JULY16//ANOTHER RAID//GOLD DOWN $13.50 TO $1814.60//SILVER DONW 57 CENTS TO $25.73//ANOTHER QUEUE JUMP OF 5700 OZ//NEW GOLD STANDING: 6.25 TONNES/SILVER OZ DROPS TO 33.6 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATES//BRANDON SMITH ON HARM FROM VACCINES//GREECE NOW UNDER HUGE PROTESTS BECAUSE OF CORONAVIRUS RESTRICTIONS//SOUTH AFRICA CALM TODAY/EXPLOSIVE INFLATION CAUSES A COLLAPSE IN HOME AND CAR PRICES//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1814.60 DOWN $13.50  The quote is London spot price

Silver:$25.73  DOWN  57 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1810.50 LONDON SPOT  4:30 pm

ii)SILVER:  $25.65//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINUM  $1103.32  DOWN $36.70

PALLADIUM: $2629.51  DOWN $121.14  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

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,828.400000000 USD
INTENT DATE: 07/15/2021 DELIVERY DATE: 07/19/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 10
624 H BOFA SECURITIES 27
657 C MORGAN STANLEY 10
661 C JP MORGAN 55 5
737 C ADVANTAGE 2 2
905 C ADM 3
____________________________________________________________________________________________

TOTAL: 57 57
MONTH TO DATE: 1,939

ISSUED:  55

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 57 NOTICE(S) FOR 5700 OZ  (0.1771 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1939 FOR 193900 OZ  (6.0311 TONNES)

 

SILVER//JULY CONTRACT

80 NOTICE(S) FILED TODAY FOR 400,000  OZ/

total number of notices filed so far this month 6220  :  for 31,100,000  oz

 

BITCOIN MORNING QUOTE  $31,171 UP 647  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$31,950 UP 1426 DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $13.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD: / 

 

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

 

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

THIS IS A MASSIVE FRAUD!!

GLD  1034.37 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 57 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/ A PAPER WITHDRAWAL OF 1.298 MILLION OZ FROM THE SLV//

 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT: 

 

553.852  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 169.43 DOWN $1.64 OR 0.96%

XXXXXXXXXXXXX

SLV closing price NYSE 23.76 DOWN $0.62 OR 2.54%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A TINY SIZED 278 CONTRACTS  TO 155,873, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR  $0.11 GAIN IN SILVER PRICING AT THE COMEX  ON THURSDAY . 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 TINY EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUATES TO A SMALL 318 CONTRACTS. (1.59 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: -20 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 40,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 40 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 40 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

33.475  MILLION OZ INITIAL STANDING FOR JULY

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

UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.11)  AND WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH WEDNESDAY’S TRADING.  WE HAD A SMALL GAIN OF 318 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 165,000 OZ EFP JUMP TO LONDON:  NEW STANDING 33.470 MILLION OZ// / v)  TINY 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:

9639 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 9639 CONTRACTS) OR 48.195MILLION OZ: (AVERAGE PER DAY: 964 CONTRACTS OR 4.8195 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 48.155  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:  48.15500 MILLION OZ )  WELL BELOW PAR WITH JUNE)

RESULT: WE HAD A TINY INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 278 , WITH OUR $0.11 GAIN  IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 40 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED GAIN OF 318 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.11 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 165,000 OZ EFP JUMP TO LONDON /NEW STANDING 33.470 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  40  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED INCREASE OF 278 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.11 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.20/ THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  80  NOTICES FILED TODAY FOR 400,,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR  SIZED 4904 CONTRACTS TO 495,011 ,,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: -1381 CONTRACTS.

THE FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $3.20///COMEX GOLD TRADING/THURSDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GIGANTIC SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7,690 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A HUGE 5700 OZ QUEUE JUMP//COMEX STANDING NOW AT 6.2550 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 $3.20 WITH RESPECT TO THURSDAY’S TRADING

 

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

WE HAD A STRONG SIZED GAIN OF 6309  OI CONTRACTS (19.62   TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GIGANTIC SIZED 11,213 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 11,213 & DEC 0  ALL OTHER MONTHS ZERO//TOTAL: 11,213 The NEW COMEX OI for the gold complex rests at 495,011. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6,309  CONTRACTS: 4,904 CONTRACTS DECREASED AT THE COMEX AND 11,213 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6309 CONTRACTS OR 19.62 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GIGANTIC SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (11,213) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (4904 OI): TOTAL GAIN IN THE TWO EXCHANGES: 6309 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 6700 OZ QUEUE  JUMP,//NEW STANDING 6.2550 TONNES// //3) ZERO LONG LIQUIDATION, /// ;4) FAIR SIZED COMEX OI LOSS AND 5) GIGANTIC 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 : 30,524, CONTRACTS OR 3,052,400 oz OR 94.94 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 3052 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 94.94 TONNES

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

THUS EFP TRANSFERS REPRESENTS  94.94/3550 x 100% TONNES  2.67% 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:        94.94 TONNES INITIAL (FALLING  IN RATE FROM JUNE)

 

 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY SMALL SIZED 278 CONTRACTS TO 155,873 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 40 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: 40 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  40 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 278 CONTRACTS AND ADD TO THE 40 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A SMALL SIZED GAIN OF 318 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.590 MILLION  OZ, OCCURRED WITH OUR  $0.11 GAIN IN PRICE

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

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

 
 

3. ASIAN AFFAIRS

)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 25.29  PTS OR 0.71%   //Hang Sang CLOSED UP 8.41 PTS OR 0.03%      /The Nikkei closed DOWN 276.01 pts or 0.98%  //Australia’s all ordinaires CLOSED UP .19%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4705  /Oil DOWN TO 71.72 dollars per barrel for WTI and 73.58 for Brent. Stocks in Europe OPENED ALL MIXED /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4705. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4723/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY AN FAIR SIZED 4904 CONTRACTS TO 495,011 MOVING FURTHER FROM   THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS FAIR COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $3.20 IN GOLD PRICING THURSDAY’S COMEX TRADING/.WE ALSO HAD A GIGANTIC EFP ISSUANCE (11,213 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 GIGANTIC SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 11,213 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  11,213  & DEC.  0  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11213  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 STRONG SIZED 6309 TOTAL CONTRACTS IN THAT 11,213 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A  FAIR SIZED COMEX OI OF 4904 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (6.2550),

 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 $3.20)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 6309 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 19.62 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (6.2550 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 -1381  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 6309 CONTRACTS OR 630900 OZ OR  19.62  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:  495,011 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.50 MILLION OZ/32,150 OZ PER TONNE =  1540 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1540/2200 OR 70.00% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:194,029 contracts//    / volume poor//

CONFIRMED COMEX VOL. FOR YESTERDAY: 215,334 contracts// – poor//  

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

 

JULY 16

/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
5364.915 OZ
MANFRA
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
57  notice(s)
 
5,700 OZ
0.1772 TONNES
No of oz to be served (notices)
72 contracts
 7200oz
 
0.2865 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1939 notices
193900 OZ
6.0311 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:  5364.915 oz
 
 
 
total deposit: 5364.915   oz 
 

total dealer withdrawals: nil oz

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

We had 0  kilobar transactions 0 out of  1 transactions)

ADJUSTMENTS  0// 

 

 
 
 
 
 
 
 
 
 
 

The front month of JULY registered a total of 129 contracts for a LOSS of 480.  We had  547 notices filed on Thursday so we GAINED 67 contracts or an additional 6700 oz will  stand for gold at the comex as they refused to morphed into London based forwards 

 

 
 
 
 
 
AUGUST LOST 16,970  CONTRACTS DOWN TO 257,563 AS WE COUNT DOWN TO THE NEXT BIG GOLD DELIVERY MONTH!!
 
SEPT GAINED 25 CONTRACTS TO STAND AT 449
 
OCTOBER GAINED 2005 CONTRACTS UP TO 25,228.

We had 57 notice(s) filed today for 5700  oz

FOR THE JULY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 55 notices were issued from their client or customer account. The total of all issuance by all participants equates to 57  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 5 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JULY /2021. contract month, we take the total number of notices filed so far for the month (1939) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 129 CONTRACTS ) minus the number of notices served upon today  57 x 100 oz per contract equals 201100 OZ OR 6.2550 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 (1939) x 100 oz+( 129  OI for the front month minus the number of notices served upon today (57} x 100 oz} which equals 201,100 oz standing OR 6.2550 TONNES in this NON- active delivery month of JULY.

We  GAINED an additional 6700 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. 6.2550 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,492,920.469 oz or 575.20 tonnes
 
 
 
total weight of pledged: 2,248,216.862 oz or 69.92 tonnes
 
 
registered gold that can be used to settle upon: 16,244,704.0 (505,27 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,244,704.0 (505.27 tonnes)   
 
 
total eligible gold: 16,939,374.781 oz   (526.88 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,432,295.25- oz or 1,102.09 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  975.75 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 16/2021

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
51,823.580 oz
 
 
 
 
 
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
NIL OZ
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
609,990.840 OZ
cnt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
80
 
CONTRACT(S)
400,,000  OZ)
 
No of oz to be served (notices)
474 contracts
 (2,370,000 oz)
Total monthly oz silver served (contracts)  6220 contracts

 

31,100,000 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: 5364.915

total dealer deposits:  5364.915        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/350.588 million

total customer deposits today  nil   oz

we had 1 withdrawals

 
 
i) Out of CNT: 51,823.580 oz   
 
 
 
 
 
 

total withdrawals 51,823.580      oz

 
 

adjustments//0

 

 
 

Total dealer(registered) silver: 112.587 million oz

total registered and eligible silver:  350.588 million oz

a net 550,000 oz enters  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  269 contracts DOWN to 554 contracts. We had 236 notices filed on Thursday so we LOST 33 contracts or an additional  165,000 oz will stand for silver at the comex in this very active delivery month of July. 

 

AUGUST GAINED 42 CONTRACTS TO STAND AT 1893

SEPTEMBER GAINED 210 CONTRACTS UP TO  121,145

 
NO. OF NOTICES FILED:  80  FOR 400,000 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  6220 x 5,000 oz = 31,100,000 oz to which we add the difference between the open interest for the front month of JULY (554) and the number of notices served upon today 80 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 6220 (notices served so far) x 5000 oz + OI for front month of JULY( 554)  – number of notices served upon today (80) x 5000 oz of silver standing for the JULY contract month .equals 33,470,000 oz. ..VERY POOR FOR JULY. 

We LOST 33 contracts or 165,000 oz will NOT  stand for delivery at the comex as they search out for metal on the OTHER side of the Atlantic.  

 

TODAY’S ESTIMATED SILVER VOLUME  27,436 CONTRACTS // volume extremely  poor//getting out of Dodge//(

 

FOR YESTERDAY  37,168  ,CONFIRMED VOLUME/  extremely 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  16/2021)

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   (JULY16)

 

/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 16/WITH GOLD DOWN $13.50 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1034.37 TONNES

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 16 / GLD INVENTORY 1034.37 tonnes

LAST;  1094 TRADING DAYS:   +109.96 TONNES HAVE BEEN ADDED THE GLD

 

LAST 944 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 16.WITH SILVER  DOWN 57 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHTDRAWAL OF 1.298 MILLION OZ FROM THE SLV//INVENTORY REST AT 553.852 MILLION OZ//

JULY 15/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.150 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      553.852 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

A good one;  the transitory inflation theme is a ruse.  He is correct!!

Peter Schiff…

Peter Schiff: The Transitory Inflation Ruse

 
FRIDAY, JUL 16, 2021 – 08:25 AM

Via SchiffGold.com,

The markets were looking for signs that the transitory inflation period was coming to an end. They didn’t get it when the June CPI number came in much hotter than expected. In his podcast, Peter Schiff talked about the latest price data and said it reveals the dirty little secret – all of this talk about transitory inflation is a ruse. Even worse,  despite what the markets seem to think, there’s nothing the Federal Reserve can do it.

The producer price index (PPI) numbers that came out Wednesday didn’t do anything to ease inflation concerns. Producer prices charted the largest gain in over 10 years. Year on year, the PPI surged 7.3%. That was the biggest year-on-year rise since November 2010 and followed a 6.6% advance in May. Month on month, PPI was up a full 1% against expectations of a 0.6% gain.

Peter said there is no end in sight and no signs that the rising prices we’re seeing are about to stop.

You have to really go back to the 1970s to see this type of inflation data.”

And it’s difficult to even make a comparison to the 70s given the dramatic changes in how the government calculates CPI.

Peter said it’s possible we could see 10% inflation by the time we get to the end of the year because he anticipates even more price increases as the year goes on. Some companies have likely held off raising prices. The 1.8% gap between producer prices and consumer prices reveals this. But once companies realize this isn’t a transitory phase, they’ll throw in the towel and hike prices.

It is certainly possible that we can finish 2021 with 10% CPI, which would rank it as bad as any of the years that we had during the 1970s. Except 10% in 2021 is not 10% in 1971 or 1979 because this is not your grandfather’s CPI. This is a completely different CPI that is completely rigged and reverse engineered. If we actually have 10% inflation, if we measured prices the way we did back in the 1970s, it’d probably be 15 or maybe 20% inflation.

The bottom line is that we are currently enduring a rising cost of living comparable to what we experienced in the 1970s with the potential for it to get much worse.

The underlying fundamentals are much worse today than they were back then. And the ability of the Federal Reserve to do something about inflation is substantially reduced from the position that we were in back in the days of Paul Volker and Ronald Reagan.”

That’s the thing the markets don’t seem to get.

If the dollar is losing value, the logical reaction would be to sell dollars. But the dollar index charted its best daily gain in more than a month after the CPI data came out. And you would expect gold to go up. But it fell initially on the CPI data. On the news of higher-than-expected inflation, investors sold an inflation hedge (gold) and bought dollars.

Because everybody believes the Fed is honest in their view that inflation is transitory, to the extent that there is evidence that suggests that it’s not transitory, the markets expect the Fed to change its policy and to adopt a tighter monetary policy in response to this unexpected pickup in inflation, some evidence that maybe it’s not transitory, and so the Fed is then going to raise rates sooner than the markets expect. It’s going to taper its asset purchase program sooner than the markets expect. So, this corresponds to tighter monetary policy.”

Tighter monetary policy signals to currency traders “buy the dollar.” Similarly, tighter monetary policy is generally considered a negative for gold. But Peter said people aren’t looking at the big picture and considering whether it’s possible for the Fed to tighten monetary policy.

It is not. That is why I’ve said the Federal Reserve does not think inflation is actually transitory. I think it knows that it’s not transitory. It just knows not to admit that because it also knows that it can’t do anything about it.”

If the Fed could actually do something about inflation, it would have already done it.

If they could have nipped it in the bud, they would have done it. The reason they haven’t done it is because they can’t. And because they can’t fight inflation, that’s why they have to pretend that it’s transitory. Because if they could fight it, now is the time to do it. Don’t wait for it to get bigger. Don’t wait for inflation to get stronger to try to take it on. You want to nip it in the bud while it’s still a little baby.”

Where will inflation actually be by the time the Fed caves and admits that it isn’t transitory? That’s a frightening scenario to ponder. With rates at zero and inflation at 10%, real interest rates would be at -10%. A 1% hike in the interest rate would only bring real rates to -9%. Is that going to tame inflation? You’d need to bring rates to 11 or 12% to get real rates positive.

There is no way the Fed can get anywhere near there given the level of debt, given the short-term nature of all the debt. … So, the Fed is all bark and no bite when it comes to inflation.”

end

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

Mathew Piepenburg…

Wells Fargo And Repo Markets Screaming Liquidity Crisis About To Unfold!

July 13, 2021

Wells Fargo and the repo markets are screaming a liquidity crisis is about to unfold!

Wells Fargo and the Repo Markets: Screaming Signs of a Liquidity Crisis
July 13 (King World News) – 
Matthew Piepenburg at Matterhorn Asset Management (based in Switzerland):Every market crisis ultimately boils down to a liquidity crisis, namely: Not enough fiat dollars to keep the financial wheels sufficiently greased.

Below, we look at two warning signs from Wells Fargo and the reverse repo market which warn of precisely that: a liquidity crisis.

From Debt Binge to Credit Crunch: A Chronicle of Excess

In a world in which consumers, corporations, and sovereigns have confused (falsely-signaled) debt-basedgrowth asactualgrowth, a liquidity crisis (bubble to burst) is not a theoretical debate, but a mathematical certainty.

For years, self-serving politico’s, central bankers, Wall Street sell-siders, and a woefully unsophisticated cadre of main stream financial “journalists” have endeavored to downplay this rise-and-“pop” certainty by deliberately ignoring the $280T debt elephant in the global living room.

Of course, that debt, for years, has been “monetized” by increasingly debased currencies and rising money supplies created literally out of nowhere—i.e., from central bank mouse-clicks rather than productivity, evidenced by the embarrassing fact that global GDP is less than 1/3 of the global debt.

Needless to say, money (i.e., “liquidity”) created out of thin air, and then justified with even thinner (yet comfortably titled) policies like Modern Monetary Theory has its temporary charms.

It Was the Best of Times…
Risk assets—namely stocks, bonds and real estate– love easy money, be it printed out of nowhere or lent at rock-bottom (and artificially repressed) interest rates.

For years, the big boy corporations on the major exchanges have been borrowing trillions per annum to buy their own stocks and/or pay dividends, which naturally makes stocks go up rather than down.

In short, when money is flowing, risk assets rise on a rising tide, even if that tide is artificial, “printed,” pretended or extended (yet ultimately a source of financial drowning).

It Was the Worst of Times…
In the meantime, those good-time rising tides benefit an increasingly smaller segment of the social-contract, which explains why historical levels of wealth inequality have led to equally inevitable (and rising) tides of social unrest.

Economics Matters—History Turns on “Dimes”
Despite the fact that such appalling debt dangers existed longbeforeCOVID, the “experts” now conveniently blame our fractured societies (and growing debt burdens) on a pandemic while distracting the masses with a media that is far more obsessed with transgender bathroom rights, racial headlines, the latest COVID variant and the sorrows of Prince Harry than they are with the fact that our financial system is rotting right below our feet.

This financial rotting has real consequences for society not just market analysis.

After all, social unrestalwaysfollows financial unrest (and inequality), despite the perpetrators’ best efforts to shield themselves from blame…

Transparency Matters—But It’s Gone
Of course, as every magician (or covert operative) knows, the best way to pull off a trick is to distract the audience from the real slight-of-hand, allowing the hocus-pocus of a self-inflicted financial disaster to hide from immediate view via lies of omission rather than the courage of accountability.

Perhaps the greatest of these lies was the daily-telegraphed message that extreme money printing and debt expansion was only “temporary” and “under control” as opposed to a full-out addiction which always ends in a fatal financial overdose.

For years, we’ve been told that $28T in global central bank money printing was not inflationary, and finally, when that inflation did rear its head, we’re now being told it’s only “transitory.”

Most, however, know better.

Swapping One Addiction for Another
Frankly, even the central bankers themselves (from Yellen to Powell) are finding it harder to whistle past (or double-speak through) the graveyard of debt and dying dollars which they alone created through appalling balance sheet expansion (addiction) like this:

There is even talk of central bank “tapering,” as these bankers run out of excuses, credibility and options to justify more money printing.

But if one addiction loses its source, there’s always a new drug pusher (and “liquidity” source) to step up, and in a global financial system marked by an addiction to easy money (rather than needed austerity or actual productivity), the newest addiction to replace Fed money printing is now government deficit spending.

That is, extreme fiscal policy is gradually replacing (or at least joining) extreme monetary policy to keep dollars flowing and hence a slowly tanking financial system momentarily “greased” with yet another deadly liquidity “fix.”

Just like we saw QE 1 fatally morph from QE2-4 into “Unlimited QE,” we shall soon see fiscal policy 1 morph into unlimited “fiscal policy” at a nation-state near you; beginning, of course, with Biden et al.

But as we’ve said many times elsewhere, addiction—be it to monetary stimulus or fiscal stimulus—always ends the same way: One either quits or dies.

Again, even the bankers and a small handful of brain-celled politicos know this, which is why we are starting to see signs of a genuine hangover (i.e., crash) in our artificial yet liquidity-addicted financial system.

As for these flashing warning signs, let’s just consider two recent tremors percolating below our feet: 1) Wells Fargo and 2) the reverse repo market…

  1. Wells Fargo Welches in Panic

We’ve made many prior warnings regarding the objective evidence of banking risk in the global financial system, and despite Basel III’s virtue signaling, we also warned that those risks were anything but “transitory.”

In fact, even the big boys in the big banks are getting nervous—as well as ahead of—the credit crunch they see coming after years of benefiting almost exclusively from a credit binge which they themselves engineered.

In short, the liquidity they once relied upon is drying up.

Thinking always of themselves first and clients second, Wells Fargo just announced that they are permanently suspending/closing all personal lines of credit (from $3k to $300K) in the coming weeks.

Yes. That’s kind of a big deal…

Wells Fargo is effectively confessing that they are worried (seriously worried) about inevitable credit/loan defaults on their consumer credit lines for which they charge interest at anywhere from 9% to 21% (and who thought usury was dead?).

Why the sudden change of heart at that oh-so generous bank?

Because Wells Fargo is worried about a crisis ahead—namely aliquiditycrisis.

Nor is Wells Fargo alone, even many insider businesses (i.e., publicly-traded fat cats) who benefit from the best loan terms are taking on less debt.

Why?

Because their massive debt exposures have just gotten too big to ignore, and they have no choice but to borrow less rather than more…

Of course, less borrowing means less lending, and less lending means tightened credit, and tightened credit means a credit crunch (i.e., liquidity crisis), and a credit crunch in a world/market addicted to credit (i.e., debt) means ”uh-oh” for risk assets like stocks, bonds and real estate.

Meanwhile, as Wells Fargo hunkers down for the pain ahead, JP Morgan, one of the smartest insiders in the entire (rigged) banking system, is beginning to carefully hoard and stockpile cash ($500B) and moving more to the safety of short-term bonds.

Why?

Well, they’d like to have some dry-powder when risk assets tank and rates rise, for the best time to buy is when there’s blood in the streets; and the best time to lend is when inflation and rates are rising, not falling.

But more to the point, JP Morgan (like Wells Fargo) sees a liquidity crisis on the horizon…

But what suddenly tipped them off?

Let’s talk about the Reverse Repo market…

  1. The Reverse Repo Market—Banks Losing Trust in Each Other

Signals from that esoteric (and hence media-misunderstood) corner of the banking system known as the repo market have been making neon-flashing warning signs.

Traditionally, the reverse repo market is where banks went to borrow from banks, typically offering collateral (US Treasuries) for some short-term liquidity—i.e., money at low rates.

But in September of 2019, those rates spiked dramatically for the simple reason that banks began distrusting each other’s credit risk and collateral. That’s a bad sign.

What is happening now is that the Fed, rather than the commercial banks, are taking a much greater role in back-stopping this increasingly fractured intra-bank repo (credit) market.

