SEPTEMBER 8//GOLD DOWN $4.90 TO $1791.20//SILVER DOWN 30 CENTS TO $24.02/GOLD STANDING AT THE COMEX INCREASES TO 3.7 TONNES//SILVER STANDING REDUCES TO 27.35 MILLION OZ//COVID UPDATES// MU STRAIN NOW REACHES ALL 50 STATES//VACCINE UPDATES//INVERMECTIN COMMENTARIES/JAMES QUINN : A MUST READ!!//CHINA REACHES ITS LEHMAN MOMENTS AS DEFAULTS START TO OCCUR AT EVERGRANDE//TALIBAN/MIGRANT COMMENTARIES//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1791.20 DOWN $4.90   The quote is London spot price

Silver:$24.02 DOWN 30  CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1789.75 LONDON SPOT  4:30 pm

ii)SILVER:  $23.96

//LONDON SPOT  4:30 pm

First, a special wish to all our Jewish friends out there for a healthy and prosperous Happy New Year
Second<  volumes very light today because of the holidays.
 

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

 

 

PLATINUM  $983.15.40 down  $18.25

PALLADIUM: $2257.55  down $115.10   PER OZ.

 

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DETAILS//NOTICES FILED

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

receiving today 2/6

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,795.900000000 USD
INTENT DATE: 09/07/2021 DELIVERY DATE: 09/09/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 4
661 C JP MORGAN 2
737 C ADVANTAGE 6
____________________________________________________________________________________________

TOTAL: 6 6
MONTH TO DATE: 1,032

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 6 NOTICE(S) FOR 600 OZ  (0.0186 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1032 FOR 103,200 OZ  (3.2099 TONNES)

 

SILVER//sept CONTRACT

115 NOTICE(S) FILED TODAY FOR  575,000   OZ/

total number of notices filed so far this month 5154  :  for 25,770,000  oz

 

BITCOIN MORNING QUOTE  $46,530 DOWN 246  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$46,389  DOWN 105  DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  DOWN $4.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGE 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

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

THIS IS A MASSIVE FRAUD!!

GLD  998.52 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 30 CENTS

A  HUGE CHANGE  IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.037 MILLION OZ FORM THE SLV//

 

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

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: 

 

549.903  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 167,29 down 0.42 OR 0.25%

XXXXXXXXXXXXX

SLV closing price NYSE 22.17 down $.34 OR 1.51%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI FELL BY A HUGE 3848 CONTRACTS TO 139,284, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. T HE STRONG SIZED LOSS IN OI OCCURREDWITH OUR  $0.40 LOSS IN SILVER PRICING AT THE COMEX  ON MONDAY.

OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.40)

AND THEY WERE .SUCCESFUL IN KNOCKING OUT SOME SILVER LONGSWE  ALSO HAD I) HUGE  BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/WE ALSO HAD  SOME ii) REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  SMALL INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 27.64 MILLION OZ FOLLOWED BY ANOTHER STRONG EFP JUMP TO LONDON OF 180,000 OZ//NEW STANDING 27.450 MILLION OZ  / v) VERY STRONG COMEX OI LOSS,
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS – 97
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
3357 CONTACTS  for 5 days, total 3357 contracts or 16.785 million oz…average per day:  671 contracts or 3.357 million oz per day.

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF

SEPT:  16.785 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

 

LAST 4 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: 140.120 MILLION OZ 

 

 
RESULT: , …WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3848 WITH OUR 40 CENT LOSS SILVER PRICING AT THE COMEX ///TUESDAYTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 475 CONTRACTS( 0 CONTRACTS ISSUED FOR SEPT AND 475 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.
 
TODAY WE HAD A GIGANTIC SIZED LOSS OF 3373 OI CONTRACTS ON THE TWO EXCHANGE/THE DOMINANT FEATURE TODAY:(WITH OUR $0.40 LOSS/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  AND WE HAVE A  SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER 27.640 MILLION OZ FOLLOWED TODAY BY A GOOD E.F.P. JUMP TO LONDON OF 180,000 OZ TODAY//NEW STANDING 27.450 MILLION OZ//
 

WE HAD  115 NOTICES FILED TODAY FOR 575,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 6441  CONTRACTS TO 506,772 _ ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  –  72 CONTRACTS.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $35.35///COMEX GOLD TRADING/TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD SOME LONG LIQUIDATION AS THE TOTAL LOSS ON OUR TWO EXCHANGES TOTALLED 3718 CONTRACTS..  WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S 900 OZ QUEUE JUMP TO LONDON//NEW STANDING 3.6920 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $35.35 WITH RESPECT TO TUESDAY’S TRADING

 

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

WE HAD A FAIR SIZED LOSS OF 3718  OI CONTRACTS (11.564 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2723 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 2723  ALL OTHER MONTHS ZERO//TOTAL: 2723 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 506,772. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A  FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3718  CONTRACTS: 6441 CONTRACTS INCREASED AT THE COMEX AND 2723 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 3,718 CONTRACTS OR 11.564 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2723) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (6441 OI): TOTAL LOSS IN THE TWO EXCHANGES: 3,718 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 3.586 TONNES//FOLLOWED BY TODAY’S 900 OZ QUEUE JUMP//NEW STANDING 3.692 TONNES / 3) SOME LONG LIQUIDATION, /// ;4)STRONG SIZED COMEX OI LOSS 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL

 

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

 

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:
HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), 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

SEPTEMBER

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 7,919, CONTRACTS OR 791,900 oz OR 24.63 TONNES (5 TRADING DAY(S) AND THUS AVERAGING: 1588 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 24.63 TONNES

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

THUS EFP TRANSFERS REPRESENTS  24.63/3550 x 100% TONNES  0.693% 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:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          24.63 TONNES INITIAL ISSUANCE (EXTREMELY LOW ISSUANCE)_

 

 

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 A HUGE 3848 CONTRACTSTO 139,187 AND FURTHER FROM  TO 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 475 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: 0; DEC 475  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  475 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKETHE  COMEX OI LOSS OF 3848 CONTRACTS AND ADD TO THE 475 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A HUGE SIZED LOSS OF 3276 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 16.865 MILLION  OZ, OCCURRED WITH OUR $0.40 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///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 1.40  PTS  OR 0.24%   //Hang Sang CLOSED DOWN 32.70 PTS OR 0.12%      /The Nikkei closed UP 265.07 PTS OR 0.89%   //Australia’s all ordinaires CLOSED DOWN 0.24%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4578  /Oil DOWN TO 68.45 dollars per barrel for WTI and 71.90 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4578. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4555/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 6441 CONTRACTS TO 506,772 MOVING FURTHER FROM TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED WITH OUR LOSS OF $35.35 IN GOLD PRICING TUESDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (2020 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

 

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  ACTIVE DELIVERY MONTH OF SEPT..  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 2723 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  2723 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2723  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED 3,718 TOTAL CONTRACTS IN THAT 2723 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED COMEX OI OF 6441 CONTRACTS.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (3.6920),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 8 MONTHS OF 20201:

SEPT: 3.6920 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB. 113.424 TONNES

JAN: 6.500 TONNES.

 

TOTAL SO FAR THIS YEAR (JAN- AUGUST): 411.289 TONNNES

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $35.35).,AND THEY WERE  SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 11.564 TONNES.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (3.6920 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE HUGE SIZED GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

WE HAD – 72 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 3718 CONTRACTS OR 371,800 OZ OR 11.564 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:  506,772 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.67 MILLION OZ/32,150 OZ PER TONNE =  15.76 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1576/2200 OR 71.65% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  69,521 contracts//    / volume//dreadful////

CONFIRMED COMEX VOL. FOR YESTERDAY: 267,666 contracts//fair

 

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

 

SEPT 8

/2021

 
INITIAL STANDINGS FOR SEPT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
48,032.445 OZ
 
Brinks
 
1494 KILOBARS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
NIL
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
6  notice(s)
600 OZ
 
0.0186 TONNES
No of oz to be served (notices)
155 contracts
15,500 oz
 
0.4812 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1032 notices
103200 OZ
3.2099 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 0 deposit into the dealer
 
 
 
 
total deposit: nil   oz 
 

total dealer withdrawals: nil oz

we had  0 deposit into the customer account
 
 
TOTAL CUSTOMER DEPOSITS nil  oz  
 
 
 
 
 
 
We had 1  customer withdrawals.

 

i) Out of Brinks 48,032.445 oz (1494 kilobars)  

 

 

 
 
 
 
 
total customer withdrawals  48,032.445   oz
     
 
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of  1 transactions)

ADJUSTMENTS 0// 

 

 
 
 
the front month of September has an open interest of 161 for a LOSS of 0 contracts. We had 9 notices served on Tuesday.  Thus we gained 9 contracts or an additional 900 oz will stand for delivery in this non active delivery month of September for gold as they negated a fiat bonus for not accepting an EFP.
 
 
 
 
OCTOBER LOST 742 CONTRACTS UP TO 38,472
NOVEMBER GAINED 5 CONTRACTS TO STAND AT 23
.
DEC LOST 7301  TO STAND AT 417,427
 

We had 9 notice(s) filed today for 900  oz

FOR THE SEPT 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 6  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 2 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2021. contract month, we take the total number of notices filed so far for the month (1032) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 161 CONTRACTS ) minus the number of notices served upon today  6 x 100 oz per contract equals 118700 OZ OR 3.6920 TONNES) the number of ounces standing in this active month of SEPTEMBER.  

 

thus the INITIAL standings for gold for the SEPT contract month:

No of notices filed so far (1032) x 100 oz+( 161)  OI for the front month minus the number of notices served upon today (6} x 100 oz} which equals 119,300 oz standing OR 3.6920 TONNES in this  active delivery month of SEPTEMBER.

We GAINED 9 contracts or an additional 900 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING:  3.6920 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

427,737.391, oz NOW PLEDGED  march 5/2021/HSBC  13.30 TONNES

260,194.748 PLEDGED  MANFRA 8.0931 TONNES

298,468.054, oz  JPM  9.28 TONNES

1,195,064.751 oz pledged June 12/2020 Brinks/37.17 TONNES

104,945.541, oz Pledged August 21/regular account 3.164 tonnes JPMORGAN

54,250.898 oz International Delaware:  1.68 tonnes

169,535.980 oz Malca  5.28 TONNES

total pledged gold:  2,340,661.384oz                                     72.804 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 501.07 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 3.6920 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,357,075.021 oz or 570.98 tonnes
 
 
 
total weight of pledged: 2,340,661.384 oz or 72.804 tonnes
 
 
registered gold that can be used to settle upon: 16,016,414.0 (498.17 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,016,414.0 (498.17 tonnes)   
 
 
total eligible gold: 15,734,058.036 oz   (489.39 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,091,133.057 oz or 1,060.37 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  934.03 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

SEPT 8/2021

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//SEPTEMBER

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 
1,264,580.620  oz
 
CNT
Brinks
 
 Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
2974.000
 OZ
 
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
115
 
CONTRACT(S)
 
575,000  OZ)
 
No of oz to be served (notices)
336 contracts
 1,680,000oz)
Total monthly oz silver served (contracts)  5154 contracts

 

25,770,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposits into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware:  2974.000 oz

 

 
 
 

JPMorgan now has 186.995 million oz  silver inventory or 51.23% of all official comex silver. (186.995 million/361.851 million

total customer deposits today 2974.000   oz

we had 3 withdrawals

i) out of CNT  633,424.330  oz 

 

ii) Out of Brinks:  591,351.000 oz

 

iii) out of  Delaware; 39,805.290 oz

 

 

total withdrawal 1,264,580.620        oz

 

adjustments: 1  customer to dealer
Manfra:  183,728.320 oz
 
 

Total dealer(registered) silver: 105.586 million oz

total registered and eligible silver:  361.851 million oz

a net 1.0 million oz  enters  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For Sept. we have an open interest of 451 for a loss of 131 contracts.  We had 95 notices served on Tuesday, so we LOST 36 contracts or 180,000 additional oz will NOT stand for delivery in this very active delivery month of September.
 
 
 

OCTOBER LOST 57 CONTRACTS TO STAND AT 2269

NOVEMBER GAINED 14 TO STAND AT  15

DEC LOST 3981 CONTRACTS DOWN TO 122,941

 
NO. OF NOTICES FILED: 95  FOR 475,000 OZ.

To calculate the number of silver ounces that will stand for delivery in SEPTEMBER. we take the total number of notices filed for the month so far at  5154 x 5,000 oz = 25,770,000 oz to which we add the difference between the open interest for the front month of SEPT (451) and the number of notices served upon today 115 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the SEPT./2021 contract month: 5154 (notices served so far) x 5000 oz + OI for front month of SEPT(451)  – number of notices served upon today (115) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 27,350,000 oz. ..

We lost 36 contracts or 180,000 oz will not stand on this side of the pond as these guys morphed into London based forwards. 

 

TODAY’S ESTIMATED SILVER VOLUME  15,922 CONTRACTS // volume dreadful///

 

FOR YESTERDAY  73,494  ,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  RISES TO -1.64% (SEPT8/2021)

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 RISES TO -0.85% nav   (SEPT8)/2021 )

 

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

NAV $18.45 TRADING 17.89//NEGATIVE  3.04

 

END

 

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

SEPT 8/WITH GOLD DOWN $4.90 TOAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 998.52 TONNES

SEPT 7/WITH GOLD DOWN $35.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 998.52 TONNES.

SEPT 3/WITH GOLD UP $22.00 TODAY: A HUGE  CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .74 TONNES FROM THE GLD.//INVENTORY RESTS AT 999.52 TONNES

SEPT 2/WITH GOLD DOWN $4.45 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.26 TONNES

SEPT 1/WITH GOLD DOWN $2.00 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.46 TONNES FORM THE GLD////INVENTORY RESTS AT 1000.26 TONNES.

AUGUST 31/WITH GOLD UP $5.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1001.72 TONNES./

AUGUST 30/WITH GOLD DOWN $7.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES/

AUGUST 27/WITH GOLD UP $23.79 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1001.72 TONNES

AUGUST 26/WITH GOLD UP $6.10 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.91 TONNES FROM THE GLD////INVENTORY RESTS AT 1001.72 TONNES.

AUGUST 25/WITH GOLD DOWN $17.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 1004.63 TONNES

AUGUST 24/ WITH GOLD UP $2.60 TODAY: A MONSTER CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 4.95 TONNES//INVENTORY RESTS AT 1006.66 TONNES.

AUGUST 23/WITH GOLD UP $21.25 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1011.61 TONNES// 

AUGUST 20/WITH GOLD UP $1.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 3.49 TONNES FROM THE GLD //INVENTORY RESTS AT 1011.61 TONNES

AUGUST 19/WITH GOLD DOWN $1.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 18/WITH GOLD  DOWN $2.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.53 TONNES FROM THE GLD////INVENTORY RESTS AT 1015.10 TONNES/

AUGUST 17/WITH GOLD DOWN $2.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.16 TONNES FROM THE GLD///INVENTORY RESTS AT 1020.63 TONNES

AUGUST 16/WITH GOLD UP $11.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A LOSS OF 1.75 TONNES FROM TH EGLD///INVENTORY RESTS AT 1021.79 TONNES

AUGUST 13/WITH GOLD UP $26.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 12/ WITH GOLD DOWN $1.20 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 11/WITH GOLD UP $21.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1023.54 TONNES

AUGUST 10/WITH GOLD UP $11.50 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1023.54 TONNES

AUGUST 9/WITH GOLD DOWN $37.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 6/WITH GOLD DOWN $44.10 TODAY: TWO CHANGES IN GOLD INVENTORY AT THE GLD: A SMALL WITHDRAWAL OF .36 TONNES TO PAY FOR FEES. ANDLATE IN THE DAY A HUGE 2.32 TONNE WITHDRAWAL//INVENTORY RESTS AT 1025.29 TONNES

AUGUST 5/WITH GOLD DOWN $5.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.97 TONNES

AUGUST 4/WITH GOLD UP $.45 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.97 TONNES

AUGUST 3/WITH GOLD DOWN $6.95 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD../INVENTORY RESTS AT 1029.71 TONNES.

AUGUST 2/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1031.46 TONNES.

JULY 30/WITH GOLD DOWN $17.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1031.46 TONNES

JULY 29/WITH GOLD UP $29.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A HUGE PAPER DEPOSIT OF 5.82 TONNES INTO THE GLD////INVENTORY RESTS AT 1031.46 TONNES

JULY 28/WITH GOLD UP $1.00 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.64 TONNES

JULY 27/WITH GOLD UP 90 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.74 TONNES FROM THE GLD/INVENTORY RESTS AT 1025.64 TONNES.

JULY 26/WITH GOLD DOWN $1.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.35 TONNES.

JULY 23/WITH GOLD DOWN $3.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1027.35 TONNES

JULY 22/WITH GOLD UP $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1027.38 TONNES

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

 
 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 8 / GLD INVENTORY 998.52 tonnes

 

LAST;  1127 TRADING DAYS:   +73.71 TONNES HAVE BEEN ADDED THE GLD

 

LAST 977 TRADING DAYS// +  249.13. 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!)

SEPT 8/WITH SILVE DOWN 30 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.037 MILLION OF FROM THE SLV///INVENTORY RESTS AT 547.866 MILLION OZ//

SEPT 7/WITH SILVER DOWN 32 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ.

SEPT 3/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.903 MILLION OZ//

SEPT 2/WITH SILVER DOWN 29 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 977,000 OZ FROM THE SLV////INVENTORY RESTS AT 549.903 MILLION OZ

SEPT 1/WITH SILVER UP 20 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.880 MILLION OZ.

AUGUST 31/WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.002 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT 550.880 MILLION OZ

 

AUGUST 30/WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 545.878 MILLION OZ////

AUGUST 27/WITH SILVER UP 47 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.878 MILLION OZ/./

AUGUST 26/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ//

AUGUST 25/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 545.878 MILLION OZ/

AUGUST24/WITH SILVER UP 37 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLSV: ANOTHER PAPER WITHDRAWAL OF 3.427 MILLION OZ AND THIS IS HEADING FOR SPROTT//INVENTORY RESTS AT 545.878 MILLION OZ..

AUGUST 23/WITH SILVER UP 50 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV;A HUGE WITHDRAWAL OF 2.641 MILLION OZ//INVENTORY RESTS AT 549.305 MILLION OZ//

AUGUST 20/WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ//

AUGUST 19/WITH SILVER DOWN 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: ANOTHER WITHDRAWAL OF 1.389 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 551.946 MILLION OZ/

AUGUST 18/ WITH SILVER DOWN 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 2.131 MILLION OZ FROM THE SLV.INVENTORY REST AT 553.375 MILLION OZ

AUGUST 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 16/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ//

AUGUST 13/WITH SILVER UP 59 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE   SLV: A DEPOSIT OF 2.038 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 555.466 MILLION OZ.

AUGUST 12/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 11/WITH SILVER UP 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 10.WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.428 MILLION OZ/

AUGUST 9/WITH SILVER DOWN 78 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 371,000 OZ INTO THE SLV////INVENTORY RESTS AT 553.428 MILLION OZ//

AUGUST 6/WITH SILVER DOWN 86 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 553.057 MILLION OZ.

AUGUST 5/WITH  SILVER DOWN 17 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.057 MILLION OZ//

AUGUST 4/WITH SILVER DOWN 12 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV;A WITHDRAWAL OF 240,000 OZ FORM THE SLV//INVENTORY REST AT 553.057 MILLION OZ//

AUGUST 3/WITH  SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ..

AUGUST 2/WITH SILVER UP 5 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.297 MILLION OZ.

JULY 30/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.02 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 553.297 MILLION OZ//

JULY 29/WITH SILVER UP 86 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.151 MILLION OZ//INVENTORY RESTS AT 552.277 MILLION OZ..

JULY 28/WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ//

JULY 27/WITH SILVER DOWN 64 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ..

JULY 26/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 23/WITH SILVER DOWN 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.428 MILLION OZ.

JULY 22/WITH SILVER UP 10 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.483 MILLION OZ FROM THE SLV/////INVENTORY RESTS AT 555.428 MILLION OZ..

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

 
 

SLV INVENTORY RESTS TONIGHT AT

SEPT8/2021      547.866 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

Peter Schiff

The Fed Is Helping Facilitate Trailer Park Evictions

 
WEDNESDAY, SEP 08, 2021 – 09:01 AM

Authored by Michael Maharrey via SchiffGold.com,

The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks.

NPR highlighted the growing number of mobile home part evictions. According to the report, real estate investors continue to buy up mobile home parks across the US. They then raise lot rents and fees, and evict residents who can’t pay.

As the report explains, the government makes this scheme possible with easy financing through agencies such as Fannie Mae and Freddie Mac. Here’s how it works in a nutshell.

