JULY20/GOLD UP $2.20 TO $1811.05//SILVER DOWN 13 CENTS TO $$24.96//GOLD STANDING AT THE COMEX: 6.404 TONNES//SILVER DROPS A BIT TO 33.445 MILLION OZ//CORONAVIRUS UPDATE: DR BHADKI A MUST VIEW//FLOODING CREATING HAVOC IN EUROPE (ESPECIALLY GERMANY) AND ALSO CHINA//HUGE RIOTING IN PARIS FRANCE AS THEY REBEL AGAINST VACCINATION PASSPORTS//

 

GOLD:$1811.05 UP $2.20  The quote is London spot price

Silver:$24.96  DOWN  13 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1810.70 LONDON SPOT  4:30 pm

ii)SILVER:  $24.95//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINUM  $1071.91  DOWN $7.68

PALLADIUM: $2642.71  UP $37.20  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 2/4

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,808.700000000 USD
INTENT DATE: 07/19/2021 DELIVERY DATE: 07/21/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
624 H BOFA SECURITIES 2
661 C JP MORGAN 2
737 C ADVANTAGE 3
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 4 4
MONTH TO DATE: 1,948

ISSUED:  0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 4 NOTICE(S) FOR 400 OZ  (0.0124 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1948 FOR 194,800 OZ  (6.059 TONNES)

 

SILVER//JULY CONTRACT

63 NOTICE(S) FILED TODAY FOR 315,000  OZ/

total number of notices filed so far this month 6384  :  for 31,920,000  oz

 

BITCOIN MORNING QUOTE  $29,616 DOWN 1098  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$29,963 UP 347  DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $2.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD: / 

 

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

 

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

THIS IS A MASSIVE FRAUD!!

GLD  1028.55 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 13 CENTS

NO CHANGES IN SILVER INVENTORY AT THE SLV//

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT: 

 

563.082  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 169.39 DOWN $0.22 OR 0.13%

XXXXXXXXXXXXX

SLV closing price NYSE 23.14 DOWN $0.15 OR 0.64%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 3744 CONTRACTS  TO 153,764, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITHOUR HUGE  $0.64 LOSS IN SILVER PRICING AT THE COMEX  ON MONDAY . 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 SOME LONG LIQUIDATION AS TOTAL LOSS ON THE TWO EXCHANGES EQUATES TO A VERY STRONG 1079 CONTRACTS. (3.655 MILLION OZ)//(WITH A STRONG LOSS OF 64 CENTS) 

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -346 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A VERY STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2665,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 2655 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 2655 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

33.450  MILLION OZ INITIAL STANDING FOR JULY

MONDAY, 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 $0.64)  AND WERE SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS WITH MONDAY’S TRADING.  WE HAD A STRONG LOSS OF 1079 CONTRACTS ON OUR TWO EXCHANGES..  THE LOSS 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 20,000 OZ EFP JUMP TO LONDON:  NEW STANDING 33.445 MILLION OZ// / v)  VERY STRONG COMEX OI LOSS 
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

JULY

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

14,754 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 14,754 CONTRACTS) OR 73.770MILLION OZ: (AVERAGE PER DAY: 1230 CONTRACTS OR 6.1475 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:  73.770 MILLION OZ )  JUST BELOW PAR WITH JUNE)

RESULT: WE HAD A VERY STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3398 , WITH OUR $0.64 LOSS  IN SILVER PRICING AT THE COMEX ///MONDAY .…THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 2665 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED LOSS OF 733 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR STRONG  $0.64 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 15,000 OZ EFP JUMP TO LONDON /NEW STANDING 33.450 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2665  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A VERY STRONG SIZED DECREASE OF 3744 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.64 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.09/ MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  63  NOTICES FILED TODAY FOR 315,,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1788 CONTRACTS TO 487,969 ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -2135 CONTRACTS.

THE TINY SIZED INCREASE IN COMEX OI CAME DESPITE OUR LOSS IN PRICE OF $5.65///COMEX GOLD TRADING/MONDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 897 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A HUGE 400 OZ QUEUE JUMP//COMEX STANDING NOW AT 6.404 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 $5.65 WITH RESPECT TO MONDAY’S TRADING

 

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

WE HAD A SMALL SIZED LOSS OF1238  OI CONTRACTS (3.85 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 550 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 550 & DEC 0  ALL OTHER MONTHS ZERO//TOTAL: 550 The NEW COMEX OI for the gold complex rests at 487,969. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1238  CONTRACTS: 1788CONTRACTS DECREASED AT THE COMEX AND 550 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 1238 CONTRACTS OR 3.85 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (550) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1788 OI): TOTAL GAIN IN THE TWO EXCHANGES: 1238CONTRACTS. 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 400 OZ QUEUE  JUMP,//NEW STANDING 6.404 TONNES// //3) SOME LONG LIQUIDATION, /// ;4) SMALL 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 : 33,240, CONTRACTS OR 3,324,000 oz OR 103.39 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 2770 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 103.39 TONNES

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

THUS EFP TRANSFERS REPRESENTS  103.39/3550 x 100% TONNES  2.90% 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:        103.39 TONNES INITIAL (FALLING  IN RATE FROM JUNE)

 

 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY STRONG SIZED 3,744 CONTRACTS TO 153,764 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 2655 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: 2655 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2655 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 3744 CONTRACTS AND ADD TO THE 2655 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED LOSS OF 1079 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 5.395 MILLION  OZ, OCCURRED WITH OUR  $0.64 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 2.33  PTS OR 0.07%   //Hang Sang CLOSED DOWN 230.53 PTS OR 0.84%      /The Nikkei closed DOWN 264.58 pts or 0.96%  //Australia’s all ordinaires CLOSED DOWN .45%

/Chinese yuan (ONSHORE) closed UP TO 6.4794  /Oil DOWN TO 66.83 dollars per barrel for WTI and 68.82 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT ITALY /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4794. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4854/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY AN SMALL  SIZED 1788 CONTRACTS TO 487,969MOVING FURTHER FROM TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL COMEX DECREASE OCCURRED DESPITE OUR LOSS OF $5.65 IN GOLD PRICING MONDAY’SCOMEX TRADING/.WE ALSO HAD A SMALL EFP ISSUANCE (550 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 550 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  550  & DEC.  0  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 550  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 SMALL SIZED 1238 TOTAL CONTRACTS IN THAT 550 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A  TINY SIZED COMEX OI OF 1788 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (6.404),

 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 $5.65)., BUT THEY WERE SUCCESSFUL IN FLEECING SOME LONGS AS WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 1238 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 3.85 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (6.404 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 -2135  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 1238 CONTRACTS OR 123,800 OZ OR  3.85  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:  487,969 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.79 MILLION OZ/32,150 OZ PER TONNE =  1517 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1517/2200 OR 68.78% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:249,410 contracts//    / volume fair//

CONFIRMED COMEX VOL. FOR YESTERDAY: 327,352 contracts// – fair//  

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

 

JULY 20

/2021

 
INITIAL STANDINGS FOR JULY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
96.45 OZ
 
BRINKS
3 KILOBARS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil OZ
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
4  notice(s)
 
400 OZ
0.0124 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
1948 notices
194800 OZ
6.0559 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 1  customer withdrawals….
 
i) Out of Brinks:  96.45 oz  (3 kilobars)
 
 
 
 
 
total customer withdrawals 96.45   oz  
 
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of  1 transactions)

ADJUSTMENTS  0//

 

 

The front month of JULY registered a total of 115 contracts for a LOSS of 1.  We had  5 notices filed on Monday so we GAINED 4 contracts or an additional 400 oz will  stand for gold at the comex as they refused to morphed into London based forwards 

 

 
 
 
 
 
AUGUST LOST 21,858  CONTRACTS DOWN TO 224,504 AS WE COUNT DOWN TO THE NEXT BIG GOLD DELIVERY MONTH!!
 
SEPT LOST 4 CONTRACTS TO STAND AT 517
 
OCTOBER GAINED 955 CONTRACTS UP TO 27,059.

We had 4 notice(s) filed today for 400  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 4  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 2 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 (1948) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 115 CONTRACTS ) minus the number of notices served upon today  4 x 100 oz per contract equals 205,900 OZ OR 6.404TONNES) 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 (1948) x 100 oz+( xxx  OI for the front month minus the number of notices served upon today (5} x 100 oz} which equals 205,900 oz standing OR 6.404 TONNES in this NON- active delivery month of JULY.

We  GAINED an additional 400 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: 16,968,470.765 oz   (527.7 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 20/2021

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
61,309.661 oz
CNT
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
NIL OZ
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
23,891.300 OZ
Delaware
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
63
 
CONTRACT(S)
315,000  OZ)
 
No of oz to be served (notices)
305 contracts
 (1,525,000 oz)
Total monthly oz silver served (contracts)  6384 contracts

 

31,920,000 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: 5889.000 oz
ii) Into CNT:  18,002.300
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 53.43% of all official comex silver. (187.4 million/351.146 million

total customer deposits today  23,891.300   oz

we had 2 withdrawals

i) Out of CNT:  60,339.261 oz

ii) out of Brinks 970.400 oz

 
 
 

total withdrawals 61,309.661      oz

 
 

adjustments//0

 

 
 

Total dealer(registered) silver: 112.287 million oz

total registered and eligible silver:  351.146 million oz

a net 40,000 oz enters  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  105 contracts DOWN to 368 contracts. We had 101 notices filed on Monday so we LOST 4 contracts or an additional  15,000 oz will NOT stand for silver at the comex in this very active delivery month of July as they morphed into London based forwards20

 

AUGUST GAINED 71 CONTRACTS TO STAND AT 1981

SEPTEMBER LOST 4237 CONTRACTS UP TO  117,995

 
NO. OF NOTICES FILED:  63  FOR 315,000 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  6384 x 5,000 oz = 31,920,000 oz to which we add the difference between the open interest for the front month of JULY (368) and the number of notices served upon today 63 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 6384 (notices served so far) x 5000 oz + OI for front month of JULY( 368)  – number of notices served upon today (63) x 5000 oz of silver standing for the JULY contract month .equals 33,445,000 oz. ..VERY POOR FOR JULY. 

We LOST 4 contracts or 20,000 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  61,064 CONTRACTS // volume  good//getting out of Dodge//(

 

FOR YESTERDAY  89.989  ,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  20/2021)

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   (JULY 20)

 

/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 20/WITH GOLD UP $2.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GDL//INVENTORY RESTS AT 1028.55 TONNES

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 20 / GLD INVENTORY 1028.55 tonnes

LAST;  1096 TRADING DAYS:   +104.14 TONNES HAVE BEEN ADDED THE GLD

 

LAST 946 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 20/WITH SILVER  DOWN 13 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTER WITHDRAWAL OF 4.171 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 556.911 MILLION OZ.

 

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 20/2021      556.911 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Peter Schiff: The Fed’s Real Strength – The Power To Destroy

 
TUESDAY, JUL 20, 2021 – 12:40 PM

Via SchiffGold.com,

PBS Frontline recently released a documentary titled “The Power of the Fed.”

Peter Schiff watched it and offered his analysis of the show on his podcast. He said the documentary missed the real power of the Fed — the power to destroy.

Peter said his expectations for the production were pretty low.

As low as I set the bar, I didn’t set it low enough. Because they didn’t even meet my low expectations.”

A lot of people said the documentary exposed the Fed, but Peter said he didn’t think it exposed it at all. He said it felt more like a propaganda piece than it did a genuine investigatory documentary.

The documentary didn’t so much expose the Fed as a bad actor or that it’s responsible for our economic problems. The point seemed to be that the central bank uses its power improperly to help the rich and neglecting everybody else. The documentary did expose how the Fed creates moral hazard, asset bubbles and widens the disparity between the rich and the poor. But Peter said that is about the only criticism the documentary got right.

But moral hazard and enriching the wealthy with asset bubbles and all that, that’s just one part of the damage that the Fed does. It’s a lot more. That’s like a tip of an iceberg. But this documentary ignored the iceberg and just focused on that one little tip.”

The documentary fails to put any blame squarely on the Federal Reserve. It shifts the blame to Wall Street and the rich for corrupting what would otherwise be a benevolent institution.

Peter said the documentary’s message seemed to be that we need to redirect the power of the Fed from Wall Street to Main Street. If we could just reform the Fed and shift the way it uses its power, everything would be fine.

Hey, if the Fed can make the rich rich, why not just have the Fed make everybody else rich? The problem is it doesn’t work that way. The Fed can blow asset bubbles and so the Fed can enrich the people temporarily who own those assets. But the Fed cannot create real economic growth. So, it can’t make workers rich. It can’t increase real wages. It doesn’t have that power. But I think the producers of this documentary believe that it does. And they probably want the Federal Reserve to focus its power on helping Main Street and therefore helping to fund this big-government agenda that is now gaining traction in Washington. That’s really the message here.”

Ultimately, the producers of the documentary want the Fed to use its power – but use it differently. It wants the central bank to print money and monetize the massive debts of the Biden administration so the government can get bigger and solve our social problems.

Peter recalled Lord Acton’s famous quote, “Power tends to corrupt. And absolute power corrupts absolutely.”

I think the Federal Reserve is the closest thing we have in the financial markets to absolute power. And it is absolutely corrupt.”

And while power can be used for benevolent purposes, it can also be extremely destructive.

Remember John Marshall, ‘The power to tax involves the power to destroy?” Well, so does the power to inflate. Inflation is a tax. And what the Federal Reserve is using is its power to help the government tax us through inflation to destroy the economy. And that is the bigger picture that this so-called documentary completely overlooks.”

Peter goes on to dissect the documentary piece by piece.

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

Huge purchase of gold by the Brazilian central bank at 41.8 tonnes. It seems now that many central banks are purchasing gold.

(RioTimes)

Brazilian central bank buys 41.8 tons of gold to bolster reserves

 Section: Daily Dispatches

From The Rio Times
Rio de Janeiro, Brazil
Saturday, July 17, 2021

RIO DE JANEIRO, Brazil — After years without substantially changing the amount of gold in its international asset reserves, the Brazilian Central Bank, headed by Roberto Campos Neto, bought 41.8 tons of the metal in June.

With this, the volume of gold held in the reserves jumped 52.7% in just one month, to 121.1 tons –– equivalent to US$6.873 billion. The value of the June purchase was not disclosed.

It was the biggest purchase in one month since at least December 2000. …

… For the remainder of the report:

https://riotimesonline.com/brazil-news/brazil/brazilian-central-bank-buys-41-8-tons-of-gold-to-bolster-reserves/

* * *

end

Markets plunged yesterday because of the fear that fully vaccinated were getting the Delta strain

Pam and Russ Martens/WallStreet on Parade)

Pam and Russ Martens: Markets plunge on reports of fully vaccinated getting Delta strain

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Tuesday, July 20, 2021

Yesterday the Dow Jones Industrial Average fell 725.8 points out of fear that there will be renewed business restrictions to deal with spiking COVID cases in all 50 states in the U.S.

On July 8 the Food and Drug Administration and the Centers for Disease Control and Prevention jointly released an unequivocal statement on the COVID-19 vaccines that are in use in the United States.

The statement read in part:

“People who are fully vaccinated are protected from severe disease and death, including from the variants currently circulating in the country such as Delta. People who are not vaccinated remain at risk. Virtually all COVID-19 hospitalizations and deaths are among those who are unvaccinated.”

