JUNE 22/GOLD DOWN $5.40 TO $1777.25//SILVER DOWN 20 CENTS TO $25.80//STRONG QUEUE JUMP IN GOLD AS NEW STANDING SITS AT 71.115 TONNES/SILVER OZ STANDING 14.1 MILLION OZ//CORONAVIRUS UPDATE//VACCINE UPDATE/INVERMECTIN UPDATES//EX DEUTSCHE TRADER VORLEY SENTENCED TO ONE YEAR FOR SPOOFING//BITCOIN BREAKS BELOW 30,000//CHIP SUPPLY WILL ENDURE A HUGE SHORTFALL UNTIL THE END OF 2023//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1777.35 DOWN $5.40   The quote is London spot price

Silver:$25.80  DOWN $0.20   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1778.30 LONDON SPOT  4:30 pm

ii)SILVER:  $25.77//LONDON SPOT  4:30 pm

THE BANKERS NEED TO BE ONSIDE BY JUNE 28 SO EXPECT FOR THE NEXT 6 DAYS GOLD AND SILVER WILL BE WHACKED

 

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

 

 

PLATINUM  $1078.06  UP $3.62

PALLADIUM: $2556.89 DOWN $38.11  PER OZ.

 

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 1/1

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,781.800000000 USD
INTENT DATE: 06/21/2021 DELIVERY DATE: 06/23/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 1
737 C ADVANTAGE 1
____________________________________________________________________________________________

TOTAL: 1 1
MONTH TO DATE: 22,749

ISSUED:  0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 1 NOTICE(S) FOR 100 OZ  (00311 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  22,749 FOR 2,274,900 OZ  (70.758 TONNES)

 

SILVER//JUNE CONTRACT

115 NOTICE(S) FILED TODAY FOR 575,000  OZ/

total number of notices filed so far this month 2813  :  for 14,065,000  oz

 

BITCOIN MORNING QUOTE  $31,379 DOWN 4285  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$32,683 DOWN 2981 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $5.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT 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  1049.66 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP $0.11

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A PAPER WITHDRAWAL OF 4.175 MILLION OZ

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..

565.683  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 166.25 DOWN $0.70 OR 0.42%

XXXXXXXXXXXXX

SLV closing price NYSE 23.86 DOWN $0.22 OR 0.91%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1863 CONTRACTS FROM 179,995 DOWN TO 177,132, AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR  $0.11 GAIN IN SILVER PRICING AT THE COMEX  ON MONDAY . IT SEEMS THAT SOME OF THE LOSS IN COMEX OI IS PRIMARILY DUE TO SMALLER SPREADER LIQUIDATION AND THIS IS OCCURING MUCH EARLIER THAN USUAL AS THE BOYS NEEDED TO IGNITE A LARGE FALL IN SILVER PRICE. WE HAD MASSIVE BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III COMING JUNE 28/2021 !// WE HAD SOME REDDIT RAPTOR BUYING//.. COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE MINOR LONG LIQUIDATION AS TOTAL LOSS ON THE TWO EXCHANGES EQUALS 946 CONTRACTS 

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -42 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A  STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 878,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 878 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 878 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 

14.125 MILLION OZ INITIAL STANDING FOR JUNE

MONDAY, 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 $0.11). AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH MONDAY’S TRADING.  WE HAD A STRONG LOSS OF 988 CONTRACTS ON OUR TWO EXCHANGES( BUT MOST OF THAT LOSS WAS DUE SPREADER LIQUIDATION..  THE LOSS WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SOME 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 NIL OZ LOSS ON DAY 18 OF THE DELIVERY CYCLE TO EFP, WITH 14.125 MILLION OZ NOW STANDING FOR DELIVERY//  v) VERY STRONG COMEX OI  LOSS  BUT THIS WAS ACCOMPANIED BY SPREADER LIQUIDATION.
.
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:

25,896 CONTRACTS (FOR 17 TRADING DAY(S) TOTAL 25,896 CONTRACTS) OR 129.480MILLION OZ: (AVERAGE PER DAY: 1523 CONTRACTS OR 7.616 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 125.105  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:  129.480 MILLION OZ// ISSUANCE RATE NOW SIGNIFICANTLY ABOVE THE MONTH OF MAY

RESULT: WE HAD A VERY STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1863 , WITH OUR  $0.11 GAIN IN SILVER PRICING AT THE COMEX ///MONDAY .THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 875 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED LOSS OF 946 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.11 GAIN

IN PRICE)//THE DOMINANT FEATURE TODAY: SOME CONTINUATION OF SPREADER LIQUIDATION// 

HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A ZERO OZ LOSS  AS THE NEW TOTAL OF SILVER STANDING FALLS AT 14.125 MILLION OZ

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  875  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A  VERY STRONG SIZED DECREASE OF 1863 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.11 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.00//MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 115 NOTICES FILED TODAY FOR 575,000 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 STRONG SIZED SIZED 7336 CONTRACTS TO 458,770 ,,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: -1208 CONTRACTS.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF 13.70///COMEX GOLD TRADING/MONDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO/MINOR LONG LIQUIDATION AS, WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 681 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, AND TODAY QUEUE JUMPING RESUMED AS 500 OZ  ARE NOW STANDING FOR METAL AT THE COMEX. 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  72.115 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $13.70 WITH RESPECT TO MONDAY’S TRADING

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

WE HAD  A SMALL SIZED LOSS OF 681 OI CONTRACTS (2.118TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6655 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 6655  ALL OTHER MONTHS ZERO//TOTAL: 6655The NEW COMEX OI for the gold complex rests at 458,770. 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 DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 681 CONTRACTS:  7336 CONTRACTS DECREASED AT THE COMEX AND 6128 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 681 CONTRACTS OR 2.118 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6655) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (7336 OI): TOTAL LOSS IN THE TWO EXCHANGES:  681 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, AND THIS WAS FOLLOWED BY A SMALL 500 OZ QUEUE JUMP//NEW COMEX TOTALS 72.115 TONNES //3) ZERO/MINOR LONG LIQUIDATION,  /// ;4) STRONG SIZED COMEX OI LOSS() AND 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR RISE IN GOLD PRICE TRADING MONDAY//$13.70!!.

 
 
 
 
 
 

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 : 66,454, CONTRACTS OR 6,645,400 oz OR 206.69TONNES (17 TRADING DAY(S) AND THUS AVERAGING: 3909 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES: 206.69 TONNES

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

THUS EFP TRANSFERS REPRESENTS 206.69/3550 x 100% TONNES 5.83% 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:      206.69 TONNES (NOW A LITTLE ABOVE 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 STRONG SIZED 1863 CONTRACTS FROM 178,995 DOWN TO 177,174 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 873 CONTRACTS

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

 JUNE: 0, JULY 873: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  873 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 1863 CONTRACTS AND ADD TO THE 873 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED LOSS OF  988 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES ALBEIT THAT MOST OF THE LOSS WAS DUE TO SPREADER LIQUIDATION.. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 4.940 MILLION  OZ, OCCURRED WITH OUR  $0.11 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

(Peter Schiff, Egon von Greyerz///zerohedge + OTHER COMMENTARIES

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 28.23 PTS OR 0.80%   //Hang Sang CLOSED DOWN 179.24 PTS OR 0.63%      /The Nikkei closed UP 873.20 pts or 3.12%  //Australia’s all ordinaires CLOSED UP 1.44%

/Chinese yuan (ONSHORE) closed DOWN TO 6.747  /Oil DOWN TO 73.15 dollars per barrel for WTI and 74.39 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4747. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4800   : /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. ASIAN AFFAIRS

 
 
 
 
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 STRONG SIZED 7,336 CONTRACTS TO 458,770 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 STRONG GAIN OF $13.70 IN GOLD PRICING MONDAY’S COMEX TRADING/.WE ALSO HAD A STRONG EFP ISSUANCE (6655 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

 

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

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6655 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 6655  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6655  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 681 TOTAL CONTRACTS IN THAT 6655 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED COMEX OI OF 7336 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (72.115) 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 $13.70)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 681 CONTRACTS. THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 2.118 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (72.115 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 1208  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED FRIDAY NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES ::681 CONTRACTS OR 68,100 OZ OR  2.118  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:  458,770 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 45.88 MILLION OZ/32,150 OZ PER TONNE =  1427 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1427/2200 OR 64.86% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:158,786 contracts//    / volume poor//awful/

CONFIRMED COMEX VOL. FOR YESTERDAY: 201,554 contracts// – fair  

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

 

JUNE 22 /2021

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

 

Deposits to the Customer Inventory, in oz
 
 
 
 
nil
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
1  notice(s)
 
100 OZ
0.00311 TONNES
No of oz to be served (notices)
436 contracts
43600oz
 
1.356 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
22,749 notices
2,274,900 OZ
70.758 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 deposits into the dealer
 
 
 
 
 
total deposit: nil   oz 
 

total dealer withdrawals: nil oz

we had  0 deposits into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS nil oz  
 
 
 
 
 
 
We had 0 withdrawals….
 
 
 
 
 
 
 
 
total withdrawals Nil oz
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of 1 transactions)

ADJUSTMENTS  1// Loomis dealer to customer

 

38,388.294 oz (1194 kilobars)   

 

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 437 CONTRACTS for a LOSS of 142 contracts. We had 147 notices filed on FRIDAY, so we gained 5  contracts or an additional 500 oz  will stand for delivery in this very active delivery month of June as queue jumping returns.

 

 
 
 
 
JULY LOST 45 CONTRACTS TO STAND AT 1807.
 
AUGUST LOST 7025 CONTRACTS DOWN TO 361,161.

We had  147 notice(s) filed today for 14700  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  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 (22,749) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 437 CONTRACTS ) minus the number of notices served upon today  1 x 100 oz per contract equals 2,318,500 OZ OR 72.115 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 (22,749) x 100 oz+( 437  OI for the front month minus the number of notices served upon today (1} x 100 oz} which equals 2,318,500 oz standing OR 72.115 TONNES in this  active delivery month of MAY.

We gained 5 contracts or an additional  500 oz will stand for metal over on this side of the pond.  
 
 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

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

202,692.098 PLEDGED  MANFRA 6.30 TONNES

276,177.249, oz  JPM  8.59 TONNES

1,187,560.751 oz pledged June 12/2020 Brinks/36.93 TONNES

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

17,265.072 oz International Delaware:  .53 tonnes

nil oz Malca

total pledged gold:  2,211,703.185 oz                                     68.79 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 510.41 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 72.115 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,632,470.197 oz or 579.54 tonnes
 
 
total weight of pledged: 2,211,703.185 oz or 68.79 tonnes
 
 
registered gold that can be used to settle upon: 16,409,767.0 (510,41 tonnes) 
 
 
 
true registered gold  (total registered – pledged tonnes  16,409,767.0 (510.41 tonnes)
 
total eligible gold: 16,664,295.241 oz   (518.32 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 35,296,765.438 oz or 1,097.187 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  970.84 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 22/2021
 
 

 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//June

June. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,803,201.732 oz
 
 
 
 
Brinks
cnt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
598,570.932
OZ
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
628,590.811 OZ
 
Delaware
HSBC
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
115
 
CONTRACT(S)
575,000 OZ)
 
No of oz to be served (notices)
12 contracts
 (60,000 oz)
Total monthly oz silver served (contracts)  2813 contracts

 

14,065,,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 Manfra:  598,570.936 oz

total dealer deposits:  598,570.936        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  3 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware:  27,663.430 oz
ii) Into HSBC  599,900.100 oz
iii) Into Manfra: 1027.286
 
 
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 52.71% of all official comex silver. (187.5 million/355.529 million

total customer deposits today  38,523.817 oz   oz

we had 2 withdrawals

 
 
i )out of CNT 1,203,081.800 oz
ii) Out of Brinks  600,119.932
 
 
 

total withdrawals 1,803,201.732 oz    oz

 
 

adjustments//1 dealer to customer

CNT:  285,025.01 oz

 
 
 

Total dealer(registered) silver: 112.015 million oz

total registered and eligible silver:  354.953 million oz

a net 577,000 oz LEAVES  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
JUNE FELL IN CONTRACTS BY 2 CONTRACTS DOWN TO 127.  WE HAD 2 NOTICES SERVED ON MONDAY SO WE LOST 0 CONTRACTS OR NIL ADDITIONAL OZ WILL  STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 6947 contracts DOWN  64,050 contracts  

AUGUST GAINED 92 CONTRACTS TO STAND AT 429

SEPTEMBER GAINED 4719 CONTRACTS UP TO 86,311

 
No of notices filed today: 115 CONTRACTS for 575,000 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  2813 x 5,000 oz = 14,065,000 oz to which we add the difference between the open interest for the front month of JUNE (127) and the number of notices served upon today 115 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2813 (notices served so far) x 5000 oz + OI for front month of JUNE (127)  – number of notices served upon today (115) x 5000 oz of silver standing for the June contract month .equals 14,125,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We LOST NIL additional oz standing in June as they REFUSED TO  morph into London based forwards

TODAY’S ESTIMATED SILVER VOLUME 38,305 CONTRACTS // volume  poor//getting out of Dodge//

 

FOR YESTERDAY  82,092  ,CONFIRMED VOLUME/  good/

 

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.48% (JUNE 22/2021)

SILVER FUND POSITIVE TO NAV

No of unit of PSLV: 402,810,481

No of oz of physical silver held; MAY 24/2021  144,515.694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3610

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 8 months Sprott has added: 58,608.30 Oz 

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO +0.34% nav   (JUNE 22

 

/2021 )

 

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

NAV $18.83 TRADING 18.74//NEGATIVE  0.53

 

END

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

JUNE 22/WITH GOLD DOWN $5.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.66 TONNES//

JUNE 21/WITH GOLD UP $13.70 TODAY: TWO HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 11.09 TONNES INTO THE GLD AT 3 PM AND THEN A WITHDRAWAL OF 3.42 TONNES AT 5 PM////INVENTORY RESTS AT 1049.66 TONNES

JUNE 18/WITH GOLD DOWN  $7.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1041.99 TONNES/

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 22 / GLD INVENTORY 1049.66 tonnes

LAST;  1079 TRADING DAYS:   +124.69 TONNES HAVE BEEN ADDED THE GLD

 

LAST 979 TRADING DAYS// +  299.22. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

JUNE 21/WITH SILVER DOWN 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 4.173 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 565.683 MILLION OZ..

JUNE 18/WITH SILVER UP 3 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 573.657 MILLION OZ//

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/

JJUNE 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.

