JUNE 24/GOLD DOWN $6.20 TO $1776.90//SILVER DOWN ONE CENT TO $26.02//GOLD STANDING AT COMEX FALLS SLIGHTLY TO 71.96 TONNES//SILVER OZ STANDING RISES TO 14.5 MILLION OZ//HUGE OPEN INTEREST STANDING FOR THE JULY SILVER CONTRACT MONTH//CORONAVIRUS UPDATES//VACCINE UPDATES//DELTA STRAIN UPDATES//IVERMECTIN UPDATES//HUGE TAIWAN SEMICONDUCTOR RAISES COSTS ON CHIPS BY A HUGE 20% AND THAT WILL BE INFLATIONARY//USA JOBLESS RATES REMAIN STUBBORNLY HIGH AND 15 MILLION AMERICANS STILL ON THE DOLE//DURABLE GOODS ORDERS DISAPPOINT//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1776.90 DOWN $6.20   The quote is London spot price

Silver:$26.02  DOWN $0.01   London spot price ( cash market)

 

 
 
 

Closing access prices:  London spot

i)Gold : $1775.10 LONDON SPOT  4:30 pm

ii)SILVER:  $25.94//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  $1095.95  UP $14.97

PALLADIUM: $2646.58 up $30.88  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  0/8

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,782.300000000 USD
INTENT DATE: 06/23/2021 DELIVERY DATE: 06/25/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 7
905 C ADM 1 8
____________________________________________________________________________________________

TOTAL: 8 8
MONTH TO DATE: 23,034

ISSUED:  0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 8 NOTICE(S) FOR 800 OZ  (0.8615 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  23,034 FOR 2,303,400 OZ  (71.645 TONNES)

 

SILVER//JUNE CONTRACT

76 NOTICE(S) FILED TODAY FOR 380,000  OZ/

total number of notices filed so far this month 2893  :  for 14,465,000  oz

 

BITCOIN MORNING QUOTE  $33,462 UP 951  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$32,920 UP 409 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $6.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

TWO HUGE CHANGES IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 2.9 TONNES FROM THE GLD (3 PM)

AND ANOTHER: 3.78 TONNES (5 20 PM)

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  1042.87 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN $0.01

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A PAPER WITHDRAWAL OF 1.854 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 VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: 

 

562.438  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 166.04 DOWN $0.10 OR 0.06%

XXXXXXXXXXXXX

SLV closing price NYSE 24.04 up $0.11 OR 0.46%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A VERY STRONG SIZED 2417 CONTRACTS FROM 176,703 UP TO 178,120, AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE  GAIN IN OI OCCURRED WITH OUR  $0.23 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY . IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO ZERO SPREADER LIQUIDATION TODAY. 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 FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUALS A VERY STRONG 3294 CONTRACTS 

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -317 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A  FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 566,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 316 AND SEPT 250 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 566 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 

14.470 MILLION OZ INITIAL STANDING FOR JUNE

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

UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.23). AND WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH WEDNESDAY’S TRADING.  WE HAD A HUGE GAIN OF 2983 CONTRACTS ON OUR TWO EXCHANGES( WITH NO SPREADER LIQUIDATION TODAY)..  THE GAIN WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SOME REDDIT RAPTOR BUYING//.    iii)  A  FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A VERY STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 11.110 MILLION OZ FOLLOWED BY A 30,000 OZ GAIN ON DAY 20 OF THE DELIVERY CYCLE TO EFP, WITH 14.500 MILLION OZ NOW STANDING FOR DELIVERY//  v)  STRONG COMEX OI GAIN  AND THIS WAS ACCOMPANIED BY ZERO 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:

26,962 CONTRACTS (FOR 19 TRADING DAY(S) TOTAL 26,962 CONTRACTS) OR 134.810MILLION OZ: (AVERAGE PER DAY: 1419 CONTRACTS OR 7.095 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 134.81  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:  134.810 MILLION OZ// ISSUANCE RATE NOW SIGNIFICANTLY ABOVE THE MONTH OF MAY

RESULT: WE HAD A VERY STRONG INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2417 , WITH OUR $0.23 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY .THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 566 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A HUGE SIZED GAIN OF 2983 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.23 GAIN

IN PRICE)//THE DOMINANT FEATURE TODAY: ZERO SPREADER LIQUIDATION// (HELPS TO EXPLAIN LOW SILVER VOLUME)

HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A 30,000 OZ GAIN  AS THE NEW TOTAL OF SILVER STANDING FALLS AT 14.500 MILLION OZ

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  566  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A  VERY STRONG SIZED INCREASE OF 2417 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.23 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.03//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 76 NOTICES FILED TODAY FOR 380,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED SIZED 438 CONTRACTS TO 453,502 ,,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: 1414 CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $5.75///COMEX GOLD TRADING/WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2674 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 AN ETF MORPHING RESUMED AS 1000 OZ  ARE NOW STANDING FOR METAL IN LONDON WHERE NO DOUBT THAT THEY WILL BE BOUGHT OUT FOR CASH/ 

 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  71.96 TONNES/

 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $5.75 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD  A SMALL SIZED LOSS OF 438 OI CONTRACTS (3.919   TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1698 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 1698  ALL OTHER MONTHS ZERO//TOTAL: 1698 The NEW COMEX OI for the gold complex rests at 453,502. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1260 CONTRACTS438 CONTRACTS DECREASED AT THE COMEX AND 1698 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1260 CONTRACTS OR 3.919 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1698) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (438 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1260 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 EFP JUMP OF 1,000 OZ TO LONDON//NEW COMEX TOTALS 71.96 TONNES //3) ZERO LONG LIQUIDATION, /// ;4) SMALL SIZED COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR RISE IN GOLD PRICE TRADING WEDNESDAY//$5.70!!.

 
 
 
 
 
 

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 : 72,046, CONTRACTS OR 7,204,600 oz OR 224.09 TONNES (19 TRADING DAY(S) AND THUS AVERAGING: 3792 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 19 TRADING DAY(S) IN  TONNES: 224.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS 224.09/3550 x 100% TONNES  6.31% 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:      224.09 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 A VERY STRONG SIZED 2417 CONTRACTS FROM 175,703 UP TO 178,431 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  3 1/4 YEARS AGO.  

EFP ISSUANCE 566 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 316 AND SEPT:  250  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  566 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 1429 CONTRACTS AND ADD TO THE 566 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 2983 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 14.915 MILLION  OZ, OCCURRED WITH OUR  $0.23 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 0.43 PTS OR 0.01%   //Hang Sang CLOSED UP 65.39 PTS OR 0.23%      /The Nikkei closed UP 0.34pts or 0.00%  //Australia’s all ordinaires CLOSED DOWN 0.17%

/Chinese yuan (ONSHORE) closed UP TO 6.4672  /Oil DOWN TO 73.41 dollars per barrel for WTI and 75.35 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4672. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4686   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

3. 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 SMALL SIZED 438 CONTRACTS TO 453,502MOVING CLOSER TO 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 WITH OUR GAIN OF $5.75 IN GOLD PRICING WEDNESDAY’S COMEX TRADING/.WE ALSO HAD A SMALL EFP ISSUANCE (1698 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

 

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

 

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1698 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST:1698  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1698  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1260 TOTAL CONTRACTS IN THAT 1698 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED COMEX OI OF 438 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (71.962) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $5.75)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 1260 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 3.919 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (71.962 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL SIZED GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

THE BIS REMOVED 1414  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED FRIDAY NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::1260 CONTRACTS OR 126,000 OZ OR  3.913  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:  453,502 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 45.35 MILLION OZ/32,150 OZ PER TONNE =  1410 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1410/2200 OR 64.11% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:81,787 contracts//    / volume poor//awful/

CONFIRMED COMEX VOL. FOR YESTERDAY: 186,462 contracts// – poor  

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

 

JUNE 24 /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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit0 to the Dealer Inventory in oz
 
nil oz
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
2075.626 OZ
BRINKS
HSBC
 
includes 6 kilobars
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
8  notice(s)
 
800 OZ
0.0248 TONNES
No of oz to be served (notices)
102 contracts
10,200oz
 
0.3172 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
23,034 notices
2,303,400 OZ
71.645 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  2 deposits into the customer account
 
i) Into Brinks:  1882.72 oz
ii) Into HSBC  192.906 oz  (6 kilobars)
 
 
 
TOTAL CUSTOMER DEPOSITS 2075.626  oz  
 
 
 
 
 
 
We had 0  customer withdrawals….
 
 
 
 
 
 
 
 
total customer withdrawals Nil oz
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  3 transactions)

ADJUSTMENTS  1//   

I) Out of Brinks:  42,053.510 oz  (1308 kilobars)

 

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 110 CONTRACTS for a LOSS of 287 contracts. We had 277 notices filed on FRIDAY, so LOST 10  contracts or an additional 1000 oz  will NOT stand for delivery in this very active delivery month of June 

 

 
 
 
 
JULY LOST 100 CONTRACTS TO STAND AT 1549.
 
AUGUST LOST 1275 CONTRACTS UP TO 354,855.

We had  8 notice(s) filed today for 800  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 8  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 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 (23,034) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 110 CONTRACTS ) minus the number of notices served upon today  8 x 100 oz per contract equals 2,313,600 OZ OR 71.962 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 (23,034) x 100 oz+( 110  OI for the front month minus the number of notices served upon today (8} x 100 oz} which equals 2,313,600 oz standing OR 71.962 TONNES in this  active delivery month of JUNE.

We LOST 39 contracts or an additional  3900 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:  2,212,667.715 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 509.41 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 71.962 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,590,416.687 oz or 579.54 tonnes
 
 
 
total weight of pledged: 2,212,667.715 oz or 68.79 tonnes
 
 
registered gold that can be used to settle upon: 16,377,749.0 (509,41 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,377,749.0 (509,41 tonnes)   
 
 
total eligible gold: 16,708,038.568 oz   (519.69 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,298,455.255 oz or 1,097.93 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  971.59 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 24/2021
 
 

 

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
133,159.847 oz
 
 
 
 
CNT
HSBC
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
65,543.420 OZ
 
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
76
 
CONTRACT(S)
380,000 OZ)
 
No of oz to be served (notices)
7 contracts
 (35,000 oz)
Total monthly oz silver served (contracts)  2893 contracts

 

14,465,,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Brinks:  65,543.420 oz 
 
 
 
 
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 52.71% of all official comex silver. (187.5 million/354.502 million

total customer deposits today  65,543.420   oz

we had 3 withdrawals

 
 
i )out of HSBC 4,942.800 oz
ii) Out of CNT  120,204.125 oz
iii) Out of Delaware:  8012.872
 
 
 
 

total withdrawals 133,159.847    oz

 
 

adjustments//1  Manfra//dealer to customer:

602,287.110 oz

 
 
 
 

Total dealer(registered) silver: 111.413 million oz

total registered and eligible silver:  354.502 million oz

a net 67,616 oz LEAVES  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
JUNE ROSE IN CONTRACTS BY CONTRACTS DOWN TO 83  WE HAD 4 NOTICES SERVED ON TUESDAY SO WE GAINED 6 CONTRACTS OR 30,000 ADDITIONAL OZ WILL  STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 7192 contracts DOWN  51,278 contracts

 

FOR COMPARISON LAST YEAR WITH 4 DAYS BEFORE FDN:  39,224 CONTRACTS  DOWN 9107 CONTRACTS ON THE DAY. I WILL REMIND EVERYONE THAT JULY 2020 HAD THE HIGHEST EVER DELIVERY FOR SILVER AT 86.47 MILLION OZ/

LOOKS LIKE WE WILL HAVE A STRONG DELIVERY MONTH FOR SILVER

AUGUST GAINED 195 CONTRACTS TO STAND AT 885

SEPTEMBER GAINED 9316 CONTRACTS UP TO 99,004

 
No of notices filed today: 76 CONTRACTS for 380,000 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  2893 x 5,000 oz = 14,465,000 oz to which we add the difference between the open interest for the front month of JUNE (83) and the number of notices served upon today 76 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2893 (notices served so far) x 5000 oz + OI for front month of JUNE (83)  – number of notices served upon today (76) x 5000 oz of silver standing for the June contract month .equals 14,500,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We GAINED 30,000 additional oz standing in June as they REFUSED TO  morph into London based forwards

TODAY’S ESTIMATED SILVER VOLUME 33,550 CONTRACTS // volume  poor//getting out of Dodge//

 

FOR YESTERDAY  93,200  ,CONFIRMED VOLUME/ fair/

 

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 24/2021)

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: 85,907.3616  OZ

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 24

 

/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 24/WITH GOLD DOWN $6.20 TODAY: TWO HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A PAPER WITHDRAWAL OF 2.9 TONNES FROM THE GLD AT 3 PM AND ANOTERH 3.78 TONNES AT 5 20 PM///INVENTORY RESTS AT 1042.65 TONNES

JUNE 23/WITH GOLD UP $5.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.55 TONNES

JUNE 22/WITH GOLD DOWN $5.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.55 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 1049.55 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 24 / GLD INVENTORY 1042.87 tonnes

LAST;  1081 TRADING DAYS:   +118.01 TONNES HAVE BEEN ADDED THE GLD

 

LAST 981 TRADING DAYS// +  292.54. 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 24/WITH  SILVER DOWN 1 CENT TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 1.854 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 562.438 MILLION OZ//

JUNE 23/WITH SILVER UP 23 CENTS TODAY:A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER WITHDRAWAL OF 1.391 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 564.292 MILLION OZ../

JUNE 22/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 24/2021
564.292 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Schiff: What Does The Fed Know About The Future?

 
THURSDAY, JUN 24, 2021 – 09:11 AM

Via SchiffGold.com,

Central bankers at the Federal Reserve are talking a lot about what’s going to happen in the future. But what do they really know about what lies ahead?

The fact is, they don’t know a whole lot. But we do know one thing for sure – the debt in the US isn’t going away. It’s only going to increase.

Peter Schiff talked about it in his podcast.

Last Friday, St. Louis Federal Reserve President Jim Bullard undid Fed Chair Jerome Powell’s post FOMC meeting damage control saying he sees the first interest rate hike coming down the pike in 2022. Gold continued to fall, the dollar strengthened, and stocks tanked, on Friday after Bullard’s comments. But on Monday, the markets appeared to call Bullard’s bluff.

After the big selloff Friday, everything reversed on Monday. Investors sold Treasuries. Gold reclaimed some of its losses. They bought commodities and cyclical stocks. What actually changed between Monday and Friday?

Nothing.

Maybe what happened is people had the weekend to think about how ridiculous it was to sell based on what Bullard said. Because he really didn’t say anything. The Fed did not change policy.”

Bullard didn’t announce a rate hike. He didn’t even say the FOMC was talking about raising rates.

I guess people started to realize that it doesn’t even matter what anybody at the Federal Reserve says about what the policy is going to be two or three years into the future because they have no idea what’s going to happen in the present, let alone several years into the future.”

If you go back to 2019 and look at where the Fed projected interest rates would be today, they weren’t anywhere close to correct. Nobody in 2019 thought rates would be at zero in 2021. Of course, nobody expected COVID-19.

Nobody expects a lot of things that happen. What we know is a lot of things are going to happen that you don’t expect. That’s why you’ve got to expect the unexpected. … So, what difference does it make what the Fed FOMC governors are saying today about a future that is completely uncertain, and they have such a bad track record of forecasting it? All we can do is look at what’s happening in the here and now. And in the here and now, they’re expanding their asset purchase program. Interest rates are locked at zero.”

Here’s one thing we know for sure: the US economy two or three years from now will have a lot more debt than it does today.

Debt is one of the primary reasons the Fed isn’t raising rates or tapering quantitative easing now despite increasing price pressures.

The Fed is worried about pricking the debt bubble. The Fed is worried about how the economy will handle an increase in interest rates given the degree of leverage that already exists. Well, if the Fed is concerned about how much debt there is now and about the negative consequences of imposing a greater burden on those who need to service that debt by raising interest rates, what about two or three years from now? Because then there is going to be a lot more debt. The economy is going to be even more levered up. That is the irony of the whole situation. The longer the Fed keeps interest rates low because they’re so worried about all the debt, the more additional debt we take on because the low interest rates simply encourage the indebted to go deeper into debt. So, if the Fed can’t raise interest rates now because of all the debt we have today, how are they going to raise interest rates tomorrow when we have even more debt? The answer is – they’re not. So, they can talk all they want. They can think all they want. They can pretend all they want. But can they actually do anything? No! And maybe that’s what the markets are starting to comprehend.”

The fact that the Fed isn’t raising rates right now given everything that we’re seeing tells you everything you need to know.

It doesn’t matter what the Fed is saying. What matters is what they’re doing. And what they’re doing right now is nothing. They’re ignoring all of these signs of inflation. They’ve got the pedal to the metal when it comes to monetary policy. They’re talking about tapping on the brakes, but they’re not giving any sign that they’re actually going to brake.”

EGON VON GREYERZ//MATHEW PIEPENBURG

 
 

END

OR LAWRIE WILLIAMS

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Inflation will get far worse as debt has to be inflated away with dollar, GATA’s Steer says

 

 

 Section: Daily Dispatches

 

2:40p ET Wednesday, June 23, 2021

Dear Friend of GATA and Gold:

Interviewed by talk-show host Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, GATA board member Ed Steer says inflation will get far worse as worldwide debt, which long ago became unpayable, has to be defaulted upon or inflated away, especially in U.S. dollar terms. The interview is 22 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=CTMGW3jZqis

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

END

Jim Rickards believes that the great reset is here and will involve the usae of SDR’s which is basically a basket of the major currencies.  The problem is that all of the currencies are garbage

(Jim Rickards/GATA)

Jim Rickards: The ‘great reset’ is here

 

 

 Section: Daily Dispatches

 

By James G. Rickards
Daily Reckoning, Baltimore
Tuesday, June 15, 2021

For years currency analysts (myself included) have looked for signs of an international monetary “reset” that would diminish the dollar’s role as the leading reserve currency and replace it with a substitute, which would be agreed upon at some Bretton Woods-style monetary conference.

Now it looks like the move toward the long-expected Great Reset is accelerating.

At the recent G7 summit in the United Kingdom, G7 leaders gave their blessings to a $100 billion allocation of International Monetary Fund special drawing rights (SDRs) to help lower-income countries address the COVID-19 crisis. …

… For the remainder of the analysis:

https://dailyreckoning.com/the-great-reset-is-here-2/

END

This is a surprise coming from Kitco:  Basel 3 will create a liquidity squeeze and force the gold price up to $2100.

Expect double if Kitco claims only $2100.

Kitco/GATA

Basel 3 to trigger ‘liquidity squeeze,’ gold price could be $2,100 by year-end, Goldex CEO says

 

 

 Section: Daily Dispatches

 

By Anna Golubova
Kitco News, Montreal
Tuesday, June 22, 2021

The risk with Basel III is a major shift toward allocated gold, which could trigger a liquidity squeeze in the physical metal and lead to higher prices by the end of the year, according to Goldex CEO Sylvia Carrasco.

The impact of the Basel III agreement, which will come into force on June 28, for European banks and on January 1, 2022, for British banks, is being debated by many gold industry experts, with opinions ranging from “everything will change” to “no impact at all.”

Carrasco is in the camp that sees many people underestimate the impact of Basel III on the gold market.

“Basel III will affect the gold price more than many people believe. The spot price will definitely go up,” Carrasco told Kitco News. …

… For the remainder of the report:

https://www.kitco.com/news/2021-06-22/Basel-III-to-trigger-liquidity-squeeze-gold-price-could-be-looking-at-2-100-by-year-end-Goldex-CEO.html

*END

A joke:  “temporary” inflation surge may last longer than thought.  As Chris Powell states: maybe 100 years?

(Reuters/GATA)

Fed officials say ‘temporary’ inflation surge may last longer than thought

 

 

 Section: Daily Dispatches

 

A century maybe?

* * *

By Howard Schneider
Reuters
Wednesday, June 23, 2021

WASHINGTON — A period of high inflation in the United States may last longer than anticipated, two U.S. Federal Reserve officials said today, prompting one to pull forward his views on when the central bank should start raising interest rates.

