JULY15//GOLD UP $3.20 TO $1828.10//SILVER UP 11 CENTS//GOLD TONNAGE WITNESSES HUGE QUEUE JUMP OF 1.77 TONNES //GOLD STANDING 8.04 TONNES/SILVER OZ STANDING: 33.855 MILLION OZ//CORONAVIRUS UPDATES AROUND THE WORLD//DELTA STRAIN DATA//VACCINE DATA// ISRAELI DATA SUGGESTS DELTA STRAIN SOMEWHAT IMPERVIOUS TO THE VACCINE BUT ALSO CAUSING HARM THROUGH THE SPIKE PROTEIN//HUGE PROTESTS IN FRANCE/SOUTH AFRICA AND GREECE//CHINA’S ECONOMY FALTERING BADLY: CREDIT IMPLUSE DATA WANES//

 

GOLD:$1828.10 UP $3.20  The quote is London spot price

Silver:$26.30  UP  11 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1829.50 LONDON SPOT  4:30 pm

ii)SILVER:  $26.35//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINUM  $1141.73  UP $8.45

PALLADIUM: $2734.98  DOWN $85.27  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 112/547

 

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,824.300000000 USD
INTENT DATE: 07/14/2021 DELIVERY DATE: 07/16/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1
435 H SCOTIA CAPITAL 5
624 H BOFA SECURITIES 398
657 C MORGAN STANLEY 437 6
661 C JP MORGAN 97 112
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 13 5
880 C CITIGROUP 1
905 C ADM 18
____________________________________________________________________________________________

TOTAL: 547 547
MONTH TO DATE: 1,882

ISSUED:  97

Goldman Sachs:  stopped: 1

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 547 NOTICE(S) FOR 54700 OZ  (1.701 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1882 FOR 188,200 OZ  (5.853 TONNES)

 

SILVER//JULY CONTRACT

236 NOTICE(S) FILED TODAY FOR 1,180,000  OZ/

total number of notices filed so far this month 6140  :  for 30,700,000  oz

 

BITCOIN MORNING QUOTE  $31,889 DOWN 113  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$30,524 DOWN 1478 DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $3.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

ANOTHER STRANGE CHANGE IN GOLD INVENTORY AT THE GLD: /  A HUGE PAPER WITHDRAWAL OF 2.91 TONNES FROM THE GLD// 

 

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

 

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

THIS IS A MASSIVE FRAUD!!

GLD  1034.37 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP11 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: 

 

555.150  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 171.09 up $0.05 OR 0.03%

XXXXXXXXXXXXX

SLV closing price NYSE 24.39 UP $0.06 OR 0.25%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 896 CONTRACTS  TO 155,595, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR  $0.07 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY . IT SEEMS THAT THE GAIN 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 SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUATES TO A VERY STRONG 2236 CONTRACTS. (11.190 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: -16 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1340,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 1340 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1340 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

33.635  MILLION OZ INITIAL STANDING FOR JULY

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

UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.07)  AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH WEDNESDAY’S TRADING.  WE HAD A VERY STRONG GAIN OF 2236 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  SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 38.535 MILLION OZ BUT THEN TODAY A 25,000 OZ QUEUE JUMP TO LONDON:  NEW STANDING 33.635 MILLION OZ// / v)  STRONG COMEX OI GAIN 
.
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:

9599 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 9599 CONTRACTS) OR 47.995MILLION OZ: (AVERAGE PER DAY: 106 CONTRACTS OR 5.332 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 47.955  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:  47.95500 MILLION OZ )  WELL BELOW PAR WITH JUNE)

RESULT: WE HAD A STRONG INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 912 , WITH OUR $0.07 GAIN  IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2859 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED GAIN OF 2252 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.07 GAIN 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 25,000 OZ QUEUE JUMP TO LONDON /NEW STANDING 33.635 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2859  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 896 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.07 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.20/ WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  236  NOTICES FILED TODAY FOR 1,180,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR  SIZED 9802 CONTRACTS TO 505,600 ,,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: -5685 CONTRACTS.

THE FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $15.50///COMEX GOLD TRADING/WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 6,976 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A HUGE 57,200 OZ QUEUE JUMP//COMEX STANDING NOW AT 6.0466 TONNES. OUR CROOKED BANKERS ARE BADLY IN NEED OF METAL ON THIS SIDE OF THE ATLANTIC.
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $15.50 WITH RESPECT TO WEDNESDAY’S TRADING

 

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

WE HAD A GOOD SIZED GAIN OF 6976  OI CONTRACTS (21.69   TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2859 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 2859 & DEC 0  ALL OTHER MONTHS ZERO//TOTAL: 2859 The NEW COMEX OI for the gold complex rests at 499,515. 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 FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6976  CONTRACTS: 4117 CONTRACTS INCREASED AT THE COMEX AND 2859 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6976 CONTRACTS OR 21.69 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2859) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (4117 OI): TOTAL GAIN IN THE TWO EXCHANGES: 6976 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 5700 OZ QUEUE  JUMP,//NEW STANDING 4.2674 TONNES// //3) ZERO LONG LIQUIDATION, /// ;4) GIGANTIC SIZED COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL

 

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCHED 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 : 19,311, CONTRACTS OR 1,931,100 oz OR 60.06 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 2145 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 60.06 TONNES

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

THUS EFP TRANSFERS REPRESENTS  60.06/3550 x 100% TONNES  1.69% 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:        60.06 TONNES INITIAL (FALLING DRAMATICALLY 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, ROSE BY STRONG SIZED 896 CONTRACTS TO 155,595 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 1340 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: 1340 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  1340 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 896 CONTRACTS AND ADD TO THE 1340 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 2236 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 11.18 MILLION  OZ, OCCURRED WITH OUR  $0.07 GAIN IN PRICE

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

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

 
 

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED UP 36.09  PTS OR 1.02%   //Hang Sang CLOSED UP 208.81 PTS OR 0.75%      /The Nikkei closed DOWN 329.40 pts or 1.15%  //Australia’s all ordinaires CLOSED DOWN .20%

/Chinese yuan (ONSHORE) closed UP TO 6.4607  /Oil UP TO 71.72 dollars per barrel for WTI and 73.62 for Brent. Stocks in Europe OPENED ALL RED /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4607. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4625/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/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 AN FAIR SIZED 4117 CONTRACTS TO 499,915 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 FAIR COMEX INCREASE OCCURRED WITH OUR STRONG GAIN OF $15.50 IN GOLD PRICING WEDNESDAY’S COMEX TRADING/.WE ALSO HAD A FAIR EFP ISSUANCE (2859 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 NON ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2859 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  2859  & DEC.  0  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2859  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 FAIR SIZED 6976 TOTAL CONTRACTS IN THAT 2859 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A  FAIR SIZED COMEX OI OF 4117 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (6.0466),

 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $15.5)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 6976 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 21.69 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (6.0466 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE GIGANTIC 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 -5685  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 6976 CONTRACTS OR 697600 OZ OR  21.69  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:  505,600 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.56 MILLION OZ/32,150 OZ PER TONNE =  1572 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1572/2200 OR 71.48% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:193,115 contracts//    / volume poor//

CONFIRMED COMEX VOL. FOR YESTERDAY: 291,567 contracts// – fair//  

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

 

JULY 15

/2021

 
INITIAL STANDINGS FOR JULY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
9,359.941 OZ
MANFRA
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
3858.120
OZ
DELAWARE
 
120 KILOBARS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
547  notice(s)
 
54,700 OZ
1.701 TONNES
No of oz to be served (notices)
62 contracts
 6200oz
 
0.1928 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1882 notices
188,200 OZ
5.853 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 1 deposit into the dealer
 
i) Into Manfra dealer:  9,359.941 oz
 
 
 
total deposit: 9,359/941   oz 
 

total dealer withdrawals: nil oz

we had  1 deposits into the customer account
I) Into Delaware:  3858.120 oz  (120 kilobars)
 
TOTAL CUSTOMER DEPOSITS 3858.120  oz  
 
 
 
 
 
 
We had 0  customer withdrawals….
 
 
 
 
 
 
 
total customer withdrawals nil   oz  
 
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of  2 transactions)

ADJUSTMENTS  0// 

 

 
 
 
 
 
 
 
 
 
 

The front month of JULY registered a total of 609 contracts for a GAIN of 488.  We had  84 notices filed on Wednesday so we GAINED 572 contracts or an additional 57,200 oz will  stand for gold at the comex as they refused to morphed into London based forwards 

 

 
 
 
 
 
AUGUST LOST 13,054  CONTRACTS DOWN TO 274,533 AS WE COUNT DOWN TO THE NEXT BIG GOLD DELIVERY MONTH!!
 
SEPT GAINED 23 CONTRACTS TO STAND AT 424
 
OCTOBER GAINED 334 CONTRACTS UP TO 23,233.

We had 547 notice(s) filed today for 54,700  oz

FOR THE JULY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 97 notices were issued from their client or customer account. The total of all issuance by all participants equates to 547  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 112 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 1  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 (1882) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 609 CONTRACTS ) minus the number of notices served upon today  547 x 100 oz per contract equals 194,400 OZ OR 6.0466 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 (1882) x 100 oz+( 609  OI for the front month minus the number of notices served upon today (547} x 100 oz} which equals 194,400 oz standing OR 6.0466 TONNES in this NON- active delivery month of JULY.

We  GAINED an additional 57,200 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 505.17 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 6.0466 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,489,615.554 oz or 574.75 tonnes
 
 
 
total weight of pledged: 2,248,216.862 oz or 69.92 tonnes
 
 
registered gold that can be used to settle upon: 16,241,399.0 (505,17 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,241,399.0 (505.17 tonnes)   
 
 
total eligible gold: 16,939,374.781 oz   (526.88 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,426,990.335 oz or 1,101.92 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  975.58 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

July 15/2021

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
908,819.720 oz
 
 
 
 
 
CNT
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
1,738,640.440
Manfra
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
236
 
CONTRACT(S)
1,180,000  OZ)
 
No of oz to be served (notices)
587 contracts
 (2,035,000 oz)
Total monthly oz silver served (contracts)  6140 contracts

 

30,700,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 1 deposit into the dealer
i) Into Manfra:  1,738,640.440

total dealer deposits:  1.738,640.440        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. (187.4 million/350.030 million

total customer deposits today  nil   oz

we had 2 withdrawals

 
 
i) Out of CNT:    904,820.501 oz
ii) Out of Delaware: 3999.225oz
 
 
 
 
 
 

total withdrawals 908.819.720      oz

 
 

adjustments//0

 

 
 

Total dealer(registered) silver: 112.582 million oz

total registered and eligible silver:  350.030 million oz

a net 700,000 oz enters  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  23 contracts DOWN to 823 contracts. We had 28 notices filed on Wednesday so we GAINED 5 contracts or an additional  25,000 oz will stand for silver at the comex in this very active delivery month of July. 

 

AUGUST GAINED 99 CONTRACTS TO STAND AT 1851

SEPTEMBER GAINED 460 CONTRACTS UP TO  120,935

 
NO. OF NOTICES FILED:  236  FOR 1,180,000 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  6140 x 5,000 oz = 30,700,000 oz to which we add the difference between the open interest for the front month of JULY (823) and the number of notices served upon today 236 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 6140 (notices served so far) x 5000 oz + OI for front month of JULY( 823)  – number of notices served upon today (236) x 5000 oz of silver standing for the JULY contract month .equals 33,635,000 oz. ..VERY POOR FOR JULY. 

We GAINED 5 contracts or 25,000 oz will  stand for delivery at the comex as they search out for metal on the THIS side of the Atlantic.  

 

TODAY’S ESTIMATED SILVER VOLUME  34,741 CONTRACTS // volume extremely  poor//getting out of Dodge//(

 

FOR YESTERDAY  67,794  ,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 -1.57% (JULY  15/2021)

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 FALLS TO -1.18% nav   (JULY15)

 

/2021 )

 

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

NAV $19.38 TRADING 19.14//NEGATIVE  1.25

 

END

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

July 15/WITH GOLD UP $3.20 TODAY: VERY STRANGE: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 2.91 TONNES FROM THE GLD//INVENTORY RESTS AT 1034.37 TONNES.

JULY 14/WITH GOLD UP $15.50 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.28 TONNES

JULY 13/WITH GOLD UP $3.70 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 2.91 TONNES FROM THE GLD////INVENTORY RESTS AT 1037.28 TONNES.

July 12/WITH GOLD DOWN $4.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1040.19 TONNES.

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

 
 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

JULY 15 / GLD INVENTORY 1034.37 tonnes

LAST;  1093 TRADING DAYS:   +109.96 TONNES HAVE BEEN ADDED THE GLD

 

LAST 943 TRADING DAYS// +  284.58. 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 15/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.150 MILLION OZ/

JULY 14/SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.150 MILLION OZ

JULY 13/WITH SILVER  DOWN 5  CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTOR RESTS AT 555.150 MILLION OZ..

JULY 12/WITH SILVER UP 3 CENTS TODAY: A HUGE CHANGE IN INVENTORY AT THE SLV//: A WITHDRAWAL OF 926,000 OZ FROM THE SLV//INVENTORY RESTS AT 555.150 MILLION OZ

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/

 

SLV INVENTORY RESTS TONIGHT AT

JULY 15/2021      555.150 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

 

end

EGON VON GREYERZ//MATHEW PIEPENBERG//PAM AND RUSS MARTENS

 

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

:

ii) Important gold commentaries courtesy of GATA/Chris Powell

Fed has blocked zero mergers since 2006

(zerohedge)

Pam and Russ Martens: Fed has blocked no bank merger since 2006

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, July 14, 2021

On Monday the Federal Reserve (which includes no one elected to office by the American people) thumbed its nose at President Joe Biden, the man who received more than 81 million votes in the 2020 Presidential election, representing a 51.3 percent mandate from the American people who vote.

On Friday, July 9, President Biden released a sweeping executive order warning federal agencies against actions that create “excessive market concentration” with specific mention of bank merger activity. One business day later, the Federal Reserve…wait for it…approved another bank merger.

The Federal Reserve’s actions from January 1, 2006, through the latest data available on June 30, 2020, define the Fed as the quintessential “excessive market concentrator.” According to the Fed’s own data, it has approved 3,576 bank mergers while denying zero merger applications, since January 1, 2006. …

… For the remainder of the analysis:

https://wallstreetonparade.com/2021/07/the-fed-has-approved-3576-bank-mergers-in-15-1-2-years-denied-zero-one-business-day-after-president-bidens-executive-order-warns-against-bank-concentration-the-fed-approves-another-bank-m/

 

end

it is obvious that there is no mood for Macron’s gold sales.

(Ronan Manly)

Ronan Manly: Has Macron’s call for more IMF gold sales been slapped down?

 

 

 Section: Daily Dispatches

 

3:42p ET Wednesday, July 14, 2021

Dear Friend of GATA and Gold:

Bullion Star’s Ronan Manly writes today that prompted by French President Emmanuel Macron,, there is again talk of having the International Monetary Fund sell gold in the name of helping poor African countries.

This, Manly writes, is probably just more cover for a scheme to move gold around to rescue bullion bank loans or to advantage one central bank or another that wants to acquire gold.

But Manly adds that IMF members don’t seem enthusiastic about the idea.

His analysis is headlined “Has Macron’s Call for New IMF Gold Sales Been Slapped Down?” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/has-macrons-call-for-new-imf-gold-sales-been-slapped-down/

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

END

GATA) Alasdair Macleod: LBMA gets a lifeline that will pull it away from ‘paper gold’

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 15, 2021

The draft Prudential Regulatory Authority rules complying with Basel 3 regulations have now been issued six months ahead of their implementation to allow banks to adjust for them in time. From now, senior bankers, their lawyers, and bank treasury managers will be planning amendments to their business strategies accordingly.

As a division of the Bank of England, the PRA recognises the importance of gold trading in London and has inserted a clause into the new rules (Article 428f) that will allow the LBMA’s centralised settlement system to continue to function. But in line with Basel 3’s apparent determination to get banking’s exposure to uneven derivative positions substantially reduced, net positions in precious metal derivatives in the form of forwards and swaps will be penalised through their inefficient use of balance sheet resources and will likely be replaced by transactions fully backed by physical gold.

The London Bullion Market Association has been thrown a lifeline but will likely have to refocus from forward derivatives to physical bullion-backed trading. By responding positively to these developments, the LBMA and its membership can retain and build on its pre-eminent position in global precious metals markets.

This article points out that the market value of forward derivatives in gold is currently the equivalent of 8,675 tonnes. While it would be incorrect to think it will all translate into new bullion demand, there is little doubt that if Basel 3 leads to the demise of the London forwards market, it will lead in turn to a significant replacement in the form of physical demand.

This article also looks at the broader picture for banking in the light of the PRA’s new regulations as well as the specifics for precious metal derivatives. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney- insights/lbma-gets-a-lifeline

 

-END-

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

i) Chinese yuan vs usa dollar/CLOSED UP AT 6.4607 

 

//OFFSHORE YUAN 6.4625  /shanghai bourse CLOSED  UP 36.09 PTS OR 1.02% 

HANG SANG CLOSED UP 208.81 PTS OR 0.75 %

2. Nikkei closed DOWN 329.40 PTS OR 1.15%

3. Europe stocks  ALL RED

 

USA dollar INDEX UP TO  92.49/Euro RISES TO 1.1812

3b Japan 10 YR bond yield: FALLS TO. +.014/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.00/ 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:: 71.12 and Brent: 73.62

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.33%/Italian 10 Yr bond yield UP to 0.73% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.05: D08GEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.70

3k Gold at $1825.50 silver at: 26.22   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP/100 in roubles/dollar) 74.08

3m oil into the 71 dollar handle for WTI and 73 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.00 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 .9168 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0827 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 0.33%

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 1.326% early this morning. Thirty year rate at 1.947%

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

6.  TURKISH LIRA:  UP  TO 8.55..  VERY DEADLY

Futures Slide As Yield Drop Accelerates

 

S&P futures dropped, trading near session lows and sliding along Europe shares and Treasury yields, as investors assessed a growth slowdown in China and dovish comments from Federal Reserve Chair Jerome Powell. The drop in yields helped push the Nasdaq higher with mega-cap technology stocks leading gains ahead of today’s initial unemployment claims report that will allow investors to gauge the strength of the labor market. At 7:00 a.m. ET, Dow e-minis were down 189 points, or 0.54% and S&P 500 e-minis were down 141.00 points, or 0.32%, and Nasdaq 100 e-minis were up 12.5 points, or 0.08%, with FAAMG heavyweights all gaining between 0.1% and 0.4%. The dollar weakened against haven currencies and bitcoin slumped back under $32,000; the British pound rose after a Bank of England policy maker said withdrawing stimulus may be appropriate soon.