UNE 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 22/2021
565.683 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Watch: Peter Schiff’s Great Inflation Debate

 
 
TUESDAY, JUN 22, 2021 – 11:30 AM

Via SchiffGold.com,

Is inflation “transitory,” the result of a quickly recovering post-pandemic economy as Jerome Powell insists? Or is it a long-term phenomenon resulting from loose monetary policy that’s not about to abate anytime soon? Peter Schiff recently participated in the “great inflation debate” on RT’s Cross Talk with Peter Lavelle, along with American Institute for Economic Research economist Pete Earle and Renaissance Capital economist Sofia Donets.

Peter Schiff opened up the discussion emphasizing something Lavelle said in the introduction – inflation is a tax.

The source is government because that’s who taxes us. The only way to reduce inflation would be to dramatically cut government spending, because government spending is being paid for through inflation. We’re running record budget deficits. And so, instead of taking our money and spending it, the government is taking our purchasing power by printing new money and spending that. So, the increase in prices that we’re all experiencing is the tax that we’re all paying to finance government. In addition, the Federal Reserve is trying to prop up the stock market, prop up the real estate market and prop up the US government. It can only do that by keeping interest rates artificially low. But in order to do that, the Fed has to keep printing money to buy bonds. So, as long as the Fed is artificially suppressing interest rates, it is going to have to create inflation to do it. And because we have so much debt, the Fed is now forced to keep interest rates at zero. And so unfortunately, average Americans, the middle class, and the working poor are going to suffer the most severe bout of inflation in US history – far greater than anything experienced during the decade of the 1970s.”

Peter Earle said that he generally agrees with Peter, but he’s not so much concerned with the CPI numbers. He says the real problem is inflation showing up in the financial markets.

Donets said as former a central banker, she takes the other side of the argument, agreeing with Jerome Powell that inflation is transitory.

Lavelle noted that loose monetary policy has been going on for a long time. The pandemic super-charged it. Is the Fed being “responsible?” Schiff said the Fed is never being responsible.

One of the other things the Fed is never is honest. The Fed is all about spin.”

Schiff harkened back to the Fed’s response when it was becoming obvious that the mortgage market was in trouble. The central bankers came out and reassured everybody that there was nothing to worry about and the problems in subprime were “contained.” Why did they do that?

They were hoping that by denying the problem existed, maybe they could somehow will it out of existence and somehow get people to change their behavior in the face of what should have been an obvious crisis. And they were hoping to avert it. And I think they’re doing the same thing now. The Fed has absolutely no ability to fight inflation, so why even acknowledge it’s a threat when you can’t do anything about it? So, the only thing the Fed can do is deny. Lie to the markets. Tell everybody that it’s all temporary. And that explains their failure to act. But the real failure to act is because it’s impossible. Because the only way to fight inflation is to turn off the monetary spigots.”

Peter said the bottom line is we’re at the beginning of a long-overdue increase in the cost of living – not only due to the money creation during the pandemic, but also all of the money printed before COVID-19.

Ultimately, the issue is political. Governments have promised to solve all of our problems. But we still have to pay for it. As Peter Schiff put it, every member of Congress wants to give the voter something for nothing. But where is the money coming from?

They’re not raising taxes. They’re just spending the money. And so, the money is being created. It’s being conjured into existence by the Federal Reserve. But that is inflation. You see, every single dollar that the federal government spends, the American public has to cover the cost. So, if they’re not going to take out money through taxation, they’re going to take our purchasing power through inflation.”

We can’t have all of this stimulus for free.

There is no such thing as a free lunch. Spending is going to keep getting worse. And of course, as government spends more, it weakens the economy, which means even more spending — inflation is going to go through the roof.  We keep talking about the 1970s. What we’re going to experience is going to be far worse.”

The massive injection of liquidity has created a bubble in just about every asset class. As Peter Schiff put it, everything is dramatically overpriced. He singled out the bond market noting that yields don’t reflect reality.

It reflects fantasy. And everything is priced to fantasy.”

Peter Earle said at some point somebody will need to step up, be the adult in the room, and clamp down on this easy money policy. But Peter Schiff said there is no savior that’s going to do the right thing as Paul Volker did in the early 80s.

The consequences of doing the right thing are so horrific at this point that they’re never going to be tried. But of course, the consequences of continuing to do the wrong thing are even more horrific. But that’s what’s going to happen. Because politicians don’t give a damn about that. All they want to do is kick the can down the road as long as they can. They don’t care if they make the problem worse, just so long as it blows up later.”

EGON VON GREYERZ//MATHEW PIEPENBURG

One Mad Market & Six Cold Reality-Checks

 
TUESDAY, JUN 22, 2021 – 06:30 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

Fact checking politicos, headlines and central bankers is one thing. Putting their “facts” into context is another.

Toward that end, it’s critical to place so-called “economic growth,” Treasury market growth, stock market growth, GDP growth and, of course, gold price growth into clearer perspective despite an insane global backdrop that is anything but clearly reported.

Context 1: The Rising Growth Headline

Recently, Biden’s economic advisor, Jared Bernstein, calmed the masses with yet another headline-making boast that the U.S. is “growing considerably faster” than their trading partners.

Fair enough.

But given that the U.S. is running the largest deficits on historical record…

…such “growth” is not surprising.

In other words, bragging about growth on the back of extreme deficit spending is like a spoiled kid bragging about a new Porsche secretly purchased with his father’s credit card: It only looks good until the bill arrives and the car vanishes.

In a financial world gone mad, it’s critical to look under the hood of what passes for growth in particular or basic principles of price discovery, debt levels or supply and demand in general.

In short: “Growth” driven by extreme debt is not growth at all–it’s just the headline surface shine on a sports car one can’t afford.

And yet the madness continues…Take the U.S. Treasury market, for example.

Context 2: The Treasury “Market”?

How can anyone call the U.S. Treasury market a “market” when 56% of the $4.5T of bonds issued since last February have been bought by the Fed itself?

Sounds more like an insider price-fix than a “market,” no?

Such context gives an entirely new meaning to the idea of “drinking your own Kool-aide” and ought to be a cool reminder that Treasury bonds in general, and bond yields in particular, are zombies masquerading as credit Olympians.

The Fed, of course, will pretend that such “support” is as temporary as their “transitory inflation” meme, but most market realists understood long ago that more and crazier bond yield “support” is the only way for national debt bubbles (and IOU’s) to stay zombie-like alive.

In short, the better phrase for Treasury “support,” “accommodation,” or “stimulus” is simply: “Life Support.”

With central banks like the Fed continuing to create fiat currencies to monetize their unsustainable debt well into the distant future, we can safely foresee a further weakening of the USD and further strengthening of gold prices, mining stocks and key risk assets like tech and industrial stocks.

Context 3: Deflation is back?

Hardly.

Last week’s jaw-boning from Powell, Fisher and Bullard had the markets wondering if the Fed will be raising rates in the distant future.

The very fact that Powell raised the issue is because the Fed is realizing that inflation is going to be sticky rather than “transitory”and thus they are already pretending to pose as Hawkish.

But if the Fed raises rates to quell real rather than “transitory” inflation, the markets and Uncle Sam will go into a tantrum. End of story.

As I’ve written elsewhere: Pick your Fed poison—tanking markets or surging inflationEventually, we foresee both.

Meanwhile, and fully aware that inflation, with some dips, is only going to trend higher, Powell is already using semantics to change the rules mid-game, now saying that rather than “allow” 2% inflation, they’ll settle for an “average” of 2%.

Translated into honest English, this just means expect more inflation around the corner.

Context 4: Rising Stock Markets

Despite reaching nosebleed levels which defy every traditional valuation ceiling, from CAPE ratios and Tobin ratios to book values and FCF data, the headlines remind us that stocks can go even higher—and they can indeed.

But context, as well as history, reminds us that the bigger the bubble the bigger the mean-reverting fall.

No Treasure in Treasuries = Lot’s of Air in Stocks

Based upon the objective facts above, we now know that the only primary buyers showing up at U.S. Treasury auctions is the Fed itself.

This is because the rest of the world (Asia, Europe etc.) doesn’t want them.

The next question is “why”?

The answer is multiple yet simple.

First, and despite the open myth of American Exceptionalism, investors in other countries can actually think, read and count for themselves, which means they’re not simply trusting the Fed—or its IOU’s– blindly.

Stated otherwise, they are not buying the “transitory inflation” or “strong USD” story pouring recently out of the FOMC mouthpieces.

Inflation is not only rising in the U.S., it’s also creeping up elsewhere—even in Japan, but especially in China. This is largely because the U.S. exports its inflation (and debased dollars) offshore via trade and fiscal deficits.

Such deliberate inflation exporting by the U.S. places those countries (creditors) that lent money to Uncle Sam into a dilemma: They can either 1) let their currencies inflate alongside the dollar (hardly fun), or 2) try to quell the outflow of exported (debased) US dollars to save their own currencies from further debasement.

Option 2, of course, is the better option, which means foreign investors need to buy something more appealing than discredited U.S. Treasuries.

Sadly, ironically, and yet factually, the only assets better than bogus US Treasuries are bloated U.S. stocks.

In short, nosebleed-priced US stocks are still the lesser of the two US evils, and foreigners are therefore buying/seeing stocks as a better hedge against the debased USD than sovereign bonds.

Don’t believe me?

See for yourself—the rest of the world is adding lots of air to the U.S. equity bubble:

This is contextually troublesome for a number of reasons.

First, it means the declining US of A has gone from hocking its bonds to the rest of the world to hocking it stocks to the rest of the world (i.e., China…).

Longer term, this simply means that via direct stock ownership, foreigners will slowly own more of corporate America than, well America…

As for this slow gutting of the once-great America to foreign buyers, don’t blame the data. Blame your Fed and other policy makers (including labor off-shoring CEO’s) for selling-out America and pretending debt can be magically solved with magical (fake) money creation.

Of course, the second pesky little problem with stocks rising beyond the pale of sanity, earnings and honest FCF data is a thing called volatility—i.e., market seasickness.

Nothing goes in a straight line, including the dollar or the market. There will be swings.

Right now, the short on the USD is the highest it has been in four years.

Yet if, by some chance, the Fed ever attempts to taper or raise rates, all those foreign dollars piling into U.S. stocks (above) create a bubble that always pops, as do the foregoing dollar shorts, which get squeezed.

That could cause a massive sell-off in U.S. equity markets as foreigners sell their stocks to buy more dollars.

In short, there’s a lot of different needles pointing at the current equity bubble, and a correction within the next month or so is more than likely.

The sharpest of those needles, by the way, is the appallingly comical level of U.S. margin debt (i.e. leverage) not making the headlines yet now making all-time highs.

As a reminder, whenever margin debt peaks (above), markets tank soon thereafter, as anyone who remembers the dot.com and sub-prime market fiascos of yore can attest.

Just saying…

Context 5: The Dark Side of “Surging” GDP Growth

The World Bank recently made its own headlines projecting 5.6% global GDP growth, the fastest seen in 80 years.

Good stuff, right?

Well, not when placed into context

The last time we saw 5.6% global GDP growth was during a global world war.

Obviously, when the world is in a state of global military rubble, growth of any kind is likely to “surge” from such an historical (and horrific) baseline.

Coming out of World War II, everyone, including the U.S. was in debt. World wars, after all, can do that…

As the victorious and civilization-saving U.S. came out of that war, it made some justifiable sense to de-lever that noble yet extreme debt by printing money, repressing bond yields and stimulating GDP growth.

What followed was at least a defendable 40-year stretch in which US nominal GDP ran 500-800 bps above US Treasury yields.

In short, bond-holders got slammed, but the cause, crisis and re-building after defeating the Axis powers justified the sacrifice.

The same, however, can not be said today as bond-holders get crushed yet again in a new-abnormal in which GDP will greatly (and similarly) outpace long-term bond yields.

Needless to say, current policy makers, the very foxes who put the global economic henhouse into the current pile of debt of rubble, like to blame this on COVID rather their bathroom mirrors.

Ironically, however, central bankers (as opposed to the Wehrmacht, the Japanese Empire or Italy’s Mussolini) managed to do as much harm to the global economy today (with deficit policies and extend-and-pretend money printers) as Germany’s Blitzkrieg or Hirohito’s Banzai raids did in the 1940’s.

When it comes to context, can or should we really be comparing a global flu (death toll 3.75M) to a global war (death toll 85 million)?

The policy makers would like you to think so.

Folks like Mnuchin (last year) or Yellen, Powell and the IMF (this year), are in fact trying to convince themselves and the world that the war against COVID was the real casus belli (reason for a justifiable war) of our current debt distress—equal in scope to World War II in its drastic impact on the financial world.

But regardless of anyone’s views on the COVID “War” or its questionable policy reactions, comparing its economic impact to that of World War II is an insult to both history and military metaphors.

The simple, objective and mathematically-confirmed fact is that the global economy was already in a debt crisis long before the first Corona headline of early 2020.

Today, US debt to GDP is at levels it has not seen since that tragic and Second World War, and it’s projected to go much, much higher.

So, just in case you still think the Fed can and will meaningfully raise rates to fight obvious inflation, as it did in the 1970’s or 1980’s, think again.

In the 1970’s and 1980’s US debt/GDP was 30%. Today it’s 130%.

Given this self-inflicted (rather than COVID-blamed) reality, the Fed simply can’t afford to raise rates. Period. Full stop.

But as my colleague, Egon von Greyerz reminds, that by no means suggests that rates can’t and won’t rise.

The Fed (and other central banks) may be powerful, but they are not divine. In short, there’s a limit to their powers to simply “control” rates with a mouse-click.

At some point, there’s not enough credible fake money to manage the yield curve—especially on the long end.

As more printed and tanking currencies try to purchase lower yields and rates, eventually the entire experiment fails.

At that critical point, rates spike, inflation raises its ugly head and the central bankers look for something other than themselves to blame as the rest of the world stares at worthless currencies being replaced by comical central bank digital dollars.

Wonderful…

Context 6: That Barbaric Relic?

What the foregoing inflation and rate contexts means is that in the years ahead, inflation will run higher and rates will run (be forced/controlled) lower until both rates and inflation spike together.

This further means that real rates (i.e., those adjusted for inflation) could run as deep as -5% to -10% in the years ahead.

Such negative real rate levels could easily surpass those seen in the 70’s and 80’s, which means gold (and silver), both of whom love negative real rates, has nowhere to go but up, up and away in this totally debt-distorted backdrop.

How’s that for context?

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold disaster? Perhaps not.

