JULY 9//GOLD UP $10.25 TO $1810.25//SILVER UP 19 CENTS TO $$26.14//GOLD STANDING AT THE COMEX RISES TO 3.8 TONNES/SILVER OZ STANDING REMAINS CONSTANT AT 33.8 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATE//DR HOFFE: A MUST SEE VIDEO ON THE VACCINES//CHINA LOWERS ITS RRR AS IT’S ECONOMY IS SPUTTERING//USA BLACKLISTS 20 MORE CHINESE FIRMS AS CHINA SEETHES//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1810.25 UP $10.25  The quote is London spot price

Silver:$26.14  UP 19 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1808.75 LONDON SPOT  4:30 pm

ii)SILVER:  $26.12//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINUM  $1105.00  UP $23.45

PALLADIUM: $2817.50  UP $12.85  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 10/51

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,799.600000000 USD
INTENT DATE: 07/08/2021 DELIVERY DATE: 07/12/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 5
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 26
657 C MORGAN STANLEY 3
661 C JP MORGAN 36 10
737 C ADVANTAGE 15 5
880 C CITIGROUP 1
____________________________________________________________________________________________

TOTAL: 51 51
MONTH TO DATE: 972

ISSUED:  36

Goldman Sachs:  stopped: 5

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 51 NOTICE(S) FOR 5100 OZ  (0.1586 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  972 FOR 97200 OZ  (3.023 TONNES)

 

SILVER//JULY CONTRACT

198 NOTICE(S) FILED TODAY FOR 990,000,000  OZ/

total number of notices filed so far this month 5857  :  for 29,285,000  oz

 

BITCOIN MORNING QUOTE  $32,841 UP 341  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$33,000 UP 500 DOLLARS

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $10.25 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD: / 

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

 

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

THIS IS A MASSIVE FRAUD!!

GLD  1040.19 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 19 CENTS

NO CHANGES IN SILVER INVENTORY AT THE SLV/ 

 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT: 

 

556.077  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 169.20 UP $0.55 OR 0.33%

XXXXXXXXXXXXX

SLV closing price NYSE 24.19 UP $0.18 OR 0.75%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A  STRONG SIZED 1105 CONTRACTS  TO 155,008, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.09 LOSS IN SILVER PRICING AT THE COMEX  ON THURSDAY . IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO MASSIVE BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III INITIATED JUNE 28/2021 !// WE HAD SOME REDDIT RAPTOR BUYING//.. COUPLED AGAINST A GOOD EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE SOME LONG LIQUIDATION AS TOTAL LOSS ON THE TWO EXCHANGES EQUATES TO A SMALL 515 CONTRACTS. (2.575 MILLION OZ)

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: 18 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A GOOD  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 590,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 590 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 590 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 

14.505MILLION OZ FINAL STANDING FOR JUNE

33.855  MILLION OZ INITIAL STANDING FOR JULY

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

SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.09)  AND WERE SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS WITH THURSDAY’S TRADING.  WE HAD A SMALL LOSS OF 515 CONTRACTS ON OUR TWO EXCHANGES..  THE GAIN WAS  ALSO DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SOME REDDIT RAPTOR BUYING//.    iii)  A  GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 38.535 MILLION OZ BUT THEN TODAY A ZERO EFP JUMP:  NOW STANDING 33.855 MILLION OZ// / v)  STRONG COMEX OI LOSS 
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

JULY

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

5248 CONTRACTS (FOR 5 TRADING DAY(S) TOTAL 5248 CONTRACTS) OR 26.240MILLION OZ: (AVERAGE PER DAY: 1049 CONTRACTS OR 5.248 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 26.240  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:  149.91 MILLION OZ// ISSUANCE RATE NOW SIGNIFICANTLY ABOVE THE MONTH OF MAY

JULY:  26.240 MILLION OZ ) BELOW PAR WITH JUNE)

RESULT: WE HAD A VERY  STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1087 , WITH OUR $0.09 LOSS  IN SILVER PRICING AT THE COMEX ///THURSDAY .THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 750 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED LOSS OF 497 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.09 LOSS

IN PRICE)//THE DOMINANT FEATURE TODAY: HUGE BANKER SHORTCOVERING/  AND AFTER A  STRONG INITIAL SILVER OZ STANDING FOR JULY. (38.535 MILLION OZ), WE HAD A ZERO EFP JUMP  OF NIL OZ//NEW STANDING 33.855 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  590  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 1105 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.09 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.96/ THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  198  NOTICES FILED TODAY FOR 990,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD  SIZED 4490 CONTRACTS TO 470,743 ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -5299 CONTRACTS.

THE STRONG SIZED INCREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $1.90///COMEX GOLD TRADING/THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 11,424 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A 11,800 OZ QUEUE JUMP//COMEX STANDING NOW AT 3.838 TONNES. OUR CROOKED BANKERS ARE TRYING TO FIND METAL ON THIS SIDE OF THE ATLANTIC.
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $1.90 WITH RESPECT TO THURSDAY’S TRADING

 

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

WE HAD A STRONG SIZED GAIN OF 6,125  OI CONTRACTS (19.051   TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1635 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 1385 & DEC 250  ALL OTHER MONTHS ZERO//TOTAL: 1635 The NEW COMEX OI for the gold complex rests at 470,743. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6,125 CONTRACTS:  4490 CONTRACTS INCREASED AT THE COMEX AND 1635 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6125 CONTRACTS OR 19.051 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1635) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4490 OI): TOTAL GAIN IN THE TWO EXCHANGES: 6125 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION WITH CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JULY AT 3.144 TONNES//FOLLOWED BY A 11800 OZ QUEUE  JUMP,//NEW STANDING 3.8738 TONNES// //3) ZERO LONG LIQUIDATION, /// ;4) STRONG SIZED COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….

 

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 GOLD  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF AUGUST.

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 GOLDAS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD 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 JULY. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF AUGUST FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF JULY. 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 (AUGUST), 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 IN 2021 INCLUDING TODAY

JULY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY : 12,635, CONTRACTS OR 1,263,500 oz OR 39.30 TONNES (5 TRADING DAY(S) AND THUS AVERAGING: 2750 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 39.30 TONNES

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

THUS EFP TRANSFERS REPRESENTS  39.30/3550 x 100% TONNES  0.887% 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:      247.54 TONNES (FINAL)

JULY:        39.30 TONNES INITIAL (FALLING IN RATE FROM JUNE)

 

 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY  STRONG SIZED 1105 CONTRACTS  TO 155,008 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  3 1/4 YEARS AGO.  

EFP ISSUANCE 590 CONTRACTS

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

  JULY 0  AND SEPT: 590 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  590 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1105 CONTRACTS AND ADTO THE 590 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A SMALL SIZED LOSS OF 515 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.575 MILLION  OZ, OCCURRED WITH OUR  $0.09 LOSS 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

 
 

3. ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 1.42  PTS OR 0.04%   //Hang Sang CLOSED UP 191.49 PTS OR 0.70%      /The Nikkei closed DOWN 177.61 pts or 0.63%  //Australia’s all ordinaires CLOSED DOWN .91%

/Chinese yuan (ONSHORE) closed UP TO 6.4837  /Oil UP TO 73.83 dollars per barrel for WTI and 74.71 for Brent. Stocks in Europe OPENED ALL GREEN /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4837. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4895/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 4490 CONTRACTS TO 470,743 MOVING CLOSER TO   THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED DESPITE OUR  LOSS OF $1.90 IN GOLD PRICING THURSDAY’S COMEX TRADING/.WE ALSO HAD A SMALL EFP ISSUANCE (1635 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 1635 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  1385  & DEC.  250  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1635  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 GOOD SIZED 6125 TOTAL CONTRACTS IN THAT 1635 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A VERY STRONG SIZED COMEX OI OF 9789 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (3.838),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 6 MONTHS OF 20201:

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $1.90)., BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 6125 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 35.53 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (3.838 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 5299  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES ::6125 CONTRACTS OR 612,500 OZ OR  19.051  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:  470,743 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.07 MILLION OZ/32,150 OZ PER TONNE =  1464 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1464/2200 OR 66.55% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:228,118 contracts//    / volume fair//

CONFIRMED COMEX VOL. FOR YESTERDAY: 294,317 contracts// – better//  

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

 

JULY 9

/2021

 
INITIAL STANDINGS FOR JULY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
68,160.120 oz
Brinks
 
 
 
includes
2120
 
KILOBARS
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
 
3472.3 oz
Manfra
108 kilobars
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
51  notice(s)
 
5100 OZ
0.1586 TONNES
No of oz to be served (notices)
262 contracts
 26,200oz
 
0.8149 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
972 notices
97,200 OZ
3.023 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 1 deposits into the dealer
 
i) Into the dealer Manfra: 3472.308 oz  (108 kilobars)
 
 
 
 
total deposit: 3472.308   oz 
 

total dealer withdrawals: nil oz

we had  0 deposits into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS 3,472.308  oz  
 
 
 
 
 
 
We had 1  customer withdrawals….
 
i) Out of Brinks: 68,160.120 oz (2120 kilobars)
 
 
 
 
 
 
 
total customer withdrawals 68,160.120   oz
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  2 transactions)

ADJUSTMENTS  0// 

 

 
 
 
 
 
 
 
 
 
 

The front month of JULY registered a total of 313 contracts for a loss of 65.  We had  183 notices filed Thursday so we GAINED 118 contracts or an additional 11,800 oz will  stand for gold at the comex as they refused to morphed into London based forwards 

 

 
 
 
 
 
AUGUST LOST 8590  CONTRACTS DOWN TO 337,866
 
SEPT GAINED ANOTHER 63 CONTRACTS TO STAND AT 355
 
OCTOBER GAINED 982 CONTRACTS UP TO 22,021.

We had 51 notice(s) filed today for 5100  oz

FOR THE JULY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 36 notices were issued from their client or customer account. The total of all issuance by all participants equates to 51  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 10 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 5  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JULY /2021. contract month, we take the total number of notices filed so far for the month (972) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 313 CONTRACTS ) minus the number of notices served upon today  51 x 100 oz per contract equals 123,400 OZ OR 3.838 TONNES) the number of ounces standing in this active month of JULY

thus the INITIAL standings for gold for the JULY contract month:

No of notices filed so far (972) x 100 oz+( 313  OI for the front month minus the number of notices served upon today (51} x 100 oz} which equals 123400 oz standing OR 3.838 TONNES in this NON- active delivery month of JULY.

We FINALLY GAINED an additional 11,800 oz that will stand on this side of the Atlantic.

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

427,737.391, oz NOW PLEDGED  march 5/2021/HSBC  13.30 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

111,411.349, oz Pledged August 21/regular account 3.46 tonnes JPMORGAN

42,638,023 oz International Delaware:  1.326 tonnes

nil oz Malca

total pledged gold:  2,248,216.862. oz                                     69.92 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 504.31 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 3.838 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,461,862.603 oz or 574.24 tonnes
 
 
 
total weight of pledged: 2,248,216.862 oz or 69.92 tonnes
 
 
registered gold that can be used to settle upon: 16,213,646.0 (504,31 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,213,646.0 (504,31 tonnes)   
 
 
total eligible gold: 16,969,550.399 oz   (527.82 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,431,413.002 oz or 1,102.06 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  975.72 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

 

end

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//JULY

JULY. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,424,583.597 oz
 
 
 
 
Brinks
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
198
 
CONTRACT(S)
990,000  OZ)
 
No of oz to be served (notices)
914 contracts
 (4,570,000 oz)
Total monthly oz silver served (contracts)  5857 contracts

 

29.285,000 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  0 deposits into customer account (ELIGIBLE ACCOUNT)

 
 
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 53.43% of all official comex silver. (187.5 million/350.933 million

total customer deposits today  nil   oz

we had 2 withdrawals

 
 
i) Out of Brinks:  88,982.480 oz
ii) Out of Manfra:  1,335,601.117 oz
 
 
 

total withdrawals 1,424,583.597      oz

 
 

adjustments//2  //dealer to customer

i)Loomis  557,574.56 oz

ii) Manfra:  1636,927.618 oz

 

 
 

Total dealer(registered) silver: 110.848 million oz

total registered and eligible silver:  350.933 million oz

a net 1,424,000 oz LEAVES  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  77 contracts DOWN 1112 contracts. We had 77 notices filed on Thursday so we LOST ZERO contracts or an additional  NIL oz will stand for silver at the comex in this very active delivery month of July. THE BANKERS HAVE ORDERED LONGS NOT TO TAKE DELIVERY ON THIS SIDE OF THE ATLANTIC 

 

AUGUST LOST 6 CONTRACTS TO STAND AT 1715

SEPTEMBER LOST 1499 CONTRACTS DOWN TO  121,339

 
NO. OF NOTICES FILED:  198  FOR 990,000 OZ.

To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at  5857 x 5,000 oz = 29,285,000 oz to which we add the difference between the open interest for the front month of JULY (1112) and the number of notices served upon today 198 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 5857 (notices served so far) x 5000 oz + OI for front month of JULY( 1112)  – number of notices served upon today (198) x 5000 oz of silver standing for the JULY contract month .equals 33,855,000 oz. ..VERY POOR FOR JULY. 

We LOST ZERO contracts or NIL oz as they refused to morph into London based forwards

 

TODAY’S ESTIMATED SILVER VOLUME  43,805 CONTRACTS // volume  poor//getting out of Dodge//(

 

FOR YESTERDAY  63,906  ,CONFIRMED VOLUME/ poor/

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 -0.87% (JULY  9/2021)

SILVER FUND POSITIVE TO NAV

no of oz of physical silver held  jULY 8.2021;  150,926,000  (GAIN OF 6.411 MILION OZ IN A MONTH)

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 -0.92% nav   (JULY 9)

 

/2021 )

 

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

NAV $18.97 TRADING 18.68//NEGATIVE  1.52

 

END

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

JULY 9/WITH GOLD UP $10,25 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1040.19 TONNES

JULY 8/WITH GOLD DOWN $1.90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD//INVENTORY RESTS AT 1040.18 TONNES

JULY 7/WITH GOLD UP $7.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1042.23 TONNES

JULY 6/WITH GOLD UP $11.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .48 TONNES//INVENTORY REST AT 1042.23 TONNES

JULY 2/WITH GOLD UP $6.15 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.62 TONNES FROM THE GLD/INVENTORY RESTS AT 1043.16 TONNES

JULY 1/WITH GOLD UP $5.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1045.78 TONNES

JUNE 30/WITH GOLD UP $8.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1045.78 TONNES

JUNE 29/WITH  GOLD DOWN $17.55 TODAY;A HUGE CHANGE IN GOLD INVENTORY AT THE GLD;A DEPOSIT OF 2.91 TONNES INTO THE GLD///INVENTORY RESTS AT 1045.78 TONNES

JUNE 28/WITH GOLD UP $2.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1042.65 TONNES/

JUNE 25/WITH GOLD UP $1.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1042.65 TONNES

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

 

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

JULY 8 / GLD INVENTORY 1040.19 tonnes

LAST;  1089 TRADING DAYS:   +115.78 TONNES HAVE BEEN ADDED THE GLD

 

LAST 939 TRADING DAYS// +  290.40. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

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

JULY 9/WITH SILVER UP 19 CENTS TODAY: NO CHANGES IN INVENTORY AT THE SLV//INVENTORY RESTS AT 556.077 MILLION OZ//

JULY 8/WITH SILVER DOWN 9 CENTS TODAY //NO CHANGES IN INVENTORY AT THE SLV//INVENTORY RESTS AT 556.077 MILLION OZ.

JULY 7/WITH SILVER DOWN 5  CENTS TODAY: A HUGE CHANGE IN INVENTORY: A WITHDRAWAL OF 1.854 MILLION OZ FROM THE SLV/// INVENTORY RESTS AT 556.077 MILLION OZ//

JULY 6/WITH SILVER DOWN 29 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 242,000  OZ INVENTORY REST AT 557 931 MILLION OZ.

JULY 2/WITH SILVER UP 35 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 2.966 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 558.173 MILLION OZ.

JULY 1/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.139 MILLION OZ//

JUNE 30/WITH SILVER UP 27 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.781 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 561.139 MILLION OZ//

JUNE 29/WITH SILVER DOWN 32 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 927,000 OZ FORM THE SLV////INVENTORY RESTS AT 558.358 MILLION OZ.

JUNE 28/WITH SILVER UP 12 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.762 MILLION OZ FROM THE SLV/////INVENTORY RESTS AT 559.285 MILLION OZ

JUNE 25//WITH SILVER DOWN 0 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 1.391 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 561.047 MILLION OZ

 

JUNE 24/WITH  SILVER DOWN 1 CENTS 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

 

SLV INVENTORY RESTS TONIGHT AT

JULY 8/2021      556.077 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

IMF Chief Warns Of “Sustained” Rise In US Inflation

 
FRIDAY, JUL 09, 2021 – 06:30 AM

Via SchiffGold.com,

Even with the CPI rising more than expected every month this year, Federal Reserve Chairman Jerome Powell continues to insist that inflation is “transitory.” But not everybody is buying Powell’s narrative. In a blog post published July 7, International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned of a “sustained” inflation rise in the United States.

But even if she’s right, will the Fed do anything about it?

There is a risk of a more sustained rise in inflation or inflation expectations, which could potentially require an earlier-than-expected tightening of US monetary policy,” Georgieva wrote.

During the June FOMC meeting, the Fed raised its CPI projection to 3.4%. That was a full percentage point higher than the March forecast, but the central bank continued to categorize inflation as “transitory.”