Netflix jumped 2.5% in premarket trading after announcing plans to expand into video games. It hired a former Electronic Arts Inc. and Facebook Inc. executive to lead the effort. Advanced Micro Devices rose 1.5% after Citigroup upgraded the chipmaker’s stock to “neutral” from “sell”. Other notable premarket movers include:

  • American International Group (AIG) shares jump 4% after agreeing to sell a 9.9% equity stake in its life and retirement business as well as affordable-housing assets to Blackstone for $7.3 billion in cash.
  • Cinedigm Corp. (CIDM) rises 21% after the entertainment company posted preliminary 4Q revenue that increased from a year ago.
  • GameStop (GME) dips 6% after Netflix hired a former Electronic Arts and Facebook effort to lead its expansion into video games.
  • Morgan Stanley (MS) dips 1.5% after posting FICC sales & trading revenue for the second quarter that missed the average analyst estimate.
  • Netflix (NFLX) gains 1.6% after Bloomberg News reported that the video-streaming company is planning to expand into video games.
  • Datasea (DTSS) shares gain 27% after a subsidiary of the China- based software company signed agreements to provide 5G messaging products and services in China.
  •  
  • Verb Technology (VERB) rises 15%, one of several meme stocks seeing gains on Thursday.
  • Other stocks favored among retail traders also advance with Sgoco Group (SGOC) climbing 3.9% and Exela Technologies (XELA) gaining 4%.

Futures dropped even though second-quarter earnings season started on a strong note this week, with the four largest U.S. lenders – Wells Fargo, Bank of America, Citigroup and JPMorgan Chase – posting a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses. Their shares were down between 0.7% and 0.8% in premarket trading, while Morgan Stanley edged 0.8% lower ahead of its results before the bell on Thursday.

The key overnight news came out of China, where second-quarter growth slowed to 7.9%, just missing expectations of 8.0%, even as a pick-up in consumer spending suggested a more balanced recovery.

In the U.S., Powell said it was still too soon to scale back monetary support even though inflation has risen faster than expected. Powell said he is confident recent price hikes are associated with the country’s post-pandemic reopening and will fade, and that the central bank should stay focused on getting as many people back to work as possible. The “powerful support” pledge assuaged some concerns over price pressures, helping the S&P 500 and the Dow end a choppy session with small gains. With central banks from New Zealand to Canada and the U.K. turning hawkish, traders continue to debate how far the Fed can hold back on tapering.

”U.S. stock indexes are going from one record to the next, although there are visible and quite serious signals of noticeable weaker growth in the U.S. economy,” Norbert Frey, the head of asset management at Fuerst Fugger Privatbank, wrote in a message to Bloomberg. “If inflation doesn’t go back on its own, the Fed must act. Then the markets could get bumpy.”

In Europe, the Stoxx Europe 600 fell 0.4%, dropping for a second day, with energy and retail shares leading losses among sectors; Eurostoxx 50 was 0.5% lower with Germany’s DAX off 0.7%. FTSE MIB and IBEX lag. The Stoxx Europe 600 Energy sector index fell as much as 3.3%, the most among 20 groups in the region’s benchmark and heading for the third consecutive session of decline. Oil majors also decline under pressure from lower oil prices after U.S. gasoline stockpiles unexpectedly expanded. Here are some of the biggest European movers today:

  • Avast shares rose as much as 17%, the most since March 2020, after the cyber security firm said it was “advanced talks” on a possible merger with NortonLifeLock.
  • Glanbia shares surged as much as 7.6%, the most since October 2020, after the Irish food company said its trading in 1H was ahead of expectations.
  • Experian shares gained as much as 6.1%, hitting the highest since May 2020, after beating expectations and boosting its revenue estimates, with analysts upbeat about the credit services firm’s outlook.
  • EON shares rose as much as 3%, hitting the highest since May 19, after JPMorgan upgraded the German utility to overweight from neutral with regulatory risk now lower and a positive outlook for its U.K. operations.
  • Siemens Gamesa Renewable Energy shares dropped as much as 17% after cutting financial guidance for this year.  Siemens Energy shares down as much as 11%, the most on record, after it said its 3Q results will likely miss estimates owing to the guidance cut from Gamesa. Peer Vestas Wind Systems down as much as 7.4%, Nordex 7.8% ​​​​​​
  • Galapagos shares plunged as much as 14%, biggest intraday decline since Feb. 10. Readouts from its patient studies show there is work to be done to adequately de-risk and differentiate its drugs, RBC said in a note.
  • Orkla shares dropped as much as 6.8% after its earnings. Handelsbanken said it was a “weaker-than expected” report from the company and notes more cautious outlook comments from the group.
  • MorphoSys shares fell as much as 8.2%, to the lowest since August 2017, after the purchase of about 89% of outstanding shares of Constellation Pharmaceuticals, with the merger expected to complete before the start of U.S. trading today.
  • Asos shares slumped as much as 17%, most intraday since Nov. 9, after the online fashion retailer said sales started to soften, particularly in Britain, at the tail end of the third quarter as a result of poor weather, supply chain pressures and continued uncertainty over Covid-19. Analysts called the stock move an overreaction, recommending investors to buy on weakness.

Earlier in the session, Asian stocks crept higher after data from China showed its economic recovery steadied in the second quarter, while retail sales expanded more in June than analysts expected. The MSCI Asia Pacific Index rose as much as 0.3%, reversing an earlier decline of 0.2%, while the benchmark for emerging-market equities, however, rose to a one-week high, aided by the technology sector on a report of possible cooperation between Alibaba Group Holding Ltd. and Tencent Holdings Ltd.

Information-technology and finance sectors advanced, while peers in healthcare and industrials fell. A gauge of mainland- and Hong Kong-listed financial companies climbed 2.5%, the most since May 25, after China rolled over 100 billion yuan ($15.4 billion) of medium-term policy loans. “The data was good without being stellar,” said Kyle Rodda, an analyst at IG Markets in Melbourne. “But the sense is now that more stimulatory policy will be coming down the line at some point soon, and clearer signaling of that from policymakers will be crucial to a pick-up in Asian stock markets and probably the global economic outlook too.” The Asian stock benchmark is on course for its best weekly performance since February following a rally earlier this week. China’s central bank said last week that it would cut the amount of cash most lenders must hold in reserve, bolstering sentiment toward equities. China was the region’s best performer, with the CSI 300 and the liquidity-sensitive ChiNext both gaining more than 1%. The country’s stocks advanced while bonds declined as fears of a deep economic slowdown were allayed by the latest data. Meanwhile, benchmarks in Japan and the Philippines fell.

Japan’s stocks fell as a strengthening yen and Tokyo’s biggest jump in Covid-19 infections since January damped investor demand. The Topix index declined 1.2% to 1,939.61 in Tokyo, while the Nikkei 225 closed 1.2% lower at 28,279.09. Sony Group Corp. contributed the most to the Topix’s drop, decreasing 1.7%. Today, 1,836 of 2,187 shares fell, while 278 rose; 32 of 33 sectors were lower, led by electric appliances stocks. The yen headed for a two-day advance of 0.7% against the dollar. Takashi Ito, an equity market strategist at Nomura Securities, said stock investors were also concerned about the resurgence of Covid-19 cases. Tokyo confirmed 1,149 new infections Wednesday, the most since January, as the city prepares for the delayed Olympics that’s set to start in less than two weeks. The capital entered its fourth state of emergency on Monday. U.S. stock index futures were little changed during Asia trading hours. On Wednesday, Megacap tech stocks led the S&P 500 marginally higher and bond yields fell as investors turned to defensive favorites with Federal Reserve Chairman Jerome Powell making the case for maintaining economic stimulus. “Powell’s comments didn’t have that much impact on the markets. It’s more of Japanese stocks taking a breather after rebounding from last week,” said Hajime Sakai, the chief fund manager at Mito Securities Co. “There’s not that much material to trade off of, and investors are going to get into a wait-and-see mode ahead of the earnings season.”

In rates, Treasuries added to Wednesday’s curve-flattening gains, aided by a large purchase of 10-year note futures via a block trade in early U.S. session.  Yields are lower by ~2bp across long-end of the curve, 10-year by ~1.5bp at 1.33%, outperforming gilts by ~4bp while bunds keep pace; 5s30s is flatter by less than 1bp, 2s10s by ~2bp. Gilts lag following hawkish comments from Bank of England’s Saunders. Fed’s Powell returns to Congress for a second day of testimony on the economy and monetary policy, this time before Senate Banking panel. Bund and gilt curves steadily bull flatten with long-end Germany underperforming at the margin. Peripheral spreads widen, semi-core holds steady after relatively well received auctions from Spain and France.

In FX, the Bloomberg Dollar Spot Index rebounded sharply after sliding lower and was last trading at session highs alongside a pocket of weakness in futures, though most moves were confined to tight ranges; the Swiss franc and the yen rose for a second day against the dollar amid haven demand while risk-sensitive Antipodean and Scandinavian currencies inched lower. The euro edged up to trade at around $1.1850; the common currency’s term structure has inverted as central bank meetings set the tone, with emphasis on the Federal Reserve. CHF and JPY are the best G-10 performers with broader risk appetite dwindling. GBP, AUD and NZD are the weakest, albeit in choppy trade.

BOE’s monetary policy committee member Michael Saunders said that if economic activity and inflation remained in line with current trends, it may become appropriate “fairly soon” to withdraw some of the stimulus. The speech, released on the bank’s website, pushed gilts to erase gains.

In commodities,  West Texas Intermediate crude futures tumbled below $73 a barrel on expanding U.S. fuel inventories and a potential OPEC+ agreement to increase supply before recovering off the lows. Brent bounces back above $74. Spot gold grinds higher, pushing through Wednesday’s best levels to trade near $1,832/oz. Base metals push higher: LME copper gains as much as 1.25%.

To the day ahead now, and the highlight will once again likely be Fed Chair Powell’s testimony, as he appears before the Senate Banking Committee. Other speakers include the Fed’s Evans and the BoE’s Saunders. Separately, data highlights include June data on industrial production and the weekly initial jobless claims, whilst in Europe there’s also UK unemployment data for May. Earnings releases include UnitedHealth Group, Morgan Stanley, US Bancorp and BNY Mellon. Finally, US President Biden will be meeting German Chancellor Merkel at the White House.

Market Snapshot

  • S&P 500 futures little changed at 4,368.50
  • STOXX Europe 600 down 0.44% to 458.58
  • MXAP up 0.3% to 206.16
  • MXAPJ up 0.8% to 689.18
  • Nikkei down 1.2% to 28,279.09
  • Topix down 1.2% to 1,939.61
  • Hang Seng Index up 0.8% to 27,996.27
  • Shanghai Composite up 1.0% to 3,564.59
  • Sensex up 0.6% to 53,232.70
  • Australia S&P/ASX 200 down 0.3% to 7,335.92
  • Kospi up 0.7% to 3,286.22
  • Brent Futures down 0.8% to $74.13/bbl
  • Gold spot up 0.2% to $1,831.53
  • U.S. Dollar Index down 0.10% to 92.32
  • German 10Y yield fell 2.0 bps to -0.340%
  • Euro little changed at $1.1846

Top Overnight News from Bloomberg

  • China’s economic rebound steadied in the second quarter and showed more balance as consumer spending picked up, providing support to a global recovery being shaken by resurging coronavirus cases. Gross domestic product in the world’s second- largest economy expanded 7.9% from a year earlier
  • Bank of England Governor Andrew Bailey said he won’t rush to make judgments about inflation even after consumer prices leaped more than expected in June. The remarks, in an interview with the Business Live website yesterday and published on Thursday, were a reaction to inflation rising 2.5%, more than the BOE’s 2% target
  • U.K. companies added payrolls at a record pace in June as the reopening of the economy triggered an unprecedentedscramble for staff. The number of employees on company books climbed by 356,000, the Office for National Statistics said Thursday. Demand for staff rose, with vacancies in June alone increasing to a record 962,000, up 7% from May
  • ECB Governing Council member Ignazio Visco says “we have to avoid tapering before the time comes that we’re really confident we’re back where we should”

Quick look at global markets courtesy of Newsquawk

Asian stocks lacked firm direction as participants digested mixed Chinese GDP data – which partially offset the slight positive bias from the US following Fed Chair Powell’s dovish reiterations in Congress. Powell stated it is still appropriate that monetary policy remains highly accommodative and that the jobs market is still a ways off from progress needed to begin tapering. The ASX 200 (-0.3%) was indecisive, with strength in most mining-related sectors and utilities counterbalanced by underperformance in tech and energy names. In addition, the latest jobs data was somewhat inconclusive and failed to spur price action with headline Employment Change slightly below forecasts despite a faster than expected decline to the Unemployment Rate. The Nikkei 225 (-1.2%) was pressured by recent flows into the domestic currency and cautiousness as the BoJ kick-started its two-day policy meeting where the Bank is touted to reduce its economic growth forecast for the current fiscal year. The KOSPI (+0.7%) remained afloat following an unsurprising BoK announcement to keep policy rates steady. The Hang Seng (+0.8%) and Shanghai Comp. (+1.0%) were varied with the former boosted by its tech giants Alibaba and Tencent amid reports they are considering opening up their ecosystems to each other and with Hong Kong also said to lift travel restrictions. Conversely, the mainland was choppy after mixed Chinese GDP data, which showed China’s economic growth Y/Y slowed to 7.9% vs exp. 8.1% (prev. 18.3%), although GDP Q/Q beat expectations at 1.3% vs exp. 1.2% (prev. 0.6%) and both Industrial Production and Retail Sales figures also topped forecasts, while the PBoC only rolled over CNY 100bln in MLF loans vs CNY 400bln maturing this month. The PBoC also maintained the 1-Year MLF rate at 2.95%, which dampens prospects of a cut to the Loan Prime Rate next week, although China Securities Journal noted that China might reduce the Loan Prime Rate but not cut the policy rate. Finally, 10yr JGBs were uneventful and failed to benefit from the strength in USTs, which were inspired by Fed Chair Powell’s continued dovishness and despite the underperformance seen in Japanese stocks, while slightly increased demand at the enhanced liquidity auction did little to spur prices with participants sidelined as the BoJ began its latest conclave.

Top Asian News

  • Chinese Stocks Rally, Bonds Decline as Data Allay Growth Fears
  • Blockbuster IPO Memes Reveal Emotion Amid India’s Unicorn Frenzy
  • Singapore Finds 42 Virus Cases With Most From Karaoke Cluster
  • TSMC Is Considering Building a Chip Plant in Japan, CEO Says

Stocks in Europe clambered off the losses seen shortly after the cash open, although this mild reprieve did not last long and and Europe holds onto a negative bias (Euro Stoxx -1.0%). This follows from a mixed APAC handover, which saw an overall firm performance in China following the nation topping expectations in Q/Q Q2 GDP alongside June Industrial Production and Retail Sales. US equity futures vary with the NQ (+0.2%) the outperformer as the tech-laden index future benefits from declining yields, whilst the RTY (-0.8%) lags and the YM (-0.4%) and ES (-0.2%) trade in more contained parameters. Back to Europe, the FTSE 100 (-0.9%) initially narrowly outperformed regional peers amid favourable currency dynamics at the time. However, the index was hit (alongside general sentiment) after BoE’s Saunders struck a hawkish tone – suggesting that “it may become appropriate fairly soon to withdraw some of the current monetary stimulus.” Sectors remain primarily in the red, with Oil & Gas the marked underperformer as crude prices ease. Overall, sectors have more of a defensive bias, with Food & Beverages, Personal & Household Goods and Healthcare towards the top of the pack. In terms of individual movers, Daimler (-0.5%) initially opened with gains following a stellar earnings report, with traders citing the broader downside in autos to the chip crunch squeeze expected to last into next year – as reiterated by chip-giant TSMC after their earnings. Sticking with earnings, TomTom (-15.7%) shares continue to decline after the group cut its outlook as a by-effect of the chip shortage. Meanwhile, Siemens Energy (-8.2%) ditched its margin guidance after the wind power division Siemens Gamesa (-13%) was hit by higher-than-expected raw material costs and product ramp-up expenses. Airbus (+0.3%) and UBS (Unch) have trimmed the earlier gains seen in the wake of positive broker moves.

Top European News

  • Poland Revokes EU Court Powers, Testing Bloc’s Legal Order
  • Ireland Determined to Push For 12.5% Corporate Tax Rate: Donohoe
  • Abrdn CIO to Retire in Shakeup at $740 Billion Money Manager
  • BOE’s Bailey Says He Won’t Rush to Judgment About Inflation

In FX, the Greenback is trying to find a footing after retreating to fresh lows in wake of Fed chair Powell’s testimony to the House that reinforced dovish policy guidance on the premise that higher inflation will prove to be a temporary phenomenon rather than persistent or permanent feature, while he also reiterated that reaching the goal of maximum employment remains a long way off. Using the DXY as a proxy, the index pared declines briefly to touch 92.500, but then faded fairly fast to trade down at 92.272 amidst greater demand for safer-havens, like the Yen, Franc and Gold due to a bout of risk aversion that is keeping global bond yields depressed and curves compressed. However, the Dollar will be looking for more evidence of substantial progress from a raft of US data and surveys before Powell returns to Congress and addresses the Senate in advance of comments from Evans.

