result, the international reputation of the Perth Mint within the global precious metals community is now in tatters and therefore by extension that of the Government of Western Australia.
 
In your capacity as both the Premier and the Minister responsible for Gold Corporation you have the ability to address international concerns relating to the operational activities of  the Perth Mint. 
 
By doing so, you have the ability to restore international confidence in both the Perth Mint and by extension the reputation of the Western Australian Government.
 
 
I am happy to speak directly to either your staff or department if required. 
 


yours faithfully,

 

John Adams

Principal Economic Analyst
Adams Economics
 
 
 
Attachments area
 
Preview YouTube video Customers at Risk | Perth Mint Turns Itself Into a Bank

 

Preview YouTube video The Perth Mint is Running a Fractional Reserve Metals Scheme

Preview YouTube video Asking Questions about Perth Mint’s Precious Metals Assets

 
 

end

 
 
CRYPTOCURRENCIES/
Steve Brown on Cryptocurrencies…
a good read…
 

Greed… is Good

Steve Brown

Bitcoin — like Satoshi Nakamoto whoever Satoshi Nakamoto may be, whether he, she, or it — is a scam. And that scam lost nearly half of its ‘value’ since bitcoin’s peak, April 14th. Considering that, on May 24th Novusconfidential asked where $800B US in lost crypto could go; ie the crypto redeemed back into dollars. Since the precious metals market is hopelessly manipulated by central banks, the punters who cashed their btc for $ – including mega-behemoth primary dealers and their institutions – did not wish to put their cash into precious metals. Instead they kept their cash… in cash. And that has created a huge issue for MMT money-creators at the Fed/Treasury.

Here’s what the London Financial Times reported:

‘A growing chorus of investors is urging the Federal Reserve to act to prevent negative rates taking hold in parts of the U.S. financial markets, as a wall of cash drives down yields on short-term debt and threatens to overwhelm the $4 trillion money market fund industry.

The Fed is set to discuss the intensifying pressure in U.S. money markets at its meeting this week, after record sums of cash were parked at the central bank overnight on Monday at a zero-interest rate.

After more than a year of large-scale economic stimulus from the Fed and the U.S. government, investors say, too much money is seeking a home in short-dated Treasuries and other securities. In some cases in recent weeks, that has pushed the yield on some debt into negative territory.

If pressures continue, the situation could become a “matter of the monetary system functioning,” said Gennadiy Goldberg, a rates strategist at TD Securities. “If you do get enough cash that simply cannot find a home, the downward pressure on rates will intensify even more.’
Link: https://www.ft.com/content/1c3ec473-e08f-4057-87ec-dcfa0f784521

Even though the Fed will continue its ‘accommodation’ punch bowl, the crooks on Wall Street threw a taper tantrum again today when the Fed promised a hike in fund rates by the end of 2023. More than a punch bowl of juicy goodness, the Fed/Treasury’s mega-creation of free money to fuel Wall Street is more like the “Fed Connection” supplying primary dealer drug addicts with heroin.

Of course the elephant extant is the extent to which US monetary powers can actually raise rates at that far-off time, and what conditions may exist then to mitgate any such tightening. The most that can be expected is a fund rate rise of perhaps a few basis points, since trillions in MMT debt render any attempt to service debt at a reasonable rate – for example 5% – will sink the exponentially-filling ship with megatons of phony dollars.

Yes, trillions in $ US have been created in “money” supply based on the imaginary M1 stats the Fed produces after having been forced by exigency to “discontinue” M2 and M3. Point being that so long as the Wall Street punch bowl is not taken away – er, sorry, heroin fix – no political or monetary leader of any consequence is likely to care about the overall long-term threat to the global monetary system MMT presents. Such questions are far too logical for Wall Street, and the currency cartel drove virtual (cartel spot) gold prices down over 2% today on the fund rate news, while the DXY dramatically rose by nearly 1%.

Of course the Axis of Financial Evil – Bloomberg, CNBC, JP Morgan, Goldman Sachs and the Primary Dealers – will never join the dots for you re liquidated crypto and billions in cash sloshing around the system. One big surprise… the Fed did not pump liquidated $ billions back into bitcoin in the “rinse and repeat” scenario I described some months ago. Apparently the monetary powers still do differentiate between inflating share markets and inflating bitcoin. Meaning that when Wall Street’s DJIA is down a few hundred points in a day, invariably we see those dollars funded right back into shares the following day. And that is what we will see on June 17th. Meanwhile Max Keiser continues to trade sideways.

But all this must beg the question: When will the monetary punch bowl (or heroin fix) really be taken away from the Primary Dealers and their related parasites? And when will BlackRock/BlackStone ETF’s and hedge funds who have fed at the Wall Street FAANG/air stocks trough since the collapse of 2008-2009 get their comeuppance? At some point the “punch” will cease to flow, but apparently the Fed has plenty of “juice” going forward, in excess of two years… or so it says. That’s a long time. And much of the world is not happy with either Washington or its dollar. Washington was again sabre-rattling like the mouse that roared on the world stage today, bullying and cajoling not only via its “leader” but with the Captured Media cat-calling the world too.

That the Money Masters of avarice may decide how events will transpire in excess of two years from now – not just monetarily but politically too – is not only obscene, but obscenely arrogant. That this Fed Frankenstein of a Ponzi may be transfused to life forever with counterfeited dollars and infinite debt portends a nightmarish future that not even Shelley could conjure into existence…

-END-

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4379 

 

//OFFSHORE YUAN:  6.4450   /shanghai bourse CLOSED UP 7.28 PTS OR 0.21% 

HANG SANG CLOSED UP  121.75 PTS OR .43 PTS 

 

2. Nikkei closed DOWN 272.68 PTS OR 0.51%

3. Europe stocks  ALL MIXED

 

USA dollar index  UP  91.78/Euro FALLS TO 1.1934

3b Japan 10 YR bond yield: RISES TO. +.066/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.74/ 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:: 72.01 and Brent: 74.16

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.207%/Italian 10 Yr bond yield UP to 0.84% /SPAIN 10 YR BOND YIELD UP TO 0.45%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.05: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.78

3k Gold at $1788.40 silver at: 26.38   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 26/100 in roubles/dollar) 71.97

3m oil into the 72 dollar handle for WTI and 74 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.74 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 .9151 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0952 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 RISING to 0.207%

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 1.57% early this morning. Thirty year rate at 2.178%

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

6.  TURKISH LIRA:  DOWN  TO 8.64.. DEADLY

Futures Rebound As Markets Fade Hawkish Fed Surprise

BY TYLER DURDEN
THURSDAY, JUN 17, 2021 – 07:03 AM

Well, the Fed blinked: with virtually nobody expecting a hawkish surprise from Powell on Wednesday, the Fed chair shocked the world and sparked a bond rout and dollar surge when he unveiled that the median Fed dot now showed not one but two rate hikes in 2023… (Harvey:  what a joke)

… confirming that inflation is indeed non-transitory (at least until we get another major deflationary burst). And yet, despite the 4th largest bond selloff in 5Y TSYs since 2011…

… futures have already largely recovered from any residual surprise and the Emini rebounded from an overnight slump, even was European and Asian markets all traded lower on concerns what the newly-hawkish Fed means for risk assets. S&P 500 futures were down just 0.3%, trading at 4,200 after dropping as low as 4,183 earlier and down from 4,230 before the FOMC announcement.

Why the lack of more pain? Because, as Swissquote analyst Ipek Ozkardeskaya said, monetary tightening “should not be a massive problem for the stock markets” because the economic recovery will compensate for higher funding costs and reduced liquidity. The “Fed won’t pull away the rug from under investors’ feet rapidly,” she said. “But given the actual circumstances, investors will be increasingly craving for inflation and reflation friendly stocks.”

On Wednesday, Jerome Powell acknowledged the risks of inflation and said officials had begun a discussion about scaling back bond purchases. Policy makers’ dot plot showed they anticipate two rate increases by the end of 2023, a faster-than-expected pace of tightening. This marked a turning point in the Fed’s communication to global markets, which had so far been ultra-dovish.

“We’ve gotten to a point that has everyone feeling slightly less comfortable in assuming that the Fed is going to be able to be as patient for as long as they would like,” Michelle Girard, Natwest Markets co-head of global economics and chief U.S. economist, said on Bloomberg Television.

The Fed’s surprising hawkishness also ended Europe’s record rally, with the Stoxx 600 Index falling from an all time high the first time in 10 days. Emerging markets and commodities were lower, while bank shares advanced. The Bloomberg Dollar Spot Index rose for a fifth day.

  • Miner Freeport-McMoran Inc. declined in premarket New York trading. Here are some other notable U.S. movers today:
  • CureVac (CVAC) plunges 43% as analysts cut price targets after the biotech firm disclosed that its mRNA-based Covid vaccine fell short in a study.
  • Kratos Defense & Security Solutions (KTOS) climbs 3.7% premarket trading after Ark Funds disclosed a share purchase.
  • Retail trader-favorite stocks climb in premarket trading after meme stocks broadly slipped Wednesday. Workhorse (WKHS) gains 0.7%, while Naked Brand (NAKD) advances 1.2% and Clover Health (CLOV) climbs 0.5%.
  • Satsuma Pharmaceuticals (STSA) jumps 10% after surging post-market Wednesday, following positive pharmacokinetic, tolerability and safety results from a Phase 1 trial of STS101.

In Europe, the Stoxx 600 Index dropped 0.4% as declines for utilities and basic-resources companies outweighed gains in the banking industry. CureVac slumped as much as 52% in Germany after its Covid-19 vaccine trial fell short of the high efficacy bar set by other messenger RNA shots.

Here are some of the biggest European movers today:

  • European travel shares outperform after a Telegraph report saying the U.K. is considering opening up amber list countries to people who have had both Covid-19 vaccine jabs.
  • EasyJet gains as much as 5%, Ryanair +3.4%, Wizz Air +2%, Jet2 +4.2%, TUI +3.2%
  • BBVA jumps as much as 3.6%, best-performing stock on the Stoxx 600 Banks Index. The message from the lender’s CFO at a sell-side analysts meeting “had quite an upbeat tone, even more optimistic than durinq 1Q earnings,” according to Deutsche Bank.
  • Trainline rises as much as 11%, the most since Nov. 9, after a trading update showed a ticket sale rebound. JPMorgan said “recovery is on track,” though lowered its price target.
  • Orphazyme soars as much as 25% following a spike in the U.S., where ADRs remain volatile after the biotech caught the attention of retail traders ahead of a key regulatory decision date for its drug with CytRx Corp.
  • Halma drops as much as 4.8% to end a strong run for the health and safety sensor maker’s shares, which hit a record high this week.
  • Berenberg says that while there are few better long-term investments, “valuation remains a hurdle.”
  • Nel slips as much as 5.3% after Arctic downgraded to hold from buy, and lowered its price target on the basis of higher long-term interest rates and expansion of the green investment universe.

In FX, the Bloomberg Dollar Spot Index rose for a fifth consecutive day to its highest level since mid-April and the greenback advanced against most of its Group-of-10 peers, after the Federal Reserve provided a further boost to bullish sentiment on the dollar and revived demand for long gamma exposure. On the other end, the euro fell to a two- month low of $1.1936 after ECB chief economist Philip Lane signaled that policy makers may not have all the data they need by September to start shifting policy away from the current ultra-loose stance; he also said the central bank doesn’t have a fixed volume approach to PEPP. Norway’s krone advanced against the Swedish krona after Norges Bank signaled a faster pace of tightening than many had expected; Governor Oystein Olsen said the path indicates a 0.25% rate hike each of the coming four quarteres. The Swiss franc was among the worst G-10 performers; the nation’s central bank kept up its ultra-expansive monetary-policy stance aimed at thwarting any appreciation of the franc and insisted that any nascent inflation pressures it’s seeing won’t endure. Australian and New Zealand dollars bounced back on strong local economic data after the greenback surged overnight on the hawkish turn by the Federal Reserve; sovereign bonds slumped in both countries. The yen fluctuated after touching an 11-week low of 110.82 per dollar following Wednesday’s hawkish Fed policy meeting; Japanese bonds fell.

In rates, after yields spiked following the Fed shock, Treasury yields pared some of their increase with the 10Y last trading at 1.55%. Sovereign bond yields in Europe and Asia rose, and European stocks snapped their nine-day rising streak.

In commodities, copper fell 2.2% in London to the lowest in two months. The rally in metals has stalled in recent weeks and copper has retreated from last month’s record as concerns about cost pressures spurred expectations stimulus that had been supporting the global recovery would be scaled back. Copper producer Freeport-McMoran was 2.2% lower in premarket trading.

Looking at the day ahead now, and data highlights include the weekly initial jobless claims from the US, as well as the Conference Board’s leading index for May and the Philadelphia Fed’s business outlook index for June. Central bank speakers include the ECB’s Villeroy, Lane, Elderson and Visco, and there are a number of rates decisions from around the world, including in Indonesia, Turkey, Norway, Switzerland and Egypt.

Market Snapshot

  • S&P 500 futures down 0.4% to 4,205.75
  • STOXX Europe 600 down 0.4% to 458.04
  • MXAP down 0.7% to 207.94
  • MXAPJ down 0.5% to 696.64
  • Nikkei down 0.9% to 29,018.33
  • Topix down 0.6% to 1,963.57
  • Hang Seng Index up 0.4% to 28,558.59
  • Shanghai Composite up 0.2% to 3,525.60
  • Sensex down 0.4% to 52,311.38
  • Australia S&P/ASX 200 down 0.4% to 7,359.04
  • Kospi down 0.4% to 3,264.96
  • Brent Futures down 0.5% to $74.05/bbl
  • Gold spot down 0.2% to $1,807.85
  • U.S. Dollar Index up 0.56% to 91.64
  • German 10Y yield rose 0.8bps to -0.164%
  • Euro down 0.4% to $1.1952
  • Brent Futures down 0.5% to $74.05/bbl

Top Overnight News from Bloomberg

  • Bank of England Chief Economist Andy Haldane says in an interview in the Spectator magazine that the U.K. economy may be close to pre-Covid levels of output
  • The yuan’s exchange rate versus the dollar fell the most in nearly three months in offshore markets Wednesday, after the Fed’s announcement; a forum backed by the Chinese central bank released a statement urging corporates to hedge against yuan volatility, after a state-run paper said the currency could start to decline
  • China is resorting to increasingly forceful measures to contain risks to the financial system, in moves that threaten to undermine President Xi Jinping’s pledge to give markets greater freedom
  • The pound’s popularity in cross-border payments tumbled to its lowest level in more than a decade as the U.K. navigates the post-Brexit landscape, while the euro edged out the dollar for the top spot last month
  • Global food inflation concerns are receding as rains ease dry conditions across major growing areas and prices of everything from soybeans to corn and palm oil slide on optimism over improved supplies
  • Turkey’s central bank is expected to keep interest rates unchanged for a third month, as a weak lira and global commodity prices continue to cloud the nation’s inflation outlook

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded mostly lower with risk appetite subdued in reaction to the FOMC where the Fed kept rates and QE unchanged as expected but caught markets off guard with hawkish Fed dot plots where median projections were for a rate lift off and total 50bps hike in 2023. ASX 200 (-0.4%) was led lower by the mining related sectors after underlying commodity prices succumbed to the pressure from a stronger USD and amid heavy losses in Whitehaven Coal after it downgraded its FY production again, but with downside in the index stemmed following blockbuster employment data and with financials underpinned by the rise in global yields. Nikkei 225 (-0.9%) underperformed in the aftermath of the FOMC amid a mixed currency and although Japan is reportedly set lo lift the state of emergency for nine prefectures, nearly all of them including Tokyo and Osaka will be subject to quasi-restrictions, while KOSPI (-0.4%) also weakened amid a pullback from record highs. Hang Seng (+0.1%) and Shanghai Comp. (+0.2%) were choppy amid lingering US-China tensions as Treasury Secretary Yellen reiterated the US is looking at a full range of tools to push back against China’s practices that harm US national security but added that she would be worried about a complete technological decoupling from China. Participants also got to digest the latest activity data from China in which Industrial Production and Retail Sales missed expectations but still registered respectable growth of 8.8% and 12.4%, respectively. Finally, 10yr JGBs were lower on spillover selling from T-notes and with yields in the region boosted which saw gains of around 10bps in the Aussie 10yr and 13bps in its Kiwi counterpart, while focus for Japan turns to the BoJ which begins its 2-day policy meeting today.

Top Asian News

  • Fed Ripples Hit Hardest in Asia as Rates Outlook Shifts
  • Huarong Puts Multiple Units On Sale in Major Downsizing Push
  • Hedge Funds Push Deeper Into Private Equity’s Turf in Asia
  • Japan to End Tokyo Virus Emergency About a Month Before Olympics

Europe bourse trade mostly lower in the aftermath of the hawkish Fed announcement yesterday, albeit losses in the region are marginal (Euro Stoxx 50 -0.2%). US equity futures meanwhile hold onto a bulk of the post-FOMC losses with marginal underperformance seen in the tech-laden NQ amid the rates environment. Back to Europe, sectors are mostly lower with no real theme nor bias. Banks outperform amid favourable yields, in turn pressuring Tech towards the bottom of the bunch. Travel & Leisure names see tailwinds amid reports that the UK may allow fully vaccinated people to travel to amber list countries without needing to quarantine. Basic Resources are the clear underperformers on the back of the continuing decline in base metal prices. As such, the IBEX (+0.2%) nursed its initial losses on the back of a strong performance in its heavyweight sectors – the Banks and Travel & Leisure names, whilst the FTSE 100 (-0.5%) narrowly underperforms the region as gains in the banking sector fails to offset losses in the mining names. In terms of individual movers, Airbus (+1.3%) is firmer as the UK and US reached an accord on the Airbus/Boeing (-0.4%) dispute whereby the sides will not impose tariffs related to this dispute for five years, in a deal that seemingly echoes that made between the US and the EU.

Top European News

  • Lane Plays Down Importance of September Meeting for ECB Shift
  • Coronavirus Is Spreading Rapidly in England, Study Finds (1)
  • U.S., U.K. Reach Boeing-Airbus Truce Following EU Agreement
  • Santander’s Botin Sees Spain’s 2021 Rebound ‘Off The Charts’

In FX, the Dollar index is as good a proxy as any for gauging currency market perceptions and general sentiment in wake of the June FOMC meeting that threw few surprises in terms of policy settings, but was accompanied by more upbeat SEP forecasts, dot plots bringing forward rate hike projections and ended with Fed chair Powell announcing that the eagerly awaited and much hyped talk about when to talk about tapering has now officially started. In response, the DXY shot up through 91.000 having struggled to break free from restraints around the 90.500 level for several sessions and has subsequently extended beyond Wednesday’s best (91.408) to 91.840, so far, while firmly breaching technical resistance in the form of the 200 DMA (91.511) in the process. Ahead, jobless claims and the Philly Fed survey provide the first post-FOMC macro releases as the process of weighing substantial progress towards employment and inflation targets begins in earnest.