And unlike retail clients paying double-digit rates for credit lines, the Fed has lifted the interest (IER) they pay to banks (no shocker there) as banks are parking more money at the Fed where they are exchanging cash for Treasuries in a now unignorable flight to safety.

As a result, the repo market has skyrocketed as banks are parking nearly $1T per day at the Fed, which is 3X the normal operational amount.

This is a screaming sign of counter-party risk among the banks themselves, whose last hope is the Fed, not each other.

And why are the too-big-to-fail banks looking for low-rate handouts and T-bills from these grotesquely bloated (and Fed-supported) repo markets?

Because they see a crash coming and are bracing for the transition from credit addiction to credit crunch—i.e., less “liquidity” to grease the broken wheels of overheated credit system.

Risk Assets Facing Real Risk
What does this mean for the great inflation-deflation debate?

Well, a liquidity crisis is never good for risk assets like stocks, which will see a price decline and hence “deflation;” but don’t confuse that with the real-world notion of inflation—namely rising prices for the things most mortals need to live.

As more banks are swapping T-bills as collateral from the Fed rather than each other for cash, this means massive amounts of money (“liquidity”) is comingoutof the system.

The money markets are moving massive amounts of dollars to the Fed, which means bank reserve accounts are moving from the banks to the Fed itself; this, in turn, means less bank reserves and hence less bank lending—i.e., a credittighteningrather than creditbinging.

Such reduced “liquidity,” as mentioned above, is a very bad omen for risk asset markets…

Gold’s Direction and Meaning
As for gold, when markets tank, gold can follow, but with far less depth and speed. Many tapped out investors are forced to sell safer precious metals to cover risk asset losses, and the pinch to gold is temporary yet real when markets tank.

But as deflation hits the exchange prices, inflation in the price of everything else continues its slow climb north, which gold eventually and consistently follows.

In short, in a crisis, gold ultimately shines brightest as its inherent value is inherently superior to tanking currencies, stocks and other risk assets.

As liquidity dries up in a credit crunch, the trend will be disinflationary, but please remember that disinflation is not deflation; it’s a just slower rate of inflation.

Between 1972 and 74, for example, when risk assets tanked in nominal terms by 50% (“deflationary”), consumer prices had risen by 10% (“inflationary”).

Informed gold investors have known for years that the banking system is deeply flawed and that at some point a monetary collapse far greater than the GFC of 2008 isinevitable, which, by the way, does not meanimminent.

Preparation is Wiser than Timing
But for goldinvestors(rather than traders/speculators), timing is not the motive,preparationis.

When the monetary system implodes (for which the foregoing warning signs from Wells Fargo to the repo markets are merely the first tremors), gold will be far kinder than currencies and traditional risk assets.

The obvious question today is how much deficit spending (inflationary, by the way) will governments commit to in order to fill the gap of dollars now comingoutof the commercial banking system?

Again, we already know that commercial bank lending (and credit availability) is down:

Meanwhile, M2 money supply, compliments of deficit spending, was up 25% in 2020 as governments monetized their debt with, alas, more debt…

As hinted above, are we transitioning from unlimited QE to unlimited deficit spending to “solve” liquidity crunches? Are we coming out of one type of addiction and heading into another?

The sad answer is yes, and again, we all know how addictions end.

In short, what we seeing in the repo market will not be the cause of the next yet inevitable implosion, but is merely a dying canary in financial coal mine:

In short: The markets are handing investors a clear warning signal of a liquidity crisis and hence market crisis.

Who will heed it?…This will link you directly to more fantastic articles from Egon von Greyerz and Matt Piepenburg CLICK HERE.

 

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

:

ii) Important gold commentaries courtesy of GATA/Chris Powell

LBMA asking European banking authority to exempt bullion banks from Base iii  just as the uK did

(GATA)

LBMA hopes European Banking Authority will exempt bullion banks from Basel 3 as UK just did

 

 

 Section: Daily Dispatches

 

8:28p ET Thursday, July 15, 2021

Dear Friend of GATA and Gold:

Having just gotten from the Bank of England an exemption from the “Basel 3” protocol that threatened to make the “paper gold” business prohibitively expensive for bullion banks, the London Bullion Market Association announced yesterday that the European Banking Authority has agreed to consider reducing the burden that Basel 3’s “net stable funding ratio” imposes on bullion banks in the European Union.

The LBMA statement added that the organization is “exploring further lobbying efforts” with other jurisdictions about the Basel 3 burden.

The LBMA report, headlined “Net Stable Funding Ratio: Update,” said:

“European Union: Following a request by LBMA to the European Commission, an assessment is being carried out by the European Banking Authority (EBA). The EBA shall assess whether it would be justified to reduce the net stable funding ratio for assets used for providing clearing and settlement services of precious metals or assets used for providing financing transactions of precious metals of a term of 180 days or less. The assessment will be published in November 2021.

“Other Jurisdictions Through the support of LBMA members, LBMA is exploring further lobbying efforts with other jurisdictions given that the data LBMA holds is new, and was not available when the policy decisions were made.”

The report is posted at the LBMA’s internet site here:

https://www.lbma.org.uk/articles/net-stable-funding-ratio-update-1?_cldee=cm9zcy5hLm5vcm1hbkBtZS5jb20%3d&recipientid=contact-0f46f9024fa4e71180d6005056b11ceb-d3d48bf8c79b447389cdb7b199219fe2

Whoever it was in the Bank for International Settlements who managed to insert into the Basel 3 protocols the provisions so threatening to “paper gold” does not seem to be on top today.

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

-END-

J Johnson’s commodity report

Investment Doubts On The Rise

Posted July 16th, 2021 at 8:32 AM (CST) by J. Johnson & filed under Gold Premium.

Great and Wonderful Friday Morning Folks,

     Gold’s price is lower in the early morning with the last trade at $1,817.10, down $11.90 and not surprisingly right at the low of London at $1,816.20 after the price reached up to $1,832.70. Silver is leading the decline with its trade at $26.13, down 26.4 cents et tu, right after the London low was put in at $26.07 and after the price reached $26.55. The US Dollar is having a hard time staying erect, especially after J. Powell spoke in front of the senate yesterday with the last calculation placed at 92.695, up 6 points with the London high at 92.72 and the low at 92.53. Of course, all this happened before 5 am pst, the Comex open, the London close, and after an Arizona state senator insists all Biden electors be recalled to Arizona with the demands for a new election to be held following Thursday’s stunning revelations at their forensic audit hearing.

      In Venezuela, Gold’s early morning price shows a 21,047,599 Bolivares pull with the last trade at 6,125,507,231 with Silver at 88,066,694 Bolivares, proving a loss of 467,394. Argentina’s latest price for Gold also shows a 792.93 pull with its last trade at 174,777.20 Peso’s with Silver buyers seeing a 15.41 A-Peso pull with its last price at 2,513.34. Turkey’s last price for Gold also confirms the international pull as 126.37 Lira’s was removed leaving 15,509.45 for an ounce with Silver seeing a 2.12 pull with the last trade at 223.01 T-Lira’s.

       July Silver’s Delivery Demands now has a total of 554 fully paid for contracts waiting for receipts with a Volume of 21 already up on the board and a trading range between $26.43 and $26.08 with the last buy at the Low of London, down 29.5 cents so far today. Yesterday’s full day of delivery activity happened in between $26.445 and $26.265 with the last buy at $26.38, a gain of 13.4 cents with Comex closing the day out at $26.375 that had a total of 203 swaps the helped reduce the demand count by 269 contracts that might have received receipts. Silver’s Overall Open Interest continues to add more paper as another 282 contracts got added during the Powell hearing bringing the early morning total to 155,894 Overnighters still willing to trade against what is not there.

      July Gold’s Delivery Demands now stand at 129 fully paid for contracts waiting for receipts with a Volume of 3 up on the board and a trading range between $1,831.40 and $1,819.70 with the last trade at the low of London, down $8.70 so far today and while the paper plays the cheaper price game. Thursday’s full day of ICE/Comex deliveries happened in between $1,833 and $1,823.40 with the last trade at $1,828.30, proving a $4 gain with Comex closing the day out at $1,828.40, which contained 81 completed swaps that helped reduce the demand count by 480 contracts that may have received receipts. Gold’s Overall Open Interest proved 9,208 paper contracts left the field of play leaving a total of 496,392 Overnighters to trade against the demands until we successfully remove every ounce from the Crimex.

      What a bombshell hearing the Arizona Senate had yesterday. Many of the frauds we heard about over the last 7 months regarding November’s 2020 election, have been brought out during this forensic audit; 74,000 mail-in ballots received, but no record of 74,000 mail-in ballots sent? … 11,326 voters NOT on voter rolls on November 7, but WERE on the voter roll on December 4, and were marked as VOTED in November 3 election. Youtube even pulled the hearing from its viewership, but that didn’t stop much as many were already prepared to view it on Rumble.

      No Arizona Senator on the Democratic side even bothered to show up for the hearing either, and now we have indictment talks going on as Arizona Attorney General Mark Brnovich considers going after those that went to the cemeteries to raise the “dead” in order to vote. The Board of Electors must have had a wonderful night knowing they are about to be arrested since they still refuse to turn over the routers, or even cooperate. Is that pleading the 5th? My personal favorite was the confirmation of Sharpie-Gate.

      What happens from here? Law and Order baby. The slow grind is providing results. No wonder Biden went to Pennsylvania to protest their forensic audit. Georgia is next up, and there’s a great video about it, as we all find out together how corrupted our elections really are. I thank Hillary Clinton for telling everyone the election had foreign interferences, every day, since 2016. Then again, I thank every loser since I started voting, because almost each and everyone of them claimed the election was rigged, yet the winner never did anything about cleaning it up, until now.

      Investment doubts should really start to pick up from this point forward. How much longer will precious metals stay grounded with a sharply higher Dollar when fear, uncertainty, and doubt, are everywhere? By the way, Lee Justo, from Reddit’s Wall Street Silver Apery will be talking with the JSMineSet boys tomorrow and will be posted on the public side this Sunday.

      Have a wonderful weekend, pile on more shiny while you can, have a prayer for all, and a smile for everyone you see. As always

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

end

 

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

i) Chinese yuan vs usa dollar/CLOSED DOWN AT 6.4705 

 

//OFFSHORE YUAN 6.4723  /shanghai bourse CLOSED  DOWN 25.29 PTS OR 0.71% 

HANG SANG CLOSED DOWN 8.41 PTS OR 0.03 %

2. Nikkei closed DOWN 276.01 PTS OR 0.98%

3. Europe stocks  ALL MIXED

 

USA dollar INDEX UP TO  92.70/Euro FALLS TO 1.1800

3b Japan 10 YR bond yield: RISES TO. +.021/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.17/ 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:: 71.72 and Brent: 73.58

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund 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 : 0.68

3k Gold at $1818.45 silver at: 26.12   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP  23/100 in roubles/dollar) 74.16

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 110.17 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 .9193 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0849 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 0.344%

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 1.321% early this morning. Thirty year rate at 1.950%

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

6.  TURKISH LIRA:  UP  TO 8.53..  VERY DEADLY

Futures Rebound As Op-Ex Gamma Trapdoor Looms

 
FRIDAY, JUL 16, 2021 – 07:55 AM

US equity futures rebounded from yesterday’s slide and losses of as much as -0.3% overnight on dismal volumes, as 10Y yields rose up to 1.335% and the dollar pushed higher. At 7:15 a.m. ET, Dow e-minis were up 51 points, or 0.14%, S&P 500 e-minis were up 7.75 points, or 0.17%, and Nasdaq 100 e-minis were up 34 points, or 0.23%.

Volatility shrank, but with today’s op-ex seeing a third of SPX gamma expiring, there is a chance volatility may spike, and with the vol trigger level just below spot, there may be some market turbulence today.

Investors piled on economically sensitive energy, banks and travel stocks ahead of key retail sales data that will likely miss expectations of a marginal -0.3% decline based on the latest BofA debit and credit card spending data.

Rate-sensitive banks such as Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley rose between 0.2% and 0.3%, tracking a rise in benchmark 10-year Treasury yield, after sliding following what many saw as strong earnings despite billions in reserve releases.  Oil stocks Chevron, Diamondback Energy, Exxon Mobil, and Halliburton gained between 0.7% and 0.9%. Here are some other notable premarket movers:

  • Moderna (MRNA) gains 8% after the vaccine maker was named to the S&P 500 Index in one of the most noteworthy additions to the index since Tesla Inc. joined late last year.
  • Intel (INTC) added 0.9% after a media report the chipmaker is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion.
  • Didi Global (DIDI) drops 7% after China dispatched a team of officials to conduct on-site inspections at the firm as part of a probe into the ride-hailing giant.
  • Fibrogen (FGEN) slumped 35% in premarket trading after the U.S. FDA Advisory Committee voted against approving roxadustat for the treatment of anemia.
  • AMC climbed 5.2% in premarket trading Friday, extending their gains of more than 7% from yesterday as stocks favored by retail traders are broadly higher. Other so-called meme stocks that are trading higher this morning: TDH Holdings +5.2%, GameStop +4.2%, Sgoco +4.5%, Arrival +3.6%, Marin Software +3.7%, Senseonics +2.9% and ContextLogic +2.6% as of 7:04 a.m. in New York

The S&P 500 energy sector index has declined 5% so far this week and is the top loser among the 11 major sectors, followed by consumer discretionary and materials. On the other hand, defensives utilities, real estate and consumer staples were the top gaining sectors, as a spike in coronavirus cases, led by the new Delta variant across the globe, reignited worries about a delay in the economic recovery. Los Angeles County will reimpose its mask mandate this weekend in the latest sign that public health officials are struggling with a rise in cases to worrisome levels in many parts of the United States.

The Russell 2000 small cap index dropped 0.6% to a near two-month low. Once-booming SPACs, or “blank check companies”, were completely out of favor, with the Ipox Spac index hitting a seven-month low. Instead investors flocked to bonds, after Federal Reserve Chair Jerome Powell reiterated that rising inflation is likely to be transitory and that the U.S. central bank would continue to support the economy.

“At least for the next 12 to 18 months, we’re going to be living in a period of heightened inflation pressures,” Sean Darby, a global equity strategist at Jefferies, said on Bloomberg Television. “The good news is at least for the next 12 months, I don’t think the profit cycle is going to pull the rug from under the feet of equity investors. It’s still a reasonable environment for equity markets to outperform other asset classes.”

European equities were a mirror image of US futures, turning red after reversing earlier gains and now trading near session lows as basic resources, consumer products and services, and industrials lead the drop while travel was the strongest sector, followed by real estate and utility names. The DAX rose 0.3% and Spain’s IBEX was up 0.4% fading a gain as much as 1% in early trade. Here are some of the biggest European movers today:

  • Sinch shares soar as much as 11.8% after company reported 2Q adj. Ebitda that beat average analyst estimate.
  • Getinge shares gain as much as 4.1% to a record high following its second- quarter earnings, which Handelsbanken says were “impressive.”
  • DCC shares rise as much as as 3.9%, the most since March 18, after the company’s 1Q trading update, and RBC (outperform) sees valuation as a buying opportunity and the potential for positive M&A news.
  • Ericsson’s shares slump as much as 10.4%, their worst day in over one year, after the telecom equipment maker’s 2Q adjusted operating profit misses estimates and co. says it sees hit to China market share.
  • AstraZeneca shares fall as much as 2% to a week low after the U.S. FDA Advisory Committee voted against approving its roxadustat for the treatment of anemia. While investor expectations were already low, the decision “still dents sentiment,” Jefferies said.
  • Dometic shares tumble as much as 9.6%, most since April 2020. The recreational-vehicle equipment maker’s “somewhat disappointing” 2Q results will probably raise questions about its performance compared with the market, according to Morgan Stanley.
  • Burberry shares fall as much as 4.7% after the U.K. trench-coat maker’s 1Q sales update failed to impress and as investors remained focused on the risks ahead for a company that hasn’t completed its turnaround yet and now needs to find a new CEO.

Earlier in the session, Asian shares headed lower as profit-taking in Taiwanese chip giant TSMC, despite record profits, weighed on other tech firms and broader risk sentiment. TSMC, Asia’s biggest firm by market capitalization outside China, fell almost 4% following its earnings on Thursday. While the world’s largest contract chipmaker posted record quarterly sales and forecast higher revenue for the current quarter, investors took profits, fearing its best times could already be behind it.

“Its earnings were excellent and to me, the market seems to be a bit overreacting,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “But the fall in its profit margin led to the view that its growth momentum might be peaking out.”

TSMC’s fall weighed on many other semiconductor related shares in the region, with South Korea’s Kospi down 0.6% and Japan’s Nikkei losing 1.1%. Weakness in chip-related shares also helped to bring down the S&P 500 0.33% and the Nasdaq Composite 0.70% on Thursday.

Sentiment was also dented after President Joe Biden said his administration will warn U.S. companies about the risks of doing business in Hong Kong. The MSCI Asia Pacific Index dropped as much as 0.5%, dragged down by the information technology and consumer discretionary sectors. China’s liquidity-sensitive ChiNext retreated almost 3%, while the CSI 300 lost more than 1%. Biden said his administration will issue an advisory cautioning U.S. companies about the risks of doing business in Hong Kong because of “what may happen” as China continues to tighten its control over the territory. “This sends the signal that investors will likely have to dust off their playbooks from the Trump presidency,” said Olivier d’Assier, head of APAC applied research at Qontigo GmbH. “In the near-term, risk appetite may decline, while investors evaluate where new longer-term risks may emerge.”

Investors “will be assessing whether developments like the recent regulatory campaign against tech firms in China and U.S. listing restrictions may continue to occur in the coming months,” d’Assier said. Hong Kong stocks erased losses after Bloomberg News reported that China will exempt companies going public there from first seeking the approval of the country’s cybersecurity regulator, removing one hurdle for businesses that list in the Asian financial hub instead of the U.S. The Hang Seng Index finished little changed. The MSCI Asia Pacific gauge is still on track for its best weekly gain since the end May after falling for two straight weeks. Benchmarks in China and Japan were among the biggest decliners, while those in Vietnam and Indonesia outperformed.

Japanese stocks also declined after concerns about the outlook for U.S. economic growth weighed on Wall Street. Shares in Tokyo held losses after the Bank of Japan left its 10-year bond yield target unchanged. The Topix fell for the third day, dropping 0.4% to 1,932.19. Sony Group contributed the most to the decline, decreasing 2.2%. Eisai had the largest drop, falling 13% after two major hospital systems in the U.S. and a group of health insurers said they wouldn’t administer Biogen’s Alzheimer’s disease medicine. The Nikkei closed at 28,003.08, down 1%. Fast Retailing, which has the largest weight on gauge, dropped 2.6% after the Uniqlo operator missed quarterly profit expectations and cut its forecasts for the full year. Today, 1,056 of 2,187 shares fell on the Topix, while 1,006 rose; 21 of 33 sectors were lower, led by electric appliances stocks. Nobuhiko Kuramochi, a market strategist at Mizuho Securities, said a jump in Covid-19 cases continued to weigh on investor sentiment. Tokyo’s new infections tallied 1,308 on Thursday, the most since January, when the capital was experiencing its worst wave of the pandemic. “There’s worry over the spike in coronavirus cases,” Kuramochi said. “It’s possible the state of emergency won’t be lifted early, which would worsen expectations for economic growth in July-September.”

In rates, treasury yields rose and the curve steepened, paring some of the flattening over the past two days. Treasuries were cheaper by as much as 3bp at long end of the curve after facing pressure during Asia session and London morning as U.S. stock futures recouped some of Thursday’s losses. The long-end-led losses steepen 2s10s by ~1.5bp, 5s30s by ~1bp; 10- year yields around 1.322% are cheaper by 2.3bp on the day but still more than 3bp lower on the week and nearer the rich end of 1.29%-1.42% range. Bunds, gilts outperform by 3bp-5bp, narrowing gaps that opened as Treasuries rallied during U.S. afternoon Thursday; S&P 500 futures have erased less than half of Thursday’s 0.4% drop. Focal points include retail sales data and potential for rate-lock flows linked to next week’s credit offerings to influence price action.

Bond yields rose after tumbling earlier even as the latest US data showed consumer inflation hitting its highest in 13 years. “Short positions in bonds simply don’t work, so much so that you just lose vigour,” said Arihiro Nagata, general manager of global investment at Sumitomo Mitsui Bank. “You can’t fight the Fed when there is such a massive easing.”

In FX, the Bloomberg Dollar Spot Index hovered and the greenback was mixed against its Group-of-10 peers. In rates, the New Zealand dollar led gains after inflation data jumped above the central bank’s target band, adding to the case for an August rate increase. Westpac Banking Corp. forecasts three RBNZ hikes by year-end.

“Delta variants are raging in countries where vaccination is limited. In a way, the dollar and U.S. assets appear to be bought as a hedge against that,” said Sumitomo Mitsui’s Nagata.

The pound advanced even as the U.K, held out the prospect of restoring some Covid-19 restrictions amid a surge in new cases, just three days before it plans to drop all remaining social distancing rules. Bearish bets in the pound over the short-term may pick up again as virus concerns come to the forefront. The yen declined against the dollar after rising for two straight days and was the worst G-10 performer; Japan’s government bonds fell, erasing earlier gains after the BOJ kept its main policy setting unchanged as expected and laid out details for its climate-linked funding measures

In commodities, West Texas Intermediate crude contracts rose Friday, but remained on course for the biggest weekly drop since March amid uncertainty over an OPEC+ deal to boost supply. Reuters reported on Wednesday that Saudi Arabia and the United Arab Emirates had reached an accord that should pave the way for a deal to supply more crude to a tight oil market. A deal has yet to be finalized and the UAE energy ministry said deliberations are continuing.

Bitcoin ground lower for a second day, sliding to $31,000.

Looking at the day ahead, data highlights from the US include the aforementioned June retail sales print and the University of Michigan’s preliminary consumer sentiment index for July. Meanwhile from Europe, we’ll get the Euro Area trade balance for May, the final Euro Area CPI reading for June. Central bank speakers include New York Fed President Williams, and today’s earnings releases include Charles Schwab.

