JULY21/GOLD DONW $7.85 TO$1803.20//SILVER UP 25 CENTS TO $25.21//CORONAVIRUS UPDATE//VACCINE UPDATE//TAKE A LOOK AT THE ALABAMA LAWSUIT FILED BY FRONT LINE DOCTORS AGAINST GOVERNMENT//CHAOS IN CHINA AS 3 DAMS BURST: MAJOR FLOODING!!//RAND PAUL SEEKS A CRIMINAL REFERRAL AGAINST FAUCI FOR LYING TO CONGRESS//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1803.20 DOWN $7.85  The quote is London spot price

Silver:$25.21  UP  25 CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1803.50 LONDON SPOT  4:30 pm

ii)SILVER:  $25.26//LONDON SPOT  4:30 pm

 

Mark your calendar!  Saturday July 24th is
World Ivermectin Day!
 

On July 24, 2021, people of the world will come together to celebrate ivermectin for a day focused on unity, love, and gratitude for this precious gift from Mother Earth.  Ivermectin is the key and has already brought immeasurable benefit to humanity.  It’s time to celebrate and let the world know that it’s going to be ok!

Click Here to find out more!

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

 

 

PLATINUM  $1084.65  UP $11.04

PALLADIUM: $2664.08  UP $11.53  PER OZ.

 

END

Editorial of The New York Sun | February 1, 2021

end

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.
 
 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today 124/200

EXCHANGE: COMEX
CONTRACT: JULY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,810.900000000 USD
INTENT DATE: 07/20/2021 DELIVERY DATE: 07/22/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 11
624 H BOFA SECURITIES 24
657 C MORGAN STANLEY 25
661 C JP MORGAN 200 124
737 C ADVANTAGE 7
905 C ADM 9
____________________________________________________________________________________________

TOTAL: 200 200
MONTH TO DATE: 2,148

ISSUED:  200

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JULY. CONTRACT: 200 NOTICE(S) FOR 20000 OZ  (0.6220 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  2148 FOR 214800 OZ  (6.6811 TONNES)

 

SILVER//JULY CONTRACT

147 NOTICE(S) FILED TODAY FOR 735,000  OZ/

total number of notices filed so far this month 6531  :  for 32,655,000  oz

 

BITCOIN MORNING QUOTE  $31439 UP 1476  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$31,247 UP 1284  DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $7.85 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 UP 25 CENTS

NO CHANGES IN SILVER INVENTORY AT THE SLV//

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT: 

 

556.911  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 168.76 DOWN $0.63 OR 0.37%

XXXXXXXXXXXXX

SLV closing price NYSE 23.42 UP $0.28 OR 1.21%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 2001 CONTRACTS  TO 151,763, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.13 LOSS IN SILVER PRICING AT THE COMEX  ON TUESDAY . 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 AN EXTREMELEY STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO LONG LIQUIDATION AS TOTAL GAIN ON THE TWO EXCHANGES EQUATES TO A  STRONG 824 CONTRACTS. (4.120 MILLION OZ)//(WITH A  LOSS OF 13 CENTS) 

 

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -33 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A VERY STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 2825,, AS WE HAD THE FOLLOWING ISSUANCE:,  JULY 0 AND SEPT 2655 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 2825 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON) AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM! SILVER IS IN BACKWARDATION AND AS SUCH THE DANGER TO OUR BANKERS IS LONDONERS WILL PURCHASE CHEAPER FUTURES METAL OVER HERE AND THEN TAKE DELIVERY.

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 33 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

2020

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR 

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY***(5THHIGHEST RECORDED STANDING FOR SILVER)

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470  MILLION OZ FINAL STANDING IN JULY…RECORD HIGHEST EVER RECORDED

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT (3RD HIGHEST RECORDED STANDING)

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC. (4TH HIGHEST RECORDED STANDING)

2021

60 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

58.425 MILLION OZ FINAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

14.935 MILLION OZ FINAL STANDING FOR APRIL

36.365 MILLION OZ FINAL STANDING FOR MAY 

14.505MILLION OZ FINAL STANDING FOR JUNE

33.475  MILLION OZ INITIAL STANDING FOR JULY

TUESDAY, 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 $0.13)  BUT WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH TUESDAY’S TRADING.  WE HAD A STRONG GAIN OF 824 CONTRACTS ON OUR TWO EXCHANGES..  THE GAIN WAS  ALSO DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SOME REDDIT RAPTOR BUYING//.    iii)  A VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 38.535 MILLION OZ BUT THEN TODAY A 30,000 OZ QUEU JUMP:  NEW STANDING 33.470 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:

17,579 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 17,579 CONTRACTS) OR 87.895MILLION OZ: (AVERAGE PER DAY: 1352 CONTRACTS OR 6.7611 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 87.895  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:  87.73 MILLION OZ )  SLIGHTLY ABOVE PAR WITH JUNE)

RESULT: WE HAD A VERY STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1968 , WITH OUR $0.13 LOSS  IN SILVER PRICING AT THE COMEX ///TUESDAY .…THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 2825 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED GAIN OF 857 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR   $0.13 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 30,000 OZ QUEUE JUMP /NEW STANDING 33.475 MILLION OZ/

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2825  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A VERY STRONG SIZED DECREASE OF 2001 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.13 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.96/ MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD  147  NOTICES FILED TODAY FOR 735,000 OZ

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 2551 CONTRACTS TO 490,520 ,,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: -1743 CONTRACTS.

THE SMALL SIZED INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE OF $2.20///COMEX GOLD TRADING/TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5993 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 3.144 TONNES WHICH WAS FOLLOWED BY A HUGE 12,400 OZ QUEUE JUMP//COMEX STANDING NOW AT 6.7900 TONNES. OUR CROOKED BANKERS ARE BADLY IN NEED OF METAL ON THIS SIDE OF THE ATLANTIC.
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $2.20 WITH RESPECT TO TUESDAY’S TRADING

 

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

WE HAD A GOOD SIZED GAIN OF 5993  OI CONTRACTS (18,64 TONNES) ON OUR TWO EXCHANGES…

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3442 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 3442 & DEC 0  ALL OTHER MONTHS ZERO//TOTAL: 3442 The NEW COMEX OI for the gold complex rests at 490,520. 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 GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5993  CONTRACTS: 2551 CONTRACTS INCREASED AT THE COMEX AND 3442 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 5993 CONTRACTS OR 18,64 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3442) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (2551 OI): TOTAL GAIN IN THE TWO EXCHANGES: 5993 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION WITH CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JULY AT 3.144 TONNES//FOLLOWED BY A 12,400 OZ QUEUE  JUMP,//NEW STANDING 6.7900 TONNES// //3) ZERO LONG LIQUIDATION, /// ;4) SMALL SIZED COMEX OI GAIN AND 5) FAIR 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 : 36,682, CONTRACTS OR 3,668,200 oz OR 114.09 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2821 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 114.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS  114.09/3550 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:        114.09 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 2001 CONTRACTS TO 151,763 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 2825 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: 2825 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2825 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 2001 CONTRACTS AND ADD TO THE 2825 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 824 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES 

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.120 MILLION  OZ, OCCURRED WITH OUR  $0.13 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)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED UP 25.87  PTS OR 0.73%   //Hang Sang CLOSED DOWN 34.67 PTS OR 0.13%      /The Nikkei closed UP 34.67 pts or 0.13%  //Australia’s all ordinaires CLOSED UP .73%

/Chinese yuan (ONSHORE) closed UP TO 6.4718  /Oil UP TO 68.15 dollars per barrel for WTI and 70.45 for Brent. Stocks in Europe OPENED ALL GREEN  /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4718. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4754/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY AN SMALL  SIZED 2551 CONTRACTS TO 490,520MOVING CLOSER TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL COMEX INCREASE OCCURRED DESPITE OUR GAIN OF $2.20 IN GOLD PRICING TUESDAY’S  COMEX TRADING/.WE ALSO HAD A FAIR EFP ISSUANCE (3442 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 3442 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  3442  & DEC.  0  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3442  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED 5993 TOTAL CONTRACTS IN THAT 3442 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED COMEX OI OF 2551 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR JULY   (6.7900),

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

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $2.20)., AND THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5993 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 18.64 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JULY (6.7900 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 -1743  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 5993 CONTRACTS OR 599,300 OZ OR 18.64  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:  490,520 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.05 MILLION OZ/32,150 OZ PER TONNE =  1525 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1525/2200 OR 69.34% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:278,304 contracts//    / volume fair//

CONFIRMED COMEX VOL. FOR YESTERDAY: 266,086 contracts// – fair//  

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

 

JULY 21

/2021

 
INITIAL STANDINGS FOR JULY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
10,435.425 OZ
JPMORGAN
 
REAL GOLD LEAVING.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
19,290.600 OZ
MANFRA
 
600 KILOBARS
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
19,290.600 OZ
MANFRA
600 KILOBARS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
200  notice(s)
 
20,000 OZ
0.6220 TONNES
No of oz to be served (notices)
35 contracts
3500oz
 
0.1088 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
2148 notices
214,800 OZ
6.6811 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 1 deposit into the dealer
 
i) Into Manfra dealer:  19,290.600 oz  (600 kilobars)
 
 
 
 
total deposit: 19,290.600 oz   oz 
 

total dealer withdrawals: nil oz

we had  1 deposits into the customer account
i) Into Manfra:  19,290.600 oz (600 kilobars)
 
 
TOTAL CUSTOMER DEPOSITS 19,290.600 oz  oz  
 
 
 
 
 
 
We had 1  customer withdrawals….
 
i) Out of Manfra:  19,290.600 oz  (600 kilobars)
 
 
 
 
 
 
total customer withdrawals 19,290.600   oz  
 
 
 
 
 
 
 
 
 

We had 3  kilobar transactions 3 out of  4 transactions)

ADJUSTMENTS  1//

Out of Brinks:  customer to dealer:  96,453.000 oz (3,000 kilobars)

 

The front month of JULY registered a total of 235 contracts for a GAIN of 120.  We had  4 notices filed on Tuesday so we GAINED 124 contracts or an additional 12,400 oz will stand for gold at the comex as they refused to morphed into London based forwards.  Somebody was in urgent need of physical on this side of the pond. 

 

 
 
 
 
 
AUGUST LOST 11,991  CONTRACTS DOWN TO 212,513 AS WE COUNT DOWN TO THE NEXT BIG GOLD DELIVERY MONTH!!
 
SEPT gained 34 CONTRACTS TO STAND AT 551
 
OCTOBER GAINED 1837 CONTRACTS UP TO 28,893.

We had 200 notice(s) filed today for 20000  oz

FOR THE JULY 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 200 notices were issued from their client or customer account. The total of all issuance by all participants equates to 200  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 124 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 (2148) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY: 235 CONTRACTS ) minus the number of notices served upon today  200 x 100 oz per contract equals 218,300 OZ OR 6.7900TONNES) 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 (2148) x 100 oz+( 235  OI for the front month minus the number of notices served upon today (200} x 100 oz} which equals 218,300 oz standing OR 6.7900 TONNES in this NON- active delivery month of JULY.

We  GAINED an additional 12,400 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  18,579,471.635 oz or 577.89 tonnes
 
 
 
total weight of pledged: 2,248,216.862 oz or 69.92 tonnes
 
 
registered gold that can be used to settle upon: 16,331,255.0 (507,97 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,331,255.0 (507.97 tonnes)   
 
 
total eligible gold: 16,880,872.940 oz   (525.06 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,460,344.575 oz or 1,102.96 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  976.62 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
665,156.031 oz
CNT
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
576,773.600 OZ
Manfra
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
2,013.500 OZ
Delaware
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
147
 
CONTRACT(S)
735,000  OZ)
 
No of oz to be served (notices)
164 contracts
 (820,000 oz)
Total monthly oz silver served (contracts)  6531 contracts

 

32,655,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 1 deposit into the dealer
i) Into Manfra:  576,773.600 oz

total dealer deposits:  576,773.600        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposits into customer account (ELIGIBLE ACCOUNT)

 
i) Into Delaware: 999.000 oz
ii) Into Manfra:  1014.500
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 53.43% of all official comex silver. (187.4 million/351.434 million

total customer deposits today  23,891.300   oz

we had 2 withdrawals

i) Out of CNT:  614,777.771 oz

ii) out of Brinks 50,378.260 oz

 
 
 

total withdrawals 665,156.031      oz

 
 

adjustments//1

Into Loomis:  1,558,430.102 oz 

from which 1,184.362.494 oz leaves and the remainder stays with Loomis

 

 
 

Total dealer(registered) silver: 114,422 million oz

total registered and eligible silver:  351.434 million oz

a net 87,000 oz leaves  the comex silver vaults.

silver continually is leaving comex vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

July LOST  57 contracts DOWN to 311 contracts. We had 63 notices filed on Tuesday so we gained 6 contracts or an additional  30,000 oz will NOT stand for silver at the comex in this very active delivery month of July as they morphed into London based forwards

 

AUGUST GAINED 61 CONTRACTS TO STAND AT 2042

SEPTEMBER LOST 2488 CONTRACTS DOWN TO  115,507

 
NO. OF NOTICES FILED:  147  FOR 735,000 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  6531 x 5,000 oz = 32,655,000 oz to which we add the difference between the open interest for the front month of JULY (311) and the number of notices served upon today 147 x (5000 oz) equals the number of ounces standing.

Thus the JULY standings for silver for the JULY/2021 contract month: 6531 (notices served so far) x 5000 oz + OI for front month of JULY( 311)  – number of notices served upon today (147) x 5000 oz of silver standing for the JULY contract month .equals 33,475,000 oz. ..VERY POOR FOR JULY. 

We gained 6 contracts or 30,000 oz will stand for delivery at the comex as they search out for metal on the this side of the Atlantic.  

 

TODAY’S ESTIMATED SILVER VOLUME  48,917 CONTRACTS // volume  poor//getting out of Dodge//(

 

FOR YESTERDAY  66,661  ,CONFIRMED VOLUME/  fair/

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  21/2021)

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 21)

 

/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 21/WITH GOLD DOWN $7.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1028.55 TONES/

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 21 / GLD INVENTORY 1028.55 tonnes

LAST;  1097 TRADING DAYS:   +104.14 TONNES HAVE BEEN ADDED THE GLD

 

LAST 947 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 21/WITH SILVER UP 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 556.911 MILLION OZ//

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 21/2021      556.911 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

Peter Schiff: How Transitory Is Transitory?

 
WEDNESDAY, JUL 21, 2021 – 02:47 PM

Via SchiffGold.com,

What exactly is “transitory?”

You and your wife may disagree on its meaning when your old friend asks if he can stay with you while he “Sorts things out.” The term is virtually worthless without some guiding context, as in “Honey, he’ll be out of here by Monday. Tuesday the latest.”

Last week, Federal Reserve Chairman Jerome Powell was asked to provide much-needed clarity as to how this term applies to our current bout of much higher than forecast inflation. Given that much of the economic outlook rests on how quickly the surge subsides, his definition is hardly semantic.  Based on his years of experience, and the mountains of data the Fed has collected, the Chairman offered this direct response when asked about the practical meaning of transitory: “It depends.” That’s about as much detail as he was prepared to offer.

Although Chair Powell has only had his job for a few years, he may be well advised to familiarize himself with the Fed’s checkered history with the term “transitory.” Back in 2006 and 2007, Powell’s predecessor’s asserted countless times that the troubles then arising in the mortgage market was “transitory.” As it turns out they were horribly wrong. More recently, the Fed has been similarly wrong in its predictions about inflation.