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

The numbers seem to tell a different story.  The CPI in January was up 0.3%. It was up 0.4% in February. It rose 0.6% in March, 0.8%. in April and 0.6% in May. If you add up the inflation increases through the first five months of 2021, it comes to 2.7%. If you annualized the number through the end of the year, the inflation rate would be around 6.5%.

Peter Schiff has said all along that this rising price trend isn’t “transitory.”

Every month they expect less inflation, and they get more inflation. Yet all of these people, who are so surprised every time we get an inflation number that’s much higher than they thought, they’re still clinging to the false notion that inflation is transitory. Well, the fact that they’re wrong every month — they’re just wrong in total. All the inflation is going to keep beating their expectations, including the fact that it’s transitory. Because the inflation that we’re experiencing is anything but transitory. it is only going to get worse.”

Georgieva worries that more persistent inflation will force the Fed to start raising rates and rolling back its quantitative easing, leading to a “sharp tightening” of financial conditions around the world and “significant capital outflows” from emerging and developing economies.

“It would pose major challenges especially to countries with large external financing needs or elevated debt levels,” she wrote.

But will the Fed actually tighten? Schiff doesn’t think so. He believes the central bank will stick to its “transitory” inflation narrative as long as possible because it can’t tighten without wrecking the economic recovery.

Those who have figured out that inflation isn’t transitory still haven’t figured out that the Fed will do nothing to contain it. If the Fed could actually fight inflation it would already be doing so. It’s because it can’t that it’s pretending sustained inflation is transitory,” Schiff said in a tweet. “The markets are bracing for the wrong outcome. Investors expect the economy to slow as the Fed pumps the breaks to successfully fight off inflation. In reality, the Fed will step harder on the gas even as inflation accelerates to prevent the economy from stalling into recession.”

The fact is the US economy can’t handle the high interest rate environment necessary to tame rising prices. The Federal Reserve bosted interest rates modestly to 2.5% in 2018 and all hell broke loose. The stock market crashed, and the Fed was forced back to loose monetary policy even before the coronavirus pandemic. As Schiff noted in a podcast, if the economy couldn’t handle higher rates in 2018, it certainly can’t handle them today.

The level of debt is so much greater than it was then. And so, the more debt you have, the lower interest rate is required to be able to service that debt. So, if two-and-a-half percent was too much when the national debt was significantly lower than it is today, then that threshold is much lower. I don’t even think we could survive a move to one percent from the Fed.”

And the longer the Fed waits to act, the harder it becomes to act.

The longer the Fed waits to taper its asset purchases, the harder it gets to taper. That’s because the longer the Fed waits the larger its balance sheet grows and the higher the national debt rises. The larger the debt, the more the Treasury depends on the Fed to finance it.”

end

EGON VON GREYERZ//MATHEW PIEPENBERG

 

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver:

ii) Important gold commentaries courtesy of GATA/Chris Powell

Your weekend reading material

Alasdair  Macleod..

The end of the bank credit cycle

Alasdair Macleod: The end of the bank credit cycle

 

 

 Section: Daily Dispatches

 

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 8, 2021

The economic consequences of cyclical expansion and contraction of bank credit are the reason for booms and slumps dating back certainly to the Napoleonic Wars and possibly before. Keynesian remedies, which owe their pedigree to the financial theories of John Law, have never succeeded in taming them.

This article ties Austrian business cycle theory to the cycle of bank credit. It explains how bank credit is created and customer deposits with it through double-entry accounting

Central bank interest rate suppression has led to the virtual death of bank credit creation for the benefit of non-financial businesses. Instead, banks have grown their balance sheets to finance purely financial activities and speculation to compensate for reduced lending margins.

The cyclical contraction in bank credit is set to be greater than anything we have experienced since the Wall Street Crash of 1929—1932. The authorities’ attempts to defray this reality seems set to undermine the purchasing power of their currencies. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-end-of-the-bank-credit-cycle?gmrefcode=gata

end

Mathew Piepenburg…

 

Matthew Piepenburg: Beyond gold confiscation, note risks of gold vaulting

 

 

 Section: Daily Dispatches

 

By Matthew Piepenburg
Mattherhorn Asset Management, Zurich
via King World News

Thursday, July 8, 2021

For informed investors who have successfully traversed the tired Bitcoin vs. Gold debate and recognized the critical importance of owning physical (as opposed to paper or exchange-traded fund) gold as an obvious antidote to globally debased currencies and openly systemic financial and banking risk, you have, thankfully, recognized precious metals as historically unmatched safe-haven assets.

For years we have bluntly explained why precious metal ownership is so essential to the farsighted wealth-preservation objectives of sophisticated investors, both individual and institutional.

But on the wise and hence contrarian road to precious metal ownership, what good is the journey if the destination itself is unsound? 

That is, does it make any sense if your safe-haven assets are then stored or held in unsafe institutions (that is, commercial bullion banks or other precious metal dealers) that are themselves integral parties to the very broken system (and systemic risk) you set out to avoid?

Therefore, below we look at the many and all-too-real (yet all-too carefully hidden) risks of holding gold within a fractured banking system, and underscore the need to select only the safest private-vault options for serious gold storage and liquidity. …

… For the remainder of the analysis:

https://kingworldnews.com/there-is-growing-concern-about-gold-confiscation-by-governments-but-now-there-is-even-more-to-worry-about/

end

Why various central banks are planning to increase their gold reserves

(Goldcore)

GoldCore: Why central banks plan to increase gold reserves this year

 

 

 Section: Daily Dispatches

 

From GoldCore, Dublin
Thursday, July 8, 101`

Central banks’ interest in increasing their gold reserves made news again this week. 

Bloomberg’s headline on the topic was “Gold Regains Shine After Central Bank Buying Drops to Decade Low.” The article notes that central banks may be regaining their appetite for buying gold after staying on the sidelines for the past year.

Central banks from Serbia to Thailand have been adding to gold holdings, and Ghana recently announced plans for purchases. As the specter of accelerating inflation looms, a recovery in global trade provides the firepower for purchases.

The National Bank of Serbia plans to increase its gold holdings from 36.3 to 50 tonnes because, long-term, gold is the most significant guardian and guarantor of protection against inflationary and other forms of financial risks. …

… For the remainder of the analysis:

https://news.goldcore.com/central-banks-plan-to-increase-their-gold-reserves-in-2021-heres-why/  

end

 

 

 
COMMODITY// 
 
J Johnson…

 

The Apes Make a Statement!

Posted July 9th, 2021 at 8:31 AM (CST) by J. Johnson & filed under Gold Premium.

Great and Wonderful Friday Morning Folks,

August Gold is now trading at $1,799.30, down 90 cents after reaching $1,808 with the low close to the now at $1,796.60. Silver is still trading in the green with the September contract at $26.065, up 7.8 cents after it reached $26.15 with its low at $25.82. The US Dollar’s value is starting to get more worthless by the day with the latest calculation set at 92.305, down 10.1 points after hitting the low of 92.26 with the struggling high at 92.545. Of course, all this happened before 5 am pst, the Comex open, the end of London’s trades, and after Arizona State Sen. Wendy Rogers tweeted ‘Jail Time’ in response to allegations of voter irregularities in Georgia.

Gold’s value in Venezuela, shows half of yesterday’s gains being pulled as 58,706,386 Bolivares was removed leaving a price of 5,837,846,806 to start the day with Silver buyers seeing almost double the pull with Silver’s last price at 84,615,688 Bolivares, losing 634,656 overnight. Gold’s price in Argentina is now trading at 172,699.95 Peso’s, dropping 1,370.70 with Silver seeing another 14.38 pull with its last price at 2,502.19 A- Peso’s. Gold’s price under the Turkish Lira lost 148.35 Lira’s with its last trade at 15,621.18 with Silver buyers seeing 226.35 T-Liras per ounce as another 1.65 got pulled overnight.

July Silver’s Delivery Demands now has a total of 1,112 fully paid for contracts waiting for receipts with a Volume of 12 up on the board and a trading range between $26.095 and $25.835 with the last purchase price at $26.55, up 8.8 cents so far today. Yesterday’s full day of delivery activity happened in between $26.29 and $25.89 with the last purchase at the low, done after Comex closed the day out at $25.98, proving a loss of 13 cents on the day which had a total of 175 swaps that only reduced the demand count by 77 contracts that may have received receipts. Silver’s Overall Open Interest continues to see reductions along with the price as 1,280 more paper contracts left the field of play leaving a total of 155,027 Overnighters to trade against the physicals, until it becomes undeliverable. I for one, do not believe these are simple “long traders” leaving the market, I think this is the Algo’s reducing their hedge positions, because there is far less Silver to sell against. Of note; we’re only 20,000 contracts above the Open Interest low, made the last time Silver tried to break $50.

July Gold’s Delivery Demands now stand at 313 fully paid for contracts waiting for receipts with a Volume of 7 up on the board inside a tight trading range between $1,804.10 and $1,803.20 with the last trade at the low, a gain of $3.60 so far today, and while the overwhelming paper pushes the price lower while it can. Yesterday’s full day of Ice/Comex deliveries happened in between $1,818.50 and $1,797 with the last trade at $1,799, done before Comex closed the day out at $1,799.60, proving a loss of $1.90 on the day that had a total of 148 swaps which only reduced the demand count by 65 contracts that got receipts, maybe. Gold’s Overall Open Interest continues to do the opposite of Silver’s as another 6,473 paper positions had to be added bringing the total of 476,042 Overnighters to trade against the physicals.

The Apes are making headways! Reuters mentioned Wall Street Silver in front of millions of viewers !!! We had 8,280 members online and they asked JP Morgan about WSS !!! THEY DECLINED to answer ahahahahaha

There may just be apes in London too with this article bringing up WSS (Wall Street Silver) and their statement that made waves “KISS MY ASS JAMIE DIMON.” Maybe the morgue’s answer machine will reply with another lower price, so all of us stupid primates can buy more on the cheap.

Then there are the graffiti Ape Artists in Milan, Italy. Not sure if this is proper, but then again, what is these days?

The Ape Army is getting bigger by the day, it may be this grass roots effort is truly making comic, yet real, knuckle dents in the warehouse doors of Comex and the LBMA.

Let’s see what all the tomorrows bring, but for now, enjoy the day and the weekend! Keep a smile on the face and a prayer for all, and, as always …

Stay Strong!

Jeremiah Johnson
JeremiahJohnson@cableone.net

 

-END-

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

i) Chinese yuan vs usa dollar/CLOSED DOWN AT 6.4837 

 

//OFFSHORE YUAN 6.4895  /shanghai bourse CLOSED DOWN 1.42 PTS OR 0.04% 

HANG SANG CLOSED UP 191.49 PTS OR 0.70 %

2. Nikkei closed DOWN 177,61 PTS OR 0.63%

3. Europe stocks  ALL GREEN

 

USA dollar INDEX DOWN TO  92.26/Euro RISES TO 1.1861

3b Japan 10 YR bond yield: RISES TO. +.031/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.96/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

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

3e WTI:: 73.83 and Brent: 74.71

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.296%/Italian 10 Yr bond yield DOWN to 0.76% /SPAIN 10 YR BOND YIELD UP TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.06: D08GEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.75

3k Gold at $1799.50 silver at: 26.01   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 50/100 in roubles/dollar) 74.25

3m oil into the 73 dollar handle for WTI and 74 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.96 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 .9148 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0847 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.296%

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 1.338% early this morning. Thirty year rate at 1.973%

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

6.  TURKISH LIRA:  DOWN  TO 8.67..  VERY DEADLY

US Futures, Global Markets Rebound From Thursday Rout As Yields Rise

 
FRIDAY, JUL 09, 2021 – 08:01 AM

After a mini-rout on Thursday which briefly pushed the S&P into negative-gamma territory below 4,300, European stocks and US equity futures rebounded on Friday as energy and banking shares rose from a sharp selloff that was triggered by growth worries and has put the indexes on track for their biggest weekly fall since mid-June. At 7:30 a.m. ET, Dow e-minis were up 216points, or 0.61%, S&P 500 e-minis were up 18.5 points, or 0.43%. Nasdaq e-minis were down 3.75 points, or 0.02% after a report that Joe Biden is taking aim at big tech by encouraging regulators to reinstate net-neutrality rules. The dollar weakened against a basket of major currencies.

Risk sentiment was also boosted after China announced its first RRR-cut since Jan 2020, confirming fears that its economy is slowing fast. The weighted average reserve rate for all financial institutions now at 8.90%. The PBOC added that they will maintain prudent monetary policy. The move released around CNY 1trl of long-term liquidity, some of which will be utilized to repay the maturing MLF for financial institutions as discussed earlier.

Energy firms such as Exxon, Devon Energy, Schlumberger, and Halliburton between 1% and 1.8% in premarket trading, tracking oil prices. Rate-sensitive banks also gained between 0.9% and 2%, as the 10-year Treasury yield rebounded from 4 months low, breaking an eight-day falling streak. Levi Strauss & Co gained 3.3% as it forecast a strong full-year profit after beating quarterly earnings estimates on improving demand across its markets for jeans, tops, and jackets. U.S.-listed shares of Chinese ride hailing company Didi Global Inc rose 4.5%, for the first time in five days. Here are some of the biggest U.S. movers today:

  • Carver Bancorp (CARV) shares jumped 22% in premarket trading, extending the surge seen on Thursday as retail investors highlighted the firm as a potential short-squeeze target.
  • Gores Guggenheim (GGPI) climbed 5.4% for a second day following a Bloomberg report Thursday that electric-car maker Polestar is in talks to go public through a merger with the blank-check firm.
  • Moving Image (MITQ) rises 18% after soaring 700% in its debut Thursday. Agriforce (AGRI), which also went public yesterday, rallies 115% after its IPO was priced at $5 this week.
  • Toughbuilt (TBLT) shares soar in 40% premarket trading after the building tools maker said its sales via Amazon more than doubled in the first half of the year.

“Any decline in risky asset prices is likely to be limited and short-lived, at least if the delta variant does not totally derail the recovery,” Credit Agricole COB strategists led by Jean-François Paren wrote in a note. “The economic outlook is positive, especially earnings prospects, governments are ready to compensate for any delay in reopening and central banks will remain very dovish, implying a lot of liquidity to buy the dips.”

Markets were roiled this week as a rise in cases of the Delta coronavirus variant crimped risk appetite and led to a flight to safety, with some betting the post-pandemic reflation trade had stalled and secular stagnation was back on the agenda.

“There seems to be the gradual realisation for many that the vaccination programmes alone won’t prove enough to get economies back to their pre-COVID normality, with cases at the global level now ticking up again as the more infectious Delta variant spreads across the world,” said Deutsche Bank analyst Jim Reid.

Meanwhile, offsetting contraction fears is the still ultra-easy monetary policy from many major central banks, although some fear this could yet be curtailed if inflation picks up and policymaker largesse is reined in. “Swings in sentiment and positioning may prove to be powerful in both directions. But ultimately, the data will be key,” said Mark Dowding, chief investment officer at BlueBay Asset Management.

The MSCI World index edged higher, up 0.1%, as gains among many European bourses helped offset overnight weakness in Asia, but remains on course for a weekly fall of around 1%. Europe’s Stoxx 600 index rebounded strongly from yesterday’s rout, with all sectors in the green. The Eurostoxx 50 rose 1.6%, reversing roughly three quarters of Thursday’s losses. Here are some of the biggest European movers today:

  • Airbus shares rose as much as 4.6% after it delivered 77 jets in June, ramping up the pace of handovers and beating last year’s first-half total.
  • Vectura shares jumped as much as 13% after Philip Morris agreed to buy the U.K. maker of inhaled medical therapies for GBP1.05b, beating Carlyle’s offer. Peel Hunt lowers its price target on the stock to be in line with Friday’s announcement.
  • Bunzl shares rose as much as 4.1%, touching the highest since Nov. 9. The stock’s valuation looks cheap versus historical standards and has “much more upside” from acquisitions and margin sensitivities, Berenberg wrote in a note.
  • BMW shares gained as much as 1.9% after Oddo upgraded the stock to neutral “ahead of a very robust Q2,” saying the company will have lower semiconductor headwinds than peers.
  • Evolution shares roses as much as 3.6%; Pareto said it expects 2Q to be “another record quarter with continued strong underlying growth, especially in the Asian region.”
  • Synlab shares gained as much as 6.3%, the most since May 3, after raising its fiscal year 2021 guidance. Barclays says this will be taken well by the market, but some investors may see the upside as a one-off.
  • European construction stocks gained as analysts at Berenberg and Morgan Stanley both anticipate a very strong reporting season for European construction stocks, buoyed by strong pricing momentum. Stoxx 600 Construction and Materials Index up 1.1% vs Stoxx 600 +1%; sub-index up ~21% YTD

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares outside Japan had briefly touched two-month lows before paring losses to trade down 0.1%. U.S. stock futures pointed to a higher open on Wall Street, up 0.3%. Then, after the close, FTSE China A50 futures rise 1% after the PBOC’s RRR cut. In Australia, stay-at-home orders were introduced in Sydney to combat the spread of the virus. Vietnam also introduced new restrictions. Record deaths were reported across South Asia.

Federal Reserve Bank of San Francisco President Mary Daly told the Financial Times that low vaccination rates in some parts of the world posed a threat to U.S. growth. And speaking of the virus, Pfizer said it plans to request U.S. emergency authorization in August for a third booster dose of its Covid-19 vaccine and said it’s confident it will be effective against the more-virulent delta variant. Elsewhere, South Korea said it would raise curbs on social distancing to the highest level in Seoul for two weeks starting Monday.