  • JPY/CHF/XAU – As noted above, the Yen, Franc and Gold are bucking the general trend and consolidating their comeback from recent lows within a 110.03-109.75 range for the former ahead of the BoJ tomorrow and with decent option expiry interest between the round number and 110.13 (1.25 bn) capping the headline pair. Meanwhile, the Usd/Chf has reversed through 0.9150, with Eur/Chf edging closer to 1.0800 and spot bullion has climbed into a higher band above Usd 1800/oz and gathering stronger technical momentum following its close beyond the 200 DMA.
  • EUR – Notwithstanding, the aforementioned depreciation in Franc cross terms, the Euro has established a firmer base vs the Buck on the 1.1800 handle to retest half round number resistance and clear option expiries at 1.1800-05 (1 bn), but Eur/Usd faces more from the big figure above (1.15 bn between 1.1900-10 to be precise) and may be hampered by dovish ECB commentary from Visco.
  • NZD/GBP/AUD/CAD – All unable to capitalise on their US rival’s relative fragility on risk-off grounds, and with the Kiwi also unwinding some of its post-RBNZ outperformance in the run up to NZ Q2 CPI having topped out circa 0.7044 twice and failing to advance through 1.0600 against the Aussie. Moreover, Aud/Usd is holding above 0.7450 in wake of largely encouraging jobs data as a counterweight to more worrying COVID-19 developments as Melbourne, Victoria heads into a 5 day snap lockdown. Elsewhere, the Pound was back-pedalling across the board following a mixed UK labour report with Cable back beneath 1.3850 and Eur/Gbp rebounding sharply from almost 0.8500 to 0.8550+ before very hawkish remarks from BoE’s Saunders sent Sterling up again (Cable to circa 1.3900 and Eur/Gbp under 0.8515).

In commodities, WTI and Brent front month futures have extended on the losses seen during APAC hours, with the former around 72.50/bbl (vs 71.68-72.96/bbl range) whilst the latter meanders just under USD 74.50/bbl (vs 73.50-74.59/bbl range). However, the complex rebounded off worst levels despite a distinct lack of newsflow at the time. That being said, several factors are currently at play for the crude market. Firstly, on the demand side, COVID cases have been rising across the globe, fuelled by the more potent COVID Delta variant. This, in turn, has prompted the reintroduction of some targeted lockdowns (Australia’s Victoria State overnight) whilst international travel becomes more restrictive – with Japan also set to tighten border control. However, the summer picture is expected to be rosy, with hopes that mass vaccinations and summer weather permit more activity. Over to the supply side, although the UAE and Saudi reportedly struck a deal involving a higher base level to conduct the cuts from, Iraq has joined the call for its reference rate to be raised. As a reminder, during the early July talks, the UAE, Kazakhstan, and Iraq all asked for higher baselines. Thus, it will not be too surprising if more producers join the call for a higher base under the strain of balancing fiscal books. Furthermore, reports noted that the UAE’s increased base would only be in effect after April 2022, when the original pact expires. Hence, a deal could be brokered whereby all those wanting to raise their baselines do so after April 2022, for the sake of a deal now – with any deal likely to be tweaked in the future depending on market conditions. It is also worth noting that Iraq asking for a baseline hike reintroduces the threat of a no-deal at the next meeting as unanimity is needed for an accord. The Iranian nuclear deal meanwhile has taken the backseat for now as sources suggested talks are not likely to resume until mid-August. Elsewhere spot gold and silver meander further above USD 1,800/oz and USD 26/oz, respectively, amid the weaker Dollar. LME copper is also on a firmer footing following the Chinese data overnight, but the contract remains below USD 9,500/oz.

US Event Calendar

  • 8:30am: June Import Price Index YoY, est. 11.1%, prior 11.3%; MoM, est. 1.1%, prior 1.1%
  • 8:30am: July Initial Jobless Claims, est. 350,000, prior 373,000; Continuing Claims, est. 3.3m, prior 3.34m
  • 8:30am: June Export Price Index MoM, est. 1.4%, prior 2.2%; YoY, est. 16.3%, prior 17.4%
  • 8:30am: July Philadelphia Fed Business Outl, est. 28.0, prior 30.7
  • 8:30am: July Empire Manufacturing, est. 18.0, prior 17.4
  • 9:15am: June Industrial Production MoM, est. 0.6%, prior 0.8%; Manufacturing (SIC) Production, est. 0.2%, prior 0.9%; Capacity Utilization, est. 75.6%, prior 75.2%

DB’s Jim Reid concludes the overnight wrap

Risk markets continued to meander around record highs as reassuring remarks from Fed Chair Powell in his congressional testimony yesterday caused Treasuries to end their three-day selloff, with yields moving lower throughout the day. In terms of the main headlines from his remarks, Powell indicated that the FOMC still views the US economy as “still a ways off” from the standard of having made the ‘substantial further progress’ in order to cut down asset purchases. He also made clear that the FOMC will be discussing tapering at the next meeting in two weeks, and that the Fed will give the market ample warning before adjusting asset purchases. Chair Powell, who was speaking before members of the House Financial Services Committee, also noted that the inflation data so far has been “higher than expected and hoped for” but he still sees much of the pressures as transitory. He cited the price action of lumber, which is now trading at 8-month lows after rallying +200% at one point in that time, as what could happen to many of the transitory factors.

In terms of the specific market reaction, US Treasuries had already put in a decent performance in advance of Powell speaking, particularly after the release of his testimony and the “still a ways off” comment. 10yr yields were down -7.1bps at 1.346% by the close, with lower real rates (-4.7bps) and inflation expectations (-2.4bps) contributing to the decline. 10yr real yields themselves closed at their lowest level since mid-February. This move lower for Treasury yields came in spite of the fact that we actually received yet another upside inflation surprise from US producer prices. They came in at an above-expected +7.3% year-on-year in June (vs. +6.7% expected), while the measure that excludes food and energy also came in above expectations with a +5.6% increase (vs. +5.1% expected).

In fact, yesterday was notable as a number of countries in addition to the US seemed to be either seeing inflationary pressures or taking action to head them off. Here in the UK, the CPI reading for June came in at +2.5% (vs. +2.2% expected), which is the fastest inflation has been in nearly 3 years. That release saw gilts underperform other European sovereign bonds as investors brought forward the timing of a potential BoE rate hike, with yields on 10yr gilts closing -0.5bps lower on the day. Meanwhile in Canada, the central bank announced that they would be adjusting their QE programme to a new target pace of C$2bn per week, having been at C$3bn previously, as their statement pointed to “continued progress towards recovery and the Bank’s increased confidence in the strength of the Canadian economic outlook.” And as mentioned in yesterday’s edition, the Reserve Bank of New Zealand announced they would be ending QE this month, which meant that the New Zealand dollar (+1.22% vs USD) was the best-performing G10 currency yesterday.

Overnight in Asia, the main story is the release of China’s Q2 GDP reading, which showed year-on-year growth stood at +7.9% (vs. +8.0% expected). That said, data for June specifically surprised to the upside, with retail sales coming in at a year-on-year growth rate of +12.1% (vs. +10.8% expected), while industrial production was up +8.3% (vs. +7.9% expected), so that should help to alleviate concern among investors that there’s a slowdown in growth taking place. We also had some monetary policy action overnight, with the PBoC rolling over RMB100bn of loans from its medium-term lending facility and leaving borrowing rates unchanged at 2.95%. Separately, the Bank of Korea left its key interest rate at 0.5%, and Governor Lee Ju-yeol said he thought that it would be appropriate to begin a discussion about adjusting policy from the next meeting.

Asian markets have seen a divergent performance this morning, with the Shanghai Comp (+0.23%), the Hang Seng (+1.23) and the Kospi (+0.50%) advancing, whereas the Nikkei (-0.88%) has lost ground overnight. Futures on US equities are also pointing slightly lower, with those on the S&P 500 down -0.06%, while yields on 10yr US Treasuries are down a further -1.3bps.

Looking at other markets yesterday, equities were fairly subdued as they hovered around their record highs, with the S&P 500 (+0.12%) and Europe’s STOXX 600 (-0.09%) both within 0.25% of their all-time highs. Covid-sensitive stocks were one area that continued to struggle amidst the global spread of the delta variant, with the STOXX 600 travel and leisure index falling a further -0.99% yesterday to remain on track for a 3rd consecutive monthly decline. Elsewhere, cyclical sectors in the US all fell back as materials (-0.19%), banks (-0.25%), and energy (-2.94%) shares all declined. Energy companies saw larger declines as WTI oil prices (-2.82%) came down from their post-pandemic high on Tuesday, closing at $73.13/bbl, following news that the OPEC+ group is moving towards a new agreement that would allow the UAE to increase its output limit next year and allow the entire group to increase supply this summer.

Outside of that, commodity prices more broadly continued their ascent yesterday, with the Bloomberg Commodity Spot Index (+0.48%) rising for a 4th consecutive session. Precious metals were among the beneficiaries as gold prices (+1.09%) hit their highest level since the Fed meeting in June against this backdrop of intensifying concerns over inflation once again. Silver (+1.01%) and platinum (+2.15%) were also among the winners, whilst agricultural prices including corn (+0.89%), wheat (+2.58%) and soybeans (+2.07%) saw solid advances.

Turning to the US stimulus talks, Senators Jon Tester of Montana and Joe Manchin of West (both Democratic moderates) yesterday announced they are not yet signed on to the Democrats’ $3.5 trillion budget reconciliation bill, with both indicating they need further details and would like to see the majority or totality of the package paid for. Democratic leadership has signaled that the $3.5 trillion price tag is just the starting point, with Senate Majority Leader Schumer saying “there’s a long road ahead of us.” Following a lunch with congressional Democrats, President Biden said he was optimistic on a deal getting done that both moderate and progressive Democrats could sign onto, though a timetable is currently uncertain with the majority of the time before the August recess likely devoted to the bipartisan infrastructure package.

On the pandemic, the UK reported a further 42,302 new Covid-19 cases yesterday, marking the highest daily total since January 15. However, there was also some brighter news in that the UK government successfully hit its target of fully vaccinating two-thirds of the adult population by July 19, with 66.7% having now received both doses. One theme that’ll be increasingly prominent in the coming weeks will be at what point do countries struggle to vaccinate more people, as increasing numbers get close to the point where pretty much everyone who wants a vaccine has been offered one.

There wasn’t much in the way of other data, though Euro Area industrial production fell by a larger-than-expected -1.0% in May (vs. -0.3% expected), whilst the previous month’s growth was also revised down two-tenths.

To the day ahead now, and the highlight will once again likely be Fed Chair Powell’s testimony, as he appears before the Senate Banking Committee. Other speakers include the Fed’s Evans and the BoE’s Saunders. Separately, data highlights from the US include June data on industrial production and the weekly initial jobless claims, whilst in Europe there’s also UK unemployment data for May. Earnings releases include UnitedHealth Group, Morgan Stanley, US Bancorp and BNY Mellon. Finally, US President Biden will be meeting German Chancellor Merkel at the White House.

end

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/WEDNESDAY  NIGHT: 

SHANGHAI CLOSED UP 36.09  PTS OR 1.02%   //Hang Sang CLOSED UP 208.81 PTS OR 0.75%      /The Nikkei closed DOWN 329.40 pts or 1.15%  //Australia’s all ordinaires CLOSED DOWN .20%

/Chinese yuan (ONSHORE) closed UP TO 6.4607  /Oil UP TO 71.72 dollars per barrel for WTI and 73.62 for Brent. Stocks in Europe OPENED ALL RED /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4607. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4625/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/SOUTH KOREA

b) REPORT ON JAPAN

JAPAN/

 

end

3 C CHINA

CHINA/HONG KONG/USA

 

end

CHINA /

China’s GDP growth disappoints//the big data point of credit impulse crashes

(zerohedge)

China GDP Growth Disappoints As Credit Impulse Crashes

 
WEDNESDAY, JUL 14, 2021 – 10:17 PM

Following Q1’s record-breaking surge in China’s YoY GDP (thanks to base-effect malarkey and a massive credit impulse), tonight’s Q2 GDP was expected to slow drastically (especially given the crackdown on investment/real estate deleveraging and the collapse in the credit impulse)…

Source: Bloomberg

The question is how much? Consensus estimates called for an 8.0% YoY GDP rise, but whisper numbers were notably lower with Bloomberg Economics’ Shu noting that various early indicators are consistent in pointing to some weakening in consumption in June.

“On balance, these indicators suggest production growth – after base effects are taken into account – may have slowed, but only a touch.”

The official services PMI fell to 52.3 in June from 54.3 in May, while its Caixin counterpart showed a much steeper slide from a strong reading to just slightly above 50 – the line between expansion and contraction.

The headline GDP growth figure printed a very slightly disappointing +7.9% YoY

Source: Bloomberg

On A QoQ basis, Q1 GDP growth was downwardly revised from +0.6% to +0.4% which helped push Q2’s QoQ GDP 1.3% higher (better than the +1.0% QoQ expected).

Source: Bloomberg

Other data was mixed, with Industrial Production and Property Investment disappointing as all major data items showed slowing growth…

Source: Bloomberg

June Retail Sales rose 23.0% YTD YoY (better than the +22.8% expected) but slower than the +25.7% in May.

June Industrial Production rose 15.9% YTD YoY (slightly weaker than the +16.0% expected) and slower than the +17.8% in May.

June Fixed Asset Investment YTD YoY rose 12.6%, down from the 15.4% rise in May (but better than the +12.0% expectation).

June Property Investment YTD YoY rose just 15.0% (worse than the +16.0% expected) and well down from the +18.3% in May.

June Surveyed Jobless Rate was unchanged at 5.0%.

This will likely be a little confusing to traders.

Given China’s headline data wasn’t terrible, with retail sales even beating estimates, why does the economy needs more central bank support?

Bloomberg’s Chief China Markets Correspondent, Sofia Horta e Costa, points out that “it may be that’s there’s a problem with China’s financial plumbing where banks aren’t lending or credit demand is weak. This is tricky to read.”

Can we say the RRR cut and calls for lower interest rates are not at all about the economy, but about the banking system? The sector is struggling under the impact of a negative credit impulse, the deleveraging campaign and increasing corporate defaults.

There is one side note: The country’s energy companies are starting to see demand declining after months of robust increase underpinning the recovery.

Apparent oil demand fell for a second straight month, down 1.7% from a year earlier.

No major reactions in markets to any of the data for now as Yuan is leaking lower against the dollar and Chinese bank stocks are rallying.

end

China vs USA

Biden copies Trump by scrapping all economic dialogue with China

(zerohedge)

Biden Copies Trump By Scrapping Economic Dialogue With China

 
WEDNESDAY, JUL 14, 2021 – 08:00 PM

Unfortunately for Hunter Biden’s former CCP business partners, President Biden and his advisors have clearly identified China as a ‘weak spot’ for the Democratic President, and are thus determined to burnish Biden’s “tough on China” credentials, mostly by co-opting policies introduced by his predecessor, President Trump.

One day after the White House warned American businesses operating in Hong Kong that it’s not safe anymore, Bloomberg reports that the White House and Treasury Secretary Janet Yellen have no plans to restart regular US-China bilateral talks on the economy, a policy that was in place during the Bush and Obama Administrations, but was dropped by President Trump.

Despite having already spoken repeatedly with President Xi by phone, while his top diplomats including Secretary of State Anthony Blinken have met with their Chinese counterparts, it appears the White House is planning to roll back its cooperation with Beijing.

Bloomberg reported that “the disinterest in reopening channels active under President Barack Obama adds to evidence of President Joe Biden’s toughening stance on China.” They added that Biden appears to “extend and even deepen Trump’s more confrontational approach.”

Earlier this week, Yellen on Monday called out China for imperiling “rules-based international order” constructed after World War II, along with Russia and Belarus. Recently, China refused to attend a G-20 meeting between Yellen and the other top global finance chiefs, forcing them to participate remotely.

She added that China was guilty of “unfair economic practices, malign behavior and human rights abuses.” The US has been cranking up the pressure on Chinese firms, slapping sanctions on more firms that the US believes are involved with China’s “genocide” in Xinjiang.

In other news, the Information reported that two more Chinese firms are scrapping plans to list in the US. The two firms, Kujiale and Lalamove are searching for alternatives, and will likely list in Hong Kong (the venue of choice for all of the Chinese firms, including ByteDance).

Trump abandoned these bilateral talks with China in 2018 after holding a meeting at the Treasury Department in 2017. Neither the US nor China released a statement about that meeting.

end

4/EUROPEAN AFFAIRS

FRANCE

France in flames

special thanks to Robert H for sending this to us:

(courtesy DailyMail)

Robert H to me on the story below:

“It did not take long as public resentment has been simmering for a long time.  The French have had enough. Germany  and England will follow. England will likely explode when new lockdowns are attempted at the end of September. 

Then America? Is the Public waking up to say enough ? 
Be careful traveling.

Paris in flames as protesters fight new Covid pass and vaccine law”

France’s Covid rebellion: Vehicles are set ablaze and tear gas is fired in Paris over Macron’s new law that all health workers get jabs and requiring new Covid pass for anyone over 12 going to a restaurant

  • Hundreds of protesters chanting ‘Liberty!’ marched through Paris to rebel against Macron’s controversial plan
  • The demonstrations turned ugly when activists clashed with riot police, who fired tear gas into the crowds 
  • In August, those wanting to visit bars or restaurants will need to show proof of their vaccine or a negative test
  • By September, healthcare workers face a mandatory vaccination scheme and could be sacked if they refuse 
  • Organisers had dubbed today an ‘optimistic Bastille Day’ – marking 1789’s ‘birth’ of the French Revolution

 

Protesters in Paris were tear gassed during violent demonstrations against France’s new Covid laws making jabs compulsory for health workers and demanding vaccine passports for bars and restaurants. 