Atlanta Fed President Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed’s 2% target, he now expects interest rates will need to rise in late 2022.

“Given the upside surprise in recent data points I pulled forward my projection,” Bostic said, placing him among seven Fed policymakers who at the central bank’s meeting last week projected the overnight policy rate may need to lift from the current near zero level sometime next year. …

“Temporary is going to be a little longer than we expected initially. … Rather than it being two to three months it may be six to nine months,” Bostic said in an interview on National Public Radio’s “Morning Edition.” …

… For the remainder of the report:

https://www.reuters.com/business/feds-bowman-bottlenecks-high-inflation-may-take-time-ease-2021-06-23/

end

Ed Steer, a director of GATA in an interview with Dave Janda states that inflation will get far worse!

(Dave Janda/Ed Steer)

Inflation will get far worse as debt has to be inflated away with dollar, GATA’s Steer says

 

 

 Section: Daily Dispatches

 

2:40p ET Wednesday, June 23, 2021

Dear Friend of GATA and Gold:

Interviewed by talk-show host Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, GATA board member Ed Steer says inflation will get far worse as worldwide debt, which long ago became unpayable, has to be defaulted upon or inflated away, especially in U.S. dollar terms. The interview is 22 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=CTMGW3jZqis

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

end

For your interest….

New York Sun: The dollar lying in wait

 

 

 Section: Daily Dispatches

 

From The New York Sun
Wednesday, June 23, 2021

Paul Krugman is out with his latest column —

https://www.nytimes.com/2021/06/21/opinion/inflation-economy-biden-fed.html?action=click&module=Opinion&pgtype=Homepage

— sneering at those who worry about inflation. His insouciance about the 1970s reminds us of Mark Twain’s jibe about how Wagner’s music isn’t as bad as it sounds. The Sun, in any event, has shrunk from joining in the warnings about inflation. That’s because of “The New York Sun Reporter’s Handbook and Manual of Style.”

That sacred tome defines inflation as a rise in the price of gold. So far this year the price of gold has plunged to $1,775 an ounce from $1,943 at the start of the year. That span, though, is just the blink of an eye. It’s the longer view that discloses the catastrophe. 

The day George W. Bush was sworn in as president, the dollar was at a 265th of an ounce of gold. Since then the greenback has shed 85% of that value. …

… For the remainder of the commentary:

https://www.nysun.com/editorials/the-dollar-lying-in-wait/91548/

end

CRYPTOCURRENCIES/
 
THIS IS WHY YOU DO NOT DEAL IN BITCOIN OR ANY OTHER CRYPTOCURRENCY!
(Bloomberg)

South African brothers vanish, and so does $3.6 billion in bitcoin

 

 

 Section: Daily Dispatches

 

By Roxanne Henderson and Loni Prinsloo
Bloomberg News
Wednesday, June 23, 2021

A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform.

A Cape Town law firm hired by investors says they can’t locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force. It’s also told crypto exchanges across the globe should any attempt be made to convert the digital coins.

Following a surge in Bitcoin’s value in the past year, the disappearance of about 69,000 coins — worth more than $4 billion at their April peak — would represent the biggest-ever dollar loss in a cryptocurrency scam. The incident could spur regulators’ efforts to impose order on the market amid rising cases of fraud.

The first signs of trouble came in April, as Bitcoin was rocketing to a record. Africrypt Chief Operating Officer Ameer Cajee, the elder brother, informed clients that the company was the victim of a hack. He asked them not to report the incident to lawyers and authorities, as it would slow down the recovery process of the missing funds.

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-06-23/s-african-brothers-vanish-and-so-does-3-6-billion-in-bitcoin

end

 
COMMODITY// GLOBAL INFLATION WATCH
 
 

 

-END-

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4672 

 

//OFFSHORE YUAN 6.4686  /shanghai bourse CLOSED UP 0.43 PTS OR 0.01% 

HANG SANG CLOSED UP 65.39 PTS OR 0.23 PER CENT

2. Nikkei closed UP  0.34 PTS OR 0.00%

3. Europe stocks  ALL GREEN

 

USA dollar  91.77/Euro RISES TO 1.1936

3b Japan 10 YR bond yield:  FALLS TO. +.054/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.83/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

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

3e WTI:: 72.95 and Brent: 75.08

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.175%/Italian 10 Yr bond yield UP to 0.88% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.07: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.83

3k Gold at $1783.90 silver at: 26.04   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 37/100 in roubles/dollar) 72.26

3m oil into the 72 dollar handle for WTI and 75 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 110.83 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 .9189 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0969 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 0.175%

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 1.492% early this morning. Thirty year rate at 2.112%

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

6.  TURKISH LIRA:  DOWN  TO 8.68..  VERY DEADLY

Futures Jump To All Time Highs Ahead Of Fed Speaker, Econ Data Frenzy

 
THURSDAY, JUN 24, 2021 – 07:54 AM

U.S. stock-index futures rose, with Nasdaq 100 contracts set for a fresh record and spoos just shy of all time highs, as investors were encouraged by dovish commentary form a barrage of Fed speakers which will continue today with Barkin, Williams, Bullard, Kaplan, Bostic Harker all speaking shortly after we get a slew of economic data.  At 7:15 a.m. ET, Dow e-minis were up 168 points, or 0.5%, S&P 500 e-minis were up 20 points, or 0.47%, and Nasdaq 100 e-minis were up 80 points, or 0.56%, to a record 14,344. 10Y yields were 1.49%, oil was flat, gold was trading near session highs and bitcoin rebounded from overnight lows.

Big banks Wells Fargo, Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co added between 0.5% and 1.0% ahead of the Fed’s latest stress test results to be revealed at 430pm ET today. Tesla rose 2.7% after Elon Musk said he would list SpaceX’s space internet venture, Starlink, when its cash flow is reasonably predictable, adding that Tesla shareholders could get preference in investing. First Solar climbed as the U.S. was said to be on the verge of barring some solar products made in China’s Xinjiang region. Mega-cap tech names Alphabet, Nvidia, Microsoft, Netflix and Facebook also gained between 0.4% and 0.6%, setting the Nasdaq for a record open. MGM Resorts International rose 2.7% after Deutsche Bank upgraded the casino operator’s stock to “buy” from “hold”.

Here are some of the biggest U.S. movers today:

  • Retail trader favorites gain in premarket trading with Clover Health (CLOV) rising 5.5% and Sundial (SNDL) gaining 6%.
  • Daqo New Energy (DQ) drops 6.8% and JinkoSolar (JKS) slides 1.5% with the U.S. poised to block some solar products made in China’s Xinjiang region.
  • Information technology services provider DHI Group (DHX) surges 18% after the company’s board authorized a stock buyback program of up to $12 million.
  • India Globalization Capital (IGC) rallies 35% after announcing it completed the final cohort of its Phase 1 clinical trial on its tetrahydrocannabinol drug, intended to alleviate Alzheimer’s disease symptoms.

So far this week, the value index, which includes economy-linked energy, financial and industrial stocks, and its tech-heavy growth counterpart are both up almost 1.8% following the Federal Reserve’s hawkish forecast from a week ago.

On Wednesday, Dallas Fed President Robert Kaplan said the economy will likely meet the Fed’s threshold for tapering asset purchases sooner than people think, while his Atlanta peer Raphael Bostic said the central bank could decide to slow such purchases in the next few months. Despite the ongoing hawkish commentary, markets pushed higher realizing that the Fed can never again let stocks drop or else the entire ponzi scheme risks collapsing.

Indeed, stock buyers have shaken off the hawkish turn by the Federal Reserve and are now viewing it as a way to bring inflation under control, according to Sebastien Galy, a Luxembourg-based strategist at Nordea Investment Funds.

“The interesting development over the past few days suggests that the markets are in a temporary stasis buying on dips as the fear of missing out prevails,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “This is evident in the rotation into growth stocks which makes little sense in a time of likely rising interest rates as they are quite leveraged, though not all.” Still, Galy concluded that  “we expect equity markets to continue to rebound in the coming weeks.”

In Europe, the Stoxx 600 Index gained 0.7%, led by the banking, hospitality and tech sectors. L’Oreal rose 2%, approaching an all-time high reached last week. Vodafone dropped 3.2% after its shares went ex-dividend. Here are some of the biggest European movers today:

  • Tecan shares rise as much as 16% to a record after the Swiss company said it will buy Paramit, a U.S. developer of medical devices and life science instruments, for $1b. The deal is Tecan’s biggest ever, according to Berenberg.
  • Next Fifteen soars as much as 13% to a record as a trading update prompts price target upgrades from Peel Hunt and Berenberg.
  • BioArctic rises as much as 13% in the stock’s steepest intraday advance since June 7 after the U.S. FDA granted Breakthrough Therapy designation for lecanemab, an investigational anti-amyloid beta protofibril antibody for the treatment of Alzheimer’s disease.
  • Crest Nicholson adds as much as 5.3% with analysts saying the homebuilder’s 1H results show trading remains strong and that it is making progress on its turnaround.
  • Vifor Pharma Group falls as much as 4.5% after the pharmaceutical company revised the endpoints of one of its clinical trials as the pandemic affected enrollment.
  • BT drops as much as 1.4% following the telecom operator’s enterprise business briefing, with UBS flagging ongoing headwinds, despite co. being “upbeat” on prospects for growth in the U.K. enterprise market.

In Germany, business morale rose by more than expected in June and hit its highest level since November 2018 on companies’ surging optimism about the second half of the year in Europe’s largest economy, the latest Ifo survey showed on Thursday. The Ifo institute said its business climate index rose to 101.8 from 99.2 in May, well ahead of expectations of a 100.6 print. “The German economy is shaking off the coronavirus crisis,” Ifo President Clemens Fuest said in a statement.

The improvement was primarily driven by a better assessment of the current business environment, consistent with high-frequency data and the current conditions gauges across other surveys. Across sectors, services and trade saw the strongest acceleration in momentum as the reopening of Germany’s economy gathered pace. Similarly, the Insee index measuring France’s business conditions rose to 113.0 in June, also beating expectations, with gains concentrated in services and retail trade. Overall, the national surveys for June are consistent with our forecast of a strong rebound in economic activity in the second and third quarters.

Earlier in the session, Asian stocks posted modest gains, supported by gains in Hong Kong, South Korea and India as investors assessed the latest remarks by Fed officials about the outlook for tapering measures. The MSCI Asia Pacific Index rose 0.1%, after dropping as much as 0.1%. India’s key stock gauges advanced to hold near recent record highs, with the country’s faster vaccination campaign continuing to boost investor sentiment. China’s CSI 300 Index also climbed. The country’s central bank increased its injection of short-term cash into the financial system for the first time since March amid rising demand for liquidity. Meanwhile, Thailand’s shares were among the worst performers in the region as pro-democracy protests returned to the streets and the central bank on Wednesday lowered its economic-growth outlook. “The overall picture is less dovish than it was,” said Ilya Spivak, head Asia Pacific strategist at DailyFX. “The APAC region is more sensitive, and we will see more volatility and downside risk because of companies’ exposure to dollar-denominated credit costs.” A gauge of 10-day historical volatility for shares has started flattening out after a spike following the Fed’s hawkish pivot last week. While a strengthening dollar is bad for Asian companies that borrow in the currency, some investors are expecting the region to be supported by longer-term Treasury yields that remain below 1.5% as well as attractive stock valuations. Among sectors, tech and material shares advanced, offsetting declines in defensives such as utilities.

Key Indian stock gauges advanced to hold near recent all-time highs helped by gains in information technology companies, while the country’s faster vaccination campaign continued to boost investor sentiment. The S&P BSE Sensex rose 0.8% to 52,699 in Mumbai after touching an intraday record of 53,057 on Tuesday. The NSE Nifty 50 Index also gained 0.7% to 15,790.45, near an all-time high reached last week. Eleven of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of information technology companies. “We are in the middle of a bull phase which will last for a very, very long time,” Rakesh Jhunjhunwala, a billionaire investor known locally as India’s Warren Buffett, said in an interview earlier this month. “India will also look lucrative when the U.S. Federal Reserve begins to withdraw stimulus, but there will be short-term disruptions.” Index heavyweight Reliance Industries dropped 2.4% following its annual shareholders’ meeting, where Chairman Mukesh Ambani announced ambitious plans for clean energy as well as the conglomerate’s telecom business. The company’s plans include investing 750 billion rupees in clean energy over three years while it unveiled the much-awaited smartphone that has been co-developed with Alphabet Inc.’s Google. The rally in Indian shares is also being driven by the country’s pace of vaccinations. The Indian government said 6.5 million doses were administered in the 24 hours through Thursday morning, taking the total number of vaccinations to 301.6 million. “Markets are looking comfortable,” said Sandeep Jain, a strategist with Tradeswift Broking.

In rates, Treasuries price action was choppy overnight, but yields broadly unchanged into early U.S. session with gilts outperforming following Bank of England policy decision. In 10-year sector gilts richer by 3bp vs. Treasuries, where yields sit around 1.487%. Treasury auctions conclude with $62b 7-year note sale at 1pm ET, follows solid 2- and 5-year auctions this week. WI 7-year yield at 1.26% is 2.5bp richer than May’s stop-out, which traded 0.6bp through. That said, futures volumes during Asia session were just 60% of recent averages.

“U.S. Treasury yields have stayed close to the lows and the equity market continues to project a path for growth and earnings that is impossibly high in the long-run.” JPMorgan Chase & Co. said it may require employees to be vaccinated against Covid-19 as Wall Street’s biggest banks ramp up efforts to keep thousands of personnel safe while reopening U.S. workplaces.

In FX, the Bloomberg Dollar Index fell to a day low in European hours as the greenback lost traction against most of its Group-of-10 peers, though most traded in narrow ranges. Scandinavian currencies led an advance amid a general improvement in risk sentiment; the Norwegian krone advanced as the price of Brent oil rose a second day. The euro shrugged off a stronger-than- forecast German Ifo business confidence survey to stay little changed. The sharp repricing in the front-end of the euro’s volatility skew makes case for the common currency to extend its rebound, possibly toward the $1.20 level. The pound swung to a gain against the greenback before the Bank of England meeting, with investors watching for any signs of the central bank shifting its messaging on inflation risks, even as it’s seen standing pat on interest rates at its meeting later on Thursday: see Decision Guide. The yen edged down to another 15-month low after weakening beyond 111 per dollar on Wednesday before erasing losses on demand over the Tokyo fixing. South Korea’s won rose after central bank Governor Lee Ju-yeolsignaled interest-rate increases are in the pipeline.

In commodities, it was a relatively uneventful and uninspiring session for the crude space thus far with WTI and Brent August’21 futures somewhat choppy throughout the morning but very much rangebound after flat APAC trade. The benchmarks post gains of 0.10/bbl and are around the mid-point of today’s range which is much more contained than the parameters of yesterday’s session, for instance. Fresh newsflow explicitly for the complex has been light and as such its very much a case of waiting for next week’s OPEC+ gathering given the weeks source reports and updates on the geopolitical front. On this, attention around Iran is heightened as the IAEA agreement expires today ahead of a reported resumption in nuclear talks with the US from next week.

Spot gold and silver have been firmer but remain in close proximity to unchanged levels deriving some impetus from the downbeat USD once again though upside is perhaps capped as yields are slightly higher. Base metals are pressured this morning with increasing attention on commodities broadly in China given inflation concerns. Elsewhere, UBS looks for a copper recovery in the next 6-12 months believing the market could be undersupplied by 603k/T and 461k/T in 2021 and 2022 respectively; for context, Glencore’s CEO said.

Looking at the day ahead now, there are an array of central bank events, including the Bank of England’s monetary policy decision (discussed here), the release of the ECB’s Economic Bulletin, along with remarks from the Fed’s Barkin, Bostic, Harker, Williams, Bullard and Kaplan, and the ECB’s Panetta and Schnabel. Data releases from the US include the third estimate of Q1 GDP, the weekly initial jobless claims, the preliminary May reading for durable goods orders and the Kansas City Fed’s manufacturing index for June. Weekly initial jobless claims are expected to move back below 400,000 after last week’s surprise pop higher. This morning’s number may also show the impact of the gradual withdrawal of enhanced unemployment benefits from June 12 in some states.  At 430pm the Federal Reserve will release its latest stress test results when markets close, with the big six banks expected to pass — paving the way for increased dividends and share buybacks.

Market Snapshot

  • S&P 500 futures up 0.4% to 4,249.75
  • STOXX Europe 600 up 0.6% to 455.82
  • German 10Y yield rose 0.6 bps to -0.171%
  • Euro little changed at $1.1934
  • MXAP little changed at 207.07
  • MXAPJ up 0.2% to 695.30
  • Nikkei little changed at 28,875.23
  • Topix down 0.1% to 1,947.10
  • Hang Seng Index up 0.2% to 28,882.46
  • Shanghai Composite little changed at 3,566.65
  • Sensex up 0.9% to 52,768.91
  • Australia S&P/ASX 200 down 0.3% to 7,275.27
  • Kospi up 0.3% to 3,286.10
  • Brent Futures up 0.6% to $75.65/bbl
  • Gold spot up 0.1% to $1,780.92
  • U.S. Dollar Index little changed at 91.74

Top Overnight News from Bloomberg

  • China sued Australia over anti-dumping measures on some Chinese goods, further ratcheting up tensions between the two nations
  • Australia & New Zealand Banking Group Ltd. created a global fixed income trading business as part of a move to boost revenues across its franchises
  • China’s central bank increased its short-term cash injection for the first time since March as it moved to soothe market concerns about liquidity conditions ahead of the quarter-end
  • Advanced economies may need to rely more on fiscal spending if they want to avoid Japan’s fate of being trapped with low inflation and an empty monetary toolkit, according to new research from the ECB

Quick look at global markets courtesy of Newsquawk

Asia-Pac bourses saw a mixed and contained session following a lacklustre performance on Wall Street, where the S&P 500 and DJIA closed with modest losses whilst the Nasdaq Composite squeezed out another record close, but off its intraday best of 14,317 for the cash, and 14,315.75 for the NQ. Back to APAC, the ASX 200 (-0.3%) failed to benefit from the strong performance in its tech and mining names, whilst the Nikkei 225 (Unch) remained supported by softness in its currency, but the index is yet to convincingly breach 29k to the upside. The KOSPI (+0.4%) eked mild gains as a rise in June consumer confidence provided some positive omens. Hang Seng (+0.3%) and Shanghai Comp (U/C) traded within recent ranges as the region shrugged off the first increase in the PBoC’s liquidity injection since March, albeit modest. In terms of stocks-specifics, Hoshine Silicon Industry shares slumped some 10% after Washington reportedly issued an order that blocks imports of solar panel materials from the Co. Finally, of note for the broader global chip sector, chip-giant TSMC flagged price hikes of 10-20% beginning next year, according to Chinese media. Finally, JGB futures meanwhile trade flat and in tandem with its US and German counterparts.

Top Asian News

  • Philippines Leaves Key Rate Steady Amid ‘Tentative’ Recovery
  • Japan Stands Pat on Economic Assessment as Latest Emergency Ends
  • China Sues Australia at WTO Over Tariffs in Hit to Strained Ties
  • Iran Poised to Miss Nuclear Monitoring Deadline Clouding Talks

European equities kicked the session off on a firmer footing (Eurostoxx 50 +0.9%) with sentiment bolstered by a marginally better-than-expected German IFO report (Business Climate 101.8 vs. Exp. 100.6) and economists noting that the domestic economy is picking up speed. Stateside, futures have picked up throughout the session (ES +0.4%) in tandem with their European counterparts. In the US, infrastructure talks continue to rumble on, albeit without causing much in the way of intraday price action. The latest updates have noted that a deal on the infrastructure framework has been reached among a bipartisan group of US senators; a meeting between the White House and the bipartisan group has been slated for later today. Back to Europe, sectors are mostly firmer and showing a largely pro-cyclical tilt as Financials, Basic Resources and Autos lead the charge. Travel & Leisure names will be bracing themselves for the latest travel update from the UK, albeit some optimism for the sector has been tempered this week after German Chancellor Merkel urged EU nations to introduce quarantine measures for vaccinated Brits. The most notable corporate update thus far has come from Siemens (-0.5%) who sit at the foot of the DAX with investors unimpressed by its latest strategic blueprint which saw the Co. increase its growth target and launch a EUR 3bln share buyback between 2021-2026. Of note for chip names, reports in Chinese press suggested that TSMC is to hike prices by 10-20% in 2022.