In rates, treasuries were under pressure for the first day this week, trading near session lows as the US came online with long-end yields cheaper by about 5bps, underperforming bunds and gilts. Even so, 10Y yields remained on course for one of its biggest weekly slides since June 2020. The 10-year, which breached 1.25% Thursday for the first time since February, is back up to 1.34%, cheaper by ~5bp on the day and lagging bunds by ~3bp in the sector; it remains ~8bp lower on the week as investors lost confidence in predictions that a recovering economy would test the ability of the Fed to control inflation. The yield curve is steeper on the day, 2s10s by ~4bp, 5s30s by ~2bp. Yields across the curve began rising during Asia session after 10- and 30-year clocked multimonth lows Thursday. Supply is in focus as next week’s auction cycle is front-loaded, beginning Monday with both 3- and 10-year offerings, and European stocks and U.S. futures are higher following Thursday’s declines. In Europe, safe-haven German Bund yields ticked higher but were still eyeing the biggest two-week drop since March 2020 as investors eyed a likely longer road to economic recovery.

“The most important issue to consider is the current drop in yields globally, and what this downward trend implies in terms of risk aversion and trade repositioning,” Thomas Flury, Head of FX Strategies at UBS Global Wealth Management, wrote in a note. “So far, we think markets are trapped in some momentum trades, which have little persistence.”

In FX, the dollar was little changed after earlier advancing and the greenback traded mixed against its Group-of-10 peers, with the yen giving back some yesterday’s gains and the Aussie paring losses. The yen was the worst G-10 performer following yesterday’s gains; a rally in Japanese bonds halted as investors became wary of chasing 10-year yields near 0%, especially with the possibility of additional supply. The euro was marginally higher as a short-term bottom may have been established for now, according to options gauges. The pound was little changed against the dollar and the euro, after initially trading slightly softer following data showing the U.K.’s economic recovery lost momentum in May. The Swiss franc held steady after staging the biggest rally in more than three months yesterday. The Aussie rose against the kiwi as leveraged accounts covered short positions following Reserve Bank of Australia Governor Philip Lowe’s speech on Thursday; unless the Covid-19 outbreak is quickly brought under control, Sydney’s lockdown will need to stay in place beyond July 16, according to New South Wales state Premier Gladys Berejiklian.

In commodities, oil prices added to overnight gains as U.S inventories declined, but remain on course for a weekly loss. Brent crude was up 67 cents to $74.79 a barrel. U.S. crude added 79 cents to $73.73 per barrel. Gold, another safe-haven asset, was on track for its third straight weekly gain. It was last up 0.1% at $1,804 an ounce.

Looking at the day ahead, the data highlights include UK GDP and Italian industrial production for May, and the final May reading for US wholesale inventories. Central bank speakers include ECB President Lagarde and Bank of England Governor Bailey, along with the ECB’s Hernandez de Cos. Separately, the ECB will also be published the account of their June meeting where it debated reducing bond purchases, while G20 finance ministers and central bank governors will be gathering in Venice.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,326.00
  • STOXX Europe 600 up 0.9% to 455.74
  • MXAP down 0.4% to 201.77
  • MXAPJ down 0.2% to 672.73
  • Nikkei down 0.6% to 27,940.42
  • Topix down 0.4% to 1,912.38
  • Hang Seng Index up 0.7% to 27,344.54
  • Shanghai Composite little changed at 3,524.09
  • Sensex down 0.3% to 52,409.88
  • Australia S&P/ASX 200 down 0.9% to 7,273.29
  • Kospi down 1.1% to 3,217.95
  • Brent Futures up 0.8% to $74.69/bbl
  • Gold spot down 0.0% to $1,802.80
  • U.S. Dollar Index little changed at 92.42
  • German 10Y yield fell -0.6 bps to -0.312%
  • Euro little changed at $1.1841

Top Overnight News from Bloomberg

  • China cut its reserve requirement ratio by 0.5 percentage point in order to boost lending in the economy as growth starts to wane
  • Rising Covid-19 infections are weighing on currencies and stocks in developing nations, which have begun the second half on a weak note after gains in the first. Investors are already turning wary of previous outperformers including the South African rand and Russian ruble, while China’s reserve- requirement cut on Friday is amplifying concerns over growth
  • Bundesbank President Jens Weidmann said the European Central Bank won’t deliberately seek higher inflation rates to make up for previous undershoots, underlining the compromise made between more-hawkish and more-dovish policy makers on their new price-stability strategy
  • French Finance Minister Bruno Le Maire said he is confident the Group of 20 economies will back a deal on international tax, even as his country pushes for a higher minimum corporate rate
  • Corporate bonds are set for their worst week since at least April amid a selloff in risk assets sparked by rising concerns about the impact of Covid-19 variants on global growth
  • The European Central Bank and the Federal Reserve would react similarly to economic shocks even though their goals aren’t identical, Finland’s Governing Council member Olli Rehn said
  • Oil headed for the biggest weekly loss since May as a dispute between Saudi Arabia and the United Arab Emirates clouded the outlook for supply just as the spread of the delta virus variant sapped risk appetite

Quick look at global markets courtesy of Newsquawk

Asia-Pac bourses resumed the downtrend seen across global counterparts where there was an unwinding of the reflation trade amid growth slowdown concerns and Delta variant fears, which dragged Wall Street back from record highs with the declines led by financials as yields continued to retreat for an 8th straight session. ASX 200 (-1.0%) was pressured as tech heavily underperformed the broad weakness across nearly all sectors amid a worsening COVID-19 situation that forced Sydney to impose stricter COVID-19 measures in already locked down areas, while the New South Wales Premier also suggested a potential extension to the lockdown and that the state is facing the biggest challenge since the pandemic began. Nikkei 225 (-0.6%) slumped on the weight of the recent haven flows into its currency and neared a correction after falling almost 10% from the February peak, with sentiment not helped after Japan confirmed an emergency declaration in Tokyo and that fans will be banned for most Olympic events. KOSPI (-1.1%) was also impacted by virus woes including a new record increase in cases for a second consecutive day and the raising of COVID-19 restrictions in Seoul to the highest level for two weeks beginning July 12th. Hang Seng (+0.7%) and Shanghai Comp. (-0.1%) both began subdued amid ongoing regulatory concerns with Beijing said to tighten rules for future foreign listings and after Chinese fitness app Keep pulled its New York IPO plans due to the recent Didi issues. Furthermore, it was reported that the US is to add additional Chinese entities to the economic blacklist regarding human rights in Xinjiang and use of high-tech surveillance as soon as today, although there was an update from S&P Dow Jones Indices regarding sanctions in which it noted several companies including China National Chemical Corp, China National Chemical Engineering, China Shipbuilding Industry, China United Network Communications, CNOOC Finance and CRRC among those eligible for index inclusion, which potentially helped the shift in mood for Hong Kong. Finally, 10yr JGBs were lower in which the benchmark eased back following a near two-week rally, despite the weakness in Japanese stocks and with demand subdued by the lack of BoJ presence in the market today.

Top Asian News

  • HSBC’s Tucker Blasted by IPAC for Refusal to Discuss Hong Kong
  • Bukalapak Targets $1.5 Billion in Biggest Indonesia IPO
  • China Index in Hong Kong Rebounds After Touching Bear Territory
  • China’s Easing Signal Is Fueling a Trade Loathed by Beijing

European equities (STOXX 600 +0.8%) are trading higher across the board in a move that appears to be more of a recovery from yesterday’s heavy losses than one driven by fresh bullish impetus. By way of context, in what has been a choppy week for the region, the Stoxx 600 is on track to see the week out with losses of just over 1% but resides just ~5 points away from its ATH printed on 14th June. Macro drivers are, for the most part, a case of “as you were” with nothing incremental since yesterday’s close and a light docket ahead; aside from the PBoC’s RRR cut, though this had been touted earlier in the week. Stateside, ES trades firmer to the tune of 0.3%, NQ is modestly pressured lower by -0.2% while the beleaguered RTY is higher by 1.0% in what has been a bruising week for the index. Sectors in Europe are firmer with outperformance seen in Travel & Leisure, Autos and Basic Resources. Again though, some of these moves have more of an air of recouping lost ground than anything more constructive. Oil & Gas names are lagging peers but are just about positive on the session as energy markets await any further clarity on the OPEC+ front after talks fell apart earlier in the week. In terms of stock specifics, Airbus (+2.7%) is a notable gainer in Europe after noting a pickup in deliveries in June with the plane maker now having delivered 297 airplanes in H1 2021. In the luxury space, Burberry (+2.7%) are seen higher after being upgraded to buy from neutral at Goldman Sachs, with support also seen throughout the luxury space. Volkswagen (+1.7%) could be one to watch with source reports indicating that the Co. will today discuss whether to extend CEO Diess’ contract until 2025.

Top European News

  • France Backtracks on Virus Warning About Spain and Portugal
  • U.K. Travel Ramp Up Puts Border-Control Upgrades to the Test
  • Czech Tycoon Revives IPO Plan for Apollo-Backed Lottery Firm
  • Chip Shortage Weighs on U.K.‘s Recovery as Car Output Plunges

In FX, the Dollar remains off best levels and its new post-FOMC peaks that were set on Wednesday, but has pared some declines against safer havens that outweighed gains vs riskier counterparts during yesterday’s session. The index has settled into tighter range around the 92.500 mark having lost sight of the half round number several times within yesterday’s 92.792-239 extremes, and not getting any respite from US data as weekly and continuing jobless claims were both higher than expected. Currently, the index is at the lower-end of the day’s range which currently resides sub-92.30. Ahead, only wholesale inventories and sales due in terms of macro releases and no scheduled Fed speakers, so a Monetary Policy report at 16.00BST prepared for Chair Powell’s semi-annual testimonies to the Senate Committee on Banking, Housing, and Urban Affairs, and to House Committee on Financial Services next week could well take centre stage.

  • AUD/JPY – Far from all change, but as good a gauge of how the landscape and general market tone has improved is the fact that the Aussie and Yen have swapped places in the G10 rankings, with the former now topping the table and the latter propping it up. Aud/Usd has secured a firmer grip of the 0.7400 handle with some assistance from resilient copper prices, while Usd/Jpy has rebounded through 110.00 at best having held just above 109.50 on Thursday and then squeezing higher into the 4 pm London fix.
  • CAD/NZD/GBP/EUR/CHF – All narrowly mixed vs the Greenback, as risk appetite picks up a bit more on the back of China’s RRR cut wef July 15 and perhaps earlier than signalled by the Cabinet earlier this week. The Loonie is also gleaning support from a rebound in oil ahead of Canadian labour data with Usd/Cad now eyeing 1.2500 to the downside having faded around 1.2590 only yesterday. Meanwhile, the Kiwi is looking more assured circa 0.6950 in the run up to next week’s RBNZ policy meeting, the Pound has tested 1.3800 irrespective of broadly weaker than forecast UK data in the form of monthly GDP, IP and breakdown, the Euro is consolidating between 1.1826-59 and the Franc has slipped back to pivot 0.9150. Note, decent expiry option interest in Eur/Usd close by may keep the pair capped into the NY cut as 1 bn rolls off at the 1.1850 strike and 1.1 bn at 1.1875.

In commodities, Crude benchmarks are bid this morning posting gains in excess of 1.0% given the broader risk tone after yesterday’s heavy losses; however, the magnitude of today’s move is relatively slim when compared with what we have seen this far this week. For instance, WTI has printed a range of just over USD 6.0/bbl this week, and we are currently around this mid-point of this range. Newsflow explicitly for the complex has been very minimal. As such, the benchmarks are tracking the broader risk tone while participants remain attentive for any OPEC+ updates, specifically between the UAE and Saudi/Russia. Moving to metals, spot gold and silver are marginally firmer though performance is quite rangebound thus far with gold holding a few dollars above the USD 1800/oz mark compared to the session low of USD 1796.8/oz and Monday’s weekly trough of USD 1783.3/oz. Elsewhere, base metals are buoyed by broader risk appetite rather than any specific macro driver in a continuation of APAC performance where the metals were largely resilient to the tentative macro tone.

US Event Calendar

  • 10am: May Wholesale Trade Sales MoM, prior 0.8%
  • 10am: May Wholesale Inventories MoM, est. 1.1%, prior 1.1%

DB’s Jim Reid concludes the overnight wrap

My penance for having my dream day on Sunday (golf am, golf pm, and football evening) while the family go on a short break, is a trip to “Go Ape” tomorrow. This is where you strap in high up in the tree canopy and try not to stumble and test the safety ropes. We are going with a family of 4 kids, including one baby and both sets of parents have agreed that one person out of us will stay with the baby. I’m weighing up whether an hour stint on the ground looking after someone else’s baby is better or worse than being strapped in at altitude. I’m leaning towards gambling that the baby will be asleep for an hour and offering to look after them. A high stakes roll of the dice.

For markets yesterday, the main theme was once again what you could call the “deflation of reflation before staycation” trade, with the risk-off tone sparking a large selloff in global equities alongside further declines in sovereign bond yields. Up to now, equities had been largely immune from the risk-off tone among investors, and indeed the S&P 500 hit an all-time high the previous day, but growing anxiety about future growth prospects led to big declines among cyclical and covid-sensitive assets by the close. And more broadly, there seems to be the gradual realisation for many that the vaccination programmes alone won’t prove enough to get economies back to their pre-Covid normality, with cases at the global level now ticking up again as the more infectious delta variant spreads across the world.

Looking at those moves in more depth, yields on 10yr Treasuries fell another -2.4bps to 1.293% yesterday, which is their lowest closing level since mid-February, as well as their 8th consecutive move lower, marking the longest decline in yields since August 2019. 10yr inflation breakevens were down -4.1bps to 2.23% at the end of the session, which is more than -35bps beneath the 2.594% peak they hit just a couple of months ago after that first bumper CPI release in the US. The Federal Reserve Bank of San Francisco president Mary Daly has said in an interview with FT that the growing downside risk to the global economy due to the spread of the delta variant is one of the reasons for the decline in yields. She said that the news in the U.S. is positive but less so globally, adding that “markets respond to those things, and that can of course lower yields because they’re pricing in the risk there”. There has been some respite overnight with 10yr US yields back up +3.9bps. For European sovereign bonds, the broader risk-off tone led to a divergent performance between core and periphery, with yields on 10yr bunds falling -0.9bps, whereas those on Italian (+2.2bps) and Spanish (+1.8bps) debt moved higher.

For equities there was an even bigger rout however, particularly in Europe, where the STOXX 600 (-1.72%) suffered its worst day of 2021 so far, whilst other bourses including the DAX (-1.73%), the CAC 40 (-2.01%) and the FTSE MIB (-2.55%) experienced major slumps of their own. The US saw comparatively smaller moves, but even there, the S&P 500 (-0.86%), the NASDAQ (-0.72%) and the Dow Jones (-0.75%) saw notable losses, with cyclical industries including transportation (-3.03%) and Materials (-1.36%) leading the S&P lower. One of the worst performing industries were banks (-1.97%) as the yield curve flattened sharply with the US 30yr Treasury yield falling to 5-month lows, having traded under 1.90% briefly after being over +50bps higher in mid-March.

Against this backdrop, the main other story yesterday was the announcement of the ECB’s long-awaited Strategy Review, where the biggest headline was that the Governing Council would now have a symmetric 2% inflation target over the medium term, rather than the previous target of “below, but close to, 2%”. There were also some words sounding more tolerant of above-target inflation, with the statement saying that in order to maintain the symmetry of the inflation target, then “especially forceful of persistent monetary policy measures” could be required when close to the lower bound to avoid low outcomes becoming entrenched, and this could “imply a transitory period in which inflation is moderately above target.”

Our European economists led by Mark Wall viewed the ECB’s move as moderately dovish, given the commitment to lower for longer rates that is formally embedded in the monetary policy statement. Their baseline is the ECB will confirm on 9 September that PEPP net purchases won’t continue beyond March 2022 but the low medium term outlook for inflation means the PEPP stimulus will be at least in part replaced by additional non-pandemic stimulus. See their note here to see their full review.

Among the other changes from the review are that the ECB will now take into account inflation measures with initial estimates of the cost of owner-occupied housing, to better reflect what households experience. They also announced a climate change action plan that will see it further incorporate climate change considerations into the monetary policy framework, including the development of new models and analysis that monitors the impact of climate change on the economy and monetary policy transmission, alongside climate stress tests of the Eurosystem balance sheet in 2022. Although a minor part of the release yesterday maybe this will become a bigger story over the years ahead if countries end up spending big to invest in the climate. It will be hard for the ECB not to help them given this mandate change.

Sentiment continues to remain weak overnight in Asia with the Nikkei (-1.79%), Shanghai Comp (-0.69%) and Kospi (-1.67%) all down. Also not helping sentiment is overnight news from Reuters that the US will add at least 10 Chinese entities to its economic blacklist as soon as today over alleged human rights violations by China in the Xinjiang region. As an exception the Hang Seng (+0.65%) is up. S&P 500 futures (-0.24%) have dipped while those on the Stoxx 50 are broadly flat. In terms of overnight data releases, China’s June PPI came out in line with expectations at +8.8% yoy while CPI came in 0.1pp lower than expectations at +1.1% yoy.