Hundreds of cafe owners, hospital workers and parents, some chanting ‘Liberty! Liberty!’, took to the French capital on Bastille Day to rebel against President Macron’s controversial plans that were introduced this week to tackle the nation’s surging coronavirus cases.

Large crowds were confronted by riot police, who fired tear gas to try to disperse the advancing group. Protesters and police kicked the tear gas canisters at each other, and cyclists calmly weaved through the crowd.

Some of those protesting set a mechanical digger alight and flipped rubbish containers, while others wore badges that refuted the new measures: ‘No to health passes’.  

In April, President Macron promised vaccine passports would ‘never be used to divide’ the French. But, by mid-July, the French premier is demanding concerts, hospitality venues and more to check for proof of vaccination status or a negative PCR test in a bid to boost the nation’s vaccination rates. 

Restrictions will expand by August, meaning those wanting a beer in a bar, families going out for dinner, public transport passengers and care home visitors will all require proof of a negative test or vaccine. 

On September 15, it will become mandatory for healthcare workers and carers to receive a coronavirus vaccine – with threats of termination of employment should they refuse.

Hundreds of protesters chanting 'Liberty!' marched through Paris to rebel against Emmanuel Macron's controversial plans

 

 

Hundreds of protesters chanting ‘Liberty!’ marched through Paris to rebel against Emmanuel Macron’s controversial plans

The demonstrations turned ugly when activists clashed with riot police, who fired tear gas into the crowds. Pictured: A masked demonstrator kicks back a gas canister in central Paris

 

 

The demonstrations turned ugly when activists clashed with riot police, who fired tear gas into the crowds. Pictured: A masked demonstrator kicks back a gas canister in central Paris

Many doctors and scientists had been urging Macron to instill tougher measures to contain the virus.

He appears to have heeded their advice, and the ‘pass sanitaire’ – a written record or application that shows proof of a negative PCR test or a person’s vaccination status – was born.  

Speaking in an address earlier this week, Mr Macron said: ‘If we do not act today, the number of cases will continue to increase.’

While vaccines will not be mandatory for those working outside of the healthcare sector, Macron added it was a choice of ‘individual responsibility… but also a matter of freedom’. 

But critics have slammed the French president for stripping parts of the population of their free will and accuse him of singling out those who refuse to vaccine.

Police officers detain a demonstrator during a protest against the new measures announced by French President Emmanuel Macron

 

 

Police officers detain a demonstrator during a protest against the new measures announced by French President Emmanuel Macron

A French police officer helps a woman with a dog during the demonstrations that kicked off on Bastille Day

 

 

A French police officer helps a woman with a dog during the demonstrations that kicked off on Bastille Day

A man wearing large goggles holds a French national flag as he takes part in a march in central Paris on July 14, 2021

 

 
 

A man wearing large goggles holds a French national flag as he takes part in a march in central Paris on July 14, 2021

Organizers of this year’s parade dubbed it an ‘optimistic Bastille Day’ aimed at ‘winning the future’ and ‘celebrating a France standing together behind the tricolor (flag) to emerge from the pandemic.’ 

While that optimism was widely felt in France a few weeks ago, clouds have returned to the national mood as the delta variant fuels new infections.

Last year’s parade was canceled and replaced by a static ceremony honoring health care workers who died fighting COVID-19. France has lost more than 111,000 lives overall to the pandemic.  

Pictures showed mechanical equipment ablaze in the streets of Paris and protesters clashing violently with riot police in the city’s centre and eastern areas. 

Leading Wednesday’s parade were members of a European force fighting extremists in Mali and the surrounding Sahel region. 

Macron announced last week that France is pulling at least 2,000 troops from the region because of evolving threats, and focusing more efforts on the multi-national Takuba force instead.

French cafe owners, hospital workers and parents are pushing back against Emmanuel Macron's decision to instate a Covid pass for anyone over 12 visiting a restaurant and requiring all healthcare workers in the country get vaccinated

 

 

French cafe owners, hospital workers and parents are pushing back against Emmanuel Macron’s decision to instate a Covid pass for anyone over 12 visiting a restaurant and requiring all healthcare workers in the country get vaccinated

Riot police face off against demonstrators in central Paris during a large protest against a governmental decision to impose Covid-19 tests for unvaccinated people who want to eat in restaurants

 

 

Riot police face off against demonstrators in central Paris during a large protest against a governmental decision to impose Covid-19 tests for unvaccinated people who want to eat in restaurants

The demonstrators, some wearing masks, set-up large barricades in central Paris to prevent police access

 

 

The demonstrators, some wearing masks, set-up large barricades in central Paris to prevent police access

Among others honored at the parade were military medics who have shuttled vaccines to France’s overseas territories, treated virus patients or otherwise helped fight the pandemic.

Mirage and Rafale fighter jets thundered past in formation. 

In the final moments of the parade, two horses stumbled, throwing their Republican Guard riders onto the pavement. The guards quickly brought the horses under control and led them away.

Just before the ceremony, a soldier identified as Maximilien proposed to his girlfriend in a picturesque moment on the backdrop of the Arc de Triomphe, earning a round of hearty applause.

Macron and his wife Brigitte spoke at length after the ceremony with families of troops killed or wounded in the line of duty. 

On the eve of the event, Macron reiterated his push for greater defense cooperation among European countries, and greater global defense efforts against Islamic extremists.

‘This moment of conviviality, of reunion… is first and foremost for us the opportunity to address our brothers in arms and their families, and give them a message of gratitude,’ Macron said.

Wednesday, July 14 is recognised as ‘Bastille Day’ in France and marks the storming of the Bastille prison in eastern Paris on the same date in 1789, which is commemorated as the birth of the French Revolution. 

end

(courtesy Paul Watson/SummitNews)

French Citizens Riot In Response To Plan To Mandatory Vaccine Passports

THURSDAY, JUL 15, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

French citizens rioted in response to plans by President Macron to mandate vaccine passports to enter venues like shopping malls, restaurants bars, hospitals, bars, cafés and access public transport.

As we highlighted yesterday, people will have to provide proof of vaccination or a negative COVID test to enter any of these sites from August onwards.

Given that they would have to cover the bill for every single PCR test, the restrictions would make the vaccine de facto mandatory for anyone who wants to live a normal life.

People in Paris responded on Bastille Day with an unruly protest that led to French police using tear gas to disperse the demonstrators.

“The police stepped in shortly after scores of protesters marched down a boulevard in central Paris on Wednesday without permission from the Paris authorities,” reports Reuters. “Some wore badges saying “No to the health pass”.

Police vans and riot police also blocked off roads in an attempt to prevent the procession of the protest.

There were also riots and protests after the French government previously tried to make taking the vaccination a condition of using public transport, leading to the proposed bill being shelved.

It remains to be seen whether the unrest will build and force Macron into another U-turn.

France was beset with many months of Yellow Vest protests that began in late 2018 and only ended in March 2020 due to the first COVID-19 lockdown.

The Gilets Jaunes is a populist movement that unifies concerns shared by both the left and right, meaning it could rise again as a rebellion against COVID passes if the French government persists in mandating such draconian measures.

* end

Take a close look at this data from Israel.  They now have a huge vaccine problem

Gilad Atzmon

 

 

Pfizer.jpg

 By Gilad Atzmon

 

On July 9, we learned that Pfizer planned to ask U.S. and European regulators to authorize an urgent booster dose of its COVID-19 vaccine, “based on evidence of greater risk of infection six months after inoculation and the spread of the highly contagious Delta variant.” 

On the same day we also learned that the FDA and CDC weren’t very enthusiastic about the idea. In a joint statement both institutions announced that “Americans who have been fully vaccinated do not need a booster COVID-19 shot at this time.” 

The European Medicines Agency (EMA) also said that “it was too early to determine whether more than the two shots that are currently required would be called for, saying it was confident for now that the established regimen was sufficient.” 

 It was revealed later that day that Pfizer’s emergency booster request was initiated following some catastrophic data from Israel.  

Searching for a clue in Hebrew media sources, I came across a spectacular revelation dated 6 July that showed around 85% of new COVID Delta infections in Israel are fully vaccinated.   

 

 

israeli hm's numbers.jpg

 

The above data suggests that while in the youngest age group (20-29) the vaccinated were about 2.3 over-represented amongst COVID infection cases. In some of the older age group (50-59 for instance), the vaccinated were overrepresented by even more than 15-fold. We should take into consideration that in Israel most senior citizens are fully vaccinated. And yet, since in Israel only 57% of the population is fully vaccinated, one would expect the balance between Delta cases in Israel to be shared by a rate that doesn’t exceed beyond a 6:4 ratio between the vaccinated and the unvaccinated.  Clearly this is not the case. On average, according to the data above the vaccinated are more likely to catch delta by a ratio of 5:1 on average.  

 Being slightly suspicious of the above data and its origin, I asked my Israeli partners to trace an official government document that could confirm the above numbers. Within a few minutes the Israeli Health Ministry announcement for July 6  surfaced in my email inbox and it validates the above finding. 

 

he most significant information is produced by the following table. 

 

 

health minestry _edited-1.jpg

 The above study reveals that while in February 2021 (31/1-27/2) the unvaccinated dominated the COVID cases by a ratio of 20:1, six months later in June 2021 (6/6-3/7) it is actually the vaccinated who are prone to be infected by a ratio of 5:1. It is the vaccinated who  happen to develop symptoms by a ratio of 5:1. It is the vaccinated who are more likely to be hospitalized and develop critical illness. If Israel was a ‘world experiment,’ as Benjamin Netanyahu presented it at one stage, this experiment is now turning into a disaster (at least for the vaccinated). In Israel, the vaccinated are becoming infected at a growing rate and as such are spreading the virus rather than stopping it. We also have a good reason to believe that the rest of the Western world will witness a similar pattern as it has followed the Israeli vaccine doctrine. 

People like to fiddle with statistics and draw the conclusions that suit them. If only 11 out of the 1271 vaccinated cases develop critical illness, we are dealing with slightly less than 1% of the vaccinated developing critical illness. At the same time more than 2% of the unvaccinated develop critical illness. Yet, since Delta cases are 5 times more common amongst the vaccinated as time passes by, I may suggest that we are facing a possible emerging disaster as far as the Pfizer-vaccinated are concerned.  

I guess that Pfizer scientists understand all of this very well and this is why they asked for an immediate booster approval. 

Update 14.7.2021 15:40. Minutes after publishing the this article this new data came in from Israel. It suggests that when it comes to Delta cases, the Vaccine has no impact whatsoever as the percentage of vaccinated Delta cases is pretty much identical with their representation in society.

 

 

Screen Shot 2021-07-14 at 17.29.56.png

 

UK /CORONAVIRUS-DELTA/LOCKDOWN//HEATHROW

Heathrow Passenger Numbers Remain Almost 90% Down From Pre-Pandemic Levels

 
THURSDAY, JUL 15, 2021 – 05:00 AM

Authored by PA via The Epoch Times,

Heathrow passenger numbers remain almost 90 percent down on pre-pandemic levels and significantly lower than EU rival airports, new figures show.

Airport bosses revealed just 957,000 passengers passed through its terminals in June compared with 7,246,157 who used the west London airport in June 2019.

The number of passengers travelling through the airport covers the month where Portugal was moved from the green list of countries to amber and led to widespread fury in the travel sector over the speed of rule changes for travellers.

Following the latest data, Heathrow bosses urged the government to do more to support the sector.

They pointed out that Schiphol and Frankfurt airports in the Netherlands and Germany respectively have surpassed their 2019 cargo volumes, growing by 14 percent and 9 percent respectively compared to 2019.

Meanwhile, cargo tonnage at Heathrow, the UK’s biggest port, is still down 16 percent.

The departures area in Terminal 5 at Heathrow Airport, London, on May 13, 2021. (Steve Parsons/PA)

Bosses added that the continued closure of the transatlantic links between the UK and United States is costing the country’s economy at least £23 million a day.

Passenger traffic from Heathrow to the United States is down by around 80 percent, whereas the EU, which has reopened unilaterally with the United States, has seen traffic recover to only around 40 percent down.

Heathrow Chief Executive John Holland-Kaye said:

“While it’s fantastic news that some double-vaccinated passengers will no longer need to quarantine from amber countries, ministers need to extend this policy to U.S. and EU nationals if they want to kickstart the economy.

“These changes will be critical for exporters who are losing out to EU rivals and families who have been separated from loved ones.”

The airport announced last week it has resumed using both its runways and plans to reopen Terminal 3 this week.

The decision comes as the government is expected to ease travel rules for people who have had two doses of a coronavirus vaccine.

The airport began only using one of its two runways for standard operations to cut costs when demand for travel collapsed in May last year.

Terminals 3 and 4 were also closed to regular passengers at around that time.

A facility to process arrivals from red list countries was opened in Terminal 3 last month, but that has been switched to Terminal 4, which is not expected to reopen this year.

END
GREECE
Now prests in Greece on the vaccine use:!!
Protests were held at the parliament building in central Athens and in the northern city of Thessaloniki. Greek authorities have blamed the recent rise in confirmed cases of the virus on crowded entertainment venues. According to the new restrictions, places for recreation will be open only to vaccinated people. It is planned to introduce a mandatory vaccination policy in medical institutions and hospitals. In Athens, protesters chanted “Hands off our children” and “We say no to a poisonous vaccine.”
 
 
GERMANY
This will hurt their economy!!
(zerohedge)

“It’s A Disaster!” – Western Germany Floods, 33 Dead, Dozens Missing 

 
THURSDAY, JUL 15, 2021 – 09:00 AM

What will be blamed on climate change and pressure lawmakers in the EU to enforce more carbon-reducing measures is a terrible flooding incident in western Europe. 

BBC News reports at least 33 people have died, and more than 70 are unaccounted for after torrential rains sparked flash floods in western states of Germany, including Rhineland-Palatinate and North-Rhine Westphalia. 

“It’s a disaster! There are dead, missing and many who are still in danger,” said Malu Dreyer, premier of the Rhineland-Palatinate. “All emergency services are on duty around the clock and risk their own lives,” she added.

Reuters confirms at least 70 people were missing across the region of Ahrweiler. 

Video footage from western Germany is shocking. Entire towns, vehicles, and businesses have been submerged.

Bad Neuenahr-Ahrweiler, a town in the German Bundesland of Rhineland-Palatinate, is completely underwater. 

Drone footage shows the extent of the damage in western Germany. 

Before And After 

More insane footage. 

“There are people dead, there are people missing, there are many who are still in danger,” the governor of Rhineland-Palatinate state, Malu Dreyer, told the regional parliament. “We have never seen such a disaster. It’s really devastating.”

During German Chancellor Angela Merkel’s trip to Washington on Thursday, she told reporters the news of the flooding is absolutely horrible. “My sympathy goes to the relatives and of the dead and missing,” she said. 

EU Commission President Ursula von der Leyen has pledged full support to help those affected by this freak weather incident. 

“My thoughts are with the families of the victims of the devastating floods in Belgium, Germany, Luxembourg and the Netherlands and those who have lost their homes,” she tweeted. “The EU is ready to help.”

No official figures have been released on the estimated damage, with floodwaters only starting to recede. It could take days, if not weeks, to survey the destruction. 

What caused the wild weather was a low-pressure system that stalled out and dumped unprecedented amounts of rain in the region, overflowing streams and rivers. 

Rainfall is expected to subside late Thursday, though the threat of localized storms and water levels on the Rhine could continue to rise. 

Teenage climate activist Greta Thunberg tweeted that “we’re at the very beginning of a climate and ecological emergency,” adding that volatile weather shouldn’t be “the new normal.”

end

SPAIN/LOCKDOWNS

Their supreme court gets it right: lockdowns are unconstitutional

Watson/SummitNews

 

Spain’s Top Court Rules That Lockdown Was Unconstitutional

 
 
THURSDAY, JUL 15, 2021 – 07:56 AM

Authored by Paul Joseph Watson via Summit News,

Spain’s top court has ruled that the country’s national COVID-19 lockdown was unconstitutional following a lawsuit filed by the populist Vox party.

“While leaving intact most of the state of emergency’s terms, the court said that the key articles ordering the population off the streets except for shorts trips for shopping and unavoidable commutes for work and other official business were unconstitutional,” reports the Associated Press.

“According to TVE, the ruling said that the limitations on movement violated citizens´ basic rights and therefore the state of emergency was insufficient to give them constitutional backing. The six magistrates said that a state of exception, which does allow the government to suspend basic rights, would have been necessary.”

During the first six weeks of the lockdown, stay at home measures were so strict that Spaniards weren’t even allowed to go outside to exercise or walk their dogs.

In one case, police were called after a neighbor spotted two brothers playing soccer in their own back yard.

As we previously highlighted, Spain’s lockdown laws were so draconian that at one point authorities briefly told citizens that wearing masks while swimming in the sea was mandatory.

For many months during hot weather, wearing masks in every outdoor setting, even on beaches, was compulsory.

People were also issued fines of €2,000 euros for “disrespecting” a police officer during lockdown.

Numerous instances of police beating people for not wearing masks also emerged, while protesters at one point freed a woman from police arrest while cops were trying to handcuff her for not wearing a face covering.

Early on during the first lockdown, police helicopters fitted with loudspeakers were also used to aggressively order beachgoers to go home.

The Spanish government many now face multiple lawsuits as a result of the lockdown being declared unlawful.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
AFGHANISTAN/TALIBAN//USA
The author gets it right: Afghanistan will have both Taliban and warlords to deal with
Cloughley//Strategic Culture Foundation

Biden’s Afghan Exit: Be Prepared To Live With the Taliban Or The Warlords

 
WEDNESDAY, JUL 14, 2021 – 11:10 PM

Authored by Brian Cloughley via The Strategic Culture Foundation,

The US and the rest of the world have to be prepared to live with the winner. They had better start planning how they are going to do that.