  • CHF/NOK/BRL – Also looking for direction and independent impetus from latest Central Bank guidance, but getting mixed messages as the SNB stood pat and effectively delivered a repeat statement on FX interventions having retained a highly valued classification for the Franc. However, the Norges Bank nailed down September as the month to raise its depo rate and the path was adjusted accordingly, with Governor Olsen subsequently underscoring that this might result in 2 hikes before the end of 2021 followed by 1 per quarter through H1 next year. Meanwhile, the BCB stuck to its 75 bp consecutive meeting tightening trend last night and indicated that it plans to make it 4 in a row after a tweak to the language regarding normalisation to remove the word ‘partial’ (in view of the unwinding already undertaken to lift the SELIC closer to neutral). Usd/Chf is hovering around 0.9135, Eur/Nok circa 10.1600 and Usd/Brl closed above 5.0500 compared to just under 5.0000 at one stage pre-Fed and BCB.
  • NZD/AUD – The Kiwi and Aussie have both been trying hard to swim against the tide with assistance coming via significantly stronger than expected data in the form of Q1 GDP and May jobs respectively, but Nzd/Usd has faded from a fraction above 0.7100 to test support/underlying bids around 0.7050 and Aud/Usd is skirting 0.7600 compared to 0.7646, with dovish comments from RBA Governor Lowe taking some shine off the outstanding labour report.
  • CAD/EUR – No such props for the Loonie or Euro to lean on, so both are making way or yielding to the almost universal Greenback revival, as Usd/Cad rebounds over 1.2300 and Eur/Usd recoils to sub-1.1950 lows to leave hefty option expiry interest between 1.2000-1.1985 (1.7 bn) behind, barring a major change in trend.

In commodities, WTI and Brent front-month futures have been clambering off their post-Fed lows with the former back on a USD 72/bbl handle (vs low 71.33/bbl) and the latter within reaching distance of the USD 74.50/bbl mark (vs low 73.55/bbl). Fundamentals for the oil complex remain bullish as demand is expected to surge in the summer whilst the taps will remain controlled by OPEC+ on the supply side. Sticking with supply, an Iranian deal seems more out of reach than what had initially been expected, with the outstanding sticking points likely to take negotiations past the domestic elections on June 18th and closer to the expiry date of the IAEA/Iran agreement on June 24th – although the agency has been hinting at a possible extension to the monitoring deal. Nonetheless, desks have noted that the return of Iranian oil has been priced into the markets, but a deal remains in the balance. In terms of metals, spot gold and silver remain suppressed by the rampant Dollar and elevated yields, with the yellow metal probing USD 1,800/oz to the downside ahead of its 100 DMA at USD 1,795/oz. Spot silver drifts meanwhile dipped under USD 27/oz. In terms of base metals, LME copper remains under pressure with the 3M back under USD 9,500/t amid the firmer Buck, mild risk aversion, and the ongoing China crackdown against unfavourable prices. Finally, steel-making raw materials in China consolidated overnight following the hefty losses in the prior session.

US Event Calendar

  • 8:30am: June Initial Jobless Claims, est. 360,000, prior 376,000;  Continuing Claims, est. 3.43m, prior 3.5m
  • 8:30am: June Philadelphia Fed Business Outl, est. 31.0, prior 31.5
  • 10am: May Leading Index, est. 1.3%, prior 1.6%

DB’s Jim Reid concludes the overnight wrap

If 0 was that you thought current US inflation was totally transitory and that 100 meant that we were likely to see very high inflation down the road then prior to last night’s FOMC the Fed seemed to be at around a 5. After the meeting they have perhaps pushed that up to somewhere between 10-20. This was as hawkish as they could have possibly gone at this stage within realistic expectations. To be fair their position makes more sense now. As I wrote in my CoTD (link here) yesterday “What makes the Fed so special?”. The chart showed that we have now started a global hiking cycle and one that is often started by the Fed through history. However this time round until last night the Fed had told us that they weren’t hiking for at least 30 months even though the US has arguably had the most stimulative monetary and fiscal policy in the world (and it’s most on record), has an output gap that will close in the next few quarters and has some of the worst current inflation numbers in the world – a position normally exclusively reserved for EM countries. So surely last night’s meeting just gets the Fed back to a small acknowledgment that the risks are there. It was very odd that they had previously been so co-ordinated on the ultra dovish side. A reminder of our inflation piece from last week (link here) where we laid out the case that the Fed was at risk of making a big policy error.

In terms of the top-line details, the fed funds rate and bond purchases were left unchanged as expected. The most hawkish development was the dot plot now showing the 2023 median dot pricing in 2 rate hikes (25bps), compared to 0 hikes last meeting. Moreover in March, 11 of 18 governors wanted to keep rates at near 0 through 2023 with only 6 pricing in more than one hike, however yesterday only 5 wanted to keep rates at near 0 through 2023 while 8 governors projected 3 or more hikes. Somewhat accordingly the Fed lowered its unemployment projection for 2022 to 3.8% from 3.9%, while keeping 2021 and 2023 rates at 4.5% and 3.5% respectively. While the Fed rose their core PCE forecasts for 2022 to 2.1% from 2.0% while 2023’s projection remained at 2.1%.

During the ensuing press conference, Fed Chair Powell acknowledged that “talking about talking” about tapering has occurred and so the term will likely be put back in the cupboard until the next crisis. On the all-important topic of inflation Mr Powell said “shifts in demand can be large and rapid, and bottlenecks, hiring difficulties and other constraints could continue to limit how quickly supply can adjust — raising the possibility that inflation could turn out to be higher and more persistent than we expect.” While not a full turn away from “transitory”, it was a clear signal that the Fed is open to the idea that some aspects of the recent price increases can be more permanent. For a full recap, see our US economists’ note here. They maintain their view on the timeline for a tapering signal later this summer with an official announcement by year-end. However risks now lean to earlier rather than later if inflation expectations continue to surprise to the upside.

Markets reacted strongly with US Treasuries selling off sharply as 10yr yields rose +8.3bps overall on the day after jumping nearly +11bps in the hour following the FOMC announcement. This was the largest one day rise in the benchmark yield in just over 3 months. The rise was driven by real yields increasing 15.1bps – the largest move since 25 Feb. 10yr inflation expectations dropped -6.5bps to a two month low of 2.32% in what could be seen as a slight acknowledgment from markets that the Fed would not get as far behind the curve as they thought before. The 5yr real yields rose +19.3bp – also the largest one day move since 25 Feb. The US dollar index, which was largely unchanged prior to the FOMC release, rose +0.65%, with the index now up +1.66% since the late May lows.

With the hawkish turn by the Fed, our FX strategists have closed out their long EUR over USD trade. A key reasoning of their dollar negative view was a persistently dovish Fed that remained purposefully behind the curve and intentionally depressed interest rate volatility. See here for the short note.

Lastly, risk markets sold off following the Fed release, but were able to recoup much of those losses by the end of the session. The S&P 500 was down -0.3% ahead of the FOMC, before falling to as much as -1.04% during Mr Powell’s presser. However markets recovered in the last hour of trading to end down -0.54% on the day overall. It was a broad based selloff with 80% of the index declining in what was actually the second largest pullback for the index in the last month. Only 4 industries of the 24 GICS level 2 industry groups ended the day higher – banks (+0.22%) and industries that include some of the largest S&P 500 members namely tech hardware (+0.16%) led by Apple, retailing (+0.24%) led by Amazon, and autos (+0.71%) led by Tesla. Those large tech stocks actually helped the NASDAQ to outperform slightly, falling ‘only’ -0.24% yesterday after being -1.20% at the immediate post FOMC lows.

Overnight in Asia markets are trading mixed with the Hang Seng (+0.28%) and Shanghai Comp (+0.17%) up while the Nikkei (-1.11%), Kospi (-0.38%) and India’s Nifty (-0.36%) are all down. Futures on the S&P 500 (-0.36%) and Stoxx 50 (-0.39%) are also trading lower. In fx, the New Zealand dollar is up as much as +0.53% against the greenback after its Q1 2021 GDP beat at +1.6% qoq (vs. +0.5% qoq expected) have increased the likelihood of faster rate hikes by the RBNZ. The Australian dollar is also up +0.22% this morning after better than expected gains in employment. The gains for these currencies are despite the US dollar index being up +0.27% in early trade today after yesterday’s +0.65% gain.

Ahead of the Fed, markets in Europe advanced once again as the STOXX 600 (+0.23%) rose for a 9th successive session, which is the longest such run for the index since October 2017. If we get a 10th day in the green today, that would be the longest stretch of gains all the way back to 2006, so quite a milestone potentially. And sovereign bonds also made gains as well, with yields on 10yr bunds (-1.8bps), OATs (-1.3bps) and BTPs (-1.0bps) all moving lower.

One notable data point out of Europe yesterday (which echoes the broader inflation debate elsewhere) was the UK CPI reading, which surprised to the upside at +2.1% (vs. +1.8% expected), whilst core inflation saw an even bigger upside surprise at +2.0% (vs. +1.5% expected). Some of the areas of upward pressure included clothing, second-hand cars and restaurants/hotels, and the report meant that CPI was above the BoE’s 2% target for the first time in almost two years.

Earlier in the day, President Biden met Russian President Putin for the first time since the former entered office. The meeting was proposed by Mr Biden in an attempt to stabilise relations between the two governments. Tensions had been rising since Russian attempts to interfere with US elections, but were brought to a head in recent weeks following cyberattacks on key industries in the US and Europe. The Presidents held separate press conferences following the summit. Mr Biden indicated that the US would hold Russia accountable for any cyberattacks originating in Russia, and warned Mr Putin that the US would respond “in a cyber way” if targeted by hackers. Mr Putin, whose press conference came first, announced that the countries’ respective ambassadors would be allowed to return to Washington and Moscow, which sent the Ruble nearly 0.5% higher at the time, however all gains were given back when the USD rallied in the afternoon following the aforementioned FOMC announcement.

On the pandemic, the UK reported a further 9,055 cases yesterday, which is the highest number of since February 25, and will only add to concerns about the spread of the delta variant. That said, there might be some initial signs that case growth has begun to slow, with the average number of cases over the last week “only” up +32%, relative to +66% over the week before. So perhaps the high prevalence of antibodies in the population is helping to blunt the increase, though we’ll have to wait and see if this continues as to whether the full unlocking will occur on July 19 as hoped for. Meanwhile, ahead of the summer holiday season, the UK is planning to allow fully vaccinated people to travel to amber-list countries without having to quarantine on their return, the Daily Telegraph has reported. In Asia, the Japanese government has recommended ending a state of emergency for Tokyo, Osaka and other regions as planned on June 20. Nonetheless, some restrictions are likely to remain till July 11 with bars and restaurants to continue to close by 8pm. Elsewhere, CureVac reported that its vaccine was only 47% effective based on a preliminary analysis of a large study. This is well short of other mRNA shots like those from Pfizer/ BioNTech and Moderna though the spread of different variants of the virus would have played a role in lower efficacy for CureVac.

Looking at yesterday’s other data, China’s economic performance surprised to the downside in yesterday’s releases, with retail sales seeing year-on-year growth of +12.4% (vs. +14.0% expected), while industrial production was up +8.8% year-on-year (vs. +9.2% expected). And elsewhere, US housing starts and building permits for May came in softer than expected too, with housing starts at an annualised rate of 1.572m (vs. 1.630m expected), and building permits at an annualised +1.681m (vs. 1.730m expected).

To the day ahead now, and data highlights include the weekly initial jobless claims from the US, as well as the Conference Board’s leading index for May and the Philadelphia Fed’s business outlook index for June. Central bank speakers include the ECB’s Villeroy, Lane, Elderson and Visco, and there are a number of rates decisions from around the world, including in Indonesia, Turkey, Norway, Switzerland and Egypt.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 7.28 PTS OR 0.21%   //Hang Sang CLOSED UP 121.75 PTS OR .43%      /The Nikkei closed DOWN 272.68 pts or 0.93%  //Australia’s all ordinaires CLOSED DOWN .43%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4379  /Oil DOWN TO 72.01 dollars per barrel for WTI and 74.16 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4379. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4450   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

 

END

3 C CHINA

CHINA
The largest shipping company in the world warns of south China port congestion and this congestion is far more significant that the disruption at the Suez canal a few weeks ago
(zerohedge)

Maersk Warns South China Port Congestion ‘More Significant Disruption’ Than Suez Canal Closure

WEDNESDAY, JUN 16, 2021 – 07:20 PM

We previewed last week to readers that port congestion wasn’t just observed across US West Coast ports, such as Los Angeles/Long Beach, but also severe congestion was developing in southern China. At the time, we called it a “perfect storm” ahead of the peak shipping season. 

Now the world’s largest container line, Maersk, calls the port congestion at Yantian International Container Terminal, a deepwater port in Shenzhen, Guangdong, in southern China, a much more significant disruption to its operations than the shutdown of the Suez Canal in March.

Ditlev Blicher, Maersk Asia Pacific Managing Director, was quoted by Seatrade Maritime, who said Yantian port is operating at a 40% capacity, and “We’re expecting that to continue for the next month with significant delays for vessels to be able to berth.”

A recent surge in COVID-19 infections in the port area and prevention and restriction measures put in place by local authorities is the primary reason for the lack of capacity at the port. 

AP Moller-Maersk’s CEO of Ocean & Logistics, Vincent Clerc, stated: 

“I would say this for us is a much bigger disruption than the Ever Given getting stuck in the Suez Canal for some days because of the duration and the importance of Yantian as a gateway.”

Before the outbreak, the average shipping times at Yantian averaged a waiting time of 0.5 days. Now it’s 16 days.

“Right now, we have vessel delays of up to 16 days outside Yantian which is of course going to cause significant ripple effect across the network from a reliability perspective,” Clerc explained.

This has caused a massive traffic jam of container ships in the region, resulting in an unprecedented supply chain impact and another shipping crisis as delays mount, threatening to drive up costs again.

South China Container Port Congestion 

Source: Refinitiv

Brian Glick, founder and CEO at supply chain integration platform Chain.io, told CNBC that the latest congestion in Yantian is “absolutely massive” and will have an “unprecedented supply chain impact.” 

Already, shipping delays in major Chinese ports drive shipping costs higher as waiting times at berth jumped.

Global Container Prices 

 

Source: Refinitiv

Guangdong accounts for about a quarter of China’s total exports. It’s home to Shenzhen port and Guangzhou port, some of the largest in the world. 

Combined with the congestion challenges on the US West Coast, the latest round of congestion in southern China is a significant warning for US businesses and consumers that another round of delays, shortages, and soaring shipping costs is ahead.

 

end 

 
HONG KONG
 
Streets of Hong Kong are empty as the authorities are fighting a deadly variant (probably the Delta Strain). Bankers are not allowed to travel and incoming visitors must be hotel quarantined for 3 weeks even if vaccinated.
(zerohedge)

China’s “Virus Control” Measures In Hong Kong: No Easing Lengthy Quarantine For Fully Vaccinated Execs

 
WEDNESDAY, JUN 16, 2021 – 08:00 PM

Hong Kong has within a mere couple years gone from packed streets to silence – as The Guardian has observed following the national security law and mainland China crackdown going deep into effect, given also the arrests and exiling of young protest leaders. One UK-based photojournalist laments that “With no protests left to photograph, it seemed a good idea to take a break… But it was with a heavy heart that I watched the situation continue to deteriorate from afar.”

And then the streets grew eerily calm after a couple years of mass protest and unrest: “In January 2021, the authorities arrested dozens of activists under the national security law. In one fell swoop, it was as if the entire cast of characters in the story of Hong Kong’s democratic movement – one I had been covering for years – were arrested, in jail, or in exile.”

Whatever additional “control” over the previously protesting crowds HK police couldn’t get the upper hand on, the virus seems to have taken care of the rest, as the city has remained an on-and-off potential pandemic hot spot of concern for the mainland given it’s a hub of foreign travel, now also as health officials are desperately seeking to trace a rare coronavirus variant infection that’s raising new alarm. All of this seems conveniently timed of course, through Beijing’s eyes at least.

 

“Scenes from Hong Kong’s (Empty) Streets” via SmartCities Dive

Even business and top executives’ travel to the financial hub can now be tightly managed and controlled based on stringent health measures, as Bloomberg observes of the latest hugely disruptive restrictions: “Senior global bankers hoping to skip Hong Kong’s stringent quarantine regime will need to wait as concerns about imported Covid cases ratchet up,” according to the report.

“Bank executives who have applied to take trips in June are being advised to postpone, without any indication of when requests under the new plan will be processed, according to a person familiar with the matter,” it continues.

Currently a mandatory minimum hotel quarantine of at least three weeks is still in effect for Hong Kong inbound travelers as much of the rest of the world has opened up and moved on, for example other financial centers like New York and London, and even Singapore.

This is mandated even for the fully vaccinated, as Bloomberg underscores: “The pause is a blow for fully vaccinated bankers looking to travel outside the city and for executives from abroad planning to visit the financial hub without needing to quarantine in a hotel for three weeks.”

At the end of May Hong Kong Chief Executive Carrie Lam introduced an easing plan which would allow select bankers to travel more freely based on each financial firm having the ability to apply for two quarantine exemptions per month. The idea was to speed up a post-pandemic economic recovery.

But this too is now on hold as the quarantine process for those wishing to travel is still in full effect. Some are now seeing the inexplicable reversal as yet another tool of primarily political control.

A spokesman for the island’s Financial Services and Treasury Bureau issuing the following non-definitive statement via Bloomberg: “We are looking into the details of the applications received, and expect to take some time to process them in the light of latest local and global pandemic situations to ensure relevant control measures are sufficient to mitigate the risk of case importation.”

Of course, ensuring “sufficient” and “relevant control measures” can be taken in more ways than one.

end

HONG KONG

Hong Kong police raid pro democracy newspaper and arrest executives

EpochTimes/Fang

Hong Kong Police Raid Newsroom Of Pro-Democracy Paper, Arrests Executives

 
THURSDAY, JUN 17, 2021 – 11:09 AM

Authored by Frank Fang via The Epoch Times,

International rights groups on Thursday slammed Hong Kong authorities after local police mobilized over 500 officers in a raid on the headquarters of local newspaper Apple Daily.

Police officers leave the Apple Daily newspaper offices in Hong Kong after a raid by over 500 officers on June 17, 2021. (Anthony Wallace/AFP via Getty Images)

The raid resulted in the arrest of five directors of the newspaper under the Beijing’s draconian national security law. They were accused of violating Article 29 of the law, which bans “collusion with a foreign country or with external elements to endanger national security.“ The collusion charge carries a maximum penalty of life imprisonment.

Among those arrested were the paper’s editor-in-chief Ryan Law and associate publisher Chan Pui-man. Cheung Kim-hung and Royston Chow, chief executive officer and chief operating officer of the paper’s publishing firm Next Digital, were also arrested.

It marks the second raid at the paper’s headquarters in less than a year, after 200 Hong Kong police officers stormed the newsroom in August last year a month after the national security law went into effect.

“The arrests of five executives at the pro-democracy Apple Daily today under Hong Kong’s Orwellian National Security Law destroy any remaining fiction that Hong Kong supports freedom of the press,” Steven Butler, Asia program coordinator of the Committee to Protect Journalists (CPJ), said in a statement.

He added: “China, which controls Hong Kong, may be able to eliminate the paper, which it sees as an annoying critic, but only at a steep price to be paid by the people of Hong Kong, who had enjoyed decades of free access to information.”

The paper’s founder Jimmy Lai, who is currently in prison for his role in anti-Beijing, pro-democracy protests in 2019, is also facing allegations that he violated the national security law.