For much of the last decade, monthly CPI increases consistently ranged from .1% on the low end to .3% on the high end. This January, the number was .3%, an increase from .2% in December of 2020. Nothing terribly alarming there. But in February the number was .4%, in March, .6% and April, .8%. In other words, month over month CPI increased five months in a row. That is a rare and alarming trend. More importantly, each month’s results exceeded the Fed’s forecasts. Many took confidence however in May when the number came in at “only” .6%. While this result also blew out the forecasts at least it represented a dip from the .8% in April. But in June, we got a huge .9%, a number that exceeded the average forecast by 50%, and was the biggest monthly increase since the summer of 2008.

Adding up the numbers gives us a 3.6% increase in the CPI in just 6 months, an annual pace of 7.2%. But the trend shouldn’t be ignored. The bigger increases have been more recent. If we average the inflation rate for the second quarter for the remainder of the year, full-year inflation will be well above 8%. The last time that inflation trended like this was in the Summer of 2008 when a falling dollar and soaring commodity and import prices pulled inflation up dramatically. But that crisis was averted, ironically, by the Financial Crash of 2008. The economic free fall in the last months of that year crushed demand and turned off the inflationary heat. The ensuing “safe haven” dollar rally, which took the dollar up from an all-time record low, also helped keep prices in check. But this time around, no such relief is in sight. In fact, opposite forces are gathering.

A new wave of fiscal stimulus is just getting underway. The extended federal unemployment insurance benefits, that are incentivizing millions of Americans to remain out of the workforce, will remain in place through September. (It’s possible that Congress will decide to extend it again). But the monthly $300 per child “earned income” tax payments began to be distributed last week by the IRS to tens of millions of families.  Also last week the Democrats introduced their $3.5 trillion “Human Infrastructure” Plan, which would massively expand a grab bag of family and Medicare services. This plan would come on top of the $1.2 trillion infrastructure bill and the record $6 trillion 2021 budget. While all these plans have yet to clear Congress, it’s safe to say that new torrents of inflationary deficit spending will be showered on the country in the coming years.

For decades Americans have benefitted from increasing global trade that has kept price increases for goods, which can be imported, far below the increases for services, which largely can’t be. The strong dollar and growing efficiencies overseas translated into lower prices at home. According to a recent Wall Street Journal report, between 1990 and 2019 “core” goods prices (which strip out food and energy) rose by just 18% over that entire period. In contrast, prices for “core” services rose by 147%. Now that benefit appears to be waning. In 2021 goods prices, which are up 8.7% year over year (the biggest yearly gain since 1981), are rising faster than service prices.  But the free trade mantra that ruled Washington for much of the last 30 years is dead and has been replaced by rising protectionism. As a result, we should not count on a new wave of dirt-cheap imports to keep inflation anchored in the years ahead.

So, the big question is how long will above-trend inflation have to persist before the Fed admits that it’s not transitory and does something to stop it?

For now, the Covid excuse will buy them some time. At least until the early Spring of 2022, the Fed will downplay the monthly numbers and instead focus on the year-over-year data which will factor in Covid. After that, the tap-dancing will become much more frenetic. Surely, they will rely on their newly enacted policy framework that allows them to tolerate inflation above 2% “for some time” to balance out the years in which inflation was apparently below that level. But even the Fed apologists will have to admit that it won’t be “balanced” to tolerate inflation that is 2% or 3% above the target to compensate for a time when it was .2% or .3% below the target.

For now, the markets believe the Fed is vigilant and will act decisively if needed. You can see that in the way traders are reacting to higher-than-expected inflation data by selling gold and buying the dollar and U.S. Treasuries. Such moves seem counterintuitive. Higher inflation is supposed to be good for gold, and bad for the dollar and low-yielding bonds. But traders believe that higher inflation will force the Fed to tighten monetary policy quickly and drastically. They are seriously misreading the situation.

The truth is the Fed is not likely to make any serious moves to control inflation. To act as a serious counterweight to entrenched inflation, interest rates are supposed to be “restrictive.” That usually means that they would be above the rate of inflation, at a level that would incentivize savings, and restrict lending, thereby cooling the economy, slowing the velocity of money, dampening demand, and lowering inflation. Interest rates that remain below the rate of inflation do none of those things. In fact, they encourage borrowing and spending and can lead to more inflation.

So, if inflation were to remain at the 4% or 5% level, the Fed would be expected to take rates to at least 5%, or more. That is not remotely realistic.

About 9 years ago the Fed embarked on a quest to move away from extraordinary policy accommodation that they had employed to fight the 2008 Financial Crisis. Their goal was to wind down the $85 billion per month in QE purchases that they had conducted since 2009, raise interest rates back to pre-crisis levels (most assumed that figure would be about  4% or 5%) and reduce the number of bonds held on their balance sheet by at least 50%.  In retrospect, the campaign was a slow-moving train wreck that never got close to achieving its intentions.

Despite persistent market discomfort, in just about a year they wound down their monthly QE purchases from $85 billion to zero. A year later, they finally raised rates from 0% to 25 basis points. That move created even more market unease and the Fed was forced to delay additional hikes for another year. After that, they started moving rates up slowly. Fortunately, the economic optimism spurred by Trump corporate tax cuts provided the Fed with much-needed cover to eventually move rates closer to 2%. But even that proved too much for the markets, which reacted with a sharp sell-off at the end of 2018, forcing the Fed to call off any further rate hikes. The last phase of the plan, the balance sheet reduction had to be canceled after having achieved less than 25% of the planned reductions.

In our current circumstances, winding down QE and getting back to 2% would take at least 2 years, and that pace would be considered very aggressive. What if inflation is running at 5% or more the entire time? Talk about taking a knife to a gunfight. Harsher measures will be needed.

Powell assured Congress that even if inflation turns out to be less transitory than currently forecast, the Fed has the tools to prevent a repeat of the 1970s. He neglected to mention that the same tools were available to the Fed throughout the 1970s, but they failed to use them for the same reason that Powell is failing to use them today: a reluctance to harm the economy.

But if the inflation problem doesn’t solve itself, Powell assures us that the Fed will use its tools, despite the economic damage. But the longer the Fed waits, the larger the asset bubbles become, the more the Government, corporations, and consumers will borrow, and the greater the cost will be when interest rates ultimately rise. If the costs of using their inflation-fighting tools will be greater in the future, why should we believe the Fed will have the stomach to act then when they won’t now?

Because the Fed waited too long in the 1970s, their eventual remedy in the early 1980s was harsh indeed.  But when Paul Volker raised rates to 20% to break the back of inflation, our economy still had a strong enough foundation to handle the stress (even though we passed through a severe recession as a result). We no longer have that strength.

Back in the early 1980s our debt levels then were a fraction of where they are today and, and the stock, bond, and real estate markets had been trending downward for years. Now all those markets have been inflating for more than a dozen years and are vulnerable to collapse with the slightest pinprick. We are like astronauts who have been floating around in the zero gravity, zero interest rate environment for the better part of 15 years. Our bones and muscles have atrophied, and we can no longer stand alone in an environment with real gravity.

The Fed is asking the nation to believe, and it’s betting the farm in the process, that the current episode of inflation is just a transitory, post-Covid phenomenon. The only way such a high-stakes gamble makes sense is if the Fed realizes the inflation fire is already too big to put out without destroying the economy. The real inflation gamble was made in 2008. Since the farm has already been lost, the Fed’s only goal now is to delay the inevitable for as long as possible. That bluff will not be transitory.

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

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/

END

OTHER PHYSICAL STORIES
 

China to release 170,000 tonnes of metals from state reserves on July 29

* China to sell 170,000 T of metals reserves in 2nd batch

* The country will auction 30,000 T copper, 90,000 T of aluminium and 50,000 T of zinc

* More sales are expected to last till end-2021, analyst says (Adds charts)

BEIJING, July 21 (Reuters) – China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminium and 50,000 tonnes of zinc from its state reserves on July 29, the National Food and Strategic Reserves Administration said on Wednesday.

The auction marked the second sale by the world’s top metals consumer this month as the government aims to rein in skyrocketing commodity prices.

“The national reserves are sufficient, (we are) confident and capable to stabilise expectations and cool the market,” state media Xinhua cited an official from the reserve’s administration as saying.

Prices for the most-traded copper contract on the Shanghai Futures Exchange have gained 15.6% this year. Aluminium and zinc futures on the bourse have increased 23.2% and 7.1%, respectively.

“It is slightly less than the market expected but it should be priced in already as it’s pretty well flagged,” Anna Stablum, a commodities broker at Marex Spectron, said of the auction.

The second sales from reserves will again take place on online platforms operated by China Minmetals Corp and Norinco from 9 a.m. to noon (0100-0400 GMT) and 1 p.m. to 6 p.m. (0500-1000 GMT), the administration said in notices on its website.

China had sold 20,000 tonnes of copper, 50,000 tonnes of aluminium and 30,000 tonnes of zinc reserves on July 5 – the auction was originally planned for two days. More than 200 nonferrous fabricators attended the bidding, with transaction prices 3-9% lower than market prices that day.

“The market has strong willingness to buy and the first sale was kind of a competition of speed. Companies that won the bidding would surely have benefited,” said He Xiaohui, analyst with state-backed research house Antaike.

The release of metals reserves is expected to last until the end of the year, He added.

China produced 837,000 tonnes of copper, 3.29 million tonnes of copper and 567,000 tonnes of zinc in June, official data showed.

-END-

Your early WEDNESDAY 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 6.4718 

 

//OFFSHORE YUAN 6.4754  /shanghai bourse CLOSED UP  25.87 PTS OR 0.73% 

HANG SANG CLOSED DOWN  34.67 PTS OR 0.13 %

2. Nikkei closed UP 159.84 PTS OR 0.58%

3. Europe stocks  ALL GREEN 

 

USA dollar INDEX UP TO  93.06/Euro FALLS TO 1.1773

3b Japan 10 YR bond yield: FALLS TO. +.016/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.10/ 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:: 68.15 and Brent: 70.45

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

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

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

3h Oil 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 RISES TO -.40%/Italian 10 Yr bond yield UP to 0.70% /SPAIN 10 YR BOND YIELD UP TO 0.28%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.10: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.68

3k Gold at $1802.75 silver at: 25.12   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 10/100 in roubles/dollar) 74.33

3m oil into the 68 dollar handle for WTI and 70 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.10 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 .9218 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0853 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 RISING to 0.400%

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 1.247% early this morning. Thirty year rate at 1.913%

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

6.  TURKISH LIRA:  UP  TO 8.59..  VERY DEADLY

Futures, Treasury Yields Extend Gains, Bitcoin Storms Back Over $31,000

 
WEDNESDAY, JUL 21, 2021 – 07:42 AM

US equity futures, European bourses and Treasury yields rose for a second day clawing back much of the week’s losses that were sparked by fears over spiking COVID-19 cases, as well as the “peak growth” and “peak inflation” narratives, as bargain hunters helped the S&P 500 to all but erase Monday’s slide in a rally led by cyclicals such as industrial stocks even though the dollar notched further gains on concerns over the impact of a fast-spreading coronavirus variant.

“The correction we had is healthy to clear some of the excess out of the market and to get better balancing between growth and value,” Katie Koch, Goldman Sachs Asset Management’s co-head of fundamental equity, said on Bloomberg Television. “From a long-term perspective we are really still very constructive on equity markets, so we’d encourage clients to be overweight risk assets.”

At 7:00am, emini S&P futures were up 11.50 points or 0.26% to 4,326; Dow Jones futures rose 176 or 0.51% and Nasdaq futures were up 4.5% or 0.03%. Bitcoin recovered from its drop below 30,000 jumping back over $31,000 ahead of a conference that sees Elon Musk, Jack Dorsey and Cathie Wood speak on cryptos.

Futures extended on Tuesday’s gains, when the S&P 500 rose by the most since March, led by cyclicals, as traders shrugged off concerns that the coronavirus resurgence would curtail an economic recovery.  Here are some of the biggest U.S. movers today:

  • Cryptocurrency-related stocks jump in premarket trading, tracking a rebound for Bitcoin back above the $30,000 level. Marathon Digital (MARA) rises 6.9% and Riot Blockchain (RIOT) gains 6.3%.
  • Moderna (MRNA) slips 1.5% ahead of its inclusion into the S&P 500 Index.
  • Netflix (NFLX) gains 0.3% in premarket trading with most analysts maintaining a positive view on the stock despite second-quarter results and forecast for subscriber growth that came in below expectations.

“While some of the world is shrugging off rising infections as vaccination rates limit the severity of any symptoms of new cases, there are few parts of the world that can totally ignore this,” said Rob Carnell, Asia-Pacific chief economist at ING.

Perhaps, but on Wednesday Europe was happy to ignore this, with Europe’s Stoxx 600 index on track for the biggest jump since early May, as travel and leisure stocks lead a broad-based advance. ASML Holding NVand Novartis AG rose after positive earnings reports. SAP SE and Daimler AG declined, with the latter cutting sales forecasts due to the global chip shortage. The Stoxx 600 Travel & Leisure index rose as much as 4.6%, its biggest intraday increase since Dec. 3 and recovering the losses seen earlier in the week driven by surging delta-variant infections and fears of fresh restrictions imposed on international travel. Airlines led the travel stock surge, with Ryanair up as much as 4.1%, IAG climbing 3.3% and Easyjet rising as much as 5.2%. Here are some of the biggest European movers today:

  • Next shares surge as much as 11%, the most since April 2020, after the U.K. retailer raised its profit forecast again as shoppers returned to stores after the end of lockdowns. RBC sees consensus estimates being increased by mid-to-high single digits.
  • Thule rises as much as 11% in its steepest intraday gain since Feb. 10 as the maker of bike racks and bags beats the highest profit estimate in the consensus range.
  • ASML shares rise as much as 4.6%, the most intraday since May 5, after the company reported record orders that Oddo BHF (outperform) says were “slightly above expectations.”
  • SAP’s shares fall more than 5.1% after earnings, with analysts underwhelmed by the software giant’s slightly raised outlook for cloud revenue.
  • Ubisoft shares drop as much as 4.3% to a two-month low after giving a sales update. Jefferies notes the video game maker’s guidance remains a wide range.
  • Daimler shares fall as much as 4% in Frankfurt after lowering the sales outlook for its Mercedes-Benz division amid a chip shortage. Warburg says the reduction “is clearly negative” while noting that the margin target corridor for Mercedes-Benz Cars and Vans was confirmed.

Earlier in the session, Asian stocks notched their first rise in four sessions, as shares in cyclical-heavy Japan and Australia benefited from an investor focus on economically sensitive shares. MSCI’s index of Asia-Pacific shares outside Japan was up 0.17%, trimming its losses for the week to around 2%, while Japan’s Nikkei rose 0.90% after touching six-month lows a day earlier and entering a technical correction.

The materials sector led gains in the MSCI Asia Pacific Index, which advanced as much as 0.8% in early trading. The regional benchmark later pared much of that advance as Hong Kong stocks dropped and Asean shares extended losses after entering a correction on Tuesday. The U.S. and Asian benchmarks each lost 2.7% over their previous three sessions as the spread of the delta variant hurt investor sentiment.