A company raises rates and fees in a park. That makes the park more valuable. So they can now borrow more money against it, kind of like when you refi your house and get cash out of the deal. They pull out, say, $3 million, and they use that to go buy another mobile home park. And then they do that again and again. It’s a cascade of borrowed money. And often, these loans are backed by the US government. They provide very, very low-cost debt for these investors to get enough cash out to go buy additional parks. The loans have super cheap interest rates because they’re guaranteed by Fannie Mae and Freddie Mac, the government-backed entities at the heart of the US mortgage market.”

NPR gets part of the story right. In fact, it’s pretty impressive that they didn’t just pin the blame on “greedy capitalists.”

Nevertheless, the story completely misses the biggest player in this game – the Federal Reserve.

NPR asserts that the interest rates are low because the government backs the loans. That’s certainly part of the equation. But it’s the central bank that pushes interest rates to artificially low levels. And the Fed also makes it possible for these quasi-governmental agencies to continue to buy loans through its quantitative easing program.

Fannie Mae and Freddie Mac don’t make the actual loans. Private banks do that. The banks then sell the mortgages on the secondary market. That’s where Freddie and Fannie step in. These government-backed enterprises buy mortgages and package them into “mortgage-backed securities” (MBS). As Investopedia explains, an MBS “represents an interest in the pool of mortgages. Like bonds, an MBS makes coupon payments to investors.”

By selling mortgages on the secondary market, banks also shed the risk inherent in lending money. When Fannie and Freddie buy a mortgage, they also buy the risk of non-payment. Securitizing the risk and selling mortgage-backed securities dilute the risk further. With multiple mortgages bundled together into one security, one or two defaults won’t have much impact on the MBS. But as we saw in 2007, when the entire housing market crashes, things snowball quickly.

Enter the Federal Reserve. It buys these mortgage-backed securities from Freddie, Fannie, and also Ginnie Mae. This provides these operations with a cash infusion that enables them to buy even more mortgages, meaning banks can sell more mortgages to Freddie and Fannie, and then turn around and lend more money.

The Fed’s intervention into the mortgage markets, along with its interest rate cuts, keep mortgage rates far below their natural levels. In effect, it juices the mortgage market. This is a big reason we’ve seen home sales boom, and housing prices rise as the US economy emerges from the pandemic.

As governments shut down the economy in response to COVID-19, the Fed launched what we’ve called “QE infinity.” That crisis-mode monetary policy remains in place to this very day. As part of its extraordinary monetary policy, the Fed buys on average $120 billion on US Treasuries and mortgage-backed securities every month. Of that, the central banks spend about $40 billion per month buying MBS.

I should note that the Fed creates money out of thin air to buy these securities. This entire operation would be impossible were it not for the central bank’s ability to monetize the debt – “print” money to buy debt. In effect, Freddie and Fannie can buy all the mortgages it wants knowing that the Fed will take some of them off their hands and infuse them with more cash. The process obliterates any semblance of restraint in the mortgage market.

NPR stumbled into the truth when it identified Freddie Mac and Fannie Mae’s role in facilitating this takeover of mobile home parks. But they didn’t go far enough. They missed the wizard behind the curtain that keeps the entire scheme afloat – the Federal Reserve.

This is yet another way the Fed distorts the economy, drives misallocations of resources, transfers wealth from the poor to the rich, and generally wreaks havoc.

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

4 Under-Reported Signs Paper Money Is Dying

 
WEDNESDAY, SEP 08, 2021 – 06:30 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

Below, we look at four deliberately ignored reasons why extreme liquidity is drowning paper money.

Reason 1: The Taper Debate May Not be a Debate at All

Here, we look past the taper headlines and ask a simple question: Would a Fed “tapering” of QE really matter?

As we’ve written elsewhere, the Great Taper Debate is less of a debate than it is a pundit circus, forever fueling now classic yet complimentary debates on inflation vs. deflationgold vs. the dollar and Fed-speak vs. honesty.

Of course, such topics, including the great “taper,” are all critical issues worthy of opposing views and somber discussions.

The world needs open, transparent and respectful (as opposed to tyrannical) debate, now more than ever.

If the Fed, for example, were to taper money printing, it’s logical to assume (and argue) that this would mean falling bonds, rising rates, deflationary forces, a stronger dollar and massive headwinds for risk assets like stocks and real estate.

But for many who are not otherwise deeply ensconced into the weeds of Wall Street (i.e., normal, smart and conscientious investors), what they may not know is this: The Fed has other tricks up its liquidity sleeve than just “QE.”

Stated otherwise, the taper fears as well as taper debate may not be as central to the central bank debate as one might think.

Why?

Hidden Liquidity Tricks and More Central Bank Fire Hoses

Because hidden within the backwash of the deliberately murky and mysterious (i.e., toxic) love affair between Wall Street and the Fed, lies unmarked little islands of hidden liquidity powers known as the Standard Repo Facility (SRF).

Specifically, we’re referring to the Reverse Repo Program (RRP) for domestic use and the FIMA swap lines (for foreign creditors) which allows the Fed to keep dumping liquidity into the system even during a QE “taper.”

The RRP program, for example, allows the Fed to help commercial banks avoid (i.e., cheat on) those otherwise laudable Basel 3 rules, thereby giving our seemingly immortal banks the hidden power to circumvent Basel 3’s reserve requirements.

Without diving too deep into this intentionally complex arena, RRP programs technically reduce liquidity, but the program’s fine print effectively allows increasingly less “liquid” commercial banks to sidestep Basel 3, which means they are not forced to become “less liquid” in actual practice—just more dangerous.

As we warned months ago, as debt conditions worsen, so too does transparency and truth; far more importantly, centralized control over (and support for) an otherwise grossly distorted banking system (and risk asset bubble) continues to rise behind the headlines.

In short, if investors are wondering why or how markets can and could climb despite “taper” headlines, the answer is hidden in plain yet deliberately complex sight. After all, distortion loves to hide behind complexity.

Like inflation, the real truth behind Basel 3 and the taper-debate is hidden behind deliberate obfuscation and mis-reporting—what normal folks call, well…lies.

This means, taper or no taper, the dollar liquidity will keep pumping within the fantasy islands of the RRP archipelago and hence the liquidity needed to help “inflate away” otherwise unconscionable and mathematically growth-killing sovereign debt will and can continue.

Such liquidity trends, of course, just mean the further debasement of fiat/paper money.

Reason 2: The IMF Signals More Liquidity

But if you think the Fed is the only monetary body growing more desperate and hence liquidity-clever by the day, let’s not forget those Wunderkinder at the IMF nor Forest Gump’s reminder that when it comes to dumping more paper money onto an already unsustainable debt pile, “stupid is as stupid does.”

Just one month ago, the IMF’s board of governors approved an allocation (its first since 2009) of Special Drawing Rights (SDR) to the tune of $650B (456B in SDR) in order to stimulate, you guessed it, more global liquidity.

And as the graph below confirms, this latest allocation is an historical doozy, even for the IMF.

Aside from confirming desperation, the foregoing SDR allocation facts have a direct implication on that “barbarous relic” otherwise known as gold, which has been consolidating above last year’s breakout.

That is, whenever SDRs are issued (and they just issued a lot of them), that basket of global paper money (USD, JPY, EUR, CNY, GBP and JPY) tends to go on a shopping spree for gold.

Of course, that’s just another tailwind for precious metals, but the CNY (i.e., Chinese) component of those SDR’s won’t be the only demand-driven tailwind for gold.

As Brazil’s gold reserves skyrocketed by 100% in recent months, it’s worth noting who has been buying the bulk of those precious rather than “barbaric” metals.

Here’s a hint, the buyers are Brazil’s biggest trading partner—i.e., China.

But the plot thickens.

China is buying gold (as well as soybeans, steel, corn and oil) from Brazil for a reason

Like Russia, the Chinese can buy and sell those Brazilian products in CNY yet settle prices in gold which floats in price (as well as back into Brazil’s gold-thirsty central bank) based on each currency, thereby slowly but surely ignoring that increasingly discredited and distrusted world reserve currency known as the U.S. dollar.

Reason 3: The World Reserve Currency—Not So Exceptional

But as for such declining trust, political gaslighting and dollar-debasing trends, we can thank our so-called “experts” rather than the Chinese or Russians, who are calmly playing financial chess while Powell, Lagarde and others struggle comically to master checkers.

As DoubleLine’s Jeffrey Gundlach observed just last week, the U.S. is running its economy “like we’re not interested in maintaining global reserve currency status.”

Like the recent retreat from Afghanistan, U.S. monetary policy (and its dollar) is looking ever more embarrassing to the world at large.

We’re not suggesting that the U.S. Dollar’s “status” will change tomorrow, but we do believe strongly that owning real assets in general and precious metals in particular is simply commonsense realism in the backdrop of increasing currency fantasy spewing out of D.C.

Reason 4: Simple Math and the “Not-So-Crazy” of Rising Inflation & Deeper Negative Rates

A core aspect of that realism comes down to inflation now surging past “transitory” and morphing into just plain dangerous.

As repeated so many times, negative real rates (i.e., inflation outpacing sovereign bond yields) have extraordinary implications for rising gold price.

Last week, for example, we made a case for negative rates going as far down as -15%, which would require some pretty ghastly (but we feel deliberately engineered yet publicly denied) inflation ahead.

Toward that end, we reminded readers of prior moments in US debt history when rates fell that deep below zero as inflation rose to the sky—all deliberately allowed to get Uncle Sam out of a debt hole as he sucker-punches the public.

In case that -15% prognosis still seems “crazy” today, keep in mind that the official CPI measure of inflation itself, as reported out of DC, is simply another open CPI lie from the Bureau of Labor Statistics.

Deep down, we all know this.

Nevertheless, and if fantasy is officially accepted as a form of financial policy, the current inflation expectations (based upon the Fed’s 10-Year Breakeven Inflation Rate) of 2.3%, offset against the current 10YT yield of 1.3%, places real rates today at “just” negative 1% as of this writing.

As embarrassing as even negative 1% real rates may be, that’s hardly -15%, correct?

Reason to relax?

Not so fast.

Mathematical Reality vs. Policy Fantasy

The inflationary dangers become clearer once we dig deeper and factor in mathematical honesty rather than policy fantasy.

Even using the current year-over-year (July) CPI rate of 5.4% inflation against the 10YT yield, we arrive at a negative real rate figure of -4.1%.

Ugh.

But it gets worse.

That is, if we were to apply the Chapwood Index which accurately measures inflation by the more honest scale used by the U.S. in the 1970’s (i.e., before the inflationary CPI scale was conveniently “tweaked” to make paper money look more viable in the wake of Nixon’s closing of the gold window), actual inflation today is closer to what it feels like—namely 12%.

This means that when pitted against current 10YT yields, real rates today are negative to the tune of -10.7% right now. This very moment.

Which brings us back to the -15% figure we feel is coming.

Again, does it really seem that “crazy” to expect negative 15% rates in the next 4 years, 5 years, or 10 years when real, yet intentionally misreported rates, are already closer to negative 11% right now?

Hmmm.

Gold

If gold shines brightest as real rates go deeper and faster into the negative, it’s our conviction, based upon honest math and genuine rather than doctored inflation figures or Fed-speak, that gold’s “golden era”has yet to even begin.

Whether more fiat money comes from: a 1) keyboard at a central bank; 2) the twisted fine print of the Reverse Repo Program; 3) the unprecedented fiscal deficits of mentally-mediocre policy makers seeking re-lection on COVID “concern”-signaling and tyrannical shutdowns, or 4) from the IMF’s SDR pool, the simple fact is that inflation follows the money supply, and today’s expanding money supply is literally off the charts.

The Fed, for now, can pretend to hide this liquidity-driven inflation behind double-speak or creative math, but eventually all truths (including inflation facts) float to the surface as real rates, like the paper money currency you own today, sink closer to the ocean floor.

But as every treasure hunter already knows, paper rots at such depths but gold never does—even after countless years of countless failed attempts by bankrupt regimes (from Rome to Yugoslavia) to pretend paper has value once the trust it has died.

But as Voltaire quipped, eventually all paper money reverts to intrinsic value: zero.

So, which asset do you want to own when the current fiat currency ship sinks like all who have come before it?

Here in Zurich, Switzerland, we’ve spent decades serving those who already know the answer.

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

LAWRIE WILLIAMS: Indian gold demand on the up again

The world’s two leading nations for gold consumption are China and India. The latter was for many years the world’s largest consumer before it was overtaken by China a few years ago, but has still remained one of the world’s two largest consuming nations for historic reasons and the hugely significant place gold holds in the psyche of the Indian population.

In recent years the level of gold uptake there has tended to vary somewhat as the nation’s government has implemented policies to try and reduce some of the inbuilt national demand. India has been a massive importer of gold as its own production is nowadays extremely low and the impact of these gold imports on the country’s balance of payments has been significant. In the past year or so demand has also been adversely affected by the impact of the coronavirus pandemic. Thus it is extremely encouraging for the global gold market that there are reports of a substantial Indian gold demand pickup in the latest month for which statistics are becoming available

Thus a report from Reuters that the nation’s gold imports in August almost doubled from the figure of a year earlier to the highest in five months is particularly encouraging. The increase is attributed to a strong demand pickup brought on by weaker prices which prompted jewellers to ramp up purchases ahead of the festive season, according to an anonymous government source.

According to the Reuters report. India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorised to speak to media.

Reuters sees the higher level of gold imports by the world’s second-biggest bullion consumer as potentially supporting gold prices which have fallen back around 13% from the yellow metal’s all-time price high of $2,072 which it reached in August last year. The surge in imports could increase India’s trade deficit and pressure the rupee, though, comments the Reuters report..

In value terms, August imports surged to $6.7 billion from $3.7 billion a year ago, the source is reported as saying. The sharp gold price correction in the first half of the month thus provided an ideal opportunity for jewellers who wanted to build inventories for the upcoming festive season, a Mumbai-based dealer with a gold importing bank is reported as commenting.

Local gold futures had fallen to 45,662 rupees per 10 grams on Aug. 10, the lowest in four months.

The Reuters report goes on to note “Retail demand was good in August as coronavirus cases fell and people stepped out to shop,” according to Harshad Ajmera, a gold wholesaler in Kolkata.

On the virus pandemic front, Indian authorities had imposed localised lockdowns in the June quarter as COVID- 19 infections surged to a record high, but allowed businesses to reopen in a phased manner as cases fell back again. In relation to population size, India has been less affected by coronavirus cases per head of population than most other countries, although total infection figures remain very high. However one cannot be certain how accurate infection figures and mortalities really are in such a densely and highly, populated nation.

Reuters notes also that India’s official gold imports in the first eight months of 2021 appear to have tripled to 687 tonnes, assuming the reported August figures are confirmed , in comparison with the previous year’s figures. But in 2020 the coronavirus outbreak incidence forced authorities to impose a nationwide lockdown which will have seriously impacted the official figures.

However, India’s official figures certainly understate the true picture of India’s gold imports. A separate report published on MSN, noted that in 2020, Indian officials say they seized $185 million worth of gold being smuggled into the country. But that’s seen as only a drop in the bucket. Experts are said toe estimate that around one-fifth of around 1,000 tonnes of gold that entered India last year arrived illegally. That’s equal to about $11 billion worth of the yellow metal.

The reason for the high levels of smuggled gold into India is seen as simple: India is one of the largest consumers/fabricators of gold in the world but isn’t even in the top 50 in terms of production. High tariffs on gold imports have resulted in a booming smuggling industry, officials say. India is home to a huge jewellery fabrication industry, and gold has long had strong cultural and economic significance, being used to celebrate milestones like births and weddings, as well as a secure way to stockpile wealth during periods of financial instability.

The Reuters report goes on to suggest that the country’s official gold imports in September could rise above 80 tonnes from 12 tonnes a year earlier if prices remain stable ahead of festivals, according to a Chennai- based bullion dealer.

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Amazing:  real yields on European junk bonds go negative. How could investors be so stupid?

(London’s Financial Times)

Real yields on European junk bonds go negative for first time

 

 

 Section: Daily Dispatches

 

By Naomi Rovnick and Martin Arnold
Financial Times, London
Tuesday, September 7, 2021

Investors in European junk bonds have begun accepting interest payments that are lower than eurozone inflation levels for the first time ever, in the latest sign that central banks’ crisis-era debt purchases have shifted the balance between risk and reward.

The yield on ICE BofA index of European high-yield bonds was pushed down to 2.34 percent this week, marking the first time buyers of so-called high-yield European currency bonds have accepted payments below consumer price inflation in the eurozone, which hit a decade high of 3 percent in August.

Analysts said investors’ willingness to extend credit to the riskiest borrowers while losing money in real terms reflected the scarcity of other opportunities to earn returns in debt markets. At the same time, Europe’s strong recovery from the pandemic following a bumper earnings season has reduced the risk that junk bond issuers will default. …

… For the remainder of the report:

https://www.ft.com/content/9110c6a8-69f6-4cc0-9ec5-bad5daeacfb7

 

END

Enjoy reading this: the criminal history of the Bank of International Settlement and how they are trying to hide their past

(ChrisPowell)

Tour the Bank for International Settlements exhibition to discern all that’s missing

 

 

 Section: Daily Dispatches

 

12:35p ET Tuesday, September 7, 2021

Dear Friend of GATA and Gold:

If you’re near Switzerland at the end of October and the beginning of November, you might want to head over to Basel to help the Bank for International Settlements celebrate itself. 

The bank announced yesterday that it is planning “a special exhibition marking its 90 years of promoting global monetary and financial stability”:

https://www.bis.org/press/p210906.htm

A detailed description of the exhibition suggests that the bank’s history will be heavily sanitized:

https://www.bis90.org/?lang=en

Of course nothing seems to be planned to explain the bank’s surreptitious assistance to Western governments, and especially the U.S. government, in rigging the gold and currency markets at the expense of the developing world.

The only exhibition of the BIS’ market rigging seems to be at GATA’s internet site, where the rigging is confirmed by BIS documents that apparently will not be part of the exhibition in Basel.

For example:

https://www.gata.org/node/4279

https://www.gata.org/node/11012

https://www.gata.org/node/21363

The BIS’ description of the exhibition includes a section headlined “Focus on Europe (1930-60)” that somehow manages not to mention anything between 1939 and 1945, when millions of Europeans were killed practically within sight of BIS headquarters.

Wikipedia gives a hint about the cause of this omission:

https://en.wikipedia.org/wiki/Bank_for_International_Settlements

At the outbreak of World War II in September 1939, the BIS Board of Directors — on which the main European central banks were represented — decided that the bank should remain open, but that, for the duration of hostilities, no meetings of the Board of Directors were to take place and that the bank should maintain a neutral stance in the conduct of its business. 

However, as the war dragged on, evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the Allies accused the Nazis of looting and pleaded with the BIS not to accept gold from the Reichsbank in payment for prewar obligations linked to the Young Plan. 

This was to no avail as remelted gold was either confiscated from prisoners or seized in victory and thus acceptable as payment to the BIS.

Operations conducted by the BIS were viewed with increasing suspicion from London and Washington. The fact that top-level German industrialists and advisers sat on the BIS board seemed to provide ample evidence of how the BIS might be used by Hitler throughout the war, with the help of American, British, and French banks. 

Between 1933 and 1945 the BIS Board of Directors included Walther Funk, a prominent Nazi official, and Emil Puhl, responsible for processing dental gold looted from concentration camp victims, as well as Hermann Schmitz, the director of IG Farben, and Baron von Schroeder, the owner of the J.H. Stein Bank, all of whom were later convicted of war crimes or crimes against humanity.

* * *

Does the BIS board room display photographs of the board’s former Nazi members? Will the bank’s exhibition permit visitors to take a look?

While the BIS no longer may be assisting war criminals, by helping to suppress the gold price, and thus the prices of all commodities — the primary exports of the developing world — and by destroying free markets, the bank still isn’t doing humanity any favors.

If you attend the exhibition, please write something about it and send it to GATA for possible publication. But it might be best not to let anyone at the BIS see your dental work.

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

END

Venezuela continues to sell gold.  Of its 83 tonnes of reserves most is kept at the Bank of England who refused to hand over the gold to Maduro.

(Reuters)

Desperate for cash, Venezuela keeps selling gold

 

 

 Section: Daily Dispatches

 

Venezuelan Central Bank Gold Reserves Fall as Maduro Seeks Cash

From Reuters
Tuesday, September 7, 2021

CARACAS — Venezuela’s gold reserves fell by 3 tonnes in the first half of 2021 to their lowest level in 50 years, central bank data showed today, as President Nicolas Maduro’s cash-strapped government continues selling gold as a source of income.

The withdrawals in the first six months of the year brought total reserves to 83 tonnes. The once-prosperous OPEC nation’s economy is mired in a years-long collapse, starving the government of funds. 

More recently, U.S. sanctions aimed at ousting Maduro have targeted oil exports, further eroding state resources.