Washington-based nonprofit Hong Kong Democracy Council (HKDC) issued a statement critical of both the Chinese regime and the pro-Beijing Hong Kong government.

“Hong Kong has been left with little free speech under the NSL (national security law), which aims to silence all dissent. Today’s arrests mark yet another step toward remaking Hong Kong in Beijing’s liking,” stated Victoria Hui, a HKDC board member.

Samuel Chiu, HKDC’s managing director, pointed out how journalists in Hong Kong, including Jimmy Lai, Bao Choy, and Nabela Qoser, were being targeted for “defending freedom of the press.”

“No regime can totally suppress the truth and truth-tellers,” Chu stated.

Choy is a freelance producer with local public broadcaster Radio Television Hong Kong (RTHK), who was found guilty and fined by the Hong Kong government in April for making false statements to obtain vehicle records, which were used in her documentary examining a mob attack on commuters at a Hong Kong metro station on July 21, 2019.

Many of the metro passengers were on their way home after taking part in a mass protest against an extradition bill that would have paved the way for people in Hong Kong to be sent to mainland China if accused of a crime and tried under the communist party’s judicial system.

RTHK recently declined to renew the contract of its staff member Qoser, who is known for asking Hong Kong government officials and lawmakers tough questions.

A Hong Kong police officer stands outside of the Apple Daily headquarters in Hong Kong on June 17, 2021. (Adrian Yu/The Epoch Times)

Chris Yeung, chairperson of the Hong Kong Journalists Association, said that the raid showed that press freedom in Hong Kong has been “severely undermined” by the national security law, according to Apple Daily.

“There is zero protection of news materials,” Yeung added.

Journalism Endangers China’s National Security: HK Official

Hong Kong police arrived at the Apple Daily headquarters at around 7:30 a.m. local time and sealed off all access to the building. According to Apple Daily, police officers prevented the paper’s journalists from working at their desks and accessed reporters’ computers.

At around 8 a.m. local time, the Hong Kong government issued a press release, saying that police officers from the city’s national security department had conducted a “search operation” at the paper’s headquarters, which included seizing “journalistic materials.”

In a separate press release, the Hong Kong government said that the five directors’ residences were searched.

Meanwhile, trading in shares of Next Digital at the Hong Kong Stock Exchange was suspended.

At around 11 a.m. local time, Steve Li, superintendent of Hong Kong’s national security unit, told local media that Hong Kong authorities had frozen about $2.32 million ($18 million HKD) in assets from three companies linked to Apple Daily.

Steve Li, superintendent of Hong Kong’s national security unit, speaks to local media in Hong Kong on June 17, 2021. (Sung Pi-lung/The Epoch Times)

He also said that the collusion charge was in relation to over 30 articles published by Apple Daily since 2019 that sought to have foreign countries impose sanctions on China or Hong Kong, according to Li.

Before the national security law was implemented in July last year, the Hong Kong government announced that the law would not have retrospective effects. It is unclear why now the Hong Kong authorities are citing articles published before the national security law went into effect as evidence of criminal behavior.

At noon, John Lee, Hong Kong’s security secretary, held a press conference during which he accused Apple Daily executives of using journalism as a “tool to endanger” national security. Additionally, he asked that “normal journalists” keep their distance from the “criminals” at Apple Daily.

Hong Kong police ended their raid at around 1:15 p.m. local time, taking away with them computers and hard drives.

The raid on Apple Daily immediately drew concern from overseas observers. Joseph Wu, Taiwan’s foreign minister, took to Twitter to express his frustration at what the Hong Kong authorities were doing.

“Authoritarianism is waging a brutal war on @appledaily_hk, a desperately endangered symbol of freedom in #HongKong,” Wu wrote.

He added: “I’m out of words to describe my anger & sadness at witnessing this tragedy.”

CHINA/WUHAN/ORIGINS OF THE CORONAVIRUS

end

CHINA//

China goes from one extreme to the other:  Now Chinese hog futures plunge to record lows on a pork glut.

(zerohedge)

“Now In Bust Cycle” – China Hog Futures Plunge Near Record Lows On Pork Glut

 
WEDNESDAY, JUN 16, 2021 – 08:40 PM

Chinese hog futures have fallen nearly 38% since launching in January amid rising concerns that the Chinese pork market has gone from shortage to surplus. 

Readers may recall African swine fever was first reported in China in August 2018. The spread of the disease slashed the country’s hog herd by at least 40%, resulting in hyperinflation of pork prices by 2019. 

African swine fever has since been eradicated to some extent in the country as the government urged farmers to breed more pigs. At the same time, China Customs data showed the country imported a record amount of pork from the US in late 2019 and 2020 to replenish supplies. 

Now the country has gone from a supply deficit to a supply surplus, sending domestic prices tumbling in 2021. 

Hog futures on the Dalian Commodity Exchange dropped more than 8% in the last four sessions to Rmb18,980 ($2966.23), a record low. Since the contracts started trading in early January, hog prices are down nearly 38%. 

Pork prices are back to levels not seen since the beginning days of the outbreak. 

Plunging prices are getting out of hand as farmers race to slaughter their herds before prices head lower – adding to oversupply fears, according to Financial Times

“It’s definitely surprising how fast and far pork prices have fallen,” said Darin Friedrichs, an analyst at commodities broker StoneX Group in Shanghai. 

Oversupply pork conditions have affected US pork markets on Tuesday. Lean hog futures trading on the Chicago Mercantile Exchange are down 3%. 

The latest drop in Dalian-traded hog futures is likely linked to a report by Beijing’s Xinfadi market, a large wholesale market, last Friday that noted smaller pigs were being brought for sale.

This “indicates some farms have significantly lowered their expectations for future meat prices and . . . are slaughtering ahead of schedule”, according to the report.

Downward pressure on prices has been so concerning that China’s cabinet, the National Development and Reform Commission, addressed the issue last week by promising to “maintain supply and stabilize prices in the pork market.” However, there was no word on what policies the agency would take. 

Friedrichs said the government had anticipated the launch of hog futures contracts would flatten out boom and bust cycles in Chinese pork prices. “Now we’re in a bust cycle, so the volatility is still there,” he said.

Pork prices are a heavyweight in China’s consumer price index, and declining prices in late 2020 managed to push inflation into negative territory for the first time in over a decade. Also, China’s producer price index for hogs has gone negative on a year-over-year basis.

What may happen is that Chinese importers will order much less pork from the US this year. 

end

 
 
end
CHINA VS USA/ORIGINS OF THE COVID 19

END

4/EUROPEAN AFFAIRS

UK//Coronavirus update
 
Those perspex screens installed to stop COVID may have actually increased its spread, a UK Gov’t report finds.
(Watson/Summitnews)

Perspex Screens Installed To Stop COVID May Have Actually Increased Its Spread, UK Govt Report Finds

 
THURSDAY, JUN 17, 2021 – 05:00 AM

Authored by Paul Joseph Watson via Summit News,

A leaked Whitehall document seen by Politico suggests that perspex screens installed to stop the transmission of COVID-19 may actually have increased its spread.

Businesses and schools were told by the government to install the screens as a condition of re-opening after the first lockdown and they were widely used by ‘essential’ shops throughout the entire period.

Politico’s Alex Wickham writes that the perspex screens could be about to be scrapped given new information the government has received on their efficacy.

“Ministers are also being advised that those perspex screens that have appeared in some offices and restaurants are unlikely to have any benefit in terms of preventing transmission,” states the report.

“Problems include them not being positioned correctly, with the possibility that they actually increase the risk of transmission by blocking airflow. Therefore there is clear guidance to ministers that these perspex screens should be scrapped.”

Despite the report, government ministers say there is no plan to change advice on installing the screens in businesses.

What other COVID-19 measures put in place to fight the spread of the virus have been utterly useless or actually made it worse?

A study on the effectiveness of face masks involving 6,000 participants in Denmark found “there was no statistically significant difference between those who wore masks and those who did not when it came to being infected by Covid-19.”

end

Europe’s garbage vaccine Curevac is just that: garbage! It is only 47% effective against the COVID 19//not sure on the Delta strains.

New Obstacle To EU Vaccine Rollout Emerges: CureVac Jab Misses Target, Only 47% Effective

 
THURSDAY, JUN 17, 2021 – 06:44 AM

The international vaccine rollout encountered a new obstacle Thursday when Curevac released a set of disappointing late stage trial results that sent its shares tumbling while analysts slashed their price targets.

CureVac said on Wednesday its COVID-19 vaccine was only 47% effective in a late-stage Phase 2b/3 3 trial, missing the study’s target and casting doubt upon the potential delivery of hundreds of millions of doses to the EU.

The disappointing efficacy of the shot, known as CVnCoV, emerged from an interim analysis based on 134 COVID-19 cases in the study with about 40,000 volunteers in Europe and Latin America. The importance of CureVac has increased in Europe after several EU governments imposed age limits on the use of the J&J and AstraZeneca vaccines due to a link to extremely rare but potentially fatal clotting disorders, Reuters reports.

The company’s shares dropped more than 50% on the news.

The shot was also supposed to help in low and middle-income countries that have lagged far behind richer nations in the global immunisation drive.

On Wall Street, analysts cut their price targets, with Kempen analysts Suzanne van Voorthuizen, lowering their target to $50 from $80. They expect the shares will remain under pressure until the final readout of trial results, which is expected in 2-3 weeks. According to her, the inclusion of least 80 more cases to a total of almost 200 cases was a large enough number to swing the 47% efficacy preliminary outcome. Analysts told BBG that they briefly spoke to the company yesterday, and management said that it had hoped to see higher efficacy at this stage.

To be sure, the data released on Thursday isn’t the final word. As we’ve seen already, efficacy numbers for various vaccines have shifted, sometimes dramatically, from trial to trial (who could forget how the Pfizer jab’s efficacy was magically revised higher after Moderna topped it?)

Minutes after the results were released, German public health officials released a statement saying that the failure of the German biotech firm to meet its efficacy goal wouldn’t impact the speed of Germany’s vaccination rollout.

Unfortunately, the same cannot be said for other countries with fewer resources.

The European vaccine rollout has accelerated over the past month, pushing the 27-member bloc’s vaccination rate higher; now, more than 40% of adults have received at least one jab.

The EU has even gained on the US, where state governors are rolling back restrictions to normal or near-normal.

Read the press release below:

CureVac N.V. (Nasdaq: CVAC), a clinical-stage biopharmaceutical company developing a new class of transformative medicines based on messenger ribonucleic acid (“mRNA”), today announced results of the second interim analysis of its international pivotal Phase 2b/3 study in approximatively 40,000 subjects (the HERALD study) of CureVac’s first-generation COVID-19 vaccine candidate, CVnCoV. In the unprecedented context of at least 13 variants circulating within the study population subset assessed at this interim analysis, CVnCoV demonstrated an interim vaccine efficacy of 47% against COVID-19 disease of any severity and did not meet prespecified statistical success criteria. Initial analyses suggest age and strain dependent efficacy. Available data were communicated with the European Medicines Agency (EMA). The Data Safety Monitoring Board (DSMB) confirmed a favorable safety profile for CVnCoV. The study is continuing to the final analysis and the totality of the data will be assessed for the most appropriate regulatory pathway.

In total, 134 Covid-19 cases were assessed in this interim analysis. Out of these cases, 124 were sequenced to identify the variant causing the infection. The outcome confirms that only one single case was attributable to the original SARS-CoV-2 virus. More than half of the cases (57%) were caused by Variants of Concern. Most of the remaining cases were caused by other less characterised variants such as Lambda or C.37, first identified in Peru (21%) and B.1.621, first identified in Colombia (7%). In this context, the interim results suggest efficacy in younger participants but did not allow to conclude on efficacy in the age group above 60.

“While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging. As we are continuing toward the final analysis with a minimum of 80 additional cases, the overall vaccine efficacy may change,” said Dr. Franz-Werner Haas, Chief Executive Officer of CureVac. “In addition, the variant-rich environment underlines the importance of developing next-generation vaccines as new virus variants continue to emerge.”

The HERALD study, conducted by Curevac in conjunction with Bayer, enrolled approximately 40,000 participants in ten countries in Latin America and Europe. The second interim analysis included 134 cases, occurring at least two weeks after administration of the second dose. To identify strains causing COVID-19 infections within the trial, sequencing of virus variants has so far been performed on 424 COVID-19 cases, of which 124 fulfilled adjudication criteria and were included in the present efficacy analysis.

CureVac remains committed to COVID-19 vaccine development. Beyond CVnCoV, the company develops in partnership with GSK second-generation COVID-19 vaccine candidates. These candidates are based on new mRNA backbones and include potential variants in multivalent vaccine formats as well as combination vaccines for potential protection against multiple infectious diseases in one vaccine. Preclinical data from the first vaccine candidate, CV2CoV, has recently been accepted for publication in Nature Communications. CureVac and GSK expect to progress the second-generation vaccine candidate into clinical testing in the third quarter of 2021, with the goal of introducing the vaccine in 2022, subject to regulatory approval.

end

Czech Republic/Belgium

It is about time: Parliaments in the Czech Republic and Belgium pass a motion condemning Beijing’s crimes against the Uyghurs. They should also pass motions condemning them for the origin of the coronavirus.

(Fang/EpochTimes)

Parliaments In Czech Republic And Belgium Pass Motion Condemning Beijing’s Crimes Against Uyghurs

 
THURSDAY, JUN 17, 2021 – 03:30 AM

Authored by Frank Fang via The Epoch Times,

The Czech Senate has passed a motion saying that the Chinese regime’s treatment of Uyghurs and other Muslim minorities amounts to crimes against humanity and genocide.

On Tuesday, the Belgian parliament passed a similar motion.

The Czech motion was passed unanimously by a vote of 38 to zero on June 10, according to a June 14 statement from the Inter-Parliamentary Alliance on China (IPAC), an international cross-party group of legislators.

The motion noted that “there are massive violations of human rights and freedoms, genocide and crimes against humanity, ethnic discrimination, and the suppression of cultural, religious and political identity in the PRC [People’s Republic of China],” in particular in China’s far-western region of Xinjiang.

“We cannot stay silent while the Chinese Government carries out the most brutal persecution of Uyghurs, Tibetans, and other groups,” said Czech Senator Pavel Fischer, according to the statement. Fischer is an IPAC co-chair.

On June 15, the Belgium parliament passed a motion declaring that Uyghurs face “serious risk” of genocide while saying that they are victims of China’s crimes against humanity.

“Today the Belgian Parliament has raised a warning sign to the world,” stated Samuel Cogoalati, a Belgium MP and an IPAC co-chair, according to a statement.

“There can be no ‘business as usual’ with China while the Uyghur prison camps stay open.”

The Chinese Communist Party (CCP) is waging a broad campaign of suppression against Uyghurs and other ethnic minorities in Xinjiang. They are subjected to detention, forced labor, torture, forced abortion, and forced sterilization, in a crackdown that sees over one million Uyghurs being detained inside internment camps.

The Czech Senate is not the first government body to designate CCP’s suppression in Xinjiang as a genocide. The parliaments in CanadaLithuaniathe Netherlands, and the UK have all made the same designation. In January, former U.S. Secretary of State Mike Pompeo declared Beijing’s actions in Xinjiang as a genocide.

The Czech motion also called on the Czech government to “reject the invitation to participate” in the 2022 Winter Olympics at China’s capital Beijing, saying that sending athletes to China to compete could be “misused [by China] to legitimize further discrimination, violence, and suppression of fundamental rights.”

I hope that all democratic states will use the Beijing Winter Olympics to signal the strength of our horror at what is taking place in the Uyghur and Tibetan Regions. This isn’t about petty politics. This is about preventing an industrial scale atrocity. Any political leaders that accept invitations to the games risk tacitly condoning these abuses,” Fischer added.

In early June, lawmakers from the United States, the Czech Republic, the European Union, and eight other countries, announced their coordinated efforts to boycott the 2022 Games due to China’s widespread human rights abuses.

In the United States, both Democrats and Republicans in Congress have also been vocal about an Olympic boycott.

Washington-based nonprofit Campaign for Uyghurs (CFU) welcomed the passage of the Czech Senate’s motion in a press release.

“This is a clear sign of shifting tides against the CCP’s authoritarianism and a recognition that the regime has been allowed to operate with impunity for too long,” stated Rushan Abbas, CFU’s founder and executive director.

She added:

“I urge the international community to boycott the Beijing 2022 Olympics and for more western governments to recognize the atrocities taking place against the Uyghurs in East Turkistan today.”

The World Uyghur Congress (WUC), a Munich-based advocacy group, issued a press release to welcome the move by the Belgium parliament. 

“It is imperative that other countries in the European Union, as well as the EU institutions themselves, follow suit and take a firm stance against China’s atrocities and recognize them for what they are: a genocide,” stated WUC President Dolkun Isa.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN
IAEA chief states nuclear deal will have to wait until Iran has their new president next week
(zerohedge)

IAEA Chief Says Nuclear Deal Will Have To Wait For New Iranian President

 
WEDNESDAY, JUN 16, 2021 – 09:20 PM

The head of the International Atomic Energy Agency (IAEA) has said any agreement reached on a restored nuclear deal in Vienna will have to wait until after this weekend’s Iranian presidential election

A national vote will take place on Friday, June 18, and it’s expected that the hardline candidate and current head of the judiciaryEbrahim Raisi will succeed Hassan Rouhani as president. Rouhani’s term ends on August 3rd. IAEA chief Rafael Grossi said in a Wednesday interview with an Italian daily paper that “Everyone knows that, at this point, it will be necessary to wait for the new Iranian government.”

 

Via AP

“The discussions that have been going on for weeks have dealt with very complex and delicate technical questions, but what is needed is the political will of the parties,” he added.

The remarks come after prior widespread overly-optimistic reports that a deal would be reached prior to a new Iranian president being sworn into office.

These statements had actually previously come from the Iranian side, also given it was Rouhani who oversaw negotiations with the Obama administration in 2015 for the original deal. Rouhani has this week been pushing for a hasty positive conclusion to Vienna talks, with the hoped-for US dropping of sanctions:

President Hassan Rouhani in his cabinet meeting Wednesday said that while progress in the Vienna nuclear talks had slackened, an agreement was “two words and a dot” away and would happen soon.

With his period in office ending in August − he was ineligible to seek a third consecutive term in Friday’s presidential election − Rouhani has been heralding the imminent conclusion of Iran’s multilateral talks with world powers that began in April to revive the 2015 nuclear agreement, the JCPOA.

As for the current state of the now 6th round of talks in Vienna, which is being done “indirectly” in terms of Iran engaging US officials, Grossi stated: “The discussions that have been going on for weeks have dealt with very complex and delicate technical questions, but what is needed is the political will of the parties.”

 

END

ISRAEL/GAZA

New Israeli strikes on Gaza

(zerohedge)

New Israeli Strikes On Gaza – New Hope For Netanyahu

 
THURSDAY, JUN 17, 2021 – 02:00 AM

Submitted by SouthFront,

Thousands of Israelis waved flags and marched in a Palestinian neighborhood of Jerusalem, asserting Israeli control over the city and testing the feeble ceasefire in the West Bank and Gaza Strip. The march had been delayed from last month out of concern it would escalate the violence in the city just as fighting was breaking out between Israel and Palestinian groups on May 10th.