In terms of the latest on the pandemic, the main news yesterday was that the Tokyo Olympics wouldn’t have spectators for events taking place in the capital after a fresh resurgence in Covid-19 cases. Previously there had been hopes for some limited capacity, with the plan to limit numbers to the smaller of 10,000 or 50% of the venue’s capacity. Overnight, South Korea has decided to raise virus restriction in Seoul to the highest level and has ordered night-time entertainment businesses to close. Vietnam has also instituted a stay at home order for 15 days in Ho Chi Minh City while also cutting domestic flights to and from the city. Here in the UK meanwhile, there was a continued slowing in the rate of case growth, which are now up by “only” +35% in the last 7 days, and less than half what it was last Friday. That said, there are signs that the latest wave is beginning to show up more seriously in hospitalisation figures, with the latest data showing that the numbers admitted to hospital are up by more than +50% on the previous week. The Biden administration noted that the US is not ready to lift restrictions on foreign travelers to the country, waiting to see how global cases continue to develop. The government is currently working with the EU, UK, Mexico and Canada on timelines to lift the bans, with the other regions either already accepting US tourists or expecting to in the coming weeks. Turning to vaccines, Pfizer has said that it will request US emergency authorization in August for a booster dose of its Covid-19 vaccine and added that the company is confident it will be effective against the more-virulent delta variant. Separately, the US CDC and FDA said in a joint statement overnight that people who are fully vaccinated against Covid-19 don’t need a booster shot at this time.

Looking at yesterday’s data, the weekly initial jobless claims from the US for the week through July 3 came in at 373k (vs. 350k expected), which was just +2k up from their post-pandemic low of 371k the previous week. The continuing claims number also fell to a post-pandemic low of their own at 3.339m (vs. 3.350m expected). Separately in Europe, the German trade surplus narrowed to €12.3bn in May (vs. €15.1bn expected).

To the day ahead now, and the data highlights include UK GDP and Italian industrial production for May, and the final May reading for US wholesale inventories. Central bank speakers include ECB President Lagarde and Bank of England Governor Bailey, along with the ECB’s Hernandez de Cos. Separately, the ECB will also be publishing the account of their June meeting, while G20 finance ministers and central bank governors will be gathering in Venice.

end

3A/ASIAN AFFAIRS

 

i)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 1.42  PTS OR 0.04%   //Hang Sang CLOSED UP 191.49 PTS OR 0.70%      /The Nikkei closed DOWN 177.61 pts or 0.63%  //Australia’s all ordinaires CLOSED DOWN .91%

/Chinese yuan (ONSHORE) closed UP TO 6.4837  /Oil UP TO 73.83 dollars per barrel for WTI and 74.71 for Brent. Stocks in Europe OPENED ALL GREEN /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4837. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4895/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

3 a./NORTH KOREA/ SOUTH KOREA

/SOUTH KOREA

If this turns out to be true!, this is a huge find!

(zerohedge)

Did A Korean Research Team Just Find The “Holy Grail” Of Water Desalinization

 
FRIDAY, JUL 09, 2021 – 03:50 PM

Could the holy grail of turning salt water to drinkable water finally be upon us?

A new report from Interesting Engineering seems to suggest that could be the case – detailing a new nanofiber membrane, developed by Yunchul Woo and his team at the Korea Institute of Civil Engineering and Building Technology, that appears to be “stable in the long term” for desalinization. And it can be done “in minutes”, the report says.

Membranes had been used in the past, but there is often a challenge in keeping them dry for long periods of time. When they become wet, their filtration characteristics become ineffective and large amounts of salt can pass through. 

Woo’s team has created a membrane “made of nanofibres that have been fabricated into a three-dimensional hierarchical structure” by using a technology called “electrospinning”. This new membrane is said to be highly water repellant. 

Water from one side is heated and allows water vapor to pass through the membrane, which is then condensed on the other side. The process is called membrane distillation. 

“Since the salt particles are not converted to the gaseous state, they are left out on one side of the membrane, giving highly purified water on the other side,” the report says. 

It also notes that the researchers used silica aerogel in their membrane fabrication process.

Upon testing the technology for 30 days continuously, they found the membrane filtered out 99.9% of salt without wetting problems. 

Desalinization is the obvious answer to the global issue of over 785 million people lacking clean drinking water. Up until now, scientists have been unable to figure out a quick, cost-efficient and effective way to turn salt water into drinkable water.

Fresh water only accounts for 2.5% of the total water available on Earth, the report notes. 

END

b) REPORT ON JAPAN

JAPAN/

 

end

3 C CHINA

CHINA/

With China’s economy falling apart, the powers to be have decided to cut their reserve ratio by .5%.

China Cuts Reserve Ratio By 0.5% Unleashing 1 Trillion Yuan In Liquidity To Boost Economy

 
FRIDAY, JUL 09, 2021 – 07:05 AM

Just two days after we said that “China Prepares To Cut Rates As Economy Stalls“, this morning China did just that when the PBOC announced it is cutting the Required Reserve Ratio by 0.5% for most banks, a move that will unleash about 1 trillion yuan ($154BN) of long-term liquidity into the economy and will be effective July 15.

The announcement reduces the amount of cash most banks must hold in reserve in order to boost lending to the economy as growth has sharply waned, and is expected to prop up China’s slowing economy, which as noted earlier this week saw its Caixin Service PMI drop to the lowest level since the covid crisis, badly missing expectations.

The last time the bank cut the main ratios was during the first wave of the pandemic in 2020, when it was trying to boost the economy after the Covid-19 outbreak which started in a Wuhan lab shut down the economy.

The RRR cut was signaled earlier this week, when as we reported on Wednesday, China’s State Council hinted the central bank would make more liquidity available to banks so they could lend to smaller firms hurt by rising costs. But the rushed timing and magnitude of the move, coming a week before second-quarter growth data, suggests mounting concerns about the economy’s outlook, economists said.

“The PBOC came in broader and sooner than expected, highlighting the policy urgency to support the China economy,” said Mizuho FX strategist Ken Cheung. “Such firm easing measures could further fuel concern over China’s growth outlook in the second half as well as the upcoming second-quarter GDP figures in the coming week.”

The rate cut comes at a time when Beijing is again posturing with its noble but futile intentions to delever the economy: China has been wary of overstimulating the economy, and the central bank said in a statement that the cut doesn’t mean there’s been a change to the “prudent monetary policy.” The PBOC will maintain the “stability and effectiveness of monetary policy, keep a normal monetary policy, and won’t flood the economy with stimulus,” it said. Well, define “flood.”

“The magnitude of the RRR cut is more than expected. The RRR reduction paints quite a stark contrast to PBOC’s very cautious stance on its liquidity injections in the first half of the year,” said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc in Hong Kong. “Even though the central bank said the cut shouldn’t be seen as a sign it’s shifting its policy stance, the market will interpret the move as a tilt toward looser monetary policy in the second half.”

Thanks to liquidity injection, China’s FTSE A50 futuress rose as much as 1.1%, while 10-year government bond yields pared gains of as much as four basis points after the RRR cut, standing little changed at 2.99% as of late Friday.

The response was muted because overall liquidity in the economy will basically be stable, as the extra funds will be used to repay maturing medium-term loans, fill any liquidity gaps due to the tax season from mid to late July, and raise long-term capital, the bank said.

Curiously, the RRR cut announcement came just minutes the release of the latest monthly data showing that credit growth in June was much stronger than expected, with much of that expansion coming from bank loans.

Below we share some hot takes from Wall Street analysts and strategists:

  • David Qu, China economist: “The People’s Bank of China’s isn’t taking any chances with the recovery — the surprise 0.5 percentage point cut to the required reserve ratio will inject 1 trillion yuan into the banking system, helping juice growth that’s poised to slow in the second half. The RRR cut and a larger-than-expected jump in June credit mark a decisive turn to an easing stance.”
  • Kelvin Wong, an analyst at CMC Markets: “The timing of China’s reduction in the reserve requirement ratio is rather significant given the bloodbath we have seen in China Big Tech this week. Likely to be positive for equity markets as credit impulse indicators in China have been showing more tightening liquidity conditions versus the rest of the world. Should bode well for consumer discretionary shares for now.”
  • Liu Xiaodong, fund manager at Shanghai Power Asset Management: “The cut to the required reserve ratio, which comes just two days after signaling from China’s cabinet may not provide a huge boost to stocks. I read this as neutral news for the market as this will dampen earnings outlook for banks, which are heavy enough to drag down the index. This is meant to replenish the liquidity for the real economy and new energy companies, rather than to bolster the market.”
  • Sebastien Galy, macro strategist at Nordea Investment Funds: “China’s move to reduce the reserve ratio requirement earlier than expectation “should give a fillip” to its stock market even as some investors might wait for economic-data reports next week to gauge the extent of the economic slowdown. The Move comes ahead of the “release of 2Q GDP data, which might well disappoint amongst lingering weakness in consumption and disruptions in the supply chain as well as the impact of health restriction.”
  • Iris Pang, chief economist, Greater China, with ING Bank NV: “The PBOC’s move to cut its reserve ratio raises concern that the nation’s banks may be further exposed to bad loans. This gives me a sense of uneasiness. Are banks under stress of capital? If this is the case, it implies that there could be more bad loans. Increased stress may be coming from China’s deleveraging reform efforts, especially in the real estate and fintech industries.”
  • Jian Shi Cortesi, a fund manager at GAM Investment Management: “China reducing the RRR will have “a minor impact” on the nation’s equities as the focus right now is on the regulatory crackdown toward the technology sector and the U.S.’s monetary policy. Investors should note that money supply may remain stable as the RRR cut also partially offsets the liquidity shortage due to tax payments in mid July.”

end

CHINA VS USA

China is annoyed and vows relentless retaliation against the uSA for blacklisting over 20 more Chinese companies for human rights abuses.

(zerohedge)

 

US Blacklists Over 20 More China Firms For Human Rights, Beijing Vows “Relentless Retaliation”

 
FRIDAY, JUL 09, 2021 – 10:28 AM

On Friday the Biden administration has rolled out with a new human rights-related blacklist of companies from China, Russia and Iran – including over twenty Chinese entities targeted over abuses and high-tech surveillance in Xinjiang province, adding to the prior June list. Over 30 international companies total are said to be newly blacklisted in the move.

Included among them are Shenzhen Cobber Information Technology, the Beijing-based academic institution China Academy of Electronics and Information Technology, and Leon technology, among others. China Foreign Ministry spokesman Wang Wenbin vowed “all necessary steps” in retaliation to “protect the rights and interests of its companies” against US interference. 

An op-ed in the prominent state-run English language Global Times further vowed “relentless retaliation” for the new Xinjiang and Hong Kong related blacklist, the Friday publication wrote.

“All sanctions against Hong Kong and the Chinese mainland will receive relentless retaliation. The US and Europe will suffer the same losses as China from the conflict. We advise them to restrain themselves,” it said.

Also interesting is this line, which appears to be the officials consensus in Beijing: “The Biden administration repeating the old path of the Trump administration means it will repeat the latter’s failure.” The op-ed added: “It will show that Biden’s team is as incompetent as his predecessor, with a lack of imagination in a stalemate.”

Last month five Chinese entities were targeted for “accepting or utilizing forced labor in the implementation of the People’s Republic of China’s campaign of repression against Muslim minority groups in the Xinjiang Uyghur Autonomous Region” – with this list now being greatly extended.

Generally, entity-listed companies are met with huge hurdles if they apply for licenses from the Commerce Department, facing extra scrutiny when seeking US suppliers, making doing business with American companies extraordinarily difficult if not impossible.

* * * 

Below is the full Department of Commerce list of Chinese companies blacklisted Friday:

  • Armyfly
  • Beijing E-science Co., Ltd.
  • Beijing Geling Shentong Information Technology Co., Ltd.
  • Beijing Hileed Solutions Co., Ltd.
  • Beijing Sinonet Science & Technology Co., Ltd.
  • Chengdu Xiwu Security System Alliance Co., Ltd.
  • China Academy of Electronics and Information Technology
  • Hangzhou Hualan Microelectronics Co., Ltd.
  • Info Rank Technologies
  • Kindroid
  • Kyland Technology Co., Ltd.
  • Leon Technology Co., Ltd.
  • Shenzhen Cobber Information Technology Co., Ltd.
  • Shenzhen Hua’antai Intelligent Technology Co., Ltd.
  • Suzhou Keda Technology Co., Ltd.
  • Tongfang R.I.A. Co., Ltd.
  • Urumqi Tianyao Weiye Information Technology Service Co., Ltd.
  • Wingel Zhang
  • Wuhan Raycus Fiber Laser Technologies Co., Ltd.
  • Xinjiang Beidou Tongchuang Information Technology Co., Ltd.
  • Xinjiang Lianhai Chuangzhi Information Technology Co., Ltd.
  • Xinjiang Sailing Information Technology
  • Xinjiang Tangli Technology Co., Ltd

END

4/EUROPEAN AFFAIRS

UK/CORONAVIRUS/LOCKDOWN

END
 
EUROPE/ECB
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

The USA under Biden are nuts.. Why are they poking the bear

(zerohedge)

US Navy Calls Black Sea Drills “Essential” As Russia Threatens Military Response

 
FRIDAY, JUL 09, 2021 – 02:45 AM

One might hope that after the dramatic close call June 23rd events on the Black Sea which saw a Russian patrol ship fire warning shots to deter a UK warship which came near Crimea – all of which was reportedly monitored by an overhead US reconnaissance plane (as Putin has alleged) – “cooler heads” would prevail and that the West would seek de-escalation in the waters. 

But this is hoping way too much as instead the US Navy is calling expansive military drills on Russia’s doorstep “essential” in deterring Russian “aggression”. The words were issued by Commander Daniel Marzluff of the US Navy’s Sixth Fleet at a moment the large multi-nation Sea Breeze 2021 exercises are ongoing, which Moscow has deemed a serious “provocation”. 

Sea Breeze 2021 image

This year’s Sea Breeze drills are led by the US and Ukraine with military hardware made up from over 30 participant nations crowding the region in and around the Black Sea. This has prompted Russia to hold its own drills in the southwest part of the country.

Russian Deputy Foreign Minister Sergey Ryabkov also this week issued further warning to foreign vessels and military aircraft to not get too close to Russian territory:

“They would be better off leaving their provocations aside next time and staying away from that area because they will get clocked in the nose,” Ryabkov said.

Commander Marzluff’s strong words, however, suggested anything but ‘de-escalation’ and avoidance of hostilities with Russia:

Commander Daniel Marzluff, the U.S. Sixth Fleet’s Black Sea Region Engagement Lead, told Newsweek Tuesday that the Sea Breeze drills as “essential” in deterring Russian aggression and asserting U.S. and NATO backing for Ukraine, which remains at war with Moscow-backed separatists in the east of the country.

“This is clearly the most effective way to bring a unified front to this kind of rogue action,” Marzluff told Newsweek from the Ukrainian port city of Odessa, referring to the ongoing exercises.

The US commander further called regional allies like Ukraine the US military’s “greatest strategic advantage” in confronting Russia. He described additionally: 

“Here in the Black Sea, we have three NATO allies that are poised and ready to respond to any type of Russian aggression.”

This reference includes Romania, Bulgaria, and Turkey – while Ukraine has of late been increasingly vocal on wanting a path to full NATO membership, which Russia has declared a ‘red line’ that would certainly trigger major conflict.

And yet Ukraine’s president Volodymyr Zelensky has continued pushing for greater Washington intervention in the region, just this week in a press conference alongside Lithuanian President Gitanas Nauseda urging greater ‘help’ from the United States toward ending the conflict in Eastern Ukraine.

END

AFGHANISTAN//TALIBAN/

Eighteen years inside Afghanistan and this is was the  USA has to show for this wonderful feat:

Taliban Boasts It’s Already Taken 85% Of Afghanistan Day After Biden Declared “US Objectives Achieved”

 
FRIDAY, JUL 09, 2021 – 02:45 PM

The Taliban on Friday says it’s now taken control of a whopping 85% of all territory in Afghanistan, however, this excludes the capital of Kabul and other high-population dense areas.

Reuters is already citing “international concern” which has “mounted over problems getting medicines and supplies into the country” as the terror group which American forces have spent 20 years fighting is poised to take back the whole central Asian nation again for the first time since 2001.

But the national US-backed government in Kabul is dismissing the latest Taliban statement as “propaganda” aimed at Western retreating forces. It was only yesterday that Biden hailed to completion of US objectives in the war-torn country which the US invaded quickly after the 9/11 terror attacks.

Propaganda or not, it’s certainly not looking good given even US intelligence estimates recently projected some six months before Kabul could fall. Many military analysts chimed in to say six months is far too optimistic an assessment. Consider too the rapid advances just this week, as Reuters details of a mere few of the latest examples:

  • The Taliban “emboldened by the withdrawal, had captured an important district in Herat province, home to tens of thousands of minority Shi’ite Hazaras.”
  • “Torghundi, a northern town on the border with Turkmenistan, had also been captured by the Taliban overnight, Afghan and Taliban officials said.”
  • “Hundreds of Afghan security personnel and refugees continued to flee across the border into neighboring Iran and Tajikistan, causing concern in Moscow and other foreign capitals.”

The humanitarian situation looks to grow worse by the day as the WHO has recently estimated more than 18 million Afghan civilians are in dire need of assistance, including over three million children who could suffer acute malnutrition.

On Friday the Pentagon’s reaction to the Taliban claim of 85% of territory taken strongly suggested the Taliban might not be exaggerating after all

Asked about how much territory the Taliban held, Pentagon spokesman John Kirby declined direct comment.

“Claiming territory or claiming ground doesn’t mean you can sustain that or keep it over time” he said in an interview with CNN. “And so I think it’s really time for the Afghan forces to get into the field – and they are in the field – and to defend their country, their people.”

As we detailed earlier, the consistent pattern has witnessed Afghan military personnel abandoning their posts in droves amid the advancing Taliban, also as they saw their American trainers and allies sneak off “in the middle of the night” – as they did at Bagram days ago.

END

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

This will be deadly:  If the vaccines so far are working against all variants why the need for Pfizer to seek authorization for a booster dose?