Fourth of July marked U.S. Independence Day and it was ironic that at the beginning of the holiday weekend, on July 2, American troops slunk out of the massive Bagram air base in Afghanistan which they had occupied for twenty years. Concurrently, President Biden had a media conference at which he was asked “Are you worried that the Afghan government might fall? I mean, we are hearing about how the Taliban is taking more and more districts.” The President’s reply was barely coherent which is disturbing on several counts, not the least being the indication that he has no idea what the future holds for Afghanistan.

Taliban fighters, AFP/Getty Images

His rambling response was: “Look, we were in that war for 20 years. Twenty years. And I think — I met with the Afghan government here in the White House, in the Oval. I think they have the capacity to be able to sustain the government. There are going to have to be, down the road, more negotiations, I suspect. But I am — I am concerned that they deal with the internal issues that they have to be able to generate the kind of support they need nationwide to maintain the government.” He was then asked another question about Afghanistan but cut the reporter short, saying “I want to talk about happy things, man.”

Happy things? The man is living in fantasyland. Not only has his country suffered the highest number of coronavirus deaths in the world, but a Washington Post analysis showed that “through the first five months of 2021, gunfire killed more than 8,100 people in the United States, about 54 lives lost per day” — which is even more deaths than in Afghanistan in the same period, which the New York Times calculated as 2077 (1461 soldiers and police; 616 civilians). Biden should be sitting down with his best and brightest advisers and talking about serious things — such as future US policy concerning Afghanistan.

On July 5 Stars and Stripes reported that U.S. forces “left Afghanistan’s Bagram Airfield after nearly 20 years by shutting off the electricity and slipping away in the night [of 2 July] without notifying the base’s new Afghan commander, who discovered the Americans’ departure more than two hours after they left…” It is very difficult to believe that any nation would take such action, but Afghanistan’s designated commander of Bagram, General Mir Asadullah Kohistani, said that “we heard some rumor that the Americans had left Bagram . . . and finally by seven o’clock in the morning we understood it was confirmed that they had already left.”

This bizarre behavior illustrated US disloyalty to the Kabul government and served to further erode the morale of the tottering security forces which have been taking an increasingly severe beating in recent weeks. The flight of over 1,000 Afghan troops to neighbouring Tajikistan on July 5 was a humiliation that focused world attention on the approaching catastrophe.

Video: Chaos reigns at Pakistan-Afghanistan border as Taliban ‘retakes’ key crossing after 20 Years:

In an interview broadcast on ABC News on July 4 the U.S. commander in Afghanistan, General Scott Miller, said the Taliban militants are “gaining strength” and that “we should be concerned… The loss of terrain is concerning.” This was probably the ultimate understatement in the past week of crisis although Miller had the grace to admit that “I don’t like leaving friends in need… You look at the security situation and it’s not good. The Taliban is on the move.” And there is nothing that he or the entire U.S.-Nato military alliance can do about it. They are leaving a country in a state of mayhem, and abandoning friends in need.

In October 2005 I wrote that “The insurgency in Afghanistan will continue until foreign troops leave, whenever that might be. After a while, the government in Kabul will collapse, and there will be anarchy until a brutal, ruthless, drug-rich warlord achieves power. He will rule the country as it has always been ruled by Afghans: by threats, religious ferocity, deceit, bribery, and outright savagery, when the latter can be practiced without retribution. And the latest foreign occupation will become just another memory.”

In 2005-2006 the Taliban began to recover, attracting more recruits and carrying out ever-increasing acts of violence around the country. Concurrently the warlords firmed up their positions in their own regions and continued to expand their militias. Foreign troops and aircraft surged in, and Afghanistan’s armed forces were being trained to take over security duties. But the war went on, and the U.S.-Nato military alliance led the so-called International Security Assistance Force with the mission “aimed to create the conditions whereby the Afghan government could exercise its authority throughout the country and build the capacity of the Afghan national security forces.” According to Nato this “was completed in December 2014 when the Afghans assumed full responsibility for the security of their country.”

But the security of Afghanistan continued to decline, and now all the foreigners are scurrying out of the country, leaving it in a state in which, according to the US commanding general, the Taliban is “gaining strength” and “the loss of terrain is concerning.”

In Herat Province in the west of the country, abutting Iran, the Taliban captured two major border crossing points on July 8 while President Biden was making another statement about Afghanistan. Following his (again painfully disjointed) remarks he was asked “why you don’t trust the Taliban?” and answered “it’s a silly question. Do I trust the Taliban? No. But I trust the capacity of the Afghan military, who is better trained, better equipped, and more — more competent in terms of conducting war.” This is patent nonsense, as was his reply to the observation that “your own intelligence community has assessed that the Afghan government will likely collapse.” He said “that is not true. They did not — they didn’t — did not reach that conclusion” which is directly contrary to the Wall Street Journal report that “a new U.S. intelligence assessment says that the Afghan government could fall within six months of the American military departing“.

It doesn’t need the massive intelligence capability of the United States to be able to predict that the Afghan government will soon collapse and that even greater chaos will envelope the country. Biden declared he believes “the only way there’s going to be — this is now Joe Biden, not the intelligence community — the only way there’s ultimately going to be peace and security in Afghanistan is that they work out a modus vivendi with the Taliban and they make a judgment as to how they can make peace.”

Getting on with the Taliban is not easy, although there was a glimmer of hope in their meeting with some Kabul government representatives in Iran on July 7. They jointly stated that “war is not the solution to the Afghanistan problem”, but being told by Biden that he doesn’t trust them is not going to make them eager to engage in any settlement that he might wish to broker. After the present government collapses, the civil war in the country will continue, this time between the Taliban and the warlords, and it’s anyone’s guess who will come out on top.

Whatever happens, the US and the rest of the world are going to have to be prepared to live with the winner. They had better start planning how they are going to do that.

 
END
 
RUSSIA/USA
Russia warns the uSA: do not deploy troops in central Asia near Afghanistan
(zerohedge)

Russia Warns Pentagon: Don’t Deploy Troops In Central Asia Near Afghanistan 

 
WEDNESDAY, JUL 14, 2021 – 10:00 PM

Amid the continuing full US troop draw down from Afghanistan, which last week President Biden said would be ‘complete’ by August 31st, the Pentagon has been debating how to maintain a foothold in Central Asia as it increasingly looks like Kabul will come under Taliban threat within a mere months. 

Last month in an interview with Axios’ Jonathan Swan, Pakistan’s prime minister Imran Khan slammed the door shut on allowing the CIA or US special forces to conduct cross-border counterterrorism missions against a resurgent Al-Qaeda, ISIS or the Taliban. Given Washington’s scrambling to establish other outposts in countries neighboring Afghanistan, Russia is now warning against such an expanded Central Asian US military presence

On Tuesday Russia’s foreign ministry put the US on notice, warning that the possibility of a US “permanent military presence” in countries neighboring Afghanistan is “unacceptable”

 

Via AFP

The comments by Russian Deputy Foreign Minister Sergei Ryabkov further stated

“We told the Americans in a direct and straightforward way that it would change a lot of things not only in our perceptions of what’s going on in that important region, but also in our relations with the United States.”

Crucially Moscow also warned Central Asian countries, especially its allies, against hosting US troops connected to events in Afghanistan.

“We cautioned them against such steps, and we also have had a frank talk on the subject with our Central Asian allies, neighbors and friends and also other countries in the region that would be directly affected,” Ryabkov said further.

Currently Tajikistan and Kyrgyzstan have Russian military bases, while Kyrgyzstan closed a US base in 2014 that had been used as a launching pad for counter-terror missions in Afghanistan.

According to Military Times, at the start of this week Russian Foreign Minister Sergey Lavrov had “emphasized that Kazakhstan, Kyrgyzstan and Tajikistan are all members of the Collective Security Treaty Organization, and any presence of foreign troops on their territories must be endorsed by the security pact. He added that none of those countries have raised the issue.”

Taliban offensives across much of the country as the US exits is already creating a crisis that’s spilling over to nearby countries, particularly Tajikistan, which lately saw over 1,000 Afghan national troops and many more civilian refugees flee across its border. 

Russia for its part considers Tajikistan its own sphere of influence and says it’s poised to activate a base there specifically for Afghan security-related missions, given its concern over foreign jihadists coming out of Afghanistan and entering Russian border regions. 

 
 end
 
IRAN/USA
 
USA foils a plot to kidnap an Iranian dissident on USA soil
(zerohedge)
 

FBI Foils Iranian Intelligence Plot To Kidnap Dissident On American Soil

 
WEDNESDAY, JUL 14, 2021 – 11:30 PM

During the same week it’s being widely reported that the US and Iran are engaging in prisoner swap negotiations related to the stalled nuclear deal talks in Vienna, it’s been revealed Wednesday that the feds have charged four alleged Iranian intelligence agents for attempting to kidnap a dissident on US soil

The Associated Press reports that “An Iranian intelligence officer and three alleged members of an Iranian intelligence network have been charged in Manhattan with plotting to kidnap a prominent Iranian opposition activist and writer in exile and take her back to Tehran, authorities said Tuesday.”

 

Author and activist Masih Alinejad

The indictment doesn’t reveal the victims’ names based on the sensitivity of the case, but Brooklyn-based journalist and activist Masih Alinejad says she was among those targeted in the plot. The 44-year old Iranian-American appears regularly on the US-funded satellite TV channel Voice of America Persian. There were reportedly other targets living in Canada and America.

Her activism further includes organizing events against the mandatory wearing of headscarves and other mandated religious practices in the Islamic Republic. She said at first she felt “scared” when she learned of the plot, but later posted the following statement to social media: “I am grateful to FBI for foiling the Islamic Republic of Iran’s Intelligence Ministry’s plot to kidnap me. This plot was orchestrated under Rouhani. This is the regime that kidnapped & executed Ruhollah Zam. They’ve also kidnapped and jailed Jamshid Sharmahd and many others.”

An official with New York’s FBI office has been cited as saying it sounded like “some far-fetched movie plot” – the details of which are laid out in The Wall Street Journal as follows

In an interview, Ms. Alinejad, who lives in Brooklyn, said federal agents informed her of the alleged kidnapping scheme last year and told her it was the first known attempt by Iranian officials to carry out a kidnapping plot on American soil.

On Tuesday, federal prosecutors announced the kidnapping conspiracy charges against an Iranian intelligence official, Alireza Farahani, and three Iranian intelligence assets, all of whom remain at large in Iran. It couldn’t be determined if the men have U.S. attorneys.

Another individual has been arrested in California for reportedly providing financial support to the scheme. Essentially the goal was to get Alinejad and other targets to travel to Iran where they would have been apprehended as soon as they entered the country.

The WSJ details further that “The Iranian government tried to lure Ms. Alinejad to Iran through her relatives, prosecutors said.”  But her family refused and that’s when the “intelligence network paid investigators to surveil and record Ms. Alinejad and her family in Brooklyn.”

“They also researched ways to sneak Ms. Alinejad out of the U.S., including a plot to abduct her to Venezuela before bringing her to Iran, according to the indictment,” the report says.

The timing of this major incident coming to light is key, given Vienna nuclear negotiations are said to be stalled till August. Crucially the new Iranian president, hardline cleric Ebrahim Raisi, will take office August 3rd – meaning the previously stated White House desire to see a deal wrapped up before then looks out of reach.

This latest unprecedented and brazen plot allegedly overseen by Iranian intelligence will put immense pressure on the Biden administration to halt negotiations – something already being used of Iran hawks in Congress to argue against the JCPOA on both sides of the aisle.

 

end 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

Health Impact News/European Union Database of Adverse Drug Reactions/Covid 19

17,503 DEAD, 1.7 Million Injured (50% SERIOUS) Reported in European Union’s Database of Adverse Drug Reactions for COVID-19 Shots

 

by Brian Shilhavy
Editor, Health Impact News

The European Union database of suspected drug reaction reports is EudraVigilance, which also tracks reports of injuries and deaths following the experimental COVID-19 “vaccines.”

Health Impact News subscriber from Europe reminded us that this database maintained at EudraVigilance is only for countries in Europe who are part of the European Union (EU), which comprises 27 countries.

The total number of countries in Europe is much higher, almost twice as many, numbering around 50. (There are some differences of opinion as to which countries are technically part of Europe.)

So as high as these numbers are, they do NOT reflect all of Europe. The actual number in Europe who are reported dead or injured due to COVID-19 shots would be much higher than what we are reporting here.

The EudraVigilance database reports that through July 3, 2021 there are 17,503 deaths and 1,687,527 injuries reported following injections of four experimental COVID-19 shots:

From the total of injuries recorded, half of them (837,588 ) are serious injuries.

Seriousness provides information on the suspected undesirable effect; it can be classified as ‘serious’ if it corresponds to a medical occurrence that results in death, is life-threatening, requires inpatient hospitalisation, results in another medically important condition, or prolongation of existing hospitalisation, results in persistent or significant disability or incapacity, or is a congenital anomaly/birth defect.”

As we reported yesterday, tens of thousands of people in the U.S. now regret getting the COVID-19 shots, and are begging for help, because the medical system has turned its back on them and refuses to treat their injuries. See:

Tens of Thousands of COVID-19 “Vaccine” Injured in the U.S. Begging for Help as the Medical Community Turns Their Back on Them

One subscriber from the UK commented on the article and stated that the same thing was happening there:

It is exactly the same in Scotland and England.

My vaccinated friends are not getting appointments with their family doctors who are avoiding them post vaccination even although there are no patients in the GP surgery waiting rooms when they have tried to get appointments. It is utterly cruel given they talked them into getting the vaccinations and accepted 10 UK pounds from the Scottish and English governments per person vaccinated on their patient list and did not disclose the risk of these vaccinations to the patients.

A friend nearly passed out close to the GP surgery, a kind stranger wheeled her up to the GP surgery and she was not allowed to be seen by her GP because she did not have an appointment. The nurse refused to take bloods because they are not allowed to do so until management confirms they can do this so they cannot even do exploratory bloods to investigate what has gone wrong with these patients post vaccination.

Another friend’s hospital consultant phoned a friend’s GP insisting her family doctor see her given she had had heart procedures and no appointments for 2 years. She told me after first Pfizer shot “it was like acid going into my veins” and the queen did not get the same vaccine asshe did which will be completely true. Her GP treated her with disdain and was not pleased to see her and my friend also tells me that every time she walks now post vaccination her heart races and her son has been unwell post vaccination too.

All my friends who got the vaccination have had severe worsening of their pre-existing medical conditions and some have got heart conditions they did not previously have or chronic obstructive airways disease.

I have noticed most have became irritable and short-tempered as they are becoming unwell not realising the vaccine is harming them and they are lashing out at others for no good reason.

In UK, NHS contributions are deducted from people’s salaries and the retired paid these all their working life and now are getting refused service but they will still take these NHS contributions regardless. It is wicked and cruel. Though it is the governments who are instructing the GP and hospital management to treat the patients in this abysmal manner.

I am quite sure this will be happening in most if not all countries.

God be with us all.

END

France protests mandatory vaccinations of health care workers and passports

(Disclose.tv

Disclose.tv 🚨 on Twitter: “NOW – People chanting “Liberté” in Paris as they protest against mandatory vaccinations of health care workers and vaccination passports on Bastille Day (#14Juillet), a national holiday in France. https://t.co/YrP4l0tXwy” / Twitter

 
 
 
Watch France, the public is just getting started.
Avoiding France this summer may prove wise.

 

https://twitter.com/disclosetv/status/1415275864607047680

 
end
 
 
From Alex Berenson:
 
 
 
42,000 cases in UK on one day. Almost all these people are vaxxed. What does that tell you?

 

The most vaxxed countries have the most covid and the most deaths.

Alex Berenson (@AlexBerenson) Tweeted:

The speed at which the vaccines are failing is astonishing. The UK, the most vaccinated major country in the world, reported 42,000 cases today – almost 100x (yes, 100 times!) as many as the same day in 2020. And hospitalizations and deaths are unfortunately beginning to soar. https://t.co/3oo9NqhKAf
https://twitter.com/AlexBerenson/status/1415402745104932868?s=20
 
 
END
 
Natural infection may offer better protection against the Delta variant according to Israeli health ministry
(zerohedge)

Natural Infection May Offer Better Protection Against Delta Variant, Israeli Health Ministry Says

 
WEDNESDAY, JUL 14, 2021 – 07:20 PM

In recent weeks, Israeli media has become a factory for stories that cut against the ‘official’ ‘scientific’ narrative about the COVID-19 vaccines. Most visibly, Israel has made a deal with Pfizer to start doling out “booster” shots for the most vulnerable Israelis, despite the FDA’s insistence that there’s “no evidence” that a booster shot is necessary.

Now, the Israeli Health Ministry has discovered that the number of patients who had been infected prior to becoming infected again during the latest Delta-driven wave of the pandemic were less likely to be reinfected than patients who have only been vaccinated. The finding directly contradicts research spouted by American experts like Dr. Fauci, along with Pfizer and Moderna, who have previously insisted that  the antibodies created by their jabs are more powerful than antibodies produced by natural infection (which is one reason even the previously infected have been asked to get vaccinated).

According to Israel National News, more than 7.7K new cases of the virus have been detected during the most recent wave (beginning back in May). However, just 72 of the confirmed cases were reported in people who were known to have been previously infected – that is, less than 1% of the new cases.

Roughly 40% of new cases – involving more than 3K patients – were infected despite being fully vaccinated.

By this count, Israelis who had been vaccinated were 6.72x more likely to get infected after the shot than after natural infection, with more than 3K of the 5,193,499, or 0.0578%, of Israelis who were vaccinated getting infected in the latest wave. The disparity has confounded Health Ministry experts, with some saying the data proves the higher level of immunity provided by natural infection versus vaccination. However, others remain unconvinced.