That statement is now coming under growing scrutiny as evidence mounts of fully vaccinated Americans getting COVID-19, with hundreds ending up in the hospital. (An individual is considered “fully vaccinated” two weeks after receiving the second dose of either the Pfizer-BioNTech or Moderna vaccine, or two weeks after receiving the single-dose Johnson & Johnson vaccine.) …

… For the remainder of the report:

https://wallstreetonparade.com/2021/07/markets-plunge-on-monday-on-growing-reports-of-fully-vaccinated-people-getting-delta-strain-of-covid-19/

* * *

Your early TUESDAY 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 6.4794 

 

//OFFSHORE YUAN 6.4914  /shanghai bourse CLOSED  DOWN  2.33 PTS OR 0.07% 

HANG SANG CLOSED DOWN 230.53 PTS OR 0.84 %

2. Nikkei closed DOWN 264.58 PTS OR 0.96%

3. Europe stocks  ALL GREEN EXCEPT ITALY

 

USA dollar INDEX UP TO  92.99/Euro FALLS TO 1.1777

3b Japan 10 YR bond yield: FALLS TO. +.018/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.59/ 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:: 66.83 and Brent: 68.82

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.41%/Italian 10 Yr bond yield DOWN to 0.69% /SPAIN 10 YR BOND YIELD DOWN TO 0.26%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.11: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.67

3k Gold at $1816.95 silver at: 25.15   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 33/100 in roubles/dollar) 74.44

3m oil into the 66 dollar handle for WTI and 68 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 109.59 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 .9197 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0847 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.410%

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 1.184% early this morning. Thirty year rate at 1.826%

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

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

Futures Rebound From Rout As “Buy The Dip Outweighs Fear” Even As Yield Slide Continues

 
TUESDAY, JUL 20, 2021 – 07:48 AM

U.S. stock-index futures rebounded from Monday’s rout and European stocks were modestly in the green as investors weighing corporate earnings against the uncertain outlook for global growth, or as Bloombnerg put it, “as buy the dip outweighs fears.” But in a continuation of yesterday’s moves, treasury yields edged lower sliding to 1.16% while the dollar hit a fresh three month high while bitcoin tumbled below the key support level of $30,000. At 730 a.m. ET, Dow e-minis were up 200 points, or 0.6%, S&P 500 e-minis were up 23.00 points, or 0.54%, and Nasdaq 100 e-minis were up 70 points, or 0.48%.

IBM gained 4.0% in premarket trading as brokerages raised their price targets on the stock following strong quarterly growth in the company’s cloud and consulting businesses. Energy stocks Chevron, Schlumberger, Occidental and Phillips 66 rose between 0.8% and 2.7%, as oil prices edged higher after the previous session’s 7% slide. Halliburton added 2% after it posted a second-straight quarterly profit, as a rebound in crude prices from pandemic-lows buoyed demand for oilfield services. Here are some other premarket movers:

  • Amazon.com (AMZN) gains 0.6% in premarket trading ahead of Jeff Bezos’s flight to space with his Blue Origin crew.
  • Ardelyx (ARDX) slumps as much as 73% in premarket after the FDA identified deficiencies on the company’s New Drug Application for
  • Tenapanor for the Control of Serum Phosphorus. Piper Sandler downgraded the stock to neutral from buy and slashed its price target to $4 from $14, adding that it struggles to see a path forward for Tenapanor.
  • Cryptocurrency-exposed stocks fall in premarket trading after the selloff in Bitcoin accelerated and pushed the token below $30,000 for the first time in around a month. Marathon Digital (MARA) slides 2.3% and Riot Blockchain (RIOT) drops 2.4%, while Bit Digital (BTBT) falls 1.6%.

Analyst views on the recent actions were mixed, ranging from the skeptical…

“The reality is that this price action has become somewhat self-fulfilling as the myopic investor sentiment and positioning are forced to re-assess,” said James Athey, investment director at Aberdeen Standard Investments. “I fear the equity selling isn’t over yet, and if I am right, Europe will be the worst place to be given the index is value dominated – and thus very cyclical.”

… to the optimistic:

“Given that there is little doubt that central banks will do all they can the prevent a significant tightening of financial conditions, meaning there is still a lot of liquidity ready to buy the dip, we think that market valuations are starting to be appealing from a medium-term perspective,” Xavier Chapard, a strategist at Credit Agricole CIB, wrote in a client note. Still, “we are not sure that markets have already fully integrated the risks caused by the new epidemic developments,” he added.

Stocks on Wall Street fell as much as 2% on Monday, with the Dow posting its worst day in nine months as COVID-19 deaths increased in the United States. Riskier assets globally have come under pressure recently after hitting an all time high as recently as last week, as many countries struggled to contain the outbreak of the fast-spreading Delta virus variant, raising fears that further lockdowns and other restrictions could upend the worldwide economic recovery.

“Despite the vaccine rollout, markets do not appear to be learning to live with COVID-19,” ANZ analysts wrote in a note to clients. “Sentiment appears to have shifted, at least for the moment, to a persuasion that growth and earnings expectations may be overdone,” they said, noting that risk-averse investors were bailing out of commodities. Sure enough, the 10-year Treasury yield fell further below 1.2%, hitting the lowest level since February as traders pared bets on Federal Reserve tightening (more below).

MSCI’s broadest gauge of global shares was 0.5% lower, extending its longest-losing streak in nearly 18 months.

European equities are modestly in the green but trade off best levels, having risen earlier as much as 1% boosted by positive corporate earnings and production updates from miners. CAC outperforms at the margin. UBS jumped more than 4% after reporting earnings that beat analysts’ estimates, while Volvo Group declined after missing expectations. Miners, insurance and construction names are the best sectors; tech and health care post small losses. Here are some of the biggest European movers today:

  • Alfa Laval shares rise as much as 7.3% after 2Q adjusted Ebita beat the average analyst estimate.
  • UBS gains as much as 4.8% after the bank posted 2Q results that beat analyst estimates.
  • EasyJet climbs as much as 4.2% after results that were broadly in line with expectations, with Bernstein (outperform) saying “travel recovery begins now.”
  • Alstom rises as much as 4% after the company reported higher-than-expected 1Q sales and orders that Redburn (buy) says were encouraging.
  • Volvo falls as much as 4.7% in Stockholm trading after the truckmaker posted 2Q adjusted operating profit that missed estimates. Analysts including Oddo note the Swedish company still sees possible production disruptions in 2H amid supply chain issues.
  • Fevertree drops as much as 9.3% after the maker of high-end tonics provided margin guidance that Morgan Stanley said suggests “sizeable downgrades” to consensus estimates.

The positive moves followed continued selling in Asia, with MSCI’s gauge of Asia Pacific stocks outside Japan falling 0.7% and Japan’s Nikkei 225 hitting a six-month low, down nearly 1% and entering a technical correction.

Earlier in the session, Asian stocks fell for a third day as concerns grew globally over the potential for the delta variant of Covid-19 to derail economic recoveries. Industrials and financials were the biggest drags on Tuesday, mirroring the cyclical selloff in the U.S. overnight, as investors rushed into bonds and other haven assets. The MSCI Asia Pacific Index fell as much as 1%, after dipping below its 200-day moving average on Monday. Markets were closed for holidays in Singapore, Indonesia, Malaysia and the Philippines.

“The drop in U.S. Treasury yields reflects reduced inflation expectations if reopening is delayed and potential downside risk to the economy,” Tai Hui, chief Asia market strategist at JP Morgan Asset Management, wrote in a note. “The decline in yields has also penalized value stocks more than growth stocks.” Geopolitical tensions also weighed on equities after the U.S., U.K. and allies formally attributed the Microsoft Exchange hack to actors affiliated with the Chinese government.

China deleveraging risks hurt property stocks and the broader market for a second day, causing a plunge in shares of heavily indebted developer China Evergrande Group. The Hang Seng Index dropped 0.8% while China’s blue chip CSI300 Index slid as much as 0.9% before paring most of its loss. Taiwan led losses around the region, with its key equity gauge declining 1.5%. Stocks also dropped in Japan, with the Nikkei 225 entering a technical correction after felling 1% on Tuesday, taking its loss from a February high to more than 10%. Fast Retailing and SoftBank Group were the biggest drags on the blue-chip gauge, which also erased its gain for the year. The Topix fell 1%, closing at its lowest since May 17; electronics and auto makers weighed the most, as all but 2 industry groups fell; +4.7% YTD.

India’s benchmark equity index extended declines into a third day as most of the nation’s largest companies quarterly earnings posted so far have missed estimates. The S&P BSE Sensex lost 0.6% to 52,230.29 as of 9:49 a.m. in Mumbai, adding to its steepest drop in three months on Monday, while the NSE Nifty 50 Index retreated by a similar magnitude today. Seventeen of the 19 sector sub-indexes compiled by BSE Ltd. declined, led by a gauge of power companies. Most regional benchmarks in Asia traded lower as the spread of the delta coronavirus variant weighed on sentiment. In India’s earnings season, five of the six Nifty 50 members that have announced results so far fell short of analysts’ estimates. HCL Technologies Ltd. fell 2% after posting profit and sales that missed expectations after yesterday’s market close.

Australia’s S&P/ASX 200 index closed 0.5% lower at 7,252.20, the lowest since June 21. Miners and utilities led the index lower. Stocks came off their intraday lows after the Reserve Bank of Australia said it would retain the option to increase or reduce its weekly bond purchases given uncertainty over the economic outlook. The best performing stock was Oil Search after the company rejected an initial A$22 billion takeover approach from Santos and said it’s open to engaging on any proposal that’s in the interest of its shareholders. SkyCity was among the biggest decliners after indicating Adelaide casino operations would remain closed until at least July 27. In New Zealand, the S&P/NZX 50 index was little changed at 12,650.84.

In FX, in a sign of lingering fears of the spread of the Delta variant, the Aussie dollar/Swiss franc cross, a favourite proxy in currency markets for economic recovery bets, fell to its lowest level since December 2020 at 0.6714 francs. The Bloomberg Dollar Spot Index rose to a fresh cycle high earlier as havens turned bid after the Tokyo fix, then erased its advance as oil and Treasuries steadied and U.S. equity futures rebounded. Macro names and systematic desks were dollar buyers before London stepped in, while hedge funds later added euro-pound longs and real money sold cable, according to two Europe-based traders cited by Bloomberg. Cable fell as much as 0.4% to 1.3627, down a fourth day, before paring most of the drop; some of the latest retreat is down to comments from Bank of England policy maker Catherine Mann who called “not be premature in terms of tightening monetary policy.” The euro was little changed at $1.1799; it earlier slipped as much as 0.2% to $1.1772 as Italy’s 5-year yield turned negative for the first time since April; sizable demand seen above the $1.17 handle, with options-related interest also playing its part: traders. EUR/NOK up 0.4% to 10.6025, new year-to-date high. The kiwi leads G-10 losses, with NZD/USD sliding as much as 0.8% to 0.6889, the lowest since November, before halving the drop. Aussie down a fourth day, with AUD/USD slipping 0.5% to 0.7311, an eight-month low.

In rates, cash Treasuries extended gains despite the rebound in risk assets, and added to Monday’s gains sending 5- and 10-year yields to multi-month lows. Most of the advance occurred during European morning, following a choppy Asia session with no appetite to fade the rally. Long-end is lagging, however, after having led Monday’s advance. Yields were richer by up to 3bp across belly of the curve, leaving 5s30s spread steeper by ~3bp around 114bp, around where it began the week; 10-year at around 1.18% is ~1bp richer on the day after paring a 2.8bp drop to 1.16%.

Treasury futures benefited from block trades at 6:21am ET: 3.6k FVU1 at 124-14.75 and 3.6k UXYU1 at 151-01+ for combined $690k/DV01. In Europe, Germany’s 10-year yield, the benchmark for the bloc, briefly fell to -0.403%, breaching a new lowest level since February and was down around 1 basis point to -0.398%, as of 0733 GMT. Peripheral and semi-core spreads widen slightly, Italy under performs. 

In commodities, oil prices stabilized after slumping around 7% in the previous session due to worries about future demand and after an OPEC+ agreement to increase supply. Brent crude gained 0.7% to $69.11 a barrel. The U.S. crude contract for August delivery, which expires later on Tuesday, was up 0.9% at $66.64 a barrel. Spot gold fades Asia’s modest gains to trade near $1,815/oz after hitting a one-week low of $1,794.06 in the previous session. Base metals were mixed, LME lead and LME copper outperform; zinc drops as much as 0.7%.

In a separate gauge of investor risk appetite, bitcoin fell below $30,000 for the first time since June 22.

Meanwhile, Q2 reporting season is underway, with 41 of the companies in the S&P 500 having reported. Of those, 90% have beaten consensus estimates, according to Refinitiv data. Focus is now on earnings reports from companies including Netflix Inc, Philip Morris and Chipotle Mexican Grill later in the day.

Looking at the day ahead, the data highlights include US housing starts and building permits for June. From central banks, we’ll hear from the ECB’s Villeroy, while earnings releases include Netflix, Phillip Morris, HCA Healthcare, Chipotle, United Airlines and Halliburton.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,276.75
  • STOXX Europe 600 up 0.9% to 448.16
  • MXAP down 0.8% to 200.61
  • MXAPJ down 0.6% to 670.29
  • Nikkei down 1.0% to 27,388.16
  • Topix down 1.0% to 1,888.89
  • Hang Seng Index down 0.8% to 27,259.25
  • Shanghai Composite little changed at 3,536.79
  • Sensex down 0.4% to 52,333.07
  • Australia S&P/ASX 200 down 0.5% to 7,252.23
  • Kospi down 0.3% to 3,232.70
  • German 10Y yield fell -2.2 bps to -0.408%
  • Euro little changed at $1.1792
  • Brent Futures up 0.2% to $68.77/bbl
  • Brent Futures up 0.2% to $68.78/bbl
  • Gold spot up 0.0% to $1,812.72
  • U.S. Dollar Index little changed at 92.91

Top Overnight News from Bloomberg

  • Americans should avoid traveling to the U.K. because of a surge in that nation’s spread of Covid-19, U.S. government and health officials warned
  • A selloff in Bitcoin accelerated Tuesday, pushing it below $30,000 for the first time in about a month
  • After a first half built on reopening hopes, a sudden bearish turn has replaced inflation fears with growth worries — sharply dividing Wall Street
  • Overseas funds bought the second-highest amount of Japanese government bonds on record in June as enhanced returns using cross-currency basis swaps and index-linked demand fueled inflows
  • Investment strategists are starting to consider a new bearish scenario: the economy has already hit its speed limit
  • Long-term Treasury rates tumbled to the lowest levels in months as the spread of the delta coronavirus variant called into question optimistic assumptions about economic recovery, also touching off a global stock market slump
  • RBA said it would retain the option to increase or reduce its weekly bond purchases given uncertainty over the economic outlook, according to minutes of its July meeting
  • Americans should avoid traveling to the U.K. because of a surge in that nation’s spread of Covid-19, U.S. government and health officials warned

A more detailed look at global markets courtesy of Newsquawk

Asian equity markets traded lower after the region inherited a negative mood from global peers in which risk appetite was pummelled by ongoing Delta variant fears that forced fresh restrictions for several regions around the world and prompted the US to raise the UK to the highest risk level, as well as issue a “do not travel” warning. However, the declines in Asia were milder and US equity futures also attempted to recoup some of their recent losses. ASX 200 (-0.5%) was led lower by underperformance in energy after oil prices tumbled by over 7% due to COVID-19 concerns and the recent OPEC+ agreement to lift output, although Oil Search bucked the trend following a merger approach from Santos that it rejected although remains open for a revised proposal. Mining names were pressured after BHP announced its quarterly iron ore production figures which declined from a year ago and with another state lockdown announcement, this time for South Australia, adding to the downbeat tone. Nikkei 225 (-1.0%) declined to its lowest levels in six months shortly after the open as it suffered the ill-effects of the haven flows into its currency and amid ongoing virus woes with Hokkaido to seek quasi-emergency measures. Hang Seng (-0.8%) and Shanghai Comp. (-0.1%) were subdued as several countries took aim at China for cyber hacking which China dismissed as groundless, while the PBoC refrained from any adjustments to the Loan Prime Rate for a 15th consecutive month to the disappointment of the outside calls for a 5bps cut. Attention also remained on Evergrande shares which extended on the prior day’s 16% slump with another double-digit decline after a Chinese city halted sales of the Co.’s projects which added to its ongoing debt concerns. Finally, 10yr JGBs were supported by the recent downbeat picture in risk assets and bull flattening in USTs that saw a drop of around 10bps for the US 10yr yield, although upside for 10yr JGBs was capped as the 152.50 level provided a magnet for price action and amid softer demand in the Japanese enhanced liquidity auction for longer-dated bonds.