(zerohedge)

Pfizer Plans To Seek Authorization For “Booster” Dose To Protect Against Delta Variant

 
 
THURSDAY, JUL 08, 2021 – 07:20 PM

Hours ago, Dr. Anthony Fauci emphatically defended the efficacy of the three American-made vaccines that have received emergency authorization for use by the FDA. His comments weren’t unprompted: reports out of Israel claiming the Pfizer jab is far less effective than advertised have shaken public confidence in the jabs, at a time where President Biden is about to send people knocking on doors to try and encourage more adults (and increasingly, children) to get vaccinated.

It’s no secret that a handful of southern and western states are lagging the rest of the country in vaccine rollout. But not long after Dr. Fauci made his comments (which were picked up by all the major newswires) the NYT published a sneak peak at new research showing how the Delta variant bypasses the antibodies created by the vaccines, and prior infection with another strain of the virus.

It’s just the latest example of how the authorities don’t care about the “science” so much as protecting the narrative that helps Big Pharma sell the most vaccines. And while the vast majority of  countries are still struggling with vaccination rates below 1% since they simply can’t get the supplies (while unused jabs are piling up across the US) – and Bill Gates doing everything he can to keep it that way – Pfizer and Moderna have apparently spotted an opportunity.

Pfizer and its partner BioNTech announced Thursday evening that they will seek authorization from the FDA for a third “booster” dose of their COVID vaccines that will offer increased protection against the Delta variant (despite the fact that both Pfizer and its rival Moderna repeatedly insisted that its vaccines are still effective against all known variants including Delta), the Hill reports.

In a statement, the company referenced the data out of Israel, where government scientists have estimated the real efficacy of the vaccine vs. Delta is somewhere around 64%, while leaving particularly vulnerable patients at risk of severe illness and death. The booster dose would ideally be given within 6 to 12 months post-vaccination.

“Based on the totality of the data they have to date, Pfizer and BioNTech believe that a third dose may be beneficial within 6 to 12 months following the second dose to maintain highest levels of protection,” the companies said.

The company said it’s planning to start clinical trials for a reformulated vaccine that’s modified to specifically target the Delta variant. However, the company now believes that a booster dose might be a more effective strategy. The news strikes us as surprisingly aggressive, considering the FDA hasn’t even approved the first generation of vaccines yet (they were all granted emergency authorizations, and the FDA is still evaluating safety data, which is why we know the mRNA jabs cause rare side effects including heart inflammation in a small n umber of men).

Ultimately, the CDC and FDA will decide whether to recommend a third dose. But they have a pretty strong track record of safeguarding the interests of the Big Pharma companies that produced the vaccines. So, why would they change course now?

 

 end

Our morally challenged FDA and CDC finally stand up to Pfizer and claim that there is no need for a “booster” vaccine.

(zerohedge) 

FDA, CDC Contradict Pfizer, Claim There’s No Need For “Booster” Vaccines… Yet

BY TYLER DURDEN
FRIDAY, JUL 09, 2021 – 08:33 AM

Just hours after Pfizer and its partner BioNTech announced their plan to seek federal authorization to market a “booster” jab that they said would provide better protection against COVID variants like Delta, the FDA and CDC issued a joint statement contradicting Pfizer by claiming that there’s no evidence that booster vaccines will be necessary. 

The two federal entities said the US is “fortunate to have highly effective vaccines that are widely available for those 12 and up” and “Americans who have been fully vaccinated do not need a booster shot at this time.”

However that could still change since the “FDA, CDC and NIH are engaged in a science-based, rigorous process to consider whether or when a booster might be necessary.” If it is, then “we are prepared for booster doses if and when the science demonstrates that they are needed.”

After the developments of yesterday, when Dr. Fauci insisted the US-developed vaccines are extremely effective despite Israeli scientists saying the Pfizer jab might be only 64% effective against the Delta variant, the fact that these government agencies are breaking with Big Pharma is just the latest sign that – as former NYT reporter Alex Berenson posited – “they can’t even keep the lies straight anymore.”

As we established yesterday, Dr. Fauci and his cohort of ‘experts’ are mainly concerned with protecting the vaccines’ reputation. If Americans read that they’re going to need another booster shot in 6-12 months, then it might de-motivate them to get vaccinated today.

Additionally, Pfizer and BioNTech said Thursday evening that they would begin developing a version of a COVID-19 vaccine that targets the delta variant, and that they expect to launch clinical trials of that jab next month.

Looks like COVID 19 will become endemic.  Research shows that antibodies produced through the use of the Pfizer and Moderna vaccines do not protect against the Delta strain.

(a good read//zerohedge….)

 

Fauci Defends Vaccines As Research Shows Antibodies Don’t Protect Against Delta

 
THURSDAY, JUL 08, 2021 – 08:40 PM

As the world passes 4MM confirmed COVID cases, the NYT has just published new research published in the journal Nature calling into question the efficacy of US-made vaccines in offering protection against the Delta variant.

Shortly before the research was released, Dr. Anthony Fauci on Thursday defended American COVID vaccines, claiming that the jabs developed by Pfizer, Moderna and J&J are all effective against the Delta variant, a mutant strain that has become the obsession of public health officials who claim that it could ignite another wave of the pandemic. But what they don’t tell you is that epidemiologists believe COVID is now endemic in the human population, and that reaching “COVID zero” simply isn’t possible.

At any rate, while the vaccine makers are salivating at the opportunity to produce lucrative booster shots offering protection against various variants ,the new research previewed by the NYT and published in the journal Nature found that the Delta strain is able to bypass the antibodies produced by vaccination or prior infection.

Delta, which was first identified in India, is believed to be roughly 60% more infectious than the alpha variant – the strain also known as the “Kent Strain”, or B.1.1.7, which was first identified by scientists in England. This week, as the number of new COVID cases climbed by double-digits from the prior week (while hospitalizations and deaths remained stagnant), Delta was declared the dominant variant found in the US.

Almost as alarming, the researchers found that while Delta is able to effectively evade the antibody response, the Beta variant, which was first identified in South Africa, can do it even more easily.

Here’s more from the NYT report on the research:

The researchers looked at blood samples from 103 people who had been infected with the coronavirus. Delta was much less sensitive than Alpha to samples from unvaccinated people in this group, the study found.

One dose of vaccine significantly boosted the sensitivity, suggesting that people who have recovered from Covid-19 still need to be vaccinated to fend off some variants.

The team also analyzed samples from 59 people after they had received the first and second doses of the AstraZeneca or Pfizer-BioNTech vaccines.

Blood samples from just 10 percent of people immunized with one dose of the AstraZeneca or the Pfizer-BioNTech vaccines were able to neutralize the Delta and Beta variants in laboratory experiments. But a second dose boosted that number to 95 percent. There was no major difference in the levels of antibodies elicited by the two vaccines.

“A single dose of Pfizer or AstraZeneca was either poorly or not at all efficient against Beta and Delta variants,” the researchers concluded. Data from Israel and Britain broadly support this finding, although those studies suggest that one dose of vaccine is still enough to prevent hospitalization or death from the virus.

What’s more, the delta variant was also found to be resistant to antibody-based treatments, like “bamlanivimab”, the monoclonal antibody cocktail produced by Eli Lilly.

Meanwhile, Dr. Fauci tells reporters that nine out of ten Americans who died from the virus were unvaccinated.Despite the growing number of vaccinated patients who are being infected and seriously sickened, insisted that the “science” shows the vaccines are extremely effective at preventing infection.

The logic is confusing, but it goes something like this: Delta is scary, so get vaccinated…but vaccines don’t protect against Delta. It’s just the latest reminder that Dr. Fauci & company don’t care about “the science”. They’re here to protect the narrative and the reputation of the vaccines, or else risk undermining the White House.

END

Not good!! Biden must know who is and who is not vaccinated

(Phillips/Epoch Times)

Biden Health Secretary: “Absolutely The Government’s Business” To Know Who Gets Vaccinated

 
THURSDAY, JUL 08, 2021 – 07:00 PM

Authored by Jack Phillips via The Epoch Times,

Health and Human Services (HHS) Secretary Xavier Becerra argued that the federal government is entitled to know who has been vaccinated against COVID-19, responding to concerns over a recently announced White House plan to send teams door-to-door.

“Perhaps we should point out that the federal government has had to spend trillions of dollars to try to keep Americans alive during this pandemic, so it is absolutely the government’s business. It is taxpayers’ business if we have to continue to spend money to try to keep people from contracting COVID and helping reopen the economy,” Becerra told CNN on Thursday.

Becerra claimed that “knocking on a door has never been against the law” and “you don’t have to answer, but we hope you do.” He added, “Because if you haven’t been vaccinated, we can help dispel some of those rumors you’ve heard and hopefully get you vaccinated.”

Earlier this week, President Joe Biden and White House press secretary Jen Psaki announced a plan to send teams door-to-door to provide information about vaccines in areas with relatively low vaccination rates.

The president pledged to “go community by community … and oftentimes door to door, literally knocking on doors” in an effort to get people vaccinated. This drew anger from Republican lawmakers, who argued that the government doesn’t have the right to know who is or isn’t vaccinated.

“How about don’t knock on my door. You’re not my parents. You’re the government. Make the vaccine available, and let people be free to choose. Why is that concept so hard for the left?” Rep. Dan Crenshaw (R-Texas) wrote on Twitter. “In 2021, the nine most terrifying words in the English language: ‘I’m from the government, have you been vaccinated yet?’” wrote Rep. Andy Biggs (R-Ariz.).

Other Republicans made even worse predictions.

“Door to door to vaccinate Americans this year… door to door to confiscate guns next year?” asked Rep. Lauren Boebert (R-Colo.) on Twitter.

Both Biden and Psaki, during their respective press conferences Tuesday, provided few details about the door-to-door outreach program. It’s not clear when the program will start, if the outreach teams will ask questions, or how long it will last.

The plan is part of the government’s COVID-19 response after the White House fell short of its self-imposed July 4 deadline to get 70 percent of American adults at least one vaccination shot. According to data from the U.S. Centers for Disease Control and Prevention (CDC), more than 67 percent of American adults have received at least one shot, and more than 157 million people are fully vaccinated.

COVID-19 vaccines have become a flashpoint in the current culture wars. Some have argued that vaccine passport-type systems would imperil civil liberties and violate the landmark 1996 Health Insurance Portability and Accountability Act, or HIPAA.

end

a must view…

Dr Hoffe puts it all together in a neat 8 minute tape.  The mRNA vaccines contrary to public statements do not stay in the arm but travel in the blood through the lymph system and settle in small capillaries throughout the body, namely in the bone marrow, the lungs, the heart and the through the blood-brain barrier.  The vaccine produces many copies of the spike protein which provides some relief to pre COVID patients by causing some antibodies to be produced. However the spike protein settles in the blood cells (attaches) but these spikes are very rough.  The platelets recognize this foreign body and coagulates with the surface blood/cells thus creating many clots.  These are microscopic in nature.  These are not the big clots that some patients are already witnessing.  The continued clotting of the capillaries in the lungs leads to pulmonary hypertension caused by the clotting and increased pressure in the lungs trying to get the blood through.  Death will occur generally in three years.

end

This helps explain how the roughness creates clots as the body tries to repair itself.

special thanks to Robert for sending this to us

Opinion

 
 
 
 
 
 
 
I wrote this to a friend the other day who found it quite helpful in understanding so I decided to share more widely, in the event it is helpful to someone else.

 

> I wanted to explain in greater detail what we talked about yesterday
>
> Your heart/cardiovascular system is impacted directly by the amount of D3 and K2 that you take. As well as your overall structure in your Immune system, which is your entire body, if you really think about it. This is because you have cells throughout your whole body and you have what’s called interstitial fluid which is a fluid outside and around your cells. D3 goes in and provides a shielding for your cells. The cell permeability that would cause you to take in microbes is affectively diminished. So what you’re really doing is dynamically supporting your whole body‘s natural defense system, while at the same time restoring flexibility in the system to when you were much younger.
>
> Every part of your cardiovascular system is actively pulsating all the time. As you have peristaltic movement throughout the whole system. When a person gets calcified )Harding of the arteries), they simply do not pulse as well. And the disruption along the arteries in the veins effectively causes turbulence and varying speeds based on blockages within the system itself. This has a major impact not just on flow rate but on turbulence as opposed to smooth constant flow and affects all valves in the system, including the valves used by the heart. Why one asks? With calcification, the inside of your arteries and veins becomes rough which also happens if you have infection or serious inflammation in your body. It is the roughness that is what the small cholesterol particles ( LDL) attaches to and that includes the valves and flaps that operate them. Blockages in veins and arteries can result in heart attacks, while valve issues cause heart failure unless replaced, or cleansed. This is where K2 with mk7 comes in to clean out the calcification with the system. Think of it as closed loop system that needs flushing out of debris and a restoration of surface smoothness to provide proper healthy body response. It really is no different than flushing out a cooling system or even a brake system; as it is the same principle.
>
> If people would just think this through, it is no different that any fluid based closed loop system that needs maintaining. Even today, anyone with low levels of D3 gets colds and flu’s more often than those who have adequate levels. And it has been noted that people getting Covid have low levels of D3. Show me a person taking chemicals for high blood pressure and you can be assured that within a dozen of so years other issues will come to roost. Some issues that have no or little solution based on age and degree of harm done. The good news is the body quickly recovers if alkalinity is restored with simple additions like D3 and K2 with mk7. And even there one needs to be careful to buy quality and ensure product bioavailability so that transfer occurs into cells readily and you want to seek a longer half life of the product so that is is effective throughout the period it is in your body, which should be longer than the frequency of consumption.
>
> Hope this is of help.
>
>
>
> Cheers
> Robert

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

 

Michael Every… 

How Soon Is Now?

 
FRIDAY, JUL 09, 2021 – 09:31 AM

By Michael Every of Rabobank

How Soon is Now?

US bond yields tumbled further yesterday, this time taking equities with them. (The horror! The horror!) 10s actually tested 1.25% before recovering slightly, levels last seen back in February when Covid-19 was still raging, and 30s were as low as 1.86% before retracing that move. Such shattering waves of yield collapses washing over those shouting “Reflation Now!” echo the wailing guitar of the shoe-gazing, head-down depression of The Smiths’ “How Soon is Now?

“I am the son and the heir; Of a shyness that is criminally vulgar; I am the son and heir; Of nothing in particular”

So what in particular is driving this yield collapse?

  • The Delta, Lambda, and now Epsilon variants of Covid-19, and a Tokyo Olympics without spectators (or sponsors)? Big Pharma is already gearing up for permission for booster shots, and the White House is suggesting these may even go door to door, so markets can seize on that literal shot in the arm if they want to – unless one of the ‘greeks’ really is vaccine resistant;
  • That everyone had been shouting “Reflation Now!”, and so was short Treasuries? That positioning issue seems logical – and has anyone actually gone long bonds yet?;
  • That US Treasury cash balances have been drawn down while the Fed has been doing the same $120bn of QE a month, sucking up net supply? That seems logical too, even if it can’t last forever; and
  • The Fed’s tapering pivot/policy error? Which would be interestingly cynical from the markets if so; And/or
  • That without fiscal stimulus AND supply chain/structural reform, the “criminally vulgar” US economy is one looped Smiths album re: wage reflation, which is always “nothing in particular” for too many sons and heirs?

Take your choice – though the US perma-bulls will of course always sing:

“You shut your mouth, how can you say; I go about things the wrong way? I am human and I need to be loved; Just like everybody else does”

On which musical note, a Bloomberg editorial repeats my refrain from earlier this week: as Beijing moves to stop China tech IPOs, and Didi is subject to a US class-action lawsuit for its, ‘For Once China and China Hawks See Eye-to-Eye’ – decoupling of tech and finance. That’s enough to get many in Wall Street and US think tanks to go sulk in their bedrooms while looking at posters of Morrissey. Even Jim Cramer. Yet markets missed a larger, gloomier message: Beijing does not want its tech firms being anything other than CHINESE first and foremost; and the same national security concerns may yet drive the same reaction in the US too – albeit with a lag given the ‘vampire squid’ role Big Tech already plays. Imagine the reaction in equity/bond markets were that hypothetical scenario to unfold, following the drop in both we are already seeing after just the Chinese side has acted.  

“I am the son and the heir; Of a shyness that is criminally vulgar; I am the son and heir; Of nothing in particular”

Meanwhile, the EU parliament passed a non-binding resolution 578-29 calling on its institutions and members “to decline invitations for government representatives and diplomats to attend the Beijing 2022 Winter Olympics unless the Chinese Government demonstrates a verifiable improvement in the human rights situation in Hong Kong, the Xinjiang Uyghur Region, Tibet, Inner Mongolia and elsewhere in China”; condemning “in the strongest terms” the “human rights emergency” in Hong Kong; calling on Brussels for a fresh wave of sanctions against Chinese authorities; and reiterating the EU-China CAI deal remains frozen as long as Chinese sanctions against MEPs and scholars are in place. By contrast, China’s Global Times yesterday noted China and EU are now in preparations for CAI: MOFCOM indicates progress the first time since frozen in May.

“There’s a club if you’d like to go; You could meet somebody who really loves you; So you go and you stand on your own, and you leave on your own; And you go home and you cry and you want to die”

Meanwhile, yesterday’s ECB policy review (for details, please see here) saw an official shift of CPI target from 1.9% to 2% while adding 2 degrees Centigrade with an expanded green commitment. It also recommended adding house prices back into the EU version of CPI, perhaps as a sop to the millennials unable to afford a home. On all those fronts, the response from related parties was:

“When you say ‘it’s gonna happen now’; When exactly do you mean? See I’ve already waited too long; And all my hope is gone”

Staying with inflation, China’s CPI and PPI prints were respectively 1.1%, versus an expected 1.2% and 1.3% last month, and an as-expected 8.8% vs. 9.0% prior. Given the State Council were flagging policy easing this week, nothing in that headline stands in the way – but then again, neither does the PPI figure scream that it’s a good idea. A further spike in key commodity prices China doesn’t set, such as oil, and PPI would likely head higher again.