Top European News

  • London West End Landlord Expects Retail Crisis to Get Even Worse
  • Johnson to Convene London Summit as Capital Lags on Vaccines
  • German, French Business Confidence Jumps as Lockdowns Ease
  • European Insurance Stocks Undervalued, Berenberg Says

In FX, the margins are quite fine, but the Kiwi and Franc are at opposite ends of the G10 table, with Nzd/Usd propped around 0.7050 within circa 0.7070-0.6935 w-t-d extremes, while Usd/Chf hovers nearer the top of its 0.9236-0.9155 range. The former is also outpacing its Antipodean peer ahead of NZ trade data, as the Aud/Nzd cross trades under 1.0750 and Aud/Usd pulls back from nigh on 0.7600 yesterday amidst ongoing Aussie-Chinese trade tensions. On that note, the latest riposte from Beijing has come via the WTO in the form of a lawsuit against Australia over anti-dumping measures. Elsewhere, the Euro is grinding higher vs the Buck in wake of all Ifo survey metrics surpassing expectations and prior readings in June along with relatively upbeat accompanying comments from the German institute, but Eur/Usd remains capped into 1.1950 and perhaps conscious of hefty option expiry interest down below (2 bn running off between 1.1930-20 at the NY cut).

  • GBP/JPY – Sterling remains firm as the clock ticks down to high noon on Threadneedle Street, albeit not in great anticipation of a boost from the BoE given consensus for no change in policy or material shift in guidance. However, the MPC is widely tipped to be split on QE again with Haldane retaining his dissenting vote at this final meeting, if not joined by any other hawks – check out the Research Suite for a full preview of the event. Cable is currently straddling 1.3975 and staying technically bullish while above the 100 DMA circa 1.3949, while Eur/Gbp is back beneath 0.8550 and close to Wednesday’s multi-month lows around 0.8530. Meanwhile, the Yen has recovered from another retreat through 111.00 to give more credence to the notion that ample supply resides beyond the round number, and probably on behalf of Japanese exporters looking to hedge exposure. Moreover, option expiries at the 111.30 strike (1.12 bn) may keep Usd/Jpy in check and similar size at 110.75 (1.153 bn) underpinned.
  • CAD/USD – The Loonie remains tethered to the 1.2300 handle vs its US rival and still deriving a degree of traction from firm oil prices awaiting Canadian manufacturing sales for potential independent direction, but the Greenback appears more likely to glean fundamental impetus from a packed agenda including prime data, more Fed speakers and 7 year supply. In the interim, chart levels could be key and influential for the DXY as the index holds in a tight range (91.873-700) following its failure to maintain 92.000+ status and midweek shave with 91.500 that is just shy of the 200 DMA.

In commodities, a relatively uneventful and uninspiring session for the crude space thus far with WTI and Brent August’21 futures somewhat choppy throughout the morning but very much rangebound after flat APAC trade. Currently, the benchmarks post gains of circa. USD 0.10/bbl and are around the mid-point of today’s range which is much more contained than the parameters of yesterday’s session, for instance. Fresh newsflow explicitly for the complex has been light and as such its very much a case of waiting for next week’s OPEC+ gathering given the weeks source reports and updates on the geopolitical front. On this, attention around Iran is heightened as the IAEA agreement expires today ahead of a reported resumption in nuclear talks with the US from next week. Moving to metals, spot gold and silver have been erring firmer but remain in close proximity to unchanged levels deriving some impetus from the downbeat USD once again though upside is perhaps capped as yields are slightly higher. Base metals are pressured this morning with increasing attention on commodities broadly in China given inflation concerns. Elsewhere, UBS looks for a copper recovery in the next 6-12 months believing the market could be undersupplied by 603k/T and 461k/T in 2021 and 2022 respectively; for context, Glencore’s CEO said.

US Event Calendar

  • 8:30am: May Durable Goods Orders, est. 2.8%, prior -1.3%; Less Transportation, est. 0.7%, prior 1.0%
    • Cap Goods Ship Nondef Ex Air, est. 0.8%, prior 0.9%; Orders Nondef Ex Air, est. 0.6%, prior 2.2%
  • 8:30am: 1Q GDP Annualized QoQ, est. 6.4%, prior 6.4%
    • 1Q Personal Consumption, est. 11.4%, prior 11.3%
    • 1Q PCE Core QoQ, est. 2.5%, prior 2.5%; GDP Price Index, est. 4.3%, prior 4.3%
  • 8:30am: June Initial Jobless Claims, est. 380,000, prior 412,000; Continuing Claims, est. 3.46m, prior 3.52m
  • 8:30am: May Advance Goods Trade Balance, est. -$87.5b, prior -$85.2b, revised -$85.7b
  • 8:30am: May Retail Inventories MoM, est. -0.5%, prior -1.6%, revised -1.8%; Wholesale Inventories MoM, est. 0.8%, prior 0.8%
  • 11am: June Kansas City Fed Manf. Activity, est. 24, prior 26
  • 430pm: Federal Reserve releases latest stress test results with all big six banks expected to pass  paving the way for increased dividends and share buybacks.

Central Bank Speakers

  • 9am: Fed’s Barkin Speaks During Virtual Event
  • 9:30am: Fed’s Bostic and Harker Speak on Monetary Policy Panel
  • 11am: Fed’s Williams Takes Part in Moderated Discussion
  • 1pm: Fed’s Kaplan Discusses Economy
  • 1pm: Fed’s Bullard Discusses Outlook for Economy and Monetary…
  • 4pm: Fed’s Barkin Speaks During Virtual Event

DB’s Jim Reid concludes the overnight wrap

As investors digested an array of economic data and central bank speakers yesterday, US equities spent the day trading around their all-time records and Treasury yields moved higher as markets continued to readjust following last week’s selloff in various assets. In fact, for some areas it was as though last week’s moves had never happened, since although inflation expectations moved sharply lower straight after the Fed’s hawkish shift a week ago, with 10yr breakevens down to 2.24% by the close on Friday, they’ve since recovered +11.2bps over the 3 days this week to put them roughly back in line with where they were in the week before the Fed meeting. It was a similar story for equities, with the NASDAQ (+0.13%) eking out a gain to hit another all-time high, whilst the S&P 500 (-0.11%) slipped back slightly, but still remained less than 0.5% away from its record close last week. So overall, markets for now seem to be more relaxed again about the Fed and inflation risks, even if they’re still pricing in a faster hiking cycle than the Fed themselves indicated in the dots last week.

Paradoxically, the bigger risk-off moves came in Europe yesterday, where the STOXX 600 fell -0.73% in spite of some decent flash PMI reports from across the continent. To run through those, the Euro Area composite PMI came in at an above-expected 59.2 (vs. 58.8 expected), which marked the strongest pace of growth seen in 15 years for the single-currency bloc. That increase came as the services PMI rebounded strongly, climbing to 58.0 as expected (from 55.2 last month), whilst the manufacturing PMI remained unchanged from last month at 63.1. Germany in particular outperformed expectations, with their composite PMI up to 60.4, (vs. 57.6 expected) which is its highest since March 2011, whereas France slightly underwhelmed as the composite PMI only rose to 57.1 (vs. 59.0 expected). That said, inflation continued to be a notable theme and the PMIs pointed to noticeable price pressures in the Euro Area for both services and manufacturing.

Speaking of price pressures, yesterday marked another strong session for commodities as they were another asset class that continued to put last week’s selloff behind them. In fact by the close, Brent crude (+0.51%) hit a fresh 2-year high of $75.19/bbl, while WTI (+0.03%) was just short of its own recent high. The continued gains for oil come amidst a tightening market, with the EIA in the US reporting that crude oil inventories fell -7.61m barrels, which is the 5th consecutive weekly decline, just as various economies are reopening again in light of the vaccine rollout. Other commodities also made gains in addition to oil, with metals including copper (+2.38%) rising on the day, along with agricultural prices such as corn (+0.68%) and wheat (+1.57%).

Overnight in Asia, markets are trading mixed with the Nikkei (+0.16%) and Kospi (+0.41%) advancing, the Hang Seng (+0.04%) currently flat and the Shanghai Comp (-0.15%) moving lower. There were also fresh headlines on the US-China relationship, as Bloomberg reported the US is likely to impose a ban on some Chinese solar products made in the region of Xinjiang where China has been accused of committing human rights abuses. Elsewhere, US equity futures are pointing to further gains later, with those on the S&P 500 up +0.29%.

Looking ahead now, one of the main highlights today will be the Bank of England’s latest decision, out as 12:00 London time. In their preview (link here) our UK economists write that they expect the Monetary Policy Committee to remain cautiously optimistic around the recovery, keeping the policy rate on hold at 0.1%, and maintaining the target stock of QE at £895bn. They’re also not expecting big changes in the minutes and policy statement, but the risks are shifting towards a more hawkish MPC in the very near-term, with economic data tracking slightly better than the BoE expected in May.

Staying on the UK, there was a geopolitical incident with Russia yesterday in the Black Sea, albeit with the two sides offering different descriptions of what took place. Russia said that a UK ship entered waters it claims as its own and ignored radio warnings, not leaving until bombs were dropped on its course. But the press office for the UK’s Ministry of Defence tweeted that the ship was “conducting innocent passage through Ukrainian territorial waters in accordance with international law”, and said that they didn’t recognise the claim that bombs were dropped on its path.

There were also headlines on Russia in the FT, which reported yesterday that Germany and France had called for the EU to engage Russia more closely, building on the meeting that took place last week between Presidents Biden and Putin. According to the story, Chancellor Merkel and President Macron were in favour of inviting Putin to an EU leaders’ summit, and comes ahead of a summit taking place in Brussels later today among EU leaders, where the bloc’s relations with Russia are on the agenda for discussion.

Over in the US, there was some movement in infrastructure talks as a bipartisan group of senators will be meeting with President Biden later today at the White House to present their outline of a $579bn package on roads, bridges and other physical projects. The Senate leaves for a two week recess starting Friday, so this is likely to be the last newsflow on any potential deal until mid-July. While the Republican senators in the group have dropped a potential gas tax, there remains significant disagreements on how to pay for the spending. Some more left-leaning Senate Democrats continue to ask the White House and Congressional leadership for a promise on a second more expansive bill through the reconciliation process. If both bills make it through Congress, it could amount to $2-3 trillion of additional government spending.

Turning to the latest on the pandemic, there were further signs of concern in the UK as 16,135 new cases were reported yesterday, which is the highest daily total since February 6. And over the last week as a whole, cases are up +44% compared to the previous one. Nevertheless, there was some better news from the country, as data confirmed that over 60% of the adult population had now been fully vaccinated with both doses. Elsewhere, Switzerland confirmed that restrictions on entering the country would be relaxed, with those entering from the Schengen Area no longer required to quarantine, and testing requirements would now only apply to those coming by plane who’ve not been vaccinated or not recovered from Covid-19.Meanwhile, Brazil announced their largest one-day rise in Covid-19 cases yet (115,228) even as the vaccination programs have started to gather momentum. The country’s weekly case count surpassed India for the highest in the world last week, while much of South America is starting a new wave of infections just as their winter starts.

There wasn’t much in the way of Federal Reserve speakers yesterday, though we did hear from Governor Bowman, who didn’t discuss the policy outlook but said that the “upward price pressures may ease as the bottlenecks are worked out, but it could take some time, and I will continue to monitor the situation closely and will adjust my outlook as needed.” Otherwise Atlanta Fed President Bostic (who’s an FOMC voter this year) said that he’d pulled forward his projection for the first hike in rates to late 2022 “given the upside surprises in recent data points”. Boston Fed President Rosengren (an alternate voting member this year) later played down the risks of persistent inflation, saying his “expectation is that most of the price increases we are seeing this year will be reversed as we get into next year.”

Rounding off the rest of yesterday’s data, US new home sales unexpectedly fell to an annualised rate of 769k in May (vs. 865k expected), declining from a downwardly revised 817k in April. Separately, the current account deficit in Q1 widened to $195.7bn (vs. $206.2bn expected), and the composite PMI fell to 63.9 in June following its record high of 68.7 in May.

To the day ahead now, and there are an array of central bank events, including the Bank of England’s monetary policy decision, the release of the ECB’s Economic Bulletin, along with remarks from the Fed’s Barkin, Bostic, Harker, Williams, Bullard and Kaplan, and the ECB’s Panetta and Schnabel. Data releases from the US include the third estimate of Q1 GDP, the weekly initial jobless claims, the preliminary May reading for durable goods orders and the Kansas City Fed’s manufacturing index for June. Meanwhile in Germany, the Ifo Institute’s business climate indicator for June will be coming out. Finally, EU leaders will gather in Brussels today for a European Council meeting.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 0.43 PTS OR 0.01%   //Hang Sang CLOSED UP 65.39 PTS OR 0.23%      /The Nikkei closed UP 0.34pts or 0.00%  //Australia’s all ordinaires CLOSED DOWN 0.17%

/Chinese yuan (ONSHORE) closed UP TO 6.4672  /Oil DOWN TO 73.41 dollars per barrel for WTI and 75.35 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4672. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4686   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

 

END

3 C CHINA

 
 

END

CHINA//TAIWAN

this will be highly inflationary throughout the globe: Taiwan Semiconductor is hiking chip prices up 20%

(zerohedge)

Taiwan Semiconductor Is Hiking Chip Prices Up To 20%

 
THURSDAY, JUN 24, 2021 – 12:30 PM

Here comes even more inflation…

Just days after we wrote about how Taiwan Semiconductor was the centerpiece at the middle of the global semiconductor shortage, the company has said they are going to be raising prices by up to 20% next year. The report comes via Chinese media and crossed the wire early on Thursday morning.

Earlier this year we reported that semi prices were expected to rise through all of 2021, but recent reports have suggested that production was picking up again. In fact, car chip vendors are now able to “ramp up output” thanks to more foundry house support coming online, Digitimes Asia reported this week.

But that isn’t stopping TSMC from hiking prices, as was telegraphed earlier this year. For example, back in April, suppliers like Japan’s top silicone producer, Shin-Etsu Chemical Co. Ltd. marked up prices between 10% and 20%, according to Caixin, who reported that growing input costs and supply disruptions could be tide that continues to push up prices. Shin-Etsu blamed their price hikes on the rising cost of silicon metal, which they said was a result of demand out of China

Names like Semiconductor Manufacturing International Corp. (SMIC), United Microelectronics Corp., and Powerchip Semiconductor Manufacturing Corp. had all announced intentions to raise prices in similar fashion. Taiwan Semiconductor Manufacturing Co. Ltd. has also said prices are coming in the form of suspending wafer price reductions beginning December 31 this year. 

One Jiangsu diode manufacturer said it’s suppliers had raised prices five times since the second half of 2020. The hikes represented a total markup of between 30% and 40%, including a new 10% hike that came into effect last week. The same firm’s inventory was at “half their normal level”, Caixin reported.

One semiconductor salesman said: “The whole industry is scrambling for (chips), and it’s hard for us to make a purchase.”

We called TSMC the “one chipmaker the entire world is depending on” in a piece we published earlier this week that highlighted the world’s reliance on their production.

Not only has TSMC made headlines for proposing to expand production into the United States, as we have documented numerous times, but now it is making headlines for how it has become the center of the semiconductor world – and how that can leave the world vulnerable. 

TSMC’s chips are in “billion of products”, including iPhones, computers and cars, the Wall Street Journal writes in a new profile of the company. The company has slowly become the world’s 11th most valuable company, with a market cap of about $550 billion. The company reported $17.6 billion in profits last year on revenues of about $45.5 billion. TSMC makes “around 92% of the world’s most sophisticated chips,” the report says. 

This has led to the U.S., Europe and China looking to cut their reliance on chips out of the Taiwanese company. But that’s a tough task given its contribution globally. The U.S., for example, only accounts for 12% of the world’s chip manufacturing, down from 37% in 1990. 

Analysts aren’t confident of there being a more diversified semiconductor supply chain “anytime soon”. They attribute this to TSMC’s “hard driving culture” and “deep pockets”. The industry has become so complex that once one producer falls behind, it becomes tough to catch up. 

But hey, we’re sure the price hikes will just be transitory, right Jerome?

4/EUROPEAN AFFAIRS

/BANK OF ENGLAND

Bank of England keeps rates unchanged as well as their QE. They will not tighten until clear evidence of progress which is probably never

(zerohedge)

BoE Keeps Rates, QE Unchanged; Won’t Tighten Until “Clear Evidence Of Progress” Toward Inflation Goal

 
THURSDAY, JUN 24, 2021 – 07:15 AM

With central banks riding a hawkish wave in recent months, eyes turned toward the Bank of England and its latest monetary policy decision this morning, which however did not surprise as the central bank voted unanimously to keep interest rates at 0.1% and by a majority of 8-1 to maintain the amount of quantitative easing at £895bn, with outgoing chief economist Haldane again dissenting and voting to reduce the asset purchase target in his final vote before leaving the Bank of England.

So with inflation surging in the UK as everywhere else, how did the BOE deflect calls to tighten? Simple, like the Fed it said that while inflation may rise above 3%, it will be transitory, to wit: “CPI inflation is expected to pick up further above the target, owing primarily to developments in energy and other commodity prices, and is likely to exceed 3% for a temporary period which means June output is expected to be around 2.5% below its pre-Covid level in the final quarter of 2019. For context, the previous inflation peak was projected to be 2.5%, so yet another significant reflationary rethink.

And once said “temporary period” ends, all shall be well, however nobody knows when that will be, just as nobody knows what the “clear evidence of significant progress” toward achieving the 2% inflation target is that the BOE needs before tightening policy.

And while the BOE won’t issue a fresh round of forecasts until August, they did revise up their second-quarter projection by around 1.5 percentage points from their May projection of 4.3%.

Some more details from the full statement:

  • Committee’s expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory.
  • Output in a number of sectors is now around pre-Covid levels, although it remains materially below in others
  • Developments in global GDP growth have been somewhat stronger than anticipated, particularly in advanced economies
  • The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.
  • Spare capacity in the economy was expected to be eliminated as activity picked up, and there was expected to be a temporary period of excess demand, before demand and supply returned broadly to balance.
  • Policy should both lean strongly against downside risks to the outlook and ensure that the recovery was not undermined by a premature tightening in monetary conditions.
  • Most members judged that the conditions set out in the MPC’s existing policy guidance, which were in any case necessary but not sufficient conditions for any future tightening in monetary policy, were not met.
  • Bank staff had revised up their expectations for 2021 Q2 GDP growth to 5.5%, from 4.25% at the  time of the May Report. That would be consistent with output in Q2 being less than 4% below its 2019 Q4 level, and projected output in June around 2.5% lower.
  • It was possible that a stronger path for demand would close the output gap somewhat sooner than had previously been expected.

The market response was muted as the decision appeared to come on the dovish side: the pound reversed modest gains as short-term positioning over a hawkish surprise is unwound. Gilts rise, with 10-year yield down by 3 basis points to 0.75%.

According to Bloomberg, in the longer term, and until a shift comes, the pound may stay under pressure especially as it trades below its 21-weekly moving average, a momentum-defining indicator since the pandemic started.

At the same time, EUR/GBP rallied as stops were triggered given the transitory-inflation narrative remains and cable dips toward the $1.39 handle. According to Bloomberg, a 15bps rate hike by the BOE is now pushed back to Aug 2022 from June 2022 just before the decision. It remains to be seen whether this is more interest to trade the pound afresh or is it all down to short-term position rebalancing.

Bottom line: today’s somewhat dovish statements puts a lot of attention on to the August meeting when we’ll get a full set of new forecasts and learn more about the BOE’s thinking; we should also have a clearer sense of how the virus situation is developing once more people are vaccinated.