Top Asian News

  • China Denies Microsoft Hack, Says U.S. and Allies Ganging Up
  • More Companies Pull Out of Tokyo Olympics Opening Ceremony
  • Republicans Want Digital Yuan Restricted at Beijing Olympics
  • Evergrande Shares, Bonds Plunge on Fears of Liquidity Crisis

Major bourses in Europe saw a broadly positive cash open and held onto gains through much of the morning before losing momentum and reversing (Euro Stoxx 50 +0.1%). US equity futures meanwhile trade sideways with modest broad-based gains of around 0.4% across the board. News flow remains light this morning as participants keep tabs on COVID developments, US-Sino tensions and central bank rhetoric, given some of the hawkish noises emanating from some G10 economies; though, both the ECB and Fed are now in their quiet/blackout periods. In terms of scheduled risk events for the week, the ECB on Thursday and Flash PMIs on Friday will likely steal the limelight. Sectors are predominantly in the green but do not portray a clear theme nor bias. Construction, Insurance, Food & Beverage and Media reside as the winners whilst Tech, Healthcare, and Oil & Gas lag. In terms of individual movers, earnings season is kicking off in Europe with UBS (+3.1%) holding onto most of its opening gains after revenues topped forecasts and the group announced a share buyback under the current programme. Other earnings-related movers include Alstom (+2.7%), Alfa Laval (+6.1%), Telenor (+2.6%), Volvo (-3.6%) and easyJet (+3.0%). Finally, Swatch (+0.4%) and Richemont (+0.2%) glean some support as Swiss Watch Exports rose by some 12.5% vs 2019 levels.

Top European News

  • Apollo in Talks to Join Fortress Bid for Grocer Morrison
  • Private Equity Bet $40 Billion on U.K. Freedom Day Success
  • ‘Killer Acquisitions’ Targeted as U.K. Regulator Gets New Powers
  • Europe’s Biggest Banks Warn of Major Flaw in Key ESG Metric

In FX, the Kiwi’s sharp fall from grace continues, as bullish/hawkish fundamentals dissipate further and technical impulses become more and more negative in Nzd/Usd and Aud/Nzd irrespective of the fact that the COVID-19 situation is worsening in Australia with lockdowns being extended and widened. The headline pair has now lost ‘key’ support on some charts at 0.6915 and is striving to keep tabs with the round number below, while the cross is probing above 1.0600 having held a few pips over the semi-psychological 1.0550 level on Monday, and with little new emerging from the RBA minutes that underscored the decision to maintain rate guidance and taper QE after some deliberation. However, Westpac is now warning that the economy may contract in Q3 and the Board may have to reverse its Aud 1 bn/week unwind in bond purchases to spur growth, leaving Aud/Usd in the low sub-0.7350 area ahead of retail sales data. Conversely, the Greenback has regained poise after losing out to safer-havens amidst the risk rout yesterday, and the index is straddling 93.000 within a 93.039-92.799 range against the backdrop of re-steepening along the US Treasury curve and a rebound in outright yields pre-building permits and housing starts.

  • JPY/CHF – As noted above, the Yen and Franc have both handed back some safety premium to the Dollar on the grounds of improving risk sentiment that has prompted a re-widening of UST/other bond spreads, with Usd/Jpy back over 109.50 and Usd/Chf approaching 0.9200 again vs lows of around 109.07 and 0.9163 respectively at one stage on Monday. Note, no real reaction or independent direction gleaned from in line Japanese CPI or a wider Swiss trade surplus in advance of trade and M3 money supply tomorrow, while the Yen looks confined between 108.85-109.00 to 109.95-110.10 extremes given decent expiry option interest either side (1 bn and 1.6 bn).
  • EUR/GBP/CAD – All marginally softer vs their US peer, but the Euro managing to contain declines through 1.1800 following its stop-loss decline to circa 1.1764 yesterday and capped by option expiries at the big figure (1.2 bn) as the clock continues to tick down to Thursday’s ECB policy meeting. Elsewhere, Sterling remains soft across the board under 1.3700 in Cable terms and beneath 0.8625 in Eur/Gbp, while the Loonie pivots 1.2750 with some help from relative stability in crude after Monday’s mauling.

In commodities, WTI and Brent September contract remain choppy in early European hours after the benchmark settled lower by around USD 5/bbl apiece yesterday. The complex remains pressured by concerns surrounding the Delta variant as more APAC regions enter tighter lockdowns (Indonesia and Singapore recently), whilst travel corridors are being reviewed to stem the spread. Double-vaccinated international travel has also come under question after the UK imposed travel restrictions on travellers from France who have been double-dosed, in turn posing a threat to the anticipated demand path for jet fuel heading into summer. Some have been pointing the finger at OPEC+ for yesterday’s decline, although the overall outcome of the meeting was constructive. Seemingly the timing of the OPEC+ decision to add more barrels and bearish COVID development were the main factors behind yesterday’s correction. WTI and Brent trade around USD 66.50/bbl (vs high 67.29/bbl) and just under USD 69/bbl (vs high 69.60/bbl). Elsewhere, spot gold and silver trade sideways in a tight range around USD 1,815/oz and USD 25/oz respectively as the Dollar remains steady. Turning to base metals, LME copper consolidates under around the USD 9,275/oz mark, whilst Shanghai copper fell as much as 2% overnight amid a firmer Dollar and COVID concerns. Meanwhile, Dalian coking coal futures rose to two-month highs, with traders citing the lower supply.

US Event Calendar

  • 8:30am: June Housing Starts MoM, est. 1.1%, prior 3.6%
  • 8:30am: June Housing Starts, est. 1.59m, prior 1.57m
  • 8:30am: June Building Permits MoM, est. 0.7%, prior -3.0%, revised -2.9%
  • 8:30am: June Building Permits, est. 1.7m, prior 1.68m, revised 1.68m

DB’s Jim Reid concludes the overnight wrap

Yesterday I published my latest monthly chartbook, which is called “US recovery at 1 year. Late cycle already?” (Link here).This is undoubtedly the most unusual recovery in history with many sectors already running ahead of their pre-recession trend (not something seen at this stage of a cycle before), whilst several service-based ones remain well behind. The charts in the pack look at a number of different economic and market variables and where they stand relative to other recoveries through time. Net net this is a very strong US recovery relative to history. However does that make us theoretically later in the cycle than a normal early cycle recovery? Interestingly last night the NBER officially pinpointed April 2020 as the end of the recession meaning that the slump only lasted two months. In nearly 170 years of data this is the shortest recession on record, taking that title away from a 6-month recession in 1980. Also you may recall that this recession also came on the heels of the longest economic expansion on record at 10.5 years. It’s amazing what extraordinary stimulus can do during the expansion stage and the subsequent slump.

Speaking of late-cycle, the prospect of weaker growth ahead thanks to the spread of the delta variant sent a violent shudder through global markets yesterday, which in turn led to one of the biggest risk-off moves in months. Unlike some previous Covid-related selloffs (or vaccine rallies indeed), there didn’t seem to be a single trigger point behind yesterday’s rout, which instead looked to be the culmination of rising fears that a return to “normality” could be quite a bit further out than many had hoped a few months back. That’s partly because new variants mean that the vaccine rollout may not necessarily be enough to get everyday life back to its pre-Covid normal, but also a function of the fact that we’ll soon be heading back into the winter months in the northern hemisphere, in which respiratory viruses spread more easily. So investors are facing the very real prospect that limitations on daily life could be a factor affecting markets and corporates even into 2022, which is a far cry from the hopes many had at the start of this year when the vaccine rollout began. Staying on the theme, Bloomberg reported overnight that Apple has decided to push back its return to office deadline by at least a month to October at the earliest, due to rise in the Covid infections across many countries. Many more could follow as the spread of variants continue to act as a curveball for the return to normality.

In terms of those moves yesterday, equity indices saw a broad-based selloff, with the S&P 500 (-1.59%) seeing its biggest decline since May, whilst the losses in Europe were even greater as the STOXX 600 (-2.30%) experienced its worst daily performance of 2021 so far. Reflecting investor fears about future growth prospects, cyclical industries underperformed the more defensive sectors, whilst energy stocks saw the biggest falls of all thanks to the slump in oil prices (more on which below). Banks in both US (-3.28%) and Europe (-3.65%) lagged significantly as yield curves flattened with the risk off. Furthermore, in line with the jitters over the delta variant, some of the most Covid-sensitive assets were the worst affected yesterday, with the STOXX 600 Travel & Leisure index (-3.84%) and the S&P 500 Airlines (-3.76%) both losing ground as the prospect of further restrictions on daily life and international travel ramped up.

With investors moving away from risk, sovereign bonds were the main beneficiary, with yesterday marking the biggest one-day decline in 10yr Treasury yields since February, as they fell -10.2bps to 1.189% – the largest one day drop in nearly 5 months. That came as investors moved to push back the timing of future hikes from the Federal Reserve, and the decline was pretty equally driven by lower inflation breakevens (-7.4bps) and real rates (-2.7bps). In fact, yesterday also saw real rates close at their lowest level since early-February, when Democratic lawmakers were just starting to shape the eventual $1.9 trillion stimulus package that would eventually be signed in March. And while we’re on the topic of late-cycle indicators, one thing to note as well is that the 2s10s yield curve closed beneath 100bps yesterday for the first time since early February, which is a reasonably big unwinding from the closing peak of 158bps at the end of Q1. It was a similar story in Europe, where yields also fell to their lowest level in some months, as those on 10yr bunds (-3.3bps), OATs (-2.3bps) and gilts (-6.6bps) all fell back.

The risk-off sentiment has continued in the Asian session this morning with the Nikkei (-0.99%), Hang Seng (-1.19%), Shanghai Comp (-0.50%) and Kospi (-0.82%) all trading in the red. Futures on the S&P 500 (+0.14%) are up though while yields on 10y USTs are broadly unchanged. Elsewhere, the RBA’s latest monetary policy minutes highlighted that the central bank would be flexible in increasing/reducing its weekly bond purchases given uncertainty over the economic outlook. This comes on the heels of a slight taper of QE that was announced by the RBA two weeks back and since then the two biggest cities in Australia and now South Australia have imposed lockdowns to check the spread of the virus. The Australian dollar is down -0.29% against the USD. In terms of overnight data releases Japan’s June CPI printed in line with consensus at +0.2% yoy.

Elsewhere the White House announced yesterday that it was joining the EU in accusing actors associated with the Chinese government of cyberattacks on the Microsoft Exchange, as well as pointing out a broad array of “malicious cyber activities” carried out by Beijing’s leadership. President Biden said yesterday that, while the US’s investigation is still ongoing, his understanding “is that the Chinese government, not unlike the Russian government, is not doing this themselves, but are protecting those who are doing it and maybe even accommodating them being able to do it.” Nations that attribute the attack to China include Australia, Japan, Canada, New Zealand, and the entirety of NATO – the first condemnation by the group on China’s cyberattacks according to the White House. This follows a more hawkish stance on China overall from the Biden administration, which has left much of the Trump-era tariffs in place and has called competition with China one of the defining challenges of this century.

Looking at other asset classes yesterday, a big story was the significant slump in oil prices following the OPEC+ agreement to boost supply, with WTI (-7.51%) and Brent Crude (-6.75%) both witnessing their worst daily performances since March. They probably also got caught up in the general risk-off. Industrial metals also suffered, with copper losing -2.82%, though precious metals didn’t see as big a selloff amidst the flight to safety, with gold just better than unchanged (+0.03%). This move into safe havens was evident in the foreign exchange markets as well, with the Japanese Yen (+0.56% vs USD) being the strongest-performing G10 currency, followed by the Swiss Franc (+0.21% vs USD). Meanwhile Bitcoin (-2.77%) experienced its own losses to close beneath $31,000 for the first time since New Year’s Day.

Turning to the pandemic, the UK reported a further 39,950 cases yesterday, which is notably down from the peak above 50k we’ve seen reported a couple of times in recent days, although the overall numbers for the last week still show an increase of +41% over the previous 7-day period. Monday data can often be on the low side. This came amidst an easing of restrictions in England as even nightclubs reopened yesterday. Citing the rise of cases in the UK, the US raised its travel warning to the UK, asking residents not to travel to the nation. On the other hand, the US is allowing fully vaccinated Americans to travel into Canada again as of this week. Elsewhere in Australia the state of Victoria has decided to extend its lockdown by 7 days to midnight of July 27 and will close its border to people from Sydney, with exceptions for essential workers and for compassionate reasons. Philippines President Rodrigo Duterte has also said that more stringent movement restrictions may be needed after the country detected cases of the more transmissible delta variant.

There was very little on the data front yesterday, though the US’ NAHB housing market index for July came in at 80 (vs. 81 expected), which marks its lowest level since last August.

To the day ahead now, and the data highlights include US housing starts and building permits for June, as well as the German PPI reading for June. From central banks, we’ll hear from the ECB’s Villeroy, while earnings releases include Netflix, Phillip Morris, HCA Healthcare, Chipotle, United Airlines and Halliburton.

end

Sent to us by Robert H…..

FOOD FOR THOUGHT//CAPITALISM VS COMMUNISM

Corvette Capitalism

 

A man named Tom Nicholson posted on his Facebook account the sports car that he had just bought and how a man approached and told him that the money used to buy this car could’ve fed thousands of less fortunate people.
His response to this man made him famous on the internet. READ his story as stated on Facebook below:

A guy looked at my Corvette the other day and said, “I wonder how many people could have been fed for the money that sports car cost?”
I replied I’m not sure;
“It fed a lot of families in Bowling Green, Kentucky who built it, it fed the people who make the tires, it fed the people who made the components that went into it, it fed the people in the copper mine who mined the copper for the wires, it fed people in at Caterpillar who make the trucks that haul the copper ore.
It fed the trucking people who hauled it from the plant to the dealer and fed the people working at the dealership and their families.”

BUT….I have to admit, I guess I really don’t know how many people it fed.
That is the difference between capitalism and the welfare mentality.
When you buy something, you put money in people’s pockets and give them dignity for their skills.
When you give someone something for nothing, you rob them of their dignity and self-worth.

Capitalism is freely giving your money in exchange for something of value.

Socialism is having the government take your money against your will and give it to someone else for doing nothing.