 

Hamas vowed a response to the recent escalation, and returned to its usual military practice: launching incendiary balloons into Israeli territory.

The Israel Defense Forces (IDF) said that 20 fires were sparked by these attacks over the past 24 hours, and in response scrambled warplanes to carry out airstrikes on the Gaza Strip. The IDF said that it had targeted Hamas military compounds, used by the group’s operatives.

The Israeli strikes in Gaza appeared to cause no deaths or injuries. But the Israeli military warned that it was “prepared for any scenario, including a resumption of hostilities, in the face of continuing terror activities from the Gaza Strip.”

Israel also deployed Iron Dome to the country’s south to guarantee security. Tel Aviv’s government needed to show that it had security under control, especially since it hosted a full delegation of former US generals who met with various IDF officials.

Earlier on June 15th, in Jerusalem,  mostly young Israelis marched to the main entrance to the Old City’s Muslim quarter. Many of them chanted “Death to Arabs”. There,  a few thousand dancing demonstrators had gathered to celebrate Israel’s contested control of East Jerusalem. Scores of stone-throwing Palestinians took part in running street battles with Israeli security forces, who used rubber bullets, batons and water cannons spraying foul-smelling water to scatter those trying to disrupt the nationalist celebration outside the Old City walls.

At least 33 people were injured, including a 14-year-old boy hit by a rubber bullet, according to the Palestinian Red Crescent Society.

Israeli police said that two officers were lightly wounded and 17 people were arrested during the protests.

Hamas leaders had urged Palestinians to take part in a “day of rage” to challenge the protest outside the Old City’s Muslim Quarter, and the militant group then launched incendiary balloons.

The march’s organizers are former allies turned political enemies of new Prime Minister Naftali Bennett, who has drawn ire from Israel’s right-wing population for forming a coalition that also includes the left-wing and an Arab party.

Former Prime Minister Benjamin Netanyahu claimed that him being removed from his post was just temporary and he would be back in a short time-span, as Israel is essentially lost without him.

Any sort of escalation in the West Bank is in his favor, as he may claim that his competition is not effectively dealing with the situation.

UKRAINE/NATO/USARUSSIA

END

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

new article on dangers of mRNA vaccines

 
 
END
 
From the Daily Expose…
 
Dr Tess Lawrie demands that Dr Raine, the Chief Exec of MHRA halt all COVID vaccine programs immediately due to severe adverse reactions and deaths.
 
(Daily Expose)

Dr Tess Lawrie demands Dr June Raine the Chief Exec of MHRA halts the Covid Vaccine program immediately due to severe Adverse Reactions and Deaths

 

DR TESS LAWRIE has written to Dr June Raine, the chief executive of the MHRA, calling for an immediate halt to the vaccine program citing 1,253 deaths, including one maternal death in pregnancy, 12 stillbirths and 888,196 adverse events.

Dr Lawrie, director at Evidence-based Medicine Consultancy Limited and EbMC Squared CiC, has been a strong advocate of ivermectin for the early treatment of Covid-19 patients.

And now she has urged the MHRA to share with EbMC Squared CiC full access to the Yellow Card adverse event database in order that they can run a “comprehensive, independent and accurate evaluation of the data in collaboration with clinical experts”.



By Stefan Schultz

Dr Lawrie says the Yellow Card system should provide the MHRA with “an early warning that the safety of a medicine or a medical device may require further investigation”.Covid-19 vaccines in the UK only have Temporary Authorisation by the MHRA but have been deemed “safe and effective” for pregnant women – and this week the Pfizer vaccine was also deemed safe for children aged 12-15, with trials in the US taking place on children from newborn to 11 years old.

But Dr Lawrie states:

* 13,766 bleeding, clotting and ischemic ADRs were identified – 856 of which were fatal

* thromboembolic ADRs have been reported in almost every vein and artery, including large vessels like the aorta, and in every organ including other parts of the brain, lungs, heart, spleen, kidneys, ovaries and liver, with life-threatening and life-changing consequences

* Twenty-one percent (185,474) of ADRs were categorized as Nervous System Disorders

* The majority of fatalities associated with Nervous System ADRs occurred as a result of central nervous system hemorrhages – 127 fatalities out of the 186 fatalities reported as Nervous System fatalities

* There were 4,771 reports of visual impairment including blindness

* The MHRA now has more than enough evidence on the Yellow Card system to declare the COVID-19 vaccines unsafe for use in humans

Here is the letter in full:



Dear Dr Raine,

RE: Urgent preliminary report of Yellow Card data up to 26th May 2021

As the Director of the Evidence-based Medicine Consultancy Ltd and EbMC Squared CiC, I am writing to share with you this urgent preliminary report on the Yellow Card data up to 26th May 2021. Please note that EbMC Squared CiC is a Community Interest Company that conducts research mandated by the public and funded by public donations. We have no conflicts of interest and do not engage in industry-funded work.

The MHRA describes the purpose of its Yellow Card system as providing “an early warning that the safety of a medicine or a medical device may require further investigation. It is important for people to report problems experienced with medicines or medical devices as these are used to identify issues which might not have been previously known about.”

Furthermore, the MHRA recognises that the conditions under which medicines are studied in clinical trials do not reflect how the medicines will be used in hospitals or clinical practice once they are rolled out. This Means that some adverse drug reactions “may not be seen until a very large number of people have received the medicine.”

The Covid-19 vaccines were rolled out in the UK on the 8th of December 2020. As of the 6th May 2021 nearly 39 million people have received their first dose of the Covid-19 vaccine, and 24 million both doses. Sufficient data have now accumulated to get a good overview of adverse drug reactions (ADRs). I would, therefore, like to draw your attention to the high number of covid-19 vaccine-attributed deaths and ADRs that have been reported via the Yellow Card system between the 4th January 2021 and the 26th May 2021. In total, 1,253 deaths and 888,196 ADRs (256,224 individual reports) were reported during this period.

To facilitate a better clinical understanding of the nature of the adverse events occurring, primarily to inform doctors at the frontline, we have searched the Yellow Card reports using pathology-specific key words to group the data according to the following five broad, clinically relevant categories:

A. Bleeding, Clotting and Ischemic ADRs

B. Immune System ADRs

C. ‘Pain’ ADRs

D. Neurological ADRs

E. ADRs involving loss of Sight, Hearing, Speech or Smell

F. Pregnancy ADRs

After running each search, we entered the results into an Excel spreadsheet, excluding ADRs that were clearly irrelevant or appeared in duplicate. These spreadsheets will be used going forward to facilitate the weekly monitoring of Yellow Card data. We recognise that keywords may need expanding to capture category relevant ADRs that may have been missed in this preliminary ADR scope and analysis.

A. Bleeding, Clotting and Ischemic Adverse Drug Reactions

We used the following SEARCH TERMS to identify bleeding, clotting and ischaemic ADRs: bleed, haemo*, thrombo*, emboli*, coag*, death, ischaem*, infarct*, angina, stroke, cerebrovascular, CVA.

We included the term ‘death’ in this search group, as this term accounted for many reported fatalities (438) without specific details. Given the large number of fatalities without a specific cause of death, we considered that ADRs reported in this way, in particular as ‘sudden death’, would be most likely to occur from hemorrhagic, thrombo-embolic or ischemic events. Given the seriousness of this ADR, we considered it justifiable to do this pending a Freedom of Information (FOI) request to clarify the cause of death in these 438 people.

Using these search terms, 13,766 bleeding, clotting and ischemic ADRs were identified – 856 of which were fatal. Government reports have highlighted the occurrence of cerebral venous sinus thrombosis, apparently accounting for 24 fatalities and 226 ADRs up to the 26th May 2021.However, our analysis indicates that thromboembolic ADRs have been reported in almost every vein and artery, including large vessels like the aorta, and in every organ including other parts of the brain, lungs, heart, spleen, kidneys, ovaries and liver, with life-threatening and life-changing consequences. The most common Yellow Card categories affected by these sorts of ADRs were the nervous system (152 fatalities, mainly from brain bleeds and clots), respiratory (with 103 fatalities, mainly from pulmonary thromboembolism) and cardiac categories (81 fatalities).

B. Immune System Adverse Drug Reactions (Infection, Inflammation, Autoimmune, Allergic)

We used the following SEARCH TERMS to identify immune system ADRs: INFECTION (category), IMMUNE DISORDERS (category), -itis; immun, multiple sclerosis, lupus, myasthenia, pernicious, diabetes, Addison, Crohn’s, Coeliac, Graves, alopecia, amyloidosis, antiphospholipid, angioedema, Behcet’s, pemphigoid, psoriasis, aplasia, sarcoidosis, scleroderma, thrombocytopenia, vitiligo, Miller Fisher, Guillain-Barre; allerg*, urticaria, rash, eczema, asthma.

To the 26th May, a total of 54,870 ADRs and 171 fatalities fell into this category, which comprised the second most common cause of post-vaccination fatalities after ‘Bleeding, Clotting and Ischemic ADRs’. However, only 4 associated fatalities were reported under the Yellow card ‘IMMUNE DISORDERS’ category, with the majority (141 fatalities associated with 19,474 ADRs) reported under the ‘INFECTIONS’ category. Among 1,187 people for whom post-vaccination COVID infection was reported, there were 72 fatalities (6% of reported COVID infection ADRs).

Many ‘INFECTION’ category ADRs indicated the occurrence of re-activation of latent viruses, including Herpes Zoster or shingles (1,827 ADRs), Herpes Simplex (943 ADRs, 1 fatal), and Rabies (1 fatal ADR) infections. This is strongly suggestive of vaccine-induced immune-compromise.Bell’s palsy, also associated with latent virus reactivation, is reported in the Neurological ADRs section of this report (D). Also suggestive of vaccine-induced immunocompromise was the high number of immune-mediated conditions reported, including Guillain-Barré Syndrome (280 ADRs, 6 deaths), Crohn’s and non-infective colitis (231 ADRs, 2 deaths) and Multiple Sclerosis (113 ADRs).

Allergic responses to the vaccines comprised 25,270 reported ADRs, with 4 fatalities occurring among 1,001 people experiencing anaphylactic reactions. 

C. ‘Pain’ Adverse Drug Reactions

We used the following SEARCH TERMS to identify pain ADRs: pain, -algia.

Pain ADRs accounted for at least 157,579 ADRs (18%) in total. A large number of these were arthralgias (joint pains – 24,902 ADRs) and myalgias (muscle pains – 31,168 ADRs), including fibromyalgia (270 ADRs), a long-term condition that causes pain all over the body. Among Congenital Disorders (usually conditions present from birth) there were 11 reports of Paroxysmal Extreme Pain Disorder (PEPD), which is an extremely rare inherited disease caused by a genetic mutation leading to dysfunction of voltage-gated sodium channels. The head was the most common location for pain, but abdominal pain, eye pain, chest pain, pain in extremities, and anywhere else that pain can be imagined was reported. Headaches were reported more than 90,000 times and were associated with death in four people (excluding deaths reported to be from other causes, that may also have involved headache).

D. Neurological Adverse Drug Reactions

In addition to examining ADRs in the NERVOUS SYSTEM DISORDERS (category), we used the following SEARCH TERMS to identify neurological ADRS specifically involving paralysis,neurological degeneration, and convulsive ADRs as follows: (paralysis), palsy, paresis,neuropathy, incontinence, Guillain-Barre, Miller Fisher, multiple sclerosis; (neurodegeneration)encephalopathy, dementia, ataxia, spinal muscular atrophy, delirium, Parkinson; (seizure),convuls, seizure, fit, -lepsy

Twenty-one percent (185,474) of ADRs were categorized as Nervous System Disorders in theYellow Card system. A wide variety of neurological ADRs were noted, including 1,992 ADS involving seizures and 2,357 ADRs involving some form of paralysis, including Bell’s palsy (626ADRs). Other ADRs involving encephalopathy (18), dementia (33), ataxia (34), spinal muscular atrophy (1), Parkinson’s (18) and delirium (504) may reflect post-vaccination neurodegenerative pathology.

The majority of fatalities associated with Nervous System ADRs occurred as a result of central nervous system haemorrhages – 127 fatalities out of the 186 fatalities reported as Nervous System fatalities. These 127 have been counted in group A (Bleeding, clotting and IschaemicADRs).More information is needed to determine the extent of the morbidity associated with this alarmingly large category of ADRs. Access to the full Yellow Card database and consultation with clinical specialists, along with follow up of these reports, is urgently needed.

E. Adverse Drug Reactions involving loss of sight, hearing, speech or smell

We used the following SEARCH TERMS: speech, taste, smell, olfactory, blind, sight, visual,vision, deaf, hearing.

There were 4,771 reports of visual impairment including blindness, 130 reports of speech impairment, 4,108 reports of taste impairment, 354 reports of olfactory impairment, and 704 reports of hearing impairment.

F. Pregnancy Adverse Drug Reactions

Given that vaccinated pregnant women comprise a small proportion of the vaccinatedpopulation in the UK up to 26th May 2021, there appear to be a high number of Pregnancy ADRs(307 ADRs), including one maternal death, 12 stillbirths (reported as 6 stillbirths and 6 foetaldeaths, but only 3 listed as fatal(?)), one newborn death following preterm birth, and 150spontaneous abortions. We have submitted a FOI request as to the cause of the maternal death and will look into pregnancy and congenital ADRs in more detail in our next report.

Limitations of this rapid reportThis report is not comprehensive, and analysis of Yellow Card data is ongoing. The process of defining the search terms was iterative and we trust that it provides a basis for discussion among clinicians and scientists. We have not compared the frequencies of ADRs between different vaccines; however, our impression is that ADRs were not limited to any particular vaccine brand(AstraZenenca, Pfizer and Moderna) or type (mRNA and DNA) currently used in the UK. UK ADRdata mirror data reported on the World Health Organization’s pharmacovigilance database (www.Vigiaccess.org). On the latter, most reported ADRs to date (941,774 ADRs and 5,474deaths) have occurred among individuals in the 18 to 44 years and 45 to 64 years of age categories (38% and 35%, respectively); the vast majority (72%) of reported ADRs have occurred among women. Unfortunately, we have been unable to examine the UK Yellow Card data according to age and gender due to lack of data availability.

We are aware of the limitations of pharmacovigilance data and understand that information on reported Adverse Drug Reactions should not be interpreted as meaning that the medicine in question generally causes the observed effect or is unsafe to use. We are sharing this preliminary report due to the urgent need to communicate information that should lead to cessation of the vaccination roll out while a full investigation is conducted. According to the recent paper bySeneff and Nigh (1), potential acute and long-term pathologies include:

• Pathogenic priming, multisystem inflammatory disease and autoimmunity

• Allergic reactions and anaphylaxis

• Antibody dependent enhancement

• Activation of latent viral infections

• Neurodegeneration and prion diseases

• Emergence of novel variants of SARSCoV2

• Integration of the spike protein gene into the human DNA

The nature and variety of ADRs reported to the Yellow Card System are consistent with the potential pathologies described in this paper and supported by other recent scientific papers on vaccine-induced harms, which are mediated through the vaccine spike protein product (2,3). It is now apparent that these products in the blood stream are toxic to humans. An immediate halt to the vaccination programme is required whilst a full and independent safety analysis is undertaken to investigate the full extent of the harms, which the UK Yellow Card data suggest include thromboembolism, multisystem inflammatory disease, immune suppression,autoimmunity and anaphylaxis, as well as Antibody Dependent Enhancement (ADE).

Due to the need for expedience, we have not detailed all ADRs in this preliminary report. The Existing Yellow Card data covering just under a five-month period indicate that the extent of morbidity and mortality associated with the COVID-19 vaccines is unprecedented.Age and gender specific data, as well as the time from vaccination, are required to further our analysis of these data and we have sent Freedom of Information Requests (FOIRs) to the MHRAin this regard.

In addition, urgent independent expert evaluation and discussion is required to assess whether the novel vaccines may be causing gene mutations among recipients, as suggested by the occurrence of usually extremely rare genetic disorders, such as Paroxysmal Extreme PainDisorder (PEPD). In addition to the 11 cases of PEPD on the Yellow Card system, there are currently 12 reports of this extremely rare condition on the WHO’s Vigiaccess.org database and10 on the European Medicines Agency’s (EUDRA) pharmacovigilance database. Are these ADRs occurring in babies of vaccinated pregnant women, or spuriously among vaccinated adults? This question needs urgent attention.

As pharmacovigilance data are known to be substantially under-reported, we recommend that the MHRA urgently publicises these ADR data and assists people with their ADR reporting, to facilitate full elucidation and clarification of the extent of the problem.The MHRA now has more than enough evidence on the Yellow Card system to declare the COVID-19 vaccines unsafe for use in humans. Preparation should be made to scale up humanitarian efforts to assist those harmed by the COVID-19 vaccines and to anticipate and ameliorate medium to longer term effects. As the mechanism for harms from the vaccine appears to be similar to COVID-19 itself, this includes engaging with numerous international doctors and scientists with expertise in successfully treating COVID-19.

There are at least 3 urgent questions that need to be answered by the MHRA:

1 How many people have died within 28 days of vaccination?

2 How many people have been hospitalised within 28 days of vaccination?

3 How many people have been disabled by the vaccination?

EbMC Squared CiC remains at your service to assist with further analysis. We kindly request full access to the Yellow Card database with immediate effect to enable a comprehensive,independent and accurate evaluation of the Yellow Card data, which will be undertaken in collaboration with clinical experts.

Yours sincerely,

Dr. Tess Lawrie (MBBCh, PhD)

Director, Evidence-based Medicine Consultancy Ltd and EbMC Squared CiC

Bath, UK

end

Robert H to me:

A must view…..

she is perfectly correct!!

The House Of Cards Begins To Fall! Dr. Sherri Tenpenny Testifies About Vaccines, ‘Ordinary Citizens

 
 
 
 
 
This is nuts … spike proteins should not be transmitted to another person causing problems in those people vaccinated and those not.
Why are we still doing this ?

 

https://www.bitchute.com/video/4NiFbQU2cmOE/

Cheers
Robert

end

What total garbage: NAC is a precursor to glutathione. Licorice contains a huge percentage of glutathione..  As I commented to you several occasions, take one piece of licorice a day and that will help your immune system, along with Vitamin D

(zerohedge)

NAC Banned on Amazon, Threatened by FDA

STORY AT-A-GLANCE

  • The U.S. Food and Drug Administration is suddenly cracking down on N-acetylcysteine (NAC), claiming it is excluded from the definition of a dietary supplement. As a result, Amazon has removed all listings featuring NAC-containing supplements
  • The trade group for the supplement industry, the Council for Responsible Nutrition, is challenging the FDA’s position, calling it “legally invalid,” and is urging its members to continue selling NAC supplements
  • NAC supplements have been sold for 57 years, and the FDA has never taken action against it — until now, when 16 clinical trials are investigating its usefulness against COVID-19
  • NAC is a precursor to reduced glutathione, which appears to play a crucial role in COVID-19. There’s evidence glutathione deficiency may worsen COVID-19 severity
  • NAC inhibits expression of proinflammatory cytokines that can trigger a cytokine storm, improves T cell response, benefits a variety of lung problems, and inhibits the hypercoagulation that can result in stroke and/or blood clots that impair the ability to exchange oxygen in the lungs

N-acetylcysteine (NAC), a precursor to reduced glutathione, appears to play an important role in COVID-19. According to an April 2020 literature analysis,1 glutathione deficiency may be associated with COVID-19 severity, leading the author to conclude that NAC may be useful both for its prevention and treatment.