 
 
END
 
UK/CORONAVIRUS/ECONOMIC IMPACT
 
My goodness: England figured this out all by themselves…mask rules are having a huge economic impact on their economy. Masks should never be worn especially outdoors.
(Watson/SummitNews)

England Set To Drop Face Mask Rules After Huge Economic Impact Revealed

 
THURSDAY, JUN 24, 2021 – 02:00 AM

Authored by Paul Joseph Watson via Summit News,

England is set to drop all face mask rules on July 19th after it was revealed that keeping such restrictions in place is costing the economy billions and will force many businesses to close.

“The requirement to wear facemasks on public transport and in shops will be replaced with guidance advising people to wear masks in certain circumstances, rather than compelling them,” reports the Times.

The decision follows the findings of an internal economic impact assessment produced by the government’s Events Research Programme which detailed the massive impact social distancing measures are having on businesses.

Politico Playbook reveals that, “keeping any measures would cost the economy billions and see many businesses close.”

Specifically, indoor seated venues such as the arts, cinemas and business events would achieve just 59 per cent of their 2019 turnover if restrictions remain, costing them a whopping £4.88 billion over the next year.

Even if the only remaining restriction kept in place is face masks, “The entire events industry would reach just 82 percent of its 2019 turnover. Indoor seated venues would get just 72 percent. Indoor non-seated just 65 percent. Outdoor non-seated venues would manage just 82 percent of their 2019 figure.”

The events industry as a whole is bringing in only 60 per cent of normal revenue under the current restrictions, which will likely continue until July 19th.

However, with some government advisers (namely a former Communist) pushing for restrictions to continue literally forever, don’t be surprised to see some of them reintroduced in the winter.

But with vaccine passports for pubs still being considered, any return of restrictions will likely only impact those who haven’t taken a vaccine.

This will then create a two tier society where those who for whatever reason haven’t had the jab will face discrimination and de facto lockdown for years to come.

*  *  *

END

Bill Blain on the major topics of the day..5 years after Brexit!

Bill Blain

Blain: 5 Years After Brexit Vote And The Sun Still Occasionally Shines

 
THURSDAY, JUN 24, 2021 – 03:30 AM

Blain’s Very Late Morning Porridge – June 23 2001: Fog in Channel, Continent Cut Off

“What did Britain say to its trade partners? See EU later….”

5 years after Brexit vote and the sun still occasionally shines. For how much longer. Don’t worry… it could be much much worse

It’s 5 years since the UK voted for Brexit.

Half the UK electorate could not believe the other half was so stupid. They still don’t.. but the 52% and the 48% are all sort of talking to each other again.

Dinner parties between Brexiteers and Remoaners remain fraught affairs, but at least we now have an answer to the most difficult question of all: Name one positive financial advantage to come out of Brexit? The answer being… Duty Free! Yes, we can load up with cheap booze and ciggies when we visit the other side of Le Channel…. What a marvelous world we live in…

Back in 2016 The rest of the world reckoned we were nuts. They might be right. Why would the UK give up a leading role in an evolving trade block as the globalisation trend reached its peak? Why would the UK deliberately put all its hard-won influence within Europe at risk? Where does it leave the UK as global protectionism kicks in around the planet?

The bottom line is we did all these things… The sky has not fallen on our heads, and the sun still rises in the morning. As in most things – it hasn’t been as good as we hoped, and not nearly as bad as we feared.

I’m still not entirely sure how it all happened – but it did, and now we have to get on with it…

It’s no secret – and nothing to be proud of – the noisiest part of the core Brexit base comprised a very small number of agenda-driven demagogs and borderline English supremacy nutjobs – but they were a distinct minority of the total vote against Brussels. Yep, stout and average British Yeomen awoke from slumber, slung off their indifference and hoisted an archer’s salute* to Brussels. Suspicion of Europe has long been fed by a strong anti-European edge to Conservative politics, claiming Brussels did not have Albion’s best interests in mind.

(*The archer’s salute: during the many unpleasantnesses with France from about 1100-1600 French soldiers would chop off the fingers of captured English Bowmen. It backfired – the French learnt the hard way at Crecy, Agincourt and many other skirmishes not to challenge English and Welsh archers, who took to demonstrating their trigger fingers were intact with the two fingered V-shaped guesture.)

Was Brexit really such a surprise?

The UK’s engagement with Europe has never been particularly strong – sure we love our foreign holidays, but we were never insiders. Europe, for many, was a land of funny food, amusing accents and dubious politics. The only time we ever really took Europe seriously was commemorating sacrifice on the battlefields that dot the continent. The vote was just a few days after the 201st Anniversary of Waterloo where an Anglo-German army defeated the French. 100 years later and only the team-pairings had changed.

As a nation it takes much to rile us to action. Europe was seen as something that affected other people, it generally was not something that particularly overly-excited the electorate – until politicians stumbled on populism. That was David Cameron’s big fail – he lacked the nounce, the intelligence and the imagination to perceive how effectively the showman Boris Johnson would leverage his mild indifference to Europe into a pathway to the Premiership.

When a modern Shakespeare writes the Tragedy of David Cameron it will be Johnson’s vaulting ambition and scheming that drives the action. Of course, it helped that Cameron’s remain campaign was so imbecilic. Boris made uncountable grandiose claims, undeliverable promises and told enormous porkies, but seized the imagination of the nation… and won, eventually prizing his way into Number 10.

Me? I’d always been a Europhile… until…. Until I realised the Euro wasn’t working for most of Europe, that regulations and rules are no substitute for entrepreneurial drive. I was concerned at the increasing authoritarian tone from unelected body superior in Brussels. With deep regret I voted to leave…. Do I regret it?

And where has it brought us?

Sausage Wars? Rising tensions in Ireland? Empowering Scottish Independence? Politically, Brexit has opened a whole warehouse full of worms gnawing away at the cadaver of the United Kingdom.

It looks disastrous – but for whom? Boris is happy enough – his majority is solid, he’s aware all politicians have a limited shelf-life and he’s looking forward to making some serious money as soon as he can exit at the top…  The Labour Party is toothless and dithering. If Ireland unites, then it becomes an SEP – Someone Else’s Problem. Scottish independence is not going to go away – Scotland voted to stay in Europe – and if/when it happens it will only strengthen the Conservative grip on England – assuming the party doesn’t fracture at our loss of global status.

The brutal reality is the UK will be only marginally smaller in economic and demographic terms without its Celtic fringe, but wealthier without the state transfers to sustain and keep my brethren in line.

But what about the UK’s role and influence in the world? Our new Aircraft Carrier is cruising the Med winding up the Russians – with US marines providing half the aircraft and a US destroyer along as shotgun. We remain a member of G7, but a fairly friendless one. Boris apparently doesn’t like the expression “Special Relationship” because it sounds needy… but he knows our fortunes are irrevocably tied to an increasingly disinterested and inward looking USA.

And what about the real world of trade and commerce? None of the worst imaginings and haverings of the Remoaners have come to pass – yet. British fishermen… let’s just leave that for the time being, but otherwise deals are getting done. Europe’s businesses are just as keen to sell to us as we are to them… and politicians know it. Trade deals outside Europe are rounding errors.

And, then of course, there was the pandemic where the UK has triumphed in terms of vaccine rollout. Whoop whoop whoop… Really… is that relevant? The state did what a state is supposed to do get over. That Europe didn’t is Europe’s issue. Not ours.

But now…. Now Europe has gone too far… Yesterday the Torygraph, that most reasonable and balanced journal of record for the right carried the following headline: The Crown and Poldark could by scythed from European TV Screens As EU Targets “Post-Brexit Imperialism”!

Excellent..

I’m going to fit out the yacht to smuggle Bridgerton, Downton, Trumpton and Chigley into the Netherlands.. they can’t resist it you know. I see a brave new future for us – the SOE will be revived to spread British Soft Power across Europe. Let’s remake Yes Minster to undermine Berlymont, release new Heavy Metal Bands to deprave German Youth, push Fish and Chips on the lumpen proletariat of France and export Gangstarap across the whole sorry continent. We shall shock them!

Extra points if you can name all the firemen!

Enough…  I need a coffee…

Bill Blain

Shard Capital

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/EU
Robert H on Germany and France’s reaction to Putin’s positive Op ed yesterday 
(zerohedge)

Germany, France Seeking EU-Russia Summit After ‘Positive’ Putin Op-Ed & Black Sea ‘Warning Shots’ | ZeroHedge

 
 
 
 
 
 

After the fiasco of Biden at the G7, what should one expect? Johnson did not  impress either. 

Should Europe turn east, then Eurasia will take on new meaning, not seen before but projected.  And should this occur, it may well be that both Britain and America are excluded from the turning, in trade, and in finance. This will cause turmoil.  And if Britain starts a fight with Russia, they will be on their own. It is more than doubtful that France or Germany  will come to their aid and even more doubtful that America will intervene. Should this occur Britain’s own hegemony and influence will be called into question and challenged like never before in modern history. Memories and loyalties are in short supply between nations who are looking at the failure of Klaus and the WEF AGENDA and have need to find a way out. Politicians never accept blame and are only too willing to shift blame to anyone convenient in the moment.  Should such a turning take place it will shatter the WEF which both Russia and China see as a threat to their existence and prosperity, having informed the WEF that neither one will participate in their grandiose plans. And this will leave many a politician looking for a way out, especially when they realize they are alone without cover.
 
The implications of such a turning is a total win for the Chinese silk roads and will divide the world even more than it is today. And global trade patterns will change immensely. 
 
China has worked on this strategy for a long time and has its’ tentacles into Africa and South America as well and is far more active behind the curtain than its people know. The Middle East is now a sea of change and it will not return to the past. Iran has turned to China and this is well recognized now by more and more people daily. Pakistan is definitely in the orbit of China saying NO to America wanting bases. India has very string links to Russia far beyond what people know. 
 
American hegemony as it once was will be tested in Europe like never before and the hold that once was, will change in the future. Even the structure of the EUROPEAN  Union is likely to be altered. 
2022 will usher in a whole new set of challenges as the die is cast.
 

END

EU Must Establish ‘Direct Contact’ With Putin: Germany’s Merkel

 
THURSDAY, JUN 24, 2021 – 09:26 AM

On Thursday German Chancellor Angela Merkel urged the European Union to seek better relations with Russia – comments which came days after Russian President Vladimir Putin published an op-ed in the German weekly newspaper Die Zeit which called for “partnership” in Russia-Europe relations and not the current climate of confrontation.

“In my opinion, we as the European Union must also seek direct contact with Russia and the Russian president,” Merkel said in an address to the Bundestag lower house of parliament.

Referencing the June 16 Putin-Biden summit in Geneva, which apparently the Europeans consider created enough positive momentum to build upon, Merkel said, “It is not enough for the American president to talk to the Russian president,” while stressing that the EU side “must also create different formats for talks.”

AFP via Getty Images

Berlin no doubt also has in mind Biden’s dropping of sanctions on the German company overseeing the Nord Stream-2 natural gas pipeline as an “opening” in the right direction, which the White House indicated was reluctantly done in order to not undermine relations with its close European ally. 

Perhaps ironically Germany has joined its Western partners in condemning both the recent Russian troop build-up episode near Ukraine, as well was alleged Russian human rights abuses, with the case of imprisoned Alexei Navalny foremost on this list – all the while Berlin has been unwavering in pushing the NS2 pipeline toward completion. 

The German Chancellor said further in her speech according to Moscow Times

Merkel said recent events had shown that it was not enough “if we react to the multitude of Russian provocations in an uncoordinated manner.”

Rather, the 27-member bloc should put up “a united front against the provocations.”

The day prior a report in FT cited EU diplomatic insiders who said that “Germany believes that the Biden-Putin summit provides a template for restoring relations with Russia.”

EU communications with Putin have remained at a low-point, and essentially non-existent in terms of any formal mechanism, since Crimea came under Russia which the West has long condemned as an act of “annexation” and expansionist aggression committed against Ukraine. All of this appears a move to restore normalized and more permanent and even positive EU communications with the Kremlin.

However, it remains that “the proposed new outreach activities with Moscow may alarm some EU member states, such as the Baltic States and Poland, which are adjacent to Russia and want to take a tougher stance against the Kremlin,” according to the FT report.

This pushback is coming loud and fierce on Thursday, according to Politico

Dutch Prime Minister Mark Rutte said he has no objections to the Franco-German proposal of an EU summit with Russian President Vladimir Putin — as long as he doesn’t have to participate himself. “I don’t mind a meeting with Vladimir Putin by the two presidents,” Rutte said, referring to European Council President Charles Michel and European Commission President Ursula von der Leyen. “I will not participate in a meeting with Vladimir Putin myself.”

Relations with Russia are a sensitive topic for Rutte, as 196 Dutch citizens died in the downing of the MH17 flight in 2014, for which the Netherlands and large parts of the international community hold Russia responsible.

And more: “Russia is already causing tension in the [Europe] Council building, with Estonian Prime Minister Kaja Kallas pushing back against the idea of an EU summit with Russian President Vladimir Putin.”

As expected, Poland is also said to be leading the pushback against the Franco-German calls for greater dialogue and engagement.

end

Israel/COVID//Vaccine/

From the Jerusalem Post and special thanks to Chris Powell for sending this to us:

Israel delays entry of vaccinated tourists until August due to Delta strain infiltrating their hugely vaccinated country

(JerusalemPost)

Israel delays entry of vaccinated tourists until August due to COVID uptick

Vaccinated tourists were originally expected to be allowed into Israel starting on July 1.

TRAVELERS CONVERGE at Ben-Gurion Airport late last month, as the skies begin to open up. (photo credit: YOSSI ALONI/FLASH90)
TRAVELERS CONVERGE at Ben-Gurion Airport late last month, as the skies begin to open up.
(photo credit: YOSSI ALONI/FLASH90)
 
Vaccinated foreign tourists are not going to be allowed into Israel before August 1, Prime Minister Naftali Bennett’s government decided Wednesday, as Israel faces an increase in coronavirus cases.
 
In addition, the obligation to wear masks indoors will be restored if the average daily cases will exceed 100 for a week.
 
 
 
 
“Our goal at the moment, first and foremost, is to protect the citizens of Israel from the Delta variant which is raging in the world,” Bennett said. “At the same time, we want to reduce as much as possible the disruption to daily life in the country. Therefore, we decided to act as early as possible – right now – so as not to pay a heavier price later on, by taking responsible and quick actions.
 
“It is up to us,” he said. “If we adhere to the rules and act responsibly, we will succeed together.”
 
Vaccinated tourists were originally supposed to be allowed into the country starting on July 1. In recent days, the country has been hit by the Delta variant, causing an increase in infections in cities such as Modi’in and Binyamina. At the moment, some 250 students and 50 teachers in Israel have tested positive for the virus.
 
“I’m not surprised by this outcome, but I’m disappointed because I felt that Israel was untouchable when it came to COVID, and I thought the opening would be on time,” tourist Jamie Hayeem said.
 
“I’m so sad. I had been looking forward to it, but I’m glad that the country is taking necessary precautions to stay safe,” said Gaby Danziger, another tourist.
end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//IVERMECTIN

This is very serious,  Myocarditis is the inflammation of the heart muscle.  It is basically all of the heart’s muscles are inflamed. The spike protein (which we highlighted to you on many occasions) instead of remaining in the arm muscle (deltoid)  travels through the blood and settles in 4 places:  1) ovaries  2) bone marrow  3) heart  4) brain

All 4 areas causes severe damage.  The reason for the attachment onto the heart is the huge number of ACE 2 receptors on the heart.  The Spike protein is very toxic and when attached it causes a cytokine storm to the heart and thus inflammation.  The heart muscle cells cannot regenerate and thus if they die off, the heart develops scar tissue similar to what happens to you if you have a heart attack.

So please understand what is going on here..

(Stieber)

CDC Finds More Cases of Heart Inflammation Than Expected in Vaccinated Young Males

June 23, 2021 Updated: June 23, 2021

More than 1,200 cases of heart inflammation in adolescents and young adults following Pfizer’s or Moderna’s COVID vaccine have been reported to health authorities in the United States, the Centers for Disease Control and Prevention (CDC) said on June 23.

The bulk of the reports submitted to the Vaccine Adverse Event Reporting System, a passive reporting system run by two top health agencies, dealt with myocarditis or pericarditis experienced after a second dose of a messenger RNA-based COVID-19 vaccine.

Of the 1,226 reports of post-vaccination heart inflammation—a jump from less than 800—827 were for myocarditis or pericarditis after dose two. Another 267 were after a first dose. The rest were reports after an unspecified dose.

Most of the cases were seen after the Pfizer-BioNTech shot. The others were seen after a Moderna shot.

Continuing a trend first seen earlier this year, the majority of the patients were male. About 40 percent were 29 years old or younger.

Of the 323 cases meeting the CDC’s case definition, 309 were hospitalized. Nine are still hospitalized.

The case rate, based on reports to the reporting system, is higher than expected in young males.

cdc

 

A general view of the Centers for Disease Control and Prevention (CDC) headquarters in Atlanta on Sept. 30, 2014. (Tami Chappell/Reuters)

For males between the ages of 12 to 17, the expected number of cases following dose one using a 21-day window was two to 21. The observed incidence was 32 through June 11.

For males between the age of 18 and 24, the expected number of cases using the same parameters was three to 34. The observed incidence was 47.

Following dose two using a 21-day window, the observed rate was much higher in males up to 39 years old. It was also higher for females from 12 to 24 years old.

The data were presented by Dr. Tom Shimabukuro, a CDC official, to the agency’s vaccine advisory committee.

“It does appear that the mRNA vaccines may be a trigger for myocarditis,” Dr. Matthew Oster, a pediatric cardiologist at Children’s Healthcare of Atlanta, told the panel in a presentation that took place before Shimabukuro was set to speak.

Additionally, Dr. Grace Lee, co-chair of the COVID-19 Vaccine Safety Technical Work Group, said later that data available to date “suggest likely association of myocarditis with mRNA vaccination in adolescents and young adults.”

Pfizer and Moderna didn’t immediately return requests for comment.

The panel was meeting to hear updated data on post-vaccination heart inflammation cases. An emergency meeting on the subject was supposed to take place last week, but was folded into the regularly occurring meeting on June 23 because of the new Juneteenth holiday.

Experts say the panel could end up recommending that certain age populations shouldn’t get mRNA-based vaccines or that youths only get one shot, not two.

 

end
 
Same story as above from zero hedge.  Where is the WHO on this important issue
(zerohedge)

CDC Confirms mRNA Jabs Linked To Rare Cases Of Heart Inflammation In Young Men

 
THURSDAY, JUN 24, 2021 – 02:30 PM

European health authorities have more or less confirmed that adenovirus-vector vaccines produced by AstraZeneca and J&J can, in rare instances, cause potentially deadly cerebral brain clots in patients with low blood-platelet counts. These findings, which were hinted at during the late-stage trials for the AstraZeneca vaccine (which saw its US trials halted for a month over safety issues) have led to some European governments imposing restrictions on the vaccines.

Fortunately for the US, there hasn’t been any evidence of potentially serious (and rare) side effects – until a few weeks ago, when it was first reported that the CDC was scrambling to hold an emergency meeting to discuss a problem.

As the number of cases of heart inflammation popping up in the VAERS database of complaints of potential vaccine-related complications, the agency was being forced to look into it.

Now that the internal probe has been conducted, the agency has begrudgingly confirmed that young male patients might be at heightened risk of heart inflammation that, while not deadly, could still cause serious problems that require treatment.

The FT reports that the CDC has found a “likely association” between a handful of cases of heart inflammation and the mRNA COVID-19 vaccines. The reactions were documented in adolescent patients, which might explain the delay in detection since teenagers have only just become eligible.

There were 323 confirmed cases among people who received the vaccine of certain types of heart inflammation in the US up to June 11, with 309 people requiring hospital treatment. Nearly 80% of the people with confirmed cases have fully recovered, according to the CDC’s Vaccine Safety Technical Work Group.