 
 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED DOWN 2.33  PTS OR 0.07%   //Hang Sang CLOSED DOWN 230.53 PTS OR 0.84%      /The Nikkei closed DOWN 264.58 pts or 0.96%  //Australia’s all ordinaires CLOSED DOWN .45%

/Chinese yuan (ONSHORE) closed UP TO 6.4794  /Oil DOWN TO 66.83 dollars per barrel for WTI and 68.82 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT ITALY /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4794. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4854/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/SOUTH KOREA

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS

 

end

Japan Olympics/USA

widespread opposition  to the Olympic games.

Tokyo Olympics Face Widespread Opposition

 
MONDAY, JUL 19, 2021 – 10:20 PM

With the Tokyo Olympics just four days away, now would normally be the time for anticipation to build, for the Olympic spark to spread from the host country all over the world and for athletes to wrap up years of preparation.

This year though, as Statista’s Felix Richer notes, with COVID-19 still lurking, things are sadly different.

The 2020 Summer Olympics, postponed to 2021 due to the pandemic, are widely met with a strange mix of indifference and dismissal. Amid fears of rising case numbers and aggressive virus variants, the Japanese people are firmly against the Tokyo Games, while the global public has trouble getting excited for yet another crowdless event, seemingly prioritizing commercial interests over public health concerns.

According to a recent Ipsos survey, an average of 57 percent of respondents across the 28 countries in which the poll was conducted are opposed to holding the games this year, with Japanese opposition particularly strong at 78 percent.

Infographic: Tokyo Olympics Face Widespread Opposition | Statista

You will find more infographics at Statista

With athletes pulling out of the Olympics due to COVID infections and others reportedly testing positive after arriving at the Olympic Village, doubts over the safety of the megaevent continue to mount.

According to a Asahi Shimbun poll68 percent of Japanese respondents doubt that the Games can be held “safe and secure”, a promise repeatedly made by Prime Minister Yoshihide Suga and the IOC.

end

More COVID cases surface prior to the start of the Olympic games

(zerohedge)

Tokyo Olympic Bubble ‘Compromised’ As COVID Case Count Hits 71

 
TUESDAY, JUL 20, 2021 – 08:20 AM

With the Tokyo Olympics set to start Friday, the negative headlines continue to pile up. Thanks to bans on spectators and the ongoing State of Emergency in the Japanese capital city, public opinion in Japan has turned decidedly against the Games, with most Japanese rooting for the Olympics to simply be canceled.

Dozens of staff and athletes have already tested positive. Outside of the COVID headlines, a Ugandan weight lifter has gone missing. Now, Reuters reports that the isolation bubble system put in place to house the athletes in the Olympic Village has already been compromised.

This means organizers’ promises that there would be “zero risk” of athletes infecting Tokyo residents have already been rendered moot. Kenji Shibuya, the former director of the Institute for Population Health at King’s College London, said such declarations only served to confuse and anger people as actual conditions on the ground were “totally opposite.”

“It’s obvious that the bubble system is kind of broken,” said Shibuya, who in April co-authored a British Medical Journal commentary that said the Olympics must be “reconsidered” due to Japan’s inability to contain coronavirus cases.

[…]

“My biggest concern is, of course, there will be a cluster of infections in the village or some of the accommodation and interaction with local people.”

Rather, since the start of July, there have been at least 71 cases detected among athletes preparing to compete in the Games. Videos showing interactions among athletes have added to concerns that the highly infectious delta variant will spread through the Olympic Village like the wildfires presently burning across swaths of Oregon.

New COVID-19 cases in Tokyo reached 1,410 on Saturday, the highest level in nearly six months, while the Games are due to start at the end of this week.

Some public health experts have warned that seasonal factors, increased mobility and the growing prevalance of delta could cause cases in Tokyo to surge past 2,000 per day in the next month, a level that could push the city’s health-care system to the breaking point.

Only 33% of Japanese citizens have received at least one dose of the COVID vaccine, a level that’s well below other western countries. While the vaccination push has picked up steam in recent weeks, logistical issues have left some areas with shortages of jabs.

end

Tokyo Olympics Chief Doesn’t Rule Out 11th-Hour Cancellation Of Entire Event

 
TUESDAY, JUL 20, 2021 – 10:49 AM

As COVID cases among Olympians pile up in Tokyo, and their biggest sponsor – Toyota – became the latest to bail on the event, Tokyo 2020 organizing committee chief, Toshiro Muto has not ruled out a last-minute cancellation of the Olympics, according to CNBC.

When asked at a news conference if the event may be canceled, Muto said he would keep an eye on infection counts and coordinate action with other organizers if necessary.

“We can’t predict what will happen with the number of coronavirus cases. So we will continue discussions if there is a spike in cases,” said Muto, adding “We have agreed that based on the coronavirus situation, we will convene five-party talks again. At this point, the coronavirus cases may rise or fall, so we will think about what we should do when the situation arises.

The Olympics were already postponed last year due to the COVID-19 pandemic, and will now be held without spectators. Athletes, meanwhile, will compete in empty venues to minimize spread.

Earlier Tuesday we reported that the number of infected athletes and others associated with the games has hit 71, while new COVID-19 cases in Tokyo hit 1,410 on Saturday, the highest daily level in nearly six months as the Delta variant continues to spread. On Tuesday, 1,387 cases were recorded. Overall, Japan has seen over 840,000 cases and 15,055 deaths.

Muto, a former top financial bureaucrat with close ties to Japan’s ruling party, is known for his careful choice of words, while officials are facing a domestic public angry about coronavirus restrictions and concerned over a possible spike in cases triggered by Games attendees arriving from abroad.

Organizers, for whom International Olympic Committee (IOC) President Thomas Bach said cancelling the event had never been an option, have promised to keep the Games “safe and secure”.

But experts see gaps in an Olympic “bubble” that mandates frequent testing and has been designed to limit participants’ movements. –CNBC

“I really want to apologize from my heart for the accumulation of frustrations and concerns that the public has been feeling towards the Olympics,” said Seiko Hashimoto, who sits alongside Muto as organizing committee President. 

On Thursday, the first indicator of how the Olympics may go will come in the men’s soccer tournament – which will be held one day before Friday’s opening ceremony as Japan faces off against the South African team which may struggle to field 11 players due to the coronavirus. Meanwhile, two members of Mexico’s baseball team tested positive at the hotel before departure for Tokyo and have been isolated – as have the rest of the team pending the results of more tests.

“My biggest concern is, of course, there will be a cluster of infections in the (athletes’) village or some of the accommodation and interaction with local people,” said Kenji Shibuya, former director of the Institute for Population Health at King’s College London.

In a recent poll conducted for the Asahi newspaper, 68% of those asked expressed doubt that the Olympic organizers can control infections, with 55% opposing the games going ahead.

3 C CHINA

 
 

China

Huge flooding in China

(yotube) 

Apocalypse in China !! Worst flood in Zhengzhou history! – YouTube

 
 
 
Talk about economic hit 2nd year in a row.

 

https://www.youtube.com/watch?v=LUy3HdeV6uc

END

 

4/EUROPEAN AFFAIRS

/EUROPE/

This is going to set Europe back considerably as floods close rail lines for months

(Fender/Trains.com)

Floods Close Rail Lines In Europe For Months Or Longer

 
TUESDAY, JUL 20, 2021 – 02:00 AM

By Keith Fender of Trains.com,

Portions of the rail network in Western Europe could be out of service for months or years after massive flooding that has left hundreds dead across a swath of western Germany and Belgium. Rail service has been suspended after the floods that saw rivers running 3 yards higher than previous records in some cases and destroyed homes and businesses.

Stranded trains are partially submerged at Gerolstein in Germany’s Eifel region, on the route from Cologne to Trier. (Courtesy Deutsche Bahn)

Flooding was caused by a slow-moving, low-pressure weather system that sat over the region from 15 July, releasing two months’ worth of rain in two days. Over 10 inches of rain fell continuously in some places in the hilly Ardennes, Eifel, and Ruhr regions; in many cases, this was then channeled down steep-sided river valleys, unleashing massive destructive power in towns and villages in the water’s path.

In Belgium, most rail lines south of Brussels saw disruption, with many in the hilly Ardennes region seriously damaged. The high-speed rail line connecting Brussels with Cologne in Germany was briefly closed, but as this goes through hills and over valleys, it was not seriously damaged. Services restarted over the weekend. The older rail lines that follow river valleys, often no more than a few yards above the river, fared much less well. Several routes are so badly damaged that reconstruction is expected to take until late August; less damaged routes reopened July 19.

Situation worse in Germany

In neighboring Germany, where the scale of destruction and loss of life has been greater, some rail lines, again built following river valleys, have been completely washed out. In total, German national railroad Deutsche Bahn has reported 600 kilometers (more than 370 miles) of tracks and 80 stations  are impassable.

The worst affected route along the valley of the river Ahr from Remagen to Ahrbrück has seen around 12.5 miles of its 18-mile length destroyed by flood water, with all seven bridges destroyed where the line crossed from one side of the river to the other. The town of Schuld, which has been seen on TV screens across the world, lies a few miles upstream of Ahrbrück in the same river valley (the rail line in this area closed in 1973); over 110 people were killed by the floods in this region alone. The German government has promised emergency funding for flood damaged areas but has already said it is likely to take years to rebuild the worst damaged areas and their road and rail infrastructure.

 

A damaged rail bridge in the Ahr River valley, as seen from a drone (Courtesy Deutsche Bahn, Alexander Menk)

Whilst the Ahr Valley damage has been widely reported, other towns in the wider Eifel region have suffered serious damage, and the rail network and equipment parked in flood areas is now out of action, probably for months. Further north, flood water hit towns around Aachen and Cologne, destroying buildings and disrupting some rail lines. Much of the flood water ended up in the river Rhine; this led to flooding in cities along the river.

In the Ruhr region, the main station in the city of Hagen was flooded and closed, along with rail lines through the city, as were those in the nearby city of Wuppertal. The flood waters knocked out power and telecoms services in many areas. In the city of Bonn, the electronic signaling center controlling the main rail lines along the Rhine valley was unable to function due to flood damage.

Countries neighboring Germany have also seen flooding, with the south of the Netherlands hit with largescale disruption to rail and road travel. As the weather system moved, on flood waters have affected Switzerland and by this weekend the rain had moved east to Bavaria in Germany and the neighbouring Czech Republic, with the rail line between Dresden and Prague shut down July 18 as the river Elbe burst its banks. The Elbe Valley was the scene of massive flooding in August 2002 which closed the rail line for three months.

European rail companies face up to changing weather

The intensity of the flooding and sheer amount of water — with the consequent damage and loss of life — has been characterized as exceptional, with the consensus view in Germany that this is due to changes in climate and weather patterns. While many of Germany’s big rivers, such as the Rhine or the Danube routinely flood, this has historically been in spring, when snow melting on higher ground swells the rivers. Most big cities on these rivers are built to either contain the flooding or to manage it, with some districts routinely flooded. What is so different this time is that the flooding was so fast and further upstream, where rivers normally no more than small streams in summer became raging torrents overnight.

Rail companies across Europe have been aware of the danger to their networks caused by changing weather patterns in the last two decades with torrential rain becoming more common, overwhelming tracks or structures such as bridges. In another recent example. a passenger train in Scotland derailed in August 2020, with loss of life following heavy rain that covered the track in debris after drainage failed

END

FRANCE/CORONAVIRUS.LOCKDOWNS

France in turmoil.  Paris clinics offer fake COVID passports for 250 pounds. French vaccination centres attacked by protesters.

(daily mail)

Paris clinics offer £250 fake Covid passports without the need to be jabbed as French vaccination centres are attacked by protesters

  • Le Parisien reported that certain centres were now ‘plagued by corruption’
  • The paper said staff were selling pricey fake passports without giving jabs
  • Report comes a week after President Emmanuel Macron said vaccine passports would be required to travel and to enter bars, restaurants and cafes
  • He also said there would be ‘compulsory vaccinations’ for all health workers
  • Announcement triggered huge protests across the country, with thousands gathering in Paris this weekend, as well as large crowds in Nantes
  • Weekend saw two vaccination centres destroyed in separate incidents in south 

 

Clinics in Paris are offering fake coronavirus passports to customers who have not received a jab for as little as £250, a new investigation has revealed. 

Under controversial new measures introduced by President Emmanuel Macron, proof of vaccination is required to travel long distances, and will soon be needed to enter bars, restaurants and cafes.

 The report by the Parisien newspaper came as two Covid-19 vaccination centres were ransacked by protesters over the weekend.

The paper reported that low-paid French health service staff were making more than £4,000 a month through the fraudulent documents. 

‘Certain vaccination centres, flagships of the fights against Covid-19 are now plagued by corruption,’ the paper said on Monday.

Proof of a double vaccination and negative test result is becoming essential for anyone who wants to travel out of France, including to countries such as the UK. 

The official passes are meant to prove that a person is fully vaccinated, and can take the form of a printed document, or an entry on France’s Anti-Covid App.

But Le Parisien reports that it found numerous centres in the greater Paris area selling fakes after pretending to jab people.

Clinics in Paris are offering fake coronavirus passports for as little as £250, a new investigation has revealed. Pictured: A mass protest against the new rules in Paris on Saturday

 

 

Clinics in Paris are offering fake coronavirus passports for as little as £250, a new investigation has revealed. Pictured: A mass protest against the new rules in Paris on Saturday

The report by the Parisien newspaper came as two Covid-19 vaccination centres were ransacked by protesters over the weekend. Pictured: A marquee hosting a vaccination centre in the town of Urrugne that was targeted in an arson overnight on Saturday

 

 
 

The report by the Parisien newspaper came as two Covid-19 vaccination centres were ransacked by protesters over the weekend. Pictured: A marquee hosting a vaccination centre in the town of Urrugne that was targeted in an arson overnight on Saturday

The words 'New Genocide' were sprayed onto the wall along with other graffiti at a vaccination centre in Lans-en-Vercors, Isere on Friday night

 

The words ‘New Genocide’ were sprayed onto the wall along with other graffiti at a vaccination centre in Lans-en-Vercors, Isere on Friday night

Proof of a double vaccination and negative test result is becoming essential for anyone who wants to travel out of France, including to countries such as the UK. Under controversial new measures announced last week, vaccine passports are also required to enter bars, cafes and restaurants [Stock image]

 

 

Proof of a double vaccination and negative test result is becoming essential for anyone who wants to travel out of France, including to countries such as the UK. Under controversial new measures announced last week, vaccine passports are also required to enter bars, cafes and restaurants [Stock image]

The paper said it had found numerous centres in the greater Paris area that were pretending to jab people and selling the fake passports.

This is despite the risk of three years in prison and a fine equivalent to £38,000 if found guilty of assisting in the trafficking of forged official documents.  

‘Armed with a hidden camera, we were able to benefit from a health passport for 300 euros (£250), without ever having received the slightest injection,’ Parisien investigators report.

They point out that a regular two-jab vaccination schedule should take more than three months, with 12 weeks between injections and then a further fortnight before someone is considered fully vaccinated.

But the investigators managed to overcome such delays by illegally offering cash, while not getting vaccinated at all.

Money was handed over in a curtained-off area of a clinic in the northern Paris suburbs, where the jab was meant to be administered, and placed ‘under the table where the needles and sterile pads are’.

Le Parisien has not named the clinic, or the staff involved, but it has produced a video of the transaction, and wrote that the centre ‘is not the only one to have established an underground economy.’