“The sharp bounce of deep cyclicals has confirmed the global profits cycle bottom,” Satya Pradhuman, director of research at Cirrus Research, wrote in a note. “The next stage will become less broad based as investors will shift from a pure recovery trade to a reopening trade with interest rate risks coupled with Covid variant complications.” Meanwhile, the Hang Seng Index fell 0.1% after an early tumble of as much as 1.1%, with Tencent and Meituan among the biggest drags. Lawmakers are set to debate legal changes giving the government greater power to punish so-called doxxing offenses that a coalition of large tech companies says could hurt their ability to provide services. The Philippines’ main equity gauge was the region’s biggest decliner after President Rodrigo Duterte said stricter movement restrictions may be needed amid cases of delta variant. Indian markets were closed for a holiday.

Overnight, Japanese data showed solid exports to the United States and China. It’s supporting hopes of an export-led recovery in the world’s third-largest economy and allowed Japanese shares to snap a five-day losing streak with a 0.6% gain. Japanese equities climbed, following U.S. peers higher and ending a five-day losing streak ahead of a long weekend. Electronics and auto makers were the biggest boosts to the Topix, which rose 0.8%. Tokyo Electron and Recruit were the largest contributors to a 0.6% advance in the Nikkei 225, which rebounded after entering a correction on Tuesday. Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management, said investors might cover short positions ahead of the four-day weekend but was cautious over the longer term outlook. “Share prices have been performing poorly because of concern that the economic recovery will peak out and lose momentum due to the spread of the delta variant, so there is still uncertainty ahead,” he said. Japan markets will be closed Thursday and Friday, with the Tokyo Olympics starting this weekend.

In Australia, the S&P/ASX 200 index rose 0.8% to close at 7,308.70 in a rally led by health and materials stocks. BHP contributed the most to the benchmark’s gain after a report that the miner is considering getting out of oil and gas. Cimic was among the top performers after reporting 1H results. Altium was the worst performer, after Autodesk said it terminated acquisition talks with the software company. In New Zealand, the S&P/NZX 50 index rose 0.5% to 12,709.15

“The level of volumes, the level of sporadic whip-saw price action I think is telling you that there’s not a lot of conviction one way or another,” said Kay Van-Petersen, global macro strategist at Saxo Capital Markets in Singapore. But while he said peak global growth had likely passed, easy central bank policies continue to provide strong support for global asset prices even as they begin to flag the tapering of asset purchases. “The G4 central banks’ balance sheets have been compounding by 15% since 2008. And my point is that’s not going to stop. It’s not going to get shut off.”

Treasury 10-year yields rose further above 1.2% though it remains to be seen if the recovery in yields has legs amid lingering concerns about the delta virus variant that led traders to pare back bets on a Federal Reserve rate hike. Treasuries bear-steepened with long-end yields cheaper by 3bp-4bp as U.S. stock futures rise to weekly highs, with focus turning to corporate earnings. Treasury 10-year yields 1.243%, were cheaper by ~2bp on the day and mildly underperforming bunds and gilts; long-end-led losses steepen 2s10s and 5s30s by ~2bp. The Asian session produced gains for Treasuries, led by Aussie bonds, that began to erode during European morning helped by 10-year futures block sale. U.S. session’s main event is 20-year bond reopening.

In FX, the dollar index edged up 0.07% to 93.030, with the euro down 0.07% to $1.1771. The Bloomberg dollar index advanced to its highest since early April and risk-sensitive currencies rallied as a slew of corporate earnings took the focus off the coronavirus. The Aussie headed for its longest run of losses since September amid stricter virus curbs and a weaker-than-expected retail sales print. The Norwegian krone and New Zealand dollar led G-10 gains while the yen underperformed.

In commodities, Brent crude oil climbed back above $70 a barrel. The precious metals complex moved in tandem with yields, with spot gold in a tight range just above USD 1,800/oz (1,803-13/oz) and spot silver north of USD 25/oz (24.76-25.12/oz). Base metals have nursed overnight losses as the risk appetite across the markets offers base metals with some solace from China’s NDRC resuming its jawboning. Chinese state media noted that China is to auction 30k tonnes of copper, 90k tonnes of aluminium, and 50k tonnes of zinc from state reserves later this month, whilst the NDRC urged stepping up supervision on commodity prices and ensure overall price level targets this year.

On day after sliding below $30,000, a key support level which many said has to hold, it did just that with bitcoin storming higher and back over $31,000.

Looking at the day ahead now, and there isn’t a massive amount on the calendar, but data releases include the UK public finances for June, while from central banks we’ll hear from the ECB’s Visco. Finally, earnings releases include Johnson & Johnson, Coca-Cola and Verizon.

Market Snapshot

  • S&P 500 futures up 0.5% to 4,337.00
  • STOXX Europe 600 up 1.4% to 452.80
  • MXAP up 0.1% to 200.74
  • MXAPJ little changed at 669.92
  • Nikkei up 0.6% to 27,548.00
  • Topix up 0.8% to 1,904.41
  • Hang Seng Index down 0.1% to 27,224.58
  • Shanghai Composite up 0.7% to 3,562.66
  • Sensex down 0.7% to 52,198.51
  • Australia S&P/ASX 200 up 0.8% to 7,308.72
  • Kospi down 0.5% to 3,215.91
  • Brent Futures up 1.4% to $70.29/bbl
  • Gold spot down 0.3% to $1,804.55
  • U.S. Dollar Index little changed at 93.06
  • German 10Y yield rose 1.0 bps to -0.400%
  • Euro little changed at $1.1771

Top Overnight News from Bloomberg

  • The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again
  • Investors are poised for a “big shift” in bond investing that will see them take larger positions tracking indexes, boosting the appeal of exchange- traded funds, according to a survey by State Street Global Advisors
  • The U.K. is heading for yet another round of quarreling with the European Union over its post-Brexit future, with Boris Johnson’s government preparing to set out key demands on Northern Ireland and the two sides at loggerheads on the status of Gibraltar

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded with a positive bias as the region partially took impetus from the rebound on Wall St where the COVID-triggered risk aversion abated to help the major indices retrace Monday’s declines and with the recovery spearheaded by outperformance in cyclicals. ASX 200 (+0.8%) was underpinned by strength across most commodity-related industries, led by energy and with quarterly updates in focus including CIMIC which was among the biggest gainers despite posting weaker half-year net, as its revenue jumped and it also maintained full-year net profit guidance. This helped the index ignore a continued rise in domestic COVID-19 infections and disappointing Retail Sales data to reclaim the 7,300 level and briefly move to about 50+ points from all-time highs. Nikkei 225 (+0.6%) surged at the open following better than expected trade data including a 48.6% jump in Exports and reports that the government is to extend the employment subsidy program through end-December, but with gains then capped amid further infections of athletes as the first events of Tokyo 2020 got underway. Hang Seng (-0.1%) and Shanghai Comp. (+0.7%) were mixed with Hong Kong dragged lower after plans to ease rules on arrivals were delayed, while notable pressure was seen in cyclicals and WuXi Biologics suffered heavily due to its parent offloading 80mln shares. The mainland was positive amid conflicting views on the PBoC with some analysts suggesting that the PBoC may further reduce financing costs in H2, although attention was on the deadly flooding in Henan which has led to dam collapses in the region, mass evacuations and at least a dozen casualties with many more trapped in a flooded subway. Finally, 10yr JGBs were lacklustre amid the positive mood in Japanese stocks and recent whipsawing in USTs, although downside for Japanese bonds are also limited amid the BoJ’s presence in the market for almost JPY 1.4tln of JGBs with mostly 1yr-10yr maturities.

Top Asian News

  • China Raises Metal Sales Volume From Reserves to Cool Market
  • Thailand Reports Record 13,002 New Covid Cases, 108 Deaths
  • Iron Ore Tumbles as China Push to Cut Steel Output Hurts Demand
  • Asia Stocks Edge Up as Japan, Australia Gain on Cyclical Focus

Stocks in Europe have extended on the gains seen at the cash open (+1.3%) after a sentiment picked up following a somewhat mixed APAC session. This optimism has also seeped across the pond, with the US equity future all higher but the NQ (+0.1%) the laggard as yields rebound. Macro news flow has been quiet throughout the morning with today’s calendar also on the lighter side ahead of tomorrow’s ECB Policy Decision (Full preview available on the headline feed), although earnings have started picking up. Germany’s DAX (+0.6%) lags the region on the back of SAP’s (-2.4%) post-earnings losses, despite raising guidance, as the Co. missed on revenue expectations whilst operating profits also declined. Further, Daimler (-0.9%) is pressured in-spite of stellar earnings as it noted that the chip shortage will impact H2 (albeit not as bad as H1), whilst cutting its Mercedes-Benz forecast. SAP and Daimler together account for just under 15% of the DAX. The AEX (+1.6%) meanwhile resides as one of the top performers, in part supported by ASML (+3.5%) who announced a new share buyback programme and saw its guidance exceed analyst forecasts. ASML hold a 17.6% weight in the Dutch index and the stock has also lifted peers in tandem, with Infineon (3.0%), Micro Focus (+5.9%) and STM (+2.9%) all on the firmer footing. Sectors are firmer across the board and clearly portray a cyclical picture and a risk-on bias. Travel & Leisure tops the charts after the Delta-related decline earlier this week. The gains can mostly be attributed to Evolution Gaming (+5.0%), who hold a 19% weighting for the sector. Retail follows a close second aided by Next (+7.7%) as sales during the last seven weeks were materially above forecast, whilst the Co. plans to distribute its surplus cash as a special dividend. However, Next does not expect these exceptionally strong sales to continue. Other earnings-related movers include Iberdrola (+0.3%), Novartis (+0.9%), Julius Baer (-1.0%), Nordea (+2.6%) and Telia (-3.3%).

Top European News

  • Italy’s Caltagirone Boosts Mediobanca Stake, Eyeing 5% Share
  • Next Raises Forecast as Post-Lockdown Demand Fuels Sales
  • JPMorgan Recommends to Buy the Dip in Europe With Derivatives
  • London Staff Want Pay Rises to Return to Office, Survey Says

In FX, as Westpac aptly puts it, the Dollar is effectively in a win-win situation, as it retains a firm underlying bid when sentiment turns bearish due to heightened concerns about the adverse impacts of the Delta variant, but also during periods of less anxiety and when attention switches back to the more hawkish-leaning FOMC alongside risks that inflation may not be transitory. Hence, Buck bulls are eager to buy into any dips and apparently getting increasingly impatient given ascending lows and highs in the index to 93.194 so far off a 92.951 base compared to 93.172-92.799 and 93.041-92.627 ranges yesterday and on Monday respectively. Looking ahead, only weekly MBA mortgage applications are scheduled on the US data front, but Usd 24 bn 20 year issuance seems to be in focus as Treasury yields back up pretty sharply and the curve flips into re-steepening mode. Elsewhere, the Aussie has regained a degree of composure after briefly relinquishing 0.7300+ status in wake of appreciably weaker than anticipated retail sales data overnight and the ongoing COVID-19 lockdowns, but the Yen is now relenting and relying on 1 bn option expiry interest between 110.00-15 along with sentimental support to contain declines having reversed further from best levels seen so far this week to circa 110.18.

  • NZD – The Kiwi is taking advantage of the situation and supportive external factors after its recent sharp retracement from post-RBNZ peaks, but Nzd/Usd still looks tentative on the 0.6900 handle in contrast to the Aud/Nzd cross that has reversed more emphatically through 1.0600 on the aforementioned bearish Aussie factors.
  • GBP/CAD/EUR/CHF – All narrowly mixed against their US peer and relatively rangebound, as Sterling tries to secure a firmer grip of the 1.3600 handle following a scrape with the 50 WMA on Tuesday, while the Loonie is gleaning traction from a recovery in oil and risk sentiment between 1.2730-1.2670 parameters, the Euro is holding within a 1.1783-52 band and Franc is hovering under 0.9200.
  • SCANDI/EM – Much needed respite for the Nok via Brent reclaiming Usd 70+/brl terrain vs sub-Usd 67.50 at one point yesterday, but little solace for the Zar as Gold slips back towards Usd 1800/oz again to offset fractionally firmer than forecast SA inflation data. Meanwhile, more diplomatic angst for the Try as France’s Foreign Minister laments Turkey’s attitude regarding Cyprus, and will raise the matter with the UN, not to mention the fairly pronounced rebound in crude prices.

In commodities, WTI and Brent front month futures have been tracking sentiment higher throughout the session following the recent correction in the crude complex emanating from COVID-related woes. Prices were pressured overnight after the surprise build in the headline private inventories (+0.8mln bbls vs exp. -4.5mln bbls), alongside gasoline (+3.1mln vs exp. -1.0mln). However, sentiment improved throughout the European morning despite news flow being scarce. As such, WTI Sep has managed to reclaim USD 68/bbl (vs low USD 66.44) whilst its Brent counterpart topped USD 70/bbl (vs low 68.63/bbl). Elsewhere, the precious metals complex moves in tandem with yields, with spot gold in a tight range just above USD 1,800/oz (1,803-13/oz) and spot silver north of USD 25/oz (24.76-25.12/oz). Looking ahead, prices are likely to follow sentiment ahead of the weekly DoE release. Base metals have nursed overnight losses as the risk appetite across the markets offers base metals with some solace from China’s NDRC resuming its jawboning. Chinese state media noted that China is to auction 30k tonnes of copper, 90k tonnes of aluminium, and 50k tonnes of zinc from state reserves later this month, whilst the NDRC urged stepping up supervision on commodity prices and ensure overall price level targets this year.

US Event Calendar

  • 7am: July MBA Mortgage Applications -4.0%, prior 16.0%

DB’s Jim Reid concludes the overnight wrap

This morning we’ve launched our latest monthly survey, link here. This month we ask a number of questions about covid restrictions to judge how you feel about how life is progressing and will progress over the coming months. We also ask whether the UK has done the right or wrong thing by lifting all legal covid restrictions. In addition, we ask all the normal regular and market directional questions. All responses gratefully received. It should only take 3-4 minutes to complete and is totally anonymous.

I should have asked whether those responding in the U.K. had been boiled alive working from home in the heat without aircon yet. It’s been exceptionally hot here over the last few days and this week I’ve taken 3 cold showers each day to cool down. My wife is suspicious given my normal bathing habits but given I’ve not left my house for 3 days I think she’s relatively comfortable that it’s just the heat.

Markets yesterday showed a big thawing of the recent mini ice age, with the S&P 500 (+1.52%) putting in its best daily performance since March and recovering ground following 3 successive declines, whilst longer-dated Treasury yields moved higher in a big intra-day swing. But in spite of the mood music being a lot more positive as risk assets staged a decent recovery, there’s no denying that investors are still pretty jittery about the prospects for economic growth later this year given the delta variant and the plethora of other risks on the horizon. Indeed, those dampening prospects for growth saw them push back the likely timing of future rate hikes from the Fed once again, even as risk appetite was returning to multiple asset classes. Perhaps that’s partly why risk recovered.

In terms of the moves yesterday, equity indices recovered a fair amount of ground, particularly in the US as cyclicals led the moves higher. It was a broad-based advance, with 451 companies moving higher in the S&P, which is the seventh-highest number so far this year with cyclicals such as capital goods (+3.23%), consumer services (+2.72%) and banks (+2.59%) the strongest industry groups in the index. Small-cap stocks were another outperformer, with the Russell 2000 up +2.99%, beating the S&P for only the third time this month.

Megacap tech stocks traded just behind the broad index with the FANG+ index seeing a +1.18% rise. Shortly after trading closed, Netflix fell over -5% after the company reported fewer new subscribers than expected and said its content production was behind schedule due to the pandemic. However the stock ended the extended session up +0.67% as investors turned more positive during the earnings call. The company’s management asked investors to use 2019 as a comparison for user growth rather than 2020 to avoid base effects, which inflation watchers can sympathise with.