The cases have prompted the agency to start monitoring for new instances of myocarditis and pericarditis, two different types of heart inflammation, to see if any new cases or potential links emerge. The demographic group that’s most vulnerable so far appears to be men under the age of 30 (by contrast, the rare side effect for the AstraZeneca jabs mostly impacted young women). Right now, the cases of heart inflammation have occurred at a rate of 4.4 per million vaccine doses after the first dose, then rising to 12.6 per million after the second dose, which is still exceedingly rare.

If an adolescent patient experiences heart inflammation after their first dose, the CDC recommends deferring the second dose.

“This is an extremely rare side-effect, and only an exceedingly small number of people will experience it after vaccination,” doctors from the US health department, CDC and others said in a statement following the meeting. “Most cases are mild, and individuals recover often on their own or with minimal treatment. In addition, we know that myocarditis and pericarditis are much more common if you get Covid-19, and the risks to the heart from Covid-19 infection can be more severe,” they added.

In the US and Israel, high vaccination rates have prompted authorities to start vaccinating younger and younger patients, with Israel now vaccinating patients as young as 12. Anyone who objects is quickly reminded of the threat of “variants” like the mutant strain “Delta”. Meanwhile, the developing world is still woefully undersupplied, leaving even the most vulnerable patients without access.

 
 
ISRAEL/CORONAVIRUS//DELTA STRAIN
 
Fully vaccinated Israelis may be forced to quarantine after exposure to the Delta variant. The reason is that the Pfizer vaccine is basically ineffective against this strain.  This is why you never vaccinate in the midst of a pandemic.  The virus undergoes a selective process for transmission and these new variants are impervious to all vaccines.  The only cure: ivermectin..!!
(zerohedge)

Fully Vaccinated Israelis May Be Forced To Quarantine After Exposure To “Delta” Variant

 
WEDNESDAY, JUN 23, 2021 – 07:00 PM

As concerns about the threat posed by the “Delta” variant, a mutant strain of COVID-19 first discovered in India that’s believed to be much more dangerous than rival strains, intensify, Israeli health officials have just been given the authority to quarantine pretty much anybody who is exposed to “Delta”, even if the individual is already fully vaccinated, Reuters reports.

The heavy-handed decision comes after a warning by new Israeli Prime Minister Naftali Bennett on Tuesday over new outbreaks caused by “Delta” . Bennett complained that daily infections have been rising again in Israel after weeks of a low plateau credited to the country’s record mass-vaccination drive.

Under the updated Health Ministry directive, vaccinated or formerly infected people can be ordered to self-isolate for up to 14 days if authorities suspect they may have passed in “close contact with a carrier of a dangerous virus variant.”

This could include having been passengers on the same plane, the ministry said, a possible dampener on Israel’s gradual opening of its borders to vaccinated summer tourists.

Addressing the Knesset (Israel’s parliament), Health Minister Nitzan Horowitz said fines of “thousands of shekels” might be levied against Israeli citizens or residents who travel to countries blacklisted as high COVID-19 risks.

On June 16, the Health Ministry listed Argentina, Brazil, South Africa, India, Mexico and Russia as off-limits to Israeli citizens or residents unless they receive special permission.

Some 55% of Israel’s 9.3MM population have received both doses of the Pfizer-BioNTech vaccine, and a steep drop in cases had prompted most economic restrictions to be lifted. But just days earlier, Israel announced plans to start vaccinating teenagers between the ages of 12 and 15.

Offering an example of how different countries are handling the potential threat posed by the “Delta” variant, analysts at Rabobank pointed out that the UK has a far larger presence of the Delta variant, but that hasn’t stopped it from allowing everyone to travel internationally from August; and Thailand, where COVID variants are also spreading, is opening up to tourism starting July 1 (in Phuket) and nationally beginning in October.

Meanwhile, Israel, which became the first developed nation in the world to vaccinate its population using mostly Pfizer doses, has already reinstated its mask rules after briefly removing them last week.

END

If this is so, why vaccinate?  why social distance if you have been vaccinated? Mask Mandate indefinite? Social distance indefinite?

(Watson/SummitNews)

WHO Official Says Mask Mandates & Social Distancing Should Continue Indefinitely

 
WEDNESDAY, JUN 23, 2021 – 08:40 PM

Authored by Paul Joseph Watson via Summit News,

A top WHO official says that mask mandates and social distancing should continue indefinitely in order to protect against new variants of COVID-19.

The comments were made on Sky News by Special Envoy on Covid for the World Health Organisation (WHO). Dr David Nabarro.

Nabarro suggested that there would be a long list of mutations of the Indian variant which would in some cases evade the protection offered by vaccines.

“We will go from Delta to Lambda and then on to the other Greek letters, that’s inevitable, and some of these variants will be troublesome,” he said.

“I’m basically saying variants are going to go on coming. That’s part of life, we need to pick them up fast, we need to move quickly if we see them in a certain location, we need to build the management of variants into what we call our Covid-ready strategy, which is going to be the pattern for the foreseeable future,” he added.

According to Nabarro, mask mandates and social distancing need to remain in place for the foreseeable future “as part of our defence” against COVID, particularly in regions which have high infection rates.

As we highlighted earlier, England is set to drop all face mask rules on July 19 after it was revealed that they were having a massive negative impact on businesses and wiping billions off the economy.

Several government advisers have called for coronavirus restrictions to continue forever, not just to defend against COVID, but also to fight influenza.

Former Communist Party member and SAGE adviser Susan Michie said earlier this month that mask mandates and social distancing should continue “forever” and that people should adopt such behaviour just as they did with wearing seatbelts.

It never ends.

end

NATURAL NEWS

We promised you that this would happen! Now hundreds of doctors are getting Covid 19 after being vaccinated and many hospitalized

Lance Johnson/NaturalNews)

Hundreds of DOCTORS get covid-19 AFTER being vaccinated, with dozens hospitalized

 
Image: Hundreds of DOCTORS get covid-19 AFTER being vaccinated, with dozens hospitalized
 

(Natural News) Indonesia is seeing a new wave of hospitalizations, as hospital bed capacity reaches 90 percent. More than 350 healthcare workers have tested positive for covid-19, despite being vaccinated earlier this year. Dozens of vaccinated doctors are now hospitalized. The so-called “efficacy” of the vaccination protocol is already wearing off, putting the vaccine guinea pigs at greater risk to the latest coronavirus variants.

Badai Ismoyo, head of the health office in the district of Kudus, says many of the vaccinated doctors are isolating at home and getting better. However, dozens of these vaccinated doctors are hospitalized with high fevers and are experiencing low oxygen-saturation levels. Some are being wheeled into the ICU.

Fully vaccinated Indonesian healthcare workers are being hospitalized en masse

At the capitol of Jakarta, radiologist Dr. Prijo Sidipratomo reports there have been at least half a dozen doctors hospitalized with COVID-19 in the past month alone, despite being fully vaccinated. The healthcare workers are now concerned that the vaccinations are failing. “It is alarming for us because we cannot rely on vaccinations only,” said Dr. Sidipratomo.

At first, the vaccines appeared to work, to some degree. The number of Indonesian healthcare workers who died from COVID-19 dropped sharply from 158 in January to 13 in May. But the short-term efficacy of these vaccines has already worn off. It’s also hard to know the reasons why fully vaccinated healthcare workers are dying now. The Indonesian medical system has not been forthcoming with information on why healthcare workers died before and after being vaccinated. The cause of these deaths are easy to mislabel, relabel and misconstrue. If these healthcare workers died last year, it was easily labeled “death by covid-19” but this year, medical systems are slow to announce that either covid-19 or the vaccine caused their death.

Siti Nadia Tarmizi, a senior health ministry official, has refused to comment on the number of vaccinated healthcare workers who have passed away in 2021. However, there have been at least six confirmed cases of hospital staff dying with symptoms of covid-19 post-vaccination – including one nurse and five doctors. The number of doctor deaths post-vaccination do not seem to be as important as the number of doctors who passed away since this bioweapon experiment began.

Mass vaccination campaigns are pressuring new variants into existence, causing new fatalities

Kudus is home to nearly 5,000 healthcare workers. In January, front-line healthcare workers were given top priority for the covid-19 experimental vaccines. According to the Indonesian Medical Association, almost every single healthcare worker in the region took the experimental vaccine protocol. Indonesia is using the emergency use Sinovac vaccine, which was developed in Beijing.

The World Health Organization gave the Sinovac vaccine emergency use listing in June — even though short-term, preliminary clinical studies showed it only prevented symptomatic disease half the time (51 percent). The vaccine’s purported efficacy is no better than flipping a coin. Moreover, there’s no data on the vaccine’s ability to prevent hospitalization and death over time. The real factors that determine hospitalization and death are never studied in these clinical vaccine trials. This lackluster data on vaccinated populations was not compared to data on natural infection, which is also known to exhibit mild symptoms for healthy people, and has proven to convey long-lasting immunity.

Worse yet, after the mass vaccination campaigns began, covid-19 cases suddenly became labeled “covid-19 variants” as “breakthrough cases” began appearing in the vaccinated populations. Now the general population is dealing with new “variants” that have mutated into existence post-vaccination. This crisis will only grow worse as the health of the innate immune system is suppressed and neglected.

END

INDONESIA//DELTA VARIANT//

Delta variant wreaking havoc in Indonesia. They are not using Ivermectin. The Chinese vaccine does not work quite well against the various strains

(McBeth Asia Times//

Delta variant wreaking havoc on viral Indonesia

New infections surge as more contagious strain takes hold amid a laggard vaccination campaign

 

A mask wearing ondel-ondel puppet which are featured in Betawi folk culture of Jakarta, decorates a Covid-19 vaccination center in Jakarta on June 23, 2021, as Indonesia’s infection rates soar and hospitals are flooded with new patients, prompting warnings that the Southeast Asian nation’s health crisis could spiral out of control. Photo: AFP / Goh Chai Hin

JAKARTA – The Indonesian government may have prevented tens of millions of people from returning to their hometowns in the immediate aftermath of the Ramadhan fasting month, but once the restriction was lifted in mid-May it could do little to stop the inevitable floodtide that followed.

The consequences of that are now being felt following a dramatic rise in Covid-19 infections from a plateau of 5,500 daily cases in early June to 15,508 on June 23, similar to what happened following the Christmas-New Year holidays.

It is the highest single-day rise since the pandemic hit the country in February last year, with the number of deaths rising by more than 100 a day over the last three weeks to 55,544 and a positivity rate now recorded at 49%.

Effective Friday, Hong Kong has banned all flights from Indonesia, placing the country on its extremely high-risk list, or Group A1, alongside Brazil, India, Nepal, Pakistan, the Philippines and South Africa.

The latest outbreak has included a large number of cases of the so-called Delta variant, which health experts say is more transmittable than the original Covid-19 strain and was responsible for a huge increase in infections across India in recent months.

So far, the majority of cases have been in Central Java, where the local government has designated 13 districts and cities as red zones, including the provincial capital of Semarang and its surrounding area.

In the worst-hit district of Kudus, scores of stricken health workers recently injected with the Sinovac vaccine have all recovered quickly, encouraging news for a country that is relying heavily on China for its early vaccine rollout.

 

The South Tangerang Health Service in collaboration with the Teras City Mall held a mass vaccination for service workers in the Tourism Industry sector in South Tangerang on June 23, 2021.Photo: AFP / Donal Husni / NurPhoto

“Ninety percent of the health workers, who are all self-isolating, can return to work,” district health chief Badai Ismoyo said this week. “This shows that the vaccine given to them is really effective in protecting them against the worst conditions.”

Although those who have been inoculated can still be infected, Indonesia’s Health Ministry said last month that an evaluation of data collected since January 13, when Sinovac was first administered, showed it was 98% effective in preventing deaths among coronavirus patients.

The abnormal number of reported new cases in Kudus may be related to the fact that it is the hometown of tobacco billionaire Robert Hartono, Indonesia’s richest man, who is understood to have funded the equipment for a vigorous testing program there.

As he has done from the start, President Joko Widodo has ruled out lockdowns, insisting that social restrictions are the best option taking into account what he calls the “economic, social and political conditions.”

But in efforts to rein in the latest surge, the government has introduced a broader range of new measures, including limiting all offices in designated red zones to 25% of their capacity and calling off plans to re-open schools for now.

According to the Indonesian Pediatric Society, about 12% of the confirmed Covid-19 cases across the country have been children aged between six and 18, with a fatality rate of 3-5% – one of the world’s highest rates.

Activities at places of worship and other public areas have been banned, while restaurants and malls will be allowed to remain open, though they will also be limited to 25% of their capacity until at least July 7, depending on whether the situation improves.

 

People ignoring health protocol social distancing during rush hour on a train in Jakarta on June 23, 2021. Photo: AFP / Donal Husni / NurPhoto

In Jakarta and the weekend getaway of Bandung, where infections have shown the sharpest rise, police have erected roadblocks to restrict mobility between the two cities and also to other destinations in West Java, the country’s most populous province. 

Indonesia’s infections have now soared past the two million mark, which puts it 18th in the world. Although the number of deaths now tops 55,000, the ratio of 200 fatalities per million population is better than 113 other countries and territories, according to Worldmeters.

Last week saw more than 78,500 new cases, a 42% increase from the 55,000 cases the previous week – the fastest weekly surge since June last year when the pandemic was taking hold across Java and faster than during the last spike in February.

Health Minister Budi Gunadi Sadikan has described the increase as “extraordinary.” Ministry data shows that the hospital bed occupancy rate for Covid-19 victims has passed the 60% threshold, with the healthcare system in Jakarta, West and Central Java under increasing strain.

In Jakarta’s middle-class suburb of Tangerang, for example, one hospital is having to implement a selection process for patients waiting to be admitted to intensive care units as cases continue to surge.

 

Health workers remove the body of a man who died of Covid-19 at his home in Bandung on June 23, 2021, as Indonesiaís infection rates soar and hospitals are flooded with new patients, prompting warnings that the Southeast Asian nation’s health crisis could spiral out of control. Photo: AFP / Timur Matahari

Meanwhile, the vaccination program has picked up pace after a delay in the delivery of supplies. President Widodo has called for 700,000 doses to be administered each day this month and has set a target of one million doses in July as the country seeks to vaccinate 181.5 million citizens by May next year.

So far, 12.4 million Indonesians have been fully vaccinated, or 4.6% of the population, and another 23.5 million are awaiting their second shot, with indications that vaccination resistance isn’t a serious issue. By comparison, India has vaccinated 3.7% and Brazil 11.5%.

Health officials say Indonesia has received 104.7 million doses so far, consisting of 94.5 million doses of the Sinovac-manufactured vaccine, 8.2 million doses of Astra-Zeneca and another two million doses of China’s Sinopharm.

A small percentage of Sinovac arrived in bulk form, which is then processed by Bio Farma, the state pharmaceutical company.

END

CANADA

Canadian hospitals are no longer full with COVID 19 patients…they are full with vaccine injured patients

(Before its News)

https://beforeitsnews.com/blogging-citizen-journalism/2021/06/canadian-hospitals-are-no-longer-full-with-covid19-patients-now-they-are-filled-with-vaccine-injured-patients-2650379.html

Canadian Hospitals Are No Longer Full With COVID19 Patients – Now They Are Filled With Vaccine Injured Patients

 
 
 
 
 
 

Last week I posted a video that included Canadian virologist Dr. Byram Birdle who spoke at a press conference organized by Canadian politician Derek Sloan. Birdle talked about how the vaccines with the MRNA (Pfizer) were causing problems with the youth in Canada by causing heart problems. He also mentioned how his family was being threatened and how he was being censored.

I was not paying too much attention to the beginning of the press conference in Ottawa when MP (Member of Parliament) Sloan mentioned that he received several letters from health care workers and in one letter a nurse mentioned that none of the patients in her hospital in Eastern Ontario were there because of the Coronavirus, but instead were there because they had reactions to the vaccines they were jabbed with.  

 

 
END
 

GLOBAL EMPLOYMENT//AFTER LOCKDOWN LIFTED

Major global financial hubs still have not seen employees returning to the office despite the fact that COVID restrictions have been lifted

(ZEROHEDGE)

Major Global Financial Hubs Still Aren’t Seeing Employees Returning To The Office

 
THURSDAY, JUN 24, 2021 – 04:15 AM

Some of the world’s most well known financial centers are still slow to get back to the office, despite the fact that many Covid restrictions globally have been lifted. 

Workplace activity in major cities like New York, London and San Francisco is still about 50% below pre-pandemic levels, according to a new report by Bloomberg. Other cities like Frankfurt and Hong Kong also remain less active than prior to the pandemic, as measured by office space use and use of local transit. 

Businesses are dealing with pressure from employees to transition to a more “work from home” model and the complications of making sure that those who do turn up back to the offices are vaccinated and not spreading the virus at the workplace. 

In Frankfurt, bars and cafes are open again, but “the financial district continues to be eerily deserted, with only the occasional worker entering or leaving one of the city’s many high-rise buildings,” the report notes. Mobility data provided by Google for the region suggests activity is down about 17% from prior to the pandemic, despite Frankfurt being one of Europe’s busiest hubs. 

Slow vaccine rollouts have made it difficult for life to return back to normal in the German city. 

In London, the city is dealing with the spread of the delta variant, which forced Prime Minister Boris Johnson to postpone reopening of the city until July. This means that banks like Deutsche Bank and Goldman Sachs have had to pause their plans to get staff back to their desks.

It has also dealt yet another blow to the city’s restaurants, pubs and retailers.

Traffic in the Square Mile had begun to pick up prior to Johnson’s recent announcement, according to location data compiled by Mapbox.

Hong Kong currently has “most workers” back at their desks. The question is whether or not they’re going to be able to stay there.

That hinges on whether or not “the government being able to persuade more citizens to take the vaccine,” Bloomberg writes. Daily infection numbers have hovered near zero for weeks and office attendance has “nearly” returned to pre-pandemic levels. The city is grappling with a low vaccination rate, the report notes:

Despite being one of the few places in the world where vaccines are available to all adults, the 2.75 million doses administered are only enough to fully vaccinate 18.3% of the population, according to Bloomberg’s Vaccine Tracker—well below Singapore at 28.3% and London at 29.1%.

Vaccine reluctance in Hong Kong reflects a mistrust of the government, as key political freedoms have been eroded following 2019’s unprecedented street protests. The unrest has prompted doubts among companies about the city’s stability as a place to do business. Together with the economic downturn, these concerns have contributed to falling office rents and rising vacancies.

Average daily passenger numbers on major rail routes reached 73% of levels they were at during the same month in 2019. Banks like Goldman Sachs have already re-opened. 

Many people are still working from home in Singapore, in what has become the “default arrangement” for businesses. Singapore locked back down in May after Covid cases spiked to a few dozen a day. 

Office workers that month dropped 23% as a result. Last May, that number dropped 60%. Workers had just started coming back to the office prior to May’s lockdown. For example, CapitaLand Integrated Commercial Trust (CICT), recorded 51% of workers back in the office at the time. 

Office vacancy rates show a “slow return” to the office. Rents for the most desirable office space fell for the fifth quarter in a row during the first three months of 2021, the report notes. 

Christine Li, head of research for Asia Pacific at Knight Frank in Singapore, commented: “Most companies want to bring their staff back to the office on a regular basis, but the world has evolved post-Covid. Offices are becoming an intentional destination just like shopping malls, where people don’t go back all the time to get individual tasks done.”

New York is also waking up, albeit slowly. Less than 40% of people are using trains compared to numbers prior to the pandemic. “Most restrictions on business capacity and social distancing were lifted in May,” the report notes.

Yet, at the same time, there remains significant vacancies in the city’s commercial real estate market, with supply reaching its highest level in “at least three decades” in the first quarter of 2021. 

In San Francisco, despite more than 80% of the city’s population getting vaccinated, more than 9 million square feet of offices are up for sublease in the first quarter. It’s the highest amount going back to 2005. 

Only about 19% of office workers in the San Francisco metro area had returned to their offices, according to Kastle Systems. It marks the lowest share of all 10 U.S. cities that the company keeps track of. 

Scott Hazard of Australian software company Atlassian Corp., concluded: “Folks haven’t fully reemerged yet to define their preferences and commuting behaviors and/or office needs.”

