JULY19//DOW AND NASDAQ PLASTERED//GOLD HOLDS FIRM DOWN ONLY$5.65 TO $1808.85//SILVER WHACKED DOWN 64 CENTS TO $25.09//GOLD STANDING AT THE COMEX ADVANCES AGAIN TO 6.40 TONNES/SILVER LOWERS AGAIN BY 5,000 OS TO 33.465MILLION OZ//CORONAVIRUS UPDATES//OLYMPIC UPDATES//VACCINE UPDATE//VERY IMPORTANT VIDEO FROM PROF. BHAKDI: A MUST MUST VIEW//DR MALONE INVENTORY OF THE MRNA VACCINE SOUNDS THE ALARM BELL//A MUST VIEW:RCRENEGATE ON BLOOD CLOTTING//OIL PLUMMETS SENDING THE CANADIAN DOLLAR HUGELY SOUTHBOUND!//SWAMP STORIES FOR YOU TONIGHT../.

 

GOLD:$1808.85 DOWN $5.65  The quote is London spot price

Silver:$25.09  DOWN  64 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1812.50 LONDON SPOT  4:30 pm

ii)SILVER:  $25.19//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINUM  $1075.97  DOWN $30.31

PALLADIUM: $2598.96  DOWN $42.97  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 3/5

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,814.500000000 USD
INTENT DATE: 07/16/2021 DELIVERY DATE: 07/20/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
624 H BOFA SECURITIES 2
661 C JP MORGAN 3
737 C ADVANTAGE 5
____________________________________________________________________________________________

TOTAL: 5 5
MONTH TO DATE: 1,944

ISSUED:  0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 5 NOTICE(S) FOR 500 OZ  (0.0155 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1944 FOR 194,400 OZ  (6.0808 TONNES)

 

SILVER//JULY CONTRACT

101 NOTICE(S) FILED TODAY FOR 505,000  OZ/

total number of notices filed so far this month 6321  :  for 31,605,000  oz

 

BITCOIN MORNING QUOTE  $31,392 DOWN 101  DOLLARS from Saturday morning

 

BITCOIN AFTERNOON QUOTE.:$30,714 DOWN 779 DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $5.65 AND NO PHYSICAL TO BE FOUND ANYWHERE:

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: / A MASSIVE 5.82 PAPER TONNE WITHDRAWAL FORM 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  1028.55 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 64 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/ A HUGE PAPER DEPOSIT OF OF 7.23 MILLION OZ INTO 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: 

 

563.082  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 169.61 up $0.20 OR 0.12%

XXXXXXXXXXXXX

SLV closing price NYSE 23.29 DOWN $0.48 OR 0.72%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 1635 CONTRACTS  TO 157,508, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR HUGE  $0.57 LOSS IN SILVER PRICING AT THE COMEX  ON FRIDAY??? . IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO MASSIVE BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III INITIATED JUNE 28/2021 !// WE HAD SOME REDDIT RAPTOR BUYING//.. COUPLED AGAINST A VERY STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUATES TO A VERY STRONG 2803 CONTRACTS. (14.015 MILLION OZ)//(WITH A STRONG LOSS OF 57 CENTS??) 

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: +1282 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A VERY STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2450,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 2450 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 2452 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

33.465  MILLION OZ INITIAL STANDING FOR JULY

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

SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.57)  BUT WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH FRIDAY’S TRADING.  WE HAD A POWERFUL GAIN OF 4085 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 VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 38.535 MILLION OZ BUT THEN TODAY A 5,000 OZ EFP JUMP TO LONDON:  NEW STANDING 33.465 MILLION OZ// / v)  SMALL 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:

12,089 CONTRACTS (FOR 11 TRADING DAY(S) TOTAL 12,089 CONTRACTS) OR 60.445MILLION OZ: (AVERAGE PER DAY: 1099 CONTRACTS OR 5.495 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:  60.455 MILLION OZ )  WELL BELOW PAR WITH JUNE)

RESULT: WE HAD A SMALL INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 353 , WITH OUR $0.57 LOSS  IN SILVER PRICING AT THE COMEX ///FRIDAY .…THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 2450 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED GAIN OF 2803 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG  $0.57 LOSS IN PRICE)//THE DOMINANT FEATURE TODAY: HUGE BANKER SHORTCOVERING/  AND AFTER A  STRONG INITIAL SILVER OZ STANDING FOR JULY. (38.535 MILLION OZ), WE HAD A 5,000 OZ EFP JUMP TO LONDON /NEW STANDING 33.465 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2450  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A VERY STRONG SIZED INCREASE OF1635 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.57 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.73/ FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  101  NOTICES FILED TODAY FOR 505,,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 5254 CONTRACTS TO 489,757 ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -82 CONTRACTS.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $13.50///COMEX GOLD TRADING/FRIDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD SOME LONG LIQUIDATION AS, WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 3006 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A HUGE 4400 OZ QUEUE JUMP//COMEX STANDING NOW AT 6.3919 TONNES. OUR CROOKED BANKERS ARE BADLY IN NEED OF METAL ON THIS SIDE OF THE ATLANTIC.
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $13.20 WITH RESPECT TO FRIDAY’S TRADING

 

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

WE HAD A FAIR SIZED LOSS OF 3068  OI CONTRACTS (9.86   TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2,166 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 2166 & DEC 0  ALL OTHER MONTHS ZERO//TOTAL: 2166 The NEW COMEX OI for the gold complex rests at 489,757. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3,068  CONTRACTS: 5,254 CONTRACTS DECREASED AT THE COMEX AND 2,166 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 3068 CONTRACTS OR 9.86 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2166) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (5254 OI): TOTAL LOSS IN THE TWO EXCHANGES: 3068 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 4400 OZ QUEUE  JUMP,//NEW STANDING 6.3919 TONNES// //3) SOME LONG LIQUIDATION, /// ;4) FAIR SIZED COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL

 

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCHED OVER TO GOLD ON JULY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF AUGUST.

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 
 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLDAS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JULY. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF AUGUST FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF JULY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (AUGUST), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

JULY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY : 32,690, CONTRACTS OR 3,269,000 oz OR 101.67 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 2971 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 101.67 TONNES

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

THUS EFP TRANSFERS REPRESENTS  101.67/3550 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:        101.67 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 STRONG SIZED 1635 CONTRACTS TO 157,508 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 2450 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: 2450 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2450 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 1635 CONTRACTS AND ADD TO THE 2450 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 4805 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 20.425 MILLION  OZ, OCCURRED DESPITE OUR  $0.57 LOSS IN PRICE

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

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

 
 

3. ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED DOWN 0.018  PTS OR 0.01%   //Hang Sang CLOSED DOWN 514.90 PTS OR 1.84%      /The Nikkei closed DOWN 350.34 pts or 1.25%  //Australia’s all ordinaires CLOSED DOWN .93%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4875  /Oil DOWN TO 69.84 dollars per barrel for WTI and 71.65 for Brent. Stocks in Europe OPENED ALL RED /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4875. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4914/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 STRONG SIZED 5254 CONTRACTS TO 489,839 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 STRONG COMEX DECREASE OCCURRED WITH OUR LOSS OF $13.50 IN GOLD PRICING FRIDAY’S COMEX TRADING/.WE ALSO HAD A SMALL EFP ISSUANCE (2,166 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2,166 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  2166  & DEC.  0  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2166  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED 3068 TOTAL CONTRACTS IN THAT 2166 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A  STRONG SIZED COMEX OI OF 5254 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (6.3919),

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

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $13.50)., AND THEY WERE SUCCESSFUL IN FLEECING SOME LONGS AS WE HAD A FAIR SIZED LOSS ON OUR TWO EXCHANGES OF 3068 CONTRACTS. THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 9.86 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (6.3919 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE LARGE SIZED LOSS IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

THE BIS REMOVED -82  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 3068 CONTRACTS OR 306,800 OZ OR  9.86  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:  489,757 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.97 MILLION OZ/32,150 OZ PER TONNE =  1523 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1523/2200 OR 69.24% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:307,964 contracts//    / volume air//

CONFIRMED COMEX VOL. FOR YESTERDAY: 206,567 contracts// – poor//  

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

 

JULY 19

/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
nil OZ
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
5  notice(s)
 
500 OZ
0.0155 TONNES
No of oz to be served (notices)
111 contracts
 11,100oz
 
0.3452 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1944 notices
194400 OZ
6.0808 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 0 deposit into the dealer
 
 
 
 
 
total deposit: nil   oz 
 

total dealer withdrawals: nil oz

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

We had 1  kilobar transactions 1 out of  1 transactions)

ADJUSTMENTS  1// out of Manfra:

29,192.454 was adjusted out of dealer into Manfra  (908 kilobars)

 
 

The front month of JULY registered a total of 116 contracts for a LOSS of 13.  We had  57 notices filed on Friday so we GAINED 44 contracts or an additional 4400 oz will  stand for gold at the comex as they refused to morphed into London based forwards 

 

 
 
 
 
 
AUGUST LOST 11,201  CONTRACTS DOWN TO 246,362 AS WE COUNT DOWN TO THE NEXT BIG GOLD DELIVERY MONTH!!
 
SEPT GAINED 72 CONTRACTS TO STAND AT 521
 
OCTOBER GAINED 876 CONTRACTS UP TO 26,104.

We had 5 notice(s) filed today for 500  oz

FOR THE JULY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 5  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 3 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 (1944) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 116 CONTRACTS ) minus the number of notices served upon today  5 x 100 oz per contract equals 205,500 OZ OR 6.3919 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 (1944) x 100 oz+( 116  OI for the front month minus the number of notices served upon today (5} x 100 oz} which equals 205,500 oz standing OR 6.3919 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. 6.3919 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,463,728.035 oz or 574.29 tonnes
 
 
 
total weight of pledged: 2,248,216.862 oz or 69.92 tonnes
 
 
registered gold that can be used to settle upon: 16,215,75120 (504,37 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,215,512.0 (504.37 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 19/2021

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
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
NIL OZ
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
595,818.730 OZ
Delaware
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
101
 
CONTRACT(S)
505,,,000  OZ)
 
No of oz to be served (notices)
372 contracts
 (1,860,000 oz)
Total monthly oz silver served (contracts)  6321 contracts

 

31,605,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposits into customer account (ELIGIBLE ACCOUNT)

 
i) Into Delaware: 2044.300 oz
ii) Into HSBC:  592,874.430
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 53.43% of all official comex silver. (187.4 million/351.184 million

total customer deposits today  595,874.430   oz

we had 0 withdrawals

 

 
 
 

total withdrawals nil      oz

 
 

adjustments//0

 

 
 

Total dealer(registered) silver: 112.287 million oz

total registered and eligible silver:  351.184 million oz

a net 595,000 oz enters  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  81 contracts DOWN to 473 contracts. We had 80 notices filed on Friday so we LOST 1 contract or an additional  5,000 oz will NOT stand for silver at the comex in this very active delivery month of July as they morphed into London based forwards. 

 

AUGUST GAINED 17 CONTRACTS TO STAND AT 1910

SEPTEMBER GAINED 1087 CONTRACTS UP TO  122,232

 
NO. OF NOTICES FILED:  101  FOR 505,000 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  6321 x 5,000 oz = 31,605,000 oz to which we add the difference between the open interest for the front month of JULY (473) and the number of notices served upon today 101 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 6321 (notices served so far) x 5000 oz + OI for front month of JULY( 473)  – number of notices served upon today (101) x 5000 oz of silver standing for the JULY contract month .equals 33,465,000 oz. ..VERY POOR FOR JULY. 

We LOST 1 contract or 5,000 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  83,045 CONTRACTS // volume  good//getting out of Dodge//(

 

FOR YESTERDAY  82,093  ,CONFIRMED VOLUME/  extremely good/

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -1.57% (JULY  19/2021)

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   (JULY19)

 

/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 19/WITH GOLD DOWN $5.65 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.82 TONNES FROM THE GLD///INVENTORY RESTS AT 1028.55 TONNES.

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 19 / GLD INVENTORY 1028.55 tonnes

LAST;  1095 TRADING DAYS:   +104.14 TONNES HAVE BEEN ADDED THE GLD

 

LAST 945 TRADING DAYS// +  278.76. 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 19/WITH SILVER DOWN 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 7.23 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 561.082 MILLION OZ/

JULY 16.WITH SILVER  DOWN 57 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL 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 19/2021      561.082 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Many Indians Depend On Gold To Stay Afloat During Pandemic

 
SATURDAY, JUL 17, 2021 – 06:30 PM

Via SchiffGold.com,

Gold has served as a lifeline for Indians pummeled by the economic storm caused by the government response to the coronavirus pandemic.

The Indian government’s response to the first wave of COVID-19 ravaged the economy. As a result, many banks were reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians used their stashes of gold to secure loans. As Indians battle the second wave of COVID-19, many Indians have now turned to selling their gold outright in order to make ends meet.

When coronavirus gripped the world, Paul Fernandes initially took out a loan using gold as collateral to pay for his children’s education after he lost his job on a cruise ship. Now he’s turned to selling gold jewelry to meet expenses. He told Bloomberg selling gold keeps him from taking on more debt.

“Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that,” he said.

The second wave of COVID-19 has made a bad situation worse. For many Indians, particularly in rural areas, their investment in gold and gold jewelry is the only thing keeping them afloat.

You already had a financial problem last year and you got out of that problem through gold loans. Now again, you are having financial problems this year with a potentially third wave on the way, which can again mean lockdowns and job losses,” a consultant at London-based Metals Focus told Bloomberg.

“We can expect distress sales in a big way in August and September when the third wave could actually set in.”

The pandemic (and the government’s response) has pushed millions of Indians into poverty or bankruptcy. Selling gold jewelry is the last resort. As Bloomberg put it, “People in rural areas rely on gold in times of need as it can be easily liquidated.”

In southern India, the country’s biggest per-capita gold consumer, about 25% more of old gold than usual has been sold to jewelers this year, according to Bloomberg.

Gold jewelry in India is different from the US. It’s more than fashion. Indians generally buy 24-karat gold jewelry as opposed to the 14 or 18-karat jewelry found in the US. Indians consider their gold jewelry part of their savings.

And for many Indians, gold is a lifesaver, providing liquidity that they otherwise wouldn’t have.

Indians traditionally buy and hold gold. Collectively, Indian households own an estimated 25,000 tons of gold and that number may be higher given the large black market in the country. The yellow metal is interwoven into the country’s marriage ceremonies and cultural rites. Indians also value gold as a store of wealth, especially in poor rural regions. Two-thirds of India’s gold demand comes from these areas, where the vast majority of people live outside the official tax system.

Gold is not just a luxury in India. Even poor people buy gold in the Asian nation. According to an ICE 360 survey in 2018, one in every two households in India purchased gold within the last five years. Overall, 87% of households in the country own some amount of the yellow metal. Even households at the lowest income levels in India own some gold. According to the survey, more than 75% of families in the bottom 10% had managed to buy gold.

Gold was also a major source of liquidity in 2016 when the Indian government launched a demonetization scheme. In November of that year, the Indian government declared that 1,000 and 500 rupee notes would no longer be valid. They gave the public just four hours notice. The 1,000 and 500 rupee notes made up 86 % of the currency in circulation in the country. With a single pronouncement, the Indian government made virtually all of the cash in India valueless. Many Indians have thwarted a government policy to bring the underground economy out of the shadows by converting their “black money” into gold.

Indians understand that gold tends to store value, and that in the end, gold is money. If they have gold, they know they will be able to get the goods and services they need – even in the event of an economic meltdown. And while westerners may not embrace the cultural and religious aspects of the Indian love affair with gold, the economic reasons for their devotion to the yellow metal are every bit as applicable in places like the US.

end

Peter Schiff: The Fed Is Betting The Farm On Transitory Inflation

 
MONDAY, JUL 19, 2021 – 11:07 AM

Via SchiffGold.com,

After hotter than expected CPI data came out for the sixth time this year, Federal Reserve Chairman Jerome Powell spent two days on Capitol Hill trying to convince everybody that there’s no problem. As Peter Schiff put in in a recent podcast, the Fed is betting the farm on “transitory” inflation. It’s really got no other choice.

Powell made every effort to sound reassuring and let everybody know there was nothing to worry about during his two days of congressional testimony.

And he did it with a straight face, which was not an easy task considering the BS that he was required to constantly put out in order to put lipstick on this pig of an economy. And not even so much the economy that’s the pig, but the monetary policy that Powell himself has been administering.”

Powell continued to peddle the “transitory” inflation narrative. Peter said Powell and others have the transitory period wrong.

What was transitory is not the high inflation that we’re experiencing now. What was transitory is all the low inflation we experienced in the past — especially the low inflation that we enjoyed since the 2008 financial crisis. That’s what was transitory. What’s happening now is we’re transitioning back to the reality. We’re actually catching up to all the inflation that we should have been held accountable for back then, only now we’re starting to feel the impact.”

We’re in a transition from low inflation to high inflation and it’s about to get a lot worse.

Meanwhile, the Fed added another $103.9 billion to its balance sheet in the most recent week for which we have data. That pushed the balance sheet to a new record of $8.202 trillion.

For the Fed to be talking about how inflation is transitory while the Fed continues to throw gasoline on the inflationary fire, on what basis would it have to claim all of this is transitory?”

On the other side of the equation, the US government continues to run massive deficits month after month. And there is no end in sight to the spending.

We have huge pieces of legislation on deck for the government to spend trillions and trillions of dollars that it has no intention of collecting in taxes and is completely relying on the Federal Reserve to print all the money, which means the inflation fire that Powell claims is going to go out by itself because it’s all transitory is about to get much, much bigger because he’s throwing all this gasoline on it.”

During Powell’s appearance before Congress, Republicans constantly brought up inflation and blamed it on Biden’s spending. That’s certainly one aspect of the problem. But Republicans ignore all of the borrowing and spending that went on throughout the entire Trump administration. And they also ignore the fact that the government can’t borrow and spend to this degree without the central bank.

They forget it takes two to tango. Biden can’t spend the money that the Fed doesn’t print. If the Federal Reserve acted responsibly and refused to monetize all these deficits, then the deficits wouldn’t be there.”

And yet, Republicans on both the House and Senate committees praised Powell and the Fed for the great job they’ve done. This is more than a little convoluted.

Because the Fed has not acted as an independent agency interested in preserving the integrity of our money and pursuing a mandated price stability, because it is a puppet of whatever administration happens to be in power and it’s not really independent, well, that’s the reason that Biden was able to get away with these deficits. In fact, that’s the reason that Trump was able to get away whit his deficits, which is the hypocrisy of this whole thing.”

Peter said both parties are to blame, but the real culprit is the Fed.

In his prepared remarks, Powell talked up the economy. But then he insisted it was too early to withdraw any of the monetary support. It’s not even time to slow asset purchases.