Market Snapshot

  • S&P 500 futures little changed at 4,353.25
  • STOXX Europe 600 up 0.2% to 456.97
  • MXAP down 0.4% to 205.03
  • MXAPJ down 0.4% to 686.30
  • Nikkei down 1.0% to 28,003.08
  • Topix down 0.4% to 1,932.19
  • Hang Seng Index little changed at 28,004.68
  • Shanghai Composite down 0.7% to 3,539.30
  • Sensex down 0.2% to 53,032.05
  • Australia S&P/ASX 200 up 0.2% to 7,348.12
  • Kospi down 0.3% to 3,276.91
  • Brent futures up 0.2% to $73.60/bbl
  • Gold spot down 0.4% to $1,822.55
  • U.S. dollar index little changed at 92.62
  • German 10Y yield fell 0.2 bps to -0.336%
  • Euro little changed at $1.1806

Top Overnight News from Bloomberg

  • The Bank of Japan switched its bond purchase plan to quarterly from monthly to help revive the market, Governor Haruhiko Kuroda told reporters
  • Automakers sold almost 2 million fewer cars in Europe during the first half compared with two years ago, as the industry’s recovery in the region falls short of the rebound seen in the U.S. and China
  • The ECB is likely to limit changes to its monetary policy to words at next week’s meeting, leaving decisions on future bond-buying until the economic outlook clears, according to a Bloomberg survey of economists
  • Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook
  • The Bank of England’s asset-buying program risks stoking inflation, widening inequality and has done little to boost economic growth since it began over a decade ago, members of Parliament’s upper chamber concluded

Quick look at global markets courtesy of Newsquawk

Asian stocks were subdued as the region took its cue from the lacklustre performance across global peers amid lingering growth slowdown concerns and ongoing US-China tensions, with the Biden administration preparing sanctions on Chinese officials over the Hong Kong democracy crackdown. The ASX 200 (+0.1) was flat with sentiment not helped by the lockdown affecting Australia’s two most-populated cities, and with underperformance in commodity names after weak quarterly updates from Rio Tinto and Evolution Mining, although the losses for the index were later pared by resilience amongst defensives. The Nikkei 225 (-1.0%) briefly retreated beneath the 28,000 level as participants awaited the BoJ policy announcement – which turned out to be a damp squib and offered little surprises as the central bank kept policy settings unchanged and lowered the growth forecasts for the current fiscal year as expected. That being said, there were notable losses for the likes of index heavyweight Fast Retailing despite an increase in 9-month profits, as it also trimmed FY revenue guidance, and Eisai was the worst hit after the Institute for Clinical and Economic Review unanimously voted that there is no evidence the Aduhelm Alzheimer’s drug, which the Co. partners with Biogen on, has any benefits beyond usual care. Hang Seng (U/C) and Shanghai Comp. (-0.7%) conformed to the uninspired mood on continued tensions with US President Biden set to warn investors about Hong Kong and with the US also preparing sanctions (in line with prior source reports), while President Biden earlier noted that the situation in Hong Kong is deteriorating and the Chinese government is not keeping its commitment. China also denied a request for US Deputy Secretary of State Sherman to meet with her Chinese counterpart during a proposed visit to the country, although reports that China is planning to exempt Hong Kong IPOs from cybersecurity reviews later provided tailwinds for the HKEX. Finally, 10yr JGBs are lower after the jittery price action in T-notes which pulled back from yesterday’s gains and with prices not helped following the BoJ policy meeting where it also outlined details of its zero-interest climate loans scheme.

Top Asian News

  • China Dispatches Officials to Inspect Didi’s Data Security
  • UST Curve Rises Before Retail Sales Print; BOJ Maintains Policy
  • BOJ Joins Global Climate-Change Fight With Green Loan Help
  • TSMC Tumbles as Margin Concerns Outweigh Strong Demand

Bourses in Europe have held onto the relatively mixed picture seen at the cash open (Euro Stoxx 50 -0.3%), with price action somewhat choppy in recent trade. US equity futures remain flat across the board, with the RTY (+0.3%) recovering a touch more following yesterday’s underperformance. News flow has been light thus far, with no headline driving the price action. However, the lessening dovish/increasingly hawkish rhetoric among some of the “non-core” G10 central banks is indeed worth keeping on the radar – with Westpac now expecting the RBNZ to hike its OCR three times this year following the NZ CPI metrics. Overnight Indexed Swaps (OIS) now pricing two full 25bp OCR hikes by year-end. Back to Europe, sectors are mixed with no apparent risk profile nor overarching theme, and essentially a reversal of yesterday’s performance. Travel & Leisure resides at the top after the sector lagged in the prior session, whilst Oil & Gas makes its way up the ranks as the broader crude complex gains traction. Telecoms is at the bottom of the pile on the back of Ericsson (-7.9%), whose share slumped after revenues missed analyst forecast. However, the group said it remains cautiously optimistic for the rest of the year. The morning saw a pickup in European earnings, with Richemont (-0.9%) yielding gains of some 2% seen at the cash open with some possible profit taken, whilst others are citing concerns on the outlook ahead. Puma (-2%) opened lower despite raising its 2021 outlook after noting supply chain constraints due to container shortages and port congestion. Elsewhere, Deutsche Bank (-0.3%) is pressured after FT sources stated the Co. might have mis-sold foreign exchange derivatives to between 50 and 100 companies in Spain, suggesting the scandal is wider than previously thought. Finally, in terms of US M&A, Intel (+0.9% pre-market) is said to be in talks to acquire GlobalFoundries for around USD 30bln, according to WSJ.

Top European News

  • Russia Bars News Site That Said Putin May Have Secret Child
  • Swedbank Profit Tops Estimates Amid Record Commission Income
  • BOJ Joins Global Climate-Change Fight With Green Loan Help
  • Burberry Drops as 1Q Fails to Impress, Investors Focus on Risks

In FX, the Kiwi has not advanced on its post-RBNZ peaks vs its US counterpart, but has forged fresh highs against the Aussie in wake of blistering NZ inflation data overnight. To recap, CPI rose well above consensus in Q2 and the Bank’s own forecast to breach the upper end of its 1-3% target band for the first time in a decade, justifying the decision to curtail QE at the end of next week and the assessment that risks are now skewed towards an overshoot of the RBNZ’s policy remit. In response, Nzd/Usd has reclaimed 0.7000+ status and the Aud/Nzd cross is probing 1.0600 to the downside, as Aud/Usd continues to lag under 0.7450 amidst the renewed COVID-19 outbreaks and lockdowns that have dented economic recovery momentum and the hitherto upbeat outlook.

  • USD/GBP/CAD – Kiwi outperformance and relative strength in a few other major rivals aside, the Greenback is holding ground amidst a reversion to bear-steepening along the US Treasury curve, with the DXY looking more solid above 92.500 having eclipsed yesterday’s intraday peak within a 92.720-528 range. However, the index and broad Buck remain off best levels recorded after the latest surge in inflation (92.832 on Wednesday in the case of the former) as the spotlight switches to consumption and the last scheduled Fed speech before the start of the blackout period for July’s FOMC from Williams. Conversely, the Pound has rebounded quite firmly following a deeper retreat from its recent peaks, while also taking advantage of a rather lethargic Euro as Cable trades above 1.3850 vs sub-1.3800 and Eur/Gbp circa 0.8525 compared to 0.8550+. Sterling may be gleaning some traction from a recovery in Brent and the same could be said for the Loonie given WTI’s recovery to just over Usd 72/brl from Usd 71.13, with Usd/Cad paring back from 1.2600 in the run up to Canadian housing starts and wholesale trade.
  • EUR/CHF/JPY – As noted above, the Euro appears somewhat reluctant to deviate far against the Dollar, albeit more responsive to moves elsewhere, as it meanders mostly beyond 1.1800 in tight 1.1820-1.1797 confines, but the Franc and Yen are lagging against the backdrop of recovering risk sentiment due to their stronger safe-haven properties. Indeed, Usd/Chf has peered through 0.9200 again and Usd/Jpy is back on the 110.00 handle after a routine BoJ policy outcome bar revisions to latest Outlook Report forecasts.
  • SCANDI/EM – Some retracement for the Nok vs the Sek and Eur, but only partial compared to the likes of the Try and Zar that are seeing a more pronounced correction from record or extreme bases, irrespective of reports that a Turkish ship opened fire on a Cypriot border guard patrol and ongoing riots in SA that have prompted President Ramaphosa to deploy 25k soldiers in an attempt to diffuse the situation. Meanwhile, the Cnh and Cny seem transfixed with the on-off-on again China-US meeting between the respective Deputy Secretaries of State.

In commodities, WTI and Brent front month futures have rebounded off their overnight and weekly lows, with prices now higher by around USD 0.5/bbl apiece, with the former back above USD 72/bbl (vs low 72.13/bbl), whilst the latter is eyeing USD 74/bbl after confirming support at USD 73/bbl. News flow for the complex has been light of the OPEC+ deliberations, rising cases of the Delta COVID variant, and an expected boom in demand over the summer. As such, in the absence of any macro updates, prices are likely to take their cue from technical and risk sentiment. Elsewhere, spot gold and silver are subdued around USD 1,825/oz (vs high 1,832/oz) and USD 26.15/oz (vs high 26.44/oz), with prices moving in tandem with yields but still within recent ranges. LME copper hold modest gains in a tight parameter after briefly topping USD 9,500/t. Meanwhile, LME nickel high near five-month highs with traders citing robust demand and low supply.

US Event Calendar

  • 8:30am: June Retail Sales Advance MoM, est. -0.3%, prior -1.3%
    • 8:30am: June Retail Sales Ex Auto MoM, est. 0.4%, prior -0.7%
    • 8:30am: June Retail Sales Ex Auto and Gas, est. 0.5%, prior -0.8%
    • 8:30am: June Retail Sales Control Group, est. 0.4%, prior -0.7%
  • 10am: May Business Inventories, est. 0.5%, prior -0.2%
  • 10am: July U. of Mich. 1 Yr Inflation, est. 4.3%, prior 4.2%; 5-10 Yr Inflation, prior 2.8%
  • 10am: July U. of Mich. Sentiment, est. 86.5, prior 85.5; Current Conditions, est. 91.0, prior 88.6; Expectations, est. 85.0, prior 83.5
  • 4pm: May Total Net TIC Flows, prior $101.2b; May Net Foreign Security Purchases, prior $100.7b

DB’s Jim Reid concludes the overnight wrap

A late call-up from the subs bench yesterday and I’m back in the starting EMR line up for a special one-off testimonial Friday appearance. Dusting off the boots, it feels hard to get much of a pulse on the market at the moment with this week in particular feeling like some of the summer lull and illiquidity factors are starting to weigh. That being said overall sentiment was definitely weaker yesterday and Asia this morning has followed suit with equity markets for the most part in the red with the Nikkei in particular down close to 1%. Futures aren’t offering much help in the way of direction meanwhile, wrapped around unchanged on both sides of the pond.

This morning’s BoJ meeting was also uneventful. As expected, policy was left unchanged while the growth forecast for this year was trimmed two-tenths to 3.8% however growth in 2022 was raised to 2.7% from 2.4%. One of the bigger talking points has been the headlines around ESG with the statement showing that the BoJ will purchase foreign-currency denominated green bonds issued by governments and other foreign institutions as part of its overall climate change strategy. Governor Kuroda is due to speak shortly.

With the BoJ out of the way, expect the remaining focus today to turn towards some important consumer data in the US this afternoon with June retail sales and the preliminary July University of Michigan consumer sentiment survey both under the microscope. In terms of the latter, all eyes will be on the inflation expectations readings, which over both the short- and long-run have potentially begun to slip after surging through the first half of the year.

Back to yesterday, and as mentioned at the top, risk-off was the prevailing theme. The spread of the more-infectious delta variant is the key emerging threat for the time being, with Covid-19 cases on the rise again at the global level and in most of the G7 economies. But there’s also been a definite hawkish shift from a number of central banks in recent days that’s brought into focus the issue of how long today’s monetary policy support can be expected to last for. By the close of play the S&P 500 had lost -0.33% and the NASDAQ -0.70% while the price of WTI oil (-2.02%) also fell to $71.65 and the lowest since mid-June. We also saw 10y treasuries fall below last week’s low in yield, touching 1.29% (-4.7bps on the day) and this morning are hovering around 1.32%. Curves have generally flattened too with 2s10s -4.9bps flatter yesterday and 5s30s another -3.0bps flatter.

In terms of newsflow, Fed Chair Powell spoke again although much of his comments were a repeat of the day prior. The Senate Banking Committee pressed him harder on inflation than their colleagues in the House, with Chair Powell saying that the recent pricing pressures are a “shock going through the system associated with the reopening of the economy and it’s driven inflation well above 2%, and of course we’re not comfortable with that.” He again reiterated that much of the price increase are in specific parts of the economy, such as used cars, and expects those to be transitory, while also acknowledging that other things might see price increase that take their place.

Powell wasn’t the only Fed official to speak yesterday. St Louis Fed President Bullard said in an interview that “I think we are in a situation where we can taper”. In contrast, notoriously dovish Chicago Fed President Evans said that the FOMC will talk about tapering for “a couple of meetings at least”, which would take us to November at the earliest. Though even Evans thinks that the US economy will see “substantial further progress” by year-end, which is the taper standard we have heard so far.

In Europe yesterday flatter rate curves were also a consistent theme with the exception of gilts, where hawkish comments from the BoE’s Michael Saunders saw them underperform, with 2yr yields in particular up +6.6bps to their highest level in over a year by the close of trade. That follows the stronger-than-expected CPI reading the day before, and in a speech, Saunders said that “if activity and inflation indicators remain in line with recent trends and downside risks … do not rise significantly … then it may become appropriate fairly soon to withdraw some of the current monetary stimulus”. In terms of the possible options for policy, he mentioned the possibility of ending the asset purchase programme before the full £150bn had been purchased. As a reminder, our UK economist now sees CPI peaking at +3.9% on a year-on-year basis in light of Wednesday’s inflation release, which is almost double the BoE’s 2% target.

Staying with the UK, the virus numbers continued to deteriorate yesterday amidst the spread of the delta variant, with the number of daily cases at a 6-month high of 48,553. It’s very clear that this rise is having an impact on hospitalisations, with the numbers admitted to hospital each day now up by more than 5-fold since the recent low in mid-May (when they fell beneath 100 per day). That said, they are still a fraction of the peak of more than 4,000 a day that we saw in early January. Elsewhere, the number of new cases in Tokyo rose to a 6-month high of 1,308 yesterday, which comes ahead of the Olympic opening ceremony in just a week’s time.

As for data yesterday, in the US it was a bit of a mixed bag. Initial jobless claims for the week through July 10 fell to a post-pandemic low of 360k, though this was slightly above the 350k expected and the previous week saw an upward revision of +13k. Separately, the industrial production numbers for June grew by a smaller-than-expected +0.4% (vs. +0.6% expected), and the previous months’ growth was also revised down a tenth. The two manufacturing surveys showed fairly divergent signals meanwhile with the NY Empire Manufacturing survey coming in at 43.0, way outpacing the 18.0 expected reading and the 17.4 result last month. It was a record reading as new orders and shipments increased dramatically, highlighting the inflationary pressures. On the other hand, the Philadelphia Fed Business Outlook survey fell to 21.9 (28.0 expected) from 30.7 the month before. The index has been moderating since its nearly 50-year highs back in April. This highlights how differentiated the reopening has been in the various regions of the US. Turning to the UK, the unemployment rate unexpectedly rose in the three months to May, coming in at 4.8% (vs. 4.7% expected), but the more real-time measure of payrolled employees saw a +356k increase in May, marking its 7th successive monthly increase.

Finally, in terms of the day ahead, data highlights from the US include the aforementioned June retail sales print and the University of Michigan’s preliminary consumer sentiment index for July. Meanwhile from Europe, we’ll get the Euro Area trade balance for May, the final Euro Area CPI reading for June. Central bank speakers include New York Fed President Williams, and today’s earnings releases include Charles Schwab.

end

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/THURSDAY  NIGHT: 

SHANGHAI CLOSED DOWN 25.29  PTS OR 0.71%   //Hang Sang CLOSED UP 8.41 PTS OR 0.03%      /The Nikkei closed DOWN 276.01 pts or 0.98%  //Australia’s all ordinaires CLOSED UP .19%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4705  /Oil DOWN TO 71.72 dollars per barrel for WTI and 73.58 for Brent. Stocks in Europe OPENED ALL MIXED /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4705. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4723/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/SOUTH KOREA

b) REPORT ON JAPAN

JAPAN/CHINA

Chinese communist party officials share a viral video urging nuclear strikes on Japan.  You will recall that Japan is backing the USA in its protection of Taiwan.

I would not worry about this:  Taiwan has great military capabilities and can certainly defend itself against an invasion from China.

(zerohedge)

Chinese Communist Party Officials Share Viral Video Urging Nuclear Strikes On Japan

 
THURSDAY, JUL 15, 2021 – 07:00 PM

Relations between China and Japan have seen a rapid deterioration over the past months as Tokyo has firmly declared itself in Washington’s corner on its willingness to defend Taiwan in the future event of a Chinese invasion of the island. 

This week a social media video has been widely shared in China after it was originally posted to the official social media account of a local municipal authority run by Communist officials after being created by a Chinese military channel with over two million followers. The now viral video bluntly calls for “continuously” striking Japan with nuclear weapons should it continue supporting Taiwan’s independence aspirations. The original upload has since been taken down from Xigua – the Chinese social media site which has a similar appearance to YouTube – after garnering international media attention. Watch the reposted video with subtitles below…

“If Japan intervenes in military affairs to reunify Taiwan, I must recommend the ‘exceptional theory of nuclear strikes on Japan,'” the video’s title reads.

The narrator then declares Japan “has not learned its lesson from history” which means China must “continuously using nuclear bombs until Japan announces its unconditional surrender for the second time” – in reference to WWII.

It was posted Sunday by the city council of Baoji in northwestern Shaanxi province. The “exceptional theory” is the controversial view held by many Chinese officials that China’s ‘self-defense only’ use of atomic bombs doesn’t apply in the case of Japan, thus an “exception” can be made.

“Our country is undergoing major changes unlike any in the last century… In order to ensure the peaceful rise of our country, it is necessary to take measures,” the narration continues.

It urges citizens and government leaders to “combine the new and old hatred” for Japan, including from Japan’s World War II invasion of China and the Nanjing Massacre – which it says viewers should think of in relation to Japanese Deputy Prime Minister Taro Aso’s earlier this month surprising statements saying that any future Chinese invasion of Taiwan would likely be interpreted in Tokyo as a “threat to Japan’s survival” – allowing the government to deploy its Self-Defense Forces for collective self-defense.

“If a major incident happened [in Taiwan], it would not be strange at all if it touches on a situation threatening survival,” Aso said on July 5. “If that is the case, Japan and the US must defend Taiwan together.” The number two highest Japanese official further noted “the situation over Taiwan is becoming extremely intense“.

This came after Japanese Prime Minister Yoshihide Suga’s visit to the White House in April, wherein he reiterated “objections to China’s unlawful maritime claims and activities in the South China Sea” and outraged China by signing onto a joint statement which included the following line:

“The United States restated its unwavering support for Japan’s defense under the U.S.-Japan Treaty of Mutual Cooperation and Security, using its full range of capabilities, including nuclear.”

The Chinese Embassy in the US had condemned the words as “completely beyond the scope” of healthy bilateral relations, saying Japan will only “harm” itself in such declarations with the US.

Often Beijing’s most bellicose threats to external enemies are issued through state media channels, in order to be made indirectly. Given how quickly this latest threatening social media video went viral, and its origins on a popular Chinese military channel, it’s likely it had “official” approval for release somewhere within the top echelons of the CCP.

end

3 C CHINA

 
 

China vs USA

Mike Pence in a foreign policy speech states that China senses weakness and thus he urges Biden to take a tougher stance on major issues with the CC)

(Isabel van Brugen/EpochTimes)

“China Senses Weakness”: Pence Urges Biden To Take Tougher Stance On CCP

 
THURSDAY, JUL 15, 2021 – 08:00 PM

Authored by Isabel van Brugen via The Epoch Times,

Former Vice President Mike Pence in a foreign policy speech on Wednesday called on the Biden administration to toughen its stance on China, saying that the Chinese Communist Party (CCP) “senses weakness in the new administration.”

Speaking at the Heritage Foundation headquarters in Washington, D.C., Pence urged that President Joe Biden delist Chinese firms that fail meet U.S. accounting standards, end all public and private funding of scientific research in China, and demand transparency from Beijing on the origins of the CCP virus, among other actions to address China’s abuses of the international rules-based order.

Millions of Americans are “awake to the fact that the Chinese Communist Party aspires not merely to join the community of economically developed nations, but to sit atop a new global order created in its own image,” the former vice president said.

“A world in which freedom is constrained, but Beijing’s power is not.”

Biden must take a harder line amid “the emerging cold war with China,” Pence said of the threat posed by the CCP.

“Our elected leaders must build on the progress of the Trump-Pence administration, and use the economic and military power of the United States to check the ambitions of the Chinese Communist Party in ways that put the American people and American values first,” he continued. “Only a proud, confident and united America can meet the challenge of China.”

His remarks come as the theory that the virus was the result of a leak from the Wuhan Institute of Virology (WIV) has gained wider coverage as a likely possibility in the legacy media as a growing number of scientists and officials discuss the evidence supporting the hypothesis.

President Joe Biden on May 26 ordered the intelligence community to produce a report in 90 days on the origins of the virus, saying that intelligence agencies are looking at different theories, including the possibility of a laboratory accident in China.

Among other demands, Pence called on the Biden administration to ban Beijing-backed Confucius Institutes on American college campuses, and to demand that the 2022 Olympics be moved from Beijing unless the CCP “comes clean on the coronavirus” and ends its persecution of Uyghurs.

The former vice president’s remarks come just weeks after a survey conducted by the U.S.-based Pew Research Center found that negative views of China among the world’s most advanced economies hover at near-record highs amid concerns about Beijing’s human rights record.

A Pew report released on June 30 detailing the results of the survey of 17 advanced economies in Europe, North America, and the Asia-Pacific region shows that a large majority—eight in 10 respondents—hold unfavorable views of the Chinese regime and believe it “does not respect the personal freedoms of its people.”

Beijing is facing increasing scrutiny over its human rights abuses, including its suppression of religious and ethnic minorities and the implementation of its draconian national security law in Hong Kong in July 2020, which has criminalized any speech or political action seen as against the ruling regime as acts of subversion and secession with a maximum penalty of life imprisonment.

In China’s northwestern region of Xinjiang, authorities have been accused of committing genocide against Uyghurs and other ethnic minorities, including the detention of at least 1 million people in secretive “political reeducation” camps.

“Now more than ever, our leaders must get serious about the immediate and deadly threat posed by the Chinese Communist Party,” James Carafano, Heritage vice president for national security and foreign policy, said in a statement following Pence’s speech.

“Vice President Pence not only clearly articulated the threat we face, but numerous concrete policy steps the Biden administration and Congress can, and should, take in defense of American interests and values,” he said.

“We cannot afford to go back to ‘business as usual’ on China. It’s time to continue what the Trump administration started and secure our future against the Chinese Communist Party’s global advances.”

The Epoch Times has contacted the White House for comment.

end

Kyle Bass urges that the USA must can the use of China’s central bank digital currency

(Jekielek/EpochTimes)

Kyle Bass: US Should Ban China’s Central Bank Digital Currency

 
 
THURSDAY, JUL 15, 2021 – 10:40 PM

Authored by Frank Fang and Jan Jekielek via The Epoch Times,

The communist regime in China is going to use its new state-controlled digital currency as a Trojan horse to project its authoritarianism all over the world, warns hedge fund manager Kyle Bass, and it could become a “cancer” plaguing the United States if it isn’t banned.

“Imagine a currency that almost has a mind of its own,” Bass said in a recent interview for EpochTV’s “American Thought Leaders.”