END

GLOBAL INFLATION TRENDS

This will surely raise the cost of items globally:  shipping rates reach $100,000 per day

(Greg Miller/FreightWaves)

More Container Ships Score “Astronomical” $100,000/Day Rates

 
THURSDAY, JUN 24, 2021 – 02:50 PM

By Greg Miller of FreightWaves,

Multi-month container-ship charters continue to be signed at jaw-dropping rates above $100,000 per day. The market is getting even tighter, pushing charter rates and durations higher still. Even so, there’s something to be said for shipowners taking a few chips off the table — and some are. To quote American financier Bernard Baruch: “I made my money by selling too soon.”

Shipowner executives participating in the Marine Money Week virtual conference on Wednesday discussed the historic strength of today’s container-ship chartering market and how this unprecedented boom could end.

There was zero talk of a slowdown in 2021. But there was talk of uncertainty further out, particularly in 2023. For shipping stock traders, what happens two years from now doesn’t matter. For shipowners who are in the family business for life, it does.

Bonanza for short-term charters

As previously reported by American Shipper, the 15-year-old, 5,060-twenty-foot equivalent unit (TEU) S Santiago was chartered at $135,000 per day for 45-90 days. Alphaliner subsequently reported that the 4,506-TEU CO OSAKA was chartered for two months at $125,000 per day.

Speaking on the Marine Money panel, Symeon Pariaros, chief administrative officer of Euroseas (NASDAQ: ESEA), pointed to “owners taking very short-duration charters at stratospheric levels.” He cited a ship of the same size as the CO OSAKA getting $90,000 per day in recent weeks.

Constantin Baack, CEO of MPC Container Ships (Oslo: MPCC), revealed a new deal that sounds like a record in terms of dollars per day per TEU of ship capacity. 

“The new normal for vessels of up to 5,000 TEUs is a charter duration of two to four years. If you go shorter you get a significant premium. If you have the right vessel in the right place you can get astronomical rates in the short term,” he said.

“We have just fixed [chartered] a 2,800-TEU vessel at above $100,000 per day for 65 to 80 days. We bought that ship, which was [built in] 2008, for $8 million. This charter alone pays $8 million. That gives you an idea of how interesting the market is at the moment if you catch the right deal.

“We have fixed about 30 vessels already this year and we have another 26 coming up [for charter renewal], so we know pretty well where the market stands,” said Baack. “What we’ve seen is that over the last five weeks alone, it has really skyrocketed, both on periods and rates, and there’s no end in sight. There’s no reason to be pessimistic for the next couple of quarters.

“There are almost no ships available,” he emphasized. “And very importantly, the difference compared to the last 12 years, especially in the smaller-ship segments, is the long-term charters.” When ships are leased for multiple years, they’re out of the market until their charters expire. Consequently, “the market will dry out even further,” said Baack.

Some owners still opt to sell

With charter rates at unprecedented levels, why are some players still selling their ships?

Earlier this month, U.K.-based Borealis Finance sold 12 vessels to Global Ship Lease (NYSE: GSL) for $232.9 million. In an interview with Tradewinds, Borealis CEO Christoph Toepfer explained, “We’re quite optimistic for this market but at some stage it will end. We may have given up some upside, but that’s fine. People sometimes forget that selling is part of a successful investment track record.”

Other recent divestments include last month’s sale of two 2016-built, 9,288-TEU ships by Capital Product Partners (NYSE: CPLP) and Songa Container’s sale of its entire 11-ship fleet to MPC Containers, announced Tuesday.

Asked why Capital Product Partners sold the two ships, Jerry Kalogiratos, the company’s CEO, replied, “We achieved record-high prices. When you sell vessels in a market like this, you have to ask: What do you do with the money from the sale compared to what you would have achieved in the charter market, plus residual value risk?

“In our case, the sale unlocked approximately $100 million in equity between the two ships and we can take part of this money and invest in brand new, larger, more energy efficient, more environmentally friendly ships with hybrid scrubbers and increased reefer capacity, [backed by charters for] 10-year employment.

“So, it was really an arbitrage between chartering the ships and selling them and redeploying the money, with the unknown, of course, being what happens in the charter market between the delivery of the vessels to the new owner and the delivery of the replacements.” Judging that unknown is where the medium-term view on the charter market comes in.

How chartering boom could end

“I fully agree that short-term prospects are very strong and the charter market is going from strength to strength,” said Kalogiratos. “But the orderbook is expanding. I don’t think 2022 is at risk but from 2023 onwards, we will have increasing deliveries.

“I also think that a lot of the restrictions on current [vessel] supply come from the impact of COVID. It’s like a game of whack-a-mole. There’s congestion on the West Coast, then Yantian and now in Northern Europe at important terminals like Rotterdam. It seems this is going to continue, but the question is for how long, especially as there are more vaccinations outside the Western world.

“The other side is that consumer spending is going to go away from consumption of containerized goods [and more towards services]. I think we will see more balanced supply and demand sometime in 2022. And in 2023 we could increasingly see more risk to the downside. So, reaping record high profits [from the ship sales] … seems sensible.”

end

MEXICO RATE RIKE//SHOCKINGLY TO CURVE INFLATION

“Not Transitory”: Peso Soars After Mexican Central Bank Shocks With Unexpected Rate Hike

 
THURSDAY, JUN 24, 2021 – 02:41 PM

Hyperinflation may be transitory in the US whose clueless central bank will watch as prices surge by double digits before intervening (if then), but the southern US neighbor, the central bank has seen enough and after pulling a Fed and for months saying that inflation will decline (spoiler alert: it has not) on Thursday Mexico’s central bank became the latest to jump on the tightening bandwagon when it unexpectedly raised rates the first time since 2018 as concern mounts – in the country that can now safely say it neighbors the true banana republic – that persistently elevated inflation may threaten the rebound and crash the economy.

In a “shocking” – to Jerome Powell – move, Banco de Mexico, better known as Banxico, raised its key rate by a quarter-point to 4.25% in response to a jump in inflation that policy makers had previously described as transitory. The decision surprised all 23 economists surveyed by Bloomberg who had expected the bank to hold at 4%.

Ahead of the decision, Mexican data showed that inflation accelerated further in early June to 6.02%, also surprising analysts. Banxico, as the central bank is known, targets inflation at 3%, plus or minus 1 percentage point.

The rate hike comes after Mexico’s economy shrank by 8.2% in 2020, the most in almost a century, and the bank’s aggressive easing provided the only substantial form of economic stimulus during the crisis as the government kept an austere fiscal policy. The economy has rebounded faster than expected so far in 2021, adding to inflationary pressures, with the bank projecting 6% growth for the year according to Bloomberg.

While inflation appeared to peak at 6.1% in April Y/Y, it has barely declined since then, complicating the central bank’s task after initially lying that the inflationary spike would be momentary. A similar loss of credibility awaits the Fed which has been repeating the same lie for months even as soaring prices are destroying what’s left of America’s middle class.

Thursday’s decision is the first since President AMLO nominated Finance Minister Arturo Herrera to become Banxico governor when current leader Alejandro Diaz de Leon steps down at the end of the year. If Erdogan was president, we can safely say that today’s decision would be Diaz’s last.

In response to the surprising decision, Mexico’s peso surged as much as 2.4% to trade at a session high of 19.72 per dollar.

 

END

 

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

 

Michael Every… 

Rabobank: It Is High Time For A Musical Interlude

 
THURSDAY, JUN 24, 2021 – 09:45 AM

By Michael Every of Rabobank

A Musical Interlude

As Bloomberg reports with piercing insight today that “History Suggests Summer Lull for Markets Just Around the Corner”. So it is high time for a musical interlude. Specifically, in light of the British government’s attempt to get all its school children to wail “Strong Britain, Great Nation” in unison tomorrow, I felt it necessary to provide an alternative British anthem to rally behind: it’s the British, Boaty McBoatface thing to do. So here we go (to the tune of ‘Puttin’ on the Ritz’ by Irving Berlin – a song born in 1927 and butchered to death in 2021):

“Have you seen the well-to-do; And even those in Luton too; Billionaires and folks living on welfare; All breathing British air – High prices and friendly rozzas; White-collar crime and Eurodollars; Economy of housing and City; And weather not pretty – Now, if you like that Tory blue; But you don’t know where they’re go to; At least it’s still where fashion sits; That’s right, it’s with the Brits – History’s the Blitz and the Small Boats; From Lands End to John O’Groats; Not so much the nasty bits; When you are the Brits

–Building Back Better really will be super; ‘specially when Boris says the gender’s neuter; Super duper–

Come integrate like Abramovich; Or gentrify like in Shoreditch; And then laugh at silly Euro kitsch; Because you are the Brits – And let’s Level Up a treat; To close the gap ‘tween those who eat; Hummus and fish and chips; Before the UK splits – House prices rise all the time; Yet to build on Green Belt isn’t fine; Nor’s the new H-S-2 line; Though it would save a lot of time – We love Brexit Red-White-and-Blue; But where next are we heading to; The Euros, Yankies, or Pa-ci-fics?; To be a ‘Global Brit’? – Don’t mention your chilled meat order; Or where the Northern Ireland border; Now has to fit; Eat a banger, be a Brit!

–Could The Quad now prove to be quite super?; As Chinese relations head right down the chute-r; Or shooter–

But forget that and mix your drinks; Get trolleyed or up to old high jinks; Like a punch-up with the Russkies just for kicks; Because we are the Brits”

This of course following a British naval vessel being involved in what could have been a serious altercation with the Russian military just off of the coast of Crimea. And having started out on this musical theme, I feel it is only fair to continue in the same vein with Europe, this time to the tune of La Marseillaise:

“Come on you Euros of all stripes; It’s time to sell cheese, and to sell cars – We also have a nice line in tourism; With lots of restaurants and good bars – But to sell more here’s the real trick; Let’s drop all the nasty realpolitik – Been there, and done that; We have even got the T-shirt – So come: let’s sell the cheese! And then, let’s sell those cars! Sell on! Sell on! To everyone we can – but please defend us all, Americans”

Which of course comes as US Secretary of State Blinken, on an official visit, says the US has “no better friend than Germany” – just as Berlin flags they are set on doing business with China rather than joining a US-led Cold War; and as they and Paris propose inviting Russian President Putin to an EU summit to try to revive relations. From a geostrategic perspective, it’s very hard to tell if this is part of a Nixonian EU attempt to reduce tensions on the Eastern front to allow more of a (soft) focus on China, or if it is just waving a giant white flag with the Franco-German coat of arms of fromage-und-auto emblazoned on it. Either way, the Merkel-Macron proposal won’t do much for intra-EU tensions given how central and eastern Europe feel about Moscow: remember those equal members of the Union? Apparently not. 

And to complete the musical trilogy, here is a brief ode to America, to the tune of ‘When the Saints Go Marching In’:

“Oh when the rates; Go over there; The markets will despair – But we have no idea what number; Would make the rates go over there – Could it now be; In 22? Or is this all Fed rhetoric too? – How can they meet so many diff’rent targets; With just the rates to get them there? And let’s not start; On things fiscal; Or politics so dismal – We are all still none the wiser; Just how the rates go over there.”

This following two FOMC speakers (Kaplan and Bostic) diverting from Powell’s Dove From Above performance this week to argue US rates could rise as soon as 2022 – presumably just after the mid-term elections in December. So we have just had end-2024 as a hiking date; then end-2023; now end-2022: recall our recent report arguing nobody can forecast inflation correctly? Moreover, this shift is as Bostic also argued the US housing market isn’t in a bubble(!), and that high inflation will possibly last 6-9 months, not the 2-3 months(!) he had expected. Also, as news broke of a potential Senate agreement on an infrastructure bill worth $1 trillion over 5 years, of which $579bn would be new money. Yes, it isn’t trillions (plural), but around $200bn in spending (or 1% of US GDP) every year is going to mean more demand, more commodity price inflation, and a Fed that might have to re-dot its plot and sing a new tune.

Meanwhile, the summer interlude does not necessarily apply to China. Today sees the closure of Apple Daily media in Hong Kong, prompting a withering op-ed in the Financial Times. Bloomberg also reports “Hong Kong’s Accountants Push Back After Government Power Grab”, noting “the staid accounting profession is the latest to be rattled by the chaotic changes sweeping through Hong Kong”; and that “China’s Debt Reckoning Hammers ‘Too Big to Fail’ Borrowers”. Meanwhile, Xinhua says China will boost new forms and models of foreign trade to develop a new competitive edge“Policies to support cross-border e-commerce development will be improved. Integrated pilot zones for cross-border e-commerce will be piloted in more areas. The list of goods in cross-border e-commerce retail import will be fine-tuned. Management of cross-border e-commerce import and export returns and exchanges will be made more convenient…. International cooperation in intellectual property protection, transnational logistics and other areas will be stepped up.” Does this mean cross-border trade in e-CNY? If so, who is first on the list to be paid in them, and on what payments system? The structural impediment of a largely-closed capital account remains, which is why CNY has not become a true reserve currency even though the IMF gave it a gold star when asked. Even so, this may be another (small?) step closer to a global paradigm shift.

Likewise, the summer is unlikely to be quiet on the Iran nuclear/oil front. Tehran reports another –foiled– sabotage attempt at its atomic energy agency building as the US makes clear it is ready to resume negotiations (“Where do I sign?”) as soon as possible. Iran has stated the US already offered to remove over 1,000 sanctions to get a ‘yes’. Exactly which musical soundtrack provides the best backdrop to this is very much in the ear of the beholder: “We’re in the Money”, “I’d Like to Teach The World to Sing”, and “Tomorrow Belongs to Me” all seem to resonate with different global audiences. Brent crude was at USD75.36 at time of writing, above its 2018 peak.

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 THURSDAY  morning 7:30 AM….

Euro/USA 1.1936 UP .0006 /EUROPE BOURSES /ALL GREEN 

USA/ YEN 110.83 DOWN 0.188 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3913  DOWN   0.0053  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2299  DOWN .0006

 

Early THURSDAY morning in Europe, the Euro UP BY 6 basis points, trading now ABOVE the important 1.08 level RISING to 1.1936 Last night Shanghai COMPOSITE CLOSED UP 0.43 PTS OR 0.01% 

 

//Hang Sang CLOSED UP 65.39 PTS OR 0.23%

 

/AUSTRALIA CLOSED DOWN 0.19% // EUROPEAN BOURSES OPENED ALL GREEN 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN

 

2/ CHINESE BOURSES / :Hang SANG19LOSED UP 65.39 PTS OR 0.23%

 

/SHANGHAI CLOSED UP 0.43 PTS OR 0.01% 

 

Australia BOURSE CLOSED DOWN 0.53%

Nikkei (Japan) CLOSED UP 0.34 PTS OR 0.00%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1783.90

silver:$26.04-

Early THURSDAY morning USA 10 year bond yr: 1.492% !!! DOWN 0 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.111 UP 0  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 91.77  DOWN 0 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.42% DOWN 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.054%  DOWN 2/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.43%//  DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.87 DOWN 3   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: FALLS TO –.182% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY

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

Euro/USA 1.1929  DOWN     .0001 or 1 basis points

USA/Japan: 110.88  DOWN .135 OR YEN UP 14  basis points/

Great Britain/USA 1.3907 DOWN .0066 POUND DOWN 66  BASIS POINTS)

Canadian dollar DOWN  27 basis points to 1.2332

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4720 

 

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4733

TURKISH LIRA:  8.71  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.054%

Your closing 10 yr US bond yield UP 0 IN basis points from WEDNESDAY at 1.485 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.102 DOWN 1 in basis points on the day

 

Your closing USA dollar index, 91.84  UP 4  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 36.70 PTS OR 0.52% 

 

German Dax :  CLOSED UP 122.34 PTS OR 0.79% 

 

Paris CAC CLOSED UP 77.10  PTS OR 1.18% 

 

Spain IBEX CLOSED UP 109.10  PTS OR  1.22%

Italian MIB: CLOSED UP 315.60 PTS OR 1.26% 

 

WTI Oil price; 73.22 12:00  PM  EST

Brent Oil: 75.38 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.32  THE CROSS  LOWER BY 0.32 RUBLES/DOLLAR (RUBLE HIGHER BY 32 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.182 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 : 73.26//

BRENT :  75.53

USA 10 YR BOND YIELD: … 1.492..UP 1 basis points…

USA 30 YR BOND YIELD: 2.098 DOWN 1 basis points..

EURO/USA 1.1934 UP 0.0005   ( 5 BASIS POINTS)

USA/JAPANESE YEN:110.86 DOWN .150 ( UP 15 BASIS POINTS/..

USA DOLLAR INDEX: 91.78  DOWN 1  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3933 DOWN 34  POINTS

the Turkish lira close: 8.71  DOWN 6 BASIS PTS

the Russian rouble 72.31   UP 0.32 Roubles against the uSA dollar. (UP 32 BASIS POINTS)

Canadian dollar:  1.2322  DOWN 17 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.186%

The Dow closed UP  332,58 POINTS OR 0.95%

NASDAQ closed UP 191,72 POINTS OR 0.64%

VOLATILITY INDEX:  15.93 CLOSED DOWN  0.39

LIBOR 3 MONTH DURATION: 0.147%//libor dropping like a stone

USA trading day in Graph Form

Another Day, Another Short Squeeze; Small Caps & Crypto Jump

 
THURSDAY, JUN 24, 2021 – 04:00 PM

Shorts were squeezed for the 4th straight day…

Source: Bloomberg

Helping Small Caps to outperform on the day. Nasdaq lagged along with the S&P but all ended green…

The S&P, Nasdaq Composite, and Nasdaq 100 all closed at a record high.

Bank stocks outperformed the market today (despite the curve being flatter) ahead of tonight’s stress-test data…

Source: Bloomberg

Vol was clubbed like a baby seal around the pre-open for the 4th straight day…

Treasuries were a snooze-fest today… explosively unchanged across the entire curve. 10Y remains in an extremely tight range, just below 1.50%…

Source: Bloomberg

The Dollar has erased around a half of the Powell/Bullard bounce…

Source: Bloomberg

Bitcoin bounced back above $35,000…

Source: Bloomberg

Ether managed to get back above $2000…

Source: Bloomberg

Gold jumped, then dumped back into the red…

But WTI ended higher after following the mirror path to gold…

Finally, there are now over 8 trillion reasons for stocks to keep going higher

Source: Bloomberg

But one of them is NOT fundamentals.

3

a)Market trading/last night/USA/

 
ii) Market data
Initial jobless claims disappoint again with Pennsylvania being a huge outlier.  We still have close to 15 million Americans on the dole
(zerohedge)

Initial Jobless Claims Disappoint Again As Pennsylvania Pukes Again

 
 
THURSDAY, JUN 24, 2021 – 08:39 AM

After rising unexpectedly last week (to 412k), initial jobless claims were expected to drop back (to 380k), but perhaps most notably, today’s jobless claims report is the first to reflect the early June 12 phase out emergency benefits in Alaska, Iowa, Missouri and Mississippi.

The analysts were wrong – initial claims printed 411k (notably worse than the 380k expected) and relatively flat from the week before

Source: Bloomberg

But something crazy is going on in PA as for the second week in a row, it was the massive outlier in initial claims…

And this was the previous week…

Continuing claims improved, falling to 3.39mm – the lowest since pre-COVID…

Source: Bloomberg

Overall, 14.845 million Americans remain on some form of government dole...

Basically unchanged from the previous week…

Source: Bloomberg

With over 9.2 million job openings out there,

Source: Bloomberg

As more and more states end the handouts, will Americans who have grown accustomed for being paid to do nothing be willing to take a job?

end

May durable goods orders disappoint.  The  hard data seems to support the economy is heading into a big recession

(zerohedge)

May Durable Goods Orders Disappoint

 
THURSDAY, JUN 24, 2021 – 08:46 AM

After unexpectedly tumbling in April (-1.3% MoM), analysts expected preliminary May Durable Goods Orders to rebound significantly (+2.8% MoM) but they were disappointed when the print hit at only +2.3% MoM (and the month before was upwardly revised to a 0.8% drop).

Source: Bloomberg

Despite the disappointment, that was still the biggest MoM jump since January, bolstered by a sizable pickup in orders for planes and motor vehicles.