Whereas equities were in the green across the board, it was a more topsy-turvy day for sovereign bond markets. At one point, yields on 10yr Treasuries were down -6.3bps as they hit an intraday low of 1.126% (which would have been the lowest since 11 February), before recovering to close up +3.3bps at 1.222%. That brought an end to a run of 4 consecutive declines, though a further decline in short-end rates meant we also saw yield curves steepen including the 2s10s (+4.7bps) and the 5s30s (+7.7bps). On the other side of the Atlantic, European yields also pared back their losses later in the session, but 10yr yields on German bunds (-2.4bps), OATs (-1.7bps) and BTPs (-2.2bps) all closed at their lowest yield levels in at least 3 months.

Sentiment has again turned a touch weaker in the Asian session this morning as the markets in the region are mixed. The Nikkei (+0.65%) and Shanghai Comp (+0.60%) are posting gains but are off their intraday highs while the Hang Seng (-0.37%) and Kospi (-0.39%) are down after erasing early gains. Futures on the S&P 500 (-0.02%) are broadly flat but those on the Nasdaq are down -0.16% while yields on 10y treasuries are down -1.3bps to 1.211%. Crude oil prices are also down c. -0.70% this morning.

Turning to politics, we saw the first poll in Germany after the devastating floods that ravaged large swathes of the country last week and it showed that support slipped for the CDU led bloc. The Forsa poll had the CDU dipping by 2pp to 28% while support for the Green’s was unchanged at 19%. Support improved by 1pp for the SPD to 16% and the FDP was flat at 12%. The AfD also gained 1% point to 10%. Our German economist Marion Mühlberger doesn’t expect the floods to give the Greens a major boost. All in all, they see some minor gains for the Greens, Liberals and SPD but only small losses for CDU.

Staying with politics, further fiscal stimulus in the US will take a little more time with Senate Majority Leader Schumer unlikely to be able to begin floor debate on the bipartisan infrastructure bill later today as was hoped. Last night Republican Senator Portman said unequivocally that the group of Senators were “not going to have a product ready tomorrow for consideration.” Some Republicans, notably Mitt Romney and Bill Cassidy indicated they hoped a deal would be reached by the end of the week, allowing for a vote to begin debate on Monday.

Elsewhere in US politics, White House officials yesterday announced that they are starting to get signals that the chip shortages may be easing, including commitments from some auto and semiconductor manufacturers. US Commerce Secretary Raimondo has been working with the semiconductor manufacturers and their suppliers to increase transparency on production and shipments, and yesterday she noted that CEOs from Ford and GM have told her that the situation is getting “a little bit better.” The chip shortage has been a large driver of the inflation story due to its impact on used car prices, and so this dynamic will be worth watching over the next few months.

Elsewhere in markets yesterday, commodities recovered some of their losses from Monday, with WTI (+1.51%) and Brent Crude (+1.06%) managing to claw back a bit of ground after the losses following the OPEC+ agreement. As we saw above they’ve given up half these gains overnight. It was a similar story for industrial metals yesterday, with copper up +1.50%, though precious metals had a weaker session as investors moved out of safe havens again, with gold (-0.13%) and silver (-0.96%) both losing ground. Separately in FX markets, the continued strengthening of the US dollar (+0.09%), saw it close at its highest level since early April, which in turn meant that the euro was down -0.16% to its lowest closing level since early April, whilst sterling was down -0.34% to its lowest level since January. Bitcoin was another that continued to suffer, closing beneath $30,000 for the first time since January as it remained on track for its 4th consecutive monthly loss. It is now up just +2.5% YTD, compared to +118.7% in mid-April. Having said that it’s up another 2.5% in Asian trading so far.

Turning to the pandemic, there were further signs that normality still remained some way away as Singapore moved to tighten restrictions with the suspension of indoor dining and limits on group gatherings cut to 2 people. Meanwhile here in the UK, case numbers continue to rise against the backdrop of a further easing of restrictions, with the country reporting a fresh 46,558 yesterday, which leaves the total number over the last week up +41% over the previous 7-day period even if we’re off the weekend peaks at the moment. Elsewhere daily new cases are continuing to remain high in a number of Asian countries with South Korea and Thailand reporting record infections while Japan’s top Covid-19 adviser said new cases in Tokyo could hit a record in early August. Cases have also continued to climb in Australia’s two largest cities despite the implementation of strict lockdown orders that impact almost half of the country’s population. The exit strategy for Australia looks one of the most confusing in the world with the lowest vaccination rate in the OECD at the moment.

Over in the US, the CDC announced that 83% of all sequenced Covid-19 cases in the country are due to the delta variant, after being 50% at the start of the month. Vaccination efforts have plateaued in the US over the last few weeks, with just under 60% of the adult population fully vaccinated and just over 68% with at least one shot. Meanwhile, France yesterday announced that their vaccination rollout has seen a sharp acceleration in response to President Macron’s announcement that “health passes” would be required to go out to bars and restaurants – this would require proof of either a negative test or vaccination. In fact, Friday saw a record 880,000 jabs in arms in France as the rate of vaccination is now twice as fast in France as it is in either Germany or Italy.

Lastly on the virus, Bloomberg reported that a yet to be peer reviewed study has highlighted that J&J’s single dose vaccine produced relatively low levels of antibodies against the delta variant. The study added that Pfizer/ BioNTech and Moderna vaccine also produced fewer antibodies against the variant but the decline was less severe.

It was another light day on the data front, though we did get the latest US housing starts for June, which came in at a higher-than-expected annualised rate of 1.643m (vs. 1.590m expected). However, the more forward looking building permits fell to an 8-month low of 1.598m (vs. 1.696m expected).

To the day ahead now, and there isn’t a massive amount on the calendar, but data releases include the UK public finances for June, while from central banks we’ll hear from the ECB’s Visco. Finally, earnings releases include Johnson & Johnson, Coca-Cola and Verizon.

end 

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED UP 25.87  PTS OR 0.73%   //Hang Sang CLOSED DOWN 34.67 PTS OR 0.13%      /The Nikkei closed UP 34.67 pts or 0.13%  //Australia’s all ordinaires CLOSED UP .73%

/Chinese yuan (ONSHORE) closed UP TO 6.4718  /Oil UP TO 68.15 dollars per barrel for WTI and 70.45 for Brent. Stocks in Europe OPENED ALL GREEN  /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4718. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4754/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

 

3 C CHINA

 
 

China

Dam in flooded Zhengzhou collapses.  This is the 3rd dam in 48 hrs to collapse

(zerohedge)

Dam Near China’s Flooded Zhengzhou City Collapses, Third In Last 48 Hours

 
TUESDAY, JUL 20, 2021 – 09:45 PM

A dam near the city of Zhengzhou in central China’s Henan province has been destroyed by heavy flooding, after being seriously damaged in heavy storms that killed several people and brought the region to a halt, local media reported.

The dam is the third to fail in recent days: over the weekend, due to severe rain, two dams in Hulun Buir City in North China’s Inner Mongolia collapsed. Fortunately, however, no injuries have been reported.

According to Xinhua News Agency, the meteorological bureaus of Henan and Zhengzhou have raised the level of emergency response to meteorological disasters to the first level. The Chinese media report that the subway in Zhengzhou was flooded, and rescuers evacuated blocked passengers.

The Chinese army warned that a stricken dam in the centre of the country “could collapse at any time” after being severely damaged in torrential storms that killed at least three people and brought the region to a standstill. Weather authorities also issued the highest warning level for central Henan province as downpours caused widespread disruption and the evacuation of residents of flooded streets.

On Tuesday evening the regional unit of the People’s Liberation Army warned that the relentless downpour had caused a 20-meter breach in the Yihetan dam in Luoyang — a city of around seven million people — with the risk that it “may collapse at any time.”

This aerial photo taken on July 19, 2020 shows water released from the Xiaolangdi Reservoir Dam in Luoyang in central China’s Henan Province.

The PLA’s Central Theater Command said it had sent soldiers to carry out an emergency response including blasting and flood diversion.

“On July 20, a 20-meter breach occurred at the Yihetan dam ….the riverbank was severely damaged and the dam may collapse at any time,” it said in the statement according France 24.

Earlier in the day, state media also reported that the army sent about 20,000 personnel to carry out emergency work to preserve the integrity of the dams.

During China’s rainy season, floods are a frequent occurrence, causing annual destruction and washing away highways, crops, and homes. However, the threat has grown over time, partially due to the extensive construction of dams and levees that have cut connections between rivers and lakes and altered floodplains that had helped absorb the surge.

Local media also reported earlier in the day that at least 12 people died in the province due to floods caused by torrential rains. Around 100,000 residents have been evacuated in the province so far. More than 6,000 military and fire service personnel are involved in rescue operations.

In the nearby city of Zhengzhou, at least one person died and two more were missing since heavy rain began battering the city, according to the state-run People’s Daily, which reported that houses have collapsed. Zhengzhou Airport also canceled flights until Wednesday.

Since July 16, more than 144,660 people have been affected by torrential rains in Henan Province, with 10,152 being moved to safer areas, according to the provincial flood control and drought relief headquarters cited by Xinhua.

Watch: Chinese Subway Passengers Trapped In Chest-High Floodwaters As Heavy Rains Pound Henan Province

 
TUESDAY, JUL 20, 2021 – 07:45 PM

Torrential rains hit central China on Tuesday, overflowing the banks of major rivers, flooding streets of metro areas, and trapping subway passengers in chest-high floodwaters, according to RT News

There has been no official word on deaths, but dramatic videos posted on social media show the devastation in Zhengzhou in China’s Henan province. 

One video shows passengers stuck in a subway car in chest-high floodwaters

In other videos, passengers experienced head-high water as, for whatever reason, many still wore their masks. Subway stations were also flooded. 

China experiences frequent flooding during the summer months. Henan is a central regional transport hub – roads and tunnels have been logistical nightmares for companies moving freight. 

Elsewhere in the region, the water levels of the Yi River have risen to dangerously high levels. 

There are at least 31 large and medium-sized reservoirs in the province that have surpassed their warning levels.

Reuters notes 19 inches of rain fell in the city of Lushan over the last several days. 

“This is the heaviest rain since I was born, with so many familiar places flooded,” said a resident of Gongyi on Chinese social media.

We shared on Monday that two dams collapsed in China’s northwestern region of Inner Mongolia after heavy rains. 

Heavy rains in China and Europe, megadroughts in the US, what the heck is happening worldwide? 

END

CHINA/HENAN PROVINCE/ZHENGZHOU

China’s Henan province it with the worst rainstorms in 1000 years…flooding Zhengzhou

(zerohedge)

Dozens Killed After China’s Henan Hit With Worst Rainstorms In 1,000 Years

BY TYLER DURDEN
WEDNESDAY, JUL 21, 2021 – 08:32 AM

Large areas of China’s central Henan province were inundated with floodwaters on Wednesday following the worst rainfall in 1,000 years, according to Reuters

From Saturday to Tuesday, 26.5 inches of rain fell on Zhengzhou, surpassing the annual average of around 24 inches. Just on Tuesday, 8.2 inches fell in a single hour. 

Zhengzhou, the capital of Henan, is a massive industrial hub. The largest iPhone assembly plant, operated by Foxconn, said operations have yet to be affected. They released a statement that said: “no direct impact on our facility in that location to date,” adding it was closely monitoring the situation

However, Nissan Motor halted production at its facility due to devastating floodwaters. The extent of the damage to businesses in the city and across the province is unknown. 

The city’s transportation network has come to a screeching halt as the metro system was closed on Tuesday after roads and tunnels were flooded. 

FT reports twenty-five people are dead, and seven are missing in Zhengzhou. Twelve were killed and five injured in subway tunnels when floodwaters trapped commuters. 

We noted Tuesday night, yet, another dam, this time in Zhengzhoucollapsed, the third in 48 hours, after rising water levels spilled over the dam’s crest and weakened the structure, resulting in a structural failure. 

The dam is the third to fail in recent days: over the weekend, two dams in Hulun Buir City in North China’s Inner Mongolia collapsed due to severe rain.

Meanwhile, dozens of reservoirs and dams have hit emergency high water levels prompting authorities to evacuate more than 100,000 people. There’s still an additional risk of other dams collapsing. 

Reuters notes the rainstorms are the worst in 1,000 years. More than 6,000 military and fire service personnel are involved in rescue operations.

Here’s more video of the devastation across Zhengzhou. 

During China’s rainy season, floods are frequent, causing annual destruction and washing away highways, crops, and homes. However, the threat has grown over time, partially due to the extensive construction of dams and levees that have cut connections between rivers and lakes and altered floodplains that had helped absorb the surge.

Zhengzhou is flood-prone as it sits in a low-lying area though the local government has beefed up surrounding infrastructure to ensure torrential rains don’t result in flood-outs – that appears to have failed. 

Millions of people have been upended in the city as floodwaters result in closed transportation networks, delayed flights, damage to critical infrastructure and commercial and residential structures. 

CHINA/USA

USA lawmakers are now sounding the alarm over China’s purchases of vast amounts of its farmlands.

(zerohedge)

Lawmakers Sound Alarm Over China Purchases Of US Farmland

 
TUESDAY, JUL 20, 2021 – 07:05 PM

A group of bipartisan lawmakers are sounding the alarm over foreign purchases of prime US agricultural real estate, in an effort to lessen China’s influence on the US economy.

Recent legislation advanced by House lawmakers warns that China’s presence in the American food supply poses a national security risk, while key Senators have expressed interest in keeping American farms in American hands, according to Politico.

The debate over farm ownership comes amid broader efforts by Congress and the Biden administration to curb the nation’s economic reliance on China, especially in key industries like food, semiconductors and minerals deemed crucial to the supply chain. The call for tighter limits on who owns America’s farms has come from a wide range of political leaders, from former Vice President Mike Pence to Sen. Elizabeth Warren (D-Mass.), after gaining momentum seeded in farm states.

“America cannot allow China to control our food supply,” said Pence during a Wednesday speech at the Heritage Foundation in which he urged President Biden and Congress to “end all farm subsidies for land owned by foreign nationals.”

 

Former Vice President Mike Pence speaks during an event. | Sean Rayford/Getty Images

By the beginning of 2020, Chinese owners controlled approximately 192,000 agricultural acres in the US, worth around $1.9 billion – including land used for farming, ranching and forestry, according to the Department of Agriculture. It’s a small but growing percentage of the nearly 900 million acres of total US farmland – with the USDA reporting in 2018 that China’s agricultural investments have grown more than tenfold since 2009.

The Communist Party has actively supported investments in foreign agriculture as part of its “One Belt One Road” economic development plans, aiming to control a greater piece of China’s food supply chain.

“The current trend in the U.S. is leading us toward the creation of a Chinese-owned agricultural land monopoly,” Rep. Dan Newhouse (R-Wash.) warned during a recent House Appropriations hearing.

The committee unexpectedly adopted Newhouse’s amendment to the Agriculture-FDA spending bill (H.R. 4356 (117)) that would block any new agricultural purchases by companies that are wholly or partly controlled by the Chinese government and bar Chinese-owned farms from tapping federal support programs. -Politico

Rep. Grace Meng (D-NY) warned that the new law would “perpetuate already rising anti-Asian hate,” however she and committee leaders have indicated a willingness to find a solution as the legislation works its way through Congress, according to the report. It’s expected to reach the House floor before the end of this month as part of a broader appropriations package, however the Senate has yet to draft their own version of the spending bill.