On the face of things l

 

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Spoofing is such a minor part of their total crime

(Bloomberg/GATA)

Ex-Deutsche Bank trader Vorley sentenced to year in prison for spoofing

 

 

 Section: Daily Dispatches

 

By Janan Hanna
Bloomberg News
Monday, June 22, 2021

A former Deutsche Bank trader today was ordered to serve one year and a day in prison for manipulating gold and silver prices with bogus “spoof” trade orders between 2008 and 2013.

James Vorley, who was convicted of fraud in September, was sentenced by U.S. District Judge John J. Tharp Jr. in Chicago. Vorley’s former co-worker, Cedric Chanu, is scheduled to be sentenced on June 28.

The prosecution of Vorley and Chanu was part of a U.S. crackdown on illegal “spoofing” cases since the global market “flash crash” in 2010. In January, Deutsche Bank agreed to pay more than $130 million to settle criminal and civil charges that included spoofing, and JPMorgan Chase & Co. admitted its traders manipulated markets and agreed to pay a record $920 million fine.

Chanu and Vorley were convicted after a weeklong jury trial, which included witnesses describing the bait-and-switch scheme to influence prices and transcripts of messages sent by the traders showing they knew what they were doing was wrong. In one instance, Vorley wrote: “This spoofing is annoying me. It’s illegal for a start.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-06-21/ex-deutsche-bank-spoof-trader-vorley-gets-1-year-sentence

* * *

CRYPTOCURRENCIES/
 
Bitcoin tumbles below $30,000 for the first time since January
(zerohedge)

Bitcoin Tumbles Below $30,000 For First Time Since January

 
TUESDAY, JUN 22, 2021 – 08:29 AM

As the flow of headlines proclaiming “China cracking down on crypto for the n’th time continue to flow, uncertainty has sparked more selling.

Bitcoin has dropped below $30,000 for the first time since January

Source: Bloomberg

This follows Bitcoin’s death cross yesterday…

Source: Bloomberg

Ethereum is also ugly this morning, breaking below $2000…

Source: Bloomberg

Overall, as CoinTelegraph explainsnothing has fundamentally changed in the Chinese government’s position on Bitcoin since its controversial trading ban came into force in September 2017.

“Half the Bitcoin network has now been shut down by China. Bitcoin hash rate at levels of mid-2020,” Charles Edwards, CEO of asset manager Capriole, noted in a series of tweets on the mining crackdown that formed the previous source of Chinese price pressure.

Others argued that Bitcoin has gained new opportunities thanks to the punitive measures from both banks and government — mining will shift elsewhere, and the network will flourish as a result of making use of friendlier, more reliable jurisdictions.

“The ‘China-dominated’ Bitcoin mining era may be coming to an end.” Alex Gladstein, chief strategy officer of the Human Rights Foundation, commented on a farewell message from one miner in the province of Sichuan.

“It will be a source of rich irony for future historians to teach that the world’s free, open, and decentralized monetary network was secured in its early years by individuals inside a repressive dictatorship.”

And some context for this drop…

Others, such a stock-to-flow model creator PlanB, are even bullish on practically every timeframe beyond the daily chart.

As Cointelegraph reportedhis “worst case scenario” is now $135,000 for BTC/USD by the end of this year.

-END-

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4747 

 

//OFFSHORE YUAN 6.4800   /shanghai bourse CLOSED UP 28.23 PTS OR 0.80% 

HANG SANG CLOSED DOWN 179.24 PTS OR 0.63 PER CENT

2. Nikkei closed UP 873.20 PTS OR 3.12%

3. Europe stocks  ALL MIXED

 

USA dollar  92.02/Euro FALLS TO 1.1898

3b Japan 10 YR bond yield: RISES TO. +.055/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.11/ 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:: 73.15 and Brent: 74.39

3f Gold UP/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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.167%/Italian 10 Yr bond yield UP to 0.87% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.04: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.83

3k Gold at $178320 silver at: 25.95   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  DOWN 10/100 in roubles/dollar) 73.21

3m oil into the 73 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 110.48 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 .9197 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0943 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 0.167%

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 1.497% early this morning. Thirty year rate at 2.115%

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

6.  TURKISH LIRA:  DOWN  TO 8.70..  VERY DEADLY

Futures Steady Ahead Of Powell Testimony

 
TUESDAY, JUN 22, 2021 – 07:47 AM

U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&P 500 rising 0.1% as of 7:15am in New York.

In premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.

Here are some other notable premarket movers:

  • Adial Pharmaceuticals (ADIL) surges 28% in premarket trading after a positive mention of the company in a post on the Seeking Alpha investment site.
  • Microvision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.
  • Nikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.
  • Crypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.

The Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&P members advancing since April 2020.

Market participants piled back into energy, financials and industrial stocks when Fed officials including as St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan toned down their hawkish rhetoric which accelerated last week’s rout.

“Last week’s FOMC meeting was a hawkish surprise, but does not change our market outlook. The reflation trade experienced a sharp technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities,” JPMorgan strategists said in a note.

European stocks looked set to build on gains in Asian markets as EuroSTOXX 50 futures rose 0.4% and FTSE futures were up 0.3%. Declines in shares of carmakers and banks offset gains in real estate stocks. Europe’s Stoxx 600 travel and leisure subgroup rose as much as 0.8%, making it the second-best performing sector in the benchmark index, after The Times reported that the U.K. is set to announce an overhaul of travel restrictions on Thursday. Here are some of the biggest European movers today:

  • Kingspan shares rise as much as 6.1% with Morgan Stanley (equal- weight) saying the key positive from its trading update is the strong margin performance.
  • BT shares gain as much as 2.1%, among top performers in the Stoxx Telecom Index, following a report that Rupert Murdoch’s News UK is looking at a tie-up with BT Sport.
  • Bossard shares gain as much as 5% to a record high. The company’s business model is “misunderstood” by the market and it is a niche play on the growth of industrial automation, Berenberg writes in a note initiating the stock at buy with a street-high CHF340 PT.
  • Casino shares rise as much as 2% after a report saying that retail mogul Micheal Klein started to build a minority position in the Brazilian firm GPA, following a similar move by retailing billionaire Abilio Diniz.
  • DS Smith shares fall as much as 3.1% after reporting adjusted operating profit that missed the average analyst estimate.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, moving above Monday’s four-week lows and notching a 4% gain so far this year, while the broader MSCI Asia Pacific Index rose 0.9%, putting it on track for its best day since May 25. Japanese shares led the advance in Asia, as investor concerns over the pace of U.S. monetary policy tightening and rising inflation eased. It is now poised to snap four straight days of declines. The buoyant performance comes after Federal Reserve Chair Jerome Powell reiterated overnight that inflation had picked up but should move back toward the U.S. central bank’s 2% target once supply imbalances resolve. The New York Fed’s president also said that he continues to view the recent spike in inflation as a temporary phenomenon. Cyclical shares recovered from the recent sell-off, with industrials and materials leading the charge. Japanese equities rebounded, with the Topix climbing by the most in one year one day after the BOJ intervened to buy ETFs for the first time since April. Investors largely expect Asia’s stock market to remain resilient despite the prospects of a gradual tapering of global liquidity and a resurgent dollar. Supporting the region’s equities are attractive valuations, falling Covid-19 cases and relatively low levels of bond yields. The stock benchmark remains more than 6% below a record high it reached in February. “We expect Asia to broadly remain on a healthy recovery path” supported by a broad-based growth in exports and industrial output, Alex Wolf, head of investment strategy for Asia at JPMorgan Private Bank, wrote in a note. “We think three factors will be key to watch over the rest of 2021: vaccination progress, exports — particularly semiconductors, and China’s recovery.”

Today, all eyes will be on Fed Chair Powell, who’s testifying at 2pm ET before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” He also said inflation has “increased notably in recent months” but regarded the recent jump as likely to fade.  Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.

“Powell will repeat that inflation is transitory and will drop back ‘as these transitory supply effects abate’,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. “How much time do we have before the supply effects abate is a big question.”

“There’s probably going to be some back and forth here,” said Tracie McMillion, Wells Fargo Investment Institute head of global asset allocation strategy. “There is a lot of cash on the sidelines right now. Some of that is going to be earmarked to go into the markets, and we think the best place right now to be investing is in the equity markets.”

In rates, 10-year Treasuries steadied, trading at 1.49% last. Yields were richer across the curve, with 5s30s flatter by ~1bp; 10-year around 1.48% outperforms bunds and gilts slightly Regional demand emerged during Asia session, renewing the bull-flattening trend that stalled on Monday. Treasury auctions include $60b 2-year note, followed by 5- and 7-year on Wednesday and Thursday. The WI 2-year yield at ~0.257% is higher than auction stops since March 2020 and 10.5bp cheaper than last month’s, which stopped through by 0.7bp

In currency markets, the dollar spot Index rose as the greenback traded higher versus all of its Group-of-10 peers and the 10-year Treasury yield hovered around 1.49% The pound fell for a fifth day in six sessions on broad dollar strength and as investors awaited signals on the Bank of England’s inflation outlook on Thursday. Norway’s krone fell to a session low as Brent oil retreated after earlier rising to $75 a barrel for the first time in more than two years. Australia’s currency led losses with iron ore extending Monday’s slump. The yen fell to trade around 110.50; bonds also declined and a five-year auction was weaker than expected.

“The whole world was mega short the U.S. dollar, and that’s in good part has probably been cleaned out already, and now we take a wee breath before the next move up,” said Westpac currency analyst Imre Speizer.

In commodities, WTI was flat at $73.7 per barrel and Brent crude retreated after earlier topping $75/bbl for the first time in more than two years after rising on Monday in reaction the a pause in talks to end U.S. sanctions on Iranian crude. Oil market sentiment was helped by hopes for a quick recovery in oil demand in the United States and Europe. OPEC+ said it was discussing whether to further boost production as the oil market looks increasingly tight. Spot gold added 0.3% to $1,787.61 an ounce.

Bitcoin sank closer to $30,000 after China intensified its cryptocurrency clampdown.

Looking at the day ahead now, the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.

Market Snapshot

  • S&P 500 futures down 0.1% to 4,207.75
  • STOXX Europe 600 down -0.3% to 453.94
  • MXAP up 0.9% to 206.17
  • MXAPJ little changed at 687.97
  • Nikkei up 3.1% to 28,884.13
  • Topix up 3.2% to 1,959.53
  • Hang Seng Index down 0.6% to 28,309.76
  • Shanghai Composite up 0.8% to 3,557.41
  • Sensex up 0.3% to 52,715.63
  • Australia S&P/ASX 200 up 1.5% to 7,342.20
  • Kospi up 0.7% to 3,263.88
  • Brent Futures down 0.4% to $74.63/bbl
  • German 10Y yield rose 2.2 bps to -0.149%
  • Euro down 0.2% to $1.1899
  • Gold spot down 0.3% to $1,777.25
  • U.S. Dollar Index up 0.14% to 92.03

Top Overnight News from Bloomberg

  • Leveraged funds boosted net dollar shorts by 21,347 contracts in the week ended June 15, the most since mid-January, according to data from the Commodity Futures Trading Commission.
  • Germany increased the amount of planned bond sales in the third quarter by 2 billion euros ($2.4 billion) to help cover financing for the ruling coalition’s generous aid programs to offset the impact of the coronavirus pandemic
  • China’s intensifying cryptocurrency crackdown has left Bitcoin flirting with $30,000, a price level seen as key to the short-term outlook for the largest virtual currency
  • Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter
  • Mario Draghi has cemented his position in Italy and his political partners are beginning to assume he’ll remain in power until his term ends in 2023. That is the assessment of half a dozen senior officials from all the main parties and inside the government
  • Hungary is set to become the first European Union nation to tighten monetary policy this year, with the central bank widely expected to raise borrowing costs on Tuesday in an attempt to curb surging inflation
  • A raft of disappointing economic data from China last week, especially the sluggish recovery in consumption, has prompted economists to cut their estimates for China’s output in 2021.

Quick look at global markets courtesy of Newsquawk

Asia-Pac equities staged a rebound from the prior day’s sell-off as the region reacted to the rally seen on Wall Street, whereby the DJIA outperformed whilst the Nasdaq’s upside was hindered by the recovery in yields. Overnight, US equity futures traded flat and near the prior session’s best levels ahead of Fed Chair Powell’s testimony – but before that, 2022-voter Mester is poised to make remarks on monetary policy ahead of commentary from 2021-voter Daly. Over in APAC markets, the ASX 200 (+1.5%) was supported by its Telecoms and Financials sectors whilst the Nikkei 225 (+3.1%) trimmed some of the prior session’s hefty losses as reports of BoJ ETF purchases providing Tokyo with some tailwinds. The KOSPI (+0.7%) saw cautious gains as Yonhap reported that South Korea and the US are mulling ending the working group on North Korean policy, whilst North Korea tempered down expectations of dialogue with the US. Hang Seng (-0.6%) and Shanghai Comp (+0.8%) varied with the former pressured after the US reiterated its concern over Hong Kong’s autonomy, whilst the latter remained within recent ranges. As a side note, crypto markets also saw a rebound following yesterday’s bloodbath, albeit Bitcoin and Ethereum remained under 35k and 2k respectively. Finally, JGBs trade narrowly softer in tandem with UST and Bund futures waning off best levels.

Top Asian News

  • Jimmy Lai’s 26-Year-Old Tabloid All But Dead After Defying China; Carrie Lam Defends Apple Daily Arrests, Warns Media Outlets
  • GIC Said to Near Deal to Buy Stake in Malaysia’s Sunway Hospital
  • China Tourism May File for Hong Kong Listing This Week: IFR
  • Korea Curve Steepens, China Repo Rises, Rupiah Bonds Halt Drop

Ahead of the cash open, European index futures indicated a marginally firmer star to the session. However, as cash markets opened, sentiment dwindled and stocks were pushed into the red (Eurostoxx 50 -0.3%) with no real obvious catalyst behind the move. US index futures ebbed lower at the same time with some minor initial underperformance in the tech-heavy e-mini Nasdaq, albeit moves have been confined to recent ranges as markets await further impetus ahead of a particularly busy week of Fed speak. Since then, we have seen a modest pick-up in the futures taking them nearer to the unchanged mark on the session, but still retaining a negative bias overall. On which, Fed Chair Powell is due to testify to Congress today at 1900BST/1400ET. Pre-released text was a reiteration of recent remarks, however, the Q&A segment could offer some opportunity for the Chair to be pushed on the FOMC’s exit strategy and recent hawkish speakers e.g. Bullard; other Fed speakers today include 2022-voter Mester and 2021-voter Daly. In Europe, sectors are somewhat mixed with Oil & Gas top of the pile amid the recent advances in the crude complex even in-light of today’s pressure on a potential ramping up of OPEC+ production (see commodities), whilst Tech and Health care lag peers with the former hampered by the mini-revival seen in yields since the start of the week which saw the US 10yr initially slip below 1.4%. Kepler Cheuvreux downgraded the European banking sector to neutral from overweight with analysts at the firm concerned that the reflation trade is not a foregone conclusion in a context where the steepening of the USD yield curve appears to have exhausted itself. In terms of stock specifics, BT (+0.6%) are slightly firmer on the session amid reports that Rupert Murdoch’s News UK is reportedly looking into a tie-up with BT Sport. Finally, Travel & Leisure names including Ryanair (+1.1%) and IAG (+1.0%) have been provided some support amid suggestions that UK ministers are to relax travel restrictions from August for those who have been fully vaccinated.