So, it’s not that this great economy still needs stimulus. It still needs every bit as much stimulus as it needed before it was great. When we were in the depths of the COVID recession, we have to have that much stimulus now. Even though the economy is supposedly so much better, we can’t even dare reduce the amount of stimulus. He’s not even talking about taking away the stimulus. We just can’t even have less stimulus than the stimulus we have now.”

The real issue is the Fed can’t fight inflation without collapsing the entire economy.

We’re going to have to collapse the bubble that was inflated not just now with Biden, but that Donald Trump helped inflate. And of course Barack Obama. But then George Bush before him. Nobody wants to hear the truth. Powell doesn’t want to speak the truth. And none of the congressmen or senators really wants to hear the truth. So, Powell keeps on lying and then you’ve got a bunch of people in Congress who pretend to believe him.”

Peter goes on to break down some of the specific things Powell said during his two days on Capitol Hill.

END

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

Mathew Piepenburg…

 

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

:

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is a must view:  the Basel iii exemption for bullion banks just given will not cover gold derivatives

(Anddrew Maguire) 

UK’s Basel 3 exemption for bullion banks doesn’t cover gold derivatives, Maguire says

 

 

 Section: Daily Dispatches

 

3:45p ET Friday, July 16, 2021

Dear Friend of GATA and Gold:

London gold trader Andrew Maguire says the exemption to “Basel 3” regulations offered last week to London bullion banks by the Bank of England’s Prudential Regulatory Authority will not cover the “unallocated” gold the banks hold. The exemption, Maguire says, is “short-term window dressing” that will give the London bullion banks a few more months to reduce their gold derivatives business. This, he says, will push the gold price up.

Maguire adds that more transparency is being demanded of the banks by the PRA.

Russia and China are using gold to attack U.S. dollar hegemony and encouraging smaller countries to join them, Maguire says, and the Bank for International Settlements recognizes that gold is the only weapon that can displace the dollar. He expects the United States eventually to cooperate with a revaluation of gold that diminishes the dollar’s position. 

Maguire’s comments come in an interview given Wednesday to Shane Morand of Kinesis Money that is 27 minutes long and posted at YouTube here:

https://www.youtube.com/watch?v=pCJ7QF3cZbs

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

END

Of course everything is manipulated!! and the pundits think this is strange?

(GATA/Chris Powell/London’s Financial Times)

‘Strange’ bond reaction to inflation puzzles investors — because the press won’t pose key questions

 

 

 Section: Daily Dispatches

 

Well, of course “strange” and “counterintuitive” market action is puzzling investors. For the Financial Times and other financial news organizations never put to central banks the crucial questions about their surreptitious market interventions, starting with the monetary metals markets. Everything would make perfect sense if the FT and other financial news organizations did ask. Here, once again, are a few dozen tips for them:

https://gata.org/node/20925

* * *

‘Strange’ bond reaction to U.S. inflation data puzzles investors

By Tommy Stubbington and Colby Smith
Financial Times, London
Friday, July 16, 2021

A relentless rally in U.S. Treasuries has accompanied the biggest burst of inflation in more than a decade, snapping typically reliable patterns and leaving investors scrambling for an explanation for what is going on in the world’s largest bond market.

Inflation is typically bad news for bond prices, eroding the value of the fixed payments the debt offers and making it more likely that central banks will respond with interest rate rises.

But recent months have turned that relationship on its head, at least for longer-dated debt. U.S. Treasuries prices have run up big gains — with other bonds around the world following in their wake — pulling the 10-year yield to its lowest in more than three months this week just under 1.3 percent, down from 1.75 percent at the end of March.

“There’s a lot of head scratching going on,” said Mike Riddell, a portfolio manager at Allianz Global Investors. “On the face of it this move looks pretty counterintuitive.” …

… For the remainder of the report:

https://www.ft.com/content/26f6be41-61b7-4db8-b190-90a1f26c1424

 

end

Should be an interesting case:  England does not want to give Maduro the gold for two reasons:

  1. they probably do not have it as they leased it out long ago and this has not been returned
  2.  Maduro is a crook and all parties believe he will steal the proceeds from selling this gold.

(Reuters/London)

UK reaffirms backing for Guaido as Venezuela president ahead of $1 billion gold case

 

 

 Section: Daily Dispatches

 

From Reuters
Monday, July 19, 2021

LONDON — The British government reiterated today that it recognises opposition figure Juan Guaido as Venezuela’s president, a move aimed at quashing a bid by the Nicolas Maduro-backed Venezuelan central bank to repatriate nearly $1 billion of its gold stored in London.

Legal teams representing Maduro and Guaido will be at the UK Supreme Court tnday in the latest stage of a long-running tug-of-war over what amounts to about 15% of Venezuela’s foreign currency reserves.

Lawyers representing the central bank say selling the gold would fund the response to the coronavirus pandemic and bolster a health system gutted by more than six years of economic crisis.

The Bank of England, whose vaults house the gold, has refused to release it, however, after the British government in early 2019 joined dozens of others countries in backing Guaido on the basis that Maduro’s presidential election victory the previous year was rigged. …

… For the remainder of the report:

https://www.reuters.com/world/uk/uk-reaffirms-backing-guaido-venezuela-president-ahead-1-bln-gold-case-2021-07-18/

end

Your early MONDAY 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 6.4875 

 

//OFFSHORE YUAN 6.4914  /shanghai bourse CLOSED  DOWN  00.018 PTS OR 0.01% 

HANG SANG CLOSED DOWN 514.90 PTS OR 1.84 %

2. Nikkei closed DOWN 350.34 PTS OR 1.25%

3. Europe stocks  ALL RED

 

USA dollar INDEX UP TO  92.68/Euro FALLS TO 1.1778

3b Japan 10 YR bond yield: FALLS TO. +.018/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.77/ 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:: 69.84 and Brent: 71.65

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 -.378%/Italian 10 Yr bond yield DOWN to 0.71% /SPAIN 10 YR BOND YIELD DOWN TO 0.28%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.68

3k Gold at $1802.75 silver at: 25.28   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 55/100 in roubles/dollar) 74.63

3m oil into the 69 dollar handle for WTI and 71 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.77 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 .9209 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0842 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 0.378%

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 1.245% early this morning. Thirty year rate at 1.862%

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

6.  TURKISH LIRA:  UP  TO 8.58..  VERY DEADLY

Futures Tumble, Yields Plunge On Covid Lockdown, Growth Slowdown Fears

 
MONDAY, JUL 19, 2021 – 07:56 AM

The Friday selloff sparked by a huge op-ex expiration which saw up to a third of market gamma rolling off, has accelerated on Monday morning with the narrative goalseeking today’s rout to concerns that the covid resurgence and elevated inflation will weigh on global demand. To help validate this on Friday, US infections surged last week, topping a 16% global increase. At 730 a.m. ET, Dow E-minis were down 357 points, or 1.02%, S&P 500 e-minis were down 48 points, or 1.12%, and Nasdaq 100 e-minis were down 91 points, or 0.63%. The rally in Treasuries continued, sending 10-year yields tumbling below 1.23%. The dollar strengthened, oil dropped and gold and bitcoin was also lower.

“The peak of economic growth rates is behind us and growth worries are back. The good news is that even if the peak of some economic indicators is behind us, equities should continue to perform positively in the medium term in a positive economic environment,” Berenberg strategists said in a note. “However, high valuations, COVID-19 fears, low trading volumes over the summer and high investor equity allocations argue against significantly rising markets for the time being.”

In a flashback to 2020, traders are once again freaking out about Covid as New cases surged 70% last week compared with the prior seven days to an average of 30,000 new infections a day, fueled by the Delta variant. Deaths rose 26% week-over-week to an average of 250 lives lost a day, mostly in unvaccinated patients.

“Even if today’s declines are more of a market correction, bull traders will need significant macro hints to drive stock prices higher and back to their record levels,” said Pierre Veyret, a technical analyst at ActivTrades

Shares of travel companies, which took a hammering last year during lockdowns but have climbed recently on reopening hopes, led declines before the opening bell. Airline operators and cruiseliners including Southwest, Delta, United, American, Royal Caribbean and Norwegian dropped between 2.0% and 3.6%. The rate-sensitive big banks all shed about 2% each, tracking a fall in the benchmark 10-year Treasury yield to mid-February lows. Johnson & Johnson slipped 0.8% after Reuters reported that the drugmaker is exploring a plan to offload liabilities from widespread baby powder litigation into a newly created business that would then seek bankruptcy protection. U.S.-listed shares of Alibaba Holding, Baidu and ridesharing app Didi Global declined more than 2% on renewed fears of anti-monopoly  action against major technology firms. Other notable premarket movers include:

  • Five9 (FIVN) shares rise 7.6% in premarket trading after the cloud software firm agreed to a $14.7 billion takeover bid from video-conferencing group Zoom Video Communications (ZM), which fell 3%.
  • Pershing Square Tontine (PSTH) falls as much as 2.8% after Bill Ackman reshaped his Universal Music deal to purchase a stake with his hedge fund rather than his blank-check company.
  • Red Cat Holdings (RCAT) slumps 36% in premarket trading after pricing 13.3m common shares at $4.50 each in a public offering.
  • Retail-trader favorites were mixed in premarket trading, with Exela Technologies (XELA) rising 6.1%, while AMC Entertainment (AMC) slides 3.8%. Creatd’s 28% surge leading the gainers and AMC Entertainment among the biggest decliners.  Creatd shares have seen volatile trading in recent weeks as it gained traction on some sub-Reddits as a possible short-squeeze candidate. Has 16% short-interest as a percentage of float: S3 Partners data.Other meme stocks rising in premarket: Geo Group +7.7%, Orbsat +5.3%, Exela +4%, Jaguar Health +3.8%, SGOCO +2.2%, Marin Software +3.1% as of 7:01 a.m. in New York. Among the names that are falling: AMC Entertainment -3.3%, Virgin Galactic -5.1%, ContextLogic -2.9%, Corsair Gaming -2.7%, Workhorse -2% and Verb Technology -2.1%

Economists at Bank of America have downgraded their forecasts for U.S. economic growth to 6.5% this year, from 7% previously, but maintained their 5.5% forecast for next year.

“As for inflation, the bad news is it’s likely to remain elevated near term,” they said in a note, pointing to their latest read from their proprietary inflation meter which remains high. “The good news is…we are likely near the peak, at least for the next few months, as base effects are less favourable and shortage pressures rotate away from goods towards services.”

The Stoxx Europe 600 index retreated for a fourth straight session, the longest streak of losses since October. The index dropped 2% with energy, automakers, banks among biggest decliners amid concerns to profit and economic recovery from the spike in Covid-19 cases as all market sectors slid deeply into the red. Energy companies dropped as crude oil declined after OPEC+ struck a deal to increase output. Italy’s FTSE MIB fell more than 3%, hitting the lowest since May 13 and underperforming other European indexes, with broad declines across sub-sectors and a drag from utilities and Telecom Italia. Utilities including Enel, Italgas down; Italgas cut to sell at Citi following first consultation document from Italian regulators on allowed returns for 2022-27. Here are some of the biggest European movers today:

  • Sumo Group shares surge as much as 45% to a record after Tencent agreed to buy the U.K. games developer.
  • Carmat jumps as much as 18% after saying an implant of its artificial heart was performed for the first time in a commercial setting.
  • Argenx rises as much as 3% after KBC upgrades the stock to buy from hold and raises its PT, saying the drug maker’s FcRn inhibitor efgartigimod is a “multi-blockbuster in the making.”
  • Ubisoft drops as much as 4.8% after a decision to delay the release of two games will leave FY22 revenue heavily weighted to 2H, Jefferies (hold) writes in a note.
  • Barco plunges as much as 15% after the Belgian projector maker reported 1H results that disappointed investors. KBC downgraded its rating to hold from accumulate.
  • Ence Energia falls as much as 15% after a Spanish court canceled the extension of land concession for a plant in Galicia.
  • Vivendi drops as much as 1.5% after billionaire Bill Ackman decided to buy a stake in Universal Music Group with his hedge fund Pershing Square Holdings, rather than through his blank-check company Pershing Square Tontine Holdings.

The bloodbath started earlier in the session, when Asian stocks plunged heading for their worst decline in a month amid a selloff in Chinese technology names and concerns over rising coronavirus cases in various countries across the region. Alibaba and Tencent were the biggest drags on the MSCI Asia Pacific Index, which slid as much as 1.4%. The Hang Seng Index was among the region’s worst performers, with a subgauge of tech shares losing as much as 2.7%. The Asian stock benchmark managed a gain last week following a sharp two-week decline sparked by China’s moves to probe some of the country’s biggest companies and regulate overseas IPOs. The S&P 500 fell Friday as U.S. consumer sentiment unexpectedly dropped to a five-month low in early July, and as President Joe Biden warned U.S. firms about the risks of doing business in Hong Kong.

“After a weak finish on Friday by Wall Street, Asia has opened in risk aversion mode,” Jeffrey Halley, senior market analyst at Oanda Asia Pacific, said by email. “The main driver has been the fading growth outlook as delta variant Covid-19 cases rise, especially in Asia where much of the region is locked in a bitter battle with the virus.” READ: Delta Engulfs Southeast Asia With Fastest-Growing Deaths Vietnam’s equity benchmark plunged more than 4.5%, on track for its worst loss since Jan. 28, as stricter virus curbs were enacted. Key gauges slid by more than 1% in the Philippines, Japan, Thailand and India. Singapore shares fell as new coronavirus cases reached the highest in about 11 months. “In the shorter-term, the concern is the risk of peak growth, i.e. a demand shock triggered by a potential upward spiral of Covid-19 infection cases,” said Kelvin Wong, an analyst at CMC Markets (Singapore) Pte. “Over the medium-term to longer-term, inflation concerns are likely to come to the forefront for oil-importing countries such as India.”

Japanese equities declined to start a holiday-shortened week, following U.S. peers lower amid concerns that inflation may derail the global economic recovery. Electronics and auto makers were the biggest drags on the Topix index, which fell 1.3%, with all but one industry group in the red. Fanuc and Tokyo Electron were the largest contributors to a 1.3% loss in the Nikkei 225, which closed at the lowest level since May 13. Energy and materials shares led the S&P 500 lower on Friday, four days after the benchmark U.S. equity index closed at another record high. Treasury yields dropped for a third-straight week. “There are investors who are now starting to be wary of a sharp pullback in stocks, particularly following the continued record-breaking streak of gains in U.S. equities,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute. “Because there are only three trading days this week in Japan, the market may be dominated by sellers who are in a hurry to adjust their positions.” The Japanese market will be closed Thursday and Friday leading into the start of the Tokyo Olympics. Two South African footballers tested positive for Covid-19 at the Olympic Village over the weekend, the first cases reported among athletes at the housing complex. Terminal users can read more in our markets live blog.

In rates, Treasuries surged early U.S. session with the curve flatter and 10-year yields lowest since February after breaching 200-DMA.  Treasury yields lower by ~8bps across long-end of the curve, 10- year by nearly 7bp at 1.2286%, lowest since Feb. 16; bunds, gilts lag by 2.2bp and 1.1bp. 10Y TSY yields tumbled to 1.841%, the lowest since Feb 1.

Risk-off mindset was formed by additional lockdown measures aimed at limiting virus spread lifted most government debt markets, beginning with Aussie bonds during Asia session, while equity markets fell.

In FX, the pound dropped to a three-month low amid dollar strength and concern a rolling back of movement restrictions in England will make it more challenging to prevent infections from rising. Australia’s dollar dropped to a seven-month low after state governments tightened and extended lockdown measures to contain the latest outbreak. The yen strengthened versus all of its Group-of-10 peers. Investors are seeking protection in currency options; data from the Depository Trust & Clearing Corporation show that volumes are running 10% higher than recent averages overall, with demand for Aussie and yuan exposure running at almost double the averages while the pound is almost at triple.

Oil extended losses, with WTI crude futures tumbling 2.3% to below $70/barrel after yesterday’s OPEC+ deal which many saw as bullish but not CTAs which this morning are engaged in wholesale liquidation. Gold, a perceived safe haven asset, was also down sliding to just above $1,800. On Sunday OPEC and its allies struck a deal that allows for monthly supply hikes of 400k b/d, putting the group back in control of the crude market. Oil refiners in Asia stayed on the sidelines awaiting price cuts after the OPEC+ deal.

Next on investors’ radar is June quarter corporate earnings with Netflix, Philip Morris, Coca Cola and Intel Corp among companies expected to report this week. Bank of America analysts forecast an 11% earnings beat, which they say would help refuel investor confidence in broader economic recovery and drive a rotation back into so called “value” stocks, which currently trade below what they are actually worth.

Market Snapshot

  • S&P 500 futures down 0.11% to 4,270
  • STOXX Europe 600 down 1.60% to 447.46
  • MXAP down 1.3% to 202.20
  • MXAPJ down 1.4% to 675.40
  • Nikkei down 1.3% to 27,652.74
  • Topix down 1.3% to 1,907.13
  • Hang Seng Index down 1.8% to 27,489.78
  • Shanghai Composite little changed at 3,539.12
  • Sensex down 1.0% to 52,589.33
  • Australia S&P/ASX 200 down 0.8% to 7,285.98
  • Kospi down 1.0% to 3,244.04
  • Brent Futures down 2.4% to $71.83/bbl
  • Gold spot down 0.4% to $1,804.91
  • U.S. Dollar Index up 0.27% to 92.94
  • German 10Y yield fell -2.1 bps to -0.374%
  • Euro down 0.3% to $1.1776

Top Overnight News from Bloomberg

  • Boris Johnson’s plan to get the U.K. back to normal is at risk of being derailed amid a public outcry over his attempt to dodge pandemic isolation rules, as Covid-19 cases soar the most in the world
  • OPEC and its allies struck a deal to inject more oil into the recovering global economy, overcoming an internal split that threatened the cartel’s control of the crude market
  • The Covid vaccine may be losing its efficacy in older people, researchers in Israel have warned, according to The Times newspaper

Quick look at global markets courtesy of Newsquawk

Asia-Pac stocks and US equity futures began the week on the back foot, following last Friday’s losses on Wall Street as global sentiment remained dampened by US-China tensions and recent mixed data releases. The ASX 200 (-0.9%) was dragged lower by broad weakness across its industries with the declines led by the commodity-related sectors, including energy after OPEC+ reached an agreement on output over the weekend. Sentiment was also subdued by the ongoing COVID-19 outbreak that has forced an extension of the lockdown in Australia’s Victoria State – with many including the largest domestic bank CBA, anticipating the ongoing restrictions to severely impact the Australian economy, while Altium shares were the worst hit after reports it rejected an increased offer from Autodesk and with the latter planning to walk away, although Altium later denied that it had received any further offer. The Nikkei 225 (-1.3%) was pressured by haven flows into the JPY, and with virus fears also in focus after the first COVID-19 cases were confirmed from the Olympic athletes’ village just days before the start of the Tokyo 2020 games. The Hang Seng (-1.9%) and Shanghai Comp. (U/C) were also negative amid US-China frictions after the Biden Administration issued Hong Kong-related sanctions and highlighted the growing risks related to China’s democracy crackdown in Hong Kong despite threats by China to retaliate to such action, while the losses were exacerbated by tech underperformance amid lingering concerns of tighter regulations by Beijing. Finally, 10yr JGBs were marginally higher amid the safe-haven flows and as they tracked recent upside in T-notes which briefly broke above the 134.00 level, while the BoJ had also announced to buy JPY 75bln of corporate bonds from July 26th with 3yr-5yr maturities.