Israel’s Health Ministry previously estimated that the efficacy of Pfizer’s COVID jab was only 64% against the Delta variant, which helped prompt Pfizer and its partner BioNTech to develop a new jab designed to protect against variants including Delta and Beta (the variant first discovered in South Africa).

END

 

 
Indonesia regulators now allow for Ivermectin use in COVID treatment
(zerohedge)

Indonesia Regulator Allows Ivermectin Use For Covid Treatment

 
WEDNESDAY, JUL 14, 2021 – 09:28 PM

Merely mentioning the name of the vaccine-busting drug Ivermectin in the US is enough to get you carted off for “questioning” to the nearest illegal CIA blacksite, have the NSA leak all your private information to MSNBC, WaPo and the NYT and quietly shipped off to Guantanamo for permanent re-education under the daily auspices of Critical Race Theory. But not in the “banana republic” of Indonesia, where on Thursday, Ivermectin was officially approved for covid treatment in a vicious blow to the “buy my vaccine” pharmaceutical lobby around the world.

According to Bloomberg, Indonesia’s food and drug regulator, known as BPOM, has issued a letter approving the distribution of Ivermectin, Remdesivir, Favipiravir, Oseltamivir, immunoglobulin, Tocilizumab, Azithromycin and Dexametason to be used in treatment of Covid-19, according to a statement from the agency. The latter, Bloomberg adds, was issued as guidance for distributors of the drugs.

The startling development – if only to the anti-Ivermectin oligarchs in “developed” Western nations – takes place two weeks after eight hospitals in Indonesia began conducting clinical trials on Ivermectin, an anti-parasitic medicine that has appeared to be a potential Covid-19 medication and which is greatly hated by the establishment due to its low price and its ability to eradicate the covid plague which the establishment desperately needs to perpetuate a state of constant near-panic not to mention enabling trillions in fiscal and monetary stimulus, following a permit issued by the national agency of drug and food control.

BPOM’s head Penny K. Lukito said at a press conference on Monday (June 28) that global data and guidelines from the World Health Organization (WHO) show that Ivermectin, previously used for deworming, can also be used for Covid-19 treatment. However, while the BOMP said on June 28 that data are still being collected and the results are not conclusive, it appears that two weeks later it has found enough conclusive data to formally approve Ivermectin for covid treatment.

Indonesia is scrambling to contain the covid pandemic, having overnight surpassed India’s daily Covid-19 case numbers, and becoming Asia’s new virus epicenter as the spread of the highly-contagious delta variant drives up infections in Southeast Asia’s largest economy.

The country has seen its daily case count cross 40,000 for three straight days — including a record high of 54,517 on Wednesday — up from less than 10,000 a month ago. Officials are concerned that the more transmissible new variant is now spreading outside of the country’s main island, Java, and could exhaust hospital workers and supplies of oxygen and medication.

That said, Indonesia’s current numbers are still far from India’s peak of 400,000 daily cases in May, and its total outbreak of 2.7 million is barely a tenth of the Asian giant’s 30.9 million. India, with a population roughly five times the size of Indonesia’s 270 million people, saw daily infections drop below 39,000 on Wednesday as its devastating outbreak wanes. The Southeast Asian country reported about 900 deaths daily on average in the past seven days – compared to just 181 a month ago – while India reported an average of 1,027 daily fatalities.

As Bloomberg observes, the outbreak in Indonesia underscores the consequences of an unequal global distribution of vaccines that has seen richer countries gobble up more of the supply, leaving poorer places exposed to outbreaks of variants like delta. World Health Organization director-general Tedros Adhanom Ghebreyesus has called the growing divide a “catastrophic moral failure.”

He is of course referring to the inability of pharma giants like Pfizer to deliver millions of doses to poor countries like Indonesia which won’t pay it tens of billions of dollars. Well, poor countries like Indonesia are taking matters into their own hands, and we wonder what China Ted will say now that the Asian nation has found a way out of the vaccine squeeze: one involving the use of the single most hated compound by rich pharma barons everywhere.

END
There is a massive disparity between the data we are seeing in US/Canada vs UK/Israel. What can account for this?

 

Data manipulation and falsification. 

https://roundingtheearth.substack.com/p/variant-roulette-evolution-and-immunity

 
 
end
 
In case you missed yesterday;s huge story:  repeating it again!
 
 

 

The SARS-C0V-2 virus of 2019 is “Made in USA”

German advocate Fuellmich is compiling evidence for a case of ‘crimes against humanity‘, to be lodged against responsible  parties. He has now been joined by Dr David Martin of M.CAM, a company that i.a. for the past two decades monitor violations of the 1925/1972 Protocols for the Prohibition of the Use in War of a range of banned substances as well as the development etc of bacteriological or toxin weapons. As such he is aware of the history of the COVID- 19 virus.

Fuellmich interviewed Martin early in July 2021, in which session Martin mentioned that he is providing a dossier that includes the relevant facts of his decades long investigation into the SARS virus, including  a timeline that lists relevant patent numbers of the 4000+ patents on the virus and statements made by the people involved that are available in public sources.

To set the stage, the Dossier opens with the following on page 2: 

On April 19, 2002 – the Spring before the first SARS outbreak in Asia – Christopher M. Curtis, Boyd Yount, and Ralph Baric filed an application for U.S. Patent 7,279,372 for a method of producing recombinant coronavirus. In the first public record of the claims, they sought to patent a means of producing, “an infectious, replication defective, coronavirus.” This work was supported by the NIH grant referenced above and GM63228. In short, the U.S. Department of Health and Human Services was involved in the funding of amplifying the infectious nature of coronavirus between1999 and 2002 before SARS was ever detected in humans.

Later, in 2003 the CDC filed a patent for this virus:  ‘. . .it was the genome for SARS-CoV’, as this virus became formally known.

It seems logical to assume that there is a link between the manufacture of the new virus in the US and the much later outbreak of the SARS flu in 2003 and the probable 8422 cases and the 919 SARS related deaths. By extension it seems possible, even probable, that subsequent SARS related flu epidemics share a similar link, which now also includes SARS-CoV-2, or COVID-19.

The video of the long interview is entitled ‘A manufactured illusion. Dr David Martin with Reiner Fuellmich 9/7/2021’.  Both the Dossier and the video will be censored at various times and places. The preferred search engine to look for them is www.duckduckgo.com, not google.

Do your own due diligence.

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

 

Michael Every… 

OFF TODAY
end
 

7. OIL ISSUES

 

END

8 EMERGING MARKET& AUSTRALIA ISSUES 

SOUTH AFRICA

South Africa becomes a war zone as the country deploys 25,000 troops trying for order.  They are on the brink of civil war. The country’s entire economy is destroyed.  Supply lines cut off/ports close//infrastructure ablaze!!

(zerohedge)

“It’s A War Zone” – South Africa To Deploy 25,000 Troops As Country On Brink Of Civil War

 
THURSDAY, JUL 15, 2021 – 07:29 AM

In the past seven days, South Africa has never come closer to becoming a failed state. The riotous looting has reduced Gauteng and KwaZulu-Natal, the two provinces hit hard by the social unrest into what resembles warzones. The country quickly descended into what could be the beginning innings of a civil war, prompting the government to call up military reserves and seek deployment of up to 25,000 troops to quell the violence. 

“It is a war zone . . . towns deserted, shops looted, bodies lying on the road,” John Steenhuisen, leader of the main opposition Democratic Alliance, in the province, told Financial Times. “We have an internal African National Congress battle that has spilled over on to the streets of KwaZulu-Natal . . . the initiative has been completely lost by the security services. They need urgent reinforcement.”

Gauteng and KwaZulu-Natal have been overwhelmed by black rioters, many of whom are supporters of former President Jacob Zuma, who was arrested earlier this month and sentenced to prison for corruption charges. 

The arrest of Zuma sparked black unrest across the country, more specifically in the two provinces mentioned above. 

President Cyril Ramaphosa has been unable to stifle the social unrest as local police and military troops have been outnumbered. The nation remains totally lawless. 

Defence Minister Nosiviwe Mapisa-Nqakula told parliament Thursday she had “submitted a request for deployment of plus-minus 25,000” soldiers. There was no word on when the additional troops would hit the streets. 

Readers may recall, Wednesday evening, we reported South African Army Reserve has ordered “all Reserve Members” for duty on Thursday morning. There were no exact figures on how many reserves would be deployed. 

So far, more than 70 people have died in the mayhem and more than one thousand arrested. The nation’s supply chains have collapsed as major oil refiners shuttered, ports closed, infrastructure damaged, and warehouses looted. 

Some figures estimate 45,000 businesses in Durban, a coastal city in KwaZulu-Natal, have been destroyed. This has resulted in gun stores, grocery stores, pharmacies, and shopping malls either being entirely looted or ran out of supplies as massive shortages begin. 

“With no help in sight, racial minorities such as whites and Indians are taking up arms to defend their homes and families,” said National Justice

Johannesburg resident Nhlanhla Lux told FT he defended local businesses with a handful of police and soldiers on Wednesday.

“We can’t sit back while the township economy dilapidates further,” said Lux. “The biggest mall, that employs the biggest number of people, is the one left standing. If it falls, it’s the last elephant.”

For Lux, he is prepared to die” to halt the unrest, he said. “We are on the verge of eating each other.”

The Saker Blog’s Chris Faure asks several important questions: 

So, is it a civil war, a coup d’état, or instigation toward a Rwanda-type situation? Or, simply the poor eating the rich? The major question is why did the state security apparatus not see this coming? Or did they? And further, where is the state of emergency? Where is the tear gas to disperse crowds? Where is the sound cannon and where is the water cannon? Why are the crowds not being dispersed? At this moment, it could be a first force, a second force or a third force, some combination or some weird conflation, in charge of the lawlessness.

According to the “Unrest Map” via PolicyLab, the unrest is beginning to fizzle out in Gauteng and KwaZulu-Natal. The concerns are if riots spread to other provinces. 

The government is preparing to reduce further riots by activating thousands of more troops and reserves. The rand strengthened against the dollar for the second day on this positive news. 

However, emerging from the smoke is a nation that could be close to civil war, the economy destroyed, supply chains crippled, ports closed, infrastructure ablaze, and there’s no telling on how long it would take to rebuild. 

Here are more visuals of South Africa’s chaos. 

Residents of towns are setting up checkpoints since police and military are non-existent. 

The reality in Durban today. Long lines for basic essentials since shortages of ammo, food, and fuel begin. Next, humanitarian crisis?

 More checkpoints. 

Huge lines for food as supply chains crippled. People are beginning to starve. No one was prepared. 

Images of last night’s looting in KwaZulu-Natal. 

More people in line waiting for food. 

What happens next in a country that is collapsing remains unknown. 

end 

INDONESIA//CORONAVIRUS UPDATE//VACCINE UPDATE

Delta Drives Explosion Of New COVID Cases Across Asia; Tokyo Outbreak Worsens As Olympics Loom

 
 
THURSDAY, JUL 15, 2021 – 01:04 PM

More reports about the spread of the Delta variant (particularly in Asia, where Indonesia just saw its deaths per million surpass India’s tally as a new Delta-driven outbreak takes hold) are spooking global markets, as shares in EU trade lower and US equity futures point toward a drop at the open.

Indonesia’s daily confirmed infections set a new record for the fourth straight day on Thursday. There have been 56,757 new cases in the past 24 hours and 982 deaths, bringing total infections to 2,726,803 and total deaths to 70,192. The situation is growing so dire that Pfizer has agreed to deliver 50MM doses by the end of the year (while the highest-risk Israelis are about to receive their third jab).

The country also just welcomed a second shipment of Moderna jabs from the US delivered via the WHO’s Covax facility, amounting to 1.5MM doses. The Japanese government (which is still struggling to vaccinate its own citizens) has just delivered a second batch of the AstraZeneca jab (perhaps because nobody in Japan wants to touch it).

The WHO warned on Wednesday that the world has entered “the early stages of a third wave” as the Delta variant spreads rapidly across Asia, Europe and, increasingly, even the heavily vaccinated US. WHO Director-General Tedros Adhanom Ghebreyesus said the variant has now been confirmed in 111 countries, and that deaths worldwide are climbing again after 10 weeks of declines. “As increasing vaccination rates in Europe and North America started to take effect, we saw sustained declines in cases and deaths,” the WHO director-general said. “Unfortunately, those trends have now reversed, and we are in the early stages of a third wave.”

The situation in Indonesia has gotten so unsettling that a plane load of Japanese expatriates and family members left Indonesia for Tokyo. The flight was organized by a major government contractor.

Speaking of Japan, with the Olympics just days away, the situation in Tokyo has continued to worsen, threatening to transform the (now spectator-free) Olympics into a “super-spreader event” . Tokyo reports 1,308 new confirmed cases, up from 1,149 a day earlier. The 7-day average of new cases in the capital is 882, up 32.9% from a week ago, raising concerns over an explosive outbreak of the delta variant ahead of the Olympics Games, which will open on July 23.

Meanwhile, as authorities in Australia imposed a 5-day lockdown on Melbourne (Australia’s second-largest city), Malaysia is reporting 13,215 new coronavirus cases on Thursday, up from 11,618 from a day earlier and marking a record for a third straight day. Health authorities have reported 880,782 cases in total in Malaysia. One Malaysian doctor warned on Thursday that the Delta variant is much more infectious than its predecessors and other variants. He says people can be infected in just 5 seconds.

“In the past, we learnt that a person can get infected from another individual through close contact of less than one metre over a duration of 15 minutes.

“Now, however, we are informed that the Delta variant can infect someone in just five seconds, and the virus is airborne.

By comparison, India reported 41,806 new infections in the last 24 hours, up from 38,792 during the prior period. This brought the case load to nearly 31 million, while deaths jumped by 581 to 411,989.

In tiny Singapore, health authorities reported their highest number of local coronavirus cases in 10 months, after the discovery of a cluster of infections among hostesses and customers of the KTV karaoke lounges. Of the 56 new community infections, 42 were linked to the KTV outbreak, according to health authorities. The health ministry is presently investigating.

In the West, the focus remains on the US and the UK, which are both seeing resurgences of new COVID cases (while hospitalizations and deaths have remained mostly subdued). However, in the UK, the FT reported yesterday that the variant is “wreaking havoc” on the industry as factory workers are self-isolating and business groups warn that some companies are missing 20% of staff.

As the fear campaign about the risks posed by the Delta variant intensifies, it’s worth considering the latest projections from a team of analysts at Goldman Sachs, who attempt to derive insights for the US economy from the situation in the UK, where cases have led those in the US.

END

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

Euro/USA 1.1812 DOWN .0021 /EUROPE BOURSES /ALL RED  

USA/ YEN 110.00  UP  0.0040 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3862  UP   0.0006  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2530  UP .0014

 

Early THURSDAY morning in Europe, the Euro IS DOWN BY 31 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1812 Last night Shanghai COMPOSITE CLOSED UP 36.09 PTS OR 1.02%

 

//Hang Sang CLOSED UP 208.81 PTS OR 0.75%

 

/AUSTRALIA CLOSED DOWN .20% // EUROPEAN BOURSES OPENED ALL RED 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED UP 208.81 PTS OR 0.75% 

 

/SHANGHAI CLOSED UP 36.09  PTS OR 1.02% 

 

Australia BOURSE CLOSED DOWN .20%

Nikkei (Japan) CLOSED UP 329.40 PTS OR 1.15%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1825.20

silver:$26.20-

Early THURSDAY morning USA 10 year bond yr: 1.326% !!! DOWN 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.947 DOWN 3  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 92.49 UP 3 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.28% DOWN 0  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.014%  DOWN 6/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.32%//  UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.73 up 1   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 41 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.330% 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  THURSDAY

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

Euro/USA 1.1804  DOWN    0.0029 or 29 basis points

USA/Japan: 110.04  UP .048 OR YEN UP 5  basis points/

Great Britain/USA 1.3829 DOWN .0027 DOWN 27   BASIS POINTS)

Canadian dollar DOWN 42 basis points to 1.2580

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4609 

 

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4645

TURKISH LIRA:  8.58  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.014%

Your closing 10 yr US bond yield DOWN 2 IN basis points from WEDNESDAY at 1.321 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.943 DOWN 3 in basis points on the day

 

Your closing USA dollar index, 92.64  UP 23  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 79,17 PTS OR 1.12% 

 

German Dax :  CLOSED DOWN 159.32 PTS OR 1.01% 

 

Paris CAC CLOSED DOWN 65.02  PTS OR   0.99% 

 

Spain IBEX CLOSED DOWN 131.30  PTS OR  1.52%

Italian MIB: CLOSED DOWN  318.83 PTS OR 1.27% 

 

WTI Oil price; 72.40 12:00  PM  EST

Brent Oil: 74.19 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.37  THE CROSS  HIGHER BY 0.24 RUBLES/DOLLAR (RUBLE LOWER BY 24 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.330 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 71.60//

BRENT :  73.24

USA 10 YR BOND YIELD: … 1.303..DOWN 4 basis points…

USA 30 YR BOND YIELD: 1.9240 DOWN 5 basis points..

EURO/USA 1.1812 DOWN 0.0021   ( 21 BASIS POINTS)

USA/JAPANESE YEN:109,78 DOWN .209 ( YEN UP 21 BASIS POINTS/..