Top European News

  • U.K. Begins Negotiations to Join Trans-Pacific Trading Bloc
  • Germany Boosts Third-Quarter Bond Issuance by 2 Billion Euros
  • Aston Martin Sues Dealer Over Deposits for $3.5 Million Valkyrie
  • Tech Stocks Tumble as Prosus Falls, Pandemic Winners Decline

In FX, there was some calm after Monday’s relatively lively session amidst pronounced risk-off APAC trade before a steady recovery in sentiment that prompted a retreat in safe-havens on little fresh news or data. Nevertheless, the DXY formed a base below 92.000 and is currently consolidating around its new pivot within a 91.890-92.139 range inside yesterday’s 91.826-92.375 range awaiting further direction that could come from today’s trio of Fed speakers or macro releases in the form of existing home sales and Richmond Fed composite readings. Note, however, the text of chair Powell’s testimony to Congress has already been published so anything new will likely come from the Q&A section.

  • AUD/GBP – It may be too early to label the day a turnaround Tuesday for the Aussie and Pound, but both have unwound a chunk of their gains vs the Buck after benefiting from its frailty yesterday, and Aud/Usd is also bearing the brunt of another slump in iron ore prices as it struggles to stay within touching distance of the 0.7500 handle. Note also, prelim payrolls and earnings data came in weaker than prior prints overnight ahead of flash PMIs tonight. Meanwhile, Sterling has relinquished 1.3900+ status, and perhaps partly due to a loss of technical momentum given that Cable topped out just pips shy of the 100 DMA (1.3941 vs 1.3937 high), while the Eur/Gbp cross held around 0.8550 before bouncing.
  • CAD/CHF/NZD/EUR/JPY – A pull-back in WTI towards Usd 73/brl in wake of reports that Russia may push for higher OPEC+ crude output at next week’s summit, has undermined the Loonie ahead of Canadian retail sales on Wednesday, with Usd/Cad back up in the high 1.2300 area, while the Franc is beneath 0.9200 following fairly upbeat economic forecasts from Switzerland’s KOF. Elsewhere, the Kiwi is holding between 0.6995-63 parameters following a marked pick-up in NZ credit card spending and as Aud/Nzd eyes 1.0750 to the downside having been capped circa 1.0800, the Euro is straddling 1.1900 and Yen has retreated through 110.50 against the backdrop of higher US Treasury yields and curve re-steepening.

In commodities, WTI and Brent have seen downside, -0.5% and -0.4% respectively, after what was a relatively uneventful APAC session for the benchmarks. The pressure came just after the European cash equity open, which was softer than futures had implied, amid reports that Russia is considering proposing an increase in OPEC+ oil production at the July 1st gathering, according to officials. As Russia expects the global supply shortfall to persist over the medium-term horizon; note, Russian VP Novak is set to meet with various domestic oil companies today. This report sparked pressure in the benchmarks sending WTI and Brent August’21 futures below USD 73.00/bbl and USD 75.00/bbl respectively – a smaller bout of further pressure was seen on subsequent source reports that it is possible to increase supply gradually from August. Such an alteration would be in-fitting with the most recent IEA MOMR which wrote that “OPEC+ needs to open the taps to keep world oil markets adequately supplied; production hikes at current pace set to be nowhere near the levels needed to prevent further stock draws”. As a reminder, the current OPEC+ quotas which were set in April envisage 700k BPD and 850k BPD of oil re-entering the market in June and July respectively. Moving to metals, spot gold and silver are modestly softer on the session given upside in both the USD and yields this morning; however, the magnitude of ranges for the precious metals are contained when compared with action seen over the last week. On gold, JP Morgan retains its long-term bearish view on the metal in-light of last week’s FOMC updates and look for copper prices to ease into H2 as supply/demand imbalances resolve, taking the view that the metal peaked in Q2.

US Event Calendar

  • 10:30am: Fed’s Mester Discusses Monetary Policy and Financial…
  • 11am: Fed’s Daly Speaks at Peterson Institute Event
  • 2pm: Powell Testifies to Congress on Covid-19 Response and Economy

DB’s Jim Reid concludes the overgnight wrap

When we went to press yesterday morning I was left very confused as to why US 10 year yields had sunk even further overnight to around 1.36% from 1.44% at the Asian open. It felt like it might be the longest day of the year in markets as well as in daylight terms. Well 4 hours later they had moved back to 1.44% and then 1.49% after another 6 hours early in the US session – roughly where they closed and where they are trading now in Asia. To be fair the real action continues to be in the 30 year part of the curve which opened in Asia yesterday at 2.01%, rallied to 1.925% but then reversed course all day and flirted with 2.10% as Europe went home before closing at 2.11% (2.12% in Asia). There was no real new news so the earlier price action perhaps indicates that there might have been some positioning/liquidation issues out there yesterday to explain such swings. This is part of the reason I wouldn’t try to over analyse the macro implications of these moves at the moment. There seems to be a lot of technical things going on at the moment including the Treasury running down their cash holdings at the Fed. As such I think it’s far too early to suggest that the price action reflects a view that the Fed made a policy error last Wednesday.

Equity markets seemed to like a return of more normal yields as they have been a bit shaken by the bond reaction post the FOMC. In fact by the close of yesterday’s session, the S&P 500 had rebounded +1.40% to put the index back within 1% of its all-time closing high last week. So quite the reversal from its worst weekly performance since February. Even the dollar (which saw its best performance since September last week) changed gears to close -0.35% lower on the day.

In the absence of other events on the calendar, Fed speakers were in focus yesterday with St Louis President Bullard (non-voter, dove) and Dallas President Kaplan (non-voter, hawk) kicking off proceedings. Notably, Bullard said that the Fed ought to set up its taper so it could be adjusted if necessary, which raises the prospect that the pace could change depending on the strength of the economic recovery and inflation outcomes. And he himself alluded to the uncertainty in the outlook, saying that “No one really knows how this is all going to unfold. We have to be ready for the idea that there is upside risk to inflation and for it to go higher”. Separately, Kaplan said that he was in favour of beginning the tapering process sooner rather than later. However the timeline is still uncertain, as later in the session New York Fed President Williams said that he still sees tapering as “quite a ways off.” Williams also expects inflation to return to 2% next year and that the long-term trends that have depressed inflation in recent years will be the overriding force once again. After a year of coordinated messaging, it seems like there is more dispersion of views coming out of the committee now. I think this is more healthy.

Today, all eyes will be on Fed Chair Powell, who’s testifying at 7pm London time before the House of Representatives’ Select Subcommittee on the coronavirus crisis, where he’s set to talk about the Federal Reserve’s response to the pandemic. In prepared remarks distributed late last night, Powell remains optimistic on the recovery, saying “job gains should pick up in coming months as vaccinations rise, easing some of the pandemic-related factors currently weighing them down.” Chair Powell acknowledged that “inflation has increased notably in recent months… As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” The transitory nature of inflation is sure to be a key point of questions from some Representatives today.

Running through the market moves yesterday, US equities saw an incredibly broad-based advance, with 482 companies moving higher in the S&P on the day, which remarkably represents the highest number of gainers in over a year. The S&P gains were led by the cyclical/reopening trade as yields rebounded while tech stocks lagged somewhat, with the NASDAQ seeing a smaller +0.79% advance, though that still left the index within 0.5% of its own all-time high. Small-cap stocks saw even larger gains, as the Russell 2000 was up +2.16%. Over in Europe, equity markets saw their own slightly more subdued rebound with the STOXX 600 ending the day up +0.70%.

For sovereign bond markets it was an eventful day as discussed at the top, with yields moving noticeably lower prior to the open in Europe before ending the day higher. Furthermore, we saw curves begin to steepen again following the major flattening last week, with the US 2s10s curve up +4.8bps, and the 5s30s up +8.6bps. Europe saw much the same story once the global sell-off begun, with yields on bunds (+2.9bps), OATs (+0.5bps) and BTPs (+0.4bps) all moving higher.

Overnight in Asia, markets are following Wall Street’s lead with the Nikkei (+2.95%), Shanghai Comp (+0.78%) and Kospi (+0.77%) all making gains. The Hang Seng (-0.01%) is trading broadly flat. Outside of Asia, futures on the S&P 500 are up +0.18% and those on the Stoxx 50 are up +0.35%.

Elsewhere, both Brent Crude (+1.89%) and WTI (+2.82%) oil prices climbed to fresh 2-year highs of $74.90/bbl and $73.66/bbl respectively. Indeed that rise for WTI yesterday now means it’s risen by more than +50% on a YTD basis, making it the first major asset in our performance review basket to reach that milestone this year. Overnight, Brent oil prices have crossed $75 mark for the first time since April 2019. Other commodities also performed decently yesterday, including copper (+0.65%), gold (+1.08%), silver (+0.64%) and corn (+0.61%), with all 4 recovering ground following last week’s losses. Speaking of commodities, I looked at the change in various prices over the last 2 years in my chart of the day yesterday (link here), pointing out that in spite of the declines from their recent peaks this year, they still remain well above their levels 2 years ago. So some perspective is needed to the recent falls.

In terms of new-age commodities, the selloff in crypto-assets took another leg lower yesterday following news that China called a meeting of leaders of its largest banks to reiterate a ban on cryptocurrency services. Bitcoin fell -9.05% to $32,582, its lowest level since late-January. Ethereum (-14.0%), Litecoin (-14.0%) and XRP (-12.6%) all followed suit.

In terms of the latest on the pandemic, UK Prime Minister Johnson said that for England, “I think it’s looking good for July 19 to be that terminus point” when the easing of restrictions could take place. Nevertheless, a further 10,633 cases were reported in the UK yesterday, which took the weekly average to its highest since late-February, at 9,778. The rate of increase has slowed though. In Germany, Health Minister Spahn warned the delta variant may cause a 4th wave of infections, saying the government would remain cautious when the calendar turns over to Autumn and Winter. Elsewhere, it was announced that spectators at the Tokyo Olympics would be limited to either 10,000 or 50% capacity. Lastly, the White house announced that 150mn Americans, or over 45% of the overall population, are now fully vaccinated and 15 states along with Washington DC have now reached 70% of adults with at least one shot. However there has been a greater than 30% increase in Covid-19 hospitalisations in Missouri, Arkansas and Utah – all states with well below average vaccination rates – over the last week with the increase driven by 18-29 year olds, according to U.S. Department of Health & Human Services data. The absolute numbers remain low and healthcare capacity is not a concern at this time, however local authorities are paying attention and cited low testing numbers as an additional concern.

Finally, there wasn’t a great deal of data yesterday, though the Chicago Fed’s national activity index came in at 0.29 in May (vs. 0.70 expected), up from -0.09 in April.

To the day ahead now, and the main highlight will be the aforementioned testimony from Fed Chair Powell to Congress. Otherwise, we’ll also hear from the Fed’s Mester and Daly, as well as the ECB’s Rehn, Lane and Schnabel. Data releases from the US include May’s existing home sales and the Richmond Fed’s manufacturing index for June, while in the Euro Area there’s the advance consumer confidence reading for June.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 28.23 PTS OR 0.80%   //Hang Sang CLOSED DOWN 179.24 PTS OR 0.63%      /The Nikkei closed UP 873.20 pts or 3.12%  //Australia’s all ordinaires CLOSED UP 1.44%

/Chinese yuan (ONSHORE) closed DOWN TO 6.747  /Oil DOWN TO 73.15 dollars per barrel for WTI and 74.39 for Brent. Stocks in Europe OPENED ALL MIXED  //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4747. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4800   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

 

END

3 C CHINA

CHINA//TAIWAN

END

 

CHINA/DELTA STRAIN// CORONAVIRUS

end
CHINA/DELTA STRAIN
 
 

END

CHINA/USA

 
 

4/EUROPEAN AFFAIRS

EUROPE/CORONAVIRUS/DELTA STRAIN

 
GERMANY
Meet the man will replace Merkel:  Armin Laschet
(zerohedge)

The Man Who Will Likely Be Germany’s Next Leader Shares Technocratic Agenda

 
 
TUESDAY, JUN 22, 2021 – 04:15 AM

Following a difficult campaign to cement his position as Chancellor Angela Merkel’s most likely successor, Germany’s Armin Laschet, the governor of North Rhine-Westphalia, Germany’s largest region, has sat for an interview with the FT where he laid out the broad strokes of his domestic and foreign policies, which largely hew to Merkel. 

As the frontrunner to win September’s federal election and succeed Merkel as Chancellor, Laschet said that the EU recovery fund will more than likely be a one-off, and that the COVID-19 outbreak won’t lead Germany and the rest of the EU to adopt a more federal system. Laschet denies that he’s trying to “put the COVID genie back in the bottle,” but he insists that there’s no reason why life can’t go back to normal.

“Under the Maastricht rules, every country is responsible for its own debts,” he says. “The basic idea is to avoid a situation where one country is liable for the debts of another…and this principle still applies.”

While it’s not a done deal yet, Laschet’s CDU now looks to be in pole position to win in September and retain its control of Europe’s biggest economy. It’s a historic election given that Merkel’s 16-year reign is coming to an end, while potentially ushering in an unprecedented coalition between the German center-right and the left-wing Greens.

Germany’s technocratic center-right has embraced carbon neutrality and Laschet is no exception: he favors setting the goal for neutrality by 2045. However, he’s fearful of endangering Germany’s status as an industrial powerhouse, and all the jobs that German industry creates.

“20% of the jobs [here] are in industry. In the steel, chemical, auto industry,” he says. “Important economic sectors and key industries in our country. And we want them to be still there in 20 years.”

While Laschet favors a more integrated EU, he opposes any attempt to relax Germany’s “debt brake” and remains opposed to the issuance of common EU debt (like the nearly $1 trillion issued as part of the EU recovery fund).