“It knows your account data, it knows your birthday, your Social Security number, where you live. It actually knows your spending proclivities and how you spend it.

“[Beijing’s] hope is to have a massive influence around the world to really leapfrog where they are today into a much stronger position economically and also giving them more control.”

Bass, founder and chief investment officer of Dallas-based Hayman Capital Management, was referring to the digital yuan, a central bank digital currency (CBDC) that Beijing began researching in 2014 and rolled out pilot tests for in four cities in 2020.

The Chinese Communist Party (CCP) has ambitions of being the first in the race between governments to roll out a digital currency. On July 8, China’s central bank, the People’s Bank of China, announced an expansion of its tests, saying that the digital yuan will be tested during the 2022 Winter Olympics Games in Beijing.

The Chinese regime hasn’t been hesitant to speak of its motives behind its digital currency. On June 30, China’s hawkish state-run outlet Global Times reported that the digital yuan “could weaken the U.S. dollar’s role in global currency settlements.”

Bass warned that once individuals predominately use the digital yuan, they could become targets of Chinese influence and coercion.

“So imagine if you and I were sitting here in this interview, and I said something negative about the Chinese Communist Party and I had accepted the digital yuan as payment, they could just turn it off or they could restrict my ability to buy a plane ticket to China,” Bass said.

“They could influence me the same way they influence their own people if they had their hooks into me enough, if I had enough digital yuan.”

Bass said he doesn’t foresee digital yuan being a global reserve currency anytime soon, but its increased use in settling cross-border transactions would be worrisome.

Currently, the Chinese currency, renminbi, only makes up a small fraction of cross-border payments, according to data from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which is a cross-border payment messaging network for more than 11,000 financial institutions in more than 200 countries and regions.

As of January, the U.S. dollar accounted for more than 38 percent of global payments, followed by the euro with more than 36 percent, according to SWIFT (pdf). Meanwhile, China stood at 2.42 percent, an increase from 1.88 percent as of December 2020.

China could force companies to adopt the use of the Chinese yuan if they wanted to invest in China, Bass said. Meanwhile, countries could also be forced to make a switch, particularly those that have signed up to China’s Belt and Road Initiative (BRI).

BRI is the Chinese regime’s multi-trillion-dollar infrastructure scheme launched in 2013 to expand its trade and political influence throughout Asia, Africa, and Europe. Critics have argued that BRI has put developing countries into “debt traps.”

“They can force its use, and imagine what kind of stranglehold they will have over the world if they hold all of our capital that way,” Bass said.

Fundamentally, it’s the nature of the CCP that makes the digital yuan a threat, according to Bass.

“The Chinese Communist Party is the largest existential threat to the rules-based order that’s ever existed,” he said.

The regime “is so good at exploiting every crack, every nook, every cranny of opportunity and openness that our society affords them.”

“I think that we should ban the [Chinese digital] currency and not allow any of it to be handled in the United States. I know that sounds hyperbolic, but if you just think all the way through this, you can’t have a little bit of cancer. You either have cancer, or you don’t have cancer. And I believe we can’t allow U.S. corporations or individuals to transact in the [Chinese] CBDC.”

END

CHINA/HONG KONG/USA

White House issues warnings about the dangers of doing business in Hong Kong. Biden to do more sanctions against a number of Chinese officials over Beijing’s crackdown on Hong Kong and human rights abuses in Xinjiang.

(zerohedge)

White House Issues Warning About Dangers Of Doing Business In Hong Kong

 
FRIDAY, JUL 16, 2021 – 06:51 AM

Update (0625ET): Following leaked reports earlier this week, the Biden Administration is moving ahead with plans to slap sanctions on a number of Chinese officials over Beijing’s crackdown on Hong Kong, along with human rights abuses in Xinjiang.

Additionally, the Biden Administration is warning businesses operating in Hong Kong that they are subject to the restrictive national security law which means they’re at risk of electronic and physical surveillance without warrants and of having to surrender corporate and customer data to the Chinese government.

Beijing and Hong Kong have “implemented actions that have undermined the legal and regulatory environment, which is critical for individuals or businesses to operate freely and with legal certainty,” the official said. “The developments over the last year in Hong Kong represent clear operational, financial, legal and reputational risks for multinational firms.”

Reuters and WSJ also reported that the financial sanctions would target seven officials from China’s Hong Kong liaison office, the official platform which projects Beijing’s influence into the Chinese territory.

As for the official warning about the risks of doing business in Hong Kong, President Biden was asked about it during a press conference with German Chancellor Angela Merkel.

“Let me talk about the business advisory,” U.S. President Joe Biden said when asked about it at a news conference with visiting German Chancellor Angela Merkel.

“The situation in Hong Kong is deteriorating. And the Chinese government is not keeping its commitment that it made on how it would deal with Hong Kong, and so it is more of an advisory as to what may happen in Hong Kong. It’s as simple as that and as a complicated as that.”

The moves mark the Biden administration’s latest effort to hold the Chinese government accountable for what Washington calls an erosion of rule of law in the former British colony that returned to Chinese control in 1997.

State Department spokesman Ned Price said Tuesday that “we know that a healthy business community relies on the rule of law, which the national security law that applies to Hong Kong continues to undermine.”

US Deputy Secretary of State Wendy Sherman is preparing a visit to Japan, South Korea and Mongolia next week.

Another source said the White House was also reviewing a possible executive order on immigration from Hong Kong – the US has been contemplating easing immigration requirements to allow Hong Kongers fleeing Beijing’s crackdown to take refuse in the US. The UK has adopted similar measures. But Beijing has said a similar move by the US would provoke an infuriated response.

In Beijing, Foreign ministry spokesman Zhao Lijian responded to the news at a regular news conference on Friday, saying the US should stop interfering in Hong Kong, while China would make a “resolute, strong response” to US actions.

* * *

Picking up where his predecessor left off, President Biden will reportedly warn American businesses this week about the growing risks of operating in Hong Kong as Beijing consolidates its power over the territory, which was supposed to remain legally independent under international law for the next three decades.

Sources close to the White House and its thinking told the FT that Biden is also preparing to impose more sanctions on Beijing tied to the Chinese government’s alleged abuse of Uyghur Muslims in the far-western Xinjiang province, as well as Beijing’s crackdown on political dissent in HK. Examples will include Beijing’s crackdown on the Apple Daily tabloid which was forcibly shuttered by the government despite its popularity over its pro-democracy stance.

And pretty soon, Biden’s warning might to turn into an edict ordering business back home.

On Tuesday, the US will update a warning that the Trump administration issued on Xinjiang last year, according to five people familiar with the decision. The business advisory will stress the legal risks that US companies face unless they ensure that their supply chains are not implicated in forced labour in Xinjiang.

The decision was driven partly by the view that companies were not taking the issue seriously enough.

“The point of the advisory is to stress [that] if you do not exit these supply chains you run a risk of violating US law,” said an official who did not want to be named. “We want to make clear to the business community. . .that they need to be aware of reputational, economic and legal risk of their involvement with entities involved in human rights abuses.”

Assuming the Administration follows through, it will be the first time the Biden White House has issued an advisory related to Hong Kong.

Chinese critics slammed the decision as yet another example of the type of “foreign manipulation” that Hong Kong’s new natsec law was designed to combat (though ironically it was also provoked by the natsec law).

Zhao Lijian, China’s foreign ministry spokesperson, criticized the planned US moves as “typical double standards and political manipulation”.

“Hong Kong’s Basic Law clearly protects foreign investors’ rights and interests,” he told a press conference on Tuesday, referring to the territory’s mini-constitution. He added that any attempt by Washington to “use Xinjiang as a leverage” was “doomed to fail”.

Last week, the Commerce Department added 14 Chinse companies to its export blacklist over alleged involvement in the human rights abuses and surveillance in Xinjiang. Beijing denounced that move as an “unreasonable suppression” and vowed to respond with “necessary measures”.

The White House is also considering a policy that would allow Hong Kong citizens in the US to remain after their visas expire if they face potential political persecution in Hong Kong. But that policy is being debated and is not expected to be part of the package of actions to be announced this week.

Hong Kong has a sizable expat business community (among them are thousands of American bankers and other financial services employees). The American Chamber of Commerce in HK says it has more than 1.2K members and 282 US companies based their regional headquarters in the area in 2020.

US firms are already worried about the possibility that, under the new national security law, Beijing can access any data stored on their servers. And although they were both working on the mainland when they were initially arrested, the cases of Canadian businessmen Michael Korvig and Michael Spavor remain a cautionary tale for any westerner hoping to do business in China.

end

CHINA/USA/GLOBE/WUHAN VIRUS ORIGINS

Tedros is a big joke and a war criminal

(Isabel van Brugen/EpochTimes)

“Premature” To Rule Out COVID-19 Lab Leak Theory: WHO Chief Admits

 
FRIDAY, JUL 16, 2021 – 10:20 AM

Authored by Isabel van Brugen via The Epoch Times,

World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said Thursday that it was “premature” to rule out the possibility that COVID-19 could have emerged from a lab in WuhanChina, without sufficient evidence.

Walking back on a March WHO report that designated the COVID-19 lab leak theory hypothesis as “extremely unlikely,” Tedros said that based on his experience as a lab technician and immunologist, “lab accidents happen.”

“I have worked in the lab, and lab accidents happen,” Tedros told reporters. “It’s common.”

In recent months, the theory that the CCP (Chinese Communist Party) virus was the result of a leak from the Wuhan Institute of Virology (WIV) has gained wider coverage as a likely possibility in the legacy media as a growing number of scientists and officials discuss the evidence supporting the hypothesis.

Chinese virologist Shi Zhengli (L) is seen inside the P4 laboratory in Wuhan, capital of China’s Hubei province, on Feb. 23, 2017. (Photo by Johannes Eisele/AFP via Getty Images)

COVID-19, the disease caused by the CCP virus, was first reported in the Chinese city of Wuhan.

A January U.S. State Department fact sheet raised questions about whether the outbreak could have been the result of a lab accident at WIV. It said the United States has “reason to believe” that several WIV researchers became sick with symptoms consistent with both COVID-19 and common seasonal illnesses in autumn 2019.

The department also said the lab had been conducting secret military experiments on animals since at least 2017, and that it has a history of conducting gain-of-function research on viruses. Such research involves modifying viruses to have new or enhanced capabilities.

U.S. President Joe Biden on May 26 ordered the intelligence community to produce a report in 90 days on the origins of the virus, saying that intelligence agencies are looking at different theories, including the possibility of a laboratory accident in China.

Workers wearing protective gear are seen in the compounds of The Jade Boutique Hotel, where members of the World Health Organization (WHO) team investigating the origins of the COVID-19 pandemic were due to complete their quarantine, in Wuhan, China, on Jan. 28, 2021. (Hector Retamal/AFP via Getty Images)

“Checking what happened, especially in our labs, is important” to determining whether the virus emerged from the WIV, Tedros said.

“We need information, direct information on what the situation of this lab was before and at the start of the pandemic,” the WHO chief said, adding that it’s critical Beijing cooperates on the matter.

“If we get full information, we can exclude that,” he said, referring to the lab leak hypothesis. “In any outbreak, you go and understand the origins. We need to know what happened in order to prevent the next one.”

Tedros said the WHO is calling on the Chinese regime to be more transparent as scientists probe the origins of the virus.

The U.N. agency is “asking actually China to be transparent, open and cooperate, especially on the information, raw data that we asked for at the early days of the pandemic,” he told reporters.

“I think we owe it to the millions who suffered and the millions who died really to understand what happened,” Tedros added.

Security personnel stand guard outside the Wuhan Institute of Virology in Wuhan as members of the World Health Organization (WHO) team investigating the origins of COVID-19 make a visit to the institute in Wuhan, China, on Feb. 3, 2021. (Hector Retamal /AFP via Getty Images)

The Chinese regime has repeatedly cited the “extremely unlikely” phrase from the WHO report to direct a virus probe to other countries. The initial report adhered to Beijing’s preferred stances on the virus’s origin. Beijing has pushed a natural zoonotic hypothesis—that the virus had transmitted to humans from an animal host.

Numerous media outlets have shifted their narratives on the laboratory leak theory as it gains traction.

PolitiFact, for example, on May 24 quietly retracted a September 2020 fact check that labeled a Hong Kong virologist’s claim that the virus originated in a lab as inaccurate and a “debunked conspiracy theory.”

The Washington Post has also quietly walked back its claims regarding the lab leak theory.

Some reporters have said that they disregarded the lab leak theory because Republicans were largely the ones promoting the idea.

Other outlets have also corrected or quietly updated stories, including Vox, while Facebook has stopped banning posts suggesting the virus was man-made.

4/EUROPEAN AFFAIRS

HUNGARY/EUROPE

Hungary throws up on Europe’s new Green deal. Threatens to veto it!

(zerohedge)

A Furious Hungary Threatens To Veto Europe’s Green New Deal

 
FRIDAY, JUL 16, 2021 – 05:00 AM

Yesterday, to much fanfare the EU unveiled an absurd set of climate change and emissions targets for 2030 which will transform every corner of its economy. As part of the plan, every industry would be forced to accelerate its shift away from fossil fuels in order to cut pollution by at least 55% from 1990 levels by 2030. To achieve that, the bloc will bring new industries such as shipping into what’s already the world’s largest carbon market; ban all new combustion-engine cars by 2035; impose new costs on dirty home heating; and force the aviation industry to emit less and pay more.

At least the EU was honest: “Nothing we presented today is going to be easy. It’s going to be bloody hard,” European Commission climate chief Frans Timmermans said.

Of course, Europe’s “green new deal” won’t come cheap.

Just the planned emissions-trading program for heating and road transport fuels may cost European households as much as 1.1 trillion euros in by 2040, the Polish Economic Institute said on Thursday. Add this to all the other mandatory spending and the price bill rapidly jumps into the trillions much of which will likely come from new taxes, not to mention gutting existing infrastructure. Anticipating pushback from a population that is nowhere near as rich (or pretend virtuous) as its unelected leaders, Timmermans admitted that “we’re going to ask a lot of our citizens,” adding that “we’re also going to ask a lot of our industries, but we do it for a good cause. We do it to give humanity a fighting chance.”

Sure you are.

But in an unexpected twist, EU’s plans to restructure the European economy – which is already the greenest in the world while completely ignoring the coal-covered elephant in China – may be dead on arrival, because one of its member states has already threatened to veto the unprecedented overhaul when the government of Hungarian Prime Minister Viktor Orban’s – already embroiled in a standoff with Brussels over an LGBTQ crackdown – blasted the plan, saying it threatened to undo its signature utility price cuts.

“The European Commission’s choice of tools is untenable and unacceptable because it would lead to taxes on real estate and cars instead of making polluters pay,” Hungarian Cabinet Minister Gergely Gulyas told reporters in Budapest on Thursday

“This would also destroy the results of utility price-cuts (in Hungary). Therefore this proposal is unacceptable for Hungary in the current shape and since unanimity is required the EU can’t implement this proposal,” he said after the government discussed the Commission’s Fit for 55 package.

It’s not just Hungary that will prove to be a tough nut to crack. As part of the new plan, the EU wants to introduce a levy on certain imports from countries with less strict climate rules, like China. With its long phase-in period, many experts see it as an attempt by the EU to force others to change.

“Implementation could prove to be a logistical nightmare,” said James Whiteside, global head of multi-commodity research at Wood Mackenzie.

Carbon prices – or the price of polluting – initially surged on Wednesday as the measures were rolled out, with more industries set to join the emissions-trading system. The price surged to records this year as financial investors piled in, leading to concerns that consumers will have to bear the cost. The rapid price increases in the current ETS have already led to complaints — mostly from eastern European countries — that the soaring costs will undermine their ability to invest in clean technologies.

“The proposal today is just the first chapter of the story,” Tagliapietra said.

“We will see a lot of friction and tension over the next two to three years. Europe is set to become a global laboratory for deep decarbonization and the world will have an opportunity to learn how to achieve climate targets.”

Well, if there is one thing Europe has demonstrated it can easily overcome it is “tensions” among its poorer members. Because, well, “whatever it takes” to make the rich even richer which, at its core, is what this noble green revolution is all about.

end

EUROPE

 

New political alliance on the right to fight the European superstate

(Kern/Gatestone)

 

 

EU: New Political Alliance To Fight Creation Of European Superstate

 
FRIDAY, JUL 16, 2021 – 02:00 AM

Authored by Soeren Kern via The Gatestone Institute,

The leaders of 16 political parties from across Europe have announced an unprecedented alliance to defend the sovereignty of European nation states, protect the nuclear family and preserve traditional Judeo-Christian values.

The July 2 “Joint Declaration on the Future of the European Union” represents the first significant endeavor by euroskeptic parties to jointly oppose efforts by European federalists to transform the European Union into a godless multicultural superstate.

Signatories include Hungarian Prime Minister Viktor Orbán, former Italian Interior Minister Matteo Salvini and French presidential candidate Marine Le Pen. The document, penned by former Polish Prime Minister Jaroslaw Kaczynski, who leads the powerful Law and Justice (PiS) party, has also been signed by conservative parties in Austria, Bulgaria, Denmark, Estonia, Finland, Greece, Lithuania, the Netherlands, Romania and Spain.

The document states that the European Union requires “profound reform” because, “instead of protecting Europe,” it has itself become “a source of problems, anxiety and uncertainty.” The signatories say that the EU has become a tool of “radical forces” that are determined to carry out a civilizational transformation of Europe. Their objective, they say, is to create a European superstate void of European traditions, social institutions or moral principles.

The signatories say that conservative establishment parties in Europe have abandoned traditional Judeo-Christian values ​​and have aligned themselves with leftist positions for political gain. They are especially critical of mass migration policies that have allowed millions of migrants from Africa, Asia and the Middle East to settle in Europe even though many newcomers reject European values.

Following is an English-language translation of the joint declaration, which can be found here in French and Spanish:

“The recently launched debate on the future of Europe should include the voice of the parties committed to the freedom of nations and the traditions of European peoples, the parties representing citizens devoted to the European tradition.

“The turbulent history of Europe, especially during the last century, brought many misfortunes. Nations that defended sovereignty and territorial integrity against aggressors suffered beyond human imagination. After World War II, some European countries had to fight the domination of Soviet totalitarianism for decades before regaining their independence.

“This independence, the Atlantic link between the EU and NATO, as well as peace between cooperating nations, are great achievements for many Europeans, giving them a permanent sense of security and creating optimal conditions for development. The integration process has contributed greatly to creating lasting cooperation structures and to maintaining peace, mutual understanding, and good relations between states. This work must be maintained as an epoch-making value.

“However, the series of crises that have shaken Europe over the past ten years have shown that European cooperation efforts are faltering, above all because nations feel that they are slowly being stripped of their right to exercise their legitimate sovereign powers.

“The European Union needs profound reform because today, instead of protecting Europe and its heritage, instead of enabling the free development of European nations, it is itself becoming a source of problems, anxiety and uncertainty.

“The EU is increasingly becoming a tool of radical forces that would like to carry out a cultural and religious transformation of Europe — and ultimately a construction of a Europe without nations. Their aim is to create a European superstate by destroying or cancelling European tradition and transforming basic social institutions and moral principles.

“The use of political and legal structures to create a European superstate and new forms of social structuring is a manifestation of the dangerous and invasive social engineering of the past, which must elicit legitimate resistance. The moralistic overactivity that we have seen in recent years in the EU institutions has led to a dangerous tendency to impose an ideological monopoly.

“We are convinced that the cooperation of European nations must be based on tradition, on respect for the culture and history of European States, on respect for the Judeo-Christian heritage of Europe and on the common values that unite our nations — and not in their destruction. We reaffirm our belief that the family is the basic unit of our nations. At a time when Europe is facing a severe demographic crisis with low birth rates and an aging population, pro-family policymaking should be the response rather than mass immigration.

“We are convinced that the sovereigns of Europe are and will continue to be the nations of Europe. The European Union has been created by these nations to achieve objectives that can be achieved more effectively by the Union than by individual member states. However, the limits of the Union’s competences are set by the principle of conferral: all competences not conferred upon the Union belong to the Member States, respecting the principle of subsidiarity.

“Through a constant reinterpretation of EU Treaties by the institutions of the European Union in recent decades, these limits have shifted significantly to the detriment of the member states. This is incompatible with the fundamental values ​​of the Union and leads to a decline in the confidence of European nations and their citizens in these institutions.

“To stop and reverse this trend, it is necessary to create, in addition to the existing principle of conferral, a set of inviolable powers of the EU’s member states and an adequate mechanism for their protection with the participation of national constitutional courts or equivalent bodies.

“All attempts to transform European institutions into bodies that take precedence over national constitutional institutions create chaos, undermine the sense of the treaties and call into question the fundamental role of the constitutions of EU member states. The resulting disputes over competences, in effect, settled by the brutal imposition of the will of the politically stronger entities on the weaker ones. This destroys the basis for the functioning of the European Community as a community of free nations.

“We believe that consensus must remain the basic means of reaching a common position in the Union. Recent attempts to circumvent this procedure or the ideas of its abolition threaten to exclude some countries from influence in decision-making and to transform the Union into a special form of oligarchy. This could lead to the de facto incapacitation of national constitutional bodies, including governments and parliaments, reduced to the function of approving decisions already taken by others.

“In the member countries there continues to be an overwhelming desire to cooperate, and a spirit of community and friendship permeates the nations and societies of our continent. It is our great capital. A reformed Union will make use of this capital, while a Union that rejects reform will squander it.

“That is why today we present this document to all parties and groups that share our points of view as the basis for a common cultural and political work, respecting the role of current political groups.

“Let’s reform the Union together for the future of Europe!”

Europe’s ‘Civilizationalist’ Parties

The document is a response to French President Emmanuel Macron, who, in March 2019, called for a “European renewal” based on more, not less, federalism. In the wake of an impending Brexit, he demanded a “common border force,” a “European asylum office,” a “treaty on defense and security,” and a “European Climate Bank” to “finance the ecological transition.” Macron further called for the creation of a “Conference for Europe” to counter “nationalists” who, he claimed, “exploit the people’s anger.”

Since then, the Coronavirus pandemic has laid bare many failures of the European Union, including the disintegration of Europe’s open border system; the looming collapse of Europe’s single currency; the breakdown of Europe’s much-vaunted healthcare systems; and the “epochal failure” of the EU’s Covid-19 vaccination campaign.

In April 2021, the 27 EU member states, after two years of bickering, grudgingly announced a plan to launch a “Conference on the Future of Europe” that will “invite” EU citizens “to contribute to shaping their own future and that of Europe as a whole.” Presumably, only ideas that promote further multicultural federalism will be welcome.

Not everyone is convinced that more “Europe” is what is needed. Writing for Politico, Maïa de La Baume observed:

“Some EU officials are doubtful that an additional layer of bureaucracy — the conference will have a ‘Joint Presidency,’ an ‘Executive Board,’ a ‘Conference Plenary’ and a ‘Common Secretariat’ — will solve the EU’s already confusing bureaucratic ills….