Those reserves were valued at $4.9 billion by the end of June, a drop of $187 million from the end of 2020. Last year, the South American country;s gold reserves fell by 19 tonnes. The central bank has not disclosed the buyers of its gold. It and the state gold mining company are also under U.S. sanctions. …

… For the remainder of the report:

https://www.reuters.com/article/venezuela-gold/venezuela-central-bank-gold-reserves-fall-as-maduro-seeks-cash-idUSL1N2Q92BL

 END

OTHER PHYSICAL STORIES

FERTILIZER

Now fertilizer skyrockets in price after a huge nitrogen plant declares force majeure

(zerohedge)

World’s Largest Nitrogen Plant Declares “Force Majeure,” Sends Fertilizer Prices Sky High

 
TUESDAY, SEP 07, 2021 – 09:50 PM

Spot prices for nitrogen fertilizer on the US Gulf Coast skyrocketed to a near-decade high on a report the world’s largest nitrogen manufacturing plant declared force majeure. 

CF Industries Holdings Inc. in Donaldsonville, Louisiana, closed its massive complex ahead of Hurricane Ida. The complex has 19 plants, including six ammonia and five urea facilities, producing nitrogen-based products for agricultural and industrial markets. 

According to the letter seen by Bloomberg, CF Industries said, “due to these circumstances, CF Industries Sales, LLC has declared an event of force majeure affecting the production and shipment of product from the CF Donaldsonville, LA nitrogen complex.” 

The letter was dated Sept. 3, and at that time, the facility remained closed. This stoked fears of production declines at a time when supplies are already tight

As a result of the force majeure, US Gulf urea nitrogen fertilizer spot prices spiked 16.5%, according to Green Markets data. 

Other major nitrogen fertilizer benchmarks remained mixed on the weekly change.  

Scotiabank commodity analyst Ben Isaacson told clients that nitrogen fertilizer prices on the Gulf Coast are surging due to “uncertainty surrounding the restart of CF’s Donaldsonville plant.” He added there is increasing concern that other surrounding plants are down due to lack of electricity and possible storm damage. 

Before Ida, there was surging demand for US fertilizer as soaring commodity prices allowed farmers to expand crop production, boosting demand for nutrients essential to producing food. 

A recent Rabobank commodity note explained farmers are expanding plantings and dispensing more fertilizer on fields to increase crop yields. The Dutch bank warned, higher prices will curb purchases of fertilizers. 

Besides fertilizer, Ida has disrupted crude oil production and critical infrastructure for exports. There are also fuel shortages across New Orleans and Baton Rouge, Louisiana, and power outages remain widespread. 

 
end
 
CRYPTOCURRENCIES/
 
Coinbase CEO slams Gensler and the SEC for intimidation tactics behind dclosed doors over their crypto lending platform
(zerohedge)

 

Bitcoin Shaken After Coinbase CEO Slams SEC For “Engaging In Intimidation Tactics Behind Closed Doors” Over Crypto-Lending Platform

 
WEDNESDAY, SEP 08, 2021 – 08:10 AM

As if the crypto world wasn’t hit hard enough yesterday with a sudden vacuum drop lower in prices across all the major coins, it appears US regulators may be getting a little more aggressive in their actions (and not just words).

“Some really sketchy behavior coming out of the SEC recently.”

That is the first sentence in a lengthy Twitter tirade from Brian Armstrong, the CEO of Coinbase, as he revealed last night that the securities regulator had threatened to sue over the crypto exchange’s new lending program.

As CoinTelegraph.com reports, Armstrong explained that the crypto exchange approached the SEC earlier this year to brief the enforcement body over the up-and-coming Coinbase Lend program that intends to offer 4% annual yield returns on deposits of the USD Coin (USDC) stablecoin.

According to the Coinbase CEO, the SEC responded by telling the firm that the lending program is a security without any explanation and threatened to sue if the service was launched:

“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why.”

Armstrong pointed out that there are other crypto firms on the market that currently provide similar lending services to their customers and called for the SEC to provide regulatory clarity on the topic. The SEC’s actions, if Armstrong has reported them accurately, appear to be bad news for competitors BlockFi and Celsius, which already offer crypto yield products. BlockFi is facing investigations in a number of states over its high-interest products.

Coinbase’s Chief Legal Officer, Paul Grewal, announced the SEC threat in a blog post on Tuesday night. Decrypt.co reports that in the post, Grewal described how the company had been in discussions with the SEC about Lend for six months but that the agency then abruptly warned last Wednesday it may sue if Coinbase goes forward.

Coinbase publicly announced its plans to launch Lend in June. At the time, the company touted the product as a way for crypto owners to earn far high interest than what is offered at regular banks, and promised to offer a “peace of mind” guarantee as a substitute for the FDIC insurance that comes with traditional interest-bearing accounts.

The Lend proposal did not appear controversial at the time Coinbase announced it. The high yield product it described only applied to USDC stablecoins, which are akin to cash – a more conservative approach than the likes of BlockFi, which has for many months advertised returns of up to 8% on a variety of crypto assets.

In response to the SEC’s legal threat, Coinbase CEO Brian Armstrong lashed out at the agency on Twitter, complaining that his company had attempted to do the right thing, but that the SEC has failed to be transparent about its crypto policies, and is instead “engaging in intimidation tactics behind closed doors.”

Armstrong also complained that the SEC has failed to enforce its policies evenly, allowing other companies that failed to seek out the agency’s approval in the first place to operate for many months. He also hinted that Coinbase may choose to fight the SEC in court, but described that as a “last resort.”

The new developments between Coinbase and the SEC are likely to frustrate consumers who have looked enviously at the high yields earned by veteran crypto traders, but who do not have access to easy-to-use investment platforms like the one Coinbase proposed in the form of Lend.

CoinTelegraph notes that SEC boss Gary Gensler has regularly urged crypto firms to work with the SEC so that they can operate under public frameworks and ensure their survival. Grewal said the SEC’s actions appear to contradict Gensler’s statements:

“The SEC has repeatedly asked our industry to ‘talk to us, come in.’ We did that here. But today all we know is that we can either keep Lend off the market indefinitely without knowing why or we can be sued.”

“A healthy regulatory relationship should never leave the industry in that kind of bind without explanation. Dialogue is at the heart of good regulation,” he said.

Billionaire Mark Cuban, who has had his fair share of run-ins with the SEC’s over-reaching, explained to CEO Armstrong that this is their M.O….

Meanwhile, the CEO of Ripple, which is ensnared in its own high stakes lawsuit with the SEC, tweeted a popular meme from the movie Die Hard to “welcome [Coinbase] to the party.”

Having said all that, while COIN is lower this morning on the threat of litigation…

Bitcoin has bounced back from the overnight tumble after the Coinbase news…

Perhaps, as Mike Novogratz noted during a Bloomberg TV interview yesterday:

“There’s been a giant realization that crypto is not just Bitcoin being bought as a hedge against bad monetary and fiscal policy. More importantly, it’s the web 3.0,” Novogratz said Tuesday in an interview with Bloomberg TV.

“No investor wants to miss the next internet. I think we just got too excited and this was a little air being popped out of the balloon.”

As for the overall crypto market, it’s “really difficult to understand” where it’ll be in the short-term, he said. But over the long-term, he says Bitcoin’s trajectory is clear.

“There are enough institutions that have said they believe it’s a store of value,” he said.

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 UP AT 6.4578 

 

//OFFSHORE YUAN 6.4555  /shanghai bourse CLOSED DOWN 1.40 PTS OR 0.09% 

HANG SANG CLOSED DOWN 32.70 PTS OR 0.12 %

2. Nikkei closed UP 265.07 PTS OR 0.89% 

 

3. Europe stocks  ALL RED

 

USA dollar INDEX DOWN TO  92.67/Euro FALLS TO 1.1823

3b Japan 10 YR bond yield: RISES TO. +.046/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.03/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 69.37 and Brent: 72.52

3f Gold UP/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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.331%/Italian 10 Yr bond yield FALLS to 0.74% /SPAIN 10 YR BOND YIELD DOWN TO 0.36%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.07: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.86

3k Gold at $1800.95 silver at: 24.37   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 9/100 in roubles/dollar) 73.28

3m oil into the 69 dollar handle for WTI and  72 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 110.30 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 .9207 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0884 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 0.331%

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 1.354% early this morning. Thirty year rate at 1.957%

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

6.  TURKISH LIRA:  UP  TO 8.44..  VERY DEADLY

Futures Extend Slide, European Markets Drop On Growth, Tapering Fears

BY TYLER DURDEN
WEDNESDAY, SEP 08, 2021 – 08:02 AM

World stocks receded from the previous session’s record highs, European stocks were headed for the biggest decline in almost three weeks and US futures were set for a third straight day of losses on Wednesday with the global growth outlook coming under increasing pressure while the dollar hit one-week highs and 10Y yields dipped as investors reduced exposure to riskier assets. S&P futures briefly fell 0.5%, tipping below 4,500 before, recovering losses after the S&P 500 fell 0.34% on Tuesday, while Dow futures were flat and Nasdaq emini futs were fractionally in the red as banks from Morgan Stanley to Citigroup turned cautious on US equities.

The S&P 500 and Dow Jones indexes closed lower on Tuesday, but the Nasdaq edged up to an all-time high after shares of Apple and Netflix hit record levels. US stocks have come under increasing pressure in recent days as investors have turned increasingly cautious following Friday’s weak August payrolls data and uncertainty over tapering. 

In the premarket, cryptocurrency-exposed stocks drop as Bitcoin falls along with other digital currencies after Coinbase said it received a warning from the Securities and Exchange Commission. Future Fintech (FTFT) falls 4.1% and Coinbase (COIN) declines 2.2%, while Marathon Digital (MARA) loses 1.3%. FAAMG gigatechs such as Microsoft, Amazon, Facebook and Alphabet Inc fell between 0.1% and 0.3% in premarket trading. PayPal rose 0.7% after it said it would acquire Japanese buy now, pay later (BNPL) firm Paidy in a $2.7 billion largely cash deal. Tesla edged 0.6% higher after the China Passenger Car Association (CPCA) said the electric vehicle maker sold 44,264 China-made vehicles in August and reported a jump on local deliveries.  Here are some of the other big movers today:

  • Coty (COTY) falls 6.8% after announcing the start to offer Class A stock by KKR Rainbow Aggregator LP.
  • India Globalization Capital (IGC) jumps 18% after the company says its cannabis-based drug for Alzheimer’s was safe and well tolerated in an early-stage clinical trial on 12 patients.
  • Kadmon (KDMN) surges 78% after Sanofi’s $1.9 billion cash acquisition of the U.S. biotech.
  • Nio Inc. (NIO) slides 3.1% after announcing a $2 billion at-the-market offering postmarket Tuesday. Its peers like Li Auto (LI) and Xpeng (XPEV) also declines by 0.5% and 0.8% respectively.
  • UiPath (PATH) slips 7% after sales forecast trails some estimates.

And then there is tapering: despite the weakest jobs report in seven months on Friday, St. Louis Fed President James Bullard said in an interview with the Financial Times on Wednesday that the Fed should move forward with a plan to taper QE despite the slowdown in job growth.

“Everything is tapering, tapering, tapering. We are looking at every single central bank – when is the next one?” said Eddie Cheng, head of international multi-asset portfolio management at Wells Fargo Asset Management, though he added: “The Delta variant impact is still running like a wild card”.

MSCI’s world equity index fell 0.17% after seven consecutive days of gains.

European equities slumped, with the Euro Stoxx 50 dropping as much as 1.5%, and the Stoxx 600 gauge headed for the biggest decline in almost three week; the DAX and SMI lag. Autos, industrial and media names are the weakest sectors with travel and retail the sole sectors in the green. Britain’s FTSE 100 struck two-week lows and were down 0.56%. European traders were focused on whether the European Central Bank will this week also begin to scale back its bond purchase program.

“What is likely ahead of us is a continued but temporary deceleration of economic activity of one to three months which likely started in August,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.  “Fears that central banks might start to taper their asset purchases seems to have knocked away a little confidence, particularly given tomorrow’s ECB decision where many expect we’ll begin to see the start of that process, not least with inflation there running at its highest levels in almost a decade,” Deutsche Bank analysts said in a note. 

Here are some of the biggest European movers today:

  • B&M shares gain as much as 5.9% as it says revenue in the year to date has been broadly in line with market expectations, though gross margins have been stronger than originally anticipated in the B&M U.K. fascia business.
  • Dunelm rises as much as 11% after its FY profit topped estimates and it announced a special dividend, with analysts saying the payout points to a more confident outlook for the home furnishings retailer.
  • EasyJet shares rise as much as 3.8% and Ryanair shares up by as much as 2.3% after the Telegraph reported the U.K. may scrap its Green and Amber warning lists for foreign travel next month
  • Siemens Gamesa falls by as much as 7.5% and Siemens Energy drops by as much as 6.1% after JPMorgan downgrades both stocks. Other wind- energy stocks also fell including Orsted, down as much as 3.6%, after UBS cut its rating to neutral.
  • InPost falls as much as 4.2% despite its 2Q results getting a good reception from analysts, who noted its record margins and strong growth in parcel volumes.
  • Interparfums shares sink as much as 7.8% as its sales forecast disappointed and branded fragrances maker was downgraded by both Oddo and Midcap Partners.

Earlier in the session, the MSCI Asia Pacific Index slipped 0.1% while Japan’s Topix index closed 0.8% higher, with the rally driven by Japanese Prime Minister Yoshihide Suga’s decision to effectively step down. Asian stocks retreated, led by benchmarks in Korea and Taiwan, as investors awaited fresh catalysts following an eight-day rally. The MSCI Asia Pacific Index fell as much as 0.4%, before paring much of those losses. The regional benchmark is up by more than 8% from its lowest level for this year, marked on Aug. 20. A group of materials firms declined the most, offsetting gains in utilities. Regional equities have been in recovery since late August as concern over any abrupt tapering by the U.S. Federal Reserve abated and a selloff in Chinese equities eased. Still, stocks have been whipsawed by the rise and fall of daily virus cases in some countries and attempts by China to regulate a wide range of businesses.  Chinese blue chips dropped 0.41%, weighed down by recent soft data in the world’s second-biggest economy.

“A window remains for positive equity returns before the Fed raises rates in 2023 and a counter-trend dollar rally starts,” Jefferies strategist including Darby wrote in a note. “But a lot depends on further easing by China and better S.E. Asia vaccine roll-outs. The good news is that global trade is booming and an IT spending cycle is unfolding.” Singapore’s Straits Times Index fell more than 1% after local Covid-19 infections jumped to the highest in more than a year. South Korea’s Kospi was driven lower by a plunge in Kakao and Naver, after prominent lawmakers warned internet giants against pursuing profits and abusing their market dominance.

Japan outperformed as investors continued to be cheered by prospects for a new government and a recovery from the pandemic, with the Nikkei 225 Stock Average’s rally bolstered by gains in SoftBank. The Nikkei 225 Stock Average climbed 0.9% to 30,181.21, its highest closing level since March 18. The eight-day rise marks the blue-chip gauge’s longest win streak since November. SoftBank was the largest contributor to the Nikkei 225’s advance, rising for a second day on a deal that may set up a buyback for the Japanese tech giant.  Telecommunications providers and electronics makers were the biggest boosts to the Topix, which rose 0.8% to the highest level since August 1990. Trading volume on the first section of the Tokyo Stock Exchange was 3.7 trillion yen ($33.3 billion), the most since May 27. Friday marks the expiration of options and futures contracts in the so-called “special quotation” settlement. The event often leads to speculative trading in the run-up and heavy volumes on the day, especially in quarter-ending months like September. “Investors are eying positive change in Japanese politics, but they are also looking to the major SQ on Friday — foreign investors that had sold futures are now trying to buy back positions as the cash market has jumped,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co. “Should the Nikkei 225 exceed the SQ price Friday morning, it would indicate that the market remains firm.”

Australian stocks declined as miners, consumer staples tumble. The S&P/ASX 200 index fell 0.2% to close at 7,512.00 as materials and consumer staples stocks weighed on the benchmark. Eagers was the worst performer, retreating from a record high set Tuesday. Macquarie was among the top performers after issuing positive 1H guidance. In New Zealand, the S&P/NZX 50 index fell 1% to 13,193.01.

In rates, 10Y Yields fell to 1.3512% compared to a U.S. close of 1.371% on Tuesday, retreating from this week’s eight-week highs in a quiet session. Germany’s 10-year Bund yield also hit eight-week highs before edging lower to -0.331%. Peripheral spreads widen a touch with the belly of the Italian curve widening ~1.5bps to Germany.

In FX, USD and haven currencies are modestly bid given the weakness in stocks. The dollar hit a one-week high against the single currency and was trading at $1.1819. It also reached a one-week peak against an index of currencies, recovering from recent five-week lows. It was trading at 92.67 on the index, up 0.15%. The Bloomberg dollar index trades near best levels for the week. CAD and SEK are the weakest in G-10. Turkish lira snaps through 8.40 to lag EMFX peers. The pound weakened for a third day, its longest losing streak in a month, ahead of a Parliament vote on a government tax package that seeks to trim a U.K. budget deficit swollen by pandemic spending; Bank of England Governor Andrew Bailey’s comments will also be in focus as he faces the Treasury Select Committee on Wednesday. The Australian dollar was the worst G-10 performer while Australia’s bonds opened lower following Treasuries and held losses through the day; New Zealand peers also declined following a solid milk auction. The yen touched its weakest level in almost a month before rebounding as risk sentiment soured.

Bitcoin paused for breath after plunging 17% on Monday to a low of around $43,000 before recovering. It was last at $46,552, down 0.7%.

In commodities, crude futures pushed higher, returning toward Asia’s best levels. WTI jumped 1.38% to $69.30 a barrel and Brent crude rose 1.14% to $72.50 per barrel, with prices supported by a slow restart to production in the Gulf of Mexico after Hurricane Ida hit the region. Base metals were mixed: LME copper underperforms, snapping through $9,300/MT to trade down as much as 1.5%.  Gold gained 0.17% to $1796.90 per ounce in line with the risk-averse mood and just below the psychologically key $1,800 level which it fell through in the previous session.

Looking at the day ahead now, and data releases include US job openings and consumer credit for July, alongside Italian retail sales for July as well. From central banks, we’ll get the Bank of Canada’s latest rate decision, the Federal Reserve will be releasing their Beige Book, and speakers include the BoE’s Bailey, Broadbent, Ramsden and Tenreyro, and the Fed’s Williams and Kaplan.

Market Wrap

  • S&P 500 futures down 0.4% to 4,499.75
  • STOXX Europe 600 down 1.2% to 467.39
  • MXAP down 0.2% to 206.88
  • MXAPJ down 0.6% to 671.33
  • Nikkei up 0.9% to 30,181.21
  • Topix up 0.8% to 2,079.61
  • Hang Seng Index down 0.1% to 26,320.93
  • Shanghai Composite little changed at 3,675.19
  • Sensex down 0.3% to 58,082.81
  • Australia S&P/ASX 200 down 0.2% to 7,512.00
  • Kospi down 0.8% to 3,162.99
  • Brent Futures up 0.2% to $71.83/bbl
  • Gold spot up 0.2% to $1,798.76
  • U.S. Dollar Index up 0.20% to 92.70
  • German 10Y yield fell 1.0 bps to -0.332%
  • Euro down 0.2% to $1.1820
  • Brent Futures up 0.2% to $71.83/bbl

Top Overnight News courtesy of Bloomberg

  • “There is the possibility that we may be able to normalize monetary policy sooner than most financial market experts expect,” European Central Bank Governing Council member Robert Holzmann says in Eurofi Magazine
  • “Pandemic measures, temporary in their nature, will be phased out eventually, but the current situation still calls for monetary policy to remain highly accommodative,” European Central Bank Governing Council member Bostjan Vasle says in Eurofi Magazine
  • The Federal Reserve should press ahead with a plan to taper its massive pandemic stimulus program despite weak U.S. jobs growth last month, the Financial Times reports St. Louis Fed President James Bullard as saying in an interview
  • Jitters in the Chinese high-yield dollar bond market are prompting investors to chase quality debt in Asia, pushing down spreads on investment-grade notes to pre-pandemic levels

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac equity markets followed suit from the lacklustre performance in the US where sentiment was subdued on return from the Labor Day weekend with weakness seen in cyclicals. ASX 200 (-0.2%) traded negative as the ongoing COVID-19 disruptions continued to take their toll on the nation’s stock markets and with gold miners frontrunning the declines after the precious metal recently slipped beneath the 1800/oz level, although losses for the index were stemmed with the top-weighted financial sector underpinned by the higher yield environment. Nikkei 225 (+0.9%) recovered from opening losses, helped by stronger than expected GDP revisions for Q2 and although the government is likely to extend COVID emergency measures to the end of this month, reports added that it will gradually ease COVID-19 restrictions beginning in October. Furthermore, SoftBank was the biggest gainer in the Japanese benchmark with its shares briefly higher by double-digit percentages after the recent share-swap agreement with Deutsche Telekom fuelled speculation it could lead to a share buyback. Hang Seng (-0.1%) and Shanghai Comp. (Unch) traded indecisively amid ongoing regulatory and debt concerns with reports noting that China will increase transparency of policies and will crackdown to better support companies in competition, while Evergrande shares were choppy after Fitch downgraded its credit rating from CCC+ to CC which reflects the view that a default of some type seems probable. Finally, 10yr JGBs declined following the bear steepening in US where bonds were also pressured by increased issuer activity and with demand dented by the GDP-uplifted mood in Japanese stocks, although the pressure in JGBs was cushioned by the BoJ’s presence in the market for more than JPY 1tln of government bonds.