Circling back to COVID-19, Laschet promised “a decade of modernization” to combat the aspects of Germany’s economy that were seemingly unprepared for the pandemic. He has also broached the idea of a “Germany fund” to mobilize public and private investment in infrastructure.

“I’m open to thinking about models of co-operation with private capital,” he tells the FT. “But of course, we can’t allow a situation to arise where you’re circumventing the government’s debt management policy. So if you do it, you have to do it according to the state stability rules.”

On issues of potential conflict with the Greens, Laschet said he is open to compromise. On Nord Stream 2 (a project the Greens oppose), Laschet insists Germany needs the cheap natural gas before it can shut down its coal plants. To try and stop Russia from using the pipeline to punish Ukraine, Laschet said Germany must take steps to stop the pipeline from being “used as a geopolitical instrument against Ukraine,” which the pipeline bypasses.

“The real issue at stake are the geopolitical interests and stability of Ukraine, as well as of EU member states to the east,” he says. “Ukraine’s interests must be safeguarded. If the Russians don’t stick to that, the basis of the NS2 deal will cease to exist.”

Laschet’s biggest problems will likely emanate from the Greens’ foreign policy positions. Not only does the party oppose Nord Stream 2, but it also opposes closer cooperation with China, Russia and Turkey.

Fortunately, Laschet believes his history of being an agreeable centrist – including his membership in a group of young Bundestag MPs known as “the Pizza Connection” for their meeting place in a Bonn pizzeria – will help him convince the Greens to compromise.

“For the CDU the Greens are no longer the bogeyman they were,” he says. Times have changed — the conservatives already govern with the eco-party in the two western states of Baden-Württemberg and Hesse. And coalitions “are possible on the federal level in Berlin, too.”

Of course, there’s no guarantee that the CDU and Greens will find themselves partners in a ruling coalition. The election is still months away, and even after the results are in, weeks of wrangling to form the next government are expected to follow, which leaves plenty of space for surprises.

 
END
 
UK
Gamestop claims another hedge fund as backers pull away from UK based White Square Capital
(zerohedge)

Hedge Fund That Bet Against GameStop Shuts Down As Backers Pull Money

 
TUESDAY, JUN 22, 2021 – 09:00 AM

Despite incurring massive losses, Melvin Capital managed to limp away from its brush with GameStop’s army of retail traders back in January. While Melvin only survived thanks to an emergency bailout from Mets owner Steve Cohen, the FT reports that one London-based fund may not have been so lucky.

White Square Capital, run by a former Paulson trader, has announced that it will return capital to shareholders. Some of the FT’s sources said the decision was likely due to heavy losses stemming from the firm’s GME short.

Here’s more from the FT:

White Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business model, according to people familiar with the fund and a letter to investors.

White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.

While White Square didn’t have much public profile, the FT’s Laurence Fletcher pointed out that it just might be the first hedge fund to close up shop over its wayward bets against surprisingly resilient meme stocks. GME shares soared from less than $20 in January to a peak of nearly $500/share a few weeks later. And although they’ve shed roughly half their value since then, they’re still well above their lows from early this year. 

Melvin Capital and Light Street Capital (run by Glen Kacher, a former Tiger cub who worked for Julian Robertson’s Tiger Management) have suffered serious losses from their meme stock shorts. However, both funds managed to survive the ordeal.

To be sure, at least one source close to White Square told the FT that the decision to shut down wasn’t related to the GME short (according to the source, the fund allegedly made back some of those losses). In his letter, Florian Kronawitter, the fund’s CEO, said that he is closing down the main fund because of perceived flaws in the “long-short” model.

“The decision to close down is related to thinking the equity long-short model is challenged,” said Kronawitter. “There are way too many fish in the pond with the same strategy of long-short,” he added. “The traditional edge is being arbed away [eroded by other investors], there’s an oversupply of capital.”

Despite strong double-digit gains in 2015 and 2016, some of the fund’s biggest backers have withdrawn their capital, Kronawitter said.

“We experienced first-hand the shift in trend away from hedge fund investing to cheaper alternatives,” it added. According to the letter, White Square had been due to receive investor inflows again in May this year, but instead decided to shut the fund. “The arbitrage opportunities have diminished with both the onslaught of capital caused by central bank monetary interventions, as well as much improved dissemination of information, bringing up the question to what degree the same fees can be justified,” it said.

Underscoring GME’s newfound reputation as a window-making trade, the company’s shares surged 11% on Tuesday after the company announced that it had completed yet another equity offering as management follows in the footsteps of AMC by trying to cash in on the retail trading mania. Here’s more from Bloomberg. The company completed an offering of 5MM shares for a total of $1.13 billion (an average of $225.20). The offering was managed by Jefferies.

Shares of the video-game retailer rallied as the offering matched the full capacity of GME’s ATM authorization. The company says it will use the proceeds from the offering for investing in growth initiatives and maintaining a strong balance sheet.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
IRAN/USA
Pat August 3/there is no hope of a deal nor should there be one
(zerohedge)

Iran’s New President Rules Out Ever Meeting With Biden, Calls Ballistic Missiles “Nonnegotiable”

 
TUESDAY, JUN 22, 2021 – 02:35 PM

In his first press conference since his landslide victory in Friday’s national election, Iran’s president-elect Ebrahim Raisi on Monday said he’s not willing to meet with President Biden at any point nor is he willing to negotiate on the Islamic Republic’s ballistic missile program. 

But crucially he did endorse ongoing efforts in Vienna for a restored JCPOA nuclear deal, stressing that Washington must immediately ease and drop sanctions in fulfillment of its own original obligations under the deal. “The U.S. is obliged to lift all oppressive sanctions against Iran,” he stressed

Raisi gave a quick and simple “No” when asked about a potential future meeting with Biden in connection to nuclear deal negotiations. The Associated Press described that “He frowned and stared ahead, without elaborating. His moderate competitor in the election, Abdolnasser Hemmati, had suggested during campaigning that he might be willing to meet Biden.”

Relatedly White House press secretary Jen Psaki reiterated that the US currently has no diplomatic relations with Iran, nor or there “any plans to meet at the leader level, so it’s unclear that anything has actually changed on that front.”

Interestingly, she added the caveat that the White House regardless understands the person to meet with would not be the Iranian president in such an instance, but that the “decision leader is the supreme leader. That was the case before the election; it’s the case today; it will be the case probably moving forward.”

After Raisi’s victory, and with the more “moderate” Rouhani now on his way out (with his term ending August 3rd), the Biden administration has made clear it hopes to finalize a restored nuclear deal in Vienna prior to Raisi taking office. 

An administration official told Axios“If we don’t have a deal before a new government is formed, I think that would raise serious questions about how achievable it’s going to be.”

One surprising statement made by the new Iranian President-Elect on Monday is that he expressed a desire to improve relations with the Sunni Gulf states. But this is likely to remain a huge hurdle given the increasingly warmer relations between Gulf allies and Israel, as well as the ongoing war in Yemen.

END

MIDDLE EAST/USA

USA Government seizes news websites across the middle east

(SOUTHFRONT.ORG)

US Govt Seizes News Websites Across MidEast, Including Iran’s PressTV

 
TUESDAY, JUN 22, 2021 – 02:46 PM

Via SouthFront.org,

The US Department of Justice has just seized a number of websites of Iranian, Palestinian, Yemeni, Iraqi news channels.

According to the reports, at the moment, the list of victims of U.S. ‘democratic move’ includes:

  • PressTV (Iran)

  • PalToday (Palestine)

  • Al-Masirah TV (Yemen)

  • Al-Alam TV (Iran)

  • Nabaa TV

  • KafMedia (Iraq)

  • LuaLua TV

Today, we are once again facing the new round of application of the Overton window approach regarding freedom of speech.

Washington has consistently been moving towards this unprecedented step.

At first, disinformation campaigns, discrediting and blackmailing of independent media became the norm. Further, the persecution of journalists and editors became the common practice. Further, the Americans used to introduce personal and group sanctions, freezing ( in other words ‘stealing’) individual funds of undesirable persons. Further,  there were arrests and even kidnappings of those who went beyond the American agenda. Realizing their impunity, the White House started to block the independent media and objectionable news agencies. The Big Techs, controlled by the White House, began to scour the information space from content that, according to Washington, could pose a threat to the promotion of the interests of the American elites.

Since the above measures did not bring the desirable results, the Americans decided to take the next step and completely block domains of its ‘ foes ‘.

This, as SouthFront concludes, is a signal to the whole world and an open declaration of US imperial dominance.

More practically, it’s also a signal that the US-Iran deal talks are about to be a dismal failure and that this may be a great time to buy oil.

 

END

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

We knew that this will happen as the crown protein is very toxic and it is being sloughed off from the vaccine. It travels through the blood and settles in  4 places:

1. ovaries

2. blood bone marrow

3.heart

4 passes the blood brain barrier

Now we see women with period problems probably tied to covid.

(zerohedge)

 

Thousands Of Women Report Period Problems Potentially Tied To COVID Jabs

 
MONDAY, JUN 21, 2021 – 06:00 PM

The UK’s vaccine watchdog is “closely monitoring” claims that 4K+ women have suffered period problems after receiving the COVID-19 jab. While side effects like sore arms, lethargy, soreness and muscle aches are included in warnings about potential drawbacks of receiving the vaccine, there are no warnings about period-related complications.

Nowhere are period irregularities listed as a potential side effect of vaccination, so British regulators are trying to determine whether there is actually a link between the complaints and the vaccines.

Official data obtained by The UK’s Sunday Times show that the Medicines & Healthcare products Regulatory Agency – better known as MHRA received 2,734 reports of period problems linked to the AstraZeneca vaccine, 1,158 related to the Pfizer jab, and another 66 linked to the Moderna vaccine as of May 17.

Complaints focused on “heavier than usual” bleeding, and it’s possible that this could have affected many more women who didn’t think to report their issues. The majority of issues were reported by women aged between 30 and 49. ;

So far, at least, MHRA says that there’s no evidence that it should add period complications to the list of side effects. That is, the “current evidence” don’t suggest an “increased risk of period problems following the jab, the regulator said.

But others are calling for more data to be collected. For example, Dr. Sue Ward, vice-president of the Royal College of Obstetricians and Gynaecologists, said “anecdotally some women seem to be reporting heavier periods after receiving the Covid-19 vaccine and we would support more data collection in this area to understand why this might be the case. If you do notice any bleeding that is unusual for you, we would recommend you contact your doctor.”

Complaints haven’t only been seen in the UK. In the US, some women have taken to Reddit to share their experiences.

Victoria Male, a reproductive immunologist at Imperial College London, said more women were likely to have been affected than the number of case reports. “It’s definitely true that not everyone will be reporting any menstrual changes they have noticed to Yellow Card [the MHRA’s scheme for people to report suspected side effects] simply because not everyone knows that it exists and that they can file a report.”

Although a clear link between the COVID jab and menstrual disorders hasn’t been established, “lots of people have contacted me to tell me about changes that they have noticed in their periods following vaccination,” Male said. “The kinds of things they are telling me about, mostly periods that are heavier or later than usual, are very similar to the reports we are seeing in Yellow Card.”

Angharad Planells,a 34-year-old from Cheltenham, said her period had been 11 days late following her second dose of the AstraZeneca vaccine. “My whole life I’ve been pretty regular and I track my period on an app. It was super late,” she said. “When it did start, it was one of — if not the — most painful periods I’ve ever had, to the point where I felt a bit nauseous.” Planells, who reported the suspected adverse reaction to the MHRA, added: “I would still have the vaccine again. I have had family members die from COVID. It’s just the lack of information out there.”

END

Official US, EU & UK COVID Vaccines Deaths & Injury Data (June 19, 2021)

special thanks to Robert H for sending this to us

Written by Free Your Mind

Here are the latest deaths and injuries from the official data sources following COVID19 injections for Europe, the UK and US up to June 19, 2021.

Europe shows deaths and injuries up to 5 June, 2021: Deaths: 13,867 Injuries: 1,354,366 ….  U.K. up to 9 June, 2021: Deaths: 1,332 Injuries: 949, 286…. U.S. up to 19 June, 2021: Deaths: 5,993 Injuries: 394,525. Deaths & Injuries, Combined total for Europe, U.K. & U.S, up to 19 June, 2021: Deaths: 21,192, Injuries: 2,698,177.

end

We warned you on this;  Vaccines have “reduced efficacy” against the Delta variant warns a WHO doctor

(zerohedge)

Vaccines Exhibit “Reduced Efficacy” Against “Delta” Variant, WHO Doctor Warns

 
MONDAY, JUN 21, 2021 – 08:00 PM

As the mutant COVID-19 strain known as “Delta” picks up steam across Europe and the US, one of the WHO’s leading doctors has just expressed concern about recent research published in the Lancet showing that the first generation of COVID-19 vaccines aren’t as effective at protecting against “Delta”.

Answering a question from a reporter during the organization’s regular Monday briefing in Geneva, Dr. Maria Van Kerkhove said that there is data “showing a reduction in neutralization” for the Delta variant, but not as much as the “Beta” variant – better known as the mutant strain that was first discovered in South Africa.

She continued on, noting that the first generation of vaccines are still highly effective: “Having said that, these vaccines are still highly effective, they produce enough antibodies to protect against serious disease and death. While we are seeing some reduced efficacy, they are still effective at preventing severe disease and death including against the delta variant.”

Ultimately, the WHO needs to vaccinate as many people as quickly as possible – which is the goal of Covax, the WHO’s program to vaccinate the world – to give dangerous variants less opportunity to take root and spread.

“The goal of Covax is that we need those who are most at risk to severe disease, and those who are most exposed, to receive those vaccines and to be protected,” Dr. Kerkhove said.

To learn more about vaccine efficacy, the WHO has been “working with a global network…to get these studies under way…and to look at real-world efficacy data as well.” New research is coming in “fast and furious” and WHO is doing everything it can to determine what’s relevant and what’s not. The agency remains vigilant, however, because they fear that over time a growing number of “double” or “triple” mutants could further erode the efficacy of the first generation of vaccines. What’s more, “there may be a time where we have a constellation of mutations that arise in a variant” that will cause vaccines to lose potency entirely.

Readers can watch the entire briefing below. Dr. Kerkhove is asked about the threat posed by mutant strains just before the 1-hour mark:

Recent evidence suggests that the Delta variant, which has prompted concern worldwide, has also led to new surges of COVID in under-vaccinated parts of the US. According to BBG, even as the number of fully vaccinated Americans reaches 150MM, the genomics firm Helix has analyzed about 20K samples from COVID tests across more than 700 American counties and found that cases of the Delta variant appear to be spreading much more quickly in areas with lower vaccination rates than in areas that have higher rates.

end

We brought this story to your yesterday but because of its importance, I am repeating it again

(Tom Ozimek//EpochTimes)

New Study Links Ivermectin To “Large Reductions” In COVID-19 Deaths

 
MONDAY, JUN 21, 2021 – 10:20 PM

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

A recent pre-print review based on peer-reviewed studies has found that using antiparasitic drug ivermectin could lead to “large reductions” in COVID-19 deaths and its use could have a “significant impact” on the pandemic globally.