NAC has a long history of use as a poison control remedy for acetaminophen poisoning in the emergency room. It neutralizes the toxic effects of the drug by recharging glutathione, thereby preventing liver damage. But the idea that NAC can also be helpful against viral infections is not new. Previous studies2,3 have found it reduces viral replication of certain viruses, including the influenza virus.

In one such study,4 the number needed to treat (NNT) was 0.5, which means for every two people treated with NAC, one will be protected against symptomatic influenza. That’s significantly better than influenza vaccines, which have an NNV (number needed to vaccinate) of 71,5 meaning 71 people must be vaccinated to prevent a single case of confirmed influenza. It’s even better than vitamin D, which has an NNT of 33.6

Early At-Home Treatment Is Crucial

In the video above, MedCram producer and cofounder Kyle Allred interviews Dr. Roger Seheult, a pulmonologist who has been treating COVID-19 patients since the beginning of the pandemic in 2020, about strategies that can significantly reduce your need for hospitalization should you contract this infection.

 

Among those strategies is the use of NAC, which used to be readily available over the counter and online. Disturbingly, as more information is coming out about the usefulness of NAC, the U.S. Food and Drug Administration is now clamping down on sales.

Since the beginning of this pandemic, global and national health authorities have done everything in their power, it seems, to discourage and prevent people from accessing any treatment that competes with the COVID jab. This appears to be yet another shameful attempt to prevent patients from helping themselves and boost the risk of infections progressing into more serious cases.

Should you come down with symptoms of COVID-19, early treatment is crucial. Not only can it significantly reduce the length of time that you’re sick, early treatment will also minimize your risk of long-hauler syndrome. A summary of the treatment strategies Seheult reviews in more detail in the video is as follows:

  • Monitor your oxygen saturation status using a pulse oximeter. If your oxygen saturation drops below 94% at rest, you should seek medical treatment. Below 90%, you are hypoxic and need supplemental oxygen
  • Use vitamins and other immune-boosting supplements, including vitamins C and D, quercetinzinc and NAC, and/or medications such as monoclonal antibodies
  • Use immune-boosting strategies such as sleep (melatonin can be used if you’re experiencing poor sleep) and raising your core temperature in a hot bath or sauna
  • Prevent spread at home using ventilation, air filtration and isolation
 

Amazon Removes All NAC Products

May 6, 2021, Natural Products Insider reported7 that Amazon is removing all NAC products from the site, following warning letters being sent out by the FDA stating NAC cannot be lawfully marketed as a dietary supplement because it was first studied as a drug in 1963.8

Consequently, products containing the ingredient are excluded from the definition of a dietary supplement under section 201(ff)(3)(B)(i) of the Federal Food, Drug & Cosmetic Act (FDCA). The thing is, NAC has been sold as a supplement for 57 years, and the FDA never did a thing about it — until now, when more than a dozen studies are investigating its usefulness against COVID-19.

As reported by Natural Products Insider,9 there are at least 1,170 NAC-containing products in the National Institutes of Health’s Dietary Supplement Label Database. The FDA suddenly put NAC in its crosshairs in July 2020, when it sent out warning letters to seven companies that marketed NAC as a remedy for hangovers.10

CRN’s Legal Arguments as to Why FDA Is Wrong

In December 2020, the trade group for the supplement industry, the Council for Responsible Nutrition (CRN), challenged the FDA’s position, calling it “legally invalid.”11 CRN argued that FDA records fail to prove that the FDCA section in question actually applies to NAC.

In response to a Freedom of Information Act (FOIA) request to the FDA for information proving NAC was investigated as a drug in 1963, all they received was a handwritten letter containing “what appears to be a handwritten approval date of 1963” for an inhaled drug. According to CRN:

“This handwritten notation raises a number of questions about the reliability of this record, not the least of which is whether the approval date was actually 1963 or sometime later, why was the approval data handwritten, when was the notation made, and who made it. This is not the type of document that should be regarded as authentic.”

Moreover, an inhaled substance cannot be treated the same as an orally ingested product, hence the NAC drug approved in 1963, if valid, still would not apply to oral supplements. The FDA did approve an NAC drug for oral-only use in 2016, but by then dietary supplement companies had already been marketing NAC supplements for several decades, and therefore cannot be canceled by a new drug approval. As reported by Natural Products Insider:12

“FDA’s interpretation of section 201(ff)(3)(B)(i) in the warning letters also conflicts with ‘the presumption against statutory retroactivity,’ according to CRN. Mister and Olsen highlighted ‘a well-established canon of statutory interpretation that legislation shall not be read to have a retroactive effect on private rights unless Congress expresses a clear, unambiguous intent to the contrary.’

Section 201(ff)(3)(B)(i) was incorporated in the Dietary Supplement Health and Education Act of 1994 (DSHEA), which went into effect on Oct. 25, 1994.

According to CRN, the exclusionary provision should be not be interpreted to apply to products containing articles approved as drugs before Oct. 25, 1994 because DSHEA’s text and the provision’s legislative history suggests ‘Congress expressed no clear intent for this provision to have a retroactive effect.

Further, Congress created section 201(ff)(3)(B)(i) to protect commercial interests necessary to incentivize new drug development in the wake of DSHEA’s enactment …

A retroactive application of this section does nothing to incentivize new drug development because drugs and supplements that were both on the market prior to DSHEA’s passage already co-existed and drug companies developed these products with no expectation of DSHEA’s protections.’”

CRN further argued the FDA failed to sufficiently explain this sudden change in policy on NAC, thus “rendering it arbitrary and capricious.” According to CRN, before the seven warning letters in July 2020, “it was FDA’s longstanding policy to permit the marketing of dietary supplements containing NAC.”

Even though the agency had reviewed more than 100 notifications’ structure/function claims for NAC-containing supplements over the years, they never raised the drug exclusion clause. In one response to a petition for a qualified health claim, the FDA had even stated that NAC was considered a dietary supplement.

NAC Supplements Continue To Be Sold Elsewhere

Unfortunately, Amazon has apparently decided to side with the FDA, despite the ongoing legal controversy and, as of this writing, has already removed all NAC product listings. Since Amazon owns Whole Foods Market, NAC products may be removed from brick and mortar stores as well. But that doesn’t mean you can’t find NAC elsewhere.

“The Natural Products Association (NPA) … is advising its members to continue selling NAC-containing supplements,” Natural Products Insider writes.13 “FDA hasn’t taken final agency action on NAC, and there’s been debate on such issues as when NAC came to market as a drug …

‘Like we’ve told our members, sell it direct,’ [NPA president and CEO Dan Fabricant] added. ‘Sell it through other vendors because it’s not an unlawful ingredient. This is by no way a closed chapter with FDA on NAC.’”

NAC in COVID-19 Treatment

As mentioned, the FDA’s timing is highly suspect, considering its inaction in previous years, and considering the many studies now looking at NAC in the treatment of COVID-19. At present, ClinicalTrials.gov lists 16 clinical studies underway or completed involving NAC against COVID-19.14 That’s five more than there were in November 2020.

This includes a still-ongoing Phase 2 trial looking at NAC in patients with severe COVID-19. As noted in the trial description:15

“Recent studies suggest that the virus that causes COVID-19 may work by suppressing the immune system, which is the body’s defense against infections and other diseases.

White blood cells called lymphocytes are an important part of this defense, but recently it was found that the number of lymphocytes in a COVID-19 patient’s blood goes down as the infection gets worse and goes up as a patient gets better. N-acetylcysteine has been shown to help increase the number of lymphocytes in the blood when a virus is responsible for lowering it.”

Another recently completed trial16 used inhaled vapor of NAC in combination with diclofenac sodium, menthol and methyl salicylate in patients with mild to moderate COVID-19.

While the findings have yet to be published, they determined that “after regular inhalation of vapor with above medication, oxygen saturation level increased in the study group 384.61% in the morning and 515.79% at night comparing the control group. Furthermore, patients of study group need to stay nearly 1 day less in hospital in comparison to control group.”

Glutathione Depletion Worsens COVID-19 Outcomes

Previous research17 has shown NAC inhibits the expression of proinflammatory cytokines in cells infected with highly pathogenic H5N1 influenza virus. Proinflammatory cytokines also play a crucial role in COVID-19 severity.

Researchers have confirmed that in severe COVID-19 cases, cytokines such as interleukin-6 (IL6), interleukin-10 (IL10) and TNF-ɑ are all elevated.18 Once they reach excessive levels, a so-called cytokine storm develops, causing significant tissue damage. NAC may be able to inhibit this damaging cascade.

In one 2020 paper,19 the authors describe the case of a COVID-19 patient that had glucose 6-phosphate dehydrogenase (G6PD) deficiency, a genetic disorder that can lead to hemolytic anemia, a condition in which red blood cells are broken down faster than they are made.

G6PD deficiency has been shown to facilitate human coronavirus infection (such as the common cold) due to the fact that G6PD depletes glutathione, and some of these patients are also at increased risk of hemolytic anemia when given hydroxychloroquine. As noted in this paper:20

“G6PD deficiency may especially predispose to hemolysis upon coronavirus disease-2019 (COVID-19) infection when employing pro-oxidant therapy. However, glutathione depletion is reversible by N-acetylcysteine (NAC) administration.

We describe a severe case of COVID-19 infection in a G6PD-deficient patient treated with hydroxychloroquine who benefited from intravenous (IV) NAC beyond reversal of hemolysis.

NAC blocked hemolysis and elevation of liver enzymes, C-reactive protein (CRP), and ferritin and allowed removal from respirator and veno-venous extracorporeal membrane oxygenator and full recovery of the G6PD-deficient patient.”

In addition to that G6PD-deficient patient, NAC was also given to nine other COVID-19 patients who were on respirators but did not have G6PD deficiency. In these patients, “NAC elicited clinical improvement and markedly reduced CRP in all patients and ferritin in 9/10 patients.” The authors hypothesize that NAC’s mechanism of action “may involve the blockade of viral infection and the ensuing cytokine storm.”21

That said, they point out that it’s difficult to discern whether these anti-inflammatory effects were specific to the use of NAC, as steroids and other anti-inflammatory drugs were sporadically used. Still, they believe NAC does have the ability to reduce inflammation in patients with COVID-19.

Additional Research Findings

Other papers have also been published describing how NAC can benefit COVID-19 patients, including the following:

An October 2020 paper22 in Medical Hypotheses cited evidence that NAC helps improve redox status, “especially when under oxidative stress,” replenish glutathione stores, increase T cells, inhibit the NLRP3 inflammasome pathway and decrease plasma TNF-ɑ.

“Mediation of the viral load could occur through NAC’s ability to increase cellular redox status via maximizing the rate limiting step of glutathione synthesis, and thereby potentially decreasing the effects of virally induced oxidative stress and cell death,” the authors wrote, adding:

“We hypothesize that NAC could act as a potential therapeutic agent in the treatment of COVID-19 through a variety of potential mechanisms, including increasing glutathione, improving T cell response, and modulating inflammation. In this article, we present evidence to support the use of NAC as a potential therapeutic agent in the treatment of COVID-19.”

Another August 2020 paper, “Rationale for the Use of N-acetylcysteine in Both Prevention and Adjuvant Therapy of COVID-19,” published in the FASEB Journal, also explained the many potential benefits of NAC:23

“COVID-19 may cause pneumonia, acute respiratory distress syndrome, cardiovascular alterations, and multiple organ failure, which have been ascribed to a cytokine storm, a systemic inflammatory response, and an attack by the immune system. Moreover, an oxidative stress imbalance has been demonstrated to occur in COVID-19 patients.

NAC … has been proposed not only as a mucolytic agent, but also as a preventive/therapeutic agent in a variety of disorders involving GSH depletion and oxidative stress … Thiols block the angiotensin-converting enzyme 2 thereby hampering penetration of SARS-CoV-2 into cells.

Based on a broad range of antioxidant and anti-inflammatory mechanisms … the oral administration of NAC is likely to attenuate the risk of developing COVID-19, as it was previously demonstrated for influenza and influenza-like illnesses.

Moreover, high-dose intravenous NAC may be expected to play an adjuvant role in the treatment of severe COVID-19 cases and in the control of its lethal complications … including pulmonary and cardiovascular adverse events.”

A more recent paper24 published on the preprint server ChemRxiv.org, June 1, 2021, hypothesizes NAC may be used to perturb the spike protein by reducing its solvent accessible disulfide bond, “thereby disintegrating its structural architecture.” By so doing, the virus loses its capacity to infect your cells.

Analyses have shown NAC causes a threefold weakening of the spike protein’s binding affinity with the ACE2 receptor. Other experiments have shown NAC inhibited SARS-CoV-2 replication in VEroE6 cells by 54.3%. According to the authors, “Our observed results open avenues for exploring in vivo pharmaco-preventive and therapeutic potential of NAC for COVID-19.”

NAC Shown to Improve Variety of Lung-Related Problems

Studies have also demonstrated that NAC helps improve a variety of lung-related problems, including pneumonia and ARDS,25 both of which are common characteristics of COVID-19. For example:

Research26 published in 2018 found NAC reduces oxidative and inflammatory damage in patients with community-acquired pneumonia.

Another 2018 study27 found NAC improves post-operative lung function in patients undergoing liver transplantation.

A 2017 meta-analysis28 found a significant reduction in ICU stays among ARDS patients treated with NAC (although there was no significant difference in short-term mortality risk).

A 2007 study29 concluded NAC improves ARDS by “increasing intracellular glutathione and extracellular thiol molecules” along with general antioxidant effects.

A 1994 study30 found NAC enhances recovery from acute lung injury, significantly regressing patients’ lung injury score during the first 10 days of treatment, and significantly reducing the need for ventilation. After three days of treatment, only 17% of those receiving NAC needed ventilation, compared to 48% in the placebo group.

NAC is also a well-known mucolytic used to help clear mucus out of the airways of cystic fibrosis patients.31 Some studies also suggest NAC can help reduce symptoms of COPD and prevent exacerbation of the condition.32

NAC Also Protects Against Blood Clots

Lastly, NAC may also protect against hypercoagulation that can result in stroke and/or blood clots33 that impair the ability to exchange oxygen in the lungs. Many COVID-19 patients experience serious blood clots, and NAC counteracts hypercoagulation,34,35,36 as it has both anticoagulant and platelet-inhibiting properties.37

A 2017 paper38 also found NAC has potent thrombolytic effects, meaning it breaks down blood clots once they’ve formed. This is largely thanks to the sulfur in NAC (from cysteine). The sulfur reduces the intrachain disulfide bonds by von Willebrand factors that have polymerized by dissociating the sulfur bonds holding them together, thus contributing to the clot.

Once von Willebrand factor sulfur bonds are broken, the clots start to dissolve and the blood vessels open up again allowing for exchange of oxygen and carbon dioxide. According to the authors,39 “NAC is an effective and safe alternative to currently available antithrombotic agents to restore vessel patency after arterial occlusion.” (Restoring vessel patency means the blood vessel is now unobstructed so that blood can flow freely.)

Two additional papers40,41 show the same thing. Importantly, NAC’s mechanism of action does not appear to increase bleeding disorders like heparin does, so it would likely be a safer alternative to the heparin used in the MATH+ protocol.

end

The leading expert on Ivermectin…Dr Peter Kory

(Clare Merkowsky//Lifesitenews)

https://www.lifesitenews.com/news/esteemed-doctor-condemns-funding-for-covid-treatment-says-ivermectin-already-works

Esteemed doctor condemns funding for COVID treatment, says ivermectin already works

Spending $1.2 billion on a drug to combat coronavirus is ‘a colossal waste of taxpayer money,’ argues Dr. Pierre Kory, chief medical officer of the Front Line COVID-19 Critical Care Alliance.
Wed Jun 16, 2021 – 8:06 pm EST

LifeSiteNews has produced an extensive COVID-19 vaccines resources page. View it here.

June 16, 2021 (LifeSiteNews) — Dr. Pierre Kory, the chief medical officer of the Front Line COVID-19 Critical Care (FLCCC) Alliance, called the U.S. government’s decision to grant $1.2 billion to develop a drug to combat COVID-19 a “colossal waste of taxpayer money for a drug we don’t need,” especially since ivermectin works so well. 

This month, the U.S. government agreed to give $1.2 billion of taxpayer money to the pharmaceutical drug company Merck to develop molnupiravir, a drug to combat COVID-19 symptoms. 

Kory publicly condemned the decision, arguing that this is a waste of funds considering that already available drugs have been proved to cure patients suffering from COVID-19.  

Established in 2020, the FLCCC Alliance has been actively researching and developing “lifesaving protocols for the prevention and treatment of COVID-19 in all stages of illness.”  

 

Kory revealed that the U.S. government is “going to commit $1.2 billion of taxpayer money in order to enrich Merck for a drug that is not yet available, which has already been the source of a whistleblower complaint, and which has already failed in hospitalized patients.” 

LCCC Alliance has been actively researching and developing “lifesaving protocols for the prevention and treatment of COVID-19 in all stages of illness.”  

 

end

Fascinating!! 3 British Airways pilots have died of the COVID vaccine in the past 7days. Now Britsh Airways are in crisis talks with the UK Government whether or not their vaccinated pilots should be allowed to fly.  We have been informed that 85% of all British Airway  pilots have been vaccinated.

404_Not_Found on Twitter: “HUGE …. 3 British Airways pilots have DIED of the COVID vaxxine in the past 7-days, and BA are now in crisis talks with the UK Government about whether or not their vaxxinated pilots should be allowed to fly. 85% of all British Airways pilots have already been vaxxinated. https://t.co/MutkpRYT9T&#8221; / Twitter

 
 
 
I have warned about this and forwarded concerns from KLM about possible required insurance for vaccinated travelers to offset risk of passengers needing immediate assistance at the expense of others.
Now we see this bubbling up.
If it is not safe for a vaccinated passenger to be on a plane on a longer haul flight, it stands to reason the same applies to pilots and crew members.
This is beyond dumb with wide reaching consequences. No doubt, more will be said about this in coming times.
I used to think nothing about hopping on a 10 hour flight; now I think I should buy as much insurance as I can get before boarding. Crazy times !

 

https://twitter.com/i/status/1405546158785806341

 
end

Robert H tackles the major events of today..

Robert H..
 

Musing

 
 
 
 
 
 
 
Johnson privately is mulling extending lockdowns in the UK until next spring. I wonder if he cares about the country having an economy. Better still,  I wonder what it will take before the Brits rise up and tell him to piss off. But then I could ask the same question about many other countries including Canada, where politicians are becoming more dictatorial in trying to set conditions for being re-elected. 
 
The word behind the curtain is that continental European politicians are beginning to see that they cannot simply cut off fossil fuels and replace gas powered cars with electrics. And if they shrug off gas supplies from Russia more than 10% of the Germans and others could die from the lack of heat this coming winter. This is the real story behind why Biden ignores Blinken with his crazy agenda and why the Ukrainians feel they got left behind. As the empty words of Nuland and Blinken have indeed proved empty. Remember that this winter’s gas supply through the Ukraine will be lower than last year by contract, and it likely will be as cold if not colder than last winter. And the Ukrainians have done little to maintain their transit pipelines. As to their condition one can only guess. Merkel had no choice nor did the US as to prevent the Germans from having gas would have ended American influence in Germany for a long time. And this would have impacted far beyond with social and economic consequences for the EU.  But do not expect anyone to admit this publicly. More likely they will blame Putin as whispers are already being heard to this effect that he has the goods on Biden.
 