Top Asian News

  • Gold Edges Up as Bond Yields Fall After Biggest Drop in a Month
  • Tesla Delivers 44,264 China-Made Cars in Aug., up 34.3% M/m
  • China Aug. Retail Passenger Vehicle Sales Fall 14.7% Y/y: PCA
  • China Praises Hong Kong Arrests of Tiananmen Vigil Organizers

Bourses in Europe saw losses intensify shortly after the cash open and have since trickled lower and stabilised near lows. (Euro Stoxx 50 -0.7%; Stoxx 600 -0.8%). The downside across Europe also reverberated across the pond but to a lesser extent and with the effects fleeting. The ES (-0.1%) briefly dipped below 4,500, the YM (-0.1%) fell below 35k, whilst the RTY (-0.1%) initially narrowly underperformed, and the NQ (-0.1%) is cushioned by yields. There is no discernible catalyst behind the losses across equities, and as to why sentiment deteriorated from the lacklustre APAC handover. That being said, the rest of the week is packed with central bank updates, including tomorrow’s ECB (full previous in the Newsquawk Research Suite), but before that, several Fed speakers. On that note, Fed’s Bullard (2022 voter) was the first official to speak post-NFP and held onto his hawkish stance by stating the Fed should proceed with tapering despite the weak US jobs data, while he also dismissed concerns about the rebound in the labour market was faltering and said there is plenty of demand for workers – it will be interesting to see how aligned other Fed officials are to this view. Back to Europe, the majors see broad-based losses with no standout performer. Sectors are all in the red and do not portray a clear theme nor bias. Travel & Leisure is among one of the better performers, with some downside potentially alleviated by reports that the UK travel traffic light system could be tweaked under plans drawn up by ministers, which could mean the red category will still require hotel quarantine, but amber and green categories will disappear, and travel will be determined by vaccination status as opposed to country, according to the Telegraph. Further for travel, Ryanair (+1.7%) CEO noted the Co. will be operating at 90% of pre-covid volumes by the Christmas period but will have lower pricing, whilst summer 2022 is expected to be “very strong”. Ryanair also guided 90-100mln passengers for FY 2022, and added that the trend is moving towards to upper end of that range. Moving on, Auto & Parts, alongside Banks, reside at the foot of the bunch, the former weighed on by the ongoing chip shortage and Stellantis’ (-2.3%) losses after Dongfeng filed to sell a 1.15% stake in the Franco-Italian carmaker. Autos may also feel headwinds from the Chinese retail passenger vehicle sales declining almost 15% Y/Y, although Tesla (Unch pre-market) Chinese-made cars sales rose 34.3% in the period. In terms of individual movers and shakers, Smiths Group (+2.1%) resides as one of the winners after divesting Smiths Medical for USD 2.7bln.

Top European News

  • Morrison Seeks Auction to Decide Between Fortress, CD&R Bids
  • Smiths Group to Sell Medical Unit to ICU for $2.35 Billion (1)
  • Deutsche Bank Chief Blames Europe for Keeping Banks Small
  • Gold Edges Up as Bond Yields Fall After Biggest Drop in a Month

In FX, the Dollar index has extended its recovery from post-NFP lows after a shallower a brief retreat to 92.472 and is now targeting loftier upside chart levels ahead of last Wednesday’s 92.790 peak from a 92.732 high, thus far. Latest gains are broad based, but not universal as the Greenback’s main safe-haven rivals are in demand against the backdrop of deteriorating risk sentiment in equities especially. However, the Buck is also up independently or with some fundamental impetus following comments from Fed’s Bullard as the first official to respond to the disappointing headline payrolls number, and discounting the big miss on grounds that there is ample demand for staff, so tapering should go ahead. The impending JOLTS data may well back him up, while Williams and Kaplan are scheduled either side of the Beige Book.

  • JPY/CHF – As noted above, the Yen and Franc are ‘benefiting’ from risk-off positioning to a degree, as Usd/Jpy eases back towards the low 110.00 area from around 110.45 and Usd/Chf from just over 0.9200, while Eur/Jpy and Eur/Chf retreat from overnight peaks as well in classic safety flight fashion, albeit not extreme.
  • CAD/AUD – The major casualties amidst aversion and relative strength in their US peer, but the Loonie also looking increasingly nervous ahead of the BoC policy meeting that might err on the side of caution given the spread of the Delta variant. Usd/Cad is hovering near the top of a 1.2707-1.2626 range as implied volatility picks up to price in a 68 pip break-even for the event that coincides with August’s Ivey Canadian PMIs – full BoC preview available via the Research Suite and to be posted on the Headline Feed before 15.00BST. Elsewhere, the Aussie is now more than a full big figure under Tuesday’s post-RBA apex against the backdrop of weak underlying commodities, but keeping its head just over 0.7350.
  • EUR/GBP/NZD – All conceding more ground as the Greenback revival gathers momentum, with the Euro currently in the bottom half of approximate 1.1800-1.1900 m-t-d extremes and looking for fresh guidance from the ECB on Thursday, while the Pound remains depressed close to 1.3750 having lost 1.3800+ status yesterday following confirmation of higher taxes to fund NHS spending from UK PM Johnson and now awaiting BoE speakers at the TSC for any fresh policy insight. Back down under, the Kiwi has Q2 NZ manufacturing sales on the radar as its pivots 0.7100 and 1.0400 vs its US and Antipodean counterparts respectively.
  • SCANDI/EM – The Nok and Sek are both softer as the general market tone sours, but the latter is holding above 10.2000 and does not seem likely to trigger decent option expiry interest at the 10.2500 strike (1 bn) against the Eur at this stage. Conversely, the Try appears in danger of further depreciation and a test of 8.5000 vs the increasingly buoyant Usd after candid remarks from the CBRT Governor who conceded that there is room for improvement in terms of Turkey’s inflation rate, reserves situation and overall risk premium, rather than his contention that policy is tight enough to reduce inflation in Q4. On that note, CPI is now 25 bp higher than the benchmark rate, at 19.25%.

In commodities, WTI and Brent front-month futures have been consolidating throughout most of the European morning following the prior session’s losses, and on balance, the benchmarks did not see much follow-through from this morning’s losses across stocks, although WTI Oct and Brent Nov have subsequently been gaining heading into the US open, with the former back above USD 69/bbl and the later inching closer towards USD 72.50/bbl. News flow for the complex has been light, but over in the Gulf of Mexico, participants are cognizant of a potential cyclone formation in the next 48 hours for a system located over the south-central GoM, just as the BSEE reports the slow resumption of oil and gas operations, with the latest metrics suggesting 79% of offshore production still shuttered (vs 84% D/D). Over to the demand side, Qatar narrowed its price differentials to Oman/Dubai for Marine Crude and Land Crude in lockstep with Saudi’s lowering of its Asia OSPs. Elsewhere, the Ryanair CEO hit the wires today and suggested its volumes will be around 90% of pre-pandemic levels around Christmas, whilst holding a robust outlook for next year, and separate reports also stated that the UK traffic light system would be tweaked whereby the “amber” and “green” categories will shift to a vaccination-based system – which in turn feeds into jet fuel demand. Ahead, the weekly Private Inventories will be released alter today on account of Monday’s US Labor Day Holiday, with the DoEs released tomorrow. Over to metals, spot gold and silver trade flat and remain contained to APAC ranges in the absence of a fresh macro catalyst and ahead of a slew of central bank updates. Spot gold, during European trade, remained under USD 1,800/oz and sandwiched between its 50 and 21 DMAs at USD 1,797.70/oz and USD 1,1795/oz. Meanwhile, LME copper has remained subdued around the USD 9,250/t mark, with China’s economic slowdown and base metal crackdown cited by traders. Elsewhere, China’s coke futures and coking coal swung between gains and losses after the market regulators announced an increase in transaction fees for actively -traded contracts.

US Event Calendar

  • 1:10pm: Fed’s Williams Discusses Economic Outlook
  • 2pm: U.S. Federal Reserve Releases Beige Book
  • 6pm: Fed’s Kaplan Holds Virtual Townhall

DB’s Jim Reid concludes the overnight wrap

Today the tears will be flowing at home as the kids all go back to school. Actually the twins start school officially today (Reception) after a year in the nursery. How time flies. It will be hard to judge how many of my wife’s tears will be emotional due to them starting school and how much will be an immense release of joy to be able to pass them onto someone else for a few hours a day as all three have been a big handful of late. Constantly fighting, shouting and screaming. She said she is going to get home from dropping them off today and she’s going to sit in a quiet dark room for 2 hours and close her eyes and do absolutely nothing.

As US markets got back to school themselves after Monday’s holiday, yesterday witnessed a selloff across multiple asset classes as markets took a break from record highs. In some ways the moves were surprising, since yesterday’s data releases actually surpassed expectations, whilst the global picture on the pandemic is continuing to brighten for now. However, fears that central banks might start to taper their asset purchases seems to have knocked away a little confidence, particularly given tomorrow’s ECB decision where many expect we’ll begin to see the start of that process, not least with inflation there running at its highest levels in almost a decade.

Those tapering fears were evident in sovereign bond markets, which sold off strongly on both sides of the Atlantic. Yields on 10yr Treasuries ended the session up +5.1bps at 1.37%, their highest closing level in nearly 2 months. Yields were propelled by both higher inflation expectations (+2.4bps) and real rates (+2.6), as the latter closed above -1% for the first time since mid-July. There was also a noticeable curve steepening, with the 2s10s slope up +3.7bps. Over in Europe there were similarly noticeable rises, with yields on 10yr bunds up +4.5bps to their highest levels in almost 2 months as well, whilst other 10yr yields including gilts (+4.3bps), OATs (+5.1bps) and BTPs (+6.3bps) followed suit.

Staying with yields, I did a CoTD (helped by Craig Nicol) yesterday showing that 85% of US HY now has a yield below CPI. It’s never been above 10% prior to this year. To outstrip inflation you now have to own weak single-Bs or below. Clearly inflation will likely dip from here but even at 3%, 35% of US HY will yield below inflation. See the CoTD here and if you want to be added to the daily list please email jim-reid.thematicresearch@db.com.

Much like bond markets, equities fell back yesterday, with the S&P 500 (-0.34%) seeing a small but broad-based decline that saw 411 of its members lose ground on the day, whilst the Dow Jones (-0.76%) and Europe’s STOXX 600 (-0.49%) also dipped. Tech stocks were a relative outperformer, with the NASDAQ (+0.07%) managing to eke out a modest gain, though megacap tech stocks put in a strong performance, as the FANG+ index rose +1.40% to another all-time high, aided by sizeable gains for Netflix (+2.74%) and Tesla (+2.64%). On the other hand, bond proxy sectors such as utilities (-1.37%) and real estate (-1.13%) were among the worst performers in the US. Utility companies (-0.90%) also lagged in Europe, with chemical (-1.16%) and healthcare (-1.02%) stocks the other main underperformers. Meanwhile, the souring risk sentiment sent the US dollar higher for the first time in 6 sessions as the greenback added +0.52% – its largest one day gain in 3 weeks.

Overnight in Asia, the Nikkei is on course of its longest winning streak since November 2020 as it is up +0.49% marking the eighth consecutive gain. Other regional indices are generally trading weaker though with the Hang Seng -0.52%, CSI (-0.25%), Kospi (-0.86%) and Asx (-0.37%) all down. The Shanghai Comp (+0.07%) is trading broadly flat. In terms of overnight data releases, Japan’s final 2Q annualised GDP printed at +1.9% qoq vs. +1.6% qoq expected.

In other overnight news, Bloomberg reported that the Biden Administration is planning to distribute one-time $600 pandemic relief payments to US meatpacking and farm workers. The move expands an agriculture aid program which sets aside as much as $700 mn of aid, to be distributed through state agencies, tribal entities and non-profit groups. Elsewhere, yields on 10y USTs are down -1.2bps to 1.362%. Futures on the S&P 500 (-0.02%) are flattish while those on the Stoxx 50 are down -0.25%.

Turning to the German election, our colleagues in Germany put out a comprehensive slide pack yesterday (link here) looking at the election and its implications ahead of polling day on September 26. Importantly, it looks at the most likely coalition options and the policy proposals of the various parties,as well as the mechanics of the German election process. Speaking of that election, the latest Forsa poll created some fresh headlines yesterday by showing Chancellor Merkel’s CDU/CSU bloc falling to an all-time record low of 19%. Obviously it’s just one poll, but it put the SPD on 25%, ahead of the CDU/CSU on 19% and the Greens on 17%. Interestingly, given the margin of error in this specific poll is +/- 2.5%, this means the SPD’s 6-point lead exceeds the normal margin of error, and fits into the pattern of other polls over the last week putting them consistently ahead of the CDU/CSU.

Meanwhile in the UK, there were some important policy announcements, with the government announcing an increase in National Insurance (similar to a payrolls tax) by 1.25 per cent, as well as a rise in the rates of dividend tax by 1.25 per cent, in order to fund higher spending on health and social care. Furthermore, it was confirmed that the pension “triple lock” would be suspended for a year, which sees the state pension rise by whichever is the biggest of inflation, average wage increases or 2.5%. This is because the statistical bounceback in earnings following the pandemic could have led to a massive increase in the state pension, even though underlying earnings have not risen by as much. Finally on UK economic policy, it was announced that a Spending Review would take place alongside an Autumn Budget on October 27 this year. I can’t help thinking the decision on tax is the beginning of a long road ahead of global tax rises given both debt and demographics. The pandemic has likely accelerated such a move given what it’s done to public finances.

Speaking of taxes, those in El Salvador can now use Bitcoin to pay their tax bill as the cryptocurrency became legal tender in the Central American nation yesterday – the first country to make such a move. It was a volatile start, with Bitcoin selling off -17.1% at one point as the government announced it had to disconnect its Bitcoin wallet to solve glitches. President Bukele later said the nation was “buying the dip” and had added roughly $26 million of the cryptocurrency yesterday. While Bitcoin did recover off the lows, it was still down -9.85% yesterday with other major coins such as Ether (-13.58%), XRP (-21.33%), and Litecoin (-20.28%) seeing much larger drops. Bitcoin is pretty stable overnight after all the fun and games yesterday. Overall this remains an experiment that bears watching as the use of bitcoin as true legal tender is probably the largest change to the cryptocurrency market since bitcoin futures were listed in 2017.

Turning to the pandemic, it was confirmed by a White House official that President Biden will outline a plan tomorrow to boost vaccinations and stop the spread of the delta variant. Meanwhile there were also a number of vaccine milestones reached yesterday, with the US reporting that 75% of adults had now received at least a first dose, while the UK reported that 80% of the over-16 population are now fully vaccinated. Elsewhere, the Asahi newspaper reported that the Japanese government is planning to extend the state of emergency in areas including Tokyo to the end of September. The state of emergency was originally scheduled to expire on September 12.

There was some positive data from the Euro Area, where the Q2 GDP reading was revised up to show growth of +2.2% (vs. +2.0% in the flash reading), whilst German industrial production in July grew by a stronger-than-expected +1.0% (vs. +0.8% expected). That said the German ZEW survey for September saw the expectations reading fall to 26.5 (vs. 30.3 expected), which marks the lowest figure for the expectations measure since March 2020.

To the day ahead now, and data releases include US job openings and consumer credit for July, alongside Italian retail sales for July as well. From central banks, we’ll get the Bank of Canada’s latest rate decision, the Federal Reserve will be releasing their Beige Book, and speakers include the BoE’s Bailey, Broadbent, Ramsden and Tenreyro, and the Fed’s Williams and Kaplan.

end

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/TUESDAY  NIGHT: 

SHANGHAI CLOSED DOWN 1.40  PTS  OR 0.24%   //Hang Sang CLOSED DOWN 32.70 PTS OR 0.12%      /The Nikkei closed UP 265.07 PTS OR 0.89%   //Australia’s all ordinaires CLOSED DOWN 0.24%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4578  /Oil DOWN TO 68.45 dollars per barrel for WTI and 71.90 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4578. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4555/ONSHORE YUAN TRADING BELOW 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

 

end

b) REPORT ON JAPAN

JAPAN/

 

END
 
 

3 C CHINA

 

CHINA/COAL

Chinese coal prices soar to record highs due to a surge in mining and use.

(zerohedge)

Chinese Coal Prices Soar To Record High Ahead Of Surge In Mining

 
TUESDAY, SEP 07, 2021 – 11:50 PM

Remember when China vowed last year hit peak carbon emissions in 2030 and to reach carbon neutrality in 2060? Maybe it will (spoiler alert: it won’t)…

… but long before we hit 2060, China plans on taking coal-based pollution to the next level.

Overnight coal futures prices a hit record level and are almost +80% higher than a year ago, signalling a desperate need for China to increase domestic production in the short term, notwithstanding the government’s plan to reduce reliance on coal in the long term. As Reuters energy analyst John Kemp writes, “electricity consumption is surging and the country is struggling to import sufficient volumes of competitively priced spot LNG, boosting the need for coal for power generation.” 

Prices for the most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange hit $150 a tonne on Tuesday, up from $85 a year ago, which was also the five-year average before the COVID-19 pandemic.

At the same time, coking coal on the Dalian Commodity Exchange jumped 4.3% to $448 per ton – both rose to intraday records.

As Reuters notes, surging prices are an indication of the tension between the country’s surging electricity demand and the government’s stated aim to limit coal output and reduce it over time in favor of renewable energy sources.

Coal production in the first seven months of the year was up at a compound annual rate of only 4.1% compared with the same period in 2019, according to the National Bureau of Statistics. But the country’s electricity generation increased at a compound annual rate of 7.4% over the same period in response to strong residential and industrial demand.

The fastest growth came from wind farms (+25% compound annual rate) and solar power (+24%), with slower growth from nuclear (+10%) and thermal generators (+7%) and a fall in hydroelectric output (-2%).

But both wind and solar are growing from a very low base so they have contributed only a small share of the extra generation required, with most of the extra generation coming from thermal sources, mainly coal.

In the first seven months of the year, China’s power producers generated 4,645 terawatt-hours (TWh), which was 615 more than in the same period in 2019.

But only a minority of the extra generation came from wind (+119 TWh) and solar (+36 TWh) sources, with most coming from thermal plants (+445 TWh)

While China is installing more wind and solar capacity than any other country, it is not enough to keep pace with surging electricity demand, forcing greater reliance on coal in the short term.  As a result, the country is having to run new and existing thermal power plants for more hours; the average thermal generating unit ran for 2,589 hours in the first seven months of this year, up 268 hours (+12%) from the same period in 2020, according to data compiled by the China Electricity Council.

Reflecting the tightening coal supply situation, the National Development and Reform Commission (NDRC), the country’s top economic regulator, this summer called for more coal output to help to meet peak demand for air-conditioning.

“Key coal-producing regions such as Shanxi, Shaanxi and Mongolia should take the lead in … increasing production and supply,” the commission said in a circular issued on July 23.

The NDRC directed all areas and coal mining companies to boost output from larger and more productive mines, accelerating capacity replacement and new construction. It also ordered them to make the production of thermal coal their top priority and do everything possible to help power plants with low stocks to increase their number of days of coal storage, meaning that a deluge of domestic coal production is coming.

Indeed, Daiwa reported that thermal coal stockpiles at the port city Qinhuangdao located in the northern Hebei region, recorded a 12% decline for the week of Sept. 3 to less than 4 million tons. Chan said stockpiles of coking coal dropped 11% from last year. With coal imports sliding, China has just one option left: crank up its domestic coal-mining industry to 11.

Commenting on the soaring prices, Bloomberg echoed Reuters’ observations that the ability to source coal has been challenging due to stricter safety policies imposed by the government following a series of deadly mine accidents. There have also been new measures to prevent mine flooding, which is also dwindling supplies. 

“Under current high prices, miners have been incentivized to boost production. This poses higher risk of accidents, which in turn leads to more frequent examinations,” Morgan Stanley analyst Sara Chan said in a report. “Coal production is constrained as a result and this creates a circular loop for even higher prices.”