A health worker shows a bottle of Ivermectin as part of a study of the Center for Paediatric Infectious Diseases Studies, in Cali, Colombia, on July 21, 2020. (Luis Robayo/AFP via Getty Images)

For the study (pdf), published on June 17 in the American Journal of Therapeutics, a group of scientists reviewed the clinical trial use of ivermectin, which has antiviral and anti-inflammatory properties, in 24 randomized controlled trials involving just over 3,400 participants. The researchers sought to assess the efficacy of ivermectin in reducing infection or mortality in people with COVID-19 or at high risk of getting it.

Using multiple methods of sequential analysis, the researchers concluded with a moderate level of confidence that the drug reduced the risk of death in COVID-19 patients by an average of 62 percent, at a 95 percent confidence interval of 0.19-0.79, in a sample of 2438 patients.

Among hospitalized COVID-19 patients, the risk of death was found to be 2.3 percent among those treated with the drug, compared to 7.8 percent for those who were not, according to the review.

“Moderate-certainty evidence finds that large reductions in COVID-19 deaths are possible using ivermectin. Using ivermectin early in the clinical course may reduce numbers progressing to severe disease,” the authors wrote.

 

A health worker shows a box containing a bottle of Ivermectin as part of a study of the Center for Pediatric Infectious Diseases Studies, in Cali, Colombia, on July 21, 2020. (Luis Robayo/AFP via Getty Images)

Since the start of the pandemic, both observational and randomized studies have evaluated ivermectin as a treatment for, and as prevention against, COVID-19 infection.

“A review by the Front Line COVID-19 Critical Care Alliance summarized findings from 27 studies on the effects of ivermectin for the prevention and treatment of COVID-19 infection, concluding that ivermectin ‘demonstrates a strong signal of therapeutic efficacy’ against COVID-19” the researchers wrote, referring to one recent review, which was based on data from both peer-reviewed studies and preprint manuscripts.

They cited another recent review that concluded that ivermectin reduced deaths by as much as 75 percent, while noting that neither the National Institutes of Health in the United States nor the World Health Organization (WHO) have recommended the use of ivermectin outside clinical trials for use in the fight against COVID-19.

[ZH: Meanwhile in India]

The Food and Drug Administration (FDA), in a note on “Why You Should Not Use Ivermectin to Treat or Prevent COVID-19,” warns that it has received “multiple reports of patients who have required medical support and been hospitalized after self-medicating with ivermectin intended for horses.”

“Using any treatment for COVID-19 that’s not approved or authorized by the FDA, unless part of a clinical trial, can cause serious harm,” the FDA said in the note, adding that it has not reviewed data to support the use of ivermectin in COVID-19 patients.

The WHO said in March that “the current evidence on the use of ivermectin to treat COVID-19 patients is inconclusive” and that, until more data becomes available, the agency recommends that “the drug only be used within clinical trials.”

The authors of the ivermectin efficacy study argued, however, that the drug has an “established safety profile through decades of use” and “could play a critical role in suppressing or even ending the SARS-CoV2 pandemic.”

The apparent safety and low cost suggest that ivermectin is likely to have a significant impact on the SARS-CoV-2 pandemic globally,” they argued in the study abstract.

The authors noted in their publication that all the studies on which they based their conclusions have been peer-reviewed.

Follow Tom on Twitter: @OZImekTOM
 
END
 
Finally, British Scientist Peter Daszak has been fired from the Commission investigating COVID 19. Daszak funded the Wuhan Institute of Virology’s gain of function research on Coronaviruses.  He has been removed from a position of investigative authority. Also the other scientists who signed the Lancet letter are bein asked to recuse themselves form the investigation.
 
(zerohedge)

Fauci Pal Daszak Finally Fired From Commission Investigating COVID Origins

 
TUESDAY, JUN 22, 2021 – 07:36 AM

Authored by Steve Watson via Summit News

The scientist who funded the Wuhan Institute of Virology’s ‘gain of function’ research on coronaviruses, which many now believe to be the source of the pandemic, has finally been removed from a position of investigative authority.

As we previously reported, Peter Daszak – a noted friend and colleague of Dr. Anthony Fauci – was tapped to head up The Lancet’s UN backed commission to investigate the origins of the coronavirus that caused a global pandemic.

The British scientist was picked despite the fact that he was intimately associated with the Wuhan lab, had repeatedly dismissed the lab leak hypothesis a ‘dangerous conspiracy theory’, and created a pressure campaign via a letter published by The Lancet to force the scientific community into avoiding looking into the lab as a potential source of the outbreak.

Daszak was also the lead investigator for the World Health Organisation investigation that determined within 3 hours of visiting the Wuhan lab in February 2021 that there was no leak purely based on the word of researchers there.

Daszak was later employed as an ‘expert fact checker’ by Facebook when it was monitoring and removing ‘misinformation’ about the origins of COVID on its platform, much of which was credible scientific research. Facebook has since reversed the policy of banning any posts containing information suggesting COVID-19 was “man-made”.

It became abundantly clear that Daszak has the biggest motive to dismiss the lab leak notion, yet he kept landing roles in investigating it.

No longer it appears as The Lancet’s origins commission website lists Daszak as “recused from Commission work on the origins of the pandemic.”

At the beginning of this week, The Lancet also issued a statement saying it has invited the other scientists who signed Daszak’s original letter, several of whom are involved in the investigative commission, to “re-evaluate their competing interests.”

As we previously noted, other members of The Lancet’s task force are practically all minions of Daszak, some of whom helped him draft the letter that unequivocally stated the lab leak theory was dangerous, and others who either worked with him on ‘fact checking’ for Facebook, or were cited as sources during that activity.

The new statement also includes an expanded disclosure by Daszak in which he denies that he or his company EcoHealth received any money directly from the Chinese government.

It also states “EcoHealth Alliance’s work in China … includes the production of a small number of recombinant bat coronaviruses to analyse [sic] cell entry and other characteristics of bat coronaviruses for which only the genetic sequences are available… NIH reviewed the planned recombinant virus work and deemed it does not meet the criteria that would warrant further specific review by its Potential Pandemic Pathogen Care and Oversight (P3CO) committee.”

Essentially, Daszak is still claiming he had nothing to do with gain of function research, perhaps because it is now clear that this is the likely cause of the outbreak.

As Daszak also states, he is still currently a member of the WHO investigative team that continues to study the animal origins of the virus in tandem with China.

end

What took those bozos so long to make this obvious decision: do not give the experimental coronavirus vaccine shots to children.

(Adam Dick //Ron Paul Institute)

World Health Organization Says Do Not Give Children Experimental Coronavirus Vaccine Shots

 
TUESDAY, JUN 22, 2021 – 05:00 AM

Authored by Adam Dick via The Ron Paul Institute for Peace & Prosperity,

In America, national, state, and local governments are pulling out all the stops to advance giving experimental coronavirus shots to children down to the age of 12.

Up next, babies and children up to age 11.

The shots are “safe and effective,” the propagandists proclaim.

Meanwhile, the World Health Organization (WHO) has a different approach. The WHO says do not vaccinate children, at least not yet.

At its website, the WHO offers this advice regarding giving experimental coronavirus vaccines, some of which are not even vaccines under the normal meaning of the term, to children:

Children should not be vaccinated for the moment.

There is not yet enough evidence on the use of vaccines against COVID-19 in children to make recommendations for children to be vaccinated against COVID-19.

Children and adolescents tend to have milder disease compared to adults.

However, children should continue to have the recommended childhood vaccines.

Choose accordingly

end

How is this possible?

(Van Brugen/EpochTimes)

Nearly 4,000 Fully Vaccinated People in Massachusetts Test Positive for COVID-19

June 22, 2021 Updated: June 22, 2021
biggersmaller 

 

Nearly 4,000 people in Massachusetts who have been fully vaccinated against COVID-19 have contracted the virus, adding to the growing number of breakthrough cases nationwide.

According to the Massachusetts Department of Public Health, as of June 12, there were 3,791 people who tested positive for COVID-19 among the 3.7 million fully vaccinated people in the state, accounting for roughly one in 1,000 vaccinated individuals.

“We’re learning that many of the breakthrough infections are asymptomatic or they’re very mild and brief in duration,” said Boston University infectious diseases specialist Davidson Hamer, the Boston Herald reported. “The viral load is not very high.”

“Breakthroughs are expected, and we need to better understand who’s at risk and whether people who have a breakthrough can transmit the virus to others,” Hamer added. “In some cases, they’ll be shedding such low levels of the virus and won’t be transmitting to others.”

So-called breakthrough cases refer to cases appearing two or more weeks after a person’s final shot. That’s primarily the second Pfizer or Moderna dose, but can be the single-shot Johnson & Johnson vaccine.

“Vaccine breakthrough cases are expected,” the Centers for Disease Control and Prevention states on its website. “COVID-19 vaccines are effective and are a critical tool to bring the pandemic under control. However, no vaccines are 100 percent effective at preventing illness. There will be a small percentage of people who are fully vaccinated who still get sick, are hospitalized, or die from COVID-19.”

The health agency added, “There is some evidence that vaccination may make illness less severe.”

The CDC said last month that through April 30, 10,262 breakthrough infections were reported from 46 U.S. states and territories to the agency.

Of the cases, more than six in 10 occurred in females, with the median patient age being 58, according to a new report from the CDC, which stopped counting breakthrough infections as of May 1, except for those that cause hospitalization or death.

Approximately 10 percent of the patients required hospital care, and 160, or about 1.5 percent, died.

Data indicate that about three in 10 hospitalized patients were admitted for a reason unrelated to COVID-19 or with no symptoms.

The median age of those who died after getting vaccinated was 82 years. Twenty-eight deaths were pegged to a cause unrelated to COVID-19 or occurred in patients who displayed no symptoms.

Sequencing data were available for 555 of the breakthrough cases. Over 60 percent were identified as stemming from variants, including the B.1.1.7 variant that was first identified in the United Kingdom.

The CDC meanwhile has stopped investigating breakthrough infections unless individuals are hospitalized or die from COVID-19.

Through April 30, about 101 million people in the United States had been fully vaccinated against the CCP (Chinese Communist Party) virus, which causes COVID-19. As of Monday, that figure stands at 150 million people, according to the CDC.

end

A must read….

Robert to me:

Musing

 
 
 
 
 
In places like Britain and France, the people have started to turn on the press. Going forward in weeks and months ahead, people will continue to  turn on the press for conspiring against common sense and being so corrupt. Today, even sitting in traffic the barrage of Covid vaccines is constant and not receiving the acceptance as politicians double down spending tax dollars to shore up failing agendas.  Lately it seems combining differing vaccines is better than previous protocols of just using one brand, or so the press would have us believe. And they wonder why people are questioning this logic? People are not  stupid. 
 
Just like in America the narrative  of Fauci is falling apart and will severely damage or destroy the Democratic Party, the longer they hold on. Now, to let Fauci go exposes the way the Covid plandemic was used in the election process against the Republicans. And the press was a tool and did not act as a check on the agenda. Clearly, this is being recognized well beyond America and perhaps will be worse in other countries. Chaos and turmoil will cast new realities. Much like what just occurred in Switzerland where it was the youth who said NO to the Klaus agenda at the WEF and the push to remake society in 2 years to a time and place where you will own nothing and be happy. In many ways, it may well be the youth of today who save the world by saying no to communism. If capital flows accelerate in the future into Switzerland we will see a vote of confidence over other European nations. And I wait to see what Super Mario does in Italy because I doubt he will give up Italy’s gold to the EU so they can finance their dreams of controlling Africa. They would be better served to clean their own mess first, if time allows. 
 
The whole Fauci Covid caper becomes even more terrifying to the democrats as the story of the Chinese defector in the hands of the DIA becomes more broadly exposed and known given that the information handed over contains all the payouts of Americans involved in the Covid attack on America. There will be blowback to China and others in the future. 
 
History repeats because HUMAN NATURE NEVER CHANGES. And people refuse to learn the lessons of past civilizations who faced similar problems and failed to learn in time to address them. And consequently failed as empires and ambitions crumbled. 
 

It is well known if you study history that if you turn the police against the government, the government falls. If government turns the  police against the public, they win. Today, we see whole police departments in America resigning rather than carry out the government agendas while government seems hell bent on federalizing police forces. This is already running into state and county counter offensives as well as local political refusals to comply. Agencies like DIA are not being controlled by the civilian government in America nor is the military marching to Biden crowd pipe band. If they were, he would be flying on a designation  called Air Force One. And he is not, nor are we seeing pictures of him boarding same. 
 
As we motor through summer weeks, I  imagine history and times and lessons learnt or not will be put to the test and we should expect the unexpected because this facade will not last much longer. 

Michael Every on the major global issues facing the world today: 

 

Michael Every…  

Rabobank: There We Have It – A Reflated Reflation Trade

 
TUESDAY, JUN 22, 2021 – 09:15 AM

By Michael Every of Rabobank

Merrie Melodies

Just like that, all was well with the world again: bond yields up; equities up; commodities mainly up; and the dollar mainly down. What a merry market melody! This was despite a confusing barrage of Fed-speak which, as the headlines initially came in, had me thinking of ‘Elmer Fed’, and a silly little man in a deerstalker hat with a shotgun saying: “Be vewy, vewy quiet. I’m hunting 2% infwation and wo unempwoyment with high asset pwices and wo ineqwality. Huh-uh-uh-uh-uh-uh-uh-uh.

What else is one to make of headlines such as:

Kaplan:

“If you wait too long to taper and your imbalances worsen, you may find yourself needing to take extra steps down the line.”“It’s unrealistic to expect the US dollar to be the world’s reserve currency permanently.”“It would be significantly healthier to make a change to asset purchases sooner rather than later”; and “The Fed’s overnight repo rate adjustment is mostly a technical problem.” (As it jumped to $765bn overnight.)

Bullard:

“This is a volatile environment, and there is upside risk to inflation.”; “We’re in a scenario where bubbles could form, which is part of a larger debate”“The Fed should set up a taper that may be altered if necessary.”“Markets are assuming the Fed won’t lift rates with tapering.”“I don’t see how interest rates in the US could get substantially higher than they are in Europe and Japan”;  and “I am not concerned about fiscal dominance, the Fed will continue to be independent.” (As Powell, Yellen, and Gensler all get called to a meeting at the White House.)