Urrugne mayor Philippe Aramendi told Le Monde that he was certain the fire at a marquee hosting a vaccination centre in the town was started deliberately

 

 

Urrugne mayor Philippe Aramendi told Le Monde that he was certain the fire at a marquee hosting a vaccination centre in the town was started deliberately

'Vaccine = genocide' and 'Think of your children' were graffitied on a vaccine centre in Isere. Furniture, syringes and compresses were also ransacked from the facility

 

 

‘Vaccine = genocide’ and ‘Think of your children’ were graffitied on a vaccine centre in Isere. Furniture, syringes and compresses were also ransacked from the facility

A week ago, French President Emmanuel Macron announced during a TV address that coronavirus vaccination passes would be compulsory for bars, cafés and restaurants because of the rapid spread of the Delta Variant across France

 

 

A week ago, French President Emmanuel Macron announced during a TV address that coronavirus vaccination passes would be compulsory for bars, cafés and restaurants because of the rapid spread of the Delta Variant across France

 
France: thousands protest against new Covid-19 rules

 

 
 
The announcement sparked protests across France, with large crowds gathering to demonstrate in 137 locations at the weekend. Pictured: A protest outside the Louvre in Paris on Saturday

 

 

The announcement sparked protests across France, with large crowds gathering to demonstrate in 137 locations at the weekend. Pictured: A protest outside the Louvre in Paris on Saturday

A protester wears a t-shirt bearing the image of a crossed-out syringe during a demonstration in Paris on Saturday

 

 

A protester wears a t-shirt bearing the image of a crossed-out syringe during a demonstration in Paris on Saturday 

Crowds gather on Saturday to protest against the strict new measures, many demonstrators waved French flags and chanted: 'Freedom'

 

 

Crowds gather on Saturday to protest against the strict new measures, many demonstrators waved French flags and chanted: ‘Freedom’

 

 
 

It states that ‘caregivers’ are also producing fake passports at the Sainte-Anne Centre, in the 14th arrondissement of Paris.

In June, one nurse was fired for ‘falsely vaccinating’ and issuing certificates for up to 10 people a day,’ the paper reports.

Another health centre nurse said he was now involved in trafficking fake passes ‘at a rate of 250 euros (£215) per person’, and that ‘I made about 5,000 euros (£4,300) last month’

A spokesman for France’s General Directorate of Health said the Health Ministry was ‘monitoring the subject (of vaccine fraud) very closely and has already alerted regional health agencies and vaccination centres in order to strengthen their vigilance and identify possible suspicious acts.’

A week ago, French President Emmanuel Macron announced during a TV address that coronavirus vaccination passes would be compulsory for bars, cafes and restaurants because of the rapid spread of the Delta Variant across France.

He also said there would be ‘compulsory vaccinations’ for all health workers, who risk fines if they do not comply.

The announcement sparked protests across France, with large crowds gathering to demonstrate in 137 locations at the weekend.

The weekend also saw attacks on two vaccination centres, one in Isere in southeastern France and one in the Pyrenees-Atlantiques in the country’s southeast corner.

The Isere centre, located in Lans-en-Vercors, was vandalised overnight on Friday, the mayor of the town told Le Monde, saying the municipal building in which the centre was housed is now ‘completely out of order’.

Furniture, syringes and compresses were ransacked from the facility, which was tagged with graffitied phrases including ‘Vaccine = genocide’ and ‘New Genocide’.

Equipment stored in garages under the building was also damaged, mayor Michael Kraemer told the paper, adding that the town was paying the price for the implementation of ‘certain major national policies’.

A protester dressed as the Statue of Liberty waves a flag during a demonstration in Paris on Saturday as another holds a sign emphasising that it should be an individual's choice whether or not to get vaccinated

 

 

A protester dressed as the Statue of Liberty waves a flag during a demonstration in Paris on Saturday as another holds a sign emphasising that it should be an individual’s choice whether or not to get vaccinated 

Pictures of world leaders bearing Adolf Hitler moustaches are seen in Paris, where protesters described a 'health dictatorship'
 

Pictures of world leaders bearing Adolf Hitler moustaches are seen in Paris, where protesters described a ‘health dictatorship’

Macron's measures have angered many people who feel they infringe on individual freedoms. Pictured: Protesters in Paris on Saturday

 

 

Macron’s measures have angered many people who feel they infringe on individual freedoms. Pictured: Protesters in Paris on Saturday

A protester holds a placard reading: 'health dictatorship' and wears a yellow Star of David, marking themselves out as a non-vaccinated person in an apparent reference to the stars Jews were forced to wear in Nazi-occupied Europe during World War II

 

 

A protester holds a placard reading: ‘health dictatorship’ and wears a yellow Star of David, marking themselves out as a non-vaccinated person in an apparent reference to the stars Jews were forced to wear in Nazi-occupied Europe during World War II

In the Pyrenees-Atlantiques, a marquee hosting a vaccination centre in the town of Urrugne was targeted in an arson overnight on Saturday, according to a prosecutor in the city of Bayonne, which has opened an investigation.

Urrugne mayor Philippe Aramendi told Le Monde that he was certain the fire was started deliberately.  

‘I was called at 3 am and it was found that flammable product had been spilled around the marquee. Fortunately, the firefighters quickly contained the flames and the marquee was only partially destroyed, ‘ he said. 

Bastille Day also saw large protests, with hundreds of cafe owners, hospital workers and parents, some chanting ‘Liberty! Liberty!’, taking to the streets of Paris to rebel against Macron’s controversial plans to tackle the nation’s surging coronavirus cases.

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

On Friday, the UK Government announced that travellers arriving to the UK from France will have to quarantine for up to 10 days, even if they have had both Covid jabs.

This was in response to the spread of the Beta Variant in France, even though rises are mainly limited to the overseas island of Reunion, which is 5,000 miles from Paris.

On Saturday, France recorded 12,532 new infections, with 22 deaths registered on Friday. 

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

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

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

 

 

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

UK

UK health authorities bar unvaccinated patrons from entering nightclubs

(zerohedge)

So Much For “Freedom Day”: UK Health Authorities Bar Unvaccinated Patrons From Nightclubs

 
TUESDAY, JUL 20, 2021 – 05:45 AM

Thousands of young Britons celebrated “Freedom Day” by piling into nightclubs that had been closed for nearly a year-and-a-half, indulging in the kind of nightlife activities they once took for granted. Unfortunately for those who haven’t been “fully vaccinated”, the UK’s vaccine’s minister Nadhim Zahawi said Monday that a negative coronavirus test will “no longer be sufficient” proof that a person is COVID safe.

Zahawi said a negative coronavirus test would soon “no longer be sufficient” proof that a person was COVID-safe, and instead they urged nightclubs and other businesses to use the NHS COVID pass, which contains their vaccination status. Public health authorities will be monitoring to see how many businesses voluntarily follow this ‘recommendation’. Over the next few weeks, “we will be keeping a close watch on how it is used by venues and reserve the right to mandate if necessary.”

But pretty soon, providing proof of vaccination status might be a requirement in the UK, just like it’s becoming a requirement in other parts of Europe like France and Greece.

“By the end of September everyone aged 18 and over will have the chance to receive full vaccination and the additional two weeks for that protection to really take hold.”

“So at that point we plan to make full vaccination a condition of entry to nightclubs and other venues where large crowds gather.”

“Proof of a negative test will no longer be sufficient.”

As we have reported, starting in August, members of the French public will need to carry around a special vaccine pass, according to an edict from President Emmanuel Macron.

Authorities hope barring un-vaccinated from places like nightclubs and concert venues will help encourage more young people to accept the vaccine.

Speaking to the press on Monday, PM Boris Johnson said 35% of 18-to-30-year-olds (roughly three million people) were unvaccinated. He urged young people to get fully-jabbed, saying it is the “right thing to help get back the freedoms you love”.

He added: “I would remind everybody that some of life’s most important pleasures and opportunities are likely to be increasingly dependent on vaccination.”

British health authorities aren’t the only ones who are moving to crack down as the UK sees among the highest rates of spread for the Delta variant: In the US, the State Department warned Monday afternoon that it had raised its travel advisory for the UK to “do not visit.”

END

England’s Freedom day is marred by looming food shortages. New terminology created in the UK  “Ping demics”

(zerohedge)

England’s “Freedom Day” Dulled By Looming Food Shortages As “Ping-Demic” Worsens

 
TUESDAY, JUL 20, 2021 – 02:45 AM

In keeping with Prime Minister Boris Johnson’s promise, England lifted its last remaining COVID-linked restrictions on movement and business at midnight on Monday, finally allowing people to move about more or less freely, even as new COVID cases are climbing in the UK and much of the EU.

Despite the surge in new cases across the UK (which has been overwhelmingly driven by the Delta variant), instances of deaths and hospitalizations have climbed only slightly.

Over the weekend, the number of new daily cases climbed above 50K for the first time since January… but deaths remain de minimus (and that is with a 2 month lag from cases picking up)…

Across England, work from home guidance has been removed, along with the legal obligation to wear face masks in public places. Some “key protections” will remain, however. People who test positive for Covid-19 or are contacted by NHS Test and Trace will have to self-isolate, as will those arriving from amber and red-list countries.

BoJo’s decision has also infuriated some public health “experts”, who have in turn condemned Boris Johnson’s lifting of most COVID legal restrictions as “a threat to the world.” The UK now has the third-highest number of active COVID cases outside Brazil and Indonesia.

Others have complained – with good reason – that “Freedom Day” isn’t quite living up to its name, with one critic calling it “all mouth, no trousers”.

And not without reason. As the economy is supposedly reopening, a deluge of mandatory quarantine orders have been handed down to coworkers and family members of the infected have created serious problems for the British economy. The British press is calling it the “ping-demic” – a reference to being “pinged” by the NHS test-and-trace system. Some are worried that it could soon lead to food shortages, the Evening Standard said.

Tim Morris, chief executive of the UK Major Ports Group, called what has been dubbed the “ping-demic” as the most “significant threat to ports’ resilience we have seen yet…

“If the current trajectory of absences continues without the Government taking any action, there has to be a risk of disruption to important supply chains, including food.”

The NHS T&T app sent a record 520,194 alerts last week. Each of those represents a person (often a worker) who must quarantine for up to ten days after reportedly coming into “close contact” with someone who has tested positive.

Meat processors are saying 1 in 10 of their workforce were being told to self-isolate by the app, a development that could require firms “to start shutting down production lines altogether”.

Even BoJo has been impacted: Only hours “Freedom Day” began, the PM was himself forced to go into self-isolation after his government’s health secretary tested positive.

As Deutsche Bank’s Jim Reid pointed out in a note to clients published Monday morning, it’s becoming “increasingly difficult” in the UK to have a conversation with anybody who disagrees with your views on ending the COVID lockdown.

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.

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.

The day has been nicknamed “Freedom Day”, and for many it didn’t disappoint. As nightclubs opened their doors and dancefloors for the first time in 16 months, young people packed into establishments to celebrate. In a message recorded at the PM’s country house, Chequers, where he is spending is quarantine, Johnson urged caution even as he said it was time to move away from government rules to a new era of personal responsibility: “If we don’t do it now we’ve got to ask ourselves, when will we ever do it?”

Indeed!!

END

UK Government advisor admits masks are not but “comfort blankets” and do virtually nothing. Then why mandate them?

*(Watson/SummitNews)

UK Government Advisor Admits Masks Are Just “Comfort Blankets” That Do Virtually Nothing

 
TUESDAY, JUL 20, 2021 – 03:30 AM

Authored by Steve Watson via Summit News,

As the UK Government heralds “freedom day” today, which is anything but, a prominent government scientific advisor has admitted that face masks do very little to protect from coronavirus and are basically just “comfort blankets”.

Dr Colin Axon, a SAGE advisor for the government told the London Telegraph that medics have given people a “cartoonish” view of how how microscopic viruses travel through the air, and the masks have gaps in them that are up to 5000 times bigger than Covid particles.

“The small sizes are not easily understood but an imperfect analogy would be to imagine marbles fired at builders’ scaffolding, some might hit a pole and rebound, but obviously most will fly through,” Axon said.

“Once a particle is not on a biological surface it is no longer a biomedical issue, it is simply about physics. The public has only a partial view of the story if information only comes from one type of source,” Axon continued, adding

“Medics have some of the answers but not a whole view.”

Noting that the “mask debate is about the particle journey,” Axon explained that “Masks can catch droplets and sputum from a cough but what is important is that SARS CoV-2 is predominantly distributed by tiny aerosols.

“A Covid viral particle is around 100 nanometres, material gaps in blue surgical masks are up to 1,000 times that size, cloth mask gaps can be 500,000 times the size,” Axon urged.

The professor noted that “those aerosols escape masks and will render the mask ineffective,” adding “The public were demanding something must be done, they got masks, it is just a comfort blanket. But now it is entrenched, and we are entrenching bad behaviour.”

“All around the world you can look at mask mandates and superimpose on infection rates, you cannot see that mask mandates made any effect whatsoever,” Axon further noted, adding that “The best thing you can say about any mask is that any positive effect they do have is too small to be measured.”

Axon’s comments echo those of Dr. Anthony Fauci, who wrote in February 2020 that a typical store-bought face mask “is not really effective in keeping out virus, which is small enough to pass through material.”

Fauci later reversed his position after the CDC began recommending that Americans wear face coverings. Similar recommendations were then made worldwide, with World Health Organisation officials even recommending that masks remain INDEFINTELY.

Social media networks have long censored and deleted information pertaining to the efficacy of masks, or lack thereof, despite numerous credible studies concluding that they are largely useless at stopping the spread of COVID-19.

A study in Denmark involving 6,000 participants found that “there was no statistically significant difference between those who wore masks and those who did not when it came to being infected by Covid-19,” the Spectator reported

“1.8 per cent of those wearing masks caught Covid, compared to 2.1 per cent of the control group. As a result, it seems that any effect masks have on preventing the spread of the disease in the community is small.”

While the government says that from today masks are optional in the UK, many train companies and other businesses have said that they remain mandatory, causing widespread confusion.

*END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
IRAN//
 

end 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//GLOBALRESEARCH

The following global research is extremely important.

Letter to Physicians: Four New Scientific Discoveries Regarding the Safety and Efficacy of COVID-19 Vaccines

 

All Global Research articles can be read in 51 languages by activating the “Translate Website” drop down menu on the top banner of our home page (Desktop version).

Visit and follow us on Instagram at @crg_globalresearch.

***

Doctors for Covid Ethics has sent the following letter to tens of thousands of doctors in Europe, summarising four recent scientific findings critical to the COVID-19 vaccination program. The letter explains each finding as it relates to the biology of COVID-19 vaccines, including interactions with the immune system.

Taken together, the letter warns that these new pieces of evidence force all physicians administering COVID-19 vaccines to re-evaluate the merits of COVID-19 vaccination, in the interests of their own ethical standing, and their patients’ safety and health.

A video explanation of the underlying immunology by Professor Sucharit Bhakdi MD is here, with German subtitles here.

*

Dear Colleague:

Four recent scientific discoveries are herewith brought to your urgent attention. They alter the entire landscape of the COVID-19 pandemic, and they force us to reassess the merits of vaccination against SARS-CoV-2.

Summary

Rapid and efficient memory-type immune responses occur reliably in virtually all unvaccinated individuals who are exposed to SARS-CoV-2. The effectiveness of further boosting the immune response through vaccination is therefore highly doubtful. Vaccination may instead aggravate disease through antibody-dependent enhancement (ADE).