 

Rep. Grace Meng, D-N.Y. speaks during a news conference on Capitol Hill, on May 27, 2020, in Washington. | Manuel Balce Ceneta/AP Photo

Of note, Saudi Arabia has also been buying up US farmland in the Southwest.

“We are new in this process,” said Rep. Sanford Bishop (D-GA.), chair of the agriculture appropriations subcommittee. “I would suggest that we sit down and we work through it so we can accomplish our objective, but do it in a way that is sensitive to all those who might be somewhat offended by the approach.”

Read the rest of the report here.

end
 
CHINA/USA/GAIN OF FUNCTION
 
It is about time:  Rand Paul asks the Dept of Justice to investigate Fauci for lying to Congress. There is no doubt that he funded gain of function in Wuhan.
(zerohedge)

Rand Paul Asks DoJ To Investigate Fauci For Lying To Congress

 
WEDNESDAY, JUL 21, 2021 – 07:56 AM

During an otherwise routine hearing before the Senate, Sen. Rand Paul and Dr. Anthony Fauci clashed once again over whether President Biden’s top COVID advisor had lied to Congress when he insisted back in May that the NIH hadn’t finance gain-of-function research at the Wuhan Institute of Virology (Dr. Fauci also furiously pushed back on the assertion that COVID-19 may have leaked from the lab, before suddenly changing his tune).

A clearly frazzled Dr. Fauci hurled insults at Sen. Rand Paul (a medical doctor) – “you don’t know what you’re talking about”, he shouted. However, after the dust settled, several reporters, including a reporter for the Washington Post, stepped up to point out that Dr. Fauci was, in fact, wrong. As we reported as far back as March, the NIH – which Dr. Fauci has been in charge of for decades – helped finance ‘gain-of-function’ research involving bat coronaviruses (research overseen by Dr. Shi ‘Batwoman’ Zhengli) via a third-party: EcoHealth Alliance.

This organization took grant money from the NIH and funneled to the WIV. And the leader of this organization? Dr. Peter Daszak, the same man tasked with investigating the origins of the virus by the WHO.

As Dr. Fauci’s attempts to mask his potential culpability in encouraging research that may or may not have contributed to the outbreak that led to the pandemic, Sen. Rand Paul took to Fox News a couple of times last night. And during a prime-time interview with Sean Hannity, he announced that he planned to write a letter to the DoJ and ask that Dr. Fauci be investigated for lying to Congress.

“Is it your belief Senator that he lied to Congress and broke the law?” Hannity asks. “Yes,” Sen. Paul responds. “And I will be sending a letter to the Department of Justice asking for a criminal referral.”

During the interview, Paul explains that he has found multiple doctors and scientists to confirm that the research the NIH helped to finance at the WIV was, in fact, gain of function research – which was made illegal for the NIH to finance by the Obama Administration. What’s clear is that Dr. Fauci, who led the agency and has been a vocal proponent of gain of function research, as the Australian first reported back in May. 

“The NIH funded the lab…but once the public figures out that they were doing very, very dangerous research there…once everybody puts this together, he realizes where the blame is going to attach. He has at least tangential responsibility…if this came from the lab he was funding, my God just imagine the moral culpability the man has.”

Paul also cited Dr. Fauci’s obvious conflict of interest when it comes to the origins of COVID, and that “he doesn’t really have the judgment to be in the position he’s in.”

Finally, the senator revealed that he has received “at least five death threats” related to his campaign to expose Dr. Fauci’s conflict of interest.

During a different interview on Fox a few hours earlier, Sen. Paul explained how scientists had repeatedly confirmed that the research being done by Dr. Zhengli in Wuhan absolutely constituted gain of function research. “When you talk to other scientists, they’re saying it’s the epitomy of ‘gain-of-function’ research. Despite Dr. Fauci’s refusal to acknowledge this, it’s clear he has a significant “conflict of interest.”

Given the impact that Sen. Paul’s comments have made, and the fact that mainstream reporters are starting to acknowledge that he has been, in fact, correct all along, we can’t help but wonder: is Dr. Fauci’s tenure as America’s unofficial COVID czar finally coming to an end? How much longer until he becomes a political liability for the Democrats – at which point he will almost certainly be fired, or forced to resign, as Biden & Co. claim that the “inherited” the doctor from President Trump.

END

US Charges 4 Chinese Nationals Working With Spy Agency In Global Hacking Campaign

 

 
WEDNESDAY, JUL 21, 2021 – 11:45 AM

Authored by Frank Fang via The Epoch Times (emphasis ours),

Four Chinese nationals working with China’s top intelligence agency have been charged in a global hacking campaign to steal trade secrets and sensitive information from companies, universities, and government bodies.

 

A man uses a computer in an Internet cafe in Beijing on June 1, 2017. (Greg Baker/AFP via Getty Images)

The charges were announced as the United States and allies in a coordinated push on Monday condemned the Chinese regime for sponsoring “malicious” cyberattacks against targets around the world. China’s Ministry of State Security (MSS), the regime’s chief intelligence agency, is behind the deployment of these hackers, they said. The United States also attributed the massive hack of Microsoft disclosed earlier this year to hackers working for the MSS.

The hackers charged were sponsored by the MSS and focused their theft on information that would significantly benefit Chinese companies, such as research and development processes, according to a statement by the Justice Department.

The defendants and officials in the Hainan State Security Department, a provincial arm of the MSS, tried to hide the Chinese regime’s role in the hacks by using a front company, according to the indictment, which was returned in May and unsealed Friday.

The campaign, active from 2011 to 2018, targeted trade secrets in an array of industries including aviation, defense, education, government, health care, biopharmaceutical, and maritime industries, the Justice Department said.

Victims were in Austria, Cambodia, Canada, Germany, Indonesia, Malaysia, Norway, Saudi Arabia, South Africa, Switzerland, the United Kingdom, and the United States.

Prosecutors allege the hackers stole foreign information to help Chinese state-owned companies to secure contracts in the targeted companies, such as a large high-speed railway project. The group also targeted research institutes and universities for infectious-disease research relating to Ebola, MERS, HIV/AIDS, Marburg, and tularemia, the department said.

These criminal charges once again highlight that China continues to use cyber-enabled attacks to steal what other countries make, in flagrant disregard of its bilateral and multilateral commitments,” Deputy U.S. Attorney General Lisa Monaco said in the statement.

It said the two-count indictment alleges that Ding Xiaoyang, Cheng Qingmin, and Zhu Yunmin were HSSD officers responsible for coordinating computer hackers and linguists at the front companies.

The fourth defendant, Wu Shurong, an employee at front company Hainan Xiandun Technology Development Co. Ltd., “created malware, hacked into computer systems operated by foreign governments, companies and universities, and supervised other Hainan Xiandun hackers,” the Justice Department said.

‘Malicious Activities’

On Monday, the Biden administration, together with a group of allies, criticized the communist regime for its sweeping global hacking campaign that employed contract hackers.

“The United States and countries around the world are holding the People’s Republic of China accountable for its pattern of irresponsible, disruptive, and destabilizing behavior in cyberspace, which poses a major threat to our economic and national security,” U.S. Secretary of State Anthony Blinken said in a statement on July 19.

The MSS, the regime’s chief intelligence agency, is behind the deployment of these hackers, senior administration officials said on July 18. And their targets include managed service providers, semiconductor companies, defense corporations, universities, and medical institutions, according to a U.S. government cybersecurity advisory.

“These cyber operations support China’s long-term economic and military development objectives,” the advisory explained.

The Chinese Communist Party (CCP) has set out different policies and industrial road maps with the goal of achieving “socialist modernization” by 2035 and becoming a “global leader in innovation.”

Some of the cyberattacks are ransomware operations, which involve malicious actors encrypting victims’ data and making it inaccessible. The actors then demand ransom in exchange for decryption. According to the officials, some private companies were asked to pay millions of dollars after being hit with China’s ransomware operations.

The new revelations on China’s long track record of malicious cyber activities drew joint condemnation from multiple countries, including the United Kingdom, Australia, Canada, Japan, New Zealand, and Japan, as well as from the European Union and NATO.

We’re making it clear to China that for as long as these irresponsible, malicious cyber activities continue, it will unite countries around the world who are all victims to call them out, promote network defense and cybersecurity working together in that way,” said Biden administration officials.

In response to China’s new cyberthreats, the officials explained the Five Eyes countries, Japan, the EU, and NATO, would work together on information sharing and expanding diplomatic engagement to “strengthen our collective cyber resilience and security cooperation.” They expect more countries to join the cooperation in the coming weeks.

It marks the first time that NATO has publicly condemned China’s cyber activities, the Biden officials explained, as the transatlantic alliance adopted a new cyber defense policy in June. It states that a cyberattack against a NATO member is considered an attack against all members, and actions will be considered accordingly to respond.

The senior officials also said that they had “high confidence” that the Chinese regime was responsible for the cyberattack against Microsoft, saying that “malicious cyber actors” affiliated with the MSS exploited zero-day vulnerabilities in the U.S. tech giant’s Exchange Server software, compromising tens of thousands of systems globally.

In March, Microsoft announced that Hafnium, a state-sponsored hacking group operating from China, was responsible for hacking into its email and calendar server. Security experts estimated at the time that at least 30,000 organizations in the United States were hacked.

“We’ve raised our concerns about both the Microsoft incident and the PRC’s [People’s Republic of China] broader malicious cyber activity with senior PRC government officials, making clear that the PRC’s actions threaten security, confidence, and stability in cyberspace,” the senior U.S. officials said.

The U.S. and our allies and partners are not ruling out further actions to hold the PRC accountable.”

Beijing has previously rejected Microsoft’s claims, saying that companies and media should not “make groundless accusations.”

China’s Cyber Tactics

The cybersecurity advisory outlined Beijing’s tactics and techniques, and provided recommendations on how to shore up computer systems.

“By exposing the PRC’s malicious activity with allies and partners, we’re continuing the administration’s efforts to inform and empower system owners and operators to act at home and around the world,” the senior U.S. officials said.

China’s state-sponsored cyber actors are known to mask their identities through virtual private servers, as well as evading detection by using small office and home office (SOHO) broadband routers.

These actors “consistently scan target networks for critical and high vulnerabilities within days of the vulnerability’s public disclosure,” according to the advisory. They have sought to exploit flaws in applications including Microsoft products, Apache, F5 Big-IP, and Pulse Secure.

In April, California-based cybersecurity firm FireEye issued a report saying that Chinese hackers had exploited Pulse Secure’s virtual private network in order to gain access to government agencies and companies in the United States and Europe. The hackers were suspected to be working for the Chinese regime and had ties to APT5, one of the Chinese advanced persistent threat groups.

Among the different Microsoft products targeted include Microsoft 365, Outlook Web Access, and the Exchange Offline Address Book.

These actors are also known to be carrying out spearphishing campaigns—sending out infected emails with a malicious link or attached files—in order to gain control of the victim’s device.

The advisory offers several mitigation choices, including using a network intrusion detection and prevention system, and monitoring common ports and protocols for command and control activity. 

Cathy He and Reuters contributed to this report. 

Follow Frank on Twitter: @HwaiDer

4/EUROPEAN AFFAIRS

/EUROPE/

 

END

FRANCE/CORONAVIRUS.LOCKDOWNS

We brought this story to you yesterday but it is worth reporting:  Paris clinics are offering fake COVID passes $330 usa, as a black market for these surges.

(Watson/SummitNews)

Paris Clinics Offering Fake COVID Passes For £250 As Black Market Surges

 
WEDNESDAY, JUL 21, 2021 – 06:30 AM

Authored by Paul Joseph Watson via Summit News,

A black market for fake COVID vaccine passes has emerged in France, where the government is trying to make them a mandatory condition of entry for venues like bars, restaurants and cafes.

Clinics in Paris are offering the passes for around €300 euros ($350 dollars) without the need to take any jabs.

“Certain vaccination centres, flagships of the fights against Covid-19 are now plagued by corruption,” reported French newspaper Le Parisien, revealing that low paid French health service workers are making as much as £4,000 a month through selling the fraudulent documents.

In doing so, they are risking 3 years in jail and fines of up to £38,000 for being complicit in the trafficking of forged documents.

“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,” reports the Daily Mail.

A spokesman for France’s General Directorate of Health said the Health Ministry said the matter was under serious investigation, with claims that the practice was also taking place at the Sainte-Anne Center, in the 14th arrondissement of Paris.

Demand for the fake vaccine passports is surging after the French government announced COVID passes would be mandatory to enter all kinds of venues, including large shopping malls, cinemas, bars, restaurants, cafes and to use public transport.

Macron walked back part of the plan yesterday after the country was hit by unruly protests.

Now COVID passes now only required for malls with a surface area of more than 20,000 square meters.

However, expect the protests to become more volatile over the coming weeks as the system is rolled out in August.

As we previously documented, under the the draconian law, people in France who enter a bar or restaurant without a COVID pass face 6 months in jail, while business owners who fail to check their status face a 1 year prison sentence and a €45,000 fine.

 

UK

Super news; UK nightclub owners say they will refuse to enforce vaccine passports as a condition of entry\\

 

(zerohedge)

UK Nightclub Owners Say They’ll Refuse To Enforce Vaccine Passports As A Condition Of Entry

 
WEDNESDAY, JUL 21, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

A UK government minister has again refused to rule out vaccine passports for pubs, while nightclub owners say a plan to impose the same rules on their venues is ‘shambolic,’ with some vowing to refuse to enforce it.

Yesterday, the UK celebrated ‘freedom day’, when all coronavirus restrictions were supposed to be lifted, but Prime Minister Boris Johnson dampened the mood by announcing anyone entering a nightclub from the end of September would have to be double jabbed.

With “crowded venues” also being subject to the same rules, the government is now indicating that busy pubs could also be forced to check people’s vaccine status on the door.

Business minister Paul Scully told Sky News that ministers are “not saying crowded pubs at all,” but went on to say “we’re not ruling anything out” for busier premises.

“We’ve got to define it really carefully and we’ll do that in the coming months until we get there,” said Scully, indicating that more venues, including sporting events, could be added to the list.

However, the government’s plan to check vaccine status as a condition of entry for nightclubs was blasted by industry representatives, with some vowing to disobey the rules entirely.

Michael Kill, chief executive of the Night Time Industries Association, said: “The announcement from the prime minister that COVID passports will be made mandatory for nightclubs in September comes after his health secretary said only one week ago that they would not be compulsory. What an absolute shambles.”

“Leaving aside the fact that this is yet another chaotic U-turn that will leave nightclubs who have been planning for reopening for months will now have to make more changes to the way they operate – this is still a bad idea,” he added.

Peter Marks, chief executive of nightclub operator Rekom UK, went further, saying his nightclubs “won’t be requiring” people to be double-jabbed or they “won’t have anyone in.”

“Younger guests are 95% of our customers – they won’t be fully vaccinated [by September]. We won’t be requiring them, otherwise we won’t have anyone in,” he said.

Results from a test pilot scheme that were revealed in June found that just 10 COVID-19 cases originating in nightclubs were detected following the pilot.

Critics fear that if vaccine passports for nightclubs become routine, the same system could be implemented for other places, such as shopping malls and on public transport.

Similar proposals in France set off a wave of violent protests, with President Macron being forced to back down on some of the planned rules.

END

UK/CHINA

This will get China’s back up|:  UK to permanently deploy 2 warships to Asian waters in a counter China mission. UK and the uSA are very worried on China’s military strength

(zerohedge

UK To Permanently Deploy 2 Warships To Asian Waters In Counter-China Mission

 
WEDNESDAY, JUL 21, 2021 – 05:45 AM

London has of late joined Washington in deepening its security ties with Japan, now on Tuesday announcing it plans to permanently deploy a pair of warships in southeast Asian waters off Japan at a moment tensions with China over Taiwan and other contested islands are at their highest in years.