Williams:

“The Fed reverse repo rate facility is operating perfectly.”“It wouldn’t be a problem if reverse repo usage grew much more.”“Following the FOMC meeting, there was no minor taper tantrum.”“The average inflation target is not based on any methodology.”; “The economy has not sufficiently recovered for stimulus to be removed.”; “The economy is improving at a rapid pace and has rebounded faster than expected, with a very positive medium-term outlook.”; “Inflation is still struggling with disinflationary factors that have existed for a long time.”; and “The Fed has the tools to not just raise the balance sheet when required, but also to get it back down to appropriate levels when the Fed doesn’t need to support the economy as much.”

But why quibble over calls for tapering; support for a reverse-repo spike that has many worrying about another potential Fed policy error; questioning the dollar’s hegemonic status(!); the implied threat that US rates may rise while QE is still ongoing(!); that US rates cannot rise above those of the Eurozone and Japan, where they are negative; the conflicting messages on how good this recovery is with how disinflation is still entrenched; and the idea that the Fed’s balance sheet could ever actually decline again, let alone stop growing. Just listen to this merry melody –  

Powell:

The Fed will do everything possible to help the economy recover for as long as it takes.”

There we have it – a reflated reflation trade. Until the next time reality, the Fed’s own errors, and/or the markets escalate matters, requiring more Fed-speak to micromanage it. (Notably, Powell testifies to Congress today on the Covid-19 response and the economy.)

Yet in the end poor old Elmer Fed is going to take a beating. Recall the 1951 classic “Rabbit Fire”, where after arguing over whether it is rabbit or duck season, we find out it is actually Elmer season; and Bugs and Daffy are stalking in the deerstalkers with shotguns, turn to the screen and say: “Be vewy, vewy quiet. We’re hunting Elmers. Huh-uh-uh-uh-uh-uh-uh-uh.”?

Or think of 1950’s “Rabbit of Seville” from the 5.30 mark onwards, where Elmer runs towards a fleeing Bugs with an axe; Bugs returns with a larger axe, sending Elmer fleeing; Elmer returns with a pistol; Bugs with a shotgun; Elmer with a cannon; Bugs with a larger cannon; Elmer with one that belongs on a battleship;…then Bugs brings a bunch of flowers; then an engagement ring; and Elmer returns in a wedding dress, and the couple marry; Bugs pulls his new bride up flights of stairs by the hand; opens a door leading nowhere….and drops Elmer from a great height.  

Meanwhile, in the weal world things are not so merry, and there is more disharmony than melody:

  • Progress on a bipartisan infrastructure bill now perhaps just 1/10 the size of what the White House proposed in its twin-stimulus proposals is perhaps closer to emerging – to what fate remains unclear;
  • The US National Security Advisor says the Nord Stream 2 pipeline represents a danger to Europe’s energy security, and that the Russian firms building it are still going to be sanctioned, after having widely been seen to earlier give it a de facto green light to avoid a row with Germany. Some whispers are that this is a response to yesterday’s FT interview with possible next CDU leader (and Chancellor?) Laschet, which reiterated he has zero interest in recognising geopolitical realities and still wants ‘Wandel durch handel’;
  • The US is apparently considering a ban on all polysilicon coming from China, which is required to make solar panels. Such is the scale of Chinese production (50% of the global total) it is unclear how any other source could replace it, which is problematic with huge green fiscal stimulus still being floated – until one joins the dots that this implies a major supply-chain shift towards Made in America;
  • The EU is going to sharply reduce the amount of British TV that can be shown now the UK is no longer “European”. This is of course pure services and cultural protectionism, and while British TV isn’t what it used to be, one wishes the EU well with its local substitutes: Doctor Who > Médecin Quoi?; The Crown > A recreation of the criminal trial of Nicolas Sarkozy?; Downton Abbey > A dramatization of Yanis Varoufakis’ memoir, ‘Adults in the Room’? But not to worry, says the UK government. Lots more viewers can be found in Asia, as it aims to join the CPTPP; and in that part of the world
  • China has banned its banks from any transactions related to crypto activity. Who next and when?

That’s not all folks, by any means, but it will have to do for today.   

end
 
 

7. OIL ISSUES

 

END

8 EMERGING MARKET ISSUES

VENEZUELA

 
 

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

Euro/USA 1.1898 DOWN .0014 /EUROPE BOURSES /ALL MIXED

USA/ YEN 110.48 UP 0.097 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3896  UP   0.0097  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2383  UP .0013

 

Early TUESDAY morning in Europe, the Euro DOWN BY 14 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1896 Last night Shanghai COMPOSITE CLOSED UP 28.23 PTS OR 0.80% 

 

//Hang Sang CLOSED DOWN 179.24 PTS OR 0.63%

 

/AUSTRALIA CLOSED UP 1.44% // EUROPEAN BOURSES OPENED ALL MIXED

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL MIXED

 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 179.24 PTS OR 0.63%

 

/SHANGHAI CLOSED UP 28.23 PTS OR 0.80% 

 

Australia BOURSE CLOSED UP 1.44%

Nikkei (Japan) CLOSED 873.20 PTS OR 3.12%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1783.25

silver:$25.98-

Early TUESDAY morning USA 10 year bond yr: 1.497% !!! DOWN 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.115 DOWN 0  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 92.02  UP 12 CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.45% UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.055%  UP 6/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.46%//  UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.90 UP 2   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 44 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.161% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.06% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  TUESDAY

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

Euro/USA 1.1934  UP     .0023 or 23 basis points

USA/Japan: 110.71  UP .331 OR YEN DOWN 33  basis points/

Great Britain/USA 1.3940 UP .0017 POUND UP 17  BASIS POINTS)

Canadian dollar UP  33 basis points to 1.2338

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4815 

 

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.4813

TURKISH LIRA:  8.65  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.055%

Your closing 10 yr US bond yield DOWN 2 IN basis points from MONDAY at 1.479 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.109 DOWN 1 in basis points on the day

 YIELD CURVE  REVERSING UPWARDS

Your closing USA dollar index, 91.80  DOWN 10  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 19.91 PTS OR 0.49% 

 

German Dax :  CLOSED UP 33.09 PTS OR 0.21% 

 

Paris CAC CLOSED UP 8.96  PTS OR 0.14% 

 

Spain IBEX CLOSED UP 1.60  PTS OR  0.02%

Italian MIB: CLOSED UP 82.15 PTS OR 0.32% 

 

WTI Oil price; 73.05 12:00  PM  EST

Brent Oil: 74.55 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.01  THE CROSS  LOWER BY 0.10 RUBLES/DOLLAR (RUBLE HIGHER BY 10 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.161 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 : 73.08//

BRENT :  74.83

USA 10 YR BOND YIELD: … 1.474..DOWN 3 basis points…

USA 30 YR BOND YIELD: 2.102 DOWN 2 basis points..

EURO/USA 1.1944 UP 0.0032   ( 32 BASIS POINTS)

USA/JAPANESE YEN:110.63 UP .252 ( DOWN 25 BASIS POINTS/..

USA DOLLAR INDEX: 91.69  DOWN 21  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3952 UP 27  POINTS

the Turkish lira close: 8.65  UP 12 BASIS PTS

the Russian rouble 72.85   down 0.26 Roubles against the uSA dollar. (down 26 BASIS POINTS)

Canadian dollar:  1.2307  UP 63 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.161%

The Dow closed UP  68,74 POINTS OR 0.20%

NASDAQ closed UP 111,79 POINTS OR 0.79%

VOLATILITY INDEX:  16.81CLOSED DOWN  1.08

LIBOR 3 MONTH DURATION: 0.137%//libor dropping like a stone

USA trading day in Graph Form

Stocks & Bonds Jump As Powell Pontificates, Cryptos Dump’n’Pump

 
TUESDAY, JUN 22, 2021 – 04:00 PM

US equity markets extended yesterday’s rational exuberance, accelerating higher as Powell faced Congressional hearings and promised ‘to the moon’ for everything (actually he pretty much said nothing…which is exactly what the market was hoping for). Interestingly, the moment Powell’s hearing ended, some selling arrived. Nasdaq outperformed on the day and the Dow lagged…

For context, here is the market’s performance since the FOMC statement hit last week. The Nasdaq is the leader with Dow and Small Caps underwater and S&P holding modest gains…

Another day, another well-engineered short-squeeze rescues the world…

Source: Bloomberg

Value stocks have recovered all of Bullard’s bearish battering…

Source: Bloomberg

Microsoft broke above the $2 trillion market cap…

Source: Bloomberg

But the big headlines were in crypto markets where the world and their pet rabbit proclaimed the death of bitcoin for the 1 millionth time after more “China crackdown” headlines sent cryptos crashing… but by the close it was back in the green for the day having bounced off ‘unch’ for 2021...

Source: Bloomberg

Ethereum followed a similar dump’n’pump path…

Source: Bloomberg

Most of the ‘bitcoin proxy’ stocks saw a very similar pattern, but MSTR remained notably lower on the day…

Source: Bloomberg

Bonds were bid across the curve with the belly outperforming (5Y -3bps, 2Y -2bps, 30Y -1bps). From the FOMC, 30Y is still -8bps and 5Y +8bps…

Source: Bloomberg

Despite equity gains, 10Y Yields tested up to 1.50% (the pre-FOMC line in the sand) but were unable to hold it…

Source: Bloomberg

The dollar gave back some more of its FOMC/Bullard-Bomb gains…

Source: Bloomberg

Copper made a comeback today after some recent pain as crude and PMs faded modestly despite a weaker dollar…

Source: Bloomberg

But some context is required for Dr.Copper’s “rebound”…

Finally, despite all the dovishness, the market’s expectation for the first Fed rate-hike remains solidly priced in for 2022…

Source: Bloomberg

a)Market trading/last night/USA/

 
ii) Market data

Existing Home Sales Tumble For 4th Straight Month To Lowest In A Year

 
 
TUESDAY, JUN 22, 2021 – 10:05 AM

After April’s ugliness, today’s Existing Home Sales data for May is the first chance to see signs of recovery in the housing market as state reopenings accelerate. Analysts, however, were not buying it, expecting a 2.1% MoM drop in the key data point, but the data did better than expected, dropping ‘only’ 0.9% MoM. That is the 4th straight month of existing home sales declines…

Source: Bloomberg

That is the weakest sales print since June 2020…

Source: Bloomberg

Home prices will likely remain elevated for some time as builders struggle to replace the deficit in existing homes with new builds. They cite high materials prices, supply shortages and a limited number of skilled workers as ongoing challenges.

The median selling price rose 23.6% from a year ago to a record $350,300 in May.

And the biggest jump in sales is occurring in the most expensive homes…

“Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market,” Lawrence Yun, NAR’s chief economist, said in a statement.

On average, properties remained on the market for a 17 days in May, matching an all-time low. Eighty-nine percent of the homes sold last month were on the market for less than a month, the NAR said.

“If prices were to decline, there’s an army of potential homebuyers seeing it as a second-chance opportunity,” Yun said on a call with reporters.

None of this should come as a surprise given the total collapse in homebuyer sentiment (and when did homebuilder sentiment actually count for anything?)…

Source: Bloomberg

With The Fed ‘talking about, talking about’ tapering and raising rates (at some point in the future), mortgage rates are already starting to rise

Source: Bloomberg

Get back to work Mr.Powell.

end

iii) Important USA Economic Stories

USA CORONAVIRUS UPDATE

this is not good:  The Delta strain is picking up speed in the Southern part of the USA.  Unusual as the temperatures are quite high.  The Delta strain has 11 mutation on the spike protein.  The vaccines will not work against this strain.  The only protection: Ivermectin.

Biden Set To Miss Vaccine Goal As “Delta” Strain Spreads Across Southern US

 
TUESDAY, JUN 22, 2021 – 01:06 PM

President Joe Biden and his advisors are preparing to acknowledge that the US won’t meet his goal of having 70% of American adults receive at least one dose of a COVID-19 vaccine before July 4. As we reported earlier this week, the US has surpassed 150MM “fully vaccinated” patients.

However, the pace of vaccinations has fallen substantially.

The CDC released a report yesterday arguing that it’s particularly important to reduce “vaccine hesitancy” in 18 to 39-year-olds, who are among the demographics least likely to take the vaccine. Polling by the Kaiser Family Foundation has found that about 13% of Americans are planning to avoid the vaccine no matter what, while another 12% saying they are waiting before making a decision.

The US is missing this goal not for lack of supplies: rather, it’s the demand side of the equation that’s creating problems for Biden, Dr. Anthony Fauci and the other architects of the American COVID-19 response. And as Filipino President Rodrigo Duterte threatens to arrest citizens who refuse the vaccine, we can’t help but wonder whether the US will eventually embrace more heavy-handed tactics, especially as vaccination rates in some southern states remain stubbornly low.

As the map below shows, Arkansas, Alabama, Louisiana and Mississippi (which has the lowest vaccination rate in the entire country) are lagging their fellow southern states and the rest of the country. Missouri, Oklahoma, Kansas and Utah have also lagged, along with the sparsely populated western states of Wyoming and Idaho.

Source: mSightly

As fears about the “Delta” strain have intensified, hospitalizations, particularly hospitalizations involving younger patients, have started to climb.

In Missouri, Arkansas and Utah, the 7-day average of hospital admissions linked to COVID has climbed by more than 30% in the past two weeks. In Mississippi, the hospitalization rate is up 5% during the same period, per Bloomberg. Health experts have recently argued that as COVID testing has fallen off, hospitalizations will be a more reliable indicator of COVID spread. As is the mainstream media’s want, describing these trends in percentage terms makes them appear significantly scarier than they actually are, since the ‘surge’ in Mississippi translates to a total of still less than 1 patient per 100K.

Source: Bloomberg

An analysis by the genomics firm Helix showed that the ‘more’ contagious “Delta” strain is the main driver of new cases in these states.

So far, the US has given at least one jab to more than 53% of the population. But all the states with mounting transmission trail the national average, sometimes substantially. Mississippi has given a single jab to just 35%. Young people are less likely to be vaccinated than older groups.

In Arkansas, Missouri, MIssissippi and Utah, hospitalizations are surging while testing for COVID has dropped off significantly, with the 7-day average nationwide plummeting 55% in the past three months. This makes case counts a less reliable indicator, forcing officials to rely more on hospitalizations.