USA DOLLAR INDEX: 92.60  UP 19  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3824  DOWN 32  POINTS

the Turkish lira close: 8.57  UP 2 BASIS PTS

the Russian rouble 74.07   DOWN 0.21 Roubles against the uSA dollar. (DOWN 21 BASIS POINTS)

Canadian dollar:  1.2506 DOWN 82 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.332%

The Dow closed UP 53.79 POINTS OR 0.15%

NASDAQ closed DOWN  68.63 POINTS OR 0.62%

VOLATILITY INDEX:  17.07 CLOSED UP  0.74

LIBOR 3 MONTH DURATION: 0.126%//libor dropping like a stone

USA trading day in Graph Form

Fed Fumble Slams Stocks, Bond Yields, & Big Shorts

 
THURSDAY, JUL 15, 2021 – 04:00 PM

A double whammy of potential pain from The Fed’s Powell (admitting they’re talking about tapering) and Evans (disappointed there’s not more inflation) provided just enough uncertainty to spook all asset classes today. The Philly Fed survey, initial jobless claims, and Industrial Production also disappointed today.

Nasdaq underperformed for a change today early on, but as yields plunged in the afternoon, Small Caps were monkeyhammered. But everything bounce back after 2pmET. The Dow managed to scramble back into the green in the last hour of the day. This was still Nasdaq’s worst day since early June…

As it appears maybe the growth/value rotation has reached a short-term limit for now…

Source: Bloomberg

The most-shorted-stocks were slammed once again today…

Source: Bloomberg

Bank stocks seesawed today amid more earnings and the plunge in yields…

Source: Bloomberg

Bond yields plunged late in the day after Fed’s Evans’ comments on inflation…

Source: Bloomberg

10Y Yields fell back below 1.30%…

Source: Bloomberg

The yield curve flattened dramatically…

Source: Bloomberg

Real yields continued to plunge (10Y Real yields below -1.00% again, lowest since Feb) suggesting gold has room to run here…

Source: Bloomberg

The dollar rebounded today back towards the top of its recent range…

Source: Bloomberg

Bitcoin took another leg lower, not helped by Jeff Gundlach saying “he would not own crypto personally”…

Source: Bloomberg

Ethereum fell on the day but found support at $1900…

Source: Bloomberg

Gold managed modest gains again…

Another ugly one for crude today with WTI back below $72 amid OPEC+ production concerns…

Finally, in “things that make you laugh”, Junk bond yields tumbled below CPI for the first time in history…

Source: Bloomberg

Who’s (the bagholder) buying?

a)Market trading/this AFTERNOON/USA/

Treasury Yields Just Puked

 
THURSDAY, JUL 15, 2021 – 01:28 PM

The long-end of the yield curve just plunged with 10Y yields dropping back below 1.30%…

Source: Bloomberg

And 30Y yields pushing down toward 1.90%…

Source: Bloomberg

Stocks also dropped around the same time…

An immediate catalyst for the move is unclear although Chicago Fed President Evans did comment on his disappointment that inflation expectations were not higher (“inflation upside risk is not as strong as I’d like it”) and “more persistent inflation wouldn’t be bad.”

Perhaps that dovish signal was enough to confirm Fed liquidity is here to stay and will dominate any underlying inflation fears.

ii) Market data

US Manufacturing Production Unexpectedly Shrank In June Amid Automaker Bottlenecks

 
THURSDAY, JUL 15, 2021 – 09:24 AM

US Industrial Production growth disappointed in June, rising just 0.4% MoM (vs +0.6% exp) and down from the revised-loser 0.7% MoM rise in May…

Source: Bloomberg

More problematic though is that US Manufacturing production shrank in June (dropping 0.1% MoM vs expectations for a 0.3% rise and May’s 0.9% rise)…

Source: Bloomberg

The biggest driver of the weakness was a 5.4% MoM drop in motor vehicle, parts production…

There was a very modest silver lining:

  • Utilities rose 2.7% in June after falling 0.8% in May

  • Mining rose 1.4% in June after rising 0.8% in May

So the number was saved by a heatwave?

But this is hardly the picture of a rosy recovery being painted by all and sundry in the MSM.

end

Initial claims disappoint but we finally break below 14 million Americans on the dole

(zerohedge)

 

Initial Claims Disappoint But Total Number Of Americans On The Dole Drops Below 14 Million

 
THURSDAY, JUL 15, 2021 – 08:36 AM

Initial jobless claims fell last week from 373k to 260k (a new post lockdown low), but that was worse than the 350k expected

Source: Bloomberg

New York, Texas, and Pennsylvania saw the biggest increases in jobless claims while Georgia saw the biggest drop…

The number of Americans on Pandemic-specific jobless benefits tumbled by 336,000 last week as states begin shutting down this extraordinary measure…

The total number of Americans on some form of government dole fell below 14 million for the first time since the lockdowns began…

Source: Bloomberg

Finally, judging by the most recent ISM Survey data (focusing on the employment subindices), claims could be about to take a turn for the worse once again…

Source: Bloomberg

Despite the fact that there are still over 9 million job openings…

Source: Bloomberg

How ill Jay Powell explain away this chart today when he talks to The Senate.

END

iii) Important USA Economic Stories

Smart people: 39% of illegal immigrants in Ice custody have refused a covid vaccine

(zerohedge)

Roughly 30% Of Illegal Immigrants In ICE Custody Have Refused A COVID Vaccine

 
 
THURSDAY, JUL 15, 2021 – 12:25 PM

A few days ago we reported that thousands of non-violent offenders who were released from American prisons at the beginning of the COVID outbreak (as states and the federal government scrambled to make room in their prisons as they became petri dishes during the pandemic) will soon be forced to return and finish out their sentences.

As they attempt to do everything in their power to delay their return to the penitentiary, many of these prisoners say they are refusing the COVID vaccine because they’re afraid that, if they get it, the government might use it as a reason to lock them back up more quickly.

Perhaps the same logic is at play in ICE detention centers, where Axios reports 3 in 10 immigrants awaiting deportation have refused the vaccine.

Axios is worried that the “vaccine hesitancy” at play here has added an “unlikely twist to the challenges of a pandemic-era increase in border migration.” ICE hasn’t shared the exact number of refusals, but the 30% number “has been shared internally, according to sources familiar.” Agency data show there have been nearly 20K confirmed cases and 9 deaths among ICE detainees.

Democrats, according to Axios, have urged the White House to “do more to ensure that migrants who cross the border, or other immigrants in government custody, are protected from the virus.”

We can’t help but wonder: as the US continues to hoard jabs (despite falling demand) while most of the developing world goes without, will some paranoid migrants start heading to the US just for the opportunity to get a free vaccine in an ICE facility before being flown back home.

 
END

Full-time minimum wage workers can’t afford rent anywhere in the US, according to a new report

The report defines affordability as the hourly wage a full-time worker must earn to spend no more than 30% of their income on rent, in line with what most budgeting experts recommend. This year, workers would need to earn $24.90 per hour for a two-bedroom home and $20.40 per hour for a one-bedroom rental. That’s an increase from $23.96 and $19.56, respectively, from last year.

The average hourly worker currently earns $18.78 per hour, the report finds, more than $6 short of the wage needed to afford a two-bedroom rental.

https://www.cnbc.com/2021/07/14/full-time- minimum-wage-workers-cant-afford-rent-anywhere-in-the- us.html

end

A mixed bag: New York up//philadephia area down!

New York Empire State factory index soars to record high in July

July 15, 2021 at 8:31 a.m. ET

MarketWatch

Factory activity index rises to 43, well-above expectations of 17.3

The numbers: The New York Fed’s Empire State business conditions index shot up 25.6 points to a record-high reading of 43 in July, the regional Fed bank said Thursday. Economists had expected a reading of 17.3, according to a survey by the Wall Street Journal.

Any reading above zero indicates improving conditions.

What happened: In the Empire survey, the subcomponents were strong. The new-orders index rose 16.9 points to 33.2 in July while shipments rose 29.6 points to 43.8. The index for number of employees rose 8 points to 20.6. Inflation pressures remained. The prices received index rose 6 points to 39.4, a new record. The prices paid index slipped slightly but also remained near its record high.

Big picture: Manufacturing has been a bright spot for the economy. Demand has been strong and the main issue for factory owners has been supply constraints and other problems in meeting that demand.

The Empire State index is the first of several regional manufacturing gauges to be released each month.

Investors also look at the data to get an early read on the national ISM factory index, which has been above the 50% break between contraction and expansion for 13 months. The July ISM data won’t come out until early next month. In June, the ISM manufacturing index slipped to 60.6% from 61.2% in May, still in elevated territory.

-END-

JULY 15, 20218:08 AM

Philly Fed factory index falls in July to lowest since December

(Reuters) – Factory activity in the U.S. mid-Atlantic region slowed sharply for the third consecutive month to its lowest growth since December after hitting its highest pace in nearly half a century earlier this spring, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index fell to 21.9 from 30.7 in June. That was well below economists’ expectations for a reading of 28.0, according to a Reuters poll.

Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management, next due out August 2.

Even though U.S. factory orders rebounded sharply in May, factories are still struggling to keep up with demand as the COVID-19 pandemic shattered supply chains and rattled the global shipping industry. In March, the Philly Fed’s factory activity gauge hit its highest level since 1973.

The Philly Fed employment index decreased to 29.2 from 30.7 in June.

Additionally, the price paid index declined to 69.7 in July from 80.7 in the month prior, after reaching a 42- year high in June.

-END-

INFLATION WATCH

Import prices climb 1% in June as Americans pay more for foreign goods

July 15, 2021 at 9:04 a.m. ET

MarketWatch

Higher import prices are adding to U.S. inflation

The cost of imported goods rose sharply again in June for the seventh month in a row and added to the upward pressure on U.S. inflation.

The import price index jumped 1% last month, the government said Thursday, matching the estimate of economists polled by The Wall Street Journal.

Import prices have climbed 11.2% over the past 12 months, down a bit from 11.6% in May. The yearly increase in May was the fastest since 2011.

These increases are feeding into biggest burst of inflation in the U.S. in 13 years. Consumer prices have surged 5.4% in the past 12 months, outpacing the growth in wages and pinching household budgets.

Federal Reserve Chairman Jerome Powell admitted on Wednesday that inflation has risen faster than the central bank expected, but he repeated his longstanding belief that prices will subside by next year as the economy returns closer to normal.

The Fed has blamed the spike in prices on the reopening of the economy and ensuing flood of pentup demand at a time when global supply lines are still being disrupted by the pandemic. Businesses can’t get enough supplies on time or at reasonable prices.

The increase in import prices in June was strongest among oil and other fossil fuels, but the cost of most industrial and consumer goods rose. Hardly any prices fell.

Excluding fuel, import prices 0.7% last month.

U.S. export prices increased 1.2% in June.

-END-

One Bank’s Non-Transitory Inflation Meter Just Exploded

 
THURSDAY, JUL 15, 2021 – 03:00 PM

One month ago we reported that Bank of America had released a new proprietary indicator tracking the level of transitory inflation, which incidentally was at the highest possible reading of 100.

Of course, since then it’s only gotten worse and the June CPI report released earlier this week revealed another explosion in transitory price pressures. Used cars, new cars, lodging, and transportation services together accounted for 70bp of the 88bp increase in broader core CPI as discussed previously. As a result, core CPI surged 0.9% mom in June: these components primarily reflected the price pressures from goods shortages and the reopening. To no surprise, the BofA US transitory inflation meter (TIM) remained at 100 this month, because it simply couldn’t rise any further.

But while the transitory strength in inflation took the spotlight, another development in the June CPI report – which we had discussed extensively before – was a strong 0.32% increase in owners’ equivalent rent (OER) which is a far stickier source of inflation and which Goldman sees hitting 4% around the end of 2022.

In other words, persistent inflation looks to be rising sharply as well.

This, as Bank of America economist Alex Lin writes today, highlights the importance of being able to track persistent inflation while keeping transitory inflation in perspective.  

So to get a more complete picture of current inflation dynamics, BofA has revised its transitory inflation meter with the BofA US Persistent Inflation Meter (PIM), and here, a shock: it soared to 75 in June from 37 in May, indicating elevated persistent, as in non-transitory,  inflation.

This confirms that contrary to its best wishes, the Fed already has a major headache on its hands. Furthermore, as Deutsche Bank pointed out earlier this week, Wall Street consensus inflation expectations for 2022 are already well above 2%, which is impossible if inflation is transitory and if there is going to be a deflationary phase after the current burst in transitory inflation ends.

In other words, the Fed is again wrong and sooner or later, 10Y yields which continue to pretend that everything is fine, will face a day of very painful reckoning.

END

USA COVID//VACCINE UPDATE

He is a joke!

Surgeon General Demands Social Networks Crack Down On COVID Misinformation

 
 
THURSDAY, JUL 15, 2021 – 04:20 PM

As the Biden administration grapples with slowing vaccination rates and negative reactions to their so-called ‘door knocking’ campaign, Surgeon General Vivek Murthy on Thursday called on social media companies to censor ‘misinformation’ related to COVID-19 and vaccines.

 

Surgeon General Vivek Murthy speaking during a press briefing on Thursday at the White House. Photo: Saul Loeb/AFP via Getty Images

Without providing specific examples,’ Murthy blamed ‘vaccine hesitancy’ on misinformation – though we question whether reports such as Israel reporting an explosion in COVID-19 cases in vaccinated patients, or that 40% of current COVID patients were previously vaccinated, vs. just 1% who had natural immunity after having recovered from the disease and caught it again.

In short, the Delta variant appears particularly adept at evading currently available vaccines.

More ‘not misinformation’ possibly contributing to slowing vaccination rates are blood clot warnings and links to a rare neurological disorderalong with widespread reports of side-effects in the VAERS database and public forums.

For example, a random sampling of the top posts in Reddit’s CovidVaccinated forum:

None of this is minsinformation, and reasonable minds should be able to agree that it’s contributing to so-called ‘vaccine hesitancy.’

Not so, according to the Surgeon General.

“Health misinformation is false, inaccurate or misleading information about health according to the best evidence at the time,” said Murthy, adding “Misinformation takes away our freedom to make informed decisions about our health and the health of our loved ones.”

More via Axios:

  • “During the COVID-19 pandemic, health misinformation has led people to resist wearing masks in high-risk settings. It’s led them to turndown proven treatments and to choose not to get vaccinated. This has led to avoidable illness and death,” he added.
  • “Now, health misinformation didn’t start with COVID-19. What’s different now though is the speed and scale at which misinformation is spreading.”
  • “Modern technology companies have enabled misinformation to poison our information environment with little accountability to their users.”

The big picture: The surgeon general said mechanisms that platforms use to keep people scrolling — including likes, share buttons and algorithms that tailor content for specific users — have also allowed misinformation to proliferate.

  • Murthy called for an “all of society” approach to tackling misinformation, recommending community leaders to promote factual information and educators to improve health literacy.
  • He said the Biden administration expects social media platforms to operate with more transparency and accountability and to step up efforts to monitor for false information.

*  *  *

Remember when Fauci told us masks don’t work? ZeroHedge remembers.

END

iv) Swamp commentaries/

Tucker Goes All In, Airs Evidence “Improperly Duplicated” Ballots From 2020 Election

 
THURSDAY, JUL 15, 2021 – 11:45 AM

Fox News host Tucker Carlson went all in on Wednesday, where he laid out the case for “meaningful election fraud” in Fulton County, Georgia during the 2020 election.

“At least 36 batches of mail-in ballots from the November election were double counted in Fulton County. That’s a total of more than 4,000 votes,” said Carlson, adding “The final tally from the double counts we know about amounts to more than 3,300 votes for Joe Biden and 865 votes for Donald Trump.”

Carlson then played a clip of what appears to be the same ballot counted twice in both the initial vote and the audit.

We’re not talking about a couple of ballots here. We’re talking about a lot of ballots, at least hundreds of ballots involved, enough potentially to affect the outcome of the election,” said Carlson, who then proceeded to show another clip of similarly double-counted ballots.

Watch:

Transcript via Fox News:

As we noted last night (via the Epoch Times), A group seeking to ensure that elections are run fairly said this week that an in-depth analysis of mail-in ballot images it obtained through a court order shows that the hand-count audit in Fulton County, Georgia, last year “was riddled with massive errors and provable fraud.”

The analysis turned up at least 36 batches of mail-in ballots, containing 4,255 votes, that were added redundantly to the audit results, Voters Organized for Trusted Election Results in Georgia (VoterGA), charged. Nearly 3,400 were for Democrat Joe Biden.

The team examining the ballots also found seven audit tally sheets (pdf) they believe were falsified to contain fabricated vote totals. In one example, the group said, a batch containing 59 ballot images for Biden and 42 for former President Donald Trump was reported as 100 for Biden and 0 for Trump.

The analysis revealed that 923 (60 percent) of the 1,539 mail-in ballot batch files contained votes that were incorrectly reported in the county’s official 2020 election result compared to the audit totals, according to VoterGA.

“We believe that there is massive audit errors,” Garland Favorito, founder of the group, told a press conference in Georgia on July 13.

The group received the images as part of a court case after it petitioned in late 2020 to get clearance to inspect all mail-in ballots cast in the county in the 2020 election, alleging that fraud took place. The petition cited witnesses to the alleged fraud, including Favorito and other poll watchers and workers.

Henry County Judge Brian Amero, who is overseeing the case, ordered in March that scanned ballot images be made available to the petitioners. Amero late last month let part of the election lawsuit proceed.

Asked about the new claims, a Fulton County spokeswoman told The Epoch Times via email:

“This is related to a matter that is the subject of pending litigation. Therefore we do not wish to respond.”

A spokesman for Georgia Secretary of State Brad Raffensperger, a Republican, referred comment to Fulton County.

Favorito said elected officials have known about the discrepancies “for a long, long time,” and he accused them of having “covered it up.”

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

June PPI and Core PPI show a horrendous 1.0% m/m jump; 0.6% and 0.5% respectively were consensus. PPI soared at a (record) 7.3% y/y rate; 6.7% was expected.  Core is up 5.6% y/y; 5.1% was consensus.
 