“As the only institution that EU citizens directly elect, the Parliament positioned itself as the lead institution and main architect on the matter.

“Yet while the European Council took many of the Parliament’s proposals on board in its declaration, the joint presidency will take away much of the power the Parliament had hoped to wield. And the final declaration also removed any mention of treaty change, another significant blow to the Parliament’s initial proposal.”

European federalists spitefully have branded critics of a European superstate as “far right,” “neo-fascist,” and “radical right wing.” In fact, they could best be described as “civilizationalists,” a term coined by the American historian Daniel Pipes. In a November 2018 essay, “Europe’s Civilizationalist Parties,” he wrote:

“Better to call them ‘civilizationist,’ focusing on their cultural priority, because they feel intense frustration at watching their way of life disappear. They cherish Europe’s and the West’s traditional culture and want to defend it from assault by immigrants aided by the left. (The term civilizationist has the additional benefit of excluding those parties that loathe Western civilization, such as Greece’s neo-Nazi Golden Dawn.)

“Civilizationalist parties are populist, anti-immigration, and anti-Islamization. Populist means nursing grievances against the system and a suspicion of an elite that ignores or denigrates those concerns….

“At the height of the migrant tsunami in 2015, German Chancellor Angela Merkel responded to a voter worried about uncontrolled migration with… condescending advice about attending church services more often.

“Dimitris Avramopoulos, the European commissioner for migration, flatly announced that Europe ‘cannot and will never be able to stop migration’ and proceeded to lecture his fellow citizens: ‘It is naive to think that our societies will remain homogenous and migration-free if one erects fences. … We all need to be ready to accept migration, mobility, and diversity as the new norm.’

“Former Swedish Prime Minister Fredrik Reinfeldt argued for more migrants: ‘I often fly over the Swedish countryside and I would advise others to do. There are endless fields and forests. There’s more space than you might imagine.’…. Their contemptuous dismissal of anti-immigration sentiments created an opportunity for civilizationist parties through much of Europe….

“Civilizationist parties, led by Italy’s League, are anti-immigration, seeking to control, reduce, and even reverse the immigration of recent decades, especially that of Muslims and Africans. These two groups stand out not because of prejudice (“Islamophobia” or racism) but due to their being the least assimilable of foreigners, an array of problems associated with them, such as not working and criminal activity, and a fear that they will impose their ways on Europe.

“Finally, the parties are anti-Islamization. As Europeans learn about Islamic law (Sharia), they increasingly focus on its role concerning women’s issues, such as niqabs and burqas, polygamy, taharrush (sexual assault), honor killings, and female genital mutilation. Other concerns deal with Muslim attitudes toward non-Muslims, including Christophobia and Judeophobia, jihadi violence, and the insistence that Islam enjoy a privileged status vis-à-vis other religions.”

Additional Comments by Signatories

The author of the document, former Polish President Jaroslaw Kaczynski, said that the EU is “preparing to carry out a cultural revolution that will destroy social structures, starting with the family and traditions, and create a new man.” He added: “We don’t want this revolution, which we believe will bring unhappiness and a drastic decline in the freedoms of individuals and countries.”

Estonian MEP Jaak Madison, the deputy chairman of the Conservative People’s Party of Estonia (EKRE), added that the declaration is the first step toward the consolidation of European national conservative parties:

“With this joint declaration, a foundation has been laid for the creation of a potential new group in the European Parliament. This would be one of the biggest groups in the European Parliament, which would bring together Poles, Hungarians, Estonians, the French, Austrians, Danes, Finns, Italians and representatives of several more states in the European Parliament.”

Santiago Abascal, the leader of Spain’s conservative party Vox, said that the EU’s “Conference on the Future of Europe” demonstrates, once again, the disconnect between European institutions and European citizens:

“The EU’s ‘Conference on the Future of Europe’ has already written its conclusions. It seeks the forced federalization of the EU against the true will of European nations and apart from the national parliaments.

“This initiative directly threatens the original European project and seeks to impose a model of society increasingly distant from the principles and values ​​that make up the Christian roots and history of Europe.

“We do not want a federal Europe in which all decisions are made in Brussels. We have to show that millions of Europeans respect, value and want to preserve as something good, and that we are willing to defend the sovereignty of our nations and parliaments, our governments and our judges, the plurality and variety of our nations; that borders must be an insurmountable wall for those who enter illegally or do not have the will to respect Western civilization; that there can be no freedom without security and without justice; and that we firmly believe in the person, in life, in the family and in ideological freedom and thinking.”

Marine Le Pen, leader of the French opposition party Rassemblement National (National Rally), said:

“The European Union continues to pursue the federalist path which inexorably distances it from the peoples who are the beating heart of our civilization.

“The ‘Conference on the Future of Europe’ is just yet another smokescreen that will allow the EU to dispossess states of the capacity to control their destiny.

“Armed with this observation, the most influential patriotic parties on the continent have understood the importance of joining forces to have more influence in the debates and reform the European Union….

“This founding text brings together parties and political leaders who, in their respective countries, are the dominant or ascending forces. Carried by the popular will, these groups will soon be in the majority.

“The signatories of the declaration plead for a Europe that is respectful of free peoples and nations. They cannot accept that the peoples are subjected to the bureaucratic and technocratic ideology of Brussels which imposes its standards in all aspects of daily life.

“This in no way means that it is necessary to act in an isolated or reclusive manner: on the contrary, it is by combining the know-how and talents specific to each nation — and not by merging them into a whole without identity and therefore without flavor — that we will make our civilization shine.

“At a time when the globalists and Europeanists, of whom Emmanuel Macron is the main representative in France, are launching the ‘Conference on the Future of Europe,’ which aims to increase the power of European bodies, today’s agreement is the first step towards the constitution of a great alliance in the European Parliament.”


end

GERMANY/FLOODS UPDATE

This is becoming a major catastrophe as at least 100 dead and a huge 1,300 missing after the devastating German floods we reported on yesterday

(zerohedge)

“Catastrophe Of Historic Proportions” – At least 100 Dead, 1,300 Missing After Devastating German Floods

 
FRIDAY, JUL 16, 2021 – 10:40 AM

At least 1,300 people are still unaccounted for Friday after flash floods in western Germany and Belgium left more than 100 dead and several towns devastated. Rescue efforts continue for the second day as the true extent of this tragedy is only being revealed as floodwaters recede.

According to CNN, 103 people have died in Germany following torrential rainfalls that swept through the country on Wednesday and Thursday. So far, authorities are saying that 1,300 people are missing and the Europe-wide death toll is 117.

The death toll in Rhineland-Palatinate, a southwest German state bordered by France, Belgium, and Luxembourg, has soared to at least 60, the state premier Malu Dreyer said Friday.

Dreyer said there was bad news every hour as rescue efforts continue to find more bodies. 

“We have 60 dead to mourn at the moment, and it is to be feared that the number will rise even further,” she told reporters, adding, “We have not yet reached the stage where we can say that situation is easing.”

In North-Rhine Westphalia, a western German state, 43 have been confirmed dead, the state’s Interior Ministry spokeswoman Katja Heins told CNN.

Armin Laschet, North-Rhine Westphalia’s state premier, said the flooding is “a catastrophe of historic proportions,” adding that more fatalities are expected. 

Officials believe the high number of people missing was due to a telecommunications blackout after floodwaters knocked out critical telecommunications infrastructure. 

Andreas Friedrich, a German weather service spokesman, said the weather event had “very severe precipitation” and was equivalent to about two months of rain. 

Axios said, “the rainfall amounts had around a 1% chance of occurring in an individual year, making it a 100-year rainstorm.” 

AP reports the German Army dispatched 900 troops to heavily impacted states to assist with rescue efforts. 

Thousands of people are homeless as the damage outlined in the tweets below shows entire towns were hit with a wall of water. 

Towns in western Germany were devastated by the floodwaters. 

More footage. 

Rhine water levels are expected to recede in the coming days, but barrage traffic will be disrupted until next week.  

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
IRAN/USA
Iran’s outgoing President teases that 90% enriched uranium is attainable if it is needed
(Ditz/Antiwar.com)

Iran’s Outgoing President Teases 90% Enriched Uranium “If Needed”

 
FRIDAY, JUL 16, 2021 – 06:30 AM

Authored by Jason Ditz via AntiWar.com,

Iran’s outgoing President Hassan Rouhani made comments that risk serious misunderstanding Wednesday, claiming that Iran could enrich uranium to 90% purity if they had a need to do so.

90% is considered weapons-grade. Rouhani was neither threatening to do so, nor suggesting Iran was going to make weapons. Indeed, his comments included the caveat that they would only be doing it on “the peaceful path” for use in a hypothetical reactor, though this explanation was only mentioned in some media reports on his statements.

“President Hassan Rouhani’s remark is his second such public comment this year about 90% enrichment – a level suitable for a nuclear bomb – underlining Iran’s resolve to keep breaching the deal in the absence of any accord to revive it,” Reuters wrote. 

“The biggest obstacle to producing nuclear weapons is obtaining enough fissile material – weapons-grade highly enriched uranium or plutonium – for the bomb’s core,” the report noted.

But weapons weren’t really on the table in the first place. Iran’s Supreme Leader, Ayatollah Ali Khamenei long ago declared nuclear arms haram, making it religiously forbidden to even try to make them.

On top of this, the hypothetical reactor that needs 90% uranium simply doesn’t exist. Iran’s enrichment needs are generally in the 3% range, with the 50+ year old Tehran Research Reactor using 20% purity fuel.

Iran’s parliament ordered enrichment to 60% to protest Israeli sabotage efforts, but even that level had no apparent use, and presumably Iran is just going to have to dilute it back down to use it for anything.

Given that, it is scarcely worth Rouhani having brought it up. It may be intended to bolster Western interest in restoring the nuclear deal, which would cap enrichment levels.

end 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

 

A must read…Biden’s strike force plan to vaccinate everybody.  What this means

 

 

(Brandon Smith/Alt market.us)

 

 

Biden’s Vaccine “Strike Force” Plan Stinks Of Desperation

 
FRIDAY, JUL 16, 2021 – 12:00 AM

Authored by Brandon Smith via Alt-Market.us,

If there is one rule liberty minded people need to remember, it is that the establishment does not like losing control of the narrative. And when they do, noticeably weird things start to happen. For example, it is becoming painfully obvious that the narrative on the experimental mRNA “vaccines” has slipped right through the fingers of the Biden Administration, and as a consequence they are now in a scramble to get millions of vaccines injected into as many skeptical arms as possible before the public organizes for a full push-back against the agenda. It seems to me that they are in a bit of a panic.

The issue became more evident since January when various government entities and the media began to openly complain about the number of vaccine doses that were being thrown in the garbage because of expiration. Why were the vaccines expiring before use? The media spin suggests that it was due to “government mismanagement”, while officials at the state level have admitted that it has been due to a significant drop in demand.

In the meantime, Biden has shipped over 500 million covid vaccine doses overseas in June while at the same time claiming that the US was on track to meet his 70% vaccination goal by July 4th. Needless to say this never happened. The Biden admin now claims that the US population is now 67% vaccinated, and if this was actually true then it would be very close to meeting Anthony Fauci’s original guidelines for herd immunity. So why all the frantic hype about unvaccinated people?

Firstly, Fauci has continually moved the goal posts for herd immunity to the point that he is now telling the public to ignore herd immunity altogether and that the only option is to get EVERYONE vaccinated. Many of us in the liberty media said this is exactly what he would do, and he has proven to be incredibly predictable. Secondly, the CDC vaccination numbers seem to be inflated in order to create a manufactured consensus.

While claiming an overall vaccination rate of 67%, CDC stats indicate a maximum of around 184 million Americans with at least one dose, then indicate 160 million people with a double dose. Yet, according to the Mayo Clinic data map, only four states have a vaccination rate of 67% or more, all in the Northeast. Even California and New York are well under 67%, and the vast majority of states are sitting at around 50% or less.

Frankly, I don’t believe the CDC vaccine numbers at all. New dosage numbers are plunging across the US according to state officials; anyone who hasn’t been jabbed by now is not going to get jabbed unless they are forced to. There are no long lines for vaccines. No wait times. The CDC has even removed the wait time between doses. And still, CVS and Walgreens have been throwing away expired doses by the hundreds of thousands.

If we look at the CDC stats for full vaccination we are closer to 51% of the total US population, which matches more accurately with the Mayo Clinic state statistics. There is no indication that this percentage will be growing beyond the 51% mark anytime soon, if the stats are accurate at all.

This means that at least half the US population is in defiance of the program. This is probably why Fauci and Biden have become more aggressive in their vaccination agenda the past month. If they were getting the nearly 70% vax rates they claim, then they would not be stomping their feet indignantly over unvacinated people. The stats show a HUGE number of Americans are refusing to take the jab – There’s a vast army of us out there, and this is a good thing.

Why? Because there is simply no reason to take the experimental mRNA vaccine.

FACT: Covid-19 has a median IFR (Infection Fatality Rate) of 0.26% or less.

Why take an experimental vaccine over a virus that 99.7% of the population outside of nursing homes will easily survive? In my home county, only 17 people died from covid in 16 months time, many of them in nursing homes. The majority of the population also stopped wearing masks and ended the lockdowns about three months after the initial outbreak when it became clear that covid was a nothing-burger. The so-called “Delta variant is also prominent here, and neither deaths nor infections have increased in a noticeable way.

Most people here have already had the virus, and it was essentially like a bad flu with an extra kick or extra brain fog. After around a week people recovered. Easy. I perfectly understand people’s concerns when the pandemic first started; we had no idea what we were dealing with. However, after a few months the reality was evident. The continued delusional fear and terror over Covid is just self indulgent paranoia at this point.

FACT: Covid infections and deaths started collapsing LONG before the vaccines were widespread.

The mainstream media continually suggests that the vaccines are the reason for the fall in infections, but this is a lie. Covid cases peaked in January of 2021 and then plunged precipitously. In February of 2021 only 5.9% of the US population had received at least one dose of the mRNA cocktail. In conservative states where mandates were lifted far ahead of blue states and vaccinations are lower, infections and deaths fell even faster. Vaccines have NOTHING to do with the lower infections. Nothing.

FACT: At least 81% of people who have had covid are unlikely to be reinfected.

Fauci continues to ignore the science on herd immunity and completely dismisses people who have had covid as being immune. Yet, this is the reality. If we count the large numbers of people that have had covid, then the US hit herd immunity many months ago. This is why infections and deaths dropped off a cliff, not because of vaccinations.

FACT: The mRNA vaccines have NO long term testing data supporting them or proving their safety.

Initial testing for the average experimental vaccine is 2-4 years, and then another several years of observation and further testing is required before approval. Overall, vaccines are supposed to be tested and retested for 10-15 YEARS before being released to the public. The covid mRNA vaccines were released to the public in a matter of months with no official FDA approval and no long term data, at least none that has been revealed openly. The bottom line is that we have no idea what the long term side-effects of these vaccines will be. Though, there are some experts that are sounding the alarm…

FACT: Multiple vaccine experts are warning about potentially dangerous autoimmune disorders and infertility caused by experimental mRNA vaccines, including the doctor that invented mRNA technology.

We have received numerous warnings by virology and vaccine experts calling for caution when it comes to the covid vaccines. Former VP of Pfizer Michael Yeadon and many of his medical associates have published a call for vaccinations to stop until more testing can be pursued. Yeadon specifically warned of possible autoimmune disorders as well as infertility side effects. He has since been attacked relentlessly by the media.

MRNA vaccine inventor Dr. Robert Malone spoke out on the dangers of mRNA gene therapy, specifically noting that the spike protein which the covid vaccine instructs your cells to manufacture could pose long term health risks, including blood clots and infertility in women. Malone’s interview has since been erased from YouTube and his accomplishments have been quietly removed from websites like Wikipedia. He is slowly being non-personed.

Finally, in hospitals across the country 30% of medical professionals have refused to take the vaccines. Some have only taken the jab because their jobs were threatened.

The controlled media argument against warnings like these from experts in the field is that they are “crazy” and should be dismissed. So, only the medical professionals that get a government paycheck and agree with the government mandates are somehow “sane”? Interesting…

When gaslighting doesn’t work, the spin doctors (no pun intended) pull out some classic fuzzy logic, claiming that there is “no evidence that the vaccines will cause any damage”. Well, that’s verifiably false as anyone doing a rudimentary search will see many people around the world have died or suffered health side effects right after taking the vaccine. But, of course, vaccine apologists then argue that this is not 100% “proof” that the vaccines are dangerous overall.

Well, there’s also NO EVIDENCE that the vaccines are safe. There is no long term safety data. And in medical science the rule is to err on the side of caution, not take reckless risks over a virus that is a non-threat to 99.7% of the population.

So let me make this perfectly clear to the covid cult which does not understand basic medical science – The burden of proof is ON YOU, on the government and on the pharmaceutical companies, not on on us. YOU must prove that the vaccines are safe, through long term testing. It is not for us to simply take the jab and become guinea pigs in the world’s largest medical experiment based on blind faith and empty opinions backed by zero data.

Biden’s “Vaccine Strike Forces”

These facts and more are being digested by the American public and the results are clear – Millions upon millions of us will not be taking the jab. It’s not going to happen. We will fight rather than comply, and eventually we will win. The globalist Reset agenda demands total vaccination, vaccine passports and complete compliance. They aren’t getting it, so, the natural outcome will be an attempt to force unvaccinated people to accept the jab.

Recently, Biden announced a plan to field “survey teams” across America which would go door-to-door, like census agents, to determine who specifically has taken the vaccines and who hasn’t. These teams would also “encourage” people who are not vaccinated to take the jab at a nearby location.

These surveys are, in my opinion, a ruse more than anything else. They could not possibly collect accurate counts because they have no way of knowing if people are telling the truth or not. The likely purpose of the surveys is to locate homes that refuse to talk to the teams on principle and mark them as “problematic”.

Biden’s press secretary let slip some interesting language on these teams, perhaps revealing their true intent when she called them “strike teams”. Is this to say that the initial goal will be to force people to take the jab on their own doorsteps? No, not right away. However, I believe the survey teams are the next step towards that very policy in the future.

For now, the covid cult is using corporations to enforce medical mandates by demanding employees and even customers get vaccinated before they can have access to employment or services. This is unacceptable, as many of these corporations have enjoyed endless stimulus injections from the government and are therefor beholden to taxpayers. Their private property rights do not extend to control over our personal medical decisions or histories.

Any corporation or business that demands proof of vaccination on behalf of the government or the globalists should be picketed and run into the ground. Any competing businesses that refuse to ask for vaccine passports should be supported by the public and protected from government retribution. My home state of Montana has made it illegal for companies to ask for vaccine passports, but many states have not. It is up to regular Americans at the local level to let businesses know you will not be tolerating medical tyranny.

By extension, Biden’s survey teams are a no-go. They are a precursor to door-to-door forced vaccinations and invasive pressure from the federal government on any number of other issues. This is called “incrementalism”, and they think we are too distracted to notice it. As the agenda continues to fall apart in the US, the establishment will get desperate. When the vaccine passport mandates by corporations fail (and they will), they will have to take violent action in the near term to get what they want.

These teams should be kicked out of any community they show up in. They should not be allowed to go door-to-door. The liberty movement is gaining incredible ground in this fight, but this means that the elites will become more unhinged and more dangerous in their rhetoric and actions. When control freaks and psychopaths do not get what they want, they tend to throw epic temper tantrums.

*  *  *

END

VACCINE/GREECE

Mass protests across Greece as government bans unvaccinated from public spaces

(zerohedge0

Mass Protests Erupt Across Greece As Government Bans Unvaccinated From Public Spaces

FRIDAY, JUL 16, 2021 – 02:45 AM

A few days ago, French President Emmanuel Macron riled up vaccine skeptics across Europe when he made vaccinations mandatory for all health-care workers (many of whom had previously refused) while tightening COVID rules to pressure French citizens to get vaccinated. As other governments ponder whether to follow suit, thousands took to the streets of Athens in protest on Thursday to oppose vaccination programs.

The biggest transgression, in the eyes of the protesters, was the government’s decision to bar the unvaccinated from certain public spaces. They’re also opposed to plans to immunize teenagers. The policy barring unvaccinated from bars, restaurants, theaters and other entertainment venues will take effect Friday and remain in place at least until August. Teens will be able to receive the vaccine starting Thursday.

According to Reuters, more than 5K anti-vax protesters, some waving Greek flags and wooden crosses, gathered in the Greek capital, shouting “take your vacines and get out of here!” while calling on Prime Minister Kyriakos Mitsotakis to resign.

With a heavy police presence to oversee them, protesters gathered outside parliament, taking their protest directly to lawmakers.

Wednesday’s protest was the biggest demonstration of opposition to the inoculation drive. A recent poll by Pulse for Skai TV found most Greeks say they will get the vaccine when available, with the majority in favor of some form of mandatory vaccination for certain jobs or segments of the population. Already, 41% of Greeks have been fully vaccinated.

“Every person has the right to choose. We’re choosing that the government does not choose for us,” said Faidon Vovolis, a cardiologist, who has questioned the scientific research around face masks and the vaccine and heads the “Free Again” movement, which called the protest. Vovolis said he started the group in response to the government’s “tough measures” to contain the virus.

In addition to the massive crowd in Athens, thousands also appeared in Thessaloniki, the Greek Second City. Similar demonstrations also took place in France (in response to Macron’s latest edicts).

END

 

 

 

 

COVID/GERMANY

 

German figures seems to suggest that young people are contributing most to Germany’s rising Covid alert. Spoiler alert: it is not..it is rising vaccinations.

(zerohedge)

Young People “Contributing Most” To Germany’s Rising Covid Numbers

 
FRIDAY, JUL 16, 2021 – 04:15 AM

According to the head of the Robert Koch Institute (RKI), Lothar Wieler, Germany’s steady rise infections can be traced largely back to people in their 20s.

In the RKI’s weekly report, the public health authority revealed that Covid infections were generally falling among the older age-groups. However, among 20-29 year olds, there had been a noticeable increase in new infections per 100,000 people over the past seven days (7-day incidence).

The most dramatic rise in infections was among 20-24 year olds, among whom the 7-day incidence jumped from 10 to 19 within a week. According to the RKI, over-15s have also seen a slight rise in infections. For comparison, among the 75-84 age group, the 7-day incidence is currently stands at 1. 

Health experts believe this trend could have a lot to do with the proportion of vaccinated people in each age group. While senior residents of Germany were among the first in line for vaccinations, healthy young people are less likely to be fully immunized. According to far-left media outlet NBC, they surely must all be rabid Trump supporters.

Wieler said on Tuesday that the highly infectious Delta variant had been spreading particularly rapidly among the unvaccinated proportion of the population.

The Delta variant will have a high impact on the number of people in intensive care “if vaccination among 17-59 year olds stagnate at around the 65 or 70 percent mark”, the RKI said in a recent analysis. In recent weeks, Delta has become the dominant variant of Covid in Germany. It now accounts for 74 percent of new infections reported to the authorities. 

The spike could also be related to the reopening of pubs, bars, sports events and festivals and the dropping of social contact restrictions in various states around the country.