Discovery 1: SARS-CoV-2 spike protein circulates shortly after vaccination

SARS-CoV-2 proteins were measured in longitudinal plasma samples collected from 13 participants who received two doses of Moderna mRNA-1273 vaccine [1]. With 11 of the 13, the SARS-CoV-2 spike protein was detected in the blood within only one day after the first vaccine injection.

Significance. Spike protein molecules were produced within cells that are in contact with the bloodstream—mostly endothelial cells—and released into the circulation. This means that a) the immune system will attack those endothelial cells, and b) the circulating spike protein molecules will activate thrombocytes. Both effects will promote blood clotting. This explains the many clotting-related adverse events—stroke, heart attack, venous thrombosis—that are being reported after vaccination.

Discovery 2: Rapid, memory-type antibody response after vaccination

Several studies have demonstrated that circulating SARS-CoV-2-specific IgG and IgA antibodies became detectable within 1-2 weeks after application of mRNA vaccines [1–3].

Significance. Rapid production of IgG and IgA always indicates a secondary, memory-type response that is elicited through re-stimulation of pre-existing immune cells. Primary immune responses to novel antigens take longer to evolve and initially produce IgM antibodies, which is then followed by the isotype switch to IgG and IgA.

A certain amount of IgM was indeed detected alongside IgG and IgA in some studies [1,4]. Importantly, however, IgG rose faster than IgM [4], which confirms that the early IgG response was indeed of the memory type. This memory response indicates pre-existing, cross-reactive immunity due to previous infection with ordinary respiratory human coronavirus strains. The delayed IgM response most likely represents a primary response to novel epitopes which are specific to SARS-CoV-2.

Memory-type responses have also been documented with respect to T-cell-mediated immunity [5–7]. Overall, these findings indicate that our immune system efficiently recognizes SARS-CoV-2 as “known” even on first contact. Severe cases of the disease thus cannot be ascribed to lacking immunity. Instead, severe cases might very well be caused or aggravated by pre-existing immunity through antibody-dependent enhancement (ADE, see below).

 

Discovery 3: SARS-CoV-2 elicits robust adaptive immune responses regardless of disease severity

Serum antibody profiles were reported for 203 individuals following SARS-CoV-2 infection [8]. 202 (>99%) of the participants exhibited SARS-CoV-2 specific antibodies. With 193 individuals (95%), these antibodies prevented SARS-CoV-2 infection in cell culture and also inhibited binding of the spike protein to the ACE2 receptor. Furthermore, CD8+ T-cell responses specific for SARS-CoV-2 were clear and quantifiable in 95 of 106 (90%) HLA-A2-positive individuals.

Significance. This study confirms the above assertion that the immune response to initial contact with SARS-CoV-2 is of the memory type. In addition, it shows that this reaction occurs with almost all individuals, and particularly also with those who experience no manifest clinical symptoms.

The goal of the vaccination is to stimulate production of antibodies to SARS-CoV-2, but we now know that such antibodies can and will be rapidly generated by everyone upon the slightest viral challenge, even without vaccination.

Severe lung infections always take many days to develop, which means that if the antibodies generated by the memory response are needed, they will arrive on time. Therefore, vaccination is unlikely to provide significant benefit with respect to the prevention of severe lung infection.

Discovery 4: Rapid increase of spike protein antibodies after the second injection of mRNA vaccines

IgG and IgA antibody titres were monitored before vaccination and after the first and the second injection of mRNA vaccines [3]. Antibody titres rose with some delay after the first injection, then plateaued, but rose again very shortly after the second injection.

Significance. Even though the antibody response to the first injection is of the memory type, the small time lag after the injection may mitigate adverse reactions, because the abundance of spike protein on the cells in the blood vessel walls and in other tissues may have already passed its peak when the antibodies arrive.

The situation changes dramatically with the second injection. Then the spikes are produced and protrude into the bloodstream that is already swarming with both reactive lymphocytes and antibodies. The antibodies will cause the complement system [9,10] and also neutrophil granulocytes to attack the spike protein-bearing cells. The possible consequences of all-out self-attack by the immune system are frightening.

Antibody-dependent enhancement of disease

As described, memory-type immune responses ensure the rapid rise of antibody titres after initial exposure to SARS-CoV-2, rendering the benefit of vaccine-induced antibody response exceedingly doubtful. Regardless, we should not assume that high antibody titres against SARS-CoV-2 will always improve the clinical outcome. With several virus families—in particular with Dengue virus, but also with coronaviruses—antibodies can aggravate rather than mitigate disease. This occurs because certain cells of the immune system take up antibody-tagged microbes and destroy them. If a virus particle to which antibodies have bound is taken up by such a cell, but it then manages to evade destruction, it may instead start to multiply within the cell. Overall, the antibody will then have enhanced the replication of the virus. Clinically, this antibody-dependent enhancement (ADE) can cause a hyperinflammatory response (a “cytokine storm”) that will amplify the damage to the lungs, liver and other organs of our body.

Attempts to develop vaccines to the original SARS virus, which is closely related to SARS-CoV-2, repeatedly failed due to ADE. The vaccines did induce antibodies, but when the vaccinated animals were subsequently infected with the virus, they became more ill than the unvaccinated controls (see e.g. [11]). The possibility of ADE was not adequately addressed in the clinical trials on any of the COVID-19 vaccines. It is therefore prudent to avoid the danger of inducing ADE through vaccination and instead rely on proven forms of treatment [12] for dealing with clinically severe COVID-19 disease.

Conclusion

The collective findings discussed above clearly show that the benefits of vaccination are highly doubtful. In contrast, the harm the vaccines do is very well substantiated, with more than 15.000 vaccination-associated deaths now documented in the EU drug adverse events database (EudraVigilance), and over 7.000 more deaths within the UK and the US [13].

ALL PHYSICIANS MUST RECONSIDER THE ETHICAL ISSUES SURROUNDING COVID-19 VACCINATION.

 

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END

Now we find that Bell’s palsy is linked to the COVID 19 vaccine as a 61 yr man develops rare facial paralysis

(DailyMail/USAHealth)

 

 

 

Bell’s palsy IS linked to the COVID-19 vaccine: Man, 61, developed rare facial paralysis that occurs in just 0.02% of patients after both shots of Pfizer

  • Researchers documented the case of a 61-year-old white man in the UK who received the Pfizer-BioNTech COVID-19 vaccine
  • After his first dose in January, he developed Bell’s palsy, a nerve condition causing a patient to experience muscle weakness in half of their face
  • He was given a treatment course of steroids and recovered, but developed the condition again after his second dose 
  • This time, it was a severe case with side effects including dribbling, difficulty swallowing and being unable to fully close his left eye
  • The man has since recovered and the researchers say the vaccine and Bell’s palsy are linked, but it is a rare side effect 
  • A recent study suggested it occurs in just 0.02% of vaccinated patients 

By MARY KEKATOS ACTING U.S. HEALTH EDITOR FOR DAILYMAIL.COM

PUBLISHED: 00:24 BST, 20 July 2021 | UPDATED: 07:42 BST, 20 July 2021 

Researchers documented the case of a 61-year-old white man in the UK who reported Bell's palsy after both his first and second dose of the Pfizer-BioNTech COVID-19 vaccine.  Pictured: Portrait of man (not the patient) with Bell's palsy

Researchers documented the case of a 61-year-old white man in the UK who reported Bell’s palsy after both his first and second dose of the Pfizer-BioNTech COVID-19 vaccine.  Pictured: Portrait of man (not the patient) with Bell’s palsy

COVID-19 vaccines are linked to the risk of developing Bell’s palsy, a new report from the UK’s National Health Service(NHS) suggests.

Researchers detailed the case of a 61-year-old man in England who receive both doses of the  Pfizer-BioNTech COVID-19 vaccine. Bell's palsy is a nerve condition causing a patient to experience muscle weakness in half of their face

After each dose, he developed facial paralysis shortly thereafter, with the second time being more severe, including an inability to fully close his left eye. 

The NHS team says this is believed to be the first documented case of two separate instances of facial paralysis occurring after each dose of a coronavirus vaccine – but say it is a  very rare occurrence. 

Bell’s palsy is a condition that unexpectedly strikes a patient’s face.

The patient experiences sudden muscle weakness or paralysis that causes half of their face to appear to droop, leading to one-sided smiles and one eye that refuses to close.

 

It is usually a temporary condition with symptoms typically improving within a few weeks, with complete recovery in six months.

A small number of patients will have some symptoms for a longer time, or will see a resurgence of the condition later in life.

While exact causes for the condition are unknown, scientists hypothesize that it’s caused by an overreaction of the body’s immune system, which leads to inflammation, or swelling, that damages a nerve controlling facial movement.

A recent studylinked the incidence of Bell’s palsy cases at a 0.02 percent risk for vaccinated people. 

In Phase III clinical trials, three cases of Bell’s palsy were documented in four volunteers who received the Pfizer-BioNTech vaccine and three who received the Moderna vaccine.

The man has since recovered and the researchers say the vaccine and Bell’s palsy are linked, but it is a rare side effect. Pictured: A health worker fills a syringe with a dose of the Pfizer-BioNTech COVID-19 vaccine in Santiago, July 2021

 

END

Alex Berenson on new Israel data: in his words the vaccine is one big failure at all levels. Remember that Israel used only Pfizer’s mRNA

Alex Berenson/

 

Alex Berenson on Twitter: “The newest Israeli data indicate ~complete vaccine failure on every level. Remember: Israel used only the @pfizer mRNA shot and followed Pfizer dosing schedule. This data, from the @IsraelMOH telegram account, show nearly all serious cases and deaths are now among the vaccinated. https://t.co/ITqCE3bUrx” / Twitter

 
 
 
END
 
And now after fully vaccinating its people, a research team from an Israeli lab states categorically that some existing drugs could stop COVID at almost 100%  e.g. Ivermectin

Israeli lab: Some existing drugs could stop COVID at almost 100%

A research team found 18 drugs that they felt could be effective.

Vials of the Sputnik V (Gam-COVID-Vac) vaccine are seen at the Del-Pest Central Hospital in Budapest, Hungary, February 12, 2021. (photo credit: ZOLTAN BALOGH/MTI/MTVA/POOL VIA REUTERS/FILE PHOTO)
Vials of the Sputnik V (Gam-COVID-Vac) vaccine are seen at the Del-Pest Central Hospital in Budapest, Hungary, February 12, 2021.
(photo credit: ZOLTAN BALOGH/MTI/MTVA/POOL VIA REUTERS/FILE PHOTO)
 
 
Scientists from the Hebrew University of Jerusalem say they have identified several drugs that could potentially help treat, if not “cure,” people who develop COVID-19.
 
Prof. Shy Arkin, a biochemist in the Alexander Silberman Institute of Life Science, told The Jerusalem Post that in lab tests in which cells infected with SARS-CoV-2 were placed together with the drugs for two days, “almost 100% of the cells lived despite being infected with the virus.”
 
In contrast, without the preexisting drug compounds, around 50% of the cells died after coming in contact with the virus.
 
Arkin and his team culled through a library of more than 2,800 approved-for-use compounds, identifying 18 drugs they felt could be effective. In unpublished work, the researchers were able to show that several of these compounds “exhibited remarkable potency against the whole virus in in vitro experiments.”
 
Two of them are Darapladib, used for the treatment of atherosclerosis, and Flumatinib, used for the treatment of certain blood cancers. Arkin said he was hesitant to share the names of any of the drugs, adding that he could not recommend them until they underwent proper clinical trials.
 
 
 
The team focused on drug repurposing to potentially expedite any future regulatory steps. Since the drugs are already being used for other indications, their toxicity and side effects, for example, are known and approved.
 
The way the drugs work is by inhibiting two targets in the virus: the E (envelope) protein and the 3a protein.
 
The E protein is the most conserved of all virus proteins. For example, while the spike proteins of SARS-CoV-2 and SARS-CoV-1 (the 2003 virus) are only about 75% identical, their E proteins are roughly 95% alike. This means the drugs would likely remain effective even when the virus mutates, Arkin told the Post.
 
The Pfizer and Moderna vaccines target the spike protein.
 
In previous studies, E and 3a proteins were shown to be essential for viral infectivity. Arkin’s team was among the first to study the E protein of the first SARS coronavirus in 2004.
 
As part of research that Arkin’s team has been conducting for more than two decades, they identified that the E protein is an ion channel, a type of protein family expressed by virtually all living cells that because of its structure has “served as excellent and frequent targets for pharmaceutical point interventions,” including for cystic fibrosis, epilepsy, arrhythmia, neurodegenerative diseases, hypertension, angina and more, the report said.
 
It is important that “a large arsenal” of drugs exist to fight SARS-CoV-2, Arkin said.
 
“We should never be in a situation where in our arsenal we only have one firearm,” he said. “If we only have one and we rely solely on it, and then there comes a time that it fails, we will be in a very precarious situation.”
 
Arkin believes his team is set for in vitro and in vivo studies, and he is looking for a pharmaceutical partner to help carry these trials through.
 
Citing the success of Gilead obtaining US Food and Drug Administration approval for Remdesivir in record time at the start of the pandemic, Arkin said he was optimistic that at least some of these compounds could be approved for use against COVID “very quickly with the right partner.”
 
end
 
UK//ADVERSE REACTIONS
 
/0/#inbox/FMfcgzGkZQRpdCHmtPQVdKnMQNfJFVCV

Page 17//UK DATA ON ADVERSE REACTIONS TO THE VACCINE!!

 

 
 

Pg 17
257 total deaths from Delta. 118 of those were from 2x fully vaccinated. 

Overall, 44 dead with only single vaxxed and 92 dead unvaxxed.

Based on this, how are the jabs helping at all? 

If anything, at low prevalence we shouldn’t be seeing any death in the vaxxed.

The shots are completely worthless.

END

IT BEGINS

LAWSUITS WILL BEGIN FLYING NOW!! THE PANDEMIC WAS A FAKE!

Fake pandemic lawsuit

 

 
 
 
 

This lawsuit was filed yesterday in Federal Court. 67 pages of good information the public needs to see.

 
Pass it on!!!
 
 
END

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

 

Michael Every…

Rabobank: The Key Underlying Problem Here *Is* The 1%

 
TUESDAY, JUL 20, 2021 – 10:30 AM

By Michael Every of Rabobank

It was perhaps typical of what “freedom” now means that the celebration of “Freedom Day” in the UK included street-protests demanding freedom from Covid restrictions; the PM isolating from Covid despite having natural antibodies threatening the introduction of vaccine passports for young people wishing to go to clubs and mass events from end-September; figures showing 60% of new UK hospitalisations are double-jabbed – though thankfully deaths are still very low; and the US CDC recommending no travel to the UK.

Meanwhile France, the home of liberté, after the whole little Robespierre Reign of Terror thing, is pushing ahead with a ban on unvaccinated individuals’ access to shopping malls and places of leisure from tomorrow, and bars, restaurants, and hospitals from August; also just saw mass street protests against it; and two vaccination centres vandalised – as most of the emerging world is desperate for any vaccine at all.

Freedom Day also saw markets tumble – saying that if this is what it looks like then they would rather not, thanks. The Dow closed down more than 2% and US yields tumbled, with the 10-year down 11bp to just 1.18%. One and half more days like that and we are going to break 1% to the downside as the US curve flattens aggressively. Remind me again how recently some of the big Wall Street names were calling for a break of 2% and then a surge higher from there? At least the long end agrees with the White House, which is also now saying inflation is “transitory” – and suggesting that the Fed should be prepared to act if it isn’t.