Top Asian News

  • Evergrande Resumes Downward Spiral as Investors Prep for Crisis
  • China Signals End to $2 Trillion U.S. Listings Juggernaut
  • Bukalapak Is Said Poised to Raise $1.5 Billion in Landmark IPO
  • Toyota Pulls Olympics TV Ads, CEO to Skip Opening Ceremony

Major bourses in Europe have extended the decline seen at the cash open (Euro Stoxx 50 -2.1%), as the region coattails on the negative APAC lead. US equity futures also trade lower across the board but to a lesser extent than their peers over the pond, with the RTY (-1.7%) the underperformer vs the ES (-0.8%), NQ (-0.4%), and YM (-1.0%) – in fitting with the anti-cyclical bias being experienced in Europe. The soured sentiments come against the backdrop of a heated US-Sino rhetoric, a worsening COVID picture, alongside increasing hawkish noises from some central banks – ahead of the ECB this week and the Fed meeting in the next. However, it is worth mentioning that the COVID situation in Australia (with Victoria State extending its lockdown) has prompted a couple of prominent RBA watches to discuss the potential for the RBA to pull back on its recent tapering announcement. Back to trade, Europe mostly sees broad-based losses among bourses, but the FTSE MIB (-2.6%) underperforms amid hefty losses in banks in a low-yield environment, whilst the SMI (-1.0%) is cushioned by its heavyweight pharma sector. Sectors are all in the red and, as mentioned above, portray a clear anti-cyclical bias. Defensives reside at the top of the bunch, with Healthcare, Food & Beverages and Telecoms seeing less pronounced downside than cyclical peers. Travel & Leisure is the worst performer at the time of writing, with the UK’s move of imposing travel restrictions from France for double-dosed individuals surfacing questions about vaccinated travel in the future. Oil & Gas meanwhile succumb to the slide in oil prices amid the soured risk tone and following the OPEC+ confab. In terms of individual movers, Vivendi (-1.3%) trades softer after Pershing Square’s (PSTH) board has unanimously decided not to move forward with the Universal Music Group transaction, has agreed to assume the Vivendi indemnity agreement and the UMG transaction costs. Subsequently, Bill Ackman has decided that his investment funds will replace the Pershing Square interest in this transaction, contingent on approval of US regulators; equity interest acquired will now be 5-10% vs prev. 10%. Meanwhile, Ocado (-3.4%) is hit as it will be unable to fulfil some online orders for several days following a fire at its largest warehouse caused by a malfunctioning robot.

Top European News

  • Travel, Leisure Stocks Drop on ‘Freedom Day’ as Variants Spread
  • German Floods Shake Up Campaign as Climate Change Hits Home
  • Tencent Agrees to Buy British Game Maker Sumo Group
  • Designer Zegna to Go Public in SPAC Deal Worth $3.2 Billion

In FX, risk aversion and a much more pronounced reversal in oil prices on the back of OPEC+ striking a pact have given the Buck a fresh boost to clear more technical and psychological levels that were tested, but held last week, with the index now probing 93.000 having eclipsed its post-FOMC peak at 92.844 and a late March high, at 92.964 along the way. However, the DXY could yet be thwarted by outperformance in the Yen as a safer-haven and/or further bull-flattening in Treasury yields that has nudged the 10 year benchmark down through 1.25%, although the correlation between the Greenback and rates along with the curve has broken down of late. Ahead, NAHB’s housing market survey is the sole scheduled US release as Fed officials observe their usual pre-FOMC purdah.

  • CAD – A double-whammy for the Loonie as crude craters and sentiment sours more broadly, as noted above. Indeed, WTI is now sub-Usd 69.50/brl and Usd/Cad is inching closer to 1.2800 after scaling a twin top from early March at 1.2737 and 1.2750 to expose 1.2783 from February 8.
  • AUD/NZD – No surprise that the so called high beta Aussie and Kiwi are reeling in risk-off conditions, with the former also taking heed of the deteriorating pandemic situation that has prompted lockdown to be extended in the state of Victoria and restrictions in Sydney ramped up. Aud/Usd is now hovering above 0.7350 precariously, as Aud/Nzd sits a similar paltry distance off 1.0550 and Nzd/Usd unwinds more post-RBNZ strength towards 0.6960. Note, RBA minutes are due overnight, but unlikely to provide the Aussie with much comfort amidst growing calls that the economic recovery will be hampered by the aforementioned extension and intensification of lockdowns.
  • EUR/GBP/CHF – All unable to withstand the Dollar’s advances, with the Euro succumbing to some stop sales on the break below a former double bottom (1.1772) and Cable only a few pips away from the 200 DMA (bang on 1.3700 today) at one stage, while the Franc has fallen beneath 0.9200, but is keeping pace in Eur/Chf cross terms either side of 1.0850 unlike the Pound that is also weaker vs the single currency in wake of a speech from BoE’s Haskel that was not as hawkish as Ramsden and Saunders last week.

In commodities, WTI and Brent front-month futures are pressured amid the sour risk sentiment and in the aftermath of the impromptu weekend OPEC+ meeting. To recap, ministers met on Sunday and ironed out an agreement that sees total group production increase by 400k BPD on a monthly basis from August (subject to market conditions), with the pact also extended to the end of 2022 from April 2022. For the extended period (from May 2022), baselines have been revised higher for the UAE (3.5mln vs prev. 3.168mln), Iraq (4.803mln vs prev. 4.653mln), Kuwait (2.959mln vs prev. 2.809mln), Saudi and Russia (both to 11.5mln vs prev. 11mln). Russian Deputy PM Novak stated that Russia would raise its oil output on a monthly basis by 100k BPD beginning in August and expects to return to pre-crisis levels of production in May next year. Desks have framed the deal as a short-term negative (i.e., supply hikes from August and baseline revisions for more members than expected) but supportive in the long term as producers remain in unison, taking out uncertainty and quashing the risk of a price war. Further, the supply/demand balance remains in favour of a near-term deficit amid summer demand. That being said, COVID developments remain in focus, with Australia’s Victoria state extending its lockdown and the UK imposing travel restrictions from France for double-dosed individuals. Sources via Energy Intel note that OPEC+ producers “see the potential for a significant dip in oil demand in the first half of next year, and sources say it is likely they will take a pause from monthly increases this December.” In-fitting with this outlook, analysts at PVM, expect 2022 demand growth to outpace the OPEC+ supply expansion, but demand in H1 is seen as sluggish before a significant improvement in H2 2022. Meanwhile, Goldman Sachs sees the weekend OPEC+ accord as “supportive to our constructive oil price view.” The bank adds, “while the baselines were raised more than expected, the production path instead implies 1H22 output 0.65 mb/d below our prior expectations (with a threat of a price war now removed).” UBS expects Brent to reach USD 80/bbl before levelling off to USD 75/bbl on higher OPEC+ production. WTI and Brent Sept’ futures have dipped below USD 70/bbl and USD 72/bbl, respectively, from highs of USD 71.40/bbl and USD 73.34/bbl. Elsewhere, spot gold and silver are lackluster as the rampant Dollar pressures the complex, although losses are somewhat cushioned by haven properties alongside yields. Spot gold trades just north of USD 1,800/oz (vs high 1,828.50/oz), whilst spot silver found near-term support at USD 25.30/oz (vs high 26.65/oz). LME copper is losing further ground under USD 9,500/t with the risk aversion and stronger Buck weighing on prices and with China’s NDRC noting that they will continue to release metals reserves in batches including copper, aluminium and zinc. Furthermore, there were reports that China is intending to add advanced coal production capacity of as much as 110mln/TPY in H2-2021, with the State Planner later adding that they have plans to build coal inventory of at least 7-days consumptions by July 24th.

US Event Calendar

  • 10am: July NAHB Housing Market Index, est. 82, prior 81

DB’s Jim Reid concludes the overnight wrap

It’s difficult to have a conversation with anyone here in the U.K. without a debate as to whether the U.K. is correct to lift all legal covid restrictions today with cases surging through the population. Those for suggest that with all the vulnerable groups fully vaccinated and every adult having been offered at least one jab then we have to start learning to live with the virus and the summer is the best place to start. To delay would only postpone cases and risks the peak occurring in winter when the health service is usually more stretched. Mental health considerations also come into the equation as does the still relatively low death rate. Those against will suggest that fully reopening now after the recent surge in cases could soon lead to high hospitalisations and genuinely risk pressurising the health service. They would also argue that new variants could emerge with such a wide prevalence of cases and could also create huge numbers of long covid cases and more deaths than should occur. Anyway, the world will be watching the U.K. experiment with huge interest. It could show a pathway back towards normality or it could be a warning to even heavily vaccinated countries that covid will be a problem for a decent length of time still. Ahead of this symbolic day U.K. new cases dipped below 50k yesterday after two days above. The weekly growth rate is still strong though. Breaking down the numbers the big growth area over this period has been males aged 15-40. It’s the first time in the pandemic that there’s been a notable gender split. It strongly hints at the impact of millions of football fans watching the Euro football final at various venues around the country. It’s possible that this impact will now fade but with nightclubs etc now open it’ll be interesting to see the public behavioural impact with there being so many cases in the country. The world will watch the U.K. with great interest.

Looking more global now, this isn’t likely to be a blockbuster week in terms of major events but there will be enough going on to pique our interest levels ahead of the holiday season. The Fed is now in a blackout period so it’ll be deadly quiet on that front. Elsewhere the ECB (Thursday) have their first meeting post the new policy framework announcement alongside three other G20 central bank policy meetings. The main data highlights are the global flash PMIs (Friday) and German PPI tomorrow. We also have lots of data on the US housing market (NAHB today, housing starts/permits tomorrow and existing home sales on Thursday) which will be closely watched for signs of thawing of the high demand as prices soar and also for any clues to what the Fed will think ahead of any MBS taper discussion. In politics Wednesday could bring a vote on the bipartisan infrastructure bill but we’ve learnt not to hold our breath on this one. Elsewhere US earnings season hits one of the peak weeks and finally the delayed Olympics begins on Friday in Tokyo.

We’ll expand on a few of the above after looking at Asia. A quick refresh of our screens shows that sentiment is continuing to be weighed down by concerns surrounding the spread of the delta variant and inflation risks. The Nikkei ( -1.46%), Hang Seng (-1.59% ), Shanghai Comp (-0.31%) and Kospi (-0.92%) are all trading lower. Futures on the S&P 500 (-0.34%) and Stoxx 50 (-0.61%) are also trading weak. Meanwhile, yields on 10y USTs have slipped by further -1.2bps to trade at 1.280%. In FX, the Japanese yen is up +0.14% against the greenback.

In other weekend news, US Treasury Secretary Janet Yellen expressed doubts, in a New York Times interview, about last year’s trade deal that the Trump administration did with China. She said that “My own personal view is that tariffs were not put in place on China in a way that was very thoughtful,” and added that, “the type of deal that the prior administration negotiated really didn’t address in many ways the fundamental problems we have with China.” The statement comes as the fate of the trade deal hangs in balance with the current Biden administration yet to decide whether to keep the deal, scrap it, or seek to replace it with something new.

Oil prices are down c. -1% this morning after OPEC+ came to a agreement on supply increases after Saudi Arabia and UAE in particular bridged their differences with the UAE allowed to boost output more than originally anticipated (but less than they asked for) whilst production cuts for several other countries planned from May 2022 will be done from a higher base.

Turning to the latest on the Pandemic, Singapore reported cases at an 11-month high yesterday while Thailand reported 11,784 new infections, the highest single-day increase since the pandemic began. In Australia, Sydney has paused work at construction sites as it tries to bring the current outbreak under control. The list of athletes and support staff infected with the virus is also increasing at the Tokyo Olympics with the number now standing at 55.

Looking through the week ahead events in more detail now and let’s start with the ECB. Following the earlier-than-expected conclusion of the Strategy Review by the ECB, our economists expect some changes to forward guidance and communications around the new average inflation targeting unveiled earlier this month. So an interesting first event in a brave new world / same old world (delete according to your view) for the ECB after their review. See our economists’ preview here. There will also be rate decisions from Indonesia, South Africa, and Russia. Only Russia (Friday) is expected to adjust their monetary policy, with the median Bloomberg estimate expecting a 75bp increase to 6.25% as inflation continues to run above target.

The global flash PMIs on Friday will be a focal point as economists and strategists will debate whether the rate of growth has peaked. Recent PMI data has signalled that the US economy may have seen growth peak back in March, whereas the PMI data in Europe continues to rise, having hit 15-year highs just last month. However there are signs that Europe may struggle to push on further with delta where it is.

Earnings season will continue in earnest in the US and Europe, with investors likely to be paying attention to any comments on pricing pressures. Among the highlights include IBM today before UBS, Netflix, Phillip Morris, and United Airlines tomorrow. Then on Wednesday we’ll hear from Johnson & Johnson, ASML Holdings, Coca-Cola, Verizon, Novartis, SAP, and Daimler. Thursday sees reports from Roche Holdings, Intel, AT&T, Dahner, Unilever, Blackstone, Twitter, Biogen, and Newmont. Finally on Friday, we’ll hear from Honeywell, Nextera Energy, American Express, Kimberly-Clark, Schlumberger, and Southwest Airlines.

The day by day week ahead guide is at the end as usual.

Back to last week now and risk markets took a step back as the largest US inflation reading in nearly 13 years (30 years for the core) weighed on investors as they wait to see what messages corporates convey during earnings calls over the next few weeks. Fed Chair Powell confirmed that the FOMC would talk about tapering bond purchases at the upcoming meeting, and expectations for rate increases in 2022 have continued to increase. Overall the S&P 500 fell -0.97% (-0.75% Friday) in a broad based selloff that saw cyclicals sectors – like banks (-2.56%) – and growth sectors – like semiconductors (-4.06%) – fall back sharply. It was only the second losing week for the broad index since the last week of May. Tech experienced larger losses as the NASDAQ declined -1.87% (-0.80% Friday), however the real laggard were small caps with the Russell 2000 decreasing -5.12% (-1.24% Friday) – the third consecutive weekly loss for the index and worst weekly performance since October. European equities traded similarly as the STOXX 600 ended the week -0.64% lower, with bourses such as the IBEX (-3.08%), FTSE 100 (-1.60%), CAC (-1.06%) and FTSE MIB (-1.03%) all underperforming.

Higher CPI prints than expected in the US and the UK brought forward the timing of potential rate hikes, with 2yr yields in both countries increasing +0.9bps and +3.1bps on the week, respectively. Overall, longer dated sovereign bonds gained with yields lower both in the US and Europe, which caused yield curves to continue flattening. US 10yr yields ended the week -6.9bps lower at 1.290%, their 8th weekly decline in the last 9 weeks to leave yields at their lowest level since mid-February. 30yr yields finished the week under 1.92% for the first time in 5 months even as weak demand for an auction mid-week saw yields briefly spike higher before reversing into the weekend. 10yr bund yields reacted similarly, declining -6.0bps on the week. 10yr OATs (-6.9bps) and BTPs (-5.6bps) traded somewhat in-line with bunds, while gilts (-2.9bps) marginally outperformed.

In terms of data from Friday, US retail sales surprised to the upside with a +0.6% increase (-0.3% expected), with ex-auto and gas at +1.1% (vs +0.5 expected) but this was partly offset by a downward revision to the May reading, which has left markets little changed ahead of the U. Michigan reading 90 minutes later. There we saw the preliminary July reading disappoint at 80.8 (vs. 86.5) with both current conditions (84.5 vs 91.0 exp) and expectations (78.4 vs 85.0 exp) both coming in notably lower than predicted. This may be partly due to increasing inflation expectations with 1-yr inflation expectations increasing to 4.8% from 4.2% and long term inflation picking up 0.1pp to 2.9%. In Europe, the final June reading of CPI showed prices rose +1.9%, unchanged from the initial reading.

end

3A/ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED DOWN 0.018  PTS OR 0.01%   //Hang Sang CLOSED DOWN 514.90 PTS OR 1.84%      /The Nikkei closed DOWN 350.34 pts or 1.25%  //Australia’s all ordinaires CLOSED DOWN .93%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4875  /Oil DOWN TO 69.84 dollars per barrel for WTI and 71.65 for Brent. Stocks in Europe OPENED ALL RED /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4875. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4914/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/CORONAVIRUS

It did not take long: we now have our first Olympic staffer to be hospitalized with COVID

(zerohedge)

Olympic Staffer Hospitalized In First Serious COVID Case Tied To Summer Games

 
FRIDAY, JUL 16, 2021 – 08:00 PM

It’s ironic that despite all the efforts undertaken by the Games organizers to ensure the safety of Olympic athletes during the upcoming Tokyo Summer Games will likely be all for naught – as the Games seems almost pre-destined to be labeled a “super spreader event’ after the fact.

Even though spectators have been banned from all Olympic events, a Nigerian delegate has become the first visitor to Japan admitted to the hospital after testing positive for COVID, according to local media reports.

The delegate, who isn’t an athlete, is in their 60s. They tested positive Thursday as Tokyo reported a new record tally of daily new cases.

What’s more, athletes are already testing positive. On Friday, the Australian Olympic Committee revealed that tennis player Alex de Minaur, who is ranked 15th in the world, has tested positive prior to his departure for the Games, meaning he will need to sit out the competition for which he has been training for years.

“We’re very disappointed for Alex,” said Australia’s chef de mission, Ian Chesterman. “He said that he’s shattered, not being able to come … but he has sent his very best wishes for the rest of the team.”

De Minaur returned two positive tests in Spain before he was due to fly to Japan, David Hughes, the AOC’s chief medical officer, told a news conference.

In the US, USA Basketball revealed Thursday that Washington Wizards star Bradley Beal had tested positive. Other athletes and staff associated with the Games have tested positive in Tokyo and abroad as Delta drives cases higher. Japan has aggressively accelerated its vaccine rollout, but only 30% of its adult population has received at least one dose.