 
 
 

Now to the fantasy dreams of Klaus, as I have written numerous times before, this Great Reset will fail, leaving a trail of carnage in its’ wake. You cannot change the economies  like this in two years or less. They are running out of time, because they  simply chose not to understand human nature. And this is their undoing and no amount of posture or ego will carnage the coming result of failure. 

It would not surprise me if we start seeing the WEF itself under siege. It will not take much longer for the public to figure he is the source of this crisis. He failed to realize that these crazy Marxist ideas of his have shattered the lives of ordinary Europeans and that of Europe based businesses.  This will not end nicely for his agenda. His ideas of “equality” do not mean he will surrender his wealth – only everyone else must do so to further his ambitious fantasies. That also goes for the the IMF who Macron outed several days ago in their plan to unite all central banks under their control with one currency that they manage. Whether they get Italy’s gold horde remains to be seen. As for their fantasy to rebuilding Africa using Italian gold is just that, a fantasy. If Italy wants that, it can do so itself. But would be better off to rebuild itself first. Mario may just yet pull a Itexit and run. He is not  the type to play second fiddle to Christine and her colleagues at the WEF on what quickly is becoming a sinking ship. The big hint was the cancellation of Klaus’s love fest in Singapore. There maybe a number of folks who distance themselves from his “build back better” campaign before long. The real question is whether they will pull off their attempt at a digital Euro? This is becoming more distant as neither Russia or China will play at this time. Europe will find time short by fall to find  the answer and path out of the mess. And for now most of Europe is having a tough time attracting capital flow. What happens if oil prices jump to over $100 a barrel? 

 

https://oilprice.com/Energy/Energy-General/Oil-Markets-Baffled-As-The-IEA-Calls-For-More-Production.html

Klaus in his most recent video’s is now warning about rising civil unrest and he has been proposing crackdowns upon the people and continuing lockdowns to force his agenda through. Clearly Boris Johnson is a believer.  Schwab is very clever in his words. He is using the civil unrest to say people  are angry because of the lack of equality so we need his Great Reset to impose communism where you will own nothing as he says. What he does not say he caused it in the first place.  The problem he has is he does not consider human nature as a factor in his grand fantasies, only that he can command politicians who are being led having been boxed in by non existent interest rates that have destroyed their bond markets. Perhaps they will consider new bonds with some creditability and even a 3% coupon to rebuild their broken economies. In the midst of this no one has a clear picture of the  impact so called vaccines will have on the population and it seems clear that there are enough indications to think there will be a social cost far greater than believed. What should be remembered is that you can squeeze people yes, but when they have nothing to lose and no hope that they can see for a brighter tomorrow they come for you. And it will be no different in some cases in the near future as people do not learn from history and tend to repeat the same mistakes over and over again expecting a different result. 
 
Before we see clear paths to rebuilding, we will see more unrest and lost and the corresponding changes that come forth. 
 

 

Cheers

 

Robert
 

Michael Every…  

We Are Still Talking About A Rate Hike In Over Two Years And $2 Trillion More In QE

 
THURSDAY, JUN 17, 2021 – 08:10 AM

By Michael Every of Rabobank

“And now abideth faith, hope, charity, these three; but the greatest of these is charity.” – 1 Corinthians 13:13

FAIT, hope, and charity

Yesterday’s Fed meeting saw the Fed’s FAIT (Flexible Average Inflation Targeting) tested. As Philip Marey notes in his coverage, the updated economic projections of FOMC participants showed upward revisions to GDP growth and the Fed’s favourite PCE (and core) inflation measures in 2021, but the revisions for 2022, 2023 were only minor, and longer run projections were unchanged. Nevertheless, the median rate projection for 2023 was revised upward by 50bpThe dot plot also shifted upward aggressively, not only implying two 25bp rate hikes before end-2023, but also getting closer to a rate hike in 2022. It takes only two more participants to shift toward a hike in 2022 to make it a split 9-9 committee.

As a result, US 10-year Treasury yields spiked 10bp, and the dollar jumped, while equities initially wobbled – then bounced, before closing slightly down. Oh ye of little FAIT! We are still talking about no rate hike for two and a half years, most probably; and more importantly, there won’t be any tapering of the $120bn of QE a month until “substantial further progress” has been made toward the Fed’s maximum employment and price stability goals. What does “substantial further progress” mean? We don’t know. What does $120bn times 18 months mean? $2.2 trillion. And where will it go? Stocks, housing, and commodities.

On QE tapering, Philip notes US labor supply distortions could last until early September, when enhanced federal unemployment benefits are scheduled to end and schools are expected to start reopening fully. This means that the fog over these key data will not dissipate until the November meeting of the FOMC. However, a statement in November about a tapering decision in December or January is not be very much of an early warning signal for markets who will need it to avoid a Taper Tantrum – which brings us back to August (Jackson Hole) or September (FOMC meeting, with new projections) as potential dates to flag tapering. Or, we get a much longer period of time before we even start to talk about tapering – and that $2.2 trillion, for example.

But what of charity, which is greater than FAIT(H)? To quote Philip: “For almost a year the Fed said it would use FAIT to help fight unemployment of minority groups, which tend to get last hired first fired. However, a few unexpected data points and they are the first to be sacrificed by the social justice warriors with the wobbly knees.”

There is always hope, of course. Chinese Premier Li Keqiang yesterday stated “China should keep grain prices at reasonable levels”, as fertiliser and urea costs spiked 10% in the first 10 days of June. But how? By selling off state reserves. Yet stocks are finite, while QE and *global* demand are far less so, even if yesterday’s data say Chinese demand may be ebbing. In which case, Bloomberg reports “China’s Campaign to Control Commodities Goes Into Overdrive” and “China is Quietly Stepping Up Its Interventions in Markets”. However, such steps cannot work in a *global* market where commodities are priced in US dollars. And meanwhile, Turkish exporters are being forced to use wooden pallets to replace steel containers given the lack of them. Until they run out of wood.

Or, for the RBNZ, excuses: Q1 GDP was up 1.6% q/q vs. 0.5% expected and 2.4% y/y vs 0.9%, despite the global backdrop. They had already flagged six hikes by end-2024 – and now the Fed are shifting and GDP booming, why not move now? **cough** Housing/NZ$ **cough**. Brazil just hiked rates 75bp to 4.25%, a third consecutive move, taking cumulative hikes to 225bp, the most in the G20 this year: countries with real experience of inflation are more willing to act on rates than ones who talk about inflation but haven’t seen it for more than a generation. BRL had broken the psychological 5 barrier just prior to the Fed announcement – but then again, this is exactly what the RBNZ et al., don’t want to see happen.

Elsewhere, “Nadezhda” надежда is hope in Russian – and that is probably all we have to show for the Geneva summit. US President Biden losing his temper at a CNN reporter got the social media focus, rather than anything agreed with Putin. However, Biden handed over a list of 16 types of critical infrastructure which are off limits to the cyberattacks Russia denies it is ever responsible for – or the US will respond. So ‘rules of the game’ were perhaps laid down; but is everything else in the US fair game(?) Let’s see how Russia behaves in the next few weeks before making any judgements on the pow-wow.

And not just Russia, of course, as we circle back to FAIT, but this time in the form of US Senator Hawley, who last week introduced the Taiwan Defence Act to the Senate, which states: “It shall be the policy of the United States to maintain the ability of the United States Armed Forces to deny a fait accompli by the People’s Republic of China against Taiwan.”

This is against the backdrop of the G7, NATO, and the EU-US summit all mentioning Taiwan, and defense analysts arguing that too weak a US signal towards it could encourage China to make a provocative move – and yet so too could too strong a US signal. It also comes after Bloomberg reported “A Far-Flung Taiwan Island Risks Triggering a US-China Clash”, noting the US has stepped up surveillance flights near Pratas, a Taiwanese island nearer to Hong Kong, and quoting Ben Schreer of Macquarie University’s department of security studies and criminology that: “There is now a serious possibility that China seeks to occupy one of the outer islands. If that happens, what is the international community going to do? What is the US going to do?”

We all hope for the best, of course. But if you think we have logistical and inflation problems now, you really don’t want to contemplate those fat tail risks. The Fed certainly isn’t.

end

7. OIL ISSUES

END

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE//IVERMECTIN UPDATE
 
 
 
 
 
 

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

Euro/USA 1.1934 DOWN .0060 /EUROPE BOURSES /ALL MIXED

USA/ YEN 110.74 DOWN 0.027 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3954  UP   0.0035  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2337  UP .0058

 

Early THURSDAY morning in Europe, the Euro DOWN BY 60 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1934 Last night Shanghai COMPOSITE CLOSED UP 7.28 PTS OR 0.21% 

 

//Hang Sang CLOSED UP 121.75 PTS OR .43% 

 

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

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL MIXED

 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 121.75 PTS OR .43%

 

/SHANGHAI CLOSED UP 7.28 PTS OR 0.21% 

 

Australia BOURSE CLOSED DOWN 0.43%

Nikkei (Japan) CLOSED DOWN 272.68 PTS OR 0.93%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1792.60.30

silver:$26.47-

Early THURSDAY morning USA 10 year bond yr: 1.570% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.178 DOWN 4  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 91.78  UP 66 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.41% UP 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.0066%  UP 1 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.44%//  UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.83 UP 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: RISES TO –.234% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.07% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY

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

Euro/USA 1.1923  DOWN     .0072 or 72 basis points

USA/Japan: 110.32  DOWN .452 OR YEN UP 45  basis points/

Great Britain/USA 1.3933 DOWN .0056 POUND DOWN 56  BASIS POINTS)

Canadian dollar DOWN 69 basis points to 1.2345

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4484 

 

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.4558

TURKISH LIRA:  8.714  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.066%

Your closing 10 yr US bond yield DOWN 6 IN basis points from WEDNESDAY at 1.519 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.114 DOWN 10 in basis points on the day

Your closing USA dollar index, 91.83  UP 71  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 30.88 PTS OR 0.43% 

 

German Dax :  CLOSED DOWN 16.45 PTS OR 0.10% 

 

Paris CAC CLOSED DOWN 11.32  PTS OR 0.17% 

 

Spain IBEX CLOSED DOWN 5.10  PTS OR  0.03%

Italian MIB: CLOSED DOWN 49.41 PTS OR 0.19% 

 

WTI Oil price; 72.79 12:00  PM  EST

Brent Oil: 74.80 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    71.71  THE CROSS  LOWER BY 0.32 RUBLES/DOLLAR (RUBLE HIGHER BY 32 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.234 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 : 71.12//

BRENT :  72.99

USA 10 YR BOND YIELD: … 1.517..DOWN 6 basis points…

USA 30 YR BOND YIELD: 2.116 DOWN 10 basis points..

EURO/USA 1.1902 DOWN 0.0093   BASIS POINTS)

USA/JAPANESE YEN:110.27 DOWN .499 (YEN UP 50 BASIS POINTS/..

USA DOLLAR INDEX: 91.95  UP 82  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3923 DOWN 66  POINTS

the Turkish lira close: 8.72  DOWN 11 BASIS PTS

the Russian rouble 72.35   UP 0.31 Roubles against the uSA dollar. (UP 31 BASIS POINTS)

Canadian dollar:  1.2358  DOWN 79 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.234%

The Dow closed DOWN  210.22 POINTS OR 0.62%

NASDAQ closed UP 180.80 POINTS OR 1.29%

VOLATILITY INDEX:  17.25 CLOSED DOWN  0.90

LIBOR 3 MONTH DURATION: 0.124%//libor dropping like a stone

USA trading day in Graph Form

 

a)Market trading/THIS MORNING/USA/

What a joke!

Panic-Buying At Cash Open Erases Powell-Plunge; 4200 Is S&P’s “Line In The Sand”

 
 
THURSDAY, JUN 17, 2021 – 09:37 AM

US equity market tumbled on The Fed’s ‘hawkishness’ yesterday, then recovered when Fed Chair Powell demanded traders ignore the dotplot… and then tumbled back to the lows overnight.

But thanks to endless jawboning and David Tepper, a buying panic has struck at the cash market open and Small Caps have erased all of those losses…

Just a quick reminder, here is what Tepper said in 2013 as The Fed threatened to taper

“I think the stock market is still fine for now,” Tepper told Wapner.

Stocks are on their own in panic-buying land once again…

So what happens next?

As SpotGamma reports, futures tested 4190 (SPX 4200) overnight but recovered some to 4200. This level is critical support for markets, as gamma is negative under there. Simply put, a break of 4200 is risk off. For today, 4225 is the key overhead area due to the large amount of gamma at that strike.

There are times wherein we mark risks as quite high, and we see this as one of them. This, of course, does not mean that markets decline sharply but our models see that as a distinct possibility and so we are lending a bit more focus to that “tail” in this note.

end
This  afternoon!!

30Y Treasury Yield Crashes To 4-Month Lows As Curve Collapses

 
 
THURSDAY, JUN 17, 2021 – 11:25 AM

After spiking dramatically on the “hawkish” FOMC statement, the long-end of the yield curve has utterly collapsed this morning with 30Y Yields down 10bps from its highs…

Source: Bloomberg

Sending the long-end yield to its lowest in four months…

Source: Bloomberg

And crashing the yield curve – which is now flatter year-to-date..

Sopurce: Bloomberg

As Mike Shedlock notes, this is by no means a flat yield curve. However, the trend is significant, so is 30-year long bond yield itself. If you are looking for a signal that inflation is mostly if not entirely in the rear view mirror, then look no further than the long bond yield and flattening at the long end of the curve.

Wondering why this is happening? Let’s look at how yields behaved during prior episodes of QE and the periods following QE.  

The graph below shows the yield on ten-year UST notes rose during each QE period and fell upon its conclusion. As circled, yields fell precipitously when the Fed reversed QE via Quantitative Tightening (QT).

Ten-year yields tend to rise about 1% from the start of QE to peak yield levels during QE. Equally important, yields tend to fall toward the end of QE. The reason for peaking before QE ends is growing investor beliefs, at those times, the Fed was getting closer to tapering or halting QE purchases. The jury is still out on QE4.

Currently, yields are close to their cycle highs. If we believe the Fed is nearing tapering, yields could be peaking. Based on prior QE taper experiences, a yield decline of 1% or even more may be in store for the next six months to a year if the Fed is, in fact, on the doorsteps of tapering.

 
ii) Market data
Initial jobless claims unexpectedly jumped last week
(zerohedge)

Initial Jobless Claims Unexpectedly Jumped Last Week

 
 
THURSDAY, JUN 17, 2021 – 08:36 AM

Initial Jobless Claims unexpectedly rose last week (from 375k to 412k)…

Source: Bloomberg

Some potential good news, the total number of Americans on the dole dropped below 15 million…

…for the first time since April 2020…

Source: Bloomberg

Finally, we note that the number of Americans on some form of pandemic unemployment aid remains relatively flat (same levels as for the last year) while job openings are exploding higher…

Source: Bloomberg

And do not forget, the benefits cliff is coming.

end

iii) Important USA Economic Stories

wow!  this market is totally broken:  the Fed’s O/N reverse repo soars to an unheard of $756 billion , an increase of $230 billion.  This will surely lead to negative rates.!@!

Fed’s Reverse Repo Soars To Stunning $756 Billion, Spikes By $230 Billion Overnight

 
THURSDAY, JUN 17, 2021 – 01:38 PM

While it received far less attention that the Fed’s dot plot, the only thing that the Fed actually did change yesterday were its administered rates, as it raised the rate on its overnight Reverse Repo facility from 0% to 0.05% and the rate on excess reserves (IOER) from 0.10% to 0.15%.

Since the RRP hike meant the GC rate would also have to increase, we noted last night that “with both market rates and RRP at .05%, there’s really no economic incentive for cash investors to move cash to the Repo market.”

Furthermore, now that the Fed is actually paying counterparties a modest but non-negligible 5bps on reserve deposits, it has made the RRP even more attractive compared to when it paid nothing (when the RRP rate was 0.0%), as it now generates a higher risk free yield than many short-term Bills.

As such, we concluded that if it was the Fed’s intention to reduce participation in its Reverse Repo facility (which the Fed specifically expanded back in March knowing what was coming) it would fail.

And wow, did it fail: moments ago we got the first Reverse Repo results from the new post-FOMC regime, and boy was it a whopper: coming at $755.8 Billion among 68 counterparties, there was a tsunami of new reserves parked at the Fed, as the total was a massive $235 billion more compared to the $520.9BN (among 53 counterparties) yesterday, the biggest one-day increase on record as every Tom, Dick and Harry rushed to collect the Fed’s free pennies.

One explanation for the surge is that as UBS noted earlier, the Fed’s adjustment “is likely to make the RRP grow even more, in part due to new usage by GSEs who can now earn more than the zero they get on their deposits at the Fed.” That, UBS added, takes reserves out of the banking system, which should slightly reduce the odds of balance sheet stress at year-end.” Separately, since this is the first TOMO with the new 5bps RRP rate, we could be seeing a temporary spike as market rates adjust to the new lower bound.

In any case, while the Fed has so far been ignoring the massive drain in reserves courtesy of its Reverse Repo, as this facility is headed toward $1 trillion, Powell may want to consider the continued fracture to the repo market and also the pockets of illiquidity that may be forming as some counterparties remain flooded with reserves while others have virtually no reserves intraday as they are locked up at the Fed until the next day.

We look forward to Zoltan’s thoughts on this troubling surge in a few hours.

END

Life in America today

(Michael Snyder)

Many US Cities Are Starting To Resemble Post-Apocalyptic Cesspools As America’s Collapse Accelerates

 
WEDNESDAY, JUN 16, 2021 – 05:00 PM

Authored by Michael Snyder via The Economic Collapse blog,

For a moment, I would like you to take an imaginary tour of a major U.S. city with me, and I would like for you to try to guess which city I am talking about. 

As you stroll along the sidewalks in the heart of this city, it seems like tents have been erected everywhere

Homelessness is completely and utterly out of control in this particular city, and even though city officials keep making more promises the crisis just continues to get worse.  As you continue your tour, you notice multiple addicts doing drugs right in front of you

Drug needles, human waste and other trash are strewn all over the place, and you wonder why nobody from the city has cleaned up the mess.  All of this filth has created a stench that is overpowering at times, and you try not to gag. 

As you travel deeper into the urban core of this city, you are shocked to see two men with guns carjack a woman a couple of blocks away.  Not wanting to get involved, you abruptly change direction.  You are startled when a couple of addicts that look like they were pulled straight out of a zombie movie start asking you for money, and you begin instinctively walking faster without even thinking about it. 

Unfortunately, you have stumbled into an alley that you should never have gone down, and you now find yourself completely surrounded by curious street people.  You try to make a break for it, but it is too late.

I’ll stop our imaginary tour right there.

Can you guess which major U.S. city I am talking about?

Sadly, the reality of the matter is that there are many U.S. cities that closely fit the description that I just gave you.  For example, Los Angeles was once one of the most beautiful cities on the entire planet, but today it is being described as a “squalid cesspool”

The Democrat-controlled city of Los Angeles has devolved into a squalid cesspool of rampant crime, uncontrolled homelessness and filthy streets littered with trash, drug paraphernalia and human waste.