As flagged by Rabo Research for years, the key underlying problem here *is* the 1% – with the current coterie of billionaires in spaaaaaace just the highest-above-the-radar exemplars of a distorted, monopoly-and-monosophy neoliberal structure that has a relationship with global labor like that of ‘The Food Chain’ poster from an early episode of The Simpsons; or of Marlon Brando on a palanquin carried by his DNA-spliced minions in The Island of Dr Moreau.

Add that weighty structure to the current delta in Delta (meaning Covid) –which only a research community/financial media that rotates round the aforementioned neoliberal structure in a Ptolemaic fashion could have not foreseen the emergence of as a high probability event– and suddenly markets are desperate for another shot.

Vaccines are no longer enough, it seems: so it would now need to be either monetary, despite pressure to go the other way, or fiscal – and this merely weeks or months after flagging that we were closer to returning to normal. In which case, we will probably need to see equities and yields fall a lot further than this first. We know that central banks are always prepared to pivot on request for more liquidity (the RBA minutes out today are already historical, for example), but the desired drug now is fiscal: and Republican and/or swing-state Democrat Senators don’t get out of bed for 2.1% on the Dow and 11bp on US 10s.

Yet if/when we do eventually get a drop in markets big enough to persuade central banks and central-casting US senators reluctantly saving the day with more huge stimulus, I repeat yet again that we better see plans for new supply chains at the same time, or else the next supply-side inflation shock will make the one we are experiencing now look like original Covid compared to Delta, which will destroy demand again with a lag.

Meanwhile, The Guardian just had one of its intermittent pieces of actual journalism, akin to the Panama Papers showing the 1% avoiding paying tax offshore –which changed nothing– and the WikiLeaks exposes showing how national security elites operate – which changed nothing. The Pegasus Project now lists 50,000 key individuals around the world with spyware planted on their phones: yet surely the safest, saddest way to proceed is to always assume that everything we do on our mobile phone is being accessed by at least one security agency at all times? To say nothing of the social media platforms we all use “for free” – as if such services could ever be free. Of course, markets could care less about this: the obvious heuristic is that they divorced themselves from any cultural correlation with liberal democracy and the rule of law years ago. Indeed, they adore monopoly and monopsony, and are apolitical and amoral unless specifically instructed otherwise. Freedom, shmeedom say free markets.

However, they might get upset at the idea of said politicization happening after the US and others in Europe and Asia –and even NATO– accused China’s Ministry of State Security of using “criminal contract hackers” to conduct “a range of destabilizing activities around the world for personal profit: that puts China on the same cyber blacklist as Russia, with whom economic relations are far cooler to put it mildly.

Politico also reports that US lawmakers are looking to pass legislation that targets China’s ability to purchase agricultural land in the States; which may encourage more economic decoupling, or at least as much as is physically possible on the key agri front; and it will helpfully free up more US farmland for Bill Gates to buy, of course.

For now the 1% are pulling us down towards 1% yields, it seems – until that in turn creates the dialectic to force through a structural break of the power of at least one 1% (i.e., more stimulus and a new temporary reflation trade in bonds); or the other (i.e., an anti-billionaire reflation alongside financial repression); or both simultaneously (i.e., a social and economic melt-down). Some would also probably put the odds on any of those happening ahead at 1%: but then evidently many in markets put the odds on a global pandemic around the same 18 months ago; and of a Delta variant after having ‘beaten’ the original Covid less than 6 months ago.

The same carry-on-until-the-politics-gets-in-the-way market runs true for oil, where the US is considering adapting its negotiation style with Iran. Critics say that under Trump this was “Surrender! Surrender!”; and other critics now say it is “We surrender! We surrender!”; but with fears growing Iran doesn’t want a deal, the White House will apparently adopt an appropriately  Middle-Eastern bargaining style to threaten Iran that it will stop its oil sales to China if it does not rejoin the nuclear deal. Needless to say, this would be a huge escalation, involve the new China anti-sanctions law, and likely mean the US Navy having to physically interdict oil tankers, if serious. That would be deadly serious in a way not seen so far despite other US-China tensions.

Oh, for the happy days when the global 1% all just got along, eh? (Remind me again: exactly how many years of mankind’s total history was this true for? I forget.)

 
end
 

7. OIL ISSUES

WTI Tumbles After Surprise Crude Build

 
TUESDAY, JUL 20, 2021 – 04:34 PM

Oil prices rebounded modestly today but were far from able to reverse yesterday’s bloodbathery as delta variant (demand) scares combined with OPEC+’s production deal (supply) dominated any equity-exuberance spillover affect with WTI unable to get back above $68.

“It is hard to see prices staging a comeback unless virus jitters are brought back under control,” said Stephen Brennock of oil broker PVM.

“The market is clearly unsettled about the demand outlook.”

Behind the burst of volatility is a realization that vaccines won’t prevent episodic flare-ups in infection and the introduction of measures to control new variants, according to Marwan Younes, chief investment officer at Massar Capital Management, a commodities-focused hedge fund.

“It’s going to be a lot more turbulent than people expected,” he said.

And the next driver of that vol will be tonight’s inventory data

API

  • Crude +806k (-5.4mm exp)

  • Cushing -3.57mm

  • Gasoline +3.31mm

  • Distillates

Analysts expected a 9th straight weekly crude draw but were disappointed when API reported a 806k barrel build. Gasoline stocks also saw a decent build.

Source: Bloomberg

WTI traded around $67.50 ahead of the print, and dived lower to a $66 handle after the surprise crude build…

“There are bottom pickers trying to get into this dip,” said Bob Yawger, director of energy futures at Mizuho in New York.

Analysts at Goldman Sachs Group say that the extra barrels of oil promised by OPEC won’t be enough to plug the gap between production and recovering demand. They see Brent, the global benchmark, trading at an average of $80 a barrel in the fourth quarter, though they warn of the potential for prices to “gyrate wildly in the coming weeks.”

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 TUESDAY  morning 7:30 AM….

Euro/USA 1.1777 DOWN .0015 /EUROPE BOURSES /ALL GREEN EXCEPT ITALY  

USA/ YEN 109.59  UP  0.062 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3610  DOWN   0.0059  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2759  DOWN .0173  (  16 BASIS PT DROP)

 

Early TUESDAY morning in Europe, the Euro IS DOWN BY 15 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1779 Last night Shanghai COMPOSITE CLOSED DOWN 2.33 PTS OR 0.07%

 

//Hang Sang CLOSED DOWN 230.53 PTS OR 0.84%

 

/AUSTRALIA CLOSED DOWN .45% // EUROPEAN BOURSES OPENED ALL GREEN EXCEPT ITALY 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN EXCEPT ITALY 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 280.53 PTS OR 0.84% 

 

/SHANGHAI CLOSED DOWN 2.333  PTS OR 0.07% 

 

Australia BOURSE CLOSED DOWN .45%

Nikkei (Japan) CLOSED DOWN 264.58 PTS OR 0.96%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1816.30

silver:$25.12-

Early TUESDAY morning USA 10 year bond yr: 1.1184% !!! DOWN 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.826 DOWN 0  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 92.99 UP 10 CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.24% DOWN 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.014%  DOWN 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.27%//  DOWN 0  in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.69  DOWN 2   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 42 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.410% 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  TUESDAY

Closing currency crosses for TUESDAY 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).. 6.4850 

 

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.4883

TURKISH LIRA:  8.58  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.014%

Your closing 10 yr US bond yield UP 3 IN basis points from MONDAY at 1.221 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.88 UP 6 in basis points on the day

 

Your closing USA dollar index, 92.96  UP 9  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 TUESDAY: 12:00 PM

London: CLOSED UP 22.96 PTS OR 0.59% 

 

German Dax :  CLOSED UP 83.07 PTS OR 0.55% 

 

Paris CAC CLOSED UP 50.88  PTS OR  0.81% 

 

Spain IBEX CLOSED  UP 56.30  PTS OR  0.68%

Italian MIB: CLOSED UP  141.41 PTS OR 0.59% 

 

WTI Oil price; 67.32 12:00  PM  EST

Brent Oil: 69.64 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.35  THE CROSS  LOWER BY 0.42 RUBLES/DOLLAR (RUBLE HIGHER BY 42 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.41 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 : 67,32//

BRENT :  69.64

USA 10 YR BOND YIELD: … 1.221..UP 3 basis points…

USA 30 YR BOND YIELD: 1.88 UP 6 basis points..

EURO/USA 1.1782 DOWN 0.0010   ( 10 BASIS POINTS)

USA/JAPANESE YEN:109.81 UP .323 ( YEN DOWN 33 BASIS POINTS/..

USA DOLLAR INDEX: 92.96  UP 6  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3628  DOWN 41  POINTS

the Turkish lira close: 8.58  UP 1 BASIS PTS

the Russian rouble 74.35   UP 0.42 Roubles against the uSA dollar. (UP 42 BASIS POINTS)

Canadian dollar:  1.2681 UP 70 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.41%

The Dow closed UP 549.95 POINTS OR 1.62%

NASDAQ closed UP 223.89 POINTS OR 1.50%

VOLATILITY INDEX:  19.73 CLOSED DOWN  2.77

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

USA trading day in Graph Form

a)Market trading/this AFTERNOON/USA/

Traders Are Now Panic-Buying Stocks & Puking Bonds & Bullion

 
TUESDAY, JUL 20, 2021 – 10:53 AM

Presented with no comment really… it’s just a farce of a market!

Stocks are exploding higher since the cash open…

Small Caps are now up almost 1% from Friday’s close (+3.5% off yesterday’s lows) and Nasadaq is about to go green from Friday’s close)…

The bounces are very technical with S&P popping perfectly off its 50DMA…

And The Dow bouncing off its 100DMA and breaking back above its 50DMA…

Gold was hammered lower…

As Bond yields spike off the lows and higher on the day…

As one veteran trader exclaimed, “this market is a f**king joke!”

ii) Market data

(Forward-Looking) US Building Permits Plunge To 8-Month Lows In June

BY TYLER DURDEN
TUESDAY, JUL 20, 2021 – 08:39 AM

Amid a slew of weak housing sales data, weak mortgage applications, crashing homebuyer sentiment, and 11-month low homebuilder sentiment, analysts still expected both housing starts and permits to rise MoM in June… they were half right!

After a small downward revision in May, Housing Starts soared 6.3% MoM in June (massively beating expectations of +1.2% MoM), but… Building Permits, which are forward-looking of course, saw a third straight month of declines, plunging 5.1% MoM (far worse than the +0.7% MoM expected)…

Source: Bloomberg

This pushed the Permits SAAR below Starts for the first time since Jan 2020, and to its weakest since Oct 2020…

Source: Bloomberg

Under the hood, Single Family Starts rose 6.3% SAAR to 1.160MM, the highest since March, and Multi Family (rentals) Starts were up 6.8% to 474K, highest since July 2020…

But Permits were far more ugly, with Single Family Permits down 6.3% to 1.063MM SAAR, lowest since August 2020; and Multi Family Permits down 1.6% to 483K SAAR, lowest since Dec 2020.

This is not a pretty picture for the future.

Exorbitant materials costs, combined with shortages of land and labor, have thwarted developers seeking to ramp up construction. Supply concerns and a slowdown in sales pushed builder confidence down to an 11-month low in July, a survey from the National Association of Home Builders showed Monday.

An inventory crunch that followed solid demand last year has sent prices soaring, tempering buyer interest. A record 71% of consumers said higher prices were a reason why buying conditions have soured, according to July data from the University of Michigan.

iii) Important USA Economic Stories

BALTIMORE MARYLAND

“Your Safety Is In Jeopardy!” – Baltimore City Hit With Cop And Firefighter Shortage

 
MONDAY, JUL 19, 2021 – 11:00 PM

Baltimore City continues to descend into chaos this summer as labor shortages plague the police department and firehouses. 

Residents could be at risk of police not responding to 911 calls or firefighters not arriving to a fire or other emergency. Under new management, newly elected Mayor Brandon Scott fails to keep public emergency services stocked with first responders. 

According to Baltimore City Fraternal Order of Police’s (FOP) Twitter, the city is experiencing a cop shortage as patrols plunge. The police department is more than 500 cops short (something we outlined not too long ago). 

“CITIZENS OF BALTIMORE: Last night, the @baltimorepolice Northern District had 7 officers on the street and the other Districts averaged 12 officers. Ten years ago the average was 20 officers/shift. YOUR SAFETY IS IN JEOPARDY!” Baltimore City FOP tweeted. 

Declining patrols and a liberal City Hall have transformed the city into a chaotic mess this summer. Violent crime is surging, and homicides are expected to break above the 300-level for the six consecutive year. 

Maryland Governor Larry Hogan has blamed the surge in violent crimes on Baltimore City State’s Attorney Marilyn Mosby’s halt on prosecuting minor traffic violations, prostitution, drug possession, and other minor offenses during the virus pandemic.

Meanwhile, the official Twitter handle for the Baltimore Firefighters Union IAFF Local 734, reports one of the busiest fire departments in the city, Engine 13, closed on Saturday because of “staffing issues.” The video below shows the firehouse unable to respond to fire down the street. 

Police and fire shortages can’t be good. 

The question remains if America’s labor shortage is driving police and firefighter shortages in the city, or people just don’t want to risk their lives for an imploding town. Soon, basic public services could be in jeopardy. 

USA COVID//VACCINE UPDATE

 
USA//FOOD SHORTAGES
Shortages at Taco Bell and Starbucks???

Panic!? Taco Bell And Starbucks Warn About Shortages

 
 
TUESDAY, JUL 20, 2021 – 08:08 AM

By Jonathan Maze of Restaurant Business,

Supply chain problems continue to plague the restaurant industry, leading big chains Taco Bell and Starbucks to warn consumers on Monday that some items may not be available.

 

Starbucks told customers on its app that “due to supply shortages, some items are temporarily unavailable.”

That echoed warnings that have persisted at the chain’s locations for months. Consumers have complained on social media channels about periodic shortages of items such as green tea.

At Taco Bell, customers are complaining about a lack of hot sauce. The Mexican fast-food chain’s website warns customers that not all items are available at the moment.

“Sorry if we can’t feed your current crave. Due to national ingredient shortages and delivery delays, we may be out of some items,” an orange banner with bold lettering read on the top of Taco Bell’s website. 

The company, owned by Louisville, Ky.-based Yum Brands, blamed transportation problems for the shortages.

“Due to national transportation delays happening throughout most of the industry, we may be temporarily out of some items,” the company said in a statement. “Apologies for the inconvenience and we hope to feed fans’ current Taco Bell cravings again soon.”

Restaurants have faced shortages of everything from sauces to pickles to chicken wings in recent months due to a host of issues—including weather problems in Texas and intense demand from consumers coupled with supply limitations.

But transportation issues have made matters worse. An economywide lack of drivers has made it difficult for companies to deliver goods to their destination.

Rick Cardenas, president of Olive Garden owner Darden Restaurants, told investors last month that any supply chain issues his company has is over warehousing and transportation problems and not an actual shortage of supplies.

“The few spot outages we have are due to warehouse staffing and driver shortages, not product availability,” Cardenas said, according to a transcript on the financial services site Sentieo.

* * * 

… and, of course, those who frequent Taco Bell have been all over social media voicing their outrage at how they can’t purchase their favorite menu items. 

“Taco Bell employee told me there was a ‘national shortage of everything right now,’ and I have decided to get my economic news exclusively from drive-thru employees from now on,” tweeted one patron. 