And as oil goes up and down, moving PPI and bond yields with it, the Iranian press say the decision over the resumption of the nuclear deal is “currently being made in the capitals of the countries concerned”- Tehran and Washington, DC: Sorry, “open strategic autonomy” EU! However, the talks are stuck on two key areas: the removal of widespread sanctions; and the demand for Iran to remain “one year from a bomb”, which given progress since 2015 would require taking steps backwards. Indeed, in early June Secretary of State Blinken stated if things continue, Iran’s break-out time for a bomb could be anywhere from “a few months at best” to “a matter of weeks.” As such, today there is the first press mention of a ‘Plan B’ being prepared: new sanctions;…and, on the other hand, perhaps something beginning with ‘b’(?) Yet didn’t the US just end one next-door war after 20 years?

“You shut your mouth, how can you say; I go about things the wrong way? I am human and I need to be loved; Just like everybody else does”

Reflation/deflation/Covid/Cold War/Hot planet/Afghanistan/Iran. There is more than enough for the G20 finance ministers and central bankers to discuss this weekend in Venice. Indeed, we can all see that massive, decisive action is needed on many fronts – now. But how soon is now?

Happy Friday – even to Smiths fans.

end
 

7. OIL ISSUES

END

8 EMERGING MARKET& AUSTRALIA ISSUES 

AUSTRALIA/COVID//

Nuts…

100 s of cops dispatched to Sydney to enforce lockdowns

(zero hedge)

100 More Cops Dispatched To Sydney To Help Enforce Lockdown As Cases Climb

 
FRIDAY, JUL 09, 2021 – 07:38 AM

Australia’s latest ‘expert-imposed’ lockdown of its most-populous city – Sydney – is growing increasingly authoritarian as Australia’s conservative PM Scott Morrison dispatches another 100 police officers to Sydney to enforce the lockdown measures, reviving complaints that Australia’s enforcement of its COVID measures has been unnecessarily heavy-handed.

Starting at 0700 local time on Friday, more than 100 additional officers will be stationed on the streets of Sydney, where they will continue to work for the remainder of the lockdown (which was just extended by two weeks), according to local press reports.

Assistant Commissioner Tony Cooke warned that rising numbers of infections had prompted the decision to dispatch police.

“Compliance is about us getting ahead of this virus,” Cooke said on Thursday. “(NSW) Health have very clearly said to us we have a difficulty in south west Sydney.”

Cook added that the police would be asked to patrol supermarkets and shopping centers, confronting anybody who might dare attempt to buy anything.

“The question we’ll be asking is ‘what’s your reasonable excuse for being here, you don’t need a pair of shoes today.'”

“We need people to take responsibility and comply.”

Asked if the response was “heavy-handed”, Commander Cooke (one of the officials in charge of the police response) replied “not at all.”

In other news, PM Scott Morrison has decided that the asset test limiting who can access weekly payments of up to $500 for losing work hours during a Covid-19 lockdown will be waived in the future.

For workers who will miss out on pay, Australia is making it easier to access up to $500 in compensation payments for lost hours. The government says a means test limiting access to the program will be waived.

Previously people who lost more than 20 hours work could only get $500 a week if they had less than $10,000 in liquid assets.

Still, thousands of small-business owners in the area would much rather have their businesses open than rely upon checks from the government that don’t really cover their nut.

Sydney’s lockdown was ordered by NSW Premier Gladys Berejiklian, who has promised zero tolerance of COVID, despite the fact that scientists like Dr. Scott Gottlieb have warned that COVID is very likely now endemic to the human population, and that the best authorities can hope to do is manage it.

Unfortunately for the experts, the lockdown hasn’t reduced the number of new COVID cases, which has climbed in the weeks since the lockdown started. 38 new cases were discovered in the 24 hours to Thursday.

The big question now is how long will this continue? When will the authorities admit that the lockdowns have been ineffective?

END

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

Euro/USA 1.1861 UP .0015 /EUROPE BOURSES /ALL GREEN  

USA/ YEN 109.96 UP  0.156 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.38321  UP   0.0032  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2513  DOWN .0018

 

Early FRIDAY morning in Europe, the Euro IS UP BY 15 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1839 Last night Shanghai COMPOSITE CLOSED DOWN 1.42 PTS OR 0.04%

 

//Hang Sang CLOSED UP 191.47 PTS OR 0.70%

 

/AUSTRALIA CLOSED UP .91% // EUROPEAN BOURSES OPENED ALL GREEN 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL  GREEN 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 807.49 PTS OR 2.89% 

 

/SHANGHAI CLOSED DOWN 1.42  PTS OR 0.04% 

 

Australia BOURSE CLOSED DOWN .91%

Nikkei (Japan) CLOSED DOWN 177.61 PTS OR 0.63%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1799.50

silver:$26.00-

Early FRIDAY morning USA 10 year bond yr: 1.339% !!! UP 4 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.973 UP 5  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.26 DOWN 15 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.33% UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.031%  UP  3/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.36%//  UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.76 UP 0   points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: RISES TO –.289% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR  FRIDAY

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

Euro/USA 1.1861  UP    0.0014 or 14 basis points

USA/Japan: 110.15  UP .353 OR YEN DOWN 35  basis points/

Great Britain/USA 1.3837 UP .0047 POUND UP 47  BASIS POINTS)

Canadian dollar UP 61 basis points to 1.2470

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4789 

 

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4831

TURKISH LIRA:  8.67  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.031%

Your closing 10 yr US bond yield UP 5 IN basis points from THURSDAY at 1.345 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.979 UP 5 in basis points on the day

 

Your closing USA dollar index, 92.26  DOWN 16  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 91.22 PTS OR 1.30% 

 

German Dax :  CLOSED UP 267.79 PTS OR 1.73% 

 

Paris CAC CLOSED UP 132.69  PTS OR   2.07% 

 

Spain IBEX CLOSED UP 122.70  PTS OR  1.4239%

Italian MIB: CLOSED UP  410.35 PTS OR 1.67% 

 

WTI Oil price; 74.73 12:00  PM  EST

Brent Oil: 75.63 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.27  THE CROSS  LOWER BY 0.48 RUBLES/DOLLAR (RUBLE HIGHER BY 48 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.289 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 : 74.62//

BRENT :  75.54

USA 10 YR BOND YIELD: … 1.3559..UP 6 basis points…

USA 30 YR BOND YIELD: 1.988 UP 6 basis points..

EURO/USA 1.1879 UP 0.0033   ( 33 BASIS POINTS)

USA/JAPANESE YEN:110,12 UP .319 ( YEN DOWN 32 BASIS POINTS/..

USA DOLLAR INDEX: 92.12  DOWN 30  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3891  UP 101  POINTS

the Turkish lira close: 8.66  UP 4 BASIS PTS

the Russian rouble 74.29   UP 0.46 Roubles against the uSA dollar. (UP 46 BASIS POINTS)

Canadian dollar:  1.2450 UP 81 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.289%

The Dow closed UP 447.24 POINTS OR 1.30%

NASDAQ closed UP  104.70 POINTS OR 0.71%

VOLATILITY INDEX:  16.20 CLOSED DOWN  2.80

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

USA trading day in Graph Form

Stocks Soar To All Time High As Bonds, Bullion And Bitcoin Bounce

 
FRIDAY, JUL 09, 2021 – 04:00 PM

Thursday’s mini rout, which started with one of the ugliest market opens in history in the form of the 4th lowest NYSE TICK print in history…

… as traders freaked out over fresh covid pandemic fears due to the soaring number of delta cases around the globe…

… was completely forgotten come Friday, when spoos rose to a new all time high…

… and the 9th in the past 11 days…

… as a buying program hit shortly before midnight and lifted stocks to a new record high.

A big reason for the surge in stocks was the rebound in 10Y yields, which after tumbling sharply earlier in the week to right on top of their 200 DMA, has since moved some 10bps higher to 1.3561%, closing the week where they were just after the OPEC+ nondeal news.

The culprit behind the move in 10Y: breakevens, breakevens, which jumped tracking oil almost tick for tick as they normally do.

The move in stocks was also helped by China’s dovish capitulation with Beijing announcing early on Friday morning that the PBOC would cut RRR by 0.50bps, injecting 1 trillion yuan into the system, which while not nearly enough to push Chinese stocks sharply higher was enough to offset fears of continued deleveraging.

The backstop from China’s central bank eased volatility concerns, and the VIX tumbled back to 16 after briefly topping 21 on Thursday.

Virtually all vol indicators dropped today, tracking the VIX’s sharp slide.

Also thanks to China’s RRR cut – the first since Jan 2020 – shares of Chinese firms listed in the U.S. rebounded strongly on Friday after the Nasdaq Golden Dragon China Index, the benchmark for these ADRs, fell for six straight days.

Even the posterchild of China’s latest crackdown on tech giga-caps, Didi, was up 8% after falling for four days

After an ugly start to the week, when oil tumbled after the UAE refused to join the rest of OPEC+ in agreeing on gradual output hikes which prompted the market to freak out over another imminent OPEC cartel collapse, oil has manged to recover much of its losses and is now where it was before the fireworks started on Monday.

After failing to break above $1800 on three tries earlier in the week, Gold finally rose above the key resistance level, although it remains questionable if it will be able to sustain this advance.

Meanwhile, in the land of digital gold, cryptos recovered some of their recent losses, but remains well below level hit earlier this week, not to mention around 50% below their May highs.

END

a)Market trading/this morning/USA/this morning

 
ii) Market data
A new measure for “house rent” will cause the inflation figure to skyrocket
Carson/Alliance Bernstein

Inflation Bombshell: A Market-Based PCE House Rent Measure May Be Coming

 
THURSDAY, JUL 08, 2021 – 07:40 PM

By Joe Carson, former chief economist at Alliance Bernstein

The Bureau of Economic Analysis (BEA) is researching the shortcomings of the owner’s rent price index it gets from the Bureau of Labor Statistics (BLS) consumer price index as it plans to change its source data for housing services in the GDP accounts. Shifting to a market-based measure of owners’ rents in the PCE inflation measure would be an inflation bombshell.

Assuming everything else equal, a market-based measure of owners’ rents would permanently lift the PCE inflation, especially during expansions and the dwindling supply of homes for rent, and put an end to the Fed’s elusive chase for 2% inflation. The level of official rates would be markedly higher and sit above inflation rather than below. Could a simple change in the measurement of reported inflation end the decades-long bull market in bonds and equities?

Owners Housing Costs

In its May Survey of Current Business, BEA announced that it planned to include a new current dollar estimate for housing services as part of the annual update to the GDP accounts, using data from the American Community Survey. The article stated that the revisions would affect the current dollar estimates and would not affect the deflators for PCE housing services as they planned to continue to use the CPI rental equivalence measure.

BEA has a dual responsibility, providing an accurate estimation, as best possible, of the nominal and real output values. So, I asked a senior official at BEA why they didn’t move away from the CPI measure of owners’ rent. Using an improper price deflator for owner-housing would over-state the real value of housing services during cyclical upturns and understate PCE inflation.

The senior official responded, “We are currently in the process of researching possible shortcomings of the current rental equivalence price.” Saying they are investigating the issue does not mean a change is coming. But in the nearly two decades of researching and writing about how the CPI understates housing inflation, this is the first time a senior official from a government statistical agency (BEA or BLS) stated to me that they were looking into the issue. Progress?

I shared with BEA the research that I presented in 2005 at a panel session, “Housing Costs in the CPI: What Are We Measuring?” at the National Association of Business Economists Annual Meeting in Chicago. The CPI rent index could be statistically explained with a high degree of accuracy by four factors; the vacancy rate in the rental market, the ratio of the vacancy rates in the rental and owners markets, construction cost inflation, and the change in house prices. Of the four, the vacancy rate is the most critical driver of the change in rents.

Employing the same approach but replacing the vacancy rate of the rental market with that of the owner market help create an estimated implicit rent for owner-occupied housing. The estimated implicit rent index tracked the BLS series, but a significant divergence appeared when BLS stopped sampling the owners market in 1998. And during the housing cycle of the 2000s, the estimated implicit rent ran considerably faster than the official BLS series; in other words, the change in sampling led to an understatement of CPI and PCE inflation from what would have occurred had the change not been made.

BLS, in its presentation, agreed “that the rental-vacancy rates influence rents, but that it is not clear how the owner-vacancy rate influences the cost of shelter services for owners.” Common sense would tell you that if the vacancy rate is essential in one market, it is equally significant in the other. And it is the relative shift in vacancy rates that drive different rent patterns. Suppose the vacancy rate is declining in the owner’s market while stagnant or rising in the tenant market. In that case, one will expect the rental rate in owner housing to be increasing relative to the tenant market. But for the past two decades, the CPI rent series shows the opposite tenant’s rents rise faster than owners even with higher vacancy rates.

A market-based measure of owner-occupied rents would have zero effect on the economy. But there would be spillover effects on the economy and finance as policymakers respond to a permanently higher reported PCE inflation rate. That’s because the days of monetary policy trying to achieve a 2% inflation rate would be over and replaced by policymakers attempting to limit the cyclical uptick in inflation. The transition would not be seamless, and the payback in finance could be significant as higher reported inflation increases volatility and risks. Stay tuned.

end

iii) Important USA Economic Stories

The USA corn industry is in trouble as the dry heat is not good for pollination

(zerohedge)

Dry Corn Belt Ahead Of Pollination May Spell Disaster For Farmers

 
THURSDAY, JUL 08, 2021 – 05:20 PM

Kirk Hinz, a meteorologist with BAMWX, published an agriculture note Thursday which outlines “persisting rains” in some parts of the Southwest but “expanding dryness” in the north. 

Hinz concentrates on the corn belt, which spans the Midwest. He said, “expanding drought into a crucial time of the year ahead of pollination.” This means that persistent dry conditions could affect pollination success – and if pollination is not successful this year because of drought and lack of water, then harvest yields this season could come under pressure. 

“A lack of consistent rainfall across a big chunk of the US major corn production areas in the Midwest and northern Plains this year continues, with the expanding drought into a crucial time of the year ahead of pollination as well. Weather models have remained volatile recently in regards to how much of these major production areas will receive timely rainfall, but the trend recently has been to push previously forecast widespread nourishing rains further south that’s starting to be a growing concern (plus more heat building back in a mid-to-late month) ahead,” Hinz wrote. 

Here’s what happens to corn if pollination is unsuccessful. 

Here’s the US Drought Monitor, which shows much of the Western US is in some form of drought.

Some rain relief was seen in the week ending June 6, but worsening conditions continue in the corn belt (or Midwest area). 

For the four weeks ending June 6, rains increased in west Texas and east New Mexico but expanding dryness in the corn belt. 

Over the last two months ending June 6, significant increases in precipitation have been seen from Texas to New Mexico up into Colorado. However, most of the corn belt continues to experience worsening droughts. 

Despite improving conditions in the Southwest, the corn belt remains in a drought during the most crucial time of the year for corn development. If pollination becomes an issue, harvests could suffer across the corn belt. That would mean corn prices would remain elevated. 

END

The Mystery Plague That Is Killing Countless Birds In 9 States And Washington D.C. Has Gotten A Lot Worse

 
FRIDAY, JUL 09, 2021 – 05:00 PM

Authored by Michael Snyder via TheMostImportantNews.com,

Large numbers of birds are dropping dead from a “mystery disease” throughout much of the eastern half of the country, and scientists still have absolutely no idea why this is happening.  They have tested the dead birds for a whole host of known illnesses, but those tests have not revealed the cause of this plague.  We are being told that a lot of the affected birds appear to develop neurological problems, and many of them go completely blind before they finally die.  The “mystery disease” has spread to more states since I first wrote about this plague, and at this point the list of affected areas includes Washington D.C., Virginia, Maryland, West Virginia, Kentucky, Delaware, New Jersey, Pennsylvania, Ohio and Indiana.  If authorities are unable to find a solution, will this plague eventually spread across the entire nation?

I don’t know why the mainstream media is not giving this story more coverage, because this is quickly turning into a major crisis.

The following comes directly from a statement that was posted late last week on the official website of the USGS

In late May, wildlife managers in Washington D.C., Maryland, Virginia, West Virginia and Kentucky began receiving reports of sick and dying birds with eye swelling and crusty discharge, as well as neurological signs. More recently, additional reports have been received from Delaware, New Jersey, Pennsylvania, Ohio and Indiana. While the majority of affected birds are reported to be fledgling common grackles, blue jays, European starlings and American robins, other species of songbirds have been reported as well. No definitive cause(s) of illness or death have been determined at this time. No human health or domestic livestock and poultry issues have been reported.

The natural resource management agencies in the affected states and the District of Columbia, along with the National Park Service, are continuing to work with diagnostic laboratories to investigate the cause(s) of this event. Those laboratories include the USGS National Wildlife Health Center, the University of Georgia Southeastern Cooperative Wildlife Disease Study, the University of Pennsylvania Wildlife Futures Program and the Indiana Animal Disease Diagnostic Laboratory.

With each passing day, more birds are going blind and more birds are dying.