That’s the observation of numerous Californians, including award-winning actor James Woods, who lamented on Monday that the picturesque city he once loved “is gone.”

If you walk through the streets of Los Angeles today, you will find that homeless people have erected tents literally all over the city.  Jeremiah Babe has demonstrated this over and over again in his excellent videos, and the footage that he captures during his visits to the core of Los Angeles just seems to keep getting worse over time.

As conditions in Los Angeles deteriorate, it is fueling a dramatic rise in violent crime.  The murder rate in Los Angeles is up 95 percent so far this year, and it is now the number one political issue in the entire city.

Further north, San Francisco officials are dealing with their worst drug epidemic ever San Francisco has always had a big problem with drugs, but Dr. Christopher Colwell says that the widespread use of fentanyl has taken things to an entirely different level…

“Our most immediate threat right now is the opioid epidemic and the trauma we are seeing. We are seeing increases I haven’t seen in my career around dependency and overdoses, mostly involving fentanyl. We always had problems with opioids, specifically heroin, but fentanyl has changed the whole landscape of drugs.”

When we think of addicts, we tend to envision street people in our minds, but in San Francisco a lot of people that are overdosing these days are respected professionals

A physician, two nurses, a professional athlete, a drug dealer and a lawyer who had nodded off in court. Teenagers, specifically a 14- and a 15-year-old. And a 7-year-old who got into a stash in her mother’s purse.

These are some of the types of people Dr. Christopher Colwell, the chief of emergency medicine at Zuckerberg San Francisco General Hospital, has recently seen in the emergency room for medical issues related to fentanyl use and overdoses.

Whenever you have large numbers of drug addicts in a particular city, you are going to have a problem with property crime.  Addicts are always looking for more money to pay for their next hits, and shoplifting has gotten wildly out of control in the city.

What makes things even worse is that shoplifters in San Francisco face very light consequences if they are actually caught, and so at this point they have become extremely brazen

Alarming video captured the moment a brazen robber filled a garbage bag with products at a San Francisco Walgreens and bicycled out of the store after no one tried to stop him.

The footage posted on Twitter by ABC7 Reporter Lyanne Melendez was filmed on Monday afternoon in a Walgreens at the corner of Gough and Fell streets in the Bay Area – where 17 of the pharmacy’s stores have been forced to close in recent years due to theft.

I watched the video, and the thief actually brushes right up against the security guard without any concern whatsoever.

On the other side of the country, police in the Atlanta area are operating under new rules that restrict them from chasing criminals.  This is infuriating many residents, because now violent criminals can literally get away with just about anything if they just drive away fast enough

This is the moment cops appear to do nothing amid a drive-by shooting in Atlanta as residents of the wealthy Buckhead area say it’s a ‘warzone’ and demand to secede.

The video, which was played on Tucker Carlson Tonight, shows people lining up near a dark-colored van that is parked on the side of the road when a white car passes by and shots ring out, with one going straight through the dark van, striking one of the passersby and sending people scrambling.

A few seconds later, blue lights could be seen reflecting off the windshield of the black van, symbolizing police cars passing by and not stopping at the scene in the wealthy Buckhead neighborhood.

By the way, the murder rate in Atlanta is up 60 percent so far this year, and officials in Atlanta say that they are desperate for solutions.

Here is a solution.  Perhaps they should actually allow the police to chase down criminals that are shooting at people.

Just a thought.

Up north, New York City hasn’t seen this much degradation since the dirty days of the 1970s.  Crime is wildly out of control, and filth is seemingly everywhere.

Earlier today, I came across a report from the local Fox affiliate that discussed the fact that the number of subway cars that are soiled by “feces, vomit, and blood” is increasing…

As people return to the subway system in New York City, they are finding more trash and filth, according to a new report.

There has been a rise in soiled train cars this year according to Daily News including cases of feces, vomit, and blood.

Do you ever wonder who gets to clean up those messes?

I hope that whoever has to do that job is well paid.

As our major cities degenerate into cesspools of crime, drugs and filth, vast numbers of ordinary citizens are fleeing for greener pastures.  In fact, North American Van Lines has just released a report that confirms that there was a huge wave of migration from “blue states” to “red states” in 2020…

The pandemic saw people leave Democratic blue states in droves and head towards sunnier climes in the red states of the south to escape the strict lockdowns and spiraling crime.

A migration report from moving company North American Moving Services found those living in the states of New York, California, Illinois, New Jersey and Maryland headed for Arizona, Tennessee, South Carolina, North Carolina and Idaho.

Unfortunately, this is just the beginning.  As our cities continue to deteriorate, millions more Americans will be seeking to relocate.

Of course this ongoing mass exodus has already pushed home prices in many desirable rural and suburban areas to absolutely absurd levels.

If you are thinking about relocating, I would recommend doing it as soon as possible, because the collapse of our major cities is only going to get worse.

*  *  *

END

Americans are increasingly fleeing California and New York for Florida and Texas

(Phillips/EpochTimes)

Americans Are Increasingly “Fleeing” California And New York For Florida And Texas: Study

 
WEDNESDAY, JUN 16, 2021 – 09:40 PM

Authored by Jack Phillips via The Epoch Times,

A new study revealed that Americans are continuing to flee New York and California for places like Texas and Florida in recent months.

“Despite the 2020 pandemic, this year Americans are following similar moving trends as prior years. Millions of Americans are moving either to start a new job or to move home,” said a report (pdf) from North American Van Lines, a trucking and moving company.

Specifically, it noted that Americans “are fleeing” California to Texas and Idaho, although New York, New Jersey, and Illinois “are the three states with the most outbound moves.”

Other states that have seen a mass exodus of people, the report said, are Michigan and Pennsylvania.

“The top five inbound states in 2020 are Idaho, Arizona, Tennessee, South Carolina, and North Carolina, with Tennessee overtaking South Carolina from the 2019 results,” the report found.

North American Van Lines did not make mention of the widespread protests and riots last year, or the pandemic. Crime rates in some cities have also spiked amid the “defund the police” movement that became popular in the summer of 2020. In major cities like Los Angeles, San Francisco, Philadelphia, New York City, and Chicago, shootings and homicides saw upticks in 2020 and during the first six months of 2021.

But the report speculated that people might be leaving northeastern states due to the “harsh winters,” job availability as many firms “are avoiding the region” for now, and that many northeastern cities have a high cost of living that makes housing affordability more challenging.

The city that is most popular as a moving destination is now Phoenix, according to the report. The next on the list are Houston, Dallas, Atlanta, and Denver.

“With Texas’ warm climate and low taxes it’s not surprising that three of the top ten MSA [Metropolitan Statistical Area] destinations are in Texas,” the report noted.

Another report released this week from real estate website Zillow confirmed that there has been a significant shift in where people are living now, saying that Americans are “reshuffling” to “larger” and “more-affordable homes.”

“The average long-distance mover relocated to a ZIP code with home values nearly $27,000 lower than where they came from last year,” its report said. “U.S. movers in 2020 relocated to ZIP codes with homes 33 square feet larger than where they came from, on average.”

Zillow used data from North American Van Lines to find that “movers that changed states in 2020 moved to areas with homes that were, on average, both larger and less-pricey than in the areas they moved from.” That finding, according to the analysis, is a “notable reversal” of previous years’ trends.

END

Expect food bank lines to reemerge as millions are set to lose their unemployment benefits

(zerohedge)

US Food Bank Lines May Reemerge As Millions Set To Lose Unemployment Benefits

 
WEDNESDAY, JUN 16, 2021 – 06:40 PM

US food banks in Republican states are preparing for a massive demand surge in food aid this summer as 24 GOP-led states are set to end federal unemployment assistance before they’re set to expire on Sept. 6. 

The benefits set to lapse include the additional $300 weekly federal supplement and other Pandemic Unemployment Assistance programs that support low-income households. The policies have also contributed to a historic labor shortage after millions of people received more money via government benefits to staying at home than actually work. 

With local economies reopening up across the country, here are states that are pulling pandemic benefits early so that millions of people can reenter the labor market: 

  • Jun. 19: Alabama, Idaho, Indiana, Nebraska, New Hampshire, North Dakota, West Virginia, Wyoming

  • Jun. 26: Arkansas, Florida, Georgia, Ohio, South Carolina, South Dakota, Texas

  • Jun. 27: Montana, Oklahoma, Utah

  • Jul. 3: Tennessee

  • Jul. 10: Arizona

According to JPMorgan, cutting benefits is “tied to politics, not economics.” 

With two dozen GOP-led states pulling benefits within the next month, millions of people are expected to return to food bank lines this summer, similar to what was seen last spring/summer. 

Already, US Census Bureau figures show 19.3 million adults experienced food insecurity issues.  

Food banks around the country are well aware that millions of Americans are set to lose generous unemployment benefits, according to The Guardian

“We are still distributing about a million to a million and a half more meals each month than we did pre Covid,” said Teresa Schryver, advocacy manager for the St Louis Area Food Bank in Bridgeton, Missouri services for residents in Missouri and nearby Illinois.

Schryver said there could be another “spike in July and August as we’re losing the unemployment benefits here in Missouri, so we might be doing 2m meals again for a couple of months.”

She said the public health crisis is abating this spring as summer approaches due to the high level of vaccinations, but the lingering economic effects tied to virus-related shutdowns has economically doomed millions of people. 

“We hope it’s not going to take us 10 years to get our food insecurity rates back down to pre-pandemic levels, but that’s the kind of timeline we’re looking at,” Schryver said. 

Florida food banks are also preparing for increased demand later this summer. “With the unemployment benefits level being reduced, it will no doubt put hardship on a large population here in central Florida. It is impossible to say how much of an impact, but, it cannot be positive,” said Dave Krepcho, CEO of the Second Harvest Food Bank of Central Florida in Orlando.

“We can see a correlation between an addition or elimination of a household financial benefit,” said Thomas Mantz, the CEO and president of Feeding Tampa Bay, which provides a variety of food relief services to communities in the Tampa area. “So when we see stimulus checks go out, we do see less people in our lines, when we see additional unemployment checks, we see less people in our lines. And conversely, when those things stop, we do see our numbers swell.”

Thomas Mantz, the CEO and president of Feeding Tampa Bay, said demand is about 35% higher than pre-pandemic levels.

The virus pandemic has placed significant strains on food banks (read: here & here & here).

In Texas, all federal extended unemployment benefits end on Jun. 26, leaving more than 1.3 million unemployed workers with reduced benefits. Celia Cole, CEO of Feeding Texas, said the lowest-income Americans continue to struggle despite the recovery. She expects food bank demand will surge at the end of this month when benefits are wound down. 

“We’re anticipating that we will see at least a short-term surge when the unemployment benefits run out. So we’re gearing up for that,” said Cole. “People who were lower-income to begin with tend to get hit harder by natural and economic crises, and it can take them as individuals and the communities they live in a lot longer to come back.”

… and by the way, there are still 15 million Americans on some form of government dole…

The economic crisis is far from over, and we may just see a reemergence of massive food bank lines this summer. 

end
State benefits run out in 4 weeks but the major cliff is Labor day for the Federal benefits programs.
A good read…
(Weidinger/Real Clear Policy)

A Record Benefits Cliff is Coming Thanks To Democrats’ American Rescue Plan

 
THURSDAY, JUN 17, 2021 – 06:30 AM

Authored by Matt Weidinger via RealClear Policv (emphasis ours),

In the face of growing labor shortages, 25 states are ending federal pandemic unemployment benefits in the coming weeks. Their Republican governors argue those benefits make unemployment pay better than working, keeping workers on the sidelines of the economy. But the staggered expiration of benefits in those states over the next four weeks is just a foreshadowing of the far larger benefits cliff ahead on Labor Day. That’s when federal benefits for as many as nine million recipients will abruptly end, marking the largest benefits cliff in American history. The cliff will result directly from Democrats’ March 2021 American Rescue Plan and will disproportionately affect recipients in blue states.

The federal response to the pandemic has included unprecedented extended and expanded unemployment benefits already scheduled to total over $700 billion. While current $300-per-week bonuses have gotten outsized attention because they pay some workers more to remain unemployed, most recipients collect benefits due to two other federal pandemic programs. One extends unemployment checks to over 18 months for those exhausting state benefits. The other offers federal checks to millions who never qualified for benefits before. That latter program has seen astonishing levels of fraud and now supports more people than any other unemployment program. Except where states end them sooner, these federal benefits are scheduled to end the weekend before Labor Day.

How many people will hit the Labor Day cliff and see their federal unemployment benefits, which currently average around $600 per week, come to an abrupt end? It’s hard to know for sure because some current recipients will return to work and give up those benefits before then. But as the chart below displays, there were recently 9.2 million recipients in states where federal pandemic benefits will end on September 4, including over 8 million in states led by Democratic governors:

Federal benefit recipients potentially affected by coming state shutoffs and the Labor Day cliff

 

Source: Department of Labor initial claims report for June 3, 2021. “Current benefit recipients” includes continuing claims for Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) for the week ending May 15, 2021. Red reflects states with a Republican governor, and blue with a Democratic governor. States ending PUA and PEUC are: In the week ending June 12, IA, MS, MO; in the week ending June 19, AL, ID, IN, NE, NH, ND, WV, WY; in the week ending June 26, AR, GA, MT, OK, SC, SD, TX, UT; in the week ending July 3, MD, TN; and in the week ending September 4, all remaining states (including AK, AZ, FL, and OH, which are prematurely ending $300 bonuses but not PUA and PEUC).     

Those 9.2 million potentially losing benefits on Labor Day are over four times the number who may lose benefits due to state shutoffs across the next four weeks. That potential Labor Day cliff is also six times bigger than the cliff when federal benefits paid after the Great Recession expired in December 2013 and 1.3 million recipients saw their benefits end.

The hard cutoff of benefits in a single week will result from a little-noticed policy change included in Democrats’ American Rescue Plan. That legislation deleted the “benefit phaseout rule” included in the bipartisan December 2020 extension law and replaced it with the coming hard cutoff on Labor Day. Such “soft phaseouts” allow those already receiving benefits to continue collecting them for a few weeks after the eligibility door has closed to new recipients. That spreads out the end of benefits, softening the blow of a program’s expiration on individuals and the local economy.

Why would policymakers trade soft phaseouts for hard cutoffs? One reason can be increased costs. But the original December 26th expiration date for these benefits reflects the likely real reason for the reversion to hard cutoffs. In the inverted thinking of some Washington policymakers, that sort of joyless timing — threatening to abruptly end temporary benefits for millions, especially the day after Christmas — creates pressure on Congress to further extend them.

The states opting out of federal benefits are now foiling that calculus. Temporary federal programs typically pay more benefits in high-unemployment states, but at least some benefits in all other states, broadening support for extensions. But the 39 Republican senators representing the 25 states now rejecting federal benefits have little cause to support another extension of benefits, both because those benefits are contributing to labor shortages and because they would be payable only in other states, especially blue ones. They and other conservatives will have the votes to block another national extension. President Biden dealt a further blow to another extension when he recently said of the $300 federal bonus “that makes sense it expires” on Labor Day. 

The lawmakers who crafted the American Rescue Plan may have expected even more individuals to hit the Labor Day cliff since they couldn’t anticipate the unprecedented early shutoff of benefits in 25 states. But even with that early shutoff, record numbers will see their federal benefits abruptly end on Labor Day, with little chance of another extension. Democratic lawmakers will inevitably blame Republicans for opposing more benefits. But the real reason for the record Labor Day cliff will be Democrats’ American Rescue Plan, which applied the craven — and this time likely incorrect — Washington logic that bigger and harsher cutoffs increase the chances that “temporary” benefits continue to flow.

Matt Weidinger is the Rowe Fellow in poverty studies at the American Enterprise Institute.

end

Looks like Lordstown Motors is toast

(zerohedge)

Lordstown Motors Lied About “Binding” Orders, Again, Just One Day After Its CEO And CFO Resigned

 
THURSDAY, JUN 17, 2021 – 08:53 AM

It didn’t take long for Lordstown Motors’ to follow in the footsteps of ousted CEO Steve Burns by – umm – materially misstating – the quality of the company’s order book. Yes, again.

And on Thursday morning, shares of the automaker (can we even call them that?) were plunging again amidst company admissions of more total bullshit lies material misstatements.

It just took literally one day for the company to lie again after Steve Burns was ousted. On Tuesday, when a headline broke that Lordstown had “binding” orders, we asked whether everyone at the company lies.

Apparently, the answer is yes. Because on Thursday morning, Lordstown was forced to correct itself in a filing with the Securities and Exchange Commission. Tucked into a Form 8-K that looked as though it was just to accompany the announcement of the hiring of a new VP of Global Commercial Operations, the company admitted statements its President made earlier in the week (and that boosted the stock) were inaccurate:

To clarify recent remarks by company executives at the Automotive Press Association online media event on June 15, although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments. As previously disclosed in our Form 10-K/A for the year ended December 31, 2020, filed with the Securities and Exchange Commission on June 8, 2021, to date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers.

 

Spotted at Lordstown’s plant

Recall, just one day prior to the comments, Lordstown’s CEO Steve Burns had resigned, along with the company’s CFO, following the results of an internal investigation catalyzed by allegations by short seller Hindenburg Research back in May.

As one social media user succinctly put it:

In a PR called “Lordstown Motors Announces Leadership Transition” earlier this week, the company said the executive shuffle was due to a “transition from the R&D and early production phase to the commercial production phase of its business.” But in a separate PR called “Lordstown Motors Reports Results Of Special Committee Investigation Of Hindenburg Research Report”, the company released the findings of Sullivan & Cromwell LLP,  who was tasked with looking in Hindenburg’s allegations.

“The Special Committee’s investigation concluded that the Hindenburg Report is, in significant respects, false and misleading,” the PR reads, before admitting: “The investigation did, however, identify issues regarding the accuracy of certain statements regarding the Company’s pre-orders,” the PR reads. 

“Lordstown Motors made periodic disclosures regarding pre-orders which were, in certain respects, inaccurate,” the PR reads.

First, the company admitted that some of its pre-orders were to “influencers”.

“Lordstown Motors has stated on several occasions that its pre-orders were from, or “primarily” from commercial fleets. In fact, many pre-orders were obtained from (i) fleet management companies or other end users that indicated interest in purchasing Endurance trucks, similar to commercial fleets, and (ii) so-called “influencers” or other potential strategic partners that committed to attempt to secure pre-orders from other entities, but did not intend to purchase Endurance trucks directly.

And also stated that “One entity that provided a large number of pre-orders does not appear to have the resources to complete large purchases of trucks. Other entities provided commitments that appear too vague or infirm to be appropriately included in the total number of pre-orders disclosed.”

Recall, Lordstown was the target of short seller Hindenburg Research back in May of this year, who released a report called “The Lordstown Motors Mirage: Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno”.

Hindenburg also released a video called “The Lordstown Motors Mirage” with their report:

end

INFLATION WATCH/

LUMBER

Lumber Bubble Bursts; Term Structure Slope Suggests Relief Coming For Homebuilders

 
THURSDAY, JUN 17, 2021 – 02:23 PM

Earlier this month, we told readers, “Lumber Prices Slump As Historic Boom Hits A Wall,” as sawmills were catching up with the flurry of demand from North American homebuilders amid supply chain issues, which created massive supply constraints, which propelled lumber prices to record highs. 