In the Netherlands, around 1,000 revellers at a music festival in Utrecht were recently infected with coronavirus – despite the fact that negative tests and vaccine certificates were a prerequisite for entry to the event.

On a national level, the 7-day incidence has leapt up once again, having started to increase just over week ago. According to the Robert Koch Institute (RKI) on Thursday morning, it was 8.0, compared to 7.1 on Wednesday and 6.5 on Tuesday. The latest lowest incidence was recorded on July 6th, where 4.9 new infections per 100,000 inhabitants were recorded over seven days.

The health authorities in Germany reported 1,642 new corona infections to the RKI within one day – almost double what they were a week ago, when 970 infections were reported within 24 hours. The incidence has so far been the basis for many coronavirus restrictions in the pandemic such as lockdown measures. 

So does this mean that Germany is also bracing for another lockdown, similar to various blue states? Hardly: according to The Local, in the future, as vaccination continues apace, other factors ​​such as hospital admissions are to going to be given more weight when deciding on lockdown measures. 

According to the latest figures, 32 deaths were recorded across Germany within 24 hours, compared to 31 deaths a week ago. 

The RKI reports 3,740,325 Covid infections in the country since the beginning of the pandemic. The actual total number is likely to be significantly higher, as many infections are not detected.

The RKI stated the number of those who had recovered from Covid at 3,637,400. The number of Covid-related deaths has risen to 91,319.

‘R’ value points to further rise in infections

According to RKI data from Wednesday, the reproduction or ‘R’ number, which determines the speed of the spread of the coronavirus, is currently at 1.18 and has been greater than 1 for more than a week. The number means that 100 infected people theoretically infect 118 more people. If the value is consistently above 1, the number of cases increases. If it is below 1 for a long time, infections continue to go down. The R-value was previously well below 1 for around two months.

However, in comparison with countries such as Spain and the Netherlands who are currently seeing infections skyrocket, the ‘R’ rate in Germany is considerably lower.  In both Spain and the Netherlands, the ‘R’ value is currently more than 2, meaning that every infected person infects at least two other people.

END

VACCINE/GERMANY

Merkel promises that Germany will not make vaccines mandatory for workers

(zerohedge)

Merkel Promises Germany Won’t Make Vaccines Mandatory For Workers

 
FRIDAY, JUL 16, 2021 – 05:45 AM

Worried about poisoning her party’s chances of winning yet another term in power following her retirement in elections set for later this year, German Chancellor Angela Merkel dismissed calls for mandatory vaccinations after French President Emmanuel Macro said he would require health-care workers to be vaccinated.

Merkel said Germany is determined to avoid a fourth wave of the pandemic, but as cases involving the Delta variant continue to rise, Germany says it won’t follow France and Greece with more restrictive vaccine requirements.

“The more people are vaccinated, the more free we will be again, the more freely we will be able to live again,” she said. “We are in the phase where we are still promoting vaccines voluntarily, and my request to you all is to make the case for the vaccine, everywhere there are people who know and trust each other.”

Germany’s RKI says 43% of Germans have been fully vaccinated while just under 60% have received at least one shot. “We are seeing only a very small section of the populace where…they won’t let themselves be vaccinated,” said Dr. Lothar Wieler,  the president of the RKI, placing their number at under 10%.

German federal health minister Jens Spahn says that, unlike the early days of the vaccination program, there are no more vaccine supply problems, and therefore, “no excuses” for adults who haven’t been vaccinated (ignoring the fact that Germany has one of the largest populations of vaccine skeptics in Europe).

“Whoever doesn’t let themselves be vaccinated today cannot complain tomorrow that he isn’t invited to a party,” said Spahn, predicting growing social pressure on the unvaccinated.

Spahn is calling on German sports and culture clubs to boost vaccinations by arranging for appointments with local doctors. Starting Friday, they will make drive-in vaccinations available at a Berlin Ikea furniture store.

Some advisors to the government are demanding that Merkel and the federal government do more to try and protect young students who have yet to be vaccinated.

“We need mandatory vaccination for personnel in schools and nurseries,” said Prof Wolfram Henn, a geneticist and member of the German Ethics Council. “Anyone who chooses of their own free will to work with vulnerable people takes on a special professional responsibility.”

And a government spokesperson said that while vaccinations have dramatically lowered Germany’s risk, the country isn’t out of the woods just yet.

“Of course vaccinations have changed the total picture,” said Steffen Seibert, government spokesman, “but we are still not adequately armed for a situation where numbers begin to rise again sharply.”

Meanwhile, over in Greece, vaccine skeptics gathered by the thousands to protest the government’s latest attempt to coerce citizens into accepting the jab.

 

end

 

 

 

 
 
 

 

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

 

Michael Every… 

Rabo: Janet Yellen Hints At Another Round Of Shutdowns

 
FRIDAY, JUL 16, 2021 – 09:25 AM

By Michael Every of Rabobank

Why Oh Weimar?

Yesterday, we were treated to a double-whammy of US economic pontificating. First we had Fed Chair Powell go through his “transitory” shtick for Congress for the second day in a row: as with all shtick, it’s better the first time you see it.

This time round he was pressed harder on why the Fed is still piling in so much monetary support when headline inflation is so high. Powell replied the latter was due to “opening up” and is “unique” in history. Which, even allowing for Covid, shows like most central bankers, and economists, he reads no economic history. Such inflation has occurred in the past in many countries, and there is no shortage of supply of interesting comparative examples if one recognizes the problem for what it is – supply-chain shock, and then demand-shock related, not the easier sounding “opening up”.

Straight off the top of my head, how about when France seized the Ruhr from Weimar Germany in 1923, resulting in a loss of critical German industry, and a general strike by its industrial work-force, whom the German government continued to pay to do nothing out of national sympathy? Note how that ended up in terms of hyperinflation. Of course, one must also stress that the post-WW1 Weimar Papiermark was hardly the equivalent of the global reserve US Dollar today, and Germany’s huge, unpayable post-war debt was in a foreign currency – gold. As such, the likelihood of the US repeating this experience like-for-like is minimal; but that does not mean some of the underlying lessons are not applicable in terms of the kind of problems that can appear, at least as one of a series of heuristics for policy-makers to keep at hand.

But back to Powell: “So we’re really trying to understand the base case and also the risks,” he reassured, while adding the second-hand argument that inflation is about second-hand cars and not anything we have ever seen before.

Meanwhile, the Union Pacific rail network is so congested around Chicago they are refusing to haul ocean shipping containers from West Coast US ports; LA-Long Beach port metrics were already slipping again, with more vessel bunching, longer dwell times, and chassis-street dwell; and the Cass Freight index of intra-US shipping expenditures was up 56.4% y/y in June, the highest since records began in 1990, and 45.3% from January 2020 to look past Covid. So while the Fed is trying to understand the risks, why oh Weimar can’t they see this is not as simple as just “opening up”? Don’t just sit there – read something!

Then we had Treasury Secretary Yellen with a shot-gun of market-related headlines, some of which suggested we might need to close down again:

  • It’s not certain Amazon is covered by the global tax deal” she is pushing and is “very hopeful holdouts will join” – in order to perhaps not tax Amazon;

  • “Want to make sure inflation remains under control”– which is Fed- not Treasury-speak;

  • “Continues to see return to full employment in 2022”– which runs against the low inflation argument unless all the jobs are badly paid ones – such as drones in Sector G warehouses for certain large web-based firms, for example;

  • “Will have several more months of rapid inflation” – so “transitory” is now into Q4 at least? Again, this is Fed-speak;

  • “Inflation expectations still look well contained” Again with the inflation and the Fed-speak;

  • “Don’t see the same dangers in housing as in 2000s” but “worried about housing affordability.” So it isn’t a bubble – it’s just the US, which has nothing but land, can no longer produce housing at a price Americans can afford it, despite the lowest interest rates in mankind’s history;

  • “See world where interest rates remain at moderate level” – which is surely higher than now, so rates are going up – and is ultra-Fed-speak. I refer readers to the Treasury website, where ‘Interest Rates – Frequently Asked Questions’ states: “Treasury does not project future interest rates and neither endorses nor discourages work by other researchers in their attempts to project rates”;

  • “Drop in yields shows inflation remains under control” – which is market-focused Fed-speak. And questionable. Long yields are capable of plunging, and curves of flattening, on the view that supply-side inflation is surging and US wages aren’t, and hence demand destruction is being wreaked on the economy, which any “moderate” rate hikes will only make worse;

  • Have to worry about Covid outbreaks in parts of the country” and Covid shutdowns could happen in US – which may prove to be true,…but which is surely a sure way to ensure businesses aren’t sure, don’t re-open, and so employment does not recover, so more government stimulus is needed through the bottleneck of over-strained supply chains, and the Fed’s puzzle over inflationary “opening up” continues;

  • Have been in touch with Chinese counterparts – which is interesting considering the headlines are also that: 1) Yellen is continuing the official policy of not having regular US-China economic dialogue; and 2) China just refused to meet with the US Deputy Secretary of State; and

  • “Fed has done a good job, declines to comment on Powell” – which in the current zeitgeist can be read in many different ways. Yellen wasn’t opening up any more than that, but added she would be talking to President Biden about Powell. Note the ex-Fed Chair Treasury Secretary now out-ranks the Fed Chair, who does not get any say on who sits at Treasury. There is another structural change for you, and for markets.

Meanwhile, from the giant US to tiny NZ, the same kind of structural issues appear. With Kiwi Q2 CPI leaping 1.3% q/q and 3.3% y/y vs. 0.7% and 2.7% expected, to say nothing of those pesky central-bank mandated house prices, pressure is building on the RBNZ to do something beyond its recent tapering of QE. Yet again, we see monetary policy having to fight broader and deeper issues, with the likes of NZD as potential collateral damage.

Happy Friday!

end
 

7. OIL ISSUES

Abu Dhabi vs Saudi Arabia

The Conflict Within OPEC Is Far From Over

 
FRIDAY, JUL 16, 2021 – 03:30 AM

Authored by Cyril Widdershoven via OilPrice.com,

As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict.  For two weeks, the global oil market was shocked by the strong position taken by Abu Dhabi’s power brokers, which demanded higher baseline production quota. OPEC sources now have stated that both countries have reached a compromise on production.

Even that the first reactions to the so-called agreement which includes a higher base line production level for the UAE are positive, the deal in reality is nothing more than a band aid. Officials in many oil importing nations are hoping that the agreement will help to cool soaring prices.

Reuters reports indicate that Riyadh has agreed to Abu Dhabi’s request to have its baseline production level lifted to 3.65 million barrels per day (bpd) when the current pact expires in April 2022, according to the source. The current baseline for the UAE was around 3.17 million bpd.

With this gesture, Riyadh looks to keep the current OPEC+ agreement in place, while giving room to Abu Dhabi in order to claim a potential win-win situation. However, the higher production baseline will only be implemented in April 2022, and is a long way from the requested 3.8 million bpd at present. Knowing both sides, the first reactions will be positive, indicating a renewal of the Riyadh-Abu Dhabi-Moscow tandem, showing the market that OPEC is not heading towards a possible breakdown or implosion. It also shows that analysts that were expecting Abu Dhabi to leave OPEC were too quick to draw conclusions. Still, the unease about production quota may persist in the UAE, and the conflict could flare up again at the next OPEC+ meeting.

The high-profile clash between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed is not over, instead, it’s just been pushed aside for the moment being. For both parties, a more volatile oil (and gas) market is not the goal, as both pursue a stable situation where prices stay at a level that is acceptable for both producers and consumers.

OPEC also wants to continue the overall strong cooperation of the last years, as non-OPEC, especially Russia and FSU countries are starting to become unhappy about production and export levels. Russian companies are for sure willing to up the ante, bringing additional volumes to the market to reap the gains at present. Some other OPEC producers, including Iraq are also unhappy about missing out on higher revenues or market share due to OPEC policies.

Battling COVID-19’s economic impact, high unemployment, and the ongoing threat of energy-transition polices in the EU and OECD, a growing amount of countries want accelerate the monetization of their hydrocarbon resources. The UAE-Saudi spat is only a sign on the wall of future problems within the cartel. Whatever analysts were stating, MBS and MBZ are maybe competing on lots of issues, but oil and gas are still a binding factor for decision making and cooperation. Saudi Arabia also knows that Abu Dhabi’s continues to invest in increasing its production capacity, which it aims to boost to around 5 million bpd by 2030.

The increases in production capacity are likely to become a point of contention within OPEC during the next couple of years. Today, ADNOC Offshore has awarded drilling contracts to Schlumberger, ADNOC Drilling and Halliburton, targeting  integrated riggless services across six of ADNOC Offshore’s artificial islands in the Upper Zakum and Satah Al Razboot fields. ADNOC’s investments until 2025 are already set at $122 billion on growth projects, including the ramp-up in oil production capacity to 5 million bpd by 2030 from around 4 million bpd at present.

On the sidelines, OPEC+ is also keeping an eye on U.S. shale developments. Until now, higher oil prices have not significantly boosted shale oil production, but this could change if prices go even higher. Oil prices of $75-80 are high enough for most drillers to commercially produce their reserves.

The last thing OPEC wants is a new wave of U.S. shale oil onto the market. The current market environment, even with a more belligerent Abu Dhabi, is too positive for Arab and Russian producers to destroy. External factors such as the COVID-19 Delta variant and a slowdown in Chinese oil imports is also being assessed. The European Green Deal presented today is still not seen as a major deal breaker, looking at the internal weakness of the European Union and lack of speed of implementation in general. With the global economic recovery picking up pace, and with oil demand on the rise, there is room for more production, but new conflicts within OPEC, and diverging production strategies are on the horizon.

END

8 EMERGING MARKET& AUSTRALIA ISSUES 

SOUTH AFRICA

Insider look as the devastation inside South Africa

(zerohedge)

“This Is Deliberate Sabotage” – South African Insider Warns This “Terrorism Has Been Coming For A Long Time”

 
THURSDAY, JUL 15, 2021 – 06:20 PM

Via SovereignMan.com,

Editor’s Note: Today’s letter is written by a Sovereign Man team member, Andre Bothma, who is based in South Africa.

In KwaZulu-Natal province, where Zuma is from, supporters of the former president launched a massive, coordinated protest campaign against his incarceration. Freeways were blocked with burning tires. Vehicles were stoned. Trucks set alight across the province.

And then the looting and arson started in Durban and Pietermaritzburg, two of the province’s largest cities.

South Africa, once again, is making global headlines for all the wrong reasons.

In case you missed the news, last week former President Jacob Zuma was sentenced to 15 months in prison for failing to appear at a corruption inquiry.

It was probably a calculated risk on his part; had Zuma actually appeared at the tribunal, he may very well have been convicted and sentenced to a much harsher punishment.

And when his sentence was announced, many South Africans gave a collective sigh of relief; it had been a long-overdue victory for the rule of law.

But then, virtually overnight, things started falling apart — rapidly.

First it was just small shops. But then entire shopping malls were looted and burned to the ground.

Once the shopping malls were in ashes, these “mostly peaceful” protesters moved on to torch distribution centers and loot cargo containers in Durban’s harbor.

They even rampaged against some of the region’s critical infrastructure, going as far as setting a water treatment facility on fire.

At this point the riots were still localized to the KwaZulu-Natal region, Zuma’s home turf.

But then the rioters started agitating for protests to break out in Johannesburg, the country’s economic capital…

Nobody thought the violence was going to spread there; Johannesburg is not a Zuma stronghold, and the locals there enjoy a much greater level of affluence than those living in Zuma’s native KwaZulu-Natal.

And yet, overnight, the violence spread to Johannesburg.

Bear in mind that South Africa’s national police force has been recently ‘defunded’, with a massive 11.8 billion rand (roughly $750 million) budget cut. For South Africa, that’s a staggering sum of money.

So with a heavily defunded police force unable to quell the violence, more ‘mostly peaceful’ protestors rampaged across these two key provinces, specifically targeting supply chain infrastructure.

On Monday night, for example, rioters brazenly looted a BLOOD BANK while being filmed on live television.

As things stand today, the Johannesburg and Durban downtown areas look like war zones.

I live in Cape Town, which so far hasn’t erupted. But the atmosphere here is tense; people are justifiably worried. Yesterday afternoon I came home to find a police NYALA (a NYALA is an armored 4×4 riot control vehicle) speeding past my house.

And the panic buying has already begun; I waited in line for ages last night at my local grocery store, only to find that many major product categories were totally sold out.

The line of cars waiting outside our local petrol station told the same story.

Economic analysts and observers are now sounding the alarm over food security risks; they’re saying that all the looting and burning of major infrastructure and distribution centers could cause a food shortage.

But South Africa is already running out of food — the shortages are here!

Across Durban, finding products like bread, milk and insulin for sale has become almost impossible.

The few shops that are brave enough to remain open are selling loaves of bread for 4-5X the normal price. And good luck finding any petrol anywhere in the city.

As of yesterday, the body count stood at 70.

Over a billion dollars in damages to businesses and public infrastructure.

Supply chains decimated and investor confidence gone…

Thousands of retail jobs, gone for good, and even more at risk.

The rational person needs to be intellectually honest about what’s happening right now: this is deliberate violence and sabotage designed to destroy critical infrastructure and terrify people, all in an effort to influence public policy (and free Jacob Zuma).

But there’s a word for this: terrorism.

And it’s been coming for a long time. South Africa has long been home to instability, corruption, and tension. We have politicians like Julius Malema who pour gasoline on racial tensions and threaten to seize private property.

It’s clear that South Africa has been declining gradually.

But then all this violence broke out very suddenly, practically overnight.

As Simon often writes, it’s like how Hemingway described going bankrupt: “gradually, then suddenly.”

Human beings are easily susceptible to normalcy bias — the bizarre voice in our heads that tells us “everything will be OK” even when the warning signs are completely obvious.

Our brains simply cannot comprehend that tomorrow could be radically different than today… and that our world could be turned completely upside down.

It is for reasons like these that Sovereign Man consistently writes about having a Plan B, which Simon describes as something like an insurance policy.

But you can’t wait until your house is already on fire before thinking about an insurance policy.

Yesterday, I spoke with a successful business owner based in KwaZulu-Natal. He runs a franchise business, and scores of shops just like his have already been looted and burned to the ground nearby.

He and his wife are almost at retirement age, and have had the means to get a Plan B in place for at least the last decade.

But they didn’t. They procrastinated. They put off taking action because there was no clear and present threat compelling them to do so.

Now, at a time where literally no one in their right mind wants to buy commercial property in their city, they are looking to liquidate their assets to get a Portuguese Golden Visa, which gives them a flexible second residency option in Europe.

Given that the application process takes several months to complete, even outside of Covid times, they’re way too late.

Having a great Plan B requires NOT procrastinating… and taking the appropriate steps for your situation BEFORE anything terrible happens, while you still have the resources and presence of mind to do so.

Because if you wait until the proverbial hits the fan, you’ll probably be too frantic and panicked to be thinking clearly about rational solutions.

Don’t give in to normalcy bias and assume that everything will always be OK. The last 18 months should be reminder enough that things can (and do) change very quickly.

Two weeks ago, South Africa was still a relatively well-functioning country. Yet the “civil” in civil society has been proven to be a precariously thin veneer.

end

This morning:  calm!

South African President Says Social Unrest Was “Planned”; Violence Recedes As Military Deployed

 
 
FRIDAY, JUL 16, 2021 – 08:11 AM

South African President Cyril Ramaphosa said Friday the riotous looting that transformed parts of the country into a warzone was planned, and his “government would not allow anarchy, mayhem” to continue as 25,000 troops have begun to deploy. 

“It is quite clear that all these incidents of unrest and looting were instigated, there were people who planned it and coordinated it,” Ramaphosa said.

“We are going after them, we have identified a good number of them and, we will not allow anarchy and mayhem to just unfold in our country,” he told reporters while touring the KwaZulu-Natal province, more specifically, the port city Durban, one of the worst-hit areas by unrest. 

So far, the president’s plan is working. Calm is returning to Gauteng and KwaZulu-Natal provinces. 

According to the “Unrest Map” via PolicyLab, unrest across Johannesburg and Durban has dramatically subsided in the last day, either because the military is being deployed or the rioters have run out of stores and warehouses to loot as thousands of businesses were destroyed in the weeklong mayhem. 

Ramaphosa also said he was concerned about rising racial tensions in some parts of the country. Between Monday and Wednesday, tensions among racial groups (Whites vs. Blacks; Indians vs. Blacks) flared up to near civil war levels during the height of the chaos. 

Besides South African troops, at least 12,000 members of the reserve forces have been called up. The military shows strength as convoys of armored personnel carriers were spotted, moving towards Durban last night. 

Top government officials are saying the deployment of the military has been the largest contributing factor in declining social unrest. 

Boots are on the ground. 

With some law order restored, the rand strengthened on Friday, recovering some losses against the dollar sparked by the riots. The death toll is around 117, with thousands arrested. 

If the president is right and the unrest was planned, the intentions of whoever organized the mass chaos had one objective: dismantle the country’s critical supply chains to create an economic collapse.

end

 

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

Euro/USA 1.1800 DOWN .0011 /EUROPE BOURSES /ALL mixed  

USA/ YEN 110.17  UP  0.389 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3816  DOWN   0.0011  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2590  UP .0002

 

Early FRIDAY morning in Europe, the Euro IS DOWN BY 11 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1800 Last night Shanghai COMPOSITE CLOSED DOWN 25.29 PTS OR 0.71%

 

//Hang Sang CLOSED UP 8.11 PTS OR 0.03%

 

/AUSTRALIA CLOSED UP .19% // EUROPEAN BOURSES OPENED ALL MIXED 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL MIXED 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED UP 8.41 PTS OR 0.03% 

 

/SHANGHAI CLOSED DOWN 25.29  PTS OR 0.71% 

 

Australia BOURSE CLOSED UP .19%

Nikkei (Japan) CLOSED DOWN 276.01 PTS OR 0.98%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1816.40

silver:$26.07-

Early FRIDAY morning USA 10 year bond yr: 1.321% !!! UP 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.950 UP 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.70 UP 7 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.25% DOWN 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.021%  UP 7/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.29%//  DOWN3  in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.70 DOWN 3   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 –.350% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR  FRIDAY

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

Euro/USA 1.1809  DOWN    0.0002 or 2 basis points

USA/Japan: 110.13  UP .351 OR YEN DOWN 35  basis points/

Great Britain/USA 1.3878 DOWN .0041 DOWN 41   BASIS POINTS)

Canadian dollar UP 11 basis points to 1.2582

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4792 

 

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.4784

TURKISH LIRA:  8.51  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.021%

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 1.309 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.930 UP 1 in basis points on the day

 

Your closing USA dollar index, 92.64  UP 1  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 3.93 PTS OR 0.96% 

 

German Dax :  CLOSED DOWN 89.35 PTS OR 0.57% 

 

Paris CAC CLOSED DOWN 33.28  PTS OR   0.51% 

 

Spain IBEX CLOSED DOWN 20.80  PTS OR  0.24%

Italian MIB: CLOSED DOWN  82.72 PTS OR 0.73% 

 

WTI Oil price; 72.06 12:00  PM  EST

Brent Oil: 73.78 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.98  THE CROSS  LOWER BY 0.42 RUBLES/DOLLAR (RUBLE HIGHER BY 42 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.350 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 : 71.59//

BRENT :  73.23

USA 10 YR BOND YIELD: … 1.299..DOWN 0 basis points…

USA 30 YR BOND YIELD: 1.9200 DOWN 1 basis points..