The permanent deployment is to be launched after the HMS Queen Elizabeth aircraft carrier and its strike group sail to Japan in September. This after it joins other allies including the US and Australia in conducting a series of multinational exercises in the Philippine Sea this August, according to a defense ministry statement this week.

 

HMS Queen Elizabeth, via Kyodo News

Britain’s Defense Minister Ben Wallace unveiled that the UK will keep two warships in the region while in Tokyo meeting with his Japanese counterpart, Nobuo Kishi. “Following on from the strike group’s inaugural deployment, the United Kingdom will permanently assign two ships in the region from later this year,” he said. 

The Elizabeth is carrying F-35B stealth jets, and is currently escorted by two destroyers, two frigates, and two support vessels. Likely further provoking Beijing are plans to eventually deploy UK marines to the region as a rapid response counter-terror force. 

As Reuters reports: “In a further sign of Britain’s growing regional engagement, Wallace, who traveled to Japan with a delegation of military commanders, said Britain would also eventually deploy a Littoral Response Group, a unit of marines trained to undertake missions including evacuations and anti-terrorism operations.”

For every move on the part of the US and UK which China sees as an escalation, there’s a PLA military response, with a week ago Beijing saying it “drove away” a US warship deemed “illegally” in Chinese waters near the disputed Paracel islands. 

Earlier this summer China warned the Western allies – specifically the US, UK, and NATO that its military will not “sit by and do nothing” if “challenges” arise. No doubt Beijing will see any new US and UK ‘permanent’ military deployment off Japan as a significant challenge. 

END

UK/GIBRALTER/SPAIN/EU/BREXIT

Gibraltar was not part of the BREXIT deal and as such there is freedom of movement between Spain and Gibraltar. Now there is a major rift between the uK and the European Union on this relationship

(zerohedge)

New Post-Brexit Rift Forms Over Gibraltar

 
WEDNESDAY, JUL 21, 2021 – 05:00 AM

By PA via The Epoch Times,

A new major rift has emerged between the UK and the European Union concerning the post-Brexit relationship over Gibraltar.

Foreign Secretary Dominic Raab said a draft mandate for talks published by the bloc on Tuesday “seeks to undermine the UK’s sovereignty” over the British overseas territory.

He demanded it “cannot form a basis for negotiations” as he urged the EU to “think again.”

But the bloc’s post-Brexit negotiator, Maros Sefcovic, said the mandate seeks to find a “positive impact” for those living either side of the border with Spain while protecting the single market.

Gibraltar, whose sovereignty is disputed by Spain and Britain, currently remains subject to the rules of the free-travel Schengen area, keeping the border with Spain open.

The territory was not included within the trade agreement brokered between the EU and the UK last year and a separate deal must be brokered.

In a statement, Raab said:

“The UK, with Gibraltar, and Spain carefully agreed a pragmatic framework agreement, in full consultation with the EU commission.

“The commission’s proposed mandate, published today, directly conflicts with that framework. It seeks to undermine the UK’s sovereignty over Gibraltar, and cannot form a basis for negotiations.

“We have consistently showed pragmatism and flexibility in the search for arrangements that work for all sides, and we are disappointed that this has not been reciprocated. We urge the EU to think again.”

The European Commission said the proposed negotiating directives “put forward solutions to remove physical checks and controls on persons and goods” at the border between Spain and Gibraltar.

“It is without prejudice to the issues of sovereignty and jurisdiction, and focuses on cooperation in the region,” the bloc added.

The mandate includes rules for establishing responsibility for asylum, visas, residence permits, and police cooperation and information exchange.

Sefcovic, a commission vice-president, said: “By putting forward this draft mandate, we are honouring the political commitment we made to Spain to start the negotiations of a separate agreement between the EU and the UK on Gibraltar.

“This is a detailed mandate, which aims to have a positive impact for those living and working on either side of the border between Spain and Gibraltar, while protecting the integrity of the Schengen Area and the Single Market.”

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 
 
IRAN//
 

end 

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//GLOBALRESEARCH

 

 
 
end
 
We are watching this closely: over 200 people in 27 states are being monitored for Monkeypox a rare virus similar to smallpox
(zerohedge)

Over 200 People In 27 States Being Monitored For Monkeypox: CDC

 
TUESDAY, JUL 20, 2021 – 08:45 PM

The Centers for Disease Control (CDC) is monitoring over 200 people in 27 states for potential exposure to monkeypox after their contacts were traced with a Texan who contracted the rare disease while traveling in Nigeria weeks ago.

 

CDC file photo

According to Stat, state and local health officials are working with federal authorities to monitor those who were in contact with the monkeypox patient, who flew into Atlanta international airport on July 8, and then on to Dallas Love airport the next day. One week later, he was diagnosed with the rare disease, which can be transmitted through bodily fluids and respiratory droplets, according to the CDC.

Monkeypox has an incubation period of three to 17 days.

The individuals who came in contact with the man include passengers who sat within six feet of the patient, or used the mid-cabin bathroom during the overseas flight. They will be monitored until July 30, according to the report. Also included are airline workers and family members.

“It is a lot of people,” said Andrea McCollum, epidemiologist for the National Center for Emerging Zoonotic and Infectious Diseases. “We’re in the timeframe where we certainly want to closely monitor people.”

“We define indirect contact as being within 6 feet of the patient in the absence of an N-95 or any filtering respirator for greater than or equal to three hours,” McCollujm continued.

Monkeypox is caused by a virus that is related to smallpox, the only human virus to have been eradicated. It causes less severe illness than smallpox, but is still quite dangerous. The CDC said that the fatality rate for the strain of monkeypox seen in the Dallas case is about 10%.

Monkeypox is rarely seen in people. There was a large outbreak in the U.S. in 2003, when a shipment of animals from Ghana contained several rodents and other small mammals that were infected with the virus; 47 confirmed and probable cases were reported in five states. The outbreak was the first time human cases of monkeypox were reported outside of Africa. -Stat

Nigeria has seen a sharp uptick of monkeypox cases over the past few years, while seven cases have been reported outside its borders; four in the UK, and one in Singapore, Israel and the United States. One of the UK patients was a local healthcare worker who had unprotected contact with a monkeypox patient.

First identified in 1970 in the Democratic Republic of the Congo, the original source of the monkeypox virus has yet to be identified – however cases have been linked to the handling of bushmeat as well as the trade of exotic small mammals, according to McCollum.

Those who contract the disease experience fever, chills, swollen glands, and its namesake rash that spreads across the body. It can spread via inhalation of respiratory droplets from infected individuals, or contact with their lesions or bodily fluids. It can also be transmitted via bed linens or other items used by an infected person.

end

With Israel for than 79% fully vaccinated, last night another 1000 Israelis test positive for COVID

(Jerusalem post)

special thanks to Robert H for sending this to us!

More than 1,000 Israelis test positive for COVID – The Jerusalem Post

As promised to you, fully vaccinated people are getting the COVID delta virus. The vaccines are doing two things:
1. wearing off
2 the vaccines are sloughing off the spike protein and that is causing harm as well as testing positive for  the virus.
 
special thanks to Chris Powell for sending this to us.
 

Chris Powell

9:58 AM (2 minutes ago)

 

 
to me
 
 
 
 
 
 
https://www.washingtontimes.com/news/2021/jul/20/runaway-texas-democrats-derailed-outbreak-spreads-/

 

A Pelosi spokesperson confirmed that a fully vaccinated senior aide tested positive for COVID-19 after contact with the state legislators, the darlings of the Democratic beau monde until four days ago, when they started testing positive for coronavirus infection.

END

Very important Euro study:

clot risk in the 18 to 39 yr olds from AZ vaccine is twice as high as COVID death risk

special thanks to Robert H for sending this to us:

Euro Study: Clot Risk to 18-39s from AstraZeneca Vaccine is TWICE as High as Covid Death Risk

 

This ought to frighten you taking the vaccine!!!
(from AAPS/Association of American Physicians and Surgeons)

Majority of Physicians Decline COVID Shots, according to Survey

Share: 

Of the 700 physicians responding to an internet survey by the Association of American Physicians and Surgeons (AAPS), nearly 60 percent said they were not “fully vaccinated” against COVID.

This contrasts with the claim by the American Medical Association that 96 percent of practicing physicians are fully vaccinated. This was based on 300 respondents.

Neither survey represents a random sample of all American physicians, but the AAPS survey shows that physician support for the mass injection campaign is far from unanimous.

“It is wrong to call a person who declines a shot an ‘anti-vaxxer,’” states AAPS executive director Jane Orient, M.D. “Virtually no physicians are ‘anti-antibiotics’ or ‘anti-surgery,’ whereas all are opposed to treatments that they think are unnecessary, more likely to harm than to benefit an individual patient, or inadequately tested.”

The AAPS survey also showed that 54 percent of physician respondents were aware of patients suffering a “significant adverse reaction.” Of the unvaccinated physicians, 80 percent said “I believe risk of shots exceeds risk of disease,” and 30% said “I already had COVID.”

Other reasons for declining the shot included unknown long-term effects, use of aborted fetal tissue, “it’s experimental,” availability of effective early treatment, and reports of deaths and blood clots.

Of 560 practicing physicians, 56 percent said they offered early treatment  for COVID.

Nonphysicians were also invited to participate in the survey. Of some 5,300 total participants, 2,548 volunteered comments about associated adverse effects of which they were aware. These included death, amputation, paralysis, stillbirth, menstrual irregularities, blindness, seizures, and heart issues.

“Causality is not proven. However, many of these episodes might have resulted in a huge product liability or malpractice award if they had occurred after a new drug,” stated Dr. Orient. “Purveyors of these COVID products are protected against lawsuits.”            

The Association of American Physicians and Surgeons has represented physicians in all specialties since 1943. Its motto is omnia pro aegroto, everything for the patient.

Yesterday I brought you news that Front Line Doctors have filed a case against the government for illegally causing us harm with the various vaccines administered.  The case was filed two months ago.

Two nights ago, the Plaintiffs sought an interlocutory injunction trying to stop the government from jabbing us:

Here is the lawsuit in full.

Pass it on!!!
 

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 On The Market’s Response To Everything: “Where Is This Month’s QE?”

 
WEDNESDAY, JUL 21, 2021 – 09:30 AM

By Michael Every of Rabobank

Sorted Out for QEs and Biz

Equities and bond yields swung on little news yesterday: if you checked in early things were going up; a few hours later they crashed; and then they decided to take off. US 10-year yields dropped as low 1.13% before closing at 1.22% – on not much data and much more Delta. Equity markets love their highs, but really can’t handle it when they have to come down: it’s easier just to try to stay high – and that’s a theme we see all over.

Jeff Bezos went into Spaaaaace in an appropriately priapic rocket, at an apparent cost of $5.5bn, prompting former presidential candidate Tulsi Gabbard to tweet: “Bezos, please stay up there. Do the world a favor”. NASA’s chief also stressed there is a new Cold War Space Race, and “If we’re going to get on the moon before the Chinese do, we’re going to have to have some more money.” Timely public-sector lobbying given $3.5 trillion is in play? Or US national security taking a backseat to billionaire ego (again)? Market response: “Where is this month’s QE?”

Angela Merkel got Nord Stream 2 – but also a reported US side “deal” that would mean Germany taking “unspecified national action” against Russia if the latter uses energy as a weapon against Ukraine. Yet the Atlantic Council argues under the 2009 EU Gas Directive NS2 supply must be unbundled; and Article 36 only allows exemption if NS2 increases competition, enhances security, and is not be detrimental to competition or the effective functioning of EU gas supply. As such: “Even if a German regulator gives way to Russian interests and greenlights the pipeline into full operation, the Commission—as the Guardian of the Treaties—will have no choice but to resist, backed up by many member states and ultimately supported by the EU Court of Justice.” What a Debbie Downer on Angie’s Energy Upper. Market response: “Where is this month’s QE?”

Likewise, Treasury Secretary Yellen has stated stablecoins will be regulated “quickly”; and the EU is proposing to ban anonymous crypto transactions, as well as cash transactions over EUR10,000. Bitcoin remains just below $30,000, but looks to be in a politically-decaying orbit. And can you smell the CBDCs coming? The Financial Times is pushing them today, and ahead of the game –as it is for the moon?– China is pressing ahead with eCNY for the Beijing Olympics: which a smattering of US Senators are saying they don’t want US athletes to use for national security reasons – while US billionaires are silent. Market response: “Where is this month’s QE – and what do I put it in if not crypto?”

China’s largest property developer, Evergrande, is certainly looking down – which matters even after the Anbang, HNA, Huarong, Ant, and Didi heuristics. Property/construction *is* the Chinese economy, and its largest store of household wealth; yet the firm has a vast level of debt; and a massive chain of counter-parties/suppliers; and is trading as if it is going to crash – which some believe would be China’s Lehman moment if it were to happen. Hence in the eyes of most on the ground, it won’t: but what isn’t clear is who will then be paying, and how? Then again, that’s the question almost everywhere, isn’t it? Market response: “Where is this month’s QE?”

Which is a segue to another attack on the “dangerous addiction” to QE from a former governor of the Bank of England – even as we all know what will happen when we don’t have it. Which is not an argument *for* QE, to be completely clear.

Given it is the height of summer, and would have been festival season pre-Covid, my mind turned to Pulp today thinking about this key topic – the British band that is. Their ‘Common People’ is almost a second national anthem – and more so when Tulsi Gabbard also tweeted: “As the billionaires/power elite look down upon our planet they believe they own from their heavenly perch, regular folk struggle to pay the rent and put food on the table. Never has the divide between the elite and the rest of us been so stark.” Moreover, frontman Jarvis Cocker lives in legend for his anti-establishment stage-crashing response to Michael Jackson’s messianic performance at the 1996 Brit Awards. So please take the B-side lyrics to that famous Pulp single below as an equivalently-toned, liquidity-and-coming-down-related retort – presenting “Sorted Out for QEs and Biz”:

“Oh, is this the way they say the future’s meant to feel? Or just twenty thousand new penthouses near Spitalfields?

And I don’t quite understand just what this feeling is; But that’s okay ’cause we’re all sorted out for QEs and biz;

And tell me when the green-ship lands ’cause all this has just got to mean something-ing;

Oh, in the middle of the ‘fight’; It feels delightful, but then tomorrow morning; Oh, oh, then you come down, oh

Oh yeah, the pirate video told us what was going down; as did the warnings from some upright bloke in London Town

Oh, and no-one seems to know exactly where the end is; But that’s okay ’cause we’re all sorted out for QEs and biz;

A four percent normal world seems very, very, very far away; All right, in the middle of the ‘fight’; It feels alright, but then tomorrow morning; Oh, oh, then you come down, oh

Just keep on juicing!