Ole Hansen, Saxo Bank’s chief commodity strategist, said the plunge in lumber prices might spiral down some more as speculators exit their positions and supply catches up with demand. 

Lumber futures on Chicago Mercantile Exchange are down more than 2% on Thursday. Prices have fallen 44% since May’s record high of over $1,700 per thousand board feet, although prices remain 282% higher than the lows seen in early 2020. 

The chart below of lumber prices appears to be a classic “commodity blowoff top.” 

Last week, lumber futures fell 18% in the most significant weekly decline since 1986, one year before the 1987 stock market crash. 

Hansen said there was are several factors that suggest prices may fall further. 

“Something like lumber has been very much a pandemic-driven spike,” he told Bussiness Insider, adding that sawmill capacity wasn’t able to keep up with supply as “people went crazy in their backyards, redoing their houses or buying a bigger house” that caused prices to soar. 

In addition to the physical market, speculators such as hedge funds are puking their long positions as prices continue to waterfall, he added. 

“Some of that activity is bound to slow [and] supply is starting to meet the demand,” he noted.

Hansen pointed out the curve for lumber futures is sloping downwards and suggests that “the market is looking for quite some weakness as we head into the autumn and winter months.”

Weakness in lumber prices in the second half could offer relief for homebuilders who’ve been stunned by skyrocketing costs. This week’s latest housing report showed May permits plunged to the lowest level since October. The chart below suggest surging costs are halting new construction. 

Besides homebuilders, home buying intentions among consumers are at the lowest in two decades as lumber and other costs push housing prices to unaffordable levels. 

After the multi-day Federal Open Market Committee meeting, Fed chair Jerome Powell briefed reporters Wednesday and said inflation would prove to be temporary. 

“The thought is that prices like that, that have moved up really quickly because of shortages and bottlenecks and the like, they should stop going up. And at some point, they, in some cases, should actually go down. And we did see that in the case of lumber,” Powell said.

However, even as lumber prices correct from stratospheric highs, BMO Capital Markets warns that prices may not return to pre-pandemic levels any time soon. 

END

iv) Swamp commentaries/

 

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

China Stocks Tumble after Beijing Cracks Down on Commodity Prices, Econ Data Miss Across the Board – The CSI 300 Index closed down 1.7%,as declines in material and technology stocks offset a rally in financial and energy companies. The tech-heavy ChiNext tumbled more than 4%…

  • Industrial production (IP): 8.8% yoy in May, below consensus: +9.2% yoy. April: +9.8% yoy.
  • Retail sales: 12.4% yoy in May, below consensus: 14% yoy; April: +17.7% yoy.
  • Fixed asset investment (FAI): 15.4% ytd yoy in May, below consensus: +17% ytd yoy; May single month: +5.6% yoy, vs. April: +10.8% yoy…

https://www.zerohedge.com/markets/china-stocks-tumble-after-beijing-cracks-down-commodity-prices-econ-data-miss-across-board

Citigroup Inc. shares fell the most in five months after the bank warned expenses would increase sharply https://trib.al/S4Bjvg6

U.S. housing starts rise less than expected in May; building permits fall https://t.co/ZpVenAIGNL

Inflation Nation: Housing Starts and Permits Disappoint in May, Weighed Down by Rising Costs https://t.co/m7u32jJO8Y

U.S. import prices accelerate in May; export prices surge
Import prices rose 1.1% last month…lifted the year-on-year increase to 11.3%, the largest rise since September 2011. Import prices surged 10.8% on a year-on-year basis in April… Imported fuel prices jumped 4.0%… Petroleum prices increased 3.8%… imported food fell 0.4%. Excluding fuel and food, import prices rose 1.0%. These so-called core import prices advanced 0.7% in April… export prices jumped 2.2% in May after rising 1.1% in April. Prices for agricultural exports rose 6.1%, the largest gain since in November 2010… Export prices surged 17.4% year-on-yearthe largest rise since the series started in September 1983, after advancing 14.9% in April.   http://reut.rs/3gHGRQZ

@MichaelaArouet: US real junk bond yield in a negative territory for the first time. Inflation be better transitory, but even if this is the case a long way to a real yield of 3% which was the bottom for the last 15 years.  https://t.co/UObR5p0kbL

LBO leverage hits record high https://twitter.com/zerohedge/status/1405166058345009153

ESUs vacillated between modest gains and losses during Asian and European trading.  They declined when midday in the US arrived.  ESUs and US stocks commenced a tumble three minutes before the FOMC Communique was released.  The FOMC Communique was hawkish; the Fed raised its 2021 inflation forecast (personal consumption expenditures) to 3.4% from 2.4%; and Fed DOTS showed 11 of 18 Fed officials see at least two rate hikes by 2023; 13 see higher rates in 2023, 7 see rate hikes in 2022.  Plus, the Fed UNEXPECTEDLY hiked its Interest on Excess Reserves Rate (IOER) from 0.10 to 0.15 and boosted its Reverse Repo Rate from 0% to 0.05%.  Obviously, someone got non-public information and acted on it.  However, US regulators are idiots or incompetent or corrupt.

After the tumble, the usual suspects created a ‘V’ rally of 26 ESU handles in 7 minutes.  It quickly failed; another tumble occurred.  It bottomed at 15:46 ET, because the clueless or devious Fed CEO reiterated his view that inflation is transitory and will soon be lower.  Powell effectively averred that his Fed brethren who forecasted higher rates “aren’t great forecasters of future rate moves.

Powell: DOTS Aren’t a Great Forecaster of Future Rate Moves – BBG
Powell: DOTS to Be Taken with a Grain of Salt – BBG
Powell: Possibility Inflation Could Be Quite Low Going Forward – BBG
Powell: High Inflation Readings We’re Seeing Now to Abate – BBG
Powell: Don’t Expect Higher Prices Feed into Expectations (How dopey or deceitful is this guy?)
Powell: Economy Flexible, Labor Supply-Demand Crunch Will Clear – BBG

Powell’s dovish remarks encouraged speculators and expiry manipulators to force stuff higher.  ESUs and US stocks then formed a double top at 15:24 ET and 15:38 ET.  The twin peaks were 13 handles below the ESU session high.  So, ESUs and stocks slid into the close.  No breakout once again.  Traders have only two days to affect the upside expiry squeeze.

Positive aspects of previous session
Powell rally
Fangs had a modest expiry-related gain

@PeterSchiff: Proving that @CNBC is totally beholden to its #Bitcoin advertisers, during an interview the CEO of GM was just asked if GM had any plans to start accepting payment in Bitcoin. What an asinine question to ask the CEO of a major company. CNBC has an agenda and it’s not honest news!

A Group of Parents Sent Their Kids’ Face Masks to a Lab for Analysis. Here’s What They Found
Submitted six face masks to a lab for analysis. The resulting report found that five masks were contaminated with bacteria, parasites, and fungi, including three with dangerous pathogenic and pneumonia-causing bacteria. No viruses were detected on the masks, although the test is capable of detecting viruses…The analysis detected the following 11 alarmingly dangerous pathogens on the masks:
https://townhall.com/tipsheet/scottmorefield/2021/06/15/a-group-of-parents-sent-their-kids-face-masks-to-a-lab-for-analysis-heres-what-they-found-n2591047

The Big Guy, sans mask, shook Putin’s hand when they met.  What about ‘the science’?
https://twitter.com/dougmillsnyt/status/1405136008258203651

Fox’s @HowardKurtz: The media are scrambling to explain why the Biden-Putin session lasted 90 minutes and the second just an hour, after predictions they could go many hours. Maybe it was brusque, businesslike and not the ballyhooed showdown summit? We’ll have to see.

Biden and Putin appear ‘amused’ watching Russians shove US reporters
The scuffle drowned out most of Biden’s opening remarks, including his declaration that both Russia and the United States are “great powers,” and it continued as Biden nodded in response to a question about whether he trusts Putin, which Biden aides promptly walked back
In England, Biden stayed at a castle-themed hotel on the Cornish coast that was far from less glamorous press pool quarters selected by the White House, which required a commute that eliminated the possibility of chance encounters
https://nypost.com/2021/06/16/biden-appears-amused-watching-russians-shove-us-reporters/

Media Meltdown Over Biden Nodding That He “Trusts” Putin Forces White House Statement
“At the start of a high-stakes summit in Geneva, Biden appeared to suggest that he can take the Russian leader at his word, nodding his head during a photo opportunity when asked by a reporter if Putin can be trusted,” AP continues…White House Press Secretary Jen Psaki explained that the president “wasn’t responding to any question or anything other than the chaos” in an apparent attempt to reject claims that he nodded in the affirmative when asked by a journalist if he trusted Putin…[More embarrassment]
https://www.zerohedge.com/political/media-meltdown-over-biden-nodding-he-trusts-putin-forces-white-house-statement

Biden calls Russia a ‘great power’ during a VERY awkward photo-op
‘Do you trust Putin? Do you trust each other,’ a reporter shouted at them. Biden nodded in the affirmative.  But the White House quickly batted down any assumptions that the President had agreed he ‘trusted’ Putin… [Ladies & Gentlemen, the purported POTUS on the big stage!] https://t.co/uMPaEgibK8

The Big Guy had his flash cards at his meeting with Putin. https://twitter.com/Lukewearechange/status/1405186893579489280

PRES. BIDEN: “I’ll take your questions and as usual folks, they gave me a list of the people I’m gonna call on.  https://twitter.com/Breaking911/status/1405217886025785348

“What The Hell?!” Biden Loses It After CNN Reporter Shouts Putin Question
President Biden snaps at CNN’s @kaitlancollins who asks why he’s “confident” Putin will change his behavior: “I’m not confident I’m going to change his behavior. What the hell? What do you do all the time?… If you don’t understand that, you’re in the wrong business.”… Biden later expressed regret for the exchange…  https://www.zerohedge.com/political/biden-snaps-cnn-reporter-end-putin-presser-what-hell-youre-wrong-business

@ggreenwald: Biden aggressively insulting and demeaning a female reporter while she’s just doing her job, all in front of her colleagueshttps://twitter.com/ggreenwald/status/1405227652110340101

@TommyPigott: CNN’s Jeff Zeleny: When Biden took questions, his aides were “screaming at him to stop. I have never seen a president, covering the last 4 of them, who is so protected by his aides in terms of often not wanting him to answer some questions.” https://twitter.com/TommyPigott/status/1405248913599352838

@SchmittNYC: Biden flipped out on a reporter from the network that literally worked every single day to hand him the White House (CNN).  Just one, sort of hard question, and he melts down.  imagine if he had Trump’s media coverage?

Ex-DNI and Amb to Germany @RichardGrenellWhite House reporters are covering up Biden’s bumbling.  This propaganda should be called out by Americans. We all see it.

@YahooFinance: Biden needs Putin more the Putin needs Biden,” American Enterprise Institute Resident Fellow @elisabethbraw says. “Biden needs Russia to at least behave in a less aggressive fashion because Biden’s biggest national security challenge is China—it’s no longer Russia.”
https://twitter.com/YahooFinance/status/1405186369450819590

WION’s (India) @palkisu: Putin: “It was his initiative. President Biden is an experienced statesman. Not every world leader gets this kind of attention. He’s very different from Prez Trump…  Look at the American streets. People are getting killed there. You can get a bullet at the back of your neck.”…

In the seventies, China engaged Nixon due to fear of USSR hegemony.  Now, The Big Guy is enlisting Putin’s help to stymie China!

‘At the Limits of What I Can Do:’ Marine Corps Commandant Makes Plea for Funding https://t.co/0FXFeUa3cK

WSJ Editorial Page: The choice America is facing is whether to defend itself adequately or pretend to do so while shrinking defense to fund the social-welfare state. https://t.co/fz8o48dTjS

@Barton_options: Fed RRP [Reverse Repo] usage by funds on 5/31: 1. Fidelity $195Bn; 2. GS $60Bn;
3. MS $42.6Bn; 4. Blackrock $42.3Bn

t is becoming increasingly clear why the Capitol Police, Pelosi, the FBI et al did NOT act on multiple intelligence reports that warned there would be trouble at the Capitol on January 6.

‘FBI operatives were organizing the attack on the Capitol’: Tucker Carlson claims the January 6 insurrection was planned by the government https://t.co/KE9nvIUI8i

  • He questioned why so many indictments mentioned ‘unindicted co-conspirator’
  • Carlson said that those people were FBI agents, who drove the plot to attack
  • He said it was why 10,000 hours of footage from the Capitol was not released
  • Carlson also questioned why the officer who killed Ashli Babbitt was not named

Tucker Carlson claimed Tuesday that the Capitol rioters who were named as ‘unindicted co-conspirators’ in court documents, were actually federal agentsorchestrating the attack
    ‘Without fail, the government has thrown the book at most people who were present and in the Capitol on January 6,’ he said. ‘There was a nationwide dragnet to find them. Many of them are still in solitary confinement tonight
      ‘But strangely, some of the key people participating on January 6th have not been charged. ‘Look at the documents, the government calls those people unindicted co-conspirators. ‘What does that mean? It means that potentially with every single case they were FBI officers…
   ‘So, FBI operatives were organizing the attack on the Capitol on January 6th. According to government documents.’  Carlson said that there were more than 20 unindicted co-conspirators mentioned in the Oath Keeper indictments, ‘all playing roles in the conspiracy who have not been charged for virtually the exact same activities.’…
    Carlson also questioned why more than 10,000 hours of footage from the Capitol riot were yet to be released, and why the member of the Capitol Police who shot and killed Ashli Babbitt had not been named. ‘What could possibly be the reason for that?’ Carlson asked…  https://www.dailymail.co.uk/news/article-9691267/FBI-operatives-organizing-attack-Capitol-Tucker-Carlson-claims-insurrection-planned.html

@DarrenJBeattie: This is the most important piece we’ve ever published.  I pray this will change the national conversation on 1/6. What did the Feds know, when did they know it, and were they involved?

Unindicted Co-Conspirators in 1/6 Cases Raise Disturbing Questions of Federal Foreknowledge
Why would agencies, or certain elements within, sit back and let something like this happen on purpose?… We at Revolver News have noticed a pattern from our now months-long investigation into 1/6 — and in particular from our meticulous study of the charging documents related to those indicted. In many cases the unindicted co-conspirators appear to be much more aggressive and egregious participants in the very so-called “conspiracy” serving as the basis for charging those indicted…forces us to consider whether certain individuals are being protected from indictment because they were involved in 1/6 as undercover operatives or confidential informants for a federal agency
    We are especially interested in the unindicted co-conspirators who belonged to any of the big three “militia groups” — the Oath Keepers, the Proud Boys, and the Three Percenters. Indeed, it is these militia groups whose behavior, statements and planning leading up to and during 1/6 most closely align with the “violent insurrectionist” caricature we hear about in the media, and which the government claims to be going after in its aggressive prosecutions…a monumental entrapment scheme used as a pretext to imprison otherwise harmless protestors at the Capitol…used to frame the entire MAGA movement as potential domestic terrorists…
    Indeed, what if we told you that scarcely three months before the 1/6 Capitol Siege, the FBI arrested 14 people for planning to kidnap Michigan Governor Gretchen Whitmer and overthrow the State Government — and that the alleged conspiracy to overthrow the State government involved storming of the State Capitol?  And what if we told you that of the 14 individuals who allegedly plotted the “kidnapping” and overthrow of the state government, at least five were undercover agents and federal informants? And as if that’s not enough, many of the individuals allegedly involved in this plot appear to belong to the “Three Percenters,” one of the very same militia groups now blamed for storming January 6… Furthermore, just days after the plot was foiled, FBI director Christopher Wray quietly promoted the FBI Special Agent in Charge of the Michigan Plot operation to a coveted D.C. field post, where he now oversees the investigation into 1/6…  https://t.co/0n0XxrtRmo

Are Biden, AG Garland and FBI Director Wray incessantly making the risible and uncorroborated claims that white supremacists are the greatest domestic threat in the USA to gaslight Americans ahead of evidence that January 6 was a grand conspiracy by elements of the Deep State?

Ex-CIA Ops Officer @BryanDeanWright: The FBI is likely inciting domestic terrorism in order to prove domestic terrorism is a threat. Absolute madness. Utter tyranny.

@DineshDSouza: The FBI now poses a greater threat to our national security than any militant white supremacist group. Thugs with badges are always more dangerous than thugs on the street.

GOP @RepMattGaetz: Congressman Matt Gaetz calls on FBI Director Christopher Wray to fully disclose the role and involvement of FBI operatives during the January 6th Capitol riot.
https://twitter.com/RepMattGaetz/status/1405186330284412934

@JackPosobiec: Did You Know: During the Church Committee hearings the FBI admitted 2,000 members of the KKK were working for them – Nationwide

Brett L. Tolman @tolmanbrett: I represent one of the Jan 6 defendants. A teacher. No criminal history or intent. Was welcomed into the Capitol through open doors 2 hours after first/forced entry.  Only been in one other (state) Capitol which was open to the public and no secure areas. Didn’t see broken windows or toppled gates.  Thought it was fine walking inside. Walked around, took no photos, said nothing, touched nothing. Then left. Now being pressured to plead guilty, hand over phone so the FBI can trace movements, and give the government the clothes worn on Jan 6.  If complies, government will recommend no jail time. If not then jail. All decisions are coming from DC and no room to negotiate. No individualized analysis of case or criminal intent (or lack thereof) of the defendant. My client is the furthest thing from a “domestic terrorist.”

Trial reveals federal agents falsely accused a UT professor born in China of spying
FBI Agent Kujtim Sadiku admitted last week in an ongoing trial in Knoxville that federal agents:

  • Falsely accused former UTK associate professor Dr. Anming Hu of being a Chinese spy.
  • Falsely implicated him as an operative for the Chinese military in meetings with Hu’s bosses
  • Used false information to put Hu on the federal no-fly list [and more]

https://www.knoxnews.com/story/news/crime/2021/06/14/federal-agents-falsely-accused-university-of-tennessee-professor-spying-china/7649378002/

There are four titanic stories in the USA that could explode at any moment and detonate unfathomable political and societal destruction: 1) Biden’s mental condition; 2) 2020 Election fraud; 3) Covid conspiracies; and 4) January 6 conspiracies.  We are a set of facts or witnesses in just one of these, let alone more than one, from a tectonic shift in society and politics.  And do not forget Durham’s probe!

Hunter Biden’s art to sell as high as $500K and the buyers will be kept ‘confidential’ [No training!]
https://www.foxbusiness.com/politics/hunter-biden-art-selling-500k

@JordanSchachtel: This is an in your face money laundering operation. They don’t care about appearances. They are happy to showcase they are above the law & there is little you can do about it. Even if Hunter were a legitimate artist, an accountable regime would not let him sell it anonymously.

Sara Carter Exclusive: Trump wants to see McConnell ousted from Senate
Trump suggested that the next step for the Republican party should be to remove Sen. Mitch McConnell (R-KY) from the Senate after failing to keep the party unified and losing two Senate seats in Georgia…
https://saraacarter.com/sara-carter-exclusive-trump-wants-to-see-mcconnell-ousted-from-senate/ 

end
 
 
 

I WILL SEE YOU FRIDAY NIGHT

4 comments

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