EURO/USA 1.1800 DOWN 0.0007   ( 7 BASIS POINTS)

USA/JAPANESE YEN:110,05 UP .273 ( YEN DOWN 27 BASIS POINTS/..

USA DOLLAR INDEX: 92.72  UP 10  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3765  DOWN 65  POINTS

the Turkish lira close: 8.55  UP 2 BASIS PTS

the Russian rouble 74.06   UP 0.34 Roubles against the uSA dollar. (UP 34 BASIS POINTS)

Canadian dollar:  1.2610 DOWN 18 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.350%

The Dow closed DOWN 169..53 POINTS OR 1.64%

NASDAQ closed DOWN 119.76 POINTS OR 1.09%

VOLATILITY INDEX:  18.51 CLOSED UP  1.50

LIBOR 3 MONTH DURATION: 0.133%//libor dropping like a stone

USA trading day in Graph Form

Big-Tech Breaks Weekly Win Streak, Bonds Shrug Off Inflation-Fest

 
FRIDAY, JUL 16, 2021 – 04:00 PM

It was a week of transitory-trampling inflation prints with CPI, PPI, Import/Export Prices, UMich inflation expectations, and the concomitant ‘hangover’ as buyers’ sentiment (for homes/cars/durables) crashed due to the soaring prices… and stocks did not like it (especially Small Caps). As we noted earlier, there was a big drop in gamma after the open’s OPEX which enabled today’s pain (the last 3 Fridays have been big up days)… Nasdaq has been up 8 weeks in a row before this week…

S&P 500 e-mini futures have printed all-time highs in 13 of the last 16 sessions. This was the first weekly drop in Nasdaq since mid-May, and the worst week for Russell 2000 since Jan 2021… and worst week for Small Caps since Oct 2020.

The market’s message to Powell…

Small Caps vs Big-Tech continue to track real yields…

Source: Bloomberg

Small Caps rebound back over its 50- and 100-DMA did not hold this week…

Breadth refuses to confirm the overall exuberance of this recent run…

Source: Bloomberg

Under the surface, traditional defensive sectors such as Utilities, Staples, and Real Estate are all outperforming with Energy getting monkeyhammered. Financials ended lower despite earnings being encouraging…

Source: Bloomberg

Energy stocks are in correction, down almost 14% from their early June highs…

Source: Bloomberg

That is even more clearly shown here with ‘Defensives’ massively outperforming ‘Cyclicals’…

Source: Bloomberg

Notably, the market’s largest stocks (the FAAMG complex which now makes up ~23% of the S&P 500’s market cap), has not performed well this week, seeing heavy selling pressure hit each bounce…

Cathie Wood’s ARKK was clubbed like a baby seal this week (worst week in two months)…

Banks were mixed after earnings this week with BofA worst and MS best…

Source: Bloomberg

“Most Shorted” stocks tumbled almost 8% this week, the worst week (or best if you’re short) since Oct 2020…

Source: Bloomberg

Long-end yields are down for the 3rd straight week (8th week of the last 9)

Source: Bloomberg

30Y yields ended with the lowest weekly close since Jan 29th…

Source: Bloomberg

Real yields tumbled to their lowest (most negative) since mid-Feb (suggesting more upside for gold)…

Source: Bloomberg

The dollar ended higher on the week…

Source: Bloomberg

Cryptos were notably lower on the week but Bitcoin held around $32,000 and Ethereum above $1900…

Source: Bloomberg

Oil’s worst week since March (first 3-week losing streak in over a year) as WTI hit a $70 handle after UAE headlines…

Gold is up for the 4th straight week (albeit with an ugly end to the week)…

Finally, as @Not_Jim_Cramer notes, the plunge in the S&P’s real dividend yield has not ended well in the past for stocks…

And don’t forget Peter Lynch’s “Rule of 20″…

a)Market trading/this AFTERNOON/USA/

 
ii) Market data
Surprise uptick but only due to big downward revision
(zerohedge)

US Retail Sales Surprise To The Upside After Big Downward Revision, Auto Sales Slump

 
FRIDAY, JUL 16, 2021 – 08:38 AM

Having consistently ‘nailed it’ over the past few months, BofA’s forecast ahead of today’s retail sales data was ominous, suggesting a “marked slowdown”:

For the first time this year, they were wrong as headline retail sales rose 0.6% MoM (vs -0.3% exp). However, the big June jump is offset by a big downward revision in May to -1.7% MoM (from -1.3%)…

Source: Bloomberg

On a YoY basis, given the base effect is waning, headline and core sales growth is sliding fast…

Source: Bloomberg

Under the surface, motor vehicles sales (supply chain bottlenecks?), furniture (as good as it gets as the economy reopened) and building materials (crashing lumber prices? or demand?) were the biggest losers…

Notably, nonstore retailers (online retail) rebounded per Census, but according to BofA it has dropped to post covid lows…

Perhaps most ominous is that after being positive all year, the 3mo average of Retail Sales Ex Autos plunged to flat…

Source: Bloomberg

From a GDP perspective the control group looks positive at first glance (rising 1.1% MoM), but that ‘beat’ was eaten up almost entirely by a huge downward revision for May from -0.7% MoM to -1.4% MoM.

Finally, we note that retail inventories remain drastically low relative to retail sales, which suggests the ‘transitory’ inflation seen this week in CPI and PPI will be anything but…

Source: Bloomberg

But just keep believing Jay, because, on a long enough timeline, everything is transitory, right?

end

UMich Sentiment Slumps In July As Inflation Expectations Hit 13 Year High

 
FRIDAY, JUL 16, 2021 – 10:07 AM

Following June’s mixed picture on sentiment, UMich was expected to show confidence improving for both current and future conditions, but it didn’t… by a long way…everything missed huge.

The headline UMich print plunged from 85.5 to 80.8 in preliminary July data, with both current conditions (84.5 vs 88.6 prior) and hope (expectations tumbled from 83.5 to 78.4)…

Source: Bloomberg

Buying attitudes crashed even further in this flash July data with homebuying sentiment the worst since 1982…

Source: Bloomberg

And aggregating those 3 indices, this is the worst buying attitudes ever from the survey…

Just 30% of all consumers cited favorable home buying conditions, the lowest level since September 1982; when asked to explain their bleak assessment, 71% mentioned high home price, the highest percentage ever recorded.

Source: Bloomberg

Finally, we note that short-term inflation expectations soared to their highest since June 2008 (seemingly confirming The Fed’s survey that this is anything but transitory)…

Source: Bloomberg

Get back to work Mr.Powell and keep that narrative going!

iii) Important USA Economic Stories

Record numbers of Americans died from drug overdoses during the Pandemic driven by Fentanyl

(zerohedge)

“Stunning Numbers” – Record Number Of Americans Died From Drug Overdoses During Pandemic, Driven By Fentanyl

 
THURSDAY, JUL 15, 2021 – 10:20 PM

The CDC released data on drug overdose deaths Wednesday, and the organization found that the total for 2020 soared 30% to a record 93,331 in the virus pandemic year of 2020 than the prior year. 

About 93,331 Americans died from drug overdoses last year, per the CDC data. That’s compared with 72,000 from 2019, the previous record high, the CDC reports. 

Source: Bloomberg 

“That is a stunning number even for those of us who have tracked this issue,” Brendan Saloner, associate professor of health policy and management at the Johns Hopkins Bloomberg School of Public Health, told The Wall Street Journal. “Our public health tools have not kept pace with the urgency of the crisis.”

Soaring overdose and COVID deaths helped drag down the average US life expectancy to 77.8 years in 2020, down from 78.8 years in 2019 to levels not seen since 2006. 

Even before the pandemic, the country struggled with its worst drug crisis ever as Mexican cartels continued to push synthetic opioids, such as fentanyl, over the southern borders and into American metro areas. 

Compound the opioid crisis with lockdowns and other pandemic restrictions, and drug addictions spiraled out of control as millions of people were left in despair

The main driver of overdoses was synthetic opioids, primarily fentanyl. Robert Anderson, chief of the mortality statistics branch at the CDC’s National Center for Health Statistics, said 57,550 people died of overdoses from synthetics, a jump of more than 54% over 2019. 

“Definitely, fentanyl is the driving factor,” Anderson said. Overdose deaths from opioids overall rose almost 37%, according to the CDC data.

Here’s how the number of drug deaths changed across the country. Every state except for South Dakota and New Hamshire saw drug deaths surge. 

CDC data showed 2020 drug overdose deaths translated to an average of 250 deaths each day, or approximately 11 every hour.

Deaths from drug overdoses and COVID has formed a twin public health crisis. 

END

USA COVID//VACCINE UPDATE

She is such an idiot: LA County reinstates the mask mandate as their COVID cases rise

(zerohedge)

LA County Reinstates Mask Mandate As COVID Cases Rise, Young Black Residents Dominate Unvaxx’d

 
THURSDAY, JUL 15, 2021 – 06:00 PM

Never wanting to be outdone on the virtue-signaling scales of social justice, it would appear that LA County’s infamous Public Health Director Dr. Barbara Ferrer (read all about her non-medical background here) has turned the dial to 11.

KNX1070’s Claudia Peschiutta reports that LA County has decided to reinstate the indoor mask mandate – regardless of vaccination status – following a rise in COVID cases.

As far as we can tell, this would make LA County the first to reverse (so Brave), despite the “science” from the CDC saying that vaccinated people are at no risk from the delta variant and being unmasked everywhere is safe!

So why did Ferrer decide to do this?

Cases are rising (for 18-29 year-olds… who as everyone is now aware, are at monstrously low risk of any severe illness from COVID)…

So that’s an odd reason to reinstate a mask mandate that was adhered to by 80-90% of all LA County residents and achieved absolutely nothing at all in terms of slowing the spread (as we now know from the actual data post-hoc).

Perhaps there’s another reason?

Daily vaccination rates have plunged in recent weeks…

So perhaps this reinstated mask mandate is fear-driven to encourage more to get vaccinated (despite the mask-mandate being applied to the vaccinated and unvaccinated equally?).

But there’s a problem for the LA County health boss… As opposed to the mainstream media’s narrative that it is Trump-loving, white-supremacist, conspiracy theorists that are not getting vaccinated, it turns out the unvaccinated are dominated by black and hispanic people…

Oh and it gets worse… the numbers of unvaccinated Americans in LA County are dominated by young black residents…

And of course, Ferrer could not possibly single out that cohort for “reprogramming” on the benefits of getting a vaccine… so unleash the mask mandates until everyone (and by everyone, we mean young black folks) in LA County is vaccinated.

END

On digital currencies! a warning!!

(from Robert to me and Gateway Pundit)

WARNING: A Future US Digital Currency Might Give the FED the Power to Approve Your Mortgage Based on Factors Other than Credit Worthiness

 
 
 
No question they want total control over who prospers and who does not. Only the party wins and everyone else suffers.
It is what communism always does in very aspect of life. And it is the direct opposite of what has transformed western society to be what it became. Whether it was the cotton mills or the use of electrical power etc innovation brought prosperity and raised the lives within society. Mechanization on farms gave farmers the ability to produce unimaginable harvests compared to the horse and plow era.
And it is always this type of control effort that causes it to fail. No one works to aspire to anything as there is no reward nor is there incentive to create. In every endeavor when creation stops the endeavor starts to decay and die. Just study the use of collective farming in places like Russia that failed miserably with famine on the land. Today fools like Biden pay Gates to leave farmland vacant while food shortages grow. Crazy business producing pain and suffering without care to cull the herd.
Asia is already telling the west to piss off. Why do you think ivermectin sales are soaring in Asia while the MRNA jabs continue in the west? Profit motives triumph in west over people safety. Even now they are saying the new jabs will cost $125 a shot early next year. To produce what? Klaus has lost control of much more than China and Russia as most of Asia will not play or dance in his parade. The west stands to really put to the test whether they can hold on to anything in a changing landscape. The only thing holding the dogs of war at bay in Asia is the nuclear arsenal of America and the statement by the military that a non linear response will become to those who threaten interests.
Already people are and will suffer mass vascular problems which no doubt big pharma will have a expensive solution for, raking in billions at the expense of many lives. Today the pharmaceutical companies have become racketeers of the worse order interested solely in profits. Humanity is the nothing more than the herd to be culled of its’ money. No money, no medicine, so suffer or take street drugs to die in vain. A very sad commentary on what humanity and political classes have allowed themselves to become and an even dumber public for accepting this in society.

 

https://www.thegatewaypundit.com/2021/07/warning-future-us-digital-currency-might-give-fed-power-approve-mortgage-based-factors-credit-worthiness/

 
END
 
USA INFLATION WATCH
That ought to be good for price increases.
(zerohedge)

Union Pacific Halts Shipments From West Coast To Chicago To Ease “Significant Congestion”

 
FRIDAY, JUL 16, 2021 – 12:17 PM

Brace for even more shortages.

Union Pacific is temporarily suspending eastbound service from West Coast port terminals to its Global IV intermodal facility in Chicago to help ease “significant congestion” at inland terminals, especially Chicago, and at the ports, Freight Waves reports. The suspension is aimed at helping ocean carriers reduce backlogs.

 

Union Pacific plans to temporarily suspend eastbound service from West Coast ports to its Global IV intermodal facility in Chicago. (Photo: Jim Allen/FreightWaves)

UP hopes this suspension, which will start on Sunday and last for about seven days, will not only help relieve port backlogs for Chicago-bound container traffic but also ultimately help address backlogs for containers destined to other markets. The suspension applies to UP-served terminals at the ports of Los Angeles, Long Beach and Oakland, California, and Tacoma, Washington. 

FreightWaves has been told that the suspension reportedly entails customers shipping IPI 20-foot or 40-foot equipment, not customers using domestic 53-foot equipment.

“This week we reached out to the ocean carriers to take more positive steps to improve fluidity and throughput in the Los Angeles Basin and our Global IV facility in Chicago. … We believe this change will allow the transportation supply chain to begin working off the backlog of Global IV-destined trains while freeing up railcar assets to support import loading needs on the West Coast,” UP said in an advisory provided to FreightWaves.

“We are working closely with the ocean carriers and collaborating wherever possible to improve the health of the supply chain.”

UP, along with other supply chain partners including Class I railroads, have been grappling with congestion at the West Coast ports as the economic recovery and robust e-commerce activity have kept U.S. import levels brisk. 

Container processing at Southern California port terminals has increased while UP’s rail shipments to and from the ports “are near record highs,” UP said.

FreightWaves SONAR shows that intermodal outbound tender rejections, or outbound intermodal tender transactions rejected in the last seven days, grew in June after dipping to lows in March through mid-May.

Some shippers have expressed concern anecdotally about how the supply chain will handle fall peak, especially amid reports that containers have been waiting to move to multiple destinations for weeks, if not months. The reasons given for the congestion at the ports have ranged from chassis and labor shortages to railcar shortages. As a result of complete supply-chain collapse, container shipping rates have soared to record highs, and this last week hit a new all time high.

UP said it recently held a symposium with ocean carriers in order to determine how to gate out boxes at inland terminals more quickly. From those efforts, UP has capped its storage fees at the Global IV facility for loaded units that are stacked and awaiting out-gate to help ocean carriers and drayage companies, and UP has opened its Global III facility as an interim import container storage location.

“We believe these positive steps will alleviate some of the considerable challenges supply chain participants are facing,” UP said, much to the imminent fury of Chicago residents.

end

a must read….

The Hangover Is Here: Explosive Inflation Leads To Record Collapse In Home, Car Purchase Plans

 
FRIDAY, JUL 16, 2021 – 12:31 PM

For the past several months we have warned about the pernicious effects soaring prices are having on both corporations (“Buckle Up! Inflation Is Here!“) and consumers (“”This Is Not Transitory”: Hyperinflation Fears Are Soaring Across America“), prompting even otherwise boring sellside research to get  (hyper) exciting, with Deutsche Bank (which warned this week that “Inflation Is About To Explode “Leaving Global Economies Sitting On A Time Bomb“”) and Bank of America (which “Just Threw Up All Over The Fed’s “Transitory” Argument“) now openly claiming that the Fed is wrong, and the US is facing an unprecedented period of far higher, non-transitory inflation, with DB going so far as to warn “policymakers will face the most challenging years since the Volcker/Reagan period in the 1980s.”

But none of this has spooked the Fed into conceding – or believing – that inflation is anything more than transitory. And maybe just this once, the Fed has a point because all else equal, by which we mean lack of rising wages, the best cure to higher prices is, well, higher prices.

Presenting Exhibit A: Last month we observed that anticipating an end to Biden’s stimmy bonanza end and that soon they will have to live again within their means, Americans’ buying intentions (6 months from today) as measured by the Conference Board, had cratered across the 3 major spending categories: homes, automobiles and major household appliances.

The drop was so massive, it amounted to the biggest one-month drop in intentions to purchase appliances…

… and homes…

This confirms what we noted earlier, namely a record divergence between crashing homebuyer confidence (due to record home prices) and soaring homebuilder confidence (also due to record home prices). Guess which one will matter in the end.

Fast forward to today when we just got Exhibit B: the June UMichigan Sentiment SurveyHere things quickly got ugly, because not only did all the sentiment indicators miss across the board

… but in a stark reversal of last month’s “good news” when inflation expectations dropped slightly, in the preliminary July number, 1 year inflation expectations unexpectedly exploded higher, from 4.3% to 4.8%, surpassing the May high and printing at the highest level since June 2008 (confirming the NY Fed’s own survey of consumer expectations that this is anything but transitory), with 5-10 year inflation expectations also rising from 2.8% to 2.9%, pouring cold water on any “transitory” argument.

But what we found even more concerning is what chief economist, Richard Curtin said namely that “rather than job creation, halting and reversing an accelerating inflation rate has now become a top concern.” As Curtin adds, “Inflation has put added pressure on living standards, especially on lower and middle income households, and caused postponement of large discretionary purchases, especially among upper income households.

It gets worse because as the UMich director notes next, “consumers’ complaints about rising prices on homes, vehicles, and household durables has reached an all-time record.”

This can also be seen in the following chart showing records across the board for “bad buying conditions” due to high prices for houses, durable goods and autos. In other words, due to soaring prices, America is going on a buyers’ strike!

The silver lining is that so far, excess savings from trillions in stimmies have successfully offset this looming threat. As Curtin elaborates, “purchase rates have benefitted from record increases in accumulated savings and reserve funds” but as he concedes, “a critical issue is whether consumers will find greater value in keeping a significant portion of their savings as a precautionary hedge, or spending a significant portion in an effort to avoid their inflationary erosion and to benefit from buying-in-advance of increasing market prices.”

The mask will quickly fall away however, giving way to a full blown stagflation in early 2022, if inflation is not transitory, and here is Curtin admitting just that: “the precautionary impulse will quickly fade if the “transitory” spike in inflation extended into 2022.” Meanwhile, “resurgent consumer spending propelled by fiscal stimulus is likely to increase inflation” while “small policy steps could now have a large impact on ending inflationary psychology.”

This means that another round of stimmies – which is what the current round of Delta strain fearmongering is all about – could actually have negative consequences this time.

But wait, it gets worse: as Curtin admits, this time may indeed be different, because “every instance of a comparable rise in near-term inflation expectations since 1990 was eventually countered by the maintenance of a much lower expected long-term inflation rate” something we have not yet seen this cycle. That’s because “the factors that now underlie the recent surge in inflation are quite unique. A rising inflation in the months ahead may convince consumers that they underestimated its eventual rise, causing them to revise how high it will climb and how long the inflation runup will last.”

In other words, if the Fed is wrong that inflation is “transitory”, then the US economy is about to suffer a very painful hard-landing. Not only that, but the last trace of Fed “credibility” will be erased.

Oh, and for those saying wage hikes may be permanent we have some bad news: employers know very well that the extended unemployment benefits bonanza ends in September at which point millions of currently unemployed workers will flood back into the labor force sending wages sharply lower, and is why instead of raising base pay, most potential employers offer one-time bonuses, which – as the name implies – are one-time. As for higher wage pressures, well… just wait until October when everything reverses, Uncle Sam is no longer a better paying competitor to the US private sector, and wages slump.

What does that mean for the economy? Well, all those producers and retailers who got used to bumper demand and pushed their prices sharply and not so sharply higher, will face a stark choice: either drag prices right back down, or sell far fewer goods and services. That, or just await the next bailout.

One thing is certain: six months from today – if today’s soaring inflation has not faded away – the US economy will be far, far uglier.

iv) Swamp commentaries/

After a whole week of questioning, the White House finally admits that the Cuban uprising is  to failed communism.

(zerohedge)

Watch: White House Finally Admits Cubans Rising Up Against “Failed Communism”

 
FRIDAY, JUL 16, 2021 – 08:44 AM

Authored by Steve Watson via Summit News,

White House Press Secretary Jen Psaki finally admitted Thursday, at the third or fourth time of asking, that the people of Cuba are rising up against a failed communist system of government, rather than a rise in COVID cases.

Fox News reporter Peter Doocy asked Psaki, “Now that you’ve had a few days to think about it, does this White House still think that the protests in Cuba are happening because people are upset about a rise in COVID cases there, or is there some thought maybe given to the possibility that they’re protesting because they’re sick of communism?”

Psaki responded “Well, Peter, first I would say communism is a failed ideology, and we certainly believe that.”

She continued, “It has failed the people of Cuba. They deserve freedom; they deserve a government that supports them, whether that is making sure they have health and medical supplies, access to vaccines, or whether they have economic opportunity and prosperity.”

Psaki added, “And, instead, this has been a government, an authoritarian communist regime that has repressed its people, and has failed the people of Cuba, and hence, we’re seeing them in the streets.” 

Watch:

Psaki spent the entire week avoiding criticising the communist Cuban tyranny, instead claiming that “government mismanagement” was to blame for the people rising up.

Many in the streets have been witnessed waving the American flag and asking for U.S. support to help them be free of the Marxist oppression.

As we noted, Senator Marco Rubio, among others, called for a clear denunciation of “this communist, this Marxist, this socialist tyranny” in Cuba, saying that America must make “clear about whose side we’re on.” 

The Biden administration and the media, however, continued to blame Donald Trump for the collapse of Cuba’s economy, in lockstep with the communist Cuban oppressors, and even groups such as Black Lives Matter, which issued a statement blaming the U.S. for the crimes of the Marxist regime in Cuba.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

In the age of mass Silicon Valley censorship It is crucial that we stay in touch. We need you to sign up for our free newsletter here. Support our sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, we urgently need your financial support here.

end

Biden Admits Communism Is A “Failed System”, Socialism’s No Better, & Cuba A “Failed State”

 
FRIDAY, JUL 16, 2021 – 03:40 PM

Authored by Lorenz Duchamps via The Epoch Times,

The authoritarian and communist regime of Cuba is a “failed state” and universally, communism is a “failed system,” President Joe Biden said while speaking from the White House on Thursday.