The circular loop may persist for now, but it’s only a matter of time before China ramps up production as the alternative is an unacceptable surge in prices. This means much more pollution emerging from China in the coming year; this is happening as 23 of the world’s 25 most polluting cities are already in China.

Like other countries in Asia and Europe, China’s coal shortages and surging prices reflect the contradiction between the long-term need to move away from coal and the short-term challenge of meeting power demand. In the short term, higher coal prices are signalling the need to boost production to meet power producers’ needs and build sufficient stocks ahead of the winter heating season.

Meanwhile, demonstrating just how much of a straw man China’s promises to clean up its act truly are, also on Tuesday China’s carbon price slumped to a new low even as trading volumes increased. Emission allowances traded on China’s carbon market, the largest in the world, declined -0.2% Tuesday to close at 43.90 yuan ($6.80) a metric ton, the National Carbon Emissions Trading Agency said in a statement. Price is lowest since the market launched in July, with allowances closing Monday at 44 yuan a ton, signifying that virtually nobody on the mainland is actually serious about reducing the intensity of emissions generation.

Meanwhile, with everyone across the Pacific thinking coal is trash, perhaps there is some material upside opportunity as coal prices rise. Take a look at the Dow Jones U.S. Coal Index has been basing since March.

Is the index ready for an upswing on higher prices? And while we wait, we eagerly look forward to climate change messiah Greta Thunberg launching a critical tirade of China for the smog storm it is about to unleash

 

END.

CHINA/ECONOMY

Chinese apartment prices and auto sales unexpectedly tumble in August as their economy is slowing down dramatically

(zerohedge)

Chinese Apartment And Auto Sales Unexpectedly Tumble In August

 
TUESDAY, SEP 07, 2021 – 10:10 PM

While China’s trade data published overnight may have smashed expectations, with both exports and imports coming far stronger than expected, and surprising China watchers who were expecting a far worse print amid the the disruptions to operations at Ningbo port in August (with Goldman pointing out that “the impact on trade activities was limited likely because lockdown restrictions at ports were relatively targeted and throughput volume was redirected to nearby ports”), the reality is that China’s economy continues to flounder as the most recent set of contractionary PMI prints indicated.

The latest proof of China’s economic deceleration, came from the latest consumer spending data which showed that Chinese consumers cut back sharply on buying cars and apartments in August as stronger regulation of the property market and a broad Covid outbreak in the country further undercut the economy’s already slowing recovery.

Property sales in the four first-tier cities declined 16% in August from a year ago, according to Bloomberg calculations based on weekly data.

At the same time, total automobile sales (including to companies) plunged about 22% over the same period, the biggest decline since last March when the nation was still in lockdown to control the initial Covid cases.

While China’s economic growth was already slowing in July, with private consumption weakening faster than industrial and export sectors, Bloomberg notes that that was made worse by the Covid outbreak in August as cities nationwide reintroduced lockdowns during the summer holidays, a time when consumers usually travel and spending on cars traditionally starts to pick up. 

Economic activities slowed further in August on a year-on-year basis, especially consumption and service activities, partly due to the flood shocks and Covid restrictions, UBS AG economists wrote in a note last week. “We see property activities weakening further in the second half on continued hawkish property policies,” they said.

The continued shortage of computer chips and weakening demand has hit vehicle output and sales this year. The slump likely undermined retail sales growth for August, which the government is due to release next week: and since cars make up about 10% of the value of retail sales each month, expect a very bad number.

But it was the housing print that was the shocker: after all, unlike the US where the stock market is where the bulk of household net worth resides, in China it’s the opposite and housing represents the biggest household asset by far. As such “a rapid slowdown in property sector activities could lead to a significant spillover effect on both upstream industrial demand and consumption,” Bank of America economists wrote in a report this week. They estimate that more than 28% of China’s gross domestic product is related to the property sector, and said more policy stimulus in the housing sector is needed to support growth.

In other words, while the latest service PMI prints hinted that far from growing, China’s economy is now in contraction, the next batch of economic data, and specifically retail sales, may confirm that after the trillions in stimulus injected into the economy, China’s economy is indeed on the verge of contraction, an unheard of development for a world desperate for China’s massive stimulus to kickstart the next reflationary cycle. However, as recent events with Evergrande clearly demonstrate – with China’s largest developer on the verge of collapse –  Beijing has vastly different plans for this particular economic cycle.

END

Default appears probably as Evergrande drops below its 2009 IPO price.  Fitch triple downgrades its bonds to near default.

(zerohedge)

“Default Appears Probable”: Evergrande Drops Below 2009 IPO Price After Fitch Triple Downgrade To Near Default

 
TUESDAY, SEP 07, 2021 – 10:59 PM

One of these days, someone will finally put China’s largest and most indebted property developer, Evergrande – which has been teetering on the verge of insolvency for months – out of its misery. While that day is not here yet, Fitch just hammered another nail in the coffin of “China’s Lehman” with a 3-notch downgrade which saw the company’s long-term foreign currency issuer rating drop from CCC+ to CC (D is just one letter away), and which saw the rating agency say that “default of some kind appears probable”  as the company struggles to address its worsening liquidity issues.

“We believe credit risk is high given tight liquidity, declining contracted sales, pressure to address delayed payments to suppliers and contractors, and limited progress on asset disposals,” Fitch said in a statement.

The Fitch downgrade came a day after Moody’s also cut Evergrande’s credit rating by three notches to Ca, which implies it is “likely in or very near default.” The conglomerate’s liquidity and default risk is “heightened,” Moody’s said in its third downgrade of the real estate giant since June.

Of course, the rating agencies are late to the party: as we noted last week, Evergrande itself warned of default risks if its efforts to raise cash fall short. Its cash coverage to short-term borrowings worsened in the first half to 36% from 47% from six months earlier, according to Bloomberg calculations based on an earnings statement. The company hasn’t sold a dollar bond since January last year.

The stock dropped 2.8% to HK$3.47 in Hong Kong trading, sliding below the 2009 IPO price of HK$3.5. Shares of the troubled developer have tumbled about 77% this year, while many of its dollar bonds are hovering below 30 cents.

And speaking of an Evergrande default, one may have already taken place: earlier on Wednesday, Chinese paint producer Skshu said Evergrande has 101.7 million yuan of overdue commercial bills as of Aug. 31. At this point it’s just a question of when Beijing decides to pull the plug.

end

Contagion begins to slam Chinese property market as Evergrande bonds tumble. This is China’s Lehman moment

 

(zerohedge)

Evergrande Bonds Tumble After Report Of Technical Default; Contagion Slams China Property Market

 
WEDNESDAY, SEP 08, 2021 – 09:51 AM

Another day, another dismal development for “China’s Lehman”, with Bloomberg reporting that just hours after Fitch joined Moody’s in a triple-notch downgrade of China’s property development giant (from CCC+ to CC), coupled with a warning that “default appears probable”, the dollar bonds of China Evergrande fell to fresh lows, after a report from financial intelligence firm REDD that the firm plans to suspend interest payments on loans from two banks due Sept. 21, and asked a lender to wait for instructions about an extension plan..

For those saying that there is a word for this, you are right: it’s technical default, or “selective default” in the parlance of rating agencies; it occurs when a borrower fails to pay one or more of their obligations but continues to meet other payment obligations, and usually precedes a full-blown default and/or bankruptcy although in China the distinction tends to be a little blurry.

Following the news, Evergrande’s dollar bond due 2025 fell 1.5 cents on the dollar to 24.2 cents with all other USD bonds sliding in sympathy…

… having already been hammered earlier after Fitch said that its 3-notch downgrade “reflects our view that a default of some kind appears probable.”

Evergrande itself warned last week of default risks if its efforts to raise cash fall short. Last Friday, the company also said its contracted sales in August, including those to suppliers and contractors to offset payments, dropped 26% compared with a year ago.

The insolvent Evergrande has become one of the biggest financial worries in China, the epicenter of a potential default shockwave given its massive pile of $305 billion in liabilities to banks, shadow lenders, companies, investors, vendors and home buyers. Investor fears that a default is imminent have led to a crash in the firm’s bonds in recent weeks, which are now trading as if the company is already broke, and triggered fears about contagion risk in the broader credit market.

In the previous two days, several Evergrande bonds were suspended from trading following a liquidation scramble. The company’s 6.98% bonds due July 2022 were suspended temporarily after falling more than 20% in Shenzhen, according to a statement from the city’s stock exchange that echoed a similar intervention on Friday. On Tuesday, Evergrande’s 5.9% local bonds dude 2023 were also halted after a plunge.

Having been a largely isolated affair, fears about Evergrande’s rapidly unfolding liquidity crisis finally spilled over and led to contagion at other Chinese property developers. As the FT reported, Fantasia Group, a third property company facing refinancing concerns, said in a statement to the Hong Kong stock exchange on Monday evening that it had made several purchases of its own bonds, one of which matures in December. Its bonds sank to 78 cents on the dollar. Fantasia said in the filing that the purchases of its own bonds would “reduce the company’s future financial expenses and lower its financial gearing level”.

In language reminiscent of Evergrande’s challenges, Moody’s late last week estimated that Guangzhou R&F did not have enough cash to cover its debt repayments in the next year and a half, meaning it would need to rely on “new financing or asset sales”.

In a separate filing late on Friday, it said the bonds had also been bought through companies wholly owned by Fantasia’s founder Zeng Jie, niece of Zeng Qinghong, a former vice-president of China.

Chinese property developers are also grappling with tighter credit conditions and weaker sales within China after Beijing introduced rules last year to constrain developers’ leverage, not to mention choppy trading on international markets, where they are some of Asia’s biggest high-yield borrowers.

“Overall, the funding conditions have tightened and the offshore bond market is also getting more volatile,” said Kaven Tsang, a senior vice-president at Moody’s. “That actually has some negative implications on the market as a whole,” he added. “The refinancing risk has increased.”

One look at the yield on Chinese junk bonds – which has risen to levels not seen since the covid pandemic shut down the entire Chinese economy back in March 2020 …

… shows just how serious China’s property crunch has become, even as stocks in the US continue to flirt with all time highs without a care in the world.

CHINA vs TAIWAN

CHINA//CORONA ORIGINS

 

end

4/EUROPEAN AFFAIRS

EU//ANOTHER WIRECARD?
Looks like we may have another Wirecard as Ernst and Young is slammed over work with a Swiss conglomerate that was looted by the Oligarch’s family 10 years ago!
(zerohedge)
 

Another Wirecard? EY Slammed Over Work With Swiss Conglomerate Looted By Oligarch’s Family

 

 
WEDNESDAY, SEP 08, 2021 – 05:45 AM

Across Europe, the credibility and integrity of the Big Four accounting-audit powerhouses – EY, KPMG, Deloitte and PwC – is being questioned, and not just in Germany, where the collapse of Wirecard has left an indelible blemish on the reputation of its hapless auditor/accomplice (well, alleged accomplice) Ernst & Young.

Regulators, prosecutors and lawmakers are still sifting through the wreckage of Wirecard and how the payments darling, which endured years of speculation that its business might be a fraud, only to implode after its shares were added to the DAX, a gauge of German-traded blue-chip stocks. Ultimately, some 2/3rds of the firm’s business turned out to be a mirage.

Ernst & Young was found to have repeatedly ignored warning signs during its decade-long auditng relationship with Wirecard, and it’s pretty clear that the auditor looked the other way instead of verifying some $2 billion that was said to be held in the Philippines, but ultimately turned out to be a mirage.

On Monday, the FT – which was credited with breaking the Wirecard story and even saw one of its reporters targeted by German regulators in retaliation – published some shocking new details about another bankrupt European firm that was aided and abetted by EY: it’s called ZeroMax, and it collapsed more than ten years ago. But thanks to Switzerland’s opaque legal system, details of the bankruptcy proceedings are only just reaching the public – and only after a cache of documents detailing EY’s failures was leaked to the FT.

Karimova

ZeroMax was a conglomerate based in Zug that was controlled by Gulnara Karimova, the daughter of Uzbekistan’s former President Islam Karimova. Although the firm reportedly had interests ranging from textile processing to natural gas exraction, that didnt’ stop Karimova from using it like her own personal slush fund – even transferring millions to another corporate entity that was implicated in organized criminal activity.

Dozens of documents seen by the Financial Times, including police reports, corporate bank statements, internal emails and receipts, as well as claims made in ongoing litigation, raise particular questions about the work of EY’s Swiss partnership, which gave Zeromax a clean bill of financial health for 2005, 2006 and 2007.

Per the FT, EY reliably signed off on transfers and expenditures that made little sense for ZeroMax’s businesses, including buying millions in jewelry for Karimova. It’s little wonder the firm, after being sapped of money by Karimova, the firm filed for bankruptcy protection in 2010.

EY’s work for ZeroMax has led to a lawsuit filed by a US hedge fund that’s seeking $1 billion in damages. The fund is called Lion Point Capital, which acquired a tranche of outstanding Zeromax debt from the bankruptcy estate in 2019. Many other creditors, including many small businesses have yet to recover any of their money.

The American accounting giant refused to comment to the FT beyond saying that court decisions in Uzbekistan led to the “de facto expropriation” of the firm’s assets. So what they’re saying is that Karimova essentially stole the money and jewelry she bought from the firm, with the firm’s money.

The firm said: “Court decisions in Uzbekistan in 2010 caused a de facto expropriation of Zeromax assets and its bankruptcy. This matter is subject to ongoing litigation and EY Switzerland will vigorously defend its position to vexatious claims. We cannot comment further.”

EY’s presence, and the fact that ZeroMax was redomiciled in Switzerland was supposed, was supposed to help western investors feel more comfortable investing in ZeroMax and lending it money. Yet, it’s pretty clear from the beginning that Karimova and the rest of the firm’s management largely saw it as a slush fund.

Zeromax was incorporated in Delaware in 1999 and redomiciled to Switzerland in 2005, with the stated purpose of channelling investment into a range of Uzbek industrial sectors.

Investors took succour from the company’s Swiss domicile and the fact it was audited by one of the world’s biggest accounting firms.

Yet, accounts show that in the four years before its collapse, many of the funds that passed through the company went into a sprawling network of opaque offshore entities. Many of these funnelled money to Uzbekistan, but many did not.

Some of the company’s most egregious expenditures included $13MM spent on luxury jewelry in 2006 and 2007.

Some transactions seem particularly hard to explain as business expenses.

In 2006 and 2007, for example, Zeromax spent more than $13m on luxury jewellery, including $2m in the Christian Dior store in Geneva alone. The following two years, it spent a further $25m on jewellery, including $6m at British jeweller Graff Diamonds.

At least some of the jewellery acquired was used by Karimova. In 2016, Swiss Federal Police obtained a warrant to search safety deposit boxes rented by her at Lombard Odier in Geneva. Inside they found luxury jewellery — including a diamond ring from Boucheron worth $2.5m — that had been paid for by Zeromax. The owner of one Geneva jewellery shop told the police, according to police documents seen by the FT, that Karimova had personally bought the jewellery and had the money wired to the business from a bank account controlled by Zeromax.

Several offshore transfers of millions of dollars through the company should have probably also raised red flags, especially considering the recipient of several transfers was later linked to an organized crime ring.

EY also failed to raise the alarm when money had been moved to opaque, offshore companies, sometimes with business pretexts that look perfunctory, such as generic contracts for “consulting services”. Between 2004 and 2007, the company transferred at least $288m to offshore companies. In at least one instance, transfers involved sending millions that ultimately went to an entity alleged to have been involved in criminal activity. Between mid 2006 and 2007, Zeromax transferred $180m to a wholly owned subsidiary, BVI-based company Galat Enterprises.

Galat, in turn, transferred at least $5m to the Gibraltar-based company Takilant, controlled by Karimova. Takilant was found in judgments in US and Swedish criminal cases to have been the central corporate conduit in a massive bribery scheme through which telecoms companies paid Karimova in exchange for lucrative Uzbek government contracts. Zeromax also transferred at least $2m to offshore companies Merkony and Belphil Capital, which between them sent $33m to Takilant, according to Swedish court files.

With this in mind, it’s clear EY was essentially helping ZeroMax’s management to misled investors, helping to lull their doubts and concerns, allowing ZeroMax to separate them from their capital, and funnel it to a corrupt oligarch. Although the FT’s story on ZeroMax didn’t mention Wirecard, the fraud at that company started a few years after most of the events described in the paper’s report on ZeroMax.

As EU regulators continue to ponder what to do, we’re starting to wonder if maybe the dissolution of Arthur Andersen in the wake of the Enron scandal didn’t send a strong enough message to the complacent accounting and audit giants.

 
UK/VACCINE

end

 
UK COVID/VACCINE
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

AFGHANISTAN///TALIBAN//MIGRANTS

For sure: experts are warning that ISIS K is panning to exploit the refugee wave to sent terrorists to the west.

(Watson/Summitnews)

Experts Warn ISIS-K Planning To Exploit “Refugee” Wave To Send Terrorists To The West

 
WEDNESDAY, SEP 08, 2021 – 02:00 AM

Authored by Paul Joseph Watson via Summit News,

Experts are warning that ISIS-K is preparing to exploit the refugee wave created by the Taliban takeover of Afghanistan to infiltrate terrorists into the west in a repeat of what happened following the previous migrant surge in 2015.

While authorities are attempting to vet the thousands of Afghans entering western countries by holding them in interim countries like the UAE while checks are performed, many don’t have identity papers or have faked them.

“It is to be expected al-Qaeda or Daesh-based Afghanistan would have tried and have some of their members obtain access onto the flights leaving Afghanistan to Europe and the counter-terrorism authorities will be aware of this,” said Dr David Lowe, a senior research fellow at Leeds Beckett University Law School and head of a consultancy business in terrorism and security.

However, according to counter-terrorism expert David Otto, determined jihadists could still slip through the net and there is “little that is being done” to protect Europe from ISIS-K sleeper cells.

“Europe and the West are at high risk of terrorist attack from individuals who have sneaked themselves into the country posing as affiliated to the US,” said Otto.

Dr Jassim Mohamad, head of the European Centre for Counter-Terrorism and Intelligence Studies in Bonn, also pointed out that even if an individual is determined to be a threat, countries such as Germany are forbidden by law from sending them back to Afghanistan.

“Dangerous persons may be subjected to supervision, but none of them will be imprisoned, and residency status may remain temporary or limited,” said Mohamad.

“[One] can only rely on documents and previous records,” said Otto. “With the collapse of the Afghanistan government there has been concerns of people faking documents to make it through. This is one of the reasons the US has taken steps to process individuals from third party countries to control the risk. Despite these measures, groups like ISIS-K and al-Qaeda will encourage its sympathisers to beat the system”.

Following the previous refugee crisis, when over a million mostly economic migrants entered Europe, ISIS bragged about how it had exploited porous borders to sneak jihadists into the west.

This led directly to multiple mass casualty terror attacks, including the Paris massacre.

The Manchester Arena bomber Salman Abedi was also rescued from Libya as a “refugee” by the British Royal Navy.

As we previously highlighted, observers are expecting large numbers of people to continue to leave Afghanistan, with one diplomat warning “not even tanks” can stop them.

A report by the Center for Strategic and International Studies also warned that the 2021 Afghan refugee crisis could make the 2015 refugee crisis look like a “geopolitical walk in the park” in comparison.

Over a thousand boat migrants arrived in England yesterday alone, many of whom originated in Afghanistan.

While the media laboriously focuses on the odd baby or child who arrives with the group, the vast majority of arrivals continue to be fighting age young men.

Nobody knows who they are, most of them don’t have papers, and they are just allowed into the country and put up at taxpayer expense in 4 star hotels.

*  *  *

END

AFGHANISTAN/ANTI TALIBAN FORCES VS TALIBAN

.

end

Taliban/New Government

SAUDI ARABIA/YEMEN (HOUTHIS)

6.Global Issues

CORONAVIRUS UPDATE

This is a long piece but a must read.  Quinn correctly explains the COVID and how this war will never end.

Please read it!

Quinn/Burning Platform Blog

Quinn: “This War On COVID Will Never End”

 
TUESDAY, SEP 07, 2021 – 05:20 PM

Authored by Jim Quinn via The Burning Platform blog,

“Do not be deceived: God cannot be mocked. A man reaps what he sows. The one who sows to please his sinful nature, from that nature will reap destruction; the one who sows to please the Spirit, from the Spirit will reap eternal life. Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up.” 

– Galations 6

Via the CDC

“I have certain rules I live by. My first rule: I don’t believe anything the government tells me. Sooner or later the people in this country are going to realize: the government does not give a fuck about them. The government doesn’t care about you, or your children, or your rights, or your welfare, or your safety. It simply doesn’t give a fuck about you. It’s interested in its own power. That’s the only thing keeping it and expanding it wherever possible.”