In Virginia, an animal control professional named Jennifer Toussaint will never forget the first time that she encountered baby blue jays that had been afflicted by this mysterious illness

Jennifer Toussaint, chief of animal control in Arlington, Virginia, can’t forget the four baby blue jays. In late May, worried residents had delivered the fledglings to her clinic just outside of Washington, D.C., within just a few hours. Each was plump, indicating “their parents had done a great job caring for them,” Toussaint says. But the birds were lethargic, unable to keep their balance, and blinded by crusty, oozing patches that had grown over their eyes.

Toussaint and her staff soon reached a gloomy diagnosis: the jays were the latest victims of a mysterious deadly disease that had emerged in their area just a few weeks earlier and had already killed countless wild birds. There was no known treatment, so they euthanized the jays. “It was difficult to feel so helpless,” Toussaint recalls.

Experts have never seen anything like this before, and they are in a race to try to find some answers.

Whatever is causing this, it appears to be affecting a wide range of species

Several species of birds have been affected by the mystery illness, according to the University of Pennsylvania: blue jay, European starling, common grackle, American robin, northern cardinal, house finch, house sparrow, Eastern bluebird, red-bellied woodpecker, Carolina chickadee, and Carolina wren.

And at this point, the “mystery disease” appears to have spread very widely.

For example, in the state of Virginia there have been confirmed reports “in the counties and cities of Alexandria, Arlington, Clarke, Fairfax, Falls Church, Fauquier, Frederick, Loudoun, Manassas, Prince William, Shenandoah, Warren, and Winchester.”

In Indiana, cases have now been identified in 53 different counties.

So if this is something that is spreading from bird to bird, it is spreading very easily and it is spreading very rapidly.

But at this point we don’t know for sure that it is some sort of a disease, because so far all of the tests that have been done haven’t come up with much of anything….

Natural resource management agencies in all of the affected states and D.C. are working with the National Park Service to investigate this event.

So far, several infectious agents have not been detected in any of the birds that have been tested, including Salmonella and Chlamydia, avian influenza, West Nile virus and other flaviviruses, Newcastle disease virus and other paramyxoviruses, herpesviruses and poxviruses, and Trichomonas parasites.

Something other than a disease could potentially be causing this plague.

We just don’t know.

At one point it was being theorized that eating cicadas was causing these birds to become ill, but scientists appear to have ruled this theory out

But the cicadas appear to be blameless. Birds tend to avoid eating fungus-ridden cicadas, and sick birds have been observed in areas where cicadas were rare. “It does not look like it’s a match,” says Brian Evans, a migratory bird ecologist with the Smithsonian’s National Zoo and Conservation Biology Institute.

So many strange things have been happening in 2021.

As I discussed yesterday, right now we are witnessing a horrifying plague of grasshoppers in the western half of the country, and at the same time we have a nightmarish plague of dead birds in the eastern half of the country.

On top of everything else, we are right in the midst of a “megadrought” which may end up becoming the worst in the entire history of our nation.

Many believe that it is just a “coincidence” that so many bad things are happening to us all at once, and perhaps they are correct.

But nobody can deny that our world has gotten a whole lot crazier over the last couple of years, and I expect quite a bit more craziness during the second half of 2021.

*  *  *

The plot….

Brandon Smith/Alt Market us…

 

Biden Does Not Need A Domestic “Terrorism” Agenda Unless He Is About To Violate American Rights

 
FRIDAY, JUL 09, 2021 – 12:20 AM

Authored by Brandon Smith via Alt-Market.us,

The federal government is a kind of self perpetuating blob; a cannibalistic creature that must continue to feed on the public and the systems around it in order to survive, but it also must create reasons for its existence so that it may go on feeding uninterrupted. Now, don’t get me wrong – I realize that the apparatus in Washington DC is nothing more than a tool for the power elite to grow their scope of control as well as grow their wealth. That said, without a large federal government the establishment oligarchy would have no ability to project the force they need to compel the population to comply with their agenda.

There are only two real mandates for the government, only two reasons for its existence in our republic: To secure America’s borders from invasion and to protect the freedoms of the citizenry. That’s it. It is not the job of the government to compel you to take an experimental and questionable covid vaccine over a virus that 99.7% of people will easily survive. It is not the job of the government to create artificial “social equity” by favoring one group or ethnicity over another. It is not the job of the government to spy on millions of Americans because they do not agree with the leftist ideology. It is not the job of government to make war on the very people it is mandated to protect.

Yet, this is exactly what the government is doing today while its totalitarianism is disguised as “humanitarianism”. In other words, they are essentially arguing that they must make war on the people in order to protect the people from themselves.

One of Joe Biden’s first actions upon entering the White House was to initiate a 100 day review of the government’s domestic terrorism policies, and I think this says a lot about what path his presidency is bound to follow. Yes, the media continually argues that the Capitol protest on Jan 6th was a vast conspiracy on the part of conservatives to “overthrow” the democratic process and commit insurrection. In fact, all it really amounted to was a large protest which was less violent than the majority of Black Lives Matter protests across the nation over the past year.

The media also incessantly mentions the five deaths that occurred on the day of the protest while continuing to ignore the fact that NOT ONE of those deaths has been attributed to the direct actions of protesters, and at least three of the deaths were due to natural causes.

Why does the mainstream media keep lying by omission? Because they have to keep the narrative alive that the capitol protest is a sign of some underlying conservative “evil” that must be contained or destroyed. We don’t really give them much to work with, so they have to create reasons out of thin air to convince people to hate us.

Biden’s review of domestic terrorist policy was finally released last month and the propaganda has been building ever since.  It has now culminated in Big Tech conglomerates like Facebook calling for people to report family and friends that might be exhibiting “signs of extremism”.  The is the Soviet Cheka or the Est German Stasi all over again.  

Two of the administration’s primary findings in their report included the assertion that domestic threats are “motivated by racism and white supremacy”, and that they are driven by anti-authority. For many this might sound like bizarro world.

What the hell does racism have to do with the capitol protests or anything else that conservatives have been fighting for the past year?

Biden is a white guy, after all, so protesting his entry into the White House is hardly race motivated. And, if you ask the majority of patriots why they are angry you will find that most of them have grown tired of the pandemic restrictions and medical tyranny, which they know will only continue to get worse under Biden. Is this viewpoint “anti-authority”, or just anti-authoritarianism?

Keep in mind that these days almost anything can be labeled racist or extremist.  The interpretation is wide open and arbitrary.  This is how informant culture works.  Anyone can be a target for any reason and one is treated as guilty until proven innocent.

Obviously Biden and his handlers are not concerned with what is ACTUALLY causing Americans to rebel by the millions. They already know that THEY are the real cause, along with their attempts to undermine American civil liberties. What this is really about is gaslighting.

Yes, that classic strategy used by narcissists and psychopaths; the method an abuser uses to make his victims think they deserve the treatment they are getting. The establishment takes away your freedoms and abuses your rights, then if you react to defend yourself they call you a racist and a terrorist. It’s a tried and true maneuver.

First, I would point out that the racism issue is irrelevant at its core. No one except crazed social justice warriors thinks that institutional racism is a legitimate issue in America in 2021. There’s no proof whatsoever to support the incoherent ramblings of critical race theorists. By extension, it’s also not illegal to be a bigot. In America, you are welcome to dislike any group of people you want and the government cannot punish you for it. There is no such thing as “hate speech”, there is only speech which some people hate.

This is a strategy by leftists to create a weakness in the armor of free speech laws and grind them down. If they can regulate some speech, they can eventually regulate ALL speech. Biden is merely acting as a conduit for the critical race theory agenda, and he is attaching it to every single policy in the hopes that it will stick somewhere.

Second, let’s all be honest and acknowledge who the real target of Biden’s domestic terrorism policies is: Conservatives in general. And, it’s not just because of the capitol protests.

Here is my concern: Whenever psychopathic regimes are about to pursue an egregious action that will degrade freedoms and enrage the public, they have a tendency to preemptively demonize (and often disarm) the people they are about to abuse. To put it another way, Biden is obsessed with attacking conservatives as “racists” and “extremists” not because of what we have done (we haven’t done anything), but because of what we are ABOUT TO DO.

And how does Biden know what we are going to do in the future? He knows because he is going to take actions that he and his handlers know will piss us off. Biden is clearly planning to enforce more policies which will directly violate the constitutional rights of Americans and he is preparing in advance for the fallout by making it appear as if conservatives and patriots are the aggressors.

As I have noted in previous articles, this is the common mantra of the tyrants:

Those that disagree with me are wrong because I will never allow them to prove they are right. Those that defend themselves against my attacks are evil because if they fight back they might harm me. Those that demand the truth do not understand how important my lies are to the stability of the world I have built for them. Why would I engage in battle when I can get others to fight my battles for me? When people are free, it means they are free to criticize or ignore me, so I must take away their freedom, so that they are made to revere me and recognize my importance. Morals are relative and principles are for suckers. The ends justify the means, and the greater good of the greater number is paramount – And as long as I am the one that determines what the definition of the “greater good” is, then I am the one that controls everything else.”

It is hard to say what Biden is about to do that requires so much preemptive demonization of liberty minded people. Forced vaccinations and vaccine passports are a hard line in the sand for the majority of conservatives, and we simply won’t allow such policies to remain. We will fight if we have to in order to stop them.

Disenfranchisement of conservatives from the economy or from the internet is another line that we will not back away from. The leftist mob is already attempting to make it acceptable to “cancel” conservatives on social media simply for being conservative, and by extension they are also seeking to normalize the punishment of conservatives for their views by threatening them with joblessness. This sort of ideological cleansing of America is not going to end well. Eventually, yes, conservatives will go to war over this because if we don’t our values of freedom, individualism, voluntarism and meritocracy will be erased from the public square and there will be no meaningful future for generations not yet born.

New gun control measures and gun bans are not going to fly, either. There is no chance that conservatives will comply with a Biden gun control plan, red flag gun laws, gun buybacks, etc. It’s not going to happen. Biden and the establishment knows this, so perhaps gun confiscation is next on the agenda?

Finally, it is possible that the establishment will go for broke during the next crisis event and Biden will seek to implement martial law. It might be an economic crash or a crash of the dollar. It might be a major cyberattack (look up the World Economic Forum’s “Cyberpolygon” event happening this week). It might be a new “variant” of covid that they use as an excuse to bring back nationwide lockdowns. Whatever the case may be, any attempt at martial law by Biden will be met with immediate and explosive resistance from conservatives, and frankly, I doubt that the Biden Admin would survive the duration.

So, yes, in a way Biden is right. The biggest threat to the system today is a domestic conflict, IF the system intends to attack the citizenry and their liberties. That said, the establishment is not sacrosanct, and when a government violates the rights of the people the people have a duty to overthrow it. We would only be “terrorists” in the eyes of the people who started the conflict to begin with.

At this point we have to ask ourselves, “Who does the federal government actually represent when they do these things?” Do they represent us? Or do they represent special interests, such as globalists and career Marxists? Are they tearing away our freedoms at record pace for our benefit, or the benefit of people with malicious intentions? If they are acting in the interests of evil people, then isn’t rebellion inevitable? And who is to blame for that inevitable conflagration? Them, or us?

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

USA/CORONAVIRUS

Fed’s Daly Warns Delta Variant Could Be Central Bank’s Next Excuse To Delay Rate Hikes

 
FRIDAY, JUL 09, 2021 – 12:20 PM

The other day, a team of analysts at Goldman Sachs (perhaps inadvertently) illustrated the issue with the Delta variant. While scientists argue that it’s been associated with an upswing in new infections, the number of hospitalizations and deaths has remained stagnant.

Yet this hasn’t prevented scientists and public health authorities like Dr. Anthony Fauci urging people to get vaccinated as quickly as possible to prevent another resurgence of Delta-inspired COVID. Overnight, authorities contradicted Pfizer by saying there’s no need for a booster vaccine to protect against variants (Pfizer and its partner BioNTech said last night it would seek authorization for a booster shot).

While the experts can’t seem to get their stories (or lies) straight, we now have a member of the Fed’s leadership – Mary Daly, the governor of the influential Fed Bank of San Francisco – warning that the spread of Delta and the low vaccination rates in parts of the US poses a threat to the global recovery. Offering a sneak peak at what just might be the Fed’s next “excuse” to delay the normalization of monetary policy, Daly – who is a voting member on the rate-setting FOMC – cautioned against removing monetary support too soon. 

Daly’s dovish persuasion is at odds with the increasingly hawkish stance of some of her colleagues, including St. Louis Fed President James Bullard, who has warned that he sees inflation meaningfully over 2% for the foreseeable future.

She expressed these concerns during an interview with the FT:

“I think one of the biggest risks to our global growth going forward is that we prematurely declare victory on Covid,” Mary Daly, the president of the Federal Reserve Bank of San Francisco, said in an interview with the Financial Times. “We are not through the pandemic, we are getting through the pandemic.”

Daly, who is a voting member of the Federal Open Market Committee this year, pointed to the struggles to contain the virus in Japan and other countries. Surging infections and lagging inoculation campaigns abroad were constraining the economic rebound and could have negative ramifications for the US, she said.

“If the global economy . . . can’t get . . . higher rates of vaccination, really get Covid behind [us], then that’s a headwind on US growth,” Daly said. “Good numbers on the vaccinations are terrific, but look at all the pockets where that isn’t yet happening.”

Daly’s warning came as investors sought out safe havens in droves this week, sending US government bond prices soaring. Treasury yields have fallen sharply as a result, with the benchmark 10-year note trading at its lowest level since February. Global stocks fell on Thursday.

Daly added that while the news in the US has been “pretty positive”, the outlook for the rest of the world is more complicated (as Goldman’s analysts argued in a recent note to clients).

“What you’ve seen is an increasing sense of the downside risk to the global economy.”

Offering another dovish hint, Daly said the Fed would stick to its new monetary policy framework adopted last summer allowing it to be more flexible with its inflation target.

“Chair [Jay] Powell said this so clearly in his press conference and I think that’s the light to follow here,” Daly said. “That’s the message I keep saying: we’re fully committed to our framework. That means eliminating shortfalls in employment and delivering average inflation of 2 per cent, and that is still absolutely paramount.” The minutes showed some policymakers believed the Fed could soon start trimming its $120bn per month of asset purchases. But while Daly said the debate around “tapering” was warranted, the central bank had to “keep our eye on the long-term goals, which are full employment and price stability, and really be patient enough and persevere enough to deliver on those commitments which we’ve made to the American people.”

This internal disagreement between the doves and the hawks is “healthy”, Daly assured the FT, because “different perspectives” are important for fending off an “echo chamber”.

Circling back to Delta, the variant has been declared the most dominant strain causing new infections in the US right now. In NYC, health authorities revealed overnight that the variant is now tied with the “alpha” variant (also known as B.1.1.7) as the most prominent strain circulating in the five boroughs. It comprises 25% of total new cases, up from 17% the prior week, per Reuters.

Meanwhile, in Europe, Britain, Germany and France are preparing to remove most of their remaining domestic restrictions. This step toward reopening is actually creating new problems in the UK as customs officials warn that lifting restrictions on cross-border travel to France could clog up the  ports at Dover as travelers are required to provide proof that they have been fully vaccinated.

Doug Bannister, CEO of the Port of Dover, told Reuters the site had managed the switch to customs checks effectively after the UK left the EU trade bloc at the end of 2020.

“That’s because we haven’t seen the demand for tourists coming from our facilities, as we would normally expect to see,” he said.

Until now, the pandemic has largely spared the UK from border delays that could lead to shortages of goods (including food and medicine) like many other countries are struggling with (particularly the US, with has shortages of imported goods of all types).

That could soon change as many of the Brexit-era worries about trade disruptions reemerge.

END
 
(COURTESY CHARLES HUGH SMITH)

Housing Bubble #2: Ready To Pop?

 
FRIDAY, JUL 09, 2021 – 03:32 PM

Submitted by Charles Hugh Smith from Of Two Minds

All debt-fueled speculative bubbles pop, even as cheerleaders claim otherwise.

The expansion of Housing Bubble #2 is clearly visible in these two charts of house valuations, courtesy of the St. Louis Federal Reserve database (FRED). The first is the Case-Shiller Index, which as you recall tracks the price of homes on an “apples to apples” basis, i.e. it tracks price movements for the same house over time.

Note that this is an index chart where the index is set at 100 as of January 2000. It is not a chart of median housing prices.

The second chart is also a housing price index chart courtesy of the U.S. Federal Housing Finance Agency. (Shoutout to the USFHFA, never came across your work before.)

The red line marks where house prices would be if they had tracked the Consumer Price Index (CPI), i.e. inflation as measured by the Bureau of Labor Statistics. You’ll notice that the last time the Case-Shiller Index touched this baseline was 1998, almost a quarter-century ago. On the FHFA index, it hasn’t touched it since the mid-1970s, 45 years ago.

You’ll notice that housing would have to drop by 40% to touch the baseline. Yes, this is officially “impossible,” because the Fed has our back in every bubble and housing never goes down because the demand is forever rising.

Nice, but when you turn an asset class into a casino of speculators and financiers playing with Fed-spewed “free money,” you’re not dealing with shelter, you’re dealing with gambling chips. You’ll notice that the Federal Reserve’s massive manipulation–oops, sorry, intervention— in response to the Asian-Contagion of 1997-1998 began inflating an unprecedented bubble in housing that rose to spectacular heights on the back of Fed policies (lowering interest rates, etc.) and institutionalized fraud on a global scale in the casino’s subprime mortgage table.

You may recall that $300 billion of designed-to-default subprime mortgage pools almost took down America’s entire financial system and with that teetering, the entire global financial system ($100 trillion at the time).