“Taco Bell has a ‘district-wide shortage of hot sauce…times are tough,” tweeted a customer. 

Another said: 

“Due to national ingredient shortages and delivery delays, we may be out of some food and beverage items,” a sign at a Taco Bell drive-thru read. 

Also, a “shredded cheese shortage”?

Others say they’re “about to freak out.” 

Rough times in America when consumers are used to the instant gratification of obtaining almost any item or service at their fingertips. Shortages are pushing some to the edge of insanity over petty things, like fast-food tacos. 

END

USA/INFLATION TRANSITORY OR PERMANENT

Campbell’s Soup Destroys The Fed’s Myth Of ‘Transitory’ Inflation

 

Via Political Calculations blog,

Campbell’s Condensed Tomato Soup has long been our favorite way to visualize the effects of inflation over time in the U.S. economy. That’s because the product is defined by its iconic packaging, a No. 1 size steel can that contains the same amount of condensed tomato soup as it did when the product was first introduced to the public in the late 1800s.

This relative stability in packaging however means Campbell Soup cannot hide the price increases is passes along to its customers through shrinkflation, which many other food producers exploit by keeping the same prices on their goods, but diminishing the amount of goods within them. When inflation drives up the costs of what they have to pay to make and transport their goods to consumers, Campbell’s must increase their prices to compensate.

That’s what’s happening now. Campbell Soup has confirmed it is increasing prices across its product lines:

Get ready to add a few dollars to your monthly canned soup budget, because thanks to rising supply chain costs, Campbell’s is planning to raise its prices. On Wednesday, Campbell’s announced its last-quarter earnings were weaker than the company had expected. Compared to the same time period last year, profits had fallen 5% to $160 million.

“Our results were impacted by a rising inflationary environment, short-term increases in supply chain costs, and some executional pressures,” said CEO Mark Clouse….

Clouse assured investors that the company is taking steps to recover from the slump, including a new pricing strategy, which will roll out over the current quarter (which ends in early August). Across the company portfolio Campbell’s net sales decreased 14% over the last quarter, so expect this pricing strategy to affect more than just canned soup—Swanson broth, Pop Secret popcorn, Cape Cod chips, Pace salsa, Snyder’s of Hanover pretzels, V8 juice, Prego tomato sauce, SpaghettiOs, and Pepperidge Farm are all owned by Campbell’s.

Whether or not you, personally, will be paying more for these products is yet to be seen. Though retailers will be paying more for Campbell’s products, it’s ultimately up to them whether or not to absorb the higher costs, or pass them onto consumers.

The markup between wholesale and retail prices give retailers some flexibility in how they might choose to pass their increased costs along to consumers. And that is where we can show how that works, because we’ve tracked the prices consumers have paid for Campbell’s Condensed Tomato Soup since the product rolled out onto grocery store shelves in the late 1800s.

For products like Campbell’s Condensed Tomato Soup, retailers pass along their cost increases to consumers by offering fewer and smaller discounts. This marketing strategy lets them hold their shelf prices relatively stable, but only until inflationary pressures rise enough to force retailers to increase their shelf price. Once they do, their higher markups allow them to regain the ability to offer larger discounts.

You can see that dynamic playing out in this chart as prices have periodically stepped upward in 5 to 10 cent intervals since the U.S. government ended its failed attempt to stop inflation through price controls in 1974. As prices have risen, deep discounting becomes much less common and eventually the low prices consumers were once able to pay becomes a thing of the past.

In 2021, the price of Campbell’s Condensed Tomato Soup is converging near a shelf price of $1.00 per 10.75 ounce can. In July 2021, the trailing twelve month average discounted sale price is $0.95 per can, which has fallen from a seasonal peak of $0.99 per can in December 2020 thanks largely to some unique pandemic-driven supply and demand dynamics.

We think we’ll start seeing higher retail shelf prices in the very near future to confirm the permanence of 2021’s inflation.

 

iv) Swamp commentaries/

Vaccinated Pelosi Aide, White House Official Who Welcomed Fugitive Texas Democrats Test Positive For COVID

Tyler Durden's Photo

 

BY TYLER DURDEN
TUESDAY, JUL 20, 2021 – 11:02 AM

A staff member for House Speaker Nancy Pelosi (D-CA) and a White House official tested positive for COVID-19 after both helping to usher a delegation of Democratic Texas lawmakers around the Capitol last week, according to Axios.

Both of the individuals are fully vaccinated and mildly symptomatic, which illustrates “how Americans inoculated against the coronavirus can still contract and, potentially, unknowingly transmit the virus — even at the highest levels of the nation’s government,” according to the report.

We know that there will be breakthrough cases, but as this instance shows, cases in vaccinated individuals are typically mild,” a White House official told Axios.

Six of the Texas Democrats who fled the state in a tantrum to prevent a voting integrity bill from advancing have tested positive, while both the Pelosi staffer and the White House official were on the same rooftop reception at the Hotel Eaton last Wednesday night. The White House official has not had any recent direct contact with President Biden, while Pelosi hasn’t had any contact with her staffer since their exposure.

Yesterday, a fully vaccinated White House official tested positive for COVID-19 off campus,” a White House official told Axios, adding “In accordance with our rigorous COVID-19 protocols, the official remains off campus as they wait for a confirmatory PCR test. The White House Medical Unit has conducted contact tracing interviews and determined no close contacts among White House principals and staff. The individual has mild symptoms.”

“The White House is prepared for breakthrough cases with regular testing. This is another reminder of the efficacy of the COVID-19 vaccines against severe illness or hospitalization. We wish our colleague a speedy recovery.”

More via Axios:

Drew Hammill, deputy chief of staff to Pelosi, told Axios in a statement: “Yesterday, a fully-vaccinated senior spokesperson in the Speaker’s press office tested positive for COVID after contact with members of the Texas state legislature last week.”

  • “The entire press office is working remotely today with the exception of individuals who have had no exposure to the individual or have had a recent negative test. Our office will continue to follow the guidance of the Office of Attending Physician closely.”

The big picture: COVID-19 cases are on the rise across the country, with health officials becoming increasingly worried about the Delta variant. It’s significantly more infectious than the original strain, and poses an acute threat to the unvaccinated.

  • Concern about the Delta variant of COVID-19 is causing some places to consider reinstating mask recommendations. A legislative aide also cited the variant in telling Axios’ Alayna Treene on Monday that public tours of the Capitol would not resume in the near future.
  • Most Americans who still aren’t vaccinated say nothing — not their own doctor, a celebrity’s endorsement or even paid time off — is likely to make them get the shot, according to the latest installment of the Axios/Ipsos Coronavirus Index.
  • On Monday, Rep. Vern Buchanan, (R-Fla.) announced he had tested positive for coronavirus after being fully vaccinated, becoming the first known positive case in Congress this summer.

 end

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

The King Report July 20, 2021 Issue 6554 Independent View of the News
 US blames China for hacks, opening new front in cyber offensive
In a coordinated announcement, the White House and governments in Europe and Asia identified China’s Ministry of State Security, the sprawling and secretive civilian intelligence agency, with using “criminal contract hackers” to conduct a range of destabilizing activities around the world for personal profit, including the Microsoft hack, according to a senior US administration official…
https://www.cnn.com/2021/07/19/politics/us-china-cyber-offensive/index.html

 

Team Biden keeps issuing ‘big lies’ because the state media doesn’t hold them accountable for lies.  The stock market tumble on Monday induced The Big Guy and his flacks to spew economic big lies.

Biden Claims ‘No Serious Economist’ Is Worried about Inflation
“There’s nobody suggesting there’s unchecked inflation is on the way. No serious economist,” President Joe Biden said on Monday… [Ladies & gentlemen, the basement dweller who claims Hunter Biden is the smartest guy that he knows.] https://t.co/c3wdwRcC9a

Yellen on Thursday: “I think we will have several more months of rapid inflation.”

The Big Guy summoned Larry Summers to the WH a few times in recent days.  Summers has publicly expressed fear that inflation is on the loose.  Ergo, The Big Guy doesn’t believe Larry Summers and Yellen are serious economists.  What does Hunter think, Joe?

Biden insists inflation is ‘temporary,’ ‘expected’ despite $4.7T spending plan https://trib.al/O3GCusN

@RNCResearch: Biden’s Press Secretary Jen Psaki claims “wages are up.” REALITY CHECK: Real wages DECREASED 1.7% from last year.  https://twitter.com/RNCResearch/status/1417181682541776900

Treasuries rally, with the 10-year yield dropping to the lowest since February

NBER: Business Cycle Dating Committee Announcement July 19, 2021
The Business Cycle Dating Committee of the National Bureau of Economic Research maintains a chronology of the peaks and troughs of US business cycles. The committee has determined that a trough in monthly economic activity occurred in the US economy in April 2020. The previous peak in economic activity occurred in February 2020. The recession lasted two months, which makes it the shortest US recession on record…  https://www.nber.org/news/business-cycle-dating-committee-announcement-july-19-2021

The Official arbiter of US economic growth and contraction has notified Team Biden that they inherited an economy and growth; so, they own any downturn.

ESUs traded moderately lower when they opened during Asian trading.  After a moderate A-B-C decline when Europe opened, ESUs went inert until they broke lower when the US repo market opened.  The decline ended at 8:21 ET.  ESUs then went sideways again until the NYSE open.  ESUs and stocks then plunged until 10:16 ET.  The usual suspects, plus possibly some official help, generated a rally that ended at noon ET.  Biden (unscheduled) surfaced around 12:18 ET to tout the economy.  Obviously, Biden’s handlers roused The Big Guy and told him to talk up the economy and halt the stock market carnage that saw the DJIA down over 900 points (-946 at its low). 

When the clock struck noon ET, the decline resumed.  ESUs and stocks hit their session lows about an hour later.  ESUs and stocks then traded sideways in a moderate range until an upward manipulation appeared during the final 15 minutes of trading.

Positive aspects of previous session
Bonds soared over 2 points
Semiconductor stocks rallied
Robust rally during final 15 minutes greatly truncated losses

Negative aspects of previous session
Broad equity plunge that generated severe technical damage
The DJIA and DJTA closed below their 50-day moving averages
The Russell 2000 is in a correction, down 10.7% from its high

Ambiguous aspects of previous session
Crude oil plunged 7.3% and is now down 13% from its July 6 high

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4262.67
Previous session High/Low4296.40; 4333.13

After the close, IBM reported revenue of $18.75B; $18.26B was expected.

@zerohedge: IBM’s GAAP EPS was 1.47, or 59% of the non-GAAP print. Also, Non-GAAP EPS rose 7% while GAAP EPS declined 3% Y/Y… IBM’s accounting gimmicks were back front and center, starting with the company’s effective tax rate, which in Q2 was a paltry 14.7%. And while an increase from last year’s 13.3%, it was largely distorted by the -5.6% tax rate in Q1.
    Elsewhere, it has long been known that only Watson can calculate IBM’s “one-time non-recurring” charges, which are neither one-time non non-recurring, which meant that the adjusted EPS of $2.33 (which rose 7% Y/Y) was actually GAAP EPS of $1.47, a 3% drop Y/Y.
https://www.zerohedge.com/markets/ibm-reports-best-revenue-growth-3-years-usual-accounting-gimmicks-remain

Moderna launches clinical trial testing whether its COVID-19 vaccine leads to miscarriages or stillbirths in pregnant women or birth defects in newborns despite thousands of mothers-to-be receiving the shot – Earlier this year, the World Health Organization recommended against pregnant women getting the vaccine, before later walking back that advice…[Disgusting & infuriating!]
https://www.dailymail.co.uk/health/article-9784519/Moderna-launches-clinical-trial-testing-COVID-vaccine-safe-pregnant-women.html

@Cernovich: Why is it so hard for people to comprehend that not everyone wants to inject experimental technology into themselves because of a virus that almost certainly won’t kill them? …

@EmeraldRobinson: Over 10 million people in South Australia are in lockdown again over 2 new cases of COVID.  2 cases.

Today – Part of the rally during the final 15 minutes of trading was traders getting long or covering shorts for an expected/hoped for Turnaround Tuesday to the upside.  After ugly Friday-Monday declines, stocks usually rally smartly on the ensuing Tuesday.  ‘Tis why ESUs are +17.00; NQUs are 71.00 at 21:25 ET.

The DJIA, DJTA, and Russell 2000 closed well below their 50 day moving averages.  The Russell 2000 has declined 10.7% from its March high, the first time a ‘correction’ has occurred since March 15.  The S&P 500 Index fell 7 handles below its 50-day moving average before rebounding in the afternoon.  Nasdaq is 1.84% above its 50-day moving average.

Expected earnings: PM 1.55, HAL .23, TRV 2.40, HCA 3.16, NFLX 3.15, UAL -3.89, CMG 6.51

Expected economic data: June Housing Starts 1.59m, Permits 1.7m; Fed in blackout period (7/28 soiree)

S&P 500 Index 50-day MA: 4240; 100-day MA: 4133; 150-day MA: 4023; 200-day MA: 3895
DJIA 50-day MA: 34,384; 100-day MA: 33,730; 150-day MA: 32,758; 200-day MA: 31,763

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 and MACD are negative – a close above 4426.97 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4315.16 triggers a buy signal

Florida man receives 8-month prison term in first felony sentence from Jan. 6 Capitol breach
Paul Allard Hodgkins, who pleaded guilty to a single felony count last month, was sentenced by a D.C. court – obstructing an official proceeding…According to video footage, Hodgkins breached the Senate chamber and took a selfie with the infamous “Shaman,” who donned a horned helmet.  Hodgkins’ sentencing could set a standard for hundreds of other defendants now facing prosecution for their actions on January 6…Hodgkins, who hails from a poorer part of Tampa, Florida, and regularly volunteers at a food bank, is not accused of assaulting anyone or damaging property
https://justthenews.com/government/federal-agencies/man-who-breached-capitol-and-entered-senate-chamber-faces-first-felony

Why was Epstein put in a jail cell with a hulking quadruple murderer? New book reignites questions about ‘series of suspicious events’ surrounding the pedophile’s death – including the possibility his cellmate was involved
https://www.dailymail.co.uk/news/article-9803137/New-book-reignites-questions-Jeffrey-Epsteins-death-cellmate-Nicholas-Tartaglione.html

Rasmussen Report survey finds majority of likely voters want schools teaching ‘traditional values’
78% of respondents believe it’s at least “somewhat important” for schools to teach children “traditional values of Western Civilization.”
https://justthenews.com/politics-policy/education/survey-shows-most-voters-want-schools-teaching-traditional-values

Why People Feel Like Victims
The first pillar is a relentless need for one’s victimhood to be clearly and unequivocally acknowledged by both the offender and the society at large. The second is “moral elitism,” the conviction that the victim has the moral high ground, an “immaculate morality,” while “the other” is inherently immoral. The third pillar is a lack of empathy, especially an inability to see life from another perspective, with the result that the victim feels entitled to act selfishly in response. The fourth pillar is Rumination—a tendency to dwell on the details of an assault on self-esteem…
    What I can say is that the psychological components that form the tendency for interpersonal victimhood—moral elitism and lack of empathy—are also particularly relevant in describing the role of social power holders. Studies suggest that possessing power often decreases perspective-taking and reduces the accuracy in estimating the emotions of othersthe interest of others and the thoughts of others…  https://nautil.us/issue/99/universality/why-people-feel-like-victims 

 
 
end

See you Wednesday night!

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