 

But COVID isn’t the only issue plaguing the Olympics. On Friday, a top Japanese government spokesman Katsunobu Kato revealed that a Ugandan athlete had gone missing. Police and the team’s host city, Izumisano in western Japan, are mounting a search, he said. Izumisano city authorities identified the missing athlete as 20-year-old weightlifter Julius Ssekitoleko.

With the Games set to begin next week, Tokyo is confirming new COVID infections at the fastest pace in six months.

The disaster that the Olympics have become is having a serious backlash for Prime Minister Yoshihide Suga, as millions of Japanese feel they have been robbed of the pomp and celebration (not to mention the economic boost) that typically accompany an Olympics hosting duty. The latest polls show support for Suga is teetering just north of the “danger zone” – less than 30%. That’s the level below which many of Suga’s predecessors have either quit, or been forced out.

end

Japan Olympics/USA

The Olympics are going to be interesting and without a doubt they will be a super spread event

(zerohedge)

Member Of US Gymnastics Team Tests Positive In Latest Setback For Tokyo Games

 
MONDAY, JUL 19, 2021 – 11:35 AM

The Tokyo Olympics has just reported yet another high-profile COVID case, further cementing the odds that the Games are destined to be declared a “super-spreader event” despite the fact that Tokyo is under a State of Emergency, and spectators have been banned from Olympic events.

This time, an unnamed alternate for the US women’s gymnastics team has tested positive for the coronavirus. It’s not clear what, if anything, that means for the rest of the team, including superstar Simone Biles. USA Gymnastics says they are continuing to prepare for the Games.

“We can confirm that an alternate on the women’s artistic gymnastics team tested positive for COVID-19,” the US Olympic & Paralympic Committee said in a statement to NPR. “In alignment with local rules and protocols, the athlete has been transferred to a hotel to quarantine. Out of respect for the individual’s privacy, we cannot provide more information at this time.”

USA Gymnastics said in a statement that one other alternate is quarantining. The women’s team has 4 alternates: Kayla DiCello, Kara Eaker, Emma Malabuyo and Leanne Wong. It’s not clear how closely the team’s six starting members have trained and lodged with the alternates in Japan.

“On Monday, the Olympic athletes moved to separate lodging accommodations and a separate training facility, as originally planned, and will continue their preparation for the Games,” USA Gymnastics said in a statement to NPR.

The positive test was first reported by Japan’s Kyodo News agency. It said the city of Inzai said the gymnast tested positive at a pre-event training camp in the city.

The COVID-19 protocols for the Games seem to leave the door open for athletes to continue to compete even if they are a close contact of someone with a positive test. It’s decided on a case-by-case basis.. If they are allowed to compete, stricter-than-usual protocols might be implemented, such as “moving to a private room, eating meals alone, using dedicated vehicles, or separation during training and at your competition venue,” according to the athlete’s playbook.

All told, organizers have confirmed at least 58 cases involving athletes so far as the 7-day average of new cases in Tokyo has climbed.

In other news, another top sponsor has pulled out of the Games. Toyota has reportedly abandoned plans to air Olympic-related TV advertisements in Japan and its officials won’t attend the opening ceremony or other events, despite the automaker’s status as a top-tier sponsor, according to Nikkei.

While Tokyo’s overzealous response to the Olympics has left many Japanese wondering why the IOC and domestic organizers are even bothering to hold the Games, the total farce continues as a transgender weight-lifter is cleared to participate in the women’s “super heavyweight” division.

end

The Olympics will now be a bust: their biggest sponsor Toyota just bailed and pulled all their ads and will not attend opening ceremony

(zerohedge)

Tokyo Olympics Biggest Sponsor Toyota Bails At 11th Hour; Pulls Ads, Will Not Attend Opening Ceremony

 
MONDAY, JUL 19, 2021 – 05:00 PM

The largest sponsor of the Tokyo Olympics, Toyota, is bailing on the event entirely as the games themselves have attracted widespread scrutiny across Japan, according toThe Daily Yomiuri, citing a senior company executive which was confirmed by Reuters.

We will not be airing any commercials related to the Games in Japan,” said Toyota CEO, Akio Toyoda, adding that he would not be attending the opening ceremony, and confirming that its advertising campaign in Japan had been withdrawn. 

Toyota isn’t the first sponsor to pull the cord, but they are the largest. Earlier this month we noted that many Olympic sponsors – who had hoped to cash in on their sponsorship by hawking food, drinks and goods to spectators at the live events – have pulled out of the event.

More than a dozen companies, including Canon, Tokio Marine and Nicido Fire Insurance and Ajinomoto, bailed on the event in a decision which “highlights the delicate situation for sponsors who have tied themselves to a Games now hit by the COVID-19 pandemic and public opposition.”

In total, more than 60 corporate sponsors paid a record of over $3 billion for sponsorship rights, with another $200 million spend to extend their contracts after the games.

As Newsweek notes, “In a recent poll carried out by an Asahi newspaper, 68 percent of people said they had some doubts about Olympics organizers being able to control COVID-19 infection, with another 55 percent being completely opposed to the games going ahead at all. The poll also found three-quarters of the 1,444 respondents agreed that banning spectators from events was the correct decision.”

The sponsorship bloodbath comes after the Tokyo Olympics – which starts Friday – has just reported yet another high-profile COVID case among athletes. This time, an unnamed alternate for the US women’s gymnastics team has tested positive for the coronavirus. It’s not clear what, if anything, that means for the rest of the team, including superstar Simone Biles. USA Gymnastics says they are continuing to prepare for the Games.

Meanwhile, two South Africa football players have contracted the virus, while six athletes and two staff members from Great Britain’s team are self-isolating after having coming into close contact with a person who tested positive after arriving in the country. In totalorganizers have found 58 positive cases among athletes, officials and journalists since July 2, per Reuters.

3 C CHINA

 
 

China vs USA

A very important commentary and introduction by Robert H to us on why China is threatening now!!

(zerohedge)

and opening remarks from Robert H to us:

China threatens, but why now?

 
 

Yes, China will take Taiwan, they have always considered it part of China as much as Hawaii is part of America.

And yes, America will not go war over Taiwan, nor should it. What has foreign adventures done for America? Afghanistan was always an un winnable war and Vietnam was a disaster and in neither case was a win something that was planned for. Other agenda priorities took precedent over victory. War is simply a racket! 

But why is China threatening? Is it because they expect a none linear response by the US military? Or is it because they are close to running out of credit? To threaten America and not follow through is to lose face and to think the  world will not take note is naive. So why this threat ? After all they just most recently threatened Japan in the same fashion. Japan will not fight for Taiwan but will use such a move to increase their leadership role amongst other Asian nations

Under Trump there was a concerted effort to withdraw American hegemony in shrinking the footprint recognizing that neither unlimited capital nor spilled American blood will stop a multipolar world. The train has left the station. Unfortunately, under the Biden parade foreign meddling continues as the likes of a Nuland meddles in Belarus trying to stoke a new maidan like she did in the Ukraine; which is a failed state like so many before it. Think Iraq, Libya or Syria as pillaging and theft continues. And where open meddling does not allow covert means are used. Again this divide and conquer mentality is old school and will not succeed. The Trump machine was prepared to go into supportive roles for nations to stand up for their own hegemony be it the Koreas, which were thought to be better off united, without American boots on the ground. This was too much for some people, and still is,  as countries have to give hegemony in the internal affairs of the Koreans. Hegemony costs money and lives and there is no question American needs to look inwards before it can help others again, but not by being their keeper but their friendly neighbor. Japan took note and is rapidly building itself up, knowing that China harbors grudges going back to WWII and will not resist the chance to settle scores. The ASEAN is changing and it should be allowed to change as individual nations find their voice and destiny as not all are prepared to lick the Chinese boot. This is a hegemony approach better supported by the west than led by it. And that requires various western nations to rethink priorities and give hegemony that cannot be supported. The global view of hegemony is dying with the fall of globalism which is a direct result of the WEF agenda failing on a world stage and is already causing splintering behind the curtain of various interest groups. Even some politicos are realizing that the Klaus agenda has failed and left them adrift to face the music. The only question is how long before they blame him to save themselves from the mob that grows. 

China seeks hegemony on a global scale and has recently found itself more isolated as people have woken up to what the Party is and how it controls the Chinese people. The Party is absolute and will not tolerate any challenge as some notable Chinese parties have learnt the hard way. Other nations foolish enough to take easy credit using Chinese companies to build infrastructure are learning first hand that the Chinese do not forgive loans like the west. Should China consider a first strike on America or American bases, it will find that the US military will react with weaponry not yet seen in battle. 

Since America will not fight for or on behalf of Taiwan this noise is simple positioning knowing the reaction that will come, and hope they world thinks otherwise. I continue to believe that China will move on Taiwan within the next 45 days. The world will watch but America will not go to war, even if certain parties would like to see this happen. And no Russia will not take a side but will stand neutral, even if broader confrontations occur. People forget that Russia is prepared to fight a multi front war and lose, without negotiation. And this is not something anyone else dares to accept as their fate. 

7/17/21

By War News 24/7 

China has issued unprecedented war threats against the United States and Taiwan through the official organ of the Chinese Communist Party.

Beijing is adopting war rhetoric, threatening even the United States with a surprise first blow, a sign that “zero hour” is approaching for Taiwan

“The US and Taiwan can be hit suddenly at any time” 
An American C-146A Wolfhound landed at Taipei Songshan Airport on Thursday morning and made a brief stop to deliver a package to the new director of the American Institute in Taiwan (AIT), Sandra Oudkirk.

China’s Ministry of National Defense responded by warning the United States to stop playing with fire.

The US and the island of Taiwan are feeling great pressure from the growing power of the mainland (China) and preparing for a possible military struggle. The Democratic Progressive Party (DPP) authorities not only reject reunification, but maintain a fierce ambition to pursue “independence.” At the same time, the United States also intends to limit China’s rise by playing the “Taiwan card.” Thus, both the United States and the island of Taiwan are overwhelmed by strategic anxiety that the mainland may eventually resolve the Taiwan issue by force.

Instead of easing tensions and avoiding the dangers of a “united China,” the United States and Taiwan sought to change their strategic stance on the Straits through a “divide and conquer” tactic, hoping to crush the continent.

US Director of Intelligence Report: “We Will Be Involved in Extended Conflict – China Attack on Taiwan Matter of Time”

 

“We have strategic dominance in the Straits of Taiwan” 
The mainland has strategic dominance in the Taiwan Straits. It can develop overwhelming military capability if needed, and it has the resolute will to use that force in a confrontation over the Taiwan issue.

The US and Taiwan are trying to create the illusion that a democratic Taiwan will not accept unification in any form and that the US is open to the use of military force to defend the island.

The U.S. Air Force mission is reaching the bottom of the mainland and is an attempt to oust the mainland from the region.

“The US can not defend Taiwan” 
The US has the strongest overall national military force, but most of it cannot be technically deployed in the Taiwan Straits, and the US has no public support or national will to use this military force to defend Taiwan.

China is not challenging the US, but Taiwan is part of China. In the Taiwan Straits, China has every moral right to rule. In this region, the law against secession from the mainland has supreme power.

For quite some time, what was happening in the Taiwan Straits was a game between the continent’s strategic advance and the US-Taiwan tactical disruption.

The latter two seem to have different approaches, but the progress of the mainland military accumulation is obvious, with military exercises increasingly moving towards real combat patterns.

“We will punish you at any time” 
The mainland (China) can severely punish the US and Taiwan at any time.

The mainland has the initiative on when and how to punish them, as it can synchronize the choice with the strategy against Taiwan to achieve the best result.

The mainland is tightening its grip, leaving less and less room for the United States and Taiwan, which can use only “small tricks” to maximize results.

But the effect can only be felt in the field of public opinion and can not change the power gap and the general trend.

The United States and the island of Taiwan are well aware that the mainland is determined to use force when it chooses to do so.

When will the mainland fly its fighters closer to the island of Taiwan? When will it fly over the island or when will it launch missiles over the island to deter the Taiwanese authorities?

“Prepare for a sudden blow” 
Our answer is: at any time.

As the U.S. advances on landing a military aircraft on the island of Taiwan, escalating the situation to a point of military action, every step it takes could cause military friction and controversy.

They need to understand that the mainland is much better prepared for such conflicts, both in terms of actual action and will.

We advise the US and the island of Taiwan not to judge the situation and not to underestimate our determination and our willingness to punish their provocation.

They must be prepared to deal with a sudden blow.

Source: 
https://warnews247.gr/polemikos-ochetos-kinas-enantion-ipa-kai-taivan-to-pekino-apeilei-me-aifnidiastiko-proto-pligma/

END

CHINA//USA

USA accuses Chinese intelligence agents of hacking Microsoft and others worldwide

(zerohedge)

US Accuses Chinese Intelligence Agents Of Masterminding Hacks On Microsoft And Others Worldwide

 
 
MONDAY, JUL 19, 2021 – 07:28 AM

As President Biden and his administration continue to burnish his “tough on China” credentials (which is shaping up to be a “theme” for the White House in July), the US has just announced that members of China’s intelligence agency of hiring cyber-criminals to carry out a global campaign of hacks and cyber intrusions.

The US is expected to say Monday that the Chinese government has been the mastermind behind a series of malicious ransomware, data theft and other cyber-espionage attacks against public and private entities around the world, including the Microsoft Exchange hack uncovered earlier this year.

According to Bloomberg, the US will present evidence showing how China’s Ministry of State Security uses criminal contract hackers to conduct unsanctioned cyber operations globally, including for its own personal profit. Additionally, the NSA, CISA and FBI will expose more than 50 tactics Chinese state-sponsored cyber hackers have used.

Before now, the US has stopped short of publicly blaming Beijing for the Microsoft hacks.

Though of course this isn’t the first we’re hearing of the Microsoft Exchange hack, or other Chinese cyber-intrusions. Following ransomware attacks like the one that crippled the Colonial natural gas pipeline, cybersecurity has become an increasingly important political priority this year. The measures are also reminiscent of Biden’s old boss President Obama, who once charged 5 Chinese military personnel over alleged involvement in a cyberattack on American corporations. Of course, that turned out to be a lot of chest-beating and not a lot of action.

From the looks of it, the US isn’t alone in this. A coalition of NATO members along with the EU, New Zealand, Japan and Australia are reportedly launching a new alliance between the NATO members that involves sharing intelligence on cyber-threats and collaborating to improve their networks security. Microsoft blamed that attack on a China-backed group called Hafnium, according to CNBC.

They’re also expected to join the US in blaming China and its intelligence apparatus for ordering hacks including the Microsoft Exchange intrusion.

CNBC pointed out that the new alliance follows Biden’s lobbying NATO and EU members for support in adopting a more “confrontational” approach to China’s cyber-activities.

end

CHINA/USA/GLOBE/WUHAN VIRUS ORIGINS

They must have triggered some brain matter in their heads: 

Top Biden officials now embracing COVID lab leak theory

(zerohedge) 

Top Biden Officials Now Embracing COVID Lab-Leak Theory

 
SUNDAY, JUL 18, 2021 – 01:55 PM

Senior Biden administration officials in charge of investigating the origins of the pandemic now believe the accidental lab-leak theory is at least as credible as the possibility that it emerged in the wild, in what CNN describes as a “dramatic shift from a year ago, when Democrats publicly downplayed the so-called lab leak theory.”

And while the US intelligence community is reportedly ‘firmly divided’ over both theories, the acknowledgement serves as the latest vindication for those who floated the possibility of a lab-leak last year – including former President Trump, who was sharply criticized by Democrats after bringing the lab-leak theory up last year.

For example:

And while CNN may have been forced to change their tune, their anonymous source claims that current intelligence “reinforces the belief that the virus most likely originated naturally, from animal-human contact and was not deliberately engineered,” but doe snot preclude the possibility “that the virus was the result of an accidental leak from the Wuhan Institute of Virology, where coronavirus research was being conducted on bats.”

On Thursday, World Health Organization director general Tedros Adhanom Ghebreyesus backpedaled, admitting that the organization had been premature to dismiss the possibility (peddle Chinese propaganda) that the virus emerged from the Wuhan Institute of Virology, and urged China to provide “direct information on what the situation of these labs was before and at the start of the pandemic.” His comments are a complete 180 from February, after a WHO mission to China concluded that a lab-leak was “extremely unlikely.”

“I was a lab technician myself, I’m an immunologist, and I have worked in the lab, and lab accidents happen,” said Tedros, adding “It’s common.”

In response, China’s foreign ministry said in a statement that “since the beginning of the epidemic, China has taken a scientific, professional, serious and responsible attitude in tracing the origins of the virus.”

President Biden ordered intelligence officials to conduct a 90-day probe into the origins of the pandemic, after a former official told the New York Times there was a ‘raft’ of unexamined evidence which would require further investigation.

In April 2020, US State Department cables showed that US diplomats were worried about a lab leak at China’s premier virus research lab in Wuhan. Among other things, the cables showed that US scientists were sent on multiple visits to the Chinese lab. The cable also say that the scientists were worried that any leaks from the lab could result in a new SARS-like pandemic.

China has long rejected the notion that there could have been a lab leak, maintaining that since the virus was first detected in Wuhan in 2019, it was quickly passed from bats to humans via another species. –NY Post

The shift in sentiment among the Biden administration comes after National Security Adviser Jake Sullivan told Fox News last month that China would face “isolation in the international community” if it doesn’t cooperate with pandemic probes moving forward. “If it turns out that China refuses to live up to its international obligations, we will have to consider our responses at that point,” Sullivan told CNN later that day.

We’re not so sure China’s going to play ball…

end
CHINA/ITS ECONOMY
Three signals from China:
1 It wants all of its IPO’s to go to Hong Kong and not New York as they are worried about the vast data controlled by tech giants.  Biden warns about doing business with China
2. China’s economy is doing OK  (not so sure about that)
3. Yuan carry trade is alive and well.  It is the 4th highest yield carrying trade.
(zerohedge)

Beijing’s Grip Means Hong Kong Is No Longer Special

 
SUNDAY, JUL 18, 2021 – 08:30 PM

By Ye Xie, Bloomberg report and macro commentator

Three things we learned last week:

1. Beijing signals that Hong Kong is preferable to New York for Chinese IPOs

China plans to exempt companies that are going public in Hong Kong from seeking approval from its cybersecurity regulator, following its recent proposed new laws requiring vetting companies for IPOs in foreign countries.

The move sends a clear signal that Hong Kong, Shanghai and Shenzhen are the preferred destinations for Chinese tech companies that want to go public, as the government grows warry that the vast data controlled by tech giants can be vulnerable to the prying eyes of foreign governments. Startups including Xiaohongshu, or “Little Red Book,” are putting their U.S. IPOs on hold.

Meanwhile, the Biden administration warned investors Friday about the risks of doing business in Hong Kong, issuing an advisory that China’s push to exert more control over the financial hub threatens the rule of law and endangers employees and data.