– George Carlin

In a previous article – Cascade of Consequences – I attempted to make the case the ruthless billionaire oligarchs and their bought off lackey whores in government, media, academia, corporations, the military industrial complex, sickcare industry, and  Federal Reserve have used this engineered covid pandemia to further consolidate and expand their wealth, power and control over a frightened, willfully ignorant, compliant populace. In the month since that article the “powers that be” have ramped up the fear, increased their coercive mandates, reinstated mask mandates, and instituted vaccine passports in liberal bastion cities across America.

I see these ham-handed authoritarian dictates as a sign of weakness and their false narrative falling apart. A sense of desperation wafts from the halls of power in DC, corporate executive suites, and left-wing media outlets on the coasts who have overplayed their tyrannical hand. Resistance is building among an irate minority of critical thinking individuals who follow George Carlin’s first rule.

Their narrative is unraveling as everything they have avowed to be true is being revealed to be false. No matter how many truth tellers Facebook, Twitter and Youtube censor, de-platform, and suppress, there are many more stepping up and destroying their mendacious provably false plot line. Despite half the country, indoctrinated by the government education system to feel rather than think, still shuddering in fear despite being double jabbed, voluntarily locked down and masked, the global elite game plan is self-destructing under the weight of an avalanche of deceptions.

Despite an all out authoritarian fear campaign, to mandate these unproven dangerous gene therapies disguised as vaccines, orchestrated by our corrupt political class, bought off medical industry, Big Tech censorship media outlets, woke mega-corporations, cowardly universities, and left wing fake news propaganda outlets, more than 40% of the population is resisting this tyrannical medical apartheid.

This past week had a surreal quality as false narrative after false narrative was annihilated by unequivocal facts presented by a minority of truth-seeking bloggers, uncaptured doctors (Robert Malone, Pierre Kory, Martin Kuldorff), and a few remaining real journalists (Glenn Greenwald, Tucker Carlson, Alex Berenson, Joe Rogan). The mainstream media and their social media co-conspirators are nothing but highly compensated mouthpieces for the Deep State, Big Pharma, and the billionaire oligarchs calling the shots.

The resistance is coming from alternative media websites, independent bloggers, and individuals seeking the truth. Online communities of like- minded individuals are the modern-day Committees of Correspondence, as we head towards inevitable conflict. A revolution is in the offing and those trapped in their own cognitive dissonance trance, with a dash of normalcy bias, are going to be shocked out of their self-induced stupor by the suddenness and extreme violence of the push back set in motion by the power elite.

These sociopath global tyrants actually believe they can dictate and control the actions of seven billion human beings through their capture of politicians, the military, universities, corporations, the banking system, the media and now the medical industrial complex. The maniacal determination of those controlling the levers of power behind the scenes to coerce these “experimental” gene therapies upon the populations of the developed world should make any critical thinking person pause and ask why.

This flu has a 99.7% survival rate and has a fatality rate less than the annual flu for those under 21. But universities are mandating vaccination to attend their $60,000 per year woke indoctrination centers to get a degree in gender fluidity studies. Meanwhile, with vaccination rates of 98% on campuses, “cases” from the worthless recalled (as of 12/31) PCR test are surging. The Big Pharma captured vaxx cheerleaders in the medical and media industry do not allow the facts to interfere with their scripted narrative. Their solution – vaxx harder and blame those who choose to let their immune systems do their job for the “surge” in cases. Why not go with the Big Lie – it has worked so well thus far.

The truth is cases peaked in early January at 260,000 per day. Miraculously, with virtually no one vaccinated, daily cases fell by 60% in the next month to 110,000 per day. By early March, with only a 10% national vaccination rate, daily cases fell by another 40% to 64,000, down 75% from the January peak. The vaccine had absolutely nothing to do with this decline in cases. By early summer this pandemic had lost its mojo. The threat of a return to normal was unthinkable to the power elite.

Their master plan called for the vaccination of all. But less than 50% of the adult population had succumbed to the fear propaganda campaign. It was time for Biden and his controllers to turn up the heat on corporations, hospitals and universities to enforce vaccine mandates by either bribing them with Federal funds or threatening to withhold Federal funds. Money talks. The un-Constitutional demand that employees and students inject themselves with an untested chemical concoction to retain their jobs or get an education is legally, morally, and medically unethical, violating the Nuremberg Code.

They invented their new variant – Delta – and rolled out our present-day Mengele, mass murderer Anthony Fauci, to lie, obfuscate, and instill fear in his feeble-minded worshipers. Day after day Fauci appeared on the fake news networks promoting his new variant, which many renowned doctors, including one of the inventors of the mRNA vaccines – Dr. Robert Malone, theorize has been created and made more infectious by the vaccines. Are they that diabolical or just plain stupid? Natural immunity through infection has proven to be 20x as effective as the vaccines.

With a huge surge in testing, they were able to generate an increase in cases, but with 50% less hospitalizations and deaths, than when cases were at the same level in January. And now the cases have peaked on the same timeline as India and the UK experienced in June/July. This explains the desperate nature of their actions, as their window of opportunity is closing, and their fear narrative unravels. There are millions of people beginning to make a stand against the government and employer authoritarian mandates.

This past week has not been a good one for the purveyors of pandemia, as their story line collapses under the weight of their duplicity. The entire case for vaccinations (not the revisionist history case being made today) was they were 96% effective in keeping you from contracting the Covid virus. In January that was what we were told by the “experts” like Fauci and Walensky. They did not tout the vaccines as a way to reduce the symptoms when you still caught it, after being vaccinated.

The surge in cases was declared to be a “pandemic of the unvaccinated” in the shame campaign peddled by the fake news media and government apparatchiks spouting provable falsities. It seems Israel has become ground zero in destroying the globalist narrative. As the first country to mass vaccinate, with over 84% fully vaccinated, how could 86% of all the cases in July be among the vaxxed if the vaccinations work? And the tripe about the cases not being as severe has been destroyed, as the vaxxed are being hospitalized and dying too. Whenever you see the MSM using the term “rare” you can be sure they are lying.

A critical thinking person might wonder which country on this chart is fully vaxxed and which country has very few vaxxed, but distributed ivermectin in mass quantities. The powers that be do not want people to see this chart. If it is posted on Twitter or Facebook, the odds of a permanent ban are high. Facts and truth are treason in an empire of lies.

If you really want to make a vaxx proponent’s head explode, bring up the country that did the opposite of the Soros, Gates, Schwab authoritarian lockdown formula – black sheep Sweden. They never locked down. They never mandated masks. They never closed schools. They never closed businesses. They have not pushed vaccines on those who choose not to vaccinate.

Cases in Israel with mask mandates and vaccine passports are 1,191% higher than Sweden where no one is wearing masks and there are no vaccine passports. How inconvenient to the establishment narrative. Since they can’t deny these facts, they just don’t allow Sweden and India to be discussed. Silence is complicity.

The Joe Rogan saga has again shattered their plot line of the covidian cultists. He had infuriated them previously by telling his young audience they don’t need to be vaccinated. Their survival rate is 99.9975%. The cost/benefit analysis clearly comes down on the side of not getting vaxxed. The fifty-four-year-old un-vaxxed Rogan caught covid and treated himself with monoclonal antibodies, ivermectin, Z-Pak, prednisone, an NAD drip, and a vitamin D drip. He fully recovered in three days.

This was after a full-court press of misinformation from the FDA, Big Pharma media whores, and Silicon Valley censorship police about ivermectin being a dangerous cow and horse medicine. Despite this safe, life saving drug being used by humans for decades and winning a Nobel prize in medicine for its inventor in 2015, it had to be discredited in order to keep the vaccine train chugging along. The 63 studies proving its efficacy in drastically reducing the impact of covid had to be demeaned and derided. When you see this level of vitriol, you know the opposite must be true – time to buy as much ivermectin as you can.

The only thing that infuriates a vaxx disciple more than Sweden or Joe Rogan is the name Ron DeSantis. He has continuously pushed back on the covid fear narrative, telling Fauci and Biden to shove their mandate bullshit and masking of children with no danger from covid. They were cheering on the surge in cases, praying for a mass casualty event in Florida to discredit DeSantis, as he appears to be the front runner in the 2024 presidential race against Kackling Kamala.

Oops. It seems cases in Florida are crashing, down almost 50% in three weeks. There goes the Deathsantis memes on twitter. The lefty control freaks are in a full, frothing at the mouth, frenzy of hate reminiscent of Orwell’s Two Minutes Hate in which they vent their existential anguish and personal hatreds towards their politically expedient enemies – the un-vaxxed. Meanwhile, in the leftist bastions of Oregon and Hawaii, with high vaccination rates and mandatory masking, cases are soaring to all-time highs. You don’t hear that news from Maddow or Acosta.

Now universities are back in session, with 95% or more of their campuses vaccinated, and cases are exploding higher than last year at this same time. How could this be if vaccines work? The vaxx nazis are losing the high ground rapidly. The vaccines do not keep you from contracting covid. They do not keep you from spreading covid. They do not reduce the viral load if you get covid. They don’t keep you from being hospitalized from covid. They don’t even ensure you will not die from covid.

As the narrative police like to say, it is rare that a vaxxed person dies from covid or the vaccine. It is rare to have an adverse reaction to the jab. Of course, there have been more deaths and adverse reactions to these vaccines in eight months than all vaccines combined in the last forty years. So there is that.

The last I checked it was rare to die from covid, unless you are really old and already sick with some other fatal ailment. Only 6% of all the covid deaths were from covid alone. I would classify 40,000 deaths in a population of 330 million to be pretty rare, and by any reasonable assessment should not have invoked a planetary lockdown and mass vaccination of billions of people.

This war on covid is no different than our previous war on poverty, war on drugs, and war on terrorism. All they do is give government more power over our lives, restrict our freedoms, strip our liberties, and abscond with more of our hard-earned dollars. As Orwell foresaw, these wars are never meant to be won, just as Big Pharma never wants to cure any disease.

“The war is not meant to be won; it is meant to be continuous. Hierarchical society is only possible on the basis of poverty and ignorance. … The war is waged by the ruling group against its own subjects and its object is not the victory over either Eurasia or East Asia, but to keep the very structure of society intact.” 

– Orwell, 1984

This war on covid will never end. There are a myriad of Greek letters once they have milked Delta dry. Personally, I can’t hear Delta and not be reminded of Animal House and Dean Wormer telling Flounder “Fat, drunk and stupid is no way to go through life, son.” If I could give advice to the millions of people who have been deceived by this eighteen-month exercise in dictatorial government tyranny by paraphrasing Dean Wormer, it would be, “Fearful, deluded and willfully ignorant is no way to go through life, people.”

We are approaching a point of no return. If we don’t resist now, we may never get another chance. As the authorities push the limits of their power and trash what remains of our Constitution, we should heed the words of Aleksandr Solzhenitsyn:

“And how we burned in the camps later, thinking: What would things have been like if every Security operative, when he went out at night to make an arrest, had been uncertain whether he would return alive and had to say good-bye to his family?”

Fauci is already prepping the ignorant masses for the double deadly, extra potent, vaccine resistant Mu variant. They are already doing focus group studies to best scare the bejeezus out of the most people. They must keep the vaccine machine rolling. But why? What is their end game? Australia and New Zealand appear to be the testing ground for turning countries into techno-pharma gulags where you will get your quarterly booster and like it – or else.

This concocted global health scare over a relatively non-lethal virus has been used to destroy our existing economic system and replace it with a Fed created digital currency, universal basic income for the plebs, mandatory bio-surveillance by Big Tech on behalf of the government surveillance state, a Chinese-like social credit system based on your willingness to do as you are told, and a never ending stream of obscene profits for Big Pharma and the oligarchs pulling the levers. You will own nothing, cower in fear, obey, consume and be happy. This is the inconvenient truth, but I already know most will line up for their jabs and the reassuring lies of their masters.

I suppose myself and a few others will stay in the inconvenient truth line until this mass deception and a financial system, built on a foundation of sand as a hurricane approaches, suddenly collapses, because an unsustainable system will not be sustained. I’m not a team player. I don’t follow the crowd. I have a funny thing I do. I think for myself. I invoke Carlin’s first rule and add a second rule.

I don’t believe anything my government says and I never believe anything emanating from the talking heads and vacuous bimbos pretending to be journalists in the legacy corporate media. By disregarding everything these propagandizers spout, I am able to maintain my independence, individuality, and integrity.

“I don’t like ass kissers, flag wavers, or team players. I like people who buck the system. Individualists. I often warn people: Somewhere along the way, someone is going to tell you: ‘There is no I in team.’ What you should tell them is: ‘Maybe not. But there is an I in independence, individuality, and integrity.’” 

– George Carlin

“Political correctness is America’s newest form of intolerance, and it is especially pernicious because it comes disguised as tolerance. It presents itself as fairness yet attempts to restrict and control people’s language with strict codes and rigid rules. I’m not sure that’s the way to fight discrimination. I’m not sure silencing people or forcing them to alter their speech is the best method for solving problems that go much deeper than speech.” 

– George Carlin

Everything that has reared its ugly head in the last two years, from this covid scheme to force injections into every human being, to the woke mantra being forced down our throats by Hollywood weirdos, to BLM and Antifa terrorists being loosed on our streets, to a presidential election being stolen through the collusion of the Deep State and Big Tech, to the anti-racist lies being peddled to school children, to gender misinformation and glorification of the abnormal and freaks of society, to a military purging itself of normal white males, to demolishing nation states and replacing them with globalist rule, has been part of a larger plan.

The Great Reset is real. They want to tear our society apart to build it back into a dystopian techno-gulag where the few rule over the many. We will not vote our way out of this. Saying just wait until 2022 or 2024 elections is delusional thinking.

I’m not sure how these vaccines play into the broader plan, but when a sociopath like Gates, who has pushed for global population control for decades, is the leading proponent and funder of these vaccines, you should be concerned. Several prominent physicians have hypothesized that ADE (Anti-body Dependent Enhancement) will negatively impact the health of the vaxxed this Fall, as they enhance new variants and create stronger respiratory diseases. We shall see. Stay tuned.

With inflation now raging out of control in a “transitory” manner, financial markets stretched to the outer limits, debt being created by the Fed and US Treasury at a rate of $350 million per hour, and Congress about to ramp up spending at hyper-speed, a financial crisis of epic proportions looms like storm clouds on the horizon. I see no way out of the predicament we’ve allowed ourselves to create. I don’t see how this teetering edifice of debt, deceit and delusion holds together until the 2022 mid-term elections.

Yeats Second Coming has arrived. Things are falling apart, the center cannot hold, and anarchy will be loosed upon the world. They have planted seeds of discontent and will reap a whirlwind of unintended consequences. A malevolent darkness envelopes our world. I am haunted by the possible dire outcomes of this Fourth Turning. We can’t let the sociopaths destroy our world.

“As the Crisis catalyzes, these fears will rush to the surface, jagged and exposed. Distrustful of some things, individuals will feel that their survival requires them to distrust more things. This behavior could cascade into a sudden downward spiral, an implosion of societal trust. If so, this implosion will strike financial markets—and, with that, the economy.”

“This Fourth Turning could mark the end of man. It could be an omnicidal Armageddon, destroying everything, leaving nothing. If mankind ever extinguishes itself, this will probably happen when its dominant civilization triggers a Fourth Turning that ends horribly. For this Fourth Turning to put an end to all this would require an extremely unlikely blend of social disaster, human malevolence, technological perfection, and bad luck.” – Strauss & Howe – The Fourth Turning

*  *  *

The corrupt establishment will do anything to suppress sites like the Burning Platform from revealing the truth. The corporate media does this by demonetizing sites like mine by blackballing the site from advertising revenue. If you get value from this site, please keep it running with a donation.

END

From my son Mark:

70% of all dues to COVID in the UK are in vaxxed population

(Mark)

70%+ of all deaths due to Covid in UK are in vaxxed population

 
 
 
 
 
It’s actually quite a bit higher because of the distortions in the data.

 

 
If someone is vaxxed and they present with Covid <15 days, they are considered unvaccinated according to CDC, Health Canada and likely the health authority in UK as well. There are lots of people getting sick after their shots.
 
 
“It’s the vaccinated people that are dangerous, it’s proven in Israel now”
 
 
END
 
As promised, the vaccine resistant Mu variant has now spread to 49 states.  Delta will go down to zero and the MU will rise and become the new Delta
(zerohedge)

Vaccine-Resistant “Mu” Variant Spreads To 49 States As Delta-Driven Summer Wave Peaks

 
TUESDAY, SEP 07, 2021 – 08:30 PM

Early signs that the summer COVID wave likely peaked late last month appear to have been confirmed, and recent nationwide data have also shown hospitalization rates roll over, though that trend is still in its naateel apparently been confirmed. Hospitalizations, which had reached their highest levels since early this year, have also slowed since their most recent peak, although they continue to trail cases.

America’s summer wave may be diminishing, but fears about the delta variant linger, while America and the press has become obsessed with raising the alarm about any new potentially harmful variants coming down the pike.

Dr. Anthony Fauci has weighed in on the risk posed by variants, offering dramatically different assessments of the Lambda variant – which saw him turn the fearmongering up to ’11’ – and the Mu variant – which he dismissed, claiming it was “not an immediate threat”.

Unfortunately for Dr. Fauci – who endured perhaps the biggest blow yet to his credibility when the Intercept reported a cache of materials obtained via FOIA exposing him as a liar for his insistence that the NIH didn’t help finance dangerous gain-of-function research that may have led to the creation of SARS-CoV-2 –the good doctor might be headed for yet another COVID flip flop.

Because it looks like Mu is spreading far more quickly in the US than the ‘experts’ had anticipated. The variant, which possesses several mutations that has scientists worried it might be wholly resistant to the first generation of vaccines, has now been detected in every state except for Nebraska.

Additionally, since it was first identified in Colombia in January, the Mu variant has spread to 41 countries (including the US). Most prevalent in Hawaii and Alaska, the variant accounts for less than 1% of current US cases. But it’s potential to be more transmissible and resistant means it could rapidly supplant delta, especially as the next round of booster jabs are rolled out (while natural immunity in the population continues to build via natural exposure). The US’s ability to monitor the spread of variants is more limited than some of its western peers (like the UK), which means the picture of Mu’s spread that we have right now might already be outdated.

California has reported the largest number of Mu variant samples (unsurprising since it’s the most populous state) at 384 cases, but that only accounts for 0.2% of the total samples sequenced in the state. As of Friday, LA County had identified 167 Mu variant cases. The cases were found in samples sequenced between June 19 and Aug. 21, with the bulk of the cases being found in July.

“The identification of variants like Mu, and the spreading of variants across the globe, highlights the need for LA County residents to continue to take measures to protect themselves and others,” Dr. Barbara Ferrer, the SJW (she’s not a medical doctor) charged with directing LA’s COVID response, said in a statement. “This is what makes getting vaccinated and layering protections so important. These are actions that break the chain of transmission and limits COVID-19 proliferation that allows for the virus to mutate into something that could be more dangerous.”

Maine, Connecticut and Florida round out the list of states with the highest prevalence of Mu cases. Florida’s had the second-highest number of samples, at 384 of the 60,475 samples that were sequenced being of the Mu variant. Additionally, while Alaska has only had 146 cases of Mu, the variant is significantly more prevalent in the state than others, since the number of confirmed Mu cases represents 4% of total cases sequenced.

END

Insane! A Rutgers University student is banned from taking online virtual classes because he is unvaccinated???

(Watson SummitNews)

Rutgers Uni Student Banned From Taking Online Virtual Classes Because He’s Unvaccinated

 
TUESDAY, SEP 07, 2021 – 07:30 PM

Authored by Paul Joseph Watson via Summit News,

A student at Rutgers University was banned from taking online virtual classes because he’s unvaccinated, despite the fact that he was willing to stay off campus completely.

Yes, really.

After transferring to the university last year, psychology major Logan Hollar signed up for all online virtual classes for this school year.

Hollar explained why he chose not to take the coronavirus vaccine.

“I’m not in an at-risk age group. I’m healthy and I work out. I don’t find COVID to be scary,” said the 22-year-old.

“If someone wants to be vaccinated, that’s fine with me, but I don’t think they should be pushed.”

However, when he went to pay for his online course late last month, Hollar discovered that he had been locked out of his Rutgers email and related accounts.

When the student asked campus authorities why he had been frozen out, he was told the vaccine was mandatory even for those taking virtual classes.

Apparently, COVID-19 is so potent that it can be transmitted over wi-fi.

Despite the university claiming it offered vaccine waivers and exemptions, Hollar’s attempts to secure one were unsuccessful.

Rutgers spokeswoman Dory Devlin emphasized that students need to comply with the vaccine mandate to take courses, commenting, “We continue to work with students who have not yet uploaded their documentation so they can gain access to university systems and classes.”

Hollar now says that he will probably have to transfer to a different university, having already missed several classes.