Source: Bloomberg

Orders excluding transportation equipment rose only 0.3%, slowing dramatically from the past two months…

Source: Bloomberg

All of which pushed the total amount of durable goods orders back just shy of the 2019 peak…

Source: Bloomberg

All of which is a little less exuberant than the record-breaking Manufacturing PMI print we saw yesterday.

end

Final Q1 numbers for GDP comes in at 6.4% as expected

(zerohedge)

Final Q1 GDP Estimate Comes In At 6.4%, As Expected

 
 
THURSDAY, JUN 24, 2021 – 08:54 AM

Out of today’s huge data dump, which included initial and continuing jobless claims, durable goods and capex, retail and wholesale inventories, advance trade goods balance… and finally, the third and final revision to Q1 GDP, it was the last data point would have the least impact as it was the most delayed looking at the state of the US economy at the now ancient March 31, 2021. And sure enough, the update from the BEA assured that virtually nobody would care about today’s GDP print which came in at 6.4%, unchanged from the previous print and also right on top of expectations.

There were no surprises in the closely watched personal consumption data either, which came at 11.4%, on top of expectations, and just fractionally higher than the 11.3% 2nd estimate.

The increase in real GDP in the first quarter reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, federal government spending, residential fixed investment, and state and local government spending that were partly offset by decreases in private inventory investment and exports. Imports increased.

Meanwhile, focusing on the third revision to GDP, upward revisions to nonresidential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of GDP.

Here are some of the highlights:

  • Personal Consumption contributed more than 100%, or 7.42%, of the final 6.360% GDP print, up from 7.40% in the 2nd revision
  • Fixed Investment added 2.09% to the bottom GDP number, up from 1.96% previously
  • Change in private inventories subtracted -2.67%, a slight decline from the -2.78% last month
  • Net exports saw the biggest difference, subtracting -1.5% from the bottom-line GDP on a jump in imports to -1.29% from -0.91%. Net exports subtracted -1.20% in the previous GDP estimate.
  • Finally the contribution of government was unchanged, at 1.02% in the final estimate.

Here is the same data expressed as a change from the preceding quarter.

And visually:

The increase in PCE reflected increases in durable goods (led by motor vehicles and parts), nondurable goods (led by food and beverages), and services (led by food services and accommodations). The increase in nonresidential fixed investment reflected increases in equipment (led by information processing equipment) and intellectual property products (led by software). The increase in federal government spending primarily reflected an increase in payments made to banks for processing and administering the Paycheck Protection Program loan applications as well as purchases of COVID-19 vaccines for distribution to the public. The decrease in private inventory investment primarily reflected a decrease in retail trade inventories (mainly by motor vehicles and parts dealers).

Real disposable personal income (DPI)— personal income adjusted for taxes and inflation—increased 62.0 percent in the first quarter, an upward revision of 0.3 percentage point from the second estimate. The increase in current-dollar DPI primarily reflected an increase in government social benefits related to pandemic relief programs, notably direct economic impact payments to households established by the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act. Personal saving as a percent of DPI was 21.5 percent in the first quarter, an upward revision of 0.1 percentage point.

Corporate profits from current production: Profits increased 2.4 percent at a quarterly rate in the first quarter after decreasing 1.4 percentin the fourth quarter. Corporate profits increased 15.5 percent in the first quarter from one year ago. Profits were impacted by provisions from the Paycheck Protection Program.

  • Profits of domestic nonfinancial corporations increased 5.3 percent after decreasing 3.4 percent.
  • Profits of domestic financial corporations decreased 1.3 percent after increasing 3.7 percent.
  • Profits from the rest of the world decreased 2.4 percent after decreasing 0.2 percent.

Today’s release also includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 5.4percent, private services-producing industries increased 7.7 percent, and government increased 0.2percent.Overall, 17 of 22 industry groups contributed to the first quarter increase in real GDP.

  • The increase in private goods-producing industries primarily reflected an increase in durable goods manufacturing (led by computer and electronic products, fabricated metal products, and machinery). The increase was partially offset by decreases in nondurable goods manufacturing (led by petroleum and coal products) and agriculture, forestry, fishing, and hunting (led by farms).
  • The increase in private services-producing industries primarily reflected increases in professional, scientific, and technical services; information (led by data processing, internet publishing, and other information services); administrative and waste management services (led by administrative and support services);real estate and rental and leasing; and retail trade. These increases were partly offset by decreases in other services (which includes activities of political organizations); health care and social assistance (led by ambulatory health care services); and utilities.

Looking at the all important PCE breakdown, prices of goods and services purchased by U.S. residents increased 4.0 percent in the first quarter after increasing 1.7 percent in the fourth quarter. Energy prices increased 45.8 percent in the first quarter while food prices decreased 0.1 percent. Excluding food and energy, prices increased 3.3 percent in the first quarter after increasing 1.6 percent in the fourth quarter.

In terms of the key prints, core PCE came in at 2.5% Q/Q as expected, while the Q1 GDP Price index was up 4.3%, also as expected.

Overall, the data was largely meaningless not only because it is extremely stale but because there has been a huge change between Q1 and Q2, and as such what happens in the second quarter and even more importantly, Q3, is all that matters not only for markets but also for the Fed.

iii) Important USA Economic Stories

BALTIMORE//TWO COMMENTAIRES

Goldman throws up over Biden’s new infra deal saying it will not pass and they do not know who will pay for it

(zerohedge)

Goldman Throws Up Over Biden’s Infra Deal: It’s Too Small, It Probably Won’t Pass And We Have No Idea Who Will Pay For It

 
THURSDAY, JUN 24, 2021 – 01:54 PM

With prospects before Biden’s infrastructure deal dimming by the day, and hopes of a budget-busting, multi-trillion package having collapsed long ago amid growing growing splinters within the Democratic party, the president was delighted to announce today that “he had a deal” even if details were seriously lacking.

There’s a reason for that. According to a snap post-mortem published by Goldman’s chief political economist Alec Philips, there was some good news, i.e., that the spending it includes “already looked very likely to become law.” The problem is everything else, namely that “the bipartisan deal omits items that we believe every Democrat will want to pass, like an extension of the expanded child tax credit, so we believe the odds of a reconciliation bill passing are still fairly high.”

And last but not least, is Goldman’s hilarious admission that “it is not clear how this deal would be paid for, or whether it would be.” Some thoughts from Philips:

Negotiators have emphasized better enforcement of existing tax laws, though recent estimates from non-partisan scorekeepers suggest this would offset at most a fraction of the new spending. Redirecting unspent COVID-relief funds also had been under consideration; this would imply that the total spending boost from the deal would be smaller than the advertised figure. While lawmakers have presented the deal as being “paid for” in full, this might not be the case when using traditional congressional budget scorekeeping methods.

Goldman’s deep thoughts aside, we have an idea who will pay:

Goldman’s fulll note is below:

What a Bipartisan Infrastructure Deal Might Mean

A narrow bipartisan infrastructure deal primarily focused on traditional infrastructure is looking more likely to win White House support. The spending it includes already looked very likely to become law, in our view, so the most important aspect of the bipartisan deal is what it means for the rest of the Biden agenda. The bipartisan deal omits items that we believe every Democrat will want to pass, like an extension of the expanded child tax credit, so we believe the odds of a reconciliation bill passing are still fairly high. Related to this, a bipartisan bill could become a vehicle for addressing the debt limit, but it seems unlikely that an infrastructure bill will reach the President’s desk by August, when Treasury Secretary Yellen has said Congress needs to raise or suspend the limit.

  1. A bipartisan group of senators announced that they reached a preliminary agreement with the White House on a “framework” for infrastructure. The deal appears to have come in at $559bn in new spending smaller than what the bipartisan group had previously discussed. The majority of new funding would go to traditional transportation infrastructure, while electric vehicle policies and clean energy appear to account for less than $100bn.
  2. It is not clear how this deal would be paid for, or whether it would be. Negotiators have emphasized better enforcement of existing tax laws, though recent estimates from non-partisan scorekeepers suggest this would offset at most a fraction of the new spending. Redirecting unspent COVID-relief funds also had been under consideration; this would imply that the total spending boost from the deal would be smaller than the advertised figure. While lawmakers have presented the deal as being “paid for” in full, this might not be the case when using traditional congressional budget scorekeeping methods.
  3. Most of this spending was likely to become law one way or another, so the main question is what the deal means for the much bigger “reconciliation” package that Democratic leaders are planning. In theory, passing a broad infrastructure package that includes most of President Biden’s proposals in that area could strand the remainder of the Biden agenda. Passing two bills is harder than passing one, particularly when the second bill would include the less popular spending proposals financed by less popular tax hikes. On its face, the announcement of a bipartisan infrastructure deal would mean a smaller-than-expected boost to public spending and a lower probability of corporate or individual tax increases passing this year.
  4. However, as it stands we do not expect the bipartisan proposal under consideration to meaningfully reduce the odds of a reconciliation package. First, the tentative deal pertains primarily to traditional infrastructure, much of which was going to need to be reauthorized before September 30. In other words, one way or another some type of bipartisan bill was going to be necessary, as that reauthorization cannot pass via the reconciliation process. Second, there are some items that this package omits, like extension of the expanded child tax credit, which we think will have essentially unanimous support among Democrats. Assuming such policies cannot win 60 votes in the Senate, even centrist Democrats wary of using the reconciliation process are likely to find it necessary later this year. Third, it is far from certain that this deal as currently structured will actually have the votes to pass both chambers of Congress, as it looks likely to face some opposition from progressive Democrats and conservative Republicans. The harder the legislative path gets for a bipartisan infrastructure bill, the more likely it is that congressional leaders scale it back, which would make it even less likely to displace the rest of the agenda.
  5. Treasury Secretary Yellen raised the possibility of an August debt limit deadline, but this might not be enough to get Congress to act by then. In testimony June 23, Secretary Yellen indicated it is “possible” that the Treasury could exhaust its room under the debt limit in August. She added that “we don’t want to just look at what is the most likely time that we could make it to with extra measures”, suggesting that August is not the most likely timing but that it would be prudent to raise the limit by then. As we wrote in April, we agree that it is possible that the Treasury could exhaust its room under the debt limit in August or early September before Congress returns, but also that it is not the most likely scenario. In its recent quarterly refunding projections, the Treasury indicated it would have a $450bn cash balance on July 31, the day before the debt limit takes effect. Last year, from August 1 to mid-September, the Treasury ran a cash flow deficit of $369bn, followed by a surplus for a few days around the September 15 corporate tax deadline. This year’s deficit during that period should be at least slightly smaller. Raising the debt limit by August would be the most prudent course, but it seems unlikely unless the Treasury announces definitively that it will not be able to pay all obligations in August or one of the major fiscal packages becomes law by then. The most likely candidate would be the bipartisan infrastructure package, but while it is possible that it could become law by August, it is not likely that it will.

The mess in Baltimore

(DuChamps/Epoch Times/zerohedge)

Baltimore Police Chief Links Recent Crime Wave To Staff Shortages, Gang Violence

 
WEDNESDAY, JUN 23, 2021 – 09:20 PM

Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),

Baltimore Police Commissioner Michael Harrison blamed a rise in violent crime and homicides in the most populous city in Maryland on “a number of issues,” including a shortage in staff.

 

A Baltimore police officer at a fundraising event in Baltimore, Maryland on Sept. 12, 2019. (Eric Baradat/AFP via Getty Images)

Harrison noted during an interview with CNN on Tuesday that just like New York and all the other big cities across the nation, Baltimore is seeing a spike in violence, with 18 homicides recorded in just the past ten days alone.

It’s a number of issues, it’s grouping gang violence, it’s retaliation from previous bad acts,” the commissioner explained.

“But we are seeing an increase in close acquaintance shootings and domestic violence shootings where people just have absolutely poor or no conflict resolution skills and are using guns to solve their conflicts.

 

Baltimore Police Commissioner Michael Harrison, center, Baltimore Mayor Brandon Scott, second from right, confer at the scene of a deadly shooting in Baltimore, Maryland on June 16, 2021. (Kim Hairston/The Baltimore Sun via AP)

Harrison also noted that he hopes the police force in the city, which is seeing roughly 230 officers short of its current budget, will see more “boots on the ground” to fight the crime spike and homicides.

We are hiring, we are recruiting,” Harrison said. “We are using every resource available, we’re using all the time to force up and plus up the number, so we can have more officers.”

While stressing the departments’ dire need for more officers, the chief also said additional personnel is not just good for improving law enforcement in the city, but also needed to “build those relationships” within the community, noting that the department needs the community’s help in solving these murders so these bad actors can be held accountable for “terrorizing our community.”

The comments came as President Joe Biden plans to lay out new steps to stem a rising national tide of violent crime, with a particular focus on shootings, as administration officials brace for what they fear could be an especially turbulent summer.

 

President Joe Biden speaks during a meeting with FEMA Administrator Deanne Criswell and Homeland Security Adviser and Deputy National Security Adviser Elizabeth Sherwood-Randall, in the Roosevelt Room of the White House in Washington on June 22, 2021. (Evan Vucci/AP Photo)

In a speech on Wednesday, Biden is to unveil a series of executive orders aimed at reducing violence, and he will renew his calls for Congress to pass gun legislation, aides said. Ahead of the speech, the Justice Department announced new strike forces aimed at tackling gun trafficking in five cities.

Yes, there need to be reforms of police systems across the country. The president is a firm believer in that,” White House press secretary Jen Psaki said Tuesday.

“But there are also steps he can take as president of the United States to help address and hopefully reduce that crime. A big part of that, in his view, is putting in place gun safety measures … using the bully pulpit but also using levers at his disposal as president.

The Associated Press contributed to this report.

From NTD News

end

(zerohedge)

“It’s Gotten So Bad” – Violence In Baltimore City Outpaces 2020 Numbers, Gov. Hogan Reacts

 
WEDNESDAY, JUN 23, 2021 – 10:20 PM

Baltimore City continues to slide into a socio-economic disaster under liberal control. The latest murders and non-fatal shootings outpace 2020 numbers, according to new crime statistics. 

Crime and statistics data from the Baltimore City Police Department (BCPD) show the current 160 homicides is 6% above last year’s figures for this time last year. Non-fatal shootings are up 18% year-to-date.

A Southwest Baltimore resident who wanted to remain anonymous for fear of retribution by local crime gangs told local news WJZ13 that “it’s just gotten so bad. You got to be scared to walk up and down the street, especially in the evening. Now, it’s broad daylight, too.” 

“[Police] make their presence well-known, so it’s not like they are not here. I see police officers on every corner just about every night,” the person continued. 

The situation in the city is so severe that Governor Larry Hogan had a recent meeting with newly elected Mayor Brandon Scott and Police Commissioner Michael Harrison. The governor said the meeting was “productive” but attributed the lack of consequences for petty crime to the surge in violence. 

“When crime’s being committed right in front of police officers, when the state’s attorney refuses to prosecute half the crimes, we’re not going to fix the problem, regardless of how many meetings we’re going to have,” Hogan said.

This all comes as Baltimore City State’s Attorney Marilyn Mosby halted prosecuting minor traffic violations, prostitution, drug possession, and other minor offenses during the virus pandemic. In March, she held a press conference to declare that rough policing doesn’t prevent more violent crimes. 

But months later, as summer begins, Mosby’s grand experiment is failing as Baltimore’s spending board approved more police funding. 

If the pace of homicides continues, the metro area will experience more than 300 homicides by the end of the year. Shooting deaths have been elevated since the police killing of Freddie Gray in 2015. 

The spillover in violent crime has reached the city’s most affluent areas, including Fells Point, located in the Inner Harbor district. 

Readers may recall, earlier this month, 37 businesses in Fells threatened the mayor with not paying their taxes because they’re “fed up and frustrated” with the outburst of violence. 

As we’ve noted, BCPD has stepped up patrols, closed-off streets, and set up a mobile crime command center in the bar and restaurant district to get a handle on the crime overflow. 

One of the 37 concerned business owners is Bill Packo, who owns Barley’s Backyard and has been operating in Fells for three decades. He spoke with WJZ13 about the out of control violence and public drunkenness:

“It’s a shame. What they’re letting happen to Fells Point is what they let happen in the Inner Harbor, and now it has made its way here,” Packo said. “There’s alcohol being sold by individuals out there, drugs, and clearly we all know about the shootings that took place last weekend. But there needs to be some control out there. There is none whatsoever.”

If violent crime continues to spiral out of control in the city, affecting local commerce, businesses will start moving out to suburbia where life is pleasant and calm. 

Former President Trump actively spoke about Baltimore. Why is the Biden administration choosing to ignore?

 

end

White House authorizes a final one month extension of eviction moratoriu

(zerohedge)

 

White House Authorizes “Final” One-Month Extension Of Eviction Moratorium

 
THURSDAY, JUN 24, 2021 – 10:45 AM

As expected, President Biden has decided to extend the CDC’s national moratorium on evictions, which is presently set to expire on Wednesday (June 30). The one-month extension, which the administration says will be the last such extension, will also give the Democrats more time to distribute billions of dollars in pandemic aid and rent relief. The moratorium will now remain in effect until July 31.

The White House’s decision, which it confirmed Thursday morning, follows reports that California’s Democrat-dominated government was weighing to extend the moratorium for Californians while also reimbursing landlords for lost rent. Democrat policy wonks have also been warning that the expiration of the moratorium could set off a somewhat less severe eviction crisis.

Since this will be the final extension (at least, so says the White House), Biden and his team are working to prevent a wave of evictions. For starters, the extension will be just part of a slew of executive actions that the administration is planning involving several federal agencies to help compensate for impending death of the moratorium. These will include a summit on housing affordability and evictions, to be held at the White House later this month, per the NYT.

The White House also plans to increase coordination with local officials and legal aid organizations to minimize evictions after July 31, and it is also planning new guidance from the Treasury Department intended to streamline the sluggish disbursement of the $21.5 billion in emergency aid included in the pandemic relief bill in the spring. In total, some $50 billion has been allocated for rent relief and aid for low-income housing since the start of the pandemic.

Democrats point to data like this stat from the National Low Income Housing Coalition which alleges that 6MM American families are behind on rent and at risk of being homeless this summer.

Assuming Biden follows through, this will mark the fourth time the deadline for lifting the ban on evictions has been pushed back.

USA CORONAVIRUS UPDATE

 

INFLATION WATCH/

 

iv) Swamp commentaries/

This is totally insane! Giuliani suspended form practicing law in New York due to his “outrageous” comments that Biden stole the election. What is world coming to!

(zerohedge)

Giuliani Suspended From Practicing Law In New York

 
THURSDAY, JUN 24, 2021 – 11:45 AM

A New York appellate court suspended Trump attorney Rudy Giuliani’s law license on Thursday following a decision by a disciplinary panel that he made “demonstrably false and misleading” statements about Trump’s 2020 election loss.

In a 33-page decision, the court wrote that Giuliani’s conduct threatened “the public interest and warrants interim suspension from the practice of law,” according to the New York Times.

“We conclude that there is uncontroverted evidence that respondent communicated demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump and the Trump campaign in connection with Trump’s failed effort at reelection in 2020,” reads the decision.

Giuliani was admitted to the New York state bar in 1969, and worked in the Reagan DOJ. He was named the US Attorney in Manhattan in 1983.

 

 
end
Cute!!  Maybe not a good idea:  I do not think Biden knows the meaning of censure
Van Brugen/EpicTimes)
 

23 Republicans Move To Censure Biden For “Dereliction Of Duty” At Border

 
THURSDAY, JUN 24, 2021 – 11:05 AM

Authored by Isabel van Brugen via The Epoch Times,

A group of 23 Republican lawmakers, led by Rep. Lauren Boebert (R-Colo.), on Wednesday introduced a resolution to censure President Joe Biden for what they say has been his “dereliction of duty” at the U.S.-Mexico border, and a failure to enforce border security and immigration laws.

“My censure resolution holds President Biden accountable for his actions – or lack thereof – at the border,” Boebert said in a statement.

Biden has refused to enforce the laws securing our border, he has refused to visit our border, his border czar Kamala has refused to visit the border, and his Secretary of Homeland Security is lying to the American people by saying that our border is closed.