At least Presidents Xi Jinping and Joe Biden can agree on one thing: Hong Kong is no longer special. It’s basically the same as any other Chinese city.

2. China’s economy is doing fine.

The surprising cut to the reserve requirement ratio earlier this month triggered concern in markets that China’s economy may be deteriorating fast under the weight of slower credit growth and Beijing’s zero-tolerance policy for Covid. But it turns out there was little reason to worry, as data from retail sales to trade all beat economists’ forecasts. The RRR cut was largely a fine-tuning of its monetary policy toward supporting more growth, but it wasn’t the start of an easing cycle.

3. Yuan carry trade is alive and well

The trade-weighted yuan has reached the strongest level since 2016. China’s currency has benefited from investors’ preferences for carry trades after Federal Reserve Chair Jerome Powell reiterated that the central bank is a “ways off” from tapering. Adjusted for volatility, the yuan ranked as the world’s fourth highest-yielding currency, trailing only the Argentine peso, Turkish lira and Indian rupee.

4/EUROPEAN AFFAIRS

/EUROPE//AUSTRIA/SALTZBURG

SPECIAL THANKS TO G.G. FOR SEND THIS TO US

3571) APOCALYPSE in AUSTRIA! Salzburg destroyed! Flood washed away houses, cars and people! – YouTube –floods in Austria, Germany , Belgium and the Netherlands

 

https://www.youtube.com/watch?v=5TgQqwpGIr4

END

GERMAN FLOODS//AFTERMATH

German Gov’t Knew About Impending Floods, But Warnings Failed As Death Toll Climbs

 
SUNDAY, JUL 18, 2021 – 12:05 PM

A new report by the British newspaper “The Sunday Times” explains how a satellite in low Earth orbit detected the first signs of danger days before the German floods unfolded. Somewhere along the chain of command, climate scientists to government officials to local officials informing residents in affected regions about the need to evacuate ahead of extreme weather broke down and has tragically resulted in the country’s worst natural disaster in six decades. 

On Sunday morning, the death toll stood at 184. German Chancellor Angela Merkel described the flooding in the western part of the country as devastating and “terrifying” as deaths are expected to rise as water levels recede. 

“It is terrifying,” Merkel told residents of the small town of Adenau in the state of Rhineland-Palatinate. “The German language can barely describe the devastation that’s taken place.”

Ahead of the flooding, which began Tuesday/Wednesday, climate scientists warned the German government that a significant weather event would dump torrential rains and would trigger “extreme” flooding, particularly along some parts of Erft Ahr, and Rhine rivers, and in towns such as Hagen and Altena.

Germany got its preparations “badly wrong,” climate scientists told The Times. Hannah Cloke, professor of hydrology at Reading University, said that a “monumental failure of the system” had led to one Germany’s deadliest natural disasters in six decades. 

Some cities and towns on the Rhine River were inundated with floodwaters, sweeping away commercial and resident buildings, destroying infrastructures such as roads, bridges, and telecommunications equipment, as well as drowning more than one hundred people. 

“When I woke up [on Thursday] morning and saw how many people had died, I just thought: you can do better than this,” said Cloke. “I’m disappointed that particularly in the cities you had people washed away. That suggests that lots of things are going badly wrong.

“People should have been receiving warnings; people should have understood the warnings. It’s no use having massive computer models predicting what’s going to happen if people don’t know what to do in a flood.”

Many people disregarded the warnings and continued to live their everyday lives as rivers in western Germany continued to rise, eventually, in some areas, hitting record-high highs and spilled over into towns. 

The Federal Office for Citizen Protection and Disaster Assistance issued warnings to a tiny fraction of the public who downloaded the app on their smartphones. Many along the river were taken by surprise by the freak natural disaster. 

“The fact that people didn’t evacuate or get the warnings suggests that something is going wrong,” Cloke said. “If you’ve got some information about what risk you’re at and you can understand it, you can take action to protect yourself. These floods were huge. Probably they were like a fantasy or a kind of science-fiction movie for people.”

German tabloid newspaper “Bild” asked if the country’s “disaster protection agency failed.” 

Many questions are swirling around the German government and how they could’ve been more proactive and conveyed the gravity of the impending dangerous floods, which were predicted by climate scientists well in advance. 

Floods on Sunday afternoon have receded in western states of Germany, including Rhineland-Palatinate and North-Rhine Westphalia. Now comes the hard part, where rescuers will continue search and rescue efforts. 

As per The Times, climate scientists gave the German government an advanced warning on July 10 before the floods hit on July 13/14. 

The question remains: Will Merkel’s critics grow louder as government warning systems failed?

END

UK/CORONAVIRUS.LOCKDOWNS

Just what England needs…..another lockdown!

(Watson//SummitNews)

UK Government Minister Suggests New Lockdown Before The Current One Has Even Ended

 
SUNDAY, JUL 18, 2021 – 08:10 AM

Authored by Paul Joseph Watson via Summit News,

A UK government minister suggested that it was perfectly plausible a new lockdown could be imposed in the near future, before the current one has even officially ended.

All COVID-19 restrictions are supposed to end on Monday, although SAGE scientists and other lockdown zealots are desperately scrambling to have the decision reversed yet again.

Now Solicitor General Lucy Frazer has signaled the government may be about to cave to them again after telling Sky News that Brits will “of course” face yet another lockdown in the near future on current projections.

“Of course, if we get into a situation where it is unacceptable and we do need to put back further restrictions, then that of course is something the Government will look at,” said Frazer.

Brits who were told nearly 17 months ago that lockdown was required for “just three weeks to flatten the curve and protect the NHS” are now facing the prospect of another Autumn lockdown that could extend the entire thing to 2 YEARS.

It never ends.

The media and prominent leftists are amplifying the narrative for yet another lockdown despite the fact that Tim Spector, lead scientist on the ZOE Covid Study app and Professor of Genetic Epidemiology at King’s College London, says that infections of the latest wave of COVID have peaked and will begin to fall.

Calls for a new lockdown continue despite the fact that two-thirds of adults have received both doses of the coronavirus vaccine and it has been offered to 90% of the population.

People who believed that if they just submitted and took the jab they would get their lives back appear to have been seriously mistaken.

According to a report from Public Health England, more vaccinated people than unvaccinated people are now dying from COVID.

“The report shows that 163 of the 257 people (63.4%) who died of the delta variant within 28 days of a positive COVID test between February 1 and June 21, had received at least one dose of the vaccine,” reports LiveMint.

 

end

GREECE/CORONAVIRUS UPDATE/MYKONOS

Delta variant spreading like crazy in Greece….so Mykonos bans music in bars in a futile attempt to combat the virus spread.

(zerohedge)

Greece’s Mykonos Bans Music In Bars To Combat COVID Spread 

 
MONDAY, JUL 19, 2021 – 04:15 AM

Greece tightened local COVID-19 restrictions on Saturday as the Delta variant spreads across Europe. 

Mykonos, an island in the Cyclades group in the Aegean Sea, known as a party island for the rich, had music in restaurants and bars banned on Saturday evening, according to The Hill

Deputy Minister for Civil Protection and Crisis Management Nikos Hardalias announced the music ban would begin at 1800 local time on Saturday. There’s also a 0100 to 0600 travel ban with work and health-related expectations. 

The restrictions are in place through July 26 to limit infections. 

“We call on the residents, visitors and professionals of our beautiful island to faithfully observe the measures, as well as the authorities of the island to immediately activate the information and control mechanisms for their observance so that the spread of the virus and Mykonos can be controlled and limited,” Hardalias said.

In early July, superyachts from around the world flooded parts of the Mediterranean Sea as the summer season began. Marine traffic data showed a massive cluster off Greece. 

Mykonos is a party destination island for the wealthy. About 20% of the Greek economy relies on tourism. Economic recovery is in attempt after the country opened its doors and borders to foreigners – though the latest restrictions could dampen any progress.

Mykonos Mayor Konstantinos Koukas wasn’t thrilled about the new restrictions and called them “unfair.” 

“From the first moment of the start of the pandemic we stated that everyone’s top priority is to protect public health and we served this consistently and seriously. We have always worked with all competent authorities, helped implement health protocols, supported the Health Center, supplied with the necessary means of protection,” Koukas said.

The daily virus case report in Greece remained high on Saturday, as 2,562 total new infections were recorded.

Meanwhile, the government has banned the unvaccinated from specific public spaces, such as bars, restaurants, theaters, and other entertainment venues, which took effect across the country on Friday. Ahead of the restriction, thousands of people in Athens and other cities protested the latest measures that continue to diminish the freedoms of citizens who choose not to be vaccinated. 

FRANCE

Robert H to me:

French Police Lay Down Shields Join 100,000 Protesters Marching Against Vaccine Passport

 
 
 
 
This is glimmer of hope for change that supports the rights of ordinary people.
In every totalitarian regime the police are needed to suppress the public. By seeing this one doubts that they will succeed in this effort.
As I have written many a time, they do not understand human nature.
The protests will grow much larger.

https://www.wakingtimes.com/french-police-lay-down-shields-join-100000-protesters-marching-against-vaccine-passport/


Cheers
Robert

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
IRAN//
Iran is bankrupt after their countless meddling into Middle Eastern affairs.  It is now haunting them as they experience rolling blackouts and now a huge water shortage
 
(zerohedge/Associated Press) 

Amid Rolling Blackouts, There’s Now A Water Shortage Gripping Iran

 
SATURDAY, JUL 17, 2021 – 08:45 AM

The Associated Press is reporting yet more protests gripping Iranian cities – this time over water shortages during a hot, dry summer which has also seen severe electricity shortages leading to unplanned, intermittent blackouts. 

Both the energy and water crisis are deepening the outrage of the Iranian populace, after outgoing President Hasan Rouhani earlier this month issued an unprecedented statement admitting government mishandling of the energy situation

Protesters angry over water shortages marched through streets late Thursday in an oil-rich, restive province in southwestern Iran and police apparently fire weapons to disperse the crowds, online videos showed.

It wasn’t immediately clear if anyone had been wounded or arrested in the protests across multiple cities in Khuzestan province, including its capital, Ahvaz.

Starting in the first week of July, social media videos from various parts of Iran appeared to show Iranians chanting “death to the dictator” and other anti-Ayatollah slogans, though the footage can’t be verified, in relation to growing unplanned power outages – sometimes in parts of Tehran extending to 12 or more hours at a time.

Many of Iran’s modern high-rise buildings are not designed to stay cool with lack of power, leading residents in sweltering conditions. 

But with some areas now impacted by shortage of water, the diminishing vital resources situation is leading to spiraling political tensions.

Of course, US-led sanctions are also playing no small part in increasingly making the average Iranian’s life miserable, despite hopes for a ‘breakthrough’ by summer’s end.

Currently Vienna nuclear talks are said to be stalled, with both sides now appearing to confirm a seventh round of negotiations won’t resume till August, after Iran’s hardline cleric and president-elect Ebrahim Raisi takes office. 

“Water worries in the past have sent angry demonstrators into the streets in Iran,” the AP notes in its latest reporting, adding thatThe country has faced rolling blackouts for weeks now, in part over what authorities describe as a drought striking the nation.

“Precipitation had decreased by almost 50 percent in the last year, leaving dams with dwindling water supplies to fuel the country,” the report said.

end 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

Five Times More Children Committed Suicide Than Died Of COVID-19 During Lockdown: UK Study

 
SATURDAY, JUL 17, 2021 – 07:00 AM

Authored by Jack Phillips via The Epoch Times,

Five times more children and young people committed suicide than died of COVID-19 during the first year of the pandemic in the United Kingdom, according to a study, which also concluded that lockdowns are more detrimental to children’s health than the virus itself.

Researchers with the University College London, the University of York, the University of Liverpool, and the University of Bristol found in a study (pdf) that has not yet been peer-reviewed that the CCP (Chinese Communist Party) virus, otherwise known as the coronavirus, doesn’t appear to present a significant risk to children as compared with other age groups.

The study concluded:

“The risk of removal of CYP (children and young people) from their normal activities across education and social events may prove a greater risk than that of SARS-CoV-2 itself.” 

SARS-CoV-2 is another name for the CCP virus.

It was revealed in the study that only 25 children under the age of 18 died of COVID-19 from the start of the pandemic until the end of February 2021. Around 61 children in all died after testing positive, but in 36 cases it was found the virus “did not contribute to their death.”

But during the same time period, there were 124 suicides among children and 268 deaths from trauma, the study authors found, while noting the virus is “rarely fatal” for children.

“These new studies show that the risks of severe illness or death from SARS-CoV-2 are extremely low in children and young people,” said University College London Professor Russell Viner, a senior author of the study, in a release this week

“Our new findings are important as they will inform shielding guidance for young people as well as decisions about the vaccination of teenagers and children, not just in the UK but internationally.”

Professor Lorna Fraser of the University of York added that “even when we found higher risks for some groups with severe medical problems, these risks were still very small compared to risks seen in adults,” explaining that people should know that COVID-19 risks for children “are very low.”

Meanwhile, Dr. Elizabeth Whittaker of Imperial College London said that the researchers hope the “data will be reassuring for children and young people and their families.”

In November, one UK researcher issued a warning that COVID-19 lockdowns are causing a spike in children harming themselves and drug overdoses among children.

“Children are a lost tribe in the pandemic. While they remain (for the most part) perplexingly immune to the health consequences of COVID-19, their lives and daily routines have been turned upside down,” Dr. John Wright of Bradford Royal Infirmary wrote at the time.

 

end

 

 

 
 
 
 
Frightening beyond belief ..please watch this video!
 
 
 
 
not sure on graphene oxide, but blood smears on red blood cells showing clumping is very very frightening (with Moderna)…

 

it is why clotting is surely evident
 
end
 
Vax deaths maintain their Rate of doubling each week!
(Vaers)

Vax deaths maintain rate of doubling for 3rd week in a row

 

Mark Organ

Sat, Jul 17, 7:24 PM 

 

 
 
 
 
 
 
 
 
 
For the 3rd week in a row, the doubling rate of vax deaths in vaers holds steady at about every 19 days.

 

 
 
Now at 11200 deaths per week. Last week VAERS was at 9000 deaths, and the week before at 6900. The week before that 4400. These deaths are undercounted by a lot – probably around 10x. A Harvard study from a few years ago said 100x but I have to assume that there is more reporting now that people are aware of this database.
 
In the same period there were 1889 Covid deaths in the US. And that number is likely overstated significantly. I know it sounds crazy, but it is true – the PCR test protocol is different for vaxxed vs unvaxxed people. No vax, they make the test super sensitive at Ct >= 35 so there are lots of false positives. Vaxxed they use a Ct of 25 to 28, so more accurately calling when the virus is actually present. This way they can make the “escape vax deaths” as low as possible, while maximizing “unvaxxed covid deaths”.
 
 
This vaccine is an unmitigated disaster. No effectiveness against new variants, horrific side effects that just get worse as every week goes by. A minimum of 6x more deaths from the vax than the disease itself. And yet governments are still pushing this on people – focusing now on kids.  It is really hard to process this.
 
end
 
Dr Robert Malone, the inventor of mRNA vaccines sounds the alarm bell on a huge COVID surge in the most vaccinated countries.
(a must see//Robert Malone/zerohedge)

“This Is Worrying Me Quite A Bit”: mRNA Vaccine Inventor Shares Viral Thread Showing COVID Surge In Most-Vaxxed Countries

Dr. Robert Malone, a pioneer in the field of mRNA vaccines, shared a viral Twitter thread on Friday which lays out a disturbing trend; the most-vaccinated countries in the world are experiencing  a surge in COVID-19 cases, while the least-vaccinated countries are not.

“This is worrying me quite a bit,” tweeted Malone, embedding the lengthy thread authored by Twitter user @holmenkollin (Corona Realism) via the ‘thread reader’ app.

Here’s what has Malone worried: 

“This is worrying me quite a bit,” tweeted Malone, embedding the lengthy thread authored by Twitter user @holmenkollin (Corona Realism) via the ‘thread reader’ app.

Here’s what has Malone worried:  

END
FRANCE
Mass protests in France against the new French vaccine passport
(special thanks to Robert H for sending this to us)
end
FRANCE
Insane!! a jail sentence of 6 months for entering a bar or restaurant in France without a COVID pass.
(zerohedge)

French Face 6 Months In Jail For Entering A Bar Or Restaurant Without A COVID Pass

 
SUNDAY, JUL 18, 2021 – 07:00 AM

Authored by Paul Joseph Watson via Summit News,

People in France who enter a bar or restaurant without a COVID pass face 6 months in jail, while business owners who fail to check their status face a 1 year prison sentence and a €45,000 fine.

Yes, really.

The punishments are part of a draconian effort by the French government to force citizens to get the coronavirus jab amidst multiple unruly protests across numerous major cities.

President Emmanuel Macron announced earlier this week that those unable to prove they’re vaccinated or a negative COVID test (at their own cost) will be banned from using public transport, entering a cinema, shopping mall, bar, cafe, restaurant and other venues from August 1st.

“People unable to present a valid health pass risk up to six months in prison and a fine of up to €10,000 (£8,500), according to the draft text of the law, while owners of “establishments welcoming the public” who fail to check patrons’ passes could go to jail for a year and be hit with a €45,000 fine,” reports the Guardian.

The sanctions represent the most authoritarian move to force vaccine compliance in the west, and probably outstrip a lot of actual dictatorships in other parts of the world.

The Guardian rather euphemistically describes it as a “big stick approach,” which would be true if that ‘big stick’ were an electric cattle prod the size of the One World Trade Center building in New York.

The government had to withdraw a similar law back in December following numerous riots, but merely re-introduced the same legislation with even tougher punishments for dissenters.

As we previously highlighted, police in Paris used tear gas to disperse demonstrators protesting against the measures in scenes that unfolded in several other major cities throughout the country.

We are now entering the phase of the pandemic where it’s becoming clear that those who refuse to take the vaccine will remain under the most onerous lockdown measures yet in perpetuity.

END

This is an  essential view from my favourite Prof Bhakdi

(SPECIAL THANKS FROM MARTIN ARMSTRONG)

 

Professor Bhakdi refers to new studies published by The Lancet which show that this is not such an unusual virus that the body does not recognize. It responds to the virus quickly showing vaccination is not necessary. Corona Viruses are different from Influenza and Bacteria or a Fungus. While Dr Bhakdi believes this virus was created in a lab, it is still a Coronavirus and it is not that dangerous to the majority of the population – the elderly yes, because their immune systems are starting to fail which eventually allows us to pass on to another dimension.

However he points out that the second Pfizer, Moderna shot can be very deadly as the Killer cells attack the blood cell walls as the immune system goes haywire.