BLS: Nearly 60% of the June advance in the final demand index can be traced to a 0.8-percent increase in prices for final demand services… (Powell blames used cars!)  https://www.bls.gov/news.release/ppi.nr0.htm
 
Pathetic Powell pandering for reappointment went more dovish than expected in his prepared remarks and Q&A at the House Financial Services Committee.  The abjectly inept Powell is trying to ingratiate himself with Biden’s Puppeteers.  His term expires on January 31, 2022.
 
Powell says the Fed is still a ways off from altering policy, expects inflation to moderate
“Along with our strong guidance on interest rates and on our balance sheet, will ensure that monetary policy will continue to deliver powerful support to the economy until the recovery is complete.”…
https://www.cnbc.com/2021/07/14/powell-says-the-fed-is-still-a-ways-off-from-altering-policy-expects-inflation-to-moderate.html
 
Powell’s prepared remarks to the House Financial Services Committee July 14, 2021
https://www.federalreserve.gov/newsevents/testimony/files/powell20210714a.pdf
 
Powell admitted that US housing prices are rising rapidly but offered no solutions.
 
ESUs tumbled after the PPI release but quickly rallied, as we guessed.  It was partly a relief rally and partly traders getting long for expected Powell dovish braying.  Jerome did not disappoint the bulls.
 
Powell’s testimony commenced at 9:30 ET, when the NYSE opens.  ESUs and US stocks peaked at 9:40 ET.  ESUs tumbled from 4384.50 to 4350.00 at 11:58 ET.  The ensuing Noon Balloon ended at 12:43 ET.  ESUs and stocks then traded sideways, trapped between ugly inflation realities and Powell’s mendacity.
 
There ain’t nothing more powerful than the odor of mendacity!” – Big Daddy in “Cat on a Hot Tin Roof”
 
The odor of Powell’s mendacity was indeed powerful and permeated his Q&A session with the House Financial Services Committee.
 
In the end it [inflation] will be transitory. People need to have faith in the central bank … It would be a mistake to act prematurely.  Virtually ALL forecasts believe these things will come down on their own accord.”  https://twitter.com/tomselliott/status/1415392730168143877
 
Powell’s litany of ineffable idiocy and/or mendacious assertions include (per reports):

  • Fed should look at current higher inflation as temporary unless it persists year after year
  • By inflation, we mean year after year prices go up.”
  • It’s a pretty narrow group of things that are producing these high (inflation) readings.”
  • Housing is an asset; price rises there are NOT inflation (You cannot make this up!)
  • If inflation expectations rose well above 2% the Fed would act (4.8% per recent NY Fed survey)
  • Right now, inflation is not moderately above Fed’s 2% target (It’s grossly above the target!)
  • We can deal with whatever happens with inflation.  And when it comes to expectations, “we don’t see problems on that front.”
  • “It’s just a perfect storm of high demand and low supply. And it should pass. Unless we think there’s going to be a multi-year shortage of used cars in the United States, we should look at [inflation] as temporary.” (Powell basing transitory inflation on used cars, only 3.166% of CPI!)
  • We would like to see many more examples of transitory prices.
  • Even if higher inflation persists, I expect the Fed will NOT act quickly.
  • Because we are still a long way from full employment, and we aim to encourage general demand
  • Large reverse repo numbers are being driven by a scarcity of safe assets (It’s excess Fed largesse!)
  • The issue of affordable housing is a major concern, but it is beyond the Fed’s purview.
  • Too early to say extended benefits hindered job growth
  • Inflation data is still in line with the Fed’s expectations
  • Inflation data is higher than expected

 
Powell plays down direct link of Fed’s purchases of mortgage bonds and the spike in home prices https://t.co/kfAVogv4qH
 
WSJ’s @NickTimiraos: Powell on the critique that the Fed is exacerbating wealth inequality: “I don’t agree with that assessment.” The poor and working class “never come in and say ‘wow, you should really raise interest rates because you increasing inequality.’ “Literally never hear that from them.”
 
After being confronted with facts that destroy his inflation narrative, Powell quibbled that the Fed isn’t certain that increased inflation is transitory, but it thinks/feels like it is.   You cannot make this up! 
 
Missouri Republican Ann Wagner noted that Powell at a prior hearing in February said that coming price increases would be “temporary.” A half-year later, she said, “I can tell you that the families and businesses I represent are not feeling that these price spikes are temporary…It is housing, appliances, food prices, gas.“… https://www.reuters.com/business/finance/higher-inflation-virus-risks-follow-feds-powell-congress-2021-07-14/
 
@TaviCosta: Imagine looking at this chart of corporate earnings well above any other time in history and saying that the economy still needs at least $120B/month of QE on top of 0% interest rates. https://t.co/kWNPxuTg0Q  But what else can they do? Taper? OK, then who is going to suppress interest rates at record debt to GDP? This Fed is as trapped as it can be.
 
The Fed Beige Book released yesterday contradicts Powell.

  • Business owners raise concerns about supply and labor shortages, see inflation increasing further
  • Most contacts see further price hikes in coming months
  • SUPPLY-SIDE DISRUPTIONS BECAME MORE WIDESPREAD.
  • After a brief respite in the spring, container prices have risen to new highs
  • Prices rose at a faster-than-average rate…
  • Three quarters of districts reported weak or mild job growth…the remaining districts reported moderate of strong job growth

https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20210714.pdf
 
The recovering U.S. economy is grappling with major shortages and higher prices, Fed’s Beige Book finds https://t.co/gUZ1NXJYxI
 
1.8M Americans turned down jobs due to generous unemployment benefits: poll https://t.co/ZShA11q3Pb
 
Citigroup earnings release

  • NET INCOME OF $6.2 BILLION ($2.85 PER SHARE) [1.94 expected]
  • REVENUES OF $17.5 BILLION [down 12% YoY]
  • RETURNED $4.1 BILLION OF CAPITAL TO COMMON SHAREHOLDERS
  • REPURCHASED 40 MILLION COMMON SHARES
  • BOOK VALUE PER SHARE OF $90.86
  • TANGIBLE BOOK VALUE PER SHARE OF $77.874

Citigroup’s allowance for credit losses on loans was $19.2 billion at quarter end, or 2.88% of total loans, compared to $26.3 billion, or 3.87% of total loans, at the end of the prior-year period…
https://www.citigroup.com/citi/investor/data/qer221.pdf?ieNocache=259
 
Citi spiked higher on the open but tumbled from 70.78 at 10:25 ET to 67.72 at 10:34 ET.
 
Wells Fargo Reports Second Quarter 2021 Net Income of $6.0 billion, or $1.38 per Diluted Share
$1.6 billion, or $0.30 per share, decrease in the allowance for credit losses
https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/second-quarter-2021-earnings.pdf
 
Wells Fargo reported EPS of $1.38 vs $0.97 expected; $20.27B in revenue vs $17.77B expected.  Revenue was up 10% year-over-year.
 
Wells Fargo Reports Another Disappointing Quarter: Interest Income Flat as Average Loans Tumble   https://www.zerohedge.com/markets/wells-fargo-reports-another-disappointing-quarter-interest-income-flat-average-loans-tumble
 
WFC spiked higher after the NYSE open, hitting 44.52 at 9:40 ET.  It tumbled to 42.51 at 11:40 ET.
 
Bank of America Slides after Trading Revenue Slump, $2.2 Billion Reserve Release Saves the Day
https://www.zerohedge.com/markets/bank-america-slides-after-trading-revenue-slump-22-billion-reserve-release-saves
 
BAC traded just like WFC: early spike higher and then a tumble until the Noon Balloon developed.
 
The Bank Stock Index (BKX) declined 0.39% for the day.
 
Apple soared on reports that it has targeted a 20% increase for next generation iPhone production.  Apple is up 15% since June 15.
 
Apple reportedly wants to boost iPhone production by as much as 20% after last year’s 5G super cycle   https://www.cnbc.com/2021/07/14/apple-iphone-production-said-to-increase-by-as-much-as-20percent-report.html
 
BBG: Democrats to Fund $3.5t Budget with Tax Changes (hikes), Health Savings (gimmicks)
 
Democrats Call for a Tax on Imports From Polluting Countries – The party’s $3.5 trillion budget plan would include a first-ever carbon tariff, as well as a host of other climate actions.
https://www.nytimes.com/2021/07/14/climate/border-carbon-tax-united-states.html
 
OPEC reportedly reaches compromise on oil production after dispute with UAE
According to sources cited by the Wall Street Journal, the compromise reached between Saudi Arabia and its smaller neighbor on Wednesday will raise the UAE’s baseline to 3.65 million barrels per day from April onward… https://t.co/tTEXq7nl3h
 
London rents fall as demand for property moves outside cities in a search for more space (crime) https://t.co/VM0lIFF43O
 
@disclosetv: People chanting “Liberté” in Paris as they protest against mandatory vaccinations of health care workers and vaccination passports on Bastille Day (#14Juillet), a national holiday in France.
https://twitter.com/disclosetv/status/1415332268084801539

Biden Boosted a Pipeline; Now His Aide Susan Rice Could Get Richer
Joe Biden’s top domestic policy adviser, Susan Rice, owns a big stake in a company whose pipeline was just backed by the White House…
    While the Biden administration recently revoked the permit for the Keystone XL pipeline project, Biden Justice Department officials last month backed the permit for the Line 3 pipeline in court, allowing the tar sands oil pipeline project to move forward amid the intensifying climate crisis. Enbridge shares are currently up about 13 percent since Biden took office, and earlier disclosures show Rice has previously raked in hundreds of thousands of dollars of dividend payments from the company…
https://www.jacobinmag.com/2021/07/susan-rice-biden-ethics-divestment-enbridge-pipeline
 
Today – Powell will repeat the testimony he gave on Wednesday at the House Financial Services Committee to the Senate Banking Committee today.  We would expect the same trading proclivities to appear, barring unexpected news: A rally into Powell’s appearance, some type of treat after he begins his shtick and choppiness during the remainder of his testimony.  Will Senators have the guts to be more aggressive with Powell over his utterly idiotic and mendacious narratives?  Will Dem Senators entice Powell to issue even more virtue signaling?
 
Expected economic data: July Empire Mfg 18; Philly Fed Biz Outlook 28; Initial Jobless Claims 350k, Continuing Claims 3.3m; June Import Prices 1.1% m/m, ex-Petro 0.6%, Exports 1.4% m/m; June Industrial Production 0.6% m/m Mfg Production 0.3%, Cap Utilization 75.6%; Powell at Senate Banking Com 9:30 ET; Chicago Fed Prez Evans 11 ET
 
Expected earnings: BK 1.00, USB 1.12, UNH 4.43, MS 1.65
 
To reiterate: The known universe wants to be long, especially Fangs and techs, into earnings season.  Barring unexpected bad news, the usual suspects are euphoric over stocks this week.  Traders will aggressively buy dips this week.  Fangs and trading sardines will be favored stocksuber tech begins issuing results next week.  Some type of top should materialize in the latter part of next week.
 
ESUs are -4.75; NQUs are +1.00; USUs are +0.11 at 20:30 ET.  The dollar is down a tad. 
 
S&P 500 Index 50-day MA: 4232; 100-day MA: 4120; 150-day MA: 4010; 200-day MA: 3881
DJIA 50-day MA: 34,369; 100-day MA: 33,644; 150-day MA: 32,668; 200-day MA: 31,659
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are positive – a close below 3745.57 triggers a sell signal
WeeklyTrender and MACD are positive – a close below 4135.86 triggers a sell signal
DailyTrender and MACD are positive – a close below 4293.14 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4390.33 triggers a buy signal
 
The Arizona Senate’s audit of the 2020 election has resulted in a different ballot count than that given by Maricopa County officials, according to the chamber’s presidenthttps://t.co/3Xo0aetfId
 
House Democrats probe Arizona election auditor Cyber Ninjas and request documents
Asked the firm’s CEO to send them a raft of documents related to the audit, including information about who is paying for it… (An act of intimidation – Dem and state media panic is palpable!)
https://www.cnbc.com/2021/07/14/house-democrats-probe-arizona-election-audit-by-cyber-ninjas.html
 
Georgia Sec. of State Brad Raffensperger’s Own Election Monitor Details Serious Election Integrity Issues in Newly Released Memo – Incredibly, even after receiving the explosive 29-page memo describing repeated mistakes, and possible fraud in Fulton County,” Raffensperger continued to insist in public that Georgia had “safe, secure, honest elections.”…  https://t.co/vkTdvshwdX
 
Former AG Barr Runs to Fake News WaPo After Letter from US Attorney Exposes Him
Why do weak RINOs always run to WaPo to spin their side of the story?… A member of the Deep State gets exposed… Then the media allows them to spin their side in a cover-up…
https://thepalmierireport.com/ag-barr-runs-to-fake-news-wapo-after-letter-from-us-attorney-exposes-him/
 
Joe Biden, paraphrasing Stalin, inadvertently utters an inconvenient truth: “It’s no longer about just who gets to vote or making it easier for eligible voters to vote.  It’s about who counts the vote…”
https://twitter.com/scuba2024/status/1415024546269257737
 
Rep. Matt Gaetz to Newsmax: FBI Becoming ‘Enforcement Wing’ of Democratic Party
Rep. Matt Gaetz, R-Fla., said Tuesday the FBI is more concerned with having Americans ‘snitch’ on each other in the name of extremism following the Jan. 6 riot at the U.S. Capitol, than working on national security threats.  “When the FBI is busy trying to make us all believe that our family members and our neighbors are extremists, we missed the opportunity to actually dig into important threats, cybersecurity threats, national security threats that they should be focused on,”…
https://www.newsmax.com/newsmax-tv/matt-gaetz-fbi-capitol-politicization/2021/07/13/id/1028522/
 
FBI repeatedly FAILED to act on sexual abuse claims against USA Gymnastics doctor Larry Nassar, DOJ watchdog finds (And lied to cover up the negligence!)  https://trib.al/4DBGtYl
 
Tucker Carlson Says Texas Lawmakers Who Fled the State Are Committing Act of ‘Insurrection’
The Fox News host began his show by slamming President Joe Biden for saying in a speech earlier in the day that Republican legislatures’ efforts to make it more difficult to vote is the biggest crisis of democracy since the Civil War.  “Sound overheated to you?” Carlson asked. “Even allowing for the dementia, it was a stunningly irresponsible thing for an American leader to say out loud. Dangerous even.”…
   “Preventing lawmakers from making laws, shutting down the vote, would not seem like a defense of democracy,” said Carlson. “In fact, it would appear to be just the opposite. It would appear to be an assault on the very core of democracy, which is the legislature, the people’s house.”…
https://www.mediaite.com/tv/tucker-carlson-says-texas-lawmakers-who-fled-the-state-are-committing-act-of-insurrection/
 
January 6 inmates endure ‘human rights violations on a daily basis,’ bail motion alleges
D.C. Jail effectively bans attorney-client privilege for January 6 defendants, claim lawyers for accused Capitol rioter.  https://justthenews.com/government/local/dc-jail-functionally-bans-attorney-client-privilege-january-6-defendants-lawyers
 
Biden and his ilk invited Latin Americans to come to the US illegally.  One excuse was that immigrants were fleeing oppression and violence.  But Team Biden has warned Cubans that they will not be allowed to enter the US.  Why the hypocritical double standards?  Cubans tend to vote Republican.
 
@tomselliott: DHS Secretary @AliMayorkas threatens fleeing Cuban refugees: “Allow me to be clear, if you take to the sea, you will not come to the United States … Again, I repeat, do not risk your life attempting to enter the United States illegally. You will not come to the United States.”
https://twitter.com/redsteeze/status/1415292122941427716
 
@DesiJCuellar: @SecMayorkas, you should be ashamed of yourself. You were born in Havana and fled to America as a baby after Castro took over. You leave our Southern Border open for the drug cartels and human traffickers but tell Cubans that they aren’t welcome to seek asylum in America…How does it feel to turn your back on your own people and deprive them of the opportunity you had because you don’t think they’ll vote for your political party?
 
@bennyjohnson: (WH Press Sec) Psaki refuses to admit the Cuban people are protesting against Communism https://t.co/OWcXJjS5V0
 
GOP Sen @tedcruz: This is like an SNL skit.  The Biden admin refuses to stand up to human rights abuses by China, Russia, Iran (the latter two of which just received multi-billion dollar gifts from Biden)…but instead asks the UN to denounce America as racist.
     US Secretary of State Antony Blinken @SecBlinken: Responsible nations must not shrink from scrutiny of their human rights record. Rather, they should be transparent with the intent to grow and do better. That is why I’m announcing a formal invitation for @UN Special Rapporteur on contemporary forms of racism to visit the U.S.
 
What Did Fauci Know and When? His Emails Point to Panic, Lies, and a Possible Cover-Up
Fauci knew COVID-19 likely came from the Wuhan lab. He knew the virus ‘looked engineered.’ And he knew all this on February 1, 2020.  By GOP Rep. Jim Jordan
https://thefederalist.com/2021/07/14/dr-faucis-emails-tell-the-story-of-panic-lies-and-a-possible-cover-up/
 
@AndrewPollackFL: 74% of homicides in Chicago went unsolved over the past decade. Read that again
 
Hunter Biden Announces Launch of $100K Per Cup Lemonade Stand on White House Lawn
Psaki also dismissed concerns about a gigantic tip jar on the lemonade stand, labeled “for the Big Guy.”…  https://www.revolver.news/2021/07/hunter-biden-lemonade-stand-white-house-lawn/
 
Tucker Carlson’s opening feature on Wednesday night is an expose on how the WH is covertly using the US military to ferry illegal immigrants from Texas to other US locales.  (per leaked email from a Lt. Col) Carlson notes that about 1 million illegal immigrants have entered the US over the past six months.
https://twitter.com/DailyCaller/status/1415463809414746114
 
GOP Sen. @TomCottonAR: Conservatives need to focus on a critical fight that hasn’t gotten enough attention: the Democrats’ effort to stuff amnesty into a reconciliation bill.

end

Let us conclude Wednesday with this offering courtesy of Greg Hunter with

 

See you Friday night!

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