“I find it concerning for the vaccine to be pushed by the university rather than my doctor,” he said.

“I’ll probably have to transfer to a different university.”

“I don’t care if I have access to campus. I don’t need to be there. They could ban me. I just want to be left alone,” added Hollar.

As we highlighted back in January, several US universities threatened to cut off students’ Internet access unless they followed strict COVID lockdown rules

END

Watch: Joe Rogan Says He May Sue CNN For “Making Sh*t Up” About Him “Taking Horse Dewormer”

 
WEDNESDAY, SEP 08, 2021 – 12:24 PM

Authored by Steve Watson via Summit News,

Podcast king Joe Rogan threatened to sue CNN on a broadcast this week, saying that the network is constantly spreading lies about him taking Ivermectin, after CNN claimed that the medicine is horse de-wormer, when it is not.

“Do I have to sue CNN? They’re making sh*t up,” Rogan said during the episode of The Joe Rogan Experience.

“They keep saying I’m taking horse dewormer. I literally got it from a doctor. But CNN keeps saying I’m taking horse dewormer. They must know that that’s a lie,” Rogan added.

Rogan was prescribed ivermectin to treat COVID symptoms, along with monoclonal antibodies, Z-pak, prednisone, and an IV vitamin drip. Rogan says he got better in three days.

While it hasn’t been officially approved to treat COVID, the medicine is on the World Health Organization’s List of Essential Medicines, and is FDA-approved as an antiparasitic agent.

“What they didn’t highlight is that I got better,” said Rogan.

“They’re trying to make it sound like I’m doing such wacky sh*t that’s completely ineffective. CNN was saying that I’m a distributor of misinformation.”

“It’s an American company,” Rogan said of the manufacturer Merck.

“They won the Nobel prize in 2015 for use in human beings,” he continued, adding “Multiple doctors told me to take it.”

Rogan’s guest Tom Segura noted that he was inundated with messages from leftists wishing he had gotten sicker from the virus.

Rogan responded, noting that the fact he got better so quickly was their “worse case scenario”, adding “They’re weak bitches.”

Watch:

*  *  *

END

There is a covert effort behind the moves being made

From Robert to us all:
 
 
This morning i went for a 6 month tooth cleaning to my dentist. He told me that recently a person with a clipboard dropped  in trying to get his signature on a petition not to treat people who are not vaccinated. He did not sign. The question is who is paying for such people to go around to Medical people trying to get them to discriminate against the personal choice of the public. That is you and me.

This is disgusting and has no place in our society. Think about this because it is not isolated as i am sure this is the program in many countries. So if recruiting people by personal visits to support agendas is just visitation now; it does not take long for one to understand that this is all staged and planned to support a agenda being forced upon us.
 
If we do not push back and say no and push back the freedom of choice we had, will quickly disappear. We need to personally ask questions and get informed and makes choices as opposed to being led by blind acceptance of government and big Pharma. Why? They lie. Anyone who has to hide behind exception to being sued for their products or dictates will not be accountable. 
 
A further example of insanity was a telephone discussion with my family doctor who informed me that the vaccinations do not work against the Delta variant and others but recommended i get the shots because i am at risk. I asked what the difference is, if I can get one of these variants. The answer was “there are boosters coming”. I suggested to her I will not take a shot of anything that may give me a permanent physical problem. I will take my chances believing in my immune system. And that is a personal choice, i am prepared to make. 
 
This segregation that is being forced upon us will not work, rather it will cause major economic problems. In the interim, we are being forced to pick a lane and stand up. Because we are being lied to. It is like telling kids about the tooth fairy, or Santa Claus; sooner or later we all grow up and admit the fiction. Reality is coming over the next several months as changes are underway to the current narrative. Do your own research and get informed and make the right choices for you. 


Cheers
Robert
 
GLOBAL  ISSUES/MEXICO

Mexico Rocked By Powerful 7.0-Magnitude Quake

 
WEDNESDAY, SEP 08, 2021 – 06:50 AM

The US Geological Survey (USGS) reported a powerful earthquake rocked southwest Mexico near the beach resort of Acapulco late Tuesday, shaking the capital, Mexico City, hundreds of miles away. 

USGS said the 7.0 magnitude quake struck 11 miles northeast of the resort of Acapulco, located in the country’s Pacific coast state of Guerrero. The depth of the quake was shallow, measured at approximately 7.8 miles. Nearly a hundred aftershocks were reported, including a 5.2 magnitude. 

Reuters notes the quake caused hillsides around the resort area to collapse and damaged buildings. So far, injuries appear minimal, with one death.

Hundreds of miles away from the epicenter, residents of Mexico City felt buildings sway as the ground shook underneath them. 

Mexico City authorities said there were no reports of widespread damage, though 1.6 million customers in the city and four states are without power. 

“We heard a loud noise from the building, noise from the windows, things fell inside the house, the power went out,” Sergio Flores, an Acapulco resident, told AP by phone.

“We heard leaking water, the water went out of the pool and you heard people screaming, very nervous people,” said Flores. 

President Andres Manuel Lopez Obrador also reiterated there was no “significant damage” in Guerrero state. 

Mexico is no stranger to earthquakes because of its location at the edge of the North American tectonic plate. Two major quakes struck the country in 2017 and 1985. Over the last few decades, building codes in Mexico city have strengthened for structures to withstand earthquakes.

end

Michael Every on the days most important topics

Michael Every..

Rabo: The Street Can’t Resist Buying Things That Have Gone Down

 
WEDNESDAY, SEP 08, 2021 – 09:40 AM

By Michael Every of Rabobank

Soros Loser

A market move of note yesterday was a 6bp rise in US 10-year yields back up to 1.38%, only partially reversed in Asia this morning. This was despite further market signs that the reflation trade is very much in the rear view mirror: which itself overlooks that aluminium and US fertilizer prices are soaring, meaning much more expensive soda cans, and US food, further down the line; but that is going to be deflationary with a lag if there isn’t any fiscal stimulus; and right now there still isn’t any fiscal stimulus, and there won’t be, even with reconciliation, unless Manchin and Sinema press play not pause over the still-unwritten $3.5 trillion bill. That as the debt ceiling looms, as does a White House request for another $30bn for hurricane and refugee aid.

There was also a notable 17% crash in Bitcoin, which was ostensibly driven by a glitch in El Salvador adopting the ‘currency’ as legal currency. That says about as much as is necessary on the topic if one thinks about it properly, which most involved don’t.

Yesterday also saw the RBA taper QE (from A$5bn to A$4bn) despite Covid, but push out how long we can expect QE to be around. It’s now at least February before the buying stops. However, in the eyes of cynics, QE is tied up in the outlook for the housing market, regardless of denials like this. Recall the cui bono message from yesterday? Try “Coo-ee, bonza!” Aussie house prices are fair dinkum bonza at the moment: but not so much if rates go up, or there were again other things to plough one’s money into other than property.

Likewise, the Wall Street Journal reports Federal Reserve Bank of Dallas President Kaplan made multiple million-dollar-plus stock trades in 2020. The full (famous) names he was holding are in public disclosure forms. Now this transparency is good; there is nothing wrong with being wealthy; and nothing wrong with trading stocks. Yet the Fed is in charge of financial stability – and QE explains why stock prices are as high as they are. The Fed holding stocks personally may help explain why they are as holy writ in the US as house prices are in Australia – where property portfolios are not a required public disclosure for officials.

The same cui bono message can be applied to the UK, where PM BoJo broke his election campaign not to raise taxes by raising national insurance by 1.25% for everyone, including the poorly-paid renting young, in order to subsidise the old-age care of wealthy elderly home-owners – or so says some of the press, and voters. Build Back Better clearly does not mean build more social housing, just as it hasn’t for any UK administration for over 4 decades. So it’s higher prices, higher taxes, and ongoing Covid disruption for the Brits. And supply chain problems in supermarkets. Apart from that, all is well.

The larger picture being painted here is, despite Covid claims of ‘all being in it together’, winners and losers are abundantly clear right now. On which note, George Soros just wrote an op-ed in the Wall Street Journal –“BlackRock’s China Blunder”– with the sub-heading “Pouring billions into the country now is a bad investment and imperils US national security”, and the conclusion: “Congress should pass legislation empowering the Securities and Exchange Commission to limit the flow of funds to China. The effort ought to enjoy bipartisan support.” That has not stopped BlackRock reportedly raising an initial $1bn for its first China mutual fund ahead of its own September 10 deadline, attracting 111,000 investors – an average of just over $9,000 per capita, suggesting this is more retail than institutional money.

This is not an equity-focused Daily, but equity-focused –and Hong Kong-based– Bloomberg markets and editorial teams both huffed and puffed in dismissive outrage at Soros, underlining it was 29 years ago that he broke the Bank of England: yes, and how many G7 central banks have Bloomberg markets and editorial broken with their out-of-consensus market calls in the last 3 decades? They also stated ‘money has to go somewhere’ —why not NFTs of penguins?– and ‘Chinese stocks look cheap’…which any asset hit that hard tends to. But does that mean buy it, as another tentacle of Bloomberg reports “China Property Crackdown Alarms Analysts as Economic Risks Grow”?

Anecdotally, yes, it does. US-listed China stocks are already rallying, and are up 22% from their lows – while still down 22% YTD; the hunt for yield still matters more than any real-world memories/Soros warnings of The Hunt for Red October; and the ahistorical Street can’t resist buying things that have gone down on the presumption they must go back up – a mean-reverting, mechanistic, V-shape view of the world they share with economists. Of course, both can be right – unless a structural break has occurred…as when the BOE was broken in 1992.

On which, Bloomberg will, at 11:00am Hong Kong time, explain ‘What “Common Prosperity” Means for Markets’ in a Q&A. Given there appears uncertainty as to this, even within China(!), we should be all ears; and presumably there will be a deep-dive into Marxist-Leninist-Maoist theory as a necessary part of the discussion – because we all know how well-versed Bloomberg are in such key matters.

Meanwhile, the real battle may now be moving to Congress, where Soros and BlackRock both know a few people who really like to huff and puff. But who knows more of the right ones before and after November 2022?

So in the end, who will be the market’s happy winners and who will be the ‘Soros’ losers? As I keep repeating, the answer lies in ‘cui bono?’ and structural choices nestled in both realpolitik and political economy. Until then, frankly, it’s all just NFTs of penguins – and good luck to you.

end

7. OIL ISSUES

This is causing oil to rise!! Transitory?

(zerohedge)

Ida Hit Crushes Crude Output In Gulf Of Mexico, Ranked Worst In 16 Years

 
WEDNESDAY, SEP 08, 2021 – 11:20 AM

Hurricane Ida’s disruption to the U.S. offshore energy production in the Gulf of Mexico is the worst in 16 years. It has already stressed domestic and global supply chains, further testing the Federal Reserve’s “transitory” inflation narrative. 

Gulf Coast hurricanes usually cause minor disruptions in offshore oil and gas production, but this time around, output from the region has been significantly reduced due to Ida’s 150 mph winds that damaged platforms and onshore support facilities. 

What this will mean is a long recovery for offshore energy production to return. Reuters notes 79% of the region’s offshore oil production remains offline.

Since the first oil platforms were evacuated ahead of Ida, there’s been a loss of 17.5 million barrels of oil. Some energy analysts are expecting U.S. production could drop by 30 million barrels this year due to the sluggish return. 

“After Katrina, which made landfall 16 years ago on the same day as Ida did this year, it was well into the following year before oil production resumed its normal level,” Commerzbank analyst Carsten Fritsch told clients. “That said, Katrina was followed shortly after by another devastating hurricane, namely Rita.”

There is currently a disturbance in the Gulf of Mexico that has a 50% chance of developing over the next two days. 

The outage has left a noticeable imprint on NYMEX West Texas Intermediate futures hovering around the $70 handle, up more than 11% since weather models first forecasted Ida would make landfall around the Louisiana region. 

There’s no clear timeline when full production will return. “There could be volumes that are offline for a considerable amount of time,” said Facts Global Energy (FGE) consultant Krista Kuhl. “It’s just too early to tell.”

The Gulf of Mexico commands about 16% of total U.S. crude production, with 1.8 million barrels of oil per day. The numbers for total US crude production are expected to drop sharply in future energy reports. 

Restoring output will take time as offshore oil and gas rigs and transfer facilities need critical repair after the storm damage. 

On land, the petrochemical sector has experienced disruptions due to plant shutdowns. We noted Tuesday, a top nitrogen fertilizer plant in Louisiana declared “force majeure.” Also, the import/export of critical raw materials has been affected, if that is by rail, trucking, or be sea. 

Ida is tightening the global supply of some commodities and has created a logistical nightmare for major ports in the Gulf that could pressure some commodity prices higher and hurt consumers even more. 

Meanwhile, the Federal Reserve continues to reassure everyone that inflation is “transitory.” 

END

Worldwide Natural Gas Prices Soar On Supply Crunch

 
WEDNESDAY, SEP 08, 2021 – 02:55 PM

Natural gas prices are soaring in the US and Europe. Some of those prices are at new record highs. The impact in Europe is far more significant, where there’s a supply crunch and not enough alternative power generation that has sent power prices to the moon. 

Let’s begin in the US, where natgas futures tagged seven-year highs on new climate models that forecast hot weather will linger through the end of the month, along with continuing concerns of tight supplies from the Gulf of Mexico after Hurricane Ida disrupted offshore production. 

Gas prices for October delivery surged an astonishing 8% to $4.92 British thermal units (MMBtu), the highest since Feb. 26, 2014. 

Year to date, natgas prices are up 85% on “relatively low production that still hasn’t fully recovered from a pandemic downturn in activity. Production fell further after Hurricane Ida forced offshore production to be halted, while storm-damaged facilities are making the resumption of production a tall task,” said WSJ’s Dan Molinski. 

… and on Jan. 13, Goldman Sachs’ Samantha Dart flipped her bearish natural gas stance to a bullish one on the premise of “supply disruptions” with a summer price target of “$3.25/mmBtu.” It appears Dart made a great call at the time. 

Here’s why natgas prices rocketed to the moon today: Maxar Technologies reported above-normal temperatures across the Lower 48 through Sept. 22. 

Readers may recall, on Monday, we published a commodity note titled “End Of Summer? Above Average Temperatures This Week But Cooler Weather Ahead,” which outlined above-average temperatures through 17-19 of this month, then temperatures are expected to fade. 

Across the Atlantic, a perfect storm is unfolding in Europe of a Russian supply shock of natural gas, and not enough alternative energy via wind power generation to satisfy demand. 

On the supply crunch, we published two notes titled “European Nat Gas Prices Spike To Unprecedented Levels As Russian Supply Collapses” and “From Russia With 50% Less Supply: European Nat Gas Prices Explode To Record Highs As Putin Turns The Screws,” both of which outlines Russia is flexing its muscles by tightening natgas supplies to the continent. 

The explosion in European natgas prices is staggering. 

Compound that with a slump in alternative energy power generation, such as wind power, and electricity prices are shooting through the moon. 

Bloomberg’s commodity analyst Javier Blas explains more about the situation in Europe: 

Surging energy prices in the US and Europe is still apparently “transitory” in central banks’ eyes.  

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////COVID/VACCINES

 

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

Euro/USA 1.1823 DOWN .0020 /EUROPE BOURSES /ALL RED

USA/ YEN 110.30  UP  0.010 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3768  DOWN   0.0012  

 

USA/CAN 1.2662  UP .0015  (  CDN DOLLAR DOWN 15 BASIS PTS )

 

Early WEDNESDAY morning in Europe, the Euro IS DOWN BY 20 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1823 Last night Shanghai COMPOSITE CLOSED DOWN 1.40 PTS OR 0.04%

 

//Hang Sang CLOSED UP 32.70 PTS OR 0.12%

 

/AUSTRALIA CLOSED DOWN  .24% // EUROPEAN BOURSES OPENED ALL RED  

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED  

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 32.70    PTS OR 0.12% 

 

/SHANGHAI CLOSED DOWN 1.40  PTS OR 0.04% 

 

Australia BOURSE CLOSED DOWN  0.24%

Nikkei (Japan) CLOSED UP  256.07 pts or 0.89% 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1797.40

silver:$24.33-

Early WEDNESDAY morning USA 10 year bond yr: 1.354% !!! DOWN 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 1.957 DOWN 3  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.67 UP 16  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: 0.26%  UP 0  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.046% UP 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.37%//  UP 0  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.76  DOWN 1   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 39 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.320% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.09% AND NOW ABOVE   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 1.1815  DOWN    0.0028 or 28 basis points

USA/Japan: 110.33  UP .032 OR YEN DOWN 3  basis points/

Great Britain/USA 1.3756 DOWN .0023 DOWN 23   BASIS POINTS)

Canadian dollar DOWN 45 basis points to 1.2691

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4610 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED DOWN)..6.4609

TURKISH LIRA:  8.44  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.046%

Your closing 10 yr US bond yield DOWN 2 IN basis points from TUESDAY at 1.359 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.969 DOWN 2 in basis points on the day

Your closing USA dollar index, 92.75 UP 24  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 DOWN 48.04 PTS OR 0.67% 

 

German Dax :  CLOSED DOWN 218.88 PTS OR 1.38% 

 

Paris CAC CLOSED DOWN 52.22  PTS OR  0.78% 

 

Spain IBEX CLOSED  DOWN 39.50  PTS OR  0.44%

Italian MIB: CLOSED DOWN 163.79 PTS OR 0.63% 

 

WTI Oil price; 69.32 12:00  PM  EST

Brent Oil: 72.45 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.36  THE CROSS HIGHER BY 0.0 RUBLES/DOLLAR (RUBLE LOWER BY 0 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.320 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 : 69.32//

BRENT :  72.64

USA 10 YR BOND YIELD: … 1.3773.. DOWN 3 basis points…

USA 30 YR BOND YIELD: 1.957  DOWN 3  basis points..

EURO/USA 1.1839 DOWN 0.0026   ( 26 BASIS POINTS)

USA/JAPANESE YEN:110.28 DOWN .036 ( YEN UP 4 BASIS POINTS/..

USA DOLLAR INDEX: 92.71 UP 20  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3773  DOWN .0006  

the Turkish lira close: 8.47  DOWN 11 BASIS PTS

the Russian rouble 73.19   UP   .17 Roubles against the uSA dollar. (UP 17 BASIS POINTS)

Canadian dollar:  1.2688 DOWN 42 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.320%

The Dow closed DOWN 68.93 POINTS OR 0.20%

NASDAQ closed UP 87.69 POINTS OR 0.59%

VOLATILITY INDEX:  17,80 CLOSED DOWN .34

LIBOR 3 MONTH DURATION: 0.116

%//libor dropping like a stone

USA trading day in Graph Form

Stocks Slump, Bonds Jump As Fed Fears “Very High” Asset Valuations

BY TYLER DURDEN
WEDNESDAY, SEP 08, 2021 – 04:00 PM

Not a great day for the infinite-liquidity-dependent bulls: Surging JOLTS data (but still hiring is lagging) prompted some equity investor anxiety as The Fed may see that as ‘strong’ enough to taper. Soaring ‘shortages‘ in the Beige Book suggest inflation is anything but transitory (again pressuring taper action from The Fed). Renewed anxiety over the debt ceiling (as Yellen urged Congress to fix things) brings back ‘Stealth QT’ fears. And finally, Fed’s Williams warned that “right now, asset valuations are ‘very high'”.

He is right…

Source: Bloomberg

And combined with anxiety over tomorrow’s ECB meeting (which is expected to signal the beginning of the end of their asset buying spree), US equities took another spill today, with Small Caps leading the drop (and Nasdaq the least bad horse in this week’s glue factory)…

The Dow dropped to its 50DMA and stabilized…

Small Caps slipped to their 100DMA (stabilizing between that and the 50DMA)…

Defensives were bid all day as Cyclicals extended yesterday’s losses…

Source: Bloomberg

FANG Stocks chopped around but ended the day lower after yesterdays’ big surge…

Source: Bloomberg

Interestingly, “stay at home freaked out” stocks notably  outperformed “get out and live your f**king life” stocks today…

Source: Bloomberg

What happens if the “IF ‘Dip’ THEN ‘Buy'” guru strategy begins to fail?

Bonds erased most of yesterday’s losses…

Source: Bloomberg

With a very strong 10Y auction sending the yields back to unch for the shortened week…

Source: Bloomberg

The dollar extended its recent bounce but stalled at the nadir of the drop from Powell’s Jackson Hole speech…

Source: Bloomberg

Cryptos extended yesterday’s losses but on a far smaller scale. Bitcoin was pretty much unchanged in the big picture…

Source: Bloomberg

Gold slipped back below $1800 again thanks to another monkeyhammering around the US equity cash open…

WTI rallied on the day, ahead of tonight’s API inventory data, back above $69…

Finally, Bloomberg notes that demand for S&P hedges is soaring as the market rallies into taper uncertainty. The gap between one-year and one-month implied volatility in the largest exchange-traded fund tracking the S&P 500 Index hit 7.6 points on Friday, a nine-year high, showing increased demand for protection against longer-term risks.