 

Prof. Sucharit Bhakdi Why Do Not Get Vaccinated or Booster

END

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

 

Michael Every…

Rabobank: Massive Lockdowns And Many Vaccines Later, We Appear To Be Where We Were 18 Months Ago

 
MONDAY, JUL 19, 2021 – 10:40 AM

By Michal Every of Rabobank

Freedom isn’t free

“Freedom Day!” The UK is officially removing Covid-19 restrictions – with the double-jabbed Health Secretary doing so suffering from Covid, and the Prime Minister and Chancellor in self-isolation. The latter two had initially not done so because –by complete chance– both had been randomly selected in a new opt-out pilot scheme for essential public-sector workers. (The same odds art investors are prepared to embrace on the future price of $500,000 paintings by a totally-unrecognised artist.) For the rest of the UK, the ‘pingdemic’ of government messages telling people to self-isolate due to Covid contact is proving massively disruptive to businesses, as key staff suddenly don’t turn up to work when there are already labour shortages.

With Covid-19’s delta variant rampaging, where are we really on ‘Freedom Day’? There is furious debate, but the key data to watch are arguably from the UK and Israel, the two most vaccinated countries. In both, virus case numbers are surging: but vaccines can’t grant immunity, and what matters is serious illness and/or hospitalization. These are also rising among those who have not been vaccinated, and those who have; yet among the vaccinated, it appears to only be the very elderly and/or those with co-morbidity symptoms. In which casemassive lockdowns and many vaccines later, don’t we appear to still be where we were 18 months ago: facing a virus which hits certain demographics *very* hard, but which most others can survive with mild symptoms (if one overlooks the risks of ‘long Covid’)? That’s what some say: others disagree.

Do we open up and ‘do a Mel Gibson’, or keep lockdowns in place even longer to help the vulnerable? Presume herd immunity will develop alongside vaccines –not all of them: Malaysia has dropped Sinovac, and Thailand is pivoting to second doses of another vaccine instead– or fear the next variant could be more aggressive, hit the young, and/or be vaccine-resistant? More furious debate for the markets to watch. Indeed, as the UK opens up, Israel is considering shutting down international travel for all but essential purposes; and both are rushing to vaccinate children even though delta appears to have no serious impact on them – presumably to reduce their super-spreader effect in schools; which can be passed on to the rest of the population; who are already vaccinated and/or remain vulnerable anyway?

I will conclude with the observation that while the war against Covid began at the start of 2020, and we are all heartily sick of it, wars can go a lot longer than people want them to, and end in defeat, as we just saw in Afghanistan.

Meanwhile, there are lots of other areas where freedom isn’t free. The White House says it is working with social media to ensure the ‘right message’ gets out on Covid: which is what happens during wars – except then it’s called propaganda. In all other circumstances this is constitutionally ‘wobbly’; but The Hill covers the trend of a ‘Shadow State’ embracing corporate governance to escape constitutional limits’, arguing “The public is now required to discuss public controversies within the lines and limits set by corporate censors — with the guidance of the government.” Even in New Zealand, the PM proclaims “We will continue to be your single source of truth.” (Which Boris Johnson probably won’t try to say.) But none of this will impact on the broader framing of key political, economic, or market debates anywhere – honest.

Not that the debate has been honest until now anyway. For example, several central banks suggest they are tip-toeing tentatively towards tapering QE, hold on to your hats: and read ‘Quantitative Easing: how the world got hooked on magicked-up money’ from Ann Pettifor, which underlines how we are addicted to it to ensure the vast financial assets in the shadow banking system –to match our ‘shadow state’?– never see a sustained dip in prices. (Indeed, word on the street is the RBA are going to U-turn their just-flagged de facto QE maturity taper as soon as next month’s meeting now more Covid lockdowns place 30% y/y house-price inflation under pressure.)

Pettifor argues the same Magic Money Tree perspective should be available for the real economy, which is a *moral* argument I have long stressed would become politically inevitable: ”Where is *my* QE?” is a debate now going on in some places. Notably, she concludes: “The only way to call time on QE, if that is what we truly want, is to deconstruct and then reconstruct, regulate and stabilise the whole financial system, so that the extraordinary privilege of credit creation is always balanced by a responsibility not to take undue risks. And if footloose capital responds by skipping across borders and away from oversight, then we may also need to look at controls on that front too. Only then will the world stand any chance of kicking the QE habit, address those dangerous imbalances and finally escape this grim shadowland of money.”

In other words, capital controls are required to remove QE, and for a true domestic and global rebalancing; which means a contraction in mirroring trade deficits; and yet presupposes each country has enough internal resources and productive capacity to be able to deglobalise without the supply-shock inflation we now see; which would be vastly exacerbated by any real-economy use of MMT. So even with MMT, freedom isn’t free if you don’t control your supply chains. Consider that as you consider what is and isn’t “transitory”.

On which note, Treasury Secretary Yellen took time out from talking about inflation and interest rates on Friday to tell the New York Times the Trump tariffs on China have hurt US consumers, and that “I think we should maintain economic integration in terms of trade and capital flows and technology where we can”. Treasury is as Treasury does – and it doesn’t usually listen to those who say that in a realpolitik world, freedom isn’t free trade or free markets. But is this statement a reversal of the Biden administration’s hawkish focus on China? It certainly does not sit with the White House push for “Made in America” stimulus, the labour vs. capital shtick, technology restrictions, rhetoric of “extreme competition”, and the geostrategic focus on the Quad, etc.

Specifically on capital flows, Friday also saw President Biden officially warn US firms based in Hong Kong who cannot read the news of the risks of legal conflicts and other general ‘bad things’ happening, alongside a token increase in sanctions on Chinese officials. Beijing responded by saying the national security restrictions it has imposed on Chinese IPOs in the US are not going to apply in Hong Kong, so US capital can flow there, just with no fees for Wall Street. Market commentators rightly see this as a victory for capital flows and Hong Kong; those with a realpolitik perspective fear the geostrategic logic is the US now either has to give China this win,…or –far less likely, but a fat tail-risk– act on capital flows there too.

And let’s return to the post-Brexit UK where we began, which this week will see further developments over Northern Ireland and Britain’s freedom to eat British bangers without a trade crash bang wallop: sadly, this chilled-meats issue is unlikely to see both the EU and UK remain chilled – and more so with all governments under pressure over their Covid crisis management.

So what to make of this for markets? For now, a risk-off mood leaning towards the USD and long duration in bonds clearly prevails. Where next depends on what you think the world looks like at the end of this war, and how much freedom any asset class will actually have.

end
 

7. OIL ISSUES

This sends oil plummeting this morning

(zerohedge)

OPEC+ Agrees To Boost Output After Saudi-UAE Reach Production Compromise

 
SUNDAY, JUL 18, 2021 – 10:24 AM

Two weeks after OPEC+ seemed on the verge of yet another collapse when UAE balked at the latest OPEC+ output deal which all other oil exporters agreed to except the small Gulf nation, the oil producing cartel and its Russia-led oil-producing allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.

“Opec plus is here to stay” said Saudi Prince Abdulaziz bin Salman shortly after noon in Vienna, when the oil-producing group agreed to add new oil in modest installments over many months, underscoring the still-uncertain speed of the world’s economic recovery. Much of the developing world, where demand growth for oil had been strongest pre-pandemic, is still fighting surging Covid-19 cases. 

Saudi Prince Abdulaziz bin Salman, Saudi minister of energy

Sunday’s oil deal calls for OPEC+ to increase production by 400,000 barrels a day each month beginning August through the latter part of 2022. The deal seeks to unwind all the 5.8mmb/d in output cuts that were made at the start of the pandemic, when economies were shuttering and demand sputtering and when WTI briefly traded at a deeply negative pricealthough Prince Abdulaziz cautioned that the new monthly mechanism allows OPEC+ to pause or even reverse the production hikes if there is a collapse in demand.

The table below shows the individual oil output targets for OPEC+ countries for the rest of this year, following the group’s agreement to raise total supplies by 400k b/d each month from August. The figures are in thousands of barrels a day.

The agreement also gives the UAE and several other countries higher baselines against which their production cuts are measured, starting in May 2022, according to a statement from the group.

Aside for the revised baselines, today’s deal is generally in line with one struck earlier this month, but whose final agreement was blocked for over two weeks after the United Arab Emirates asked for its production quota inside the group to be reassessed. It was eager to pump more crude than its allotment, after investing heavily in its oil fields. Last week, OPEC leader Saudi Arabia reached a compromise with the U.A.E. last week, agreeing to eventually boost that quota.

OPEC said the U.A.E.’s base line would go up by about 332,000 barrels a day to 3.5 million b/d. Saudi Arabia and Russia, two of the world’s biggest producers alongside the U.S., will each get their baseline lifted by 500,000 barrels a day. Overall, the group’s estimated production capacity by May 2022 will be raised by 1.63 million barrels a day.

The revised individual baselines are shown in the table below, in thousands of barrels a day:

The deal goes into effect next month, in time for August delivery plans, with the group saying it would reassess market conditions in December.

Early last year, OPEC+ slashed 9.7 million barrels a day of its collective output, equivalent to about 10% of 2019 demand. It has restored about 4 million barrels of that. Sunday’s deal calls for the remainder of those cuts to be unwound through late next year. In its first 2022 forecasts for the global oil market, OPEC said last week it expects the world’s appetite for crude to rise by 3.3 million barrels a day to average 99.9 million barrels a day next year. That is about the level of demand pre-pandemic.

As the WSJ notes, the compromise between Saudi Arabia and the U.A.E. patched up for now what had turned into an acrimonious and public spat between two of OPEC’s closest traditional allies. While Saudi Arabia is far and away the bigger producer and regional power, the U.A.E. is one of just a few OPEC members with substantial spare capacity – barrels it can turn on and off quickly.

The prospect of an OPEC deal and a gradual return of supplies had already led to a drop in oil prices, which have recovered strongly this year. Brent, the international benchmark, and West Texas Intermediate have both fallen about 5% in recent days, as hope for an OPEC deal grew. Brent closed above $73 a barrel and WTI finished above $71 a barrel Friday, both off recent, multiyear highs. However, a big reason for the drop was fears of another OPEC+ cartel collapse, sparking a production free-for-all. Now that that risk is out of the way and OPEC+ is planning on only a gradual increase in output while keeping minor producers happy with revised baselines, it is likely that oil prices will move sharply higher – according to Goldman and Citi – absent another global plunge in oil demand, which however is unlikely absent a new round of covid-linked shutdowns.

As Bloomberg notes, the multifaceted agreement means several things for the oil market. It gives consumers a clearer view of how quickly OPEC+ will restore the 5.8 million barrels a day of production it’s still withholding, since making deep cuts last year in the initial stages of the pandemic. Additionally, the baseline adjustments won’t alter the pace of the 400,000 barrel-a-day monthly output increases when they take effect next year, Prince Abdulaziz said. The group will continue to meet every month, including a review of the market in December, and could adjust the schedule if required, he said.

“The monthly meetings and the December review tell you that that is all amendable,” said Bill Farren-Price, a director at research firm Enverus. “So oil bulls should read this as positive — OPEC+ supply management continues.” The only question is how long before US shale producers ramp up their own production to take advantage of the higher oil prices.

Today’s accord also resolves longstanding grievances that caused tensions within OPEC+ since late 2020, which culminated earlier this month when the UAE blocked an agreement earlier this month, arguing that the way its quota was calculated was unfair because it didn’t reflect a costly expansion in the country’s industry. The spat was particularly bitter, and the tensions go beyond oil diplomacy amid growing economic rivalry between Abu Dhabi and Riyadh. Ministers of each country used media interviews to make their case, stirring memories of the 2020 Saudi-Russia price war, and also past threats from the UAE to leave the cartel.

With a successful deal in the bag, both countries emphasized the strength and friendliness of their relationship.

“The UAE is committed to this group and will always work with it,” Energy Minister Suhail Al-Mazrouei told reporters after the meeting. He thanked Saudi Arabia and Russia for keeping OPEC+ together and fostering a constructive dialog that enabled a deal.

Upon announcement of the deal, Saudi oil prince Abdulaziz was full of joy, saying “Let’s call it a day and have a festive day!”

END

8 EMERGING MARKET& AUSTRALIA ISSUES 

SOUTH AFRICA

end

 

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

Euro/USA 1.1779 DOWN .0021 /EUROPE BOURSES /ALL RED  

USA/ YEN 109.77  DOWN  0.192 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3709  DOWN   0.0033  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2590  DOWN .0173  ( A STRONG 173 BASIS PT DROP)

 

Early MONDAY morning in Europe, the Euro IS DOWN BY 21 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1779 Last night Shanghai COMPOSITE CLOSED DOWN 0.018 PTS OR 0.01%

 

//Hang Sang CLOSED DOWN 514.90 PTS OR 1.84%

 

/AUSTRALIA CLOSED DOWN .93% // EUROPEAN BOURSES OPENED ALL RED 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 514.90 PTS OR 1.94% 

 

/SHANGHAI CLOSED DOWN 0.018  PTS OR 0.01% 

 

Australia BOURSE CLOSED DOWN .93%

Nikkei (Japan) CLOSED DOWN 350.34 PTS OR 1.25%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1804.05

silver:$25.35-

Early MONDAY morning USA 10 year bond yr: 1.245% !!! DOWN 5 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.863 DOWN 6  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 92.68 UP 29 CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.25% DOWN 0  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.019%  DOWN/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.27%//  DOWN 2  in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.71 UP 1   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 46 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.383% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.11% 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  MONDAY

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

Euro/USA 1.1802  UP    0.0002 or 2 basis points

USA/Japan: 109.52  DOWN .441 OR YEN DOWN 35  basis points/

Great Britain/USA 1.3692 DOWN .0051 DOWN 51   BASIS POINTS)

Canadian dollar DOWN 170 basis points to 1.2761

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4908 

 

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.4900

TURKISH LIRA:  8.58  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.019%

Your closing 10 yr US bond yield DOWN 8 IN basis points from FRIDAY at 1.216 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.838 DOWN 8 in basis points on the day

 

Your closing USA dollar index, 92.84  UP 15  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 MONDAY: 12:00 PM

London: CLOSED DOWN 163.70 PTS OR 2.34% 

 

German Dax :  CLOSED DOWN 407.11 PTS OR 2.62% 

 

Paris CAC CLOSED DOWN 164.11  PTS OR   2.54% 

 

Spain IBEX CLOSED DOWN 204.50  PTS OR  2.40%

Italian MIB: CLOSED DOWN  826.86 PTS OR 3.34% 

 

WTI Oil price; 69.31 12:00  PM  EST

Brent Oil: 69.59 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.59  THE CROSS  HIGHER BY 0.50 RUBLES/DOLLAR (RUBLE LOWER BY 50 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.383 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 : 66/34//

BRENT :  68/62

USA 10 YR BOND YIELD: … 1.200..DOWN 10 basis points…

USA 30 YR BOND YIELD: 1.8220 DOWN 10 basis points..

EURO/USA 1.1798 DOWN 0.0002   ( 2 BASIS POINTS)

USA/JAPANESE YEN:109.47 DOWN .485 ( YEN UP 49 BASIS POINTS/..

USA DOLLAR INDEX: 92.95  UP 16  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3670  DOWN 72  POINTS

the Turkish lira close: 8.59  UP 2 BASIS PTS

the Russian rouble 74.66   UP 0.58 Roubles against the uSA dollar. (UP 58 BASIS POINTS)

Canadian dollar:  1.2610 DOWN 156 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.383%

The Dow closed DOWN 725..81 POINTS OR 2.09%

NASDAQ closed DOWN 152.25 POINTS OR 2.25%

VOLATILITY INDEX:  22.51 CLOSED UP  4.05

LIBOR 3 MONTH DURATION: 0.134%//libor dropping like a stone

USA trading day in Graph Form

a)Market trading/this AFTERNOON/USA/

Bond Yields Are Puking Again…

BY TYLER DURDEN
MONDAY, JUL 19, 2021 – 10:24 AM

US Treasury yields are plunging again this morning as investors take their pick of factors, but Delta variant fearmongering appears to dominate (and a continued short squeeze)…

10Y Yields are down 12bps this morning, trading below 1.20% back at 5-month lows…

Pretty clear that hopes for a return to an old normal growthy-ness failed…

For almost four months, bonds have been screaming a very different story from stocks…

The last time this happened, did not end well for the somewhat oblivious stock market…

Brace!!

ii) Market data

Homebuilder Sentiment Slumps To 11-Month Lows, Homebuyer Sentiment Worst Ever

 

 
MONDAY, JUL 19, 2021 – 10:11 AM

Unpossible!

We were told how great the housing market was? Right? Low rates blah blah blah…

Well, as we have explained in detail recently, things are very much not as rosy as your local realtor would suggest as while this is indeed a seller’s market (with new- and existing-home-prices at record highs), buyers remain anything but amused.

Confidence among U.S. homebuilders pulled back in July to an 11-month low as builders contend with elevated materials prices and ongoing supply shortages. The NAHB sentiment signal dropped for a second month to 80 from 81 in June

“Builders continue to grapple with elevated building material prices and supply shortages, particularly the price of oriented strand board, which has skyrocketed more than 500% above its January 2020 level,” NAHB Chairman Chuck Fowke said in a statement. Similar to particle board, the engineered wood is a common material used in home building.

“We are grateful that the White House heeded our urgent plea to hold a building materials meeting with interested stakeholders on July 16 to seek solutions to end production bottlenecks that have harmed housing affordability.”

The report also showed a measure of current sales conditions and a gauge of prospective buyer traffic fell to their lowest levels since August.

However, sales expectations for the next six months rose two points… always the optimists?

Of course, as Upton Sinclair is credited with saying:

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

So the fact that homebuilders are starting to crack means that message of reality is creeping in.

iii) Important USA Economic Stories

The truth behind the  USA recovery:

(zerohedge)

“This Is Reality” – NYC Is Reopening, But Businesses Aren’t Coming Back

 

SATURDAY, JUL 17, 2021 – 01:00 PM
Signs of an economic revival in Manhattan have been shattered by the sad reality that businesses aren’t returning to the borough. Vacancies are piling up as rents plunge as the whole recovery narrative falls apart.

According to the Real Estate Board of New York’s spring 2021 retail market report, rents declined across Manhattan’s prime-time retail shops, with one neighborhood in Lower Manhattan, called SoHo, down 37%.

“Signs of a nascent recovery are tempered by the reality that traffic in most retail corridors is far from approaching pre-pandemic levels,” the report said.

In April, while everyone championed the grand reopening of the city, we showed how rents in the borough continued to slide. As long as work-at-home continues to dominate, the recovery in Manhattan will remain subdued.

It’s one thing to explain the borough’s economic demise in words, but viewing it through a series of videos is an entirely different level to gain the perspective that the city is in trouble.

The collapse of asking rents for vacant retail spaces lining the sidewalks along the borough was documented this week by YouTuber “Louis Rossmann” who has 1.56 million subscribers.