“Communism is a failed system—a universally failed system. And I don’t see socialism as a very useful substitute, but that’s another story,” Biden said during a joint press conference with German Chancellor Angela Merkel.

Biden’s remarks were the strongest signal yet by the president in support of Cubans demonstrating against the ruling regime of leader Miguel Diaz-Canel—also the head of the Cuban Communist Party.

He also addressed that his administration is “considering” ways to possibly reinstate access to the internet for people on the island nation after the regime disrupted citizens from their online communications in the wake of the biggest anti-government protests in decades.

“We’re considering whether we have the technological ability to reinstate that access,” Biden said.

President Joe Biden and German Chancellor Angela Merkel hold a joint press conference in the East Room of the White House in Washington, on July 15, 2021. (Saul Loeb/AFP via Getty Images)

The president also indicated that for now, they are not considering re-establishing the U.S. to Cuba remittances because it’s “highly likely” that the regime would confiscate the funds.

“There are a number of things that we would consider doing to help the people of Cuba, but it would require a different circumstance or a guarantee that they would not be taken advantage of by the [Cuban regime],” Biden said.

“For example, the ability to send remittances back to Cuba. I would not do that now because the fact is it’s highly likely that the regime would confiscate those remittances or big chunks of it.”

Starting over the past weekend, thousands of Cubans have openly demonstrated against the authoritarian regime and called for leader Diaz-Canel to step down. Some demonstrators, as well as Cubans in the United States, have called on the Biden administration to intervene amid mass arrests of demonstrators by the regime.

Biden’s remarks that they “consider” to aid Cubans came as Florida Gov. Ron DeSantis (R-Fla.) asked the president in a letter to provide federal assistance to the citizens of the island nation as well as help them with internet access.

Florida Gov. Ron DeSantis speaks during a press conference at the Shul of Bal Harbour in Surfside, Fla., on June 14, 2021. (Joe Raedle/Getty Images)

“I write to urge you to assist in providing Internet access to the people of Cuba standing up against communist oppression and demanding a voice after decades of suffering under the yoke of a cruel dictatorship,” the Republican governor wrote in the letter (pdf).

“As you know, the Cuban people are taking to the streets to protest the Communist regime, and the Cuban government has responded with violence,” he said. “At first, the world could see the images and videos of this mass movement, but now the tyrannical regime of President Miguel Diaz-Canel has shut off access to the internet.”

White House press secretary Jen Psaki on Thursday during a separate press briefing also called communism a “failed ideology,” explaining that Cubans “deserve freedom.”

“They deserve a government that supports them, whether that is making sure they have health and medical supplies, access to vaccines, or whether they have economic opportunity and prosperity,” Psaki said.

“This has been a government—an authoritarian, communist regime—that has repressed its people and has failed the people of Cuba, hence we’re seeing them in the streets,” she continued.

Amid the demonstrations, activists told news outlets this week that more than 100 people have been arrested, detained, or are simply missing in a regime-led clampdown.

Big Tech teaming up with government

(Watson/SummitNews)

Big Tech “Acting Like Arms Of The Government” – Senator Hawley Warns “It’s Scary Stuff”

 
FRIDAY, JUL 16, 2021 – 11:01 AM

Authored by Steve Watson via Summit News,

Missouri Sen. Josh Hawley warned Thursday that big tech is “acting like arms of the government” after the White House admitted that it is asking Facebook to comply with censoring anyone who posts content it deems to be “misinformation”.

Here’s the backstory:

Appearing on Fox News, Hawley warned “I think it’s really scary to have the federal government of the United States, the White House compiling lists of people, organizations, whatever and going to a private company that by the way is a monopoly – Facebook – and saying you need to censor.”

“I just think that this kind of coordination between big government and the big monopoly corporation, boy that is scary stuff,” Hawley said, adding “It really is censorship.”

 

Hawley continued, “at this point, you really have to wonder how private of companies they are.”

“I mean, if you are taking direction from the federal government, openly coordinating with the federal government, you have got the government saying we think this speech ought to be censored and Big Tech if they carry out those instructions, I mean, that looks like they are starting to operate as a public utility and there are many people out there who say we ought to just treat them as public utilities,” the Senator urged.

Watch:

The latest development with Facebook comes on the heels of reports that the White House is trying the same thing with Twitter, and planning on working directly with cellphone network providers to ‘fact check’ private SMS messages if they contain “misinformation about vaccines.”

 

 end

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

Union Pacific suspends inbound international container shipments to Chicago for a week 
Embargo will allow railroad to address backlog at Global IV facility
   The terminal is clogged largely due to reasons beyond the railroad’s control. Labor shortages and pandemic-related restrictions have slowed unloading and loading of containers at customer facilities. That has led to a shortage of chassis and drayage capacity during a period of high demand.  Other railroads, including BNSF Railway and Norfolk Southern, also have taken steps at various times this year to limit inbound volume at congested terminals in Memphis, Chicago, and elsewhere on their systems…
https://www.trains.com/trn/news-reviews/news-wire/up-suspends-inbound-international-container-shipments-to-chicago-for-a-week/

US Initial Jobless Claims 360k, 350k expected, prior week revised to 386k from 373k; Continuing Claims 3.241m, 3.3m expected, prior week revised to 3.367m from 3.339m

U.S. factory output unexpectedly slipped in June on supply shortages, soaring materials costs
The 0.1% decrease followed a 0.9% gain in May…Total industrial production, which also includes mining and utility output, climbed 0.4% in June after a revised 0.7% gain a month earlier…Production of motor vehicles slumped 6.6% last month after a 7.3% increase a month earlier…Utility output jumped 2.7% in June on greater demand for air conditioning; mining output increased 1.4%…
https://t.co/cLZtRY2Xe4

Inflation is here to stay, and it should worry everyone
In November, the International Monetary Fund, or IMF, found that the increase in inflation was noticeably faster than the rate calculated by standard inflation measures in all regions due to a change in consumption patterns, which caused the standard inflation gauges to miscalculate the actual speed of inflation. There were also reports of serious bottlenecks in the transport of vast quantities of commodities, which had lifted prices…
    In the U.S. inflation pressures are transferring from “want to have” products, like lumber, to “need to have” like food, rents and fertilizers. This is likely to be manifested in increased wage pressures, because everyone will notice that the purchasing power of their wages are declining. If wage pressures… this will translate into higher wages and prices set by corporations fueling faster inflation, long-term…
The Fed is likely to be as terrified of what higher interest rates would do the financial system of the U.S… the effort of the Fed to shrink its balance sheet in 2019 led to the near implosion of the “repo” markets. That is, most probably, the actual reason behind Chairman Powell’s recent remarks….
https://gnseconomics.com/2021/07/15/inflation-is-here-to-stay-and-it-should-worry-everyone/

@matthewstoller: Majority of city pools in LA closed because of chlorine shortage. (LA Times)

Econ Prof. Tuomas Malinen @mtmalinen: “With the current state of super-highly levered financial markets, the mere expectation that financial conditions may become less loose will start ‘fire sales’ in the most speculative corners of the market… central bankers are effectively, and absolutely, trapped.

While Powell testified, Chicago Fed President Evans admitted, “Inflation has accelerated faster than expected.”  Evans quickly added that he believes the inflation is transitory.  Then Evans went idiotic by stating that ‘slightly more persistent inflation would not be bad.’  You cannot make this stupidity up! 

After Powell’s testimony ended at 11:48 ET, ESUs and stocks dropped to the lows of the day.  ESUs made a triple bottom at 4345.00.  The ensuing modest rally ended within 40 minutes.  ESUs broke below their triple bottom; stocks hit session lows.  Fangs and techs led the decline.  Nasdaq was -1.1% by 13:30 ET.  As we warned, the known universe was massively long techs and Fangs for the arrival of tech Q2 results next week (and expiration this week).

At 13:45 ET, ESUs and stocks hit a bottom.  The rally for the VIX Fix (14:15 ET) was on!  It ended 11 minutes after the fix.  After a modest respite, manipulators commenced the last-hour rally scheme.  The rally paused from 14:00 ET until 14:30 ET.  The manipulation then resumed in earnest; it ended in 5 minutes.  ESUs and stocks retreated modestly and inched a tad higher into the close.

Morgan Stanley Slides After FICC Misses Despite Investment Banking Boom
https://www.zerohedge.com/markets/morgan-stanley-slides-after-ficc-misses-despite-investment-banking-boom

@ThomasSowell: The history of the 20th century is full of examples of countries that set out to redistribute wealth and ended up redistributing poverty.

Powell’s future in question as Warren blasts Fed for being too easy on the biggest banks
Chair Powell, during your tenure, the Fed has rolled back important safeguards, making it easier for the biggest banks to pump up the price of their stock and boost their already enormous power in our economy,” said Sen. Sherrod Brown, a Democrat from Ohio, and chairman of the Senate Banking Com… Sen. Elizabeth Warren, Democrat of Massachusetts, echoed Brown’s concern. “Over the past four years, I see one move after another to weaken regulation over Wall Street banks,” Warren told Powell…
Warren cited an analysis by the Minneapolis Fed that found federal fiscal stimulus during the crisis helped banks avoid as much as $300 billion in loan losses. “In other words, the current Fed rules were not strong enough for the banks to withstand the pandemic, without, once again, calling on American taxpayers to back them up,” she said…
https://www.marketwatch.com/story/sherrod-brown-and-elizabeth-warren-blast-powell-for-being-too-easy-on-the-biggest-banks-11626367265

WHO clarifies details of early covid patients in Wuhan after errors in virus report
In response to questions from The Washington Post, the WHO is changing the virus sequence IDs associated with three of the 13 early patients listed in a chart in the report and will clarify that the first family cluster was not linked to the Huanan seafood market in Wuhan, a spokesman said.
    The WHO did not explain why a map in the annexes of the WHO-China joint report appears to show the first case on one side of the Yangtze River, while the Wuhan government had announced last year that the first patient, who fell ill Dec. 8, 2019, lived on the other side of the river, in Wuchang district…
    “Who made the errors? Was it China, was it the team, was it WHO itself?” he asked. “There’s no clarity, and this does feed into public distrust of the integrity and rigor of the origins investigation.”
    The agency confirmed the earliest official case, Patient S01, was a 41-year-old man, with virus genome sequences EPI_ISL_403930, MT019531, and GWHABKH00000001 in various databases. The report had listed a different sequence, belonging to a 61-year-old man, which Jasarevic called an editing error…
https://www.washingtonpost.com/world/asia_pacific/covid-wuhan-outbreak-who/2021/07/15/51e7e8a6-e2c6-11eb-88c5-4fd6382c47cb_story.html

The state media is silent on the WHO deception.

@ggreenwald: There’s been a taboo on urging recognition of the costs not only of COVID but also the other side of the ledger: isolation, lockdown, economic and social desolation, etc.  Even now, urging a return to normalcy — on the ground that excessive restrictions also kill — is scorned…

@callieabost: Yesterday (Wed), 429 stocks in the S&P 500 declined while SPX fell just 0.4% itself.  That’s the S&P’s largest # of decliners for a drop that small since at least 1996 (as far back as my data goes).

The strength of Apple and other Fangs plus MSFT are obfuscating the deterioration in market breadth.

After the close, Treasury Sec Yellen said she sees “several more months of rapid inflation” and voiced concern about affordable housing.  Janet, call Jerome and Larry Fink!

The Fed balance sheet soared $103.878B to $8.2 trillion on the monetization of $82.725B of MBS!
https://www.federalreserve.gov/releases/h41/current/

@BillFOXLA: L.A. County just announced it will reimpose an indoor mask mandate, regardless of your vaccination status, beginning Saturday night at 11:59 pm. 7:14 ET (15 more days to flatten curve?)

Yesterday, the AZ Senate held a hearing on the Maricopa County vote audit.  The vote fraud was copious.
PS – Biden ‘won’ Arizona by 10,457 votes.  PSS – Maricopa is just 1 county; think of MI, PA, and GA!

 

@AuditWarRoom: Maricopa did not put serial numbers on original and duplicated ballots!  You cannot ensure they were accurately duplicated or how many times they were duplicated!

@realLizUSA: Digital forensic expert Ben Cotton reveals the Maricopa County election system was BREACHED during the course of the 2020 election.  Cotton says “tremendous vulnerability” exists on machines.  “The last time the anti-virus was updated on these systems was the date that the Dominion software was installed on the systems. That happens to be August of 2019.”

@RealAmVoice: “This is one of those situations where what they’ve (Maricopa County officials) told the public is drastically different than the apparent reality in response to a legal subpoena”.
https://twitter.com/RealAmVoice/status/1415737602280288256

OAN’s @christina_bobb: ARIZONA HEARING: 74,243 mail in ballots with no record of the county sending.  11,326 voters NOT on voter rolls on November 7, but WERE on the voter roll on December 4, and were marked a VOTED in November 3 election.

@leslibless: Maricopa states they used secure, non-bleed thru paper, yet 168,000 ballots had offset, bled-thru marks on thin paper, w sharpie usage

@charliekirk11: Shocking results coming out of Maricopa County. Now we know why Democrats have been so against this audit!

AZ GOP Chair @kelliwardaz: On March 11, over 37,000 queries for a blank password on a Maricopa
Co system that only contained 8 accounts. This was script used by the EMS Admin account. We need routers & splunk logs to see WHO was querying! And why the data before February 5, 2021, is not accessible… ~18,000 were on voter rolls and voted then were immediately removed after the November 2020 election. Need explanation.
    Canvassing is necessary. It is the one way to know if the problems are real problems or just clerical mistakes. There are ~ 74,000 ballots that came back but there is no indication that they were ever sent out by the county! From #FOIA shows logs don’t match!
     From the clown show of ridiculousness @maricopacounty tweeted out during the AZ Senate hearing today, I highly doubt they will cooperate with the @ArizonaAudit – they cannot admit their incompetence & how wrong they were to certify without having direct access to the data.

AZ State Senator @WendyRogersAZ: I have heard enough. With the tens of thousands of ballots mailed without being requested, the over ten thousand people who voted after registering after November 3rd, the failure of Maricopa to turn over the 40% machines, the passwords that Dominion still refuses to turn over, & tens of thousands of unauthorized queries demonstrating how insecure the election was, I call for the Biden electors to be recalled to Arizona & a new election must be conducted. Arizona’s electors must not be awarded fraudulently & we need to get this right.

Maricopa County Recorder Stephen Richer (Republican) Changes His Tune: “I Supported an Audit, I’m Pro-Audit, I’m Pro-Review” – Such BS
https://www.thegatewaypundit.com/2021/07/maricopa-county-recorder-stephen-richer-changes-tune-supported-audit-pro-audit-pro-review-bs/

@dak_alan: Why isn’t the Republican party speaking out regarding the Arizona voting situation?

TRUMP RESPONDS: ‘Why Even Wait’ To Decertify Arizona, Irregularities Amount to ‘Hundreds of Thousands of Votes’
https://nationalfile.com/trump-responds-why-even-wait-to-decertify-arizona-irregularities-amount-to-hundreds-of-thousands-of-votes/

@ElectionWiz: TUCKER: “It now appears there actually was meaningful voter fraud in Fulton County, Georgia last November. That is not a conspiracy theory. It’s true.”
https://twitter.com/ElectionWiz/status/1415472367866949633

Ex-DJT attorney @JennaEllisEsq: The only reason the corruption was falsely certified in Georgia is because of the RNC: @GovKemp, @GaSecofState. Weak, spineless GOP state legislature leadership.  YOU KNEW YOUR RESPONSIBILITY AND YOU FAILED AMERICA. The Republicans hated Trump that much.

GA Secretary of State Brad Raffensperger @GaSecofState: Fulton County’s continued failures have gone on long enough with no accountability. Rick Barron and Ralph Jones, Fulton’s registration chief, must be fired and removed from Fulton’s elections leadership immediately. Fulton’s voters and the people of Georgia deserve better. (This boob initially said GA votes were legit; now he is scrambling.)

Dems and the MSM are apoplectic that voter fraud evidence has been escalating and looming vote audits could show massive fraud.  According to US case law, “Fraud vitiates everything.”

37 Am Jur 2d at section 8 states, in part: “Fraud vitiates every transaction and all contracts. Indeed, the principle is often stated, in broad and sweeping language, that fraud destroys the validity of everything into which it enters, and that it vitiates the most solemn contracts, documents, and even judgments.”
https://famguardian.org/Subjects/Taxes/ChallJurisdiction/ThreeElements.htm

UNITED STATES v. THROCKMORTON (SCOTUS decision)
There is no question of the general doctrine that fraud vitiates the most solemn contracts, documents, and even judgments… Fraud vitiates everything…  https://www.law.cornell.edu/supremecourt/text/98/61

@jason_meister: The man who allegedly out-performed every presidential challenger in US history thinks asking you to show voter ID is the greatest threat since the Civil War.  [Evinces how dependent Dems are on vote fraud!]

@TheBabylonBee: ‘Voter ID Is the Greatest Attack on Democracy’, Says Man Trying to Seize Complete Federal Control of Elections
https://babylonbee.com/news/voter-id-is-the-greatest-attack-on-democracy-says-man-trying-to-seize-complete-federal-control-of-elections

@disclosetv: Germany’s Interior Minister says it crucial that – unlike in the U.S. – the voting process for the upcoming federal election takes place without voting machines. This “old school” approach is “half the life insurance” for an election without manipulations, he added.

@SebGorka: The only reason anyone wouldn’t want to demand ID when voting, is so they can cheat.

@Cernovich: President Biden’s press Secretary causally admit that their coordinate censorship requests to Facebook.

@CBSNews: Psaki says the White House is working with social platforms to help get trusted content out, flagging misinformation and has proposed multiple changes to how COVID-19 information is monitored and measured on social platforms (Imagine the outrage if DJT, Reagan or Nixon did this!)
https://twitter.com/CBSNews/status/1415725230035714054

Ex-liberal icon Glenn Greenwald @ggreenwald: The Biden administration is telling Facebook which posts it regards as “problematic” so that Facebook can remove them.  This is the union of corporate and state power — one of the classic hallmarks of fascism — that the people who spent 5 years babbling about fascism support.  If you don’t find it deeply disturbing that the White House is “flagging” internet content that they deem “problematic” to their Facebook allies for removal, then you are definitionally an authoritarian. No other information is needed about you to know that.

@DLoesch: The Biden admin finally admitted that they are conspiring with social media platforms and directing them to censor citizens. Fair to ask what else are they flagging? Is this how I and others were suspended for sharing NYP Biden piece? Safe to assume this is more widespread.

GOP Rep. @laurenboebert: So, if the government is conspiring with “private companies” to censor Americans the First Amendment DOES apply.

@SwainForSenate: If Trump had said he was working with private tech companies to censor “misinformation”, there would have been riots in every city across the country. Biden is the dictator they told you Trump was. Disgusting behavior.

Facebook Censorship Board Member: Free Speech Is Not a Human Right
https://thefederalist.com/2021/07/15/facebook-censorship-board-member-free-speech-is-not-a-human-right/

@greg_price11: White House flagging “problematic” posts to Facebook, NSA unmasking Tucker Carlson, Joint Chiefs chairman likening Americans to Nazis, FBI seizing legos while being somehow unable to take down serial sexual abusers. We’re going down a very frightening rabbit hole.

@ggreenwald:  The reality is liberals want a domestic War on TerrorThey want the CIA, NSA and FBI to surveil their political adversaries, arrest them, treat them like terrorists, etc. They want them censored. It’s an authoritarian faction that craves that repression. 1/6 is the key to it.

WaPo’s @DevlinBarrett…The Justice Department (Bill Barr) declined to prosecute the former SAC for Indianapolis for alleged false statements to the inspector general about how he handled the Nassar case, or the supervisory agent for his alleged false statements…

@EmeraldRobinson: What you are witnessing now: the corrupt political elites in Western countries attempting to end representative democracy as we know it. Mandatory vaccination. Mandatory vaccine passports. The restriction of free speech. Mass warrantless surveillance. Mass illegal migration.

59 of 96 phones assigned to Mueller probe missing; GOP senators demand answers from DOJ
Senators Grassley and Johnson want to know, among things, what the Justice Department has done to recover missing phones and whether phones were reviewed for evidence of leaks
https://justthenews.com/government/federal-agencies/gop-sens-johnson-and-grassley-request-information-about-muller-teams

@WayneDupreeShow: There are a LOT OF PEOPLE that share bad videos of young black men and women online for clicks… I hate it but I can’t change them. However, this caught my eye and I thought I needed to share. This was beautiful. https://twitter.com/WayneDupreeShow/status/1415325187793473537

BLM Issues Statement Supporting Marxist Cuban Tyranny
“Marxist BLM standing with Cuban Marxists. Naturally.”
https://summit.news/2021/07/15/horrible-blm-issues-statement-supporting-marxist-cuban-tyranny/

The Economist Publishes Bizarre Story Bemoaning Lack of ‘Diversity’ In Italian Squad
“Can you imagine anyone complaining that the Ghana team doesn’t have any white players?”
https://summit.news/2021/07/14/the-economist-publishes-bizarre-story-bemoaning-lack-of-diversity-in-italian-squad/

10 people hurt in Chicago mass shootings in 12-hour span (on Wednesday) 
At least 31 shootings across Chicago in 2021 involved four or more victims…  https://trib.al/1cR77qK

MLB All-Star Game bombs in ratings again (lowest in history – ‘Go woke, go broke’)
In 1980, more than 36 million people tuned in. In 2015, in the age of interleague play, a still-respectable 11 million watched the American and National Leagues battle it out.  But for Tuesday night’s game, the Nielsen numbers were profoundly horrible: 8.24 million people tuned in, making it the second-least-watched All-Star Game in history for the Ohtani factor alone, the numbers should have landed at least above the 10 million-viewer threshold, but didn’t. And if you’re looking for a big reason outside of cord-cutting, look no further than the backlash baseball is receiving for moving the All-Star Game out of Georgia to Colorado due to the former’s new voting laws…
    The NBA Finals currently underway can’t draw even 10 million viewers. The league saw just 8.6 million viewers tune in for Game 1 of Bucks-Suns. For context, in 2019 before the pandemic, Game 1 of the Finals between a team from a Canadian market (the Toronto Raptors) and the Golden State Warriors took in almost double the 2021 number, delivering more than 15 million viewers. In 1998, when the apolitical Michael Jordan was the face of the league, Game 1 of Bulls-Jazz registered nearly 30 million viewers…  https://thehill.com/opinion/civil-rights/562991-mlb-all-star-game-whiffs-earns-lowest-ratings-in-history-heres-why

Shark advocates call for rebranding violent attacks as ‘interactions’ https://trib.al/H0zzgGU

end

 

See you Monday night!

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