Everybody asks your game; They say we’re all the same and now it’s; “Nice one,” “Green-er”; But that’s as far as the Build Back Better went

I lost my friends; I QE’d alone; It’s more than six years in; I want to go ‘home’; But it’s “No way,” “Not today”; Makes you wonder what it meant

And this hollow feeling grows and grows and grows and grows; And you want to call your mother; And say “Mother, I can never afford a home again; ‘Cause QE seems to have left an important part of our brains somewhere; Somewhere in a field in Hampshire, all right”

In the middle of the night; It feels alright, but then tomorrow morning; Oh, oh, then you come down; Oh, oh, then you come down

Oh, what if you never come down?  

 
end
 

7. OIL ISSUES

 
 

8 EMERGING MARKET& AUSTRALIA ISSUES 

AUSTRALIA//COVID 19/DELTA STRAIN/LOCKDOWNS

More than 50% of all Australians are on lockdown because of Delta fears

(zerohedge)

More Than 50% Of Australians On Lockdown As Delta Fears Spread

 
TUESDAY, JUL 20, 2021 – 06:25 PM

What started as a two-week lockdown in Sydney three weeks ago has expanded to cover more than half of Australia’s 25 million people as of Tuesday as a third state adopted the strict anti-COVID measures as the intense ‘delta’-induced paranoia continued to swell.

South Australia has ordered a ‘snap lockdown’ of (at least) seven days, joining neighboring Victoria and New South Wales, Reuters reports.

Even though Australia’s daily new COVID cases and deaths are well below other developed nations, authorities started again with the lockdowns after its ‘drawbridge’ strategy failed to keep COVID cases at the country’s target level of ‘0’. Now, they’re desperately trying to vaccinate as many Australians as possible during the coming weeks. The lockdown in South Australia started at 1800 on Tuesday.

Premier Steven Marshall defended his decision to impose the lockdown measures, saying “we hate to put these restrictions in place, but we have just one chance to get this right”. The alternative, he suggested, would be a lengthier freeze. But as the lockdowns spread, the Australian people have grown increasingly irritated, and the politicians are taking notice as their polling numbers plummet.

Under the rules of the new lockdown, all South Australian residents are required to remain at home unless they are essential workers or need to purchase groceries or other necessities, or attend medical appointments. Individuals are allowed outside to exercise for a maximum of 90 minutes and within a 2.5km (1.5 mile) radius of their home. Schools will be closed and students will transition to online learning.

The decision to impose a strict snap lockdown comes after five coronavirus cases were reported, with the fifth being an isolated incident from the other four cases.

All of the cases have been confirmed to be caused by the Delta variant, which is 60% more transmissible than most other variants, with an R0 of 8, putting it on par with measles, according to certain public health authorities. 

Authorities also warned that hospitalizations have risen alarmingly. Authorities say people with COVID-19 have been hospitalized with COVID in the state, 27 of them in intensive care and 11 on ventilators. The state’s five deaths in the latest outbreak take the national toll to 915, with a tally of just over 32,000 infections.

“We are seeing more hospitalizations, more admissions to ICU, more people on ventilators – we have to stop the spread of COVID,” Kerry Chant, the state’s chief health officer, said in Sydney, referring to intensive care units. Ninety-five people with COVID-19 have been hospitalized in Sydney, 27 of them in intensive care and 11 on ventilators. The state’s five deaths in the latest outbreak take the national toll to 915, with a tally of just over 32,000 infections.

As of Tuesday, some 13MM Australians, over half of the country’s population, are under a stay-at-home mandate. Neighboring Victoria has extended its lockdown until July 27. It was intended to last only five days when it was first implemented, yet new cases continue to be found.

Still, Australia’s COVID numbers are envious even considering it’s tiny size. Since early 2020, the country has recorded just over 32K cases and less than 1,000 lives lost to COVID.

end

Give me a break:  health officials in Australia order them do not have a conversation with each other\

(Watson/Summit|News)

Top Health Officer Orders Australians: “Don’t Have A Conversation” With Each Other

 
TUESDAY, JUL 20, 2021 – 10:45 PM

Authored by Paul Joseph Watson via Summit News,

The chief health officer of New South Wales gave a press conference telling Australians that they shouldn’t “engage in conversation with each other,” even if they’re wearing masks, in order to reduce the transmission of COVID.

Yes, really.

Dr. Kerry Chant made the remarks in response to people in NSW being ordered to comply with yet another lockdown triggered by just a handful of new cases, which included a man in Cootamundra who visited a Woolworths supermarket, Pizza Hut restaurant, petrol station and Officeworks store.

Whilst it’s human nature to engage in conversation with others, to be friendly, unfortunately this is not the time to do that,” said Chant.

So even if you run into your next door neighbor in the shopping center…don’t start up a conversation, now is the time for minimizing your interactions with others, even if you’ve got a mask, do not think that affords total protection, we wanna be absolutely sure that as we go about our daily lives we do not come into contact with anyone else that would pose a risk,” she added.

In addition to officials telling people they shouldn’t talk to their friends and neighbors, those living in or those who visited the affected areas are now under a minimum 7 day stay-at-home order, while masks will again become mandatory masks for teachers and high school students.

Twitter users reacted to the statement by pointing out that this represents a new level in the complete inhumanity of lockdown.

“Their desperation is front and centre. They’re either running out of time or they’re going insane right in front of our eyes,” commented British pop due Right Said Fred.

As we have previously highlighted, Australia has imposed innumerable brutal lockdowns, some of the most draconian in the western world, in the disastrous pursuit of a ‘zero COVID’ policy.

Alice Springs, a town in Australia 800 miles away from the nearest city went into full lockdown last month after just a single new case of COVID-19 was detected.

As we reported earlier this month, COVID-19 lockdowns were found to have been a major contributing factor to a doubling in attempted suicides of those aged between 5-25 in Australia.

END

 

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

Euro/USA 1.1773 DOWN .0009 /EUROPE BOURSES /ALL GREEN 

USA/ YEN 110.10  UP  0.181 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3611  DOWN   0.0023  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2685  UP .00009  (  9 BASIS PT DROP)

 

Early WEDNESDAY morning in Europe, the Euro IS DOWN BY 9 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1773 Last night Shanghai COMPOSITE CLOSED UP 26.87 PTS OR 0.73%

 

//Hang Sang CLOSED DOWN 34.67 PTS OR 0.13%

 

/AUSTRALIA CLOSED UP .73% // EUROPEAN BOURSES OPENED ALL GREEN 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN 

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 34.67 PTS OR 0.13% 

 

/SHANGHAI CLOSED UP 25.87  PTS OR 0.73% 

 

Australia BOURSE CLOSED UP .73%

Nikkei (Japan) CLOSED UP 159.84 PTS OR 0.84%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1802.00

silver:$25.13-

Early WEDNESDAY morning USA 10 year bond yr: 1.247% !!! UP 2 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.913 UP 3  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 93.06 UP 9 CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.25% UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.016%  UP 2/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.28%//  UP 1  in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.69  UP 0   points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: RISES TO –.39% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.08% 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  WEDNESDAY

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

Euro/USA 1.1799  UP    0.0018 or 18 basis points

USA/Japan: 110.21  UP .290 OR YEN DOWN 29  basis points/

Great Britain/USA 1.3692 UP .0058 UP 58   BASIS POINTS)

Canadian dollar UP 146 basis points to 1.2530

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4680 

 

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4651

TURKISH LIRA:  8.58  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.016%

Your closing 10 yr US bond yield UP 6 IN basis points from TUESDAY at 1.285 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.95 UP 7 in basis points on the day

 

Your closing USA dollar index, 92.78  DOWN 20  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 WEDNESDAY: 12:00 PM

London: CLOSED UP 117.15 PTS OR 1.70% 

 

German Dax :  CLOSED UP 206.23 PTS OR 1.36% 

 

Paris CAC CLOSED UP 117.03  PTS OR  1.85% 

 

Spain IBEX CLOSED  UP 209.00  PTS OR  0.20%

Italian MIB: CLOSED UP 568.28 PTS OR 2.36% 

 

WTI Oil price; 70.12 12:00  PM  EST

Brent Oil: 72.04 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.91  THE CROSS  LOWER BY 0.52 RUBLES/DOLLAR (RUBLE HIGHER BY 52 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.39 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 : 70.19//

BRENT :  72.16

USA 10 YR BOND YIELD: … 1.2999..UP 8 basis points…

USA 30 YR BOND YIELD: 1.943 UP 6 basis points..

EURO/USA 1.1797 UP 0.0016   ( 16 BASIS POINTS)

USA/JAPANESE YEN:110.29 UP .375 ( YEN DOWN 38 BASIS POINTS/..

USA DOLLAR INDEX: 92.76  DOWN 21  cent(s)/

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

the Turkish lira close: 8.56  UP 2 BASIS PTS

the Russian rouble 73.95   UP 0.45 Roubles against the uSA dollar. (UP 45 BASIS POINTS)

Canadian dollar:  1.2566 UP 109 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.39%

The Dow closed UP 286.01 POINTS OR 0.83%

NASDAQ closed UP 114.42 POINTS OR 0.78%

VOLATILITY INDEX:  17.84 CLOSED DOWN  1.89

LIBOR 3 MONTH DURATION: 0.138%//libor dropping like a stone

USA trading day in Graph Form

a)Market trading/this AFTERNOON/USA/

 
ii) Market data

iii) Important USA Economic Stories

 

USA COVID//VACCINE UPDATE

Arkansas emerges as Americas newest COVID hotspot.

(zerohedge)

Arkansas Emerges As America’s Newest COVID Case ‘Hot Spot’ As Delta Continues To Dominate

 
TUESDAY, JUL 20, 2021 – 05:05 PM

After LA County’s public health czar ordered that masks must be worn indoors, NYC Mayor Bill de Blasio confirmed that he wouldn’t follow in LA’s footsteps, and that NYC would continue to focus on bolstering the city’s vaccination rate.

Less than a week later, Bloomberg reports that NYC’s vaccination rate has plunged to less than 15K a day, from more than 100K a day in mid-April. Meanwhile, the number of new cases reported in the city has climbed: NYC reported a seven-day average of 576 confirmed and probable cases on July 18, more than double the average on July 6. Hospitalizations have also increased slightly, and practically everybody hospitalized hasn’t been vaccinated.

Hospitalizations are almost entirely comprised of patients who haven’t been vaccinated, according to NYC’s top public health official.

This could portend a reversal by the notoriously hapless NYC Mayor, as CDC Director Rachel Walensky – whose blatant fearmongering has courted controversy in the past – warned during her Senate testimony on Tuesday that the highly transmissible delta variant is now responsible for 83% of all sequenced COVID cases in the US, up from 50% in early July.

Anxieties about the Delta variant are prompting more companies to reconsider sending employees back to the office. On Tuesday, Bloomberg reported, citing several Apple insiders, that Apple management has delayed employees’ return to the office until October, or possibly even later.

Across the US, both cases and deaths have continued to creep higher.

Source: mSightly

Hospitalizations have also started to climb, with Dr. Fauci assuring the public that more than 90% of those being hospitalized haven’t gotten the vaccine.

Source: mSightly
However, the perceived “risk” level varies dramatically from state to state due to differences in vaccine acceptance.

Source: mSightly
And Arkansas has become the most ‘high-risk’ state in the country.

Source: mSightly
Looking at the projections from the University of Washington’s IHME, the most closely watched in the US (even if they haven’t exactly proved reliable), the university expects the US death toll to continue to climb.

Source: mSightly
Presently, more than 608K Americans have died from the virus so far, while more than 34,100,000 cases have been confirmed. Globally, Indonesia is preparing to lift restrictions while Singapore recently returned to lockdown. In Europe, health authorities say that French President Emmanuel Macron’s tough approach to vaccinations has helped encourage more to get vaccinated.

Source: CNN

Internationally, Europe and Asia are contributing the most new deaths to the global tally, which presently sits at 4.1MM.

END
Supply of new homes are started to flood the market and that causes prices to fall
(zerohedge)
 

As Supply Starts To Flood The Market, The Housing Frenzy Could Be Ready To Take A Breather

 
WEDNESDAY, JUL 21, 2021 – 09:50 AM

It is one of the beautiful properties of supply, demand and pricing. Together, when left alone and not intervened with by the government, they become a way to ration out goods properly and efficiently. Markets eventually correct imbalances on their own and prices adjust according to supply and demand. 

This could be what we’re on the verge of witnessing in the housing market. While the market has been in nothing short of a total euphoric buying frenzy over the last year, with Covid’s effect on the economy slowing, it looks as though supply could finally be catching up to demand, according to a new report from the Wall Street Journal

The insane bidding wars of the last year that have seen houses routinely selling for well over asking prices, many with cash offers that are willing to waive steps like inspection, could be starting to slow as more houses hit the market. 

The Journal noted that inventory was now increasing for the high-end market “as owners who delayed selling during the worst of the pandemic list their homes”. Additionally, deals made just weeks ago at the height of the frenzy are falling through, the report says. 

Andrea Ackerman, a real-estate agent at Brown Harris Stevens in the Hamptons, commented: “The sales market is not a frenzy anymore.” 

New listings in June were up 11% from May and 5.5% year over year. Even though inventory is still down 43% from the same time last year, it’s an improvement from 60% in May, the report notes.

Jonathan Boxer of Douglas Elliman commented: “We all felt, 60 days ago, that we were literally going to run out of inventory. And then things shifted. We started bringing on some new sellers.”

At the same time, growth in pricing has also slowed. The median listing in June was up 12.7% year over year, compared to 17.2% in April. 

“I see this current market beginning to look a lot more like a normal market,” Realtor.com Senior Economist George Ratiu told the Journal. 

Michelle and Dan Mannix of Brooklyn recently decided to sell their home, telling the Journal about their home: “We used it the whole pandemic and it was a godsend. I would say, ‘We’re never going to sell.’ Then all of a sudden, things started to shift.” They eventually decided to sell when a house a few blocks from them sold for $2.5 million in 72 hours. “That was like, ‘Well, wow. What could you get for ours?’ That got our wheels spinning.”

They listed in May for $2.46 million and reduced the price to $2.196 million in mid-July. Meanwhile, new listings keep popping up. Michelle commented: “It felt like there was never anything, and now, since we put our house on the market, I’ve seen three or four really nice listings.”

 

The Mannix Property/Photo: WSJ

And this is indicative of a trend across the country. The number of new listings over $1 million rose 17.5% year-over-year for the week ended June 19, the report notes. Listings priced under $350,000 were down 7.4% over the same time period. 

Robert Kushner and Trevor Yoder, who own a house in the Hamptons, are testing the market by listing their home, but also renting it at the same time. “We want to see what the market can bear right now. If it sells, great. If it rents, we’re fine with that as well,” Kushner said.

 END

Southern Oregon’s Bootleg Fire Grows To Nearly 400,000 Acres

 
WEDNESDAY, JUL 21, 2021 – 11:25 AM

The Bootleg Fire in Southern Oregon is now one of the largest in the nation and will continue to increase in size as the fire season rolls on. 

As of Wednesday morning, nearly 400,000 acres of forest and grasslands have burned. There’s a risk that months of back-to-back heatwaves could increase the fire to as much as 100,000 acres, according to Portland news KOIN. The fire is currently 32% contained.

The fire has been raging for about two weeks. Last Monday, we noted the fire was likely to “double in size.” 

Gov. Kate Brown on Tuesday warned the situation could get worse. She said 5,000 firefighters are battling wildfires across the state. 

“The good news is there’s a lot of excellent work happening on the ground to protect Oregonians, to protect our homes, and our land,” Brown said.

She conveniently blamed “climate change playing out before our eyes” for the wildfires and, of course, said her administration is working on new legislation for climate action.

“I’ve been very, very clear we are working hard to increase our level of thinning and prescriptive burning to create healthier landscapes,” the governor said.

The Bootleg Fire is so large and intense that it’s creating its only weather. 

“The fire is so large and generating so much energy and extreme heat that it’s changing the weather,” said Marcus Kauffman, a spokesman for the state forestry department, NYTimes quoted. “Normally, the weather predicts what the fire will do. In this case, the fire is predicting what the weather will do.”