In two separate lengthy videos, Rossmann, in detail, walks around Midtown Manhattan and shows viewers dozens and dozens of vacant storefronts.

In one of the videos titled “NYC’s reopening, but businesses aren’t coming back,” he said you “can walk eight steps” down the street and find a vacant retail shop.

“This is clearly not sustainable – at some point, this [NYC commercial real estate market] will crash – and what people will tell you is that it’s impossible – there’s no way it could crash,” Rossmann said. He noted that some of these places were vacant even before COVID.

 

He said, “there is a thing with commercial mortgage-backed securities where the building has a certain value and is based on the rent they can get – and the value of the building doesn’t get officially marked down until the rent is lowered.”

We’ve been among some of the first to document credit risks in commercial real estate markets, everything from malls to office buildings to hotels. However, the Reserve Board backstopped the credit markets through an emergency lending program during the pandemic. Now with the program winding down, and the vacancies continue to pile up, issues in the industry still linger.

 

In another video, Rossmann continues to document the urban decay spreading across the borough. He said businesses are simply not coming back.

 

As of June, only 20.7% of employees in New York City were back in offices. Without workers in buildings, the recovery at retail shops will remain lackluster.

We pointed out last year that NYC’s downturn could last years…

 

END

This is not good:  Biden proclaims big tech is killing people by not censoring speech.  They are coming after us including me!

(zerohedge)

Facebook Responds With Facts After Biden Proclaims Big Tech Is “Killing People” By Not Censoring Speech

 
SATURDAY, JUL 17, 2021 – 03:30 PM

Update (1530ET): Facebook responded to President Joe Biden’s claim that  the technology giant is “killing people.”

We will not be distracted by accusations which aren’t supported by the facts. The fact is that more than 2 billion people have viewed authoritative information about COVID-19 and vaccines on Facebook, which is more than any other place on the internet,” Facebook spokesman Kevin McAlister told news outlets.

“More than 3.3 million Americans have also used our vaccine finder tool to find out where and how to get a vaccine. The facts show that Facebook is helping save lives. Period,” he added.

Google and Twitter have not responded to requests for comment.

*  *  *

As Jonathan Turley detailed earlierPresident Joe Biden slammed Big Tech companies this week for “killing people” by failing to engage in even greater censorship of free speech on issues related to the pandemic. It was a surprising condemnation of companies who have been loyal allies of Biden, including killing stories embarrassing to his family like the Hunter Biden laptop scandal before the election. It also has censored stories questioning his victory in 2020. Nevertheless, Biden denounced the range of uncensored free speech as the cause of death for many — the ultimate anti-free speech trope for those seeking to convince people to embrace their own censorship.

Biden was asked by a reporter what his message was to “platforms like Facebook” on the subject of “COVID misinformation.” He responded:

“They’re killing people. The only pandemic we have is among the unvaccinated, and they’re killing people.”

This comes as these companies have been criticized for censoring debates over the origin or treatment of Covid-19.

For a year, Big Tech has been censoring those who wanted to discuss the origins of pandemic.  It was not until Biden admitted that the virus may have originated in the Wuhan lab that social media suddenly changed its position. Facebook only recently announced that people on its platform will be able to discuss the origins of Covid-19 after censoring any such discussion.

The White House recently admitted that it was flagging “misinformation” for censorship by companies like Facebook. Moreover, White House press secretary Jen Psaki has called for people to be banned from all social media if any one company bans them.

Biden is accusing these companies of actually killing people for refusing even more extensive censorship of speech. The statement equates free speech with death itself.

We have seen this type of reckless rhetoric in other areas where disagreement with a policy or proposal is treated as de facto racism or hate speech. That was the case recently with the NAACP official who denounced those of opposing what is commonly referred to as critical race theory lessons as haters of a long litany of groups from the disabled to children to “help people.” This was followed by the chilling words “Let them die.”

Rather than seek to convince the skeptical, Biden wants to silent them and use these companies to control what is read and discussed about the pandemic. What is chilling is the degree to which reporters and academics have supported the massive censorship system in the United States. However, that system is clearly not (to use Sen. Blumenthal’s words) “robust enough” for Biden who wants these companies to carry out a more complete censorship of opposing views.

I do not fault those who want to convince citizens to take the vaccinations. I have had the vaccinations as has my family. However, this is part of an overall push for greater censorship and speech controls. Governments always claim noble purposes as the basis for limiting speech or other rights. It is the very danger Louis Brandeis once described in his dissenting opinion in Olmstead v. United States, 277 U.S. 438 (1928):

Experience should teach us to be most on our guard to protect liberty when the government’s purposes are beneficent. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding.

end

USA COVID//VACCINE UPDATE

“Because Science”: Unlike Los Angeles, New York City Won’t Reinstate Indoor Mask Mandate

 

 
MONDAY, JUL 19, 2021 – 12:08 PM

Following the sudden decision by Los Angeles last week to reimpose broad mask mandates because “science”, all eyes were on New York City, to see if either the science or politics would prompt the liberal East Coast bastion to follow in LA’s virtue-signaling footsteps. Well, it appears that east coast science (or is it politics) is just a bit different because on Monday morning, New York City Mayor Bill de Blasio said he has no plans to renew indoor mask mandates – so far – despite a spike in cases stemming from the delta Covid-19 variant.

“The simple answer is no,” de Blasio said when asked about the issue during a Monday briefing. “Masks have value unquestionably, but they’re not going to the root of the problem. Vaccination is.”

The comments from the outgoing socialist mayor comes as the seven-day average Covid-19 positivity rate in the city jumped to 1.69% on Saturday, more than double the percentage of residents who tested positive from last month.

As a reminder, late on Friday Los Angeles reinstated its mask mandate indoors regardless of vaccination status, becoming the first major county to reimpose mask-wearing in public spaces. The move was met with some resistance, though, after the county sheriff said he wouldn’t enforce the rule.

.“Forcing the vaccinated and those who already contracted COVID-19 to wear masks indoors is not backed by science and contradicts the U.S. Centers for Disease Control and Prevention (CDC) guidelines,” LA Mayor Villanueva said in a statement, and for now the Big Apple seems to agree with his interpretation of the “political science.

 

Sheriff Alex Villanueva

Back to New York, the delta variant makes up 69% of cases sequenced, said health commissioner Dave Chokshi during the briefing adding that he is “concerned about the increase in cases we’re seeing in New York City that appears to be propelled by the delta variant,” and noting that masks continue to be required indoors in public transit, health care settings, and schools.

Chokshi said to some degree there’s a slightly higher rate of breakthrough infection associated with the delta variant but that vaccines continue to offer strong protection for hospitalization and death and that the main concern is unvaccinated residents.

According to Bloomberg, De Blasio failed to reach his stated goal of fully vaccinating 5 million New Yorkers by June. Only 4.5 million residents are fully vaccinated, with the lowest rates among young New Yorkers and those living in the Bronx, Brooklyn and Staten Island. Vaccination rates also vary widely by race: While 69% of Asian New Yorkers are fully vaccinated, only 30% of Black New Yorkers are vaccinated.

Mark Levine, chairman of the City Council’s Health Committee, has called for the renewal of a mask mandate indoors as cases rise in the city. “The rule of thumb should be: in indoor settings where there’s no screening for vax/test status, everyone should wear a mask,” Levine said in a Twitter post on Saturday.

In response, de Blasio said he respected Levine’s views but that vaccines, rather than masks are “the answer.”

END
USA//WATER SUPPLIES
(Mish Shedlock/Mishtalk)
 

State Of Emergency At Lake Powell: Fears Of Hydroelectric And Water Shutoffs Mount

 
MONDAY, JUL 19, 2021 – 04:40 PM

Authored by Mike Shedlock via MishTalk.com,

Lake Powell is getting an emergency release of water from upstream reservoirs. Water levels have approached a critical level.

Grim Future for Lake Powell

Water levels in Lake Powell are at record lows. If levels drop much further, hydroelectric turbines will cease to run. 

The lake supplies water to 30 million people and irrigation of 5 million acres. 

Emergency Declared

Gizmodo reports Officials Pull ‘Emergency Lever’ as Lake Powell Plunges Toward Dangerous New Low

The Bureau of Reclamation began emergency water releases from reservoirs upstream in the Colorado River this week in an effort to keep Lake Powell, the country’s second-largest reservoir, full enough to continue to generate hydroelectric power.

The reservoir is projected to hit a critical new low of (1,075 meters) by April 2022, just 25 feet (7.6 meters) above the level at which hydropower can no longer be generated. The Bureau of Reclamation said the emergency releases from reservoirs upstream—which includes the Flaming Gorge Reservoir in Wyoming, the Blue Mesa Reservoir in Colorado, and the Navajo Reservoir in New Mexico—will continue until December and could last into next year.

The low water levels in Lake Powell aren’t just a problem for the industries and cities that rely on the water in the reservoir. It’s also an issue for the Glen Canyon Dam, a 1,320-megawatt hydroelectric power plant that produces electricity distributed to customers in seven different states. The Bureau of Reclamation said the releases from Flaming Gorge, which will start this month, will increase the water level 50 cubic feet (1.4 cubic meters) per second every day, and will last until July 23.

Glen Canyon Dam isn’t the only hydropower plant facing trouble with the West’s megadrought. The water level at Lake Oroville, California’s largest reservoir, has dipped so low this summer during the state’s searing heat that officials say they may have to shut off the hydropower plant there.

Lake Mead, another large reservoir downstream on the river, fell to its lowest levels in history in June. Officials are planning to declare water shortage conditions in August that would trigger water-saving measures in surrounding states. If the water levels fall below 3,525 feet in Lake Powell it could “potentially lead to seven-state litigation, which we’ve never seen before on [the] Colorado River,” Amy Ostdiek, deputy section chief of the federal, interstate and water information section of the Colorado Water Conservation Board, told Colorado Public Radio. “Which would create a lot of uncertainty. It would probably be a very long, drawn out process.”

Cascading Emergency

Think of Lake Mead and Lake Powell as one big reservoir separated by the Grand Canyon. Both are on the Colorado River. 

Lake Mead is endangered but Lake Powell cannot help because it’s endangered too.

Lake Powell needs help from further upstream reservoirs. But what are the upstream reservoirs going to do?

Lake Powell is Doomed

The Salt Lake Tribune reports Lake Powell could become a ‘dead pool’ as climate change, political wars and unabated growth drain its waters

Lake Powell is doomed,” says Gary Wockner, an author and scientist who heads the group Save the Colorado. “The sooner we accept that inevitability, the sooner we will find a permanent solution.”

Under a 1922 interstate compact, the river’s water is evenly divided between its Upper Basin (Wyoming, Colorado, New Mexico and Utah) and Lower Basin (Arizona, Nevada and California) states. Each basin is supposed to receive 7.5 million acre-feet, with Mexico getting 1.5 million. But, in reality, far less water than that has been available during the past two decades, while the Lower Basin states have been pulling more than its allocated share.

Even with the Upper Basin taking far less than its share, the level of Utah’s Lake Powell, which stores runoff originating in these upriver states, has been steadily dropping. Today, its surface sits at 3,575 feet above sea level, holding 10 million acre-feet of water, about half as much as it did in 2000, when its elevation was about 100 feet higher. Four of the 10 lowest-runoff years have occurred during this time period.

Even amid all this uncertainty, Upper Basin states are pursuing more diversions, which could funnel up to 300,000 acre-feet from Powell.One of those projects, Utah’s Lake Powell pipeline to St. George, would siphon off 86,000 acre-feet.

Water Rights

Water rights differ greatly between the Western and Eastern US. The East is primarily governed by Riparian Rights and the West by Appropriative Rights.

In California, Water Rights Law is a blend.

A riparian right entitles the landowner to use a correlative share of the water flowing past his or her property. Riparian rights do not require permits, licenses, or government approval, but they apply only to the water which would naturally flow in the stream. Riparian rights do not entitle a water use to divert water to storage in a reservoir for use in the dry season or to use water on land outside of the watershed. Riparian rights remain with the property when it changes hands, although parcels severed from the adjacent water source generally lose their right to the water.

Water right law was set on a different course in 1849, when thousands of fortune seekers flocked to California following the discovery of gold. Water development proceeded on a scale never before witnessed in the United States as these “49ers” built extensive networks of flumes and waterways to work their claims. The water carried in these systems often had to be transported far from the original river or stream. The self-governing, maverick miners applied the same “finders-keepers” rule to water that they did to their mining claims. It belonged to the first miner to assert ownership.

To stake their water claims, the miners developed a system of “posting notice” which signaled the birth of today’s appropriative right system. It allowed others to divert available water from the same river or stream, but their rights existed within a hierarchy of priorities. This “first in time, first in right” principal became an important feature of modern water right law.

In 1850, California entered the Union as the thirty-first state. One of the first actions taken by its lawmakers was to adopt the common law of riparian rights. One year later, the Legislature recognized the appropriative right system as having the force of law. The appropriative right system continued to increase in use as agriculture and population centers blossomed and ownership of land was transferred into private hands. 

The conflicting nature of California’s dual water right system prompted numerous legal disputes. Unlike appropriative users, riparian right holders were not required to put water to reasonable and beneficial use. This clash of rights eventually resulted in a constitutional amendment (Article X, Section 2 of the California Constitution) that requires all use of water to be “reasonable and beneficial.” These “beneficial uses” have commonly included municipal and industrial uses, irrigation, hydroelectric generation, and livestock watering. More recently, the concept has been broadened to include recreational use, fish and wildlife protection, and enhancement and aesthetic enjoyment.

100 Feet Down 25 Feet to Go

With the above water rights understanding out of the way, let’s return to water levels. 

The water level of Lake Powell is down 100 feet since 2000. In another 25 feet, the turbines shut down.

Yet more water projects in the upper basin are planned. This is allowed because the upper basin is not using its fair share as determined in a 1922 decree.

California, in the Lower Basin is using more than its fair share.

First come first serve and California’s hybrid is going to meet reality: There is not enough water so something has to give.

Where this is Headed

It’s certain this is headed to the US Supreme Court as that is the only way state-to-state conflicts are resolved. 

At least 7 states are involved in Colorado River claims, and disputes are rising.

On July 11, I noted Mississippi Claims Memphis is Stealing its Groundwater, Supreme Court to Decide

That’s the first of many water issues that will head the Supreme Court’s way.

*  *  *

 

iv) Swamp commentaries/

Remember Those Texas Democrats Who Fled To DC On A Maskless Plane? Three Have COVID

 
 
SATURDAY, JUL 17, 2021 – 07:30 PM

Authored by Steve Straub via The Federalist Papers,

According to a new report several Texas Democrats who fled the state in a private jet, without masks, to avoid having to vote on the state’s election integrity bill have tested positive for Covid-19.

Via Fox News:

“Several of the Texas Democrats who fled the state capital to avoid voting on an election integrity bill have tested positive for the coronavirus.

Three of the 60 Texas House Democrats tested positive for the virus while staying in Washington, D.C., according to Texas House Democratic Caucus leadership.

One of the members found out about their positive test late on Friday evening but did not have symptoms, officials say. All House members were notified of the positive tests and were all tested themselves immediately.

The caucus says that the two other members found out about their positive test on Saturday.

The members who tested positive will be forced to isolate themselves for 10 days.”

I guess karma really is a bitch.

Maybe next time they’ll stay and do their duty.

 end

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

US June Retail Sales jumped 0.6% m/m.  -0.3% was consensus.  May was revised to -1.7% from -1.3% (Biden’s economic data is consistently revised lower, the opposite of what regularly occurred under Trump).  Ex-Autos sales jumped 1.3%; 0.4% was expected.  Ex-Autos & Gas sales increased 1.1%; 0.4% was expected.  Ex-food sales rose 0.3%. https://www.census.gov/retail/marts/www/marts_current.pdf

Electronics sales +3.3%, Gasoline + 2.5%, Clothing +2.6%, Department stores +5.9%, Eating & Drinking +2.3%, Furniture -3.6%, Autos -2%  

Retail sales are NOT adjusted for inflation.  A sizable chunk of the upside surprise in June retail sales is due to inflation.

Retail sales jump as consumers met with higher prices
https://www.foxbusiness.com/economy/retail-sales-june-2021?test=aedaf50575f19da86e2e168307f2faa4

University of Michigan July Consumer Confidence sank to 80.8 85.5; 86.5 was consensus.  Current conditions dropped to 84.5 from 88.6; 91 was expected.  Expectations sank to a 5-month low of 78.4 from 83.5; 85 was consensus.  1-year inflation jumped to 4.8% from 4.2%; 4.3% was expected. 

Dems (98.5) are far more positive on the economy than Republicans (64.3) and Independents (78.5), a reversal from the Trump years.  Expectations: Dems 102.5; Republicans 55.9; Ind (73.6).  Party Tables at link: https://data.sca.isr.umich.edu/fetchdoc.php?docid=67841

Faster Inflation Takes Toll on U.S. Consumer Sentiment in July
“Consumers expect inflation to rise 48% over the next year… 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,” … (What say you, Jerome?)
    Consumers’ complaint about rising prices on homes, vehicles, and household durables’” reached an all-time record… buying plans for durables fell to 101, the lowest since April 2020…Buying attitudes for vehicles and homes shrank to their lowest point since September 1982 (grim double-dip recession) …
https://www.bloomberg.com/news/articles/2021-07-16/faster-inflation-takes-toll-on-u-s-consumer-sentiment-in-july

CBS: Rents are going through the roof across much of the U.S.
Nationwide, the median rent reached a record high of $1,575 in June, an increase of 8% from a year ago… it’s not high-priced urban areas driving rent into orbit. Instead, real estate data show the biggest increases are in smaller cities, driven largely by workers who fled urban areas
https://www.cbsnews.com/news/us-apartment-rent-hike-pre-pandemic-price-levels/?linkId=124420355

Jerome is grossly out of touch with or indifferent to average Americans’ plight.