Source: Bloomberg

As the equity gauge hovers near a record, anxiety is on the rise about everything from the timing of the Federal Reserve’s withdrawal of its bond-buying program to elevated inflation to slowing growth. “Investors remain in ‘trust but verify’ mode,” said Stuart Kaiser, head of equity derivatives research at UBS Group AG. “Markets reset all-time highs but risk premiums remain fairly wide.”

end

MORNING TRADING

Stocks Are Suddenly Puking…

 
WEDNESDAY, SEP 08, 2021 – 10:49 AM

Yesterday it was cryptos, this morning it appears US equities are in line for the monkeyhammering.

It is unclear what the catalyst for the drop was – it occurred with significant delay from any debt ceiling talk or Manchin’s statements – though some are noting the surge in JOLTS could have triggered some weakness as it may bring The Fed closer to tapering.

The dollar is spiking at the same time…

As SpotGamma notesthere is a major inflection point (support) specifically at 4490 and major support at 4440.

We think it would take some type of fundamental push to break that level.

In other words, things could get “chippy” but we don’t see things positioned for a large drawdown (>1%).

The big question is – What will Robert Kaplan do?

IMPORTANT USA ECONOMIC DATA

JOLTS

Amazing there is now a record 2.2 million more job openings than unemployed workers

(zerohedge)

Insanity: There Are Now A Record 2.2 Million More Job Openings Than Unemployed Workers

 
WEDNESDAY, SEP 08, 2021 – 10:30 AM

There was an absolute shocker in today’s JOLTs report.

While consensus was expecting the BLS to report a print of 10MM in July job openings, nobody – not even the most optimistic whispers – was prepared for the shocking 10.934 million job openings that hit the tape at 10am ET sharp. This unprecedented number of job openings was made possible as more than 4.2 million openings were added in the past 7 months, with every single month of 2021 seeing an increase in job openings, the longest such stretch in history.

Looking at the details, the increase in job openings was driven by a number of industries, with the largest increases in health care and social assistance (+294,000); finance and insurance (+116,000); and accommodation and food services (+115,000).

The record number of job openings stands out in stark contrast against the countless Americans who are still collecting various pandemic emergency unemployment claims, which in the latest week was just above 12 million.

But the biggest shocker is that while we were expecting the BLS to report that there were some 1.7MM more job openings than unemployed workers, a testament to just how broken, supply constrained and/or overheating the US job market is, the actual number meant that there were a record 2.232 million more job openings (10.934MM) compared to the total number of unemployed people which as of August was 8.384 million.

Obviously, with (way) more job openings than unemployed workers, this meant that in June there were again far less than 1 unemployed workers (0.7959 to be exact) for every job opening, down from 0.94 in June, and from a record 4.6 at the peak crisis moment last April.

Unlike last month when hiring hit a near record 6.8 million, in August some of the job openings came at the expense of a slowdown in hiring: in August the BLS reported that hiring dropped by a modest 160K to 6.667 million, as hires decreased in retail trade (-277,000), durable goods manufacturing (-41,000), and educational services (-23,000) while the number of hires increased in state and local government education (+33,000) and in federal government (+21,000).

 

Finally, and in a sign that the overheating in the labor market appears is nowhere close to ending, in July the level of quits – or people leaving their job voluntarily due to better prospects elsewhere – posted rose again, up by 103K and hitting the second highest on record at 3.977 million, just below the all time high of 3.992 million in April. The number of quits increased in wholesale trade (+34,000) and in state and local government education (+14,000). Quits decreased in transportation, warehousing, and utilities (-25,000) and in federal government (-5,000).

While the latest JOLTS data validates skepticism about “transitory” inflation, as the insufficient pool of labor is obviously inflationary if it continues and will lead to mare wage hikes, there is one caveat: with all emergency unemployment benefits officially expiring this week, it is likely that many of those job openings will be filled as millions of people currently receiving government welfare have to rejoin the labor force leading to a sharp drop in job openings, assuming of course that the mu covid vadiant (now that the receding delta variant is no longer scary enough) won’t shut down the economy again in the coming weeks.

end

This is big! consumer credit growth slows dramatically after a big surge last month

(zerohedge)

Consumer Credit Growth Slows Dramatically After Record Surge Last Month

 
 
WEDNESDAY, SEP 08, 2021 – 03:12 PM

“F**k off, I’m stuffed” could be the sub-title for the latest data from The Fed on consumer credit.

After a record surge in June, July saw total consumer credit rise 4.7% at an annualized rate to $4.331 trillion (+17.004bn vs expectations of a $25 billion surge and after June’s $37.69 billion spike)…

Revolving credit growth slumped after the bingefest in June and non-revolving credit growth slowed for the 2nd straight month…

It appears that while June suggested a ‘return to normal’ patterns of “charge it, I need it” spending by the American consumer, July – and the start of the Biden Admin’s Delta scaremongering – may have prompted a retracement. It was also not helped by the ongoing collapse in buying attitudes signaled by UMich’s sentiment survey.

Is the American consumer getting ‘full’?

end

iii) Important USA Economic Stories

Lots of problems here:

(zerohedge)

Democrats Face SNAFU In September As Debt Ceiling, Spending Package Woes Come To A Head

 
TUESDAY, SEP 07, 2021 – 07:50 PM

Congressional Democrats are facing a perfect storm of political pressure this month. They will be juggling a Sept. 30 government shutdown which will require raising the debt ceiling, as well as $4 trillion in legislative packages they’re trying to pass by a razor-thin margin despite opposition from moderate Democrats.

House Speaker Nancy Pelosi (D-CA) has set a Sept. 27 deadline to vote on their $550 billion infrastructure bill – which progressive Democrats say they’ll vote down unless the $3.5 trillion budget blueprint – opposed by aforementioned moderate Dems – isn’t ready by then.

What’s more, both chambers are still on recess.

“The margin for error is razor-thin, the stakes are high, and Republicans have made clear they’ll be of no help,” Democratic consultant Matt House, a former Chuck Schumer aide, told NBC News. “That’s been true throughout the Biden administration, but September requires tackling the toughest issues yet, more of them, and with real deadlines attached.

Congressional committees have advanced some measures in recent weeks to fund the government. In the House, a group of Democrats joined Republicans to boost military spending by $23.9 billion.

Raising spending on the Defense Department is a high priority for Senate Minority Leader Mitch McConnell, R-Ky., who will be key to defeating a filibuster and securing 60 votes to pass any bill. But McConnell has said the GOP won’t support a debt limit increase, setting up a showdown.

And Democrats, who are seeking to pass a transformative economic agenda with wafer-thin majorities, are squabbling among themselves about the way forward on the infrastructure and safety net packages, which are the linchpin of Biden’s domestic agenda. -NBC News

Last week, Sen. Joe Manchin (D-WV) threw the Democrats’ plans into disarray when he insisted on ‘hitting the pause button’ on the $3.5 trillion plan amid uncertainty over the botch Afghanistan pullout. 

“Let’s sit back. Let’s see what happens. We have so much on our plate. We really have an awful lot. I think that would be the prudent, wise thing to do,” Manchin said at a Wednesday West Virginia Chamber of Commerce event.

Manchin added that he’s unwilling to spend “anywhere near” $3.5 trillion until his inflation and debt concerns are addressed. Progressives, in response, threatened to tank the $550B infrastructure bill, which he co-wrote.

Meanwhile, Democrats will also need to hammer out a series of tax increases on high-income individuals and corporations in order o help pay for the budget bill. A menu of options circulated by Sen. Finance Committee Chair Ron Wyden (D-RO) does not have party consensus.

“Late September stands to be a train wreck for congressional Democrats, with their dual-track strategy on a collision course, but it also presents a faint silver lining in the form of a familiar foe,” said lobbyist and former GOP operative, Liam Donovan. “There’s virtually no way the reconciliation package can be ready in time to satisfy all the promises that have been made by leadership, meaning President Biden will have to play a more active role as peacemaker.

Good luck with that.

“The question is whether the muscle memory of fighting Republicans on the debt limit and the rest of the policy cliff helps paper over the party’s divisions and heal intramural wounds,” added Donovan. “Either way, it’s the biggest inflection point left in what might be the last fruitful year of the Democratic trifecta.”

More via NBC News:

In addition to all that, Pelosi last week put a bill on the schedule to enshrine protections for abortion rights into federal law after the Supreme Court refused to block a new law in Texas that bans the vast majority of abortions.

And the devastation wrought by Hurricane Ida, from Louisiana to New York, could spark a debate about authorizing new relief funding.

There are also calls from progressive Democrats to extend the lapsed eviction moratorium, as well as unemployment benefits that expired over the recess, but neither appears to have the votes to pass.

Democrats’ ability to handle these grueling tasks in September will shape their prospects to maintain control of Congress in the midterm elections next yearas history favors the party out of power to make gains.

“It’s crunch time for Washington Democrats. Their odds of holding the House in the midterms are long, and campaign season will begin soon,” said House GOP aide Michael Steel. “They have the slimmest margin possible and no room for error.”

end

iv) Swamp commentaries/

 

 

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

U.S. Stocks Follow Europe Lower; Dollar Gains
European markets declined as investors speculated euro-zone policy makers may get ready to roll back stimulus. The greenback traded higher for a second day amid rising bond yields and softer commodity prices…The Stoxx 600 dropped as investors focused on the ECB’s Thursday meeting where the central bank will decide if it will dial down emergency stimulus…
    U.S. President Joe Biden will likely make his choice this week on whether to renominate Fed Chair Jerome Powell to a second term…
https://www.bloomberg.com/news/articles/2021-09-06/stocks-set-to-extend-rally-in-asia-dollar-firmer-markets-wrap
@disclosetv: Biden to unveil new “plan” to stop Delta variant on Thursday.  Biden’s new “plan,” to be announced Thursday, comes at a time when Delta variant infections in the U.S. appear to have peaked already.  https://twitter.com/disclosetv/status/1435254421148033025
 
The fallout from The Intercept report about the US NIH funding the Wuhan Lab blossomed yesterday.
https://theintercept.com/2021/09/06/new-details-emerge-about-coronavirus-research-at-chinese-lab/
 
GOP @RepThomasMassie: How is it possible that we voted for money that went to fund dangerous virus research in China yet we are just now finding out the details in dribs and drabs? This is a damning indictment of the size of government and the broken Congressional appropriation process that funds it.
 
Ex-DoD intel operative @T_S_P_O_O_K_Y: A government that would fund its enemy’s research on how to create a bio weapon to kill its own citizens cannot continue to be permitted to function without oversight, accountability and change…this cannot be ignored…
 
@SteveDeaceShow: The progressive site has AT LEAST nailed Fauci for lying to Congress. And confirms what I’ve said for months: it’s not just gain-of-function research but its goal — specifically gauging the “spillover potential” of these viruses from bats to humans.
 
GOP Senator Rand Paul @RandPaul: Surprise, surprise – Fauci lied again.  And I was right about his agency funding novel Coronavirus research at Wuhan.
 
GOP Sen Josh Hawley @HawleyMO: Anthony Fauci has repeatedly and deliberately mislead Congress and the American people. Resign. And face a congressional inquiry
 
@seanmdav: Anthony Fauci is a corrupt liar who belongs in prison.
 
GOP Senate candidate @JDVance1: If a normal American perjured himself as Fauci did he would get prosecuted and go to prison. We should do the same here. This is criminal dishonestly.
 
@Jkylebass: Last week, Dr. Marion Gruber, Director of the FDA’s Office of Vaccines Research and Review, and her deputy, Dr. Philip Krauseresigned to protest the Administration’s vaccine booster policy?… It’s worth noting that the two top US scientists resigned because Fauci (who lied to Congress about research and coverup) and Biden are basing vaccine/booster policy on politics and NOT on science. I’m vaccinated but will only follow the science from here (not Fauci).
 
@Liz_Wheeler: Fauci is one of the most dangerous liars our nation has ever known.
 
@EmeraldRobinson: How is it possible that our intel agencies were unable to confirm the origin of COVID-19 but The Intercept could confirm it with a simple FOIA request?  What does that tell you?
 
Dallas Fed President Made Multiple Million-Dollar Stock Trades In 2020, Disclosure Shows
https://www.zerohedge.com/markets/dallas-fed-president-made-multuple-million-dollar-stock-trades-2020-disclosure-shows

China Weighing Occupation of Former U.S. Air Base at Bagram: Sources (Another intel leak)
Building on friendly relations Beijing has secured with the new Taliban government in Afghanistan, China is now considering new ways to expand influence and embarrass the U.S.
     China is considering deploying military personnel and economic development officials to Bagram airfield, perhaps the single-most prominent symbol of the 20-year U.S. military presence in Afghanistan…
the current consideration in Beijing is not for any pending movements, rather a potential deployment as long as two years from now, the source says… (What does China have on The Big Guy?)
https://www.usnews.com/news/world-report/articles/2021-09-07/china-weighing-occupation-of-former-us-air-base-at-bagram-sources
 
Politico: Biden anxiety levels
When Biden gives public remarks, some White House staffers will either mute him or turn off his remarks, according to White House officials…Biden is well-aware of his reputation as a “gaffe machine.”… lately, his verbal miscues have been causing headaches for him and his team…
https://www.politico.com/newsletters/west-wing-playbook/2021/09/07/biden-anxiety-levels-494228
 
@Quicktake: “Every part of the country is getting hit by extreme weather, and we’re now living in real-time what the country’s going to look like,” said Biden (Liar, liar pants on fire!) https://trib.al/tsG3lQy
 
@Breaking911: PRES. BIDEN: “You gotta build better so if the storm occurred again, there would be no damage – there would be. But that’s not gonna stop us though, because if we just do that, it’s just gonna get worse and worse and worse.” (The Big Guy thinks spending $3.5T will prevent storm damage)
https://twitter.com/Breaking911/status/1435355218414391297
 
Biden Sets Ambitious Climate Goal That Requires Time Travel: ‘By 2020 We’re Going to Make Sure All Our Electricity Is Zero Emissions’
     Chuck Schumer lies through his teeth and tells a reporter that “all of [the Americans] who wanted to come out [of Afghanistan] have come out, praise God.”… Schumer’s office had to walk the claim back, presumably because somebody caught it on video. The Biden administration is yet to walk back Biden’s goal for climate emissions…   https://beckernews.com/biden-sets-ambitious-climate-goal-that-requires-time-travel-by-2020-were-going-to-make-sure-all-our-electricity-is-zero-emissions-41352/
 
@charliespiering: Joe Biden on tornadoes: “…they don’t call them that anymore… (Sharknadoes?) https://twitter.com/charliespiering/status/1435307216454701058
   Spencer Brown @itsSpencerBrown: This editor’s best guess is that Biden was looking for the word Derecho but couldn’t get it and then confused the city of Nevada, Iowa (hit by a Derecho in 2020) for two separate states. It’s unclear how he thinks Nevada is in “the middle of the country.”
 
@kylenabecker: Why does Biden tell a 7-year-old boy “don’t jump” from a balcony? This is *not* normal.   https://twitter.com/kylenabecker/status/1435379777968480257
 
Biden heckled in New Jersey for stranding Americans in Afghanistan: ‘He will leave you behind’
https://www.foxnews.com/politics/biden-heckled-new-jersey-americans-afghanistan
 
@disclosetv: Across the US chants of “F*** Joe Biden” have erupted at numerous college football games and other venues over the weekend. https://twitter.com/disclosetv/status/1435235393260113927
 
Afghan refugee stopped on U.S-bound flight with explosive materials, but terrorism not suspected
Luggage included blasting caps and igniter but U.S. officials believe materials were for work related to U.S. government contracting… (Big Brother spinning the news for The Big Guy’s sake?)
https://justthenews.com/government/security/afghan-refugee-stopped-us-bound-flight-explosive-materials-terrorism-not
 
@JasonMBrodsky: The Taliban just named Sirajuddin Haqqani as acting interior minister. He’s wanted by FBI for questioning over a January 2008 attack on a hotel that killed a US citizen; maintains close ties to AlQaeda; & is the subject of a Reward for Justice for up to $5 million
 
Taliban supreme leader orders new government to uphold sharia law – AFP
 
@JackPosobiec: The Taliban has invited 6 countries to take part in the formal announcement of their new government: Turkey, China, Russia, Iran, Pakistan, and Qatar.  Are you paying attention yet?
 
Why has the National Archives placed a “Harmful Language Alert” on the US Constitution?
https://catalog.archives.gov/id/1667751

end

Let us close out tonight with this offering courtesy of Greg Hunter of USA watchdog INTERVIEWING CLIF HIGH

(courtesy Greg Hunter)

Deep State Deception Tricks Us into Thinking They’re Winning – Clif High

By Greg Hunter’s USAWatchdog.com 

Clif High is an Internet data mining expert who has many well-documented correct forecasts.  High uses something he calls “Predictive Linguistics” and computer programs to sort through billions of bits of information on the Internet to predict future trends and events.  His latest correct forecast was made last month here on USAWatchdog when he said, “The FDA would not approve the Pfizer CV19 vaccine.”  The FDA told the public it was approved, but it only approved a Pfizer vaccine called Comirnaty that Americans cannot get.  Americans are still getting the “experimental” Pfizer version of the so- called vaccine, and Pfizer still has immunity from liability.  It was classic bait and switch and a total deception of the public.

Clif High says, “Deception is their only weapon. . . . They are employing technology to trick us.  They employ bots through all the social media.  They employ scripts in all mainstream media. . . . They have farms of people paid by the CCP with rooms in China and people with 40 different cell phones in front of them with a computer that can feed all those different cell phones.  This is how they establish the persona of large crowds of people that are supposedly agreeing with or putting out the mainstream media talking points or reinforcing those.”

So, is the country evenly split for and against the Biden Administration?  High says, “No.  I can find about 12% of the population that will repeat the talking points and about 6% of the population that will do it consistently on their own unbidden.  6% are in the category of loyalists. Of that 6%, maybe half are true believers. . . . They are attempting to make you think it’s about 80% to 20% in favor of the Deep State.”

What’s the real sentiment in the country?  High estimates, “80% of the people in the country are against all of this at a passionate level.  The intensity of that 80% is ratcheting up.”

High says this is why you are seeing no masks being worn at college football games.  People have had enough.  High says, “You are seeing this at multiple sporting events.  This marker is being used to track the sentiment of people involved in Devolution.”

In short, large segments of the population will be waking up to all the lies and illusions that control their lives.  High talks about the big die-off of people who are “fully vaccinated” and how it is them who will need to be quarantined so they do not harm the unvaccinated public.  The biggest wakeup call will come soon from the economic system.  High says, “These things are coming in chunks, and we are just about at the point where the chunk called the financial system will fall all apart.  The big marker on that is going to be October 1, which is the end of the fiscal year for the federal government.”

High also talks about weapons from Afghanistan coming back home to the USA to arm Antifa and BLM courtesy of China.  High thinks what he calls “normies” will be getting a big cold bucket of water in the face soon, and things will change forever in how the public perceives what is going on in America.  High also talks about Australia and the atrocity that is coming that will make them go wild and fight for liberty.  High talks about all the millions of people who have gotten the shots and will probably die.  It’s going to be so bad that 2022 will be known as the year of the mass die-off.  High also talks about how many more people will wake up to the fact that the “USA was attacked” and that “we have been in an ongoing war.”  High also talk real numbers of people who have actually gotten the shots.  It is way less than the official numbers are saying, but for those people, death is probably coming for them.  Phony inflated vax numbers is one more deception at work, according to High, because “they are selling the death shot.”  High says the only thing that explains what is going on with CV19 and the push for injections is the “Deep State global criminals” are “killing people on purpose to depopulate the planet.”

High gives data and analysis on deflation, gold, silver, Bitcoin, a new U.S. currency as early as January 2022, Ivermectin and vitamins for protection, new side effects for the vax, funeral homes burying record numbers of people than ever, and the Arizona audit and why it is so important to get it perfect.

This is just some of what is covered in this one hour and 13 min interview.

In closing, High says, “This war is deception.  They have no real power.  They only have the power of controlling the mind through deception of words.  They are deceivers.  We have lived in a world of deceit where deceit has been rewarded by them.  We have been inculcated into this world, and it’s changing.  It is the most massive change in 2,780 years.  It is the change of the ages into the age of knowing, and we will know.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with data mining expert Clif High, and he gives us an update on future events and trends.

(What is written here is a fraction of what is in this 1 hour and 13 min. interview.

(To Donate to USAWatchdog.com Click Here)

Deep State Deception Tricks Us into Thinking They’re Winning – Clif High

 

After the Interview:

Well that is all for today
 
I will see you THURSDAY night

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