Local news KATU said Bootleg Fire has merged with the nearby Log Fire.

Across 13 states, 83 large wildfires have burned 1,293,636 acres, according to the National Interagency Fire Center

The wildfires hitting across the U.S. West have unleashed a massive amount of smoke that is currently transforming blue skies in the Mid-Atlantic and Northeast states into a murky yellow/orange.

 

END 

 
USA//FOOD SHORTAGES
 

iv) Swamp commentaries/

Whitmer Kidnapping Defendants Claim Entrapment After 12 FBI Informants Involved In Plot

 
WEDNESDAY, JUL 21, 2021 – 03:44 PM

At least a dozen FBI informants infiltrated an anti-government group of aspiring extremists, and were involved in virtually every aspect of a plan to kidnap Michigan Gov. Gretchen Whitmer, according to BuzzFeed.

“Some of those informants, acting under the direction of the FBI, played a far larger role than has previously been reported,” according to the report.

One ‘informant,’ an Iraq war veteran, “became so deeply enmeshed in a Michigan militant group” that he rose to second-in-command – telling members of the group to meet with other potential suspects, and even footing the bill to transport members to meetings.

Matthew Dae Smith / Lansing State Journal via Imagn Content Services, LLC

Another FBI ‘informant’ advised the militia group on where they should plant explosives, and offered to procure as many as were needed.

Everybody down with what’s going on?” an Iraq War veteran in the group demanded to know when they ended their recon mission, well past midnight, at a campsite where they were all staying.

“If you’re not down with the thought of kidnapping,” someone else replied, “don’t sit here.”

The men planned for all kinds of obstacles, but there was one they didn’t anticipate: The FBI had been listening in all along.

For six months, the Iraq War vet had been wearing a wire, gathering hundreds of hours of recordings. He wasn’t the only one. A biker who had traveled from Wisconsin to join the group was another informant. The man who’d advised them on where to put the explosives — and offered to get them as much as the task would require — was an undercover FBI agent. So was a man in one of the other cars who said little and went by the name Mark. –BuzzFeed

Three weeks later, over a dozen men were arrested by federal and state agents in what one federal prosecutor described as a “deeply disturbing” criminal conspiracy hatched over several months via secret meetings, encrypted chats, and paramilitary-style training exercises.

Exhibits from hearings in the case include screenshots of chats and flyers handed out by the Wolverine Watchmen. A boogaloo boy (top right) holds a rifle at a rally at the Michigan state Capitol in Lansing in October 2020.

In total, 14 men were charged last year in the alleged plot to kidnap Whitmer. They’ve all pleaded not-guilty, and say the FBI set them up. They claim their talk never rose beyond the level of fantasy, and that they never intended to harm Whitmer or anyone else. The defendants claim there was no conspiracy to kidnap the governor – and instead say they were targeted because of their political views.

Some describe the case as a premeditated campaign by the government to undermine the Patriot movement, an ideology based on fealty to the Second Amendment and the conviction that the government has violated the Constitution and is therefore illegitimate.

Last week, the lawyer for one defendant filed a motion that included texts from an FBI agent to a key informant, the Iraq War veteran, directing him to draw specific people into the conspiracy — potential evidence of entrapment that he said the government “inadvertently disclosed.” He is requesting all texts sent and received by that informant, and other attorneys are now considering motions that accuse the government of intentionally withholding evidence of entrapment. -BuzzFeed

In total, the prosecution gathered some 400,000 text messages, thousands of social media posts, and over 1,300 hours of recordings – including “audio or video from all three vehicles it alleges traveled to Birch Lake on the night of Sept. 12.”

In a curious twist, one of the lead federal prosecutors on the case, Gregory Townsend, was reassigned in May pending an audit by the Attorney General into whether he had withheld key evidence about deals cut with informants during an unrelated murder and arson trial in Oakland County in 2000. On Sunday, meanwhile, one of the lead FBI agents in the case, Richard J. Trask, was charged in another unrelated matter in Kalamazoo over an alleged assault with intent to do great bodily harm.

The FBI’s use of (often paid) informants dates back to at least the late 1950s, when they employed individuals to infiltrate dissident groups such as the Black Panthers, the Democrat-founded Ku Klux Klan, and Martin Luther King Jr. The strategy has had a ‘decidedly mixed record,’ with some informants helping to bust open cases that avoided violent acts, while others have coerced innocent people, falsified evidence, ‘and even committed murder while working for the FBI.’

Read the rest of the report here.

 end

Watch: Capitol Defendant’s Attorney Says Detainees Are Being Subject To “Torture!” In Contentious CNN Interview

Tyler Durden's Photo
BY TYLER DURDEN
WEDNESDAY, JUL 21, 2021 – 03:25 PM

Authored by Steve Watson via Summit News,

An attorney for one of the defendants charged with infiltrating the U.S. Capitol building on January 6th alleged that his client and others are being brutally tortured “five miles from the White House” in an awkward interview on CNN Tuesday.

Joseph McBride was asked for comments relating to the eight month prison sentence given to Paul Hodgkins for merely walking into the building and sitting at Nancy Pelosi’s desk.

McBride, who represents another of the accused told CNN host John Avlon that “there are people who showed up to attack the Capitol, there are people who showed up to protest, and there are people who showed up to protest that got involved with the greater events of that day. And it is very important not to lump everybody in, not to define every protester that showed up that day as an insurrectionist — which, by the way, no one has been charged with.” 

Avlon then asked McBride about a comparison he made between the conditions the suspects are being held in and Nazi gulags, pouring scorn on the notion.

McBride urged that “People are being tortured. Tortured!” asking Avlon “Are you OK with people being tortured five miles from the White House?”

Avlon responded by saying that the claim was “an extraordinary statement that would seem to be utterly un-based in fact.”

McBride shot back yelling “Torture is never OK! TORTURE! TORTURE! TORTURE! TORTURE! TORTURE!” prompting Avlon to end the interview

“Keep yelling torture. We’ll stick with the facts,” he said.

“The facts are torture!” the attorney yelled back.

Watch:

It isn’t the first time that the claims of torture have arisen in regards to the Capitol ‘rioters’ who have been held for months without trial.

The inmates and some of their lawyers have alleged that they are being held in solitary confinement and have been subject to beatings, threats and verbal abuse by guards.

On attorney described his client Ryan Samsel’s face as looking “like a tomato that was stomped on,” after a beating by correctional officers that left him “blind in one eye, [with] a skull fracture and detached retina.”

Inmate Ronald Sandlin has also alleged that minority guards are targeting the mostly white inmates with racial abuse, specifically noting that one guard shouted “I hate all white people and your honky religion.”

*  *  *

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

Capitol physician reveals SEVERAL fully-vaccinated aides and at least one lawmaker have tested positive for COVID – along with ‘multiple’ White House staffers and six runaway Texas Democrats
https://www.dailymail.co.uk/news/article-9806853/Pelosi-staffer-White-House-staffer-test-positive-COVID-meeting-Texas-Democrats.html
 
@BryanDeanWright: Fully vaccinated people are passing the virus to other fully vaccinated people.  The argument for vaccine passports and mandates just evaporated.
 
@StockCats: It’s amazing how the problems that caused yesterday’s sell-off – “fears of a covid resurgence and a weakening economy” got resolved overnight.
June US housing starts 1.643m, +6.3% m/m, 1.59m expected. May revised DOWN to 1.546m from 1.572m; Permits -5.1% to 1.598m; 1.696m expected; Single-family Permits -6.3%.  https://t.co/dI9JG7IJS8
 
@macro_daily: Household debt currently stands at 80% of GDP in the US, 63% in the Eurozone, 62% in China, and 90% in the UK
 
Positive aspects of previous session
Someone blatantly and egregiously manipulated ESUs to the moon after the NYSE open
The Russell 2000 soared as much as 3.3% – WHY???  What changed in the economy?
@bespokeinvest: The Banks, which were down 3.5% yesterday, are now up 0.5% on the week
 
Negative aspects of previous session
Bonds declined smartly
 
Ambiguous aspects of previous session
Who did the ESU manipulation and on whose direction?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4307.32
Previous session High/Low4336.84; 4262.05
 
Bill Gates & George Soros-Backed Organization Buys Out COVID-19 Testing Company (Mologic)
https://www.theepochtimes.com/mkt_app/bill-gates-and-george-soros-buy-out-covid-19-testing-company_3909833.html/
 
Flimsy Evidence Behind CDC’s Push to Vax Children– John Hopkins’ Dr. Makary op-ed in WSJ
The agency overcounts Covid hospitalizations and deaths and won’t consider if one shot is sufficient.
    “My research team at Johns Hopkins analyze(d) ~48K children <18 diagnosed with C19 from April to August 2020. Our report found a mortality rate of ZERO among children without a pre-existing medical condition such as leukemia…
    The CDC may also be undercapturing data on vaccine complications. The CDC’s risk-benefit analysis for vaccinating all children used rates of complications extrapolated from the Vaccine Adverse Event Reporting System database, known as Vaers, which contains raw, self-reported data that is unverified and likely underreports adverse events… Early in the pandemic the CDC left us all flying blind by not reporting the medical conditions of those who died of Covid…
    Most striking, the CDC has never systematically collected and reported the No. 1 leading indicator of the pandemic—daily new hospitalizations for Covid sickness. Instead, the CDC offers the lagging indicator of hospitalization for anyone who tests positive for Covid…
https://www.wsj.com/articles/cdc-covid-19-coronavirus-vaccine-side-effects-hospitalization-kids-11626706868
 
Mr. Michigan  @correctthemedia: The American Academy of Pediatrics is literally sponsored by Pfizer.  That’s why they’re pushing to force your children to wear masks until they’re vaccinated.
https://twitter.com/correctthemedia/status/1417567006216314888
 
One-shot J&J COVID-19 vaccine is INEFFECTIVE against the Indian ‘Delta’ variant, study suggests https://trib.al/BlQHsxO
 
GOP Sen. Josh Hawley @HawleyMO: For days now, the Biden’s Administration has said 12 people are “guilty” of spreading COVID19 “misinformation” on social media. Who compiled this list for them? The Center for Countering Digital Hate. A foreign dark money group
    This is the same dark money group that tried to have the conservative @FDRLST deplatformed last year. And they’ve gone after other conservative sites as well, like @BreitbartNews
    But who is funding this overseas dark money group – Big Tech? Billionaire activists? Foreign governments? We have no idea. Americans deserve to know what foreign interests are attempting to influence American democracy
 
Today – Did Team Biden issue its second ‘Code Red’ on the stock market in the past 29 days?  The first was on June 21 when Biden summoned Yellen and others on the Plunge Protection Team to the WH.  Someone purposefully forced ESUs and stocks higher after the opening bell yesterday.  What changed?
 
The Fed is in a blackout period for its July 28 meeting.  Ergo, the usual Fed suspects are not available to talk up stocks.  We do not know who managed the stock market yesterday.  The declines that provoked the Code Reds are minor, trivial.  What will Team Bid do when something significant hits the fan?
 
June 21 (Reuters) – Financial regulators assured President Joe Biden on Monday that the U.S. financial system is in good shape and that financial risks are being mitigated by strong liquidity in the banking system, the White House said…
https://www.reuters.com/business/sustainable-business/climate-agenda-biden-prepares-meet-with-top-financial-regulators-2021-06-21/

Shades of Clinton: Joe Biden used private email to send government information to Hunter
Biden used a personal email account during the Obama years to send information he was getting from the State Department as vice president to his globetrotting, foreign-deal-making son Hunter Biden…
    Messages, sometimes signed “Dad,” from the email account robinware456@gmail.com were found on a Hunter Biden laptop seized by the FBI in December 2019 from a Delaware computer shop owner.  Some of the messages from the vice president to his son obtained by Just the News were deeply personal, others were political in nature, and still others clearly addressed business matters, often forwarding information coming from senior officials in the White House, the State Department and other government agencies…  https://justthenews.com/accountability/political-ethics/shades-clinton-joe-biden-used-private-email-send-government
 
Glenn Greenwald @ggreenwald: Virtually every long-standing left-liberal view about how the criminal justice system should work has been violated in the 1/6 prosecutions (just as they were in the Flynn prosecution), but many don’t care or support it because they want their political adversaries in prison.
 
@mtracey: This is so creepy and manipulative from the US Attorney arguing to give a Jan 6 defendant longer prison time. Judge says the defendant was not accused of committing violence or causing injury. US Attorney says sure, but he “injured” democracy — and caused emotional injury!
    GOP Rep @mtgreenee: Radical BLM & Antifa domestic terrorists actually did commit violence over and over and over and cause billions of dollars in damage. We never hear about them being held rotting in jail & treated like political prisoners. And their goal of communism will destroy Democracy
 
@ggreenwald: More reporting proving that the FBI — just as was true throughout the War on Terror — was the key driver of the “plot” to kidnap Michigan Governor Gretchen Whitmer.  Makes even more imperative questions about how embedded FBI was in 1/6 plotting.
 
“FBI informants were involved in nearly every aspect of the alleged plot to kidnap Michigan’s governor Whitmer, starting with its inception.”… (One long-time FBI informant got $58k!)
https://www.buzzfeednews.com/article/kenbensinger/michigan-kidnapping-gretchen-whitmer-fbi-informant
 
Senior FBI official took free gifts from media while Trump-Russia probe was underway, watchdog says – The FBI official accepted tickets to black tie events and had numerous communications from media members    https://justthenews.com/accountability/watchdogs/senior-fbi-official-took-free-gifts-media-while-trump-russia-probe-was
 
Jeff Carlson @themarketswork: Imagine if even the remotest of standards directed towards those charged for events on Jan 6 were applied to those within the FBI & DOJ – who actively conspired to prevent and then undermine Trump’s Administration.
 
Critics slam soft press treatment of Democratic ‘Texas super spreaders’ another example of media hypocrisy   https://www.foxnews.com/media/soft-press-treatment-democratic-texas-super-spreaders-another-example-media-hypocrisy
 
The Chair of Trump’s 2017 Inaugural Committee has been charged with conspiring to influence DJT’s foreign policy to benefit the United Arab Emirates.  Now do Kerry, Podesta, Clintons and Hunter!
 
Prominent Democratic Rep. Eric Swalwell of California spent thousands of campaign dollars on booze and limo services, $20K at hotel where his wife works   https://www.foxnews.com/politics/swalwell-campaign-dollars-booze-limos-hotels
 
@ggreenwald: And as @mtaibbi wrote this morning, literally every accusation and grievance @NPR
voiced about independent media which is succeeding more than they applies at least as much to NPR. The funniest one: those other outlets are bad because they’re partisan.  “NPR has not run a piece critical of Democrats since Christ was a boy.”  And yet NPR somehow finds the audacity to claim with a straight face that the problem with independent media is that they’re one-sided and partisan. How is human self-delusion that intense even possible?
 
Election polls in 2020 produced ‘error of unusual magnitude,’ expert panel finds, without pinpointing cause (We noted numerous times the oversampling of Dems and push polling)
https://theconversation.com/election-polls-in-2020-produced-error-of-unusual-magnitude-expert-panel-finds-without-pinpointing-cause-164759
 
The Super Bowl Champion Tampa Bay Bucs visited Biden at the WH yesterday.
 
@DailyCaller: Tom Brady: “Not a lot of people think that we could have won. And in fact, I think about 40% of the people still don’t think we won. You understand that, Mr. President?”
https://twitter.com/DailyCaller/status/1417514967419478024

end

See you Thursday night!

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