Expect A “Marked Slowdown” In Retail Sales
According to BAC aggregated debit and credit card spending data, after a strong June, consumers hit the brakes, and total card spending slowed to only up 13% over a 2-year period or 12% over a 1-year for the 7-days ending July 10th. This will mark the slowest 1-year increase since the covid crisis began…
https://www.zerohedge.com/markets/expect-marked-slowdown-retail-sales

China-US Relations in the Eyes of the Chinese Communist Party by Cai Xia
Former professor at the Central Party School of the Communist Party
    The Chinese Communist Party’s fundamental interests and its basic mentality of using the US while remaining hostile to it have not changed over the past seventy years. By contrast, since the 1970s, the two political parties in the United States and the US government have always had unrealistic good wishes for the Chinese communist regime, eagerly hoping that the People’s Republic of China (PRC) under the CCP’s rule would become more liberal, even democratic, and a “responsible” power in the world.  However, this US approach was a fundamental misunderstanding of the CCP’s real nature and longterm strategic goalsAll along the CCP hid its real goals and intentions, so as to gain various
benefits from the United States
     Since Xi Jinping came to power in 2012, he has continued the diplomatic strategy toward
the US established by Mao Zedong and Deng Xiaoping—namely, to take advantage of the
engagement policy to gain time to achieve the CCP’s goals…  (Much more at link)
https://www.hoover.org/sites/default/files/research/docs/xia_chinausrelations_web-ready.pdf

White House says Facebook needs to do more to fight vaccine misinformation (Where is GOP?)
https://www.cnbc.com/2021/07/16/white-house-says-facebook-needs-to-do-more-to-fight-vaccine-misinformation.html

@bennyjohnson: REPORTER: “What’s your message to platforms like Facebook?” BIDEN: “They’re killing people. I mean really.” (The new excuse to censor) https://twitter.com/bennyjohnson/status/1416117296662294531

Biden accuses Facebook of ‘killing people’ amid censorship row https://trib.al/jVhioo1

@JackPosobiec: Joe Biden just accused Facebook of murder. He has never even criticized the CCP for their role in the pandemic… Jen Psaki says people will die if the government isn’t allowed to censor social media.   https://twitter.com/JackPosobiec/status/1416116629604347905

It would be hard to find anyone that did more to elect Joe Biden than Mark Zuckerberg.  But now The Big Guy needs villains; so, he throws Facebook under the bus.  We have warned intermittently over the years that elites who aid and abet leftists in the hope that the crocodile will eat them last should revisit the history of leftist revolutions.  Once they secure power, radicals go after the elites that enabled them.

@townhallcom: (WH Press Sec) PSAKI: If you’re banned on one social media platform, you should be banned on other social media platforms.  https://twitter.com/townhallcom/status/1416089821056012289
    @SwainForSenate: The Biden Totalitarian Regime. They aren’t “private companies”. They are state actors. Disgusting. Break them up!

Facebook exec says it’s being ‘scapegoated’ for Biden’s vaccine failure https://trib.al/AMeRkxC

Ex-lib icon @ggreenwald: That so many liberals are content with this state/corporate censorship is why I have to laugh when I get the “what happened to you?” question.  Nothing happened to me. You become complete authoritarians and allies of the security state and neocons in the name of stopping Trump.
    When, right before the 2020 election, Twitter banned all links to the NY Post reporting on the (Hunter) Biden archiveand FB announced through its life-long Dem operative that it would block the reporting — all based on a CIA lie — and journalists cheered, the dangers were obvious.
    Every censor throughout history, in every culture, has justified their censorship by claiming the suppressed information is dangerous and the censorship is for the public good. Liberals defending the Biden WH on this ground think they invented some novel, benevolent rationale.

@EmeraldRobinson: The reason our corrupt politicians never actually break up Big Tech monopolies: because our intel agencies are hiding behind our Big Tech monopolies.

@ThomasSowell: The most basic question is not what is best but who shall decide what is best.

@ColumbiaBugle: Tucker: “[E]ven today idiot Republicans on the hill spent their whole day talking about the lack of freedom in Cuba, & it’s not a free country that’s true, but increasingly neither are we & they don’t seem to notice what’s going on in the country they’re supposed to be running.”
https://twitter.com/ColumbiaBugle/status/1416196076005101568

Jon Turley: ‘Shadow State’: Embracing corporate governance to escape constitutional limits
Teddy Roosevelt gave a speech in 1902, “The Control of Corporations,” which warned of the danger of corporate power over citizens’ lives. Calling corporations “creatures of the state,” he said they must be controlled by “the representatives of the public.”…
    Democratic leaders increasingly advocate for corporate governance while Republicans voice populist themes. From supporting the largest censorship programs in history to privately mandated vaccine “passports,” liberals are looking to companies like Apple or American Airlines to carry out social programs free from constitutional and political limits imposed on the government.
    This new model of governance was evident when White House press secretary Jen Psaki was asked about a mandated vaccine passport system. She responded that it is “not currently the role of the federal government” but noted that the administration hopes to see such a mandate from “private-sector entities, universities, institutions that are starting to mandate, and that’s an innovative step that they will take and they should take.”…
    The common refrain from the left is that corporate censorship is not a limit on free speech because the First Amendment only addresses government limits on speech. That not only maximizes the power of corporations but minimizes the definition of free speech…
    If these trends continue, citizens could find themselves effectively exiled by order of corporate governors — unable to travel or go to school while also barred from espousing dissenting views on social media…  https://thehill.com/opinion/judiciary/563520-shadow-state-embracing-corporate-governance-to-escape-constitutional-limits

U.S. Judge Rules DACA Unconstitutional, Halts New Approvals
Hanen said it would be too disruptive to the lives of Dreamers currently participating in the program to end it immediately. He ordered the government to continue renewing permits for current enrollees… while he gives Congress and the administration time to figure out how to cure the legal defects…
https://news.bloomberglaw.com/daily-labor-report/u-s-judge-rules-daca-unconstitutional-halts-new-approvals

“This Is Worrying Me Quite a Bit”: mRNA Vaccine Inventor Shares Viral Thread Showing COVID Surge in Most-Vaxxed Countries
https://www.zerohedge.com/covid-19/worrying-me-quite-bit-mrna-vaccine-inventor-shares-viral-thread-showing-covid-surge-most
 HARVEY: IMPT /TYSON
Dr. Brian Tyson, MD @btysonmd: Vaccines that target the spike protein are causing it to mutate. Virology 101.  Top health expert says vaccinated people are spreading delta variant
https://thehill.com/changing-america/well-being/longevity/561994-top-health-expert-says-vaccinated-people-are-spreading

China Military Holds Beach Assault Drill to Threaten US, Taiwan
https://www.newsmax.com/newsfront/china-beach-military-drill/2021/07/18/id/1029016/

@jenniferatntd: CCP Vows to Nuke Japan if Japan defends Taiwan. As Japan is the only country that has been nuked, so nuking Japan “will get twice the result with half the effort. [MSM mun!]
https://twitter.com/jenniferatntd/status/1414971285160005634

Apple facing possible employee revolt if it insists on making workers return to the office
Company’s ‘hybrid model’ would still allow workers to work from home much of the time.
https://justthenews.com/nation/report-apple-facing-possible-employee-revolt-if-it-insists-making-workers-return-office

Options Volumes Hit Record, Concentrated in Just Five Stocks
Options trading has been concentrated in a handful of stocks, with 64% of all trading this month in just 5 names (AMZN, TSLA, AAPL, NVDA, GOOGL), while 87% in the top 50 underliers…
https://www.zerohedge.com/markets/options-volumes-hit-record-concentrated-just-five-stocks

OPEC+ agrees to boost oil supply as prices surge
From August until December 2021 the group will increase supply by a further 2 million bpd or 0.4 million bpd a month, OPEC said in a statement…  https://www.foxbusiness.com/markets/opec-agrees-oil-supply-boost-as-prices-rise

@LynAldenContact: US households now have record high exposure to stocks.
https://twitter.com/LynAldenContact/status/1416855403086979078/photo/1

Today – The known universe got long for earnings season, particularly with Fangs and techs, which begin reporting results this week.  A week ago, we opined that some type of top should materialize latter this week.  The disappointing action of last week, when stocks should have soared on Powell’s semiannual testimonies, expiry week, earnings season commencement, and the strong upward seasonal for mid-July, suggests a strong fundamental has emerged that is vexing equities.

June expiry had a sharp decline because too many traders were long.  On the ensuing Monday, stocks rallied sharply.  If Friday’s decline was expiry-related, a rally should appear today.  If there is no rally, something else is at play.  With troubling Election 2020 audit news and escalating public concern about inflation, is Team Biden replaying the Covid fear card to divert attention from the negative news and engender MSM/Dem support for more authoritarian measures?  Risk off is the theme so far on Sunday night.  ESUs are -18.75; NQUs are -44.00; USUs are +.17 at 21:15 ET. 

Expected earnings: IBM 2.28, ZION 1.26, JBHT 1.57

Expected economic data: July NAHB Housing Market Index 82

S&P 500 Index 50-day MA: 4236; 100-day MA: 4125; 150-day MA: 4014; 200-day MA: 3886
DJIA 50-day MA: 34,386; 100-day MA: 33,678; 150-day MA: 32,701; 200-day MA: 31,696

S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are positive – a close below 3745.57 triggers a sell signal
Weekly: Trender is positive; MACD is negative – a close below 4166.02 triggers a sell signal
DailyTrender is positive; MACD is negative – a close below 4293.14 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4360.55 triggers a buy signal

@EmeraldRobinson: Day 2 that the WH press corps can’t find the courage to ask @PressSec about Fulton County’s double counted ballots or Maricopa County’s duplicate ballots with no serial numbers!

Hunter Biden’s prosecutor rejected moves that would have revealed probe earlier
Veteran U.S. attorney David Weiss, known for his willingness to take on powerful Delaware figures, kept his investigation into Biden’s son out of the 2020 campaign.
     Since taking office, President Joe Biden has left Weiss — a Republican appointed by Donald Trump on the recommendation of Delaware’s two Democratic senators — in place
https://www.politico.com/news/2021/07/16/hunter-biden-probe-prosecutor-499782

@kylenabecker: Prosecutors never hesitated to bring any cases about Biden’s rival Donald Trump to court, no matter how frivolous; in fact, the closer to the election, the better.

How did the US military get so woke and so broke?

Obama’s Military Coup Purges 197 Officers in Five Years   10/29/2013
What the president calls “my military” is being cleansed of any officer suspected of disloyaltyNine senior commanding generals have been fired by the Obama administration this year…
    Retired U.S. Army Maj. Gen. Paul Vallely: …”Obama will not purge a civilian or political appointee because they have bought into Obama’s ideology,” Vallely said. “The White House protects their own. That’s why they stalled on the investigation into Fast and Furious, Benghazi and ObamaCare. He’s intentionally weakening and gutting our military, Pentagon and reducing us as a superpower, and anyone in the ranks who disagrees or speaks out is being purged.”…
https://www.investors.com/politics/editorials/197-military-officers-purged-by-obama/

Tucker Carlson: The chairman of the Joint Chiefs of Staff should be fired
Milley has repeatedly tried to subvert civilian control of the US military – why is he still in control?
    We already know Milley was subverting civilian control of the military long before the election even took place. On February 29 of last year, the Trump administration reached a deal with the Taliban to end U.S. military involvement in the country after only 20 years. Immediately, the Pentagon — led by Mark Milley — conspired to kill the deal, which they are not allowed to do under our Constitution, but they did it anyway.   According to reporting by the Grayzone, “With startling swiftness and determination, Pentagon officials and military leadership exploited the open-ended terms of the ceasefire to derail the implementation of the agreement.”…
https://www.foxnews.com/opinion/tucker-carlson-chairman-joint-chiefs-of-staff-should-be-fired

American Conservative’s @CurtMills: Trump said he selected Milley for the post only because he wanted to spite his then Defense Secretary, Jim Mattis, who, he said, ‘could not stand him.’ ‘I often act counter to people’s advice who I don’t respect.’”  It is worth noting that this is similar to the thought process of how Trump selected Bolton. the limitations of spite (and Trump’s very poor hiring judgment)

Senator Melissa Melendez @senatormelendez: 823 sailors have committed suicide from 2006-2019. That’s almost enough to staff three destroyers. Rates are up in other branches of service as well.  Maybe instead of focusing on being more woke, the military could focus on the mental well-being of their service members.

Former CIA officer on Psaki’s ‘alarming’ announcement: We’re moving slowly from ‘freedom to tyranny’ – Psaki reveals Biden admin consulting with Facebook to ‘flag misinformation’
    One of the things that I know from my career and all of the intel analysts that I worked with is when a country is moving from freedom to tyranny, one of the things that we look for is a government taking control of the media, and, specifically, the speech
https://www.foxnews.com/media/biden-flagging-misinformation-facebook-psaki-cia-bryan-dean-wright

Calls for Biden to withdraw Land Management pick over alleged ties to eco-terrorists
Former U.S. Forest Service investigator Michael Merkley, who was involved with the probe into the tree-spiking case, disputed Stone-Manning’s account, alleging she helped plan the 1989 spiking incident while involved with the environmental group Earth First while she was in graduate school
   “She was aware that she was being investigated in 1989 and again in 1993 when she agreed to the immunity deal with the government to avoid criminal felony prosecution,” he said in a letter sent to the panel, adding that “Stone-Manning was not an innocent bystander nor was she a victim in the case.”…
https://trib.al/FAr6eJB

@EmeraldRobinson: SCOTUS Justices Alito & Thomas are already publicly warning conservatives that Barrett & Kavanaugh “lack fortitude” and are “unwilling to bear the criticism” that will come with making conservative decisions.
    Has anyone from our so-called GOP leadership said anything about the Arizona audit now? Or the double counted ballots in Fulton County? What does that tell you?

Op-Ed: Turkish Coup – 5 Year Anniversary
Five years ago, on July 15, 2016, followers of Fethullah Gülen in the Turkish Armed Forced attempted to violently overthrow the democratically elected government and seize power. With Fethullah Gülen residing in the U.S. as a legal permanent resident, it became crucial for us to help our American allies understand the threat that he constitutes.
    Immediately after the coup attempt, Turks mobilized to save the Republic. On my own account, as a businessman chairing the Turkish-U.S. Business Council, I tried to rise to the occasion by engaging a team of American experts who enjoy credibility, to independently research the crimes of Gülenists. I also met with Members of Congress and other American decision-makers…
    For decades followers of Fethullah Gülen infiltrated key positions in civilian government and in the military. After their true face became visible to even the AK Party government with whom they used to be aligned, their civilian and judicial infrastructure has been largely dismantled. Desperate to survive, they chose to activate their cells in the military…
    Although a civil war in Turkey is no longer an option, our fight is not over. Faced with similar stakes, the Lincoln administration chose to suspend habeas corpus and infringed on civil liberties by imprisoning one-third of the Maryland legislature, imprisoned reporters of newspapers and declared martial law (Is this why Biden and his team keep invoking ‘Civil War’?)
https://twpundit.com/2021/07/14/op-ed-turkish-coup-5-year-anniversary/

@AndrewPollackFL: 300+ homicides have occurred in Philadelphia so far in 2021. Not a single NRA member was involved in any of these murders.

GOP Rep. @NanHayworth: “It appears that the FBI’s interest in keeping at least 14,000 hours of Capitol riots footage, including video of the RNC and DNC pipe bomb suspect, is to keep the mainstream media’s ‘useful myths’ about January 6 alive.

This is the Real Story Behind Why the Capitol Building Was Evacuated on Jan. 6
The Capitol building was evacuated because of the bomb threat, not because of the protesters outside. …Former Capitol Police Chief Steven Sund testified to it earlier this year, although the major news media appears to have missed or ignored this salient fact.
   “The discovery of a pipe bomb outside the Republican National Committee headquarters in Washington on Jan. 6 prompted police to evacuate two congressional buildings, not, as was believed, the attack on the U.S. Capitol,” as the Washington Examiner reported in February…
https://beckernews.com/this-is-the-real-story-behind-why-the-capitol-building-was-evacuated-on-jan-6-40333/

@kylenabecker: Everyone is aware that the Democrats objected to the 2016 election and there were riots in D.C. at Trump’s inauguration, right? It seems this historical nugget has been memory-holed.

Maskless Dems (now 5) test positive for COVID after packing plane fleeing Texas to block election integrity bill https://www.foxnews.com/politics/three-texas-democrats-who-fled-to-washington-d-c-test-positive-for-coronavirus

Fans at a Washington Nationals baseball game RAN to take cover SATURDAY NIGHT after four people WERE shot outside the stadium’s third base gate.
https://www.dailymail.co.uk/news/article-9799195/Shooting-outside-Washington-Nationals-baseball-stadium.html

@charliekirk11: Nearly half of the public high school students in Baltimore earned below a 1.0 GPA this year, but the district ran on an $18,000 per pupil budget.  Is this what equity is supposed to look like?

If liberty means anything at all, it means the right to tell people what they do not want to hear.” —George Orwell 

Vax Wars are Global – Gerald Celente

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Renowned trends researcher and publisher of “The Trends Journal,” Gerald Celente, boldly predicted back in April, “We are going to start seeing a big anti-vax movement.”  He was spot on, and now says the “Vax War” is about to get more intense, and there is nowhere to hide from it.  Celente explains, “What people have to understand is this is global.  We made this forecast almost a year ago.  We said, as we were watching the Covid war, that they were going to try to end it with the vaccines.  We have had a number of covers on ‘The Trends Journal’ showing the vax wars and the vaccines right next to Biden’s head.  There are three groups that run and own the United States. . . .The Military Industrial Complex . . . The Banksters . . . and The ‘Drug Lords’ also called Big Pharma. . .We gave billions of dollars of our money to invent this ‘warped’ speed drug that has not been approved by the FDA, and it’s a gene therapy drug.  We have been writing about this constantly and how they have been saying since April that you are going to have to get a booster shoot, and by the way, you will probably need one every year.  The big issue here that most Americans are missing is this is global. . . . The drug dealers, the Banksters and the Military Industrial Complex are in charge of the world.”

Celente says the pressure will continue to be pushed and coerced upon the so-called “unvaccinated” even though it is, in fact, an experimental human drug trial.  No one will mention the fact that half the country already has natural immunity, according to Dr. Marty Makary at Johns Hopkins University.  With death and injuries from fully vaccinated people going higher by the thousands every week, there are no facts that will sway the pro-vax crowd.  Celente says, “The facts don’t count.  If you show the facts, it’s misinformation if you put out facts.  It’s a conspiracy theory when you put out facts, and in the United Soviet States of America, you are not allowed to put facts on any social media because they will ban you.  You are not allowed to say anything to disagree with the government or the (so-called) ‘health experts.’”

Celente sees a huge trend in politics emerging and explains, “There are going to be new parties:   anti-vax, anti-establishment, anti-tax and anti-immigration.  The parties that unite under that will be the winning parties.  They have to unite under that.”

Celente says, “The whole damn system is corrupt.”

Celente does not have high hopes for the election fraud being uncovered to actually do anything because the system is so corrupt.

Celente also talks about the U.S. economy and that it should have tanked long ago, and the powers keep propping it up.  He also comments on gold, silver, Bitcoin and why New York City and many other cities are not coming back.

Celente says people will have to “unite to protect liberty and freedom,” and predicts it’s going to be a long fight.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Gerald Celente, publisher of The Trends Journal.

(There is much more in the 47 min. interview.)

(To Donate to USAWatchdog.com Click Here)

Greg Hunter via yahoo.com 

Jul 17, 2021, 8:45 PM (13 hours ago)

 

 
to Harvey
 
 
 
 
end

See you Tuesday night!

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