Some are worried that public health officials are getting too complacent, citing the seasonal nature of the virus. However, as last summer’s surge across the Sun Belt showed, there’s still a risk that the virus could come roaring back if a mutant strain gains enough of a foothold in a population that it can continue to mutate.

“Delta is driving surges around the world, and I suspect it’s going to be the same here,” said William Lee, the vice president of science at Helix. Delta is growing more than twice as fast as gamma in under-vaccinated communities.

But Delta isn’t the only threat: the gamma variant, which appears better at evading vaccines, was found to be more prevalent in counties with higher inoculation rates. The Helix research, which hasn’t yet been subject to peer review, is to be published in an upcoming pre-print online.

END

 

INFLATION WATCH/

The chip shortage is not temporary  It may last until late next year and the shortage will certainly continue to push prices higher

(zerohedge)

“This Is Not A Temporary Situation”: The Global Chip Shortage Will Continue To Push Prices Higher

 
MONDAY, JUN 21, 2021 – 07:20 PM

The ongoing global semiconductor shortage is causing prices of electronics to rise while at the same time pressuring suppliers and material providers to continue raising prices. In the midst of the shortage, demand for consumer electronics has continued to rocket higher. 

Ergo, industry officials believe that the increases are likely to continue, according to a new Wall Street Journal report. The effects can be easily seen in consumer electronics. 

The report notes that items like one ASUS laptop that formerly cost $900 now costs $950. An HP Chromebook laptop that used to cost $220 has seen its price rise to $250. In fact, HP has raised consumer PC prices by 8% and printer prices by more than 20% in just the short span of a year. the company’s CEO blames the rise in prices on “component shortages”.

Dell Technologies Inc. Chief Financial Officer Thomas Sweet recently said: “As we think about component cost increases, we’ll adjust our pricing as appropriate.”

Bernstein analyst Toni Sacconaghi made excuses for HP explained the price hikes by saying they reflected an absence of usual discounts, instead of all-out price increases. 

Vincent Roche, the CEO of chip maker Analog Devices Inc., commented: “We’re not taking advantage of this cycle to do anything on pricing, other than where we are paying more for the additional supply that we’ve got to get on board. We’re passing that on.”

Hock Tan, CEO of Broadcom Inc., simply noted: “We see cost inflation.”

Digi-Key Electronics has also raised prices of semiconductor-related components by roughly 15% this year. They blame it on “pressures from the supply crunch”. Certain components now cost 40% more than they used to, according to David Stein, the company’s vice president of global supplier management.

“Contract prices for computer memory have risen about 34% since the beginning of last year,” the Journal notes, calling the rising prices “part of broader uptick in inflation in the U.S. economy”.

The median price of the top 20 bestselling microcontrollers is up by more than 12% since the middle of last year, according to Supplyframe Inc.

Dale Ford, the chief analyst at the Electronic Components Industry Association, concluded: “Raw-material costs have gone up more recently, and I think people are now saying this is not a temporary situation. Price increases are going to be durable.”

END

California plans to pay off all unpaid rent racked up during the pandemic.  

Ozimek/EpochTimes

California Plans To Pay Off All Unpaid Rent Racked Up During Pandemic

 
TUESDAY, JUN 22, 2021 – 01:25 PM

Authored by Tom Ozimek via The Epoch Times,

California authorities announced Monday the state plans to pay off 100 percent of unpaid rent accumulated during the pandemic, with the money to come from some $5.2 billion in federal COVID-19 relief funds.

California Gov. Gavin Newsom wrote in a tweet Monday that, “California is planning rent forgiveness on a scale never seen before in the United States,” attributing the post to a report by the New York Times, which noted that state lawmakers were putting the final touches on the program.

While eligibility criteria for the newly proposed program are still unclear, reports indicate that the measure would both give renters in arrears a clean slate and make landlords whole.

The state currently has about $5.2 billion on hand from multiple Congressional aid packages that is earmarked to pay off unpaid rent, Jason Elliott, senior counselor to Newsom on housing and homelessness, told the Associated Press. Elliott added that this amount should be sufficient to cover all unpaid rent in California.

“Nationwide this is certainly the largest rent relief there’s ever been,” said Russ Heimerich, a spokesman for the California Business, Consumer Services, and Housing Agency, a state organization that is overseeing the rent relief program, in remarks to The New York Times.

The proposed measure is separate from California’s existing COVID-19 Rent Relief program, which is designed to help lower-income Californians who are behind on rent. Under the existing program, eligible renters can apply for landlords to be reimbursed for 80 percent of each eligible renter’s unpaid rent between April 1, 2020, and March 31, 2021. The condition is that the landlord must agree to waive the remaining 20 percent of unpaid rent for that time period. If the landlord chooses not to participate in the program, eligible renters can apply to receive 25 percent of unpaid rent accumulated between April 1, 2020, and March 31, 2021.

Eligible renters for the existing rent relief program must have a household income that does not exceed 80 percent of the Area Median Income, must show that they have experienced financial hardship during the pandemic, and must demonstrate a risk of experiencing homelessness or housing instability.

Still unsettled is whether California will continue to ban evictions for unpaid rent beyond June 30, a pandemic-related order that was meant to be temporary but is proving difficult to undo.

Newsom and legislative leaders are meeting privately to decide what to do with respect to extending the eviction ban, part of the negotiations over the state’s roughly $260 billion operating budget.

Keith Becker, a Sonoma County property manager, told The Associated Press that 14 tenants are more than $100,000 behind in rent payments. Becker said it’s put financial pressure on the owners, who he said have “resigned themselves” to renter protections, which he noted were aimed at addressing a public health emergency and not meant to be permanent.

“We should do our best to get back to the starting point where we were in December of 2019. Anything other than that is taking advantage of a crisis,” Becker said.

end

Yo need a study to prove this?

Polumbo/Foundation for Economic Education

New Harvard Data (Accidentally) Reveal How Lockdowns Crushed The Working Class While Leaving Elites Unscathed

 
TUESDAY, JUN 22, 2021 – 02:12 PM

Authored by Brad Polumbo via The Foundation for Economic Education,

Founding father and the second president of the United States John Adams once said that “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.” What he meant was that objective, raw numbers don’t lie—and this remains true hundreds of years later. 

We just got yet another example. A new data analysis from Harvard University, Brown University, and the Bill and Melinda Gates Foundation calculates how different employment levels have been impacted during the pandemic to date. The findings reveal that government lockdown orders devastated workers at the bottom of the financial food chain but left the upper-tier actually better off.

The analysis examined employment levels in January 2020, before the coronavirus spread widely and before lockdown orders and other restrictions on the economy were implemented. It compared them to employment figures from March 31, 2021.

The picture painted by this comparison is one of working-class destruction.

Employment for lower-wage workers, defined as earning less than $27,000 annually, declined by a whopping 23.6 percent over the time period. Employment for middle-wage workers, defined as earning from $27,000 to $60,000, declined by a modest 4.5 percent. However, employment for high-wage workers, defined as earning more than $60,000, actually increased 2.4 percent over the measured time period despite the country’s economic turmoil.

The data are damning. They offer yet another reminder that government lockdowns hurt most those who could least afford it. 

Image Credit: tracktherecovery.org

Some critics argue that the pandemic, not government lockdowns, are the true source of this economic duress. While there’s no doubt the virus itself played some role, government lockdowns were undoubtedly the single biggest factor. It’s pretty intuitive that ordering people not to patronize businesses and criminalizing peoples’ livelihoods would hurt the economy. This intuition is confirmed by data and studies showing as much. And don’t forget the fact that heavy lockdown states have consistently had much higher unemployment rates than states that took a more laissez-faire approach.

Others might insist that the mitigation of the spread of COVID-19 accomplished by lockdowns justifies this economic fallout. But this argument fails to account for the many peer-reviewed studies showing lockdown orders did not effectively slow the pandemic’s spread, or the painfully inconvenient fact that most COVID-19 spread occurred not in workplaces, restaurants, or gyms but at home(Making “stay-at-home orders” seem like an astonishing mistake in hindsight.)  

So, all lockdowns really seem to have accomplished is at best a mild delay in the pandemic’s trajectory in exchange for a host of lethal unintended consequences such as a mental health crisis and skyrocketing drug overdoses. And, as we now know, a highly regressive economic fallout for the working class.

Of course, Ivy League researchers almost certainly did not intend to expose the failings of big government pandemic policies when they set out to catalog employment data. But, as Adams said, facts are stubborn things.

iv) Swamp commentaries/

Harris is such a joke along with her cohort President Biden..  he is now urged to replace Harris who has refused to visit the border once

(Ozimek/Epoch Times)

Biden Urged To Replace Harris On Border Assignment In Letter Signed by 56 Republicans

 
MONDAY, JUN 21, 2021 – 11:00 PM

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

More than 50 House GOP lawmakers called on President Joe Biden to relieve Vice President Kamala Harris of her duties in handling the U.S.–Mexico border crisis.

 

President Joe Biden delivers remarks as Vice President Kamala Harris stands by in the East Room at the White House on May 10, 2021. (Kevin Lamarque/Reuters)

The Republicans, as they have done for months, noted that Harris hasn’t yet visited the border amid a surge in illegal immigration. Some Democratic lawmakers who represent areas along the border have also called on the vice president to take more action, including a visit to the area.

Rep. Glenn Grothman (R-Wis.) and 55 other Republicans in the House demanded Harris’s removal from her border assignment, citing recent Customs and Border Protection data that shows that 180,000 people were apprehended last month after crossing the border illegally.

Despite being in the midst of a border crisis this country has not seen in two decades, Vice President Harris has not yet shown adequate interest in observing this crisis first-hand,” the lawmakers wrote in their letter. “In the 85 days since the Vice President has been tasked with solving this crisis, she has yet to visit the border and meet with Border Patrol agents, Immigration and Customs Enforcement (ICE) officials, and local law enforcement officials.”

Harris has defended not going to the border and said she will visit the border sometime in the future.

When she visited Mexico and Guatemala this month, Harris said that the “root causes” of the illegal immigration problem should be addressed. However, her explanation to reporters in Mexico about why she hasn’t visited the border yet overshadowed her trip, saying that the White House is aiming to boost economic development in the region.

She told reporters: “It would be very easy to say, ‘We’ll travel to one place, and therefore it’s solved.’ I don’t think anybody thinks that that would be the solution.” When pressed about visiting the border again, Harris said she did so when she was a senator from California.

Harris has also said that their mission primarily is diplomatic work focused on the “Northern Triangle” countries of Honduras, El Salvador, and Guatemala, as well as Mexico.

During a testy exchange last week between Homeland Security Secretary Alejandro Mayorkas and Rep. Ralph Norman (R-S.C.), Mayorkas said that questions about Harris not having visited the border are “quite unfair and disrespectful.” Norman was one of the signatories of the letter asking Biden to relieve Harris of her duties.

Mayorkas said, “Let me be very clear, the president and the vice president have requested and directed me to visit the border, which I have done on multiple occasions.”

Rep. Henry Cuellar (D-Texas) has become possibly the most vocal Democrat in the House about the border crisis. Last week, he wrote a letter to the vice president requesting she meet with him and visit the border, but he later told Fox News that he hasn’t heard back from her office.

I encourage you to join me and other Members of Congress, while we visit with the people on the ground who deal with these issues every day,” Cuellar wrote. “I believe it is critical that you meet with local stakeholders and residents, consider their concerns, and use their lived experiences to implement more effective policies.”

Meanwhile, as Tom Ozimek also notes:

A dozen Republican senators have demanded the immediate release of a Biden administration blueprint for expanding and overhauling the immigration system, according to a draft document obtained by selected media but not yet disclosed to Congress or the general public.

In a joint letter to Homeland Security Secretary Alejandro Mayorkas (pdf), the senators demand the release of a 46-page draft called the “DHS Plan to Restore Trust in Our Legal Immigration System,” which was first reported by The New York Times and which reportedly maps out the Biden administration’s plans for significant expansion of the immigration system.

According to The New York Times, the blueprint “lists scores of initiatives intended to reopen the country to more immigrants,” while not just rolling back some Trump-era policies but also “addressing backlogs and delays that plagued prior presidents.” Most of the document’s policy proposals could not be implemented by executive authority, but would require a broader overhaul of U.S. immigration laws, according to the report.

In the letter, the GOP lawmakers allege that the blueprint “is being withheld from Congress and the American people,” which they find “particularly troubling given the ongoing crisis at the southern border.”

 

Kinney County Constable Steve Gallegos and Kinney County Sheriff’s deputies arrest a smuggler and seven illegal aliens from Guatemala near Brackettville, Texas, on May 25, 2021. (Charlotte Cuthbertson/The Epoch Times)

Since Biden took office, there has been a historic surge in illegal immigration, a situation Republicans have characterized as a “crisis” fueled by the the president’s policies. Biden administration officials have disputed that characterization, including Mayorkas, who in recent Senate testimony insisted on using the term “challenge” to describe the problem while insisting that the administration has a strategy to cope with it.

But the senators expressed concern that some of the policies the blueprint reportedly contains would serve to exacerbate the problem by accelerating the flow of illegal immigration into the United States.

We are deeply concerned that these policies will act as a pull factor to continue drawing illegal immigrants to the country—much like the policies already being implemented by the Biden Administration,” they wrote.

The Epoch Times has reached out to the DHS with a request for comment on the GOP letter and seeking clarification on the timeline for the document’s release to the public.

The lawmakers also objected to what they characterized as President Joe Biden’s plans to “use and abuse executive authority to reshape our immigration system.”

“In addition, the policies allegedly proposed in this document would open up new ways for immigrants to enter the country legally that extend well beyond the plain text and meaning of the law,” they wrote. “While there are many rational suggestions for reform in this document, these are decisions that must be made by Congress, and Congress alone, and not by the stroke of the President’s pen,” they added.

“A decision with such serious public safety consequences should be open and accessible, but instead, DHS has kept this information from everyone except a media ally,” the senators wrote.

The letter was signed by Sens. Thom Tillis (R-N.C.), Mike Lee (R-Utah), Joni Ernst (R-Iowa), Rick Scott (R-Fla.), Steve Daines (R-Mont.), Cindy Hyde-Smith (R-Miss.), Tommy Tuberville (R-Ala.), Susan Collins (R-Maine), Ron Johnson (R-Wis.), Bill Hagerty (R-Tenn.), Jim Inhofe (R-Okla.), and Kevin Cramer (R-N.D.).

Follow Tom on Twitter: @OZImekTOM
 
end
 

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

 
 

Let us conclude the week with this offering courtesy of Greg HUNTER//usa watchdog

(Greg Hunter)

 

 
end
 
 
 

I WILL SEE YOU WEDNESDAY NIGHT

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