I’ve often pointed out the remarkable symmetry of speculative bubbles popping. Housing Bubble #1 took about four years to reach absurd valuations and about four years to plummet towards the baseline–a decline that the Federal Reserve stopped by effectively socializing the mortgage market and manipulating mortgage rates into a steady slide lower.

This manipulation has inflated Housing Bubble #2 as mortgage rates fell beneath the rate of inflation (as measured by any quasi-realistic metric). In other words, lenders are losing money on every mortgage, every month, as their yield is less than zero once adjusted for inflation.

The idea that issuing mortgages that lose money is perfectly sound and sustainable is, well, financial madness. It may be fun to originate mortgages that lose money from Day One and sell them to a Norwegian pension fund or other bagholder, but over time people will catch on that losing money is not a winning strategy in the long term.

Housing Bubble #2 has naturally blown a bubble in rents, as the third chart shows. If I just paid 100% more for a rental than it was worth a few years ago, of course the rent should double, too, to cover my higher costs.

To touch the baseline, rents would also have to drop 40%. yes, I know, that’s “impossible” because the Fed has our backpopulation is growing, and so on.

Fear of Missing Out (FOMO) is a reliable feature of every debt-funded speculative bubble and Housing Bubble #2 has a palpable FOMO frenzy feel.

But housing has an interesting feature: if the number of people occupying a dwelling increases, the population can grow by millions without needing even one additional house. Interestingly, The number of people in the average U.S. household is going up for the first time in over 160 years (Pew Research).

There are 331 million U.S. residents and about 126 million occupied dwellings, so that’s about 2.6 people per housing unit.

A consequential number of the 82.5 million owner-occupied homes in America are currently occupied by one or two people. If the number of people living in those homes rose, the demand for additional housing would slacken considerably.

There are a consequential number of unoccupied homes in the U.S. as detailed on Page 4 of Residential Vacancies and Homeownership, Q1 2021 (Census.gov)

Many of these may be in places few people want to live, others may be abandoned and in need of renovation, but nonetheless it seems there are at least 5 million unoccupied dwellings in the U.S. that are “held off the market” for various reasons (3.8 million units) or only in “occasional use” (2 million dwellings that are not vacation “seasonal” homes or short-term rentals, as those are separate categories).

New York City has 3.5 million housing units and Los Angeles has 1.5 million housing units, so 5 million unoccupied dwellings is a large number. With more work being done remotely, and the price of housing at absurd levels in many urban areas, it’s not difficult to imagine an increase in the number of residents per dwelling and a slow migration to housing sitting empty.

I built a micro-house back in 1978, and the trend is accelerating. A great many young people cannot afford a McMansion and will never be able to afford one, and many have no interest in debt-serfdom. Micro-houses in low-cost rural areas are a solution that adds housing units but not in the conventional high-cost manner.

All debt-fueled speculative bubbles pop, even as cheerleaders claim otherwise. There are a great many people with vested interests in Housing Bubble #2 expanding forever, but history suggests a return to the baseline is more likely than a speculative bubble expanding forever. Demand is contingent, mortgage rates are contingent, demographic flows are contingent, the number of occupants per dwelling is contingent, and the rise of cheap alternatives to conventional housing is an under-appreciated trend.

And that’s how “impossible” reverses to “inevitable.”

iv) Swamp commentaries/

 

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

Concerns about China’s slowing economy and the Delta variant of Covid-19, even though it reportedly has a 99.9% survival rate, felled stocks globally on Thursday.  Airlines got hammered on these fears.

Europe’s Summer in Peril as France Warns on Spain, Portugal
Contagious delta variant is spreading across the continent
https://www.bloomberg.com/news/articles/2021-07-08/europe-s-summer-in-peril-as-france-warns-on-spain-portugal

Fans banned from Tokyo Olympics as Japan declares state of emergency https://t.co/7w1IOMlmjL

@charliebilello: Airlines ETF breaks below its 200-day moving average for the first time since last November, down 20% from its March high.

US Initial Jobless Claims unexpectedly increased to 373k from 371k (revised from 364k); 350k was consensus.  Continuing Claims declined to 3.339k from 3.484m (revised from 3.469m), 3.335 expected.

Wells Fargo tells customers it’s shuttering all personal lines of credit
The revolving credit lines, which typically let users borrow $3,000 to $100,000, were pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts… The move is a strange one given the banking industry’s need to boost loan growth. 
https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

Wells Fargo is making an empirical business decision that harms asset growth and its bottom line.  It must have a salient reason.  Are WFC’s top execs making a disturbing economic assessment?

Purple Heart recipient, GOP Senate candidate wants to know why Twitter flagged his July 4 post
The tweet includes a picture of candidate and retired Army Capt. Sam Brown in uniform and saluting with the message: “On July 4, 1776, America was born. On July 4, 2021, we’re still the best country on this planet” and “Freedom isn’t free.”  Twitter has blocked access to the picture until viewers click on the tag: “The following media includes potentially sensitive content.” Brown, whose face was severely burned and scarred from an IED explosion while deployed in Afghanistan in 2008, on Wednesday tweeted back: “Hey @Twitter, I didn’t realize my face was ‘sensitive content.”…  https://t.co/LH7gm590Yc

Liberal Author, Censored by Twitter and YouTube after Questioning Fauci, Considers Suing
I am in discussion with a legal team about a lawsuit against Twitter. I’ve also been approached by another legal team about joining a class action lawsuit against several social media platforms,” said author Naomi Wolf…   https://t.co/P4Y1FdtGEH

Covid-19’s Genetic Flashpoints Identified in Giant Global Study – BBG
Why do some people become so sick from Covid-19 while others show no symptoms at all?…
   Several of the13 significant genetic locations identified in the research had previously been linked to other illnesses, including lung cancer and autoimmune diseases…TYK2 gene linked to…increased risk of tuberculosis… FOXP4 is linked to lung cancer…two had higher frequencies among patients of Asian ancestry than European ancestry…

California ‘Epsilon’ strain of COVID-19 could evade vaccines, study says https://trib.al/7t6JBKk

In Children, Risk of Covid-19 Death or Serious Illness Remains Extremely Low, New Studies Find
Some 99.995% of the 469,982 children in England who were infected during the year examined by researchers survived…
https://www.wsj.com/articles/in-children-risk-of-covid-19-death-or-serious-illness-remain-extremely-low-new-studies-find-11625785260

Pfizer Inc. plans to request U.S. emergency authorization in August for a third booster dose of its Covid-19 vaccine, based on early data showing that it can sharply increase immune protection against the coronavirus https://trib.al/cuBrYjZ

GOP Rep @NancyMace: Nancy Pelosi is playing defense attorney for Communist China by blocking Congress from getting to the bottom of how and why Covid-19 reached American soil.  And I have one question, “why?”   https://twitter.com/NancyMace/status/1413213532116692992

The Fed balance sheet fell $23.401B on a $34.518B MBS decline for the week ended on Wednesday. https://www.federalreserve.gov/releases/h41/current/

The Big Guy had a few disturbing momentums at his presser of Afghanistan yesterday.
https://twitter.com/stillgray/status/1413228649805873153

@EmeraldRobinson: Things that White House reporters don’t have time for: questions about Hunter Biden’s laptop, rampant inflation, NSA spying on journalists. Things that White House reporters do have time for: Biden’s favorite ice cream. Free cookies. Singing Happy Birthday to each other on TV.

Today – To reiterate: US stock market volatility is increasing.  Organic sellers have been appearing, led by ebbing economy asset allocators.  However, conditioned buyers and those who need equities to rally keep buying dips and forcing stocks higher when they get the chance.

Traders of various classes are over-the-moon bullish on stocks now, abetted by GS and others that have been proclaiming that this week and next will be extraordinarily bullish for equities because of expected beaucoup money flows into stocks.  Furthermore, Q2 earnings season arrives next week (7/13).  The known universe wants to be long, especially Fangs and techs, into earnings season.

@ColumbiaBugle: @ggreenwald: “It is one of gravest crimes in the US code for the NSA to leak the contents of communications that it intercepts between a foreign official & an American citizen… People in Washington are petrified of the Security State & that’s why they exist with no Democratic accountability… The security state has existed since the end of WWII. They’ve been operating in secret and with no democratic accountability for eight or nine decades now.” (Must be fear of blackmail!) https://t.co/bz9hDBdYKS

 

@SwainForSenate: The highest rated TV newscaster in America was spied on by the NSA, illegally unmasked, had his emails leaked illegally to the media and Tim Scott and the GOP are silent

Glenn Greenwald @ggreenwald: If having your newsrooms filled with ex-security state operatives, FBI agents, CIA officials, and Generals — all of whom are paid employees — to reflexively defend the FBI, CIA and NSA isn’t “State TV,” what is?

Democrats dug themselves an election integrity hole, courts may bury them in it – From Supreme Court justices to district judges, Biden’s early Jim Crow narrative getting cold shoulder in early rulings.
https://justthenews.com/politics-policy/elections/thudemocrats-dug-themselves-election-integrity-hole-courts-may-bury-them

FBI Ridiculed for Seizing Man’s Lego Set of U.S. Capitol
High-profile defense attorney @DavidWohl: Are you guys insane @FBI?  All the violent crime that has taken place over the last year in cities across America – ruining lives destroying property including federal property – and you guys are f-ing bragging about finding Lego toys? The FBI has become a complete joke… @George84951803: Hope they don’t come into my house and discover a secret plot to create dinosaurs using mosquito DNA… https://www.zerohedge.com/political/fbi-ridiculed-seizing-mans-lego-set-us-capitol

Kash Patel: FBI Director Wray Was ‘Noticeably Absent’ from Cabinet Phone Calls in Run-Up to Jan 6 – Kash Patel, the chief of staff to the Acting United States Secretary of Defense under President Donald Trump… was on the phone with President Trump, then-Chief-of-Staff Mark Meadows, Attorney General William Barr, and the Department of Homeland Security to discuss security around the Capitol, but Wray was noticeably absent from those phone calls even though his participation was requested, and it was in the FBI’s purview to help keep the Capitol safe…  Patel told Jekielek that the Department of Defense had offered to send thousands National Guard troops to D.C. to quell any potential violence, but Mayor Bowser had rejected the offer for what he believed were political reasons…
    The former Trump official also pointed out that the FBI should have briefed Cabinet officials on whatever intelligence they had surrounding the Jan. 6 event, and could have stationed up to a thousand uniformed agents around the Capitol, but didn’t…
https://amgreatness.com/2021/07/06/kash-patel-fbi-director-wray-was-noticeably-absent-from-cabinet-phone-calls-in-run-up-to-jan-6/

@suzy_1776: The justice department just released this. Footage from Jan 6th.
https://twitter.com/suzy_1776/status/1412525667036454913

@PrimaryALLRINO: Tell me again why the FBI has been arresting hundreds of muh “domestic terrorists” when they were LITERALLY being waved into the Capitol by police officers????  (Video at link) This is EXACTLY why they refuse to release all of the footage!
https://twitter.com/PrimaryALLRINO/status/1413068479905869825

Video of Capitol policeman telling protestors inside the Capitol: “You understand? Show us, no attacking, no assaults, remain calm.” https://twitter.com/_GoodToBeZG_/status/1411054434071678978

Our guess is that the FBI and DoJ are treating Capitol protestors harshly while in jail to procure plea deals because video evidence could blow up many insurrection and non-trespassing charges.

Naming the Capitol Police Officer Who Killed Unarmed Jan. 6 Rioter Ashli Babbitt
The USCP still refuses to release his name, in stark contrast to recent high-profile police shootings around the nation… Byrd was cited by the acting House sergeant at arms during a brief discussion of the officer who shot Babbitt at a Feb. 25 House hearing…Following the shooting, Byrd’s Internet footprint was scrubbed…In February 2019, Lt. Byrd was investigated for leaving his department-issued Glock-22 firearm unattended in a restroom on the House side of the Capitol, even though the potent weapon, which fires .40-caliber rounds, has no manual safety to prevent unintended firing…More than 700 complaints were lodged against Capitol Police officers between 2017 and 2019, but brass won’t say what the alleged violations were or how the department resolved them….
https://www.realclearinvestigations.com/articles/2021/07/07/naming_the_capitol_cop_who_killed_jan_6_rioter_ashli_babbitt_779601.html

@TheLastRefuge2: Democrats literally painted “Defund the Police” on the streets.  However, according to (WH Press Sec) Jen Psaki this was done by Trump supporters.  “In order for leftists to continue advancing their ideology, they must pretend not to know things”

White House: Actually, it’s Republicans who are trying to defund the police – to shore up Biden’s low approval on crime and fight an attack that could damage Democrats in the 2022 elections
https://www.nbcnews.com/politics/white-house/white-house-actually-it-s-republicans-who-are-trying-defund-n1273292

Even in Illinois 1,000 TRUMP SUPPORTERS Vastly Outnumber the 25 Joe Biden Supporters at his Crystal Lake Stop with Lori Lightfoot (Chicago mayor)
https://www.thegatewaypundit.com/2021/07/even-illinois-trump-supporters-vastly-outnumber-joe-biden-supporters-crystal-lake-stop/

WaPo on Hunter Biden’s art grift: “White House officials have helped craft an agreement under which purchases of Hunter Biden’s artwork — which could be listed at prices as high as $500,000 — will be kept confidential from even the artist himself.”  (You cannot make this up!) https://t.co/fx2fcbddyq

@charliekirk11: Why is the WH brokering deals on behalf of Hunter Biden to protect the identities of his business associates? Sounds like something a Special Counsel should be appointed to look into…

@nytimes: After Tony Podesta’s $42-million-a-year lobbying firm became ensnared in the Trump-Russia scandal and collapsed, he turned to art dealing. With his fellow Democrats now running Washington, he is exploring a return to a landscape he once dominated… (Does Tony know Hunter Biden?)
https://www.nytimes.com/2021/07/08/us/politics/tony-podesta-lobbying-democrats.html

@CGasparino: @BillGates’ Sun Valley media conference seminar on climate issues raises eyebrows.
since corporate execs flooded town with carbon emitting jets

John Kerry caught maskless at airport in 2nd mask mishap this year (Rules R4 the little people)
https://www.foxnews.com/politics/john-kerry-mask-airport

Michael Avenatti weeps as he’s sentenced to 30 months for Nike extortion attempt
(Stormy Daniels’ ex-lawyer was heralded and promoted as a presidential candidate by state media elements because they thought and hoped that Avenatti would ‘get Trump’.)
https://www.independent.co.uk/news/world/americas/michael-avenatti-weeps-sentenced-nike-b1880721.html

@greg_price11: May we always remember and cherish the time (ABC’s) Ana Navarro compared Michael Avenatti to the Holy Spirit.  https://twitter.com/greg_price11/status/1413209397195677697

@RealSaavedra: May 22, 2019 CNN’s Brian Stelter last year on Michael Avenatti running for president: “And looking ahead to 2020, one reason I’m taking you seriously as a contender is because of your presence on cable news.”  https://twitter.com/RealSaavedra/status/1131280416738951168
    @nedryun: … Stelter is a useful idiot and mouthpiece for CNN management (the Dwarf King to be clear). Because in no other world could someone this dumb and non-telegenic have his own show.

We Are Entering the Age of “Full John Galt”
Society and politicians are rapidly dismantling the rights of ownership…This is a time when government deficits have lost all meaning and people are being paid not to work. This is a time when saying what you feel can garner you massive negative attention and ruin your life
   The new mechanisms of socialist control often created to guide the economy are generally not up to the task of maintaining control…Another concern is the lack of concern about political corruption… Nancy Pelosi (D-CA) disclosing that her investor husband made several now-profitable trades in various securities brought hardly a stir or screams of insider trading
   The Government-Financial complex, a combination of the Fed, the too big to fail, and the government has become a great threat to our freedom… this has resulted in a false economy and a soaring national debt that is now over 28 trillion dollars… In the classic book “Atlas Shrugged”, the phrase Who is John Galt is a cry of despair and hopelessness…When people decide to remove themselves from a game they see as rigged in favor of those far less deserving it is an indication that at some point even Atlas will shrug and let the world fall.
https://brucewilds.blogspot.com/2021/07/we-are-entering-age-of-full-john-galt.html 

 
 

Let us conclude the week with this offering courtesy of Greg Hunter

More Jab Deaths, Trump Sues Big Tech, Greatest Financial Crash Ever

By Greg Hunter’s USAWatchdog.com (WNW 488 7.9.21)

The CDC has released the latest adverse reactions and deaths from people getting shots for CV19.  Now, nearly 7,000 are dead from the so-called jab, with more than 400,000 reported injuries.  Please keep in mind, a 2011 Harvard Health Care study says “fewer than 1% of vaccine adverse events are reported.”  The jab is, in fact, an experimental gene therapy human drug trial that they would like to be approved as a “vaccine.”  None of the so-called vaccines are approved, and they are only labeled “Emergency Use Authorization” (EUA) by the FDA.

President Donald Trump strikes back at Big Tech after they removed him from all social media platforms.  Trump says he’s suing Twitter, Facebook, Google and their executives for “illegal unconstitutional censorship.”  What will the discovery look like is my big question.

The so-called “reflation trade” looks like it is losing steam.  The Fed is acting like it is finally going to taper the easy money as inflation heads much higher.  Some bigtime investors and market experts like Dr. Michael Burry says we are headed for the “mother of all crashes” because of “the greatest speculative bubble of all time in all things.”  Burry called the 2008 financial crisis at the top.  I would not bet he’s wrong this time either.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up 7.9.21.

(To Donate to USAWatchdog.com Click Here)

 

More Jab Deaths, Trump Sues Big Tech, Greatest Financial Crash Ever

I WILL SEE YOU MONDAY NIGHT

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