It comes amid a spike in illegal immigration in recent months. Border Patrol apprehended 180,000 illegal aliens in May, the highest total in 21 years. Customs and Border Protection (CBP) officials say the majority, more than 112,000, were expelled under the Title 42 emergency health provision put in place during the Trump administration. The number of border encounters has been rising steadily since last October but surged in February after Biden took office and reversed or altered a number of key Trump-era policies.

“Not only has Biden done nothing to secure the border, he has actively made it worse by implementing policies that incentivize illegal immigration like amnesty, catch and release, and abolishing the remain in Mexico policy. The result of Biden’s mismanagement is staggering, and the numbers speak for themselves,” Boebert said.

Boebert took aim at Vice President Kamala Harris, who Biden appointed to lead U.S. efforts with Mexico and Central America’s Northern Triangle countries—Honduras, El Salvador, and Guatemala—to stop migrants from crossing into the United States.

Harris is yet to visit the southern border, however, she announced Wednesday that she will travel to El Paso, Texas, with Homeland Security Secretary Alejandro Mayorkas on Friday.

Before the vice president announced plans to visit the border this week, a group of more than 50 House GOP lawmakers on June 17 called on Biden to remove Harris from her border assignment, arguing in a letter that she had not yet shown adequate interest in observing this crisis first-hand.

The text of Boebert’s resolution expresses “disapproval of the failure to uphold the constitutional duty to ‘take care that the laws be faithfully executed’ and the usurpation of the legislative authority of Congress by the President of the United States.”

It resolves to censure the president “for his failure to ‘take care that the laws be faithfully executed’ as required by the Constitution,” and calls on the president to fire Mayorkas and replace him “with leadership that will prioritize the security of the United States and faithfully enforce the laws enacted by Congress.”

Biden administration officials have defended the president’s border policies, claiming they’ve made the immigration system “more humane.”

“We have a strategy, we are executing on our strategy, I have confidence in our strategy,” Mayorkas told members of Congress during a recent hearing.

CBP Former Acting Commissioner Mark Morgan in a statement accused the president of presiding over the “greatest abandonment of immigration enforcement and border security this country has ever seen,” adding: “Our border is in a historic crisis, solely due to his actions.”

“Representative Lauren Boebert’s resolution would rightly censure President Biden for ignoring immigration laws and refusing to address the crisis, while also calling for him to terminate an open borders radical who leads the very agency I once served in,” Morgan said.

“President Biden can stop the crisis today. It is time for him to put the American people and rule of law first, and restore order at our border.”

The Biden administration didn’t immediately respond to a request for comment by The Epoch Times.

end

‘Prime Brokers face a criminal Dept of Justice collusion probe into Archegos collapse

(zerohedge)

Prime Brokers Face DOJ Collusion Probe Into Archegos Collapse

 
THURSDAY, JUN 24, 2021 – 03:24 PM

More details about the DoJ investigation into the collapse of Archegos are starting to emerge. Instead of going after Archegos and its founder, ex-billionaire “Tiger cub” Bill Hwang, it looks like the investigation is focusing on the prime brokers that extended his fund the margin it used to magnify the size of his bets on a handful of media and tech stocks, including ViacomCBS.

According to Bloomberg, the DoJ’s antitrust division is handling at least part of the criminal investigation into the collapse. Specifically, it appears they’re interested in the banks’ discussions about potentially working together to unwind pieces of the Archegos portfolio in an orderly fashion that wouldn’t spook markets.

Ironically, the brokers’ hasty attempt to work together to prevent losses seems to have had the opposite effect. Instead, Goldman Sachs and Morgan Stanley were the first to break ranks and start dumping shares in blocks, sparking a fire sale as all the banks rushed to sell at the same time.

And now, the tactic has apparently landed them all on the DoJ’s radar.

We have already reported how most of these firms saw their prime brokerage business as part of building a relationship with Archegos, which is why Credit Suisse earned just $17.5MM in fees from Archegos’s trading business. Credit Suisse demanded a margin of only 10% for the equity swaps it traded with Archegos and allowed the family office 10x leverage on some transactions. Of course, just like in the movie “Margin Call”, it appears nobody at Credit Suisse had any idea the true extent of the risks of dealing with Archegos, which had stretched itself extremely thin by placing levered bets with half a dozen of the street’s biggest prime brokers.

When the banks realized what was happening, one source described the rush to sell as a “gigantic clusterf**k”.

As Bloomberg pointed out, some of the prime brokers also had business relationships with the companies whose shares were being relentlessly pumped by Archegos. Morgan Stanley, for example, was the lead fundraiser on the ViacomCBS equity offering that lit the fuse on the Archegos trade blowup.

Morgan Stanley had a key role in the blowup: It was the firm leading the fundraising for ViacomCBS and then later in the week was among the first to start dumping shares tied to Archegos that included its giant holdings in the media company. The bank reasoned that it needed to meet its underwriting obligations first before it started the Archegos share sales, Chief Executive Officer James Gorman said in April.

And when push came to shove, Morgan Stanley was also one of the first out the door when it came time to sell. We’re curious to learn what the DoJ makes of all this tangled web of conflicting interests between Archegos, its brokers, and the companies whose shares were impacted.

SEC Chairman Gary Gensler has already spoken publicly about the need to rethink disclosure requirements for equity-based swaps (like the “total return” swaps that Archegos used). When it’s all said and done, the incident could also lead to more scrutiny for prime brokerages as the DoJ cracks down on even the appearance of collusion.

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

The King Report June 24, 2018 Issue 6537 Independent View of the News
Markit’s US Services PMI for May unexpectedly sank to 64.8 from 70.4.  70 was consensus.

 

Markit’s US Manufacturing PMI rose to 62.6 from 62.1; 61.5 was consensus.  This is a record high.  However, output prices jumped to the highest level in data back to 2007.  Supplier delivery times also hit a record high due to the supply chain crisis.

Markit on Mfg. PMI: Amid worsening vendor performance, input prices soared once again at the end of the second quarter.  The rate of input cost inflation accelerated to a fresh series record amid broad-based raw material price hikes. Firms raised their selling prices at a quicker rate in an effort to pass on these higher costs, with charge inflation also surpassing all previous records…
https://www.markiteconomics.com/Public/Home/PressRelease/72d0041a981c420595341ef772405501

May New Home Sales tumbled 5.9% m/m; +0.2% was consensus. The median home price jumped 18%!

@uscensusbureau: Monthly New Residential Sales, May 2021
     Sales of new single‐family houses in May 2021 were at a seasonally adjusted annual rate of 769,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.   This is 5.9 percent (±18.6 percent)* below the revised April rate of 817,000, but is 9.2 percent (±28.7 percent)* above the May 2020 estimate of 704,000.
    Sales Price: The median sales price of new houses sold in May 2021 was $374,400.  The average sales price was $430,600…  https://www.census.gov/construction/nrs/pdf/newressales.pdf

Economist @dlacalle_IA: Home prices are not counted as inflation (not in CPI or PCE). If they were, the Fed would see that it has exceeded its goal to overshoot its 2% target “for some time” by a mile.

ESUs peaked minutes before Europe opened; it looked like a pump & dump scheme. The ensuing decline hit a bottom twenty minutes after the US repo market opened at 7 ET.  The rally for the NYSE open then commenced.  Trader buying on the NYSE open extended the rally until 10:16 ET.  Dumpers then liquidated.  The resultant decline ended at the European close.

The post-European close rally ended when midday arrived.  One of the most dovish Fed presidents, Bostic, issued unexpected hawkish comments. The Atlanta Fed President opined that a Fed taper decision could appear in 3-4 months.

@BloombergAsia: Atlanta Fed President Raphael Bostic said the central bank could decide to slow its asset purchases in the next few months and he favored lifting interest rates in late 2022… “Given the upside surprises in recent data points, I have pulled forward my projection for our first move to late 2022,”… https://www.bloomberg.com/news/articles/2021-06-23/fed-s-bostic-sees-2022-rate-liftoff-taper-call-in-a-few-months

Fed officials say “temporary” inflation surge may last longer than thought
Both Bostic and Fed Governor Michelle Bowman on Wednesday said that while they largely agree recent price increases will prove temporary, they also feel it may take longer than anticipated for them to fade.  “Temporary is going to be a little longer than we expected initially…Rather than it being two to three months it may be six to nine months,” Bostic said in an interview on National Public Radio’s Morning Edition…  http://reut.rs/3wQXRep

ESUs and stocks performed a 5-wave decline (down, up, down, up, down) that ended at 12:40 ET.  The ensuing A-B-C rally ended with a spurt higher at 15:29 ET.  Then, ESUs and stocks tumbled, hitting session lows at the close due to Dallas Fed President Kaplan.  The biggest Fed hawk stated the threshold for a Fed taper “will happen sooner than people expect…”

Fed’s Kaplan Sees Hike in 2022, Taper Starting Sooner Than Late
https://www.bloomberg.com/news/articles/2021-06-23/fed-s-kaplan-sees-hike-in-2022-taper-starting-sooner-than-later

The Fed reported at 13:15 ET that its Reverse Repo scheme soared to $813.65B.

Commodities and Fangs (incongruously) rallied sharply on Wednesday.  Yesterday, the EIA reported US crude oil stocks declined 7.614m barrels; -3.5m was expected.  This is the lowest level since March 2020.  Gasoline fell 3.5m barrels. Natural gas rallied 3.8% at its peak.  Copper rallied 2.19%.

Downward spiral in liquidity is leading to more market shocks
    Broad market liquidity — the ease with which investors can buy or sell a security without affecting its price — has been in a downward spiral for more than 10 years…the market makers’ role has been largely taken over by bots running high-speed algorithms…
https://www.ft.com/content/82845ef0-28a5-4f92-b40a-c4c59e17bc27

UK inflation pressures mount as bounce-back slows only slightly -PMI
The preliminary reading of the IHS Markit/CIPS UK Composite Purchasing Managers’ Index (PMI) pointed to one of the strongest monthly improvements in business activity since 1998, with a reading of 61.7 – not far off May’s unprecedented 62.9. Input costs matched a previous record increase from June 2008 and prices charged by firms rose by the largest amount since these records began in 1999, as disruption to supply chains caused a scramble for components… https://t.co/GPo3Erdb8l 

@PhilHollowayEsq: This is insane. @CDCgov ACIP is suggesting if a kid has heart injury from dose 1 of #CovidVaccine go ahead and consider dose 2 if the kid’s heart has healed – I am speechless. What parent or doctor in their right mind would allow such a thing?
https://twitter.com/PhilHollowayEsq/status/1407759617015300096

Pfizer COVID-19 vaccine linked to rare blood disease – Israeli study
The Pfizer coronavirus vaccine has been linked to an increased chance of developing thrombotic thrombocytopenic purpura (TTP), a rare blood disorder, Israeli researchers said Monday.
    TTP is an autoimmune disease that causes blood clots to form in various organs of the body. According to the National Institutes of Health, these clots can limit or block the flow of oxygen-rich blood to key organs like the brain, kidneys and heart, resulting in serious health problems…
https://www.jpost.com/health-science/pfizer-covid-19-vaccine-linked-to-rare-blood-disease-israeli-study-671694

LEAKED CABLE: Hillary Clinton Privately Warned France that Wuhan P4 Lab May Lead to Bioweapon Research – When it came to France, Secretary Clinton’s cable noted: “The U.S. believes participants would benefit from hearing about your experiences assisting China in setting up a Biosafety Level-4 (BSL-4) laboratory at the Wuhan Institute of Virology from the export control and intangible technology transfer perspectives.  We are particularly interested to know how China plans to vet incoming foreign researchers from countries of biological weapons proliferation concern.”…
https://humanevents.com/2021/06/23/leaked-cable-hillary-clinton-privately-warned-france-that-wuhan-p4-lab-may-lead-to-bioweapon-research/

Media allowed itself to be duped by one man on COVID-19
The more we learn about Peter Daszak, one of the main villains of the COVID epidemic, the worse it gets.
https://nypost.com/2021/06/22/media-allowed-itself-to-be-duped-by-one-man-on-covid-19/

Warren Buffett Resigns from Gates Foundation Board
In another potential indicator of how public opinion has turned against Bill Gates in the weeks since he and his now ex-wife Melinda Gates disclosed their divorce plans, financier Warren Buffett has resigned as a trustee of the Bill and Melinda Gates Foundation…
https://www.zerohedge.com/markets/warren-buffett-resigns-gates-foundation-board

Germany and France seek EU-Russia meeting
Surprise initiative follows US president Joe Biden’s summit with Vladimir Putin
    One senior EU diplomat said the Franco-German initiative had caused a “stink” among fellow EU countries…  https://www.ft.com/content/03528026-8fa1-4910-ab26-41cd26404439

Germany’s Chancellor Merkel: We must have open lines of communication with Russia and China.

We opined that the lack of MSM hosanas and Biden-Putin Summit analysis evinced how poorly Biden’s European sojourn went.  Merkel and Macron’s entreaty to Putin is further proof of how poor and troubling The Big Guy performed in Europe.

SCOTUS rules structure of agency overseeing mortgage companies is unconstitutional
https://www.abcactionnews.com/news/national-politics/scotus-rules-structure-of-agency-overseeing-mortgage-companies-is-unconstitutional

The biggest U.S. banks are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests https://t.co/zTTTCWqQdw

Boston Fed President Rosengren remarks after the close per Bloomberg

  • Expect average hourly earnings to pick up
  • Important to monitor housing prices right now
  • Risks around inflation are heightened
  • Financial markets don’t signal persistent inflation (Only debt market because it is rigged!)
  • Expect most price increases to be reversed in 2022

Disney removed 250 gators from Florida parks since boy died in 2016 attack https://trib.al/tSgmqrq

Lab tests reportedly find no identifiable tuna DNA in Subway sandwich https://t.co/7NWuRLHO1l

Fox’s @jason_donner last night: Sen. Mitt Romney: “Republicans and Democrats have come together along with the White House and we’ve agreed on a framework [on infrastructure] and we’re gonna be heading to the White House tomorrow.”

No business doing that’: Wis. official says Zuckerberg-funded group seized control of 2020 election
Brown County clerk Sandy Juno says private money displaced career election experts, may have violated state law.   https://justthenews.com/politics-policy/elections/sandy-juno-wisconsin-election-clerk-2020-election

GOP Rep Marjorie Taylor Greene @mtgreenee: @staceyabrams who still has not conceded the ‘18 GA Gov race, owns part of Nowaccount that controlled Happy Faces, the temp service that provided people to work the Fulton Co 2020 election.  Abrams, who was broke, now stuffs her pockets with $ from billionaires Soros / Bloomberg.  https://twitter.com/mtgreenee/status/1407424661261070337

Ex-DNI & Amb to Germany @RichardGrenell: Democrats reject IDs in order to vote.  If you want people voting without identification, then you are clearly trying to cheat.

Democrats signal a shift toward accepting voter ID laws (Polling shows huge support for IDs)
A Monmouth University poll released Monday found 80 percent of adults supported a photo ID requirement. While support for voter ID requirements peaked at 91 percent among Republicans, 87 percent of independents and 62 percent of Democrats also backed the idea…
https://www.washingtonpost.com/politics/democrats-voter-id/2021/06/22/0cd24d54-d36e-11eb-ae54-515e2f63d37d_story.html

55% of Voters Support Election Audits – Twenty-nine percent (29%) oppose such audits and 17% are not sure…  https://www.rasmussenreports.com/public_content/politics/general_politics/june_2021/55_of_voters_support_election_audits

YouTube suspends Real America’s Voice for interview in which Trump says, ‘I never admitted defeat’   https://justthenews.com/politics-policy/all-things-trump/youtube-suspends-real-americas-voice-interview-where-trump-says-i

Biden plans new steps to combat U.S. gun violence as violent crime climbs http://reut.rs/3qn6Ukw

Biden launches an effort to head off violent crime — and political peril for his party – WaPo
A delicate issue that has dogged him and the Democratic Party in the past and carries potential political consequences for them… Some on the far left want to dismantle traditional policing while others see liberal slogans from 2020 such as “defund the police” as a reason for underwhelming election results and concerned that spiking crime will only exacerbate the political fallout that the slogan wrought…
https://www.washingtonpost.com/politics/biden-crime/2021/06/21/5d1ce8f0-d2b0-11eb-a53a-3b5450fdca7a_story.html

Obviously, the epidemic of big-city violent crime in the USA is registering in polling.

Biden held a presser yesterday afternoon to address crime and guns.  Joe and AG Garland said they would crack down on gun dealers, which will do nada.  @cspan: President Biden message to gun dealers who violate zero tolerance policy: “We’ll find you and we will seek your license to sell guns. We’ll make sure you can’t sell death and mayhem on our streets.” Full video here: https://www.c-span.org/video/?512889-1/president-biden-attorney-general-garland-deliver-remarks-gun-crime-prevention

@JackPosobiecL Your son [Hunter] obtained an illegal firearm by making false statements to the ATF.

Most of the gun crimes in Chicago are committed by minors, felons or others who obtain illicit guns.

@SenTomCotton: The President didn’t announce a violent crime plan. He read a gun grabber’s wish list.

The Big Guy went loopy, once again, at his presser yesterday.

@Breaking911: BIDEN: “Those who say the blood of Patriots, you know, and all the stuff about how we’re gonna have to move against the government.” “If you think you need to have weapons to take on the government, you need F-15s and maybe some nuclear weapons.”
https://twitter.com/Breaking911/status/1407809806287704064

@SaysSimonsonL: The casual “we will genocide Americans if we have to” from Democrats is…so odd

@KurtSchlichter: Let me help the licensed regime journalists with some questions this remarkable outburst gives rise to…“Mr. President, if you plan to use force against American citizens, can you tell us how many BCTs the American military has currently deployable within the United States?…

What country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms.” — Thomas Jefferson, November 13, 1787

Sen. Cotton accuses Biden of stacking DOJ with defund the police ‘radicals’
“President Biden has stacked his Department of Justice with anti-police radicals like Kristen Clarke and Vanita Gupta,” Cotton said. “America’s police officers already face enough danger and hardship – they shouldn’t have to worry if the DOJ will have their back.”… “Vanita Gupta and Kristen Clarke both support defunding, disarming and defaming our police. They stand with the perpetrators of crime – not with the victims of it,” Cotton said in a speech from March. “There’s little doubt that Judge Garland would empower these left-wing radicals embedded inside the department.”…
https://www.foxnews.com/politics/cotton-biden-doj-radicals-defund-police-crime

Last week, Trump announced he would visit the US-Mexico border on June 30 with Texas Governor Abbott.  Yesterday, the WH announced that VP Harris would (finally) visit the border on Friday.

@politico: Vice President Kamala Harris is heading to the U.S.-Mexico border this week, amid an unrelenting chorus of criticism from Republicans over her failure to visit there

“After months of ignoring the crisis at the Southern Border, it is great that we got Kamala Harris to finally go and see the tremendous destruction and death that they’ve created—a direct result of Biden ending my very tough but fair Border policies… If Governor Abbott and I weren’t going there next week, she would have never gone!,” Trump added…
https://amp.dailycaller.com/2021/06/23/donald-trump-report-kamala-harris-visit-southern-border

GOP @RepAndyBiggsAZ: Basic concepts that Liberals cannot seem to grasp: Criminals don’t follow gun laws

@EmeraldRobinson: …@OliviaTroye pretended to be a Republican on staff with @Mike_Pence long enough to unleash Fauci on the world but now she retweets Democrat activists like David Axelrod & Marc Elias on her TL. These are the morons that Pence put in charge of our COVID policy.

How ex-Secret Service agents swooped on Hunter after he accidentally paid Russian prostitute $25K after night at LA hotel on account ‘linked to dad Joe Biden’, reveals laptop
https://www.dailymail.co.uk/news/article-9715373/Joe-Biden-accidentally-payed-Hunters-escort-Chateau-Marmont.html

@JustTheNews: Biden picks [Trump-hating] Cindy McCain as nominee for US ambassador to UN Agencies for Food and Agriculture

end

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

 

(Greg Hunter)

 
 
end
 

I WILL SEE YOU FRIDAY NIGHT

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